US GDP grows by 3 pct in Q2

The US real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the "third" estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP increased 1.6 percent, it indicated late Thursday. The GDP estimate is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was also 3.0 percent. Commenting on GDP growth, National Economic Advisor Lael Brainard said: "We learned this morning that the economy has grown by 3.2 percent per year during Biden-Harris Administration - even stronger than previously estimated - and better than the first three years of the previous administration." "This strong economic growth and unemployment that is the lowest of any administration in 50 years is coming at a time when inflation has come back down and interest rates are declining," she added. Source: Kuwait News Agency