The US economy grew at an annual rate of 2.2% in the second quarter of this year, according to the third estimate released by the US Bureau of Economic Analysis (BEA), part of the Department of Commerce.
The bureau revised its estimate of real gross domestic product (GDP) growth upward by 0.7 percentage points, from the previous estimate of 1.5%. The economy had grown by 2.5% in the first quarter.
The data showed that economic growth between April and June was driven by increases in consumer spending, investment and exports, while imports also rose and are subtracted when calculating GDP.
Consumer spending increased at an annual rate of 3.8% in the second quarter, compared with 0.7% in the previous quarter. Business investment excluding housing rose by around 9%, with investments related to artificial intelligence infrastructure contributing to the increase.
At the sectoral level, real value added by private services-producing industries increased by 2.5%, while private goods-producing industries grew by 2.3%. Government-sector output grew by less than 0.1%.
According to the BEA, the Personal Consumption Expenditures (PCE) price index rose by 5% in the second quarter, while the core index, which excludes food and energy, increased by 3.3%.
The first estimate of US economic growth for the third quarter is scheduled to be released on October 29.
