The US economy grew by 6.5 percent in the second quarter compared to the previous year, recent figures show. Growth is significantly weaker than expected.
The US economy rose 6.5 percent in the second quarter from the same time last year. The picture is from when President Joe Biden received his second dose of vaccine earlier this year.
–TOM BRENNER / Reuters–
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Gross domestic product (GDP) in the US rose by 1.6 percent in the second quarter, and on an annual basis the rise is 6.5 percent, according to Bureau of Economic Analysis.
In advance, annual growth was expected at 8.4 percent, according to the news agency Dow Jones.
This is an initial estimate of growth, and a revised estimate will come on 26 August.
In the first quarter, annual GDP growth was 6.3 per cent.
“While the companies’ results look strong, there has been concern that the coronavirus will flourish again, and this is reflected in the development of the economy,” says Richard Flynn, director of the British part of financier Charles Schwab, according to the Wall Street Journal. .
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