The US economy grew by 6.6 percent in the second quarter

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The US economy grew by 6.6 percent in the second quarter of this year, and the US Commerce Department released its second estimate for the April-June period of gross domestic product.

Accordingly, the US GDP increased by 6.6% annually in the second quarter of the year.

While there was an upward revision in GDP data in the cited period, market expectations were for the economy to grow by 6.7 percent in the second quarter.

In the leading data on the country’s GDP data released in July, it was announced that the economy grew by 6.5 percent in the second quarter of the year.

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Government support was crucial

In the first quarter of the year, the country’s economy showed a growth performance of 6.3%.

Continued economic recovery, reopening of businesses, and continued government support against the COVID-19 pandemic was a major factor in GDP growth in the second quarter.

In this period, the increase in personal consumption expenditures, nonresidential fixed investments and exports, and state and local government expenditures were balanced.

Through the decline in private equity investment, nonresidential fixed investment, and federal government expenditures, in the same period, imports also increased.

The second-quarter revision was also driven by offsetting non-residential fixed investment and upward revisions in exports.

With downward revisions in private equity investments, fixed housing investments, and local and state government expenditures.

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The PCE price index for the second quarter was revised from 6.4 percent to 6.5 percent.

The increase in the core PCE price index, which does not include food and energy expenditures, remained at 6.1 percent.