US GDP Growth Accelerated to 4-Year High in Q2
US economic growth accelerated in the second quarter, as previously estimated. The US Commerce Department reported, that US GDP grew by 4.2% yoy in Q2, unchanged from the estimate published in August. That was the fastest pace since the third quarter of 2014. Economists had expected second-quarter GDP growth would be unrevised at a 4.2% pace. The US economy increased by 3.2% in the first half of 2018.
The report also showed, that the US economy grew at a 2.2% pace in the January-March period. Growth in the second quarter was driven by the Trump administration's $1.5 trillion tax cut package, which boosted consumer spending after it almost stalled early in the year.