The US economy grew somewhat more than expected in spring. In the second quarter, the gross domestic product (GDP) rose to the previous quarter by 3.0 percent, as the Ministry of Commerce announced on Wednesday in Washington, according to an initial estimate.
On average, economists only expected an increase of 2.6 percent. A moderate increase in consumption expenditure and a severe decline in imports supported economic growth. In the first quarter, the US economy had shrunk by 0.5 percent.
US President Donald Trump’s customs policy plays a crucial role. In the first quarter, imports had still risen sharply because many companies covered up with goods before the tariffs came into force. The imports, which have sunk in the second quarter, are now supporting growth. Added to this is the private consumption of the annualization of 1.4 percent.
“The strong fluctuations go back to the customs conflict that caused distortions in foreign trade,” commented Christoph Balz, economist at Commerzbank. “It is therefore sensible to interpret the first half of the year as a whole.” With an average quarterly growth of 1.2 percent, the US economy has lost a significant impact on momentum this year. “But we continue to assume that a recession can be avoided,” Balz writes.
“The US tariffs and the more expensive imports will dampen growth over the course of the year,” expected Thomas Gitzel, chief economist of VP Bank. “The private consumption expenditure will be lower and due to the uncertainties associated with tariffs, the growth rates of the investment of investment should no longer be able to build on the requirements of previous years.”
In the United States, data on economic growth is given annualized, i.e. calculated for the year. They state how strongly the economy would grow if the pace continued for a year. This method is dispensed with in Europe, which is why the numbers are not directly comparable to each other. To get a growth rate compared to Europe, you would have to share the US rate by four.
The euro came under pressure after the data and fell to a daily low of $ 1.1469. The courses of US state bonds continued. The DAX did not move sustainably.