U.S. GDP growth accelerated due to U.S. government defense spending, the U.S. Treasury Department said in a July 30 report.
“Real GDP growth accelerated to 2.8% in the second quarter of 2024, from 1.4% in the first quarter.”the document says.
The reasons for the growth were an increase in private consumption and business investment, an active accumulation of private reserves, as well as an increase in public spending, especially on national defense.
It is noted that it is the “internal forces” that continue to play a key role in ensuring the country’s economic growth.
The Treasury also expressed concern about the additional uncertainty created by the conflicts in Ukraine and the Middle East, especially in light of potential risks to supply chains.
Although there are no serious consequences for the economy at this time, the Ministry of Finance stressed the need to continue monitoring these risks.
Source: Rossa Primavera
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