The United States' finalized gross domestic product (GDP) growth rate for the second quarter this year was tallied at 3.8% (quarter-over-quarter, annualized).
On the 25th (local time), the U.S. Department of Commerce said the second-quarter GDP growth rate was revised up by 0.5 percentage point (P) from last month's advance estimate of 3.3%, to 3.8%. It also far exceeded the 3.3% consensus compiled by Dow Jones.
The growth rate was the highest in seven quarters, since the third quarter of 2023 (4.7%).
Unlike Korea, the United States releases GDP statistics by annualizing the seasonally adjusted quarter-over-quarter growth rate.
As the temporary inventory buildup ahead of second-quarter tariff imposition ebbed, imports plunged, serving as the main driver lifting the growth rate.
Net exports contributed 4.83 percentage points to second-quarter growth. The second-quarter personal consumption growth rate was 2.5%, improving from last month's advance estimate of 1.6%.
The growth rate of private domestic purchases (final sales to domestic private purchasers), which shows the underlying trend of U.S. economic demand, was 2.9%, a sharp improvement from the 1.9% advance estimate.
This suggests the second-quarter expansion did not stem solely from a technical rebound driven by lower imports, and that the economy's fundamentals remain solid, led by personal consumption.