US economic growth hits fastest rate since 2014

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The US economy grew at its fastest pace in nearly four years in the second quarter, expanding at an annualised rate of 4.1 percent, official figures show, BBC reported.

The gains were driven by strong consumer spending and a surge in exports as firms rushed to beat new trade tariffs.

US President Donald Trump described the acceleration as "amazing", claiming it as proof his policies are working.

Friday's report from the Commerce Department showed consumer spending rose by 4% in the second quarter, up from the 0.5 percent rate seen in the previous three months.

 

Exports also grew by more than 9 percent, the fastest rate since the fourth quarter of 2013.

Compared with the second quarter of 2017, the economy grew by 2.8% in the April-June period.

Nevertheless, many analysts cautioned that growth could cool in coming months.

 

Icmal.Az

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