Even for the Hungarian government, the figures for US GDP growth were enviable. Remember, we only grew by 1.5 percent in the second quarter. According to the second current estimate from the Bureau of Economic Analysis, a statistical institute affiliated with the Department of Commerce in Washington, US GDP grew at an annual rate of 3.0 percent in the second quarter, exactly double the rate in Hungary. The first estimate, presented on July 25, had a 2.8 percent increase.
In the first quarter of this year, annual GDP growth was 1.4 percent, the smallest expansion since GDP declined in the first two quarters of 2022.
The updated estimate primarily reflects upward revisions in consumer spending, partially offset by downward revisions in nonresidential fixed investment, exports, private sector investment, and federal and local government spending. Imports, which had a negative impact on GDP, turned out to be higher than initially estimated.
The increase in GDP can be attributed primarily to an increase in consumer spending, non-residential fixed asset investment, and private sector equity-enhancing investment. (MTI)
