The US economy Grew by 4.1 percent in the Second Quarter. The US economy grew by 4.1 percent in the second quarter on an annual basis, according to a preliminary estimate from the US Department of Commerce.
That is the most vigorous growth since 2014 when the economy grew by 4.6 percent.
A quarter earlier there was still a growth with an adjusted 2.2 percent.
Economists had already assumed the economy to grow significantly. They even expected an increase of 4.4 percent.
The US economy grew thanks to tax cuts by President Donald Trump, higher consumer spending and corporate investment. Exports also contributed to economic progress.
Consumer confidence in the US is high, and the unemployment rate is only 4 percent of the labour force.
The increasing trade tensions in the world can, according to economists, ensure that the growth of the American economy will weaken in the coming period.
The American president held a press conference after the publication of the figures, stating that it is sustainable growth.
“We’re going to get even better figures, and these numbers are fantastic,” he said.
The government of Trump has an objective to grow the economy by 3 percent annually.
The growth rate plays an essential role in the interest policy of the Federal Reserve, the umbrella of American central banks.
The Fed is supposed to raise interest rates twice more this year. In June, the Fed raised interest rates for the second time this year.