US economy grows by 1.5% in Q2

The US economy grew by 1.5% in the second quarter of this year, in line with market forecasts, the US Bureau of Economic Analysis (BEA) announced on Wednesday.

According to the official report, growth in the US economy during the second quarter was driven by increases in consumer spending, exports, and investment, which were partially offset by a decline in government spending.

Imports also rose during the same period.

The increase recorded in the personal consumption expenditure price index for the second quarter of this year was at 5.3%.

The increase in the core personal consumption expenditures price index— excludes food and energy expenditures—was at 3.6% for the same period.

The US economy had recorded 2.1% growth in the first quarter of this year.