US economy expands 2.1% in 2nd quarter, below estimates

Market expectation for figure was to come in at 2.4%

By Ovunc Kutlu

ISTANBUL (AA) – The US economy expanded 2.1% in the second quarter of 2023, less than market estimates, according to the Commerce Department's second reading released on Wednesday.

The market expectation for the figure was to come in at 2.4%, while the first reading made last month showed a 2.4% increase in the gross domestic product.

The US economy grew 2% in the first quarter of this year.

The current dollar GDP increased 4.1%, or $268.6 billion, at an annual rate, in the second quarter to reach $26.8 trillion, the Commerce Department said in the statement.

The current dollar personal income increased $232.1 billion in the second quarter, a downward revision of $3.9 billion from the previous estimate, it added.

Personal saving was $892.3 billion in the second quarter, an upward revision of $22.7 billion from the previous estimate, according to the agency.

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