US economy expands 2.8% in 2nd quarter, shows first reading

By Ovunc Kutlu

ISTANBUL (AA) - The US economy expanded 2.8% in the second quarter of 2024, according to the Commerce Department's first advance reading released Thursday.

The figure came much higher than market estimates of 2%.

The American economy expanded by 1.4% in the first quarter of 2024.

The current dollar GDP increased 5.2% at an annual rate, or $360 billion, in the second quarter to reach $28.63 trillion, the Commerce Department said in a statement.

In the first quarter, GDP rose 4.5%, or $312.2 billion, it added.