The rise primarily reflected increases in consumer spending, private inventory investment and non-residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

These movements were partly offset by a downturn in residential fixed investment.

The increase in consumer spending reflected increases in both services and goods. Within goods, the leading contributors were motor vehicles and parts, recreational goods and vehicles, furnishings and durable household equipment, and gasoline and other energy goods.

The increase in private inventory investment primarily reflected increases in wholesale trade and retail trade industries that were partly offset by a decrease in mining, utilities and construction industries.

The increase in imports was led by capital goods, excluding automotive.

Current-dollar GDP increased by 5.2 per cent at an annual rate, or by $360 billion, in Q2 2024 to $28.63 trillion. In Q1, GDP increased by 4.5 per cent, or $312.2 billion.

The price index for gross domestic purchases increased 2.3 per cent in Q2 2024 compared with an increase of 3.1 per cent in Q1.

Fibre2Fashion News Desk (DS)