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US raises GDP estimate for Q2

US raises GDP estimate for Q2

Mubasher: The US economy grew by 6.6% on an annual basis in the second quarter (Q2) of 2021, faster than previously estimated at 6.5% in July, the Associated Press reported on Thursday, citing official data. 

The slight increase in the gross domestic product (GDP), which followed a 6.3% annual growth in Q1-21, reflects a sustained consumer-led rebound from the pandemic recession, according to a report by the Commerce Department. 

However, there are growing concerns that the new cases of the delta variant will cause a slowdown. New cases reach 150,000 a day, the highest level since late January.

The rise in the government's estimate for the country's GDP was mainly due to higher business investment and export sales which increased by 9.3% and 6.6%, respectively.