Banca March: In the US, the final revision of 2Q GDP surprises by confirming a 3% annualised quarterly growth, one tenth of a percentage point higher than expected. On the component side, consumption continued to be the main driver of the US economy contributing 1.9 p.p., while public spending and investment contributed 0.52 p.p. and 0.42 p.p. respectively. Thus, demand contributed 2.9 p.p. to the change in GDP this quarter, confirming once again the strength of US consumption. Inventories added 1.05 p.p. to growth, although this is an extremely volatile component, while the external sector was the only detractor, taking -0.9 p.p. from the Q2 figures.
US final 2Q24 GDP surprises with 3% year-on-year growth, one tenth of a point higher than expected, thanks to 1.9% rise in consumption
