UNITED STATES, WASHINGTON (OBSERVATORY) — US Commerce Department on Thursday, said that the growth of the US economy slowed to 2 percent in the second quarter of 2019.
In the initial reading issued last month, the ministry estimated the increase in real GDP of the United States , 2.1 percent in the second quarter of the year Ongoing.
The US economy posted a growth rate of 3.1 percent in the first quarter of 2019.
The department said in a statement released today that the estimate of GDP growth today “is based on more complete source data than was available” last month.
The slowdown in US economic growth reflects a decline in government spending and exports, private equity investment and residential investment, which were partially offset by rising personal consumption expenditures.
The US economy continues to grow for the 11th consecutive year, but is threatened by the continuing trade war with China, which for more than a year has weakened trade and industry investment.
By the end of July, the International Monetary Fund (IMF) raised its forecast for US economic growth to 2.6 percent in 2019, up 0.3 percent from expectations in April, and to fall to 1.9 percent in 2020 from 2.9 percent in 2018.
Last week, the president said. The only problem facing his country’s economic growth is the US Federal Reserve and its president, Jerome Powell.
Trump said in a tweet on Twitter, that the US economy can achieve high growth rates if a significant reduction in federal interest rates.
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