US GDP decreased by 0.6% in the second quarter of 2022

According to the third and final assessment of the US Department of Commerce, the country's economy shrank by 0.6% in terms of a year in the second quarter of 2022 (if GDP had fallen at the same pace for four consecutive quarters).

The indicator coincided with the forecast of analysts who expected that the fall in GDP would remain at the level of the second estimate of 0.6%. The first estimate assumed a 0.9% contraction of the US economy.

In addition, the real growth rate of consumer spending in the United States was 2% year-on-year after an increase of 1.3% in the first quarter. The first estimate assumed an increase of 1%, the second – by 1.5%.

In annual terms, according to the Ministry's final estimate, the US economy grew by 1.8% last quarter. The first estimate suggested an increase of 1.6%, the second – by 1.7%. 

In the first quarter, US GDP grew by 3.7% compared to the same period in 2021.