US Q2-18 GDP growth accelerates driven by consumer spending

Key points: US GDP increased in line with expectations in Q 2 -1 8 : 4.1 % Q/Q SAAR . Consumption was by far the primary driver with a bigger catch-up than expected co mpare d to the previous quarter. Business investment remained on a solid footing , not only driven by mining structures but also by intellectual property. The c hange in inventory and net exports contributions to growth neutralized each other. Revisions to past year s data hardly chan ge d the profile of growth. In short, today’s report is clearly positive with the US economy accelerat ing in line with expectations. Looking forward, we expect growth to remain on a solid footing in Q3 with the positive effect of the fiscal stimulus now materializing .