U.S. GDP grows at fastest pace since 2014

Trump predicts new trade deals that will result in even more economic growth

Economic indicators

Last updated on July 2nd, 2019 at 09:07 am

The United States gross domestic product grew 4.1 percent during the second quarter of the year, according to the U.S. Department of Commerce’s Bureau of Economic Analysis.

That is the highest pace of quarterly GDP growth for the U.S. economy since the 4.9 percent increase in the third quarter of 2014.

U.S. GDP grew 2.2 percent during the first quarter of this year and 3.1 percent during the second quarter of 2017. The first quarter growth rate was revised up from the original report of 2 percent.

President Donald Trump said second quarter GDP grew at an “amazing rate.”

Trump

“We’re on track to hit the highest annual average growth rate in over 13 years,” Trump said today at a White House press conference. “And I will say this right now and I will say it strongly: As the trade deals come in one-by-one we’re going to go a lot higher than these numbers, and these are great numbers.”

“During each of the two previous administrations we averaged just over 1.8 percent GDP growth,” Trump said. “By contrast we are now on track to hit an average GDP annual growth of over 3 percent, and it could be substantially over 3 percent.”

“If economic growth continues at this pace the United States economy will double in size more than 10 years faster than it would have under either President Bush or President Obama,” Trump said.

“These numbers are very, very sustainable,” Trump said. “This isn’t a one-time shot. I happen to think we are going to do extraordinarily well in our next report, next quarter. I think it’s going to be outstanding. I won’t go too strong because then if it’s not quite as good you’ll not let me forget it. But, I think the numbers are going to be outstanding.”

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Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.

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