U.S. merchandise trade deficit fall as exports rebound, GDP growth forecasts for second quarter
Date
7/25/2024 5:55:43 AM
(MENAFN) On Wednesday, the U.S. Commerce Department reported a 2.5 percent decrease in the goods trade deficit, which has fallen to USD96.8 billion. This positive shift is largely due to a rebound in exports, reversing the trend of widening deficits observed over the past two months. Despite this reduction in the trade deficit, there are still concerns about how trade dynamics might affect overall economic growth for the second quarter.
The U.S. government is expected to release preliminary figures for second-quarter GDP growth on Thursday. Economists predict a 2 percent year-on-year increase in the country's gross domestic product. This forecast suggests steady economic performance despite the challenges posed by fluctuating trade conditions and external economic pressures.
These forthcoming GDP estimates will provide further insights into how the recent trade developments are influencing broader economic trends. The anticipated growth rate will help assess the overall impact of trade dynamics on the U.S. economy and offer a clearer picture of economic performance amid ongoing uncertainties.
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