US GDP Grows 4.1%, in Q2

Washington, American economy posted the fastest annual growth rate, in almost four years, and the strongest among industrialized nations, according to government data released here on Friday.

Gross Domestic Product (GDP) expanded by an annual rate of 4.1 per cent during Q2, matching analyst expectations, as Americans bought more cars and as foreign sales of oil and soybeans, which now face Chinese tariffs, gave exports the biggest boost, in more than four years, the US Commerce Department reported.

The result showed the world's largest economy - now valued at US$20 trillion - was in robust health, in part accelerating after the injection of stimulus and tax cuts.

Source: Saudi Press Agency