The Commerce Department released their second-quarter economic growth estimate on Friday, showing the strongest growth in nearly four years.
In the second quarter, gross domestic product (GDP) increased at a solid 4.1% rate, (marking the best pace since 2014), and is finally pushing the economy out of the lull it’s been in for almost a decade.
On top of that, the Commerce Department revised its first-quarter reading from 2% to 2.2%. An hour after the report hit, President Donald Trump said, “We’re on track to hit the highest annual growth rate in over 13 years.” The president added, “And I will say this right now and I will say it strongly, as the deals come in one by one, we’re going to go a lot higher than these numbers, and these are great numbers.”
Personal consumption expenditures rose by 4%, federal government outlays increased by 3.5% and business investments grew to 7.3%
Although work productivity has slowed to a crawl in recent years, the growth in Q2 was in part from the recent surge in soybean exports, ahead of China’s retaliatory 25% tariff on the crop.
WATCH: President Trump Remarks On The Economy: 4.1% GDP 7/27/18
The report released Friday showed the US became a $20 trillion economy–Trump breaks yet ANOTHER record, with that being the first time any country has ever hit that milestone.
The period between April-June was the first full quarter after tax cuts were signed into law by the Trump administration.
Vice President Pence tweeted on Friday morning, “Today’s GDP report shows ROBUST growth. Consumer confidence has hit a 17-year high. We have created nearly 3.7 million new jobs since Election Day. The American economy is BOOMING!”
The American economy is setting historic records thanks to President Trump’s policies. It wasn’t that long ago when economic experts and those in the media said 1.9% GDP under former President Barack Obama was the nation’s “new normal.”
Guess Trump found that magic wand.
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