Overview

• Official advance estimates showed GDP expanded 3.1% year-on-year in Q2, surpassing the 2.7% median forecast in a Reuters poll.
• This marks the tenth straight quarter of expansion after 3.0% growth in Q1.
• On a seasonally adjusted basis, the economy grew 0.4% in April–June, down from a revised 1.8% gain in the prior quarter.
• Goods exports jumped 11.5% and private consumption rose 1.9% as retail sales returned to growth and inbound tourism strengthened.
• A government spokesman cautioned that renewed U.S. tariff hikes and the end of a rush-shipment boost may temper momentum later this year.