The United States economy grew at an annualised rate of 2.2% in the second quarter of 2026, according to the final estimate from the US Commerce Department. The figure marks a marked improvement on the department's previous estimate of 1.5% and caught economists off guard, many of whom had expected little or no change. Growth still slowed from the 2.5% recorded in the first quarter, but the resilience of American households and businesses has outstripped forecasts.
Consumer spending, which accounts for roughly 70% of US economic activity, rose at a robust annual pace of 3.8% from April to June, up sharply from 0.7% in the first quarter. A buoyant stock market, fuelled by investor enthusiasm for artificial intelligence prospects, has helped sustain spending. The housing sector also showed signs of life: residential investment rose 2.8%, its first increase since late 2024, though the market remains under pressure from elevated mortgage rates.
Strong domestic demand pulled in goods from abroad. Imports jumped 12.6% at an annual rate, driven largely by shipments of computer chips and other components supporting AI investment. Because GDP measures only domestic production, imports are subtracted from the calculation: that surge knocked nearly 1.7 percentage points off second-quarter growth.
The Commerce Department's report was its third and final estimate for the quarter. The first reading of third-quarter GDP is scheduled for 29 October.
For Portuguese exporters, the strength of US consumer demand offers tangible opportunities, especially for businesses engaged in technology supply chains or high-value manufacturing. The surge in imports highlights continued US reliance on foreign components, which may benefit Portuguese firms supplying specialized electronics or machinery. However, the widening US trade deficit could affect global trade dynamics, potentially leading to renewed pressure on export-oriented economies. Portuguese companies should monitor US import trends and consider strengthening connections with American distributors or tech partners to capitalise on sustained demand.
