U.S. economic growth solidly accelerated in the second quarter of 2024, despite economists’ estimates that called for only slight sequential improvement.

The U.S. Bureau of Economic Analysis shared an advance on July 25, showing that the nation’s real gross domestic product grew at an annualized rate of 2.8% in 2024’s second quarter. That’s up from 1Q24’s 1.4%, and above the forecasted 1.9% growth for 2Q based on the economists surveyed by the Associated Press.

The 2Q GDP estimate will be revised in a second report issued Aug. 29.

The BEA said the 2Q real GDP gain primarily reflected increases in consumer spending, private inventory investment and nonresidential fixed investment, despite a rise in imports led by capital goods.

Compared to 1Q24, 2Q24’s acceleration in GDP was due to a significant upturn in private inventory investment and increased consumer spending, the BEA added. However, this was partly offset by a downturn in residential fixed investment.