U.S. economy grew by 2.2 percent

The Bureau of Economic Analysis reported that the U.S. economy grew by an annualized 2.2 percent in the first quarter of 2018, off marginally from the prior estimate of 2.3 percent growth. Overall, real GDP growth continued to expand at the fastest pace in three years, even as it represented some easing from the 2.9 percent growth rate in the fourth quarter of 2017.

Since the end of the Great Recession, the U.S. economy has expanded 2.2 percent on average, with 2.3 percent growth in 2017. Moving forward, real GDP should grow by roughly 3 percent in 2018, which would be the strongest growth rate since 2005. Passage of tax reform and other pro-growth measures should help to stimulate economic activity, allowing the US to reach that goal.

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