中新社华盛顿9月25日电 (记者 沙晗汀)美国商务部当地时间25日公布的最终修正数据显示，今年第二季 度美国实际国内生产总值(GDP)环比按年率计算增长3.8%，较此前公布的修正数据上调0.5个百分点，高 于市场普遍预期。 数据显示，2025年二季度美国经济环比增长3.8%，扭转了第一季度经济环比萎缩0.6%的局面。 美国第二季度GDP增速终值上调至3.8% 来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 从具体环比数据来看，今年二季度，占美国经济总量约70%的个人消费支出增长2.5%；反映企业投资状 况的非住宅类固定资产投资增长7.3%；住宅类固定资产投资下降5.1%；政府消费支出和投资下降 0.1%；出口下降1.8%，进口大幅下降29.3%。 按贡献度计算，个人消费支出拉动当季经济增长1.68个百分点；净出口拉动当季经济增长4.83个百分 点；政府消费支出和投资拖累当季经济增长0.01个 ...

Group 1 - The core viewpoint of the articles indicates that private investment in China has seen a slight decline of 0.6% in the first half of 2025, but when excluding real estate development, private project investment has grown by 5.1% [2][6][9] - The overall fixed asset investment in the country has increased by 2.8%, which is a decrease from the 4.2% growth in the first quarter, attributed to high actual investment growth and macroeconomic adjustments [2][4][6] - The contribution of capital formation to economic growth is reported at 16.8%, with final consumption expenditure contributing 52.0% to GDP growth [4][5] Group 2 - Infrastructure and manufacturing sectors are the primary drivers of fixed asset investment, with broad infrastructure contributing nearly 90% to investment growth, while real estate development investment has decreased significantly [3][9][10] - State-owned and state-controlled investments have increased by 5.0%, while foreign investment has decreased by 15.2% [6][7] - The manufacturing sector's investment accounted for 25.2% of total fixed asset investment, showing a 1.1 percentage point increase compared to the previous year [15][16] Group 3 - The decline in real estate development investment has led to a significant drop in its proportion of total fixed asset investment, from a peak of 30% to 18.8% [9][10] - Equipment purchase investments have surged by 17.3%, contributing 86.0% to overall investment growth, indicating strong support for manufacturing investment [9][10] - The net export growth of 36.1% has contributed 31.2% to economic growth, highlighting the increasing reliance on net exports for economic stability [4][6]

Core Insights - The Federal Reserve Chairman Jerome Powell stated that the GDP aligns completely with expectations, but the fluctuations in net exports make it difficult to interpret the overall economic situation [1] Group 1 - The GDP performance is consistent with the Federal Reserve's expectations [1] - Net exports exhibit volatility, complicating the interpretation of economic data [1]

Core Insights - The U.S. trade deficit in goods narrowed more than expected in June, reflecting a general decline in imports [1] - The trade deficit decreased by 10.8% from the previous month to $86 billion, which was below the expected $98 billion [1] - U.S. goods imports fell by 4.2% to $264.2 billion, while exports decreased by 0.6% [1] - This data will assist economists in adjusting their estimates for the net export contribution to GDP in the second quarter, with related data to be released on Wednesday [1] - The trade distortions that negatively impacted GDP earlier in the year are expected to reverse in the most recent quarter [1]

Economic Overview - In the first half of the year, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [2] - The contribution rates of the three industries to economic growth were 3.6% for the primary industry, 36.2% for the secondary industry, and 60.2% for the tertiary industry [2] Industry Performance - The industrial production showed a robust growth with an industrial added value increase of 6.2% year-on-year, contributing 1.9 percentage points to economic growth [3][4] - The manufacturing sector's added value grew by 6.6%, contributing 1.7 percentage points to economic growth [3] - The service sector, particularly information transmission, software, and IT services, saw significant growth with added values increasing by 11.1% and 9.6% respectively, contributing a total of 1.0 percentage point to economic growth [3] Domestic Demand - Final consumption expenditure contributed 52.0% to economic growth in the first half, driving GDP growth by 2.8 percentage points [5] - Investment demand showed a steady increase, with total capital formation contributing 16.8% to economic growth, adding 0.9 percentage points to GDP [5] - Net exports maintained a stable growth trend, contributing 31.2% to economic growth, which added 1.7 percentage points to GDP [5] New Economic Drivers - The digital economy is gaining momentum, with the revenue of large-scale information transmission, software, and IT service enterprises growing by 11.4% from January to May, outperforming the overall service sector by 3.3 percentage points [6] - The equipment manufacturing and high-tech manufacturing sectors saw added value growth of 10.2% and 9.5% respectively, exceeding the overall industrial growth rates [7] - High-quality investments in equipment manufacturing and high-tech services increased by 7.5% and 8.6% respectively, indicating a focus on optimizing and upgrading industries [7]

Core Viewpoint - The report highlights that domestic demand, particularly consumption, is the main driver of GDP growth in the first half of the year, with significant contributions from final consumption expenditure, capital formation, and net exports [1] Group 1: Economic Contributions - Final consumption expenditure contributed 52% to the economy, indicating its crucial role in driving growth [1] - Capital formation contributed 16.8% to economic growth, with a total contribution rate of 24.7% in the second quarter [1] - Net exports contributed 31.2% to the economy, with a contribution rate of 23% in the second quarter [1] Group 2: Quarterly Performance - In the second quarter, final consumption expenditure's contribution to GDP growth increased slightly to 52.3% compared to the first quarter [1] - The contribution of capital formation in the second quarter was noted at 24.7%, reflecting its importance in the overall economic structure [1] - The net export contribution in the second quarter was recorded at 23%, showcasing its ongoing relevance to economic performance [1]

Group 1 - The Federal Reserve Chairman Powell stated that unusual fluctuations in net exports complicate GDP measurements [1] Group 2 - Unemployment rate projections for the end of 2025, 2026, and 2027 are 4.5%, 4.5%, and 4.4% respectively, with slight increases from previous estimates [4] - Core PCE inflation expectations for the end of 2025, 2026, and 2027 are 3.1%, 2.4%, and 2.1% respectively, indicating upward revisions [4] - Federal funds rate projections for the end of 2025, 2026, and 2027 are 3.9%, 3.6%, and 3.4% respectively, with increases noted for 2026 and 2027 [4]

Group 1: Investment Trends - In Q1 2025, private investment grew by 0.4%, marking the fourth consecutive year of minimal growth since 2022, primarily impacted by a decline in real estate development investment, which fell by 9.9% [1][7] - Excluding real estate development, private investment increased by 6.0% in Q1 2025, while national fixed asset investment reached 103,174 billion yuan, growing by 4.2% year-on-year [1][3] - The share of private investment in national fixed asset investment dropped to below 50% for the first time since 2012, with a recorded share of 50.1% in 2024 [1][7] Group 2: Sector Performance - Manufacturing sector private investment rose by 9.7%, continuing a trend of high growth since 2021, driven by factors such as export growth and supportive policies [1][7] - Infrastructure private investment also saw a significant increase of 9.3%, contrasting with a decline in private investment in the tertiary sector, which fell by 7.7% [1][6] - The first industry investment grew by 16.0%, while the second industry investment increased by 11.9%, indicating robust performance in these sectors [5][6] Group 3: Economic Contributions - Net exports contributed significantly to economic growth, increasing by 50.4% and accounting for nearly 40% of GDP growth, despite a 6.0% decline in imports [2][4] - The "old-for-new" consumption policy supported a 4.6% growth in retail sales of consumer goods, highlighting the potential for further consumption growth [2][3] - State-owned investment grew by 6.5%, helping to stabilize overall investment growth amid declining private investment and real estate development [2][5] Group 4: Legislative Support - The newly passed Private Economy Promotion Law aims to enhance private investment by encouraging participation in national strategies and major projects, effective from May 20, 2025 [2][7] - The law is expected to support a rebound in private investment as the real estate market stabilizes [2][7]

Core Viewpoint - The Federal Reserve has decided to maintain the benchmark interest rate, but the statement released after the meeting shows significant changes compared to March, highlighting the impact of net export fluctuations, increased uncertainty in the economic outlook, and rising risks of inflation and unemployment [1] Group 1 - The Federal Reserve's decision to keep interest rates unchanged reflects a cautious approach amid rising economic uncertainties [1] - Chairman Powell emphasized the need for patience regarding interest rate cuts, considering the increased uncertainty in the economic outlook and tariff measures pushed by President Trump [1] - The statement from the Federal Reserve now includes references to the volatility of net exports and the associated risks to the economic outlook [1]

Core Viewpoint - The Federal Reserve's recent statement did not present any surprising information, indicating a continuation of the current economic conditions and a potential for interest rate cuts in the summer [1] Economic Growth - There is an observation that the underlying economic growth appears to be slowing down, which raises concerns about the risk of continued economic deceleration throughout the summer [1] Federal Reserve Actions - The Federal Reserve is likely to remain passive in its policy approach, which suggests a tightening of monetary policy despite the slowing growth [1] - There is a possibility that the Federal Reserve may implement interest rate cuts as early as July, with further actions expected before the end of the year [1]