US GDP grew by +2.6% on a yearly basis in the last quarter of 2018, down from +3.4% recorded in the previous quarter. A positive figure, considering that the economists expected a much more marked slowdown, around +2.2%.An annualized growth rate of +2.6% corresponds to a quarterly rate of approximately +0.65%. So, even if it has slowed down, it is still higher than that recorded in the United Kingdom, where it has grown only by a meagre +0.2% in the last quarter, and in Germany, where it has not grown at all.
The expense of companies for new machinery has provided one of the greatest contributions to growth, thanks to an increase of +6.2%. Among the negative notes, trade had an adverse impact, with a slowing export growth and a more marked increase in imports. This suggests that the commercial war launched by US President Donald Trump against China and Europe is causing economic damage also to the US economy.
The euro depreciated against the dollar, immediately after the publication of data on US GDP. In the morning, after the release of positive macroeconomic data relating to the Eurozone, including those on the GDP of some European countries, the single currency had risen up to 1.1421. After the publication of the US GDP, which revealed to be better than expected, it began to fall to 1,1359, before returning to the opening value of 1,137.