Solid economic fundamentals will remain supportive of long-term growth |
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In 2Q08 quarterly real Gross Domestic Product (GDP) expanded at an unexpectedly high 3.3% seasonally-adjusted annual rate. This was mainly the result of strong net exports, which contributed with 3.1 percentage points to total growth. Solid demand abroad boosted exports while imports declined sharply. Personal consumption expenditures (PCE), which were temporarily heightened by tax rebates, increased 1.2%, following 0.6% on average during the previous two quarters. Consumers spent less than
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