President Donald Trump hailed a new economic report showing the U.S. economy grew at a clip of 4.1 per cent in the second quarter, hitting a high pace not reached since 2014.

'It is indeed a big one,' Trump said. Trump said he was 'honored' by the growth figure and called it a 'great day.'

The president made an unscheduled appearance on the South Lawn of the White House, flanked by his economic advisors, to tout the news.

He promised the high growth rate was not a 'one-time' thing.

'As the trade deals come in one by one we're going to go a lot higher than these numbers and these are great numbers,' Trump said.

President Donald Trump hailed the latest economic report. ''It is indeed a big one,' Trump said.

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'These numbers are very, very sustainable. This isn't a one-time shot,' Trump said.

The president also lauded the economy in a call-in to Fox News host Sean Hannity's radio show.

'It’s going to get better, it’s totally sustainable, I look forward to next quarter,' Trump told him.

Hannity told him 'congratulations,' in an interview Trump gave from aboard Air Force One after electing not to take shouted questions from reporters as he left the White House Friday for his New Jersey golf course.

In his White House remarks, Trump also made a sunny prediction about the next quarter. The latest numbers reflect April through June.

'I think the numbers are going to be outstanding. We've accomplished an economic turnaround of historic proportions,' Trump said.

Kevin Hassett, Chair of the Council of Economic Advisers, speaks about the economy as US President Donald Trump (C) and Vice President Mike Pence (R) look

'We're on track to hit the highest annual average growth rate in over 13 years,' Trump said, predicting it could be 'substantially over 3 per cent' on an annualized basis.

Trump called it an 'American economic miracle.'

'We are the economic envy of the entire world,' Trump added, adding the world leaders compliment the U.S. economy when they talk to him.

Trump also hailed a more than $50 billion reduction in the U.S. trade deficit.

Trump issued a statement on the South Lawn of the White House that was carried on cable networks

'Billions of dollars are pouring into the United States coffers,' Trump said

The positive economic report provided welcome relief for Trump, who is under fire by the Russia probe, and suffered polls that have him below 40 per cent in key battlegrounds in the Midwest.

Just Thursday night, it was reported his longtime personal lawyer Michael Cohen would tell investigators Trump knew about the June 2016 Trump Tower meeting between his son Don Jr. and Russians in advance.

The 4.1 per cent growth rate hits a high pace not reached since 2014.

The steady growth comes at a time of jitters over a multi-front trade war, with tariffs and reciprocal taxes on imports.

The growth is in part driven by consumers who began spending their tax cuts and exporters who sought to get their products delivered ahead of the retaliatory tariffs.

President Trump had been talking up the growth rate in advance, including at a rally on Thursday in Illinois.

President Donald Trump said if the growth rate had a '4' in front of it, 'We're happy' Thursday at the United States Steel Granite City Works plant Thursday, July 26, 2018, in Granite City, Ill.

'Somebody actually predicted today, 5.3 [per cent], Trump said in Granite City. 'I don't think that's going to happen — 5.3. If it has a 4 in front of it, we're happy. If it has like a 3 but it's a 3.8, 3.9, 3.7, we're OK,' Trump said.

The White House said he wasn't tipped off to the growth rate in advance.

President Donald Trump greets his daughter Ivanka Trump while speaking at the United States Steel Granite City Works plant Thursday, July 26, 2018, in Granite City, Ill. Analysts said contributing to growth were purchases made in advance of retaliatory tariffs

The Commerce Department reports that the gross domestic product, the country's total output of goods and services, posted its best showing since a 4.9 percent gain in the third quarter of 2014.

President Donald Trump predicts growth will accelerate under his economic policies. But private forecasters cautioned that the April-June pace is unsustainable because it stems from temporary factors. The rest of the year is likely to see good, but slower growth of around 3 percent.

Trump's economic advisor Larry Kudlow said Thursday in advance of the release to expect a 'big' figure.

Trump also hyped the U.S. economy days ago, saying it had the 'best financial numbers on the planet.'