(MENAFN) The U.S. Commerce Department revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, beating market expectations.
The second estimate for the GDP growth in the second quarter was much higher than an advance estimate of 2.3 percent. In the first quarter, the growth rate was 0.6 percent as the wintry weather sapped activities.
The upward revision reflected upturns in nearly every category that comprised of the economic output, particularly consumer spending and exports.
The personal consumption expenditure (PCE), which accounts for 70 percent of the economic output, increased 3.1 percent in the second quarter, compared with a growth of 1.8 percent in the first quarter.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.