News Column

US GDP Revised Higher

August 29, 2012

The US economy grew by more than previously estimated in the second quarter, with gross domestic product (GDP) revised slightly upward on Wednesday to 1.7 per cent.

Last month, the Commerce Department estimated a year-on-year GDP growth rate of 1.5 per cent in the period from April to June.

Despite the improvement, the rate is still below the 2.0-per-cent level seen in the first quarter of the year and the 4.1-per-cent growth registered in the last three months of 2011.

Analysts had expected the minor improvement, which the Commerce Department attributed to increases in trade and spending by consumers and local governments.

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Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH