30 August 2007 14:28 [Source: ICIS news]
MUMBAI (ICIS news)--The US gross domestic product (GDP) grew at an annual rate of 4% in the second-quarter of 2007, the fastest since the second-quarter of 2006, the US Bureau of Economic Analysis (BEA) said on Thursday.
The acceleration in GDP reflects falling imports, rising exports, increasing federal spending and a rise in consumption for nondurable goods, the bureau said.
US GDP grew at an annual rate of 4.8% in the first-quarter of 2006.
The revised figure is 0.6 percentage points, or $15.9bn, more than the advance estimate of 3.4% issued last month, the BEA said.
The revised GDP estimates are based on more complete source data than were available for the advance estimates issued last month.
The increase in real GDP in the second-quarter primarily reflected positive contributions from personal consumption expenditures that were partly offset by a negative contribution from residential fixed investment.
Exports accounted for much of the quarter’s growth, increasing by 7.6% compared with a gain of 1.1% in the first-quarter.
Meanwhile, imports in the second-quarter decelerated 3.2% versus a growth of 3.9% in the first-quarter.
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