US revises down GDP growth for Q2 to 3.8%

27 September 2007 15:26  [Source: ICIS news]

MUMBAI (ICIS news)--US GDP growth for the second quarter has been revised down by 0.2 percentage points to an annualised rate of 3.8%, the downward revision reflecting an increase in imports of both goods and services, said the Bureau of Economic Analysis (BEA) on Thursday.

 

In the first quarter real GDP grew only 0.6% and the acceleration in growth from March to June reflected positive contributions from factors like consumer spending and government investment, partly offset by a negative contribution from residential fixed investment, said the BEA.

 

A month ago, the BEA estimated GDP for the second quarter would grow by 4%, up 0.6 percentage points from July’s advance estimate of 3.4%.

 

Thursday’s forecast for the second quarter was the department’s final one, it said.

 

Robin Newbold contributed to this story.

By: Isha Jha
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