28 August 2008 19:35 [Source: ICIS news]
WASHINGTON (ICIS news)--US gross domestic production (GDP) grew at a revised annual rate of 3.3% in the second quarter this year, the Commerce Department said on Thursday, raising the growth estimate sharply upward from its earlier 1.9% measure.
The department said the nation’s second-quarter output of goods and services was much better than first estimated on 31 July due to “upward revisions to exports and to private inventory investments”.
A growth rate in the 3-3.5% range is regarded as normal or trend growth for a well-functioning economy.
The revised second-quarter growth estimate of 3.3% marks a significant improvement from the first quarter when GDP output was put at a meagre 0.9%.
“The increase in real GDP in the second quarter primarily reflected positive contributions from exports, personal consumption expenditures (PCD), federal government spending, non residential structures and state and local government spending,” the department said.
($1 = €0.63)
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