US GDP growth revised higher for second quarter

The annual rate of economic growth in the US more than doubled in the second quarter, according to revised estimates from the Bureau of Economic Analysis on Thursday.

The secondary reading of GDP data for the April-June period showed that year-on-year economic expansion accelerated to 3.0%, up from 1.4% growth in the first quarter.

The figure would have surprised economists who widely expected no change from the 2.8% advance estimate released a month ago.

The BEA said that the upgrade was mainly a result of higher consumer spending than previous thought, as well as upwards revisions to imports.

However, there were still downward revisions to non-residential fixed investment, exports, private inventory investment, federal government spending, state and local government spending, and residential fixed investment, the government agency said.