US Growth Revised to 2.5% in the Second Quarter

The US economy grew at an annualised pace of 2.5% in the second quarter of the year, the Commerce Department said in revised figures.

That was more than double the pace recorded in the previous three months, and above estimates of 2.2%.

The rise, helped by an increase in exports, is a further sign that the economy may be getting back on track.

The government had originally estimated that GDP grew at a 1.7% rate in the second quarter.

The revised non-annualised quarter on quarter figure was 0.6%, up from an initial 0.4% estimate.

Housing and business investment, two key sectors of the economy, remained strong in the revised figures.

Housing construction grew at an annual rate of 12.9%, the fourth consecutive quarter of double-digit growth.

via BBC

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