Q2 GDP growth revised up as businesses boost investment

Washington

ECONOMIC growth in the US was less sluggish than previously thought in the second quarter as exports grew more than imports and businesses raised their investments - hopeful signs for the economic outlook.

Gross domestic product expanded at a 1.4 per cent annual rate, the Commerce Department said on Thursday in its third estimate of GDP. That was up from the 1.1 per cent rate it reported last month and higher than analysts' expectations.