Revised GDP expands 3.7% in Q2, more than forecast

Washington

THE economy grew more than previously estimated in the second quarter on bigger gains in consumer and business spending that show the US expansion got back on track. A surge in inventories also signals such strong growth will be difficult to sustain in the short run.

Gross domestic product, the value of all goods and services produced, rose at a 3.7 per cent annualised rate, exceeding all estimates of economists surveyed by Bloomberg and up from the 2.3 per cent the Commerce Department reported last month, figures showed on Thursday in Washington.