US Q2 GDP revised up to 3.3%

(Sharecast News) - The US economy grew more than initially estimated in the second quarter, according to figures released on Thursday by the Commerce Department. A second estimate revealed that gross domestic product expanded at an annualised rate of 3.3%, up from an initial estimate of 3% growth.

This followed a 0.5% contraction in the first three months of the year.

The Commerce Department said the revision to Q2 GDP mainly reflected upward revisions to investment and consumer spending that were partly offset by a downward revision to government spending and an upward revision to imports.