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GDP Grows 1.7% in Second Quarter

The government's third estimate for GDP was slightly higher than the 1.6% previously projected.

NEW YORK (

TheStreet

) -- The U.S. economy grew at an annual rate of 1.7% in the second quarter, the government said on Thursday.

The report was the Commerce Department's third estimate of GDP growth and was slightly higher than its previous estimate of 1.6%. The consensus expected the final estimate to remain unchanged at 1.6%.

In the first quarter, GDP grew 3.7%. Growth materially slowed down in the second quarter on the back of accelerating imports and a slowdown in private inventory investment, causing the government to revise its advance estimate for second quarter GDP from 2.4% to 1.6%.

-- Written by Shanthi Venkataraman in New York.

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