GDP Grows 1.7% in Second Quarter
NEW YORK (
) -- 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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