US Q2 economic growth figures revised upwards

| September 30, 2010 | 0 Comments

The Commerce Department has today revealed the US economy grew by an annualised 1.7% in the April to June period – slightly higher than the previous estimate of 1.6%.

This figure is the third and final estimate for the second quarter and the upward revision was due to a higher rate of consumer spending, which was revised upwards to 2.2% - the largest increase in three years.

It means the world’s largest economy has grown for four consecutive quarters as it continues its recovery from the worst recession in decades.

However, despite the upward revision, second quarter growth is still lower than the 3.7% reported in the previous quarter.

Across the Atlantic, the Office for National Statistics (ONS) revealed the UK economy grew by 1.2% in the April to June period – unrevised from its second estimate last month.

While the reading was expected to remain the same – it represented the fastest pace in nine years and took the annual rate of growth to 1.7%.

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