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U.S. economy grows 4.2 pct in Q2

English.news.cn   2014-08-28 21:18:50

WASHINGTON, Aug. 28 (Xinhua) -- The U.S. economy showed better-than-expected shape in the second quarter, lifted by stronger growth of exports and private investment, according to the revised data released by the Commerce Department on Thursday.

The real gross domestic product (GDP) grew at an annual pace of 4.2 percent in the second quarter, higher than the initial estimate of 4 percent.

Exports growth was revised upward to 10.1 percent. Private domestic investment was revised upward to 17.5 percent. Personal consumption grew 2.5 percent, unchanged from the previous estimate.

"Today's revision affirms that economic growth in the second quarter was strong, consistent with the recent string of solid job growth and improvements in other economic indicators," Jason Furman, Chairman of the Council of Economic Advisers, said in a statement.

But there is more work that needs to be done to build on this momentum. That is why the President continues to act on his own to facilitate investment in American manufacturing, energy, and infrastructure, as well as take steps to improve the financial security of working families, he said.

In the first quarter, the economy shrank 2.1 percent as the bitterly cold winter weather disrupted production and personal spending.

 

Editor: Mu Xuequan
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