(MENAFN – Trend News Agency ) The U.S. economy grew at an annual rate of 6.6 percent in the second quarter in second estimate, up from the 6.5 percent in advance estimate, the U.S. Commerce Department said, Trend reports citing Xinhua .
The update reflects upward revisions to nonresidential fixed investment and exports that were partly offset by downward revisions to private inventory investment, residential fixed investment, and state and local government spending, according to the report.
Imports, which are a subtraction in the calculation of gross domestic product (GDP), were revised down.
Despite the upward revision, the 6.6-percent gain is still considerably less than consensus estimate.
In the first quarter, real GDP increased by 6.3 percent. In 2020, the U.S. economy contracted 3.4 percent amid the pandemic.
“In the second quarter, government assistance payments in the form of loans to businesses and…