US GDP revised upwards as exports provide boost

The US economy expanded by 1.7% in the second quarter, more than previously thought, the latest reading has shown.

In line with forecasts from analysts, the second official reading of US GDP in the Q2 has been revised up from the initial figure of 1.5%. Last month the reading overshot expectations, after forecasts came in for a 1.4% expansion in Q2. However, with more data now available the Bureau of Economic Analysis pushed up the reading. It said the increase in GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures, exports, nonresidential fixed investment, and residential fixed investment. However, imports continue to drag on the economy, it...