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7/31/2013 10:15:00 AM Write a Letter to the Editor Write a letter to the Editor

Second-Quarter GDP Rises 1.7%

The U.S. gross domestic product rose at a 1.7% annual rate in the second quarter, up from 1.1% in the first quarter, the Commerce Department said Wednesday.

The reading topped economists’ median forecast of a 1% increase, Bloomberg News reported. GDP measures the value of all goods and services produced.

The 1.1% first-quarter GDP rate was revised down from an originally reported 1.8%.

Consumer spending, which makes up about 70% of the economy, rose at a 1.8% rate, higher than the 1.6% forecast, Bloomberg said.

Wednesday’s GDP report is the first of three to be issued by Commerce, which will revise it in August and September as more information becomes available.

By Transport Topics

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