GDP Grew at 3.4% Annual Rate in the Second Quarter

he U.S. economy grew at an annual rate of 3.4% in the second quarter, down from 3.8% in the first quarter, the Commerce Department reported Friday.

he quarter was the ninth straight in which the gross domestic product annual rate was greater than 3%.

The second-quarter GDP rate was just below economists’ estimates of a 3.5% gain, Bloomberg reported. GDP is the total value of goods and services produced in the United States.

Bloomberg also reported that the government’s revised figures for growth over the past three years showed a 2.8% average annual rate, 0.3% below what had been previously reported.

Those revisions are part of the government’s annual adjustments to GDP statistics based on more complete information.