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August 29, 2012 11:30 AM, EDT

2Q GDP Rate Revised Up to 1.7%

The U.S. gross domestic product’s annual growth rate was revised up to 1.7% in the second quarter, from an initially reported 1.5%, the Commerce Department said Wednesday.

The revised GDP growth rate follows a 2% pace in the first quarter, Commerce said in its report, which measures the value of all goods and services produced.

Consumer spending rose at a 1.7% annual rate, also up a 1.5% initial estimate.

The GDP estimate was the second of three for the second quarter.