US economy grows by 1.7% in Q2

Image
ANI London
Last Updated : Aug 01 2013 | 4:55 PM IST

The US Commerce Department has said that the country's economy has grown at an annualised pace of 1.7 percent in the second quarter of the year.

According to the BBC, the economy has grown at a faster pace than expected by economists and also higher from the growth rate for the first three months of 2013.

A slowdown was widely expected due to the impact of federal spending cuts and continuing weakness in the global economy, the report added.

The Q2 growth rate was better than expected, but that was offset by a downward revision for the first three months of the year.

Exports rose 5.4 percent in the Q2, compared with a drop of 1.3 percent in the Q1.

Meanwhile, imports jumped by 9.5 percent, compared with an increase of 0.6 percent in the previous quarter.

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Aug 01 2013 | 4:45 PM IST

Next Story