Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

No strategy and a beige suit

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 29 August 2014

Read more

ENCORE!

Alain Choquette: A Hilarious Magician in Paris

Read more

FOCUS

France welcomes Iraqi Christian refugees

Read more

FRANCE IN FOCUS

Emmanuel Macron: A new economy minister with a pro-business agenda

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

#TECH 24

Changing the world, one video game at a time

Read more

IN THE PAPERS

Socialist Party summer conference kicks off in explosive atmosphere

Read more

  • EU leaders choose Tusk and Mogherini for top jobs, discuss Russia sanctions

    Read more

  • Dozens of UN peacekeepers still held by Syrian jihadists

    Read more

  • Opposition protesters clash with Pakistani police outside PM's house

    Read more

  • Austerity row overshadows French Socialist’s annual rally

    Read more

  • Egypt sentences Brotherhood leader Badie to life

    Read more

  • Ceasfire allows Gaza families to relax on the beach

    Read more

  • S. Africa condemns 'military coup' in Lesotho

    Read more

  • Kerry calls for 'coalition of nations' to battle IS militants

    Read more

  • Ukrainian plane with seven on board crashes in Algeria

    Read more

  • Exclusive: Fabius warns Russia of more sanctions

    Read more

  • IMF backs Lagarde amid French corruption probe

    Read more

  • Ebola drug ‘ZMapp’ heals all monkeys in study

    Read more

  • British killer escapes from French psychiatric hospital

    Read more

  • Police hunt for British boy with brain tumour taken to France

    Read more

  • Ukraine to relaunch NATO membership bid

    Read more

  • Suriname leader’s son pleads guilty to courting Hezbollah

    Read more

  • Mapping Ukraine: Canada and Russia in ‘tweet for tat’ row

    Read more

Americas

US economy exceeds forecasts with 1.7% growth in Q2

© afp

Text by News Wires

Latest update : 2013-07-31

The US economy grew 1.7% in the second quarter of 2013, well above the 1.1% GDP growth expected, according to a Commerce Department report released Wednesday. First quarter GDP figures were revised downward, however, to 1.1% from an initial 1.8%.

The US economy grew 1.7 percent in the second quarter but the pace was much weaker in the first quarter than thought, according to the Commerce Department report released Wednesday.

The second-quarter gross domestic product growth was well above the 1.1 percent pace estimated on average by analysts but remained sluggish.

The Commerce Department sharply revised the first-quarter GDP figure to 1.1 percent from the prior 1.8 percent reading.

Consumer spending, which accounts for two-thirds of US economic activity, slowed in the April-June period. Personal consumption expenditures increased only 1.8 percent after a 2.3 percent rise in the first three months of the year.

Exports provided a boost, jumping 5.4 percent and wiping out the prior quarter's 1.3 percent decline.

The drag caused by federal government spending and investment cuts narrowed, falling 1.5 percent after a more than 8 percent fall in the first quarter.

(AFP)

Date created : 2013-07-31

  • MARKETS

    Dow closes at record high as US home prices, confidence rise

    Read more

  • US ECONOMY

    US jobless rate falls to 7.5 percent in April

    Read more

  • USA

    Fed to maintain interest rates, cautious on recovery

    Read more

COMMENT(S)