US economy grows by 1.7% in Q2

London, August 1 (ANI): 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. (ANI)

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