30 Aug 2013

US economy growing

9:27 am on 30 August 2013

Revised figures in the United States show the economy grew at a pace of 2.5% in the second quarter of the year.

The Commerce Department said that was more than double the pace recorded in the previous three months.

The BBC reports the rise is a further sign that the economy may be getting back on track.

The government originally estimated that GDP grew at a 1.7% rate in the second quarter.

Housing and business investment remained strong: housing construction grew at an annual rate of 12.9%, the fourth consecutive quarter of double-digit growth.

Meanwhile, business investment was revised upwards to 16.1%.