GDP Expands in Q2, But Q1 Revised Lower

Washington, DC, July 29, 2011 -- Gross domestic product expanded at a 1.3% annual rate in the second quarter, the Commerce Department said Friday, below the 1.6% growth rate that economists anticipated.

First quarter GDP was also revised substantially lower, rising just 0.4% from the initially reported 1.9%.

The government also said the recession was deeper than initially projected.