Second Quarter Economic Growth Revised Higher

Washington, DC, Sept. 29, 2011 -- Gross Domestic Product was higher in the second quarter than previously estimated, the Commerce Department said.

GDP growth was revised to 1.3% for the quarter, up from the previous estimate of 1%.

Consumer spending and export growth were stronger than earlier estimated, the government said.

The revision was slightly higher than economists' expectations for 1.2% growth.

The economy grew at a 0.4% rate in the first three months of the year.

The report also showed after-tax corporate profits rising at a 4.3% rate in the second quarter, the largest increase in a year, instead of 4.1%.

Consumer spending growth was revised up to a 0.7% rate from 0.4%.

Export growth was revised higher to a 3.6% rate instead of 3.1%.