US revises growth figure down to 2.8 percentSeptember 26th, 2008 - 11:41 pm ICT by IANS
Washington, Sep 26 (DPA) The final figure for US growth in the second quarter of 2008 was adjusted Friday downward to 2.8 percent by the US government, which indicated that strong exports and fewer imports helped prevent the figure from sliding any lower.The gross domestic product (GDP) figure for the second quarter was the final of three estimates, which had previously pegged growth at 1.9 percent and then 3.3 percent for the second quarter in previous calculations by the Bureau of Economic Analysis.
In the first quarter, real GDP increased 0.9 percent.
The final figure for the second quarter fell on items such as private inventory investment, residential fixed investment, and investments in equipment and software, reflecting the overall malaise in an economy beset by a financial crisis that has constricted the availability of credit.
Nonetheless, compared to the first quarter, 2.8 percent economic growth offered a ray of light in the otherwise gloomy financial scene of the US capitol as it wrestles with failures in the finance industry.