The US economy advanced 2.4% between April and June, at an annualized rate, registering growth in Gross Domestic Product (GDP) for the fourth consecutive quarter, the Commerce Department indicated today.

The provisional figures released today show an acceleration compared to the 2.0% confirmed for the first quarter of the year and contrast with the contraction recorded in the second quarter of last year (-0.6%).

The Commerce Department pointed out that this figure "reflects increases in spending by consumers", by administrations and in investments.

The increase in consumption was reflected in both goods and services.

In the case of services, "the main contributors to the increase were housing and utilities, health care, financial services and insurance and transport services", while in goods there was an increase "in recreational goods and vehicles, as well as petrol and other energy goods".

The IMF this week revised upwards its growth forecast for the US economy, projecting growth of 1.8% this year and 1% next year.(NMinute)