US Gross Domestic Product (GDP) exceeded expectations in the second quarter, boosted by consumer spending and inventory building, despite high interest rates, government data showed.

The country's GDP increased at an annualized rate of 2.8% last quarter, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of second-quarter GDP on Thursday.

Economists polled by Reuters predicted that GDP would increase at a rate of 2%. Estimates ranged from a rate of 1.1% to 3.4%. The economy grew at a rate of 1.4% in the first quarter. (Source: CGTN)