U.S. Q2 GDP grows by 2.8%, beats growth expectations

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U.S. economic growth blew past expectations in the second quarter, boosted by consumer spending and inventory building despite high interest rates, government data showed on Thursday.

The country's gross domestic product (GDP) increased at a 2.8-percent annualized rate 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 had forecast GDP rising at a 2-percent rate. Estimates ranged from a 1.1-percent rate to 3.4 percent.

The economy grew at a 1.4-percent rate in the first quarter.

(With input from agencies)