U.S. real gross domestic product (GDP) increased at an annual rate of 2.4 percent in the second quarter of 2023, faster than expected, according to the Commerce Department's report released on Thursday.

The latest figure showed the U.S. economy expanded for the fourth straight quarter in a row.

Noticeably, GDP growth in the first quarter was significantly revised up to 2 percent from an initial estimate of 1.1 percent, bolstered by a stronger-than-anticipated consumer spending.

In the April-June quarter, personal consumption expenditures slowed to 1.6 percent at an annual rate, from 4.2 percent in the previous quarter.

Compared to the first quarter, the acceleration in GDP in the second quarter primarily reflected an upturn in private inventory investment and an increase in nonresidential fixed investment, according to the report.

This was partly offset by a downturn in exports and decelerations in consumer spending as well as government spending, it said.

Thursday's GDP report is a preliminary estimate, with the next estimate of second-quarter economic activity due on Aug. 30.

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