US gross domestic product grew at an annual rate of 3.3 per cent in the second quarter from advance estimates of 3.4 per cent, the commerce department said. GDP grew 3.8 per cent in the first quarter.

Economists had expected second quarter growth to be revised up to 3.7 per cent, although the department said the economy grew at a slower pace in the second quarter primarily because of a downturn in business inventory investment.