Green Sheet

ccording to revised figures released by the Commerce Department at the end of September 2002, the economy in the second quarter grew more than expected, although still at a slower pace than the first quarter.

Second-quarter gross domestic product grew at a revised 1.3% annual rate, changed from a previous estimate of 1.1% growth. The economy grew at a 5% pace in the first quarter. The revision was mainly the result of new data in services exports. New data showed more real exports of services than previously thought, nudging overall economic growth higher.

In other news, a consensus forecast released at the annual convention of the National Association of Business Economics (NABE) in Washington D.C., stated that 32 economists surveyed "overwhelmingly believe" the current economic recovery will continue into next year as business investment picks up.

Eighty percent of the economists polled said Congress and the Federal Reserve should stop attempts to stimulate economic growth, and they expect a "solid" growth rate of 3.2 percent in 2003.