US economy grows 3pc in Q2

The US economy grew at its fastest pace in more than two years in the second quarter, much faster than initially estimated, official data showed Wednesday.

Hitting the White House growth target for the first time in Donald Trump's presidency, Gross Domestic Product (GDP) increased three percent in the April-June period, the Commerce Department reported.

The figure was revised up by an unusually-large four tenths from the growth estimate published last month, due to higher consumer spending and business investment than in the initial report.

The rate surpassed analyst expectations, which called for an increase of 2.7 percent.

But growth in the first half of the year was just 2.1 percent, still below the 2.2 percent average recorded over the last three years.

The Trump administration has pledged to return the world's largest economy to sustained annual growth of three percent or more by slashing taxes and regulations while boosting trade.