U.S. Q2 GDP revised up to 2.5% from 1.7%

The U.S. economy grew faster-than-initially expected in the second quarter of 2013, fuelling optimism over the economic outlook, revised data showed on Thursday.

In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 2.5% in the three months to June, above expectations for growth of 2.2% and up from a preliminary estimate of 1.7%.

The data showed personal consumption grew 1.8% in the second quarter, above expectations for a 1.7% increase and unchanged from an initial forecast of 1.8%.

Consumer spending typically accounts for nearly 70% of U.S. economic growth.

The GDP price index rose by 0.7% in the second quarter, in line with expectations.

Following the release of the data, the U.S. dollar added to gains against the euro, with EUR/USD shedding 0.68% to trade at 1.3248.

Meanwhile, U.S. stock index futures pointed to a higher open. The Dow Jones Industrial Average futures pointed to a rise of 0.3% at the open, S&P 500 futures indicated a gain of 0.3%, while the Nasdaq 100 futures signaled a 0.4% advance.