Economists forecast fast growth in second half of 2003

The U.S. economy is expected to grow at its strongest pace in almost four years during the second half of the year, according to a Wall Street Journal survey of economists released today. Gross domestic product, the value of all goods and services produced, was expected to grow at a seasonally adjusted annual rate of 4.7% during the current quarter and 4.0% in the fourth quarter, the survey found. The growth rates taken together would be the fastest since the economy expanded at an annual pace of more than 6% in the second half of 1999. Economists said there is mounting evidence that consumer and business spending has accelerated, boosting economic growth, the Journal reported.