The US economy expanded at a much faster pace in the first three months of the year than previously estimated, the Commerce Department reported on Thursday.

Gross domestic product, the broadest measure of economic output, rose by an annualized rate of 2% in the first quarter, up from the second estimate of 1.3%. That was also well above economists' expectations of 1.4% rate, according to Refinitiv.

The department's final estimate of first-quarter GDP reflected an upward revision to exports, consumer spending, government spending, and investment from residential construction companies.

This story is developing and will be updated.