The U.S. economy grew at a 6.7% annual pace in the second quarter, according to a report Thursday from the Commerce Department. The government previously reported that GDP rose at a 6.6% rate.

The recent growth outpaced the 6.3% increase in the first quarter. The key growth factor was consumer spending, which makes up 70% of the economy. Consumer spending grew at a 12% annual rate, the fastest expansion since the third quarter of 2020.

Exports rose stronger than expected, with a 7.6% increase, after seeing a dip in the first quarter as business equipment investment increased by 12.3%. These gains were offset by a 7.1% increase in imports.

The National Association of Business Economics forecasted a growth of 5.7% in 2021, which would make up for the 3.7% drop from last year due to the pandemic, which has also caused supply chain shortages and shrunk production.

Most economists expect the economy to grow by 4% in 2022, which is double the average gains made in the years following the Great Recession.

“Delta does appear to be winding down, and even if it does not go away, each successive wave should be less destructive,” said Mark Zandi, chief economist at Moody’s Analytics. “I expect the economy, which is very closely tied to the path of the pandemic, will rebound as people go back to restaurants and start traveling again.”

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