The U.S. Commerce Department on Thursday revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, much higher than a growth of 0.6 percent in the first quarter.

The growth was higher than market expectations. This is the agency's second estimate for the GDP growth in the second quarter, compared to a 2.3 percent advance estimate.

The Commerce Department said in a statement that the accelerated GDP growth in the quarter primarily reflected upturns in exports and accelerations in personal consumption expenditures and a deceleration in imports.

The revision for the second quarter growth reflected a boost in consumer spending, which grew at an annual rate of 3.1 percent, up from a 1.8 percent growth in the first quarter.

Business investment, which was weighed down by reduced oil-related investment in the wake of oil price declines is now estimated to have grown in the second quarter.

Despite the sound momentum in the second quarter, a volatile financial market may dampen the growth prospect in the third quarter.

Mark Zandi, chief economist at Moody's Analytics, expects the economy will slow to a growth of about 2.8 percent in the third quarter but accelerate to a 3.5 percent growth in the fourth quarter, if the recent market turbulence does not have lasting damage on the economy.