The U.S. economy lost momentum in the second quarter of the year, it was announced Friday.

Real gross domestic product (GDP) — the inflation-adjusted, seasonally-adjusted value of all goods and services produced in the U.S. — rose at a 2.4 percent annualized rate in the second quarter, well below the average 4.4 percent increase over the last six months.

The rate of expansion in the first quarter was revised up to a 3.7 percent rise, compared with the prior estimate of a 2.7 percent increase.

Much of the deceleration in the first quarter was due to the trade sector. The 2.4 percent increase in GDP was close to the 2.5 percent expansion expected by economists surveyed by MarketWatch.

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