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May 25, 2006 9:00 AM, EDT

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he U.S. economy grew at a revised 5.3% annual rate in the first quarter, a half-percentage point higher than previously reported, the Commerce Department said Thursday.

he gross domestic product growth was less than the 5.8% forecast by economists but topped the preliminary 4.8% increase reported last month, Bloomberg reported. (Click here for previous coverage.)

GDP is the value of all the goods and services produced in the country.

The government report showed that wages and salaries rose at a 5.8% annual rate in the first quarter, up from a 1.6% rate in the previous three months.

Analysts forecast second-quarter GDP to grow at a 3.5% rate and at 3% for the second half of this year, Bloomberg reported.