Reuters reported that the the U.S. economy grew at its fastest pace in 2-1/2 years in the second quarter with all sectors contributing to the jump.

According to the Reuters report, the Commerce Department on Friday raised its estimate of growth in GDP to a 4.6% annual rate from the 4.2% pace reported last month.

The report also cites that a faster pace of business spending and sturdier export growth than previously estimated were the two main factors behind the upward revision to U.S. GDP, which had its best growth performance since the fourth quarter of 2011.

The Reuters report also states business spending on equipment was raised to an 11.2% pace from a previously reported 10.7% rate. Businesses also invested more in nonresidential structures, such as gas drilling, as well as in research and development.

To read the full Reuters report, click here.