The second quarter gross domestic product grew at an annualized rate of 4.6%, according to the third and final estimate from the government Bureau of Economic Analysis.

Real gross domestic product – the output of goods and services produced by labor and property located in the United States – declined 2.1% in the first quarter.

The GDP estimate released Friday morning is based on more complete source data than were available for the "second" estimate issued last month.

How this affects the markets Friday after Thursday’s big sell-off remains to be seen.   

As ZeroHedge notes, this surge  – the biggest since the fourth quarter of 2011  –  owes to two factors:

[It is]  driven by gains in business spending, where mandatory forced Obamacare outlays led to a $17.5 billion chained-dollars increase in Healthcare spending to $1815.9 billion. Also helping were corporate profits which rose 8.4% in Q2, the most since Q3 2010, once again courtesy of adjustment in definitions (recall the IVA vs CCAdj change we discussed previously). 

To wit: "Profits from current production (corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj)) increased $164.1 billion in the second quarter, in contrast to a decrease of $201.7 billion in the first." 

In the second estimate, the increase in real GDP was 4.2%. 

With the third estimate for the second quarter, the general picture of economic growth remains the same; increases in nonresidential fixed investment and in exports were larger than previously estimated.

The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures, exports, private inventory investment, nonresidential fixed investment, state and local government spending, and residential fixed investment.

Imports, which are a subtraction in the calculation of GDP, increased.