Final GDP report shows US economy shrank two straight quarters, renewing recession debate

The country's Gross Domestic Product decreased in the second quarter of this year at an annualized rate of 0.6%, according to a final report on the April-June period released Thursday by the Bureau of Economic Analysis.

The report matches the agency's earlier reports on the quarter and confirmed the GDP has declined for the second consecutive quarter, or the entire first half of this year. 

GDP is a measure of the market value of all final goods and services, and the quarterly reports are frequently revised to be made the most accurate. 

The revised report had by late Thursday morning already revived the national debate on whether the U.S been in a recession, frequently defined as two consecutive quarters of negative growth.

A panel of National Bureau of Economic Research economists officially decides whether the country is in a recession, based on an array of economic indicators, according to CNN.