Washington ? Weighed down by high energy prices, the economy was even more sluggish than initially believed during the second quarter. But policy-makers believe the pace will pick up, something President Bush is counting on as the election approaches.

The Commerce Department reported Friday that gross domestic product grew at a 2.8 percent annual rate in the April-to-June quarter, down from an earlier estimate of a 3 percent pace. The new GDP reading — the smallest gain in just over a year — indicated the economy slowed considerably compared with the brisk 4.5 percent growth rate in the first quarter of 2004.

“We’re no longer sprinting, but we are not running out of wind either,” said Richard Yamarone, economist at Argus Research Corp.

Gross domestic product measures the value of all goods and services produced within the United States and is considered the broadest barometer of the economy’s fitness.