The economy clocked in at a chipper 3.4 percent annual growth rate in the second quarter, fresh evidence the country’s business climate is healthy despite surging energy costs.

The solid increase in the gross domestic product for the April-to-June quarter, reported by the Commerce Department on Friday, came on the heels of a larger 3.8 percent growth rate in the opening quarter of this year.

GDP measures the value of all goods and services produced within the United States and is considered the broadest barometer of the country’s economic standing.