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OP:
US GDP for the second quarter was revised sharply higher at an annualised rate of 3.7%, up from the first estimate of 2.3%.
In the sentence above, does it equal:
US GDP for the second quarter was revised sharply higher at an annualised rate of 3.7%, which is up from the first estimate of 2.3%.
By putting pronouns in such case, you simply elaborate the sentence further. The sentence is 'okay' without it as well.
Yes, in the sentence, 'up' means over/more than what was estimated for the previous one.
