The Commerce
Department published on Wednesday its advance estimate for the U.S. gross
domestic product (GDP) for the third quarter of 2024, which showed that the
U.S. economy expanded less
than anticipated in the reviewed period.
According to
the estimate, the U.S. real GDP grew at an annual rate of 2.8 per cent q-o-q in
the third quarter, following an unrevised 3.0 per cent q-o-q increase in the previous
quarter.
Economists had expected
the U.S. GDP to advance 3.0 per cent q-o-q.
According to the report, the expansion in real
GDP in the third quarter was primarily due to gains in consumer spending,
exports and federal government spending Meanwhile, imports, which are a
subtraction in the calculation of GDP, went up.