A report from
the Commerce Department revealed on Wednesday that the U.S. economy grew as initially estimated in the third quarter of 2024, reflecting upward revisions to private inventory investment and non-residential
fixed investment as well as downward revisions to exports and consumer spending.
In addition, imports, which are a subtraction in the calculation of GDP, were
revised down.
According to the
second estimate, the U.S. gross domestic product (GDP) expanded at an annual
rate of 2.8 per cent in the third quarter, as reported in the advance estimate.
Economists had anticipated
the growth rate to stay unrevised at 2.8
per cent.
In the previous
quarter, the economy expanded by 3.0 per cent q-o-q.
The third-quarter
rise in real GDP was mainly due to gains in consumer spending, exports, federal
government spending, and non-residential fixed investment. Meanwhile, imports
increased.