A report from
the Commerce Department revealed on Thursday that the U.S. economy expanded more than previously estimated in the third quarter of 2024, due primarily to upward
revisions to exports and consumer spending, which were partly offset by a
downward revision to private inventory investment. Meanwhile, imports, which
are a subtraction in the calculation of GDP, were revised up.
According to
the third estimate, the U.S. gross domestic product (GDP) grew at an annual
rate of 3.1 per cent in the third quarter, being above the 2.8 per cent
increase reported in the second
estimate.
Economists had predicted
the growth rate to be unrevised at 2.8 per cent q-o-q.
In the previous
quarter, the economy expanded by 3.0 per cent q-o-q.
The third-quarter advance in real GDP primarily reflected
gains in consumer spending, exports, non-residential
fixed investment, and federal government spending.