The nation’s gross domestic product (GDP) increased at an annual rate of 2.5 percent in the third quarter compared to the previous quarter, according to a new estimate by the U.S. Bureau of Economic Analysis.
In the second quarter, GDP increased 1.7 percent.
The latest GDP estimates are based on more complete data than were available for the advance estimate issued last month. At that time, the BEA said the increase was 2 percent.
The increase was primarily the result of greater personal consumption expenditures, private inventory investment, nonresidential fixed investment, exports and federal government spending.
