By Ovunc Kutlu
ISTANBUL (AA) – US economic growth for the third quarter was revised up to 3.2%, surpassing market expectations, according to the Commerce Department’s third and final reading released on Thursday.
The market estimate for the department’s final reading was 2.9%.
While the first reading on Oct. 27 was 2.6%, the second reading released on Dec. 1 placed the figure at 2.9%.
“The increase in real GDP for the third quarter reflected increases in exports, consumer spending, nonresidential fixed investment, state and local government spending, and federal government spending,” the department said in a statement.
They were, however, partially offset by decreases in residential fixed investment and private inventory investment.
The current‑dollar GDP increased 7.7% at an annual rate, or $475.5 billion, in the third quarter to $25.72 trillion, marking an upward revision of $25 billion from the previous estimate.
The price index for gross domestic purchases increased 4.8% in the third quarter, an upward revision of 0.1 percentage point from the previous estimate.