US economic growth revised up in 3rd quarter

ISTANBUL

The US economic growth for the third quarter was revised up to 2.9% and came higher than the market expectation, according to the Commerce Department’s second reading released on Wednesday.

While the first reading made on Oct. 27 was 2.6%, the market expectation for the figure was to come in at 2.7% for the second reading.

"The increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, state and local government spending, and federal government spending," the department said in a statement.

The current‑dollar GDP increased 7.3% at an annual rate, or $450.5 billion, in the third quarter to a level of $25.7 trillion, which is an upward revision of $35.7 billion from the previous estimate, it added.

The price index for gross domestic purchases increased 4.7% in the third quarter – an upward revision of 0.1 percentage point from the previous estimate.