Third Quarter GDP Revised Up to 3.3%

Third Quarter GDP Revised Up to 3.3%

Wednesday's numbers represent the fastest expansion in gross domestic product - the broadest gauge of economic output - since a 5.2 percent annual spurt in the third quarter of 2014.

GDP for the United States has grown at 3.1 percent in its second quarter and 1.2 percent for its first quarter of 2017.

The US economy posted its best performance in three years in the third quarter, growing even faster than initially reported, according to official data released Wednesday. The general picture of economic growth remained the same.

This was the strongest growth since Q3 2014. But the growth rate for the full year is likely to come in closer to 2.5 percent, in line with growth in prior years.

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The acceleration in GDP growth compared to the previous quarter reflected an acceleration in private inventory investment, a downturn in imports, and smaller decreases in state and local government spending and residential fixed investment. Excluding inventory investment, the economy grew at a 2.5% rate.

That helped offset downward revisions to in durable goods orders and services exports.

Wednesday's estimate will be revised one more time before the end of the year. The Atlanta Federal Reserve Bank now predicts growth will rise even higher in the final three months of the year to 3.4 percent, though this had not been updated to reflect Wednesday's figures.

The bureau, an agency of the Commerce Department, will release its third and final estimate of third-quarter GDP on December 21.