News Column

US Economy Grew 2 Percent in 3rd Quarter

Oct. 26, 2012
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The US economy grew somewhat faster in the third quarter, reaching an annual rate of 2 per cent, the Commerce Department reported Friday in its initial estimate of gross domestic product.

The final estimate of second-quarter growth was an annualized 1.3 per cent.

The Commerce Department's Bureau of Economic Analysis attributed the faster pace of expansion to higher consumer spending, lower imports, increased housing construction and a jump in federal government spending.

Declines in exports and business investment and shrinking business inventories weighed on growth in the July-September period.

A survey by the Bloomberg news agency of 86 economists had produced an average forecast for the third-quarter growth of an annual rate of 1.8 per cent.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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