Compared with the previous quarter, gross domestic product increased by 0.7 percent, compared with 0.6 percent, according to an initial measurement in October. In addition to higher-than-expected consumer spending, the world’s largest economy also benefited from lower-than-previously measured imports. There was still a slight economic contraction in the second quarter.
The BEA, which belongs to the US Department of Commerce, always reports the increase or decrease in GDP according to the so-called annualized method. Growth is calculated as if it were to continue at the same pace throughout the year. According to this measurement, the US economy grew by 2.9%.