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Third quarter US growth revised up to 3.1% from previous 2.7% estimate

Published on Dec 20, 2012 9:42 PM
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Traders work on the floor of the New York Stock Exchange on Oct 26, 2012, in New York City. The US economy grew 3.1 per cent in the third quarter, more than previously estimated, the Commerce Department said on Thursday. --PHOTO: AFP

WASHINGTON (AFP) - The US economy grew 3.1 per cent in the third quarter, more than previously estimated, the Commerce Department said on Thursday.

Gross domestic product growth in the July-September period was revised upward from prior estimates of 2.7 per cent and 2.0 per cent, the department said.

The higher figure reflects upward revisions to consumer spending, exports and government outlays, and downward revision to imports.
In the second quarter, real GDP increased 1.3 per cent.

The Commerce Department said the revision “has not greatly changed the general picture of the economy for the third quarter except that personal consumption expenditures is now showing a modest pick-up, and imports is now showing a downturn.”