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US economy grew 2.8% in third quarter: government

  • AFP, Washington
  • Updated: Nov 07, 2013 19:41 IST

The US economy grew 2.8% in the third quarter, much stronger than expected, the government reported on Thursday.

Analysts had expected the Commerce Department's first read on gross domestic product for the quarter would show growth at an annual rate of 1.9% from the second quarter.

GDP growth accelerated in the July-September period from the 2.5% pace in the second quarter.

The pick-up was mainly due to a sharper decline in imports and accelerating rises in private inventor investment and state and local government spending.

Inflation remained well below the 2% target of the Federal Reserve for price stability.

The price index rose 1.8% in the third quarter, following a 0.2% rise in the second.

Excluding food and energy prices, the price index increased 1.5%, compared with a 0.8% rise in the prior quarter.

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