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Third quarter US growth revised up to 3.1%

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WASHINGTON, Dec 20 AFP

December 21 2012, 00:59AM

The US economy grew 3.1 per cent in the third quarter, faster than previously estimated, the Commerce Department says.

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 pickup, and imports is now showing a downturn".