US Gross Domestic Product grows by 3.1% in Q3 vs. 2.8% expected

• US economy grew at a faster pace in Q3 than initially estimated.
• US Dollar Index stays in the red below 108.00.

The United States’ Gross Domestic Product (GDP) expanded at an annual rate of 3.1% in the third quarter, the US Bureau of Economic Analysis (BEA) reported in its final estimate on Thursday. This reading came in above the market expectation and the previous estimate of 2.8%.

“The update primarily reflected upward revisions to exports and consumer spending that were partly offset by a downward revision to private inventory investment,” the BEA explained in its press release. “Imports, which are a subtraction in the calculation of GDP, were revised up.”

Market reaction

This report failed to trigger a noticeable market reaction. At the time of press release, the US Dollar Index was down 0.3% on the day at 107.90.