U.S. economy grows 3.1% in Q3, exceeding estimates

The U.S. economy grew 3.1% in the third quarter, according to the Commerce Department's third and final reading that was released Thursday.

The GDP growth was revised upwards from the initial estimates of 2.8% and accelerated from 3% in the second quarter.

The update showed higher estimates for exports and consumer spending, partially offset by a lower estimate for private inventory investment, the agency said in a statement. Imports, which reduce GDP, were also revised upward.

The current dollar GDP increased 5% at an annual rate, or $358.2 billion, in the third quarter to $29.37 trillion, it said.

The figure is an upward revision of $20.6 billion from an estimate made in November, it added.