The US economy grew below expectations in the third quarter of the year, with a rate of 2.8 percent.

The US Department of Commerce released preliminary data for Gross Domestic Product (GDP) for the July-September period. According to the data, GDP in the US increased by 2.8 percent annually in the third quarter of this year. The US economy, which recorded growth below expectations, was forecasted to grow by 3 percent during this period. The country’s economy had shown growth performance of 1.6 percent in the first quarter and 3 percent in the second quarter of this year. The increase in consumer spending, exports, and federal government spending contributed to the growth of the US economy in the third quarter of the year. Imports also increased during the same period. Personal consumption expenditures in the country recorded the fastest increase since the first quarter of last year, reaching 3.7 percent in the third quarter. The price index for personal consumption expenditures increased by 1.5 percent in the third quarter of the year. The index, which showed the lowest increase since the second quarter of 2020, had increased by 2.5 percent in the second quarter of this year. The core personal consumption expenditures price index, which excludes food and energy expenditures, also increased by 2.2 percent during the same period. Market expectations were for the core personal consumption expenditures price index to increase by 2.1 percent during this period. The index had risen by 2.8 percent in the second quarter of the year.