Strong consumer spending, surge in soyabean exports boost Q3 economic performance

Washington

THE United States economy grew faster than initially thought in the third quarter, notching its best performance in two years, buoyed by strong consumer spending and a surge in soyabean exports.

Gross domestic product (GDP) increased at a 3.2 per cent annual rate instead of the previously reported 2.9 per cent pace, the Commerce Department said in its second GDP estimate on Tuesday. Growth was the strongest since Q3 of 2014 and followed the second quarter's anaemic 1.4 per cent pace.