(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Nov 29 (KUNA) -- The US economy grew in the third quarter at an annual pace of 3.3 percent, the fastest rate in three years, the Commerce Department reported Wednesday.
The previous fastest quarterly economic expansion was a 5.2 percent annual surge in the third quarter of 2014.
The estimated annual growth in gross domestic product this year was 3.1 percent in the second quarter and 1.2 percent in the first quarter.
The latest Commerce Department report indicated that US business investment increased at a 7.3 percent annual pace in the third quarter while consumer spending grew at an annual rate of 2.3 percent.
Government spending and investment increased for the first time in three quarters, led by growth in defense spending, the report showed. (end) rm.ma
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