(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, Dec 21 (KUNA) -- The US economy's third-quarter growth's final reading was revised slightly lower from 3.3 to 3.2 percent but still grew the fastest since 2015.
The growth was powered by strong business spending and Congress' promise of massive tax cuts in legislation it passed this week.
Real gross domestic income (GDI) increased at 2.0 percent in in the third quarter, compared to an increase of 2.3 in the second, according to data released by the Commerce Department.
The average of real Gross domestic product (GDP) and real GDI, "a supplemental measure of US economic activity that equally weights GDP and GDI," increased 2.6 percent in the third quarter, compared with an increase of 2.7 percent in the second quarter, it said.
The Commerce Department credited the boost in GDP to have been from "personal consumption expenditures (PCE), private inventory investment, nonresidential fixed investment, exports, federal government spending, and state and local government spending" and a decrease in imports.
The downward revision was due PCE that was offset by an upward revision to state government spending. (end) ak.gta
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