The U.S. Commerce Department on Tuesday revised down its estimate for the real gross domestic product(GDP) in the third quarter to a growth of 2 percent, slightly lower than its last projection of 2.1 percent.
The growth was on par with market expectation. This is the agency's third estimate for the GDP growth in the third quarter.
The Commerce Department said in a statement that the deceleration in real GDP primarily reflected a downturn in private inventory investment and decelerations in exports, personal consumption expenditure, nonresidential fixed investment, and in state and local government spending that were partly offset by a deceleration in imports.
Consumer spending, which accounts for about 70 percent of the U.S.economy, rose 3 percent, compared with the 3.6 percent growth in the second quarter.
Exports increased 0.7 percent, compared with a growth of 5.1 percent in the second quarter. Fixed investment was up 3.7 percent, compared with an increase of 5.2 percent in the second quarter.
