US economy expands 2.8% in 3rd quarter, lower than estimates of 3%

By Ovunc Kutlu

ISTANBUL (AA) - The US economy expanded 2.8% in the third quarter of 2024, according to the Commerce Department's first advance reading released Wednesday.

The figure came lower than market estimates of 3%.

The American economy expanded by 3% in the second quarter of 2024.

The current dollar GDP increased 4.7% at an annual rate, or $333.2 billion, in the third quarter to reach $29.35 trillion, a Commerce Department statement said.

"In the second quarter, GDP increased 5.6 percent, or $392.6 billion," it added.