Washington: The US economy expanded by 4.3% on a quarterly basis in the third quarter of the year, beating market expectations of 3.3%.

According to Anadolu Agency, it marked the strongest growth in two years, following a 3.8% growth in the second quarter, preliminary data from the Bureau of Economic Analysis showed. The rise in real gross domestic product (GDP) in the third quarter primarily reflected a smaller decrease in investment, an acceleration in consumer spending, and upturn in exports and government spending, a bureau statement said.

"Imports, which are a subtraction in the calculation of GDP, decreased," it said. Real final sales to private domestic purchasers, the sum of consumer spending and gross private fixed investment, rose 3% in the third quarter, compared with an increase of 2.9% in the second quarter, the statement said. It also said that the price index for gross domestic purchases climbed 3.4% in the third quarter, compared to an increase of 2% in the second quarter.

Commenting on the data, US President Donald Trump emphasized that the broad tariff policy which his administration announced in April was responsible for the stronger-than-expected GDP growth. "The TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCED.AND THEY WILL ONLY GET BETTER!" Trump wrote on his Truth Social platform. "Also, NO INFLATION and GREAT NATIONAL SECURITY. Pray for the U.S. Supreme Court!!!" he added.

After a lower court ruled on May 28 that the reciprocal tariffs exceeded presidential authority under the International Emergency Economic Powers Act (IEEPA), the Supreme Court heard arguments on Nov. 5 on whether Trump's tariff actions exceeded those emergency powers. The top court has not yet issued a ruling regarding the legality of the tariffs, and the timing of the ruling is still not certain.