Washington: The US economy has expanded by 2.8% in the third quarter of 2024 on a yearly basis, according to the Bureau of Economic Analysis on Wednesday, in line with market expectations.

According to Anadolu Agency, the world’s largest economy grew by 3% in the previous quarter and 1.4% in the first quarter, year-on-year. Preliminary figures in October forecasted that the rate would be at 2.8% in the third quarter.

The GDP growth in the third quarter was driven by the rise in consumer spending, exports, federal government spending, and non-residential fixed investments.