The United States' real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the third quarter of 2024, up from the previous estimate of 2.8 percent, the U.S. Bureau of Economic Analysis (BEA) reported in its final estimate on Thursday.

"The update primarily reflected upward revisions to exports and consumer spending that were partly offset by a downward revision to private inventory investment," the BEA said in a press release. "Imports, which are a subtraction in the calculation of GDP, were revised up."