CEOAFRICA learnt that the latest GDP figures have shown that the US economy has grown at an annualised pace of 2.8% in the third quarter of the year.

The growth rate was faster than expected, and was an improvement on the 2.5% pace seen in the previous quarter, source said.

The growth was lifted by rising exports, businesses restocking shelves and a pick-up in home construction.

However, the pace of growth in consumer spending, which accounts for about two-thirds of US economic activity has slowed from the previous quarter.

Consumer spending grew at annual pace of 1.5%, down from 1.7% in the April-to-June period and the slowest rate since 2011.

The release of the third-quarter GDP figures was delayed by a week because of the partial shutdown of the US government last month.