Third Quarter GDP Grew 5%

Washington, DC, Dec. 23, 2014 -- Third quarter economic growth was much stronger than initially estimated, according to the Commerce Department.

Growth in the gross domestic product was revised to 5%, up from the last estimate of 3.9%.

The government cited stronger consumer and business spending than it had previously estimated.

It was the fastest growth since the third quarter of 2003.

GDP expanded at a 4.6% rate in the second quarter.