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October 27, 2011 10:15 AM, EDT

GDP Rose 2.5% in Third Quarter

The U.S. economy rose at a 2.5% annual rate in the third quarter, the fastest pace in a year, the Commerce Department said Thursday.

The gross domestic product growth rate followed a 1.3% gain in the prior quarter.

The third-quarter rate matched economists’ estimates, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, grew at a 2.4% rate.

Thursday's third-quarter GDP figure was the first of three to be released by Commerce.