December 20, 2012 9:00 AM, EST

Third-Quarter GDP Revised Up to 3.1%

Larry Smith/Trans Pixs

The U.S. economy grew at a 3.1% annual rate in the third quarter, higher than previously reported, the Commerce Department said Thursday.

The gross domestic product rate — revised up from 2.7% in last month’s estimate — topped analysts’ median 2.8% projection and was higher than all forecasts, Bloomberg reported.

It followed a second-quarter rate of 1.3%. GDP measures the value of all goods and services produced.

Thursday’s figure was the final of three for the quarter. The first estimate was 2%.

Consumer spending, which makes up about 70% of the economy, rose 1.6%, up from a previously reported 1.4% annual rate and following a 1.5% gain in the second quarter.