The Commerce Department's Bureau of Economic Analysis Thursday revised real third quarter estimated gross domestic product to 3.1% at an annual rate from the original estimate of 2.8%.

"The GDP estimate released today is based on more complete source data than were available for the 'second' estimate issued last month," the Bureau of Economic Analysis said in a statement. "In the second estimate, the increase in real GDP was 2.8%. 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 the real GDP increase primarily reflected consumer spending increases, exports, nonresidential fixed development and federal government spending.

Current dollar GDP was up 5% annually. That increase was $358.2 billion, bringing the third quarter current dollar GDP to $29.37 trillion.

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