The U.S. GDP grew at an annual rate of 2.8 percent in the third quarter of this year, the U.S. Department of Commerce reported in an advance estimate released Wednesday.

In the second quarter, real GDP rose 3.0 percent, according to the department's Bureau of Economic Analysis (BEA).

The increase in real GDP in the third quarter primarily reflected increases in consumer spending, exports and federal government spending. Imports, a subtraction in the calculation of GDP, increased.

The report noted that the slowdown in real GDP growth in the third quarter, compared to the second quarter, primarily reflected a downturn in private inventory investment and a larger drop in residential fixed investment.

These declines were partly offset by accelerations in exports, consumer spending and federal government spending, while imports also rose.

Disposable personal income rose by 3.1 percent in the third quarter, down from a 5.0 percent increase in the second quarter, suggesting potential weakness in future consumption.

Real disposable personal income, adjusted for taxes and inflation, grew by 1.6 percent, down from a 2.4 percent increase in the previous period.

The newly released GDP estimate for the third quarter is based on incomplete source data that may be revised by the BEA, the report said. The second estimate for the third quarter, based on more complete source data, will be released on Nov. 27.

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