The US economy thus once again demonstrated its strength between July and September compared to other advanced economies, with the eurozone growing by 0.4% and Japan by 0.2%.

The US gross domestic product (GDP) rose 0.7% in the third quarter compared with the previous three months, when the world's largest economy also grew seven-tenths of a percent, according to the Bureau of Economic Analysis of the Department of Commerce.

The US economy thus again showed signs of strength between July and September compared to other advanced economies, with the eurozone growing by 0.4%, Japan by 0.2% and the United Kingdom by 0.1%. China's GDP grew by 0.9% in the third quarter.

On an annualized basis, US GDP in the third quarter of the year rose by 2.8%, compared with 3% in the period from April to June.

The U.S. economy's expansion in the third quarter primarily reflected increases in consumer spending, exports, federal government spending and nonresidential fixed investment, while imports, which are a subtraction in the calculation of GDP, rose between July and September.

Compared with the second quarter, the slowdown in real GDP in the quarter mainly reflected a decline in private inventory investment and a larger decline in residential fixed investment.

"These movements were partially offset by accelerations in exports, consumer spending and federal government spending," the Commerce Department's Bureau of Economic Analysis said.