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The Economy Has Grown at the Fastest Rate in 11 Years

"America is just killing it."

The late afternoon sun moves behind an American flag Monday, Aug. 9, 2010, in Lawrence, Kan. The area is under an excessive heat warning. (AP Photo/Orlin Wagner)

Last month's estimate: 3.9 percent.

The new revision: a full 5 percent.

That's a big move in GDP growth — and the fastest the economy has grown since 2003.

Estimates for U.S. third quarter GDP growth have been upgraded yet again, moving from advance estimates of 3.5 percent all the way up to 5 percent, according to the Bureau of Economic Analysis figures released Tuesday morning.

Uncle Sam had a lot to do with the third quarter increase: National defense spending jumped 16 percent and federal government expenditures jumped 9.9 percent.

But a drop in imports (imports subtract from GDP) and accelerating personal consumption expenditures, up to 3.2 percent from earlier estimates of 2.2 percent, also helped boost total GDP growth.

As Business Insider's Sam Ro put it, "America is just killing it" — according to the official stats, at least.

Follow Zach Noble (@thezachnoble) on Twitter

One last thing…
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