Real gross domestic product, a key U.S. economic and monetary policy measure, grew 3.4% in the third quarter, compared to the same period last year, the Commerce Department reported Thursday.

The growth exceeded Wall Street expectations of 3.1% growth, according to CNBC. 

Second-quarter growth was 2.2%, according to the advance estimate released Thursday by the department's Bureau of Economic Analysis.

Real GDP is a measure of the total value of all final goods and services produced within an economy during a specific period, adjusted for inflation or deflation.

The third-quarter report came one day after the Federal Reserve decided to leave their benchmark for short-term interest rates unchanged at a rate of 3.75% to 4%, amid inflation that remains well above the Fed's 2% annual target.