US GDP increases in Q3, exceeding economic predictions


(MENAFN) The United States has exceeded economic forecasts with a more substantial-than-expected increase in its gross domestic product (GDP) during the third quarter of this year. In the latest data released by the US Bureau of Economic Analysis in its second reading, the world's largest economy demonstrated a remarkable annual growth rate of 5.2 percent. This surpassed initial expectations, which had predicted the growth rate to remain steady at 4.9 percent based on the first reading.

The current growth rate marks the highest since the fourth quarter of 2021, showcasing the robust resilience of the US economy. Despite the implementation of a tightened monetary policy aimed at curbing inflation, the nation's economic performance continues to exhibit strength and adaptability.

The US economy's upward trajectory has been noteworthy, as it builds upon its momentum from the second quarter of this year. During the period from April to June, the economy recorded a growth rate of 2.1 percent on an annual basis, as revealed in a recent reading. This sustained growth is particularly noteworthy given the backdrop of rising interest rates.

MENAFN30112023000045015682ID1107514439


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.