The US Economy Grew In The Third Quarter

The US Economy Grew In The Third Quarter

The US economy grew by a record more than 33% in the third quarter. This was announced by the US Department of Commerce, which released updated data. Experts confirmed the quick estimate. However, according to economists, the second wave of the new coronavirus will lead to a sharp slowdown in growth in the fourth quarter, and some analysts fear a double recession. According to the ministry, the US economy grew by a record 33.1% between July and the end of September. This is the same level as published by the ministry in its first estimate at the end of October. Economists expected the same development. The US economy thus reversed the previous record decline from the second quarter, which reached 31.4%. The record growth in the third quarter was mainly due to corporate investment and exports, during which the ministry revised the original estimate upwards. On the contrary, in the case of government expenditures at the state and local level or consumer expenditures, the ministry revised the data from the end of October downwards. However, according to the AP agency, economists warn that due to the renewed growth in the number of people infected with the new coronavirus, economic growth will be significantly slower for this quarter. Some do not even rule out the fact that at the beginning of next year, gross domestic product (GDP) will fall back into negative territory.