The US economy strengthened by more than 4 percent in the last quarter

The US economy has grown by 4.3 percent year-on-year in the past three months last year. That's according to revised data released by the federal government on Thursday. According to last month's estimate, gross domestic product (GDP) grew by 4.1 percent in the last quarter of 2020. A higher level of company inventories contributed to the upward adjustment. For the whole of 2020, the US economy contracted by 3.5 percent. It was the steepest fall since 1946, when the United States went through demobilization after World War II. The economy then shrunk by 11.6 percent. Economists expect strong expansion in the current year, thanks to government stimulus programs worth $ 1.9 trillion. The package, signed by President Joe Biden on March 11, includes payments of $ 1,400 to individuals' accounts, the extension of emergency unemployment benefits until early September, and billions of dollars to state and local governments. According to economists, support measures will contribute five percent or more to economic growth in the first quarter. For the whole year, the world's largest economy should strengthen by about six percent. That would be the best performance since 1984, when the country emerged from recession during President Ronald Reagan's tenure.