US Recorded Its Fastest Growth In The Third Quarter

US Recorded Its Fastest Growth In The Third Quarter The US recorded its fastest growth in the third quarter. The country's third quarter growth data pointed to the fastest growth ever. In the US in the third quarter, gross domestic product increased by 33.1 percent on an annual basis. The growth record was broken after the second quarter, when the new type of Coronavirus (Covid-19) epidemic was felt most heavily in the country and was defined as the worst economic quarter. In the third quarter growth of the US economy, the increase in personal consumption expenditures, private stock investments, exports and fixed investments found a slight balance with the decline in federal government spending and local government spending played an important role. Also, import data pointed to an increase in the period in question. In addition, the ending of the Coronavirus Aid, Rescue and Economic Security Act (CARES Act) also affected growth data. The US economy, which shrank by 5 percent in the first quarter of the year, has been struggling with a technical recession since February. As a result, while the national income is expected to increase by 32 percent in the USA, the announced data exceeded expectations. The country's previous record was a 16.7 percent increase in the first quarter of 1950 after the Second World War.