The US Department of Commerce announced its final estimates for the Gross Domestic Product (GDP) data for the July-September period.
Accordingly, GDP in the USA increased by 3.2 percent annually in the third quarter of the year.
While there was an upward revision in the GDP data in the said period, the market expectation was for the economy to grow by 2.9 percent in the third quarter.
It was noted that the economy grew by 2.6 percent in the third quarter of the year, and 2.9 percent in the second estimates published in November, in the leading data on the country’s GDP data released in October.
The US economy shrank 1.6 percent in the first quarter and 0.6 percent in the second quarter of this year. The contraction in two consecutive quarters increased recession concerns.
In the growth of the US economy in the third quarter; Increases in exports, consumer spending, non-residential fixed investment, federal government spending, and state and local government spending were effective. In the same period, a decrease was recorded in residential fixed investments and private stock investments. Imports also decreased during this period.
In the final data for the third quarter, consumer expenditures and non-residential fixed investments were revised upwards, while private stock investments data were revised downwards.
The increase in the personal consumption expenditures price index for the third quarter of the year remained constant at 4.3 percent.
The increase in the core personal consumption expenditures price index, which excludes food and energy expenditures, was increased from 4.6 percent to 4.7 percent.