DesiNew – Daily Breaking News and Updates

US economic growth revised up 4.3% in Q4

Washington: The US Department of Economy reported Thursday that the US economy grew at an annualized rate of 4.3 percent in the fourth and final estimates of 2020, up from 4.1 percent in the previous estimate.
The report by the news agency Xinhua reported that the upper revision primarily reflected an upward revision for private inventory investment, which was partially offset by a decline in non-residential fixed investment.
Well Fargo Securities economists Jay Bryson and Shannon Ciri said, “Whether measured by GDP or by GDP, the economy still hasn’t fully risen from the epidemic-driven hole. An analysis on Thursday.
“But, we expect real GDP levels to surpass their prior epidemic in the second quarter of this year,” he said.
The US economy contracted 3.5 percent in 2020 amid the Kovid-19 epidemic, the largest annual decline in gross domestic product (GDP) since 1946, according to the department. It also marked the first negative annual increase in US GDP since 2009.
In 2019, real GDP increased by 2.2 percent.
The US economy shrunk to an annualized rate of 5 percent in the first quarter of 2020, ending a decade-long economic expansion following the 2008 global financial crisis.
The economy fell independently, falling at a revised annual rate of 31.4 percent in the second quarter between Kovid-19 declines.
As business resumed slowly, the economy saw a strong rebirth in the third quarter of 2020, growing at a revised annual rate of 33.4 percent.
In the fourth quarter, the US economic recovery slowed amid an increase in Kovid-19 cases and long delays in fiscal support.
The real GDP growth in the fourth quarter is driven by increases in exports, non-residential fixed investment, personal consumption expenditure, residential fixed investment and private inventory investment, partially lower by state and local government spending, as well as by the federal government. It was done. Spending, official report revealed. Imports, which are a decrease in GDP calculations, increased.

STAY TUNED WITH US FOR MORE INTERESTING CONTENT ONLY ON DESINEW.XYZ

Exit mobile version