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The U.S. economy grew at an annual rate of 33.4% in the third quarter of 2020, a better figure than expected, the country’s Commerce Department reported Tuesday.
The data for the third quarter, the third and final of the three estimates made by the U.S. executive, comes after the 31.4% drop recorded between April and June due to the pandemic.
If the country’s activity is measured on a quarterly basis, the country’s economy grew from July to September at a rate of 7.5%, one tenth more than estimated in November.
This is higher than analysts’ estimates, which had predicted 33.1% growth per year.
Consumer spending, which accounts for two thirds of economic activity in the USA, shot up by 39% between July and September, including private investment.
“The increase in GDP in the third quarter reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19,” the Commerce Department said in its technical report on the data.
In addition, real GDP in the third quarter is 3.4% below the level of the last quarter of 2019, according to the Department of Commerce.
The final estimate of third-quarter GDP was released hours after the U.S. Congress approved a $900 billion stimulus package to address the economic devastation caused by the pandemic, this year’s second rescue for the country’s economy.