The U.S. economy grew 4.3% in the last quarter of 2020. This third and final government estimate of economic activity is two-tenths of a percent higher in the last quarter of 2020 than the previous estimate.
The estimate of the annual decline of 3.5% remains unchanged.
The world’s largest economy grew since the end of the Great Recession in 2009 at a slow but steady pace, averaging around 2.5 % quarterly in 2019.
The impact of the COVID-19 pandemic caused a 5 % decline in gross domestic product (GDP) in the first quarter of 2020, followed by a 31.4 % drop between April and June, which left more than 20 million workers unemployed.
The economic stimulus provided by Congress and then-U.S. President Donald Trump’s $1.2 trillion aid package was reflected in a 33.4 % increase in economic activity in the third quarter.