The U.S. economy grew 5.7 % in 2021, according to the first estimate of the country’s Gross Domestic Product released on Thursday by the Bureau of Economic Analysis.
According to these data, GDP accelerated in the fourth quarter to 6.9% year-on-year and 1.7% over the previous quarter.
The BEA cautioned, however, that the fourth quarter data are still incomplete and this estimate could change. The second estimate will be published on February 24.
The 2021 annual growth was driven by improved consumption of goods and services in a recovery year marked by increased consumption and investment, especially non-residential, as well as improved exports of goods.
GDP growth in the fourth quarter was driven by increases in private investment, exports and consumer spending. Imports also rose.