US economy grows by 4.9 percent in third quarter of year

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The United States (US) economy grew by 4.9 percent in the third quarter of this year, above expectations.

US economy grows by 4.9 percent in third quarter of year

The United States (US) Department of Commerce announced the Gross Domestic Product (GDP) preliminary data for the July-September period.

Accordingly, GDP in the US increased by 4.9 percent annualized in the third quarter of this year, the fastest growth since the last quarter of 2021.

The US economy, which grew above expectations, was estimated to grow by 4.3 percent in the period in question.

The country's economy grew by 2.1 percent in the second quarter of 2023.

The growth of the US economy in the third quarter of the year was driven by increases in consumer spending, private inventory investments, exports, state, and local government spending, federal government spending, and residential fixed investments.

In the same period, imports, which had a negative impact on growth, also increased.

In the third quarter of the year, the personal consumption expenditures price index increased by 2.9 percent. The personal consumption expenditure price index increased by 2.5 percent in the second quarter of the year.

The core personal consumption expenditures price index, which excludes food and energy expenditures, rose by 2.4 percent in the same period. Market expectations were for the core personal consumption expenditures price index to increase by 2.5 percent in this period.

The core personal consumption expenditure price index increased by 3.7 percent in the first quarter of the year.

Source: Anadolu Agency

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