US economy grew 2%

The US economy slowed more than expected, growing 2 percent in the third quarter of this year.

The US Department of Commerce released the leading GDP data for the July-September period. Accordingly, GDP in the USA increased by 2 percent annually in the third quarter of the year. The GDP data, which indicates that the economic recovery has slowed, was expected to increase by 2.7 percent in this period. The country’s economy grew by 6.3 percent in the first quarter and 6.7 percent in the second quarter.

The US economy contracted by 3.4 percent in 2020 as a result of the Kovid-19 epidemic and the quarantine measures taken against the epidemic. The economy’s growth performance in the third quarter was the weakest growth recorded since the second quarter of 2020.

The rapid spread of the delta variant, disruptions in the global supply chain, labor shortages and price increases that suppressed both production and consumption were the determinants of the slowdown in the growth of the country’s economy in this period.

In the third quarter, the increase in private stock investments, personal consumption expenditures, state and local government expenditures and non-residential fixed investments were balanced by the decrease in residential fixed investments, federal government expenditures and exports. Imports also increased in this period.

Personal consumption expenditures in the country increased by 1.6 percent in the third quarter, after an increase of 12 percent in the second quarter.

In the third quarter of the year, the personal consumption expenditures price index increased by 5.3 percent. The core personal consumption expenditures price index, which excludes food and energy expenditures, also increased by 4.5 percent in this period.

Analysts stated that the slowdown in the growth of the US economy is expected to be short-lived, while economic growth is expected to accelerate in the 4th quarter and next year.


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Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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