The Gross Domestic Product (GDP) of the United States has experienced an increase of 0.8% in the third quarter compared to the previous three months, as reported by the Bureau of Economic Analysis of the Department of Commerce in its third reading.
The world’s largest economy has demonstrated its strength during the months of July to September compared to other advanced economies. While the eurozone grew by 0.4%, Japan by 0.3% and the United Kingdom by 0.1%, China’s GDP rose by 0.9% in the third quarter.
In annualized terms, the GDP of the United States rose by 3.1% in the third quarter of the yearcompared to 3% corresponding to the period from April to June.
The expansion of the US economy in the third quarter was mainly driven by several factors, such as consumption, exports, non-residential fixed investment and federal government spending. On the other hand, imports, which are subtracted from the GDP calculation, increased during the period from July to September.