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Estimates of US third-quarter economic growth revised upwards

The US economy grew in the third quarter of 2020 by 0.3 percentage points more than previously estimated, according to
the US Commerce Department, exceeding the expectations of economists even as the country struggles due to the coronavirus pandemic.
The US gross domestic product (GDP) grew by an estimated annual rate of 33.4 per cent in the third quarter of 2020, according to a third estimate released by the Commerce Department’s Bureau of Economic Analysis.
This new estimate was based on more complete data than a previous estimate released last month, and reflected growth from increased personal expenditures and fixed investment.
“The increase in third-quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to Covid-19,” dpa cited the government as saying in a statement.
The data shows an economic rebound after real GDP in the US decreased 31.4 percent in the second quarter of 2020.


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