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10/29/2020, 1:32 PM (Source: TeleTrader)
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US Q3 GDP growth at all-time high of 33.1%

The United States gross domestic product (GDP) surged at an annualized rate of 33.1% in the third quarter of 2020, topping analysts' estimates, the country's Department of Commerce said in its preliminary report on Thursday. The largest economic growth came after the biggest contraction on record that was recorded in the second trimester.

The record jump in the country's GDP was impacted by the reopening of the economy following a lockdown imposed due to the coronavirus outbreak. Increased consumption, rebound in business and residential investment, as well as US exports' rise, fueled the economic bounce in three months ending September.

Breaking the News / GA