Gross Domestic Product Grows By Annualized Rate of 4.1% in Q3
Gross domestic product grew by an annualized rate of 4.1% in Q3, leading many to believe (including the President of the United States, Barack Obama) that the economy is close to a breakthrough after years of stagnation.
The Bureau of Economic Analysis revealed the final GDP number for Q3/2013 earlier today. Preliminary estimates had the US economy growing by 2.8% in the third quarter, but the numbers were revised substantially higher due to strong consumer spending and greater-than-expected investment from businesses in commercial real estate and intellectual property.
Q3/2013 ended up being the strongest quarter of economic growth in the United States since Q4/2011. Here is how the numbers break down:
Q4/2011 - +4.9%
Q1/2012 - +3.7%
Q2/2012 - +1.2%
Q3/2012 - +2.8%
Q4/2012 - +0.1%
Q1/2013 - +1.1%
Q2/2013 - +2.5%
Q3/2013 - +4.1%
Many economists and analysts are predicting that the US economy will grow by over 3% next year and that the job market will continue to improve.
Source: Historical GDP Numbers
Filed under: General Knowledge