US third quarter economy growth strongest in 11 years
24.12.2014,
11:16
The US economy grew at an annual rate of 5% in the third quarter, its fastest pace for 11 years, official figures suggest, according to BBC.
YEREVAN, December 24. /ARKA/. The US economy grew at an annual rate of 5% in the third quarter, its fastest pace for 11 years, official figures suggest, according to BBC.
The US Commerce Department said GDP rose faster than the previous estimate of 3.9% for the July-to-September period, boosted by stronger consumer and business spending.
This was the fastest rate of growth since the third quarter of 2003. The strong figure builds on the second-quarter growth rate of 4.6%.
Much of the third quarter growth came from consumer spending, which accounts for around two-thirds of US economic activity. Consumer spending grew at an annual pace of 3.2%, the fastest since the fourth quarter of 2013.
Growth in business investment was raised to a rate of 8.9% from an earlier estimate of 7.1%.
There was a stronger pace of spending than previously thought on equipment, intellectual property products and non-residential structures.
After two strong quarters for the US economy, economists predict that growth will slow to an annual rate of around 2.5% in the current October-December quarter. –0--
