The US economy grew by an annual rate of 2.1 percent in the second quarter, marginally higher than the 2.0 percent in the second quarter, the Commerce Department said on Friday
WASHINGTON (Pakistan Point News / Sputnik - 20th December, 2019) The US economy grew by an annual rate of 2.1 percent in the second quarter, marginally higher than the 2.0 percent in the second quarter, the Commerce Department said on Friday."Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2019 ... according to the 'third' estimate released by the Bureau of Economic Analysis," the department said in a press release. "In the second quarter, real GDP increased 2.0 percent."
The 2.1 percent GDP growth falls short of the Trump administration's 3.0 percent target but alleviates fears of a slowdown as strong expansion in jobs and other sectors keeps the economy on an even keel.
The release said the third quarter growth reflected positive contributions in personal consumption expenditure, Federal government spending, residential investment, exports, and state and local government spending. These were partly offset by negative contributions in nonresidential fixed investment and private inventory investment.
The Commerce Department also reported that real gross domestic income (GDI) also increased 2.1 percent in the third quarter, compared with an increase of 0.9 percent in the second quarter.
GDP measures what the economy produces such as goods, services, technology, intellectual property, while GDI tracks what the economy makes, tracking things like wages, profits, and taxes.
