Ekonomické zprávy
28.10.2021

U.S. economy grows less than expected in Q3

The Commerce Department released on Thursday its advance estimate for the U.S. gross domestic product (GDP) for the third quarter of 2021, which revealed the U.S. economy expanded less than expected in the reviewed period.

According to the estimate, the U.S. real GDP grew at an annual rate of 2.0 percent q-o-q last quarter, following an unrevised 6.7 percent q-o-q expansion in the second quarter, reflecting the continued economic impact of the COVID-19 pandemic, as a resurgence of coronavirus cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country.

Economists had expected GDP to increase 2.7 percent q-o-q.

According to the report, the advance in real GDP in the third quarter reflected gains in private inventory investment, personal consumption expenditures (PCE), state and local government spending, and nonresidential fixed investment, which, however, were partly offset by declines in residential fixed investment, federal government spending, and exports. Meanwhile, imports, which are a subtraction in the calculation of GDP, rose.

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