United States GDP Growth Rate

The US economy grew by an annualized 2.3% on quarter in Q3 2021, slightly higher than 2.1% in the second estimate and following a 6.7% expansion in the previous three-month period. The update primarily reflects upward revisions to personal consumption expenditures (2% vs 1.7% in the second estimate) and private inventory investment (12.4% vs 11.6%) that were partly offset by a downward revision to exports (-5.3% vs -3%). Meanwhile, imports were revised down (4.7% vs 5.8%). A resurgence of COVID-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country. In Q3, government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased. Looking ahead, analysts expect the US economy to expand at a faster pace in the current October-December quarter, putting it on track to record its best performance this year since 1984.