The US economy posted its strongest growth since 1984, up 5.7 percent last year, after shrinking in 2020 due to the novel coronavirus (Covid-19) epidemic.
The US Department of Commerce has published leading data on gross domestic product (GDP) for October-December 2021.
Accordingly, US GDP in the last quarter of last year increased by 6.9 percent year on year.
During this period, market expectations for the growth rate of the US economy, which gained momentum despite the increase in cases with the Omicron variant in the Covid-19 epidemic, were 5.5 percent.
While the country’s economy grew by 6.3 percent in the first quarter and 6.7 percent in the second quarter of last year, growth slowed by 2.3 percent in the third quarter.
The US economy grew by 5.7% in 2021 after shrinking by 3.4% in 2020 due to the Covid-19 epidemic.
Thus, last year the country’s economy showed the strongest growth recorded since 1984.
While the Covid-19 epidemic continued to impact GDP growth in the fourth quarter, an increase in Covid-19 cases during this period caused disruptions to economic activity in some regions.
In the last quarter of last year, US economic growth was partially balanced by increases in private equity, exports, personal consumption spending, and nonresidential fixed investment, with lower federal, state, and local government spending. In the same period, imports also increased.
Personal consumption spending in the country increased by 3.3 percent in the fourth quarter after increasing by 2 percent in the third quarter.
In the last quarter of last year, the price index for personal consumption expenditure increased by 6.5 percent. The price index for basic personal consumption expenditures, which excludes food and energy expenditures, also rose 4.9 percent over the period.
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