U.S. GDP GREW 33.1% IN THIRD QUARTER, SURPASSING ESTIMATES

Key Points:

  • Gross Domestic Product (GDP) measures total goods and services produced in the U.S..
  • The GDP fell 31.4% in the second quarter due to COVID-19.
  • Now, the Commerce Department reported the GDP expanded 33.1% in the third quarter, surpassing economists’ consensus of 32%.
  • This is the largest gain on record, surpassing the 16.7% burst in the first quarter of 1950.
Source