The United States’ Real Gross Domestic Product (GDP) expanded at an annual rate of 33.4% in the third quarter, the US Bureau of Economic Analysis’ third estimate showed on Tuesday. This reading beat the previous estimate and the market expectation of 33.1%.
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen gaining 0.15% on a daily basis at 90.18.
Key takeaways from the press release
“The increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19.”
“The updated estimates primarily reflected upward revisions to consumer spending and nonresidential fixed investment that were partly offset by a downward revision to exports.”
“Current dollar GDP increased 38.3% at an annual rate, or $1.65 trillion, in the third quarter to a level of $21.17 trillion.”
“Real gross domestic income (GDI) increased 25.8% in the third quarter, in contrast to a decrease of 32.6% in the second quarter.”
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