GDP in America returned to positive territory after continuous decline
Real Gross Domestic Product (GDP) in the US is back in the positive zone after two consecutive quarters of decline. The country’s economy grew at an annual rate of 2.6 percent in the third quarter (July-September) of 2022, taking America out of the technical recession.
A technical slowdown is defined as a negative growth in real GDP for two consecutive quarters.
The US Bureau of Economic Analysis said “growth in real GDP has been shown by exports, consumer spending, non-residential fixed investment, federal government spending, and state and local government spending. However, growth in residential fixed investments and private inventory investments was partially offset during this period.” A decrease has also been recorded.
Let us inform that data from the US Bureau of Economic Analysis shows that in the January-March and April-June quarters, there was a decrease of 1.6 per cent and 0.6 per cent respectively in real GDP. PLC/GT