US Economy Records Robust Growth in Q3
This represented the most vigorous expansion in two years, following a 3.8% rise in the preceding quarter, according to preliminary figures released by the Bureau of Economic Analysis on Tuesday.
The increase in real gross domestic product (GDP) during the third quarter was mainly driven by a smaller decline in investment, faster growth in household consumption, and a rebound in exports along with government expenditures, the bureau’s statement noted.
"Imports, which are a subtraction in the calculation of GDP, decreased," the report added.
Real final sales to private domestic buyers—comprising consumer outlays and gross private fixed investment—advanced by 3% in the third quarter, compared with a 2.9% rise in the second quarter, the bureau explained.
Additionally, the price index for gross domestic purchases climbed 3.4% in the third quarter, up from a 2% increase in the prior quarter.
Reacting to the figures, US President Donald Trump stressed that the wide-ranging tariff measures introduced by his administration in April were the reason behind the stronger-than-anticipated GDP performance.
"The TARIFFS are responsible for the GREAT USA Economic Numbers JUST ANNOUNCED…AND THEY WILL ONLY GET BETTER!" Trump declared on his Truth Social platform.
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