The GDP numbers will have been juiced, in part, by trillions of dollars in federal stimulus spending that was approved in March but started to flow into the economy for weeks thereafter. Picture: 123rf.com. The print, however, was below the 5.5% rise expected by market analysts. The consensus GDP growth forecast for 2020, compiled by Banco de México, was revised up from -9.3 percent in October to -9.0 percent in November. U.S. GDP accelerated at a 33.1% annualized pace in the third quarter, the Commerce Department reported. "Unlike past recessions, higher income earners have been significantly less impacted, and this group has been able to help power the economy by taking advantage of low interest rates for loans, sustaining basic consumer spending activity and participating in the heavily-lopsided stock market, further widening an already-stark economic divide.". Gross domestic product rebounded at a 33.4% annualized rate last quarter… That is especially true this year as the economy has suffered the ravages of the COVID-19 outbreak, which began to hit the United States in February. Nigeria’s Gross Domestic Product (GDP) contracted by 3.62 per cent (year-on-year) in real terms in the third quarter of 2020, the National Bureau of Statistics (NBS), says. The increase was driven by increased consumer spending, especially for health care and food, as well as exports and rising inventories. WASHINGTON (Reuters) - The U.S. economy grew at a record pace in the third quarter, fueled by more than $3 trillion in pandemic relief, the government confirmed on Tuesday, but appears to have lost momentum as the year drew to an end amid raging new COVID-19 cases and dwindling fiscal stimulus. The first quarter of 2020 has been revised downwards by 0.1 percentage point and the second quarter has been revised upwards by 0.2 percentage points. Trump often touts the stock market as a proxy for his handling of the economy and it has done well under his presidency, although it also did so while Obama was president. Removing the president’s account in the wake of the shockingly violent protests at the Capitol Building followed repeated warnings and a 12-hour suspension earlier this week. GDP Resources and Uses - 3rd quarter of 2020. He served as, Unemployment Claims Fell to 787,000 Last Week, California Do Not Sell My Personal Information Request. While the data is released quarterly – and revised over time – some economists view annual growth in GDP as a more accurate reflection of an economy's health. GDP remained significantly below the levels of a year earlier in the OECD area as whole (minus 4.1%) and in all Major Seven economies, with the United States (minus 2.9%) recording the smallest annual fall and the United Kingdom (minus 9.6%) the largest. The nation's gross domestic product grew at a blistering 33.1% pace in the third quarter, according to a government report issued Thursday days before a hotly contested presidential election and amid a surge in coronavirus cases. "The concern is we get another setback in the fourth quarter," Grant Thornton Chief Economist Diane Swonk told CNBC ahead of the report's release. Thereafter they are expected to increase steadily to reach slightly above USD 50 by 2022, which is 3% higher than previously reported. The Justice Department announced charges against 13 people Friday in connection with the deadly Pro-Trump riots at the U.S. Capitol Wednesday. [ 1] The latest data available show continued improvement as industrial production, employment, exports, and retail sales increased. Tuesday, November 10, 2020 The GDP recorded a growth rate of -11.5 percent in the third quarter, compared to the previous quarter’s growth rate of -16.9 percent. However, in some cases, there will inevitably be an impact on quality and, as such, the statistics included in this press release may be subject to larger, and more frequent, than normal revisions. The COVID-19 outbreak has changed the economic landscape in terms of production level, household spending, investment and labour market. GDP for the second quarter declined sharply, by 31.4%. Coronavirus, Istat: 17 thousand companies plan not to reopen anymore. “GDP growth of 6.6% month-on-month in July was a robust performance following expansion of 8.7% in June. Economists had been ratcheting up their forecasts in advance of the number's release by the Bureau of Economic Analysis. GDP improves in third quarter as economy opened up It increased at a seasonally adjusted and annualised rate of 66.1% as restrictions were eased . Economy Roars Back in Third Quarter With 33.1% Growth in GDP The third quarter growth was a record but the economy still faces a hard slog ahead. 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