The US economy grew again in the third quarter after two-quarters of contractions. As a result, the world’s largest economy’s gross domestic product (GDP) rose 2.6 percent last quarter compared to the previous three months.
The growth was, therefore, stronger than the 2.4 percent increase that economists had foreseen.
In the second quarter, the United States economy shrank by 0.6 percent. There was also a contraction in the first quarter. However, the stronger-than-expected growth figure may boost US President Joe Biden ahead of the US midterm elections soon to be held.
Growth was driven by US consumers spending more despite high inflation. Consumer spending rose by 1.4 percent in the past quarter, against an expectation of 1 percent. American companies also exported more goods abroad.