WASHINGTON – US economic growth in the summer was somewhat weaker than previously expected. In the third quarter, gross domestic product rose 4.9 percent year-on-year compared to the previous quarter, the Commerce Department announced Thursday in Washington. A second estimate showed an increase of 5.2 percent, while the first survey showed a current increase of 4.9 percent. Analysts had expected an average of 5.2 percent.
According to the ministry, the slight downward correction in growth is primarily due to somewhat weaker consumer spending. On the other hand, foreign trade supported development to a somewhat greater extent due to downward adjustment of imports. Imports have a mathematical effect on economic growth through foreign contribution, which compares exports and imports.
US growth figures are estimated on an annual basis, that is, they are extrapolated over the course of the year. It indicates how much the economy will grow if the current pace continues for a year. This approach is not used in Europe, which is why growth figures cannot be directly compared. To get a similar growth rate to Europe, you would have to divide the US rate by four. (op/mk/ps)
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