The US Bureau of Economic Analysis (BEA) released its initial estimates for GDP growth in the 3rd Quarter and the result crushed all previous records!
The BEA estimates that the 3rd Quarter of 2020 recorded the largest quarterly GDP increase in US history. Today’s estimates show the US GDP increased by 33.1% for the quarter.
The BEA released its initial estimates for GDP in the 3rd Quarter 2020 and it’s now official – the US had its greatest increase in GDP in history.
The BEA reports:
Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4 percent.
The Atlanta FED in early October estimated that the GDP rate increase for the 3rd Quarter of 2020 will be the largest increase in US history. The Atlanta FED predicted that the GDP will grow by a historic high of 34%:
Every week the Atlanta FED increased its estimate for GDP growth in the 3rd Quarter. With housing starts at such a robust increase, the FED updated their estimates to a 34% increase from the 2nd Quarter on October 1st:
According to Trending economics the greatest increase in GDP in a single quarter is less than 20%:
The GDP Growth Rate in the 3rd Quarter of 2020 was the greatest in US history – by far. This record may never be broken.
Featured Image Via: Branco Cartoons