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US GDP grows 4.1 % in third quarter

Saturday, 21 December 2013 - 1:41pm IST | Agency: ANI

The US gross domestic product reportedly grew at a 4.1% rate during the third quarter, despite the government shutdown.

According to a new data released by the Commerce Department, the GDP rate has been the best showing since 1992. According to the Washington Post, the nation’s economic output in the Q3 has been significantly stronger than the initial estimate of a 2.8% annual growth rate.

The data also pointed to improvements in consumer spending and exports that lifted many economists’ outlook for the final months of the year. The statistics suggest that the federal government shutdown did not stop businesses from hiring or prevent consumers from pulling out their wallets.

However, Boston Fed President Eric S. Rosengren has said that he would like more evidence that the economy is on track to expand 3 percent next year, the report added.

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