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Last updated at: (Beijing Time) Wednesday, December 24, 2003

US economy grows 8.2% in 3rd quarter

The US economy increased at an annual rate of 8.2 percent in the third quarter of this year, the best performance in nearly 20 years, the Commerce Department reported on Tuesday.


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The US economy increased at an annual rate of 8.2 percent in the third quarter of this year, the best performance in nearly 20 years, the Commerce Department reported on Tuesday.

The US gross domestic product (GDP) report showed that consumer spending, the main force in pushing the US economy forward, was revised up to 6.9 percent rate of growth, the best showing since the third quarter of 1986, compared to last month's estimate of 6.4 percent.

The real nonresidential fixed investment increased 12.8 percent in the quarter, comparing with the increase of 14 percent reported last month. The investment on equipment and software was also revised down to a 17.6 percent rate of increase from 18.4 percent rate announced last month.

Real exports of goods and service in the United States increased 9.9 percent in the third quarter, comparing with a decrease of 1.1 percent in the second quarter. And real imports increased by 0.8 percent compared with an increase of 9.1 percent in the previous quarter.

The US federal government consumption expenditures and gross investment increased 1.2 percent in the third quarter in contrast to a surge of 23.5 percent in the previous quarter.

Analysts said that the final GDP report, the broadest measure of economic health in the United States, provided further evidence that the US economy was increasing strongly in the second half of this year after a long-time slow and uneven recovery which started since the end of 2001.


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