The United States economy picked up speed in the third quarter of 2024, with the real gross domestic product (GDP) growing at an annual rate of 3.1%, according to the U.S. Bureau of Economic Analysis (BEA). This final estimate improves upon the previous figure of 2.8%, signaling stronger economic momentum than initially thought.
The upward revision was driven primarily by higher exports and increased consumer spending, the BEA reported on Thursday. “The update primarily reflected upward revisions to exports and consumer spending that were partly offset by a downward revision to private inventory investment,” the agency said in a press release.
However, the BEA also noted that imports were revised upward. Since imports are subtracted in the calculation of GDP, this adjustment partially offset the gains from exports and consumer spending.
This growth suggests that the U.S. economy is showing resilience despite global economic uncertainties. For young people around the world, especially in the Global South, the performance of the U.S. economy can have ripple effects, influencing global markets, trade relations, and opportunities for international collaboration.
As the world’s largest economy continues to expand, observers will be watching closely to see how this growth impacts both domestic and international economic landscapes.
Reference(s):
cgtn.com
