International Exceeds Expectations, US Economy Grows 4.9% in Q3 2023 News – 8 hours ago

Jakarta, CNBC Indonesia – The United States (US) economy grew faster than expected in the third quarter of 2023. This economic increase was supported in part by strong consumption, despite higher interest rates.

Apart from consumption growth, continued inflationary pressures and various other domestic and global challenges also mean that Uncle Sam’s economy continues to improve.

Launch CNBC International, Gross Domestic Product (GDP), which measures all goods and services produced in the US, increased by 4.9% on an annual basis in the period July to September 2023.

This figure is up from a rate of 2.1% in the second quarter. Economists surveyed by Dow Jones expected an acceleration of 4.7%.

This sharp increase was caused by contributions from consumer spending, increased inventories, exports, residential investment and government spending.

Consumer spending, as measured by personal consumption expenditure, increased 4% in the quarter after increasing only 0.8% in the second quarter. Gross private domestic investment jumped 8.4% and government spending and investment jumped 4.6%.

Spending at the consumer level was split fairly evenly between goods and services, with both rising 4.8% and 3.6% respectively.

[Gambas:Video CNBC]

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