Ehe gross domestic product (GDP) of the United States experienced an expansion during 2021 of 5.7%, compared to the economic contraction of 3.4% that the country registered during 2020 as a result of the pandemic, according to the first estimate of the data published by the Government Economic Analysis Office (BEA, for its acronym in English) .
This week, The International Monetary Fund forecast that the increase in US GDP over the past year was 5.6%, Therefore, the preliminary data point to a growth of one tenth above the forecasts of the international organization.
The Office has indicated the recovery of economic activity during the past year is due to increases in all the main subcomponents: household spending, capital investment, companies, exports, real estate investment and investment in inventories.
With respect to data referring only to the fourth quarter, the quarter-on-quarter increase (calculated at an annualized rate) was 1.7%, compared to the increase inl 0.6% observed in the third quarter of the year. This increase has been registered despite the fact that restrictions and interruptions of company activity were still registered in some parts of the country due to the cases of Covid-19.
With this data, the country’s GDP registered in the fourth quarter was 3.1% above that registered in the fourth quarter of 2019, just before the pandemic hit the United States. In the third quarter, GDP was only 1.4% above pre-pandemic levels.
In purely annualized terms, the Office’s preferred way of presenting the data, US GDP rose 6.9% in the fourth quarter of the year, compared to an annualized increase of 2.3% of the third trimester. The increase in these terms of the economy in the first quarter was 6.3%, while in the second it reached 6.7%.