Business Standard

US economic growth accelerates in Q4; corporate profits slow

For all of 2021, the economy grew 5.7%, the strongest since 1984, after the government provided nearly $6 trillion in pandemic relief

US economic growth accelerates in Q4; corporate profits slow

The U.S. economy grew robustly in the fourth quarter, the government confirmed on Wednesday, but momentum has slowed significantly amid a surge in COVID-19 infections at the start of the year, snarled supply chains and soaring inflation.

Gross domestic product increased at a 6.9% annualized rate, the Commerce Department said in its third estimate of fourth-quarter GDP growth. That was revised slightly down from the 7.0% pace estimated in February.

The economy grew at a 2.3% rate in the third quarter. Growth is 3.1% above its pre-pandemic level. Economists polled by Reuters had expected GDP growth would be revised up

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mar 30 2022 | 6:58 PM IST

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