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US economy grew 3.5% in Q3
October 30, 2014, 1:21 pm

Despite falling numbers in the New York Stock Exchange, the US economy appears robust, analysts say [Xinhua]

Despite falling numbers in the New York Stock Exchange, the US economy appears robust, analysts say [Xinhua]


The US Commerce Department said early on Thursday that the US economy grew by 3.5 per cent in the third quarter of this year.

The strong performance comes after a shaky start in the first quarter when the economy contracted by 2.1 per cent. However, by the second quarter it rebounded strongly with a 4.6 per cent growth rate.

The Commerce Department says that strong investment gains, a rise in exports, and stronger manufacturing all served to boost the economy.

Unexpected lower gas prices also strengthened consumer confidence and spending.

The statistics are a boon for the Obama administration which in 2008 inherited an economy debilitated by the sub-prime mortgage crisis.

The figures released by the Commerce Department, coupled with analyst forecasts, point to the best economic performance in the US since 2005.

Economists believe that the US economy will grow by three per cent in 2015.

Source: Agencies

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