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Recent media coverage on President Donald Trump may be negative but the economic figures show otherwise. News on the presidential elections are abuzz and all along the Trump administration has been boosting the US economy amidst the COVID-19 pandemic.
The Bureau of Economic Analysis (BEA) under the Department of Commerce released its real gross domestic product (GDP) report on October 29. The GDP is widely used as the broadest measure of the economic growth of the country.
The Trump administration focused its directives in reopening businesses and resuming postponed activities that were affected by the pandemic. The highlights show that the consumer spending on retail trade and services increased while government spending has decreased.
The third quarter of 2020 proved to be strong despite the global crisis, with a 33.1% increase on the annual rate. This is in stark contrast to the real GDP for the second quarter of 2020 that fell at a staggering negative 31.4% during the recession.
The data recorded since 1947 shows that the growth in this year’s third quarter is the fastest growth rate in the history of the US. With the impressive numbers shown, the president remains hopeful and predicts in his tweet that “Next year will be FANTASTIC!!!”.
The figures show how the administration directed its efforts in making the US economy boom at a record speed despite the ongoing crisis. The rebound is a great sign of improvement, offering possibilities of continuous growth ahead.
Get details behind the U.S. economy’s growth in the third quarter of this year; read our blog, https://t.co/Yqg10kiYrN. pic.twitter.com/sFzhWqw6lh
— BEA News (@BEA_News) October 29, 2020
