US economy grew 2.6 percent in the third quarter

The US Department of Commerce announced the leading data on Gross Domestic Product (GDP) for the July-September period.

Accordingly, GDP in the USA increased by 2.6 percent in the third quarter of this year compared to the previous quarter. The US economy, which recovered more than expected, was expected to grow by 2.4 percent.

After shrinking by 1.6 percent in the first quarter of the year, the country's economy shrank by 0.6 percent in the second quarter, technically entering recession.

In the growth of the US economy; Increases in exports, consumer spending, non-residential fixed investment, federal government spending, and state and local government spending were effective. In the same period, a decrease was recorded in residential fixed investments and private stock investments. Imports also decreased during this period.

In the third quarter of the year, the personal consumption expenditures price index increased by 4.2 percent. The personal consumption expenditures price index increased by 7.5 percent in the first quarter of the year and by 7.3 percent in the second quarter.

The core personal consumption expenditures price index, which excludes food and energy expenditures, also increased by 4.5 percent in this period, following a course in line with market expectations.

Analysts stated that the US economy recovered more than expected in the third quarter with the continued decline in the trade deficit, but the US Federal Reserve's (Fed) aggressive interest rate hikes curbed consumer spending.