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GDP Grew at Record 33.1% in 3rd Quarter

October 29, 2020

Real gross domestic product (GDP) increased at a record annual rate of 33.1 percent in the third quarter of 2020, as efforts continued to reopen businesses and resume activities put on hold by the pandemic, the Bureau of Economic Analysis reported on Thursday.

That compares with a real (inflation-adjusted) GDP decrease of 31.4 percent in the second quarter.

GDP is the value of goods and services produced in the United States, and it is the most popular indicator of the nation’s overall economic health. The 33.1 percent inflation-adjusted increase announced today is an “advance” estimate, based on data that are incomplete or subject to further revision.