Washington: The US economy grew by 2 percent on an annual basis during the third quarter of 2021, below analysts’ expectations, who estimated them at 2.7 percent.
The US Commerce Department’s Bureau of Economic Analysis said third-quarter GDP growth on an annual basis was lower than the 6.7 percent growth in the second quarter.
During the third quarter, the country’s local economy was affected by the acceleration of infections with the Corona virus (Delta), which prompted a number of states to take restrictions in economic sectors.
The US economy was also affected by the chaos in global supply chains, the lack of employment in some sectors, and the rise in consumer prices to the levels of the global financial crisis.
According to an Anatolia survey, the growth recorded in the third quarter represents the slowest gain in GDP since a decline of 31.2 percent in the second quarter of 2020.
Consumer spending, which makes up 69 percent of the $23.2 trillion US economy, rose just 1.6 percent year on year, after rising 12 percent in the second quarter.