CONNECT WITH US
Fintech

Fintech

AI Hardware Investment Drives 3.4% Growth in US Economy

PYMNTS – Fintech logo

Published on

Add as a preferred source on Google
AI Hardware Investment Drives 3.4% Growth in US Economy

The nation’s real gross domestic product growth accelerated in the third quarter, driven by gross private domestic investment, including information processing equipment, according to a data released Thursday (Oct. 29) by the Bureau of Economic Analysis (BEA).

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

Real GDP grew at an annual rate of 3.4% in the third quarter. That figure was up from 2.2% in the second quarter, according to a Thursday BEA press release outlining the GDP advance estimate for the third quarter.

“The contributors to the increase in real GDP in the third quarter were increases in investment, consumer spending and government spending that were partly offset by a decrease in exports,” the BEA said in the release. “Imports, which are a subtraction in the calculation of GDP, increased.”

The BEA added in the release: “Compared to the second quarter, the acceleration in real GDP in the third quarter primarily reflected an acceleration in investment and an upturn in government spending that were partly offset by a downturn in exports. Imports increased more in the third quarter than in the second quarter.”

Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

7%.



Source link
Related Topics:Fintech

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.