US economy expands 4.9% in 3rd quarter, 1st reading shows

Figure comes much higher than market expectations of 4.3%

By Ovunc Kutlu

ISTANBUL (AA) – The US economy expanded 4.9% in the first quarter of 2023, strongly beating market estimates, according to the Commerce Department's first and advance reading released on Thursday.

The figure came much higher than the market expectations of 4.3%, while the American economy expanded 2.1% in the second quarter of 2023.

The current dollar GDP jumped 8.5%, or 560.5 billion, at an annual rate in the third quarter to reach $27.62 trillion, the Commerce Department said in a statement.

The current dollar personal income climbed $199.5 billion in the third quarter, while it increased $239.6 billion in the second quarter, it added.

Personal savings, however, was $776.9 billion in the third quarter, down from $1.04 trillion in the second quarter, according to the agency.

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