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US Q4 economy growth beats expectations

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by Kay Mitchell
US Q4 economy growth beats expectations

The Commerce Department has today revealed that the US economy grew 5.7% in the final three months of 2009 – the fastest pace in six years and higher than analysts expectations.

The US economy emerged from recession in the third quarter after experiencing growth of 2.2% and today’s figures clearly show that after enduring the longest and deepest downturn since the Great Depression of the 1930s, the economy is recovering well.

The US figures come just a few days after it was revealed that the UK economy grew by just 0.1% between the October and December period, suggesting that the economy has finally emerged from its worst recession since records began in 1955.

Economists had expected that the economy would experience positive growth in the fourth quarter but growth of around 0.4% was expected.

However, it must be pointed out that both sets of figures for the US and the UK are only the first estimate of fourth quarter growth.

Returning to the world’s largest economy, the economy contracted by 2.4% across 2009 as a whole – this represents the worst annual performance since 1946 said the Commerce Department.

However, rising unemployment remains a concern in the US economy. The unemployment rate is currently at 10% but US President Barack Obama has pledged to make job creation his top priority.

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News posted: January 29, 2010

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