The world’s strongest economy confirmed the trend in the last quarter of last year in the first quarter of this year. It even accelerated its growth by more than two percentage points between January and March.
Gross domestic product of the United States increased by 6.4 percent in the first quarter of this year. That’s according to data released by the U.S. Department of Commerce. As is customary in the US, this is a figure on a so-called anualized basis. The figure thus indicates how gross domestic product would change throughout the year if it carried its growth rate into the remaining quarter of the year.
Us economic growth thus accelerated compared to the last quarter of 2020. It increased by 4.3 percent between October and December. According to analysts, the data for the first quarter of this year showed fiscal stimulus packages adopted by Donald Trump’s administration or strong monetary policy support from the Federal Reserve.
The period from January to March of this year was the best first quarter since President Ronald Reagan occupied the White House in 1984. According to economists, the US economy will reach pre-crisis levels sometime in late 2023.