U.S. economy grew at record pace in 3rd quarter at 33.1% annual rate
Updated: 2020-10-30 05:32:09 KST
The U.S. economy suffered an unprecedented economic plunge in the first half of the year due to the COVID-19 pandemic.
But recovery is seemingly underway as its GDP has expanded at a historic fast pace during the July-to-September period.
For more on this and other news around the world, we turn to our Lee Kyung-eun.
Kyung-eun, tell us more.
Mok-yeon, the U.S. economy grew at a record pace in the third quarter, showing an annualized rate of 33.1 percent.
That's the highest figure since the data was first compiled in 1947.
This follows the worst quarter in history, when the American economy plunged 31.4 percent due to a COVID-19 related disruption to businesses.
Experts attribute the rebound to the reopening of the economy and rising domestic consumption.
The trend is expected to continue in the fourth quarter, but could be affected by a resurgence of the virus.
The latest figures from the Commerce Department come just five days before Election Day.
President Trump had repeatedly promised a return of strong growth prior to the pandemic.