US Post-Pandemic Economic Growth Revised Higher in Annual Update
- GDP increased 5.5% since second quarter of 2020 through 2023
- Gross domestic income also marked higher in recent years
After an abrupt downturn of the economy because of the pandemic, the subsequent rebound was quite strong.
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The US economy bounced back from the pandemic in stronger shape than previously estimated, spurred mainly by bigger consumer-driven growth fueled by robust incomes, according to revised government data.
The comprehensive annual update from the Bureau of Economic Analysis showed a 5.5% average inflation-adjusted increase in gross domestic product from the second quarter of 2020 through 2023. The revised figure compared with a previously published 5.1% advance.