The estimate of US economic growth in the third quarter of 2021 was revised upward to 2.3% from 2.1%, pushing the annual estimate of economic growth in the nation to 5.6%, the highest rate of economic growth since 1984, Reuters reports.
With the distribution of the coronavirus vaccine, many economic sectors experienced a significant gain in the first three quarters of the year, with the third quarter detrimentally impacted by the spread of the Delta variant of the coronavirus.
The 5.6% annual growth rate would be the highest since 7.2% growth in 1984, spurred by deficit spending by Ronald Reagan. The US economy shrunk 3.4% in the last year of the Trump Administration.