Growth in US gross domestic product in the fourth quarter of 2020 was revised upward to 4.3% from the previous estimate of 4.1%, the US Bureau of Economic Analysis announced today.
GDP had grown by 33.4% in the third quarter after falling by 31.4% in the second quarter as the full effects of Covid-19 hit.
ABC News reported economists are looking for a huge rebound in GDP moving forward with the government’s $1.9 trillion relief package. It could boost first-quarter GDP to growth of 5% or higher.
Today’s estimate is a third estimate of GDP for the quarter and based on more complete source data than the second estimate released last month.
An estimate of GDP growth for the first quarter is planned for April 29.