The United States economy recovers steadily in the first quarter of 2021

The nation’s Gross Domestic Product, the total production of goods and services, accelerated in the January-March quarter from a 4.3% annual gain in the last quarter of 2020 , reported the Department of Commerce

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The national economy grew at an annual rate of 6.4% in the last quarter, driven by consumers, government aid and the decrease in coronavirus cases .

The nation’s Gross Domestic Product, the total production of goods and services, accelerated by the January-March quarter from a 4.3% annual gain in the last quarter of 2020, reported the Department of Commerce.

The increases were led by growing spending on durable goods, especially vehicles and in restaurants and bars.

According to analysts at Oxford Economics, this year “ the economy received an improving projection, driven by together the fiscal stimulus and a steady flow of support for monetary policy “, that explains the quarterly numbers. ales.

Excluding the quarter immediately following the collapse of the coronavirus last summer, this is the fastest rate of economic growth since the third quarter of 2003, according to the Federal Reserve Bank.

Analysts expect current growth to be even faster, potentially reaching an annual pace of 10% or more. That is likely to be led by consumers eager to travel, shop, and resume their spending habits.

Economists say vaccination, the reopening of more businesses, a huge injection into federal spending and healthy job earnings should help sustain steady growth .

In order to 2021 as a whole, they expect the economy to expand close to 7%, which would mark the fastest annual growth since 1984 . One of the main reasons for the increased expectations is the record spending that is about to flow into the economy with the eventual government plans.

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