The US Department of Commerce stated on Thursday that the revised data shows strong economic growth in the United States in the third quarter of last year, with the Gross Domestic Product (GDP) growing at an annual rate of 4.4%.
According to the data released by the Bureau of Economic Analysis of the Department of Commerce on Thursday, the revised annualized GDP growth rate for the third quarter of last year was 4.4%, slightly higher than the initial report of 4.3%, marking the fastest pace in two years.
This signifies that the economic growth in that quarter was much stronger than the previous three months, when the GDP annualized growth rate for the second quarter was 3.8%.
Due to the 43-day federal government shutdown last autumn, the government’s data release work was mostly delayed, but the updated data released on Thursday will serve as the final data for the third quarter.
The report indicates that this is one of the strongest GDP quarterly growth since the economy began to recover from the pandemic in 2021. Previously, the second quarter also saw robust growth.
These stronger data show that US consumer spending and business activities are expanding steadily, reinforcing the view that despite facing global economic headwinds, the US economy remains resilient.
As news of the GDP growth broke, President Trump and Treasury Secretary Scott Bessent were at Davos, using the global stage of the World Economic Forum to express their confidence in the US economy.
Trump emphasized tariff issues in his speech. He told attendees that the US expects tariff revenue to be around $600 billion in 2025, believing that tariffs will continue to be the cornerstone of his economic strategy, potentially generating more tariff revenue next year.
Bessent provided supporting data for this. In a series of interviews and group discussions, Bessent predicted that the actual GDP growth in the United States in 2026 will be between 4% and 5%, significantly higher than the forecasts of the Federal Reserve and many private sectors.
This forecast aligns closely with the recently released 4.4% growth rate data, adding weight to his optimistic outlook.