By Gokhan Ergocun
ISTANBUL (AA) - The US economy grew 6.9% in the last quarter of 2021, the Commerce Department announced on Thursday.
According to advanced estimates, the raise stemmed from increases in private inventory investment, exports, personal consumption expenditures (PCE), and non-residential fixed investment.
"The increase in private inventory investment was led by retail and wholesale trade industries," it said, adding: "The increase in exports reflected increases in both goods and services."
Meanwhile, the GDP growth rate in the US was 5.7% in 2021, the country’s highest since 1984. The growth rate was minus 3.4% in 2020.
"The increase in real GDP in 2021 reflected increases in all major subcomponents, led by PCE, nonresidential fixed investment, exports, residential fixed investment, and private inventory investment."