POST TIME: 1 December, 2017 00:00 00 AM
US economy sees fastest growth in three years in Q3

US economy sees fastest growth in three years in Q3

AFP, WASHINGTON: The US economy posted its fastest growth in three years in the third quarter, indicating a broad-based expansion is gaining momentum, according to official figures released Wednesday. The revised data surpassed President Donald Trump’s three percent target for the second time in a row, showing that back-to-back hurricanes in late summer barely left a scratch on the world’s largest economy.

Third-quarter GDP growth was revised up to 3.3 per cent, three tenths of a point higher than an initial estimate and the strongest performance since the third quarter of 2014, according to the Commerce Department.

The news comes as Republican lawmakers in Washington enter a crucial phase in efforts to adopt a sweeping overhaul of the US tax code.

The White House and senior Republican lawmakers have argued that the $1.5 trillion package of tax cuts will pay for itself by spurring economic growth, but economists say there is little evidence to support this claim, especially in an already-growing economy. President Donald Trump on Wednesday took credit for the rising growth rate even though the principal planks of his economic agenda have yet to take effect. Addressing supporters in St Charles, Missouri, Trump said the growth rate was the “largest increase in many years.” “Did you ever think you would hear that in less than a year?” he said of his achievements.