The US economy grew at its fastest rate in nearly 20 years in the third quarter, according to the US Commerce Department today. GDP, which measures total output within US borders, advanced at an 8.2pc annual rate, more than double the 3.1pc pace posted in the second quarter. The rate of growth matched expectations on Wall Street. The world's largest economy was boosted by robust consumer spending that has carried on into the closing months of the year, the Government report said.
Growth is forecast to slow to around half the third-quarter rate during the final quarter of 2003, still a healthy pace of expansion which is predicted to be sustained or to accelerate moderately in 2004. A separate Commerce report underlined the economy's recovery, showing consumer spending grew 0.4pc in November to a seasonally adjusted annual rate of USD7.896 trillion after gaining 0.1pc in October. Incomes rose a solid 0.5pc to an annual rate of USD9.334 trillion after a smaller 0.3pc rise in October. //www.fxcentre.com