GDP grew at 2% in Q3; 2012 Growth Slower Than 2011
The nation’s weak economic recovery continued in the third quarter of 2012, with the growth rate reaching a sluggish 2%–largely fueled by a “burst” of government spending, according to news agencies.
The growth rate was a modest improvement on the 1.3% expansion of gross domestic product achieved in the second quarter, and surpassed market expectations, which had been low.
The 2% rate may yet be revised; last month the rate for the second quarter was revised downward from 1.7% to 1.3%.
GDP growth for the past year remains stuck at an average of 1.74 percent, below last year’s average of 1.8%.