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US economy grew last year at fastest pace since 1984

WASHINGTON, Jan 27 (KUNA) -- The US economy grew 5.7 percent in 2021, the fastest pace since 1984, the Department of Commerce said on Thursday.
The data indicated that real gross domestic product (GDP) increased at an annual rate of 6.9 percent in the fourth quarter of 2021 after increasing 2.3 percent in the third quarter.
The price index for gross domestic purchases increased 6.9 percent in the fourth quarter, compared with an increase of 5.6 percent in the third quarter.
The personal consumption expenditures (PCE) price index increased 6.5 percent, compared with an increase of 5.3 percent.
Excluding food and energy prices, the PCE price index increased 4.9 percent, compared with an increase of 4.6 percent.
In 2021, the price index for gross domestic purchases increased 3.9 percent in 2021, compared with an increase of 1.2 percent in 2020.
The PCE price index also increased 3.9 percent, compared with an increase of 1.2 percent.
Excluding food and energy prices, the PCE price index increased 3.3 percent, compared with an increase of 1.4 percent.
US President Joe Biden said in a statement in this regard, "The GDP numbers for my first year show that we are finally building an American economy for the 21st Century, with the fastest economic growth in nearly four decades, along with the greatest year of job growth in American history. And, for the first time in 20 years, our economy grew faster than China's." "We are finally building an American economy for the 21st Century, and I urge Congress to continue this momentum by passing legislation to make America more competitive, bolster our supply chains, strengthen our manufacturing and innovation, invest in our families and clean energy, and lower kitchen table costs," he added. (end) si.gb