2021 Saw the US Economy Grow , at the Fastest Rate Since Reagan Administration.
On Jan.
27, the Bureau of Economic Analysis reported U.S. gross domestic product (GDP) rose 5.7% in 2021.
CNN reports that is the fastest pace since Ronald Reagan was president in 1984.
The last three months of the year in particular did much better than economists anticipated.
Q4 2021 saw GDP grow at a seasonally adjusted annualized rate of 6.9%.
This was a substantial increase compared to Q3 2021, at which point the country was ravaged by the Delta COVID-19 variant.
Upon hearing news of America's economic growth, President Biden issued a statement.
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, President Joe Biden, via statement.
And, for the first time in 20 years, our economy grew faster than China's, President Joe Biden, via statement.
Meanwhile, consumer spending surged 7.9%, the most prominent spending increase since 1946.
This was partly due to the fact that by the end of the year, inflation was at 6.5%, the largest increase since 1981