U.S. economy grows at fastest pace for 11 yearsDecember 23, 2014 - 18:50 AMT PanARMENIAN.Net - The U.S. economy grew at an annual rate of 5% in the third quarter, its fastest pace for 11 years, official figures suggest, according to BBC News. The U.S. Commerce Department said GDP rose faster than the previous estimate of 3.9% for the July-to-September period, boosted by stronger consumer and business spending. This was the fastest rate of growth since the third quarter of 2003. The strong figure builds on the second-quarter growth rate of 4.6%. Much of the third quarter growth came from consumer spending, which accounts for around two-thirds of U.S. economic activity. Consumer spending grew at an annual pace of 3.2%, the fastest since the fourth quarter of 2013. Growth in business investment was raised to a rate of 8.9% pace from an earlier estimate of 7.1%. There was a stronger pace of spending than previously thought on equipment, intellectual property products and non-residential structures. After two strong quarters for the U.S. economy, economists predict that growth will slow to an annual rate of around 2.5% in the current October-December quarter. But they predict growth of about 3% in 2015, which would be the fastest pace since 2005. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |