GDP of U.S. increases 33.1% in the third quarter of this year.

The GDP of U.S. grew by 33.1% in the third quarter of 2020, it revived the economy from the effects of the Covid-19 pandemic.

On Thursday, President Donald Trump, who is looking for the re-election for the four-year term, has welcomed the latest GDP issued by the US Department of Commerce.

Gross Domestic Product (GDP) of U.S. enlarged at an annual rate of 33.1 % in the third quarter of this year, according to the Bureau of Economic Analysis.

In the second quarter, the GDP loosed 31.4%, an official release from  Department of Commerce. Currently after the report was made public, Trump tweeted: ”GDP number just announced. Biggest and Best in the History of our Country, and not even close. Next year will be FANTASTIC!!!”.

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He said ”However, Sleepy Joe Biden and his proposed record-setting tax increase, would kill it all. So glad this great GDP number came out before November 3rd”.

Democratic presidential nominee and the former vice president Joe Biden said the report underlined three truths about the present economy.

He said ”We are in a deep hole and President Trump’s failure to act has meant that Q3 growth wasn’t nearly enough to get us out; the recovery is slowing if not stalling; and the recovery that is happening is helping those at the top, but leaving tens of millions of working families and small businesses behind”.

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The Trump Campaign’s new ad “Backbone” peaks President Trump’s economic record of the promises made and the promises kept and will be air on the network cable and the local broadcast across the country, it said.

With Inputs from CNBC TV18