US Growth Data Announced, Surprise Result: Here’s Bitcoin’s Reaction!

The US economy posted positive growth for the first time in the third quarter of 2022, easing inflation fears, at least temporarily, according to data released by the US Bureau of Economic Analysis (BEA) on Thursday. to the decision bitcoin responded positively.

US Economy GDP Higher Than Forecast

GDP, the sum of all goods and services produced between July and September, increased by 2.6% year-on-year in this period, against Dow Jones’ estimate of 2.3%.

After the decision, Bitcoin (BTC) reacted positively and showed a partial rise.

Graph showing the reaction of Bitcoin to the decision announced at 15:30 CET.

While the National Bureau of Economic Research is generally credited as the spokesperson for downturns and expansions, this value has come after consecutive negative quarters at the start of the year that fit a definition generally accepted as a recession.

Growth was largely driven by the narrowing trade deficit, which economists had expected and regarded as a one-off event that would not recur in the coming quarters. Increases in GDP were also fed by increases in consumer spending, non-residential fixed investment and government spending.

The BEA said declines in residential fixed investment and private inventories offset gains.

The report comes at a time when politicians are fighting hard against inflation, which has been at its highest levels in more than 40 years.

The price increases are driven by a number of factors, many of which are related to the pandemic, but also triggered by unprecedented fiscal and monetary stimulus that still lingers in the financial system.

*Not investment advice.

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