US boosted by end of recession

The US economy is now growing again, official figures have shown.

Statisics from the Bureau of Economic Analysis (BEA) have provided an estimated figure of an annualised increase in gross domestic product (GDP) of 3.5 per cent in the third quarter.

This follows a 0.7 per cent decline in the previous three-month period and means that the country where the credit crunch began is now no longer in recession.

Such a situation could boost those keen on buying property in the country, as a broader economic recovery could help lead to a rise in values, particularly when growth starts to bring unemployment down.

The extent of the expansion exceeded the estimate of many economists, with the median estimate of the 79 experts polled beforehand by Bloomberg being 3.2 per cent.

Further economic data will become available in due course and enable a revised GDP estimate to be produced on November 24th, the BEA noted.

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