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Statement by the Press Secretary on the Record-Breaking Q3 GDP Report

October 29, 2020

Thanks to President Trump's leadership, America has the most resilient economy in the world. This morning, we learned that the economy grew 33.1% on an annualized basis in a single quarter, by far the largest in recorded history. The United States has now regained the majority of its pandemic-related loss of output, and we are exceeding all of the experts' expectations.

This super V-shaped recovery is even stronger than the headline figures suggest. The economy is firing on all cylinders: consumption rose 41 percent last quarter, housing was up 59 percent, and private business investment soared 83 percent. If that was not enough, automobile output increased nearly 1,200 percent. That is not a typo.

Importantly, in order to meet this booming demand, inventories will need to be rebuilt over the next year. This is why we are in a self-sustaining economic boom.

By continuing President Trump's policies of low taxes, deregulation, improved trading conditions, and energy independence, our country will soon regain its standing as the strongest and most inclusive economy ever.

While the pandemic from China has affected every country in the world, the United States has endured a less severe contraction than other economies because of President Trump's historic response. He has not only surged and expedited testing, PPE, treatments, and vaccine development to defeat the virus. President Trump has also provided small business support through the Paycheck Protection Program, impact payments for families, enhanced unemployment insurance, payroll support programs for airlines, lending programs for mid-size businesses and local governments, student loan relief, eviction moratoria, and other measures that have helped support our economy.

President Trump has led the most robust response to any challenge since World War II, and as a result, the best is yet to come for the United States.

Donald J. Trump, Statement by the Press Secretary on the Record-Breaking Q3 GDP Report Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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