The Economic Situation in 2003

In the second half of 2003, the U.S. economy grew at an annual rate of 6 percent. The pickup momentum showed no sign of abating in the first quarter of 2004 and is projected to continue in the rest of the year. Gross domestic product (GDP) in the year increased by 3.1 percent, the growth rate in the third quarter, in particular, reached 8.2 percent. In the opinion of U.S. mainstream economists; this is a natural reflection of the growth of U.S. labor productivity. The personal consumption expenditure, which accounts for about two thirds of the country's gross domestic product (GDP) and se…