US economy grew 5.7% in 2021, fastest since 1984
WASHINGTON (AP) — The U.S. economy grew last year at the fastest pace since Ronald Reagan’s presidency, bouncing back with resilience from 2020’s brief but devastating coronavirus recession.
The nation’s gross domestic product — its total output of goods and services — expanded 5.7% in 2021. It was the strongest calendar-year growth since a 7.2% surge in 1984 after a previous recession.
The economy ended the year by growing at a solid 6.9% annual pace from October through December.
Squeezed by inflation and still gripped by COVID-19 caseloads, the economy is expected to keep expanding this year, though at a slower pace.