"Real gross domestic product (GDP) grew 8.9 percent in the third quarter, following an 11.3 percent drop in the second quarter and a 1.9 percent decline in the first," the report said on Tuesday. "Despite strong growth in the third quarter - the steepest since quarterly data were first recorded in 1961 - real GDP was down 5.3 percent compared with the fourth quarter of 2019."

The report said the growth coincided with entire segments of the economy being allowed to reopen following a two-month shutdown in the spring.

The reopening spurred a renaissance in household spending of up 13 percent although this index remains 5 percent below the fourth quarter of 2019.

However, the recovery does appear to be slowing with the agency reporting 0.8 percent real GDP growth in September and preliminary data indicating a modest 0.2 percent real GDP growth in October.

The slowing recovery is being attributed to the resurgence of the coronavirus, resulting in the authorities implementing renewed restrictions amid heightened concerns among consumers.