The US economy expanded by 3.4% at an annualized rate in the fourth quarter of 2023, according to the final report from the country's Department of Commerce. Previously, a less significant increase was reported – by 3.2%.
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How the economy has changed
Analysts surveyed by Trading Economics did not expect a revision to the previously announced estimate.
GDP growth is significant slowed down compared to the third quarter, when it was 4.9%.
Consumer spending, which accounts for two-thirds of the US economy, increased by 3.3% in October-December (a previously reported increase of 3 %). Government spending increased by 4.6% (4.2%).
Exports increased by 5.1%, imports by 2.2%. Previously, it was announced that the first indicator would increase by 6.4%, the second by 2.7%.
The estimate for the growth of capital investment in non-residential assets was increased to 3.7% from 2.4%, in the housing sector – downgraded to 2.8% from 2.9%. Investments in intellectual property increased by 4.3% (3.3%), in equipment decreased by 1.1% (-1.7%).
PCE Core Index (consumer prices excluding cost food and energy products), which the Federal Reserve closely monitors when assessing inflation risks, grew by 2% in the fourth quarter compared to the previous three months (previously it was reported that it increased by 2.1%).
According to the results In total, the American economy expanded by 2.5% in 2023 after expanding by 1.9% a year earlier. The Federal Reserve's forecast was 2.6%.
Preliminary data on US GDP dynamics for the first quarter of 2024 will be released on April 25.