The growth of the US economy in the fourth quarter of 2023 exceeded the forecast, amounting to 3.4 percent.
The US Department of Trade has published the final data on gross domestic product (GDP) for October-December 2023.
Accordingly, in the last quarter of last year, US GDP grew by 3.4 percent in annual calculus.
Although the data on GDP for the specified period were revised towards the increase, the market expected that in the last quarter the economy would grow by 3.2 percent.
The preliminary data on the country’s preliminary data published in January spoke about the growth of the economy by 3.3 percent in the fourth quarter of last year and 3.2 percent in the second estimate published in February.
The US economy grew by 2.2% in the first quarter of last year, by 2.1% in the second quarter and 4.9% in the third quarter.
In 2023, the country’s economy increased by 2.5 percent. For comparison, the growth of the US economy in 2022 amounted to 1.9%.
The growth of the US economy in the fourth quarter of last year was mainly due to an increase in consumer expenses, expenses of state and local authorities, export, non -residential investments in fixed assets, expenses of the federal government and investment in the fixed assets of the residential sector. In the same period, private investments in inventories decreased, and import increased.
GDP review in the fourth quarter of last year was mainly due to an increase in consumer expenses and investments in the fixed assets of the non -residential sector, which partially compensated for a reducing review of investment in private reserves.
During the same period, the growth of the price of costs of costs for personal consumption remained unchanged and amounted to 1.8 percent. Excluding the costs of nutrition and energy, the basic index of the prices of costs for personal consumption during this period was revised from 2.1 to 2%.