The US economy grew in the fourth quarter of 2022 by 2.9%
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US GDP in the fourth quarter of 2022 grew at an annualized rate of 2.9%, follows from the preliminary report Ministry of Commerce. This is slightly better than analysts’ forecasts, which had expected the economy to slow down from 3.2% in the third quarter to 2.8%.
Consumer spending, which accounts for about 68% of GDP, rose 2.1% in the fourth quarter, down 0.2% from the previous quarter. At the same time, indicators reflecting the rate of inflation decreased significantly. Thus, the price index for personal consumption expenditures rose by 3.2%, which is much lower than the 4.8% recorded in the third quarter. Excluding food and energy prices, the index rose by 3.9%. In the third quarter of last year, this figure was 4.7%.
As a result of the entire last year, the US economy grew by 2.1%, having managed to recover from the unsuccessful first half of the year, which ended in a 1.1% decline in GDP.
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