Market Updates
U.S. Fourth Quarter Economic Growth Revised Lower
Brian Turner
23 Feb, 2023
New York City
Real gross domestic product expanded at a slower pace than previously estimated in the fourth quarter.
GDP in the fourth quarter rose at an annual pace of 2.7%, lower than previously estimated 2.9% pace, the U.S. Bureau of Economic Analysis reported Thursday.
In the third quarter, real GDP increased at 3.2%.
Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected a downturn in exports and decelerations in consumer spending, nonresidential fixed investment, and state and local government spending.
The changes were partly offset by an increase in private inventory investment, a smaller decrease in residential fixed investment, and an acceleration in federal government spending.
For the full-year 2022, real GDP growth was unrevised at the pace of 2.1% from 5.9% in 2021.
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