Market Updates
Fourth Quarter GDP Growth Revised Higher to 3.4%
Brian Turner
28 Mar, 2024
New York City
The U.S. economy expanded at a slightly higher than previously expected rate in the fourth quarter.
The annualized rate of real economic growth was revised to 3.4% from the previous estimate of 3.2%, the Bureau of Economic Analysis reported Thursday.
The update primarily reflected upward revisions to consumer spending and nonresidential fixed investment, partly offset by a downward revision to private inventory investment.
Compared to the third quarter of 2023, the deceleration in economic growth adjusted for inflation in the fourth quarter primarily reflected a downturn in private inventory investment and slowdowns in federal government spending and residential fixed investment.
Imports also decelerated.
The real gross domestic product increase in 2023 was left unrevised in the third estimate at 2.5%.
The annual economic growth accelerated from 1.9% in 2022, primarily reflecting higher consumer spending, non-residential fixed investment, local and federal government spending, and exports that were partly offset by decreases in residential fixed investment and private inventory investment.
Current-dollar gross domestic product in the fourth quarter was revised higher to 5.1% from 4.9% in the second estimate.
The current-dollar gross domestic product in 2023 was left unrevised at 6.3%.
Annual Returns
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