The US economy grew by 2.9% in the fourth quarter
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The US economy in the fourth quarter grew by 2.9% in annual terms, according to preliminary data from the US Ministry of Commerce. Analysts on average predicted an increase of 2.6%, reports Trading Economics.
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According to the results of the third quarter, the growth of the US GDP amounted to 3.2%.
The US economy grew by 2.1% for the whole of 2022, while the pace of growth slowed sharply compared to growth of 5.9% in 2021.
Despite the growth of GDP in the fourth quarter, the economy seems to be entering an even more turbulent phase against the background of aggressive measures of the Federal Reserve System (FED) of the USA to combat inflation, writes MarketWatch.
Economists on Wall Street predict that GDP will grow only slightly in the first quarter of this year. Meanwhile, some experts believe that the economy is already in a state of recession.
Consumer spending, which accounts for two-thirds of US GDP, increased by 2.1% in October-December.
The PCE Core index, which is closely monitored by the Federal Reserve System when assessing inflation risks, rose by 3.9% in the fourth quarter compared to the previous three months, after rising by 4.7% in October-December. Analysts’ consensus forecast was for growth of 4%.
The information presented by the Ministry of Trade on Thursday is the first estimate of the change in US GDP out of three. The publication of the revised data for the fourth quarter is scheduled for the end of February, and the final data for the end of March.
Source: Ministry of Finance
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