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Economic news
28.03.2024

U.S. economy expands more than previously estimated in Q4 2023

A report from the Commerce Department showed on Thursday that the U.S. economy grew more than previously estimated in the fourth quarter of 2023, due mainly to upward revisions to consumer spending and non-residential fixed investment, which were partly offset by a downward revision to private inventory investment.

According to the third estimate, the U.S. gross domestic product (GDP) expanded at an annual rate of 3.4 per cent in the final quarter of 2023, being above the 3.2 per cent increase reported in the second estimate.

Economists had expected the growth rate to remain unrevised at 3.2 per cent per cent q-o-q.

In the previous quarter, the economy grew by 4.9 per cent q-o-q.

The fourth-quarter advance in real GDP primarily reflected gains in consumer spending, state and local government spending, exports, nonresidential fixed investment, federal government spending, and residential fixed investment, which were partly offset by a decrease in private inventory investment. Meanwhile, imports, which are a subtraction in the calculation of GDP, went up.

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