US GDP grew by 3.3% in the fourth quarter

In the fourth quarter of 2023, according to preliminary data from the US Department of Commerce, the country's economy grew by 3.3% at an annual rate. The average forecasts of analysts assumed growth at the level of 2%.

It should be noted that the pace of economic growth in this quarter slowed down compared to the third quarter, when growth was 4.9%.

Consumer spending, which plays a key role in the economy, increased by 2.8% in the October-December period. Government spending also increased by 3.3%, while investment in housing construction increased by 1.1%.

The country's exports increased by 6.3%, while imports increased by 1.9%. The PCE Core index, which is tracked by the Federal Reserve when assessing inflation risks, increased by 2% in the fourth quarter compared to the previous three months. In the third quarter, the indicator increased by a similar amount.

The final economic growth for the whole of 2023 was 2.5% after rising by 1.9% a year earlier. The forecast of the Federal Reserve System itself was 2.6%. 

The information presented is the first estimate of the change in US GDP out of three. The publication of revised data for the fourth quarter and 2023 is scheduled for February 28, and the final data for March 28.