Steady rise: US GDP increased by 2.3% in the fourth quarter

According to the second interim estimate by the US Department of Commerce, the US economy grew by 2.8% last year. In the fourth quarter, the GDP growth rate was 2.3% in annual terms. 

These figures fully coincided with the preliminary estimate provided at the end of January. In 2023, the U.S. economy expanded by 2.9%. And if we compare the fourth quarter with the same period last year, the growth was 2.5%.

The dynamics of GDP during the year was as follows: in the first quarter, there was growth of 1.6% year-on-year and 2.9% year-on-year. In the second quarter, both figures were 3%, while in the third quarter, the growth rates reached 3.1% and 2.7%, respectively.

Consumer spending in real terms increased by 4.2% during the reporting quarter compared to 3.7% in the previous period, indicating increased domestic demand.