Friday, March 31, 2023

US GDP grew faster than expected in the fourth quarter of 2022

The United States economy grew more than expected during the final quarter of last year, indicating that it ended 2022 better than analysts predicted, with no recession in sight.

United States gross domestic product (GDP) grew 2.9 percent in the fourth quarter of 2022, driven by investment in inventory and increased consumption by households, according to the Bureau of Economic Analysis, a better annual figure than analysts expected . Who has estimated a growth of 2.6 percent.

The former was a result of consumption growth of 2.8 percent; investment, 3.8; exports, 7.2, and imports, 8.1 percent, while the public expenditure component saw an annual contraction of 0.6 percent.

Services consumption grew (4.3 percent annually), while investment was boosted by non-residential (3.6 percent annually).

Although growth in the fourth quarter was lower than the 3.2 percent in the third quarter, it was still far from contraction territory. This reduces fears of a recession, although long-term high interest rates are still seen as a threat to economic prospects. According to official data, in 2022, US GDP is expected to increase by 2.1 percent.

The most pessimistic scenarios about an economic recession in the United States were overshadowed by the first estimate of economic growth in the United States for the fourth quarter of 2022, which gave a positive surprise despite a slowdown in productive activity.

Nation World News Desk
Nation World News Desk
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