The US economy expanded an annualized 3.2% in Q4 2023, slightly below 3.3% in the advance estimate, following a 4.9% rate in Q3. The downward revision is due to private inventories which subtracted 0.27 pp from the growth, compared to an addition of 0.07 pp seen in the advance estimate. On the other hand, consumer spending was revised higher (3% vs 2.8% in the advance estimate), led by services (2.8% vs 2.4%) while goods rose less (3.2% vs 3.8%). Also, government spending rose way more (4.2% vs 3.3%) and both exports (6.4% vs 6.3%) and imports (2.7% vs 1.9%) increased more than anticipated. Looking further, non-residential investment was also revised higher (2.4% vs 1.9%), due to intellectual property products (3.3% vs 2.1%) and investment in structures (7.5% vs 3.2%) while investment in equipment was revised lower (-1.7% vs 1%). Residential investment continued to grow and more than expected (2.9% vs 1.1%). Considering full 2023, the US economy grew 2.5%, compared to 1.9% in 2022. source: U.S. Bureau of Economic Analysis
The Gross Domestic Product (GDP) in the United States expanded 3.20 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in the United States averaged 3.20 percent from 1947 until 2023, reaching an all time high of 34.80 percent in the third quarter of 2020 and a record low of -28.00 percent in the second quarter of 2020. This page provides the latest reported value for - United States GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2024.
The Gross Domestic Product (GDP) in the United States expanded 3.20 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in the United States is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States GDP Growth Rate is projected to trend around 1.80 percent in 2025, according to our econometric models.