In the fourth quarter, GDP grew at an annualized rate of 2.9 percent, exceeding expectations of 2.6 percent.
- U. S. The fourth quarter of 2022 saw the GDP grow at an annualized rate of 2.9 percent, beating expectations of 2.6 percent but slowing from a third quarter gain of 3.2 percent.
- A 5.9 percent growth rate in 2021, when the economy recovered from declines brought on by the pandemic, was slowed to a 2.1 percent expansion in 2022.
- One of the main drivers of growth in the most recent quarter was consumer spending, which makes up more than two thirds of GDP. This helped to counteract declines in residential investment, which slowed growth.
- Before the Federal Open Market Committee (FOMC) meeting next week, the stronger-than-expected GDP report may lead Fed officials to consider adopting a more hawkish policy stance.
