News

US economy grew at 3.3% rate in fourth quarter

Stay informed with free updates

US gross domestic product grew at an annualised rate of 3.3 per cent during the final quarter of last year, capping off a stronger-than-anticipated 2023 for the world’s largest economy.

While the fourth-quarter rate was slower than the 4.9 per cent expansion recorded in the preceding three month period, it still means the US economy beat expectations for a year when output was expected to stagnate.

The figure was substantially higher than economists’ estimates. On average, they were forecasting an expansion of 2 per cent, according to a Refinitiv poll.

The first estimate, published by the Bureau for Economic Analysis on Thursday, indicates the US economy is on track for a soft landing, with inflation tamed without triggering a recession.

This is a developing story

Articles You May Like

Bonds may fund Westchester water upgrades under consent decree
Parties’ plans to improve public services ‘essentially unfunded’, says IFS
Philippine video shows clash with Chinese coastguard that injured soldier
Ex-Segantii trader told Morgan Stanley banker: ‘I know who my daddy is’, court filings claim
Attacks in Russia’s Dagestan region kill 19