The United States GDP slows down and closes the fourth quarter of 2023 with an expansion of 0.8%

MADRID, 28 Mar. (EUROPA PRESS) -

The Gross Domestic Product (GDP) of the United States registered an expansion of 0.8% in the fourth quarter of 2023, four tenths less than the 1.2% growth recorded in the previous quarter, according to the third and final estimate published this Thursday by the Office of Economic Analysis of the Department of Commerce.

On an annualized basis, US GDP growth between October and December stood at 3.4%, better than the previous estimate of 3.2% but down from 4.9% in the previous three months.

The Office of Economic Analysis explains that the expansion in the last quarter of the year is due to an increase in consumer spending, exports, non-residential fixed investment, public spending and residential fixed investment. The increases were partially offset by the decline in investment in private inventories. For its part, imports, which are a subtraction in the calculation of GDP, increased.

Thus, in 2023 as a whole, the world's largest economy recorded growth of 2.5%, six tenths above the 1.9% expansion in 2022, despite the tightening of monetary policy by the Federal Reserve (Fed).

The increase in real GDP in 2023 primarily reflected higher consumer spending, as well as increases in non-residential fixed investment, state and local government spending, exports, and federal government spending that were partially offset by decreases in residential fixed investment and investment in inventories, while imports decreased.