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The US economy grew 2.9% in the fourth quarter, more than expected

2023-01-26T14:03:51.908Z


Gross domestic product (GDP) increased at an annualized rate of 2.9% between October and December of last year, even despite historically high inflation and interest rates.


How does the US close its economy this year?

2:41

(CNN) --

The US economy returned to growth during the fourth quarter, posting solid growth even as consumers and businesses faced record high interest rates and inflation.

Gross domestic product (GDP) — the broadest measure of economic activity — rose at an annualized rate of 2.9% from October to December of last year, according to Commerce Department data released Thursday.

It represents a slowdown from the summer, when the economy experienced 3.2% growth in the third quarter, but it is an improvement over the first half of the year, which saw two straight quarters of contraction.

  • USA: Inflation moderates and mortgage interest rates fall

Economists had expected fourth-quarter GDP to grow at an adjusted annualized rate of 2.6%.

By 2022, GDP will expand 2.1%, according to the Commerce Department report.

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GDP United States

Source: cnnespanol

All news articles on 2023-01-26

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