He gross domestic product (GDP) from United States of America growing 0.7% in the fourth quarter of 2022 and 2.1% in the year as a wholeaccording to the second estimate of the data published by the Bureau of Economic Analysis (BEA).By this way, the largest economy in the world moderating its growth by a tenth after gaining 0.8% in the third quarter of 2022.
Similarly, the 2.1% growth for the whole of 2022 is substantially lower than the 5.9% in 2021. Despite the slowdown observed in the last quarter of 2022, US GDP growth is well above the 0.1% pace. listed in the eurozone, as well as 0.2% in Japan and stagnant in the UK.
Progress less than expected
In pure yearly terms, the BEA’s preferred way of presenting data, US GDP rose 2.7% in the fourth quarter of this year, two tenths less than the original estimate and half a percentage point below the third quarter expansion. “Growth comes amid subdued inflation, low unemployment, continued supply chain uncertainty, and rising interest rates,” the bureau said.
In this sense, he shows that real GDP slowdown in the fourth quarter compared to the third primarily reflecting declining exports and weaker consumer spending, as well as non-residential fixed investment and state and local government spending. The move was partly offset by a rebound in private investment in inventories, a smaller decline in residential fixed investment and an acceleration in federal government spending, he added.
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