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The reading shows a significant slowdown in the US economy compared to the third quarter of 2023
US gross domestic product (GDP) grew at an annualized rate of 3.2% in the fourth quarter of 2023, according to a review published Wednesday (28) by the country's Commerce Department. The result was below the initial estimate and the forecast of analysts polled by FactSet, a 3.3% increase in both cases.
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Compared to the third quarter of 2023, when US GDP had an annualized expansion of 4.9%, the reading shows a significant slowdown in the US economy.
For the full year 2023, US GDP showed growth of 2.5%, after a 1.9% increase in 2022, estimated a month ago.
The Commerce Department reported that the Consumer Expenditure Index (PCE) rose at an annual rate of 1.8% in the fourth quarter, losing momentum after rising 2.6% in the third quarter.
Excluding food and energy prices, they rose 2% in the previous quarter and rose 2.1% between October and December.
In the first calculation, annualized gains for PCE and its core in the fourth quarter are estimated at 1.7% and 2%, respectively.
PCE is the preferred inflation measure of the Federal Reserve, or the Fed, also known as the US Federal Reserve.
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