Washington: Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2022. In the third quarter, real GDP
Washington: Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2022. In the third quarter, real GDP increased by 3.2 percent, according to the “advance” estimate released by the Bureau of Economic Analysis.
The increase in real GDP reflected increases in private inventory investment, consumer spending, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in residential fixed investment and exports, according to the US Department of Commerce. Imports, which are a subtraction in the calculation of GDP, decreased.
“The increase in private inventory investment was led by manufacturing (mainly petroleum and coal products as well as chemicals) as well as mining, utilities, and construction industries (led by utilities),” the US Department of Commerce said. The increase in consumer spending reflected increases in both services and goods, according to the Bureau of Economic Analysis.
“The news couldn’t have been any better,” US President Joe Biden said of Thursday’s GDP report.
