• Wed. May 22nd, 2024

Surprising 2023 Economy: US GDP Growth Surpassed Expectations in Q4

BySamantha Jones

Mar 28, 2024
U.S. Economy Expanded More Than Initial Estimates in Q4 2023

In the fourth quarter of 2023, the US economy experienced growth that surpassed previous estimates, according to a report from the Bureau of Economic Analysis. The Gross Domestic Product (GDP) was revised up to an annual rate of 3.4%, while personal income saw an increase of $230.2 billion in the fourth quarter, up $10.7 billion from the previous estimate.

The real GDP, adjusted for inflation, increased by 3.2%. This update was primarily due to upward revisions in consumer spending and nonresidential fixed investment, although private inventory investment saw a slight downward revision. Driving the increase in real economic output were consumer spending, government spending, exports, and fixed investments.

Personal savings also showed growth, increasing by $6.3 billion to $815.5 billion, while the savings rate climbed by one percent to 4.0%. Additionally, domestic U.S. corporate profits increased by $5.9 billion compared to a $9 billion rise in profits for the third quarter of 2023.

For the entire year of 2023, the real gross output increased by 2

By Samantha Jones

As a content writer at newsnnk.com, I weave words into captivating stories that inform and engage our readers. With a passion for storytelling and an eye for detail, I strive to deliver high-quality and engaging content that resonates with our audience. From breaking news to thought-provoking features, I am dedicated to providing informative and compelling articles that keep our readers informed and entertained. Join me on this journey as we explore the world through the power of words.

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