Ekonomické zprávy

U.S. economy expands more than forecast in Q4 2022

The Commerce Department released Thursday its advance estimate for the U.S. gross domestic product (GDP) for the fourth quarter of 2022, which revealed that the U.S. economy grew more than forecast in the reviewed period.

According to the estimate, the U.S. real GDP increased at an annual rate of 2.9 percent q-o-q last quarter, following an unrevised 3.2 percent q-o-q advance in the third quarter. This marked the first increase in the U.S. economy in three quarters. since the second quarter of 2020.

Economists had expected GDP to grow 2.6 percent q-o-q.

According to the report, the advance in real GDP in the fourth quarter was due to increases in private inventory investment, consumer spending, federal government spending, state and local government spending, and nonresidential fixed investment, which, however, were partly offset by declines in residential fixed investment and exports. Meanwhile, imports, which are a subtraction in the calculation of GDP, went down.

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