A report from the Commerce Department revealed on Thursday that the U.S.
economy expanded less
than initially estimated in the fourth quarter of 2022, as a downward revision
to consumer spending that was partly offset by an upward revision to
nonresidential fixed investment. In addition, imports, which are a subtraction
in the calculation of GDP, were revised upwardly.
According to the second estimate, the U.S. gross domestic product (GDP)
grew at an annual rate of 2.7 percent in the fourth quarter, being below the
2.9 percent expansion reported in the advance estimate.
Economists had predicted the growth rate to remain unrevised at 2.9
In the previous quarter, the economy increased by 3.2 percent q-o-q.
The Q4 gain in real GDP was due to advances in private inventory
investment, consumer spending, nonresidential fixed investment, federal
government spending, and state and local government spending, which, however, were
partly offset by drops in residential fixed investment and exports. In
addition, imports declined.