US economy grew at 3.3% rate in fourth quarter

News

Stay informed with free updates

US gross domestic product grew at an annualised rate of 3.3 per cent during the final quarter of last year, capping off a stronger-than-anticipated 2023 for the world’s largest economy.

While the fourth-quarter rate was slower than the 4.9 per cent expansion recorded in the preceding three month period, it still means the US economy beat expectations for a year when output was expected to stagnate.

The figure was substantially higher than economists’ estimates. On average, they were forecasting an expansion of 2 per cent, according to a Refinitiv poll.

The first estimate, published by the Bureau for Economic Analysis on Thursday, indicates the US economy is on track for a soft landing, with inflation tamed without triggering a recession.

This is a developing story

Articles You May Like

Gautam Adani indicted in the US for alleged bribery scheme
Munis strike better tone while large new-issue slate takes focus
Ukraine strikes Russia with US-made long-range missiles for first time
Dental supply stock rallies on theory RFK’s anti-fluoride stance will prompt more dentist visits
Russia fires intercontinental ballistic missile at Ukraine for first time, Kyiv says