The US economy expanded an annualized 3.4% in Q4 2023, slightly above the 3.2% previously reported, supported by consumer spending and non-residential business investments, according to the third estimate from the BEA. Consumer spending was revised higher (3.3% vs 3% in the second estimate), led by services (3.4% vs 2.8%) while goods rose less (3% vs 3.2%). Also, non-residential investment was revised higher (3.7% vs 2.4%), due to intellectual property products (4.3% vs 3.3%, structures (10.9% vs 7.5%) and investment in equipment (-1.1% vs -1.7%). Residential investment continued to grow although slightly less than expected (2.8% vs 2.9%). Looking further, government spending rose way more (4.6% vs 4.2%) but both exports (5.1% vs 6.4%) and imports (2.2% vs 2.7%) increased less than initially reported. Meanwhile, the drag from private inventories was much bigger than in the second estimate (subtracted 0.47 pp from the growth vs -0.27 pp). source: U.S. Bureau of Economic Analysis
The Gross Domestic Product (GDP) in the United States expanded 3.40 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in the United States averaged 3.20 percent from 1947 until 2023, reaching an all time high of 34.80 percent in the third quarter of 2020 and a record low of -28.00 percent in the second quarter of 2020. This page provides the latest reported value for - United States GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2024.
The Gross Domestic Product (GDP) in the United States expanded 3.40 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in the United States is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States GDP Growth Rate is projected to trend around 1.80 percent in 2025, according to our econometric models.