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U.S. GDP growth in the fourth quarter of last year was revised down to 3.2%

2024-02-29

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Revised data released by the U.S. Department of Commerce on the 28th showed that the U.S. real gross domestic product (GDP) in the fourth quarter of 2023 grew by 3.2% on an annual basis, which was revised down by 0.1 percentage point from the first estimate.

The Commerce Department said the latest data mainly reflected downward revisions to indicators such as private inventory investment, offsetting increases in personal consumption expenditures and nonresidential fixed asset investment.

Specifically, in the fourth quarter of last year, personal consumption expenditures, which accounted for about 70% of the U.S. economy, grew by 3%, an increase of 0.2 percentage points from the previous data. Non-residential fixed asset investment, which reflects the investment status of enterprises, increased by 2.4%, an increase of 0.5 percentage points. In the quarter, private inventory investment dragged down the economy by 0.27 percentage points, and net exports of goods and services boosted economic growth by 0.32 percentage points, both of which were lower than the first forecast data.

For the whole of 2023, the U.S. economy will grow by 2.5%, which is the same as previous data. The Commerce Department credited personal consumption spending, nonresidential fixed asset investment and state and local government spending with boosting economic growth last year.

The U.S. Commerce Department typically makes three estimates of quarterly economic data based on continuously improving information. The final revised economic data for the fourth quarter and full year of last year will be released on March 28.

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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U.S. GDP growth in the fourth quarter of last year was revised down to 3.2%

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