US economy grows 2.9% in Q4
The gross domestic product (GDP) of the United States grew 2.9% in the fourth quarter of 2022 compared to the same period in the previous year, according to the "advance" estimate from the Bureau of Economic Analysis published on Thursday. The US economy expanded by 3.2% in the third quarter of 2022.
The price index for gross domestic purchases rose by 3.2% in the fourth quarter, 1.6 percentage points lower than in the previous trimester. The personal consumption expenditures (PCE) price index increased by 3.2%, down from a 4.3% rise in the prior quarter. Excluding food and energy prices, the PCE price index was up 3.9%, 0.8 percentage points slower compared to the previous three-month period.
In full 2022, the GDP grew at a 2.1% pace, compared to the 5.9% economic expansion seen in 2021.