U.S. Economy Expanded More Than Initial Estimates in Q4 2023

In the fourth quarter of 2023, the US economy experienced further growth than previously reported, according to a report from the Bureau of Economic Analysis released on Thursday. The Gross Domestic Product (GDP) was revised up to an annual rate of 3.4%, while personal income saw an increase of $230.2 billion in the fourth quarter, up $10.7 billion from the previous estimate.

The real GDP, adjusted for inflation, increased by 3.2%. This update was primarily due to upward revisions in consumer spending and nonresidential fixed investment, although private inventory investment saw a slight downward revision. Driving the increase in real economic output were consumer spending, government spending, exports, and fixed investments.

In addition to the overall growth of the economy, personal saving also saw growth in the fourth quarter. It increased by $6.3 billion to $815.5 billion and the savings rate climbed by one percent to 4%. Moreover, domestic U.S. corporate profits increased by $5.9 billion compared to a $9 billion rise in profits for the third quarter of 2023

By Sophia Gonzalez

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