Author Topic: GDP grew at 2.6% rate in fourth quarter of 2022 despite pressure from rising rates  (Read 131 times)

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GDP grew at 2.6% rate in fourth quarter of 2022 despite pressure from rising rates
by Zachary Halaschak, Economics Reporter |
March 30, 2023 08:32 AM

The economy grew at a 2.6% annual rate in the fourth quarter of last year, showing strength in the face of economic challenges, the Bureau of Economic Analysis reported Thursday in a revised estimate.

The GDP numbers, adjusted for inflation, were revised down slightly from the previous estimate of 2.7%. Thursday’s report, which is the final GDP estimate for last year’s fourth quarter, showed household spending and business investment slowing to end the year.

For all of 2022, the economy grew 2.1% — a year marked first by recession fears and then by the biggest surge of inflation in decades, which prompted an intense campaign by the Federal Reserve to ease price pressures through interest rate hikes.

Last year’s GDP growth follows 2021’s gangbuster 5.9% GDP growth, which was so unusually high because it marked a year of reopening and economic recovery from the lows of the pandemic.

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