Economy grew 3.4% in fourth quarter, remaining strong despite higher interest rates
By
Zachary Halaschak
March 28, 2024 8:34 am
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Gross domestic product growth in the fourth quarter was revised up to an 3.4% seasonally adjusted annual rate, showing the economy ended 2023 on a stronger footing than previously realized.
The new data, adjusted for inflation, were published Thursday by the Bureau of Economic Analysis in its report for gross domestic product for the fourth quarter and for all of last year. The data showed the economy expanded 2.5% for all of 2023.
This was the third and final revision for both the fourth quarter and all of last year, meaning that these represent the final GDP figures.
Data for the fourth quarter were revised up from the previous estimate while the overall GDP reading for last year was remained the same.
Thursday’s final report shows that the economy fared much better in 2023 than was expected. Notably, a year ago, Fed officials were projecting that GDP growth would only grow by 0.5% in 2023.
President Joe Biden has touted the country’s GDP growth as proof that his “Bidenomics” agenda is working — despite his economic approval rating being down and voters consistently expressing concerns about the state of the economy.
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https://www.washingtonexaminer.com/policy/finance-and-economy/2942061/economy-grew-3-4-in-fourth-quarter-remaining-strong-despite-higher-interest-rates/
