Economy grew by 2.7% in fourth quarter of 2022, holding up despite rising interest rates
Zachary Halaschak
February 23, 2023 08:33 AM
The economy expanded by 2.7% in the fourth quarter of last year, showing resilience in the face of economic challenges, the Bureau of Economic Analysis reported in a revised estimate Thursday.
The GDP numbers, adjusted for inflation, were revised down from the previous estimate of 2.9%. Thursday's report is the second of three estimates of GDP.
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.
"The downward revision to GDP growth in the fourth quarter came from downward revisions to consumer spending and exports. There were partially offset by upward revisions to business fixed investment and investment in housing," said PNC chief economist Gus Faucher. "Much of the increase in real GDP in the fourth quarter came from investment in inventories, which added 1.5 percentage points to annualized growth."
more
https://www.washingtonexaminer.com/policy/economy/economy-grew-by-2-7-in-fourth-quarter-of-2022-holding-up-despite-rising-interest-rates
