In the second estimate released last month, the increase in real GDP was 2.7 per cent for that quarter.

The increase in real GDP primarily reflects increases in private inventory investment, consumer spending, non-residential fixed investment, federal government spending, and state and local government spending that were partly offset by decreases in residential fixed investment and exports. Imports decreased.

The increase in consumer spending reflected an increase in services that was partly offset by a decrease in goods.

Within exports, a decrease in goods (led by non-durable goods excluding petroleum) was partly offset by an increase in services. Within imports, both goods (led by durable consumer goods) and services (led by transport) decreased, BEA said in a release.

Current-dollar GDP increased by 6.6 per cent at an annual rate, or by $414.1 billion, in the fourth quarter of 2022 to a level of $26.14 trillion, a downward revision of 0.1 percentage point, or $7 billion, from the previous estimate.

Real gross domestic income (GDI) decreased by 1.1 per cent in Q4 2022, in contrast to an increase of 2.8 per cent in Q3.

The average of real GDP and real GDI, a supplemental measure of US economic activity that equally weights GDP and GDI, increased by 0.7 per cent in that quarter compared with an increase of 3 per cent in the third.

Fibre2Fashion News Desk (DS)