Dhe economy in the United States grew somewhat weaker than expected at the end of 2022. Gross domestic product (GDP) increased by 2.7 percent on the year in the fourth quarter, the Department of Commerce announced on Thursday in Washington after a second estimate. In a first estimate, growth of 2.9 percent was determined. On average, bank economists had expected a confirmation of the initial estimate.
Compared to the third quarter, the pace of growth was somewhat weaker. At that time, the economy had grown by 3.2 percent. Growth in the months from October to December was supported by increases in consumer spending, which, however, were lower than the first estimate.
Private investments have grown more strongly than initially estimated. On the other hand, there was a headwind from the weakening real estate market.
US growth figures are annualized, i.e. extrapolated for the year. They indicate how much the economy would grow if the current pace continued for four quarters.
This approach is not used in Europe, which is why the growth figures are not directly comparable. To approximate a growth rate comparable to Europe, you would have to divide the US rate by four.