(MENAFN) The latest data released by the Commerce Department's second reading on Wednesday indicates that the US economy expanded by 3.2 percent in the fourth quarter of 2023. This figure, while still reflecting growth, marks a slight adjustment from the initial reading of 3.3 percent reported the previous month. Preceding this, in the third quarter of the prior year, the American economy had demonstrated more robust growth, expanding by 4.9 percent.
In terms of the current dollar GDP, the fourth quarter witnessed a notable increase of 4.9 percent at an annual rate, resulting in a total of USD27.94 trillion. This reflects a substantial uptick of USD334.5 billion in the fourth quarter alone. Interestingly, this latest estimate represents an upward revision of USD5.8 billion compared to the previously provided estimate in January.
The adjustment in the GDP figures underscores the dynamic nature of economic data and the continuous efforts to refine and accurately assess the state of the economy. Despite the slight revision, the overall trajectory still indicates positive growth in the US economy, albeit at a slightly slower pace than initially projected.
"Current-dollar personal income increased USD219.5 billion in the fourth quarter, a downward revision of USD5.4 billion from the previous estimate," the agency stated in a declaration.
"Personal saving was USD809.2 billion in the fourth quarter, a downward revision of USD22.4 billion from the previous estimate," it further mentioned.
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