GDP: US economy grows at slower-than-expected pace in fourth quarter

he US economy grew at a slower-than-expected pace in the fourth quarter.

The Bureau of Economic Analysis’s advance estimate of fourth quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 2.3% during the period, below the 2.6% growth expected by economists surveyed by Bloomberg. The reading came in lower than the 3.1% growth seen in the third quarter.

Increases in consumer spending and government spending drove economic growth in the quarter while decreases in investment offset some gains. For the year, the US economy grew at 2.8% pace, slightly below the 2.9% number seen in 2023 but above the 2.5% growth seen in 2022.

Source: FINANCE.YAHOO