(Washington) U.S. GDP growth in the fourth quarter of 2022 was revised down Thursday to 2.7% from the 2.9% originally reported, with no impact on full-year growth, it said. the Commerce Department on Thursday.
In addition, PCE inflation, which is the measure used by the US central bank (Fed), was revised upwards, showing consumer price growth of 3.7% compared to the third quarter, against 3 .2% initially announced.
Gross Domestic Product (GDP) growth is 2.7% at an annualized rate, a measure favored by the United States, which compares GDP to that of the previous quarter and then projects the evolution over the entire year at this rate.
This development “mainly reflects a downward revision in consumer spending which was partly offset by an upward revision in non-residential fixed investment,” details the Commerce Department in its press release.
Imports have been revised upwards.
Using the same method of calculation as other advanced economies, which simply compare to the previous quarter, growth remains unchanged at 0.7%.
GDP growth for the year 2022 does not change either, and remains at 2.1%.
This is a slower pace compared to 2021, a vintage that had experienced the strongest growth since 1984: 5.9%. The previous year had seen the biggest decline in GDP since 1946 (-3.5%) and two months of recession due to COVID-19.