U.S. economic growth slowed to a 2.9% annual rate in the fourth quarter of 2022, bringing an end to a year marked by high inflation. In the third quarter of last year, real GDP increased 3.2%, the U.S. Commerce Department said Thursday. “The deceleration in real GDP in the fourth quarter primarily reflected a downturn in exports and decelerations in nonresidential fixed investment, state and local government spending and consumer spending,” according to the Commerce Department report. “These movements were partly offset by an upturn in private inventory investment, an acceleration in federal government spending, and a smaller decrease in residential fixed investment.”
Source: Atchison Globe Now
