GDP growth in the fourth quarter was revised up by 0.2 percentage points to a 3.4% seasonally adjusted annual rate, showing the economy ended 2023 on stronger footing than previously realized.
The new data, adjusted for inflation, were published Thursday by the Bureau of Economic Analysis in its report for GDP for the fourth quarter and for all of last year.
This was the third and final revision, meaning that these represent the final GDP figures. The data showed the economy expanded 2.5% for all of 2023, a rate that was not revised.
Thursday’s final report shows the economy fared much better in 2023 than was expected. Notably, a year ago, Federal Reserve officials were projecting that GDP growth would only grow by 0.5% in 2023.
“Net, net, the economy outperformed in the second half of last year despite the attempt
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