New York: US GDP growth slowed to 2.7 percent in the last quarter of 2022 (October-December). The Commerce Department had earlier claimed that it had grown by 2.9 percent. The GDP growth rate was revised down following a revision in consumer spending.
Meanwhile, the total GDP growth rate for 2022 is unchanged (2.1 percent). The Federal Reserve’s massive hike in key interest rates to tame inflation hit demand in the housing sector and weighed on GDP growth last quarter. GDP growth in the third quarter (July-September) was 3.2 percent.
Economic observers estimate that the growth rate will be low in the first quarters of 2023 in the United States, the world’s largest economy.
