The U.S. GDP grew at a 3.3% annualized rate in the fourth quarter of 2023, beating Wall Street consensus estimates of 2% following 4.9% growth in the third quarter.
Overall for 2023, the U.S. economy grew at a 2.5% annualized pace, again beating Wall Street estimates for little or no growth. It also bested 2022, which saw 1.9% growth.
The numbers were driven by strong consumer spending, with personal consumption expenditures up 2.8% during the quarter, as well as state and local government spending, up 3.7%, and federal government spending, up 2.5%. Meanwhile, gross private domestic investment increased by 2.1%.
“This year has been like Rock ‘Em Sock ‘Em Robots, and the economy is knocking the blocks off the economists, always outperforming,” said Dan North, senior economist with Allianz Trade Americas.
