US economy grew 2.3% in fourth quarter

The U.S. economy grew at a rate of 2.3% in the fourth quarter, in line with the prior reading and economists' expectations.

The Commerce Department's Bureau of Economic Analysis (BEA) on Thursday released its first revision of the estimate for fourth quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 2.3% in the fourth quarter, which runs from October through December.

Economists surveyed by LSEG had expected the economy to grow at a 2.3% rate in the quarter. The BEA's preliminary estimate of GDP in the quarter that was released last month also came in at 2.3%, though economists expected 2.6% growth at the time.

GDP growth slowed in the fourth quarter when compared with the third quarter, which had 3.1% growth. The BEA noted the deceleration in the fourth quarter was primarily due to downturns in investment and exports that were partially offset by an acceleration in consumer spending, while imports declined.

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