The United States gross domestic product (GDP) grew 3.4% year over year in the fourth quarter of 2023, the Bureau of Economic Analysis announced in its third estimate report on Thursday. The reading was higher than the 3.3% registered in the first estimate and the 3.2% reported in the second.
“The GDP estimate released today is based on more complete source data than were available for the ‘second’ estimate issued last month. In the second estimate, the increase in real GDP was 3.2 percent,” the agency noted.
The price index for gross domestic purchases grew by 1.7% year-on-year, 0.1 percentage points lower than in the second estimate. The personal consumption expenditures (PCE) price index grew by 1.8%, a drop of 0.3 percentage points compared to the previous document. Excluding food and energy prices, the PCE price index saw a 2% increase, down 0.1 percentage point in comparison to the prior estimate.