US economy expands 2.9% in Q4, slowing from 3.2% in Q3

ISTANBUL. KAZINFORM-The US economy expanded 2.9% in the fourth quarter of 2022 despite recession fears, according to the Commerce Department’s first reading released on Thursday, Anadolu Agency reports.

The figure came higher than the market estimate of 2.6%, but it slowed down from 3.2% expansion in the third quarter of the last year.

The current dollar gross domestic product increased 6.5% at an annual rate, or $408.6 billion, in the October-December period to reach $26.13 trillion, the Commerce Department said in a statement.

In the July-September period, GDP increased 7.7%, or $475.4 billion, it said.

Real GDP increased 2.1% overall in 2022, which was also a slowdown from an increase of 5.9% in 2021, it added.

The slowdown in figures came as the US Federal Reserve's aggressive monetary tightening policy saw multiple rate hikes last year, causing fears of a recession in the world's largest economy.

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