In the fourth quarter of 2023, the U.S. economy experienced even more growth than initially reported, according to the Bureau of Economic Analysis. The Gross Domestic Product (GDP) was revised up to an annual rate of 3.4%, with personal income also increasing by $230.2 billion, $10.7 billion higher than the initial estimate.
The increase in GDP was primarily driven by rises in consumer spending, government spending, exports, and fixed investments. This upturn in economic output indicates a growing economy with positive prospects for the future. Personal saving also experienced an increase, reaching $815.5 billion, with a saving rate of 4.0%.
In addition to the GDP growth, domestic U.S. corporate profits saw a significant increase, rising by $5.9 billion compared to the previous quarter. Real gross output for 2023 as a whole increased by 2.1%, showing growth across private goods-producing industries, private services-producing industries, and government sectors.
Prices also showed an upward trend, with the price index for gross domestic purchases increasing by 1
