Economy

According to the "third" estimate, the real gross domestic product (GDP) grew at an annual rate of 3.4 percent in the fourth quarter of 2023. There was a 4.9 percent increase in real GDP in the third quarter. A decline in private inventory investment partially offset the gain in the fourth quarter, which was mostly driven by increases in consumer spending, state and local government spending, exports, nonresidential fixed investment, and federal government spending. The GDP is calculated by deducting imports, which grew.