In the fourth quarter of 2023, the U.S. economy grew at an annualized rate of 3.3% growth, exceeding market expectations of 2%。Preliminary data show slower growth in consumer spending (YoY growth of 2.8%, compared to 3 in the third quarter.1%), service consumption accelerated (YoY growth 2.4%, compared to 2 in the third quarter.2%)。

Meanwhile, government spending also grew at a slower pace in the fourth quarter (YoY + 3.3%, compared to 5 in the third quarter.8%)。

Export growth accelerated (YoY + 6.3%, compared to 5 in the third quarter.4%), while import growth slowed (YoY growth of 1.9%, compared to 4 in the third quarter.2%)。

Non-residential investment accelerated in Q4 (YoY + 1.9%, compared to 1 in the third quarter.4%), driven by a rebound in equipment investment and a surge in intellectual property。

Residential investment continued to grow in the fourth quarter, but at a slower pace, data show。

Throughout 2023, U.S. gross domestic product (GDP) grew by 2.5%, compared to 1 in 2022.9% growth improved, but was slightly lower than the Fed's 2.6% forecast。