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Monday, August 15, 2022
HomeNewsEconomyRevision to 4Q GDP Beats Forecast, Consumers Boost Previous Estimates

Revision to 4Q GDP Beats Forecast, Consumers Boost Previous Estimates

File photo: Shipping cranes and containers at a U.S. port depicting the trade of imports, exports and overall gross domestic product, or GDP. (Photo: REUTERS)
File photo: Shipping cranes and containers at a U.S. port depicting the trade of imports, exports and overall gross domestic product, or GDP. (Photo: REUTERS)

File photo: Shipping cranes and containers at a U.S. port depicting the trade of imports, exports and overall gross domestic product, or GDP. (Photo: REUTERS)

The U.S. economy grew at a slightly faster pace in the fourth quarter than initial estimates indicated, as consumer spending shows greater strength going into 2017. The Commerce Department said Thursday the third reading on fourth-quarter gross domestic product (GDP) came in at 2.1%.

The median forecast expected GDP to come in at a 2.0% annualized pace, up from 1.9% in the first two estimates. Consumer spending offset the drag the trade deficit has been on overall GDP.

Still, the revision did not change economic growth as measured by GDP for the entire year, which was an abysmal 1.6%. That’s the worst reading in 5 years.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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