US Economy Grows Faster Than Expected in 2023 Despite Fed Rate Hikes, Revised US GDP Data Shows

COINOTAG news, September 26, the revised US GDP data released tonight illustrated that the US economy expanded more rapidly than initially expected in 2023, driven by stronger business investment and consumer spending, despite aggressive interest rate hikes by the Federal Reserve. The 2023 US GDP growth rate was adjusted upwards to 2.9%, surpassing the previous 2.5% forecast. Enhancements in residential investment, particularly residential construction, significantly contributed to this revision. The 2022 economic growth rate was also updated, increasing by 0.6 percentage points to 2.5%, primarily due to the upward revision in consumer spending and business investment. The Bureau of Economic Analysis (BEA) of the US Department of Commerce annual benchmark data revealed a substantial rise in corporate profits for last year. Adjustments to inflation figures were minimal, while the savings rate saw an increase. According to Dave Wasshausen, deputy director of the National Economic Accounts Department of the BEA, the overall economic landscape remains largely unchanged.