US Q4 Growth Rate Confirmed at 6.9%... Positive for 6 Consecutive Quarters
[Asia Economy New York=Special Correspondent Joselgina] The United States' economic growth rate has recorded positive growth for six consecutive quarters.
The U.S. Department of Commerce announced on the 30th (local time) that the final GDP growth rate for the fourth quarter of last year was 6.9% (annualized). This was revised downward by 0.1 percentage points from the previously released preliminary figure. The U.S. growth rate is released three times: as a flash estimate, a preliminary estimate, and a final estimate.
The annual GDP growth rate for last year was 5.7%, marking the largest growth in 37 years since 1984's 7.2%. This rapid recovery is attributed to the Biden administration's fiscal stimulus measures despite the spread of COVID-19.
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However, due to recent inflation, the impact of Russia's invasion of Ukraine, and the Federal Reserve's tightening measures, growth is expected to slow in the first quarter of this year.
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