US: GDP surprised to the upside in Q4 – UOB – by pabspiovano GDP UnitedStates Banks
Senior Economist at UOB Group Alvin Liew reviews the latest US GDP figures during the October-December period.“The advance estimate of the 4Q 2022 GDP surprised on the upside with a 2.9% q/q SAAR expansion , from an unchanged 3.2% in 3Q. Compared to one year ago, the US GDP grew by +1.0% y/y in 4Q, easing from 1.9% in 3Q. For the full year, US GDP grew by 2.1% in 2022, from 5.9% in 2021.”
“The 2.9% expansion in 4Q was due to the volatile private inventories which contributed to half of the gain while government spending rose the fastest pace since 1Q 2021. While private consumption expenditure rose in 4Q, it came in below expectations and together with the disappointment from the inflation adjusted sales to private domestic buyers, raised concerns about US consumer, under the weight of an elevated inflation environment.
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