China News Agency, Washington, December 22 (Reporter Sha Hanting) The final revised data released by the U.S. Department of Commerce on the 22nd local time showed that the U.S. gross domestic product (GDP) in the third quarter of this year grew at an annual rate of 3.2%, compared with 11. The revised data released at the end of the month was revised up by 0.3 percentage points.
Data show that in the third quarter of this year, personal consumption expenditure, which accounts for about 70% of the total U.S. economy, grew by 2.3%, an increase of 0.6 percentage points from the November data; non-residential fixed asset investment, which reflects the state of business investment, increased by 6.2%, which is the same as the 11 Compared with the monthly data, it was revised up by 1.1 percentage points.
In addition, net exports drove economic growth by 2.86 percentage points in the quarter; private inventory investment dragged down the economy by 1.19 percentage points in the quarter.
According to US media reports, the increase in economic data for the third quarter is mainly due to a relatively large increase in personal consumption expenditures.
Economists believe that despite the Fed's continuous interest rate hikes, the U.S. economy is growing well, especially U.S. household consumption remains strong.
But for 2023, experts expect a slowdown in economic growth or even a recession.
According to data from the U.S. Department of Commerce, U.S. GDP fell by 1.6% and 0.6% in the first and second quarters of this year, respectively.
By convention, an economy is considered to have entered a technical recession if it has experienced two consecutive quarters of decline.
The Commerce Department typically makes three estimates of quarterly economic data based on constantly improving information.
The first estimate of GDP for the fourth quarter of this year will be released on January 26.
(use up)