US real gross domestic product increased more slowly than previously estimated, rising at an annual rate of 2.6% in the fourth quarter of 2022, according to the third estimate released today by the US Bureau of Economic Analysis. The previous estimate was 2.7%.

The revision for the third estimate primarily reflected downward revisions to exports and consumer spending.

The increase in real GDP reflected increases in private inventory investment, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by decreases in residential fixed investment and exports.

The US economy could show a similar growth rate in the first three months of 2023, according to Wall Street forecasts, MarketWatch reported. It noted hiring and consumer spending have been stronger than expected, easing worries of a potential recession, at least for now.

Meanwhile, imports, which are a subtraction in the calculation of GDP, decreased in the fourth quarter.

GDP growth in the third quarter was 3.2%.