US real gross domestic product increased at an annual rate of 3.4% in the fourth quarter of 2023, according to the third estimate released today by the Bureau of Economic Analysis. The GDP increased slightly more than economists had estimated but less than the 4.9% reported in the third quarter of 2023. 

The Associated Press reported that the US economy grew 2.5% for all of 2023, up from 1.9% in 2022.  

The third estimate is based on more complete source data than the first and second estimates. It reflected upward revisions to consumer spending, nonresidential fixed investment and state and local government spending, partly offset by downward revisions to private inventory investment and exports. Imports were revised downward. 

An advance estimate of first-quarter 2024 GDP growth is scheduled for April 25.