The Gross Domestic Product (GDP), a metric encompassing the total value of goods and services produced, exhibited a growth of 3.3% at an annualized rate during the fourth quarter of 2023, surpassing Wall Street’s anticipated 2% increase.

The overall U.S. economy in 2023 experienced a notable acceleration with a 2.5% annualized pace, surpassing initial Wall Street expectations, which foresaw minimal gains, and outperforming the 1.9% growth observed in 2022.

The expansion was propelled by robust consumer spending and government expenditures, CNBC has reported.

Additionally, there was positive progress in addressing inflation concerns, with core prices for personal consumption expenditures increasing by 2% during the period, while the headline rate stood at 1.7%.

Written by B.C. Begley