US real GDP increased by $800.5B to $24T in October-December last year
US annual economic growth in the fourth quarter of 2021 was revised down to 6.9% in the Commerce Department’s third and final reading released on Wednesday.
The first reading was 6.9% while the second announced last month placed the figure at 7%.
Market forecast for the third reading was 7.1%.
“The downward revision primarily reflected downward revisions to personal consumption expenditures and exports that were partly offset by an upward revision to private inventory investment,”read a statement.
The US’ real gross domestic product (GDP) increased 2.3% in the third quarter.
The GDP, based on the current dollar standing, increased by $800.5 billion at an annual rate in October-December 2021 to $24 trillion, the statement said.
The Personal Consumption Expenditures (PCE) price index increased 6.4% in the last quarter of 2021.
Excluding food and energy prices, the PCE price index increased 5%, compared with an increase of 4.6%, it added.