The United States economy is progressing

Washington (AP) – The American economy grew at a strong annual rate of 3.2% in the last quarter of 2023, driven by consumer spendingaccording to the Ministry of Commerce.

GDP expansion declined compared to the 4.9% recorded between July and September. This is also a slight decrease from the 3.3% the Commerce Department initially announced last month. GDP of the United States It has risen by more than 2% in six straight quarters, despite concerns that interest rate hikes will push the economy into recession..

Quite apart from that, the US economy grew by 2.5% in 2023, exceeding 1.9% in 2022.

Consumer spending, which accounts for 70% of total economic activity in the United States, It grew at an annual rate of 3% in the period from October to December. Rising exports and increased spending by state and local governments also contributed to growth in the fourth quarter.
Forecasts indicate that the US economy will continue to grow in 2024. The International Monetary Fund estimates it will grow by 2.1%, more than double what it expects for Japan, Germany, the United Kingdom, France and Italy..

The economy is one of the main issues in the presidential election campaign scheduled for November.

Many Americans are angry about rising prices and blame President Joe Biden. Although inflation has declined and hourly wages have risen more than prices over the past year, consumer prices remain 17% higher than their level three years ago.