The US’s GDP in Q4 2022 increased by 2.9%, more than the expected 2.8%.
Despite beating expectations, GDP during Q4 increased slower compared to Q3 2022, when it recorded a 3.2% annual growth for the quarter.
Consumer spending, which accounts for almost 70% of GDP, increased by 2.1% during Q4, slightly less than in Q3.
Although the economy recorded higher-than-expected growth figures, the economy continues to slow down in growth, a huge sign of a recession.
The economy is expected to go into a mild recession in H1 2023 due to interest rate hikes.