The US economic growth for the fourth quarter of 2022 was revised down to 2.7%, according to the Commerce Department’s second reading released on Thursday.
The first reading made for the figure on Jan. 26 was 2.9%. Real gross domestic product (GDP) increased by 3.2% in the third quarter of last year.
"The updated estimates primarily reflected a downward revision to consumer spending that was partly offset by an upward revision to nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, were revised up," the Commerce Department said in a statement.
Current‑dollar GDP increased 6.7% at an annual rate, or $421.1 billion, in the fourth quarter to reach $26.15 trillion, it added.
This, however, is an upward revision of 0.2 percentage points, or $12.5 billion, from the previous estimate, it noted.
The downward revision for the key macroeconomic data comes as the Federal Reserve's aggressive monetary tightening policy saw multiple rate hikes last year, causing fears of a significant slowdown in the world's largest economy.
