WASHINGTON, D.C. — The US economy expanded faster than initially anticipated in the years between 2021 and 2023, according to an annual update of government data released on Thursday.
The performance of the world's biggest economy has become a key factor for voters as the United States gears up for its presidential election in November.Americans have been feeling the pinch from higher costs of living in recent years even as inflation has cooled, and this could affect the way they assess the current Democratic administration as they head to the polls.Gross domestic product growth was 2.9 percent for 2023, up from a previously estimated figure of 2.
But the broader picture of the economy remains 'little changed' from earlier estimates, said the Commerce Department.The annual revisions show that the US economy 'grew even stronger than previously thought in recent years and reaffirm that recent performance has been solid as well,' said Michael Pearce, deputy chief economist at Oxford Economics.
Growth Higher Than Expected In 2023
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