GDP in fourth quarter grew at annualized rate of 2.9%, federal government

Gross domestic product, the market value of U.S. goods and services, increased in the fourth quarter of last year at an annualized rate of 2.9%, the Commerce Department said Thursday.

The growth comes amid high inflation and historically high interest rates. The fourth quarter is from October to December.

The increase is nevertheless a slowdown since from the 3.2% growth in the third quarter, which was preceded by two consecutive quarters of contraction, according to CNN.