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

The growth comes amid high inflation and historically high interest rates.

January 26, 2023 8:40am

Updated: January 26, 2023 8:53am

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.

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