The first estimate had been for growth of 1.1% at the annual rate, the measure preferred by the United States, which compares GDP with the three previous months and then projects the evolution of the first quarter.
The full-year rate represents a sharp drop compared to the fourth quarter of 2022, when the economy grew 2.6%.
According to the US Bureau of Economic Analysis (BEA), the improvement in the annual calculation of GDP is due to an upward revision of private investment and public spending, as well as non-residential investment and consumption and exports, which offset the least residential investment. Imports were also revised upwards.
Using the same calculation method as other advanced economies, compared to the previous quarter, growth remains at 0.3%, half the pace of the last quarter of 2022 (0.6%).
This is explained by the actions of the Federal Reserve (Fed) to fight high inflation, using the increase in interest rates as a tool.
At the beginning of the month, the Fed raised the official interest rate by 25 basis points, to place it in a range between 5% and 5.25%, its highest rate in 15 years.
with information from EFE