UNITED STATES Macro Note, March 2024 | VRS UK-based Research Team
In 2023, the United States economy registered robust growth, with a Gross Domestic Product increase of 3.3% in the fourth quarter, resulting in an overall annual growth rate of 3.1%. This expansion was mainly driven by a 2.8% increase in consumer spending, despite the prevailing challenges caused by elevated interest rates, persistent inflation, and looming recession fears. The positive momentum entering the current year is bolstered by carry-over effects from the preceding year, suggesting a continuation of economic expansion. However, it should be noted that the economic outlook is subject to several downside risks.
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