Business

US economic growth revised up to 7% for 4Q21

GDP rises by $806B in October-December period to over $24T

US economic growth has been revised to an annual rate of 7% for the fourth quarter of 2021, according to the Commerce Department’s second reading released on Thursday.

While the figure came in line with market expectation, the first reading made last month had put the figure at 6.9%.

The US real gross domestic product (GDP) increased 2.3% in the third quarter of 2021.

The GDP, based on the current dollar standing, increased by 14.6% at an annual rate, or $806.2 billion, in the fourth quarter of 2021 to reach $24.01 trillion, a Commerce Department statement said.

“The price index for gross domestic purchases increased 7% in the fourth quarter,an upward revision of 0.1 percentage point,” the statement said.

In the fourth quarter, the personal consumption expenditure (PCE) price index increased 6.3%. Excluding food and energy prices, the PCE price index increased 5%, it added.

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