U.S. economy expands 3.4% in Q4, shows final reading

The U.S. economy expanded 3.4% in the fourth quarter of 2023, according to the Commerce Department's third and final reading released Thursday.

The figure is revised up from the second reading of 3.2% made last month.

The American economy expanded by 4.9% in the third quarter of last year.

The current dollar GDP increased 5.1% at an annual rate, or $346.9 billion, in the fourth quarter to reach $27.96 trillion, the Commerce Department said in a statement.

This is an upward revision of $12.4 billion from the previous estimate that was made in February, it added.