U.S. gross domestic product (GDP) rose 3.2% in third-quarter 2022 as compared to the previous quarter. The two largest components of GDP — personal consumption and government expenditures — grew at rates of 2.3% and 3.7%, respectively. GDP growth declined to 2.6% in the fourth quarter, as personal consumption increased just 1%. Government expenditures, which are roughly one-third of consumption expenditures in dollar terms, grew 3.8%.
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