US revises down GDP for Q4 to 2.7%

The United States Federal Reserve is likely to keep raising interest rates as it wrestles with stubborn inflation [File: Marta Lavandier/AP Photo]

The United States economy expanded at a 2.7 percent annual rate from October through December 2022, a solid showing despite rising interest rates and elevated inflation, the government said Thursday in a downgrade from its initial estimate.

The government had previously estimated that the economy grew at a 2.9 percent annual rate last quarter.