Boyle Statement on Fourth Quarter GDP Growth

WASHINGTON, DC – Today, Pennsylvania Congressman Brendan F. Boyle, Ranking Member of the House Budget Committee, released the following statement after the Bureau of Economic Analysis released its initial estimate of fourth quarter Gross Domestic Product (GDP) for 2023. The report indicates that GDP grew 3.3 percent on an annualized basis in Q4, bringing GDP growth for 2023 to 2.5 percent.

“The 3.3 percent GDP increase in Q4 of 2023 caps off a year of exceptional growth for our economy,” said Ranking Member Boyle. “With last year’s numbers, average annual GDP growth for the first three years of the Biden administration comes in at 3.4 percent, far outpacing the 2.6 percent during the first three years of the Trump administration. Unemployment is near record lows, inflation is down, consumer sentiment is up, and the Biden economy is delivering for American families.”

“We can’t forget how we got here: When our nation faced an unprecedented economic and public health crisis, President Biden and Congressional Democrats took aggressive action to get assistance to middle class families, create jobs for Americans rebuilding our infrastructure, and enact historic legislation lowering prescription drug and energy prices. The investments we made are working – and Democrats will continue working to lower costs and ensure our economy works for everyone. While Republicans sow chaos, play political games and fight for the attention of Donald Trump, Democrats are delivering for the people.”

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