Real gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2022 (see, table below), according to the "advance" estimate released by the Bureau of Economic Analysis. The positive number was driven in part by the start of the new federal fiscal year spending and the traditional holiday consumer season. In the third quarter, real GDP increased 3.2 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the fourth quarter, based on more complete data, will be released on February 23, 2023. For the year, with two down quarters and now two up ones, the total GDP for the year is less than 2.0 percent.