Based on the S&P Global macroeconomic model, U.S. real GDP is to grow by 0.5% in 2023, with economic growth returning after a contraction in the first quarter of 2023 (1Q23) and 2Q23, APA-Economics reports citing the monthly report of IEA.

In 2024, real GDP will grow by 1.9%, driven primarily by an increase in household consumption. Relatively flat economic growth in 2023 results in total U.S. energy consumption falling by 0.9% in our forecast. Total energy consumption then rises by 1.0% in 2024.

Source: Azeri-Press News Agency