Updated figures show that gross domestic product, adjusted for inflation, grew faster in 2021, 2022 and early 2023 than previously reported.According to updated figures released by the federal government, the U.S. gross domestic product (GDP) grew at a faster rate in 2021, 2022, and early 2023 than previously reported. This indicates that the economy rebounded from the pandemic even more quickly than initially believed.

The Commerce Department’s annual process of incorporating new data into their quarterly releases showed that the GDP, adjusted for inflation, experienced stronger and more consistent growth during this time period. While the revisions were relatively small, they suggest that the recovery from the pandemic was stronger than earlier data showed.

One notable change is that the government now reports a slight growth in the second quarter of 2022, rather than a contraction as previously believed. This means that the U.S. economy did not experience two consecutive quarters of declining GDP, which is often considered a recession. However, the official arbiter of recession in the United States, the National Bureau of Economic Research, defines a recession as a significant decline in economic activity over a period of several months, and makes their decisions based on various indicators.

It is important to note that these revisions do not change the overall picture of the economy’s recovery from the pandemic, which has been one of the fastest on record. The updated data simply provides a more accurate and complete understanding of the economic landscape during this time period. 

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