President Joe Biden touted the Bureau of Economic Analysis’s strong gross domestic product report as an outgrowth of his plan to grow “the economy from the middle out and the bottom up.”

The BEA’s report, adjusted for inflation, showed the economy growing 3.3% in the fourth quarter of 2023, outpacing projections and allaying concerns of a recession. For the entire year, GDP grew 2.5% on average, with a 3.1% relative change compared to the year prior.