Real GDP in 2022Q4 Increased at an Annual Rate of 2.6%, BEA Reports in Its “Third” Estimate
The Bureau of Economic Analysis (BEA) released Thursday (3-30-23) its “third” estimate for 2022Q4 real gross domestic product (GDP). According to the report, real GDP increased at an annual rate of 2.6% in Q4. This follows a real GDP increase of 3.2% in Q3.
The “third” GDP estimate released today is based on more complete data than were available for the “second” estimate issued last month. In the “second” estimate, the increase in real GDP was 2.7%. The update primarily reflected downward revisions to exports and consumer spending. Imports, which are a subtraction in the calculation of GDP, were also revised down.
The increase in real GDP primarily reflected increases in private inventory investment, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending. Those increases were partially offset by declines in residential fixed investment and exports. Imports decreased.
The BEA will release its “advance” estimate for 2023Q1 real GDP on Thursday, April 27th.
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