Real GDP in 2022Q4 Increased at an Annual Rate of 2.9%, BEA Reports in Its “Advance” Estimate

The Bureau of Economic Analysis (BEA) released today (1-25-23) its “advance” estimate for real gross domestic product (GDP) in 2022Q4. According to the report, real GDP increased at an annual rate of 2.9%. This follows a reported real GDP increase of 3.2% in 2022Q3.

The “advance” GDP estimate released today is based on source data that are incomplete and subject to further revision by the agency. The “second” estimate for Q4, based on more complete data, is scheduled to be released on February 23, 2023.

The increase in real GDP in 2022Q4, reflects increases in private inventory investment, consumer spending, federal government spending, state and local government spending, and nonresidential fixed investment. These were partially offset by decreases in residential fixed investment and exports. Imports, which are a subtraction in the calculation of GDP, decreased.

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