Real GDP in 2023Q1 Increased at an Annual Rate of 1.1%, BEA Reports in Its “Advance” Estimate
Gross Domestic Product, First Quarter 2023 (Advance Estimate)
The Bureau of Economic Analysis (BEA) released Thursday (4-27-23) its “advance” estimate for 2023Q1 real gross domestic product (GDP). According to the report, GDP increased at an annual rate of 1.1%. This follows a reported real GDP increase of 2.6% in 2022Q4.
The “advance” GDP estimate released today is based on source data that is incomplete and subject to further revision by the source agency. The “second” estimate for Q1, based on more complete data, is scheduled to be released on May 25th.
The increase in real GDP reflected increases in consumer spending, exports, federal government spending, state and local governments spending, and nonresidential fixed investments. Those gains were partially offset by decreases in private inventory investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.