Real GDP in Q2 2022 Decreased at an Annual Rate of 0.6%, BEA Reports in Its “Third” Estimate

The Bureau of Economic Analysis (BEA) released today (9-29-22) its “third” estimate for Q2 2022 real gross domestic product (GDP). According to the report, GDP decreased at an annual rate of 0.6% in Q2 2022. The decline follows a Q1 2022 real GDP of -1.6% (same as previously published).

The “third” estimate of GDP released today is based on more complete source data than were available for the “second” estimate issued last month. In the that estimate, the decrease in real GDP was also 0.6%. The update primarily reflected an upward revision to consumer spending that was offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down.

The BEA notes that the smaller decrease in Q2 reflects an upturn in exports, an acceleration in consumer spending, and a smaller decrease in federal government spending that were partly offset by a downturn in private inventory investment, a deceleration in nonresidential fixed investment, and a larger decrease in residential fixed investment. Imports decelerated.