Real GDP Increased at an Annual Rate of 1.3% In 2023Q1, BEA Reports in Its “Second” Estimate
The Bureau of Economic Analysis (BEA) released Thursday (5-25-23) its “second” estimate for 2023Q1 real gross domestic product (GDP). According to the report, GDP increased at an annual rate of 1.3%. This follows a reported real GDP increase of 2.6% in 2022Q4.
The “second” estimate released today is based on more complete data than were available for the “advance” estimate issued last month. In the “advance” estimate, the increase in real GDP was 1.1%. The updated estimates primarily reflected an upward revision to private inventory investment.
The increase in real GDP reflected increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment. Those were partly offset by decreases in private inventory investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The “third” and final estimate for Q1, based on more complete data, is scheduled to be released on June 29th.
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