Real GDP Increases at an Annual Rate of 2.4% in Q2, BEA Reports in Its “Advance” Estimate
Gross Domestic Product, Second Quarter 2023 (Advance Estimate)
The Bureau of Economic Analysis (BEA) released Thursday (7-27-23) its “advance” estimate for 2023Q2 real gross domestic product (GDP). According to the report, GDP increased at an annual rate of 2.4%. This follows a reported real GDP increase of 2.0% in 2023Q1.
The “advance” GDP estimate is based on source data that are incomplete and subject to further revision by the source agency. The “second” estimate for Q2, based on more complete data, is scheduled to be released on August 30th.
The increase in real GDP reflected increases in consumer spending, nonresidential fixed investment, state and local government spending, private inventory investment, and federal government spending that was partly offset by decreases in exports and residential fixed investments. Imports, which are a subtraction in the calculation of GDP, decreased.
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