Real GDP Increases at an Annual Rate of 3.3% in 2023Q4, BEA Reports in Its “Advance” Estimate
The Bureau of Economic Analysis (BEA) released on Thursday (1-25-24) its “advance” estimate for 2023Q4 real gross domestic product (GDP). According to the report, real GDP increased at an annual rate of 3.3% in Q4, following a reported real GDP increase of 4.9% in Q3.
The increase in real GDP reflected increases in consumer spending, exports, state and local government spending, federal government spending, private inventory investment, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
Compared to Q3, the deceleration in real GDP in Q4 primarily reflected slowdowns in private inventory investment, federal government spending, residential fixed investment, and consumer spending. Imports also decelerated.
The “advance” GDP estimate is based on source data that are incomplete or subject to further revision. The “second” estimate, scheduled to be released on February 28th, will be based on more complete data.
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