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Q2 GDP Growth at 2.1% Annual Rate

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From the BEA: Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), Second Quarter 2023 and Comprehensive UpdateReal gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023, according to the “third” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 2.2 percent (revised).

The GDP estimate released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the increase in GDP was also 2.1 percent. The update primarily reflected a downward revision to consumer spending that was partly offset by upward revisions to nonresidential fixed investment, exports, and inventory investment. Imports, which are a subtraction in the calculation of GDP, were revised down (refer to “Updates to GDP”).

The increase in real GDP reflected increases in nonresidential fixed investment, consumer spending, and state and local government spending that were partly offset by a decrease in exports. Imports decreased.
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Here is a Comparison of Third and Second Estimates. PCE growth was revised down from 1.7% to 0.8%. Residential investment was revised up from -3.6% to -2.2%.

Click on graph for larger image.

The BEA also released the Comprehensive Update.

This graph shows the change in quarterly GDP from the 2023 comprehensive update of the National Economic Accounts (seasonally adjusted annual rate) for the last 5 years.

Note that Q2 and Q3 2020 are off the chart due to the pandemic and are labeled.

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