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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

December 01, 2022

Today, the Bureau of Economic Analysis released the second estimate of Q3 2022 US Real Gross Domestic Product (GDP).

US real GDP growth was revised up 0.3 percentage points to 2.9% (seasonally adjusted annualized rate) in Q3 2022. US real GDP exceeded pre-pandemic (Q4 2019) levels by 4.3 in Q3 2022.

The increase in real GDP reflected increases in exports, consumer spending, non-residential fixed investment, and government spending, offset by falling residential fixed investment and private inventory investment as well as falling imports in Q3 2022.

Exports were up in goods (led by industrial supplies and materials) and services (led by travel). Personal consumption expenditures increased 1.7%. Consumption expenditures reflected increase in services that was led by health care. Goods consumption was down with declines in both durable and nondurable goods. Non-residential fixed investment increased (+5.1%) with higher equipment and intellectual property products partially offset by decline in structures. Growth in federal government spending was primarily defense expenditure growth.

Lower private inventory investment was led by decreased retail trade (general merchandise). The decline in residential investment was impacted by lower new single-family construction and lower brokers' commissions.

Current-dollar GDP increased 7.3% at an annualized rate in Q3 2022. The personal consumption expenditure price index increased 4.3% in Q3 from 7.3% in Q2 2022. Excluding food and energy prices, personal consumption expenditure prices increased 4.6% in Q3 2022 compared to a 4.7% increase in Q2.


Source: US Bureau of Economic Analysis,  retrieved from FRED, Federal Reserve Bank of St. Louis

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