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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

December 28, 2022
US GDP 2022 Q3 (THIRD ESTIMATE)

The Bureau of Economic Analysis released the third estimate of Q3 2022 US Real Gross Domestic Product (GDP).

US real GDP growth was revised up 0.3 percentage points to 3.2% (seasonally adjusted annualized rate) in Q3 2022. US real GDP exceeded pre-pandemic (Q4 2019) levels by 4.4% in Q3 2022.

Exports were up 14.6% on gains in goods (led by industrial supplies and materials) and services (led by travel).  Imports fell by 7.3%.

Personal consumption expenditures increased 2.3%. Consumption expenditures reflected increase in services that was led by health care. Goods consumption was down with declines in both durable and nondurable goods.

Government spending rose on gains for state/local spending (3.7%) as well as Federal defense expenditures (4.7%) and non-defense Federal spending (2.5%).

Residential investment fell by 27.1%, particularly in new single-family construction (as well as brokers' commissions).

Non-residential fixed investment increased (+6.2%) with higher equipment and intellectual property products partially offset by decline in structures. 

Lower private inventory investment was led by decreased retail trade (general merchandise). 

Current-dollar GDP increased 7.7% at an annualized rate in Q3 2022. The personal consumption expenditure price index increased 4.3% in Q3. Excluding food and energy prices, personal consumption expenditure prices increased 4.7% in Q3 2022.

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



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