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

January 26, 2023

The Bureau of Economic Analysis released the advance estimate of Q4 2022 US Real Gross Domestic Product (GDP).

US real GDP growth was 2.9% (seasonally adjusted annualized rate) in Q4 2022, slowing from the 3.2% pace in Q3 2022. US real GDP exceeded pre-pandemic (Q4 2019) levels by 5.1% in Q4 2022.

Rising real GDP was supported by increases in inventories, consumer spending, government spending, nonresidential investment that were partially offset by decrease in residential investment and exports.

Private inventory investment was up for a fifth consecutive quarter with nearly $130 billion net accumulation. Investment increases was led by manufacturing (primarily petroleum, coal and chemical products) mining, utilities and construction.

Consumer spending increased in both goods (+1.1%) and services (+2.6%). Service growth was led by health care, housing, utilities, and personal care. Motor vehicle and parts spending was leading contributor to goods.

Rising intellectual property product investment offset a decline in equipment.

Residential fixed investment fell with decreases in new single-family construction and brokers' commissions.

Export goods, particularly nondurable goods excluding petroleum, decreased and service exports, led by travel and transport, were up in Q4 2022.  

Current-dollar GDP increased 6.5% at an annualized rate in Q4 2022, slowing from the previous quarter. The personal consumption expenditure price index increased 3.2% in Q4, down form 4.3% the previous quarter. Excluding food and energy prices, personal consumption expenditure prices increased 3.9% in Q4 2022, compared with 4.7% in the previous quarter.



For 2022, US real GDP increased 2.1% from the 2021 level. Growth was slower in 2022 than 2021. The rise in real GDP in 2022 reflect growth in consumer spending, exports, private inventory investment and nonresidential fixed investment. Economic activity for residential fixed investment and federal government spending declined in 2022.

Consumer spending rose with services, led by international travel, food services and accommodation and health care, offsetting a decline in goods spending, particularly food and beverage and motor vehicles. Inventories rose for manufacturing, wholesale and retail trade industries. Higher spending on software and information processing equipment led nonresidential fixed investment growth. Residential fixed investment fell on decrease in new single-family construction and brokers' commissions.





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

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