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

March 30, 2023

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

US real GDP growth was revised down 0.1 percentage points to 2.6% (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 5.0% 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 over $136.5 billion net accumulation. Investment increase was led by manufacturing (primarily petroleum and coal products), mining, utilities, and construction.

Consumer spending increased in services that was partially offset by a decrease in goods. Service growth was led by health care, housing, and utilities. Jewelry spending was the main contributor to the decline in goods.

Rising intellectual property product and structures 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 6.6% at an annualized rate in Q4 2022. The personal consumption expenditure price index increased, an unrevised, 3.7% in Q4. Excluding food and energy prices, personal consumption expenditure prices was revised up 0.1 percentage points to an increase of 4.4% in Q4 2022.



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.




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

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