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

April 27, 2023

The Bureau of Economic Analysis released the advanced estimate for Q1 2023 US Real Gross Domestic Product (GDP).

US real GDP growth was estimated at 1.1% (seasonally adjusted annualized rate) in Q1 2023. US real GDP exceeded pre-pandemic (Q4 2019) levels by 5.3% in Q1 2023.

Exports were up 4.8% with gains in goods (led by consumer goods except automotive and food) that was partly offset by a decrease in services (led by transport). Imports rose by 2.9%.

Personal consumption expenditures increased 3.7%. Consumption expenditures reflected increase in services that was led by health care as well as food services and accommodations. Goods consumption was up with significant gains in durable goods and a lesser gain in nondurable goods.

Government spending rose on gains for state/local spending (2.9%) as well as Federal defense expenditures (5.9%) and non-defense Federal spending (10.3%).

Residential investment fell by 4.2%, eighth consecutive quarter of contraction. Non-residential fixed investment increased (+0.7%) with gains in structures and intellectual property offset by a decrease in equipment. 

Lower private inventory investment was led by decreased wholesale trade (machinery, equipment, and supplies) and manufacturing (led by other transportation equipment as well as petroleum and coal products). 

Current-dollar GDP increased 5.1% at an annualized rate in Q1 2023. The personal consumption expenditure price index increased 4.2% in Q1, up from 3.7% in Q4 2022. Excluding food and energy prices, personal consumption expenditure prices increased 4.9% in Q1 2023, up from 4.4% in the previous quarter. 

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

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