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May 26, 2023US GDP 2023 Q1 (SECOND ESTIMATE) 
The Bureau of Economic Analysis released the second estimate of Q1 2023 US Real Gross Domestic Product (GDP).
US real GDP growth was revised up to 1.3% (seasonally adjusted annualized rate) in Q1 2023. US real GDP exceeded from pre-pandemic (Q4 2019) levels by 5.4% in Q1 2023.
Rising real GDP was supported by increases in consumer spending, exports, federal government spending, state and local government spending, and non-residential fixed investment that were partly offset by decreases in private inventory investment, residential fixed investment and, increases in imports.
Private inventory investment was positive for a sixth consecutive quarter with $6.9 billion net accumulation. Consumer spending increased in both goods and services. All major area contributed. Residential fixed investment fell 5.4%. An increase in goods exports offset a decline in service exports in Q1 2023.
Current-dollar GDP increased 5.4% at an annualized rate in Q1 2023. The personal consumption expenditure price index increased 3.8% in Q1 2023 and by 5.0% when excluding food and energy.
Source: US Bureau of Economic Analysis, Key source data, retrieved from FRED, Federal Reserve Bank of St. Louis
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