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

May 26, 2023

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 AnalysisKey source data,  retrieved from FRED, Federal Reserve Bank of St. Louis




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