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June 29, 2023US GDP 2023 Q1 (THIRD ESTIMATE) 
The Bureau of Economic Analysis released the third estimate of Q1 2023 US Real Gross Domestic Product (GDP).
US real GDP growth was revised up 0.7 percentage points to 2.0% (seasonally adjusted annualized rate) in Q1 2023. Upward revisions were in exports and consumer spending while downward revisions occurred in non-residential fixed investment and federal government spending. US real GDP exceeded from pre-pandemic (Q4 2019) levels by 5.6% in Q1 2023.
Rising real GDP was supported by increases in consumer spending, exports, 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 $3.5 billion net accumulation. Consumer spending increased in both goods and services. Most major areas contributed. Residential fixed investment fell 4.0%, the eight consecutive quarter of decline. An increase in goods exports offset a decline in service exports in Q1 2023.
Current-dollar GDP was revised up to 6.1% at an annualized rate in Q1 2023. The personal consumption expenditure price index increased 4.1% (revised down 0.1 percentage points) in Q1 2023 and by 4.9% (revised down 0.1 percentage points) 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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