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

September 28, 2023

The Bureau of Economic Analysis released its third estimate of Q2 2023 US Real Gross Domestic Product (GDP).

US real GDP growth was 2.1% (seasonally adjusted annualized rate) in Q2 2023, the fourth consecutive quarter of growth at annualized pace of 2.0% or higher.  The estimate for the quarter was unchanged from the second estimate, with downward revisions to consumer spending offset by upward revisions to non-residential fixed investment, exports, and inventory investments.

Rising real GDP was supported by growth in consumer spending (+0.8%), state/local government spending (+4.7%), defence spending (+2.3%) and non-residential fixed investment (+7.4%). These gains offset declining exports (-9.3%), Federal government spending (-0.4%) and residential investment (-2.2%).    

Current-dollar GDP increased 3.8% at an annualized rate in Q2 2023 with growth in the GDP price deflator at 1.7% (down from 3.9% in Q1 2023). The personal consumption expenditure price index increased 2.5% in Q2 2023 and by 3.7% when excluding food and energy, both figures unrevised.


Private inventory investment was positive with a $14.9 billion net accumulation.


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



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