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September 28, 2023US GDP 2023 Q2 (THIRD ESTIMATE) 
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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