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

October 26, 2023

The Bureau of Economic Analysis released its advance estimate of Q3 2023 US Real Gross Domestic Product (GDP).

US real GDP growth was 4.9% (seasonally adjusted annualized rate) in Q3 2023, the fifth consecutive quarter of growth at annualized pace of 2.0% or higher. 

Rising real GDP was supported by growth in defence spending (+8.0%), exports (+6.2%), consumer spending (+4.0%), residential investment (+3.9%), Federal government spending (+3.9%) and state/local government spending (+3.7%).  

These gains were partially offset by declining non-residential fixed investment (-0.1%) and a deceleration in state and local government spending by 1 percentage point. Increasing imports (+5.7%) also subtracted from GDP growth.    

Current-dollar GDP increased 8.5% at an annualized rate in Q3 2023 which followed a 3.8% current-dollar GDP increase in Q2 2023.


Private inventory investment was positive for a nineth consecutive quarter with $80.6 billion net accumulation.


Source: US Bureau of Economic Analysis, Key source data,  retrieved from  Federal Reserve Bank of St. Louis using a FRED API.

Next release on November 29, 2023.



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