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

November 29, 2023

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

US real GDP growth was revised up 0.3 percentage points to 5.2% (seasonally adjusted annualized rate) in Q3 2023, the fifth consecutive quarter of growth at an annualized pace of 2.0% or higher. The revision to real GDP growth primarily reflects upward revisions to non-residential fixed investment, greater state and local government spending, and a downward revision to imports. These changes were partly offset by a downward revision to consumer spending.

The increase in real GDP was supported by increases in consumer spending (+3.6%), state and local government spending (+4.6%), federal government spending (+7.0%), residential fixed investment (+6.2%), and non-residential fixed investment (+1.3%). These gains were partially offset by greater imports (+5.2%), which are a subtracted in the GDP calculation.

Current-dollar GDP growth was revised up 0.4 percentage points to 8.9% (annualized rate), following a 3.8% current-dollar GDP increase in Q2 2023.

Private inventory investment was positive for a nineth consecutive quarter with $83.9 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 is on December 21, 2023.



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