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December 21, 2023US GDP 2023 Q3 (THIRD ESTIMATE) 
The Bureau of Economic Analysis released the final estimate of Q3 2023 US Real Gross Domestic Product (GDP).
US real GDP growth was revised down 0.3 percentage points to 4.9% (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 a downward revision to consumer spending. Imports, which are a subtraction from GDP, were also revised down.
The increase in real GDP was supported by increases in consumer spending (+3.1%), state and local government spending (+5.0%), federal government spending (+7.1%), residential fixed investment (+6.7%), and non-residential fixed investment (+1.4%). These gains were partially offset by greater imports (+4.2%), which are a subtracted in the GDP calculation.
Current-dollar GDP growth was revised down by 0.6 percentage points to 8.3% (annualized rate), following a 3.8% current-dollar GDP increase in Q2 2023.
Private inventory investment was positive for a ninth consecutive quarter with $77.8 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 January 25, 2024.
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