Q1 GDP Revised Up to 1.3% in Second Estimate
Washington, DC, May 25, 2023-Real gross domestic product (GDP) increased at an annual rate of 1.3% in Q1 2023, according to the second estimate released by the Bureau of Economic Analysis. In Q4, real GDP increased 2.6%.
The GDP estimate released today is based on more complete source data than were available for the advance estimate issued last month. In the advance estimate, the increase in real GDP was 1.1%. The updated estimates primarily reflected an upward revision to private inventory investment.
The increase in real GDP reflected increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in private inventory investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.