Q1 GDP Revised Up to 2% in Third Estimate
Washington, DC, June 29, 2023-Real gross domestic product (GDP) increased at an annual rate of 2.0% in Q1 2023, according to the third 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 second estimate issued last month. In the second estimate, the increase in real GDP was 1.3%. The updated estimates primarily reflected upward revisions to exports and consumer spending that were partly offset by downward revisions to nonresidential fixed investment and federal government spending. Imports, which are a subtraction in the calculation of GDP, were revised down.