Q2 GDP Revised Up to 5.2% in Second Estimate

Washington, DC, November 29, 2023-Real gross domestic product (GDP) increased at an annual rate of 5.2% in Q3 2023, according to the second estimate released by the Bureau of Economic Analysis. In Q2, real GDP increased 2.1%.

The GDP estimate released 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 4.9%. The update primarily reflected upward revisions to nonresidential fixed investment and state and local government spending that were partly offset by a downward revision to consumer spending. Imports, which are a subtraction in the calculation of GDP, were revised down.