Q2 GDP Steady at 2.1% inThird Estimate

Washington, DC, September 28, 2023-Real gross domestic product (GDP) increased at an annual rate of 2.1% in Q2 2023, according to the third estimate released by the Bureau of Economic Analysis. In Q1, real GDP increased 2.2%.

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 GDP was also 2.1%. The update primarily reflected a downward revision to consumer spending that was partly offset by upward revisions to nonresidential fixed investment, exports, and inventory investment. Imports, which are a subtraction in the calculation of GDP, were revised down.