Q3 GDP Revised Down to 4.9% in Third Estimate

Washington, DC, December 21, 2023-Real gross domestic product (GDP) increased at an annual rate of 4.9% in Q3 2023, according to the third estimate released by the Bureau of Economic Analysis. In Q2, real GDP increased 2.1%.

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 5.2%. The update primarily reflected a downward revision to consumer spending. Imports, which are a subtraction in the calculation of GDP, were revised down.