Q4 GDP Revised Down Slightly to 3.2% in Second Estimate

Washington, DC, February 28, 2024-Real gross domestic product (GDP) increased at an annual rate of 3.2% in Q4 2023, according to the second estimate released by the Bureau of Economic Analysis. In Q3, real GDP increased 4.9%.

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 3.3%. The update primarily reflected a downward revision to private inventory investment that was partly offset by upward revisions to state and local government spending and consumer spending.