Gross Domestic Product (GDP) First Quarter 2023


The US economy in the first quarter of 2023 expanded by a yearly adjusted rate of 2%, which is significantly higher than the second estimate of 1.3% and the projected 1.4%.

Consumer spending growth surpassed expectations, rising to 4.2%, the strongest it has been in almost two years (compared to 3.8% in the second estimate), despite persistent high inflation.

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Spending on durable goods experienced a surge of 16.3%, while services saw a 3.2% increase. Exports increased by 7.8%, and imports grew at a slower pace of 2%, resulting in a higher contribution from net trade at 0.58 percentage points.

However, nonresidential fixed investment growth was lower than initially anticipated (0.6% compared to 1.4%), and government spending was revised downwards (5% compared to 5.2%).

The primary factors restraining GDP growth were private inventory investment (-2.14 pp, consistent with the second estimate) and residential fixed investment (-4% compared to -5.4%).

In the previous quarter, the US economy grew by 2.6%. The Federal Reserve projects growth to reach 1% this year.

Source: U.S. Bureau of Economic Analysis.



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