February 28, 2024

Gross Domestic Product, Fourth Quarter and Year 2023 (Second Estimate)

Real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the fourth quarter of 2023, according to the “second” estimate. In the third quarter, real GDP increased 4.9 percent. The increase in the fourth quarter primarily reflected increases in consumer spending, exports, as well as state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

Principal Federal Economic Indicators

Gross Domestic Product
Q4 2023 (2nd)
+3.2%
Personal Income
December 2023
+0.3%
International Trade in Goods and Services
December 2023
-$62.2 B
International Transactions
Q3 2023
-$200.3 B

Noteworthy

The BEA Wire | BEA's Official Blog

Gross Domestic Product, Fourth Quarter and Year 2023

February 28, 2024

Real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the fourth quarter of 2023, according to the “second” estimate. In the third quarter, real GDP increased 4.9 percent. The increase in the fourth quarter primarily reflected increases in consumer spending, exports, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

2023 Trade Gap is $773.4 Billion

February 7, 2024

The U.S. goods and services trade deficit decreased from $951.2 billion in 2022 to $773.4 billion in 2023, as exports increased and imports decreased. The goods deficit decreased $121.3 billion to $1,061.7 billion, and the services surplus increased $56.4 billion to $288.2 billion. The goods and services deficit was 2.8 percent of current-dollar gross domestic product in 2023, down from 3.7 percent in 2022.

December 2023 Trade Gap is $62.2 Billion

February 7, 2024

The U.S. goods and services trade deficit increased from $61.9 billion in November (revised) to $62.2 billion in December, as imports increased more than exports. The goods deficit increased $0.7 billion to $89.1 billion, and the services surplus increased $0.4 billion to $26.9 billion.

Personal Income and Outlays, December 2023

January 26, 2024

Personal income increased $60.0 billion (0.3 percent at a monthly rate) in December. Disposable personal income —personal income less personal current taxes—increased $51.8 billion (0.3 percent). Personal outlays—the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments—increased $134.7 billion (0.7 percent) and consumer spending increased $133.9 billion (0.7 percent). Personal saving was…

Gross Domestic Product, Fourth Quarter and Year 2023

January 25, 2024

Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the fourth quarter of 2023, according to the “advance” estimate. In the third quarter, real GDP increased 4.9 percent. The increase in the fourth quarter primarily reflected increases in consumer spending and exports. Imports, which are a subtraction in the calculation of GDP, increased.