Gross Domestic Product, 2nd Quarter 2023 (Third Estimate), and Corporate Profits (Revised)

Q2 2023 (3rd)
Q1 2023 (2nd)

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023, according to the “third” estimate. In the first quarter, real GDP increased 2.2 percent (revised). The increase in the second quarter primarily reflected increases in business investment, consumer spending, and state and local government spending that were partly offset by a decrease in exports. Imports, which are a subtraction in the calculation of GDP, decreased.

Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $6.9 billion in the second quarter, an upward revision of $17.5 billion from the previous estimate.

  • Current release: September 28, 2023
  • Next release: October 26, 2023

What is Gross Domestic Product?

A comprehensive measure of U.S. economic activity. GDP measures the value of the final goods and services produced in the United States (without double counting the intermediate goods and services used up to produce them). Changes in GDP are the most popular indicator of the nation's overall economic health.

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