Gross Domestic Product

Real gross domestic product (GDP) increased at an annual rate of 4.9 percent in the third quarter of 2023, according to the “third” estimate. In the second quarter, real GDP increased 2.1 percent. The increase in the third quarter primarily reflected increases in consumer spending and inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

A blog post from BEA Director Vipin Arora

Mackinac Bridge—which connects the Upper and Lower parts of Michigan—is a marvel. So much so that I find it difficult, if not impossible, to appreciate the scale and grandeur of the bridge from just one vantage point. Driving on it, for example, offers a different experience than looking at it from nearby St. Ignace. And the view is awe inspiring from the water. We are looking at the same bridge from each vantage point, yet each gives us a different perspective.

In 2022, real gross domestic product increased in 1,780 counties, decreased in 1,296 counties, and was unchanged in 38 counties. The percent change in real GDP ranged from 71.1 percent in Chouteau County, MT, to –57.6 percent in Kiowa County, CO.

Real gross domestic product (GDP) increased in 44 states and the District of Columbia in the second quarter of 2023, with the percent change ranging from 8.7 percent in Wyoming to –1.9 percent in Vermont.

Today’s release presents estimates of gross domestic product (GDP) by industry and related measures for the second quarter of 2023, as well as revised quarterly estimates for the first quarter of 2018 through the first quarter of 2023 as part of the comprehensive update of the National Economic Accounts (NEAs).

Second Quarter 2023

Real gross domestic product (GDP) increased at an annual rate of 5.2 percent in the third quarter of 2023, according to the “second” estimate. In the second quarter, real GDP increased 2.1 percent. The increase in the third quarter primarily reflected increases in consumer spending and inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

Real gross domestic product (GDP) increased at an annual rate of 4.9 percent in the third quarter of 2023, according to the “advance” estimate. In the second quarter, real GDP increased 2.1 percent. The increase in the third quarter primarily reflected increases in consumer spending and inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

Real gross domestic product for American Samoa increased 1.8 percent in 2022 after decreasing 0.8 percent in 2021, according to statistics released today by the U.S. Bureau of Economic Analysis. These statistics were developed under the Statistical Improvement Program funded by the Office of Insular Affairs of the U.S. Department of the Interior.

GDP for 2022

The increase in real GDP reflected increases in government spending and exports. Personal consumption expenditures, private fixed investment, and private inventory investment subtracted from growth. Imports, a subtraction item in the calculation of GDP, also decreased.

A blog post from BEA Director Vipin Arora

I recently bought a pair of shorts that fit just right. They were so good that I bought a pair of jeans from the same brand. Somehow—and we've all been here—the jeans fit tighter than the shorts, even though they were made by the same company. This isn't too different from what I sometimes go through as a data user.

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.