Q1 GDP growth revised to 1.3% yoy

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From BEA: Gross Domestic Product (Second Estimate), Corporate Profit (Provisional), Q1 2023

Real gross domestic product (GDP) increased by annual rate of 1.3 percent in the first quarter of 2023, according to the “second” estimate published by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased by 2.6 percent.

The GDP estimate released today is based on more complete raw data than was available for the “preliminary” estimate released last month. Preliminary real GDP growth was estimated at 1.1 percent (see GDP Update). The updated estimates primarily reflect an upward revision in private investment in inventories..

The increase in real GDP reflected increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment, which were partly offset by a decline in private inventory and fixed investment. Imports, which are subtracted from the calculation of GDP, have increased.
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Here Comparison of the second and preliminary estimates. PCE growth was revised upward from 3.7% to 3.8%. Housing investment was revised down from -4.2% to -5.4%.