Gross Domestic Product, Q4 and 2023 (Second Estimates)

real gross domestic product According to the “secondary” estimates released by the Bureau of Economic Analysis, GDP increased at an annual rate of 3.2% in the fourth quarter of 2023 (Table 1). Real GDP increased by 4.9% in the third quarter.

The GDP estimates released today are based on more complete source data than was available in the 'advance' estimates released last month. According to preliminary estimates, the real GDP growth rate was 3.3%. This update primarily reflected downward revisions in private inventory investment, partially offset by upward revisions to state and local government spending and consumer spending (see GDP Updates).

increase of real GDP This reflected increases in consumer spending, exports, state and local government spending, nonresidential capital spending, federal government spending, and residential capital investment, partially offset by a decline in private inventory investment. Imports, which are used as a deduction in GDP calculations, increased (Table 2).

Compared to the third quarter of 2023. real GDP Fourth-quarter sales primarily reflected weaker private inventory investment and slower federal spending, housing equipment investment, and consumer spending. Imports slowed.

Current dollar GDP In the fourth quarter, sales rose by an annualized rate of 4.9 percent, or $334.5 billion, to a level of $27.94 trillion, an upward revision of $5.8 billion from the previous forecast (Tables 1 and 3). For more information on the source data on which the estimates are based, see the “Key Source Data and Assumptions” file on his BEA website.

of Price index of gross domestic purchases In the fourth quarter, sales increased by 1.9%, the same as the previous forecast.of Personal Consumption Expenditures (PCE) Price Index It increased by 1.8% and was revised upward by 0.1 percentage point. The PCE price index, which excludes food and energy prices, rose 2.1%, revised upward by 0.1 percentage point.

personal income

current personal income That's an increase of $219.5 billion in the fourth quarter, a $5.4 billion downward revision from the previous forecast. This increase primarily reflected increases in compensation, personal income receipts relative to assets, and management income, partially offset by a decrease in personal remittance receipts (Table 8).

personal disposable income Fourth-quarter sales increased $202.5 billion, or 4.0%, a downward revision of $9.2 billion from the previous estimate. real disposable personal income It increased by 2.2%, and was revised downward by 0.3% point.

personal savings Fourth-quarter revenue was $809.2 billion, a decrease of $22.4 billion from the previous estimate.of personal savings rate–Personal savings as a percentage of personal disposable income–was 3.9% in the fourth quarter, revised downward by 0.1 percentage point.

GDP latest information

In the second estimate, downward revisions to private inventory investment and federal spending were partially offset by upward revisions to state and local government spending, personal consumption, residential fixed investment, nonresidential fixed investment, and exports. Imports have been revised upward. See the technical note for more information. For the latest information on GDP, please see the Additional Information section below.

Third Quarter Wages and Salaries Update

In addition to providing updated estimates for the fourth quarter, today's release provides updated estimates for third quarter wages and salaries, personal taxes, and government social insurance based on the latest data from the Bureau of Labor Statistics' Quarterly Employment and Wage Survey. Revised estimates of fees are shown. program. Wages and salaries are estimated to have increased by $184.2 billion in the third quarter, an upward revision of $23 billion. Current personal taxes are estimated to increase by $61.5 billion, revised upward by $8.9 billion. Government contributions to social insurance are now estimated to have been revised upward by $3 billion, increasing by $23.2 billion. By incorporating these new data, real gross domestic income is estimated to have increased by 1.9 percent in the third quarter, an upward revision of 0.4 percentage points from the previously published estimate.

GDP in 2023

real GDP It increased by 2.5 percent in 2023 compared to a 1.9 percent increase in 2022 (from 2022 annual level to 2023 annual level). The increase in real GDP in 2023 primarily reflected increases in personal consumption, nonresidential capital investment, state and local government spending, exports, and federal government spending, partially offset by declines in housing fixed investment and private inventory investment. It was done. Imports decreased (Table 2).

GDP in current dollar terms In 2023, it increased by 6.3% ($1.61 trillion) to the level of $27.36 trillion, compared to an increase of 9.1% ($2.15 trillion) in 2022 (Tables 1 and 3).

of Price index of gross domestic purchases It increased by 3.4 percent in 2023 compared to a 6.8 percent increase in 2022 (Table 4).of PCE price index It increased by 3.7 percent, compared to an increase of 6.5 percent. Excluding food and energy prices, the PCE price index rose 4.1% compared to an increase of 5.2%.

Real GDP, measured from Q4 2022 to Q4 2023, increased by 3.1% during this period (Table 5). In comparison, real GDP grew by 0.7% from Q4 2021 to Q4 2022.

The price index of gross domestic purchases, measured from Q4 2022 to Q4 2023, increased by 2.4 percent compared to a 6.2 percent increase from Q4 2021 to Q4 2022. did. From Q4 2021 to Q4 2022, the PCE price index increased by 5.9 percent and by 2.8 percent. The PCE price index, which excludes food and energy, rose 5.1 percent and rose 3.2 percent.

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Next release will be on March 28, 2024 at 8:30 a.m. EDT
Gross domestic product (tertiary estimate)
corporate profits
Gross domestic product by industry
Q4 2023 and 2023