US Gross Domestic Product (GDP) increased by 2% in the first quarter of 2023 compared to the previous quarter, according to the third estimate of data released this Thursday by . Bureau of Economic Analysis, Ministry of Commerce (TO BE).
The growth figure for the first quarter, slow down Compared to the fourth quarter of 2022, when the US economy grew by 2.6%.
The agency attributed the increase observed between January and March to: developments in consumption, exports and public spending at the federal, state and local levels, as well as non-residential fixed investment. For its part, investment in private inventories and residential fixed assets fell. Add to this the increase in imports, which adversely affected the GDP calculation.
However, exports and consumption were revised upwards from the previous forecast, and these are partially downward revision of federal public spending, non-residential fixed investment and imports.
On a fixed dollar basis, the Bureau’s preferred way to present the data is, US GDP grew 6.1 percent in the first quarter of the year Compared to a 6.6% increase in the fourth quarter of 2022.
Regarding the price index personal consumption expenditures The statistic chosen by the Federal Reserve (Fed) to track inflation grew 4.1% in the quarter, one-tenth less than the previous measurement.
However base directoryExcluding food and energy prices due to higher volatility, it closed the quarter with an increase of 4.9%, one-tenth below previous estimates and in line with the first preview of the data.