Real US GDP rises at annual rate of 2.1% in Q2 2023: BEA 3rd estimate

Real GDP increased by 2.2 per cent in Q1, as per the revised estimate.

The increase in real GDP reflected increases in non-residential fixed investment, consumer spending, and state and local government spending that were partly offset by a decrease in exports. Imports decreased, BEA said in a release.

Current dollar GDP increased by 3.8 per cent at an annual rate, or $249.4 billion, in Q2 2023 to a level of $27.06 trillion, a downward revision in change of $19.4 billion.

Current-dollar personal income increased by $239.6 billion in Q2, an upward revision of $7.4 billion from the previous estimate. The increase primarily reflected increases in compensation, personal income receipts on assets, and personal current transfer receipts and rental income of persons.

Disposable personal income increased by $296.5 billion, or 6.1 per cent, in Q2—an upward revision of $12.1 billion from the previous estimate. Real disposable personal income increased by 3.5 per cent, an upward revision of 0.2 percentage point.

Real gross domestic income (GDI) increased by 0.7 per cent in Q2—an upward revision of 0.2 percentage point from the previous estimate.

The average of real GDP and real GDI, a supplemental measure of US economic activity that equally weights GDP and GDI, increased by 1.4 per cent in Q2 2023—an upward revision of 0.1 percentage point.

Profits of domestic financial corporations decreased by $54.2 billion in Q2—a downward revision of $6.3 billion from the previous estimate. Profits of domestic non-financial corporations increased by $39 billion—an upward revision of $21.9 billion.

ALCHEMPro News Desk (DS)