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March 28, 2024US GDP 2023 Q4 (THIRD ESTIMATE) AND ANNUAL 
The Bureau of Economic Analysis released the third estimates of Q4 2023 US Real Gross Domestic Product (GDP).
US real GDP growth was revised up to 3.4% (seasonally adjusted annualized rate) in Q4 2023, the sixth consecutive quarter of growth at an annualized pace of 2.0% or higher.
The increase in real GDP was supported by increases in consumer spending (+3.3%), exports (+5.1%), state and local government spending (+6.0%), nonresidential fixed investment (+3.7%), residential investment (+2.8%) and federal government spending (+4.8%). These gains were partially offset by greater imports (+2.2%), which are a subtracted in the GDP calculation.
Current-dollar GDP growth was 5.1% (annualized rate) following an 8.3% current-dollar GDP increase in Q3 2023.
Private inventory investment was revised down to $54.9 billion net accumulation from $66.3 billion in the second estimates.
ANNUAL
Real GDP in 2023 was up 2.5% compared to 2022, following 1.9% growth the previous year.
The increase in real GDP in 2023 primarily reflected increases in consumer spending (+2.2%), nonresidential fixed investment (+4.5%), state and local government spending (+4.0%), exports (+2.6%), and federal government spending (+3.4%). These gains were partially offset by decreases in residential fixed investment (-10.6%) and inventory investments.
Source: US Bureau of Economic Analysis, Key source data, retrieved from Federal Reserve Bank of St. Louis using a FRED API.
Next release is on April 25, 2024.
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