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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

March 28, 2024

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.



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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