US GDP growth slows to 1.3% in Q1 2023: BEA

U.S. real gross domestic product (GDP) grew at an annualized rate of 1.3% in the first quarter (Q1) of 2023, according to a ‘second’ estimate from the Bureau of Economic Analysis (BEA) . In Q4, real GDP grew by 2.6%. According to the previous estimate, the real GDP growth was 1.1%.

The increase in real GDP reflects increases in consumer spending, exports, which among other things were partially offset by declines in private inventory investment and home fixed investment. live. Imports, which are a subtraction in GDP calculations, have increased.

Compared to Q4, the deceleration in real GDP in Q1 mainly reflected a decline in private inventory investment and a decline in non-residential fixed investment. These movements were partially offset by an increase in consumer spending, an increase in exports and a smaller decline in residential fixed investment; imports increased.

U.S. real GDP grew 1.3% in the first quarter of 2023, slower than the 2.6% increase in the fourth quarter of 2022, according to the BEA. Growth was driven by consumer spending and exports, offset in part by a drop in private inventories and residential fixed investment. Current GDP in dollars increased to $26.49 trillion, up 5.4%; however, real GDI fell 2.3 percent.

The BEA added that GDP in current dollar terms grew by 5.4% at an annualized rate, or $348.3 billion, in Q1 to $26.49 trillion, an upwardly revised 20.4. billion USD compared to the previous estimate.

The price index for total domestic purchases increased by 3.8% in Q1, the same as previously estimated. The personal consumption expenditures (PCE) price index rose 4.2%, in line with previous estimates. Excluding food and energy prices, the PCE price index rose 5.0%, revised up 0.1 percentage points.

Real gross domestic product (GDI) fell 2.3% in Q1, compared with a 3.3% (modified) decline in Q4. The average of real GDP and real GDI, an additional measure of US economic activity that is weighted equally to GDP and GDI, fell 0.5% in Q1, compared with a decline of 0. 4% (modified) in Q4.

Current operating profit (corporate profit with inventory valuation and capital consumption adjusted) fell $151.1 billion in Q1, compared to a $60.5 billion decline in Q4 .

Fiber2Fashion (NB) News Desk


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