Market Updates
First Quarter 2023 Real GDP Growth Decelerated
Brian Turner
27 Apr, 2023
New York City
U.S. real gross domestic product increased at an annual rate of 1.1% in the first quarter, slower than the 2.6% rate in the final quarter of 2022, the Bureau of Economic Analysis reported Thursday.
Increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment were partly offset by decreases in private inventory investment and residential fixed investment.
Higher imports also weighed negatively on the final growth calculation.
Current‑dollar GDP increased 5.1% at an annual rate, or $327.9 billion, in the first quarter, to a level of $26.47 trillion.
Nominal GDP growth in the first quarter was at the slowest pace since the fourth quarter 2019, excluding pandemic era first two quarter of 2020.
In the fourth quarter, current dollar GDP increased 6.6%, or $414.1 billion.
The price index for gross domestic purchases increased 3.8% in the first quarter, compared with an increase of 3.6% in the fourth quarter.
The PCE price index increased 4.2%, compared with an increase of 3.7% and excluding food and energy prices, the PCE price index increased 4.9%, compared with an increase of 4.4% in the previous quarter.
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