Growth of the nation’s Gross Domestic Product (GDP) in the second quarter of 2023 has been revised downward, the U.S. Bureau of Economic Analysis (BEA) announced Wednesday.
Factoring more complete data than was used in its “advance” estimate, the BEA released its updated findings:
- Annual rate of increase in Real GDP revised down from 2.4% to 2.1%
- Private inventory investment and nonresidential fixed investment revised down, despite upward revision of state and local government spending estimate.
- Current-dollar GDP revised down $36.3 billion from previous estimate, resulting in a 4.1% annual rate of increase.
- Real GDP in first quarter rose at an annual rate of 2.0%
Other findings reported by the BEA on Wednesday include:
- Current-dollar personal income was revised downward by $3.2 billion, to a second quarter increase of $232.1 billion.
- Real gross domestic income (GDI) increased 0.5% in the second quarter, after a decrease of 1.8% in the first quarter.
- Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) decreased $10.6 billion in the second quarter, following a decrease of $121.5 billion in the first quarter.
- Profits of domestic financial corporations decreased $47.8 billion in the second quarter, compared with a decrease of $9.4 billion in the first quarter.
- Profits of domestic nonfinancial corporations increased $17.1 billion in the second quarter, in contrast to a decrease of $102.9 billion in the first quarter.
The BEA will eventually publish a “final” estimate of GDP growth in the second quarter.
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