U.S. real gross domestic product (GDP) increased at an annual rate of 2.9% in the Q4 2022. In the Q3, real GDP increased 3.2%.

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U.S. GDP increased by 2.9% in Q4 2022

U.S. GDP increased by 2.9% in Q4 2022

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U.S. real gross domestic product (GDP) increased at an annual rate of 2.9% in the Q4 2022, according to the "advance" estimate released by the Bureau of Economic Analysis. In the Q3, real GDP increased 3.2%.

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the Q4, based on more complete data, will be released on February 23, 2023.

The increase in real GDP reflected increases in private inventory investment, consumer spending, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in residential fixed investment and exports. Imports, which are a subtraction in the calculation of GDP, decreased.

Current‑dollar GDP increased 6.5% at an annual rate, or $408.6 billion, in the Q4 to a level of $26.13 trillion. In the Q3, GDP increased 7.7%, or $475.4 billion.

The price index for gross domestic purchases increased 3.2% in the Q4, compared with an increase of 4.8% in the Q3. The PCE price index increased 3.2%, compared with an increase of 4.3%. Excluding food and energy prices, the PCE price index increased 3.9%, compared with an increase of 4.7%.

 

GDP for 2022

Real GDP increased 2.1% in 2022 (from the 2021 annual level to the 2022 annual level), compared with an increase of 5.9 in 2021. The increase in real GDP in 2022 primarily reflected increases in consumer spending, exports, private inventory investment, and nonresidential fixed investment that were partly offset by decreases in residential fixed investment and federal government spending. Imports increased.

Current-dollar GDP increased 9.2%, or $2.15 trillion, in 2022 to a level of $25.46 trillion, compared with an increase of 10.7%, or $2.25 trillion, in 2021.

The price index for gross domestic purchases increased 6.8% in 2022, compared with an increase of 4.2% in 2021. The PCE price index increased 6.2%, compared with an increase of 4.0%. Excluding food and energy prices, the PCE price index increased 5.0%, compared with an increase of 3.5%.

Measured from the fourth quarter of 2021 to the Q4 2022, real GDP increased 1.0% during the period, compared with an increase of 5.7% from the Q4 2020 to the Q4 2021.

The price index for gross domestic purchases, as measured from the Q4 2021 to the Q4 2022, increased 6.1%, compared with an increase of 5.8% from the Q4 2020 to the Q4 2021. The PCE price index increased 5.5%, compared with an increase of 5.7%. Excluding food and energy, the PCE price index increased 4.7%, the same as from the Q4 2020 to the Q4 2021.