United States GDP Growth Rate
Jun 30, 2023
Sep 28, 2023
Time to Release
28 Days 11 Hours
|3.16 %||1947-2023||U.S. Bureau of Economic Analysis|
On the expenditure side, personal consumption expenditures accounts for 68 percent of total GDP out of which purchases of goods constitute 23 percent and services 45 percent. Private investment accounts for 16 percent of GDP and government consumption and investment for 18 percent. As the value of goods exported (13.5 percent) is lower than the value of goods imported (16.5 percent), net exports subtracts 3 percent from the total GDP value.
The US economy grew at an annualized rate of 2.1% in the second quarter of 2023, compared to the preliminary figure of 2.4% and the first quarter's expansion of 2.0%. Downward revisions to both private inventory investment and nonresidential fixed investment were partially offset by an upward revision to state and local government spending. Growth rates eased for both consumer spending (1.7% vs 4.2% in Q1) and government consumption (3.3% vs 5.0%), while nonresidential fixed investment saw the most significant increase in almost a year (6.1% vs 0.6%). Meanwhile, exports experienced the largest decline since the aftermath of the COVID-19 outbreak in Q2 2020 (-10.6% vs 7.8% in Q1), and residential fixed investment slumped for the ninth consecutive period (-3.6% vs -4.0%). Additionally, private inventory investment had a negative contribution to the GDP.
United States GDP Growth Rate History
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