Third Quarter 2023 GDP Overview
Real gross domestic product (GDP) saw a rise of 4.9% in Q3 2023, nearly double the growth rate of 2.1% in the preceding quarter, as per the Bureau of Economic Analysis’ advance estimates. However, it’s worth noting that this data might be updated, with a more comprehensive report scheduled for November 29, 2023.
Factors Driving Growth
The surge in GDP is attributable to increased consumer spending across both goods and services. The primary contributors within the services sector included housing and utilities, health care, financial services, and food services. Meanwhile, other nondurable goods, notably prescription drugs, as well as recreational goods and vehicles, led the goods sector. There were also notable increases in private inventory investment, especially in manufacturing and retail trade, and growth in federal, state, and local government spending….
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