-->

GDP Tops Estimate and Rises to 2.4 Percent in Q2 2023

Real gross domestic product (GDP) increased at an annual rate of 2.4 percent in the Q2 2023 the the Commerce Department announced Thursday.

Posted July 27, 2023

The U.S. economy’s gross domestic product increased at a 2.4 percent annualized rate for the second quarter, according to the Commerce Department.

The department reported Thursday the recent rate while economy experts from Dow Jones expected the rate to reach only 2 percent.

U.S. real GDP percentage change from the previous quarter

Source: U.S. Bureau of Economic Analysis via FRED

The first quarter GDP reached 2 percent.

Furthermore, the department’s inflation gauge increased to 2.6 percent, a decrease from 4.1 percent in Q1.

Compared to the first quarter, the acceleration in GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in nonresidential fixed investment, according to the department.

The Personal Consumption Expenditures (PCE) price index increased 2.6 percent, compared with an increase of 4.1 percent. Excluding food and energy prices, the PCE increased 3.8 percent, compared with an increase of 4.9 percent.

View the full report, here.