Real gross domestic product (GDP) increased at an annual rate of 2.4% in the second quarter of 2023, according to the “advance” estimate.
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In the first quarter, real GDP increased 2%.
The increase in real GDP in the second quarter reflected increases in consumer spending, nonresidential fixed investment, state and local government spending, private inventory investment and federal government spending that were partly offset by decreases in exports and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased.
Compared to the first quarter, the acceleration in GDP in the second quarter reflected an upturn in private inventory investment and an acceleration in nonresidential fixed investment.
