He Gross Domestic Product (GDP) of USA experienced a quarter-on-quarter rise of 2% in the first quarter of 2023, according to the third estimate of the data published this Thursday by the Bureau of Economic Analysis, Department of Commerce (BEA).
The growth figure for the first quarter represents a slowdown compared to the fourth quarter of 2022, when the US economy registered an expansion of 2.6%.
The agency has attributed the increase observed between January and March to advances in consumption, exports, public spending at the federal, state and local level, as well as non-residential fixed investment. For its part, investment in private inventories and residential fixed assets fell. To this must be added the rise in imports, which detracts from the GDP calculation.
However, exports and consumption were revised upwards from the previous estimate, which were partially offset by the downward revision of federal public spending, non-residential fixed investment, and imports.
In constant dollar terms, the bureau’s preferred way of presenting the data, US GDP grew 6.1% in the first quarter of the year versus a 6.6% increase in the fourth quarter of 2022.
As for the personal consumption expenditure (PCE) price index, the statistic chosen by the Federal Reserve (Fed) to monitor inflation, it grew by 4.1% in the quarter, one tenth less than in the previous quarter. the previous measurement.
However, the underlying index, which excludes food and energy prices from its calculation due to their greater volatility, closed the quarter with an increase of 4.9%, also one tenth less than previously estimated and in line with the first advance of the data
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