Table 4 Contributions to Percent Change in Real Gross Domestic Product (Seasonally Adjusted at Annual Rates) Line Percent Change at an Annual Rate 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 1 Gross Domestic Product Percentage Points at Annual Rates -0.6 2.7 2.6 2.2 2.1 4.9 2 Personal Consumption Expenditures 1.32 1.05 0.79 2.54 0.55 2.69 3 Goods -0.09 -0.18 -0.01 1.14 0.11 1.08 4 Durable Goods -0.08 0.08 -0.08 1.07 -0.03 0.60 5 Nondurable Goods -0.01 -0.26 0.07 0.07 0.14 0.48 6 Services 1.41 1.23 0.80 1.40 0.44 1.62 7 Gross Private Domestic Investments -2.10 -1.45 0.62 -1.69 0.90 1.47 8 Fixed Investment -0.05 -0.79 -0.99 0.53 0.90 0.15 9 Nonresidential 0.68 0.62 0.24 0.76 0.98 0.00 10 Structures -0.01 -0.03 0.17 0.77 0.46 0.05 11 Equipment 0.25 0.28 -0.26 -0.21 0.38 -0.19 12 Intellectual Property Products 0.45 0.37 0.32 0.20 0.15 0.14 13 Residential -0.73 -1.41 -1.23 -0.22 -0.09 0.15 14 Change in Private Inventories -2.05 -0.66 1.61 -2.22 0.00 1.32 15 Net Exports of Goods and Services 0.56 2.58 0.26 0.58 0.04 -0.08 16 Exports 1.19 1.80 -0.41 0.76 -1.09 0.68 17 Goods 0.73 1.63 -0.52 0.89 -1.31 0.54 18 Services 0.46 0.17 0.11 -0.13 0.22 0.14 19 Imports -0.63 0.77 0.66 -0.18 1.13 -0.75 20 Goods -0.28 0.98 0.55 -0.22 0.78 -0.63 21 Services -0.35 -0.21 0.11 0.04 0.35 -0.12 22 Government Consumption Expenditures and Gross Investments -0.34 0.49 0.90 0.82 0.57 0.79 23 Federal -0.26 0.07 0.59 0.33 0.07 0.39 24 National Defense 0.03 -0.01 0.27 0.07 0.08 0.28 25 Nondefense -0.29 0.08 0.32 0.26 -0.01 0.11 26 State and Local -0.08 0.41 0.31 0.49 0.50 0.40 Source: Bureau of Economic Analysis Description: • The above table decomposes percent changes in Real GDP into its components (consumption, investment, government, and net exports) and more specific subcomponents. Analysis: • Real GDP increased by an impressive 4.9% from Q2 2023 to Q3 2023 on an annualized basis, indicating a strong and resilient economy. It is important to remember that we are looking quarterly percentage changes on an annualized basis. • Increases in both Personal Consumption Expenditures (+2.69%) and Gross Private Domestic Investment (+1.47%) activity fueled third quarter growth. Increases in private inventories (+1.32) had the greatest impact on investment spending.
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Center for Business and Economic Insight
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