BEA News: Gross Domestic Product, Second Quarter 2023 (Second Estimate) and Corporate Profits (Preliminary)

August 30, 2023

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the second quarter of 2023, according to the “second” estimate. In the first quarter, real GDP increased 2.0 percent. The increase in the second quarter primarily reflected increases in consumer spending and business investment that were partly offset by a decrease in exports. Imports, which are a subtraction in the calculation of GDP, decreased.

Profits decreased 0.4 percent at a quarterly rate in the second quarter after decreasing 4.1 percent in the first quarter.

The full text of the release can be found at www.bea.gov/news/2023/gross-domestic-product-second-quarter-2023-second-estimate-and-corporate-profits