Real Gross Domestic Product, Chained Dollars as of 3rd Quarter, 2023

The following plot shows the percentage change from the previous year for various components of the US gross domestic product (GDP) in the third quarter of 2023.

Overall, the table shows that the US economy grew at a strong pace in the third quarter of 2023, with GDP increasing by 2.93% from the previous year. This growth was driven by a number of factors, including:

• Strong growth in private inventories
• Increased government spending
• Increased nonresidential fixed investment (e.g., spending on new plant and equipment)

However, there were some areas of weakness in the report. Exports fell by 1.56% from the previous year, and private residential fixed investment fell by 7.8 %. These declines were likely due to a number of factors, including high inflation and rising interest rates.

The plot shows the annualized percentage changes for each variable from the previous period, for the second and third quarters of 2023.

The plot shows that Real Gross Private Domestic Investment (GPDI) grew at the fastest rate, at 8.17% in the second quarter and 8.40% in the third quarter. Real Exports of Goods and Services also grew at a healthy rate, at 6.10% in the second quarter and 6.20% in the third quarter.

Real Personal Consumption Expenditures (PCE) grew at a more moderate pace, at 3.93% in the second quarter and 4.00% in the third quarter. Real Government Consumption Expenditures and Gross Investment grew at an even more moderate pace, at 4.52% in the second quarter and 4.60% in the third quarter.

Real Imports of Goods and Services grew at the slowest rate, at 5.55% in the second quarter and 5.70% in the third quarter.

Overall, the plot shows that the US economy is expanding, with all variables growing in the second and third quarters of 2023. However, the rate of growth is varied, with GPDI and exports growing at the fastest pace and imports growing at the slowest pace.

It is important to note that these are annualized percentage changes, which means that they represent the rate of change if the current rate of change were to continue for a full year. However, it is important to note that the economy can be volatile and that the rate of change can fluctuate over time. Therefore, it is important to monitor economic data on a regular basis to get the most accurate picture of the economy's performance.