Q1 GDP Growth Revised up to 1.3% Annual Rate

From the BEA: Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), First Quarter 2023Real gross domestic product (GDP) increased at an annual rate of 1.3 percent in the first quarter of 2023, according to the “second” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.

The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 1.1 percent (refer to “Updates to GDP”). The updated estimates primarily reflected an upward revision to private inventory investment.

The increase in real GDP reflected increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in private inventory investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
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Here is a Comparison of Second and Advance Estimates. PCE growth was revised up from 3.7% to 3.8%. Residential investment was revised down from -4.2% to -5.4%.