Q4 GDP Growth Revised Down to 2.7% Annual Rate

From the BEA: Gross Domestic Product, Fourth Quarter and Year 2022 (Second Estimate)Real gross domestic product (GDP) increased at an annual rate of 2.7 percent in the fourth quarter of 2022, according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 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 2.9 percent. The updated estimates primarily reflected a downward revision to consumer spending that was partly offset by an upward revision to nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, were revised up.
emphasis addedHere is a Comparison of Second and Advance Estimates. PCE growth was revised down from 2.1% to 1.4%. Residential investment was revised up from -26.7% to -25.9%.