MNI BRIEF: US GDP Revisions Boost Growth In Q1 And Back
Real GDP increased 0.2 percentage point faster in the first quarter than earlier published.
U.S. GDP was revised higher for the first quarter of 2023 and back through 2009, the Bureau of Economic Analysis said Thursday after issuing a comprehensive revision going back to 1979. Real GDP increased 2.2% in the first quarter, 0.2 percentage point faster than earlier published. In the 2017-2022 period, it grew at an average annual rate of 2.2%, 0.1 percentage point higher, and for 2009-2019, the rate was 2.4%, revised 0.1pp higher. Real GDI at 2.3% over 2017-2022 was also 0.2 pp higher than previously published.
The BEA's third estimate of second-quarter growth was unchanged at 2.1%.
Both PCE inflation and core PCE inflation in the first quarter were revised a tenth higher to 4.2% and 5.0%, respectively.