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June 29, 2023 2023Q1 (Third Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Seasonally adjusted at annual rates Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross domestic income (GDI) Average of GDP and GDI Gross national product (GNP) Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis 2023Q1 % change 2.0 4.2 6.0 16.3 0.5 3.2 -11.9 -0.4 0.6 15.8 -8.9 3.1 -4.0 .......................... ........................ 7.8 12.3 -1.3 2.0 2.3 0.4 5.0 6.0 2.5 10.5 4.4 Last period with Last period with Last period with equal value larger value smaller value 2017Q2 2.0 2022Q4 2.6 2022Q2 -0.6 1999Q1 4.2 2021Q2 12.1 2022Q4 1.0 2005Q2 6.0 2021Q2 11.6 2022Q4 -0.1 1983Q3 16.3 2021Q1 44.7 2022Q4 -1.3 1987Q4 0.5 2022Q4 0.6 2022Q3 -0.1 1992Q2 3.2 2022Q3 3.7 2022Q4 1.6 ................ ................ 2022Q4 4.5 2022Q2 -14.1 2002Q2 -0.4 2022Q1 4.8 2022Q4 -3.8 2021Q3 0.6 2022Q4 4.0 2022Q2 0.1 2022Q4 15.8 2019Q3 17.9 2022Q3 -3.6 ................. ................. 2022Q4 -3.5 2020Q2 -38.0 1959Q4 3.1 2022Q4 6.2 2020Q2 -9.3 ................. ................. 2022Q1 -3.1 2022Q4 -25.1 ................. ................. ................. ................. ................. ................. ................ ................ ................ ................ ................ ................ 1997Q1 7.8 2022Q3 14.6 2022Q4 -3.7 ................. ................. 2022Q3 17.8 2022Q4 -7.4 ................. ................. 2022Q4 5.0 2020Q2 -49.1 2012Q1 2.0 2022Q2 2.2 2022Q4 -5.5 ................. ................. 2022Q1 20.4 2022Q4 -5.9 1985Q4 0.4 2022Q2 16.6 2022Q4 -3.7 ................ ................ 2021Q1 6.5 2022Q4 3.8 ................. ................. 2021Q1 17.3 2022Q4 5.8 2007Q3 2.5 2022Q3 4.7 2022Q4 2.3 ................. ................. 2022Q4 10.6 2022Q3 2.5 1964Q3 4.4 2021Q3 4.5 2022Q4 2.6 4.2 2014Q2 4.2 1.4 2022Q1 1.4 3.5 2019Q3 3.5 3.2 2018Q1 3.2 -1.8 1990Q4 -1.8 0.1 ................. ................. 1.6 2017Q1 1.6 8.5 ................. ................. 2022Q3 2022Q4 2021Q2 2021Q2 2022Q3 2022Q3 2022Q4 2021Q1 4.5 2.1 8.2 10.7 2.8 3.0 2.4 52.4 2022Q4 2022Q3 2022Q4 2022Q4 2022Q4 2022Q4 2022Q2 2022Q4 1.1 0.3 0.7 0.0 -3.3 -0.4 -0.3 2.5 6.1 1992Q3 6.1 8.6 1992Q1 8.6 5.1 2022Q3 5.1 7.5 2020Q4 7.5 7.6 2017Q4 7.6 2.2 1954Q1 2.2 4.1 2016Q4 4.1 5.7 1988Q1 5.7 12.9 ................. ................. 2022Q4 2022Q3 2022Q4 2022Q2 2022Q2 2022Q3 2022Q3 2022Q4 2021Q1 6.6 9.1 5.8 8.7 8.5 7.2 7.5 6.4 59.2 2020Q2 2022Q4 2020Q2 2022Q4 2022Q4 2022Q4 2022Q4 2020Q2 2022Q4 -30.9 5.1 -30.2 4.4 3.8 0.5 3.5 -31.8 6.4 3.8 2011Q2 3.8 4.2 1990Q2 4.2 4.1 2007Q1 4.1 4.8 ................. ................. 4.1 1984Q1 4.1 4.1 2007Q4 4.1 4.9 1988Q2 4.9 3.9 1987Q3 3.9 4.7 1990Q3 4.7 2022Q3 2022Q3 2022Q3 2022Q3 2022Q3 2022Q3 2022Q1 2022Q3 2022Q3 4.8 5.0 4.4 5.2 4.4 4.3 5.6 4.5 5.0 2022Q4 2022Q4 2022Q4 2022Q4 2022Q4 2022Q4 2022Q4 2022Q4 2022Q4 3.6 4.1 3.9 4.2 3.9 3.7 4.4 3.4 4.1 June 29, 2023 2023Q1 (Third Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2023Q1 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value Last period with larger value Last period with smaller value 2.0 2017Q2 2.0 2022Q4 2.6 2022Q2 -0.6 2.79 1.34 1.28 0.07 1.44 -2.22 -0.08 0.08 0.40 -0.48 0.16 -0.16 -2.14 0.58 0.86 0.91 -0.05 -0.28 -0.27 -0.01 0.85 0.38 0.09 0.29 0.47 ................ 2004Q3 1949Q4 1993Q1 1989Q4 ................ ................. ................. 1959Q3 1987Q4 2011Q1 1953Q4 ................. 1973Q1 ................. 2006Q4 2002Q3 1992Q1 1961Q4 2013Q3 ................ 2010Q1 2020Q3 2022Q4 1999Q3 ................ 1.34 1.28 0.07 1.44 ................ ................. ................. 0.40 -0.48 0.16 -0.16 ................. 0.58 ................. 0.91 -0.05 -0.28 -0.27 -0.01 ................ 0.38 0.09 0.29 0.47 2021Q2 2021Q2 2021Q1 2022Q4 2022Q3 2022Q4 2022Q1 2022Q4 2019Q3 2022Q4 2022Q4 2022Q1 2022Q4 2022Q3 2022Q3 2022Q3 2022Q4 2022Q4 2022Q4 2022Q4 2021Q1 2021Q1 2022Q3 2021Q1 2021Q3 7.84 2.65 3.22 0.09 1.63 0.79 0.83 0.52 0.53 -0.18 0.33 -0.15 1.47 2.86 1.65 1.38 0.18 0.86 0.76 0.10 1.18 1.17 0.17 1.55 0.49 2022Q4 2022Q4 2022Q4 2022Q3 2022Q4 2022Q2 2022Q4 2022Q2 2022Q4 2020Q2 2020Q2 2022Q4 2021Q1 2022Q4 2022Q4 2022Q4 2020Q2 2022Q2 2022Q1 2022Q2 2022Q4 2022Q4 2022Q4 2022Q3 2022Q4 0.70 -0.01 -0.11 -0.01 0.72 -2.83 -0.68 0.01 0.38 -2.05 -0.46 -1.20 -2.52 0.42 -0.44 -0.62 -2.18 -0.35 -2.38 -0.41 0.65 0.37 0.08 0.07 0.29 June 29, 2023 2023Q1 (Revised Estimate) Comparisons -- Corporate Profits: Level Change and Percent Change Last period with 2023Q1 change equal value Dollar change from preceding quarter Last period with larger value Last period with smaller value Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA -121.5 ................ ................ -145.9 ................. ................. -8.9 ................. ................. -33.3 ................. ................. -19.2 ................. ................. Percent change from preceding quarter (quarterly rates) 2022Q4 2022Q4 2022Q2 2022Q2 2022Q4 -60.5 -67.8 193.3 209.7 10.4 2020Q4 2020Q2 2022Q4 2022Q4 2020Q4 -123.6 -219.9 -162.2 -169.5 -171.9 Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA -4.1 1986Q2 -4.1 -5.9 1989Q1 -5.9 -0.3 2017Q2 -0.3 -1.2 ................. ................. -0.6 2009Q2 -0.6 Percent change from quarter one year ago 2022Q4 2022Q4 2022Q2 2022Q2 2022Q4 -2.0 -2.7 5.8 7.4 0.3 2020Q4 2020Q4 2022Q4 2022Q4 2020Q4 -5.0 -6.3 -4.8 -5.9 -6.6 Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis -1.8 1974Q2 -1.8 -1.9 ................. ................. -4.6 2017Q4 -4.6 -5.1 1967Q1 -5.1 10.2 1999Q1 10.2 2022Q4 2022Q4 2022Q4 2022Q4 2022Q4 2.6 1.6 -0.2 -1.4 10.3 2020Q4 2020Q4 2020Q2 2020Q2 2022Q2 -3.8 -4.9 -10.1 -9.2 5.7