BEA, Report: GDP, First Quarter 2023 (Advanced Estimate)

“Real gross domestic product (GDP) increased at an annual rate of 1.1 percent in the first quarter of 2023.”

“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.”

“The increase in consumer spending reflected increases in both goods and services. Within goods, the leading contributor was motor vehicles and parts. Within services, the increase was led by health care and food services and accommodations.”