'Weaker than expected' US GDP grows 2.1% in second quarter of 2023

2.4% forecast

US real gross domestic product grew by 2.1% in the second quarter of 2023, according to data from the Bureau of Economic Analysis published today (30 August).

The GDP figure came in below expectations, after the bureau previously forecast a 2.4% increase. GDP for Q1, however, was upgraded from 1.1% to 2%. The increase in GDP in Q2 reflected a rise in consumer spending and non-residential fixed investment, as well as state, local and federal government spending, though was offset by decreases in exports, residential fixed investment and private inventory investment., the agency explained. US GDP growth drops below expectations to 1.1% in Q1 Ryan Brandham, head of global capital markets, North America at Validus Risk Management, said: "US ...