by Calculated Risk on 2/23/2023 08:42:00 AM
From the BEA: Gross Domestic Product, Fourth Quarter and Year 2022 (Second Estimate)
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.
Here 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%.