Alas, 2023 reports have concluded. The GDP's 4Q advance reading indicates a sterling 3.1% rise. I will make mention of the 5 year Quinquennial revision from 2012 dollars to 2017 dollars. As would be expected the numbers jumped 9.0%. I can't help but notice the big drag on GDP of net exports of good and services, slid a whopping -26.7%.
Even under the revised numbers, that latter component fell another -5.9% from one year ago.
PCE, which is typically 68.7% of GDP under the 2017 revision, made up 58.3% of that yearly increase.
Which gives pause to the notion of the consumer driving those GDP numbers, when in fact they appear to have been a bit of drag.
Gross private investment, also underperformed. The real over achievers were government and net exports of good and services.
It is what it is.
PCE ex. food and energy ease from 3.4% to 3.2%. The overall remained unchanged.
All in all, a decent end to the 2023 years.
No comments:
Post a Comment