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Gross Domestic Product (GDP) <br />Components of GDP 12/22 3/23 6/23 9/23 <br />0.8% 2.5% 0.6% 2.7% <br />0.6% -1.7% 0.9% 1.5% <br />0.3% 0.6% 0.0% -0.1% <br />0.6% 0.3% 0.1% 0.4% <br />0.3% 0.5% 0.5% 0.4% <br />2.6% 2.3% 2.1% 4.9% <br />State and Local (Consumption and Gross <br />Investment) <br />Personal Consumption Expenditures <br />Gross Private Domestic Investment <br />Net Exports and Imports <br />Federal Government Expenditures <br />Total -40.0% <br />-30.0% <br />-20.0% <br />-10.0% <br />0.0% <br />10.0% <br />20.0% <br />30.0% <br />40.0% <br />Gross Domestic Product (GDP) <br />GDP QOQ % Change <br />GDP YOY % Change <br />Source: US Department of Commerce Source: US Department of Commerce <br />According to the “advance”estimate,third quarter GDP exceeded expectations at an annualized rate of 4.9%,following 2.1%in the <br />second quarter,marking the fastest growth in nearly two years.The largest contributor to the rise was the 4.0%increase in consumer <br />spending across both goods and services.Almost all the major components made a positive contribution to GDP,except for a small <br />decline in net exports. The consensus estimate calls for a marked slowing to 0.8% in the fourth quarter and 2.2% for full year 2023. <br />10