Saturday, March 2, 2024
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Gross Domestic Product, Income and Expenditure Economic Activity Report – 3Q

Real gross domestic product (GDP) declined 0.3% in the third quarter, following a 0.3% increase in the second quarter. The decrease in international exports and slower inventory accumulation were partially offset by increases in government spending and housing investment. Final domestic demand increased 0.3%, following a similar increase in the second quarter.

Gross domestic product, income and expenditure, third quarter 2023

Chart 1  Chart 1: Real gross domestic product and final domestic demand
Real gross domestic product and final domestic demand

Chart 2  Chart 2: Contributions to percentage change in real gross domestic product, third quarter of 2023
Contributions to percentage change in real gross domestic product, third quarter of 2023

Lower exports led to a decline in the gross domestic product

Exports of goods and services fell 1.3% in the third quarter after increasing 1.3% in the second quarter. The leading contributor to the decrease was refined petroleum energy products, which dropped 25.4% in the third quarter after rising 23.9% in the second quarter.