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Gross domestic product is the broadest measure of economic activity and a primary indicator of the health of the economy
The annual percentage change (4X quarterly change) in GDP shows and indicates economic growth as a whole
The advance estimate showed that the US economy expanded at an annual rate of 2.4% on a quarterly basis in the second quarter of 2023, which is higher than 2% in the previous period and much higher than the market expectation of 1.8%. Non-residential fixed investment accelerated sharply (7.7% vs. 0.6%), led by the recovery in equipment (10.8% vs. -8.9%) and intellectual property products (3.9% vs. 3.1%). Private inventories added 0.14 percentage points to growth (vs -2.14 in the first quarter). On the other hand, consumer spending slowed sharply (1.6% vs. 4.2%), but beat market estimates as inflation eased but the labor market remained tight. While consumption of goods slowed sharply (0.7% vs. 6%), spending on services remained strong (2.1% vs. 3.2%). Public spending also increased at a much weaker pace (2.6% versus 5%), and net trade weighed on growth by 0.12 percentage points, as exports fell by 10.8% and imports fell by a smaller 7.8%. Residential investment continued to decline (-4.2% vs -4%)

Outlook for today's statement and how it will affect the currency

The forecast for today's reading is 2.4%.
A reading higher than expected indicates growth in the economy and has a positive impact on the US dollar, while a reading lower than expected indicates a decline in economic growth and has a negative impact on the US dollar.