Fact Check: "U.S. GDP shrank by 0.5% in Q1 2023 under Trump"
What We Know
The claim that "U.S. GDP shrank by 0.5% in Q1 2023 under Trump" is incorrect. According to the Bureau of Economic Analysis, the U.S. GDP did not experience a contraction in the first quarter of 2023. Instead, the GDP growth rate for that quarter was reported as an annualized increase of 2.0%. This figure indicates that the economy was expanding, not shrinking, during that period.
Moreover, the economic data for Q1 2025, which is often confused with earlier periods, shows a contraction of 0.3% due to various factors, including changes in government spending and import levels, but this is unrelated to the claim regarding Q1 2023 under the Trump administration (CBS News, CNN).
Analysis
The assertion that GDP shrank by 0.5% in Q1 2023 appears to stem from a misunderstanding or misrepresentation of economic data. The reliable sources indicate that the U.S. economy was actually growing during this time, with a reported increase of 2.0% in GDP. The confusion may arise from subsequent quarters or different years, particularly Q1 2025, where the economy did contract by 0.3% (CBS News, CNN).
The sources used to verify this information, such as the Bureau of Economic Analysis, are credible and authoritative, as they are the official government agency responsible for economic statistics. In contrast, the claim lacks any supporting evidence from reputable economic reports or analyses.
Conclusion
Verdict: False
The claim that "U.S. GDP shrank by 0.5% in Q1 2023 under Trump" is false. The actual data shows that the U.S. economy grew by 2.0% during that quarter. The confusion may stem from later economic reports, but the specific claim regarding Q1 2023 is not supported by factual evidence.
