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THURSDAY June 29, 2006 GDP GREW 5.6 PERCENT IN THE FIRST QUARTER Corporate Profits Rose The economy grew at an annual rate of 5.6 percent in the first quarter, according to the “final” estimates of gross domestic product (GDP) released by the U.S. Bureau of Economic Analysis. The growth rate was 0.3 percentage point more than the “preliminary” estimate released in May. In the fourth quarter, the economy increased 1.7 percent. Gross Domestic Product The acceleration in first-quarter GDP growth primarily reflected an upturn in consumer spending on durable goods, an acceleration in exports, an upturn in Federal government spending, and a pick-up in investment in equipment and software. On the other hand, private inventory investment turned down. The upward revision to the first-quarter GDP estimate mainly reflected a downward revision to imports. Quarter-to-Quarter Growth in Real GDP 8 Percent 6 4 2 0 II III 2002 IV I II III 2003 IV I II III 2004 IV I II III 2005 IV I 2006 Real GDP growth is measured at seasonally adjusted annual rates. Corporate Profits First-quarter corporate profits rose 28.5 percent from the same quarter a year ago. Profits of financial corporations increased 18.4 percent, and profits of nonfinancial corporations increased 35.2 percent. Year-over-Year Growth in Corporate Profits 25 Percent 20 15 10 5 0 II III 2002 IV I II 2003 III IV I II 2004 III IV I 2005 II III IV I 2006 Corporate profits growth is measured as the percent change from the same quarter one year ago. BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: On July 28, 2006, the “advance” estimate of GDP for the second quarter of 2006 will be released along with revised estimates for the first quarter of 2003 through the first quarter of 2006. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce
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