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THURSDAY, June 28, 2007 GDP GREW 0.7 PERCENT IN FIRST QUARTER “Final” Estimate of GDP The economy grew at an annual rate of 0.7 percent in the first quarter, 0.1 percentage point more than in the “preliminary” estimate, according to the “final” estimates released by the Bureau of Economic Analysis. In the fourth quarter of 2006, gross domestic product (GDP) grew 2.5 percent. Gross Domestic Product The deceleration in first-quarter GDP growth primarily reflected a downturn in net exports. The upward revision reflected a revision to exports. Quarter-to-Quarter Growth in Real GDP 8 Percent 6 4 2 0 II III 2003 IV I II III 2004 IV I II III 2005 IV I II III 2006 IV I 2007 Real GDP growth is measured at seasonally adjusted annual rates. Corporate Profits First-quarter corporate profits increased 6.5 percent from the same quarter a year ago. Profits of financial corporations increased 6.8 percent, and profits of nonfinancial corporations increased 0.7 percent. In the fourth quarter of 2006, year-over-year profits grew 18.3 percent. Year-over-Year Growth in Corporate Profits 30 25 Percent 20 15 10 5 0 II III 2003 IV I II 2004 III IV I II III 2005 IV I II 2006 III IV I 2007 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: The annual revision of the national income and product accounts, covering the first quarter of 2004 through the first quarter of 2007, will be released along with the “advance” estimate of GDP for the second quarter of 2007 on July 27. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce