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THURSDAY, June 26, 2008 GDP GREW 1.0 PERCENT IN THE FIRST QUARTER Estimates of GDP The economy grew at an annual rate of 1.0 percent in the first quarter, compared with 0.6 percent in the fourth quarter, according to the Bureau of Economic Analysis. The estimate of first-quarter gross domestic product (GDP) growth is 0.1 percentage point higher than previously estimated. Gross Domestic Product The continuing slow growth of the economy reflected continuing weakness in residential housing, downturns in consumer spending on durable and nondurable goods, and slower growth in business investment. The slight revision to first-quarter growth reflected upward revisions to exports, consumer spending, and business investment in equipment and software. Quarter-to-Quarter Growth in Real GDP 6 Percent 4 2 0 II III 2004 IV I II III 2005 IV I II III 2006 IV I II III 2007 IV I 2008 Real GDP growth is measured at seasonally adjusted annual rates. Corporate Profits First-quarter corporate profits grew 1.0 percent from the first quarter of 2007. In the fourth quarter, profits grew 2.5 percent. First-quarter profits declined for domestic financial corporations and nonfinancial corporations, while net profits from abroad rose. Year-over-Year Growth in Corporate Profits 30 25 Percent 20 15 10 5 0 II III 2004 IV I II 2005 III IV I II III IV I 2006 II 2007 III IV I 2008 Corporate profits growth is measured as the percent change from a 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 2005 through the first quarter of 2008, will be released with the “advance” estimate of GDP for the second quarter of 2008 on July 31, 2008. Contact: Ralph Stewart 202–606–2649 Bureau of Economic Analysis, U.S. Department of Commerce