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THURSDAY, June 25, 2009 GDP DECLINES 5.5 PERCENT IN FIRST QUARTER Corporate Profits Turn Up Real gross domestic product (GDP) decreased 5.5 percent in the first quarter of 2009 after decreasing 6.3 percent in the fourth quarter, according to the “final” estimates released by the Bureau of Economic Analysis. The first-quarter estimate was revised down 0.2 percentage point from the “preliminary” estimate released in May. Gross Domestic Product As in the previous estimates, exports, business investment (including inventory investment), and housing each declined more than in the fourth quarter. Partially offsetting these declines, consumer spending turned up, rising 1.4 percent after falling for two consecutive quarters, and imports fell even more than in the first quarter. Quarter-to-Quarter Growth in Real GDP 6 4 Percent 2 0 -2 -4 -6 -8 II III 2005 IV I II III 2006 IV I II III 2007 IV I II III 2008 IV I 2009 Real GDP growth is measured at seasonally adjusted annual rates. Corporate Profits First-quarter corporate profits rose 3.8 percent at a quarterly rate after falling 16.5 percent in the fourth quarter. Financial-sector profits rebounded after a large drop in the fourth quarter. Nonfinancial sector profits fell. Quarter-to-Quarter Growth in Corporate Profits 20 15 10 Percent 5 0 -5 -10 -15 -20 II III IV I 2005 II 2006 III IV I II III 2007 IV I II 2008 III IV I 2009 Corporate profits growth is measured as the percent change from the previous quarter. 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 “advance” estimate of GDP for the second quarter of 2009 and the 2009 comprehensive revision of the GDP accounts will be released on July 31, 2009. Contact: Ralph Stewart or Thomas Dail (202) 606-2649 Bureau of Economic Analysis, U.S. Department of Commerce
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