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FRIDAY, April 26, 2013 GDP GROWTH PICKS UP IN THE FIRST QUARTER Advance Estimate of GDP Real gross domestic product (GDP) accelerated in the first quarter of 2013, increasing 2.5 percent after increasing 0.4 percent in the fourth quarter of 2012, according to estimates released by the Bureau of Economic Analysis. In addition, consumer spending accelerated, primarily reflecting a pick up in spending for services (mainly household utilities), and exports rebounded, mainly due to upturns in foods, feeds, and beverages and in nonautomotive capital goods. Quarter-to-Quarter Growth in Real GDP 6 4 Percent First-quarter highlights The pick up in real GDP growth was largely accounted for by a rebound in inventory investment, mainly reflecting an upturn in manufacturing and a smaller decrease in wholesale trade. Farm inventory investment also picked up. 2 0 -2 II III IV 2009 I II III 2010 IV I II III 2011 IV I II III 2012 IV I 2013 Real GDP growth is measured at seasonally adjusted annual rates. In contrast, imports turned up, reflecting in part an upturn in nonpetroleum industrial supplies and materials. Also, business investment slowed, reflecting a slowdown in equipment and software (mainly in information processing) and a downturn in structures. Personal income and personal saving Real disposable personal income, which adjusts for inflation and taxes, fell 5.3 percent in the first quarter after rising 6.2 percent in the fourth quarter. The change reflected the following: A downturn in dividend payments, after companies accelerated payments to the fourth quarter. An acceleration in contributions for social insurance, which are subtracted when calculating personal income, due to the expiration of the “payroll tax holiday.” The personal saving rate—saving as a percent of disposable personal income—was 2.6 percent in the first quarter, compared with 4.7 percent in the fourth quarter. Quarter-to-Quarter Percent Change in Gross Domestic Purchases Prices Prices Prices of goods and services purchased by U.S. residents slowed in the first quarter, increasing 1.1 percent after increasing 1.6 percent in the fourth quarter of 2012. Percent Energy prices turned down, and food prices slowed slightly. Prices less food and energy increased 1.3 percent after increasing 1.2 percent. 4 2 0 II III 2009 IV I II III 2010 IV I II III 2011 IV I II III 2012 IV I 2013 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 second estimate of GDP and an estimate of corporate profits for the first quarter of 2013 will be released on May 30, 2013. Contact: Jeannine Aversa (202) 606-2649 Bureau of Economic Analysis, U.S. Department of Commerce