The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THURSDAY, May 30, 2013 GDP GROWTH ACCELERATES IN FIRST QUARTER Second Estimate of GDP Real gross domestic product (GDP) increased 2.4 percent in the first quarter of 2013 after increasing 0.4 percent in the fourth quarter of 2012, according to estimates released by the Bureau of Economic Analysis. The first-quarter growth rate was revised down 0.1 percentage point from the advance estimate released in April. Percent GDP highlights Quarter-to-Quarter Growth in Real GDP 6 The following contributed to the acceleration in growth: Inventory investment turned up notably, 4 more than accounting for the acceleration in first-quarter GDP growth. Manufacturing turned up, farming accelerated, and whole2 sale trade declined less than in the previous quarter. 0 Consumer spending picked up, reflecting an acceleration in spending for services, mainly for household utilities. -2 Federal defense spending fell less than in the II III IV I II III IV I II III IV I II III 2009 2010 2011 2012 previous quarter, more than offsetting a Real GDP growth is measured at seasonally adjusted annual rates. downturn in nondefense spending. Exports turned up; the main contributors were “foods, feeds and beverages” and nonautomotive capital goods. IV I 2013 In contrast, imports turned up, reflecting in part a rebound in nonpetroleum industrial supplies and materials. Also, business investment slowed, reflecting a downturn in structures and a slowdown in equipment and software. First-quarter revisions The 0.1 percentage point downward revision to GDP growth for the first quarter reflected downward revisions to inventory investment and to exports. In contrast, imports were revised down, and consumer spending for nondurable goods was revised up. Quarter-to-Quarter Growth in Corporate Profits Profits of nonfinancial corporations fell 0.8 percent at a quarterly rate in the first quarter, while profits of financial corporations fell 0.4 percent. Profits from the rest of the world fell 7.3 percent. 20 10 Percent Corporate profits BEA released its estimate of first-quarter corporate profits. Profits fell 2.2 percent at a quarterly rate in the first quarter after rising 2.3 percent in the fourth quarter of 2012. 0 -10 -20 -30 II III 2009 IV I II III 2010 IV I II III 2011 IV I II III 2012 IV I 2013 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 third estimate of GDP and a revised estimate of corporate profits for the first quarter of 2013 will be released on June 26, 2013. Contact: Jeannine Aversa (202) 606-2649 Bureau of Economic Analysis, U.S. Department of Commerce