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WEDNESDAY, JUNE 24, 2015 FIRST-QUARTER GDP REVISED UP “Third” estimate of GDP Real gross domestic product (GDP) decreased 0.2 percent in the first quarter of 2015, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was revised up 0.5 percentage point from the “second” estimate released in May. In the fourth quarter of 2014, real GDP increased 2.2 percent. Quarter-to-Quarter Growth in Real GDP 6 4 2 Percent GDP highlights The first-quarter decline in real GDP reflected declines in exports of goods, notably capital goods as well as autos and parts; in business investment, notably in mining exploration, shafts, and wells; and in state and local government spending. Partly offsetting the contributions to the decline in GDP, consumer spending on services rose, notably on health care and on housing and utilities. Also, inventory investment and housing investment rose. 0 -2 -4 II III IV 2011 I II III 2012 IV I II III 2013 IV I II III 2014 IV I 2015 Real GDP growth is measured at seasonally adjusted annual rates. Revisions The percent change in first-quarter real GDP was revised up, mainly reflecting up revisions to exports, consumer spending, inventory investment, business investment, and state and local government spending. Partly offsetting these revisions, imports was revised up. For more information, see the technical note. Personal income and personal saving Real disposable personal income (DPI)—personal income adjusted for inflation and taxes—increased 5.3 percent in the first quarter, compared with 4.1 percent in the fourth quarter. Personal saving as a percentage of currentdollar DPI was 5.4 percent, compared with 4.7 percent in the fourth quarter. Corporate profits Corporate profits decreased 5.2 percent at a quarterly rate in the first quarter after decreasing 1.4 percent in the fourth quarter of 2014. Quarter-to-Quarter Growth in Corporate Profits 15 10 5 fell 6.1 percent after rising 1.4 percent. Profits of domestic financial corporations fell 0.5 percent after falling 2.7 percent. Profits from the rest of the world fell 7.7 percent after falling 8.8 percent. Over the last 4 quarters, corporate profits increased 4.5 percent. Percent Profits of domestic nonfinancial corporations 0 -5 -10 -15 II III 2011 IV I II III 2012 IV I II III 2013 IV I II III 2014 IV I 2015 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 2015 and the annual revision of the national income and product accounts will be released on July 30, 2015. Contact: Jeannine Aversa (202) 606-2649 Bureau of Economic Analysis, U.S. Department of Commerce
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