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Friday, April 28, 2017 Contact: Jeannine Aversa, (301) 278-9003 GDP INCREASES IN FIRST QUARTER “Advance” estimate of GDP Real gross domestic product (GDP) increased 0.7 percent in the first quarter of 2017, according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1 percent. GDP highlights The increase in real GDP reflected increases in business investment, exports, housing investment, and consumer spending. Quarter-to-Quarter Growth in Real GDP 6 4 Percent The increase in business investment reflected increases in both structures and equipment, notably a significant increase in mining exploration, shafts, and wells. 2 The increase in exports reflected an increase in nondurable industrial supplies and materials, notably petroleum. 0 -2 Q2 Q3 Q4 Q1 Q2 2013 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 Q2 2015 Q3 Q4 2016 Q1 2017 Real GDP growth is measured at seasonally adjusted annual rates. The increase in consumer spending reflected an increase in services that was offset by a decrease in motor vehicles and parts. These positive contributions were partly offset by decreases in private inventory investment, state and local government spending, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased in the first quarter of 2017. Food prices increased in the first quarter following a decrease in the fourth quarter of 2016. Energy prices increased in the first quarter of 2017 following a larger increase in the fourth quarter of 2016. Quarter-to-Quarter Percent Change in Gross Domestic Purchases Prices 3 2 Percent First-quarter prices Prices of goods and services purchased by U.S. residents increased 2.6 percent in the first quarter of 2017, after increasing 2.0 percent in the fourth quarter of 2016. 1 0 -1 -2 Q2 Q3 2013 Q4 Q1 Q2 Q3 Q4 Q1 2014 Q2 Q3 2015 Q4 Q1 Q2 Q3 2016 Q4 Q1 2017 Price growth measured at seasonally adjusted annual rates. Excluding food and energy, prices increased 2.3 percent in the first quarter of 2017, compared with an increase of 1.6 percent in the fourth quarter of 2016. BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and regional economic data—are available at www.bea.gov. E-mail alerts are also available. The “second” estimate of GDP for the first quarter of 2017 will be released on May 26, 2017.
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