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Friday, May 26, 2017 Contact: Jeannine Aversa, (301) 278-9003 GDP INCREASES IN FIRST QUARTER “Second” estimate of GDP Real gross domestic product (GDP) increased 1.2 percent in the first quarter of 2017, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was 0.5 percentage points higher than the “advance” estimate released in April. In the fourth quarter of 2016, real GDP rose 2.1 percent. First quarter GDP highlights The increase in real GDP was accounted for by increases in business investment, housing investment, consumer spending on services, and exports. These increases were partly offset by decreases in inventory investment, and government spending. Imports, which are a subtraction from GDP, increased. Quarter-to-Quarter Growth in Real GDP 6 Percent 4 2 0 -2 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2014 2015 2016 2017 Revisions Real GDP growth is measured at seasonally adjusted annual rates. The upward revision to the second estimate of GDP growth reflected upward revisions in business investment, consumer spending in services, and state and local government spending. These upward revisions were partly offset by a downward revision to inventory investment. For more information, see the technical note. Corporate Profits Corporate profits decreased 1.9 percent at a quarterly rate in the first quarter of 2017 after increasing 0.5 percent in the fourth quarter of 2016. Quarter-to-Quarter Growth in Corporate Profits Profits of domestic nonfinancial corporations decreased 1.4 percent after decreasing 4.9 percent. Profits of domestic financial corporations decreased 5.5 percent after increasing 5.4 percent. 8 6 4 Percent 10 2 0 -2 -4 -6 -8 Profits from the rest of the world increased 1.4 percent after increasing 11.0 percent. Q2 Q3 2013 Q4 Q1 Q2 Q3 2014 Q4 Q1 Q2 Q3 2015 Q4 Q1 Q2 Q3 2016 Q4 Q1 2017 Corporate profits growth is measured as the percent change from the previous quarter. Over the last 4 quarters, corporate profits increased 3.7 percent. 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 “third” estimate of GDP for the first quarter of 2017 will be released on June 29, 2017.