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Thursday, June 29, 2017 Contact: Jeannine Aversa, (301) 278‐9003 GDP INCREASES IN FIRST QUARTER “Third” estimate of GDP Real gross domestic product (GDP) increased 1.4 percent in the first quarter of 2017, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was 0.2 percentage point higher than the “second” estimate released last month. In the fourth quarter of 2016, real GDP increased 2.1 percent. Quarter‐to‐Quarter Growth in Real GDP 6 4 Percent GDP highlights The increase in real GDP was accounted for by increases in business investment, exports, consumer spending, and housing investment. These increases were partly offset by decreases in inventory investment and government spending. Imports, which are a subtraction from GDP, increased. 2 0 ‐2 Q2 Q3 Q4 Q1 2013 Q2 Q3 Q4 Q1 2014 Q2 Q3 Q4 Q1 2015 Q2 Q3 Q4 2016 Q1 2017 Real GDP growth is measured at seasonally adjusted annual rates. Revisions The upward revision to real GDP growth primarily reflected upward revisions to consumer spending on services and to exports, which were partly offset by a downward revision to business investment. Quarter‐to‐Quarter Percent Change in Gross Domestic Purchases Prices 3 2 Percent Prices Prices of goods and services purchased by U.S. residents increased 2.5 percent in the first quarter after increasing 2.0 percent in the fourth quarter. Excluding energy and food, prices rose 2.2 percent after increasing 1.6 percent. 1 0 ‐1 ‐2 Corporate Profits Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Corporate profits decreased 2.3 percent at a 2013 2014 2015 Price growth measured at seasonally adjusted annual rates. quarterly rate in the first quarter of 2017 after increasing 0.5 percent in the fourth quarter of 2016. Q1 Q2 Q3 Q4 2016 Q1 2017 Quarter‐to‐Quarter Growth in Corporate Profits 10 8 6 4 Percent Profits of domestic nonfinancial corporations decreased 1.0 percent after decreasing 4.9 percent. Profits of domestic financial corporations decreased 5.4 percent after increasing 5.4 percent. Profits from the rest of the world decreased 2.1 percent after increasing 11.0 percent. Q4 2 0 ‐2 ‐4 ‐6 Over the last 4 quarters, corporate profits increased 3.3 percent. ‐8 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. 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 “advance” estimate of GDP for the second quarter of 2017 will be released on July 28, 2017.
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