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Friday, April 27, 2018 Contact: Jeannine Aversa, (301) 278‐9003 GDP INCREASES IN FIRST QUARTER “Advance” estimate of GDP Real gross domestic product (GDP) increased 2.3 percent in the first quarter of 2018, according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2017, real GDP increased 2.9 percent. GDP highlights The increase in real GDP reflected increases in business investment, consumer spending, exports, and inventory investment. Imports, which are a subtraction in the calculation of GDP, increased in the first quarter of 2018. Quarter‐to‐Quarter Growth in Real GDP 6 4 Percent The increase in business investment reflected increases in structures (notably mining exploration, shafts, and wells), equipment, and intellectual property products. The increase in consumer spending reflected an increase in services that was partly offset by a decrease in goods, mainly motor vehicles and parts. 2 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2014 The increase in exports reflected increases in exports of both goods and services. 2015 2016 2017 2018 Real GDP growth is measured at seasonally adjusted annual rates. The increase in inventory investment reflected an increase in nonfarm inventories, notably merchant wholesale industries. First‐quarter prices Prices of goods and services purchased by U.S. residents increased 2.8 percent in the first quarter of 2018, after increasing 2.5 percent in the fourth quarter of 2017. Quarter‐to‐Quarter Percent Change in Gross Domestic Purchases Prices Food prices increased 0.4 percent in the first quarter following an increase of 0.1 percent in the fourth quarter of 2017. Excluding food and energy, prices increased 2.7 percent in the first quarter of 2018, compared with an increase of 2.0 percent in the fourth quarter of 2017. 2 Percent Energy prices increased 12.4 percent in the first quarter of 2018 following an increase of 28.2 percent in the fourth quarter of 2017. 3 1 0 ‐1 ‐2 Q2 Q3 2014 Q4 Q1 Q2 Q3 2015 Q4 Q1 Q2 Q3 2016 Q4 Q1 Q2 Q3 2017 Q4 Q1 2018 Price growth measured at seasonally adjusted annual rates. 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 2018 will be released on May 30, 2018.
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