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Thursday, June 28, 2018 Contact: Jeannine Aversa, (301) 278-9003 GDP INCREASES IN FIRST QUARTER “Third” estimate of GDP Real gross domestic product (GDP) increased 2.0 percent in the first quarter of 2018, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was 0.2 percentage point lower than the “second” estimate released last month. In the fourth quarter of 2017, real GDP increased 2.9 percent. 4 Percent First quarter GDP highlights The increase in real GDP reflected increases in business investment, consumer spending, exports, and government spending. Imports, which are a subtraction in the calculation of GDP, increased in the first quarter of 2018. 2 Revisions The downward revision to the third estimate of GDP growth reflected downward revisions to inventory investment and consumer spending. These were partly offset by an upward revision to business investment. 0 2014 2015 2016 2017 2018 Quarter-to-Quarter Percent Change in Gross Domestic Purchases Prices 3 Percent 2 1 0 -1 Corporate Profits Corporate profits increased 1.8 percent at a quarterly rate in the first quarter of 2018 after decreasing 0.1 percent in the fourth quarter of 2017. Over the last 4 quarters, corporate profits increased 6.8 percent. Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Real GDP growth is measured at seasonally adjusted annual rates. Prices Prices of goods and services purchased by U.S. residents increased 2.7 percent in the first quarter after increasing 2.5 percent in the fourth quarter. Excluding energy and food, prices rose 2.6 percent after increasing 2.0 percent. -2 Q2 Q3 2014 Q4 Q1 Q2 Q3 2015 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 Q3 Q4 2017 Q1 2018 Price growth measured at seasonally adjusted annual rates. 10 Quarter-to-Quarter Growth in Corporate Profits 8 6 4 Percent Profits of domestic nonfinancial corporations increased 2.2 percent after increasing 1.5 percent. Profits of domestic financial corporations increased 1.5 percent after decreasing 3.0 percent. Profits from the rest of the world increased 0.8 percent after decreasing 1.3 percent. Quarter-to-Quarter Growth in Real GDP 6 2 0 -2 -4 -6 -8 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2014 2015 2016 2017 2018 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 2018 will be released on July 27, 2018.
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