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Wednesday, February 28, 2018 Contact: Jeannine Aversa, (301) 278-9003 GDP INCREASES IN FOURTH QUARTER “Second” estimate of GDP Real gross domestic product (GDP) increased 2.5 percent in the fourth quarter of 2017, according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent. Quarter-to-Quarter Growth in Real GDP 6 4 Percent Fourth-quarter GDP highlights The increase in real GDP reflected an increase in consumer spending, exports, business investment, housing investment, as well as state and local and federal government spending. These contributions were partly offset by a decline in inventory investment. Imports, which are a subtraction in the calculation of GDP, increased. 2 0 -2 Q1 Q2 Q3 Q4 Q1 Q2 2014 Q3 Q4 Q1 2015 Q2 Q3 Q4 Q1 2016 Q2 Q3 Q4 2017 Real GDP growth is measured at seasonally adjusted annual rates. Quarter-to-Quarter Percent Change in Gross Domestic Purchases Prices 3 2 Percent Revisions The downward revision to real GDP growth reflected a downward revision to consumer spending on goods, and a small downward revision to inventory investment. These downward revisions were partly offset by upward revisions to consumer spending on services and to housing investment. 1 0 Prices Prices of goods and services purchased by U.S. residents increased 2.5 percent in the fourth quarter after increasing 1.7 percent in the third quarter. Excluding energy and food, prices rose 1.9 percent after increasing 1.6 percent. -1 -2 Q3 Q4 2013 Q1 Q2 Q3 2014 Q4 Q1 Q2 Q3 2015 Q4 Q1 Q2 Q3 2016 Q4 Q1 Q2 Q3 2017 Price growth measured at seasonally adjusted annual rates. Annual GDP growth For the year 2017, real GDP increased 2.3 percent, compared with 1.5 percent in 2016. Annual Growth in Real GDP 4 The increase in real GDP in 2017 reflected increases in consumer spending, business investment, exports, housing investment, and government spending. Percent 3 2 1 0 2014 2015 2016 2017 These contributions were partly offset by a decline in inventory investment. Imports increased. 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 fourth quarter of 2017 will be released on March 28, 2018 Q4
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