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Technical Note
Gross Domestic Product
Second Quarter of 2006 (Final)
September 28, 2006
This technical note provides background information about the source data and
estimating methods used to produce the estimates presented in the GDP news release.
The complete set of estimates for the second quarter is available on BEA's Web site at
www.bea.gov; a brief summary of "highlights" is also posted on the Web site. In a few
weeks, the estimates will be published in BEA's monthly journal, the Survey of Current
Business, along with a more detailed analysis of the estimates ("GDP and the
Economy").
Sources of Revision to Components of Real GDP
Real GDP growth in the second quarter was 2.6 percent, which was 0.3 percentage
point less than that in the preliminary estimate. The downward revision to real GDP
mainly reflected a downward revision to inventory investment and an upward revision to
imports of services:
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•
The downward revision to inventory investment reflected revised Census Bureau
inventory data for June, revised Bureau of Labor Statistics producer price
indexes for April, and revised Department of Agriculture farm income data.
The upward revision to imports of services reflected new BEA survey data for the
second quarter and revised data for the first quarter.
The price index for gross domestic purchases increased 4.0 percent in the second
quarter, the same as in the preliminary estimate.
Corporate Profits
Profits from current production increased $22.7 billion, or 1.4 percent, in the second
quarter, compared with an increase of $175.6 billion, or 12.6 percent, in the first.
Brent R. Moulton
Associate Director for National Economic Accounts
Bureau of Economic Analysis
(202) 606-9606
@FedFRASER