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THURSDAY, AUGUST 27, 2015 GDP INCREASES IN SECOND QUARTER Growth Rate Revised Up Real gross domestic product (GDP) increased 3.7 percent in the second quarter of 2015, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was revised up 1.4 percentage points from the “advance” estimate released in July. In the first quarter, real GDP increased 0.6 percent. Exports, state and local government spending, business investment, residential investment, and inventory investment also contributed to the increase in real GDP. Quarter-to-Quarter Growth in Real GDP 6 4 Percent GDP highlights The second-quarter increase in real GDP mainly reflected an increase in consumer spending. Spending on services, nondurable goods, and durable goods increased. 2 0 -2 These contributions to the increase in real GDP were partly offset by a rise in imports, mainly in autos and auto parts. (Imports are subtraction in the calculation of GDP.) III IV 2011 I II III 2012 IV I II III 2013 IV I II III 2014 IV I II 2015 Real GDP growth is measured at seasonally adjusted annual rates. Revisions The upward revision to second-quarter GDP growth reflected upward revisions to business investment (all three major categories), inventory investment, state and local government spending, and consumer spending. For more information, see the technical note. Corporate profits Corporate profits increased 2.4 percent at a quarterly rate in the second quarter after decreasing 5.8 percent in the first quarter. Quarter-to-Quarter Growth in Corporate Profits 15 10 Profits of domestic nonfinancial corporations Percent increased 1.3 percent after decreasing 5.3 percent. Profits of domestic financial corporations increased 9.4 percent after decreasing 6.1 percent. Profits from the rest of the world decreased 0.7 percent after decreasing 6.9 percent. 5 0 -5 -10 -15 III Over the last 4 quarters, corporate profits decreased 0.5 percent. 2011 IV I II III 2012 IV I II III 2013 IV I II III IV 2014 I II 2015 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 economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: The “third” estimate of GDP for the second quarter of 2015 and a revised estimate of corporate profits will be released on September 25, 2015. Contact: Jeannine Aversa (202) 606-2649 Bureau of Economic Analysis, U.S. Department of Commerce
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