The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Wednesday, August 30, 2017 Contact: Jeannine Aversa, 301.278.9003 GDP INCREASES IN SECOND QUARTER “Second” estimate of GDP Real gross domestic product (GDP) increased 3.0 percent in the second quarter of 2017, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was 0.4 percentage point more than the “advance” estimate released in July. In the first quarter, real GDP increased 1.2 percent. 6 Quarter‐to‐Quarter Growth in Real GDP 4 Percent GDP highlights The second‐quarter increase in real GDP reflected increases in both consumer spending on goods and services as well as increases in business investment, exports, and federal government spending. 2 0 The increase in consumer spending was led by increases in housing and utilities; other ‐2 services, notably in communication services; Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2014 2015 2016 2017 and other nondurable goods, primarily in Real GDP growth is measured at seasonally adjusted annual rates. prescription drugs. The increase in business investment reflected increases in all three components: equipment, intellectual property products, and structures. Partly offsetting these increases were declines in housing investment and state and local government spending. Updates to GDP The upward revision to the second estimate of GDP growth mainly reflected revisions to consumer spending on goods and to business investment. For more information see the technical note. Corporate profits Corporate profits increased 1.3 percent at a quarterly rate in the second quarter of 2017 after decreasing 2.1 percent in the first quarter. Quarter‐to‐Quarter Growth in Corporate Profits 10 8 6 Percent 4 2 0 • Profits of domestic nonfinancial ‐2 corporations increased 5.4 percent after ‐4 increasing 0.3 percent. ‐6 ‐8 • Profits of domestic financial corporations Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2014 2015 2016 decreased 6.2 percent after decreasing 7.9 Corporate profits growth is measured as the percent change from the previous quarter. percent. • Profits from the rest of the world decreased 2.0 percent after decreasing 2.1 percent. Q4 Q1 Q2 2017 Corporate profits increased 7.0 percent from the second quarter of 2016. 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 second quarter of 2017 will be released on September 28, 2017.