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Thursday, December 21, 2017 Contact: Jeannine Aversa, (301) 278-9003 GDP INCREASES IN THIRD QUARTER “Third” estimate of GDP Real gross domestic product (GDP) increased 3.2 percent in the third quarter of 2017, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was 0.1 percentage point less than the “second” estimate released in November. In the second quarter of 2017, real GDP increased 3.1 percent. Quarter-to-Quarter Growth in Real GDP 6 4 Percent GDP highlights The increase in real GDP reflected increases in consumer spending, inventory investment, business investment, and exports. Imports, which are a subtraction from GDP, decreased. The increase in consumer spending reflected increases in spending on both goods and services. The increase in goods was primarily attributable to motor vehicles. The increase in services primarily reflected increases in health care, financial services and insurance, and food services and accommodations. 2 0 -2 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2014 2015 2016 2017 Real GDP growth is measured at seasonally adjusted annual rates. The increase in inventory investment primarily reflected increases in wholesale trade and in manufacturing industries. The increase in business investment reflected increases in equipment and intellectual property products; these increases were partly offset by a decrease in structures. Updates to GDP The revision to third quarter GDP growth mainly reflected a downward revision to consumer spending. For more information see the technical note. Quarter-to-Quarter Growth in Corporate Profits Corporate profits Corporate profits increased 4.3 percent at a quarterly rate in the third quarter of 2017 after increasing 0.7 percent in the second quarter. 8 6 4 Percent • Profits of domestic nonfinancial corporations increased 0.8 percent after increasing 4.9 percent. • Profits of domestic financial corporations increased 10.8 percent after decreasing 7.1 percent. • Profits from the rest of the world increased 7.7 percent after decreasing 2.5 percent. 10 2 0 -2 -4 -6 -8 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2014 2015 2016 2017 Corporate profits growth is measured as the percent change from the previous quarter. Year-over-year, corporate profits increased 5.3 percent. 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 fourth quarter of 2017 will be released on January 26, 2018.
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