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WEDNESDAY, July 31, 2013 GDP GROWTH ACCELERATES IN SECOND QUARTER Advance Estimate of GDP Real gross domestic product (GDP) increased 1.7 percent in the second quarter of 2013 after increasing 1.1 percent in the first quarter, according to the “advance” estimate released today by the Bureau of Economic Analysis. Quarter-to-Quarter Growth in Real GDP 6 4 Percent GDP highlights The second-quarter acceleration in GDP reflected the following: An upturn in business investment, mainly in structures. An upturn in exports of goods; civilian aircraft and parts turned up, and nonautomotive consumer goods accelerated. 2 0 These contributions to the pick-up in economic growth were partly offset by an acceleration in imports and decelerations in inventory investment and in consumer spending. -2 III IV 2009 I II III 2010 IV I II III 2011 IV I II III 2012 IV I II 2013 Real GDP growth is measured at seasonally adjusted annual rates. Personal income and personal saving Real disposable personal income—personal income adjusted for taxes and inflation—rose 3.4 percent in the second quarter after falling 8.2 percent in the first quarter. Dividend income as well as wages and salaries increased notably in the second quarter, following large declines in the first quarter. The first-quarter declines reflected accelerated payments (mainly dividends) in the fourth quarter of 2012. Also, contributions for government social insurance (a subtraction when calculating personal income) slowed in the second quarter, reflecting the expiration of the “payroll tax holiday” in the first quarter. Personal saving as a percent of disposable personal income in the second quarter was 4.5 percent, compared with 4.0 percent in the first quarter. Comprehensive revision BEA released its 2013 comprehensive revision of the national income and product accounts, which incorporates new source data and a host of improvements. The revisions did not change the overall picture of the economy. Quarter-to-Quarter Percent Change in Gross Domestic Purchases Prices 4 Percent Prices Prices of goods and services purchased by U.S. residents rose 0.3 percent in the second quarter after rising 1.2 percent in the first quarter. Excluding food and energy, prices increased 0.8 percent after increasing 1.4 percent. 2 0 III IV I II III IV I II III IV I For 2002–2012, the average annual GDP growth 2009 2010 2011 rate was 1.8 percent, compared with 1.6 percent in the previous estimates. For 2012, GDP growth was revised up to 2.8 percent from 2.2 percent. II III 2012 IV I II 2013 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 “second” estimate of GDP for the second quarter and a preliminary estimate of corporate profits for the second quarter will be released on August 29, 2013. Contact: Jeannine Aversa (202) 606-2649 Bureau of Economic Analysis, U.S. Department of Commerce
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