BEA Releases Third Estimate of First Quarter GDP and Corporate Profits First Quarter (June 2018)
The Bureau of Economic Analysis released its “third” estimate of first quarter 2018 Gross Domestic Product. The third estimate is based on data that is more complete compared to the “advance” and “second” estimates. The third estimate shows that real GDP increased at an annual rate of 2.0 percent during the first quarter of 2018.
The increase in real GDP in the first quarter reflected increases in personal consumption expenditures, nonresidential fixed investment, exports, federal government spending, and state and local government spending. The increase was partly offset by negative contributions from residential fixed investment and private inventory investment. Imports, which is subtracted in the GDP calculation, increased.
Corporate profits increased $7.0 billion in the first quarter, compared to a decrease of $14.6 billion in the fourth quarter.
The full BEA press release on the second estimate of fourth quarter GDP can be accessed in the link below:
The next release—for the advance estimate of second quarter GDP 2018 will be released on July 27, 2018.