BEA Releases Third Estimate of Second Quarter GDP and Revised Estimate of Second Quarter Corporate Profits (Sept. 2017)
The Bureau of Economic Analysis released its “third” estimate of second quarter 2017 Gross Domestic Product. The third estimate is based on more complete data than the “second” estimate.
The second estimate shows that real GDP increased at an annual rate of 3.1 percent during the second quarter of 2017. In the first quarter of 2016, real GDP increased 1.2 percent (revised).
The increase in real GDP in the second quarter reflected increases in personal consumption expenditures, nonresidential fixed investment, exports, federal government spending, and private inventory investment. These increases were partly offset by a decrease in residential fixed investment and state and local government spending. Imports, which is subtracted in the GDP calculation, increased.
Corporate profits from current production increased $14.4 billion in the second quarter, compared to a decrease of $46.2 billion in the first quarter.
The full BEA press release on the third estimate of second quarter GDP can be accessed in the link below:
The next release—for the advance estimate of third quarter GDP 2017 will be released on October 27, 2017.