BEA Releases Second Estimate of Second Quarter GDP and Preliminary Estimate of Second Quarter Corporate Profits (Aug. 2017)
The Bureau of Economic Analysis released its “second” estimate of second quarter 2017 Gross Domestic Product. The second estimate is based on more complete data than the “advance” estimate.
The second estimate shows that real GDP increased at an annual rate of 3.0 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, and nonresidential fixed investments were larger than previously estimated. These increases were partly offset by a decrease in state and local government funding.
Imports, which is subtracted in the GDP calculation, increased.
Corporate profits from current production increased $26.8 billion in the second quarter, compared to a decrease of $46.2 billion in the first quarter.
The full BEA press release on the second estimate of second quarter GDP can be accessed in the link below:
The next release—for the third estimate of second quarter GDP 2017 will be released on September 28, 2017.