BEA Releases Second Estimate of Third Quarter 2016 GDP - Preliminary Estimate of Corporate Profits, Third Quarter 2016 (Nov. 2016)
The Bureau of Economic Analysis released its “second” estimate of third quarter 2016 Gross Domestic Product. The second estimate is based on more complete source data than were available for the “advance” estimate issued last month. The third and final estimate, released in December, will be based on yet more complete data.
The second estimate shows that real GDP increased at an annual rate of 3.2 percent during the third quarter of 2016. In the second quarter of 2016, real GDP increased 1.4 percent (revised). The annual rate of 3.2 percent in the third quarter is the strongest growth in two years. Corporate profits (with inventory valuation and capital consumption adjustments) increased $133.8 billion in the third quarter, in contrast to a decrease of $12.5 billion during the second quarter.
The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), exports, private inventory investment and federal government spending which were partly offset by negative contributions from residential fixed investment and state and local government spending. Imports, which is subtracted in the GDP calculation, increased.
The full BEA press release on the advanced estimate of second quarter GDP can be accessed in the link below:
The next release—for the third estimate of third quarter GDP 2016 and revised estimate for corporate profits, third quarter 2016 will be released on Thursday, December 22, 2016.