Press Release - May 26, 2017 National Income and Product Accounts Gross Domestic Product: First Quarter 2017 (Second Estimate) - Corporate Profits: First Quarter 2017 (Preliminary Estimate)
Real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the first quarter of 2017
(table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth
quarter, real GDP increased 2.1 percent.
The GDP estimate released today is based on more complete source data than were available for the
"advance" estimate issued last month. In the advance estimate, the increase in real GDP was 0.7
percent. With this second estimate for the first quarter, the general picture of economic growth remains
the same; increases in nonresidential fixed investment and in personal consumption expenditures (PCE)
were larger and the decrease in state and local government spending was smaller than previously
estimated. These revisions were partly offset by a larger decrease in private inventory investment (see
"Updates to GDP" on page 2).
Real gross domestic income (GDI) increased 0.9 percent in the first quarter, in contrast to a decrease of
1.4 percent (revised) in the fourth. The average of real GDP and real GDI, a supplemental measure of
U.S. economic activity that equally weights GDP and GDI, increased 1.0 percent in the first quarter,
compared with an increase of 0.3 percent in the fourth quarter (table 1).
Upcoming Annual Update of the National Income and Product Accounts
The annual update of the national income and product accounts, covering the first quarter of 2014
through the first quarter of 2017, will be released along with the "advance" estimate of GDP for the
second quarter of 2017 on July 28. For more information, see “Preview of the 2017 NIPA Annual
Update” included in the May Survey of Current Business article on “GDP and the Economy”.
The increase in real GDP in the first quarter reflected positive contributions from nonresidential fixed
investment, exports, residential fixed investment, and PCE that were partly offset by negative
contributions from private inventory investment, federal government spending, and state and local
government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2).
The deceleration in real GDP in the first quarter primarily reflected a downturn in private inventory
investment and a deceleration in PCE that were partly offset by an upturn in exports and an acceleration
in nonresidential fixed investment.
Current-dollar GDP increased 3.4 percent, or $158.2 billion, in the first quarter to a level of $19,027.6
billion. In the fourth quarter, current-dollar GDP increased 4.2 percent, or $194.1 billion (table 1 and
table 3).
The price index for gross domestic purchases increased 2.6 percent in the first quarter, compared with
an increase of 2.0 percent in the fourth quarter (table 4). The PCE price index increased 2.4 percent,
compared with an increase of 2.0 percent. Excluding food and energy prices, the PCE price index
increased 2.1 percent, compared with an increase of 1.3 percent (appendix table A).
page source https://www.bea.gov/
