GDP and Corporate Profits for Q2 2008 |
News - Financial News | |||
Written by Bureau of Economic Analysis | |||
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Washington, DC, August 28, 2008: Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.3 percent in the second quarter of 2008, (that is, from the first quarter to the second quarter), according to preliminary estimates released by the Bureau of Economic Analysis (BEA). In the first quarter, real GDP increased 0.9 percent. The GDP estimates released today are based on more complete source data than were available forthe advance estimates issued last month. In the advance estimates, the increase in real GDP was 1.9 percent (see "Revisions" on page 3). The increase in real GDP in the second quarter primarily reflected positive contributions from exports, personal consumption expenditures (PCE), federal government spending, nonresidential structures, and state and local government spending that were partly offset by negative contributions from private inventory investment, residential fixed investment, and equipment and software. Imports, which are a subtraction in the calculation of GDP, decreased. The acceleration in real GDP growth in the second quarter primarily reflected a larger decrease in imports, an acceleration in exports, an acceleration in PCE, a smaller decrease in residential fixed investment, and an upturn in state and local government spending that were partly offset by a larger decrease in inventory investment. --------------------------- FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2000) dollars. Price indexes are chain-type measures. This news release is available on BEA's Web site (www.bea.gov) along with the Technical Note and Highlights related to this release. --------------------------- Final sales of computers contributed 0.15 percentage point to the second-quarter growth in real GDP after contributing 0.05 percentage point to the first-quarter growth. Motor vehicle output subtracted 0.99 percentage point from the second-quarter growth in real GDP after subtracting 0.41 percentage point from the first-quarter growth. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 4.2 percent in the second quarter, the same as in the advance estimate; this index increased 3.5 percent in the first quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 2.2 percent in the second quarter, the same increase as in the first quarter. Real personal consumption expenditures increased 1.7 percent in the second quarter, compared with an increase of 0.9 percent in the first. Real nonresidential fixed investment increased 2.2 percent, compared with an increase of 2.4 percent. Nonresidential structures increased 13.7 percent, compared with an increase of 8.6 percent. Equipment and software decreased 3.2 percent, compared with a decrease of 0.6 percent. Real residential fixed investment decreased 15.7 percent, compared with a decrease of 25.1 percent. Real exports of goods and services increased 13.2 percent in the second quarter, compared with an increase of 5.1 percent in the first. Real imports of goods and services decreased 7.6 percent, compared with a decrease of 0.8 percent. Real federal government consumption expenditures and gross investment increased 6.8 percent in the second quarter, compared with an increase of 5.8 percent in the first. National defense increased 7.4 percent, compared with an increase of 7.3 percent. Nondefense increased 5.5 percent, compared with an increase of 2.9 percent. Real state and local government consumption expenditures and gross investment increased 2.2 percent, in contrast to a decrease of 0.3 percent. The real change in private inventories subtracted 1.44 percentage points from the second-quarter change in real GDP, after subtracting 0.02 percentage point from the first-quarter change. Private businesses decreased inventories $49.4 billion in the second quarter, following a decrease of $10.2 billion in the first quarter and a decrease of $8.1 billion in the fourth. Real final sales of domestic product -- GDP less change in private inventories -- increased 4.8 percent in the second quarter, compared with an increase of 0.9 percent in the first. Gross domestic purchasesReal gross domestic purchases -- purchases by U.S. residents of goods and services wherever Gross national productReal gross national product -- the goods and services produced by the labor and property supplied Current-dollar GDPCurrent-dollar GDP -- the market value of the nation's output of goods and services -- increased RevisionsThe preliminary estimate of the second-quarter increase in real GDP is 1.4 percentage points, or Corporate ProfitsProfits from current production (corporate profits with inventory valuation and capital
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