Gross Domestic Product (GDP): Second Estimate for Q1, 2018

Earlier this morning, the Commerce Department's Bureau of Economic Analysis (BEA) released its second estimate for U.S. Real Gross Domestic Product (GDP) for the first quarter of 2018 :

Predicted: +2.2%
Actual: +2.2%

The yellow-highlighted percentage represents the quarter-to-quarter change for Real Gross Domestic Product for the entire United States.

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"...Corporate Profits

Profits from current production (corporate profits with inventory valuation adjustment and capital consumption adjustment) decreased $12.4 billion in the first quarter, compared with a decrease of $1.1 billion in the fourth quarter.

Profits of domestic financial corporations increased $2.2 billion in the first quarter, in contrast to a decrease of $14.6 billion in the fourth quarter. Profits of domestic nonfinancial corporations decreased $19.0 billion, in contrast to an increase of $19.4 billion. Rest-of-the-world profits increased $4.4 billion, in contrast to a decrease of $5.9 billion. In the first quarter, receipts increased $20.0 billion, and payments increased $15.7 billion.

The 2017 Tax Cuts and Jobs Act includes several provisions that impact the business income statistics in the national income and product accounts (NIPAs). The provisions do not directly impact corporate profits from current production or GDI but do impact taxes on corporate income and net dividends in the first quarter of 2018. For more information, see the Technical Note..."

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GDP, First Quarter 2018, Second Estimate

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• On June 28, 2018, a third and "final" GDP estimate will be released by the BEA, which will contain the most accurate and authoritative data for the first quarter of  2018.

The GDP is a very broad measure of economic activity for the entire United States, covering all sectors of the economy. The Commerce Department defines real GDP as, "the output of goods and services produced by labor and property located in the United States."

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• Click here to view the full Commerce Department report (PDF).
  
  
• Click here to view the May 30, 2018 TECHNICAL NOTE (PDF).

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