Economy: Gross Domestic Product (GDP): Final Estimate for Q1, 2022

Wednesday, June 29, 2022

Gross Domestic Product (GDP): Final Estimate for Q1, 2022

Earlier this morning, the Commerce Department's Bureau of Economic Analysis (BEA) released its final estimate for U.S. Real Gross Domestic Product (GDP) for the first quarter of 2022:

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Predicted: +1.5%

Actual: -1.6%

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

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From Today's Report:

"...Personal Income: Current-dollar personal income increased $247.2 billion (revised) in the first quarter to a level of $21.26 trillion. In the fourth quarter, personal income increased $186.2 billion. The increase primarily reflected an increase in compensation that was partly offset by a decrease in government social benefits. In the first quarter, government assistance payments in the form of social benefits to households decreased as provisions of several federal programs expired or continued to taper off.

Disposable personal income decreased $58.8 billion (revised), or 1.3 percent, in the first quarter, in contrast to an increase of $72.4 billion, or 1.6%, in the fourth quarter. Real disposable personal income decreased 7.8% (revised), compared with a decrease of 4.5%. Personal saving was $1.02 trillion in the first quarter (revised), compared with $1.45 trillion in the fourth quarter. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.6% (revised) in the first quarter, compared with 7.9% in the fourth quarter..."

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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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