BEA News: Gross Domestic Product, 1st Quarter 2020 (Third Estimate); Corporate Profits, 1st Quarter 2020 (Revised Estimate)

BEA News: Gross Domestic Product, 1st Quarter 2020 (Third Estimate); Corporate Profits, 1st Quarter 2020 (Revised Estimate)

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product (GDP) decreased 5.0 percent in the first quarter of 2020, according to the “third” estimate released by the Bureau of Economic Analysis. The decline is the same as in the “second” estimate released in May. In the fourth quarter of 2019, real GDP increased 2.1 percent.

Profits decreased 12.3 percent at a quarterly rate in the first quarter after increasing 2.6 percent in the fourth quarter. Corporate profits decreased 6.9 percent in the first quarter from one year ago.

The full text of the release on BEA’s website can be found at: www.bea.gov/news/2020/gross-domestic-product-1st-quarter-2020-third-estimate-corporate-profits-1st-quarter-2020

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