BEA News: Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), First Quarter 2023

May 25, 2023The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product (GDP) increased at an annual rate of 1.3 percent in the first quarter of 2023, according to the “second” estimate. In the fourth quarter of 2022, real GDP increased 2.6 percent. The GDP estimate for the first quarter was revised up 0.2 percentage point from the “advance” estimate, primarily reflecting an upward revision to inventory investment.

Profits decreased 5.1 percent at a quarterly rate in the first quarter after decreasing 2.0 percent in the fourth quarter.

The full text of the release can be found at: www.bea.gov/news/2023/gross-domestic-product-second-estimate-corporate-profits-preliminary-estimate-first