BEA News: Gross Domestic Product, (Third Estimate), GDP by Industry, and Corporate Profits, Fourth Quarter and Year 2020

BEA News: Gross Domestic Product, (Third Estimate), GDP by Industry, and Corporate Profits, Fourth Quarter and Year 2020

March 25, 2021 – Real gross domestic product (GDP) increased at an annual rate of 4.3 percent in the fourth quarter of 2020, reflecting both the continued economic recovery from the sharp declines earlier in the year and the ongoing impact of the COVID-19 pandemic, including new restrictions and closures that took effect in some areas of the United States. The increase was 0.2 percentage point higher than the “second” estimate released in February. In the third quarter, real GDP increased 33.4 percent.

Profits decreased 1.4 percent at a quarterly rate in the fourth quarter after increasing 27.4 percent in the third quarter. Corporate profits decreased 0.7 percent in the fourth quarter from one year ago.

Private goods-producing industries increased 6.1 percent, private services-producing industries increased 4.9 percent, and government decreased 1.1 percent. Overall, 17 of 22 industry groups contributed to the fourth-quarter increase in real GDP.

The full text of the release on BEA’s website can be found at: www.bea.gov/news/2021/gross-domestic-product-third-estimate-gdp-industry-and-corporate-profits-4th-quarter-and

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