BEA News: Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits (Revised), 1st Quarter 2021

The 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 6.4 percent in the first quarter of 2021, reflecting the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. The increase was the same rate as the “second” estimate released in May. In the fourth quarter of 2020, real GDP increased 4.3 percent.

Profits increased 2.4 percent at a quarterly rate in the first quarter after decreasing 1.4 percent in the fourth quarter. Corporate profits increased 15.5 percent in the first quarter from one year ago.

Private goods-producing industries increased 5.4 percent, private-services-producing industries increased 7.7 percent, and government increased 0.2 percent. Overall, 17 of 22 industry groups contributed to the first-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-revised-1st

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