BEA News: Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits (Revised), First Quarter 2022

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

Real gross domestic product (GDP) decreased at an annual rate of 1.6 percent in the first quarter of 2022, following an increase of 6.9 percent in the fourth quarter of 2021. The decrease was revised down 0.1 percentage point from the “second” estimate released in May. In the first quarter, there was a resurgence of COVID-19 cases from the Omicron variant and decreases in government pandemic assistance payments.

Profits decreased 2.2 percent (revised) in the first quarter, after increasing 0.7 percent at a quarterly rate in the fourth quarter.

Private goods-producing industries decreased 6.9 percent, private services-producing industries decreased 0.8 percent, and government increased 2.0 percent. Overall, 9 of 22 industry groups contributed to the first-quarter decline in real GDP.

The full text of the release on BEA’s website can be found at: www.bea.gov/news/2022/gross-domestic-product-third-estimate-gdp-industry-and-corporate-profits-revised-first

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