June 29, 2022

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

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.

Principal Federal Economic Indicators

Gross Domestic Product
Q1 2022 (3rd)
-1.6%
Personal Income
April 2022
+0.4%
International Trade in Goods and Services
April 2022
-$87.1B
International Transactions
Q1 2022
-$291.4B

Noteworthy

The BEA Wire | BEA's Official Blog

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

June 29, 2022

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. For more details, including…

U.S. International Investment Position, First Quarter 2022

June 28, 2022

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$17.75 trillion at the end of the first quarter of 2022, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $34.00 trillion, and liabilities were $51.75 trillion. At the end of the fourth quarter of 2021, the net investment position was –$18.12 trillion.

U.S. Current-Account Deficit Widens in First Quarter 2022

June 23, 2022

The U.S. current-account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, widened by $66.6 billion, or 29.6 percent, to $291.4 billion in the first quarter of 2022. The widening mostly reflected an increased deficit on goods. The first-quarter deficit was 4.8 percent of current-dollar gross domestic product, up from 3.7 percent in the fourth…

Personal Income by State, 1st Quarter 2022

June 22, 2022

State personal income increased 4.8 percent at an annual rate in the first quarter of 2022 after increasing 3.6 percent in the fourth quarter of 2021. The percent change in personal income across all states ranged from 8.5 percent in South Dakota to 1.3 percent in Hawaii.

Marine Economy Statistics for 2020

June 9, 2022

Marine Economy Satellite Account statistics released today by the U.S. Bureau of Economic Analysis show the marine economy accounted for 1.7 percent, or $361.4 billion, of current-dollar U.S. gross domestic product, or GDP, in 2020. The marine economy accounted for 1.7 percent, or $610.3 billion, of current-dollar gross output.

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