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.

  • Data Archive Previously published estimates contain historical data and have since been revised

What is GDP by Industry?

An industry-by-industry breakdown of gross domestic product. In addition to showing each industry’s contribution to the U.S. economy, known as its value added, these statistics include industries’ compensation of employees, gross operating surplus, and taxes.

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