Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits (Revised), First Quarter 2022
Q1 2022 (3rd)
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-1.6%
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Q4 2021 (3rd)
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+6.9%
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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.
- Current release: June 29, 2022
- Next release: July 28, 2022
Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits (Revised), First Quarter 2022
- Current-dollar and "real" GDP
- Percent change from preceding period
- Underlying Detail Tables
- Motor vehicles June 2, 2022
- Prices and Output for Information and Communication Technologies
- Integrated Macroeconomic Accounts for the United States
- Estimates prepared for international comparisons based on the System of National Accounts
- Additional Tables
- COVID-19 and Recovery
- Data Archive Previously published estimates contain historical data and have since been revised.
- News Release Archive
- Vintage History of Quarterly Gross Domestic Product (GDP) and Gross Domestic Income (GDI) Estimates
What is Gross Domestic Product?
A comprehensive measure of U.S. economic activity. GDP measures the value of the final goods and services produced in the United States (without double counting the intermediate goods and services used up to produce them). Changes in GDP are the most popular indicator of the nation's overall economic health.
Contact Personnel
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GDPKarl Rohrer
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Corporate ProfitsKate Pinard
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News MediaConnie O'Connell