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Gross Domestic Product

Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits (Revised), 2nd Quarter 2022 and Annual Update

Q2 2022 (3rd)
-0.6%
Q1 2022 (3rd)
-1.6%

Real gross domestic product (GDP) decreased at an annual rate of 0.6 percent in the second quarter of 2022, following a decrease of 1.6 percent in the first quarter. The second-quarter decrease was the same as previously estimated in the “second” estimate released in August. The smaller decrease in the second quarter, compared to the first quarter, reflected an upturn in exports and an acceleration in consumer spending.

Profits increased 4.6 percent at a quarterly rate in the second quarter after increasing 0.1 percent in the first quarter.

Private goods-producing industries decreased 10.4 percent, private services producing industries increased 2.0 percent, and government decreased 0.2 percent. Overall, 9 of 22 industry groups contributed to the second-quarter decline in real GDP.

Current Release

Today’s release reflects the results of the 2022 Annual Update of the National Economic Accounts.

Quick Guide: GDP Releases
  • Current release: September 29, 2022
  • Next release: October 27, 2022

Current Release

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.

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