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[IWS] BEA: GDP & CORPORATE PROFITS, 4th Qtr and annual 2013 [27 March 2014]
IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
National Income and Product Accounts
Gross Domestic Product, 4th quarter and annual 2013 (third estimate); Corporate Profits, 4th quarter and annual 2013 [27 March 2014]
[full-text, 19 pages]
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.6 percent in the fourth quarter of 2013
(that is, from the third quarter to the fourth quarter), according to the "third" estimate released by the
Bureau of Economic Analysis. In the third quarter, real GDP increased 4.1 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.4
percent. With this third estimate for the fourth quarter, the general picture of economic growth remains
largely the same; personal consumption expenditures (PCE) was larger than previously estimated, while
private investment in inventories and in intellectual property products were smaller than previously
estimated (see "Revisions" on page 3).
The increase in real GDP in the fourth quarter primarily reflected positive contributions from
PCE, exports, and nonresidential fixed investment that were partly offset by negative contributions from
federal government spending and residential fixed investment. Imports, which are a subtraction in the
calculation of GDP, increased.
The deceleration in real GDP growth in the fourth quarter reflected a downturn in private
inventory investment, a larger decrease in federal government spending, a downturn in residential fixed
investment, and a deceleration in state and local government spending that were partly offset by
accelerations in PCE and in exports, a deceleration in imports, and an acceleration in nonresidential
FOOTNOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2009)
dollars. Price indexes are chain-type measures.
This news release is available on BEA’s Web site (www.bea.gov) along with the Technical Note
and Highlights related to this release. For
information on revisions, see "Revisions to GDP, GDI, and Their Major Components".
AND MUCH MORE...including TABLES....
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