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[IWS] BEA: GROSS DOMESTIC PRODUCT: 1ST QTR 2014 (advanced estimate) [30 April 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
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National Income and Product Accounts
Gross Domestic Product: First Quarter 2014 (advance estimate) [30 April 2014]
[full-text, 17 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 0.1 percent in the first quarter (that is, from
the fourth quarter of 2013 to the first quarter of 2014), according to the "advance" estimate released by
the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.
The Bureau emphasized that the first-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see the box on page 3 and
"Comparisons of Revisions to GDP" on page 5). The "second" estimate for the first quarter, based on
more complete data, will be released on May 29, 2014.
The increase in real GDP in the first quarter primarily reflected a positive contribution from
personal consumption expenditures (PCE) that was partly offset by negative contributions from exports,
private inventory investment, nonresidential fixed investment, residential fixed investment, and state and
local government spending. Imports, which are a subtraction in the calculation of GDP, decreased.
Annual Revision of the National Income and Product Accounts
The annual revision of the national income and product accounts will be released along with the
"advance" estimate of GDP for the second quarter of 2014 on July 30. In addition to the regular revision
of estimates for the most recent 3 years and the first quarter of 2014, GDP and select components will be
revised back to the first quarter of 1999 (see the Technical Note). The August Survey of Current
Business will contain an article that describes the annual revision in detail.
NOTE. 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 along with the Technical Note
and Highlights related to this release.
The deceleration in real GDP growth in the first quarter primarily reflected downturns in exports
and in nonresidential fixed investment, a larger decrease in private inventory investment, a deceleration
in PCE, and a downturn in state and local government spending that were partly offset by an upturn in
federal government spending and a downturn in imports.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.4 percent in the first quarter, compared with an increase of 1.5 percent in the fourth.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent in
the first quarter, compared with an increase of 1.8 percent in the fourth.
AND MUCH MORE...including TABLES.....
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