Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), Second Quarter 2024 (2025)

Resources

Additional resources available at www.bea.gov:

  • Stay informed about BEA developments by reading the BEA blog, signing up for BEA's email subscription service, or following BEA on X, formerly known as Twitter @BEA_News.
  • Historical time series for these estimates can be accessed in BEA's interactive data application.
  • Access BEA data by registering for BEA's data Application Programming Interface (API).
  • For more on BEA's statistics, refer to our online journal, the Survey of Current Business.
  • BEA's news release schedule
  • NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts

Definitions

Gross domestic product (GDP), or value added, is the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.

Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data.

Gross output is the value of the goods and services produced by the nation's economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs).

Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates."

Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes.

The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents.

The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons."

Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses.

Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes.

Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments.

Personal saving is personal income less personal outlays and personal current taxes.

The personal saving rate is personal saving as a percentage of disposable personal income.

Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-of-the-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW.

For more definitions, refer to the Glossary: National Income and Product Accounts.

Statistical conventions

Annual-vs-quarterly rates. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. This convention is used for BEA's featured, seasonally adjusted measures to facilitate comparisons with related and historical data. For details, refer to the FAQ "Why does BEA publish estimates at annual rates?"

Quarterly not seasonally adjusted values are expressed only at quarterly rates.

Percent changes. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For details, refer to the FAQ "How is average annual growth calculated?" and "Why does BEA publish percent changes in quarterly series at annual rates?" Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. All published percent changes are calculated from unrounded data.

Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis.

Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2017). Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, refer to Chapter 4: Estimating Methods in the NIPA Handbook.

Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2017) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate.

Updates to GDP

BEA releases three vintages of the current quarterly estimate for GDP. "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency. "Second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available.

The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign.

VintageAverage Revision
Without Regard to Sign
(percentage points, annual rates)
Advance to second0.5
Advance to third0.6
Second to third0.3
Note - Based on estimates from 1996 through 2022. For more information on GDP updates, refer to Revision Information on the BEA Website.

Annual and comprehensive updates are released in late September. Annual updates generally cover at least the five most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements.

Unlike GDP, advance current quarterly estimates of GDI and corporate profits are not released because data on domestic profits and net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate.

GDP by industry and gross output estimates are released with the third estimate of GDP.

Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), Second Quarter 2024 (2025)

FAQs

Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), Second Quarter 2024? ›

Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), Second Quarter 2024. Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the "second" estimate. In the first quarter, real GDP increased 1.4 percent.

What are the corporate profits in 2024? ›

Corporate Profits in the United States increased to 2774 USD Billion in the second quarter of 2024 from 2726.80 USD Billion in the first quarter of 2024.

What is the GDP of the USA in 2024? ›

Economy of the United States
Statistics
Population340,332,281 (August 30, 2023)
GDP$28.78 trillion (nominal; 2024) $28.78 trillion (PPP; 2024)
GDP rank1st (nominal; 2024) 2nd (PPP; 2024)
GDP growth2.1% (2022) 2.5% (2023) 2.7% (2024)
43 more rows

What is the GDP revision for q2? ›

Gross domestic product increased at a 3.0% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its second estimate of second-quarter GDP on Thursday. That was an upward revision from the 2.8% rate reported last month. The economy grew at a 1.4% pace in the first quarter.

What was the first quarter of 2024 GDP? ›

Real gross domestic product (GDP) increased at an annual rate of 1.3 percent in the first quarter of 2024 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent.

Is inflation caused by corporate profits? ›

Corporate profits drove 53% of inflation during the second and third quarters of 2023 and more than one-third since the start of the pandemic, the report found, analyzing Commerce Department data. That's a massive jump from the four decades prior to the pandemic, when profits drove just 11% of price growth.

What is the gross domestic product in Q2 2024? ›

Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the "second" estimate. In the first quarter, real GDP increased 1.4 percent.

What is the GDP projection for 2024? ›

According to the revised estimates, India's economy is expected to grow by 7.2% in 2024, up from the previous projection of 6.8%.

What is the richest country in the world? ›

Luxembourg is the world's wealthiest country, with a GDP per capita of $143,742 thousand, according to the IMF. This is largely due to its strategic location in central Europe and its strong financial services sector.

What is the GDP growth rate in the second quarter? ›

WASHINGTON, D.C. – Today, the Bureau of Economic Analysis (BEA) released its first estimate for economic growth in the second quarter (Q2) of 2024. The report found that real U.S. Gross Domestic Product (GDP) grew by 2.8 percent.

What is the GDP rate in the U.S. today? ›

Basic Info. US GDP is at a current level of 28.65T, up from 28.27T last quarter and up from 27.06T one year ago. This is a change of 1.36% from last quarter and 5.87% from one year ago. US GDP or Gross Domestic Product is the total value of goods produced and services provided in the US.

How often is GDP data released? ›

Frequency: Released monthly. There are 3 versions of GDP released a month apart - Advance, second release and Final. Both the advance the second release are tagged as preliminary in the economic calendar. Stocks Week Ahead: Jobs Data to Rule Out 50bps Fed Rate Cut?

What is the GDP of the US in 2024? ›

CharacteristicGDP in billion U.S. dollars
202731,755.69
202630,503.55
202529,256.38
202428,176.6
7 more rows
Jul 5, 2024

What is the GDP of UP in 2024? ›

The Finance Minister of Uttar Pradesh, Mr Suresh Kumar Khanna, presented the Budget for the state for the financial year 2024-25 on February 5, 2024. The Gross State Domestic Product (GSDP) of Uttar Pradesh for 2024-25 (at current prices) is projected to be Rs 24,99,076 crore, amounting to growth of 5.8% over 2023-24.

What is the difference between GDI and GDP? ›

Gross domestic income (GDI) and gross domestic product (GDP) are two slightly different measures of a nation's economic activity. GDI counts what all participants in the economy make, such as wages and profits. GDP counts the value of what the economy produces, like goods, services, and technology.

What is the business forecast for 2024? ›

A slight acceleration for advanced economies—where growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025—will be offset by a modest slowdown in emerging market and developing economies from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025.

How high are corporate profits right now? ›

US Corporate Profits is at a current level of 3.425T, up from 3.367T last quarter and up from 3.172T one year ago. This is a change of 1.71% from last quarter and 7.97% from one year ago.

Are corporate profits decreasing? ›

Corporate profits from current production

Profits decreased 0.6 percent at a quarterly rate in the first quarter after increasing 4.1 percent in the fourth quarter. Profits of domestic financial corporations increased 16.1 percent after increasing 1.3 percent.

Are corporations making record profits? ›

“Today's report … revealed that corporate profits rose substantially in the fourth quarter to a new record high,” EY economist Lydia Boussour wrote in an analysis. “Before-tax corporate profits rose by the most since the second quarter of 2022, up $133 billion following a $109 billion advance [estimate].”

References

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Fredrick Kertzmann

Last Updated:

Views: 6262

Rating: 4.6 / 5 (46 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: Fredrick Kertzmann

Birthday: 2000-04-29

Address: Apt. 203 613 Huels Gateway, Ralphtown, LA 40204

Phone: +2135150832870

Job: Regional Design Producer

Hobby: Nordic skating, Lacemaking, Mountain biking, Rowing, Gardening, Water sports, role-playing games

Introduction: My name is Fredrick Kertzmann, I am a gleaming, encouraging, inexpensive, thankful, tender, quaint, precious person who loves writing and wants to share my knowledge and understanding with you.