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26/09/2019 Gross Domestic Product, Second Quarter 2019 (Third Estimate); Corporate Profits, Second Quarter 2019 (Revised)
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| Gross Domestic Product, Second Quarter 2019 (Third Estimate); Corporate Profits, Second Quarter 2019 (Revised)
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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Thursday, September 26,

2019
BEA 19-47
Gross Domestic Product, Second Quarter 2019

(Third Estimate); Corporate Profits, Second
Quarter 2019 (Revised)
Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in
the second quarter of 2019 (table 1), according to the "third" estimate released
by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1
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 also 2.0 percent. Downward revisions to
personal consumption expenditures (PCE) and nonresidential fixed investment
were primarily offset by upward revisions to state and local government
spending and exports. Imports, which are a subtraction in the calculation of GDP,
were revised down (see "Updates to GDP" on page 2).
https://www.bea.gov/news/2019/gross-domestic-product-2nd-quarter-2019-third-estimate-corporate-profits-2nd-quarter-2019 1/4
26/09/2019 Gross Domestic Product, Second Quarter 2019 (Third Estimate); Corporate Profits, Second Quarter 2019 (Revised) | U.S. Bureau …
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The increase in real GDP in the second quarter reflected positive contributions
from PCE, federal government spending, and state and local government
spending that were partly offset by negative contributions from private
inventory investment, exports, nonresidential fixed investment, and residential
fixed investment (table 2).
The deceleration in real GDP in the second quarter primarily reflected

downturns in inventory investment, exports, and nonresidential fixed
investment. These downturns were partly offset by accelerations in PCE and
federal government spending.
Real gross domestic income (GDI) increased 1.8 percent in the second quarter,
compared with an increase of 3.2 percent in the first quarter. The average of
real GDP and real GDI, a supplemental measure of U.S. economic activity that
equally weights GDP and GDI, increased 1.9 percent in the second quarter,
compared with an increase of 3.2 percent in the first quarter (table 1).
Current-dollar GDP increased 4.7 percent, or $241.5 billion, in the second

quarter to a level of $21.34 trillion. In the first quarter, current-dollar GDP
increased 3.9 percent, or $201.0 billion (tables 1 and 3).
The price index for gross domestic purchases increased 2.2 percent in the
second quarter, compared with an increase of 0.8 percent in the first quarter
(table 4). The PCE price index increased 2.4 percent, compared with an increase
of 0.4 percent. Excluding food and energy prices, the PCE price index increased
1.9 percent, compared with an increase of 1.1 percent.
Updates to GDP
The second-quarter percent change in real GDP was the same as previously
estimated. Downward revisions to PCE and nonresidential fixed investment
were primarily offset by upward revisions to state and local government
spending and exports, and a downward revision to imports. For more
information, see the Technical Note (https://www.bea.gov/system/files/2019-
09/tech2q19_3rd.pdf). A detailed "Key Source Data and Assumptions
(https://www.bea.gov/system/files/2019-09/GDPKeySource_2q19_09-26-
19.xlsx)" file is also posted for each release. For information on updates to GDP,
see the "Additional Information" section that follows.
Advance Second Third

Estimate Estimate Estimate

(Percent change from preceding
quarter)
Real GDP 2.1 2.0 2.0
Current-dollar GDP 4.6 4.6 4.7
Real GDI … 2.1 1.8
Average of Real GDP

… 2.1 1.9
and Real GDI
Gross domestic
2.2 2.2 2.2
purchases price index
PCE price index 2.3 2.3 2.4
Corporate Profits
Profits from current production (corporate profits with inventory valuation and
capital consumption adjustments) increased $75.8 billion in the second quarter,
in contrast to a decrease of $78.7 billion in the first quarter (table 10).
Profits of domestic financial corporations increased $2.5 billion in the second

quarter, compared with an increase of $22.2 billion in the first quarter. Profits of
domestic nonfinancial corporations increased $34.7 billion, in contrast to a
decrease of $108.2 billion. Rest-of-the-world profits increased $38.7 billion,
compared with an increase of $7.3 billion. In the second quarter, receipts
increased $25.3 billion, and payments decreased $13.4 billion.
* * *
Next release: October 30, 2019 at 8:30 A.M. EDT

Gross Domestic Product, Third Quarter 2019 (Advance Estimate)
* * *
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26/09/2019 Gross Domestic Product, Second Quarter 2019 (Third Estimate); Corporate Profits, Second Quarter 2019 (Revised)

Revised) | U.S. Bureau …

Home (/) | News (/news)

News Release Related Materials Contacts Additional Information

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Thursday, September 26,

Gross Domestic Product, Second Quarter 2019

The deceleration in real GDP in the second quarter primarily reflected

Current-dollar GDP increased 4.7 percent, or $241.5 billion, in the second

Advance Second Third

Real GDP 2.1 2.0 2.0

Current-dollar GDP 4.6 4.6 4.7

Real GDI … 2.1 1.8

Average of Real GDP

PCE price index 2.3 2.3 2.4

Profits of domestic financial corporations increased $2.5 billion in the second

Next release: October 30, 2019 at 8:30 A.M. EDT

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