Orange County Breeze
News of Northwest Orange County, CA
Southland Credit Union | You Can Join! | Find Out How

Daily Overnight News Summary | Subscribe! | FREE


April 26, 2013

BEA’s estimates that gross domestic product grew in first quarter 2013

Printer-friendly version of this post Printer-friendly version of this post
More articles by »
Written by: courtesy
Tags: , , , ,
money, fist, business suit

The following information was released by the Bureau of Economic Analysis.

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 2.5 percent in the first quarter of 2013 (that is, from the fourth quarter to the first quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 0.4 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… The “second” estimate for the first quarter, based on more complete data, will be released on May 30, 2013.

The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, residential investment, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

Editor’s note: this was below the consensus forecast of 3.1% but still not bad.

More about Orange County Breeze

Did you know that we have a monthly print edition?

We do!

We also have digital version of our print edition online.

To receive a daily email summary of the news, subscribe to our free daily feed!

You can also like us on Facebook and follow us on Twitter!

Enhanced by Zemanta

About the Author

This author is used when OC Breeze publishes news releases from other organizations.

Subscribe to our daily morning email news update!


Gallup: Consumers spent less in September than in August

Gallup has been keeping track of self-reported spending by consumers, and says that a drop in spending from August to September is not unusual. (See featured photo for this article, courtesy of Gallup.) This is based on Gallup ...
by shelley

Map showing percent change in real GDP by state over 2013. Courtesy of BEA.

California ranks fifteenth in new BEA state-level economic stats

The busy beavers at the U.S. Bureau of Economic Analysis (BEA) have developed new statistics to show economic growth across states. The new numbers are meant to provide a better understanding of state-level economies — what...
by shelley


Baby Boomers dethroned as largest age cohort

Young whippersnappers in the 20 to 24 years old age cohort have snatched the size prize from aging Baby Boomers in the U.S. Census Bureau’s latest population estimate, for July 2013. As someone who has been dragged along unwi...
by shelley


Subscribe to our daily overnight news summary!


Ugly: BEA revises Q1 GDP down to -2.9 percent

Ouch! The Bureau of Economic Analysis (BEA) released its latest estimate of how the country’s economy is doing, in the form of its third estimate of real gross domestic product for the first quarter of this year: ↓ -2.9% (a...
by shelley

Growth in personal income from 2013 Q4 to 2014 Q1. Map courtesy of BEA.

California net personal income drops from fourth quarter 2013 to first quarter 2014

In a report released this morning, the Bureau of Economic Analysis sees growth of 0.8 percent in personal income nationally from the last quarter of 2013 to the first quarter of 2014 — but that growth is highly variable acros...
by shelley