Statement from Commerce Department Chief Economist Doms on Second Estimate of GDP for First Quarter

Washington, DC—(ENEWSPF)—May 26, 2011. The U.S. Commerce Department’s Bureau of Economic Analysis today released the second estimate of gross domestic product (GDP) for the first quarter of 2011. Real GDP grew 1.8 percent at an annual rate in the first quarter, unchanged from last month’s advance report and slightly below private-sector expectations of an upward revision. Corporate profits grew by $21.9 billion in the first quarter of 2011 to a level of $1,700.2 billion.