Real gross domestic product increased at an annual rate of 1.3 percent in the first quarter of 2024, according to the “second” estimate. In the fourth quarter of 2023, real GDP increased 3.4 percent. The GDP estimate for the first quarter was revised down 0.3 percentage point from the “advance” estimate, primarily reflecting a downward revision to consumer spending.
A blog post from BEA Director Vipin Arora
At BEA we often highlight the comprehensiveness of our statistics. I like to illustrate using the analogy of my favorite Las Vegas dessert buffet. This buffet has an endless variety of desserts: from apple strudel to upside-down cake, there is something for everyone. I would argue our statistics are comprehensive in the same way—there is something for every…
Research and development activity accounted for 2.3 percent of the U.S. economy in 2021, according to new experimental statistics released today by the Bureau of Economic Analysis. R&D as a share of each state’s gross domestic product, or GDP, ranged from 0.3 percent in Louisiana and Wyoming to 6.3 percent in New Mexico, home to federally funded Los Alamos National Laboratory and Sandia National Laboratories.
How many research and development jobs are in your state? Which states have the largest R&D value added? How is industry and government research money spread across the states’ GDP? BEA is developing statistics that can help answer these and other questions about the role of R&D in the economy.
The U.S. goods and services trade deficit decreased from $69.5 billion in February (revised) to $69.4 billion in March, as imports decreased more than exports. The goods deficit increased $0.8 billion to $92.5 billion, and the services surplus increased $0.9 billion to $23.1 billion.
