EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 26, 2017 BEA 17-23
Technical: Lisa Mataloni (GDP) (301) 278-9083 gdpniwd@bea.gov
Kate Pinard (Corporate Profits) (301) 278-9417 cpniwd@bea.gov
Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov
Gross Domestic Product: First Quarter 2017 (Second Estimate)
Corporate Profits: First Quarter 2017 (Preliminary Estimate)
Real gross domestic product (GDP) increased at an annual rate of 1.2 percent in the first quarter of 2017
(table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth
quarter, real GDP increased 2.1 percent.
The GDP estimate released today is based on more complete source data than were available for the
"advance" estimate issued last month. In the advance estimate, the increase in real GDP was 0.7
percent. With this second estimate for the first quarter, the general picture of economic growth remains
the same; increases in nonresidential fixed investment and in personal consumption expenditures (PCE)
were larger and the decrease in state and local government spending was smaller than previously
estimated. These revisions were partly offset by a larger decrease in private inventory investment (see
"Updates to GDP" on page 2).
___chart.
Real gross domestic income (GDI) increased 0.9 percent in the first quarter, in contrast to a decrease of
1.4 percent (revised) in the fourth. The average of real GDP and real GDI, a supplemental measure of
U.S. economic activity that equally weights GDP and GDI, increased 1.0 percent in the first quarter,
compared with an increase of 0.3 percent in the fourth quarter (table 1).
___box.
Upcoming Annual Update of the National Income and Product Accounts
The annual update of the national income and product accounts, covering the first quarter of 2014
through the first quarter of 2017, will be released along with the "advance" estimate of GDP for the
second quarter of 2017 on July 28. For more information, see �Preview of the 2017 NIPA Annual
Update� included in the May Survey of Current Business article on �GDP and the Economy�.
___
The increase in real GDP in the first quarter reflected positive contributions from nonresidential fixed
investment, exports, residential fixed investment, and PCE that were partly offset by negative
contributions from private inventory investment, federal government spending, and state and local
government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2).
The deceleration in real GDP in the first quarter primarily reflected a downturn in private inventory
investment and a deceleration in PCE that were partly offset by an upturn in exports and an acceleration
in nonresidential fixed investment.
Current-dollar GDP increased 3.4 percent, or $158.2 billion, in the first quarter to a level of $19,027.6
billion. In the fourth quarter, current-dollar GDP increased 4.2 percent, or $194.1 billion (table 1 and
table 3).
The price index for gross domestic purchases increased 2.6 percent in the first quarter, compared with
an increase of 2.0 percent in the fourth quarter (table 4). The PCE price index increased 2.4 percent,
compared with an increase of 2.0 percent. Excluding food and energy prices, the PCE price index
increased 2.1 percent, compared with an increase of 1.3 percent (appendix table A).
Updates to GDP
The percent change in real GDP was revised up from the advance estimate, reflecting upward revisions
to nonresidential fixed investment, PCE, and state and local government spending that were partly
offset by a downward revision to private inventory investment. For more information, see the Technical
Note. For information on updates to GDP, see the �Additional Information� section that follows.
Advance Estimate Second Estimate
(Percent change from preceding quarter)
Real GDP 0.7 1.2
Current-dollar GDP 3.0 3.4
Real GDI � 0.9
Average of Real GDP and Real GDI � 1.0
Gross domestic purchases price index 2.6 2.6
PCE price index 2.4 2.4
For the fourth quarter of 2016, the percent change in real GDI was revised from 1.0 percent to -1.4
percent based on newly available fourth-quarter tabulations from the BLS Quarterly Census of
Employment and Wages program.
Corporate Profits (table 12)
Profits from current production (corporate profits with inventory valuation adjustment and capital
consumption adjustment) decreased $40.3 billion in the first quarter, in contrast to an increase of $11.2
billion in the fourth quarter.
Profits of domestic financial corporations decreased $28.4 billion in the first quarter, in contrast to an
increase of $26.5 billion in the fourth quarter. Profits of domestic nonfinancial corporations decreased
$18.4 billion, compared with a decrease of $60.4 billion. The rest-of-the-world component of profits
increased $6.5 billion, compared with an increase of $45.1 billion. This measure is calculated as the
difference between receipts from the rest of the world and payments to the rest of the world. In the
first quarter, receipts increased $11.8 billion, and payments increased $5.3 billion.
* * *
Next release: June 29, 2017 at 8:30 A.M. EDT
Gross Domestic Product: First Quarter 2017 (Third Estimate)
Corporate Profits: First Quarter 2017 (Revised Estimate)
* * *
Additional Information
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 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, see our monthly 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) 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. Real GDI is calculated by deflating
gross domestic income using the GDP price index as the deflator, and is therefore conceptually
equivalent to real GDP.
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.�
Profits from current production, referred to as corporate profits with inventory valuation adjustment
(IVA) and capital consumption adjustment (CCAdj) in the 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.
For more definitions, see the Glossary: National Income and Product Accounts.
Statistical conventions
Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless
otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For
detail, see the FAQ �Why does BEA publish estimates at annual rates?�
Percent changes in quarterly series are calculated from unrounded data and are displayed at annual
rates, unless otherwise specified. For details, see the FAQ �How is average annual growth calculated?�
Quantities and prices. Quantities, or �real� volume measures, and prices are expressed as index
numbers with a specified reference year equal to 100 (currently 2009). 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). �Real� dollar series are calculated by
multiplying the published quantity index by the current dollar value in the reference year (2009) 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.
Annual and comprehensive updates are typically released in late July. Annual updates generally cover at
least the 3 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.
The table below shows the average revisions to the quarterly percent changes in real GDP between
different estimate vintages, without regard to sign.
Vintage Average Revision Without Regard to Sign
(percentage points, annual rates)
Advance to second 0.5
Advance to third 0.6
Second to third 0.2
Advance to latest 1.1
Note - Based on estimates from 1993 through 2015. For more information on GDP
updates, see Revision Information on the BEA Web site.
The larger average revision from the advance to the latest estimate reflects the fact that periodic
comprehensive updates include major statistical and methodological improvements.
Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic
profits and on net interest of domestic industries are not available. For fourth quarter estimates, these
data are not available until the third estimate.
List of GDP News Release Tables
Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Table 2. Contributions to Percent Change in Real Gross Domestic Product
Table 3. Gross Domestic Product: Level and Change From Preceding Period
Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Table 5. Real Gross Domestic Product, Quantity Indexes
Table 6. Price Indexes for Gross Domestic Product
Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
Table 10. Personal Income and Its Disposition
Table 11. Corporate Profits: Level and Percent Change
Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change
Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
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2014 2015 2016\r\ ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
---------2013--------- -------------2014------------- -------------2015------------- -------------2016------------- 2017
II III IV I II III IV I II III IV I II III IV\r\ I\r\
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)..... 2.4 2.6 1.6 0.8 3.1 4.0 -1.2 4.0 5.0 2.3 2.0 2.6 2.0 0.9 0.8 1.4 3.5 2.1 1.2
Personal consumption expenditures...... 2.9 3.2 2.7 0.8 1.9 3.4 1.9 3.8 3.7 4.6 2.4 2.9 2.7 2.3 1.6 4.3 3.0 3.5 0.6
Goods................................ 3.9 4.0 3.6 1.3 2.9 4.0 2.4 6.7 4.3 5.1 2.7 4.3 4.2 2.1 1.2 7.1 3.5 6.0 0.3
Durable goods...................... 6.7 6.9 5.8 2.1 4.1 4.9 4.6 13.0 8.7 8.5 4.1 7.6 6.2 4.0 -0.6 9.8 11.6 11.4 -1.4
Nondurable goods................... 2.6 2.6 2.5 0.9 2.4 3.6 1.4 3.8 2.3 3.5 1.9 2.7 3.2 1.2 2.1 5.7 -0.5 3.3 1.2
Services............................. 2.3 2.8 2.3 0.6 1.3 3.1 1.7 2.3 3.4 4.3 2.3 2.2 2.0 2.3 1.9 3.0 2.7 2.4 0.8
Gross private domestic investment...... 4.5 5.0 -1.6 5.0 13.4 5.4 -6.6 11.2 8.9 2.6 9.9 1.0 2.0 -2.3 -3.3 -7.9 3.0 9.4 4.8
Fixed investment..................... 5.5 4.0 0.7 4.3 2.9 6.6 5.3 7.2 7.4 1.3 3.7 4.3 5.7 -0.2 -0.9 -1.1 0.1 2.9 11.9
Nonresidential..................... 6.0 2.1 -0.5 2.5 2.1 9.5 7.0 6.1 8.3 -1.1 1.3 1.6 3.9 -3.3 -3.4 1.0 1.4 0.9 11.4
Structures....................... 10.3 -4.4 -2.9 10.4 17.1 2.1 25.1 7.4 -2.7 4.1 -12.3 -2.7 -4.3 -15.2 0.1 -2.1 12.0 -1.9 28.4
Equipment........................ 5.4 3.5 -2.9 2.8 -5.2 19.5 0.3 6.5 15.2 -8.9 9.3 -0.3 9.1 -2.6 -9.5 -2.9 -4.5 1.9 7.2
Intellectual property products... 3.9 4.8 4.7 -3.2 3.6 1.1 4.9 4.5 7.1 7.8 0.8 8.0 2.1 4.6 3.7 9.0 3.2 1.3 6.7
Residential........................ 3.5 11.7 4.9 12.0 6.0 -4.5 -1.4 11.7 3.6 11.4 13.3 14.9 12.6 11.5 7.8 -7.7 -4.1 9.6 13.8
Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Exports.............................. 4.3 0.1 0.4 5.0 3.1 11.8 -2.7 8.7 2.1 4.5 -5.8 2.9 -2.8 -2.7 -0.7 1.8 10.0 -4.5 5.8
Goods.............................. 4.4 -0.6 0.6 6.6 3.5 15.7 -7.3 10.7 4.4 3.8 -10.1 4.6 -3.1 -4.6 0.1 1.7 14.4 -6.7 8.4
Services........................... 3.9 1.6 -0.1 1.5 2.2 3.7 7.9 4.7 -2.8 6.0 3.8 -0.4 -2.3 1.0 -2.2 1.9 2.0 -0.1 1.2
Imports.............................. 4.4 4.6 1.2 5.3 1.7 1.6 4.9 9.9 -1.2 11.2 5.6 2.9 1.1 0.7 -0.6 0.2 2.2 9.0 3.8
Goods.............................. 4.8 4.9 0.7 5.8 1.7 1.6 5.7 10.7 -1.4 11.7 6.8 3.4 -0.1 0.7 -1.3 0.0 0.5 10.9 4.2
Services........................... 2.6 2.9 3.1 2.6 1.7 1.3 1.2 6.3 0.1 8.8 -0.2 0.2 6.9 0.7 2.5 1.1 9.8 0.7 1.9
Government consumption expenditures
and gross investment.................. -0.9 1.8 0.8 -2.0 -2.0 -2.8 -1.0 0.1 2.5 -0.4 2.6 3.2 1.9 1.0 1.6 -1.7 0.8 0.2 -1.1
Federal.............................. -2.5 0.0 0.6 -5.3 -5.1 -5.7 -0.2 -2.8 3.9 -6.0 1.9 0.2 1.0 3.8 -1.5 -0.4 2.4 -1.2 -2.0
National defense................... -4.1 -2.1 -0.7 -5.3 -6.6 -4.2 -5.0 -3.2 4.0 -11.6 -0.4 -0.5 -1.2 4.4 -3.2 -3.2 2.0 -3.6 -3.9
Nondefense......................... 0.1 3.3 2.6 -5.2 -2.6 -8.1 8.3 -2.0 3.9 3.5 5.4 1.1 4.2 2.8 0.9 3.8 3.0 2.3 0.7
State and local...................... 0.2 2.9 0.9 0.3 0.1 -1.0 -1.5 2.0 1.6 3.3 3.0 5.1 2.5 -0.6 3.5 -2.5 -0.2 1.0 -0.6
Addenda:
Gross domestic income (GDI)\1\....... 3.0 2.5 1.5 2.0 0.8 2.5 2.1 5.4 4.5 4.0 1.6 0.6 2.5 1.5 0.8 0.7 5.0 -1.4 0.9
Average of GDP and GDI............... 2.7 2.6 1.5 1.4 2.0 3.2 0.4 4.7 4.7 3.1 1.8 1.6 2.2 1.2 0.8 1.1 4.3 0.3 1.0
Final sales of domestic product...... 2.5 2.4 2.0 0.6 1.5 4.1 0.8 3.3 4.7 2.1 1.0 3.2 2.6 1.2 1.2 2.6 3.0 1.1 2.2
Gross domestic purchases............. 2.4 3.2 1.7 0.9 2.9 2.6 0.0 4.3 4.3 3.4 3.6 2.6 2.4 1.3 0.8 1.2 2.6 3.9 1.0
Final sales to domestic purchasers... 2.6 3.1 2.1 0.8 1.3 2.7 1.9 3.7 4.1 3.2 2.7 3.2 3.0 1.7 1.2 2.4 2.1 2.8 2.1
Final sales to private domestic
purchasers.......................... 3.4 3.3 2.3 1.5 2.1 4.0 2.5 4.4 4.4 4.0 2.7 3.2 3.3 1.8 1.1 3.2 2.4 3.4 2.7
Gross national product (GNP)......... 2.3 2.3 1.6 1.2 3.2 3.9 -1.2 3.7 5.3 1.7 1.6 2.3 1.7 1.3 0.0 2.2 3.4 2.9 1.0
Disposable personal income........... 3.5 3.5 2.6 2.4 2.4 0.9 4.5 5.3 4.1 4.3 2.0 3.9 3.3 3.0 2.1 2.9 2.9 -0.3 1.7
Current-dollar measures:
GDP................................ 4.2 3.7 3.0 1.6 5.1 6.1 0.6 6.3 6.7 2.8 2.1 4.9 3.2 1.8 1.3 3.7 5.0 4.2 3.4
GDI................................ 4.9 3.6 2.8 2.8 2.8 4.7 3.9 7.7 6.3 4.5 1.6 2.8 3.7 2.4 1.3 3.0 6.5 0.7 3.1
Average of GDP and GDI............. 4.5 3.7 2.9 2.2 3.9 5.4 2.2 7.0 6.5 3.7 1.8 3.9 3.5 2.1 1.3 3.4 5.7 2.4 3.2
Final sales of domestic product.... 4.4 3.6 3.4 1.6 3.6 6.4 2.5 5.5 6.5 2.6 1.1 5.5 3.9 2.1 1.8 5.0 4.5 3.2 4.5
Gross domestic purchases........... 4.2 3.7 2.8 1.4 4.4 4.7 2.1 6.2 5.8 3.7 2.2 4.2 3.5 1.7 1.0 3.3 4.1 6.0 3.6
Final sales to domestic
purchasers........................ 4.4 3.5 3.2 1.4 3.0 5.0 4.1 5.6 5.6 3.5 1.3 4.8 4.1 2.0 1.4 4.6 3.7 4.9 4.7
Final sales to private domestic
purchasers........................ 5.1 3.8 3.4 2.0 3.7 5.9 4.8 6.3 5.8 4.3 1.4 4.6 4.5 2.2 1.5 5.3 3.9 5.5 5.0
GNP................................ 4.2 3.4 2.9 2.0 5.2 6.1 0.5 5.9 7.1 2.2 1.6 4.5 2.9 2.2 0.4 4.5 4.8 5.0 3.2
Disposable personal income......... 5.1 3.8 3.7 2.5 3.9 2.6 6.6 7.3 5.2 4.3 0.3 5.8 4.4 3.4 2.4 5.0 4.4 1.7 4.2
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r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2016.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See 'Explanatory Note' at the end of the tables.
Table 2. Contributions to Percent Change in Real Gross Domestic Product
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2014 2015 2016 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
---------2013--------- -------------2014------------- -------------2015------------- -------------2016------------- 2017
II III IV I II III IV I II III IV I II III IV I\r\
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.............. 2.4 2.6 1.6 0.8 3.1 4.0 -1.2 4.0 5.0 2.3 2.0 2.6 2.0 0.9 0.8 1.4 3.5 2.1 1.2
Percentage points at annual rates:
Personal consumption expenditures....... 1.95 2.16 1.86 0.58 1.28 2.29 1.26 2.56 2.52 3.07 1.63 1.94 1.81 1.53 1.11 2.88 2.03 2.40 0.44
Goods................................. 0.89 0.91 0.79 0.30 0.67 0.90 0.54 1.50 0.98 1.14 0.59 0.94 0.92 0.47 0.25 1.51 0.77 1.29 0.07
Durable goods....................... 0.49 0.51 0.42 0.16 0.30 0.36 0.33 0.91 0.62 0.61 0.30 0.55 0.45 0.30 -0.05 0.70 0.84 0.82 -0.11
Motor vehicles and parts.......... 0.16 0.13 0.08 -0.07 -0.05 0.10 0.17 0.35 0.22 0.19 0.02 0.16 0.07 -0.04 -0.23 0.22 0.47 0.39 -0.39
Furnishings and durable household
equipment........................ 0.12 0.12 0.11 0.08 0.18 0.08 0.05 0.24 0.11 0.11 0.08 0.11 0.13 0.10 0.08 0.15 0.10 0.07 0.05
Recreational goods and vehicles... 0.16 0.19 0.20 0.15 0.15 0.07 0.09 0.26 0.26 0.20 0.14 0.21 0.18 0.16 0.14 0.29 0.20 0.28 0.27
Other durable goods............... 0.05 0.07 0.04 0.00 0.02 0.10 0.01 0.07 0.04 0.10 0.06 0.07 0.07 0.08 -0.04 0.05 0.07 0.07 -0.04
Nondurable goods.................... 0.40 0.40 0.36 0.14 0.37 0.54 0.21 0.59 0.35 0.53 0.28 0.39 0.47 0.17 0.30 0.80 -0.07 0.47 0.18
Food and beverages purchased for
off-premises consumption......... 0.11 0.00 0.14 -0.18 0.10 0.22 0.17 0.10 0.02 0.00 -0.02 -0.01 -0.03 -0.01 0.15 0.36 0.13 0.32 0.15
Clothing and footwear............. 0.04 0.08 0.03 0.10 -0.03 0.04 -0.05 0.13 0.02 0.19 0.01 0.11 0.04 0.02 -0.02 0.10 -0.02 0.00 -0.11
Gasoline and other energy goods... 0.01 0.07 0.02 0.12 0.03 0.04 -0.04 -0.06 0.02 0.13 0.14 -0.01 0.10 -0.02 0.08 0.00 -0.04 -0.03 -0.12
Other nondurable goods............ 0.25 0.25 0.18 0.10 0.27 0.25 0.13 0.42 0.29 0.21 0.16 0.29 0.35 0.18 0.08 0.35 -0.14 0.18 0.26
Services.............................. 1.06 1.26 1.08 0.28 0.61 1.39 0.73 1.06 1.54 1.93 1.04 1.00 0.89 1.07 0.86 1.37 1.26 1.11 0.37
Household consumption expenditures
(for services)..................... 1.08 1.26 1.01 0.33 0.67 1.35 0.71 1.13 1.60 2.00 1.08 0.99 0.69 0.92 0.85 1.46 1.02 1.12 0.37
Housing and utilities............. 0.17 0.20 0.15 0.03 -0.11 0.34 0.42 -0.06 0.00 0.39 0.39 0.11 0.21 -0.22 0.09 0.54 0.32 -0.18 -0.18
Health care....................... 0.36 0.60 0.53 0.34 0.18 0.37 -0.15 0.70 0.73 0.90 0.50 0.44 0.43 0.42 0.63 0.83 0.07 0.64 0.10
Transportation services........... 0.09 0.07 0.03 0.10 0.09 -0.04 0.19 0.05 0.14 0.06 0.08 0.06 0.01 0.11 -0.03 -0.03 0.05 0.11 0.03
Recreation services............... 0.05 0.04 0.04 -0.12 0.20 0.07 0.07 -0.12 0.18 0.08 0.01 -0.05 0.03 0.24 -0.02 -0.18 0.14 0.15 0.10
Food services and accommodations 0.14 0.19 0.12 -0.17 0.07 0.29 -0.01 0.27 0.19 0.25 0.12 0.29 0.07 0.17 0.11 0.12 0.10 0.00 0.13
Financial services and insurance 0.07 0.01 0.02 0.11 0.03 0.19 -0.05 0.07 0.21 -0.04 -0.05 0.02 -0.05 0.11 -0.12 -0.03 0.23 0.11 0.12
Other services.................... 0.20 0.14 0.14 0.05 0.21 0.13 0.23 0.22 0.15 0.36 0.03 0.13 -0.01 0.10 0.18 0.19 0.11 0.28 0.08
Final consumption expenditures of
nonprofit institutions serving
households......................... -0.02 0.00 0.07 -0.06 -0.06 0.04 0.02 -0.07 -0.06 -0.07 -0.04 0.00 0.20 0.15 0.01 -0.08 0.24 -0.02 0.00
Gross output of nonprofit
institutions..................... 0.11 0.18 0.26 0.22 0.00 0.29 -0.33 0.36 0.29 0.39 0.01 0.07 0.10 0.25 0.28 0.40 0.27 0.32 -0.09
Less: Receipts from sales of
goods and services by nonprofit
institutions..................... 0.14 0.18 0.20 0.27 0.06 0.25 -0.35 0.43 0.35 0.46 0.05 0.06 -0.09 0.10 0.27 0.49 0.03 0.34 -0.09
Gross private domestic investment....... 0.73 0.82 -0.26 0.78 2.08 0.91 -1.10 1.79 1.49 0.45 1.62 0.18 0.35 -0.39 -0.56 -1.34 0.50 1.47 0.78
Fixed investment...................... 0.87 0.65 0.11 0.70 0.48 1.01 0.79 1.12 1.16 0.22 0.61 0.70 0.92 -0.03 -0.15 -0.18 0.02 0.46 1.85
Nonresidential...................... 0.76 0.27 -0.07 0.35 0.29 1.16 0.84 0.76 1.05 -0.14 0.18 0.21 0.49 -0.43 -0.44 0.12 0.18 0.11 1.34
Structures........................ 0.29 -0.13 -0.08 0.27 0.44 0.06 0.66 0.22 -0.08 0.13 -0.39 -0.07 -0.12 -0.45 0.00 -0.06 0.30 -0.05 0.69
Equipment......................... 0.32 0.21 -0.17 0.21 -0.29 1.05 0.00 0.37 0.86 -0.57 0.54 -0.02 0.53 -0.16 -0.59 -0.17 -0.26 0.11 0.39
Information processing
equipment...................... 0.05 0.07 0.04 0.08 -0.02 -0.04 0.05 0.28 -0.25 0.25 0.00 -0.09 0.40 0.02 -0.05 -0.09 0.15 0.07 0.20
Computers and peripheral
equipment.................... 0.00 0.00 -0.01 -0.12 0.02 0.08 -0.08 0.05 0.02 0.02 -0.08 0.06 0.05 -0.13 0.02 0.05 -0.02 -0.04 0.06
Other......................... 0.04 0.07 0.05 0.20 -0.04 -0.11 0.12 0.22 -0.26 0.23 0.08 -0.15 0.35 0.15 -0.07 -0.13 0.17 0.11 0.14
Industrial equipment............ 0.04 0.02 0.03 -0.10 0.06 -0.12 0.15 0.13 0.09 -0.14 0.01 0.15 -0.06 0.12 -0.05 0.11 -0.03 0.06 0.09
Transportation equipment........ 0.17 0.18 -0.10 0.38 -0.14 0.49 -0.03 0.12 0.47 -0.13 0.46 -0.02 0.26 -0.11 -0.23 -0.09 -0.29 -0.02 0.06
Other equipment................. 0.06 -0.06 -0.15 -0.14 -0.19 0.72 -0.17 -0.16 0.54 -0.54 0.07 -0.06 -0.07 -0.19 -0.26 -0.11 -0.08 0.00 0.04
Intellectual property products.... 0.15 0.19 0.19 -0.13 0.14 0.04 0.18 0.17 0.27 0.29 0.03 0.31 0.08 0.18 0.15 0.35 0.13 0.05 0.27
Software........................ 0.10 0.11 0.08 -0.13 0.14 0.08 0.09 0.14 0.17 0.13 0.15 0.11 -0.02 0.06 0.13 0.08 0.12 0.02 0.13
Research and development........ 0.05 0.06 0.10 0.00 0.01 -0.04 0.10 0.04 0.09 0.14 -0.13 0.18 0.08 0.11 0.02 0.28 -0.03 0.02 0.12
Entertainment, literary, and
artistic originals............. 0.00 0.02 0.01 0.00 -0.01 0.00 -0.01 0.00 0.01 0.02 0.02 0.02 0.02 0.01 -0.01 -0.01 0.04 0.02 0.02
Residential......................... 0.11 0.39 0.18 0.35 0.18 -0.15 -0.04 0.36 0.12 0.36 0.43 0.49 0.43 0.40 0.29 -0.31 -0.16 0.35 0.50
Change in private inventories......... -0.14 0.17 -0.37 0.08 1.60 -0.11 -1.89 0.67 0.32 0.23 1.01 -0.52 -0.57 -0.36 -0.41 -1.16 0.49 1.01 -1.07
Farm................................ -0.07 0.00 -0.01 0.17 0.14 0.06 -0.39 0.03 0.02 -0.04 0.09 -0.05 0.01 -0.08 -0.05 0.07 0.08 -0.14 0.04
Nonfarm............................. -0.07 0.17 -0.35 -0.09 1.46 -0.16 -1.50 0.64 0.30 0.28 0.92 -0.47 -0.58 -0.28 -0.35 -1.23 0.41 1.15 -1.11
Net exports of goods and services....... -0.15 -0.71 -0.13 -0.21 0.13 1.29 -1.16 -0.41 0.50 -1.14 -1.65 -0.08 -0.52 -0.45 0.01 0.18 0.85 -1.82 0.13
Exports............................... 0.58 0.01 0.04 0.65 0.41 1.54 -0.39 1.16 0.29 0.60 -0.78 0.37 -0.36 -0.34 -0.09 0.21 1.16 -0.55 0.69
Goods............................... 0.41 -0.06 0.05 0.59 0.32 1.38 -0.72 0.96 0.41 0.35 -0.94 0.39 -0.26 -0.38 0.01 0.13 1.08 -0.55 0.64
Services............................ 0.17 0.07 0.00 0.06 0.09 0.16 0.33 0.20 -0.13 0.25 0.16 -0.02 -0.10 0.04 -0.09 0.08 0.08 0.00 0.05
Imports............................... -0.72 -0.73 -0.17 -0.86 -0.28 -0.24 -0.77 -1.57 0.21 -1.74 -0.87 -0.44 -0.16 -0.11 0.09 -0.03 -0.31 -1.27 -0.55
Goods............................... -0.65 -0.65 -0.09 -0.79 -0.23 -0.21 -0.74 -1.40 0.21 -1.50 -0.87 -0.43 0.02 -0.09 0.16 0.00 -0.06 -1.25 -0.50
Services............................ -0.07 -0.08 -0.08 -0.07 -0.05 -0.03 -0.03 -0.17 0.00 -0.24 0.00 -0.01 -0.18 -0.02 -0.07 -0.03 -0.26 -0.02 -0.05
Government consumption expenditures and
gross investment....................... -0.16 0.32 0.14 -0.37 -0.37 -0.53 -0.19 0.02 0.46 -0.07 0.45 0.57 0.34 0.18 0.28 -0.30 0.14 0.03 -0.20
Federal............................... -0.19 0.00 0.04 -0.41 -0.39 -0.42 -0.01 -0.20 0.28 -0.43 0.13 0.01 0.06 0.25 -0.10 -0.02 0.16 -0.08 -0.14
National defense.................... -0.19 -0.09 -0.03 -0.25 -0.31 -0.19 -0.23 -0.14 0.17 -0.52 -0.02 -0.02 -0.05 0.17 -0.13 -0.13 0.08 -0.14 -0.16
Consumption expenditures.......... -0.13 -0.06 -0.05 -0.17 -0.36 -0.13 -0.03 -0.22 0.22 -0.49 0.11 -0.05 -0.03 0.06 -0.11 -0.10 0.06 -0.16 -0.21
Gross investment.................. -0.05 -0.03 0.02 -0.08 0.05 -0.06 -0.20 0.07 -0.05 -0.03 -0.13 0.03 -0.01 0.11 -0.02 -0.02 0.02 0.01 0.05
Nondefense.......................... 0.00 0.09 0.07 -0.15 -0.07 -0.23 0.22 -0.05 0.10 0.09 0.15 0.03 0.11 0.08 0.03 0.10 0.08 0.06 0.02
Consumption expenditures.......... 0.00 0.08 0.06 -0.10 -0.06 -0.21 0.21 -0.07 0.10 0.06 0.15 0.02 0.11 0.05 0.04 0.10 0.07 0.04 -0.01
Gross investment.................. 0.00 0.01 0.01 -0.05 -0.02 -0.02 0.01 0.01 0.01 0.04 0.00 0.01 0.00 0.02 -0.01 0.01 0.02 0.02 0.03
State and local....................... 0.03 0.32 0.10 0.03 0.01 -0.11 -0.17 0.22 0.18 0.36 0.32 0.56 0.27 -0.07 0.39 -0.28 -0.02 0.11 -0.06
Consumption expenditures............ 0.02 0.22 0.10 -0.01 0.00 -0.03 -0.07 0.06 0.15 0.24 0.31 0.23 0.24 0.06 0.06 0.07 0.13 0.00 0.06
Gross investment.................... 0.00 0.10 0.00 0.04 0.02 -0.08 -0.10 0.16 0.03 0.12 0.01 0.33 0.04 -0.13 0.33 -0.34 -0.16 0.11 -0.12
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See 'Explanatory Note' at the end of the tables.
Table 3. Gross Domestic Product: Level and Change From Preceding Period
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
----------------Billions of dollars---------------- ----------------------Billions of chained (2009) dollars----------------------
2016\r\ ----Seasonally adjusted at annual rates---- 2016\r\ ----Seasonally adjusted at annual rates---- Change from preceding period
---------------2016--------------- 2017 ---------------2016--------------- 2017 2016\r\ 2016 2017
I II III IV\r\ I\r\ I II III IV\r\ I\r\ IV\r\ I\r\
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)....... 18,569.1 18,281.6 18,450.1 18,675.3 18,869.4 19,027.6 16,662.1 16,525.0 16,583.1 16,727.0 16,813.3 16,861.6 264.9 86.4 48.3
Personal consumption expenditures........ 12,757.9 12,498.0 12,692.7 12,832.2 13,008.9 13,108.4 11,522.2 11,365.2 11,484.9 11,569.0 11,669.8 11,688.5 307.5 100.8 18.6
Goods.................................. 4,098.4 4,008.7 4,085.4 4,111.9 4,187.5 4,218.5 4,048.2 3,964.7 4,032.9 4,067.8 4,127.5 4,130.7 140.8 59.7 3.3
Durable goods........................ 1,402.9 1,366.6 1,390.0 1,414.0 1,440.9 1,439.1 1,584.6 1,524.9 1,560.9 1,604.4 1,648.2 1,642.2 86.5 43.8 -6.0
Motor vehicles and parts........... 474.7 455.7 462.5 481.7 498.9 481.8 432.6 411.8 420.8 440.4 457.2 440.4 13.2 16.9 -16.8
Furnishings and durable household
equipment......................... 316.5 312.5 317.6 317.5 318.4 321.7 374.6 364.7 372.9 378.4 382.4 385.1 23.0 4.1 2.7
Recreational goods and vehicles.... 393.0 384.9 391.7 395.1 400.5 412.4 586.9 560.6 579.9 593.5 613.6 632.9 51.9 20.1 19.3
Other durable goods................ 218.7 213.6 218.3 219.6 223.1 223.2 216.5 212.4 214.6 217.9 221.2 219.5 7.5 3.4 -1.7
Nondurable goods..................... 2,695.5 2,642.0 2,695.4 2,697.9 2,746.6 2,779.5 2,500.4 2,471.1 2,505.4 2,502.5 2,522.8 2,530.6 61.1 20.3 7.8
Food and beverages purchased for
off-premises consumption.......... 917.0 904.3 916.5 917.4 929.6 937.5 834.0 816.8 831.6 836.9 850.5 857.1 22.6 13.7 6.5
Clothing and footwear.............. 383.6 381.7 385.5 384.4 382.6 382.0 368.2 365.4 369.7 368.9 368.9 364.1 4.8 0.0 -4.8
Gasoline and other energy goods.... 272.4 254.4 271.5 268.9 294.9 306.0 290.5 291.8 291.6 289.8 288.6 283.2 4.2 -1.2 -5.4
Other nondurable goods............. 1,122.6 1,101.7 1,121.9 1,127.2 1,139.6 1,154.0 1,018.2 1,008.3 1,023.0 1,017.1 1,024.5 1,035.4 29.2 7.4 10.9
Services............................... 8,659.6 8,489.3 8,607.3 8,720.3 8,821.4 8,889.8 7,481.0 7,403.9 7,458.5 7,508.5 7,552.9 7,567.8 170.6 44.3 15.0
Household consumption expenditures
(for services)...................... 8,306.5 8,141.2 8,261.2 8,362.2 8,461.4 8,524.8 7,173.2 7,098.2 7,156.2 7,196.7 7,241.7 7,256.8 159.9 45.0 15.0
Housing and utilities.............. 2,325.8 2,270.5 2,314.4 2,351.7 2,366.6 2,377.2 2,020.1 1,999.0 2,020.9 2,033.9 2,026.8 2,019.3 23.2 -7.1 -7.4
Health care........................ 2,189.3 2,138.5 2,184.6 2,197.6 2,236.6 2,249.1 1,972.9 1,938.7 1,973.3 1,976.2 2,003.2 2,007.5 86.8 27.0 4.2
Transportation services............ 378.2 375.2 374.8 377.8 384.8 390.5 339.0 337.8 336.4 338.5 343.2 344.4 4.3 4.7 1.1
Recreation services................ 484.0 479.8 476.7 485.7 493.8 504.4 424.9 425.9 418.8 424.5 430.5 434.5 5.7 6.0 4.0
Food services and accommodations... 851.9 838.8 848.4 857.5 863.0 874.1 722.7 717.2 721.9 725.8 725.9 731.1 19.0 0.0 5.2
Financial services and insurance... 957.7 936.1 947.4 968.4 979.0 987.5 720.9 716.7 715.8 723.6 727.5 731.9 2.1 3.9 4.3
Other services..................... 1,119.5 1,102.3 1,114.9 1,123.4 1,137.5 1,142.1 980.6 969.8 977.5 981.8 993.3 996.5 22.2 11.5 3.2
Final consumption expenditures of
nonprofit institutions serving
households.......................... 353.1 348.1 346.1 358.1 360.0 365.0 307.8 305.7 302.4 311.9 311.2 311.2 10.9 -0.7 -0.1
Gross output of nonprofit
institutions...................... 1,412.9 1,378.3 1,403.6 1,423.0 1,446.6 1,452.0 1,226.9 1,206.2 1,222.4 1,233.1 1,246.1 1,242.4 42.1 13.0 -3.6
Less: Receipts from sales of goods
and services by nonprofit
institutions...................... 1,059.8 1,030.3 1,057.5 1,064.8 1,086.6 1,087.0 919.1 900.4 919.9 921.2 934.8 931.3 31.4 13.6 -3.6
Gross private domestic investment........ 3,035.7 3,036.8 2,987.5 3,017.2 3,101.4 3,149.1 2,824.6 2,841.5 2,783.8 2,804.7 2,868.2 2,902.2 -44.5 63.5 33.9
Fixed investment....................... 3,014.8 2,994.8 3,002.5 3,013.1 3,049.0 3,147.4 2,785.9 2,786.7 2,778.8 2,779.3 2,798.9 2,879.0 18.2 19.6 80.1
Nonresidential....................... 2,308.8 2,292.4 2,304.7 2,313.8 2,324.2 2,395.5 2,188.6 2,179.7 2,185.0 2,192.5 2,197.2 2,257.2 -11.6 4.8 60.0
Structures......................... 493.8 486.0 487.3 500.5 501.3 537.3 439.2 435.2 432.9 445.3 443.2 471.7 -12.9 -2.2 28.6
Equipment.......................... 1,057.0 1,066.3 1,058.7 1,049.3 1,053.5 1,074.3 1,041.4 1,052.0 1,044.1 1,032.2 1,037.2 1,055.4 -31.1 4.9 18.3
Information processing
equipment....................... 321.0 319.9 316.8 322.8 324.4 333.0 346.9 345.5 341.2 348.7 352.3 362.8 8.2 3.7 10.5
Computers and peripheral
equipment..................... 76.4 76.0 78.2 77.0 74.4 77.5 87.7 86.9 89.3 88.3 86.3 89.6 -1.1 -2.0 3.3
Other.......................... 244.6 243.9 238.6 245.8 250.0 255.4 258.2 257.6 251.2 259.3 264.8 272.0 9.0 5.4 7.2
Industrial equipment............. 226.1 222.2 227.3 226.1 228.7 233.8 212.9 209.4 214.2 212.8 215.3 219.4 5.6 2.5 4.1
Transportation equipment......... 293.1 301.3 297.6 286.7 286.6 292.6 283.9 293.7 289.7 276.5 275.7 278.2 -18.2 -0.8 2.5
Other equipment.................. 216.8 222.9 217.0 213.7 213.8 215.0 205.9 211.3 206.6 202.8 202.7 204.6 -25.0 -0.1 1.8
Intellectual property products..... 758.0 740.1 758.7 763.9 769.4 783.9 711.9 697.1 712.2 717.9 720.2 732.0 31.9 2.3 11.8
Software......................... 340.4 336.0 339.4 342.6 343.7 348.4 348.1 342.2 346.0 351.6 352.4 358.5 14.9 0.8 6.1
Research and development......... 335.5 323.0 337.9 338.8 342.3 350.4 285.5 277.5 288.6 287.6 288.3 292.9 15.3 0.7 4.6
Entertainment, literary, and
artistic originals.............. 82.1 81.1 81.4 82.5 83.4 85.0 79.2 78.6 78.0 79.7 80.5 81.6 1.4 0.8 1.1
Residential.......................... 706.1 702.4 697.8 699.3 724.8 751.8 591.9 600.7 588.7 582.5 596.0 615.5 27.4 13.5 19.5
Change in private inventories.......... 20.9 41.9 -15.0 4.1 52.4 1.7 22.0 40.7 -9.5 7.1 49.6 4.3 -62.0 42.5 -45.3
Farm................................. -6.4 -8.3 -5.5 -2.7 -9.2 -7.5 -3.4 -5.1 -2.6 0.0 -5.8 -4.2 -1.8 -5.8 1.7
Nonfarm.............................. 27.3 50.3 -9.4 6.7 61.5 9.2 26.0 47.5 -6.6 7.2 55.8 8.5 -62.2 48.6 -47.2
Net exports of goods and services........ -501.3 -507.4 -492.4 -460.0 -545.2 -557.9 -563.0 -566.3 -558.5 -522.2 -605.0 -599.9 -23.0 -82.8 5.1
Exports................................ 2,232.4 2,179.0 2,209.7 2,276.3 2,264.8 2,314.0 2,128.2 2,102.0 2,111.3 2,162.0 2,137.4 2,168.0 7.6 -24.6 30.5
Goods................................ 1,454.9 1,410.9 1,437.2 1,495.4 1,476.0 1,517.9 1,446.8 1,424.1 1,430.1 1,479.2 1,453.6 1,483.2 8.7 -25.5 29.6
Services............................. 777.6 768.1 772.5 780.9 788.8 796.1 681.4 677.3 680.5 683.9 683.8 685.8 -0.5 -0.1 2.0
Imports................................ 2,733.7 2,686.3 2,702.2 2,736.2 2,810.0 2,871.9 2,691.2 2,668.2 2,669.7 2,684.3 2,742.4 2,767.9 30.6 58.2 25.5
Goods................................ 2,225.6 2,185.7 2,199.4 2,222.7 2,294.6 2,352.5 2,210.1 2,194.1 2,194.3 2,197.2 2,254.9 2,278.2 16.0 57.8 23.3
Services............................. 508.1 500.7 502.7 513.5 515.4 519.4 478.7 471.9 473.2 484.4 485.1 487.4 14.2 0.8 2.3
Government consumption expenditures and
gross investment........................ 3,276.7 3,254.3 3,262.3 3,285.9 3,304.3 3,328.0 2,907.0 2,913.2 2,900.9 2,906.4 2,907.6 2,899.3 23.3 1.3 -8.3
Federal................................ 1,244.5 1,233.8 1,239.2 1,251.8 1,253.2 1,260.4 1,120.5 1,118.7 1,117.7 1,124.4 1,121.0 1,115.2 6.6 -3.4 -5.8
National defense..................... 732.2 731.4 729.3 736.0 732.0 732.1 667.0 670.9 665.5 668.9 662.8 656.2 -5.0 -6.1 -6.6
Consumption expenditures........... 587.6 587.0 585.8 591.3 586.3 583.9 531.7 535.3 531.0 533.5 526.9 518.2 -7.6 -6.6 -8.7
Gross investment................... 144.6 144.3 143.5 144.7 145.7 148.2 135.1 135.3 134.3 135.1 135.7 137.9 2.7 0.6 2.2
Nondefense........................... 512.3 502.4 509.9 515.8 521.2 528.2 452.6 447.2 451.4 454.7 457.3 458.0 11.4 2.6 0.8
Consumption expenditures........... 390.5 382.0 388.8 393.7 397.4 402.2 341.1 336.4 340.4 343.0 344.7 344.1 10.2 1.6 -0.6
Gross investment................... 121.9 120.5 121.1 122.2 123.8 126.0 111.3 110.6 110.8 111.5 112.4 113.8 1.0 0.9 1.4
State and local........................ 2,032.2 2,020.5 2,023.1 2,034.1 2,051.1 2,067.7 1,784.8 1,792.6 1,781.4 1,780.4 1,784.9 1,782.3 16.6 4.5 -2.6
Consumption expenditures............. 1,677.1 1,654.0 1,669.2 1,687.4 1,697.9 1,717.6 1,468.3 1,463.6 1,466.3 1,471.6 1,471.7 1,474.1 15.9 0.1 2.4
Gross investment..................... 355.1 366.5 353.9 346.7 353.2 350.1 315.8 328.3 314.3 308.0 312.4 307.3 0.8 4.5 -5.1
Residual................................. --- --- --- --- --- --- -106.0 -98.2 -104.3 -110.0 -111.6 -119.6 --- --- ---
Addenda:
Gross domestic income (GDI)\1\......... 18,805.6 18,546.0 18,684.0 18,979.9 19,012.5 19,157.6 16,874.3 16,763.9 16,793.4 16,999.8 16,940.8 16,976.7 246.5 -59.0 35.9
Average of GDP and GDI................. 18,687.3 18,413.8 18,567.0 18,827.6 18,940.9 19,092.6 16,768.2 16,644.5 16,688.3 16,863.4 16,877.1 16,919.1 255.7 13.7 42.1
Final sales of domestic product........ 18,548.2 18,239.7 18,465.0 18,671.2 18,817.0 19,025.9 16,626.1 16,473.5 16,579.5 16,703.6 16,747.7 16,840.8 325.4 44.1 93.1
Gross domestic purchases............... 19,070.4 18,789.0 18,942.5 19,135.2 19,414.6 19,585.5 17,225.8 17,091.5 17,142.6 17,252.6 17,416.4 17,459.4 288.0 163.7 43.0
Final sales to domestic purchasers..... 19,049.5 18,747.1 18,957.5 19,131.2 19,362.2 19,583.8 17,190.4 17,040.5 17,139.9 17,230.0 17,351.2 17,439.3 348.8 121.1 88.2
Final sales to private domestic
purchasers............................ 15,772.8 15,492.8 15,695.2 15,845.2 16,057.9 16,255.7 14,295.5 14,138.7 14,251.0 14,335.9 14,456.3 14,553.5 326.4 120.4 97.2
Gross domestic product................. 18,569.1 18,281.6 18,450.1 18,675.3 18,869.4 19,027.6 16,662.1 16,525.0 16,583.1 16,727.0 16,813.3 16,861.6 264.9 86.4 48.3
Plus: Income receipts from the rest of
the world............................. 842.6 807.0 848.3 848.9 866.4 883.9 695.7 671.0 701.8 699.6 710.5 720.4 16.6 10.9 9.9
Less: Income payments to the rest of
the world............................. 635.8 634.5 640.5 644.9 623.4 646.8 521.2 524.0 526.0 527.4 507.3 522.9 16.4 -20.2 15.6
Equals: Gross national product......... 18,776.0 18,454.2 18,657.9 18,879.3 19,112.4 19,264.8 16,835.2 16,668.3 16,757.6 16,897.4 17,017.6 17,059.4 264.9 120.2 41.8
Net domestic product................... 15,658.7 15,408.1 15,548.3 15,753.6 15,924.7 16,052.0 13,976.1 13,857.5 13,902.9 14,034.6 14,109.6 14,146.2 209.9 75.0 36.6
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2016.
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not
be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent
changes in real gross domestic product, use table 2.
See 'Explanatory Note' at the end of the tables.
Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2014 2015 2016 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
---------2013--------- -------------2014------------- -------------2015------------- -------------2016------------- 2017
II III IV I II III IV I II III IV I II III IV I\r\
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)..... 1.8 1.1 1.3 0.9 2.1 2.1 1.7 2.1 1.7 0.5 -0.1 2.3 1.3 0.8 0.5 2.3 1.4 2.1 2.2
Personal consumption expenditures...... 1.5 0.3 1.1 0.2 1.5 1.7 2.0 1.9 1.1 0.0 -1.6 1.8 1.1 0.4 0.3 2.0 1.5 2.0 2.4
Goods................................ -0.4 -2.9 -1.4 -3.7 0.3 0.0 0.6 0.2 -1.0 -3.5 -8.0 1.2 -0.9 -2.6 -4.0 0.8 -0.9 1.5 2.7
Durable goods...................... -2.3 -2.1 -2.1 -2.4 -2.6 -2.1 -2.4 -1.9 -2.3 -3.0 -2.2 -0.6 -2.6 -1.8 -0.9 -2.5 -4.1 -3.2 1.0
Nondurable goods................... 0.6 -3.3 -1.0 -4.3 1.8 1.0 2.0 1.3 -0.3 -3.7 -10.8 2.2 0.0 -2.9 -5.6 2.5 0.8 4.0 3.6
Services............................. 2.5 2.0 2.3 2.2 2.1 2.7 2.7 2.7 2.1 1.8 1.7 2.1 2.2 1.8 2.4 2.6 2.6 2.3 2.3
Gross private domestic investment...... 2.1 0.8 0.9 1.9 1.9 1.9 3.0 1.4 2.4 1.8 -0.1 -0.1 1.2 0.3 0.6 1.8 1.1 2.0 1.5
Fixed investment..................... 2.3 1.0 1.1 2.0 2.0 2.3 3.2 1.4 2.4 1.7 0.5 -0.3 1.3 0.4 0.6 2.2 1.4 1.9 1.4
Nonresidential..................... 1.4 0.6 0.4 1.2 1.2 1.0 1.8 1.5 1.2 0.9 0.6 -0.3 0.8 -0.1 0.2 1.2 0.2 0.9 1.3
Structures....................... 3.8 0.0 0.2 4.0 2.7 4.8 4.6 3.3 3.2 1.9 -2.3 -2.5 0.9 -0.2 -1.5 3.2 -0.6 2.6 2.8
Equipment........................ 0.4 0.8 0.2 -0.3 0.5 -1.8 1.2 1.5 0.8 1.1 1.5 0.0 0.1 0.1 0.3 0.1 1.0 -0.3 0.8
Intellectual property products... 1.0 0.8 0.9 1.6 1.2 2.7 0.8 0.1 0.4 -0.2 1.6 0.8 1.8 -0.2 1.3 1.4 -0.4 1.6 1.0
Residential........................ 6.0 2.4 3.3 5.3 5.4 7.6 8.7 1.3 7.1 4.9 0.2 -0.1 2.9 2.2 2.0 5.6 5.2 5.3 1.8
Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Exports.............................. 0.1 -4.8 -1.8 -2.9 0.7 -0.3 3.2 0.0 -1.0 -6.8 -9.2 -0.9 -4.0 -5.5 -5.1 3.9 2.4 2.6 3.0
Goods.............................. -0.9 -6.8 -3.5 -4.4 0.1 -1.7 3.5 -1.1 -2.4 -9.5 -12.1 -1.8 -5.8 -7.8 -10.0 5.9 2.4 1.8 3.2
Services........................... 2.1 -0.5 1.6 0.5 1.9 2.9 2.4 2.3 2.3 -0.6 -3.2 0.8 -0.4 -1.1 4.8 0.4 2.4 4.2 2.6
Imports.............................. -0.2 -7.6 -3.0 -4.2 -1.8 0.0 5.2 -1.6 -2.1 -7.0 -15.5 -4.8 -4.5 -7.6 -6.0 2.1 2.9 2.1 5.1
Goods.............................. -0.6 -8.9 -3.6 -5.0 -2.4 -0.9 5.9 -2.1 -2.7 -8.0 -17.8 -5.9 -5.0 -9.0 -7.3 2.5 3.7 2.4 6.0
Services........................... 1.7 -1.3 -0.5 -0.1 1.1 4.7 1.9 1.3 0.9 -1.6 -3.7 0.7 -2.2 -1.3 -0.1 0.6 -0.8 0.8 1.2
Government consumption expenditures
and gross investment.................. 2.0 0.3 1.0 1.1 1.9 3.7 1.8 1.9 2.0 0.0 -2.1 2.2 0.5 0.1 -0.4 2.7 2.1 2.1 4.1
Federal.............................. 1.7 0.5 1.0 0.9 1.6 6.3 -0.7 1.6 1.5 0.2 0.2 0.9 0.0 -0.8 1.5 2.1 1.7 1.7 4.4
National defense................... 1.4 0.2 0.8 0.4 1.3 4.2 0.4 1.1 1.2 -0.1 -0.3 0.8 -0.2 -0.9 0.9 2.1 1.6 1.5 4.2
Nondefense......................... 2.2 1.0 1.3 1.7 2.1 9.8 -2.6 2.3 2.0 0.7 0.9 1.1 0.3 -0.6 2.3 2.2 1.7 1.9 4.8
State and local...................... 2.2 0.2 1.0 1.2 2.0 2.0 3.4 2.1 2.3 -0.1 -3.5 3.0 0.8 0.6 -1.6 3.1 2.4 2.3 3.9
Addenda:
Final sales of domestic product...... 1.8 1.1 1.3 0.9 2.1 2.2 1.8 2.1 1.7 0.5 0.0 2.3 1.3 0.9 0.5 2.4 1.5 2.1 2.2
Gross domestic purchases............. 1.7 0.4 1.0 0.6 1.6 2.1 2.1 1.8 1.5 0.3 -1.4 1.6 1.0 0.3 0.2 2.1 1.5 2.0 2.6
Final sales to domestic purchasers... 1.7 0.4 1.1 0.6 1.6 2.2 2.1 1.8 1.4 0.3 -1.4 1.5 1.0 0.3 0.2 2.2 1.6 2.0 2.6
Final sales to private domestic
purchasers.......................... 1.7 0.5 1.1 0.5 1.6 1.8 2.2 1.8 1.3 0.3 -1.2 1.4 1.2 0.4 0.3 2.0 1.4 2.0 2.2
Gross national product (GNP)......... 1.8 1.0 1.3 0.9 2.1 2.1 1.7 2.1 1.7 0.5 -0.1 2.3 1.3 0.8 0.5 2.3 1.4 2.1 2.2
Implicit price deflators:
GDP................................ 1.8 1.1 1.3 0.8 1.9 2.1 1.8 2.2 1.7 0.5 0.0 2.2 1.2 0.9 0.5 2.3 1.4 2.1 2.2
Gross domestic purchases........... 1.7 0.4 1.0 0.5 1.5 2.1 2.2 1.9 1.4 0.3 -1.4 1.5 1.0 0.4 0.2 2.1 1.5 2.0 2.6
GNP................................ 1.8 1.0 1.3 0.8 1.9 2.1 1.8 2.2 1.7 0.5 0.0 2.2 1.2 0.9 0.4 2.3 1.4 2.1 2.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See 'Explanatory Note' at the end of the tables.
Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2009=100]
------------------------------------------------------------------------------------------------------------------------------
2014 2015 2016 --------------Seasonally adjusted--------------
-----------------2016----------------- 2017
I II III IV I\r\
------------------------------------------------------------------------------------------------------------------------------
Gross domestic product................ 110.844 113.721 115.559 114.608 115.011 116.009 116.607 116.942
Personal consumption expenditures........... 110.378 113.890 117.013 115.418 116.633 117.488 118.512 118.701
Goods..................................... 117.414 122.166 126.568 123.957 126.089 127.180 129.046 129.149
Durable goods........................... 136.919 146.395 154.850 149.013 152.538 156.784 161.064 160.480
Nondurable goods........................ 109.253 112.146 114.957 113.608 115.185 115.049 115.984 116.343
Services.................................. 107.004 109.954 112.520 111.361 112.184 112.935 113.602 113.827
Gross private domestic investment........... 145.549 152.761 150.393 151.294 148.226 149.336 152.719 154.525
Fixed investment.......................... 131.342 136.633 137.531 137.570 137.179 137.202 138.171 142.123
Nonresidential.......................... 131.967 134.697 133.987 133.442 133.766 134.223 134.516 138.189
Structures............................ 107.918 103.166 100.215 99.317 98.794 101.623 101.128 107.647
Equipment............................. 160.752 166.451 161.625 163.270 162.053 160.207 160.972 163.806
Intellectual property products........ 117.733 123.422 129.210 126.532 129.279 130.303 130.726 132.860
Residential............................. 128.846 143.923 150.914 153.133 150.079 148.505 151.938 156.917
Change in private inventories............. --- --- --- --- --- --- --- ---
Exports of goods and services............... 133.414 133.560 134.039 132.389 132.974 136.170 134.621 136.544
Imports of goods and services............... 128.279 134.155 135.700 134.544 134.620 135.352 138.285 139.570
Government consumption expenditures and
gross investment........................... 91.710 93.350 94.105 94.304 93.907 94.085 94.126 93.856
Federal................................... 91.471 91.472 92.015 91.874 91.791 92.337 92.060 91.587
State and local........................... 91.806 94.485 95.375 95.790 95.192 95.137 95.379 95.238
Addenda:
Final sales of domestic product........... 109.245 111.906 114.141 113.093 113.821 114.673 114.975 115.615
Gross domestic purchases.................. 110.765 114.335 116.279 115.373 115.718 116.460 117.566 117.856
Final sales to domestic purchasers........ 109.212 112.565 114.896 113.894 114.558 115.161 115.970 116.560
Final sales to private domestic
purchasers............................... 113.849 117.658 120.407 119.086 120.032 120.747 121.762 122.580
Gross national product.................... 111.138 113.731 115.549 114.403 115.016 115.975 116.800 117.087
------------------------------------------------------------------------------------------------------------------------------
r Revised
See 'Explanatory Note' at the end of the tables.
Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2009=100]
------------------------------------------------------------------------------------------------------------------------------
2014 2015 2016 --------------Seasonally adjusted--------------
-----------------2016----------------- 2017
I II III IV I\r\
------------------------------------------------------------------------------------------------------------------------------
Gross domestic product................ 108.838 109.999 111.451 110.635 111.268 111.662 112.238 112.859
Personal consumption expenditures (PCE)..... 109.150 109.532 110.721 109.969 110.519 110.921 111.477 112.150
Goods..................................... 105.727 102.680 101.237 101.109 101.301 101.083 101.454 102.125
Durable goods........................... 92.411 90.463 88.553 89.619 89.045 88.128 87.418 87.626
Nondurable goods........................ 112.595 108.920 107.795 106.917 107.582 107.809 108.873 109.834
Services.................................. 110.946 113.149 115.752 114.663 115.405 116.142 116.798 117.472
Gross private domestic investment........... 105.655 106.539 107.518 106.889 107.366 107.649 108.171 108.571
Fixed investment.......................... 106.030 107.062 108.216 107.467 108.048 108.412 108.936 109.323
Nonresidential.......................... 104.423 105.051 105.489 105.172 105.476 105.532 105.778 106.127
Structures............................ 112.213 112.202 112.445 111.682 112.566 112.402 113.130 113.908
Equipment............................. 100.482 101.277 101.497 101.366 101.392 101.655 101.575 101.790
Intellectual property products........ 104.772 105.583 106.486 106.168 106.526 106.416 106.833 107.102
Residential............................. 112.795 115.479 119.303 116.952 118.553 120.070 121.637 122.167
Change in private inventories............. --- --- --- --- --- --- --- ---
Exports of goods and services............... 112.134 106.778 104.899 103.669 104.671 105.292 105.965 106.745
Imports of goods and services............... 113.368 104.726 101.569 100.675 101.211 101.933 102.459 103.753
Government consumption expenditures and
gross investment........................... 111.263 111.605 112.720 111.713 112.462 113.061 113.643 114.790
Federal................................... 109.431 109.979 111.069 110.286 110.869 111.331 111.791 113.012
State and local........................... 112.522 112.732 113.864 112.715 113.570 114.254 114.916 116.016
Addenda:
PCE excluding food and energy\1\.......... 108.048 109.540 111.356 110.657 111.150 111.626 111.991 112.563
Market-based PCE\2\....................... 108.219 108.179 109.087 108.395 108.893 109.249 109.811 110.467
Market-based PCE excluding food and
energy\2\................................ 106.800 107.957 109.533 108.911 109.336 109.770 110.115 110.655
Final sales of domestic product........... 108.891 110.077 111.560 110.724 111.375 111.782 112.359 112.978
Gross domestic purchases.................. 109.109 109.569 110.713 109.936 110.509 110.925 111.481 112.189
Final sales to domestic purchasers........ 109.159 109.640 110.813 110.017 110.606 111.036 111.592 112.298
Final sales to private domestic
purchasers............................... 108.637 109.148 110.331 109.579 110.135 110.530 111.081 111.698
Gross national product.................... 108.957 110.090 111.533 110.719 111.350 111.743 112.318 112.940
Implicit price deflators:
Gross domestic product.................. 108.828 109.998 111.445 110.630 111.258 111.648 112.229 112.846
Final sales of domestic product......... 108.891 110.077 111.561 110.722 111.372 111.780 112.356 112.975
Gross domestic purchases................ 109.099 109.569 110.708 109.932 110.500 110.912 111.473 112.178
Final sales to domestic purchasers...... 109.159 109.640 110.815 110.015 110.604 111.034 111.590 112.297
Gross national product.................. 108.947 110.090 111.528 110.714 111.340 111.729 112.310 112.928
------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price
measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final
consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in
the addenda to table 8 and appendix table A.
See 'Explanatory Note' at the end of the tables.
Table 7. Real Gross Domestic Product: Annual Percent Change
------------------------------------------------------------------------------------------------------------------------------------------
------Percent change from preceding year------ Percent change fourth quarter to fourth quarter
2009 2010 2011 2012 2013 2014 2015 2016\r\ 2009 2010 2011 2012 2013 2014 2015 2016\r\
------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)...... -2.8 2.5 1.6 2.2 1.7 2.4 2.6 1.6 -0.2 2.7 1.7 1.3 2.7 2.5 1.9 2.0
Personal consumption expenditures
(PCE).................................. -1.6 1.9 2.3 1.5 1.5 2.9 3.2 2.7 -0.2 3.1 1.5 1.3 2.0 3.5 2.6 3.1
Goods................................. -3.0 3.4 3.1 2.7 3.1 3.9 4.0 3.6 0.9 5.1 1.7 2.8 3.5 4.6 3.3 4.4
Durable goods....................... -5.5 6.1 6.1 7.4 6.2 6.7 6.9 5.8 2.5 9.3 4.8 7.2 5.2 8.6 5.5 7.9
Nondurable goods.................... -1.8 2.2 1.8 0.6 1.7 2.6 2.6 2.5 0.2 3.3 0.4 0.8 2.6 2.8 2.3 2.6
Services.............................. -0.9 1.2 1.8 0.8 0.6 2.3 2.8 2.3 -0.8 2.0 1.4 0.6 1.3 2.9 2.2 2.5
Gross private domestic investment....... -21.6 12.9 5.2 10.6 6.1 4.5 5.0 -1.6 -11.0 11.1 9.6 3.7 9.3 3.8 2.6 0.1
Fixed investment...................... -16.7 1.5 6.3 9.8 5.0 5.5 4.0 0.7 -11.9 5.5 8.4 7.0 5.2 5.3 3.4 0.2
Nonresidential...................... -15.6 2.5 7.7 9.0 3.5 6.0 2.1 -0.5 -12.2 8.1 9.0 5.2 4.8 5.0 0.8 -0.1
Structures........................ -18.9 -16.4 2.3 12.9 1.4 10.3 -4.4 -2.9 -27.1 -4.0 8.0 4.1 5.8 8.0 -8.8 1.9
Equipment......................... -22.9 15.9 13.6 10.8 4.6 5.4 3.5 -2.9 -11.5 20.9 13.1 6.9 6.1 2.9 3.7 -3.8
Intellectual property products.... -1.4 1.9 3.6 3.9 3.4 3.9 4.8 4.7 1.3 1.8 4.1 3.4 2.2 6.1 3.8 4.3
Residential......................... -21.2 -2.5 0.5 13.5 11.9 3.5 11.7 4.9 -10.8 -5.2 6.0 15.7 6.8 6.2 13.1 1.1
Change in private inventories......... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Net exports of goods and services....... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Exports............................... -8.8 11.9 6.9 3.4 3.5 4.3 0.1 0.4 0.8 10.1 4.2 2.2 5.9 3.1 -2.2 1.5
Goods............................... -12.1 14.4 6.5 3.6 3.1 4.4 -0.6 0.6 -0.2 10.9 4.8 1.2 7.0 2.7 -3.4 2.1
Services............................ -1.1 6.8 7.6 3.0 4.4 3.9 1.6 -0.1 3.2 8.4 2.7 4.5 3.6 3.9 0.5 0.4
Imports............................... -13.7 12.7 5.5 2.2 1.1 4.4 4.6 1.2 -6.2 12.0 3.5 0.3 2.5 6.1 2.5 2.6
Goods............................... -15.8 14.9 5.8 2.1 1.2 4.8 4.9 0.7 -6.7 13.6 3.4 0.1 2.7 6.5 2.7 2.4
Services............................ -3.8 3.8 4.0 3.0 0.6 2.6 2.9 3.1 -4.2 4.9 3.8 1.2 1.1 4.0 1.9 3.4
Government consumption expenditures and
gross investment....................... 3.2 0.1 -3.0 -1.9 -2.9 -0.9 1.8 0.8 2.3 -1.1 -3.0 -2.2 -2.8 0.3 2.2 0.2
Federal............................... 5.7 4.4 -2.7 -1.9 -5.8 -2.5 0.0 0.6 3.9 3.2 -4.0 -2.1 -6.7 -1.3 1.7 -0.2
National defense.................... 5.4 3.2 -2.3 -3.4 -6.8 -4.1 -2.1 -0.7 3.6 2.0 -4.1 -3.9 -7.1 -4.1 0.6 -2.0
Nondefense.......................... 6.2 6.4 -3.4 0.9 -4.1 0.1 3.3 2.6 4.6 5.5 -3.9 1.0 -6.0 3.4 3.4 2.5
State and local....................... 1.6 -2.7 -3.3 -1.9 -0.8 0.2 2.9 0.9 1.3 -4.0 -2.3 -2.3 -0.1 1.3 2.5 0.4
Addenda:
Gross domestic income (GDI)\1\........ -2.6 2.7 2.2 3.3 1.2 3.0 2.5 1.5 0.3 2.6 2.1 2.8 1.3 4.0 1.5 1.3
Average of GDP and GDI................ -2.7 2.6 1.9 2.7 1.5 2.7 2.6 1.5 0.0 2.7 1.9 2.1 2.0 3.2 1.7 1.6
Final sales of domestic product....... -2.0 1.1 1.7 2.1 1.5 2.5 2.4 2.0 -0.4 2.0 1.5 1.7 2.0 2.7 2.0 2.0
Gross domestic purchases.............. -3.8 2.9 1.6 2.1 1.3 2.4 3.2 1.7 -1.3 3.2 1.7 1.0 2.2 3.0 2.5 2.1
Final sales to domestic purchasers.... -3.1 1.5 1.7 1.9 1.2 2.6 3.1 2.1 -1.4 2.5 1.5 1.4 1.6 3.2 2.6 2.1
Final sales to private domestic
purchasers........................... -4.6 1.9 2.9 2.9 2.1 3.4 3.3 2.3 -2.4 3.5 2.6 2.3 2.6 3.8 2.7 2.5
Gross national product................ -2.9 2.8 1.8 2.1 1.7 2.3 2.3 1.6 0.1 2.9 2.0 1.0 2.7 2.3 1.7 2.1
Real disposable personal income....... -0.4 1.0 2.5 3.2 -1.4 3.5 3.5 2.6 -0.7 2.6 1.7 5.1 -2.8 4.5 3.0 1.9
Price indexes:
Gross domestic purchases............ -0.2 1.5 2.4 1.8 1.4 1.7 0.4 1.0 0.3 1.6 2.4 1.7 1.4 1.4 0.4 1.5
Gross domestic purchases excluding
food and energy\2\................. 0.5 1.3 1.8 1.8 1.5 1.8 1.1 1.4 0.5 1.4 1.9 1.7 1.7 1.6 1.0 1.7
GDP................................. 0.8 1.2 2.1 1.8 1.6 1.8 1.1 1.3 0.4 1.8 1.9 1.9 1.6 1.5 1.1 1.6
GDP excluding food and energy\2\.... 0.5 1.4 1.9 1.8 1.7 1.9 1.2 1.6 0.6 1.6 1.9 1.8 1.9 1.7 1.2 1.8
PCE................................. -0.1 1.7 2.5 1.9 1.3 1.5 0.3 1.1 1.2 1.3 2.7 1.8 1.2 1.2 0.4 1.4
PCE excluding food and energy\2\.... 1.2 1.3 1.5 1.9 1.5 1.6 1.4 1.7 1.4 1.0 1.9 1.8 1.5 1.6 1.4 1.7
Market-based PCE\3\................. 0.4 1.5 2.5 1.8 1.0 1.1 0.0 0.8 1.5 1.1 2.8 1.6 0.9 0.9 0.1 1.3
Market-based PCE excluding food and
energy\3\.......................... 1.9 1.0 1.4 1.8 1.2 1.2 1.1 1.5 1.8 0.7 1.9 1.5 1.1 1.2 1.1 1.5
------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It
excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of
nonprofit institutions serving households.
Note. Estimates under the 'Percent change from the preceding year' columns are calculated from annual data. Estimates under the
'Percent change fourth quarter to fourth quarter' columns are calculated from fourth quarter values relative to the same quarter one
year prior.
See 'Explanatory Note' at the end of the tables.
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
----------------------------------------------------------------------------------------------------------------------------------------------------------
-------2013------- -----------2014----------- -----------2015----------- -----------2016----------- 2017
II III IV I II III IV I II III IV I II III IV\r\ I\r\
----------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)...... 1.0 1.7 2.7 1.6 2.4 2.9 2.5 3.3 3.0 2.2 1.9 1.6 1.3 1.7 2.0 2.0
Personal consumption expenditures
(PCE).................................. 1.2 1.4 2.0 2.0 2.7 3.2 3.5 3.6 3.4 3.1 2.6 2.4 2.7 2.8 3.1 2.8
Goods................................. 3.0 3.0 3.5 2.7 4.0 4.4 4.6 4.7 4.1 4.1 3.3 2.9 3.6 3.4 4.4 4.2
Durable goods....................... 6.7 6.0 5.2 3.9 6.6 7.7 8.6 8.5 7.2 6.6 5.5 4.2 4.8 6.1 7.9 7.7
Nondurable goods.................... 1.3 1.7 2.6 2.1 2.8 2.8 2.8 2.9 2.6 2.8 2.3 2.3 3.0 2.1 2.6 2.4
Services.............................. 0.3 0.6 1.3 1.7 2.1 2.6 2.9 3.1 3.1 2.7 2.2 2.1 2.3 2.5 2.5 2.2
Gross private domestic investment....... 3.4 7.0 9.3 4.1 5.6 4.5 3.8 8.1 5.5 3.8 2.6 -0.7 -2.9 -2.7 0.1 2.1
Fixed investment...................... 4.5 5.3 5.2 4.7 5.5 6.6 5.3 4.9 4.2 3.8 3.4 2.2 0.8 -0.5 0.2 3.3
Nonresidential...................... 2.3 3.4 4.8 5.2 6.2 7.7 5.0 3.6 2.5 1.4 0.8 -0.4 -0.5 -1.1 -0.1 3.6
Structures........................ -1.8 3.2 5.8 13.4 12.6 7.5 8.0 -1.2 -3.6 -4.0 -8.8 -5.7 -5.5 -1.8 1.9 8.4
Equipment......................... 3.8 3.3 6.1 4.0 4.9 10.1 2.9 5.1 3.4 2.0 3.7 -1.1 -1.7 -4.9 -3.8 0.3
Intellectual property products.... 3.1 3.6 2.2 1.5 3.5 4.4 6.1 5.0 5.9 4.6 3.8 4.6 4.8 5.1 4.3 5.0
Residential......................... 14.8 13.6 6.8 2.8 2.8 2.2 6.2 9.9 10.7 13.0 13.1 11.7 5.7 1.5 1.1 2.5
Change in private inventories......... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Net exports of goods and services....... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Exports............................... 2.6 2.9 5.9 4.2 5.1 4.8 3.1 2.2 0.8 -0.4 -2.2 -0.9 -1.1 2.0 1.5 3.1
Goods............................... 1.8 2.2 7.0 4.3 5.3 5.5 2.7 1.9 0.5 -1.4 -3.4 -0.8 -1.5 2.7 2.1 4.2
Services............................ 4.3 4.5 3.6 3.8 4.6 3.3 3.9 2.8 1.6 1.7 0.5 -1.0 -0.4 0.7 0.4 1.3
Imports............................... 0.8 1.1 2.5 3.4 4.5 3.7 6.1 6.3 4.5 5.1 2.5 1.0 0.3 0.6 2.6 3.7
Goods............................... 0.9 1.2 2.7 3.7 4.9 4.0 6.5 6.8 5.0 5.4 2.7 0.7 -0.2 0.0 2.4 3.8
Services............................ 0.3 0.6 1.1 1.7 2.6 2.2 4.0 3.7 2.2 3.9 1.9 2.6 2.8 3.5 3.4 3.3
Government consumption expenditures and
gross investment....................... -2.8 -3.0 -2.8 -2.0 -1.4 -0.3 0.3 1.2 2.0 1.8 2.2 1.9 0.7 0.4 0.2 -0.5
Federal............................... -5.3 -6.6 -6.7 -4.1 -3.5 -1.2 -1.3 -0.8 -0.1 -0.8 1.7 0.8 0.7 1.0 -0.2 -0.3
National defense.................... -6.2 -8.0 -7.1 -5.3 -4.8 -2.2 -4.1 -3.0 -2.3 -3.5 0.6 -0.1 -0.8 0.0 -2.0 -2.2
Nondefense.......................... -3.7 -4.3 -6.0 -2.1 -1.3 0.3 3.4 2.7 3.5 3.6 3.4 2.3 2.9 2.6 2.5 2.4
State and local....................... -1.1 -0.5 -0.1 -0.5 -0.1 0.3 1.3 2.5 3.3 3.5 2.5 2.6 0.7 0.0 0.4 -0.6
Addenda:
Gross domestic income (GDI)\1\........ 1.3 1.5 1.3 1.9 2.7 3.6 4.0 3.8 2.6 2.1 1.5 1.3 1.4 2.0 1.3 1.3
Average of GDP and GDI................ 1.2 1.6 2.0 1.7 2.6 3.3 3.2 3.6 2.8 2.2 1.7 1.4 1.3 1.8 1.6 1.7
Final sales of domestic product....... 1.2 1.4 2.0 1.7 2.4 3.2 2.7 2.8 2.7 2.2 2.0 2.1 1.9 2.0 2.0 2.2
Gross domestic purchases.............. 0.8 1.4 2.2 1.6 2.4 2.8 3.0 3.9 3.5 3.0 2.5 1.8 1.4 1.5 2.1 2.2
Final sales to domestic purchasers.... 0.9 1.1 1.6 1.7 2.4 3.1 3.2 3.4 3.3 3.0 2.6 2.3 2.1 1.8 2.1 2.3
Final sales to private domestic
purchasers........................... 1.8 2.1 2.6 2.5 3.3 3.8 3.8 3.9 3.5 3.3 2.7 2.3 2.3 2.1 2.5 2.9
Gross national product................ 1.1 1.7 2.7 1.8 2.4 2.9 2.3 3.1 2.7 1.8 1.7 1.3 1.3 1.7 2.1 2.3
Real disposable personal income....... -1.1 -0.5 -2.8 2.5 3.2 3.7 4.5 3.9 3.6 3.3 3.0 3.1 2.8 2.7 1.9 1.8
Price indexes:
Gross domestic purchases............ 1.3 1.4 1.4 1.6 1.9 1.9 1.4 0.5 0.5 0.3 0.4 0.8 0.9 1.0 1.5 2.0
Gross domestic purchases excluding
food and energy\2\................. 1.4 1.5 1.7 1.7 1.9 1.9 1.6 1.2 1.1 1.0 1.0 1.2 1.3 1.5 1.7 1.9
GDP................................. 1.6 1.5 1.6 1.7 2.0 1.9 1.5 1.1 1.1 1.0 1.1 1.2 1.2 1.3 1.6 2.0
GDP excluding food and energy\2\.... 1.6 1.7 1.9 1.9 2.0 2.0 1.7 1.3 1.3 1.2 1.2 1.4 1.5 1.6 1.8 2.1
PCE................................. 1.3 1.3 1.2 1.3 1.8 1.7 1.2 0.3 0.3 0.3 0.4 0.9 1.0 1.0 1.4 2.0
PCE excluding food and energy\2\.... 1.4 1.5 1.5 1.5 1.7 1.7 1.6 1.4 1.4 1.3 1.4 1.6 1.6 1.7 1.7 1.7
Market-based PCE\3\................. 0.9 1.0 0.9 1.0 1.4 1.3 0.9 -0.1 -0.1 -0.1 0.1 0.6 0.7 0.8 1.3 1.9
Market-based PCE excluding food and
energy\3\.......................... 1.1 1.1 1.1 1.1 1.3 1.3 1.2 1.1 1.1 1.1 1.1 1.4 1.4 1.5 1.5 1.6
----------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2016.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit
prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
See 'Explanatory Note' at the end of the tables.
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------
2014 2015 2016\r\ ----Seasonally adjusted at annual rates----
---------------2016--------------- 2017
I II III IV\r\ I\r\
----------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)................ 17,393.1 18,036.6 18,569.1 18,281.6 18,450.1 18,675.3 18,869.4 19,027.6
Plus: Income receipts from the rest of the
world...................................... 852.1 813.1 842.6 807.0 848.3 848.9 866.4 883.9
Less: Income payments to the rest of the
world...................................... 604.0 607.4 635.8 634.5 640.5 644.9 623.4 646.8
Equals: Gross national product.............. 17,641.2 18,242.4 18,776.0 18,454.2 18,657.9 18,879.3 19,112.4 19,264.8
Less: Consumption of fixed capital.......... 2,745.2 2,830.8 2,910.4 2,873.6 2,901.8 2,921.7 2,944.7 2,975.7
Less: Statistical discrepancy............... -257.9 -253.7 -236.5 -264.3 -233.9 -304.7 -143.1 -129.9
Equals: National income..................... 15,153.9 15,665.3 16,102.0 15,844.9 15,990.1 16,262.3 16,310.8 16,419.1
Compensation of employees................. 9,253.4 9,693.1 10,072.9 9,892.6 10,046.5 10,186.8 10,165.8 10,267.3
Wages and salaries...................... 7,476.3 7,854.8 8,162.6 8,011.3 8,142.9 8,262.3 8,233.9 8,315.6
Supplements to wages and salaries....... 1,777.1 1,838.2 1,910.3 1,881.3 1,903.6 1,924.5 1,931.9 1,951.6
Proprietors' income with inventory
valuation and capital consumption
adjustments.............................. 1,337.7 1,376.8 1,417.5 1,403.9 1,407.8 1,420.8 1,437.4 1,458.0
Rental income of persons with capital
consumption adjustment................... 606.1 659.6 704.7 692.8 700.6 705.9 719.6 735.6
Corporate profits with inventory
valuation and capital consumption
adjustments.............................. 2,152.1 2,088.1 2,085.8 2,033.5 2,021.0 2,138.8 2,150.0 2,109.7
Net interest and miscellaneous payments... 533.7 524.1 485.3 493.1 485.5 485.5 477.1 480.6
Taxes on production and imports less
subsidies................................ 1,153.5 1,181.0 1,197.0 1,191.5 1,187.4 1,200.8 1,208.3 1,206.1
Business current transfer payments (net) 137.6 161.4 161.2 158.1 164.6 146.9 175.2 183.8
Current surplus of government
enterprises.............................. -20.2 -18.8 -22.4 -20.5 -23.3 -23.2 -22.7 -21.9
Addenda:
Gross domestic income (GDI)............... 17,651.1 18,290.3 18,805.6 18,546.0 18,684.0 18,979.9 19,012.5 19,157.6
Average of GDP and GDI.................... 17,522.1 18,163.5 18,687.3 18,413.8 18,567.0 18,827.6 18,940.9 19,092.6
Statistical discrepancy as a percentage
of GDP................................... -1.5 -1.4 -1.3 -1.4 -1.3 -1.6 -0.8 -0.7
----------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for
the fourth quarter of 2016.
Table 10. Personal Income and Its Disposition
[Billions of dollars]
----------------------------------------------------------------------------------------------------------------------
2014 2015 2016\r\ ----Seasonally adjusted at annual rates----
---------------2016--------------- 2017
I II III IV\r\ I\r\
----------------------------------------------------------------------------------------------------------------------
Personal income\1\.......................... 14,809.7 15,458.5 15,986.7 15,740.1 15,929.4 16,111.1 16,166.2 16,329.7
Compensation of employees................. 9,253.4 9,693.1 10,072.9 9,892.6 10,046.5 10,186.8 10,165.8 10,267.3
Wages and salaries...................... 7,476.3 7,854.8 8,162.6 8,011.3 8,142.9 8,262.3 8,233.9 8,315.6
Supplements to wages and salaries....... 1,777.1 1,838.2 1,910.3 1,881.3 1,903.6 1,924.5 1,931.9 1,951.6
Proprietors' income with inventory
valuation and capital consumption
adjustments.............................. 1,337.7 1,376.8 1,417.5 1,403.9 1,407.8 1,420.8 1,437.4 1,458.0
Farm.................................... 68.5 39.9 27.8 32.3 29.8 28.3 20.6 17.7
Nonfarm................................. 1,269.2 1,336.8 1,389.7 1,371.6 1,378.0 1,392.4 1,416.8 1,440.3
Rental income of persons with capital
consumption adjustment................... 606.1 659.6 704.7 692.8 700.6 705.9 719.6 735.6
Personal income receipts on assets........ 2,227.0 2,253.8 2,262.9 2,235.9 2,255.8 2,270.3 2,289.7 2,299.4
Personal interest income................ 1,300.9 1,302.7 1,314.5 1,296.1 1,310.2 1,317.8 1,333.8 1,352.8
Personal dividend income................ 926.1 951.1 948.4 939.8 945.5 952.5 955.9 946.6
Personal current transfer receipts........ 2,540.4 2,678.6 2,775.4 2,744.0 2,763.6 2,786.5 2,807.6 2,849.7
Less: Contributions for government social
insurance, domestic...................... 1,154.9 1,203.5 1,246.8 1,229.0 1,244.8 1,259.1 1,254.1 1,280.3
Less: Personal current taxes................ 1,787.0 1,938.7 1,960.9 1,932.7 1,952.1 1,982.4 1,976.3 1,994.4
Equals: Disposable personal income.......... 13,022.7 13,519.8 14,025.8 13,807.4 13,977.3 14,128.7 14,189.8 14,335.3
Less: Personal outlays...................... 12,296.7 12,736.2 13,227.1 12,961.9 13,154.5 13,300.7 13,491.4 13,588.5
Equals: Personal saving..................... 726.0 783.6 798.7 845.5 822.8 828.0 698.5 746.8
Personal saving as a percentage of
disposable personal income............... 5.6 5.8 5.7 6.1 5.9 5.9 4.9 5.2
Addenda:
Personal income excluding current
transfer receipts, billions of chained
(2009) dollars\2\........................ 11,240.8 11,667.7 11,931.6 11,818.2 11,912.9 12,012.9 11,983.5 12,019.9
Disposable personal income, billions of
chained (2009) dollars\2\................ 11,931.0 12,343.3 12,667.3 12,556.0 12,647.2 12,737.9 12,729.2 12,782.5
----------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for
the fourth quarter of 2016.
1. Personal income is also equal to national income less corporate profits with inventory valuation and capital
consumption adjustments, taxes on production and imports less subsidies, contributions for government social
insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of
government enterprises, plus personal income receipts on assets, and personal current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Table 11. Corporate Profits: Level and Percent Change
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
-----------------------------Billions of dollars----------------------------- ----------------Percent change from preceding period----------------
2014 2015 2016 ------Seasonally adjusted at annual rates------ 2015 2016 -----------Quarterly rates----------- Quarter one year ago
-----------------2016----------------- 2017 ------------2016------------ 2017 2017
I II III IV I II III IV I I
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 2,152.1 2,088.1 2,085.8 2,033.5 2,021.0 2,138.8 2,150.0 2,109.7 -3.0 -0.1 -0.6 5.8 0.5 -1.9 3.7
Less: Taxes on corporate income......... 532.7 553.8 543.3 527.5 543.9 563.4 538.6 538.5 4.0 -1.9 3.1 3.6 -4.4 0.0 2.1
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments................ 1,619.3 1,534.3 1,542.5 1,506.0 1,477.1 1,575.4 1,611.4 1,571.2 -5.3 0.5 -1.9 6.7 2.3 -2.5 4.3
Net dividends......................... 970.6 971.4 968.0 963.3 954.0 972.5 982.0 991.3 0.1 -0.4 -1.0 1.9 1.0 1.0 2.9
Undistributed profits with inventory
valuation and capital consumption
adjustments.......................... 648.7 562.9 574.5 542.7 523.1 602.9 629.4 579.8 -13.2 2.1 -3.6 15.3 4.4 -7.9 6.8
Addenda for corporate cash flow:
Net cash flow with inventory
valuation adjustment................. 2,108.1 2,083.1 2,132.3 2,089.5 2,076.1 2,171.5 2,192.1 2,152.6 -1.2 2.4 -0.6 4.6 1.0 -1.8 3.0
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 648.7 562.9 574.5 542.7 523.1 602.9 629.4 579.8 -13.2 2.1 -3.6 15.3 4.4 -7.9 6.8
Consumption of fixed capital........ 1,462.6 1,517.0 1,562.2 1,545.1 1,558.6 1,567.0 1,578.2 1,598.0 3.7 3.0 0.9 0.5 0.7 1.3 3.4
Less: Capital transfers paid (net) 3.3 -3.2 4.4 -1.7 5.6 -1.6 15.4 25.3 --- --- --- --- --- --- ---
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)......................... 2,262.9 2,137.6 2,195.3 2,078.0 2,180.6 2,242.8 2,279.8 2,274.3 -5.5 2.7 4.9 2.9 1.6 -0.2 9.4
Profits after tax (without inventory
valuation and capital consumption
adjustments)......................... 1,730.1 1,583.8 1,652.0 1,550.5 1,636.7 1,679.4 1,741.2 1,735.8 -8.5 4.3 5.6 2.6 3.7 -0.3 11.9
Inventory valuation adjustment........ 3.0 54.8 -5.7 61.2 -53.5 -2.0 -28.7 -62.3 --- --- --- --- --- --- ---
Capital consumption adjustment........ -113.9 -104.3 -103.8 -105.7 -106.1 -102.0 -101.2 -102.4 --- --- --- --- --- --- ---
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------Level------------------------------------ ---------------Change from preceding period---------------
2014 2015 2016 ------Seasonally adjusted at annual rates------
-----------------2016----------------- 2017 2015 2016 ------------2016------------ 2017
I II III IV I II III IV I
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments....................... 2,152.1 2,088.1 2,085.8 2,033.5 2,021.0 2,138.8 2,150.0 2,109.7 -64.0 -2.3 -12.5 117.8 11.2 -40.3
Domestic industries.................... 1,741.1 1,702.3 1,675.8 1,663.9 1,613.4 1,729.9 1,696.0 1,649.2 -38.8 -26.5 -50.5 116.5 -33.9 -46.8
Financial............................ 444.1 452.7 473.1 437.2 442.8 493.0 519.5 491.1 8.5 20.5 5.6 50.1 26.5 -28.4
Nonfinancial......................... 1,297.0 1,249.7 1,202.6 1,226.7 1,170.5 1,236.9 1,176.5 1,158.1 -47.3 -47.0 -56.1 66.4 -60.4 -18.4
Rest of the world...................... 411.0 385.8 410.0 369.6 407.6 408.9 454.0 460.5 -25.2 24.3 38.0 1.3 45.1 6.5
Receipts from the rest of the world 691.7 651.7 674.1 644.3 681.9 680.6 689.6 701.4 -40.0 22.4 37.5 -1.3 9.1 11.8
Less: Payments to the rest of the
world............................... 280.7 265.9 264.1 274.7 274.2 271.6 235.7 240.9 -14.8 -1.9 -0.5 -2.6 -36.0 5.3
Corporate profits with inventory
valuation adjustment.............. 2,265.9 2,192.4 2,189.6 2,139.2 2,127.1 2,240.8 2,251.1 2,212.1 -73.5 -2.8 -12.1 113.7 10.4 -39.1
Domestic industries.................... 1,854.9 1,806.6 1,779.5 1,769.6 1,719.5 1,831.9 1,797.2 1,751.6 -48.3 -27.1 -50.1 112.4 -34.7 -45.6
Financial............................ 480.3 493.2 514.5 479.1 484.6 534.0 560.5 531.7 13.0 21.3 5.4 49.5 26.5 -28.7
Federal Reserve banks.............. 103.5 100.7 110.0 115.2 110.0 108.4 106.4 109.3 -2.7 9.3 -5.2 -1.5 -2.0 2.9
Other financial.................... 376.8 392.5 404.6 364.0 374.6 425.6 454.1 422.5 15.7 12.0 10.6 51.0 28.5 -31.6
Nonfinancial......................... 1,374.7 1,313.4 1,265.0 1,290.5 1,234.9 1,297.8 1,236.7 1,219.9 -61.3 -48.4 -55.5 62.9 -61.2 -16.8
Utilities.......................... 33.3 6.7 5.5 4.1 2.5 7.5 8.0 --- -26.6 -1.2 -1.5 5.0 0.5 ---
Manufacturing...................... 449.8 412.7 383.0 394.4 384.0 387.3 366.1 --- -37.1 -29.8 -10.5 3.4 -21.3 ---
Durable goods.................... 238.3 236.3 219.1 228.1 219.6 215.0 213.7 --- -2.0 -17.2 -8.5 -4.6 -1.3 ---
Fabricated metal products...... 23.2 25.5 22.5 24.9 20.0 22.3 23.0 --- 2.3 -2.9 -4.9 2.4 0.7 ---
Machinery...................... 36.0 29.4 17.1 21.5 18.1 14.3 14.5 --- -6.6 -12.3 -3.4 -3.8 0.2 ---
Computer and electronic
products...................... 53.4 49.2 45.8 47.8 45.0 44.8 45.7 --- -4.1 -3.4 -2.8 -0.2 0.9 ---
Electrical equipment,
appliances, and components.... 17.3 17.0 18.9 16.3 18.2 19.8 21.5 --- -0.3 1.9 2.0 1.5 1.7 ---
Motor vehicles, bodies and
trailers, and parts........... 34.9 45.9 42.9 48.0 52.3 38.3 33.0 --- 11.0 -2.9 4.3 -14.0 -5.3 ---
Other durable goods............ 73.6 69.3 71.8 69.6 66.0 75.5 76.0 --- -4.3 2.4 -3.7 9.5 0.5 ---
Nondurable goods................. 211.5 176.4 163.9 166.3 164.4 172.4 152.4 --- -35.1 -12.5 -1.9 8.0 -20.0 ---
Food and beverage and tobacco
products...................... 54.7 61.0 70.0 61.2 72.1 74.9 71.8 --- 6.3 9.0 10.9 2.8 -3.1 ---
Petroleum and coal products.... 55.6 7.2 -13.9 -13.0 -10.7 -10.3 -21.8 --- -48.4 -21.2 2.3 0.4 -11.5 ---
Chemical products.............. 73.3 75.4 70.3 79.2 67.4 71.4 63.1 --- 2.1 -5.1 -11.8 4.0 -8.3 ---
Other nondurable goods......... 28.0 32.8 37.5 38.9 35.5 36.3 39.2 --- 4.8 4.7 -3.4 0.8 2.9 ---
Wholesale trade.................... 146.5 150.0 131.5 153.9 116.1 144.4 111.4 --- 3.4 -18.5 -37.8 28.3 -32.9 ---
Retail trade....................... 167.8 178.7 187.1 185.3 181.5 193.0 188.4 --- 11.0 8.3 -3.8 11.5 -4.7 ---
Transportation and warehousing..... 59.4 68.1 63.3 68.5 63.8 65.0 55.9 --- 8.6 -4.8 -4.8 1.3 -9.1 ---
Information........................ 117.4 120.1 133.0 126.9 129.8 140.9 134.2 --- 2.8 12.8 2.8 11.2 -6.7 ---
Other nonfinancial................. 400.4 377.0 361.8 357.4 357.3 359.7 372.7 --- -23.4 -15.3 0.0 2.3 13.0 ---
Rest of the world...................... 411.0 385.8 410.0 369.6 407.6 408.9 454.0 460.5 -25.2 24.3 38.0 1.3 45.1 6.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
-------------------------------------------------------------------------------------------------------------------------------
2014 2015 2016\r\ ------Seasonally adjusted at annual rates------
-----------------2016----------------- 2017
I II III IV\r\ I\r\
-------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
Gross value added of nonfinancial
corporate business...................... 8,703.9 9,008.8 9,180.2 9,076.9 9,121.5 9,285.6 9,236.8 9,274.8
Consumption of fixed capital................. 1,282.8 1,329.6 1,370.6 1,356.4 1,367.7 1,374.5 1,383.5 1,401.0
Net value added.............................. 7,421.1 7,679.2 7,809.7 7,720.5 7,753.8 7,911.1 7,853.3 7,873.8
Compensation of employees.................. 4,999.5 5,259.8 5,437.3 5,333.3 5,426.5 5,505.9 5,483.5 5,536.9
Wages and salaries....................... 4,181.3 4,412.3 4,556.5 4,467.4 4,548.4 4,617.5 4,592.7 4,636.3
Supplements to wages and salaries........ 818.1 847.5 880.8 865.9 878.1 888.4 890.8 900.5
Taxes on production and imports less
subsidies................................. 738.3 754.2 765.1 761.3 759.3 767.7 772.0 770.2
Net operating surplus...................... 1,683.3 1,665.2 1,607.3 1,625.9 1,568.0 1,637.5 1,597.8 1,566.8
Net interest and miscellaneous payments 295.6 310.9 313.9 314.1 312.4 315.1 314.1 321.1
Business current transfer payments
(net)................................... 90.8 104.7 90.8 85.1 85.0 85.6 107.3 87.7
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,297.0 1,249.7 1,202.6 1,226.7 1,170.5 1,236.9 1,176.5 1,158.1
Taxes on corporate income.............. 313.7 308.1 321.5 312.7 321.4 329.8 322.2 323.1
Profits after tax with inventory
valuation and capital consumption
adjustments........................... 983.3 941.6 881.1 914.0 849.1 907.2 854.3 835.0
Net dividends........................ 579.6 608.0 616.7 626.8 613.7 605.5 621.0 649.7
Undistributed profits with inventory
valuation and capital consumption
adjustments......................... 403.7 333.6 264.4 287.2 235.4 301.6 233.3 185.3
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments).............................. 1,371.6 1,258.6 1,270.7 1,229.3 1,288.5 1,299.9 1,265.3 1,282.1
Profits after tax (without inventory
valuation and capital consumption
adjustments).............................. 1,058.0 950.5 949.2 916.6 967.1 970.1 943.2 959.0
Inventory valuation adjustment............. 3.0 54.8 -5.7 61.2 -53.5 -2.0 -28.7 -62.3
Capital consumption adjustment............. -77.7 -63.7 -62.4 -63.8 -64.4 -60.9 -60.2 -61.8
Billions of chained (2009) dollars
Gross value added of nonfinancial
corporate business\1\................... 7,987.9 8,225.5 8,378.6 8,312.3 8,316.3 8,481.1 8,405.0 8,416.2
Consumption of fixed capital\2\.............. 1,213.8 1,254.8 1,289.2 1,278.1 1,285.7 1,293.0 1,299.9 1,307.4
Net value added\3\........................... 6,774.1 6,970.7 7,089.4 7,034.2 7,030.6 7,188.1 7,105.0 7,108.8
Dollars; quarters seasonally adjusted
Price, costs, and profits per unit of real
gross value added of nonfinancial corporate
business:
Price per unit of real gross value added
of nonfinancial corporate business\4\..... 1.090 1.095 1.096 1.092 1.097 1.095 1.099 1.102
Compensation of employees (unit labor
cost)..................................... 0.626 0.639 0.649 0.642 0.653 0.649 0.652 0.658
Unit nonlabor cost......................... 0.301 0.304 0.303 0.303 0.304 0.300 0.307 0.307
Consumption of fixed capital............. 0.161 0.162 0.164 0.163 0.164 0.162 0.165 0.166
Taxes on production and imports less
subsidies plus business current
transfer payments (net)................. 0.104 0.104 0.102 0.102 0.102 0.101 0.105 0.102
Net interest and miscellaneous payments 0.037 0.038 0.037 0.038 0.038 0.037 0.037 0.038
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production).......... 0.162 0.152 0.144 0.148 0.141 0.146 0.140 0.138
Taxes on corporate income................ 0.039 0.037 0.038 0.038 0.039 0.039 0.038 0.038
Profits after tax with inventory
valuation and capital consumption
adjustments............................. 0.123 0.114 0.105 0.110 0.102 0.107 0.102 0.099
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r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the
fourth quarter of 2016.
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial
industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index
for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the
chain-type quantity index and the 2009 current-dollar value of the corresponding series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).
Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change
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2014 2015 2016 ---------------------------------------------Seasonally adjusted at annual rates---------------------------------------------
---------2013--------- -------------2014------------- -------------2015------------- -------------2016------------- 2017
II III IV I II III IV I II III IV I II III IV I\r\
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Percent change from preceding
period
Gross domestic product (GDP) and
related aggregates:
GDP.................................. 2.4 2.6 1.6 0.8 3.1 4.0 -1.2 4.0 5.0 2.3 2.0 2.6 2.0 0.9 0.8 1.4 3.5 2.1 1.2
Goods................................ 3.1 2.5 1.4 0.6 7.5 10.0 -8.9 7.9 10.0 -0.2 0.8 2.3 2.5 -0.8 -1.4 2.2 7.6 2.2 -0.3
Services............................. 1.7 2.4 1.8 0.0 0.4 1.8 1.9 1.4 3.1 2.9 2.9 1.9 1.5 2.1 1.1 2.4 2.1 1.6 0.3
Structures........................... 5.2 4.3 1.0 8.7 8.6 -2.6 7.3 9.3 0.6 7.7 0.4 9.6 3.9 -1.9 7.4 -8.7 -0.6 5.7 13.4
Motor vehicle output................. 7.6 5.0 2.0 4.1 -13.8 25.5 3.2 14.2 14.5 -5.2 4.5 7.6 16.5 -15.2 2.2 7.5 3.2 7.6 -14.4
GDP excluding motor vehicle output... 2.2 2.5 1.6 0.7 3.6 3.4 -1.3 3.7 4.7 2.5 2.0 2.5 1.6 1.4 0.8 1.2 3.5 1.9 1.7
Final sales of computers\1\.......... 9.4 9.8 17.0 12.3 -4.7 12.7 15.0 19.4 11.4 -22.3 19.3 40.7 4.7 2.9 54.3 17.8 -9.0 -3.9 39.1
GDP excluding final sales of
computers........................... 2.3 2.6 1.6 0.7 3.2 3.9 -1.2 3.9 4.9 2.4 2.0 2.5 2.0 0.9 0.7 1.3 3.6 2.1 1.0
Research and development............. 0.4 2.2 4.2 -0.7 -1.0 -3.7 2.0 0.5 3.1 5.3 -5.2 7.6 3.3 4.7 0.6 11.8 -0.1 2.2 6.4
GDP excluding research and
development......................... 2.4 2.6 1.5 0.8 3.2 4.2 -1.3 4.1 5.0 2.2 2.2 2.5 2.0 0.8 0.8 1.2 3.6 2.1 1.0
Farm gross value added\2\............ -1.9 3.1 10.7 37.3 28.2 -9.2 -18.6 2.1 -6.9 10.5 -5.5 -3.0 32.7 5.9 6.6 11.5 26.5 -11.9 -48.6
Nonfarm business gross value
added\3\............................ 3.0 3.1 1.7 0.6 3.8 5.6 -1.8 5.1 6.5 2.7 2.4 3.1 1.8 0.8 0.7 1.6 4.2 2.7 1.7
Price indexes:
GDP.................................. 1.8 1.1 1.3 0.9 2.1 2.1 1.7 2.1 1.7 0.5 -0.1 2.3 1.3 0.8 0.5 2.3 1.4 2.1 2.2
GDP excluding food and energy\4\..... 1.9 1.2 1.6 1.4 2.0 2.3 1.9 2.0 1.8 1.0 0.5 1.8 1.4 0.9 1.5 2.1 1.9 1.8 2.4
GDP excluding final sales of
computers........................... 1.8 1.1 1.4 1.0 2.1 2.1 1.8 2.2 1.8 0.6 0.0 2.3 1.3 0.9 0.6 2.4 1.5 2.1 2.3
Gross domestic purchases............. 1.7 0.4 1.0 0.6 1.6 2.1 2.1 1.8 1.5 0.3 -1.4 1.6 1.0 0.3 0.2 2.1 1.5 2.0 2.6
Gross domestic purchases excluding
food and energy\4\.................. 1.8 1.1 1.4 1.3 1.6 2.2 1.9 1.9 1.7 1.0 0.4 1.5 1.2 0.8 1.4 2.0 1.7 1.6 2.3
Gross domestic purchases excluding
final sales of computers to
domestic purchasers................. 1.7 0.5 1.1 0.6 1.7 2.1 2.2 1.8 1.5 0.3 -1.4 1.6 1.1 0.3 0.3 2.1 1.5 2.1 2.6
Personal consumption expenditures
(PCE)............................... 1.5 0.3 1.1 0.2 1.5 1.7 2.0 1.9 1.1 0.0 -1.6 1.8 1.1 0.4 0.3 2.0 1.5 2.0 2.4
PCE excluding food and energy\4\..... 1.6 1.4 1.7 1.1 1.4 1.8 1.6 2.0 1.5 1.1 1.1 1.8 1.4 1.2 2.1 1.8 1.7 1.3 2.1
Market-based PCE\5\.................. 1.1 0.0 0.8 -0.5 1.4 1.3 1.7 1.5 0.8 -0.4 -2.3 1.7 0.8 0.2 -0.2 1.9 1.3 2.1 2.4
Market-based PCE excluding food and
energy\5\........................... 1.2 1.1 1.5 0.5 1.3 1.2 1.2 1.5 1.2 0.8 0.7 1.6 1.1 1.1 1.8 1.6 1.6 1.3 2.0
Contributions to percent change in
real gross domestic product
Percent change at annual rate:
Gross domestic product............. 2.4 2.6 1.6 0.8 3.1 4.0 -1.2 4.0 5.0 2.3 2.0 2.6 2.0 0.9 0.8 1.4 3.5 2.1 1.2
Percentage points at annual rates:
Goods.................................. 0.94 0.77 0.43 0.17 2.26 3.02 -2.85 2.39 3.02 -0.03 0.24 0.71 0.75 -0.24 -0.42 0.66 2.22 0.67 -0.08
Services............................... 1.04 1.49 1.11 -0.01 0.24 1.14 1.13 0.87 1.89 1.75 1.77 1.17 0.92 1.26 0.68 1.48 1.34 0.97 0.21
Structures............................. 0.39 0.34 0.08 0.61 0.62 -0.20 0.54 0.70 0.06 0.59 0.04 0.74 0.31 -0.15 0.57 -0.73 -0.05 0.44 1.02
Motor vehicle output................... 0.21 0.14 0.06 0.11 -0.41 0.63 0.09 0.38 0.40 -0.15 0.13 0.22 0.46 -0.49 0.06 0.21 0.09 0.22 -0.45
Final sales of computers............... 0.04 0.04 0.07 0.05 -0.02 0.05 0.06 0.07 0.05 -0.10 0.07 0.14 0.02 0.01 0.18 0.07 -0.04 -0.02 0.14
Research and development............... 0.01 0.05 0.11 -0.02 -0.03 -0.10 0.05 0.01 0.08 0.13 -0.13 0.19 0.08 0.12 0.01 0.29 0.00 0.06 0.16
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r Revised
1. For some components of final sales of computers, includes computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
4. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
5. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services
furnished without payment) and the final consumption expenditures of nonprofit institutions serving households.
See 'Explanatory Note' at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced
in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity
and price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2009 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2008-09
annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual
percent change in GDP prices uses quantities for 2008 and 2009 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar
value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close
to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in
this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and appendix table A. Contributions by major components to the percent change in real GDP are
presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2009) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009
and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of
this component in 2010 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a �residual� line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.