EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, DECEMBER 5, 2013
BEA 13-57
Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Howard Krakower: (202) 606-5564 (Profits) cpniwd@bea.gov
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: THIRD QUARTER 2013 (SECOND ESTIMATE)
CORPORATE PROFITS: THIRD QUARTER 2013 (PRELIMINARY ESTIMATE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.6 percent in the third quarter of 2013 (that
is, from the second quarter to the third quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the second quarter, real GDP increased 2.5 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 2.8
percent (see "Revisions" on page 3). With this second estimate for the third quarter, the increase in
private inventory investment was larger than previously estimated.
The increase in real GDP in the third quarter primarily reflected positive contributions from
private inventory investment, personal consumption expenditures (PCE), exports, nonresidential fixed
investment, residential fixed investment, and state and local government spending that were partly offset
by a negative contribution from federal government spending. Imports, which are a subtraction in the
calculation of GDP, increased.
The acceleration in real GDP growth in the third quarter primarily reflected an acceleration in
private inventory investment, a deceleration in imports, and an acceleration in state and local
government spending that were partly offset by decelerations in exports, in PCE, and in nonresidential
fixed investment.
_________
FOOTNOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2009)
dollars. Price indexes are chain-type measures.
This news release is available on BEA�s Web site (www.bea.gov) along with the Technical Note
(www.bea.gov/newsreleases/national/gdp/2013/tech3q13_2nd.htm) and Highlights
(www.bea.gov/newsreleases/national/gdp/2013/pdf/gdp3q13_2nd_fax.pdf) related to this release. For
information on revisions, see "Revisions to GDP, GDI, and Their Major Components"
(www.bea.gov/scb/pdf/2011/07 July/0711_revisions.pdf).
_________
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.8 percent in the third quarter, the same increase as in the advance estimate; this index
increased 0.2 percent in the second quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 1.5 percent in the third quarter, compared with an increase of 0.8 percent
in the second.
Real personal consumption expenditures increased 1.4 percent in the third quarter, compared
with an increase of 1.8 percent in the second. Durable goods increased 7.7 percent, compared with an
increase of 6.2 percent. Nondurable goods increased 2.4 percent, compared with an increase of 1.6
percent. Services was unchanged in the third quarter; in the second quarter, services increased 1.2
percent.
Real nonresidential fixed investment increased 3.5 percent in the third quarter, compared with an
increase of 4.7 percent in the second. Nonresidential structures increased 13.8 percent, compared with
an increase of 17.6 percent. Equipment was unchanged in the third quarter; in the second quarter,
equipment increased 3.3 percent. Intellectual property products increased 1.7 percent, in contrast to a
decrease of 1.5 percent. Real residential fixed investment increased 13.0 percent, compared with an
increase of 14.2 percent.
Real exports of goods and services increased 3.7 percent in the third quarter, compared with an
increase of 8.0 percent in the second. Real imports of goods and services increased 2.7 percent,
compared with an increase of 6.9 percent.
Real federal government consumption expenditures and gross investment decreased 1.4 percent
in the third quarter, compared with a decrease of 1.6 percent in the second. National defense decreased
0.3 percent, compared with a decrease of 0.6 percent. Nondefense decreased 3.1 percent, the same
decrease as in the second quarter. Real state and local government consumption expenditures and gross
investment increased 1.7 percent, compared with an increase of 0.4 percent.
The change in real private inventories added 1.68 percentage points to the third-quarter change in
real GDP, after adding 0.41 percentage point to the second-quarter change. Private businesses increased
inventories $116.5 billion in the third quarter, following increases of $56.6 billion in the second quarter
and $42.2 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 1.9
percent in the third quarter, compared with an increase of 2.1 percent in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.4 percent in the third quarter, compared with an increase of 2.5 percent in the
second.
Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 3.9 percent in the third quarter, compared with an increase of 2.7
percent in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which increased $13.7 billion in the third quarter after increasing $7.7 billion in the second; in the
third quarter, receipts increased $1.7 billion, and payments decreased $12.1billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.6 percent, or $229.8 billion, in the third quarter to a level of $16,890.8 billion. In the second quarter,
current-dollar GDP increased 3.1 percent, or $125.7 billion.
Gross domestic income
Real gross domestic income (GDI), which measures the output of the economy as the costs
incurred and the incomes earned in the production of GDP, increased 1.4 percent in the third quarter,
compared with an increase of 3.2 percent (revised) in the second. For a given quarter, the estimates of
GDP and GDI may differ for a variety of reasons, including the incorporation of largely independent
source data. However, over longer time spans, the estimates of GDP and GDI tend to follow similar
patterns of change.
Revisions
The upward revision to the percent change in real GDP primarily reflected upward revisions to
private inventory investment and to nonresidential fixed investment that were partly offset by an upward
revision to imports and a downward revision to exports.
Advance Estimate Second Estimate
(Percent change from preceding quarter)
Real GDP................................................ 2.8 3.6
Current-dollar GDP...................................... 4.8 5.6
Gross domestic purchases price index.................... 1.8 1.8
Corporate Profits
Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) increased $38.3 billion in the third quarter, compared with an
increase of $66.8 billion in the second. Taxes on corporate income decreased $4.8 billion, in contrast to
an increase of $10.0 billion. Profits after tax with IVA and CCAdj increased $43.0 billion, compared
with an increase of $56.9 billion.
Dividends decreased $179.7 billion in the third quarter, in contrast to an increase of $273.5
billion in the second. The large third-quarter decrease primarily reflected dividends paid by Fannie Mae
to the federal government in the second quarter. Undistributed profits increased $222.8 billion, in
contrast to a decrease of $216.6 billion. Net cash flow with IVA -- the internal funds available to
corporations for investment -- increased $234.5 billion, in contrast to a decrease of $205.3 billion.
_________
BOX. Profits from current production reflect the depreciation of
fixed assets valued at current cost using consistent depreciation profiles.
These profiles are based on used-asset prices and do not depend on the
depreciation-accounting practices used for federal income tax returns. 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.
_________
Corporate profits by industry
Domestic profits of financial corporations increased $8.6 billion in the third quarter, compared to
an increase of $24.5 billion in the second. Domestic profits of nonfinancial corporations increased $13.0
billion, compared to an increase of $37.8 billion.
The rest-of-the-world component of profits increased $16.7 billion in the third quarter, compared
with an increase of $4.6 billion in the second. This measure is calculated as the difference between
receipts from rest of the world and payments to rest of the world.
Gross value added of nonfinancial domestic corporate business
In the third quarter, real gross value added of nonfinancial corporations increased, and profits per
unit of real value added increased. The increase in unit profits reflected an increase in unit prices that
was partly offset by increases in both unit labor costs and nonlabor costs incurred by corporations.
* * *
BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
* * *
Next release -- December 20, 2013, at 8:30 A.M. EST for:
Gross Domestic Product: Third Quarter 2013 (Third Estimate)
Corporate Profits: Third Quarter (Revised Estimate)
* * *
Release dates in 2014
Gross Domestic Product
2013: IV and 2013 annual 2014: I 2014: II 2014: III
Advance... January 30 April 30 July 30 October 30
Second.... February 28 May 29 August 28 November 25
Third..... March 27 June 25 September 26 December 23
Corporate Profits
Preliminary... ...... May 29 August 28 November 25
Revised....... March 27 June 25 September 26 December 23
Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2010 2011 2012 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13r III 13r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.5 1.8 2.8 3.9 1.6 3.9 2.8 2.8 -1.3 3.2 1.4 4.9 3.7 1.2 2.8 .1 1.1 2.5 3.6
Personal consumption expenditures... 2.0 2.5 2.2 .0 2.1 3.3 2.8 4.3 2.1 1.5 2.1 2.4 2.9 1.9 1.7 1.7 2.3 1.8 1.4
Goods............................. 3.4 3.4 3.3 -.9 4.0 5.2 3.8 7.6 2.7 .2 1.2 5.0 4.6 2.2 3.7 3.7 3.7 3.1 4.1
Durable goods................... 6.1 6.6 7.7 -7.0 5.4 12.5 6.7 12.9 5.4 -.8 5.2 13.5 9.8 2.9 8.3 10.5 5.8 6.2 7.7
Nondurable goods................ 2.2 1.9 1.4 2.0 3.4 1.9 2.5 5.2 1.4 .7 -.5 1.3 2.2 1.8 1.6 .6 2.7 1.6 2.4
Services.......................... 1.2 2.1 1.6 .5 1.2 2.4 2.2 2.6 1.8 2.1 2.5 1.1 2.1 1.7 .7 .6 1.5 1.2 .0
Gross private domestic investment... 12.9 4.9 9.5 36.2 13.6 22.3 13.7 -3.5 -7.5 14.2 2.5 31.9 10.5 -1.6 6.5 -2.4 4.7 9.2 16.7
Fixed investment.................. 1.5 6.2 8.3 -2.8 .8 13.6 -.4 8.5 -.5 8.6 14.8 10.0 8.6 4.7 2.7 11.6 -1.5 6.5 5.4
Nonresidential.................. 2.5 7.6 7.3 -3.6 4.2 11.4 8.3 8.6 -.9 9.9 16.7 9.5 5.8 4.5 .3 9.8 -4.6 4.7 3.5
Structures.................... -16.4 2.1 12.7 -30.0 -25.0 11.8 -5.8 7.7 -29.8 33.7 28.4 14.4 7.0 6.9 5.9 17.6 -25.7 17.6 13.8
Equipment..................... 15.9 12.7 7.6 7.7 31.2 23.3 18.0 11.8 12.0 4.3 20.3 10.2 8.3 5.3 -3.9 8.9 1.6 3.3 .0
Intellectual property products 1.9 4.4 3.4 6.6 -1.6 -2.0 6.1 5.0 3.7 4.9 5.3 5.5 1.3 1.8 2.8 5.7 3.7 -1.5 1.7
Residential..................... -2.5 .5 12.9 .3 -12.2 23.2 -30.7 7.9 1.7 2.7 6.1 12.2 23.0 5.7 14.1 19.8 12.5 14.2 13.0
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 11.5 7.1 3.5 23.4 6.4 9.5 10.9 12.4 3.8 4.9 7.0 2.7 4.2 3.8 .4 1.1 -1.3 8.0 3.7
Goods........................... 14.3 7.1 3.8 28.9 11.0 11.7 8.6 13.0 4.4 3.7 5.7 7.7 1.8 5.2 1.6 -3.0 -2.8 9.4 5.4
Services........................ 5.6 7.0 3.0 12.4 -3.1 4.6 16.3 11.0 2.4 7.7 10.0 -8.1 10.0 .8 -2.6 11.3 2.2 4.8 .1
Imports........................... 12.8 4.9 2.2 18.7 11.9 20.2 14.5 .9 2.8 .7 4.9 5.9 .7 2.5 .5 -3.1 .6 6.9 2.7
Goods........................... 15.2 5.2 2.1 23.0 14.6 24.1 14.6 1.7 4.4 -.7 3.5 6.7 .9 2.5 .4 -3.5 -.2 7.5 2.7
Services........................ 2.8 3.1 2.7 2.2 .4 3.8 14.0 -2.5 -5.0 7.8 11.9 1.8 -.1 2.3 1.0 -1.0 5.0 4.0 2.5
Government consumption expenditures
and gross investment............... .1 -3.2 -1.0 -.8 -2.9 2.9 -.3 -4.1 -7.5 -1.3 -2.5 -1.5 -1.4 .3 3.5 -6.5 -4.2 -.4 .4
Federal........................... 4.4 -2.6 -1.4 .2 3.8 8.5 3.7 -2.7 -10.5 1.8 -3.4 -3.1 -2.5 -.2 8.9 -13.9 -8.4 -1.6 -1.4
National defense................ 3.2 -2.3 -3.2 -1.3 -1.8 6.4 7.6 -3.5 -14.2 6.8 2.4 -10.2 -6.7 -1.0 12.5 -21.6 -11.2 -.6 -.3
Nondefense...................... 6.4 -3.0 1.8 3.0 14.8 12.3 -2.8 -1.2 -3.5 -6.5 -13.1 11.3 5.4 1.2 2.8 1.0 -3.6 -3.1 -3.1
State and local................... -2.7 -3.6 -.7 -1.4 -7.1 -.8 -3.1 -5.0 -5.4 -3.4 -1.9 -.4 -.6 .6 -.2 -1.0 -1.3 .4 1.7
Addenda:
Final sales of domestic product... 1.0 2.0 2.6 -.5 .0 2.8 .9 4.5 -.3 2.4 3.0 2.1 3.4 2.2 2.2 2.2 .2 2.1 1.9
Gross domestic purchases.......... 2.9 1.7 2.6 3.8 2.5 5.5 3.5 1.4 -1.3 2.6 1.2 5.3 3.1 1.1 2.7 -.5 1.4 2.5 3.4
Final sales to domestic
purchasers....................... 1.5 1.8 2.4 -.5 .9 4.5 1.7 3.0 -.3 1.8 2.8 2.6 2.9 2.0 2.2 1.4 .5 2.1 1.8
Gross domestic income (GDI)\1\.... 2.7 2.5 2.5 5.9 .5 2.8 5.2 1.6 2.0 2.3 2.2 2.6 5.4 -.6 .9 4.9 2.4 3.2 1.4
Gross national product (GNP)...... 2.8 2.1 2.7 4.2 1.7 3.9 2.6 3.2 -.5 3.1 1.9 4.8 3.0 1.4 2.4 .3 .6 2.7 3.9
Disposable personal income........ 1.1 2.4 2.0 -.1 .3 5.4 1.9 2.7 5.0 -.4 1.6 -.6 4.6 1.8 -.6 9.0 -7.9 4.1 2.9
Current-dollar measures:
GDP............................. 3.7 3.8 4.6 5.1 3.0 5.8 4.7 4.9 .3 5.9 3.9 5.4 5.8 3.0 4.9 1.6 2.8 3.1 5.6
Final sales of domestic product. 2.3 4.0 4.4 .7 1.3 4.7 2.7 6.6 1.4 5.2 5.5 2.6 5.5 3.9 4.6 3.3 1.6 2.7 3.9
Gross domestic purchases........ 4.5 4.0 4.3 6.1 4.4 6.5 4.9 3.7 1.5 6.1 3.3 6.3 5.5 2.1 3.9 1.3 2.9 2.6 5.3
Final sales to domestic
purchasers..................... 3.1 4.2 4.1 1.7 2.6 5.5 3.0 5.3 2.6 5.5 4.9 3.6 5.2 3.0 3.6 3.0 1.7 2.3 3.7
GDI............................. 4.0 4.5 4.3 7.1 1.9 4.6 7.1 3.7 3.7 5.0 4.8 3.1 7.5 1.1 3.0 6.4 4.2 3.8 3.4
GNP............................. 4.1 4.2 4.4 5.4 3.6 5.7 4.5 5.3 1.1 5.8 4.4 5.3 5.0 3.2 4.6 1.8 2.3 3.3 6.0
Disposable personal income...... 2.8 4.8 3.9 2.6 1.7 5.8 3.1 4.8 8.2 3.3 3.9 .8 6.9 2.9 1.1 10.7 -7.0 4.0 5.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the second
quarter of 2013.
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
[Quarters seasonally adjusted at annual rates]
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2010 2011 2012 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13r
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product........... 2.5 1.8 2.8 3.9 1.6 3.9 2.8 2.8 -1.3 3.2 1.4 4.9 3.7 1.2 2.8 .1 1.1 2.5 3.6
Percentage points at annual rates:
Personal consumption expenditures.... 1.34 1.74 1.52 .05 1.42 2.21 1.87 2.86 1.42 1.03 1.42 1.65 1.98 1.28 1.15 1.13 1.54 1.24 .96
Goods.............................. .77 .76 .77 -.21 .88 1.14 .85 1.66 .60 .05 .29 1.14 1.04 .50 .84 .85 .85 .71 .93
Durable goods.................... .43 .46 .56 -.52 .37 .84 .46 .88 .38 -.06 .36 .93 .69 .21 .59 .74 .43 .46 .56
Motor vehicles and parts....... .04 .11 .17 -.92 -.10 .39 .17 .46 .09 -.43 .04 .56 .26 -.11 .19 .33 .13 -.02 .13
Furnishings and durable
household equipment........... .12 .09 .10 .11 .17 .20 .03 .13 .04 .09 .09 .17 .13 .02 .09 .07 .07 .15 .20
Recreational goods and
vehicles...................... .22 .20 .22 .28 .21 .25 .18 .18 .21 .18 .20 .25 .22 .19 .22 .21 .16 .23 .23
Other durable goods............ .05 .06 .07 .01 .08 .01 .08 .11 .04 .09 .04 -.04 .09 .12 .08 .13 .07 .10 .00
Nondurable goods................. .34 .30 .22 .31 .51 .29 .38 .78 .22 .11 -.08 .21 .35 .28 .25 .10 .43 .26 .37
Food and beverages purchased
for off-premises consumption.. .11 .08 .07 .21 .19 -.15 .09 .31 .07 .08 -.05 -.02 .15 .12 .09 .05 .11 -.06 .15
Clothing and footwear.......... .11 .08 .03 .08 .19 .14 .02 .27 .05 .10 -.15 .09 .10 -.09 .11 -.04 .04 .13 -.08
Gasoline and other energy
goods......................... -.02 -.06 -.04 -.10 .01 .10 .05 -.04 -.08 -.25 -.01 -.02 -.12 .18 -.08 -.14 .11 -.02 -.02
Other nondurable goods......... .13 .19 .16 .13 .13 .21 .23 .25 .19 .18 .14 .15 .22 .07 .14 .23 .17 .21 .32
Services........................... .57 .98 .74 .26 .54 1.07 1.02 1.20 .81 .98 1.14 .51 .94 .78 .31 .29 .69 .53 .02
Household consumption
expenditures (for services)..... .56 .97 .65 .10 .53 1.00 1.14 1.27 .84 .94 .84 .66 .87 .52 .25 .13 1.04 .60 -.01
Housing and utilities.......... .16 .16 .10 .26 .18 -.02 .27 .28 .06 .17 .32 -.13 -.12 .55 .16 -.35 .58 .01 -.28
Health care.................... .15 .30 .30 -.14 -.11 .41 .44 .43 .24 .30 -.09 .55 .54 .03 .26 .26 .14 .40 .10
Transportation services........ -.02 .05 .02 -.08 .01 .04 .05 .04 .02 .09 .06 .02 -.01 .04 .02 -.01 .06 .00 .02
Recreation services............ .03 .05 .04 .07 .08 -.06 .15 .08 -.06 .15 .07 .02 .05 .01 .03 -.04 .06 -.02 .02
Food services and
accommodations................ .06 .17 .15 -.02 .15 .13 .10 .14 .21 .20 .14 .18 .18 .10 .05 .27 .11 .03 .00
Financial services and
insurance..................... .11 .15 -.07 -.15 .21 .41 -.02 .20 .22 .02 .31 -.10 -.05 -.17 -.35 -.01 .27 .20 .04
Other services................. .06 .09 .10 .15 .01 .08 .15 .10 .14 .00 .03 .12 .28 -.04 .09 .01 -.17 -.02 .08
Final consumption expenditures
of nonprofit institutions
serving households.............. .02 .00 .09 .16 .00 .07 -.11 -.07 -.03 .04 .30 -.15 .06 .26 .06 .16 -.35 -.07 .04
Gross output of nonprofit
institutions.................. .09 .09 .21 .02 -.08 .32 .18 .17 -.06 .11 .00 .26 .39 .09 .31 .09 -.22 .25 .06
Less: Receipts from sales of
goods and services by
nonprofit institutions........ .08 .09 .12 -.15 -.08 .25 .29 .24 -.02 .06 -.30 .41 .33 -.16 .25 -.07 .13 .31 .02
Gross private domestic investment.... 1.66 .69 1.36 4.05 1.77 2.86 1.86 -.51 -1.11 1.88 .36 4.13 1.57 -.23 .99 -.36 .71 1.38 2.49
Fixed investment................... .21 .85 1.17 -.36 .11 1.77 -.04 1.13 -.05 1.16 1.96 1.39 1.21 .68 .39 1.63 -.23 .96 .81
Nonresidential................... .28 .84 .85 -.37 .46 1.21 .90 .94 -.09 1.09 1.81 1.10 .68 .53 .04 1.13 -.57 .56 .42
Structures..................... -.49 .05 .31 -.98 -.73 .27 -.15 .18 -.82 .68 .62 .35 .18 .18 .15 .44 -.80 .43 .36
Equipment...................... .70 .62 .41 .36 1.25 1.02 .83 .57 .59 .23 .99 .54 .45 .29 -.22 .47 .09 .18 .00
Information processing
equipment................... .17 .04 .05 .27 .14 .06 .13 .19 -.15 .14 -.01 .05 .23 -.20 -.08 .31 -.05 .16 .03
Computers and peripheral
equipment................. .05 -.01 .03 .25 .03 -.03 -.09 -.03 -.09 .14 .03 .06 .11 -.10 -.19 .28 -.08 -.08 .01
Other...................... .12 .05 .02 .02 .12 .09 .22 .22 -.06 .00 -.03 -.01 .12 -.10 .11 .04 .04 .23 .02
Industrial equipment......... -.01 .16 .06 -.06 -.09 .22 .04 .14 .22 .00 .33 .23 -.19 .12 .00 .07 .00 -.01 .17
Transportation equipment..... .43 .27 .25 .20 .87 .55 .54 .08 .26 .04 .43 .47 .30 .29 -.25 .01 -.10 .08 .03
Other equipment.............. .10 .14 .05 -.05 .34 .19 .12 .16 .25 .05 .24 -.20 .11 .08 .10 .07 .24 -.04 -.23
Intellectual property
products...................... .07 .17 .13 .25 -.07 -.08 .22 .19 .14 .18 .20 .21 .05 .07 .11 .21 .14 -.06 .07
Software..................... -.02 .10 .10 .10 -.15 -.14 .06 .09 .13 .13 .14 .16 .03 .11 .06 .16 .13 -.11 .03
Research and development..... .04 .05 .03 .11 .01 -.03 .11 .06 .04 .06 .05 .03 .03 -.03 .04 .05 -.01 .04 .04
Entertainment, literary,
and artistic originals...... .05 .01 .00 .04 .08 .09 .05 .04 -.03 -.01 .01 .02 -.01 .00 .00 .01 .02 .01 -.01
Residential...................... -.07 .01 .32 .01 -.35 .56 -.94 .19 .04 .07 .15 .29 .53 .15 .35 .50 .34 .40 .38
Change in private inventories...... 1.45 -.16 .20 4.40 1.66 1.09 1.90 -1.64 -1.06 .72 -1.60 2.73 .36 -.91 .60 -2.00 .93 .41 1.68
Farm............................. -.04 .02 -.03 .10 -.06 -.09 -.11 .02 .11 -.02 .08 .05 .08 -.14 -.32 .10 .88 .12 .11
Nonfarm.......................... 1.49 -.18 .22 4.30 1.72 1.18 2.01 -1.66 -1.17 .74 -1.68 2.68 .27 -.76 .91 -2.09 .06 .30 1.58
Net exports of goods and services.... -.51 .10 .10 -.05 -.96 -1.77 -.88 1.32 .01 .53 .10 -.60 .44 .10 -.03 .68 -.28 -.07 .07
Exports............................ 1.28 .89 .48 2.42 .73 1.10 1.27 1.47 .48 .64 .92 .38 .56 .51 .05 .15 -.18 1.04 .50
Goods............................ 1.08 .63 .36 1.99 .85 .93 .70 1.07 .38 .34 .53 .72 .17 .48 .16 -.28 -.27 .84 .49
Services......................... .20 .27 .12 .43 -.12 .17 .57 .40 .09 .30 .39 -.35 .39 .03 -.10 .43 .09 .20 .00
Imports............................ -1.79 -.79 -.38 -2.47 -1.70 -2.87 -2.15 -.15 -.46 -.11 -.82 -.98 -.12 -.41 -.08 .53 -.10 -1.10 -.43
Goods............................ -1.72 -.70 -.30 -2.41 -1.68 -2.77 -1.79 -.22 -.61 .10 -.50 -.93 -.12 -.35 -.05 .50 .03 -1.00 -.36
Services......................... -.07 -.09 -.07 -.06 -.02 -.10 -.36 .07 .14 -.21 -.32 -.05 .00 -.06 -.03 .03 -.13 -.11 -.07
Government consumption expenditures
and gross investment................ .02 -.68 -.20 -.17 -.63 .61 -.07 -.87 -1.61 -.25 -.52 -.31 -.28 .05 .67 -1.31 -.82 -.07 .09
Federal............................ .37 -.23 -.12 .02 .32 .71 .32 -.23 -.94 .16 -.29 -.25 -.20 -.02 .69 -1.19 -.68 -.12 -.10
National defense................. .18 -.13 -.17 -.07 -.11 .34 .41 -.19 -.83 .36 .13 -.57 -.36 -.05 .60 -1.22 -.57 -.03 -.01
Consumption expenditures....... .16 -.06 -.11 .01 -.05 .23 .37 -.25 -.47 .31 .19 -.58 -.11 -.13 .61 -1.14 -.38 -.12 -.06
Gross investment............... .02 -.07 -.06 -.08 -.06 .11 .04 .06 -.36 .06 -.06 .00 -.25 .08 -.01 -.08 -.18 .09 .04
Nondefense....................... .19 -.10 .05 .09 .43 .37 -.09 -.04 -.11 -.21 -.42 .32 .16 .04 .08 .03 -.11 -.09 -.09
Consumption expenditures....... .13 -.09 .08 .04 .34 .28 -.11 -.05 -.13 -.17 -.39 .38 .18 .03 .08 .05 -.05 -.08 -.09
Gross investment............... .06 .00 -.02 .06 .09 .09 .02 .01 .02 -.04 -.03 -.06 -.02 .00 .00 -.02 -.05 -.02 .00
State and local.................... -.35 -.46 -.08 -.19 -.95 -.10 -.39 -.63 -.67 -.41 -.23 -.05 -.08 .07 -.02 -.12 -.14 .05 .19
Consumption expenditures......... -.27 -.30 .00 .07 -.68 -.35 -.41 -.35 -.33 -.26 -.17 -.04 .10 .03 .12 -.01 .01 .04 .04
Gross investment................. -.08 -.16 -.08 -.26 -.28 .24 .02 -.28 -.34 -.15 -.06 -.01 -.18 .04 -.14 -.11 -.16 .01 .14
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (2009) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2012 III 12 IV 12 I 13 II 13 III 13r 2012 III 12 IV 12 I 13 II 13 III 13r 2012 II 13 III 13r
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.......... 16,244.6 16,356.0 16,420.3 16,535.3 16,661.0 16,890.8 15,470.7 15,534.0 15,539.6 15,583.9 15,679.7 15,819.0 418.3 95.8 139.3
Personal consumption expenditures.... 11,149.6 11,193.6 11,285.5 11,379.2 11,427.1 11,522.8 10,517.6 10,541.0 10,584.8 10,644.0 10,691.9 10,728.7 226.3 47.9 36.8
Goods.............................. 3,769.7 3,784.9 3,826.1 3,851.8 3,848.5 3,908.4 3,534.1 3,546.7 3,579.2 3,611.9 3,639.6 3,676.0 114.2 27.7 36.4
Durable goods.................... 1,202.7 1,206.5 1,230.7 1,244.8 1,257.5 1,273.4 1,246.7 1,253.4 1,285.2 1,303.5 1,323.2 1,347.9 89.6 19.7 24.7
Motor vehicles and parts....... 401.7 401.8 415.1 421.3 421.7 427.6 364.0 363.5 375.8 380.6 379.7 384.8 24.6 -.9 5.1
Furnishings and durable
household equipment........... 275.1 276.2 277.9 280.7 284.7 288.7 292.8 294.1 297.3 300.3 306.9 315.8 16.8 6.6 8.9
Recreational goods and
vehicles...................... 334.5 336.1 339.9 342.3 346.3 351.5 410.9 416.1 426.8 435.2 447.3 459.8 40.4 12.1 12.5
Other durable goods............ 191.3 192.4 197.8 200.6 204.7 205.7 183.6 185.0 190.1 192.8 196.8 196.8 9.9 4.0 .0
Nondurable goods................. 2,567.0 2,578.4 2,595.4 2,607.0 2,591.0 2,635.1 2,296.8 2,303.0 2,306.7 2,322.2 2,331.7 2,345.3 30.8 9.5 13.6
Food and beverages purchased
for off-premises consumption.. 863.3 866.0 871.8 878.9 877.6 886.5 809.4 811.7 813.5 817.6 815.3 821.1 10.6 -2.3 5.8
Clothing and footwear.......... 354.6 357.1 357.4 360.0 362.8 363.6 338.9 340.5 339.0 340.5 345.5 342.2 3.9 5.0 -3.3
Gasoline and other energy
goods......................... 417.0 419.5 421.6 418.3 391.7 409.9 271.5 272.5 268.8 271.7 271.1 270.6 -3.7 -.6 -.5
Other nondurable goods......... 932.1 935.9 944.7 949.7 958.9 975.0 885.1 886.1 895.2 901.8 910.0 922.5 23.5 8.2 12.5
Services........................... 7,379.9 7,408.7 7,459.4 7,527.4 7,578.6 7,614.3 6,982.7 6,993.4 7,004.7 7,031.1 7,051.5 7,052.2 111.6 20.4 .7
Household consumption
expenditures (for services)..... 7,089.4 7,117.2 7,159.6 7,243.6 7,290.2 7,322.6 6,689.4 6,698.0 6,703.2 6,743.2 6,766.1 6,765.5 97.4 22.9 -.6
Housing and utilities.......... 2,013.9 2,029.5 2,029.4 2,065.8 2,082.6 2,080.7 1,943.6 1,955.5 1,941.9 1,964.5 1,964.8 1,953.7 15.2 .3 -11.1
Health care.................... 1,847.6 1,855.9 1,872.5 1,889.2 1,902.9 1,914.3 1,738.4 1,741.1 1,750.9 1,756.5 1,771.9 1,775.9 45.1 15.4 4.0
Transportation services........ 318.1 318.9 319.8 324.2 322.8 326.5 298.0 298.8 298.6 300.8 300.8 301.8 3.7 .0 1.0
Recreation services............ 416.6 419.2 419.0 423.4 422.8 426.4 394.4 395.4 393.7 396.1 395.1 396.1 5.6 -1.0 1.0
Food services and
accommodations................ 701.7 703.4 717.2 725.6 732.9 735.2 656.8 656.2 666.6 670.7 671.9 671.9 22.8 1.2 .0
Financial services and
insurance..................... 821.0 817.9 824.2 835.1 842.0 850.7 746.0 738.1 737.7 747.6 754.9 756.4 -10.0 7.3 1.5
Other services................. 970.4 972.4 977.5 980.4 984.4 988.8 911.9 913.2 913.6 907.1 906.2 909.2 15.2 -.9 3.0
Final consumption expenditures
of nonprofit institutions
serving households.............. 290.5 291.5 299.8 283.8 288.4 291.7 293.6 295.8 302.3 287.6 284.8 286.2 14.7 -2.8 1.4
Gross output of nonprofit
institutions.................. 1,194.1 1,202.7 1,212.5 1,209.9 1,227.2 1,235.6 1,132.1 1,138.1 1,141.4 1,132.7 1,142.2 1,144.4 32.1 9.5 2.2
Less: Receipts from sales of
goods and services by
nonprofit institutions........ 903.6 911.2 912.7 926.1 938.8 943.8 838.8 842.5 839.9 844.8 856.6 857.4 17.9 11.8 .8
Gross private domestic investment.... 2,475.2 2,493.3 2,499.9 2,555.1 2,621.0 2,732.6 2,436.0 2,456.5 2,441.8 2,470.1 2,524.9 2,624.6 211.4 54.8 99.7
Fixed investment................... 2,409.1 2,411.7 2,486.9 2,491.7 2,543.8 2,586.5 2,365.3 2,363.5 2,429.1 2,420.0 2,458.4 2,490.7 180.7 38.4 32.3
Nonresidential................... 1,970.0 1,968.0 2,018.2 2,001.4 2,030.6 2,053.2 1,931.8 1,926.4 1,971.9 1,949.0 1,971.3 1,988.3 131.3 22.3 17.0
Structures..................... 437.3 438.3 457.8 429.1 452.6 470.7 421.6 422.0 439.4 407.9 424.8 438.7 47.5 16.9 13.9
Equipment...................... 907.6 902.2 925.0 928.0 934.6 935.1 905.9 899.5 918.8 922.5 929.9 929.8 64.2 7.4 -.1
Information processing
equipment................... 284.5 277.5 289.4 286.2 291.4 291.5 295.7 288.6 302.1 300.0 306.8 308.2 7.8 6.8 1.4
Computers and peripheral
equipment................. 79.2 71.5 82.5 78.8 75.7 76.0 ..... ..... ..... ..... ..... ..... ..... ..... .....
Other...................... 205.4 206.0 206.9 207.5 215.7 215.6 207.8 208.7 210.3 211.8 221.6 222.6 3.5 9.8 1.0
Industrial equipment......... 195.3 195.9 199.6 200.1 199.3 206.5 184.6 185.0 187.8 188.0 187.5 194.3 9.6 -.5 6.8
Transportation equipment..... 214.4 212.3 215.7 211.5 214.7 217.5 221.0 218.8 219.4 215.1 218.5 219.7 40.0 3.4 1.2
Other equipment.............. 213.4 216.5 220.3 230.2 229.2 219.6 209.7 211.6 214.5 224.0 222.2 212.7 7.9 -1.8 -9.5
Intellectual property products. 625.0 627.5 635.4 644.3 643.5 647.5 605.8 606.4 614.9 620.6 618.3 620.9 19.7 -2.3 2.6
Software..................... 281.6 281.9 287.3 293.7 290.4 291.5 285.9 286.6 293.1 298.6 294.1 295.5 16.1 -4.5 1.4
Research and development..... 269.1 271.3 273.4 275.2 277.4 280.2 245.7 245.7 247.6 247.4 248.8 250.3 3.9 1.4 1.5
Entertainment, literary,
and artistic originals...... 74.3 74.4 74.7 75.3 75.6 75.8 74.8 74.6 74.9 75.7 76.2 75.8 .2 .5 -.4
Residential...................... 439.2 443.7 468.8 490.3 513.2 533.3 433.7 437.3 457.5 471.2 487.1 502.2 49.4 15.9 15.1
Change in private inventories...... 66.1 81.6 13.0 63.4 77.2 146.0 57.6 77.2 7.3 42.2 56.6 116.5 24.0 14.4 59.9
Farm............................. -11.7 -23.9 -15.6 38.9 40.4 43.9 -7.2 -13.6 -9.6 16.0 19.5 22.4 -2.7 3.5 2.9
Nonfarm.......................... 77.8 105.5 28.6 24.5 36.9 102.1 68.7 97.3 20.3 22.2 32.7 90.6 29.0 10.5 57.9
Net exports of goods and services.... -547.2 -524.4 -515.8 -523.1 -509.0 -501.9 -430.8 -436.5 -412.1 -422.3 -424.4 -422.1 15.1 -2.1 2.3
Exports............................ 2,195.9 2,199.2 2,213.7 2,214.2 2,238.9 2,265.9 1,957.4 1,961.6 1,967.0 1,960.5 1,998.4 2,016.7 66.9 37.9 18.3
Goods............................ 1,536.0 1,545.6 1,538.3 1,531.6 1,548.8 1,572.1 1,353.2 1,362.8 1,352.6 1,342.8 1,373.4 1,391.4 49.3 30.6 18.0
Services......................... 659.9 653.6 675.5 682.6 690.2 693.8 603.7 598.0 614.2 617.5 624.9 625.0 17.4 7.4 .1
Imports............................ 2,743.1 2,723.5 2,729.5 2,737.3 2,747.9 2,767.8 2,388.2 2,398.0 2,379.1 2,382.7 2,422.9 2,438.8 51.8 40.2 15.9
Goods............................ 2,295.4 2,275.0 2,279.6 2,281.9 2,288.7 2,306.3 1,964.3 1,972.7 1,955.1 1,954.0 1,989.6 2,002.8 40.9 35.6 13.2
Services......................... 447.7 448.6 449.9 455.3 459.3 461.5 422.8 424.2 423.1 428.3 432.6 435.3 11.0 4.3 2.7
Government consumption expenditures
and gross investment................ 3,167.0 3,193.5 3,150.7 3,124.1 3,121.9 3,137.4 2,963.1 2,988.8 2,938.8 2,907.4 2,904.5 2,907.6 -29.2 -2.9 3.1
Federal............................ 1,295.7 1,322.1 1,275.2 1,255.0 1,252.6 1,251.2 1,220.3 1,244.6 1,198.9 1,172.8 1,168.2 1,164.1 -17.6 -4.6 -4.1
National defense................. 817.1 841.9 793.7 775.8 776.3 777.3 769.1 791.8 745.0 723.1 722.0 721.4 -25.5 -1.1 -.6
Consumption expenditures....... 652.0 675.0 630.6 619.7 615.7 615.0 610.4 631.7 588.1 573.4 568.8 566.5 -16.7 -4.6 -2.3
Gross investment............... 165.1 166.9 163.1 156.1 160.5 162.4 158.5 159.8 156.8 149.5 153.1 154.8 -8.8 3.6 1.7
Nondefense....................... 478.6 480.2 481.5 479.2 476.3 473.9 451.2 452.8 453.9 449.8 446.2 442.7 7.9 -3.6 -3.5
Consumption expenditures....... 359.7 361.1 363.3 362.6 360.3 357.8 336.9 338.3 340.2 338.1 335.1 331.7 11.3 -3.0 -3.4
Gross investment............... 118.9 119.2 118.2 116.6 116.1 116.1 114.2 114.4 113.7 111.6 111.0 110.9 -3.6 -.6 -.1
State and local.................... 1,871.3 1,871.4 1,875.4 1,869.1 1,869.3 1,886.2 1,742.8 1,744.3 1,739.8 1,734.3 1,736.0 1,743.2 -11.7 1.7 7.2
Consumption expenditures......... 1,536.4 1,536.8 1,544.3 1,543.0 1,541.4 1,550.9 1,427.1 1,429.9 1,429.5 1,429.9 1,431.3 1,433.0 .3 1.4 1.7
Gross investment................. 334.9 334.6 331.2 326.1 327.8 335.3 315.1 313.8 309.6 303.7 304.0 309.6 -12.2 .3 5.6
Residual............................. ..... ..... ..... ..... ..... ..... -34.1 -34.6 -45.1 -38.0 -41.2 -41.2 ..... ..... .....
Addenda:
Final sales of domestic product.... 16,178.5 16,274.4 16,407.3 16,471.9 16,583.8 16,744.8 15,403.2 15,444.9 15,528.3 15,536.4 15,616.2 15,690.1 388.8 79.8 73.9
Gross domestic purchases........... 16,791.8 16,880.4 16,936.1 17,058.4 17,170.0 17,392.8 15,902.3 15,971.4 15,950.8 16,005.8 16,104.1 16,240.7 401.2 98.3 136.6
Final sales to domestic
purchasers........................ 16,725.7 16,798.8 16,923.1 16,995.0 17,092.8 17,246.8 15,835.2 15,882.8 15,939.7 15,958.6 16,041.0 16,112.4 371.8 82.4 71.4
Gross domestic product............. 16,244.6 16,356.0 16,420.3 16,535.3 16,661.0 16,890.8 15,470.7 15,534.0 15,539.6 15,583.9 15,679.7 15,819.0 418.3 95.8 139.3
Plus: Income receipts from
the rest of the world............. 818.6 812.0 829.8 813.3 817.0 822.7 705.5 698.9 711.5 695.2 697.9 699.6 1.7 2.7 1.7
Less: Income payments to
the rest of the world............. 565.7 564.4 572.8 575.9 570.1 558.6 487.3 485.5 490.7 491.9 486.9 474.8 12.1 -5.0 -12.1
Equals: Gross national product..... 16,497.4 16,603.7 16,677.3 16,772.7 16,907.9 17,154.9 15,693.1 15,751.1 15,764.8 15,789.7 15,893.9 16,048.2 406.4 104.2 154.3
Net domestic product............... 13,701.7 13,800.9 13,845.3 13,931.5 14,029.1 14,235.1 13,015.8 13,073.6 13,067.9 13,099.9 13,183.0 13,309.6 376.0 83.1 126.6
Gross domestic income\1\........... 16,261.6 16,269.6 16,522.0 16,690.9 16,847.8 16,988.3 15,487.0 15,451.9 15,636.0 15,730.6 15,855.4 15,910.4 382.7 124.8 55.0
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Real gross domestic income is current-dollar gross domestic income
deflated by the implicit price deflator for gross domestic product.
Includes revisions due to the incorporation of revised wage and
salary estimates for the second quarter of 2013.
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 GDP, 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
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2010 2011 2012 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.2 2.0 1.7 1.2 1.3 1.9 1.8 2.1 1.6 2.6 2.5 .5 2.0 1.8 2.3 1.1 1.3 .6 2.0
Personal consumption expenditures... 1.7 2.4 1.8 2.8 1.4 .5 1.2 2.1 3.0 3.7 2.3 1.3 2.3 1.1 1.7 1.6 1.1 -.1 2.0
Goods............................. 1.6 3.6 1.3 3.3 1.1 -2.5 .6 4.0 6.0 6.3 2.6 .2 2.2 -1.2 1.3 .7 -1.0 -3.3 2.2
Durable goods................... -1.4 -1.0 -1.2 1.5 -1.6 -2.4 -2.5 -1.9 -.8 1.4 -.6 -2.2 -.7 -1.2 -2.2 -2.1 -1.1 -2.0 -2.3
Nondurable goods................ 3.1 5.9 2.4 4.2 2.4 -2.5 2.2 6.9 9.3 8.6 4.1 1.3 3.5 -1.1 3.0 2.0 -.9 -4.0 4.5
Services.......................... 1.7 1.8 2.2 2.5 1.5 1.9 1.5 1.2 1.5 2.4 2.2 2.0 2.3 2.2 1.9 2.1 2.1 1.6 1.9
Gross private domestic investment... -.9 1.3 1.3 -.3 -.8 .5 .7 2.1 1.1 1.7 1.0 .7 1.4 1.6 1.3 1.5 2.1 1.9 1.3
Fixed investment.................. -.8 1.3 1.3 .1 -1.1 .1 .5 1.8 1.4 2.2 1.1 .7 1.5 1.5 1.4 1.3 2.3 2.0 1.5
Nonresidential.................. -.9 1.5 1.4 -.5 -1.5 .9 .6 1.6 1.5 2.3 1.3 .9 2.1 1.5 1.0 .8 1.3 1.2 1.0
Structures.................... -1.2 2.9 1.9 -.8 1.5 2.1 2.1 2.5 2.7 4.2 3.7 2.7 .9 1.9 .6 1.2 4.0 5.2 2.9
Equipment..................... -2.0 .9 1.3 -3.8 -4.2 -.2 1.0 1.0 .7 1.7 .7 1.0 2.1 .4 1.4 1.5 -.3 -.4 .3
Intellectual property
products..................... .5 1.2 1.4 3.3 -.3 1.4 -1.0 1.9 2.0 2.2 .5 -.6 2.7 2.9 .7 -.6 1.9 1.0 .8
Residential..................... -.4 .7 .9 3.0 .6 -2.8 .0 2.3 .8 1.4 .1 .1 -.8 1.4 3.4 4.0 6.3 5.1 3.2
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 4.4 6.4 .9 6.5 3.9 4.7 1.2 9.7 10.6 8.3 2.3 -4.0 2.9 .6 .0 1.5 1.4 -3.2 1.2
Goods........................... 5.0 7.6 .4 6.6 4.2 5.4 1.4 12.7 12.7 9.5 1.9 -5.2 2.4 -.1 .0 1.1 1.2 -4.4 .8
Services........................ 3.1 3.8 2.1 6.1 3.3 3.2 .9 3.4 6.0 5.7 3.2 -1.0 4.0 2.4 -.1 2.5 2.0 -.3 2.1
Imports........................... 6.0 7.8 .5 13.0 6.4 -1.8 -2.2 9.6 17.4 12.8 -.4 -.8 4.3 -3.7 -5.0 4.1 .5 -5.0 .3
Goods........................... 6.7 8.8 .6 14.2 7.5 -2.4 -2.9 10.4 20.4 14.6 -.3 -.3 4.8 -4.5 -5.9 4.5 .6 -5.9 .4
Services........................ 2.8 2.8 .2 7.5 1.2 .7 1.5 5.9 3.7 4.5 -.7 -3.2 1.6 .5 -.3 2.3 -.1 -.5 -.5
Government consumption expenditures
and gross investment............... 2.7 2.8 1.3 2.0 4.8 3.0 2.0 2.9 3.6 4.1 1.7 -.5 2.9 .3 .3 1.4 .9 .1 1.6
Federal........................... 2.6 2.7 .8 2.2 5.5 2.9 1.6 2.3 4.2 3.8 1.3 -1.0 1.5 .8 .2 .6 2.4 .8 1.0
National defense................ 2.4 2.8 1.0 2.3 5.6 2.4 .8 2.2 5.2 4.2 1.2 -1.6 2.4 1.2 .4 .8 2.8 .9 .9
Nondefense...................... 3.1 2.5 .4 2.2 5.4 3.9 2.9 2.3 2.5 3.2 1.7 .0 .0 .2 -.2 .1 1.8 .8 1.0
State and local................... 2.7 2.9 1.6 1.9 4.3 3.1 2.3 3.3 3.1 4.3 1.9 -.1 3.8 -.1 .4 1.9 -.1 -.4 2.0
Addenda:
Final sales of domestic product... 1.2 2.0 1.8 1.2 1.3 1.8 1.8 2.0 1.7 2.7 2.5 .5 2.0 1.7 2.3 1.1 1.4 .7 2.0
Gross domestic purchases.......... 1.5 2.3 1.7 2.2 1.8 1.0 1.3 2.3 2.8 3.5 2.0 .9 2.3 1.0 1.4 1.6 1.2 .2 1.8
Final sales to domestic
purchasers....................... 1.5 2.3 1.7 2.3 1.7 .9 1.3 2.2 2.9 3.6 2.0 .9 2.3 1.0 1.4 1.5 1.2 .2 1.8
Gross national product (GNP)...... 1.3 2.0 1.7 1.2 1.8 1.8 1.8 2.1 1.6 2.7 2.4 .5 2.0 1.7 2.3 1.1 1.3 .6 2.0
Implicit price deflators:
GDP............................. 1.2 2.0 1.7 1.2 1.4 1.8 1.8 2.1 1.6 2.6 2.5 .5 2.0 1.8 2.1 1.4 1.7 .6 2.0
Gross domestic purchases........ 1.5 2.3 1.6 2.2 1.9 .9 1.3 2.3 2.8 3.5 2.1 .9 2.2 1.0 1.2 1.9 1.5 .2 1.8
GNP............................. 1.3 2.0 1.7 1.2 1.9 1.7 1.8 2.1 1.6 2.6 2.5 .5 2.0 1.8 2.1 1.4 1.7 .6 2.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2009=100; quarters seasonally adjusted]
-----------------------------------------------------------------------------------------------------------------------------------
2010 2011 2012 III 12 IV 12 I 13 II 13 III 13r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.507 104.400 107.302 107.741 107.780 108.087 108.751 109.718
Personal consumption expenditures.......... 101.960 104.555 106.854 107.092 107.537 108.138 108.625 108.999
Goods.................................... 103.446 106.925 110.495 110.888 111.904 112.928 113.793 114.931
Durable goods.......................... 106.092 113.074 121.833 122.484 125.591 127.379 129.309 131.720
Nondurable goods....................... 102.226 104.177 105.594 105.877 106.047 106.762 107.197 107.824
Services................................. 101.244 103.411 105.090 105.252 105.421 105.818 106.125 106.136
Gross private domestic investment.......... 112.901 118.449 129.705 130.795 130.012 131.521 134.440 139.747
Fixed investment......................... 101.504 107.844 116.766 116.675 119.914 119.467 121.362 122.954
Nonresidential......................... 102.471 110.225 118.263 117.938 120.717 119.318 120.685 121.723
Structures........................... 83.585 85.360 96.212 96.299 100.282 93.090 96.943 100.119
Equipment............................ 115.892 130.639 140.604 139.602 142.609 143.175 144.326 144.309
Intellectual property products....... 101.887 106.388 109.962 110.072 111.617 112.648 112.235 112.707
Residential............................ 97.496 97.964 110.581 111.476 116.635 120.123 124.180 128.026
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 111.476 119.367 123.590 123.851 124.196 123.781 126.181 127.333
Imports of goods and services.............. 112.759 118.239 120.860 121.358 120.398 120.584 122.615 123.422
Government consumption expenditures and
gross investment.......................... 100.074 96.868 95.921 96.752 95.135 94.117 94.024 94.126
Federal.................................. 104.350 101.660 100.212 102.212 98.455 96.315 95.933 95.598
State and local.......................... 97.293 93.751 93.128 93.207 92.966 92.672 92.765 93.150
Addenda:
Final sales of domestic product.......... 101.045 103.082 105.751 106.038 106.610 106.666 107.214 107.721
Gross domestic purchases................. 102.933 104.666 107.374 107.841 107.702 108.073 108.737 109.660
Final sales to domestic purchasers....... 101.507 103.381 105.866 106.185 106.565 106.691 107.242 107.720
Gross national product................... 102.756 104.954 107.744 108.143 108.237 108.408 109.123 110.183
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
See "Explanatory Note" at the end of the tables.
Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2009=100; quarters seasonally adjusted]
-----------------------------------------------------------------------------------------------------------------------------------
2010 2011 2012 III 12 IV 12 I 13 II 13 III 13r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 101.215 103.203 105.008 105.345 105.640 105.994 106.165 106.681
Personal consumption expenditures (PCE).... 101.654 104.086 106.009 106.193 106.622 106.909 106.878 107.403
Goods.................................... 101.637 105.345 106.666 106.718 106.900 106.641 105.740 106.323
Durable goods.......................... 98.622 97.649 96.467 96.246 95.746 95.487 95.016 94.456
Nondurable goods....................... 103.085 109.128 111.765 111.964 112.522 112.264 111.126 112.358
Services................................. 101.663 103.463 105.689 105.939 106.493 107.060 107.477 107.972
Gross private domestic investment.......... 99.109 100.364 101.646 101.820 102.196 102.726 103.206 103.528
Fixed investment......................... 99.180 100.506 101.852 102.045 102.386 102.967 103.478 103.854
Nonresidential......................... 99.070 100.524 101.977 102.157 102.350 102.692 103.008 103.268
Structures........................... 98.844 101.748 103.732 103.856 104.164 105.189 106.521 107.275
Equipment............................ 98.009 98.928 100.187 100.300 100.673 100.601 100.500 100.568
Intellectual property products....... 100.541 101.789 103.169 103.486 103.325 103.816 104.071 104.275
Residential............................ 99.645 100.392 101.246 101.505 102.500 104.088 105.396 106.238
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 104.415 111.140 112.185 112.114 112.543 112.944 112.034 112.357
Imports of goods and services.............. 106.008 114.273 114.862 113.570 114.725 114.873 113.411 113.486
Government consumption expenditures and
gross investment.......................... 102.673 105.560 106.882 106.850 107.209 107.454 107.485 107.903
Federal.................................. 102.614 105.344 106.184 106.224 106.370 107.007 107.229 107.485
State and local.......................... 102.714 105.710 107.371 107.288 107.798 107.775 107.676 108.205
Addenda:
PCE excluding food and energy\1\......... 101.287 102.743 104.632 104.849 105.187 105.542 105.711 106.096
Market-based PCE\2\...................... 101.497 104.034 105.920 106.101 106.460 106.800 106.721 107.254
Market-based PCE excluding food
and energy\2\........................... 101.047 102.480 104.320 104.538 104.783 105.210 105.351 105.725
Final sales of domestic product.......... 101.217 103.217 105.033 105.374 105.663 106.024 106.199 106.725
Gross domestic purchases................. 101.528 103.884 105.599 105.742 106.150 106.467 106.526 107.001
Final sales to domestic purchasers....... 101.528 103.898 105.624 105.769 106.171 106.496 106.559 107.042
Gross national product................... 101.326 103.327 105.131 105.465 105.762 106.116 106.287 106.803
Implicit price deflators:
Gross domestic product................. 101.211 103.199 105.002 105.292 105.667 106.105 106.259 106.775
Final sales of domestic product........ 101.216 103.217 105.033 105.371 105.660 106.021 106.196 106.722
Gross domestic purchases............... 101.523 103.880 105.594 105.691 106.177 106.576 106.619 107.093
Final sales to domestic purchasers..... 101.528 103.898 105.624 105.767 106.170 106.494 106.557 107.040
Gross national product................. 101.321 103.322 105.126 105.413 105.788 106.225 106.380 106.896
-----------------------------------------------------------------------------------------------------------------------------------
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. Percent changes for these
series are included in the addenda to table 8 and in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.5 4.4 4.8 4.1 1.0 1.8 2.8 3.8 3.4 2.7 1.8 -.3 -2.8 2.5 1.8 2.8
Personal consumption expenditures...... 3.8 5.3 5.5 5.1 2.5 2.5 3.1 3.8 3.5 3.0 2.2 -.4 -1.6 2.0 2.5 2.2
Goods................................ 4.8 6.7 7.9 5.2 3.0 3.9 4.8 5.1 4.1 3.6 2.7 -2.5 -3.0 3.4 3.4 3.3
Durable goods...................... 8.2 12.1 12.8 8.6 5.2 7.3 7.1 8.2 5.4 4.3 4.6 -5.1 -5.5 6.1 6.6 7.7
Nondurable goods................... 2.9 3.7 5.0 3.2 1.7 1.9 3.5 3.3 3.3 3.3 1.7 -1.1 -1.8 2.2 1.9 1.4
Services............................. 3.2 4.6 4.1 5.0 2.2 1.8 2.2 3.2 3.2 2.7 2.0 .8 -.8 1.2 2.1 1.6
Gross private domestic investment...... 11.4 9.5 8.4 6.5 -6.1 -.6 4.1 8.8 6.4 2.1 -3.1 -9.4 -21.6 12.9 4.9 9.5
Fixed investment..................... 8.6 10.2 8.8 6.9 -1.6 -3.5 4.0 6.7 6.8 2.0 -2.0 -6.8 -16.7 1.5 6.2 8.3
Nonresidential..................... 10.8 10.8 9.7 9.1 -2.4 -6.9 1.9 5.2 7.0 7.1 5.9 -.7 -15.6 2.5 7.6 7.3
Structures....................... 7.3 5.1 .1 7.8 -1.5 -17.7 -3.9 -.4 1.7 7.2 12.7 6.1 -18.9 -16.4 2.1 12.7
Equipment........................ 11.1 13.1 12.5 9.7 -4.3 -5.4 3.2 7.7 9.6 8.6 3.2 -6.9 -22.9 15.9 12.7 7.6
Intellectual property products... 13.0 10.8 12.4 8.9 .5 -.5 3.8 5.1 6.5 4.5 4.8 3.0 -1.4 1.9 4.4 3.4
Residential........................ 2.4 8.6 6.3 .7 .9 6.1 9.1 10.0 6.6 -7.6 -18.8 -24.0 -21.2 -2.5 .5 12.9
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 11.9 2.3 4.6 8.4 -5.7 -1.9 1.6 9.4 6.0 8.9 8.9 5.7 -9.1 11.5 7.1 3.5
Goods.............................. 14.4 2.2 5.9 10.1 -6.2 -3.5 1.9 8.5 7.4 9.4 7.5 6.1 -12.0 14.3 7.1 3.8
Services........................... 5.9 2.6 1.4 3.9 -4.3 2.3 1.0 11.6 3.0 7.7 12.3 4.8 -2.1 5.6 7.0 3.0
Imports.............................. 13.5 11.7 11.4 12.8 -2.9 3.4 4.3 11.0 6.1 6.1 2.3 -2.6 -13.7 12.8 4.9 2.2
Goods.............................. 14.4 11.8 12.7 13.1 -3.2 3.7 4.9 11.1 6.7 5.9 1.8 -3.7 -15.8 15.2 5.2 2.1
Services........................... 8.7 10.9 4.7 11.0 -.9 1.8 1.3 10.5 3.1 7.4 4.7 3.1 -3.1 2.8 3.1 2.7
Government consumption expenditures
and gross investment.................. 1.9 2.1 3.4 1.9 3.8 4.4 2.2 1.6 .6 1.5 1.6 2.8 3.2 .1 -3.2 -1.0
Federal.............................. -.8 -.9 2.0 .3 3.9 7.2 6.8 4.5 1.7 2.5 1.7 6.8 5.7 4.4 -2.6 -1.4
National defense................... -2.7 -2.1 1.5 -.9 3.5 7.0 8.5 6.0 2.0 2.0 2.5 7.5 5.4 3.2 -2.3 -3.2
Nondefense......................... 2.8 1.3 2.7 2.3 4.7 7.4 4.1 2.0 1.3 3.5 .3 5.5 6.2 6.4 -3.0 1.8
State and local...................... 3.6 3.8 4.2 2.8 3.7 2.9 -.4 -.1 .0 .9 1.5 .3 1.6 -2.7 -3.6 -.7
Addenda:
Final sales of domestic product...... 4.0 4.5 4.9 4.2 1.9 1.2 2.8 3.4 3.4 2.6 2.0 .2 -2.0 1.0 2.0 2.6
Gross domestic purchases............. 4.7 5.5 5.7 4.8 1.1 2.3 3.1 4.2 3.5 2.6 1.1 -1.3 -3.8 2.9 1.7 2.6
Final sales to domestic purchasers... 4.2 5.6 5.7 4.8 2.0 1.8 3.1 3.9 3.5 2.6 1.4 -.9 -3.0 1.5 1.8 2.4
Gross domestic income\1\............. 5.1 5.3 4.5 4.7 1.1 1.4 2.2 3.7 3.6 4.0 .1 -.8 -2.6 2.7 2.5 2.5
Gross national product............... 4.4 4.4 4.9 4.2 1.1 1.7 2.9 3.9 3.3 2.4 2.2 .0 -3.0 2.8 2.1 2.7
Real disposable personal income...... 3.7 5.9 3.3 5.0 2.8 3.1 2.7 3.6 1.5 4.0 2.1 1.5 -.5 1.1 2.4 2.0
Price indexes:
Gross domestic purchases........... 1.5 .7 1.6 2.6 1.9 1.4 2.2 2.9 3.5 3.2 2.7 3.0 -.2 1.5 2.3 1.7
Gross domestic purchases excluding
food and energy\2\................ 1.5 .9 1.5 2.2 1.8 1.6 1.9 2.7 3.2 3.0 2.5 2.3 .5 1.3 1.7 1.6
GDP................................ 1.7 1.1 1.4 2.3 2.3 1.5 2.0 2.7 3.2 3.1 2.7 1.9 .8 1.2 2.0 1.7
GDP excluding food and energy\2\... 1.8 1.2 1.5 2.3 2.0 1.8 1.9 2.7 3.4 3.1 2.6 2.1 .5 1.4 1.8 1.7
Personal consumption expenditures.. 1.7 .8 1.5 2.5 1.9 1.3 2.0 2.4 2.9 2.7 2.5 3.1 -.1 1.7 2.4 1.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13r III 13r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... -.2 1.6 2.7 3.0 2.8 2.0 1.9 1.5 2.0 3.3 2.8 3.1 2.0 1.3 1.6 1.8
Personal consumption expenditures (PCE) -.1 .7 2.0 2.0 3.1 3.1 2.6 2.5 2.0 2.2 2.3 2.2 2.0 1.9 1.9 1.8
Goods................................ .9 1.8 3.8 3.0 5.1 4.8 3.5 2.9 2.3 2.7 3.2 3.9 3.5 3.3 3.6 3.6
Durable goods...................... 2.5 3.6 7.4 4.1 9.3 9.3 5.9 5.5 5.7 6.8 7.8 8.6 7.8 6.9 7.7 7.5
Nondurable goods................... .2 1.0 2.2 2.5 3.3 2.8 2.5 1.7 .7 .9 1.2 1.7 1.6 1.7 1.6 1.8
Services............................. -.6 .2 1.1 1.6 2.1 2.2 2.2 2.3 1.9 2.0 1.9 1.4 1.3 1.1 1.0 .8
Gross private domestic investment...... -11.0 3.9 16.3 21.1 11.1 5.5 3.7 1.1 9.3 14.3 10.1 11.2 3.1 1.7 4.4 6.8
Fixed investment..................... -11.9 -4.4 2.6 2.6 5.5 5.1 4.0 7.7 8.1 10.5 9.5 6.5 6.8 4.3 4.7 5.4
Nonresidential..................... -12.2 -4.3 1.5 4.9 8.1 6.8 6.4 8.4 8.6 10.4 9.0 5.0 5.0 2.4 2.4 3.2
Structures....................... -27.1 -26.7 -18.4 -13.8 -4.0 -5.5 -1.2 6.7 8.3 20.4 13.9 8.5 9.3 -.3 2.1 4.0
Equipment........................ -11.5 6.7 16.4 19.7 20.9 16.2 11.4 12.0 11.6 10.7 10.9 4.8 4.5 2.9 2.4 3.4
Intellectual property products... 1.3 2.6 1.0 2.2 1.8 3.1 4.9 4.7 4.9 4.2 3.5 2.8 2.9 3.5 2.7 2.4
Residential........................ -10.8 -4.5 7.0 -6.9 -5.2 -1.6 -6.0 4.6 5.6 10.7 11.6 13.6 15.5 12.9 15.1 14.8
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. .4 10.8 13.1 12.4 9.8 9.1 7.9 6.9 4.6 4.7 4.4 2.8 2.4 1.0 2.0 2.8
Goods.............................. -.2 13.9 17.9 14.8 11.0 9.3 7.3 6.6 5.4 4.7 5.1 4.0 1.4 .2 1.2 2.1
Services........................... 1.9 4.4 3.6 7.3 7.0 8.5 9.2 7.7 2.7 4.6 2.9 -.2 4.7 2.8 3.8 4.5
Imports.............................. -6.2 6.7 16.7 16.3 11.7 9.3 4.6 2.3 3.5 3.0 3.4 2.4 .1 .1 1.2 1.7
Goods.............................. -6.6 8.3 20.3 19.0 13.5 10.8 4.8 2.2 3.4 2.6 3.4 2.6 .0 -.2 1.0 1.5
Services........................... -4.3 .1 2.2 5.0 3.7 2.3 3.3 2.8 3.9 5.2 3.9 1.2 .5 1.8 2.2 2.6
Government consumption expenditures
and gross investment.................. 2.3 1.4 .3 -.3 -1.1 -2.3 -3.3 -3.9 -3.3 -1.7 -1.3 .2 -1.1 -1.8 -2.0 -2.7
Federal.............................. 3.9 5.7 4.5 4.0 3.2 -.5 -2.1 -3.8 -3.9 -1.8 -2.3 .7 -2.3 -3.8 -4.1 -6.5
National defense................... 3.6 5.4 2.9 2.6 2.0 -1.4 -1.3 -2.5 -4.2 -2.2 -4.0 -1.7 -5.0 -6.2 -6.1 -8.9
Nondefense......................... 4.6 6.3 7.4 6.6 5.5 1.0 -3.5 -6.2 -3.3 -1.2 .8 5.1 2.6 .3 -.8 -2.2
State and local...................... 1.3 -1.3 -2.4 -3.1 -4.0 -3.6 -4.2 -3.9 -2.8 -1.6 -.6 -.2 -.3 -.5 -.5 -.1
Addenda:
Final sales of domestic product...... -.4 .4 1.0 .8 2.0 2.0 1.9 2.4 1.8 2.7 2.7 2.5 2.5 1.7 1.7 1.6
Gross domestic purchases............. -1.2 1.3 3.4 3.8 3.2 2.3 1.6 1.0 1.9 3.1 2.7 3.1 1.6 1.2 1.5 1.7
Final sales to domestic purchasers... -1.4 .2 1.7 1.6 2.5 2.2 1.6 1.8 1.7 2.5 2.6 2.4 2.1 1.5 1.5 1.4
Gross domestic income\1\............. .3 2.0 2.8 3.6 2.5 2.9 2.8 2.0 2.3 3.1 2.4 2.0 2.6 1.9 2.8 3.0
Gross national product............... .1 2.0 3.1 3.1 2.8 2.3 2.1 1.9 2.3 3.2 2.8 2.9 1.8 1.2 1.5 1.9
Real disposable personal income...... -.6 -.2 .3 1.8 2.5 3.7 2.3 2.2 1.4 1.3 1.8 1.3 3.6 .4 .9 1.8
Price indexes:
Gross domestic purchases........... .3 1.4 1.6 1.6 1.6 1.8 2.5 2.7 2.3 2.2 1.5 1.4 1.5 1.3 1.1 1.2
Gross domestic purchases excluding
food and energy\2\................ .5 1.0 1.2 1.4 1.4 1.4 1.8 1.9 1.8 1.9 1.6 1.5 1.5 1.3 1.2 1.2
GDP................................ .4 .5 1.1 1.6 1.8 1.8 2.0 2.2 1.8 1.9 1.7 1.6 1.8 1.6 1.3 1.3
GDP excluding food and energy\2\... .6 1.1 1.4 1.6 1.6 1.6 1.9 2.0 1.8 1.9 1.7 1.5 1.6 1.5 1.3 1.5
PCE................................ 1.2 2.1 1.8 1.4 1.3 1.7 2.5 2.8 2.6 2.4 1.7 1.6 1.7 1.4 1.1 1.1
PCE excluding food and energy\2\... 1.4 1.6 1.3 1.3 1.0 1.0 1.3 1.6 1.8 2.0 1.9 1.8 1.7 1.5 1.2 1.2
Market-based PCE\3\................ 1.5 2.1 1.6 1.2 1.1 1.7 2.6 3.0 2.7 2.5 1.7 1.5 1.5 1.3 1.0 1.1
Market-based PCE excluding food
and energy\3\..................... 1.8 1.4 1.1 1.0 .7 .9 1.3 1.6 1.9 2.0 1.9 1.7 1.5 1.4 1.1 1.1
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the second
quarter of 2013.
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.
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2010 2011 2012 III 12 IV 12 I 13 II 13r III 13r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 14,958.3 15,533.8 16,244.6 16,356.0 16,420.3 16,535.3 16,661.0 16,890.8
Plus: Income receipts from the rest of the
world..................................... 720.0 802.8 818.6 812.0 829.8 813.3 817.0 822.7
Less: Income payments to the rest of the
world..................................... 514.1 542.1 565.7 564.4 572.8 575.9 570.1 558.6
Equals: Gross national product............. 15,164.2 15,794.6 16,497.4 16,603.7 16,677.3 16,772.7 16,907.9 17,154.9
Less: Consumption of fixed capital......... 2,381.6 2,452.6 2,542.9 2,555.1 2,575.0 2,603.8 2,631.9 2,655.7
Less: Statistical discrepancy.............. 43.1 -53.7 -17.0 86.4 -101.7 -155.6 -186.8 -97.5
Equals: National income.................... 12,739.5 13,395.7 13,971.6 13,962.1 14,204.0 14,324.5 14,462.7 14,596.7
Compensation of employees................ 7,967.3 8,278.5 8,611.6 8,591.0 8,787.4 8,748.3 8,835.5 8,889.1
Wages and salaries..................... 6,377.5 6,638.7 6,926.8 6,904.7 7,086.6 7,040.4 7,117.6 7,163.5
Supplements to wages and salaries...... 1,589.8 1,639.8 1,684.9 1,686.2 1,700.9 1,707.9 1,717.8 1,725.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,032.7 1,155.1 1,224.9 1,220.0 1,247.5 1,334.6 1,341.5 1,357.0
Rental income of persons with capital
consumption adjustment.................. 402.8 484.4 541.2 546.7 555.4 574.9 587.7 600.1
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,740.6 1,877.7 2,009.5 2,012.3 2,047.2 2,020.6 2,087.4 2,125.7
Net interest and miscellaneous payments.. 489.4 456.9 439.6 455.3 430.3 477.0 444.0 462.7
Taxes on production and imports less
subsidies............................... 1,001.2 1,037.2 1,065.6 1,062.8 1,068.6 1,082.7 1,079.9 1,083.6
Business current transfer payments (net). 128.5 129.6 106.9 102.6 99.5 121.9 125.8 120.1
Current surplus of government
enterprises............................. -22.9 -23.8 -27.7 -28.5 -31.8 -35.5 -39.0 -41.5
Addendum:
Gross domestic income.................... 14,915.2 15,587.5 16,261.6 16,269.6 16,522.0 16,690.9 16,847.8 16,988.3
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the second
quarter of 2013.
Table 10. Personal Income and Its Disposition
[Billions of dollars; quarters seasonally adjusted at annual rates]
-----------------------------------------------------------------------------------------------------------------------------------
2010 2011 2012 III 12 IV 12 I 13 II 13r III 13r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 12,435.2 13,191.3 13,743.8 13,701.6 14,073.1 13,925.9 14,086.2 14,233.3
Compensation of employees................ 7,967.3 8,278.5 8,611.6 8,591.0 8,787.4 8,748.3 8,835.5 8,889.1
Wages and salaries..................... 6,377.5 6,638.7 6,926.8 6,904.7 7,086.6 7,040.4 7,117.6 7,163.5
Supplements to wages and salaries...... 1,589.8 1,639.8 1,684.9 1,686.2 1,700.9 1,707.9 1,717.8 1,725.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 1,032.7 1,155.1 1,224.9 1,220.0 1,247.5 1,334.6 1,341.5 1,357.0
Farm................................... 46.0 72.6 75.4 75.3 74.5 137.0 129.0 131.3
Nonfarm................................ 986.7 1,082.6 1,149.6 1,144.7 1,173.0 1,197.6 1,212.5 1,225.7
Rental income of persons with capital
consumption adjustment.................. 402.8 484.4 541.2 546.7 555.4 574.9 587.7 600.1
Personal income receipts on assets....... 1,739.6 1,884.6 1,958.5 1,926.9 2,062.8 1,935.8 1,994.0 2,030.2
Personal interest income............... 1,195.0 1,204.1 1,211.6 1,203.7 1,218.4 1,215.8 1,225.6 1,234.4
Personal dividend income............... 544.6 680.5 746.9 723.2 844.3 720.0 768.4 795.9
Personal current transfer receipts....... 2,276.9 2,306.9 2,358.3 2,364.4 2,388.0 2,426.0 2,430.9 2,466.0
Less: Contributions for government
social insurance, domestic.............. 984.1 918.2 950.7 947.4 967.9 1,093.7 1,103.3 1,109.1
Less: Personal current taxes............... 1,191.5 1,404.0 1,498.0 1,496.4 1,552.8 1,629.0 1,668.8 1,664.6
Equals: Disposable personal income......... 11,243.7 11,787.4 12,245.8 12,205.1 12,520.4 12,296.9 12,417.4 12,568.7
Less: Personal outlays..................... 10,609.5 11,119.1 11,558.4 11,601.0 11,696.2 11,794.9 11,837.0 11,939.6
Equals: Personal saving.................... 634.2 668.2 687.4 604.1 824.1 502.0 580.4 629.1
Personal saving as a percentage of
disposable personal income.............. 5.6 5.7 5.6 4.9 6.6 4.1 4.7 5.0
Addenda:
Personal income excluding current
transfer receipts, billions of
chained (2009) dollars\2\............... 9,993.0 10,457.1 10,740.1 10,676.2 10,959.6 10,756.9 10,905.4 10,956.4
Disposable personal income, billions of
chained (2009) dollars\2\............... 11,060.8 11,324.6 11,551.6 11,493.6 11,743.0 11,502.4 11,618.5 11,702.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the second
quarter of 2013.
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
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
2010 2011 2012 III 12 IV 12 I 13 II 13 III 13 2011 2012 IV 12 I 13 II 13 III 13 III 13
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 1,740.6 1,877.7 2,009.5 2,012.3 2,047.2 2,020.6 2,087.4 2,125.7 7.9 7.0 1.7 -1.3 3.3 1.8 5.6
Less: Taxes on corporate income...... 370.6 374.2 434.8 439.1 433.2 408.2 418.2 413.4 1.0 16.2 -1.3 -5.8 2.4 -1.1 -5.8
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 1,370.0 1,503.5 1,574.7 1,573.2 1,614.0 1,612.3 1,669.2 1,712.2 9.7 4.7 2.6 -.1 3.5 2.6 8.8
Net dividends...................... 563.9 701.6 770.3 746.7 867.6 763.8 1,037.3 857.6 24.4 9.8 16.2 -12.0 35.8 -17.3 14.8
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 806.0 801.9 804.3 826.5 746.4 848.5 631.9 854.7 -.5 .3 -9.7 13.7 -25.5 35.2 3.4
Addenda for corporate cash flow:
Net cash flow with inventory
valuation adjustment.............. 2,089.1 2,146.7 2,177.1 2,209.1 2,117.9 2,258.6 2,053.3 2,287.8 2.8 1.4 -4.1 6.6 -9.1 11.4 3.6
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 806.0 801.9 804.3 826.5 746.4 848.5 631.9 854.7 -.5 .3 -9.7 13.7 -25.5 35.2 3.4
Consumption of fixed capital..... 1,262.5 1,306.0 1,365.7 1,373.6 1,384.4 1,400.4 1,415.7 1,428.7 3.4 4.6 .8 1.2 1.1 .9 4.0
Less: Capital transfers
paid (net)...................... -20.6 -38.8 -7.1 -9.0 12.9 -9.6 -5.7 -4.5 ..... ..... ..... ..... ..... ..... .....
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 1,834.8 1,847.4 2,190.0 2,208.5 2,229.5 2,193.1 2,239.7 2,285.1 .7 18.5 1.0 -1.6 2.1 2.0 3.5
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 1,464.3 1,473.1 1,755.2 1,769.4 1,796.4 1,784.8 1,821.4 1,871.7 .6 19.1 1.5 -.6 2.1 2.8 5.8
Inventory valuation adjustment..... -41.0 -56.0 -10.0 -22.0 -8.4 -13.0 8.9 1.7 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... -53.3 86.4 -170.5 -174.2 -173.9 -159.5 -161.1 -161.1 ..... ..... ..... ..... ..... ..... .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
2010 2011 2012 III 12 IV 12 I 13 II 13 III 13 2011 2012 IV 12 I 13 II 13 III 13
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,740.6 1,877.7 2,009.5 2,012.3 2,047.2 2,020.6 2,087.4 2,125.7 137.1 131.8 34.9 -26.6 66.8 38.3
Domestic industries.......................... 1,345.4 1,441.2 1,590.5 1,599.8 1,629.1 1,622.1 1,684.3 1,705.9 95.8 149.3 29.3 -7.0 62.2 21.6
Financial.................................. 367.2 355.6 422.0 451.4 435.8 431.7 456.2 464.8 -11.6 66.4 -15.6 -4.1 24.5 8.6
Nonfinancial............................... 978.2 1,085.6 1,168.5 1,148.4 1,193.4 1,190.3 1,228.1 1,241.1 107.4 82.9 45.0 -3.1 37.8 13.0
Rest of the world............................ 395.2 436.6 418.9 412.5 418.1 398.5 403.1 419.8 41.4 -17.7 5.6 -19.6 4.6 16.7
Receipts from the rest of the world........ 584.6 653.7 665.9 661.1 677.2 657.5 658.7 667.8 69.1 12.2 16.1 -19.7 1.2 9.1
Less: Payments to the rest of the world.... 189.4 217.2 247.0 248.6 259.1 259.0 255.6 248.0 27.8 29.8 10.5 -.1 -3.4 -7.6
Corporate profits with inventory
valuation adjustment.................... 1,793.8 1,791.3 2,180.0 2,186.6 2,221.1 2,180.0 2,248.6 2,286.8 -2.5 388.7 34.5 -41.1 68.6 38.2
Domestic industries.......................... 1,398.6 1,354.8 1,761.1 1,774.0 1,803.0 1,781.5 1,845.5 1,867.0 -43.8 406.3 29.0 -21.5 64.0 21.5
Financial.................................. 405.3 384.1 477.4 507.2 492.1 486.9 511.9 520.4 -21.2 93.3 -15.1 -5.2 25.0 8.5
Federal Reserve banks.................... 71.6 75.9 71.7 67.5 73.3 70.0 82.1 90.4 4.3 -4.2 5.8 -3.3 12.1 8.3
Other financial.......................... 333.8 308.1 405.7 439.8 418.7 416.9 429.8 430.0 -25.7 97.6 -21.1 -1.8 12.9 .2
Nonfinancial............................... 993.3 970.7 1,283.7 1,266.8 1,310.9 1,294.6 1,333.6 1,346.6 -22.6 313.0 44.1 -16.3 39.0 13.0
Utilities................................ 29.8 11.1 37.1 40.8 33.6 38.3 47.2 ..... -18.7 26.0 -7.2 4.7 8.9 .....
Manufacturing............................ 284.9 303.9 404.3 387.8 410.1 389.7 381.8 ..... 19.0 100.4 22.3 -20.4 -7.9 .....
Durable goods.......................... 126.3 135.6 197.0 192.6 195.3 186.7 195.4 ..... 9.3 61.4 2.7 -8.6 8.7 .....
Fabricated metal products............ 15.2 17.9 24.3 24.5 23.7 23.5 24.6 ..... 2.7 6.4 -.8 -.2 1.1 .....
Machinery............................ 17.3 24.7 33.5 37.1 29.5 24.6 31.0 ..... 7.4 8.8 -7.6 -4.9 6.4 .....
Computer and electronic products..... 46.7 34.0 39.5 38.7 36.6 35.1 36.7 ..... -12.7 5.5 -2.1 -1.5 1.6 .....
Electrical equipment, appliances,
and components...................... 10.2 5.2 10.3 9.5 12.2 10.8 9.6 ..... -5.0 5.1 2.7 -1.4 -1.2 .....
Motor vehicles, bodies and trailers,
and parts........................... -10.3 -4.6 12.1 8.7 13.4 9.9 14.5 ..... 5.7 16.7 4.7 -3.5 4.6 .....
Other durable goods.................. 47.2 58.4 77.3 74.1 79.8 82.7 79.0 ..... 11.2 18.9 5.7 2.9 -3.7 .....
Nondurable goods....................... 158.6 168.3 207.3 195.2 214.8 203.0 186.4 ..... 9.7 39.0 19.6 -11.8 -16.6 .....
Food and beverage and tobacco
products............................ 45.8 40.7 49.7 52.9 48.0 49.3 57.2 ..... -5.1 9.0 -4.9 1.3 7.9 .....
Petroleum and coal products.......... 24.7 48.4 60.0 53.0 69.1 57.4 27.1 ..... 23.7 11.6 16.1 -11.7 -30.3 .....
Chemical products.................... 64.4 56.8 65.3 56.1 64.0 63.4 66.1 ..... -7.6 8.5 7.9 -.6 2.7 .....
Other nondurable goods............... 23.7 22.4 32.4 33.2 33.6 32.9 36.0 ..... -1.3 10.0 .4 -.7 3.1 .....
Wholesale trade.......................... 102.2 96.3 137.8 131.6 144.4 150.2 151.1 ..... -5.9 41.5 12.8 5.8 .9 .....
Retail trade............................. 118.3 116.1 149.2 142.5 159.0 148.9 169.9 ..... -2.2 33.1 16.5 -10.1 21.0 .....
Transportation and warehousing........... 44.6 32.1 51.5 52.2 47.1 54.5 57.6 ..... -12.5 19.4 -5.1 7.4 3.1 .....
Information.............................. 94.7 87.4 110.6 112.9 102.5 124.2 131.8 ..... -7.3 23.2 -10.4 21.7 7.6 .....
Other nonfinancial....................... 318.7 323.7 393.2 399.0 414.2 388.9 394.2 ..... 5.0 69.5 15.2 -25.3 5.3 .....
Rest of the world............................ 395.2 436.6 418.9 412.5 418.1 398.5 403.1 419.8 41.4 -17.7 5.6 -19.6 4.6 16.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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
[Quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------
2010 2011 2012 III 12 IV 12 I 13 II 13r III 13
------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business..................... 7,243.1 7,636.4 8,030.8 8,002.9 8,163.8 8,163.4 8,256.5 8,328.7
Consumption of fixed capital................ 1,094.6 1,135.8 1,188.2 1,195.2 1,204.7 1,218.5 1,231.6 1,243.1
Net value added............................. 6,148.6 6,500.6 6,842.7 6,807.7 6,959.1 6,944.9 7,024.9 7,085.6
Compensation of employees................. 4,168.0 4,374.3 4,600.8 4,589.1 4,694.5 4,654.7 4,715.6 4,754.5
Wages and salaries...................... 3,446.1 3,624.7 3,824.8 3,815.2 3,901.7 3,869.1 3,924.6 3,958.9
Supplements to wages and salaries....... 721.9 749.6 776.0 773.9 792.8 785.6 791.1 795.5
Taxes on production and imports less
subsidies................................ 633.0 664.2 685.3 683.2 687.6 697.3 696.2 698.7
Net operating surplus..................... 1,347.5 1,462.1 1,556.5 1,535.3 1,577.0 1,593.0 1,613.1 1,632.4
Net interest and miscellaneous
payments............................... 286.2 287.2 295.5 297.2 299.3 322.5 302.2 311.7
Business current transfer payments (net) 83.2 89.3 92.5 89.7 84.3 80.1 82.7 79.6
Corporate profits with inventory
valuation and capital consumption
adjustments............................ 978.2 1,085.6 1,168.5 1,148.4 1,193.4 1,190.3 1,228.1 1,241.1
Taxes on corporate income............. 220.6 222.3 256.9 249.1 268.4 266.6 264.1 263.8
Profits after tax with inventory
valuation and capital consumption
adjustments.......................... 757.6 863.3 911.6 899.4 925.0 923.7 964.0 977.4
Net dividends....................... 375.5 440.3 478.8 461.2 540.4 483.3 463.3 570.4
Undistributed profits with
inventory valuation and capital
consumption adjustments............ 382.1 423.0 432.8 438.1 384.6 440.5 500.8 407.0
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................. 1,034.3 1,026.7 1,293.7 1,288.8 1,319.4 1,307.7 1,324.7 1,344.9
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................. 813.8 804.4 1,036.8 1,039.7 1,051.0 1,041.1 1,060.6 1,081.2
Inventory valuation adjustment............ -41.0 -56.0 -10.0 -22.0 -8.4 -13.0 8.9 1.7
Capital consumption adjustment............ -15.2 114.9 -115.1 -118.4 -117.6 -104.3 -105.4 -105.5
----------------------------------------------------------------------------------------
Billions of chained (2009) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\.................. 7,244.4 7,464.6 7,743.2 7,701.5 7,821.0 7,795.6 7,889.9 7,919.9
Consumption of fixed capital\2\............. 1,093.5 1,110.1 1,136.0 1,139.4 1,147.1 1,156.0 1,164.7 1,172.8
Net value added\3\.......................... 6,151.0 6,354.5 6,607.1 6,562.2 6,673.9 6,639.6 6,725.2 6,747.1
----------------------------------------------------------------------------------------
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\.... 1.000 1.023 1.037 1.039 1.044 1.047 1.046 1.052
Compensation of employees (unit labor
cost).................................... .575 .586 .594 .596 .600 .597 .598 .600
Unit nonlabor cost........................ .290 .291 .291 .294 .291 .297 .293 .294
Consumption of fixed capital............ .151 .152 .153 .155 .154 .156 .156 .157
Taxes on production and imports less
subsidies plus business current
transfer payments (net)................ .099 .101 .100 .100 .099 .100 .099 .098
Net interest and miscellaneous payments. .040 .038 .038 .039 .038 .041 .038 .039
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)......... .135 .145 .151 .149 .153 .153 .156 .157
Taxes on corporate income............... .030 .030 .033 .032 .034 .034 .033 .033
Profits after tax with inventory
valuation and capital consumption
adjustments............................ .105 .116 .118 .117 .118 .118 .122 .123
------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
incorporation of revised wage and salary estimates for the second
quarter of 2013.
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
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2010 2011 2012 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change from preceding period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 2.5 1.8 2.8 3.9 1.6 3.9 2.8 2.8 -1.3 3.2 1.4 4.9 3.7 1.2 2.8 .1 1.1 2.5 3.6
Goods............................. 8.6 4.3 5.1 16.4 10.4 4.7 9.7 6.0 -.9 5.9 -.3 15.5 5.6 .6 4.8 -1.2 5.5 3.9 9.6
Services.......................... 1.1 1.1 1.2 1.2 .1 2.0 1.7 1.6 .2 1.5 1.3 -.2 2.4 1.1 1.6 -.6 .3 .7 -.2
Structures........................ -7.8 -1.7 7.3 -15.2 -16.7 18.3 -13.8 .5 -15.3 8.2 9.5 8.4 7.3 4.5 4.7 12.7 -9.2 11.9 12.4
Motor vehicle output.............. 30.2 10.1 13.2 16.3 36.8 18.0 24.1 -13.2 31.5 -5.2 11.0 25.4 28.4 6.3 .2 -2.8 9.2 12.1 -12.7
GDP excluding motor vehicle
output........................... 2.0 1.7 2.5 3.7 .9 3.6 2.3 3.2 -2.0 3.4 1.1 4.4 3.1 1.1 2.9 .2 .9 2.2 4.1
Final sales of computers\1\....... -4.5 10.2 12.9 -13.1 27.5 -27.2 -8.0 34.6 22.6 .5 -2.8 44.3 35.0 -21.7 .9 50.3 17.5 15.4 -11.7
GDP excluding final sales of
computers........................ 2.5 1.8 2.7 4.0 1.5 4.1 2.8 2.7 -1.4 3.2 1.4 4.7 3.6 1.3 2.8 .0 1.1 2.4 3.7
Research and development.......... 1.9 1.3 -.3 3.9 1.1 -1.0 5.7 2.2 -.1 1.0 1.1 -.3 -1.1 -2.2 1.7 .4 -.2 1.9 1.3
GDP excluding research and
development...................... 2.5 1.9 2.9 3.9 1.6 4.0 2.7 2.8 -1.3 3.2 1.4 5.0 3.8 1.3 2.8 .1 1.2 2.5 3.7
Farm gross value added\2\......... 1.5 -5.1 -1.1 -16.8 -16.9 29.8 -1.2 -25.6 12.1 -31.3 6.6 43.0 -3.0 5.1 -30.8 -27.0 179.6 9.0 14.2
Nonfarm business gross value
added\3\......................... 3.2 2.5 3.7 5.1 2.0 4.7 4.2 4.2 -2.1 4.7 1.7 5.9 5.0 1.6 4.2 .7 -.3 3.3 4.7
Price indexes:
GDP............................... 1.2 2.0 1.7 1.2 1.3 1.9 1.8 2.1 1.6 2.6 2.5 .5 2.0 1.8 2.3 1.1 1.3 .6 2.0
GDP excluding food and energy\4\.. 1.4 1.8 1.7 1.9 1.7 1.6 1.3 1.7 1.9 2.6 1.9 .9 2.4 1.5 1.3 1.4 1.6 .9 1.9
GDP excluding final sales of
computers........................ 1.3 2.0 1.8 1.2 1.4 1.9 1.9 2.1 1.7 2.7 2.5 .5 2.0 1.8 2.3 1.2 1.4 .7 2.0
Gross domestic purchases.......... 1.5 2.3 1.7 2.2 1.8 1.0 1.3 2.3 2.8 3.5 2.0 .9 2.3 1.0 1.4 1.6 1.2 .2 1.8
Gross domestic purchases excluding
food and energy\4\............... 1.3 1.7 1.6 1.8 1.5 1.4 1.1 1.4 1.8 2.6 1.8 1.0 2.2 1.5 1.2 1.3 1.4 .8 1.5
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 1.6 2.4 1.7 2.3 1.8 1.0 1.3 2.3 3.0 3.6 2.1 .9 2.3 1.0 1.4 1.6 1.3 .3 1.8
Personal consumption expenditures
(PCE)............................ 1.7 2.4 1.8 2.8 1.4 .5 1.2 2.1 3.0 3.7 2.3 1.3 2.3 1.1 1.7 1.6 1.1 -.1 2.0
PCE excluding food and energy\4\.. 1.3 1.4 1.8 2.1 1.0 1.1 1.0 .8 1.3 2.2 2.0 1.6 2.2 1.8 1.4 1.3 1.4 .6 1.5
Market-based PCE\5\............... 1.5 2.5 1.8 2.4 1.1 .2 1.1 2.1 3.4 4.0 2.4 1.3 2.3 .9 1.6 1.4 1.3 -.3 2.0
Market-based PCE excluding food
and energy\5\.................... 1.0 1.4 1.8 1.6 .7 .8 .8 .6 1.5 2.3 2.1 1.6 2.2 1.7 1.3 .9 1.6 .5 1.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Contributions to percent change in
real gross domestic product
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product............ 2.5 1.8 2.8 3.9 1.6 3.9 2.8 2.8 -1.3 3.2 1.4 4.9 3.7 1.2 2.8 .1 1.1 2.5 3.6
Percentage points at annual rates:
Goods............................. 2.39 1.26 1.53 4.37 2.90 1.40 2.74 1.74 -.31 1.71 -.10 4.43 1.72 .22 1.46 -.36 1.63 1.20 2.86
Services.......................... .72 .70 .76 .75 .02 1.30 1.09 1.03 .13 .95 .85 -.12 1.50 .69 1.00 -.35 .21 .46 -.14
Structures........................ -.61 -.12 .49 -1.24 -1.33 1.20 -1.05 .04 -1.11 .53 .62 .56 .49 .30 .32 .85 -.70 .82 .88
Motor vehicle output.............. .53 .23 .32 .30 .67 .38 .50 -.32 .63 -.13 .25 .57 .66 .17 .01 -.07 .24 .32 -.37
Final sales of computers.......... -.02 .04 .05 -.06 .11 -.14 -.03 .12 .09 .01 -.01 .15 .13 -.11 .00 .16 .07 .06 -.05
Research and development.......... .05 .04 -.01 .10 .03 -.03 .14 .06 .00 .03 .03 -.01 -.03 -.06 .04 .01 .00 .05 .03
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.