EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 27, 2018 BEA 18-19 Technical: Lisa Mataloni (GDP) (301) 278-9083 gdpniwd@bea.gov Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov Gross Domestic Product: First Quarter 2018 (Advance Estimate) Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the first quarter of 2018 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.9 percent. The Bureau emphasized that the first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see “Source Data for the Advance Estimate” on page 2). The "second" estimate for the first quarter, based on more complete data, will be released on May 30, 2018. chart.------ The increase in real GDP in the first quarter reflected positive contributions from nonresidential fixed investment, personal consumption expenditures (PCE), exports, 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 growth in the first quarter reflected decelerations in PCE, residential fixed investment, exports, and state and local government spending. These movements were partly offset by an upturn in private inventory investment. Imports, which are a subtraction in the calculation of GDP, decelerated. Current-dollar GDP increased 4.3 percent, or $211.2 billion, in the first quarter to a level of $19.97 trillion. In the fourth quarter, current-dollar GDP increased 5.3 percent, or $253.5 billion (table 1 and table 3). The price index for gross domestic purchases increased 2.8 percent in the first quarter, compared with an increase of 2.5 percent in the fourth quarter (table 4). The PCE price index increased 2.7 percent, the same increase as in the fourth quarter. Excluding food and energy prices, the PCE price index increased 2.5 percent, compared with an increase of 1.9 percent (appendix table A). Personal Income (table 10) Current-dollar personal income increased $182.1 billion in the first quarter, compared with an increase of $186.4 billion in the fourth quarter. Decelerations in personal interest income, rental income, and nonfarm proprietors' income were largely offset by accelerations in wages and salaries and in government social benefits. Personal current taxes decreased $40.1 billion in the first quarter compared with an increase of $50.1 billion in the fourth quarter. Disposable personal income increased $222.1 billion, or 6.2 percent, in the first quarter, compared with an increase of $136.3 billion, or 3.8 percent, in the fourth quarter. Real disposable personal income increased 3.4 percent, compared with an increase of 1.1 percent. Personal saving was $462.1 billion in the first quarter, compared with $379.8 billion in the fourth quarter. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.1 percent in the first quarter, compared with 2.6 percent in the fourth quarter. The 2017 Tax Cuts and Jobs Act includes provisions that impact the personal income statistics in the National Income and Product Accounts. For more information, see the Technical Note. Source Data for the Advance Estimate Information on the assumptions used for unavailable source data in the advance estimate is provided in a Technical Note that is posted with the news release on BEA’s Web site. A detailed "Key Source Data and Assumptions" file is also posted for each release. For information on updates to GDP, see the "Additional Information" section that follows. Upcoming Comprehensive Update of the National Income and Product Accounts BEA will release the results of the 15th comprehensive (or benchmark) update of the national income and product accounts (NIPAs) in conjunction with the second quarter 2018 "advance" estimate on July 27, 2018. For more information, see the Technical Note. Details on the planned statistical, definitional, and presentational changes are available in the April Survey of Current Business article "Preview of the 2018 Comprehensive Update of the National Income and Product Accounts." An article in the September Survey will describe the estimates in detail. Revised NIPA table stubs and news release stubs will be available in June. * * * Next release: May 30, 2018, at 8:30 A.M. EDT Gross Domestic Product: First Quarter 2018 (Second Estimate) Corporate Profits: First Quarter 2018 (Preliminary 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. 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.” Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. (For a comparison of personal saving in BEA's national income and product accounts (NIPAs) with personal saving in the Federal Reserve Board's financial accounts of the United States, go to www.bea.gov/national/nipaweb/nipa-frb.asp. 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 1.3 Note - Based on estimates from 1993 through 2016. 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 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 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 2015 2016 2017 ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- ---------2014--------- -------------2015------------- -------------2016------------- -------------2017------------- 2018 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP)..... 2.9 1.5 2.3 4.6 5.2 2.0 3.2 2.7 1.6 0.5 0.6 2.2 2.8 1.8 1.2 3.1 3.2 2.9 2.3 Personal consumption expenditures...... 3.6 2.7 2.8 3.5 3.9 5.1 3.7 3.0 2.8 2.7 1.8 3.8 2.8 2.9 1.9 3.3 2.2 4.0 1.1 Goods................................ 4.6 3.7 3.9 6.2 4.5 5.7 4.2 4.5 4.4 2.8 2.1 6.0 3.2 4.7 0.7 5.4 4.5 7.8 -1.1 Durable goods...................... 7.7 5.5 6.7 13.2 7.7 8.3 7.8 8.6 5.0 4.2 1.0 8.5 9.4 9.2 -0.1 7.6 8.6 13.7 -3.3 Nondurable goods................... 3.1 2.8 2.4 3.0 3.0 4.5 2.4 2.5 4.0 2.2 2.6 4.7 0.1 2.5 1.1 4.2 2.3 4.8 0.1 Services............................. 3.2 2.3 2.2 2.1 3.6 4.7 3.4 2.3 2.0 2.6 1.7 2.8 2.7 2.1 2.5 2.3 1.1 2.3 2.1 Gross private domestic investment...... 5.2 -1.6 3.3 15.6 11.5 -1.3 13.1 0.8 2.0 -6.2 -4.0 -2.7 2.4 8.5 -1.2 3.9 7.3 4.7 7.3 Fixed investment..................... 3.9 0.7 4.0 10.2 9.2 0.3 4.1 4.7 3.4 -2.4 -0.2 1.4 1.5 1.7 8.1 3.2 2.4 8.2 4.6 Nonresidential..................... 2.3 -0.6 4.7 9.4 10.5 -2.3 2.2 2.9 1.5 -5.1 -4.0 3.3 3.4 0.2 7.2 6.7 4.7 6.8 6.1 Structures....................... -1.8 -4.1 5.6 12.2 -1.8 4.7 -2.1 4.6 -15.2 -21.4 2.3 0.5 14.3 -2.2 14.8 7.0 -7.0 6.3 12.3 Equipment........................ 3.5 -3.4 4.8 10.9 19.2 -11.8 8.2 0.8 10.0 -4.6 -13.1 -0.6 -2.1 1.8 4.4 8.8 10.8 11.6 4.7 Intellectual property products... 3.8 6.3 3.9 5.1 7.7 8.2 -2.9 4.9 2.9 8.0 6.3 11.1 4.2 -0.4 5.7 3.7 5.2 0.8 3.6 Residential........................ 10.2 5.5 1.8 13.2 4.5 10.9 11.4 11.7 10.6 7.3 13.4 -4.7 -4.5 7.1 11.1 -7.3 -4.7 12.8 0.0 Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports.............................. 0.4 -0.3 3.4 9.2 0.6 4.9 -4.5 3.7 -4.0 -2.3 -2.6 2.8 6.4 -3.8 7.3 3.5 2.1 7.0 4.8 Goods.............................. -0.4 0.3 4.5 10.7 2.2 4.6 -8.6 5.4 -4.9 -3.8 0.3 2.8 8.1 -3.4 10.8 2.2 1.8 11.6 6.1 Services........................... 2.1 -1.5 1.3 5.9 -2.7 5.8 4.6 0.5 -2.1 0.7 -7.8 2.7 3.2 -4.6 1.0 6.2 2.5 -1.4 2.4 Imports.............................. 5.0 1.3 4.0 10.2 -1.0 10.8 6.7 3.3 1.7 0.0 -0.2 0.4 2.7 8.1 4.3 1.5 -0.7 14.1 2.6 Goods.............................. 5.2 0.9 4.3 11.0 -1.1 11.3 7.9 3.1 0.7 -0.4 -0.5 0.3 1.2 9.2 4.7 1.3 -0.2 17.3 2.1 Services........................... 4.0 3.1 2.5 6.5 -0.5 8.6 1.4 4.4 6.5 1.6 1.1 1.0 9.0 3.2 2.5 2.2 -2.6 1.1 4.8 Government consumption expenditures and gross investment.................. 1.4 0.8 0.1 1.1 2.1 -0.6 1.5 3.4 1.2 0.3 1.8 -0.9 0.5 0.2 -0.6 -0.2 0.7 3.0 1.2 Federal.............................. -0.1 0.0 0.2 -1.6 3.1 -5.6 1.5 1.8 -1.1 2.5 -1.5 -0.9 1.6 -0.5 -2.4 1.9 1.3 3.2 1.7 National defense................... -2.2 -0.7 0.2 -1.6 2.4 -10.9 -1.0 2.1 -4.5 3.6 -2.7 -2.1 2.5 -3.2 -3.3 4.7 2.4 5.5 1.8 Nondefense......................... 3.2 1.2 0.1 -1.5 4.1 3.3 5.5 1.3 4.2 0.9 0.2 0.8 0.3 3.6 -1.2 -1.9 -0.2 -0.1 1.6 State and local...................... 2.3 1.2 0.1 2.8 1.5 2.6 1.5 4.5 2.6 -1.1 3.9 -1.0 -0.2 0.6 0.5 -1.5 0.2 2.9 0.8 Addenda: Gross domestic income (GDI)\1\....... 3.0 0.9 1.7 5.7 4.8 4.8 1.9 2.5 0.6 1.5 -0.3 0.2 4.1 -1.7 2.7 2.3 2.4 0.9 --- Average of GDP and GDI............... 2.9 1.2 2.0 5.2 5.0 3.4 2.6 2.6 1.1 1.0 0.1 1.2 3.4 0.0 2.0 2.7 2.8 1.9 --- Final sales of domestic product...... 2.6 1.9 2.4 3.7 4.8 2.3 1.8 3.4 1.9 1.2 1.2 2.9 2.6 0.7 2.7 2.9 2.4 3.4 1.9 Gross domestic purchases............. 3.5 1.7 2.4 4.9 4.8 3.0 4.8 2.7 2.4 0.7 0.8 1.9 2.4 3.3 1.0 2.8 2.7 4.0 2.1 Final sales to domestic purchasers... 3.3 2.1 2.5 4.1 4.4 3.3 3.4 3.4 2.6 1.4 1.5 2.6 2.2 2.3 2.4 2.7 1.9 4.5 1.6 Final sales to private domestic purchasers.......................... 3.7 2.3 3.0 4.7 4.9 4.1 3.7 3.3 2.9 1.7 1.4 3.3 2.6 2.7 3.1 3.3 2.2 4.8 1.7 Gross national product (GNP)......... 2.7 1.4 2.3 4.3 5.5 1.4 3.2 2.1 1.6 1.0 -0.3 2.6 2.6 2.6 0.9 2.8 3.7 2.7 --- Disposable personal income........... 4.2 1.4 1.2 5.3 4.2 5.9 4.3 3.8 1.8 2.9 0.2 1.9 0.7 -1.8 2.9 2.7 0.7 1.1 3.4 Current-dollar measures: GDP................................ 4.0 2.8 4.1 7.0 7.1 2.6 3.2 5.0 3.0 1.3 0.8 4.7 4.2 3.8 3.3 4.1 5.3 5.3 4.3 GDI................................ 4.1 2.1 3.5 8.1 6.8 5.4 1.9 4.7 2.0 2.4 -0.1 2.6 5.5 0.3 4.7 3.3 4.6 3.2 --- Average of GDP and GDI............. 4.0 2.5 3.8 7.6 7.0 4.0 2.5 4.8 2.5 1.8 0.4 3.7 4.9 2.1 4.0 3.7 4.9 4.3 --- Final sales of domestic product.... 3.8 3.2 4.2 6.0 6.8 2.9 1.8 5.7 3.3 2.0 1.6 5.4 4.1 2.7 4.8 4.0 4.5 5.9 3.9 Gross domestic purchases........... 3.9 2.7 4.3 6.7 6.4 3.2 3.5 4.1 3.4 1.0 0.9 4.1 3.9 5.3 3.6 3.6 4.5 6.6 4.9 Final sales to domestic purchasers........................ 3.8 3.1 4.4 5.8 6.0 3.5 2.1 4.9 3.7 1.7 1.7 4.7 3.8 4.1 5.0 3.5 3.7 7.1 4.5 Final sales to private domestic purchasers........................ 4.2 3.5 4.7 6.5 6.5 4.3 2.6 4.7 4.1 1.8 1.9 5.4 4.3 4.7 5.2 4.0 3.8 7.3 4.5 GNP................................ 3.8 2.7 4.2 6.6 7.4 2.0 3.0 4.4 3.0 1.9 -0.1 5.1 4.0 4.7 2.9 3.8 5.8 5.1 --- Disposable personal income......... 4.5 2.6 2.9 7.1 5.5 5.7 2.6 5.6 3.2 3.1 0.9 4.0 2.5 0.1 5.2 3.0 2.2 3.8 6.2 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See 'Explanatory Note' at the end of the tables. Source: U.S. Bureau of Economic Analysis Table 2. Contributions to Percent Change in Real Gross Domestic Product -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2015 2016 2017 ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- ---------2014--------- -------------2015------------- -------------2016------------- -------------2017------------- 2018 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product.............. 2.9 1.5 2.3 4.6 5.2 2.0 3.2 2.7 1.6 0.5 0.6 2.2 2.8 1.8 1.2 3.1 3.2 2.9 2.3 Percentage points at annual rates: Personal consumption expenditures....... 2.47 1.86 1.89 2.33 2.65 3.36 2.48 2.03 1.86 1.80 1.23 2.57 1.92 1.99 1.32 2.24 1.49 2.75 0.73 Goods................................. 1.03 0.81 0.85 1.38 1.01 1.26 0.93 0.99 0.95 0.63 0.46 1.30 0.69 1.03 0.15 1.16 0.97 1.67 -0.24 Durable goods....................... 0.57 0.41 0.50 0.93 0.56 0.60 0.57 0.63 0.37 0.31 0.08 0.62 0.68 0.67 -0.01 0.56 0.63 0.98 -0.25 Motor vehicles and parts.......... 0.17 0.08 0.12 0.35 0.14 0.16 0.23 0.29 -0.01 -0.11 -0.09 0.18 0.36 0.32 -0.26 0.02 0.29 0.45 -0.42 Furnishings and durable household equipment........................ 0.14 0.12 0.12 0.28 0.13 0.14 0.11 0.13 0.15 0.14 0.09 0.15 0.10 0.09 0.08 0.15 0.15 0.22 0.01 Recreational goods and vehicles... 0.18 0.18 0.20 0.22 0.25 0.20 0.14 0.13 0.17 0.23 0.11 0.25 0.16 0.22 0.21 0.26 0.02 0.25 0.14 Other durable goods............... 0.08 0.03 0.06 0.08 0.04 0.09 0.10 0.07 0.06 0.06 -0.03 0.04 0.06 0.04 -0.03 0.12 0.17 0.06 0.02 Nondurable goods.................... 0.47 0.40 0.35 0.45 0.45 0.67 0.36 0.36 0.58 0.32 0.38 0.68 0.01 0.35 0.16 0.61 0.34 0.69 0.01 Food and beverages purchased for off-premises consumption......... 0.03 0.13 0.13 -0.02 0.03 0.03 0.06 -0.02 0.04 0.04 0.16 0.30 0.09 0.21 0.06 0.01 0.16 0.32 0.02 Clothing and footwear............. 0.08 0.05 0.05 0.17 0.08 0.21 0.00 0.07 0.05 0.05 0.02 0.11 0.03 0.03 -0.08 0.20 -0.01 0.21 -0.19 Gasoline and other energy goods... 0.09 0.02 -0.02 -0.13 0.00 0.18 0.15 0.04 0.11 0.01 0.10 -0.08 -0.05 -0.03 -0.10 0.12 -0.04 0.00 -0.06 Other nondurable goods............ 0.27 0.20 0.20 0.43 0.35 0.24 0.15 0.27 0.38 0.22 0.10 0.34 -0.06 0.15 0.28 0.28 0.22 0.16 0.24 Services.............................. 1.44 1.05 1.05 0.96 1.64 2.10 1.56 1.04 0.90 1.17 0.77 1.28 1.23 0.97 1.17 1.08 0.52 1.08 0.97 Household consumption expenditures (for services)..................... 1.42 0.95 1.02 0.87 1.68 2.15 1.71 0.90 0.72 0.93 0.78 1.24 1.08 0.98 1.11 1.11 0.65 0.88 0.81 Housing and utilities............. 0.21 0.16 0.12 -0.28 -0.03 0.50 0.50 -0.10 0.24 -0.01 0.20 0.35 0.27 -0.11 -0.04 0.42 0.00 0.26 0.03 Health care....................... 0.57 0.43 0.35 0.65 0.81 0.82 0.60 0.24 0.44 0.31 0.50 0.62 0.13 0.62 0.24 0.15 0.52 0.29 0.33 Transportation services........... 0.09 0.08 0.04 0.08 0.17 0.04 0.09 0.09 0.04 0.14 0.07 0.02 0.11 0.06 0.04 0.01 -0.04 0.09 0.07 Recreation services............... 0.06 0.06 0.06 -0.12 0.12 0.09 0.05 0.08 -0.01 0.20 -0.01 -0.02 0.12 0.07 0.12 0.04 0.01 -0.02 0.04 Food services and accommodations 0.19 0.11 0.06 0.28 0.22 0.28 0.05 0.29 0.07 0.17 0.02 0.18 0.07 0.00 0.12 -0.03 0.09 0.03 0.02 Financial services and insurance 0.15 -0.09 0.17 0.08 0.25 0.13 0.26 0.21 -0.09 0.01 -0.35 -0.12 0.13 0.07 0.40 0.14 0.13 0.12 0.34 Other services.................... 0.15 0.20 0.23 0.18 0.14 0.29 0.17 0.08 0.02 0.10 0.35 0.20 0.25 0.27 0.23 0.38 -0.06 0.11 -0.03 Final consumption expenditures of nonprofit institutions serving households......................... 0.02 0.10 0.02 0.09 -0.04 -0.06 -0.15 0.14 0.19 0.24 -0.01 0.04 0.15 -0.01 0.06 -0.04 -0.13 0.21 0.16 Gross output of nonprofit institutions..................... 0.22 0.24 0.15 0.37 0.36 0.43 0.10 0.05 0.16 0.29 0.20 0.38 0.19 0.36 0.12 -0.23 0.21 0.25 0.20 Less: Receipts from sales of goods and services by nonprofit institutions..................... 0.20 0.14 0.12 0.29 0.40 0.48 0.25 -0.09 -0.03 0.05 0.21 0.34 0.04 0.38 0.06 -0.19 0.34 0.04 0.04 Gross private domestic investment....... 0.87 -0.28 0.54 2.47 1.90 -0.21 2.12 0.14 0.33 -1.08 -0.68 -0.45 0.40 1.34 -0.20 0.64 1.19 0.78 1.19 Fixed investment...................... 0.64 0.12 0.65 1.56 1.45 0.04 0.67 0.77 0.55 -0.41 -0.05 0.22 0.25 0.28 1.27 0.53 0.40 1.31 0.76 Nonresidential...................... 0.30 -0.08 0.58 1.16 1.31 -0.30 0.30 0.38 0.19 -0.67 -0.52 0.41 0.42 0.02 0.86 0.82 0.58 0.84 0.76 Structures........................ -0.06 -0.12 0.16 0.36 -0.05 0.14 -0.07 0.14 -0.50 -0.69 0.06 0.01 0.37 -0.06 0.39 0.20 -0.21 0.18 0.34 Equipment......................... 0.21 -0.20 0.27 0.61 1.07 -0.76 0.49 0.06 0.58 -0.28 -0.82 -0.04 -0.12 0.10 0.24 0.48 0.58 0.63 0.27 Information processing equipment...................... 0.07 0.03 0.12 0.25 -0.07 0.14 -0.02 0.08 0.23 0.04 -0.16 0.08 0.10 0.05 0.13 0.17 0.17 0.14 0.16 Computers and peripheral equipment.................... -0.02 -0.01 0.03 0.09 -0.02 0.03 -0.11 0.02 0.05 -0.10 -0.02 0.01 0.00 -0.01 0.01 0.15 0.10 -0.12 0.12 Other......................... 0.09 0.05 0.09 0.16 -0.05 0.12 0.09 0.06 0.18 0.14 -0.14 0.06 0.11 0.06 0.11 0.02 0.07 0.26 0.04 Industrial equipment............ 0.01 0.03 0.09 0.17 0.15 -0.22 0.00 0.12 -0.02 0.09 -0.07 0.08 0.03 0.07 0.09 0.14 0.09 0.06 0.05 Transportation equipment........ 0.16 -0.12 0.00 0.22 0.41 -0.25 0.50 -0.06 0.37 -0.24 -0.37 0.01 -0.23 -0.05 -0.04 0.02 0.21 0.22 0.07 Other equipment................. -0.04 -0.14 0.06 -0.03 0.58 -0.43 0.00 -0.08 0.00 -0.17 -0.23 -0.21 -0.03 0.04 0.06 0.15 0.11 0.21 -0.01 Intellectual property products.... 0.15 0.25 0.16 0.19 0.29 0.31 -0.11 0.19 0.11 0.31 0.24 0.43 0.17 -0.02 0.23 0.15 0.21 0.03 0.14 Software........................ 0.10 0.13 0.10 0.21 0.19 0.05 0.11 0.07 0.05 0.12 0.17 0.19 0.12 0.04 0.09 0.13 0.15 -0.04 0.05 Research and development........ 0.02 0.11 0.05 -0.01 0.09 0.23 -0.25 0.09 0.04 0.17 0.08 0.25 0.02 -0.07 0.13 0.02 0.05 0.06 0.07 Entertainment, literary, and artistic originals............. 0.02 0.01 0.01 -0.01 0.01 0.03 0.03 0.02 0.03 0.01 0.00 -0.01 0.03 0.02 0.01 0.00 0.00 0.02 0.02 Residential......................... 0.34 0.20 0.07 0.40 0.14 0.35 0.37 0.39 0.36 0.26 0.47 -0.18 -0.18 0.26 0.41 -0.30 -0.18 0.46 0.00 Change in private inventories......... 0.23 -0.40 -0.11 0.91 0.44 -0.26 1.45 -0.63 -0.22 -0.68 -0.64 -0.67 0.16 1.06 -1.46 0.12 0.79 -0.53 0.43 Farm................................ 0.03 0.00 0.02 0.04 0.05 -0.03 0.17 -0.06 0.01 -0.09 0.00 0.14 -0.05 -0.09 0.13 -0.04 0.07 0.00 -0.02 Nonfarm............................. 0.20 -0.39 -0.13 0.87 0.40 -0.23 1.27 -0.57 -0.23 -0.59 -0.63 -0.81 0.20 1.15 -1.59 0.15 0.72 -0.52 0.45 Net exports of goods and services....... -0.73 -0.23 -0.18 -0.40 0.28 -1.02 -1.64 -0.03 -0.77 -0.28 -0.28 0.28 0.36 -1.61 0.22 0.21 0.36 -1.16 0.20 Exports............................... 0.05 -0.04 0.40 1.22 0.09 0.65 -0.59 0.47 -0.51 -0.29 -0.33 0.32 0.74 -0.47 0.85 0.42 0.25 0.83 0.59 Goods............................... -0.03 0.02 0.35 0.97 0.21 0.41 -0.78 0.45 -0.43 -0.32 0.01 0.21 0.60 -0.27 0.81 0.18 0.15 0.89 0.49 Services............................ 0.09 -0.06 0.05 0.25 -0.12 0.24 0.19 0.02 -0.09 0.03 -0.33 0.11 0.13 -0.19 0.04 0.25 0.10 -0.06 0.10 Imports............................... -0.78 -0.19 -0.58 -1.62 0.18 -1.67 -1.05 -0.50 -0.25 0.01 0.04 -0.04 -0.37 -1.14 -0.63 -0.22 0.11 -1.99 -0.39 Goods............................... -0.67 -0.11 -0.51 -1.44 0.17 -1.44 -1.01 -0.38 -0.08 0.06 0.07 -0.02 -0.14 -1.05 -0.56 -0.16 0.03 -1.96 -0.26 Services............................ -0.11 -0.09 -0.07 -0.18 0.02 -0.23 -0.04 -0.12 -0.17 -0.05 -0.03 -0.03 -0.24 -0.09 -0.07 -0.06 0.07 -0.03 -0.13 Government consumption expenditures and gross investment....................... 0.25 0.13 0.02 0.20 0.39 -0.11 0.27 0.60 0.21 0.05 0.32 -0.16 0.09 0.03 -0.11 -0.03 0.12 0.51 0.20 Federal............................... -0.01 0.00 0.01 -0.11 0.22 -0.40 0.11 0.12 -0.07 0.17 -0.10 -0.06 0.11 -0.03 -0.16 0.13 0.09 0.20 0.11 National defense.................... -0.09 -0.03 0.01 -0.07 0.11 -0.48 -0.04 0.08 -0.19 0.14 -0.11 -0.08 0.10 -0.13 -0.13 0.18 0.09 0.21 0.07 Consumption expenditures.......... -0.08 -0.03 -0.05 -0.15 0.14 -0.47 0.07 0.01 -0.14 0.07 -0.09 -0.04 0.10 -0.16 -0.21 0.02 0.09 0.13 0.04 Gross investment.................. -0.02 0.00 0.06 0.08 -0.03 -0.02 -0.11 0.08 -0.04 0.07 -0.01 -0.04 0.00 0.03 0.08 0.16 0.00 0.08 0.03 Nondefense.......................... 0.09 0.03 0.00 -0.04 0.11 0.09 0.15 0.04 0.11 0.02 0.00 0.02 0.01 0.10 -0.03 -0.05 -0.01 0.00 0.04 Consumption expenditures.......... 0.07 0.02 -0.01 -0.06 0.10 0.04 0.15 0.02 0.11 0.03 -0.02 0.00 -0.01 0.06 -0.07 -0.05 0.06 -0.01 0.03 Gross investment.................. 0.01 0.01 0.01 0.02 0.01 0.04 0.00 0.01 0.00 -0.01 0.02 0.02 0.01 0.03 0.04 0.00 -0.06 0.00 0.02 State and local....................... 0.26 0.13 0.01 0.31 0.17 0.28 0.17 0.48 0.28 -0.12 0.42 -0.11 -0.02 0.06 0.05 -0.16 0.03 0.31 0.09 Consumption expenditures............ 0.20 0.15 0.07 0.16 0.14 0.21 0.22 0.20 0.23 0.11 0.17 0.14 0.17 0.01 0.04 0.09 0.08 0.06 0.09 Gross investment.................... 0.06 -0.02 -0.06 0.14 0.03 0.08 -0.05 0.28 0.05 -0.23 0.25 -0.24 -0.18 0.05 0.01 -0.25 -0.05 0.25 -0.01 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See 'Explanatory Note' at the end of the tables. Source: U.S. Bureau of Economic Analysis Table 3. Gross Domestic Product: Level and Change From Preceding Period ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------Billions of dollars---------------- ----------------------Billions of chained (2009) dollars---------------------- 2017 ----Seasonally adjusted at annual rates---- 2017 ----Seasonally adjusted at annual rates---- Change from preceding period ---------------2017--------------- 2018 ---------------2017--------------- 2018 2017 2017 2018 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q4 Q1 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)....... 19,390.6 19,057.7 19,250.0 19,500.6 19,754.1 19,965.3 17,096.2 16,903.2 17,031.1 17,163.9 17,286.5 17,385.8 380.0 122.6 99.3 Personal consumption expenditures........ 13,395.5 13,191.6 13,307.0 13,429.1 13,654.3 13,782.3 11,890.7 11,758.0 11,853.0 11,916.6 12,035.2 12,066.8 318.6 118.7 31.6 Goods.................................. 4,295.3 4,230.8 4,247.2 4,301.4 4,401.8 4,411.4 4,229.4 4,145.4 4,199.9 4,246.0 4,326.2 4,314.5 157.2 80.2 -11.7 Durable goods........................ 1,473.8 1,443.2 1,456.6 1,477.6 1,517.8 1,499.2 1,701.6 1,647.3 1,677.8 1,712.9 1,768.6 1,754.0 106.6 55.7 -14.5 Motor vehicles and parts........... 498.2 489.1 486.3 497.8 519.8 497.5 459.3 447.0 447.9 461.0 481.5 462.3 20.9 20.6 -19.2 Furnishings and durable household equipment......................... 338.7 332.9 335.9 339.1 346.8 347.2 412.0 397.8 406.6 415.3 428.3 428.9 27.3 13.1 0.5 Recreational goods and vehicles.... 405.8 397.9 405.8 406.2 413.3 414.7 633.8 613.8 633.1 634.4 653.8 664.7 56.6 19.4 10.8 Other durable goods................ 231.1 223.2 228.6 234.5 237.9 239.7 228.4 219.3 225.1 233.3 236.0 237.0 10.7 2.7 1.0 Nondurable goods..................... 2,821.5 2,787.6 2,790.6 2,823.8 2,884.0 2,912.3 2,575.0 2,540.2 2,566.6 2,581.5 2,611.9 2,612.5 60.7 30.5 0.5 Food and beverages purchased for off-premises consumption.......... 937.7 925.8 930.8 939.1 955.3 956.7 853.9 846.6 846.9 854.0 868.2 869.0 21.5 14.3 0.8 Clothing and footwear.............. 400.2 396.0 399.5 399.8 405.5 404.6 387.1 378.0 387.0 386.7 396.6 387.3 8.4 9.8 -9.2 Gasoline and other energy goods.... 304.1 306.3 286.5 296.0 327.5 340.6 284.9 281.5 287.1 285.4 285.5 283.1 -4.1 0.1 -2.4 Other nondurable goods............. 1,179.5 1,159.6 1,173.7 1,188.8 1,195.7 1,210.4 1,060.2 1,044.8 1,056.7 1,066.2 1,073.0 1,083.9 34.3 6.8 10.8 Services............................... 9,100.2 8,960.7 9,059.8 9,127.7 9,252.5 9,370.8 7,675.2 7,621.0 7,664.4 7,685.5 7,729.7 7,769.5 167.9 44.2 39.8 Household consumption expenditures (for services)...................... 8,723.3 8,584.9 8,683.1 8,755.2 8,870.0 8,979.3 7,355.0 7,299.2 7,344.1 7,370.4 7,406.2 7,439.4 163.9 35.7 33.3 Housing and utilities.............. 2,433.2 2,387.2 2,425.8 2,443.2 2,476.5 2,497.5 2,044.2 2,028.9 2,045.9 2,045.8 2,056.3 2,057.4 19.0 10.5 1.1 Health care........................ 2,259.9 2,226.6 2,241.9 2,271.7 2,299.3 2,335.8 2,007.2 1,988.1 1,994.6 2,016.8 2,029.3 2,043.7 58.1 12.5 14.4 Transportation services............ 406.6 403.6 406.1 404.4 412.2 415.4 359.6 359.1 359.4 357.8 361.9 364.9 6.5 4.0 3.1 Recreation services................ 518.0 512.9 515.7 520.8 522.6 527.4 442.7 441.6 443.1 443.5 442.5 444.2 10.3 -1.0 1.7 Food services and accommodations... 878.2 870.9 873.8 879.5 888.8 894.5 729.0 727.8 726.7 730.2 731.5 732.4 9.2 1.2 0.9 Financial services and insurance... 1,054.6 1,025.9 1,047.1 1,060.2 1,085.2 1,116.5 752.3 745.5 750.3 754.8 758.7 770.4 23.6 3.9 11.7 Other services..................... 1,172.8 1,157.8 1,172.7 1,175.3 1,185.4 1,192.1 1,027.4 1,015.5 1,031.4 1,029.0 1,033.8 1,032.7 37.2 4.7 -1.1 Final consumption expenditures of nonprofit institutions serving households.......................... 376.9 375.8 376.7 372.5 382.6 391.5 320.4 322.1 320.6 315.2 323.8 330.4 3.9 8.5 6.6 Gross output of nonprofit institutions...................... 1,472.7 1,461.5 1,458.3 1,474.4 1,496.6 1,520.1 1,252.7 1,252.9 1,243.5 1,252.2 1,262.3 1,270.5 23.5 10.1 8.2 Less: Receipts from sales of goods and services by nonprofit institutions...................... 1,095.8 1,085.7 1,081.6 1,101.9 1,114.0 1,128.7 932.4 930.8 923.0 937.0 938.6 940.2 19.5 1.6 1.6 Gross private domestic investment........ 3,212.8 3,128.7 3,178.1 3,249.2 3,295.3 3,377.2 2,952.3 2,897.0 2,924.7 2,976.5 3,011.1 3,064.4 94.1 34.5 53.3 Fixed investment....................... 3,197.2 3,128.9 3,173.3 3,207.3 3,279.2 3,340.5 2,915.9 2,875.7 2,898.5 2,915.8 2,973.7 3,007.5 112.5 57.9 33.8 Nonresidential....................... 2,449.6 2,383.4 2,433.6 2,468.4 2,513.0 2,558.4 2,314.2 2,263.6 2,300.6 2,326.9 2,365.7 2,400.8 103.8 38.8 35.1 Structures......................... 560.2 548.4 563.0 559.0 570.3 592.0 471.5 468.0 476.0 467.4 474.6 488.6 25.1 7.2 14.0 Equipment.......................... 1,098.4 1,057.6 1,082.3 1,111.0 1,142.5 1,156.5 1,098.1 1,059.4 1,082.0 1,110.1 1,140.8 1,154.1 50.3 30.8 13.3 Information processing equipment....................... 323.1 310.8 319.3 327.7 334.7 341.9 376.7 362.9 372.2 381.9 389.7 398.8 26.4 7.8 9.1 Computers and peripheral equipment..................... 79.2 72.8 80.1 84.9 79.2 85.1 91.3 84.3 92.3 97.8 90.9 97.9 7.3 -6.9 6.9 Other.......................... 243.9 238.1 239.2 242.8 255.5 256.8 284.6 278.0 279.1 283.3 298.1 300.2 19.0 14.9 2.0 Industrial equipment............. 243.3 234.3 241.7 246.7 250.6 254.8 227.2 219.9 226.0 230.2 232.8 235.2 15.1 2.6 2.4 Transportation equipment......... 290.3 282.6 283.5 292.8 302.4 305.3 276.8 268.9 269.6 279.1 289.4 292.7 -0.8 10.3 3.3 Other equipment.................. 241.6 229.9 237.8 243.8 254.8 254.5 228.4 218.2 225.2 230.2 240.1 239.6 11.5 9.9 -0.5 Intellectual property products..... 791.0 777.4 788.2 798.4 800.2 809.9 748.8 738.6 745.3 754.8 756.4 763.1 28.4 1.6 6.8 Software......................... 370.7 363.2 370.6 375.9 373.2 376.9 378.9 371.1 377.3 384.7 382.6 385.4 18.5 -2.1 2.8 Research and development......... 334.6 329.5 332.2 336.5 340.2 344.5 289.9 287.6 288.4 290.7 293.2 296.0 8.4 2.5 2.8 Entertainment, literary, and artistic originals.............. 85.8 84.7 85.4 86.1 86.8 88.4 82.4 82.0 82.1 82.2 83.0 84.2 2.0 0.8 1.2 Residential.......................... 747.6 745.5 739.7 738.9 766.2 782.1 597.9 605.5 594.1 587.0 604.9 605.0 10.4 17.9 0.0 Change in private inventories.......... 15.7 -0.1 4.9 41.9 16.0 36.7 15.2 1.2 5.5 38.5 15.6 33.1 -18.2 -22.9 17.5 Farm................................. 2.4 2.5 0.3 3.4 3.5 2.8 2.8 2.7 1.2 3.6 3.8 3.0 3.4 0.2 -0.8 Nonfarm.............................. 13.2 -2.7 4.6 38.5 12.5 33.8 12.3 -1.8 4.2 35.1 11.8 30.2 -22.1 -23.3 18.4 Net exports of goods and services........ -571.6 -582.8 -567.2 -534.1 -602.0 -637.6 -621.8 -622.2 -613.6 -597.5 -653.9 -645.9 -35.6 -56.4 8.0 Exports................................ 2,344.0 2,295.6 2,314.9 2,345.9 2,419.6 2,471.8 2,191.4 2,162.3 2,181.1 2,192.4 2,229.8 2,256.3 71.4 37.4 26.5 Goods................................ 1,546.8 1,515.0 1,520.9 1,544.1 1,607.4 1,647.9 1,512.3 1,492.3 1,500.4 1,507.3 1,549.1 1,572.2 64.8 41.8 23.0 Services............................. 797.1 780.6 794.0 801.8 812.2 823.9 681.3 672.2 682.3 686.6 684.2 688.3 8.5 -2.4 4.1 Imports................................ 2,915.6 2,878.4 2,882.1 2,880.1 3,021.6 3,109.4 2,813.2 2,784.5 2,794.8 2,790.0 2,883.7 2,902.2 106.9 93.7 18.5 Goods................................ 2,381.8 2,353.0 2,350.3 2,345.2 2,478.6 2,555.1 2,315.0 2,286.7 2,294.3 2,292.9 2,386.0 2,398.5 95.0 93.1 12.5 Services............................. 533.8 525.5 531.9 534.8 543.0 554.3 496.2 495.5 498.2 494.8 496.2 502.1 12.1 1.4 5.9 Government consumption expenditures and gross investment........................ 3,353.8 3,320.2 3,332.1 3,356.5 3,406.6 3,443.5 2,903.3 2,896.6 2,895.2 2,900.0 2,921.5 2,930.0 3.2 21.6 8.5 Federal................................ 1,260.7 1,244.3 1,255.8 1,263.5 1,278.9 1,297.1 1,116.4 1,108.4 1,113.7 1,117.4 1,126.2 1,131.0 1.8 8.8 4.9 National defense..................... 744.4 730.2 741.4 746.7 759.4 769.3 668.6 658.6 666.2 670.2 679.2 682.3 1.6 9.0 3.1 Consumption expenditures........... 588.7 581.6 584.7 590.1 598.5 606.7 523.5 519.5 520.3 524.3 529.8 531.7 -8.2 5.5 1.9 Gross investment................... 155.7 148.6 156.6 156.5 160.9 162.7 145.3 139.1 146.2 146.2 149.7 150.9 10.2 3.5 1.2 Nondefense........................... 516.2 514.1 514.5 516.9 519.5 527.8 447.2 449.0 446.9 446.6 446.5 448.3 0.3 -0.1 1.8 Consumption expenditures........... 389.1 386.3 386.1 391.0 392.9 399.4 331.9 332.5 330.3 332.6 332.4 333.4 -1.6 -0.3 1.0 Gross investment................... 127.2 127.8 128.4 125.9 126.5 128.4 115.4 116.7 116.7 114.0 114.1 114.9 1.9 0.2 0.7 State and local........................ 2,093.2 2,075.9 2,076.2 2,092.9 2,127.7 2,146.4 1,785.0 1,786.2 1,779.6 1,780.7 1,793.5 1,797.2 1.4 12.8 3.7 Consumption expenditures............. 1,754.4 1,733.4 1,743.7 1,759.8 1,780.8 1,796.7 1,490.1 1,485.1 1,488.8 1,492.0 1,494.4 1,498.3 11.8 2.4 3.9 Gross investment..................... 338.8 342.5 332.5 333.1 346.9 349.7 293.8 300.0 289.6 287.5 298.0 297.7 -10.6 10.5 -0.3 Residual................................. --- --- --- --- --- --- -132.8 -113.8 -129.1 -139.3 -148.9 -151.0 --- --- --- Addenda: Gross domestic income (GDI)\1\......... 19,425.6 19,160.1 19,317.0 19,534.6 19,690.9 --- 17,127.1 16,994.1 17,090.3 17,193.8 17,231.2 --- 278.8 37.4 --- Average of GDP and GDI................. 19,408.1 19,108.9 19,283.5 19,517.6 19,722.5 --- 17,111.6 16,948.7 17,060.7 17,178.8 17,258.9 --- 329.4 80.0 --- Final sales of domestic product........ 19,374.9 19,057.8 19,245.2 19,458.7 19,738.1 19,928.6 17,062.0 16,883.5 17,006.6 17,106.3 17,251.6 17,332.3 397.9 145.3 80.7 Gross domestic purchases............... 19,962.2 19,640.5 19,817.2 20,034.8 20,356.1 20,603.0 17,714.6 17,521.6 17,641.8 17,760.4 17,934.4 18,026.1 413.0 174.0 91.7 Final sales to domestic purchasers..... 19,946.5 19,640.7 19,812.4 19,992.9 20,340.1 20,566.3 17,681.2 17,502.7 17,618.3 17,703.5 17,900.4 17,973.4 431.0 196.8 73.0 Final sales to private domestic purchasers............................ 16,592.7 16,320.4 16,480.3 16,636.4 16,933.5 17,122.7 14,792.5 14,619.9 14,737.6 14,818.4 14,994.2 15,058.9 429.8 175.8 64.7 Gross domestic product................. 19,390.6 19,057.7 19,250.0 19,500.6 19,754.1 19,965.3 17,096.2 16,903.2 17,031.1 17,163.9 17,286.5 17,385.8 380.0 122.6 99.3 Plus: Income receipts from the rest of the world............................. 934.7 895.9 914.8 952.1 975.9 --- 758.8 731.1 745.1 772.3 786.8 --- 61.4 14.5 --- Less: Income payments to the rest of the world............................. 717.9 681.7 712.4 723.9 753.6 --- 578.0 551.9 575.5 582.3 602.3 --- 45.8 20.1 --- Equals: Gross national product......... 19,607.4 19,272.0 19,452.4 19,728.9 19,976.4 --- 17,275.3 17,081.0 17,198.0 17,352.8 17,469.2 --- 396.3 116.4 --- Net domestic product................... 16,355.9 16,071.5 16,229.3 16,448.5 16,674.1 16,846.6 14,347.6 14,174.8 14,289.9 14,409.0 14,516.5 14,600.0 328.4 107.5 83.5 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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. Source: U.S. Bureau of Economic Analysis Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2015 2016 2017 ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- ---------2014--------- -------------2015------------- -------------2016------------- -------------2017------------- 2018 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)..... 1.1 1.3 1.8 2.2 1.9 0.6 -0.1 2.2 1.4 0.8 0.3 2.4 1.4 2.0 2.0 1.0 2.1 2.3 2.0 Personal consumption expenditures...... 0.3 1.2 1.7 1.8 1.2 -0.3 -1.6 1.7 1.3 0.2 0.6 2.1 1.7 2.0 2.2 0.3 1.5 2.7 2.7 Goods................................ -2.9 -1.4 0.3 0.1 -0.7 -4.2 -7.6 1.0 -0.5 -3.4 -3.4 0.2 -0.6 1.3 2.7 -3.6 0.7 1.8 2.0 Durable goods...................... -2.1 -2.2 -2.1 -2.2 -1.9 -3.1 -2.5 -0.9 -2.0 -2.1 -1.3 -2.8 -3.5 -3.2 1.0 -3.6 -2.5 -2.1 -1.6 Nondurable goods................... -3.3 -1.1 1.6 1.2 -0.2 -4.8 -10.0 2.0 0.2 -4.0 -4.4 1.8 1.0 3.7 3.6 -3.6 2.4 3.8 3.9 Services............................. 1.9 2.5 2.3 2.7 2.2 1.8 1.5 2.0 2.2 1.9 2.6 3.0 2.9 2.3 2.0 2.2 1.9 3.2 3.1 Gross private domestic investment...... 0.8 0.5 1.7 1.2 2.6 2.1 0.0 -0.4 0.7 -0.2 -0.4 1.7 1.0 1.7 1.7 2.6 1.9 1.0 2.8 Fixed investment..................... 1.1 0.6 1.7 1.2 2.6 2.2 0.8 -0.3 0.9 0.1 -0.2 1.5 1.2 1.6 1.6 2.5 1.9 1.0 2.9 Nonresidential..................... 0.6 -0.3 1.0 1.2 1.4 1.4 0.8 -0.4 0.3 -0.6 -0.9 0.2 -0.3 0.6 1.5 1.9 1.1 0.6 1.3 Structures....................... 1.8 0.1 2.7 5.0 5.7 4.8 0.3 -1.5 1.5 -0.4 -2.0 2.8 -0.3 2.3 3.1 3.8 4.5 1.9 3.4 Equipment........................ -0.1 -0.1 0.4 0.7 0.0 0.2 0.2 -0.7 -0.8 -0.3 0.1 -0.1 0.9 -0.4 0.7 0.8 0.2 0.2 0.2 Intellectual property products... 0.9 -0.7 0.6 -0.8 0.2 0.7 2.3 1.1 1.1 -1.1 -1.5 -1.0 -1.9 1.0 1.6 1.9 0.1 0.0 1.3 Residential........................ 2.7 3.7 4.1 1.1 7.5 5.3 0.5 0.1 3.3 2.6 2.4 5.9 6.4 4.8 1.7 4.6 4.4 2.5 8.5 Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports.............................. -5.0 -1.9 2.4 -0.1 -1.0 -7.0 -9.6 -1.0 -4.1 -5.9 -5.2 3.8 2.2 2.7 2.5 -0.1 3.3 5.8 3.9 Goods.............................. -7.1 -3.7 2.4 -1.3 -2.5 -9.7 -12.6 -2.1 -6.1 -8.0 -10.2 5.3 2.4 1.9 2.6 -0.6 4.3 5.2 4.1 Services........................... -0.5 1.7 2.4 2.6 2.3 -1.1 -3.2 1.1 -0.2 -1.6 5.0 1.1 2.0 4.2 2.3 0.8 1.4 6.8 3.4 Imports.............................. -7.8 -3.1 2.5 -3.1 -2.6 -7.7 -14.7 -5.4 -4.9 -8.0 -5.2 1.2 3.0 1.6 6.2 -1.0 0.4 6.1 9.3 Goods.............................. -9.1 -3.7 2.7 -3.9 -3.2 -8.9 -16.7 -6.5 -5.5 -9.3 -6.3 1.2 3.9 1.8 7.4 -1.8 -0.6 6.4 10.6 Services........................... -1.6 -0.5 1.8 0.8 0.7 -1.8 -4.1 0.2 -2.4 -1.9 0.0 1.0 -0.7 0.5 1.1 2.7 5.0 5.1 3.6 Government consumption expenditures and gross investment.................. 0.6 0.8 2.5 1.5 1.9 0.4 -1.5 2.1 0.7 0.9 -1.3 2.6 1.1 1.3 4.8 1.6 2.3 3.0 3.2 Federal.............................. 0.6 0.6 2.2 1.2 1.2 0.5 0.6 0.3 0.3 -0.1 0.9 1.0 0.5 0.8 5.5 1.8 1.1 1.7 4.0 National defense................... 0.3 0.4 1.9 0.9 0.9 0.3 0.4 -0.2 0.1 -0.3 0.6 1.0 0.5 0.7 4.9 1.4 0.4 1.5 3.4 Nondefense......................... 1.0 0.8 2.7 1.8 1.7 0.8 0.9 1.1 0.7 0.2 1.4 1.1 0.5 0.8 6.3 2.3 2.1 2.1 4.9 State and local...................... 0.6 0.9 2.7 1.6 2.4 0.4 -2.8 3.2 1.0 1.5 -2.7 3.6 1.5 1.7 4.4 1.5 3.0 3.8 2.7 Addenda: Final sales of domestic product...... 1.1 1.3 1.8 2.2 1.9 0.6 0.0 2.3 1.4 0.8 0.3 2.4 1.4 2.0 2.0 1.0 2.1 2.3 2.0 Gross domestic purchases............. 0.4 1.0 1.8 1.6 1.5 0.2 -1.3 1.4 1.1 0.2 0.1 2.1 1.5 1.8 2.6 0.9 1.7 2.5 2.8 Final sales to domestic purchasers... 0.5 1.0 1.8 1.6 1.5 0.2 -1.2 1.5 1.1 0.3 0.2 2.1 1.6 1.8 2.5 0.9 1.7 2.5 2.8 Final sales to private domestic purchasers.......................... 0.4 1.1 1.7 1.7 1.4 0.2 -1.1 1.3 1.2 0.2 0.5 2.0 1.6 1.9 2.1 0.7 1.6 2.4 2.8 Gross national product (GNP)......... 1.1 1.3 1.8 2.2 1.9 0.6 -0.2 2.2 1.4 0.8 0.3 2.4 1.4 2.0 2.0 1.0 2.1 2.3 --- Implicit price deflators: GDP................................ 1.1 1.3 1.8 2.3 1.8 0.6 -0.1 2.2 1.4 0.8 0.2 2.4 1.4 2.0 2.0 1.0 2.1 2.3 2.0 Gross domestic purchases........... 0.4 1.0 1.8 1.7 1.5 0.2 -1.3 1.4 1.1 0.3 0.1 2.1 1.5 1.9 2.5 0.8 1.7 2.5 2.8 GNP................................ 1.1 1.3 1.8 2.3 1.8 0.6 -0.1 2.2 1.4 0.8 0.2 2.4 1.4 2.0 1.9 1.0 2.1 2.3 --- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See 'Explanatory Note' at the end of the tables. Source: U.S. Bureau of Economic Analysis Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] ------------------------------------------------------------------------------------------------------------------------------ 2015 2016 2017 --------------Seasonally adjusted-------------- -----------------2017----------------- 2018 Q1 Q2 Q3 Q4 Q1 ------------------------------------------------------------------------------------------------------------------------------ Gross domestic product................ 114.237 115.934 118.569 117.231 118.118 119.039 119.889 120.578 Personal consumption expenditures........... 114.393 117.520 120.755 119.408 120.372 121.018 122.223 122.544 Goods..................................... 122.789 127.318 132.232 129.607 131.311 132.752 135.259 134.895 Durable goods........................... 147.737 155.873 166.286 160.977 163.956 167.383 172.829 171.407 Nondurable goods........................ 112.488 115.593 118.386 116.783 117.996 118.682 120.083 120.107 Services.................................. 110.402 112.917 115.441 114.628 115.280 115.597 116.262 116.861 Gross private domestic investment........... 154.695 152.188 157.196 154.250 155.724 158.485 160.323 163.162 Fixed investment.......................... 137.373 138.395 143.947 141.960 143.085 143.942 146.801 148.468 Nonresidential.......................... 136.126 135.323 141.677 138.581 140.843 142.456 144.829 146.977 Structures............................ 106.212 101.864 107.596 106.806 108.617 106.654 108.307 111.492 Equipment............................. 168.324 162.618 170.427 164.423 167.930 172.290 177.063 179.126 Intellectual property products........ 123.034 130.765 135.911 134.064 135.283 137.005 137.291 138.518 Residential............................. 141.987 149.766 152.429 154.371 151.463 149.655 154.228 154.240 Change in private inventories............. --- --- --- --- --- --- --- --- Exports of goods and services............... 133.967 133.527 138.021 136.187 137.374 138.084 140.437 142.107 Imports of goods and services............... 134.751 136.463 141.855 140.407 140.924 140.682 145.408 146.339 Government consumption expenditures and gross investment........................... 93.184 93.884 93.987 93.770 93.724 93.878 94.575 94.849 Federal................................... 91.493 91.536 91.684 91.024 91.461 91.766 92.484 92.883 State and local........................... 94.196 95.310 95.384 95.445 95.097 95.155 95.839 96.035 Addenda: Final sales of domestic product........... 112.275 114.402 117.133 115.908 116.753 117.437 118.435 118.989 Gross domestic purchases.................. 114.871 116.791 119.578 118.276 119.087 119.888 121.063 121.682 Final sales to domestic purchasers........ 112.957 115.296 118.176 116.983 117.756 118.325 119.641 120.129 Final sales to private domestic purchasers............................... 118.199 120.973 124.593 123.140 124.130 124.811 126.292 126.837 Gross national product.................... 114.228 115.849 118.569 117.236 118.039 119.102 119.900 --- ------------------------------------------------------------------------------------------------------------------------------ See 'Explanatory Note' at the end of the tables. Source: U.S. Bureau of Economic Analysis Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] ------------------------------------------------------------------------------------------------------------------------------ 2015 2016 2017 --------------Seasonally adjusted-------------- -----------------2017----------------- 2018 Q1 Q2 Q3 Q4 Q1 ------------------------------------------------------------------------------------------------------------------------------ Gross domestic product................ 110.012 111.419 113.425 112.752 113.037 113.626 114.285 114.847 Personal consumption expenditures (PCE)..... 109.481 110.789 112.657 112.198 112.273 112.699 113.459 114.222 Goods..................................... 102.695 101.209 101.561 102.062 101.127 101.307 101.748 102.247 Durable goods........................... 90.430 88.460 86.605 87.587 86.793 86.244 85.797 85.447 Nondurable goods........................ 108.961 107.800 109.573 109.746 108.735 109.392 110.419 111.480 Services.................................. 113.065 115.878 118.570 117.585 118.213 118.773 119.708 120.617 Gross private domestic investment........... 106.477 106.978 108.849 108.014 108.697 109.207 109.477 110.245 Fixed investment.......................... 107.148 107.801 109.642 108.808 109.485 109.999 110.276 111.075 Nonresidential.......................... 105.069 104.790 105.844 105.292 105.780 106.079 106.227 106.565 Structures............................ 115.484 115.637 118.814 117.183 118.292 119.605 120.178 121.175 Equipment............................. 99.761 99.634 100.024 99.832 100.032 100.084 100.146 100.208 Intellectual property products........ 105.753 104.966 105.640 105.248 105.754 105.775 105.784 106.121 Residential............................. 115.883 120.157 125.028 123.102 124.503 125.862 126.646 129.262 Change in private inventories............. --- --- --- --- --- --- --- --- Exports of goods and services............... 106.481 104.458 106.956 106.168 106.136 107.006 108.515 109.554 Imports of goods and services............... 104.364 101.090 103.635 103.381 103.134 103.238 104.789 107.149 Government consumption expenditures and gross investment........................... 111.825 112.676 115.514 114.624 115.088 115.741 116.602 117.527 Federal................................... 109.866 110.488 112.917 112.266 112.763 113.078 113.561 114.688 State and local........................... 113.168 114.164 117.260 116.220 116.664 117.530 118.628 119.427 Addenda: PCE excluding food and energy\1\.......... 109.453 111.391 113.106 112.590 112.847 113.222 113.765 114.460 Market-based PCE\2\....................... 108.186 109.067 110.654 110.390 110.288 110.627 111.311 112.034 Market-based PCE excluding food and energy\2\................................ 107.934 109.467 110.838 110.539 110.617 110.886 111.312 111.952 Final sales of domestic product........... 110.116 111.554 113.555 112.883 113.166 113.756 114.417 114.984 Gross domestic purchases.................. 109.564 110.661 112.693 112.100 112.340 112.818 113.513 114.305 Final sales to domestic purchasers........ 109.659 110.785 112.811 112.219 112.458 112.936 113.634 114.430 Final sales to private domestic purchasers............................... 109.125 110.305 112.170 111.636 111.830 112.274 112.939 113.710 Gross national product.................... 110.109 111.511 113.505 112.834 113.118 113.705 114.363 --- Implicit price deflators: Gross domestic product.................. 110.012 111.416 113.421 112.746 113.029 113.614 114.275 114.837 Final sales of domestic product......... 110.116 111.554 113.556 112.879 113.163 113.752 114.413 114.980 Gross domestic purchases................ 109.564 110.659 112.688 112.094 112.331 112.806 113.503 114.295 Final sales to domestic purchasers...... 109.659 110.785 112.812 112.215 112.454 112.931 113.629 114.426 Gross national product.................. 110.109 111.509 113.500 112.827 113.108 113.692 114.352 --- ------------------------------------------------------------------------------------------------------------------------------ 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. Source: U.S. Bureau of Economic Analysis Table 7. Real Gross Domestic Product: Annual Percent Change ------------------------------------------------------------------------------------------------------------------------------------------ ------Percent change from preceding year------ Percent change fourth quarter to fourth quarter 2010 2011 2012 2013 2014 2015 2016 2017 2010 2011 2012 2013 2014 2015 2016 2017 ------------------------------------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP)...... 2.5 1.6 2.2 1.7 2.6 2.9 1.5 2.3 2.7 1.7 1.3 2.7 2.7 2.0 1.8 2.6 Personal consumption expenditures (PCE).................................. 1.9 2.3 1.5 1.5 2.9 3.6 2.7 2.8 3.1 1.5 1.3 2.0 3.6 3.0 2.8 2.8 Goods................................. 3.4 3.1 2.7 3.1 3.9 4.6 3.7 3.9 5.1 1.7 2.8 3.5 4.7 4.0 4.0 4.5 Durable goods....................... 6.1 6.1 7.4 6.2 6.9 7.7 5.5 6.7 9.3 4.8 7.2 5.2 8.7 6.4 7.0 7.3 Nondurable goods.................... 2.2 1.8 0.6 1.7 2.5 3.1 2.8 2.4 3.3 0.4 0.8 2.6 2.8 2.8 2.5 3.1 Services.............................. 1.2 1.8 0.8 0.6 2.4 3.2 2.3 2.2 2.0 1.4 0.6 1.3 3.0 2.6 2.3 2.1 Gross private domestic investment....... 12.9 5.2 10.6 6.1 5.5 5.2 -1.6 3.3 11.1 9.6 3.7 9.3 4.7 2.2 0.9 3.6 Fixed investment...................... 1.5 6.3 9.8 5.0 6.2 3.9 0.7 4.0 5.5 8.4 7.0 5.2 6.1 2.4 1.1 5.4 Nonresidential...................... 2.5 7.7 9.0 3.5 6.9 2.3 -0.6 4.7 8.1 9.0 5.2 4.8 6.1 0.3 0.7 6.3 Structures........................ -16.4 2.3 12.9 1.4 10.5 -1.8 -4.1 5.6 -4.0 8.0 4.1 5.8 8.8 -9.1 3.5 5.0 Equipment......................... 15.9 13.6 10.8 4.6 6.6 3.5 -3.4 4.8 20.9 13.1 6.9 6.1 4.1 3.4 -3.7 8.9 Intellectual property products.... 1.9 3.6 3.9 3.4 4.6 3.8 6.3 3.9 1.8 4.1 3.4 2.2 7.0 3.2 5.2 3.8 Residential......................... -2.5 0.5 13.5 11.9 3.5 10.2 5.5 1.8 -5.2 6.0 15.7 6.8 6.3 10.3 2.5 2.6 Change in private inventories......... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services....... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports............................... 11.9 6.9 3.4 3.5 4.3 0.4 -0.3 3.4 10.1 4.2 2.2 5.9 3.0 -1.8 0.6 5.0 Goods............................... 14.4 6.5 3.6 3.1 4.6 -0.4 0.3 4.5 10.9 4.8 1.2 7.0 2.7 -3.1 1.8 6.5 Services............................ 6.8 7.6 3.0 4.4 3.6 2.1 -1.5 1.3 8.4 2.7 4.5 3.6 3.7 0.9 -1.8 2.0 Imports............................... 12.7 5.5 2.2 1.1 4.5 5.0 1.3 4.0 12.0 3.5 0.3 2.5 6.2 2.9 2.7 4.7 Goods............................... 14.9 5.8 2.1 1.2 4.9 5.2 0.9 4.3 13.6 3.4 0.1 2.7 6.6 2.8 2.5 5.5 Services............................ 3.8 4.0 3.0 0.6 2.6 4.0 3.1 2.5 4.9 3.8 1.2 1.1 3.9 3.5 3.5 0.8 Government consumption expenditures and gross investment....................... 0.1 -3.0 -1.9 -2.9 -0.6 1.4 0.8 0.1 -1.1 -3.0 -2.2 -2.8 0.5 1.6 0.4 0.7 Federal............................... 4.4 -2.7 -1.9 -5.8 -2.4 -0.1 0.0 0.2 3.2 -4.0 -2.1 -6.7 -1.2 1.2 -0.3 1.0 National defense.................... 3.2 -2.3 -3.4 -6.8 -4.0 -2.2 -0.7 0.2 2.0 -4.1 -3.9 -7.1 -4.0 0.0 -1.4 2.3 Nondefense.......................... 6.4 -3.4 0.9 -4.1 0.2 3.2 1.2 0.1 5.5 -3.9 1.0 -6.0 3.5 2.9 1.2 -0.9 State and local....................... -2.7 -3.3 -1.9 -0.8 0.5 2.3 1.2 0.1 -4.0 -2.3 -2.3 -0.1 1.5 1.9 0.8 0.5 Addenda: Gross domestic income (GDI)\1\........ 2.7 2.2 3.3 1.2 3.1 3.0 0.9 1.7 2.6 2.1 2.8 1.3 4.2 1.6 0.5 2.1 Average of GDP and GDI................ 2.6 1.9 2.7 1.5 2.8 2.9 1.2 2.0 2.7 1.9 2.1 2.0 3.5 1.8 1.2 2.3 Final sales of domestic product....... 1.1 1.7 2.1 1.5 2.7 2.6 1.9 2.4 2.0 1.5 1.7 2.0 2.9 2.0 1.9 2.9 Gross domestic purchases.............. 2.9 1.6 2.1 1.3 2.7 3.5 1.7 2.4 3.2 1.7 1.0 2.2 3.2 2.6 2.1 2.6 Final sales to domestic purchasers.... 1.5 1.7 1.9 1.2 2.7 3.3 2.1 2.5 2.5 1.5 1.4 1.6 3.4 2.7 2.1 2.9 Final sales to private domestic purchasers........................... 1.9 2.9 2.9 2.1 3.5 3.7 2.3 3.0 3.5 2.6 2.3 2.6 4.1 2.9 2.5 3.3 Gross national product................ 2.8 1.8 2.1 1.7 2.5 2.7 1.4 2.3 2.9 2.0 1.0 2.7 2.5 2.0 1.9 2.5 Real disposable personal income....... 1.0 2.5 3.2 -1.4 3.6 4.2 1.4 1.2 2.6 1.7 5.1 -2.8 4.9 3.2 0.2 1.8 Price indexes: Gross domestic purchases............ 1.5 2.4 1.8 1.4 1.7 0.4 1.0 1.8 1.6 2.4 1.7 1.4 1.4 0.4 1.4 1.9 Gross domestic purchases excluding food and energy\2\................. 1.3 1.8 1.8 1.5 1.8 1.1 1.4 1.7 1.4 1.9 1.7 1.7 1.6 1.0 1.5 1.8 GDP................................. 1.2 2.1 1.8 1.6 1.8 1.1 1.3 1.8 1.8 1.9 1.9 1.6 1.6 1.0 1.5 1.9 GDP excluding food and energy\2\.... 1.4 1.9 1.8 1.7 1.9 1.3 1.6 1.8 1.6 1.9 1.8 1.9 1.7 1.2 1.7 1.8 PCE................................. 1.7 2.5 1.9 1.3 1.5 0.3 1.2 1.7 1.3 2.7 1.8 1.2 1.2 0.4 1.6 1.7 PCE excluding food and energy\2\.... 1.3 1.5 1.9 1.5 1.6 1.3 1.8 1.5 1.0 1.9 1.8 1.5 1.5 1.3 1.9 1.5 Market-based PCE\3\................. 1.5 2.5 1.8 1.0 1.2 -0.1 0.8 1.5 1.1 2.8 1.6 0.9 0.8 0.1 1.3 1.4 Market-based PCE excluding food and energy\3\.......................... 1.0 1.4 1.8 1.2 1.2 1.1 1.4 1.3 0.7 1.9 1.5 1.1 1.2 1.1 1.5 1.2 ------------------------------------------------------------------------------------------------------------------------------------------ 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. Source: U.S. Bureau of Economic Analysis Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago ---------------------------------------------------------------------------------------------------------------------------------------------------------- -------2014------- -----------2015----------- -----------2016----------- -----------2017----------- 2018 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 ---------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)...... 2.7 3.2 2.7 3.8 3.3 2.4 2.0 1.4 1.2 1.5 1.8 2.0 2.2 2.3 2.6 2.9 Personal consumption expenditures (PCE).................................. 2.7 3.2 3.6 4.0 3.9 3.6 3.0 2.6 2.8 2.8 2.8 2.9 2.7 2.6 2.8 2.6 Goods................................. 3.9 4.3 4.7 5.1 4.7 4.7 4.0 3.4 3.8 3.5 4.0 3.6 3.5 3.8 4.5 4.1 Durable goods....................... 6.9 7.8 8.7 9.2 8.1 7.4 6.4 4.7 4.6 5.7 7.0 6.7 6.4 6.3 7.3 6.5 Nondurable goods.................... 2.5 2.6 2.8 3.2 3.1 3.4 2.8 2.8 3.4 2.4 2.5 2.1 1.9 2.5 3.1 2.8 Services.............................. 2.1 2.6 3.0 3.5 3.5 3.1 2.6 2.1 2.3 2.4 2.3 2.5 2.4 2.0 2.1 1.9 Gross private domestic investment....... 6.8 6.4 4.7 9.5 5.8 3.5 2.2 -1.9 -2.8 -2.7 0.9 1.7 3.3 4.5 3.6 5.8 Fixed investment...................... 6.1 7.7 6.1 5.9 4.5 3.1 2.4 1.3 0.5 0.1 1.1 3.2 3.6 3.8 5.4 4.6 Nonresidential...................... 7.0 9.1 6.1 4.8 3.2 1.1 0.3 -1.2 -1.1 -0.7 0.7 3.5 4.3 4.6 6.3 6.1 Structures........................ 13.0 8.1 8.8 3.1 1.3 -2.3 -9.1 -8.1 -9.0 -2.0 3.5 6.6 8.3 2.8 5.0 4.4 Equipment......................... 6.1 12.3 4.1 6.0 3.5 1.4 3.4 -2.1 -2.4 -5.3 -3.7 0.8 3.1 6.4 8.9 8.9 Intellectual property products.... 4.1 5.2 7.0 4.4 4.4 3.2 3.2 5.5 7.0 7.4 5.2 5.1 3.3 3.5 3.8 3.3 Residential......................... 2.7 2.4 6.3 9.9 9.6 11.2 10.3 10.8 6.4 2.6 2.5 2.0 1.3 1.3 2.6 -0.1 Change in private inventories......... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services....... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports............................... 5.3 4.6 3.0 2.4 1.1 0.0 -1.8 -1.3 -1.6 1.0 0.6 3.1 3.2 2.2 5.0 4.3 Goods............................... 5.7 5.3 2.7 2.0 0.7 -1.1 -3.1 -0.9 -1.5 1.7 1.8 4.4 4.3 2.7 6.5 5.4 Services............................ 4.4 3.2 3.7 3.3 2.0 2.1 0.9 -2.2 -1.7 -0.4 -1.8 0.5 1.3 1.2 2.0 2.4 Imports............................... 4.6 3.9 6.2 6.6 4.9 5.6 2.9 1.2 0.5 0.7 2.7 3.8 4.1 3.2 4.7 4.2 Goods............................... 5.0 4.2 6.6 7.2 5.2 5.7 2.8 0.7 0.0 0.2 2.5 3.8 4.1 3.7 5.5 4.9 Services............................ 2.6 2.1 3.9 3.9 3.4 5.2 3.5 3.4 2.5 3.1 3.5 3.9 4.2 1.3 0.8 1.3 Government consumption expenditures and gross investment....................... -1.1 -0.1 0.5 1.0 1.6 1.4 1.6 1.7 0.6 0.4 0.4 -0.2 0.0 0.0 0.7 1.2 Federal............................... -3.2 -1.2 -1.2 -0.7 0.1 -0.9 1.2 0.4 -0.3 0.4 -0.3 -0.6 0.1 0.1 1.0 2.0 National defense.................... -4.5 -2.2 -4.0 -2.9 -2.0 -3.7 0.0 -0.4 -1.4 0.3 -1.4 -1.5 0.1 0.1 2.3 3.6 Nondefense.......................... -1.1 0.5 3.5 2.8 3.5 3.5 2.9 1.6 1.5 0.5 1.2 0.9 0.2 0.1 -0.9 -0.2 State and local....................... 0.3 0.6 1.5 2.1 2.5 2.8 1.9 2.4 1.1 0.4 0.8 0.0 -0.1 0.0 0.5 0.6 Addenda: Gross domestic income (GDI)\1\........ 2.6 3.7 4.2 4.3 3.5 2.4 1.6 1.1 0.5 1.4 0.5 1.3 1.8 1.4 2.1 --- Average of GDP and GDI................ 2.7 3.4 3.5 4.0 3.4 2.4 1.8 1.2 0.9 1.4 1.2 1.6 2.0 1.9 2.3 --- Final sales of domestic product....... 2.5 3.4 2.9 3.2 3.1 2.3 2.0 1.9 1.8 2.0 1.9 2.2 2.2 2.2 2.9 2.7 Gross domestic purchases.............. 2.6 3.1 3.2 4.4 3.8 3.2 2.6 1.7 1.5 1.5 2.1 2.1 2.4 2.4 2.6 2.9 Final sales to domestic purchasers.... 2.5 3.3 3.4 3.8 3.6 3.1 2.7 2.2 2.0 1.9 2.1 2.4 2.4 2.3 2.9 2.7 Final sales to private domestic purchasers........................... 3.3 4.0 4.1 4.4 4.0 3.5 2.9 2.3 2.3 2.2 2.5 2.9 2.9 2.8 3.3 3.0 Gross national product................ 2.5 3.1 2.5 3.6 3.0 2.1 2.0 1.1 1.2 1.5 1.9 2.2 2.2 2.5 2.5 --- Real disposable personal income....... 3.2 3.7 4.9 4.9 4.6 4.0 3.2 2.2 1.7 1.4 0.2 0.9 1.1 1.1 1.8 2.0 Price indexes: Gross domestic purchases............ 1.9 1.9 1.4 0.5 0.5 0.4 0.4 0.7 0.9 1.0 1.4 2.0 1.7 1.7 1.9 2.0 Gross domestic purchases excluding food and energy\2\................. 1.8 1.9 1.6 1.3 1.2 1.0 1.0 1.2 1.3 1.4 1.5 1.8 1.7 1.7 1.8 1.9 GDP................................. 2.0 1.9 1.6 1.1 1.1 1.0 1.0 1.2 1.2 1.2 1.5 2.0 1.6 1.8 1.9 1.9 GDP excluding food and energy\2\.... 2.0 2.0 1.7 1.4 1.3 1.2 1.2 1.4 1.5 1.6 1.7 2.0 1.8 1.7 1.8 1.9 PCE................................. 1.8 1.7 1.2 0.3 0.3 0.3 0.4 1.0 1.0 1.2 1.6 2.0 1.6 1.5 1.7 1.8 PCE excluding food and energy\2\.... 1.7 1.7 1.5 1.4 1.3 1.3 1.3 1.6 1.7 1.8 1.9 1.8 1.5 1.4 1.5 1.7 Market-based PCE\3\................. 1.5 1.3 0.8 -0.1 -0.1 -0.1 0.1 0.6 0.6 0.7 1.3 1.8 1.3 1.3 1.4 1.5 Market-based PCE excluding food and energy\3\.......................... 1.3 1.3 1.2 1.1 1.1 1.0 1.1 1.4 1.4 1.5 1.5 1.5 1.2 1.1 1.2 1.3 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 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. Source: U.S. Bureau of Economic Analysis Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------- 2015 2016 2017 ----Seasonally adjusted at annual rates---- ---------------2017--------------- 2018 Q1 Q2 Q3 Q4 Q1 ---------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)................ 18,120.7 18,624.5 19,390.6 19,057.7 19,250.0 19,500.6 19,754.1 19,965.3 Plus: Income receipts from the rest of the world...................................... 812.9 844.3 934.7 895.9 914.8 952.1 975.9 --- Less: Income payments to the rest of the world...................................... 608.4 647.2 717.9 681.7 712.4 723.9 753.6 --- Equals: Gross national product.............. 18,325.2 18,821.6 19,607.4 19,272.0 19,452.4 19,728.9 19,976.4 --- Less: Consumption of fixed capital.......... 2,841.5 2,916.7 3,034.7 2,986.2 3,020.7 3,052.1 3,080.0 3,118.7 Less: Statistical discrepancy............... -255.9 -147.2 -35.0 -102.4 -67.0 -34.0 63.2 --- Equals: National income..................... 15,739.6 16,052.0 16,607.7 16,388.2 16,498.7 16,710.8 16,833.3 --- Compensation of employees................. 9,708.3 9,978.6 10,307.2 10,166.3 10,243.0 10,356.1 10,463.3 10,596.3 Wages and salaries...................... 7,858.9 8,085.2 8,351.2 8,232.1 8,295.2 8,392.6 8,485.2 8,601.5 Supplements to wages and salaries....... 1,849.4 1,893.4 1,955.9 1,934.2 1,947.9 1,963.5 1,978.1 1,994.8 Proprietors' income with inventory valuation and capital consumption adjustments.............................. 1,318.8 1,341.9 1,386.0 1,380.2 1,378.6 1,381.9 1,403.1 1,419.2 Rental income of persons with capital consumption adjustment................... 662.5 707.3 743.9 730.8 740.3 747.2 757.4 761.7 Corporate profits with inventory valuation and capital consumption adjustments.............................. 2,117.5 2,073.5 2,164.6 2,109.0 2,123.4 2,213.7 2,212.5 --- Net interest and miscellaneous payments... 583.4 570.6 586.4 588.2 598.3 599.8 559.4 559.3 Taxes on production and imports less subsidies................................ 1,198.5 1,226.2 1,268.8 1,248.2 1,261.2 1,270.1 1,295.6 1,328.8 Business current transfer payments (net) 165.0 164.0 161.8 176.5 164.6 152.7 153.5 169.7 Current surplus of government enterprises.............................. -14.3 -10.1 -11.0 -11.0 -10.7 -10.6 -11.7 -14.3 Addenda: Gross domestic income (GDI)............... 18,376.6 18,771.6 19,425.6 19,160.1 19,317.0 19,534.6 19,690.9 --- Average of GDP and GDI.................... 18,248.7 18,698.1 19,408.1 19,108.9 19,283.5 19,517.6 19,722.5 --- Statistical discrepancy as a percentage of GDP................................... -1.4 -0.8 -0.2 -0.5 -0.3 -0.2 0.3 --- ---------------------------------------------------------------------------------------------------------------------- Source: U.S. Bureau of Economic Analysis Table 10. Personal Income and Its Disposition [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------- 2015 2016 2017 ----Seasonally adjusted at annual rates---- ---------------2017--------------- 2018 Q1 Q2 Q3 Q4 Q1 ---------------------------------------------------------------------------------------------------------------------- Personal income\1\.......................... 15,553.0 15,928.7 16,427.3 16,245.2 16,339.6 16,468.9 16,655.3 16,837.4 Compensation of employees................. 9,708.3 9,978.6 10,307.2 10,166.3 10,243.0 10,356.1 10,463.3 10,596.3 Wages and salaries...................... 7,858.9 8,085.2 8,351.2 8,232.1 8,295.2 8,392.6 8,485.2 8,601.5 Supplements to wages and salaries....... 1,849.4 1,893.4 1,955.9 1,934.2 1,947.9 1,963.5 1,978.1 1,994.8 Proprietors' income with inventory valuation and capital consumption adjustments.............................. 1,318.8 1,341.9 1,386.0 1,380.2 1,378.6 1,381.9 1,403.1 1,419.2 Farm.................................... 53.7 43.2 35.1 41.9 37.0 31.9 29.6 27.9 Nonfarm................................. 1,265.1 1,298.7 1,350.9 1,338.4 1,341.6 1,350.0 1,373.6 1,391.3 Rental income of persons with capital consumption adjustment................... 662.5 707.3 743.9 730.8 740.3 747.2 757.4 761.7 Personal income receipts on assets........ 2,387.1 2,377.8 2,442.4 2,420.1 2,434.5 2,433.9 2,481.1 2,504.0 Personal interest income................ 1,367.3 1,415.3 1,477.1 1,476.6 1,465.1 1,460.6 1,506.1 1,524.2 Personal dividend income................ 1,019.8 962.5 965.3 943.5 969.4 973.2 975.0 979.8 Personal current transfer receipts........ 2,684.4 2,768.4 2,850.1 2,831.9 2,836.9 2,858.4 2,873.2 2,910.6 Less: Contributions for government social insurance, domestic...................... 1,208.0 1,245.3 1,302.3 1,284.1 1,293.8 1,308.5 1,322.8 1,354.4 Less: Personal current taxes................ 1,937.9 1,960.1 2,048.3 2,018.8 2,007.9 2,058.1 2,108.2 2,068.1 Equals: Disposable personal income.......... 13,615.0 13,968.6 14,379.0 14,226.4 14,331.6 14,410.8 14,547.1 14,769.2 Less: Personal outlays...................... 12,786.7 13,288.0 13,893.0 13,671.8 13,805.9 13,927.2 14,167.3 14,307.1 Equals: Personal saving..................... 828.4 680.6 485.9 554.6 525.7 483.7 379.8 462.1 Personal saving as a percentage of disposable personal income............... 6.1 4.9 3.4 3.9 3.7 3.4 2.6 3.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\2\........................ 11,754.2 11,878.7 12,052.0 11,955.7 12,027.2 12,077.6 12,147.8 12,193.4 Disposable personal income, billions of chained (2009) dollars\2\................ 12,436.0 12,608.2 12,763.7 12,680.4 12,765.6 12,787.7 12,822.1 12,930.9 ---------------------------------------------------------------------------------------------------------------------- 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. Source: U.S. Bureau of Economic Analysis Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2015 2016 2017 ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- ---------2014--------- -------------2015------------- -------------2016------------- -------------2017------------- 2018 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from preceding period Gross domestic product (GDP) and related aggregates: GDP.................................. 2.9 1.5 2.3 4.6 5.2 2.0 3.2 2.7 1.6 0.5 0.6 2.2 2.8 1.8 1.2 3.1 3.2 2.9 2.3 Goods................................ 3.1 1.4 3.7 9.2 10.6 -1.4 2.8 2.5 3.1 -0.7 -2.2 4.1 4.7 3.0 -1.6 7.3 9.6 2.6 3.0 Services............................. 2.6 1.7 1.7 1.6 3.1 3.1 3.5 1.9 1.4 2.2 0.7 2.4 2.2 1.0 1.5 2.1 1.5 1.9 1.8 Structures........................... 4.0 0.4 1.9 11.6 1.4 6.9 3.1 10.3 -1.7 -8.0 10.0 -5.2 0.1 3.4 10.3 -4.3 -6.2 12.2 4.1 Motor vehicle output................. 5.4 1.6 -0.6 12.6 13.0 -4.7 5.4 10.0 16.7 -17.1 2.8 9.4 2.7 -1.9 -7.3 0.8 -10.3 35.1 5.7 GDP excluding motor vehicle output... 2.8 1.5 2.4 4.4 5.0 2.2 3.2 2.5 1.2 1.1 0.5 2.0 2.8 1.9 1.5 3.1 3.6 2.1 2.2 Final sales of computers\1\.......... 6.3 13.0 5.0 38.3 0.2 -21.6 11.8 31.5 1.2 8.5 38.9 12.3 -7.9 -7.8 23.3 22.3 -24.2 19.8 3.1 GDP excluding final sales of computers........................... 2.8 1.4 2.3 4.5 5.2 2.1 3.2 2.6 1.6 0.5 0.5 2.2 2.8 1.8 1.2 3.0 3.3 2.8 2.3 Research and development............. 1.2 4.9 2.8 -1.0 3.7 10.0 -9.2 4.0 1.8 7.4 3.3 11.2 2.2 -1.1 7.1 1.3 0.9 -0.4 2.9 GDP excluding research and development......................... 2.9 1.4 2.3 4.8 5.2 1.8 3.6 2.7 1.6 0.3 0.5 2.0 2.8 1.8 1.1 3.1 3.2 3.0 2.3 Farm gross value added\2\............ 7.8 12.4 -12.3 3.9 -1.6 18.2 4.6 -0.2 29.8 -0.7 26.6 14.4 3.5 -3.8 -32.4 -13.9 -5.7 -5.1 4.4 Nonfarm business gross value added\3\............................ 3.4 1.5 2.9 5.8 6.9 2.3 4.0 3.3 1.3 0.3 0.2 2.5 3.3 2.2 1.8 3.9 4.0 3.7 2.8 Price indexes: GDP.................................. 1.1 1.3 1.8 2.2 1.9 0.6 -0.1 2.2 1.4 0.8 0.3 2.4 1.4 2.0 2.0 1.0 2.1 2.3 2.0 GDP excluding food and energy\4\..... 1.3 1.6 1.8 1.8 1.9 1.2 0.6 1.7 1.5 1.1 1.3 2.2 1.9 1.6 2.4 1.1 1.6 2.2 2.7 GDP excluding final sales of computers........................... 1.1 1.3 1.8 2.2 1.9 0.6 -0.1 2.2 1.4 0.8 0.3 2.5 1.4 2.0 2.1 1.1 2.1 2.4 2.0 Gross domestic purchases............. 0.4 1.0 1.8 1.6 1.5 0.2 -1.3 1.4 1.1 0.2 0.1 2.1 1.5 1.8 2.6 0.9 1.7 2.5 2.8 Gross domestic purchases excluding food and energy\4\.................. 1.1 1.4 1.7 1.7 1.8 1.2 0.4 1.4 1.3 1.0 1.1 2.0 1.7 1.4 2.3 1.3 1.6 2.0 2.7 Gross domestic purchases excluding final sales of computers to domestic purchasers................. 0.5 1.0 1.9 1.7 1.6 0.3 -1.3 1.5 1.1 0.3 0.2 2.2 1.5 1.9 2.6 0.9 1.7 2.5 2.9 Personal consumption expenditures (PCE)............................... 0.3 1.2 1.7 1.8 1.2 -0.3 -1.6 1.7 1.3 0.2 0.6 2.1 1.7 2.0 2.2 0.3 1.5 2.7 2.7 PCE excluding food and energy\4\..... 1.3 1.8 1.5 2.0 1.6 1.1 0.9 1.7 1.5 1.2 2.1 2.0 2.0 1.3 1.8 0.9 1.3 1.9 2.5 Market-based PCE\5\.................. -0.1 0.8 1.5 1.3 0.9 -0.8 -2.0 1.6 1.0 -0.2 0.1 1.7 1.4 1.9 2.3 -0.4 1.2 2.5 2.6 Market-based PCE excluding food and energy\5\........................... 1.1 1.4 1.3 1.5 1.3 0.7 0.7 1.5 1.2 1.0 1.7 1.5 1.6 1.1 1.9 0.3 1.0 1.5 2.3 Contributions to percent change in real gross domestic product Percent change at annual rate: Gross domestic product............. 2.9 1.5 2.3 4.6 5.2 2.0 3.2 2.7 1.6 0.5 0.6 2.2 2.8 1.8 1.2 3.1 3.2 2.9 2.3 Percentage points at annual rates: Goods.................................. 0.93 0.41 1.08 2.75 3.18 -0.41 0.85 0.77 0.93 -0.21 -0.64 1.21 1.39 0.88 -0.47 2.10 2.74 0.78 0.88 Services............................... 1.61 1.04 1.05 0.98 1.92 1.90 2.14 1.18 0.84 1.37 0.46 1.46 1.39 0.61 0.91 1.32 0.93 1.18 1.10 Structures............................. 0.32 0.04 0.15 0.86 0.11 0.53 0.25 0.80 -0.15 -0.67 0.76 -0.43 0.01 0.27 0.80 -0.36 -0.51 0.93 0.34 Motor vehicle output................... 0.15 0.05 -0.02 0.34 0.36 -0.14 0.16 0.28 0.47 -0.56 0.08 0.26 0.08 -0.06 -0.22 0.02 -0.30 0.83 0.16 Final sales of computers............... 0.02 0.05 0.02 0.14 0.00 -0.10 0.04 0.11 0.01 0.03 0.13 0.05 -0.03 -0.03 0.08 0.08 -0.10 0.07 0.01 Research and development............... 0.03 0.12 0.07 -0.02 0.09 0.24 -0.24 0.10 0.05 0.18 0.08 0.27 0.06 -0.03 0.18 0.03 0.02 -0.01 0.07 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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. Source: U.S. Bureau of Economic Analysis 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.