EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, APRIL 30, 2014 BEA 14-18 Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov GROSS DOMESTIC PRODUCT: FIRST QUARTER 2014 (ADVANCE 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 0.1 percent in the first quarter (that is, from the fourth quarter of 2013 to the first quarter of 2014), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 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 the box on page 3 and "Comparisons of Revisions to GDP" on page 5). The "second" estimate for the first quarter, based on more complete data, will be released on May 29, 2014. The increase in real GDP in the first quarter primarily reflected a positive contribution from personal consumption expenditures (PCE) that was partly offset by negative contributions from exports, private inventory investment, nonresidential fixed investment, residential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased. BOX___________ Annual Revision of the National Income and Product Accounts The annual revision of the national income and product accounts will be released along with the "advance" estimate of GDP for the second quarter of 2014 on July 30. In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2014, GDP and select components will be revised back to the first quarter of 1999 (see the Technical Note). The August Survey of Current Business will contain an article that describes the annual revision in detail. FOOTNOTE______ NOTE. 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/2014/tech1q14_adv.htm) and Highlights (www.bea.gov/newsreleases/national/gdp/2014/pdf/gdp1q14_adv_fax.pdf) related to this release. ______________ The deceleration in real GDP growth in the first quarter primarily reflected downturns in exports and in nonresidential fixed investment, a larger decrease in private inventory investment, a deceleration in PCE, and a downturn in state and local government spending that were partly offset by an upturn in federal government spending and a downturn in imports. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.4 percent in the first quarter, compared with an increase of 1.5 percent in the fourth. Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent in the first quarter, compared with an increase of 1.8 percent in the fourth. Real personal consumption expenditures increased 3.0 percent in the first quarter, compared with an increase of 3.3 percent in the fourth. Durable goods increased 0.8 percent, compared with an increase of 2.8 percent. Nondurable goods increased 0.1 percent, compared with an increase of 2.9 percent. Services increased 4.4 percent, compared with an increase of 3.5 percent. Real nonresidential fixed investment decreased 2.1 percent in the first quarter, in contrast to an increase of 5.7 percent in the fourth. Nonresidential structures increased 0.2 percent, in contrast to a decrease of 1.8 percent. Equipment decreased 5.5 percent, in contrast to an increase of 10.9 percent. Intellectual property products increased 1.5 percent, compared with an increase of 4.0 percent. Real residential fixed investment decreased 5.7 percent, compared with a decrease of 7.9 percent. Real exports of goods and services decreased 7.6 percent in the first quarter, in contrast to an increase of 9.5 percent in the fourth. Real imports of goods and services decreased 1.4 percent, in contrast to an increase of 1.5 percent. Real federal government consumption expenditures and gross investment increased 0.7 percent in the first quarter, in contrast to a decrease of 12.8 percent in the fourth. National defense decreased 2.4 percent, compared with a decrease of 14.4 percent. Nondefense increased 5.9 percent, in contrast to a decrease of 10.0 percent. Real state and local government consumption expenditures and gross investment decreased 1.3 percent; it was unchanged in the fourth quarter. The change in real private inventories subtracted 0.57 percentage point from the first-quarter change in real GDP after subtracting 0.02 percentage point from the fourth-quarter change. Private businesses increased inventories $87.4 billion in the first quarter, following increases of $111.7 billion in the fourth quarter and $115.7 billion in the third. Real final sales of domestic product -- GDP less change in private inventories -- increased 0.7 percent in the first quarter, compared with an increase of 2.7 percent in the fourth. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 0.9 percent in the first quarter, compared with an increase of 1.6 percent in the fourth. Disposition of personal income Current-dollar personal income increased $122.0 billion, or 3.5 percent, in the first quarter, compared with an increase of $78.5 billion, or 2.2 percent, in the fourth. The acceleration in personal income primarily reflected an acceleration in government social benefits to persons. Personal current taxes increased $18.9 billion in the first quarter, compared with an increase of $21.4 billion in the fourth. Disposable personal income increased $103.1 billion, or 3.3 percent, in the first quarter, compared with an increase of $57.1 billion, or 1.8 percent, in the fourth. Real disposable personal income increased 1.9 percent in the first quarter, compared with an increase of 0.8 percent in the fourth. Personal outlays increased $131.8 billion, or 4.4 percent, in the first quarter, compared with an increase of $127.0 billion, or 4.3 percent, in the fourth. Personal saving -- disposable personal income less personal outlays -- was $518.7 billion in the first quarter, compared with $547.4 billion in the fourth. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.1 percent in the first quarter, compared with 4.3 percent in the fourth. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s financial accounts of the United States and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 1.4 percent, or $60.0 billion, in the first quarter to a level of $17,149.6 billion. In the fourth quarter, current-dollar GDP increased 4.2 percent, or $176.7 billion. BOX__________ Information on the assumptions used for unavailable source data is provided in a technical note that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed "Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an analysis of the current quarterly estimate of GDP and related series is made available on the Web site; click on Survey of Current Business, "GDP and the Economy." For information on revisions, see "Revisions to GDP, GDI, and Their Major Components." _____________ 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 -- May 29, 2014 at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2014 (Second Estimate) Corporate Profits: First Quarter 2014 (Preliminary Estimate) Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: the "advance" estimate, based on source data that are incomplete or subject to further revision by the source agency, is released near the end of the first month after the end of the quarter; as more detailed and more comprehensive data become available, the "second" and "third" estimates are released near the end of the second and third months, respectively. The "latest"” estimate reflects the results of both annual and comprehensive revisions. Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and of real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger than the average revisions from the advance estimate to the second or to the third estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than four-fifths of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages Average Average without Standard deviation of compared regard to sign revisions without regard to sign ____________________________________________________Current-dollar GDP_______________________________________________ Advance to second.................... 0.2 0.5 0.4 Advance to third..................... .2 .7 .4 Second to third...................... .0 .3 .2 Advance to latest.................... .3 1.3 1.0 ________________________________________________________Real GDP_____________________________________________________ Advance to second.................... 0.1 0.5 0.4 Advance to third..................... .1 .6 .4 Second to third...................... .0 .2 .2 Advance to latest.................... .3 1.3 1.0 NOTE. These comparisons are based on the period from 1983 through 2010. Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 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 13 IV 13 I 14 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 1.8 2.8 1.9 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 4.1 2.6 .1 Personal consumption expenditures... 2.5 2.2 2.0 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 2.0 3.3 3.0 Goods............................. 3.4 3.3 3.5 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 4.5 2.9 .4 Durable goods................... 6.6 7.7 6.9 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 7.9 2.8 .8 Nondurable goods................ 1.9 1.4 2.0 1.9 2.5 5.2 1.4 .7 -.5 1.3 2.2 1.8 1.6 .6 2.7 1.6 2.9 2.9 .1 Services.......................... 2.1 1.6 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 .7 3.5 4.4 Gross private domestic investment... 4.9 9.5 5.4 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 17.2 2.5 -6.1 Fixed investment.................. 6.2 8.3 4.5 13.6 -.4 8.5 -.5 8.6 14.8 10.0 8.6 4.7 2.7 11.6 -1.5 6.5 5.9 2.8 -2.8 Nonresidential.................. 7.6 7.3 2.7 11.4 8.3 8.6 -.9 9.9 16.7 9.5 5.8 4.5 .3 9.8 -4.6 4.7 4.8 5.7 -2.1 Structures.................... 2.1 12.7 1.3 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 13.4 -1.8 .2 Equipment..................... 12.7 7.6 3.1 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 .2 10.9 -5.5 Intellectual property products 4.4 3.4 3.1 -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 5.8 4.0 1.5 Residential..................... .5 12.9 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 10.3 -7.9 -5.7 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 7.1 3.5 2.7 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 3.9 9.5 -7.6 Goods........................... 7.1 3.8 2.4 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 5.6 11.8 -12.0 Services........................ 7.0 3.0 3.5 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 4.2 3.0 Imports........................... 4.9 2.2 1.4 20.2 14.5 .9 2.8 .7 4.9 5.9 .7 2.5 .5 -3.1 .6 6.9 2.4 1.5 -1.4 Goods........................... 5.2 2.1 1.2 24.1 14.6 1.7 4.4 -.7 3.5 6.7 .9 2.5 .4 -3.5 -.2 7.5 2.4 1.3 -1.6 Services........................ 3.1 2.7 2.5 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 2.2 -.9 Government consumption expenditures and gross investment............... -3.2 -1.0 -2.2 2.9 -.3 -4.1 -7.5 -1.3 -2.5 -1.5 -1.4 .3 3.5 -6.5 -4.2 -.4 .4 -5.2 -.5 Federal........................... -2.6 -1.4 -5.2 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 -1.5 -12.8 .7 National defense................ -2.3 -3.2 -7.0 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 -.5 -14.4 -2.4 Nondefense...................... -3.0 1.8 -1.9 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 -10.0 5.9 State and local................... -3.6 -.7 -.2 -.8 -3.1 -5.0 -5.4 -3.4 -1.9 -.4 -.6 .6 -.2 -1.0 -1.3 .4 1.7 .0 -1.3 Addenda: Final sales of domestic product... 2.0 2.6 1.7 2.8 .9 4.5 -.3 2.4 3.0 2.1 3.4 2.2 2.2 2.2 .2 2.1 2.5 2.7 .7 Gross domestic purchases.......... 1.7 2.6 1.7 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 3.9 1.6 .9 Final sales to domestic purchasers....................... 1.8 2.4 1.6 4.5 1.7 3.0 -.3 1.8 2.8 2.6 2.9 2.0 2.2 1.4 .5 2.1 2.3 1.6 1.5 Gross domestic income (GDI)\1\.... 2.5 2.5 2.6 2.8 5.2 1.6 2.0 2.3 2.2 2.6 5.4 -.6 .9 4.9 2.4 3.2 1.8 2.7 ..... Gross national product (GNP)...... 2.1 2.7 1.9 3.9 2.6 3.2 -.5 3.1 1.9 4.8 3.0 1.4 2.4 .3 .6 2.7 4.4 3.1 ..... Disposable personal income........ 2.4 2.0 .7 5.4 1.9 2.7 5.0 -.4 1.6 -.6 4.6 1.8 -.6 9.0 -7.9 4.1 3.0 .8 1.9 Current-dollar measures: GDP............................. 3.8 4.6 3.4 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 6.2 4.2 1.4 Final sales of domestic product. 4.0 4.4 3.2 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 4.5 4.4 2.1 Gross domestic purchases........ 4.0 4.3 3.0 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 5.8 3.1 2.3 Final sales to domestic purchasers..................... 4.2 4.1 2.8 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 4.2 3.3 3.0 GDI............................. 4.5 4.3 4.1 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 3.8 4.3 ..... GNP............................. 4.2 4.4 3.4 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 6.5 4.7 ..... Disposable personal income...... 4.8 3.9 1.9 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 4.9 1.8 3.3 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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] -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 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 13 IV 13 I 14 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... 1.8 2.8 1.9 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 4.1 2.6 .1 Percentage points at annual rates: Personal consumption expenditures.... 1.74 1.52 1.37 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 1.36 2.22 2.04 Goods.............................. .76 .77 .81 1.14 .85 1.66 .60 .05 .29 1.14 1.04 .50 .84 .85 .85 .71 1.03 .66 .08 Durable goods.................... .46 .56 .51 .84 .46 .88 .38 -.06 .36 .93 .69 .21 .59 .74 .43 .46 .58 .21 .06 Motor vehicles and parts....... .11 .17 .12 .39 .17 .46 .09 -.43 .04 .56 .26 -.11 .19 .33 .13 -.02 .12 .00 .02 Furnishings and durable household equipment........... .09 .10 .10 .20 .03 .13 .04 .09 .09 .17 .13 .02 .09 .07 .07 .15 .21 .04 -.03 Recreational goods and vehicles...................... .20 .22 .20 .25 .18 .18 .21 .18 .20 .25 .22 .19 .22 .21 .16 .23 .24 .07 .06 Other durable goods............ .06 .07 .08 .01 .08 .11 .04 .09 .04 -.04 .09 .12 .08 .13 .07 .10 .00 .11 .00 Nondurable goods................. .30 .22 .31 .29 .38 .78 .22 .11 -.08 .21 .35 .28 .25 .10 .43 .26 .46 .45 .02 Food and beverages purchased for off-premises consumption.. .08 .07 .07 -.15 .09 .31 .07 .08 -.05 -.02 .15 .12 .09 .05 .11 -.06 .14 .16 .03 Clothing and footwear.......... .08 .03 .03 .14 .02 .27 .05 .10 -.15 .09 .10 -.09 .11 -.04 .04 .13 -.09 .09 -.09 Gasoline and other energy goods......................... -.06 -.04 .01 .10 .05 -.04 -.08 -.25 -.01 -.02 -.12 .18 -.08 -.14 .11 -.02 .08 -.01 .03 Other nondurable goods......... .19 .16 .20 .21 .23 .25 .19 .18 .14 .15 .22 .07 .14 .23 .17 .21 .33 .21 .06 Services........................... .98 .74 .55 1.07 1.02 1.20 .81 .98 1.14 .51 .94 .78 .31 .29 .69 .53 .32 1.57 1.96 Household consumption expenditures (for services)..... .97 .65 .59 1.00 1.14 1.27 .84 .94 .84 .66 .87 .52 .25 .13 1.04 .60 .24 1.61 1.99 Housing and utilities.......... .16 .10 .11 -.02 .27 .28 .06 .17 .32 -.13 -.12 .55 .16 -.35 .58 .01 -.31 .20 .73 Health care.................... .30 .30 .27 .41 .44 .43 .24 .30 -.09 .55 .54 .03 .26 .26 .14 .40 .31 .62 1.10 Transportation services........ .05 .02 .02 .04 .05 .04 .02 .09 .06 .02 -.01 .04 .02 -.01 .06 .00 -.04 .04 .04 Recreation services............ .05 .04 .02 -.06 .15 .08 -.06 .15 .07 .02 .05 .01 .03 -.04 .06 -.02 .10 .01 -.10 Food services and accommodations................ .17 .15 .12 .13 .10 .14 .21 .20 .14 .18 .18 .10 .05 .27 .11 .03 .02 .32 -.11 Financial services and insurance..................... .15 -.07 .08 .41 -.02 .20 .22 .02 .31 -.10 -.05 -.17 -.35 -.01 .27 .20 .09 .30 .25 Other services................. .09 .10 -.02 .08 .15 .10 .14 .00 .03 .12 .28 -.04 .09 .01 -.17 -.02 .06 .10 .08 Final consumption expenditures of nonprofit institutions serving households.............. .00 .09 -.04 .07 -.11 -.07 -.03 .04 .30 -.15 .06 .26 .06 .16 -.35 -.07 .08 -.04 -.03 Gross output of nonprofit institutions.................. .09 .21 .10 .32 .18 .17 -.06 .11 .00 .26 .39 .09 .31 .09 -.22 .25 .15 .42 .43 Less: Receipts from sales of goods and services by nonprofit institutions........ .09 .12 .14 .25 .29 .24 -.02 .06 -.30 .41 .33 -.16 .25 -.07 .13 .31 .07 .46 .46 Gross private domestic investment.... .69 1.36 .82 2.86 1.86 -.51 -1.11 1.88 .36 4.13 1.57 -.23 .99 -.36 .71 1.38 2.56 .41 -1.01 Fixed investment................... .85 1.17 .66 1.77 -.04 1.13 -.05 1.16 1.96 1.39 1.21 .68 .39 1.63 -.23 .96 .89 .43 -.44 Nonresidential................... .84 .85 .33 1.21 .90 .94 -.09 1.09 1.81 1.10 .68 .53 .04 1.13 -.57 .56 .58 .68 -.25 Structures..................... .05 .31 .03 .27 -.15 .18 -.82 .68 .62 .35 .18 .18 .15 .44 -.80 .43 .35 -.05 .00 Equipment...................... .62 .41 .17 1.02 .83 .57 .59 .23 .99 .54 .45 .29 -.22 .47 .09 .18 .02 .58 -.32 Information processing equipment................... .04 .05 .06 .06 .13 .19 -.15 .14 -.01 .05 .23 -.20 -.08 .31 -.05 .16 .03 -.01 -.27 Computers and peripheral equipment................. -.01 .03 .00 -.03 -.09 -.03 -.09 .14 .03 .06 .11 -.10 -.19 .28 -.08 -.08 .01 .13 -.22 Other...................... .05 .02 .06 .09 .22 .22 -.06 .00 -.03 -.01 .12 -.10 .11 .04 .04 .23 .03 -.14 -.05 Industrial equipment......... .16 .06 .04 .22 .04 .14 .22 .00 .33 .23 -.19 .12 .00 .07 .00 -.01 .18 -.04 .12 Transportation equipment..... .27 .25 .01 .55 .54 .08 .26 .04 .43 .47 .30 .29 -.25 .01 -.10 .08 .04 .33 -.16 Other equipment.............. .14 .05 .07 .19 .12 .16 .25 .05 .24 -.20 .11 .08 .10 .07 .24 -.04 -.23 .31 -.01 Intellectual property products...................... .17 .13 .12 -.08 .22 .19 .14 .18 .20 .21 .05 .07 .11 .21 .14 -.06 .22 .15 .06 Software..................... .10 .10 .08 -.14 .06 .09 .13 .13 .14 .16 .03 .11 .06 .16 .13 -.11 .14 .05 .04 Research and development..... .05 .03 .03 -.03 .11 .06 .04 .06 .05 .03 .03 -.03 .04 .05 -.01 .04 .08 .09 .02 Entertainment, literary, and artistic originals...... .01 .00 .01 .09 .05 .04 -.03 -.01 .01 .02 -.01 .00 .00 .01 .02 .01 -.01 .02 .00 Residential...................... .01 .32 .33 .56 -.94 .19 .04 .07 .15 .29 .53 .15 .35 .50 .34 .40 .31 -.26 -.18 Change in private inventories...... -.16 .20 .16 1.09 1.90 -1.64 -1.06 .72 -1.60 2.73 .36 -.91 .60 -2.00 .93 .41 1.67 -.02 -.57 Farm............................. .02 -.03 .23 -.09 -.11 .02 .11 -.02 .08 .05 .08 -.14 -.32 .10 .88 .12 .12 -.05 .02 Nonfarm.......................... -.18 .22 -.06 1.18 2.01 -1.66 -1.17 .74 -1.68 2.68 .27 -.76 .91 -2.09 .06 .30 1.55 .03 -.59 Net exports of goods and services.... .10 .10 .12 -1.77 -.88 1.32 .01 .53 .10 -.60 .44 .10 -.03 .68 -.28 -.07 .14 .99 -.83 Exports............................ .89 .48 .36 1.10 1.27 1.47 .48 .64 .92 .38 .56 .51 .05 .15 -.18 1.04 .52 1.23 -1.07 Goods............................ .63 .36 .22 .93 .70 1.07 .38 .34 .53 .72 .17 .48 .16 -.28 -.27 .84 .52 1.06 -1.19 Services......................... .27 .12 .14 .17 .57 .40 .09 .30 .39 -.35 .39 .03 -.10 .43 .09 .20 .01 .17 .12 Imports............................ -.79 -.38 -.24 -2.87 -2.15 -.15 -.46 -.11 -.82 -.98 -.12 -.41 -.08 .53 -.10 -1.10 -.39 -.24 .24 Goods............................ -.70 -.30 -.17 -2.77 -1.79 -.22 -.61 .10 -.50 -.93 -.12 -.35 -.05 .50 .03 -1.00 -.32 -.18 .21 Services......................... -.09 -.07 -.07 -.10 -.36 .07 .14 -.21 -.32 -.05 .00 -.06 -.03 .03 -.13 -.11 -.07 -.06 .02 Government consumption expenditures and gross investment................ -.68 -.20 -.43 .61 -.07 -.87 -1.61 -.25 -.52 -.31 -.28 .05 .67 -1.31 -.82 -.07 .08 -.99 -.09 Federal............................ -.23 -.12 -.41 .71 .32 -.23 -.94 .16 -.29 -.25 -.20 -.02 .69 -1.19 -.68 -.12 -.11 -1.00 .05 National defense................. -.13 -.17 -.35 .34 .41 -.19 -.83 .36 .13 -.57 -.36 -.05 .60 -1.22 -.57 -.03 -.02 -.70 -.11 Consumption expenditures....... -.06 -.11 -.31 .23 .37 -.25 -.47 .31 .19 -.58 -.11 -.13 .61 -1.14 -.38 -.12 -.06 -.53 .11 Gross investment............... -.07 -.06 -.05 .11 .04 .06 -.36 .06 -.06 .00 -.25 .08 -.01 -.08 -.18 .09 .04 -.17 -.22 Nondefense....................... -.10 .05 -.06 .37 -.09 -.04 -.11 -.21 -.42 .32 .16 .04 .08 .03 -.11 -.09 -.09 -.29 .16 Consumption expenditures....... -.09 .08 -.04 .28 -.11 -.05 -.13 -.17 -.39 .38 .18 .03 .08 .05 -.05 -.08 -.09 -.26 .17 Gross investment............... .00 -.02 -.02 .09 .02 .01 .02 -.04 -.03 -.06 -.02 .00 .00 -.02 -.05 -.02 .00 -.03 -.01 State and local.................... -.46 -.08 -.02 -.10 -.39 -.63 -.67 -.41 -.23 -.05 -.08 .07 -.02 -.12 -.14 .05 .19 .00 -.14 Consumption expenditures......... -.30 .00 .03 -.35 -.41 -.35 -.33 -.26 -.17 -.04 .10 .03 .12 -.01 .01 .04 .04 .04 .05 Gross investment................. -.16 -.08 -.06 .24 .02 -.28 -.34 -.15 -.06 -.01 -.18 .04 -.14 -.11 -.16 .01 .15 -.04 -.20 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------- -------------------------------------------- ------------------------- 2013 I 13 II 13 III 13 IV 13 I 14 2013 I 13 II 13 III 13 IV 13 I 14 2013 IV 13 I 14 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.......... 16,799.7 16,535.3 16,661.0 16,912.9 17,089.6 17,149.6 15,761.3 15,583.9 15,679.7 15,839.3 15,942.3 15,946.6 290.6 103.0 4.3 Personal consumption expenditures.... 11,501.5 11,379.2 11,427.1 11,537.7 11,662.2 11,790.8 10,727.9 10,644.0 10,691.9 10,744.2 10,831.5 10,912.3 210.3 87.3 80.8 Goods.............................. 3,885.9 3,851.8 3,848.5 3,912.8 3,930.3 3,929.4 3,659.4 3,611.9 3,639.6 3,680.0 3,706.1 3,709.4 125.3 26.1 3.3 Durable goods.................... 1,263.0 1,244.8 1,257.5 1,274.0 1,275.7 1,270.2 1,333.3 1,303.5 1,323.2 1,348.6 1,357.8 1,360.5 86.6 9.2 2.7 Motor vehicles and parts....... 424.5 421.3 421.7 427.1 427.8 428.3 382.2 380.6 379.7 384.3 384.2 385.0 18.2 -.1 .8 Furnishings and durable household equipment........... 285.8 280.7 284.7 289.4 288.4 285.3 310.5 300.3 306.9 316.6 318.2 316.9 17.7 1.6 -1.3 Recreational goods and vehicles...................... 347.8 342.3 346.3 351.7 350.7 349.2 451.6 435.2 447.3 460.1 463.9 467.3 40.7 3.8 3.4 Other durable goods............ 205.0 200.6 204.7 205.8 208.8 207.5 197.0 192.8 196.8 196.9 201.2 201.4 13.4 4.3 .2 Nondurable goods................. 2,622.9 2,607.0 2,591.0 2,638.8 2,654.7 2,659.1 2,342.0 2,322.2 2,331.7 2,348.6 2,365.5 2,366.4 45.2 16.9 .9 Food and beverages purchased for off-premises consumption.. 884.0 878.9 877.6 886.2 893.2 897.5 820.2 817.6 815.3 820.8 827.2 828.2 10.8 6.4 1.0 Clothing and footwear.......... 362.7 360.0 362.8 363.1 364.8 361.2 343.3 340.5 345.5 341.7 345.5 341.9 4.4 3.8 -3.6 Gasoline and other energy goods......................... 408.7 418.3 391.7 414.0 411.0 409.8 272.3 271.7 271.1 273.2 273.0 273.7 .8 -.2 .7 Other nondurable goods......... 967.5 949.7 958.9 975.6 985.7 990.6 916.5 901.8 910.0 923.0 931.2 933.6 31.4 8.2 2.4 Services........................... 7,615.7 7,527.4 7,578.6 7,624.8 7,731.9 7,861.4 7,067.7 7,031.1 7,051.5 7,063.6 7,124.8 7,201.7 85.0 61.2 76.9 Household consumption expenditures (for services)..... 7,326.2 7,243.6 7,290.2 7,331.7 7,439.2 7,565.3 6,780.5 6,743.2 6,766.1 6,775.2 6,837.7 6,915.5 91.1 62.5 77.8 Housing and utilities.......... 2,082.5 2,065.8 2,082.6 2,079.5 2,102.2 2,154.9 1,960.6 1,964.5 1,964.8 1,952.6 1,960.5 1,989.4 17.0 7.9 28.9 Health care.................... 1,918.6 1,889.2 1,902.9 1,923.3 1,959.0 2,008.7 1,780.1 1,756.5 1,771.9 1,783.9 1,808.3 1,851.6 41.7 24.4 43.3 Transportation services........ 324.3 324.2 322.8 323.8 326.7 328.5 300.4 300.8 300.8 299.3 300.8 302.3 2.4 1.5 1.5 Recreation services............ 427.2 423.4 422.8 429.7 432.6 430.9 397.5 396.1 395.1 399.2 399.6 395.6 3.1 .4 -4.0 Food services and accommodations................ 736.5 725.6 732.9 736.3 751.2 752.2 675.2 670.7 671.9 672.8 685.3 681.2 18.4 12.5 -4.1 Financial services and insurance..................... 849.2 835.1 842.0 851.1 868.8 882.6 757.6 747.6 754.9 758.3 769.7 779.3 11.6 11.4 9.6 Other services................. 987.9 980.4 984.4 988.0 998.7 1,007.4 908.5 907.1 906.2 908.5 912.5 915.5 -3.4 4.0 3.0 Final consumption expenditures of nonprofit institutions serving households.............. 289.5 283.8 288.4 293.2 292.7 296.2 286.7 287.6 284.8 288.0 286.4 285.2 -6.9 -1.6 -1.2 Gross output of nonprofit institutions.................. 1,235.2 1,209.9 1,227.2 1,239.5 1,264.1 1,290.4 1,146.8 1,132.7 1,142.2 1,148.1 1,164.3 1,181.1 14.7 16.2 16.8 Less: Receipts from sales of goods and services by nonprofit institutions........ 945.7 926.1 938.8 946.3 971.4 994.2 859.4 844.8 856.6 859.3 876.8 894.4 20.6 17.5 17.6 Gross private domestic investment.... 2,670.0 2,555.1 2,621.0 2,738.0 2,766.0 2,737.7 2,566.4 2,470.1 2,524.9 2,627.2 2,643.3 2,602.0 130.4 16.1 -41.3 Fixed investment................... 2,564.0 2,491.7 2,543.8 2,593.2 2,627.2 2,625.3 2,470.9 2,420.0 2,458.4 2,494.0 2,511.2 2,493.3 105.6 17.2 -17.9 Nonresidential................... 2,047.1 2,001.4 2,030.6 2,060.5 2,095.7 2,091.2 1,984.4 1,949.0 1,971.3 1,994.7 2,022.5 2,012.1 52.6 27.8 -10.4 Structures..................... 456.4 429.1 452.6 470.7 473.4 476.2 426.9 407.9 424.8 438.4 436.4 436.6 5.3 -2.0 .2 Equipment...................... 939.7 928.0 934.6 935.8 960.4 948.9 934.4 922.5 929.9 930.4 954.8 941.3 28.5 24.4 -13.5 Information processing equipment................... 290.1 286.2 291.4 291.6 291.0 279.3 305.7 300.0 306.8 308.3 307.7 295.6 10.0 -.6 -12.1 Computers and peripheral equipment................. 77.9 78.8 75.7 76.0 81.1 71.8 ..... ..... ..... ..... ..... ..... ..... ..... ..... Other...................... 212.2 207.5 215.7 215.6 209.9 207.4 218.1 211.8 221.6 222.7 216.4 214.2 10.3 -6.3 -2.2 Industrial equipment......... 202.8 200.1 199.3 206.6 205.0 211.0 190.6 188.0 187.5 194.4 192.7 197.5 6.0 -1.7 4.8 Transportation equipment..... 218.9 211.5 214.7 217.8 231.8 225.3 222.0 215.1 218.5 220.1 234.3 227.4 1.0 14.2 -6.9 Other equipment.............. 227.9 230.2 229.2 219.7 232.5 233.3 221.0 224.0 222.2 212.7 225.2 224.8 11.3 12.5 -.4 Intellectual property products. 651.0 644.3 643.5 654.1 662.0 666.1 624.8 620.6 618.3 627.0 633.2 635.5 19.0 6.2 2.3 Software..................... 294.4 293.7 290.4 296.0 297.5 298.7 298.8 298.6 294.1 300.2 302.3 304.0 12.9 2.1 1.7 Research and development..... 280.7 275.2 277.4 282.3 288.0 290.7 250.8 247.4 248.8 251.9 255.1 256.0 5.1 3.2 .9 Entertainment, literary, and artistic originals...... 75.8 75.3 75.6 75.8 76.6 76.6 76.0 75.7 76.2 75.8 76.5 76.3 1.2 .7 -.2 Residential...................... 516.9 490.3 513.2 532.6 531.5 534.1 486.6 471.2 487.1 499.2 489.0 481.8 52.9 -10.2 -7.2 Change in private inventories...... 106.1 63.4 77.2 144.8 138.8 112.3 81.5 42.2 56.6 115.7 111.7 87.4 23.9 -4.0 -24.3 Farm............................. 40.4 38.9 40.4 44.5 37.8 37.7 19.6 16.0 19.5 22.8 20.2 19.0 26.8 -2.6 -1.2 Nonfarm.......................... 65.7 24.5 36.9 100.3 101.0 74.6 58.3 22.2 32.7 89.2 88.9 65.7 -10.4 -.3 -23.2 Net exports of goods and services.... -497.3 -523.1 -509.0 -500.2 -456.9 -498.0 -412.3 -422.3 -424.4 -419.8 -382.8 -414.4 18.5 37.0 -31.6 Exports............................ 2,259.9 2,214.2 2,238.9 2,265.8 2,320.6 2,289.9 2,010.0 1,960.5 1,998.4 2,017.6 2,063.7 2,023.2 52.6 46.1 -40.5 Goods............................ 1,567.0 1,531.6 1,548.8 1,572.1 1,615.6 1,575.9 1,385.0 1,342.8 1,373.4 1,392.2 1,431.7 1,386.7 31.8 39.5 -45.0 Services......................... 692.9 682.6 690.2 693.7 705.0 714.0 624.8 617.5 624.9 625.1 631.5 636.2 21.1 6.4 4.7 Imports............................ 2,757.2 2,737.3 2,747.9 2,766.0 2,777.5 2,787.9 2,422.3 2,382.7 2,422.9 2,437.3 2,446.4 2,437.6 34.1 9.1 -8.8 Goods............................ 2,296.0 2,281.9 2,288.7 2,304.5 2,309.0 2,318.3 1,988.3 1,954.0 1,989.6 2,001.4 2,008.1 2,000.3 24.0 6.7 -7.8 Services......................... 461.2 455.3 459.3 461.5 468.5 469.6 433.5 428.3 432.6 435.2 437.7 436.7 10.7 2.5 -1.0 Government consumption expenditures and gross investment................ 3,125.5 3,124.1 3,121.9 3,137.5 3,118.4 3,119.2 2,896.9 2,907.4 2,904.5 2,907.4 2,868.5 2,864.9 -66.2 -38.9 -3.6 Federal............................ 1,245.9 1,255.0 1,252.6 1,251.2 1,224.7 1,221.6 1,157.4 1,172.8 1,168.2 1,163.9 1,124.8 1,126.9 -62.9 -39.1 2.1 National defense................. 770.7 775.8 776.3 777.3 753.6 749.7 715.0 723.1 722.0 721.2 693.6 689.4 -54.1 -27.6 -4.2 Consumption expenditures....... 612.0 619.7 615.7 614.9 597.8 602.7 563.5 573.4 568.8 566.3 545.6 550.0 -46.9 -20.7 4.4 Gross investment............... 158.7 156.1 160.5 162.5 155.8 147.0 151.4 149.5 153.1 154.9 148.0 139.1 -7.1 -6.9 -8.9 Nondefense....................... 475.1 479.2 476.3 473.9 471.1 471.9 442.5 449.8 446.2 442.7 431.2 437.5 -8.7 -11.5 6.3 Consumption expenditures....... 359.0 362.6 360.3 357.5 355.6 356.8 331.5 338.1 335.1 331.5 321.4 327.9 -5.4 -10.1 6.5 Gross investment............... 116.1 116.6 116.1 116.3 115.5 115.1 110.9 111.6 111.0 111.1 109.8 109.5 -3.3 -1.3 -.3 State and local.................... 1,879.6 1,869.1 1,869.3 1,886.3 1,893.7 1,897.5 1,739.2 1,734.3 1,736.0 1,743.2 1,743.3 1,737.7 -3.6 .1 -5.6 Consumption expenditures......... 1,548.1 1,543.0 1,541.4 1,550.8 1,557.3 1,568.2 1,432.1 1,429.9 1,431.3 1,432.8 1,434.3 1,436.4 5.0 1.5 2.1 Gross investment................. 331.5 326.1 327.8 335.6 336.3 329.3 306.4 303.7 304.0 309.7 308.3 300.6 -8.7 -1.4 -7.7 Residual............................. ..... ..... ..... ..... ..... ..... -39.4 -38.0 -41.2 -40.2 -39.3 -36.5 ..... ..... ..... Addenda: Final sales of domestic product.... 16,693.7 16,471.9 16,583.8 16,768.1 16,950.8 17,037.3 15,669.7 15,536.4 15,616.2 15,711.1 15,815.0 15,842.0 266.5 103.9 27.0 Gross domestic purchases........... 17,297.0 17,058.4 17,170.0 17,413.2 17,546.5 17,647.6 16,172.7 16,005.8 16,104.1 16,258.5 16,322.4 16,359.8 270.4 63.9 37.4 Final sales to domestic purchasers........................ 17,191.0 16,995.0 17,092.8 17,268.4 17,407.7 17,535.3 16,081.6 15,958.6 16,041.0 16,130.9 16,195.8 16,255.7 246.4 64.9 59.9 Gross domestic product............. 16,799.7 16,535.3 16,661.0 16,912.9 17,089.6 17,149.6 15,761.3 15,583.9 15,679.7 15,839.3 15,942.3 15,946.6 290.6 103.0 4.3 Plus: Income receipts from the rest of the world............. 827.3 813.3 817.0 822.0 856.8 ..... 704.4 695.2 697.9 698.9 725.6 ..... -1.1 26.7 ..... Less: Income payments to the rest of the world............. 569.5 575.9 570.1 559.1 572.9 ..... 484.7 491.9 486.9 475.2 484.9 ..... -2.6 9.7 ..... Equals: Gross national product..... 17,057.5 16,772.7 16,907.9 17,175.9 17,373.5 ..... 15,985.0 15,789.7 15,893.9 16,067.4 16,188.9 ..... 291.9 121.5 ..... Net domestic product............... 14,153.2 13,931.5 14,029.1 14,253.3 14,398.6 14,427.2 13,258.2 13,099.9 13,183.0 13,330.0 13,419.9 13,411.8 242.4 89.9 -8.1 Gross domestic income\1\........... 16,931.9 16,690.9 16,847.8 17,004.6 17,184.3 ..... 15,885.4 15,730.6 15,855.4 15,925.2 16,030.6 ..... 398.4 105.4 ..... ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Real gross domestic income is current-dollar 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 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] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 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 13 IV 13 I 14 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 2.0 1.7 1.4 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 1.6 1.3 Personal consumption expenditures... 2.4 1.8 1.1 .5 1.2 2.1 3.0 3.7 2.3 1.3 2.3 1.1 1.7 1.6 1.1 -.1 1.9 1.1 1.4 Goods............................. 3.6 1.3 -.4 -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 -1.0 -.4 Durable goods................... -1.0 -1.2 -1.8 -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 -2.2 -2.5 Nondurable goods................ 5.9 2.4 .2 -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 -.5 .5 Services.......................... 1.8 2.2 2.0 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 1.8 2.2 2.4 Gross private domestic investment... 1.3 1.3 1.7 .5 .7 2.1 1.1 1.7 1.0 .7 1.4 1.6 1.3 1.5 2.1 1.9 1.7 1.5 2.3 Fixed investment.................. 1.3 1.3 1.9 .1 .5 1.8 1.4 2.2 1.1 .7 1.5 1.5 1.4 1.3 2.3 2.0 2.0 2.5 2.6 Nonresidential.................. 1.5 1.4 1.2 .9 .6 1.6 1.5 2.3 1.3 .9 2.1 1.5 1.0 .8 1.3 1.2 1.2 1.2 1.2 Structures.................... 2.9 1.9 3.0 2.1 2.1 2.5 2.7 4.2 3.7 2.7 .9 1.9 .6 1.2 4.0 5.2 3.1 4.3 2.2 Equipment..................... .9 1.3 .4 -.2 1.0 1.0 .7 1.7 .7 1.0 2.1 .4 1.4 1.5 -.3 -.4 .3 .0 .9 Intellectual property products..................... 1.2 1.4 1.0 1.4 -1.0 1.9 2.0 2.2 .5 -.6 2.7 2.9 .7 -.6 1.9 1.0 1.0 .9 1.0 Residential..................... .7 .9 4.9 -2.8 .0 2.3 .8 1.4 .1 .1 -.8 1.4 3.4 4.0 6.3 5.1 5.2 7.6 8.3 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... 6.4 .9 .2 4.7 1.2 9.7 10.6 8.3 2.3 -4.0 2.9 .6 .0 1.5 1.4 -3.2 1.0 .5 2.6 Goods........................... 7.6 .4 -.3 5.4 1.4 12.7 12.7 9.5 1.9 -5.2 2.4 -.1 .0 1.1 1.2 -4.4 .5 -.3 2.9 Services........................ 3.8 2.1 1.5 3.2 .9 3.4 6.0 5.7 3.2 -1.0 4.0 2.4 -.1 2.5 2.0 -.3 1.9 2.4 2.1 Imports........................... 7.8 .5 -.9 -1.8 -2.2 9.6 17.4 12.8 -.4 -.8 4.3 -3.7 -5.0 4.1 .5 -5.0 .2 .2 3.0 Goods........................... 8.8 .6 -1.2 -2.4 -2.9 10.4 20.4 14.6 -.3 -.3 4.8 -4.5 -5.9 4.5 .6 -5.9 .4 -.6 3.2 Services........................ 2.8 .2 .5 .7 1.5 5.9 3.7 4.5 -.7 -3.2 1.6 .5 -.3 2.3 -.1 -.5 -.5 3.9 1.9 Government consumption expenditures and gross investment............... 2.8 1.3 .9 3.0 2.0 2.9 3.6 4.1 1.7 -.5 2.9 .3 .3 1.4 .9 .1 1.6 3.0 .6 Federal........................... 2.7 .8 1.4 2.9 1.6 2.3 4.2 3.8 1.3 -1.0 1.5 .8 .2 .6 2.4 .8 1.0 5.2 -1.7 National defense................ 2.8 1.0 1.5 2.4 .8 2.2 5.2 4.2 1.2 -1.6 2.4 1.2 .4 .8 2.8 .9 1.0 3.2 .4 Nondefense...................... 2.5 .4 1.2 3.9 2.9 2.3 2.5 3.2 1.7 .0 .0 .2 -.2 .1 1.8 .8 1.1 8.5 -5.0 State and local................... 2.9 1.6 .7 3.1 2.3 3.3 3.1 4.3 1.9 -.1 3.8 -.1 .4 1.9 -.1 -.4 2.0 1.5 2.1 Addenda: Final sales of domestic product... 2.0 1.8 1.4 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 1.7 1.4 Gross domestic purchases.......... 2.3 1.7 1.2 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 1.5 1.4 Final sales to domestic purchasers....................... 2.3 1.7 1.2 .9 1.3 2.2 2.9 3.6 2.0 .9 2.3 1.0 1.4 1.5 1.2 .2 1.9 1.6 1.5 Gross national product (GNP)...... 2.0 1.7 1.4 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 1.6 ..... Implicit price deflators: GDP............................. 2.0 1.7 1.5 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 1.6 1.3 Gross domestic purchases........ 2.3 1.6 1.3 .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 1.5 1.4 GNP............................. 2.0 1.7 1.5 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 1.6 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100; quarters seasonally adjusted] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 I 13 II 13 III 13 IV 13 I 14 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 104.400 107.302 109.317 108.087 108.751 109.859 110.572 110.602 Personal consumption expenditures.......... 104.555 106.854 108.991 108.138 108.625 109.156 110.043 110.864 Goods.................................... 106.925 110.495 114.413 112.928 113.793 115.057 115.873 115.976 Durable goods.......................... 113.074 121.833 130.289 127.379 129.309 131.785 132.682 132.946 Nondurable goods....................... 104.177 105.594 107.672 106.762 107.197 107.973 108.754 108.792 Services................................. 103.411 105.090 106.370 105.818 106.125 106.308 107.228 108.386 Gross private domestic investment.......... 118.449 129.705 136.647 131.521 134.440 139.883 140.743 138.543 Fixed investment......................... 107.844 116.766 121.978 119.467 121.362 123.119 123.966 123.082 Nonresidential......................... 110.225 118.263 121.485 119.318 120.685 122.114 123.821 123.179 Structures........................... 85.360 96.212 97.416 93.090 96.943 100.042 99.588 99.631 Equipment............................ 130.639 140.604 145.024 143.175 144.326 144.401 148.192 146.102 Intellectual property products....... 106.388 109.962 113.408 112.648 112.235 113.815 114.933 115.360 Residential............................ 97.964 110.581 124.060 120.123 124.180 127.267 124.671 122.841 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 119.367 123.590 126.912 123.781 126.181 127.389 130.298 127.741 Imports of goods and services.............. 118.239 120.860 122.588 120.584 122.615 123.347 123.807 123.358 Government consumption expenditures and gross investment.......................... 96.868 95.921 93.779 94.117 94.024 94.117 92.859 92.744 Federal.................................. 101.660 100.212 95.051 96.315 95.933 95.581 92.375 92.541 State and local.......................... 93.751 93.128 92.934 92.672 92.765 93.147 93.153 92.855 Addenda: Final sales of domestic product.......... 103.082 105.751 107.581 106.666 107.214 107.865 108.579 108.764 Gross domestic purchases................. 104.666 107.374 109.200 108.073 108.737 109.779 110.211 110.463 Final sales to domestic purchasers....... 103.381 105.866 107.513 106.691 107.242 107.843 108.277 108.678 Gross national product................... 104.954 107.744 109.748 108.408 109.123 110.314 111.148 ..... ----------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100; quarters seasonally adjusted] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 I 13 II 13 III 13 IV 13 I 14 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 103.203 105.008 106.486 105.994 106.165 106.685 107.099 107.450 Personal consumption expenditures (PCE).... 104.086 106.009 107.211 106.909 106.878 107.387 107.671 108.052 Goods.................................... 105.345 106.666 106.189 106.641 105.740 106.326 106.049 105.930 Durable goods.......................... 97.649 96.467 94.725 95.487 95.016 94.456 93.941 93.356 Nondurable goods....................... 109.128 111.765 111.994 112.264 111.126 112.362 112.224 112.373 Services................................. 103.463 105.689 107.751 107.060 107.477 107.946 108.522 109.162 Gross private domestic investment.......... 100.364 101.646 103.401 102.726 103.206 103.641 104.031 104.619 Fixed investment......................... 100.506 101.852 103.763 102.967 103.478 103.982 104.625 105.302 Nonresidential......................... 100.524 101.977 103.155 102.692 103.008 103.303 103.618 103.934 Structures........................... 101.748 103.732 106.882 105.189 106.521 107.347 108.471 109.064 Equipment............................ 98.928 100.187 100.565 100.601 100.500 100.578 100.580 100.805 Intellectual property products....... 101.789 103.169 104.188 103.816 104.071 104.322 104.544 104.803 Residential............................ 100.392 101.246 106.235 104.088 105.396 106.739 108.717 110.894 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 111.140 112.185 112.433 112.944 112.034 112.303 112.450 113.185 Imports of goods and services.............. 114.273 114.862 113.823 114.873 113.411 113.480 113.528 114.368 Government consumption expenditures and gross investment.......................... 105.560 106.882 107.891 107.454 107.485 107.916 108.711 108.873 Federal.................................. 105.344 106.184 107.655 107.007 107.229 107.504 108.879 108.409 State and local.......................... 105.710 107.371 108.073 107.775 107.676 108.213 108.627 109.199 Addenda: PCE excluding food and energy\1\......... 102.743 104.632 105.936 105.542 105.711 106.077 106.415 106.746 Market-based PCE\2\...................... 104.034 105.920 107.062 106.800 106.721 107.258 107.469 107.808 Market-based PCE excluding food and energy\2\........................... 102.480 104.320 105.570 105.210 105.351 105.729 105.990 106.267 Final sales of domestic product.......... 103.217 105.033 106.535 106.024 106.199 106.731 107.184 107.548 Gross domestic purchases................. 103.884 105.599 106.851 106.467 106.526 107.010 107.402 107.779 Final sales to domestic purchasers....... 103.898 105.624 106.898 106.496 106.559 107.053 107.485 107.873 Gross national product................... 103.327 105.131 106.608 106.116 106.287 106.807 107.221 ..... Implicit price deflators: Gross domestic product................. 103.199 105.002 106.588 106.105 106.259 106.778 107.197 107.544 Final sales of domestic product........ 103.217 105.033 106.535 106.021 106.196 106.728 107.181 107.545 Gross domestic purchases............... 103.880 105.594 106.952 106.576 106.619 107.102 107.500 107.872 Final sales to domestic purchasers..... 103.898 105.624 106.899 106.494 106.557 107.052 107.483 107.871 Gross national product................. 103.322 105.126 106.710 106.225 106.380 106.899 107.318 ..... ----------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 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 1.9 Personal consumption expenditures...... 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 2.0 Goods................................ 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 3.5 Durable goods...................... 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 6.9 Nondurable goods................... 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 2.0 Services............................. 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 1.2 Gross private domestic investment...... 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 5.4 Fixed investment..................... 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 4.5 Nonresidential..................... 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 2.7 Structures....................... 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 1.3 Equipment........................ 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 3.1 Intellectual property products... 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 3.1 Residential........................ 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 12.2 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 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 2.7 Goods.............................. 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 2.4 Services........................... 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 3.5 Imports.............................. 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 1.4 Goods.............................. 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 1.2 Services........................... 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 2.5 Government consumption expenditures and gross investment.................. 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 -2.2 Federal.............................. -.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 -5.2 National defense................... -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 -7.0 Nondefense......................... 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 -1.9 State and local...................... 3.8 4.2 2.8 3.7 2.9 -.4 -.1 .0 .9 1.5 .3 1.6 -2.7 -3.6 -.7 -.2 Addenda: Final sales of domestic product...... 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 1.7 Gross domestic purchases............. 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 1.7 Final sales to domestic purchasers... 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 1.6 Gross domestic income\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 2.6 Gross national product............... 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 1.9 Real disposable personal income...... 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 .7 Price indexes: Gross domestic purchases........... .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 1.2 Gross domestic purchases excluding food and energy\2\................ .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 1.3 GDP................................ 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 1.4 GDP excluding food and energy\2\... 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 1.5 Personal consumption expenditures.. .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 1.1 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 13 IV 13 I 14 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 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 2.0 2.6 2.3 Personal consumption expenditures (PCE) 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 1.9 2.3 2.5 Goods................................ 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 3.8 3.5 2.7 Durable goods...................... 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 7.6 5.6 4.4 Nondurable goods................... 2.2 2.5 3.3 2.8 2.5 1.7 .7 .9 1.2 1.7 1.6 1.7 1.6 2.0 2.6 1.9 Services............................. 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 1.0 1.7 2.4 Gross private domestic investment...... 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 6.9 8.3 5.3 Fixed investment..................... 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 5.5 3.4 3.0 Nonresidential..................... 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 3.5 2.6 3.2 Structures....................... -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 3.9 -.7 7.0 Equipment........................ 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 3.9 2.0 Intellectual property products... 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 3.4 3.0 2.4 Residential........................ 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 14.2 6.9 2.3 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 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 2.9 4.9 3.2 Goods.............................. 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 2.2 5.9 3.3 Services........................... 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 2.8 3.0 Imports.............................. 16.7 16.3 11.7 9.3 4.6 2.3 3.5 3.0 3.4 2.4 .1 .1 1.2 1.6 2.8 2.3 Goods.............................. 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 2.7 2.4 Services........................... 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 3.4 2.0 Government consumption expenditures and gross investment.................. .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 -2.4 -1.5 Federal.............................. 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 -6.2 -3.9 National defense................... 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 -6.9 -4.7 Nondefense......................... 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 -5.0 -2.7 State and local...................... -2.4 -3.1 -4.0 -3.6 -4.2 -3.9 -2.8 -1.6 -.6 -.2 -.3 -.5 -.5 -.1 .2 .2 Addenda: Final sales of domestic product...... 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 1.7 1.8 2.0 Gross domestic purchases............. 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 1.8 2.3 2.2 Final sales to domestic purchasers... 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 1.6 1.6 1.9 Gross domestic income\1\............. 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 3.1 2.5 ..... Gross national product............... 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 2.0 2.7 ..... Real disposable personal income...... .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 -.1 2.4 Price indexes: Gross domestic purchases........... 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 1.2 1.2 Gross domestic purchases excluding food and energy\2\................ 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 1.3 1.4 1.4 GDP................................ 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 1.4 1.4 GDP excluding food and energy\2\... 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 1.6 1.5 PCE................................ 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 1.0 1.1 PCE excluding food and energy\2\... 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 1.2 1.1 Market-based PCE\3\................ 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 .9 .9 Market-based PCE excluding food and energy\3\..................... 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 1.2 1.0 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 I 13 II 13 III 13 IV 13 I 14 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 15,533.8 16,244.6 16,799.7 16,535.3 16,661.0 16,912.9 17,089.6 17,149.6 Plus: Income receipts from the rest of the world..................................... 802.8 818.6 827.3 813.3 817.0 822.0 856.8 ..... Less: Income payments to the rest of the world..................................... 542.1 565.7 569.5 575.9 570.1 559.1 572.9 ..... Equals: Gross national product............. 15,794.6 16,497.4 17,057.5 16,772.7 16,907.9 17,175.9 17,373.5 ..... Less: Consumption of fixed capital......... 2,452.6 2,542.9 2,646.6 2,603.8 2,631.9 2,659.6 2,691.0 2,722.4 Less: Statistical discrepancy.............. -53.7 -17.0 -132.2 -155.6 -186.8 -91.7 -94.7 ..... Equals: National income.................... 13,395.7 13,971.6 14,543.1 14,324.5 14,462.7 14,607.9 14,777.3 ..... Compensation of employees................ 8,278.5 8,611.6 8,860.1 8,748.3 8,835.5 8,888.3 8,968.3 9,041.0 Wages and salaries..................... 6,638.7 6,926.8 7,138.2 7,040.4 7,117.6 7,162.8 7,231.9 7,292.8 Supplements to wages and salaries...... 1,639.8 1,684.9 1,721.9 1,707.9 1,717.8 1,725.5 1,736.4 1,748.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,155.1 1,224.9 1,348.8 1,334.6 1,341.5 1,360.7 1,358.5 1,371.2 Rental income of persons with capital consumption adjustment.................. 484.4 541.2 590.6 574.9 587.7 596.6 603.2 610.3 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,877.7 2,009.5 2,102.1 2,020.6 2,087.4 2,126.6 2,173.7 ..... Net interest and miscellaneous payments.. 456.9 439.6 469.2 477.0 444.0 467.2 488.6 482.7 Taxes on production and imports less subsidies............................... 1,037.2 1,065.6 1,088.0 1,082.7 1,079.9 1,089.9 1,099.6 1,114.8 Business current transfer payments (net). 129.6 106.9 124.4 121.9 125.8 120.1 129.9 120.8 Current surplus of government enterprises............................. -23.8 -27.7 -40.1 -35.5 -39.0 -41.4 -44.3 -45.5 Addendum: Gross domestic income.................... 15,587.5 16,261.6 16,931.9 16,690.9 16,847.8 17,004.6 17,184.3 ..... ----------------------------------------------------------------------------------------------------------------------------------- Table 10. Personal Income and Its Disposition [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 I 13 II 13 III 13 IV 13 I 14 ----------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 13,191.3 13,743.8 14,135.3 13,925.9 14,086.2 14,225.3 14,303.8 14,425.8 Compensation of employees................ 8,278.5 8,611.6 8,860.1 8,748.3 8,835.5 8,888.3 8,968.3 9,041.0 Wages and salaries..................... 6,638.7 6,926.8 7,138.2 7,040.4 7,117.6 7,162.8 7,231.9 7,292.8 Supplements to wages and salaries...... 1,639.8 1,684.9 1,721.9 1,707.9 1,717.8 1,725.5 1,736.4 1,748.2 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,155.1 1,224.9 1,348.8 1,334.6 1,341.5 1,360.7 1,358.5 1,371.2 Farm................................... 72.6 75.4 127.6 137.0 129.0 131.7 112.9 105.2 Nonfarm................................ 1,082.6 1,149.6 1,221.2 1,197.6 1,212.5 1,229.0 1,245.6 1,265.9 Rental income of persons with capital consumption adjustment.................. 484.4 541.2 590.6 574.9 587.7 596.6 603.2 610.3 Personal income receipts on assets....... 1,884.6 1,958.5 1,997.7 1,935.8 1,994.0 2,030.7 2,030.1 2,028.9 Personal interest income............... 1,204.1 1,211.6 1,229.2 1,215.8 1,225.6 1,234.2 1,241.1 1,243.8 Personal dividend income............... 680.5 746.9 768.5 720.0 768.4 796.5 789.0 785.1 Personal current transfer receipts....... 2,306.9 2,358.3 2,444.3 2,426.0 2,430.9 2,458.0 2,462.3 2,508.6 Less: Contributions for government social insurance, domestic.............. 918.2 950.7 1,106.1 1,093.7 1,103.3 1,109.0 1,118.5 1,134.1 Less: Personal current taxes............... 1,404.0 1,498.0 1,658.6 1,629.0 1,668.8 1,657.6 1,679.0 1,697.9 Equals: Disposable personal income......... 11,787.4 12,245.8 12,476.7 12,296.9 12,417.4 12,567.7 12,624.8 12,727.9 Less: Personal outlays..................... 11,119.1 11,558.4 11,914.9 11,794.9 11,837.0 11,950.4 12,077.4 12,209.2 Equals: Personal saving.................... 668.2 687.4 561.8 502.0 580.4 617.3 547.4 518.7 Personal saving as a percentage of disposable personal income.............. 5.7 5.6 4.5 4.1 4.7 4.9 4.3 4.1 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\2\............... 10,457.1 10,740.1 10,904.6 10,756.9 10,905.4 10,958.1 10,998.1 11,029.4 Disposable personal income, billions of chained (2009) dollars\2\............... 11,324.6 11,551.6 11,637.4 11,502.4 11,618.5 11,703.4 11,725.6 11,779.6 ----------------------------------------------------------------------------------------------------------------------------------- 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. 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] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 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 13 IV 13 I 14 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from preceding period ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP) and related aggregates: GDP............................... 1.8 2.8 1.9 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 4.1 2.6 .1 Goods............................. 4.3 5.1 4.3 4.7 9.7 6.0 -.9 5.9 -.3 15.5 5.6 .6 4.8 -1.2 5.5 3.9 10.7 6.9 -6.2 Services.......................... 1.1 1.2 .5 2.0 1.7 1.6 .2 1.5 1.3 -.2 2.4 1.1 1.6 -.6 .3 .7 .2 1.5 4.0 Structures........................ -1.7 7.3 3.8 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 11.1 -5.3 -4.8 Motor vehicle output.............. 10.1 13.2 3.7 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 -12.9 19.0 -9.3 GDP excluding motor vehicle output........................... 1.7 2.5 1.8 3.6 2.3 3.2 -2.0 3.4 1.1 4.4 3.1 1.1 2.9 .2 .9 2.2 4.7 2.2 .4 Final sales of computers\1\....... 10.2 12.9 11.6 -27.2 -8.0 34.6 22.6 .5 -2.8 44.3 35.0 -21.7 .9 50.3 17.5 15.4 -12.4 -3.7 -1.4 GDP excluding final sales of computers........................ 1.8 2.7 1.8 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 4.2 2.6 .1 Research and development.......... 1.3 -.3 1.0 -1.0 5.7 2.2 -.1 1.0 1.1 -.3 -1.1 -2.2 1.7 .4 -.2 1.9 3.0 2.1 -.3 GDP excluding research and development...................... 1.9 2.9 1.9 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 4.2 2.6 .1 Farm gross value added\2\......... -5.1 -1.1 19.9 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 15.4 -8.9 -28.1 Nonfarm business gross value added\3\......................... 2.5 3.7 2.2 4.7 4.2 4.2 -2.1 4.7 1.7 5.9 5.0 1.6 4.2 .7 -.3 3.3 5.4 3.8 .3 Price indexes: GDP............................... 2.0 1.7 1.4 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 1.6 1.3 GDP excluding food and energy\4\.. 1.8 1.7 1.5 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 1.9 1.3 GDP excluding final sales of computers........................ 2.0 1.8 1.5 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 1.6 1.3 Gross domestic purchases.......... 2.3 1.7 1.2 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 1.5 1.4 Gross domestic purchases excluding food and energy\4\............... 1.7 1.6 1.3 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 1.8 1.4 Gross domestic purchases excluding final sales of computers to domestic purchasers.............. 2.4 1.7 1.2 1.0 1.3 2.3 3.0 3.6 2.1 .9 2.3 1.0 1.4 1.6 1.3 .3 1.9 1.5 1.4 Personal consumption expenditures (PCE)............................ 2.4 1.8 1.1 .5 1.2 2.1 3.0 3.7 2.3 1.3 2.3 1.1 1.7 1.6 1.1 -.1 1.9 1.1 1.4 PCE excluding food and energy\4\.. 1.4 1.8 1.2 1.1 1.0 .8 1.3 2.2 2.0 1.6 2.2 1.8 1.4 1.3 1.4 .6 1.4 1.3 1.3 Market-based PCE\5\............... 2.5 1.8 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 .8 1.3 Market-based PCE excluding food and energy\5\.................... 1.4 1.8 1.2 .8 .8 .6 1.5 2.3 2.1 1.6 2.2 1.7 1.3 .9 1.6 .5 1.4 1.0 1.0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Contributions to percent change in real gross domestic product ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product............ 1.8 2.8 1.9 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 4.1 2.6 .1 Percentage points at annual rates: Goods............................. 1.26 1.53 1.29 1.40 2.74 1.74 -.31 1.71 -.10 4.43 1.72 .22 1.46 -.36 1.63 1.20 3.19 2.11 -1.97 Services.......................... .70 .76 .31 1.30 1.09 1.03 .13 .95 .85 -.12 1.50 .69 1.00 -.35 .21 .46 .14 .92 2.44 Structures........................ -.12 .49 .27 1.20 -1.05 .04 -1.11 .53 .62 .56 .49 .30 .32 .85 -.70 .82 .80 -.41 -.37 Motor vehicle output.............. .23 .32 .10 .38 .50 -.32 .63 -.13 .25 .57 .66 .17 .01 -.07 .24 .32 -.38 .47 -.26 Final sales of computers.......... .04 .05 .05 -.14 -.03 .12 .09 .01 -.01 .15 .13 -.11 .00 .16 .07 .06 -.05 -.01 -.01 Research and development.......... .04 -.01 .03 -.03 .14 .06 .00 .03 .03 -.01 -.03 -.06 .04 .01 .00 .05 .08 .05 -.01 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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.