EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, APRIL 28, 2016 BEA 16–21 GDP: Lisa Mataloni (202) 606-5304 gdpniwd@bea.gov News Media: Jeannine Aversa (202) 606-2649 GROSS DOMESTIC PRODUCT: FIRST QUARTER 2016 (ADVANCE ESTIMATE) Real gross domestic product -- 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, adjusted for price changes -- increased at an annual rate of 0.5 percent in the first quarter of 2016, according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 1.4 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 4). The "second" estimate for the first quarter, based on more complete data, will be released on May 27, 2016. The increase in real GDP in the first quarter reflected positive contributions from personal consumption expenditures (PCE), residential fixed investment, and state and local government spending that were partly offset by negative contributions from nonresidential fixed investment, private inventory investment, exports, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in the first quarter reflected a larger decrease in nonresidential fixed investment, a deceleration in PCE, a downturn in federal government spending, an upturn in imports, and larger decreases in private inventory investment and in exports that were partly offset by an upturn in state and local government spending and an acceleration in residential fixed investment. BOX____ Upcoming Annual Revision of the National Income and Product Accounts The annual revision of the national income and product accounts, covering the first quarter of 2013 through the first quarter of 2016, will be released along with the "advance" estimate of GDP for the second quarter of 2016 on July 29. For more information, see the Technical Note. _______ FOOTNOTE_____ Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. 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. _____________ 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 1.5 percent in the fourth. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 0.3 percent in the first quarter, compared with an increase of 0.4 percent in the fourth. Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent, compared with an increase of 1.0 percent. Current-dollar GDP -- the market value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production -- increased 1.2 percent, or $56.3 billion, in the first quarter to a level of $18,221.1 billion. In the fourth quarter, current-dollar GDP increased 2.3 percent, or $104.6 billion. Disposition of personal income Current-dollar personal income increased $130.8 billion in the first quarter, compared with an increase of $117.4 billion in the fourth. The acceleration in personal income primarily reflected an upturn in personal interest income and an acceleration in personal current transfer receipts that were partly offset by a downturn in personal dividend income. Personal current taxes increased $24.3 billion in the first quarter, compared with an increase of $28.4 billion in the fourth. Disposable personal income increased $106.5 billion, or 3.2 percent, in the first quarter, compared with an increase of $89.0 billion, or 2.7 percent, in the fourth. Real disposable personal income increased 2.9 percent, compared with an increase of 2.3 percent. Personal outlays increased $72.5 billion in the first quarter, compared with an increase of $90.9 billion in the fourth. Personal saving -- disposable personal income less personal outlays -- was $712.3 billion in the first quarter, compared with $678.3 billion in the fourth. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.2 percent in the first quarter, compared with 5.0 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. 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 27, 2016 at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2016 (Second Estimate) Corporate Profits: First Quarter 2016 (Preliminary Estimate) Comparisons of Revisions to GDP Current quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source data that are incomplete or subject to further revision by the source agency, are released near the end of the first month following the end of the quarter; as more detailed and more comprehensive data become available, "second" and "third" estimates are released near the end of the second and third months, respectively. "Latest" quarterly estimates reflect the results of both annual and comprehensive revisions, which are typically released in late July. Annual revisions generally cover at least the 3 most recent calendar years (and the associated quarters) 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 presents the average revisions to the quarterly percent changes in real and current-dollar GDP for the different estimate vintages. From the advance estimate to the second estimate (1 month later), the average revision to real GDP growth without regard to sign is 0.5 percentage point, while from the advance estimate to the third estimate (2 months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.2 percentage points. Larger average revisions for the latest estimates reflect the fact that comprehensive revisions include major improvements to the accounts, such as the incorporation of BEA's latest benchmark input-output accounts. The current quarterly estimates correctly indicate the direction of change in real GDP 96 percent of the time, correctly indicate whether GDP is accelerating or decelerating about 75 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth about 83 percent 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 ________________________________________________________Real GDP_____________________________________________________ Advance to second.................... 0.1 0.5 0.4 Advance to third..................... 0.1 0.6 0.5 Second to third...................... 0.0 0.2 0.3 Advance to latest.................... -0.1 1.2 1.0 ____________________________________________________Current-dollar GDP_______________________________________________ Advance to second.................... 0.1 0.5 0.4 Advance to third..................... 0.2 0.7 0.5 Second to third...................... 0.1 0.3 0.3 Advance to latest.................... 0.1 1.3 1.0 _____________________________________________________________________________________________________________________ NOTE. These comparisons are based on the period from 1993 through 2014. Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 2013 2014 2015 ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- ---------2012--------- -------------2013------------- -------------2014------------- -------------2015------------- 2016 II III IV I II III IV I II III IV I II III IV I ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP)..... 1.5 2.4 2.4 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 3.9 2.0 1.4 0.5 Personal consumption expenditures...... 1.7 2.7 3.1 0.7 1.1 1.1 2.5 1.4 1.7 3.5 1.3 3.8 3.5 4.3 1.8 3.6 3.0 2.4 1.9 Goods................................ 3.1 3.3 3.7 1.1 2.7 2.3 6.1 1.2 2.6 3.1 1.1 6.7 4.1 4.1 1.1 5.5 5.0 1.6 0.1 Durable goods...................... 5.8 5.9 6.0 2.8 6.8 8.1 8.8 2.2 3.2 4.1 2.6 13.9 7.5 6.1 2.0 8.0 6.6 3.8 -1.6 Nondurable goods................... 1.9 2.1 2.6 0.4 0.9 -0.3 4.8 0.7 2.3 2.6 0.4 3.4 2.4 3.2 0.7 4.3 4.2 0.6 1.0 Services............................. 1.0 2.4 2.8 0.5 0.2 0.5 0.7 1.5 1.2 3.7 1.4 2.4 3.1 4.3 2.1 2.7 2.1 2.8 2.7 Gross private domestic investment...... 4.5 5.4 4.9 10.2 -1.1 -3.2 7.1 5.2 13.7 4.2 -2.5 12.6 7.4 2.1 8.6 5.0 -0.7 -1.0 -3.5 Fixed investment..................... 4.2 5.3 4.0 6.9 0.1 6.9 4.9 2.6 3.8 5.1 6.0 5.6 7.9 2.5 3.3 5.2 3.7 0.4 -1.6 Nonresidential..................... 3.0 6.2 2.8 7.5 -2.1 3.7 4.0 1.0 3.5 8.7 8.3 4.4 9.0 0.7 1.6 4.1 2.6 -2.1 -5.9 Structures....................... 1.6 8.1 -1.5 10.3 -4.0 -7.3 -6.0 11.7 17.9 4.0 19.1 -0.2 -1.9 4.3 -7.4 6.2 -7.2 -5.1 -10.7 Equipment........................ 3.2 5.8 3.1 8.8 -3.3 7.3 6.3 -0.8 -3.8 14.7 3.5 6.5 16.4 -4.9 2.3 0.3 9.9 -2.1 -8.6 Intellectual property products... 3.8 5.2 5.7 3.8 1.4 6.8 7.8 -3.2 5.2 3.5 7.8 4.8 6.6 6.9 7.4 8.3 -0.8 -0.2 1.7 Residential........................ 9.5 1.8 8.9 3.7 10.7 22.3 9.1 9.1 4.9 -8.1 -2.8 10.4 3.4 10.0 10.1 9.3 8.2 10.1 14.8 Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports.............................. 2.8 3.4 1.1 4.6 2.0 -0.5 1.0 4.9 4.2 10.9 -6.7 9.8 1.8 5.4 -6.0 5.1 0.7 -2.0 -2.6 Goods.............................. 2.8 4.4 -0.2 4.7 2.2 -3.8 0.4 7.5 5.0 14.9 -9.4 12.2 6.0 3.9 -11.7 6.5 -0.9 -5.4 -3.4 Services........................... 2.7 1.2 4.0 4.2 1.5 7.5 2.2 -0.6 2.4 2.6 -0.3 4.7 -7.1 8.9 7.3 2.3 3.9 5.0 -0.9 Imports.............................. 1.1 3.8 4.9 2.0 0.6 -3.8 0.8 5.5 2.4 1.0 2.8 9.6 -0.8 10.3 7.1 3.0 2.3 -0.7 0.2 Goods.............................. 1.0 4.3 4.8 1.7 0.6 -4.3 1.1 5.3 2.6 0.7 4.7 9.9 -0.8 9.9 7.2 3.2 1.4 -1.3 -0.7 Services........................... 1.5 1.6 5.6 3.5 0.7 -0.9 -0.6 6.0 1.5 2.7 -6.0 8.2 -0.6 11.9 6.7 2.0 6.4 1.9 3.8 Government consumption expenditures and gross investment.................. -2.9 -0.6 0.7 -1.9 -1.2 -3.8 -4.5 -2.0 -2.2 -2.7 0.0 1.2 1.8 -1.4 -0.1 2.6 1.8 0.1 1.2 Federal.............................. -5.7 -2.4 -0.3 -2.9 0.5 -5.5 -9.3 -5.6 -5.8 -6.6 0.3 -1.2 3.7 -5.7 1.1 0.0 0.2 2.3 -1.6 National defense................... -6.7 -3.8 -1.2 -4.4 0.8 -8.1 -10.3 -5.8 -7.6 -5.8 -4.6 -0.5 4.5 -10.3 1.0 0.3 -1.4 2.8 -3.6 Nondefense......................... -4.0 -0.1 1.2 -0.4 -0.1 -1.1 -7.6 -5.4 -2.6 -7.9 8.9 -2.2 2.5 2.1 1.2 -0.5 2.8 1.5 1.5 State and local...................... -1.0 0.6 1.4 -1.2 -2.3 -2.6 -1.1 0.4 0.2 -0.1 -0.2 2.6 0.6 1.3 -0.8 4.3 2.8 -1.2 2.9 Addenda: Gross domestic income (GDI)\1\....... 1.3 2.6 2.3 0.6 -0.1 3.5 -0.5 2.9 0.4 2.7 0.6 4.8 5.1 2.9 0.4 2.2 2.0 0.9 --- Average of GDP and GDI............... 1.4 2.5 2.4 1.2 0.2 1.8 0.7 2.0 1.7 3.2 -0.2 4.7 4.7 2.5 0.5 3.0 2.0 1.1 --- Final sales of domestic product...... 1.4 2.4 2.3 1.4 0.7 1.6 1.6 0.7 1.5 4.0 0.4 3.5 4.3 2.1 -0.2 3.9 2.7 1.6 0.9 Gross domestic purchases............. 1.2 2.5 3.0 1.5 0.3 -0.5 1.8 1.3 2.7 2.5 0.5 4.7 3.8 2.9 2.5 3.6 2.2 1.5 0.9 Final sales to domestic purchasers... 1.2 2.5 2.8 1.1 0.5 1.0 1.5 0.9 1.3 2.6 1.8 3.6 3.8 3.0 1.7 3.7 2.9 1.7 1.2 Final sales to private domestic purchasers.......................... 2.2 3.2 3.3 1.8 0.9 2.2 3.0 1.6 2.1 3.8 2.2 4.2 4.3 3.9 2.0 3.9 3.2 2.0 1.2 Gross national product (GNP)......... 1.5 2.5 2.1 1.3 0.6 -0.1 1.6 1.7 3.3 3.9 -1.2 4.4 4.5 1.9 -0.2 3.9 1.3 1.1 --- Disposable personal income........... -1.4 2.7 3.4 3.1 -0.2 10.9 -15.9 2.7 2.2 0.6 4.0 3.0 2.7 4.7 3.9 2.6 3.2 2.3 2.9 Current-dollar measures: GDP................................ 3.1 4.1 3.5 3.8 2.7 1.7 3.6 2.1 4.9 5.6 0.6 6.9 6.0 2.2 0.8 6.1 3.3 2.3 1.2 GDI................................ 2.9 4.3 3.3 2.4 2.0 5.2 1.1 3.9 2.3 4.4 2.2 7.1 6.8 3.0 0.5 4.4 3.4 1.9 --- Average of GDP and GDI............. 3.0 4.2 3.4 3.1 2.3 3.4 2.3 3.0 3.6 5.0 1.4 7.0 6.4 2.6 0.6 5.2 3.3 2.1 --- Final sales of domestic product.... 3.1 4.1 3.3 3.2 3.1 3.1 3.1 1.8 3.5 5.9 1.9 5.8 6.0 2.2 -0.1 6.2 4.1 2.5 1.7 Gross domestic purchases........... 2.7 4.1 3.3 2.8 1.5 1.6 3.4 2.0 4.4 4.3 2.1 6.7 5.4 2.8 0.9 5.2 3.5 1.9 1.1 Final sales to domestic purchasers........................ 2.6 4.1 3.2 2.2 1.8 2.9 2.9 1.7 3.1 4.5 3.4 5.6 5.4 2.8 0.0 5.2 4.2 2.1 1.5 Final sales to private domestic purchasers........................ 3.6 4.7 3.6 3.1 2.3 4.1 4.4 2.4 3.8 5.4 4.0 6.2 5.8 3.8 0.4 5.5 4.5 2.5 1.5 GNP................................ 3.2 4.1 3.1 3.2 2.8 1.5 3.3 2.7 5.3 5.7 0.4 6.8 6.2 2.0 -0.1 6.1 2.7 2.1 --- Disposable personal income......... -0.1 4.2 3.7 4.4 1.1 13.3 -14.7 3.1 3.9 2.0 5.6 5.2 3.9 4.2 1.9 4.9 4.5 2.7 3.2 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 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 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2013 2014 2015 ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- ---------2012--------- -------------2013------------- -------------2014------------- -------------2015------------- 2016 II III IV I II III IV I II III IV I II III IV I -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product.............. 1.5 2.4 2.4 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 3.9 2.0 1.4 0.5 Percentage points at annual rates: Personal consumption expenditures....... 1.16 1.84 2.11 0.45 0.72 0.78 1.74 0.96 1.17 2.36 0.85 2.60 2.34 2.86 1.19 2.42 2.04 1.66 1.27 Goods................................. 0.71 0.75 0.83 0.26 0.63 0.53 1.39 0.28 0.60 0.70 0.25 1.49 0.91 0.91 0.25 1.20 1.08 0.36 0.03 Durable goods....................... 0.42 0.43 0.43 0.20 0.48 0.58 0.64 0.17 0.24 0.30 0.19 0.96 0.54 0.44 0.14 0.57 0.47 0.28 -0.12 Motor vehicles and parts.......... 0.11 0.14 0.09 0.05 0.15 0.22 0.23 -0.02 -0.04 0.06 0.10 0.41 0.19 0.11 -0.09 0.24 0.08 -0.15 -0.33 Furnishings and durable household equipment........................ 0.09 0.11 0.10 -0.07 0.04 0.09 0.13 0.07 0.16 0.07 0.03 0.21 0.10 0.10 0.08 0.07 0.14 0.09 0.07 Recreational goods and vehicles... 0.18 0.14 0.19 0.18 0.20 0.19 0.25 0.12 0.12 0.08 0.04 0.26 0.25 0.17 0.13 0.17 0.20 0.26 0.17 Other durable goods............... 0.04 0.04 0.05 0.04 0.08 0.08 0.03 0.00 0.00 0.09 0.01 0.08 0.01 0.06 0.02 0.09 0.06 0.08 -0.04 Nondurable goods.................... 0.29 0.32 0.39 0.06 0.14 -0.05 0.75 0.11 0.36 0.40 0.06 0.52 0.37 0.47 0.10 0.62 0.61 0.09 0.15 Food and beverages purchased for off-premises consumption......... 0.05 0.03 0.00 0.02 0.02 0.03 0.15 -0.09 0.12 0.10 0.03 -0.01 -0.04 -0.04 -0.04 0.14 0.01 -0.02 0.15 Clothing and footwear............. 0.03 0.03 0.07 -0.14 0.14 -0.08 0.12 0.06 -0.05 0.03 -0.06 0.15 0.06 0.15 -0.02 0.14 0.03 0.00 -0.05 Gasoline and other energy goods... 0.04 0.02 0.07 0.22 -0.02 -0.18 0.17 0.08 0.05 0.03 -0.01 -0.05 0.01 0.18 0.11 -0.01 0.09 -0.04 0.05 Other nondurable goods............ 0.17 0.25 0.26 -0.04 0.00 0.18 0.30 0.07 0.25 0.24 0.11 0.43 0.34 0.18 0.06 0.36 0.48 0.14 -0.01 Services.............................. 0.45 1.09 1.28 0.20 0.10 0.25 0.36 0.68 0.57 1.66 0.61 1.11 1.42 1.95 0.94 1.23 0.96 1.30 1.24 Household consumption expenditures (for services)..................... 0.42 1.06 1.27 -0.15 0.08 -0.01 0.54 0.73 0.48 1.51 0.65 1.08 1.34 2.00 1.09 1.20 0.71 1.10 1.13 Housing and utilities............. 0.06 0.14 0.10 0.45 0.15 -0.31 0.28 0.01 -0.15 0.30 0.54 -0.17 -0.13 0.22 0.43 -0.10 0.10 -0.19 0.26 Health care....................... 0.11 0.31 0.53 -0.13 0.13 -0.01 -0.13 0.44 0.24 0.38 -0.25 0.63 0.57 0.80 0.52 0.34 0.40 0.30 0.26 Transportation services........... 0.06 0.10 0.11 0.16 0.05 -0.03 0.10 0.09 0.08 0.00 0.16 0.08 0.14 0.13 0.07 0.14 0.08 0.14 0.13 Recreation services............... 0.05 0.07 0.06 0.12 0.02 0.08 0.04 -0.08 0.16 0.10 0.08 -0.03 0.13 0.15 -0.05 0.06 0.00 0.35 0.14 Food services and accommodations 0.07 0.13 0.20 0.08 0.09 0.12 0.13 -0.14 0.05 0.27 -0.05 0.28 0.17 0.26 0.12 0.31 0.08 0.19 0.05 Financial services and insurance 0.05 0.06 0.06 -0.69 -0.39 -0.03 0.39 0.24 0.00 0.23 -0.10 0.04 0.16 0.05 0.00 0.12 -0.05 0.16 0.10 Other services.................... 0.02 0.24 0.21 -0.14 0.04 0.16 -0.27 0.17 0.10 0.23 0.26 0.24 0.30 0.40 0.01 0.32 0.10 0.15 0.18 Final consumption expenditures of nonprofit institutions serving households......................... 0.03 0.04 0.01 0.35 0.02 0.26 -0.19 -0.05 0.09 0.14 -0.04 0.03 0.09 -0.06 -0.15 0.03 0.25 0.19 0.11 Gross output of nonprofit institutions..................... 0.09 0.10 0.18 0.08 0.27 0.05 -0.15 0.27 0.09 0.31 -0.44 0.36 0.28 0.39 0.05 0.05 0.11 0.20 0.25 Less: Receipts from sales of goods and services by nonprofit institutions..................... 0.06 0.07 0.17 -0.26 0.25 -0.21 0.03 0.32 0.00 0.17 -0.40 0.33 0.20 0.45 0.20 0.02 -0.14 0.01 0.14 Gross private domestic investment....... 0.70 0.87 0.82 1.53 -0.18 -0.51 1.05 0.78 2.07 0.71 -0.38 1.99 1.22 0.36 1.39 0.85 -0.11 -0.16 -0.60 Fixed investment...................... 0.64 0.82 0.64 0.98 0.00 1.03 0.77 0.40 0.59 0.79 0.91 0.87 1.23 0.39 0.52 0.83 0.60 0.06 -0.27 Nonresidential...................... 0.38 0.77 0.36 0.88 -0.27 0.46 0.51 0.14 0.44 1.05 1.00 0.56 1.12 0.09 0.20 0.53 0.33 -0.27 -0.76 Structures........................ 0.04 0.23 -0.04 0.27 -0.12 -0.21 -0.16 0.30 0.46 0.11 0.50 0.00 -0.05 0.12 -0.22 0.18 -0.21 -0.14 -0.30 Equipment......................... 0.19 0.34 0.18 0.47 -0.21 0.41 0.38 -0.04 -0.22 0.80 0.20 0.38 0.92 -0.30 0.14 0.03 0.57 -0.12 -0.53 Information processing equipment...................... 0.07 0.07 0.08 -0.08 -0.12 0.25 0.17 -0.05 0.10 -0.10 0.08 0.28 -0.14 0.32 -0.07 -0.08 0.43 0.04 -0.12 Computers and peripheral equipment.................... 0.02 -0.02 0.00 -0.05 -0.13 0.17 0.06 -0.08 0.05 0.05 -0.14 0.05 0.02 -0.02 -0.10 0.11 0.08 -0.16 0.05 Other......................... 0.05 0.08 0.09 -0.03 0.01 0.09 0.12 0.03 0.05 -0.14 0.22 0.24 -0.15 0.34 0.03 -0.18 0.35 0.20 -0.17 Industrial equipment............ -0.03 0.09 0.06 0.16 -0.14 0.11 -0.08 -0.12 0.02 -0.07 0.25 0.18 0.11 -0.07 -0.02 0.26 -0.05 0.14 -0.04 Transportation equipment........ 0.15 0.17 0.11 0.17 -0.07 0.14 0.12 0.37 -0.10 0.49 -0.05 0.07 0.58 -0.14 0.18 -0.07 0.29 -0.18 -0.25 Other equipment................. 0.01 0.01 -0.07 0.22 0.13 -0.09 0.16 -0.25 -0.24 0.47 -0.09 -0.16 0.37 -0.41 0.05 -0.09 -0.10 -0.13 -0.13 Intellectual property products.... 0.15 0.20 0.22 0.14 0.05 0.26 0.30 -0.13 0.20 0.13 0.30 0.19 0.25 0.27 0.29 0.33 -0.03 -0.01 0.07 Software........................ 0.06 0.11 0.11 0.10 0.00 0.12 0.13 -0.15 0.14 0.09 0.14 0.13 0.17 0.10 0.16 0.11 -0.02 0.03 0.05 Research and development........ 0.08 0.08 0.10 0.04 0.05 0.12 0.16 0.01 0.06 0.03 0.14 0.04 0.07 0.15 0.12 0.21 -0.03 -0.03 0.03 Entertainment, literary, and artistic originals............. 0.01 0.01 0.01 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.02 0.01 0.01 0.02 0.01 0.01 0.02 0.00 -0.01 Residential......................... 0.27 0.05 0.28 0.10 0.27 0.57 0.26 0.27 0.15 -0.26 -0.09 0.31 0.11 0.31 0.32 0.30 0.27 0.33 0.49 Change in private inventories......... 0.06 0.05 0.17 0.56 -0.18 -1.54 0.28 0.38 1.48 -0.08 -1.29 1.12 -0.01 -0.03 0.87 0.02 -0.71 -0.22 -0.33 Farm................................ 0.19 -0.02 0.02 -0.12 -0.29 0.15 0.53 0.15 0.13 0.04 -0.26 0.09 0.08 -0.05 0.10 -0.09 0.08 -0.10 -0.11 Nonfarm............................. -0.13 0.07 0.16 0.68 0.11 -1.69 -0.24 0.23 1.35 -0.12 -1.03 1.03 -0.09 0.02 0.77 0.11 -0.79 -0.12 -0.22 Net exports of goods and services....... 0.20 -0.18 -0.64 0.28 0.16 0.58 -0.01 -0.24 0.16 1.26 -1.39 -0.24 0.39 -0.89 -1.92 0.18 -0.26 -0.14 -0.34 Exports............................... 0.38 0.46 0.15 0.61 0.27 -0.07 0.12 0.64 0.55 1.42 -0.95 1.28 0.24 0.71 -0.81 0.64 0.09 -0.25 -0.31 Goods............................... 0.26 0.41 -0.01 0.44 0.20 -0.37 0.03 0.67 0.45 1.31 -0.94 1.09 0.55 0.36 -1.10 0.55 -0.07 -0.45 -0.27 Services............................ 0.11 0.05 0.17 0.17 0.06 0.30 0.09 -0.02 0.10 0.11 -0.01 0.20 -0.31 0.35 0.30 0.10 0.16 0.20 -0.04 Imports............................... -0.18 -0.63 -0.79 -0.33 -0.10 0.65 -0.13 -0.89 -0.39 -0.16 -0.44 -1.52 0.15 -1.60 -1.12 -0.46 -0.35 0.11 -0.02 Goods............................... -0.14 -0.59 -0.64 -0.23 -0.09 0.62 -0.15 -0.72 -0.35 -0.09 -0.61 -1.30 0.13 -1.29 -0.93 -0.41 -0.18 0.17 0.08 Services............................ -0.04 -0.05 -0.15 -0.10 -0.02 0.03 0.02 -0.16 -0.04 -0.07 0.17 -0.22 0.02 -0.31 -0.18 -0.05 -0.17 -0.05 -0.10 Government consumption expenditures and gross investment....................... -0.58 -0.11 0.13 -0.39 -0.22 -0.75 -0.88 -0.38 -0.42 -0.51 0.00 0.21 0.33 -0.26 -0.01 0.46 0.32 0.02 0.20 Federal............................... -0.46 -0.18 -0.02 -0.24 0.04 -0.45 -0.75 -0.43 -0.44 -0.49 0.02 -0.08 0.26 -0.41 0.08 0.00 0.02 0.15 -0.11 National defense.................... -0.34 -0.18 -0.05 -0.23 0.04 -0.42 -0.53 -0.28 -0.36 -0.27 -0.21 -0.02 0.19 -0.47 0.04 0.01 -0.06 0.11 -0.15 Consumption expenditures.......... -0.27 -0.14 -0.03 -0.18 0.11 -0.28 -0.45 -0.18 -0.42 -0.24 -0.03 -0.12 0.23 -0.43 0.13 -0.03 -0.02 0.04 -0.15 Gross investment.................. -0.07 -0.04 -0.02 -0.05 -0.07 -0.14 -0.07 -0.10 0.06 -0.03 -0.18 0.10 -0.04 -0.04 -0.09 0.05 -0.04 0.07 0.00 Nondefense.......................... -0.12 0.00 0.03 -0.01 0.00 -0.03 -0.23 -0.16 -0.07 -0.23 0.23 -0.06 0.07 0.06 0.03 -0.01 0.08 0.04 0.04 Consumption expenditures.......... -0.08 0.01 0.02 0.00 0.02 -0.02 -0.15 -0.12 -0.06 -0.20 0.24 -0.05 0.07 0.02 0.04 -0.04 0.06 0.02 0.02 Gross investment.................. -0.04 -0.01 0.01 -0.01 -0.03 -0.01 -0.08 -0.04 -0.02 -0.03 -0.01 -0.01 0.00 0.04 0.00 0.03 0.01 0.02 0.02 State and local....................... -0.12 0.07 0.15 -0.14 -0.26 -0.30 -0.12 0.05 0.02 -0.01 -0.03 0.29 0.07 0.15 -0.09 0.46 0.30 -0.13 0.31 Consumption expenditures............ -0.04 0.06 0.07 -0.09 -0.05 -0.10 -0.07 0.00 0.01 0.07 0.07 0.11 0.05 0.06 0.06 0.04 0.14 0.03 0.07 Gross investment.................... -0.08 0.01 0.09 -0.05 -0.21 -0.20 -0.06 0.05 0.01 -0.08 -0.10 0.19 0.02 0.09 -0.14 0.42 0.17 -0.16 0.24 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See 'Explanatory Note' at the end of the tables. Table 3. Gross Domestic Product: Level and Change From Preceding Period ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------Billions of dollars---------------- ----------------------Billions of chained (2009) dollars---------------------- 2015 ----Seasonally adjusted at annual rates---- 2015 ----Seasonally adjusted at annual rates---- Change from preceding period ---------------2015--------------- 2016 ---------------2015--------------- 2016 2015 2015 2016 I II III IV I I II III IV I IV I ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)....... 17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,221.1 16,348.9 16,177.3 16,333.6 16,414.0 16,470.6 16,492.7 387.2 56.6 22.2 Personal consumption expenditures........ 12,271.9 12,055.5 12,228.4 12,359.0 12,444.7 12,511.0 11,213.3 11,081.2 11,178.9 11,262.4 11,330.7 11,383.2 337.6 68.3 52.5 Goods.................................. 3,978.8 3,901.5 3,978.1 4,024.1 4,011.5 3,970.7 3,869.6 3,803.7 3,855.0 3,902.0 3,917.9 3,919.1 138.5 16.0 1.2 Durable goods........................ 1,328.7 1,301.8 1,326.4 1,339.6 1,346.9 1,337.9 1,466.5 1,430.4 1,458.3 1,481.7 1,495.5 1,489.4 82.4 13.8 -6.1 Motor vehicles and parts........... 456.6 447.8 460.4 462.8 455.3 440.2 411.3 404.1 413.6 416.7 410.6 397.2 14.5 -6.1 -13.4 Furnishings and durable household equipment......................... 298.9 293.8 298.0 301.0 302.9 305.3 344.3 336.7 340.5 347.7 352.3 356.1 20.4 4.7 3.7 Recreational goods and vehicles.... 371.3 361.7 366.7 373.0 383.7 385.0 526.5 508.2 518.6 531.4 548.0 559.3 44.9 16.5 11.3 Other durable goods................ 201.9 198.5 201.2 202.8 205.0 207.3 202.0 196.8 200.9 203.3 206.9 205.3 9.0 3.6 -1.6 Nondurable goods..................... 2,650.1 2,599.7 2,651.8 2,684.4 2,664.6 2,632.9 2,430.0 2,397.8 2,423.0 2,447.9 2,451.5 2,457.6 62.2 3.6 6.1 Food and beverages purchased for off-premises consumption.......... 896.8 891.5 895.1 900.7 899.9 902.4 808.3 804.1 809.5 810.1 809.4 815.4 0.7 -0.7 5.9 Clothing and footwear.............. 376.4 372.3 377.5 379.2 376.6 377.2 359.7 354.8 360.5 361.7 361.7 359.7 11.3 0.1 -2.1 Gasoline and other energy goods.... 306.6 293.7 317.6 320.4 294.9 255.5 285.9 284.8 284.5 288.1 286.3 288.9 9.2 -1.8 2.5 Other nondurable goods............. 1,070.3 1,042.2 1,061.6 1,084.1 1,093.3 1,097.6 986.3 964.1 978.6 998.3 1,004.3 1,004.1 41.3 6.0 -0.2 Services............................... 8,293.1 8,153.9 8,250.2 8,334.9 8,433.1 8,540.3 7,345.3 7,277.4 7,325.3 7,363.4 7,415.0 7,464.5 200.7 51.6 49.5 Household consumption expenditures (for services)...................... 7,955.3 7,828.0 7,921.2 7,992.5 8,079.6 8,175.6 7,037.6 6,977.6 7,024.3 7,052.4 7,096.3 7,141.3 198.1 43.9 45.0 Housing and utilities.............. 2,214.8 2,197.6 2,204.5 2,225.4 2,231.6 2,256.3 1,977.8 1,980.5 1,976.7 1,980.7 1,973.1 1,983.7 16.6 -7.6 10.5 Health care........................ 2,059.8 2,023.8 2,049.0 2,073.8 2,092.5 2,112.0 1,875.4 1,853.8 1,867.5 1,884.0 1,896.2 1,907.0 83.8 12.1 10.8 Transportation services............ 375.3 366.2 373.7 377.1 384.0 392.4 341.4 334.0 339.8 342.9 348.8 354.1 17.5 5.9 5.3 Recreation services................ 473.9 463.5 470.2 472.6 489.3 499.1 426.1 420.7 423.1 423.2 437.5 443.2 10.0 14.3 5.7 Food services and accommodations... 807.1 787.1 803.4 810.7 827.1 835.2 701.9 689.3 701.4 704.6 712.2 714.1 30.8 7.6 1.9 Financial services and insurance... 921.2 904.7 920.4 925.5 934.1 947.5 730.8 727.4 731.4 729.5 735.0 738.8 8.0 5.5 3.7 Other services..................... 1,103.4 1,085.2 1,099.9 1,107.4 1,121.1 1,133.1 987.1 974.4 986.8 990.7 996.7 1,004.0 33.1 6.0 7.3 Final consumption expenditures of nonprofit institutions serving households.......................... 337.7 325.9 329.0 342.4 353.5 364.6 308.0 300.0 301.2 311.5 319.4 323.9 2.2 7.9 4.5 Gross output of nonprofit institutions...................... 1,336.5 1,319.0 1,330.2 1,341.4 1,355.5 1,375.3 1,187.0 1,181.2 1,183.2 1,187.6 1,195.8 1,205.7 28.2 8.2 9.9 Less: Receipts from sales of goods and services by nonprofit institutions...................... 998.8 993.1 1,001.2 999.0 1,002.0 1,010.7 879.3 881.4 882.1 876.7 877.1 882.5 25.7 0.5 5.4 Gross private domestic investment........ 3,020.6 2,995.9 3,025.5 3,030.6 3,030.6 3,004.5 2,851.9 2,830.2 2,864.8 2,859.7 2,852.7 2,827.2 134.2 -7.0 -25.5 Fixed investment....................... 2,911.4 2,868.6 2,897.9 2,935.3 2,943.7 2,935.5 2,740.2 2,701.4 2,735.5 2,760.7 2,763.2 2,751.8 106.4 2.5 -11.4 Nonresidential....................... 2,301.9 2,280.7 2,297.9 2,319.4 2,309.5 2,275.9 2,209.3 2,188.6 2,210.6 2,224.9 2,213.0 2,179.9 61.0 -11.9 -33.1 Structures......................... 497.2 499.3 503.8 496.0 489.5 474.0 457.7 458.2 465.2 456.6 450.7 438.2 -6.9 -5.9 -12.5 Equipment.......................... 1,076.1 1,063.5 1,064.6 1,090.9 1,085.3 1,062.2 1,057.8 1,046.0 1,046.9 1,072.0 1,066.4 1,042.7 31.7 -5.6 -23.7 Information processing equipment....................... 322.7 316.4 312.1 330.5 331.6 326.6 342.2 334.2 330.5 351.0 352.9 347.2 15.8 1.8 -5.7 Computers and peripheral equipment..................... 77.8 75.0 79.1 82.3 74.9 76.9 88.3 84.3 89.6 93.7 85.6 88.0 -0.7 -8.1 2.5 Other.......................... 244.8 241.4 233.0 248.2 256.7 249.7 252.8 248.8 240.3 256.6 265.7 257.9 16.0 9.2 -7.8 Industrial equipment............. 233.8 224.9 236.2 234.1 240.0 237.9 218.7 210.0 220.9 219.0 224.9 223.3 9.8 6.0 -1.7 Transportation equipment......... 295.4 292.2 289.4 303.9 296.3 286.1 290.2 288.1 285.1 297.8 290.0 279.0 18.5 -7.8 -11.0 Other equipment.................. 224.2 230.0 226.8 222.4 217.6 211.6 213.5 220.0 216.1 211.7 206.1 200.6 -11.3 -5.5 -5.5 Intellectual property products..... 728.6 717.8 729.6 732.4 734.6 739.7 696.8 687.1 701.0 699.6 699.4 702.4 37.3 -0.3 3.0 Software......................... 327.2 324.1 326.7 328.3 329.8 331.3 334.1 330.6 335.4 334.6 335.8 337.9 19.1 1.2 2.1 Research and development......... 319.3 313.0 321.1 321.4 321.7 325.0 282.7 277.4 285.7 284.4 283.1 284.3 15.9 -1.3 1.3 Entertainment, literary, and artistic originals.............. 82.1 80.7 81.8 82.7 83.2 83.4 80.4 79.7 80.0 80.9 81.0 80.6 2.3 0.1 -0.4 Residential.......................... 609.5 588.0 600.0 615.9 634.2 659.6 529.6 512.4 524.0 534.4 547.4 566.7 43.1 13.0 19.3 Change in private inventories.......... 109.2 127.3 127.5 95.3 86.9 69.0 97.5 112.8 113.5 85.5 78.3 60.9 29.5 -7.2 -17.5 Farm................................. 6.2 9.0 4.3 8.0 3.5 -3.0 5.2 7.0 4.1 6.6 3.1 -0.9 1.5 -3.5 -4.0 Nonfarm.............................. 103.0 118.3 123.2 87.3 83.4 72.0 93.2 106.8 111.0 79.2 76.0 62.7 28.2 -3.2 -13.3 Net exports of goods and services........ -528.9 -551.6 -519.3 -530.4 -514.3 -508.2 -543.4 -541.2 -534.6 -546.1 -551.9 -566.6 -100.9 -5.8 -14.7 Exports................................ 2,253.4 2,257.3 2,280.0 2,259.8 2,216.6 2,170.9 2,110.1 2,091.4 2,117.5 2,121.1 2,110.3 2,096.7 23.7 -10.8 -13.6 Goods................................ 1,504.9 1,517.5 1,535.5 1,508.9 1,457.8 1,407.3 1,439.7 1,429.3 1,452.0 1,448.8 1,428.9 1,416.6 -3.3 -19.9 -12.3 Services............................. 748.5 739.8 744.5 750.9 758.8 763.6 668.7 660.6 664.4 670.7 678.9 677.3 25.8 8.2 -1.6 Imports................................ 2,782.3 2,808.9 2,799.3 2,790.2 2,730.9 2,679.1 2,653.5 2,632.5 2,652.1 2,667.2 2,662.2 2,663.3 124.6 -5.0 1.1 Goods................................ 2,280.6 2,311.7 2,299.9 2,285.4 2,225.3 2,169.5 2,176.1 2,161.1 2,178.4 2,186.0 2,178.7 2,175.2 99.5 -7.3 -3.6 Services............................. 501.8 497.2 499.5 504.7 505.7 509.6 475.8 469.8 472.1 479.5 481.8 486.2 25.0 2.3 4.5 Government consumption expenditures and gross investment........................ 3,183.4 3,149.5 3,179.2 3,201.0 3,203.9 3,213.8 2,858.9 2,838.5 2,856.9 2,869.7 2,870.6 2,878.9 20.7 0.9 8.3 Federal................................ 1,224.6 1,218.2 1,220.7 1,224.3 1,235.2 1,235.2 1,113.2 1,111.3 1,111.3 1,112.0 1,118.3 1,113.8 -3.1 6.3 -4.4 National defense..................... 740.8 739.0 740.1 738.2 745.7 740.9 680.6 680.3 680.8 678.4 683.1 676.9 -8.4 4.7 -6.2 Consumption expenditures........... 595.9 595.2 595.2 594.8 598.6 593.6 543.8 544.7 543.4 542.7 544.4 538.2 -5.1 1.7 -6.2 Gross investment................... 144.8 143.9 144.9 143.4 147.2 147.3 136.6 135.3 137.1 135.4 138.5 138.6 -3.4 3.1 0.1 Nondefense........................... 483.9 479.2 480.6 486.1 489.5 494.3 432.2 430.7 430.2 433.2 434.8 436.4 5.2 1.6 1.6 Consumption expenditures........... 364.7 361.5 362.0 366.5 368.7 372.4 322.2 321.9 320.4 322.8 323.8 324.7 3.1 0.9 0.9 Gross investment................... 119.2 117.7 118.6 119.6 120.8 121.9 110.0 108.8 109.8 110.4 111.0 111.8 2.2 0.7 0.7 State and local........................ 1,958.8 1,931.3 1,958.4 1,976.6 1,968.7 1,978.7 1,744.3 1,725.9 1,744.1 1,756.2 1,750.9 1,763.5 23.5 -5.2 12.6 Consumption expenditures............. 1,611.4 1,599.5 1,608.4 1,618.9 1,618.6 1,619.3 1,431.1 1,427.0 1,428.5 1,433.9 1,435.1 1,437.8 10.2 1.2 2.7 Gross investment..................... 347.4 331.8 350.0 357.8 350.0 359.4 312.4 298.1 314.9 321.6 315.1 325.1 13.4 -6.5 10.0 Residual................................. --- --- --- --- --- --- -82.6 -74.2 -78.4 -86.1 -91.8 -88.2 --- --- --- Addenda: Gross domestic income (GDI)\1\......... 18,142.2 17,901.6 18,094.0 18,244.5 18,328.7 --- 16,526.7 16,408.6 16,498.0 16,581.5 16,619.2 --- 369.9 37.7 --- Average of GDP and GDI................. 18,044.6 17,775.4 18,003.9 18,152.3 18,246.8 --- 16,437.8 16,293.0 16,415.8 16,497.7 16,544.9 --- 378.6 47.1 --- Final sales of domestic product........ 17,837.7 17,522.0 17,786.2 17,964.9 18,077.9 18,152.1 16,241.9 16,053.8 16,209.7 16,319.3 16,385.0 16,420.7 360.2 65.8 35.7 Gross domestic purchases............... 18,475.9 18,200.9 18,433.0 18,590.6 18,679.1 18,729.3 16,894.7 16,720.8 16,870.7 16,962.4 17,025.0 17,061.2 488.9 62.6 36.2 Final sales to domestic purchasers..... 18,366.6 18,073.6 18,305.5 18,495.3 18,592.3 18,660.3 16,788.3 16,597.7 16,747.2 16,868.3 16,940.0 16,989.9 462.0 71.8 49.8 Final sales to private domestic purchasers............................ 15,183.3 14,924.1 15,126.3 15,294.3 15,388.4 15,446.5 13,940.8 13,770.1 13,901.6 14,010.1 14,081.2 14,122.8 443.0 71.1 41.6 Gross domestic product................. 17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,221.1 16,348.9 16,177.3 16,333.6 16,414.0 16,470.6 16,492.7 387.2 56.6 22.2 Plus: Income receipts from the rest of the world............................. 830.5 817.0 845.3 841.2 818.4 --- 695.5 687.3 708.5 703.0 683.3 --- -21.0 -19.7 --- Less: Income payments to the rest of the world............................. 616.9 589.5 614.7 637.6 625.7 --- 514.6 494.2 513.3 530.6 520.1 --- 19.3 -10.5 --- Equals: Gross national product......... 18,160.6 17,876.8 18,144.3 18,263.8 18,357.5 --- 16,529.5 16,371.4 16,529.7 16,585.1 16,631.7 --- 342.8 46.6 --- Net domestic product................... 15,125.7 14,856.6 15,109.3 15,227.6 15,309.2 15,348.7 13,721.9 13,573.0 13,714.4 13,779.5 13,820.9 13,829.5 327.8 41.4 8.6 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See 'Explanatory Note' at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2013 2014 2015 ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- ---------2012--------- -------------2013------------- -------------2014------------- -------------2015------------- 2016 II III IV I II III IV I II III IV I II III IV I ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)..... 1.6 1.6 1.0 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 2.1 1.3 0.9 0.7 Personal consumption expenditures...... 1.4 1.4 0.3 1.2 1.3 2.2 1.4 0.4 1.7 1.4 1.6 2.1 1.2 -0.4 -1.9 2.2 1.3 0.3 0.3 Goods................................ -0.5 -0.4 -2.8 -0.8 0.2 1.5 -0.9 -3.0 0.9 -0.9 -0.1 1.4 -0.4 -4.6 -8.7 2.5 -0.3 -2.8 -4.1 Durable goods...................... -1.8 -2.3 -2.1 -1.8 -2.3 -1.5 -1.1 -2.1 -2.6 -2.3 -2.5 -1.6 -2.3 -3.3 -2.4 -0.2 -2.4 -1.5 -1.1 Nondurable goods................... 0.2 0.6 -3.2 -0.4 1.4 2.9 -0.8 -3.4 2.6 -0.2 1.0 2.8 0.6 -5.3 -11.6 3.8 0.8 -3.5 -5.6 Services............................. 2.3 2.3 1.9 2.3 1.9 2.5 2.5 2.2 2.1 2.6 2.5 2.5 2.0 1.7 1.6 2.1 2.0 1.9 2.4 Gross private domestic investment...... 1.5 1.8 0.6 1.8 1.7 1.0 1.2 2.2 1.4 1.8 2.1 1.1 2.2 1.8 -0.4 -1.0 1.5 0.6 0.4 Fixed investment..................... 1.6 1.9 0.6 1.7 1.6 0.9 1.4 2.2 1.6 2.3 2.4 1.1 2.4 1.4 -0.4 -1.0 1.5 0.8 0.5 Nonresidential..................... 0.8 1.0 0.2 1.7 1.2 0.2 0.2 1.4 0.7 0.9 0.9 1.1 1.2 0.6 -0.4 -1.0 1.2 0.4 0.2 Structures....................... 1.6 1.5 -0.5 4.6 1.4 -0.4 1.3 3.1 1.2 2.2 1.2 0.7 1.7 1.0 -2.3 -2.4 1.3 -0.1 -1.6 Equipment........................ 0.4 0.7 0.7 0.3 1.1 1.3 -0.3 0.4 0.3 0.0 0.9 1.5 0.9 1.1 1.0 0.0 0.3 0.0 0.4 Intellectual property products... 0.7 0.9 0.0 1.7 1.1 -1.0 0.4 2.0 0.8 1.3 0.6 0.8 1.4 -0.5 -1.1 -1.5 2.3 1.4 1.0 Residential........................ 5.1 6.1 2.0 1.6 3.5 4.0 6.4 5.4 5.5 7.9 8.9 1.0 7.1 4.6 -0.4 -0.8 2.6 2.1 1.9 Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports.............................. 0.2 0.1 -4.9 1.1 -0.2 1.3 1.3 -2.8 0.7 0.1 3.0 0.0 -1.0 -6.9 -9.4 -1.0 -4.1 -5.5 -5.6 Goods.............................. -0.5 -0.7 -6.8 0.3 -0.2 0.6 0.8 -4.2 0.1 -1.0 3.4 -0.9 -2.4 -9.6 -12.1 -1.6 -6.0 -7.9 -10.1 Services........................... 1.7 1.9 -0.6 2.8 -0.4 2.9 2.4 0.3 1.8 2.6 2.1 2.2 2.2 -0.7 -3.3 0.2 -0.4 -0.6 3.5 Imports.............................. -0.8 -0.2 -7.7 -2.4 -5.7 4.1 0.7 -3.8 -0.8 0.7 3.3 -1.3 -0.9 -6.8 -17.2 -4.2 -3.5 -7.5 -7.5 Goods.............................. -1.1 -0.5 -8.9 -3.1 -7.0 4.5 0.6 -4.6 -1.0 -0.1 3.7 -1.7 -1.0 -7.9 -19.7 -5.1 -3.8 -8.9 -9.1 Services........................... 1.1 1.2 -1.7 1.0 0.9 2.1 0.7 0.0 0.4 4.6 1.3 0.5 -0.1 -1.3 -4.3 -0.2 -2.0 -1.1 -0.6 Government consumption expenditures and gross investment.................. 1.6 1.8 0.3 0.4 1.2 1.9 1.6 1.0 2.2 3.4 0.9 1.9 2.2 -0.4 -1.6 1.2 0.9 0.2 0.1 Federal.............................. 1.0 1.6 0.7 0.9 0.5 0.1 0.7 0.6 1.4 6.1 -1.2 1.9 1.7 -0.2 0.1 0.8 0.9 1.3 1.6 National defense................... 0.6 1.4 0.2 0.8 0.5 0.1 0.4 0.0 1.1 4.1 0.2 1.4 1.5 -0.5 -0.6 0.3 0.4 1.3 1.1 Nondefense......................... 1.6 2.0 1.4 1.0 0.6 0.0 1.3 1.5 2.0 9.6 -3.5 2.7 2.0 0.3 1.1 1.6 1.8 1.3 2.4 State and local...................... 2.0 1.9 0.0 0.1 1.6 3.1 2.2 1.2 2.7 1.7 2.3 2.0 2.5 -0.6 -2.6 1.4 1.0 -0.4 -0.8 Addenda: Final sales of domestic product...... 1.6 1.7 1.0 1.8 2.4 1.5 1.5 1.1 2.0 1.9 1.5 2.2 1.6 0.0 0.1 2.1 1.3 0.9 0.8 Gross domestic purchases............. 1.4 1.5 0.4 1.2 1.3 1.9 1.4 0.8 1.7 1.8 1.6 1.9 1.5 -0.1 -1.6 1.5 1.3 0.4 0.3 Final sales to domestic purchasers... 1.4 1.6 0.3 1.1 1.3 1.9 1.4 0.8 1.7 1.9 1.6 1.9 1.5 -0.2 -1.6 1.5 1.3 0.4 0.3 Final sales to private domestic purchasers.......................... 1.4 1.5 0.4 1.3 1.4 1.9 1.4 0.8 1.7 1.6 1.8 1.9 1.4 -0.1 -1.6 1.6 1.3 0.4 0.3 Gross national product (GNP)......... 1.6 1.6 1.0 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 2.1 1.3 0.9 --- Implicit price deflators: GDP................................ 1.6 1.6 1.0 1.8 2.2 1.6 1.6 1.0 1.9 1.7 1.6 2.2 1.6 0.1 0.1 2.1 1.3 0.9 0.7 Gross domestic purchases........... 1.4 1.5 0.4 1.2 1.1 2.1 1.5 0.7 1.6 1.8 1.7 1.9 1.6 -0.1 -1.6 1.5 1.2 0.4 0.2 GNP................................ 1.6 1.6 1.0 1.8 2.1 1.6 1.6 1.0 1.9 1.7 1.6 2.2 1.6 0.1 0.1 2.1 1.3 0.9 --- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See 'Explanatory Note' at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] ------------------------------------------------------------------------------------------------------------------------------ 2013 2014 2015 --------------Seasonally adjusted-------------- -----------------2015----------------- 2016 I II III IV I ------------------------------------------------------------------------------------------------------------------------------ Gross domestic product................ 108.077 110.701 113.386 112.196 113.280 113.838 114.230 114.384 Personal consumption expenditures........... 107.550 110.448 113.876 112.535 113.527 114.374 115.068 115.601 Goods..................................... 112.954 116.656 120.985 118.924 120.526 121.996 122.495 122.531 Durable goods........................... 127.777 135.256 143.304 139.785 142.503 144.790 146.139 145.548 Nondurable goods........................ 106.653 108.858 111.719 110.238 111.396 112.539 112.705 112.988 Services.................................. 104.941 107.462 110.480 109.459 110.180 110.752 111.529 112.274 Gross private domestic investment........... 137.226 144.702 151.847 150.696 152.535 152.265 151.893 150.535 Fixed investment.......................... 123.507 130.018 135.273 133.355 135.040 136.285 136.410 135.846 Nonresidential.......................... 123.895 131.517 135.253 133.986 135.336 136.208 135.482 133.455 Structures............................ 98.052 106.027 104.444 104.567 106.157 104.201 102.851 99.992 Equipment............................. 150.473 159.269 164.181 162.344 162.485 166.380 165.516 161.836 Intellectual property products........ 113.791 119.708 126.472 124.718 127.235 126.992 126.944 127.488 Residential............................. 121.876 124.014 135.009 130.642 133.591 136.240 139.563 144.478 Change in private inventories............. --- --- --- --- --- --- --- --- Exports of goods and services............... 127.105 131.404 132.897 131.719 133.368 133.590 132.911 132.054 Imports of goods and services............... 122.812 127.516 133.800 132.742 133.730 134.489 134.239 134.293 Government consumption expenditures and gross investment........................... 92.418 91.880 92.550 91.889 92.483 92.898 92.928 93.195 Federal................................... 93.959 91.676 91.421 91.265 91.265 91.320 91.836 91.471 State and local........................... 91.383 91.953 93.207 92.226 93.198 93.843 93.562 94.235 Addenda: Final sales of domestic product........... 106.488 109.031 111.503 110.212 111.282 112.034 112.486 112.731 Gross domestic purchases.................. 108.014 110.744 114.044 112.870 113.882 114.501 114.924 115.168 Final sales to domestic purchasers........ 106.470 109.120 112.208 110.934 111.934 112.743 113.222 113.555 Final sales to private domestic purchasers............................... 110.191 113.688 117.419 115.982 117.089 118.003 118.602 118.953 Gross national product.................... 108.439 111.098 113.450 112.365 113.452 113.832 114.152 --- ------------------------------------------------------------------------------------------------------------------------------ See 'Explanatory Note' at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] ------------------------------------------------------------------------------------------------------------------------------ 2013 2014 2015 --------------Seasonally adjusted-------------- -----------------2015----------------- 2016 I II III IV I ------------------------------------------------------------------------------------------------------------------------------ Gross domestic product................ 106.935 108.694 109.782 109.112 109.685 110.045 110.287 110.491 Personal consumption expenditures (PCE)..... 107.572 109.105 109.440 108.795 109.391 109.740 109.834 109.911 Goods..................................... 106.200 105.823 102.817 102.567 103.191 103.125 102.385 101.314 Durable goods........................... 94.665 92.494 90.595 90.993 90.939 90.396 90.051 89.809 Nondurable goods........................ 112.031 112.688 109.053 108.417 109.441 109.663 108.691 107.129 Services.................................. 108.292 110.818 112.905 112.051 112.632 113.200 113.737 114.417 Gross private domestic investment........... 103.442 105.288 105.957 105.910 105.652 106.050 106.218 106.320 Fixed investment.......................... 103.652 105.663 106.254 106.200 105.946 106.331 106.539 106.682 Nonresidential.......................... 102.993 103.977 104.195 104.211 103.953 104.251 104.364 104.407 Structures............................ 107.541 109.120 108.617 108.951 108.286 108.623 108.609 108.175 Equipment............................. 100.290 101.030 101.733 101.685 101.694 101.774 101.780 101.870 Intellectual property products........ 103.671 104.618 104.576 104.479 104.088 104.690 105.049 105.321 Residential............................. 106.458 112.903 115.121 114.773 114.538 115.286 115.888 116.428 Change in private inventories............. --- --- --- --- --- --- --- --- Exports of goods and services............... 112.147 112.250 106.785 107.925 107.661 106.528 105.027 103.529 Imports of goods and services............... 113.798 113.566 104.846 106.685 105.535 104.596 102.567 100.581 Government consumption expenditures and gross investment........................... 109.086 111.057 111.350 110.959 111.284 111.547 111.611 111.637 Federal................................... 107.562 109.274 110.011 109.623 109.850 110.108 110.461 110.899 State and local........................... 110.143 112.287 112.296 111.901 112.290 112.556 112.437 112.202 Addenda: PCE excluding food and energy\1\.......... 106.355 107.981 109.412 108.758 109.264 109.636 109.992 110.557 Market-based PCE\2\....................... 107.031 108.255 108.255 107.652 108.240 108.541 108.588 108.551 Market-based PCE excluding food and energy\2\................................ 105.543 106.826 108.026 107.418 107.903 108.222 108.560 109.065 Final sales of domestic product........... 106.963 108.747 109.826 109.150 109.730 110.088 110.336 110.548 Gross domestic purchases.................. 107.319 108.982 109.366 108.864 109.271 109.614 109.716 109.788 Final sales to domestic purchasers........ 107.344 109.033 109.402 108.896 109.308 109.649 109.757 109.836 Final sales to private domestic purchasers............................... 106.902 108.528 108.914 108.384 108.814 109.170 109.287 109.377 Gross national product.................... 107.058 108.809 109.875 109.208 109.778 110.138 110.376 --- Implicit price deflators: Gross domestic product.................. 106.929 108.686 109.775 109.099 109.674 110.029 110.286 110.479 Final sales of domestic product......... 106.963 108.747 109.825 109.146 109.726 110.084 110.332 110.544 Gross domestic purchases................ 107.313 108.974 109.359 108.852 109.260 109.599 109.716 109.777 Final sales to domestic purchasers...... 107.344 109.033 109.401 108.892 109.304 109.645 109.753 109.832 Gross national product.................. 107.052 108.800 109.868 109.195 109.768 110.122 110.376 --- ------------------------------------------------------------------------------------------------------------------------------ 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See 'Explanatory Note' at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year ------------------------------------------------------------------------------------------------------------------------------------------ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 ------------------------------------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP)...... 4.1 1.0 1.8 2.8 3.8 3.3 2.7 1.8 -0.3 -2.8 2.5 1.6 2.2 1.5 2.4 2.4 Personal consumption expenditures (PCE).................................. 5.1 2.6 2.6 3.1 3.8 3.5 3.0 2.2 -0.3 -1.6 1.9 2.3 1.5 1.7 2.7 3.1 Goods................................. 5.2 3.0 3.9 4.8 5.1 4.1 3.6 2.7 -2.5 -3.0 3.4 3.1 2.7 3.1 3.3 3.7 Durable goods....................... 8.6 5.2 7.3 7.1 8.2 5.4 4.3 4.6 -5.1 -5.5 6.1 6.1 7.4 5.8 5.9 6.0 Nondurable goods.................... 3.2 1.7 1.9 3.5 3.3 3.3 3.3 1.7 -1.1 -1.8 2.2 1.8 0.6 1.9 2.1 2.6 Services.............................. 5.0 2.4 1.9 2.2 3.2 3.2 2.7 2.0 0.8 -0.9 1.2 1.8 0.8 1.0 2.4 2.8 Gross private domestic investment....... 6.5 -6.1 -0.6 4.1 8.8 6.4 2.1 -3.1 -9.4 -21.6 12.9 5.2 10.6 4.5 5.4 4.9 Fixed investment...................... 6.9 -1.6 -3.5 4.0 6.7 6.8 2.0 -2.0 -6.8 -16.7 1.5 6.3 9.8 4.2 5.3 4.0 Nonresidential...................... 9.1 -2.4 -6.9 1.9 5.2 7.0 7.1 5.9 -0.7 -15.6 2.5 7.7 9.0 3.0 6.2 2.8 Structures........................ 7.8 -1.5 -17.7 -3.9 -0.4 1.7 7.2 12.7 6.1 -18.9 -16.4 2.3 12.9 1.6 8.1 -1.5 Equipment......................... 9.7 -4.3 -5.4 3.2 7.7 9.6 8.6 3.2 -6.9 -22.9 15.9 13.6 10.8 3.2 5.8 3.1 Intellectual property products.... 8.9 0.5 -0.5 3.8 5.1 6.5 4.5 4.8 3.0 -1.4 1.9 3.6 3.9 3.8 5.2 5.7 Residential......................... 0.7 0.9 6.1 9.1 10.0 6.6 -7.6 -18.8 -24.0 -21.2 -2.5 0.5 13.5 9.5 1.8 8.9 Change in private inventories......... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services....... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports............................... 8.6 -5.8 -1.7 1.8 9.8 6.3 9.0 9.3 5.7 -8.8 11.9 6.9 3.4 2.8 3.4 1.1 Goods............................... 10.1 -6.2 -3.4 1.9 8.6 7.3 9.4 7.5 6.1 -12.1 14.4 6.5 3.6 2.8 4.4 -0.2 Services............................ 4.7 -5.0 2.7 1.5 12.7 3.8 8.1 13.7 4.8 -1.1 6.8 7.6 3.0 2.7 1.2 4.0 Imports............................... 13.0 -2.8 3.7 4.5 11.4 6.3 6.3 2.5 -2.6 -13.7 12.7 5.5 2.2 1.1 3.8 4.9 Goods............................... 13.1 -3.2 3.7 4.9 11.2 6.7 5.9 1.8 -3.7 -15.8 14.9 5.8 2.1 1.0 4.3 4.8 Services............................ 12.6 -0.6 3.3 2.1 12.7 4.5 8.6 6.2 3.7 -3.8 3.8 4.0 3.0 1.5 1.6 5.6 Government consumption expenditures and gross investment....................... 1.9 3.8 4.4 2.2 1.6 0.6 1.5 1.6 2.8 3.2 0.1 -3.0 -1.9 -2.9 -0.6 0.7 Federal............................... 0.3 3.9 7.2 6.8 4.5 1.7 2.5 1.7 6.8 5.7 4.4 -2.7 -1.9 -5.7 -2.4 -0.3 National defense.................... -0.9 3.5 7.0 8.5 6.0 2.0 2.0 2.5 7.5 5.4 3.2 -2.3 -3.4 -6.7 -3.8 -1.2 Nondefense.......................... 2.3 4.7 7.4 4.1 2.0 1.3 3.5 0.3 5.5 6.2 6.4 -3.4 0.9 -4.0 -0.1 1.2 State and local....................... 2.8 3.7 2.9 -0.4 -0.1 0.0 0.9 1.5 0.3 1.6 -2.7 -3.3 -1.9 -1.0 0.6 1.4 Addenda: Gross domestic income (GDI)\1\........ 4.7 1.1 1.4 2.3 3.7 3.6 4.0 0.1 -0.8 -2.6 2.7 2.2 3.3 1.3 2.6 2.3 Average of GDP and GDI................ 4.4 1.0 1.6 2.5 3.8 3.4 3.3 0.9 -0.6 -2.7 2.6 1.9 2.7 1.4 2.5 2.4 Final sales of domestic product....... 4.2 1.9 1.3 2.8 3.4 3.4 2.6 2.0 0.2 -2.0 1.1 1.7 2.1 1.4 2.4 2.3 Gross domestic purchases.............. 4.8 1.2 2.3 3.1 4.3 3.5 2.6 1.1 -1.3 -3.8 2.9 1.6 2.1 1.2 2.5 3.0 Final sales to domestic purchasers.... 4.9 2.0 1.8 3.1 3.9 3.6 2.6 1.4 -0.9 -3.1 1.5 1.7 1.9 1.2 2.5 2.8 Final sales to private domestic purchasers........................... 5.5 1.7 1.3 3.3 4.4 4.2 2.8 1.3 -1.7 -4.6 1.9 2.9 2.9 2.2 3.2 3.3 Gross national product................ 4.2 1.1 1.7 2.9 3.9 3.3 2.4 2.2 0.0 -2.9 2.8 1.8 2.1 1.5 2.5 2.1 Real disposable personal income....... 5.0 2.8 3.1 2.7 3.6 1.5 4.0 2.1 1.5 -0.4 1.0 2.5 3.2 -1.4 2.7 3.4 Price indexes: Gross domestic purchases............ 2.6 1.9 1.4 2.2 2.9 3.5 3.2 2.7 2.9 -0.2 1.5 2.4 1.8 1.4 1.5 0.4 Gross domestic purchases excluding food and energy\2\................. 2.2 1.8 1.6 1.9 2.7 3.2 3.0 2.5 2.3 0.5 1.3 1.8 1.8 1.5 1.6 1.0 GDP................................. 2.3 2.3 1.5 2.0 2.7 3.2 3.1 2.7 1.9 0.8 1.2 2.1 1.8 1.6 1.6 1.0 GDP excluding food and energy\2\.... 2.3 2.0 1.8 1.9 2.7 3.4 3.1 2.6 2.1 0.5 1.4 1.9 1.8 1.7 1.7 1.1 PCE................................. 2.5 1.9 1.3 2.0 2.4 2.9 2.7 2.5 3.1 -0.1 1.7 2.5 1.9 1.4 1.4 0.3 PCE excluding food and energy\2\.... 1.7 1.8 1.7 1.5 1.9 2.2 2.2 2.2 2.1 1.2 1.3 1.5 1.9 1.5 1.5 1.3 Market-based PCE\3\................. 2.4 1.9 1.1 1.9 2.4 2.8 2.7 2.5 3.4 0.4 1.5 2.5 1.8 1.1 1.1 0.0 Market-based PCE excluding food and energy\3\.......................... 1.5 1.8 1.5 1.4 1.7 2.0 2.2 2.0 2.3 1.9 1.0 1.4 1.8 1.2 1.2 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. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See 'Explanatory Note' at the end of the tables. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago ---------------------------------------------------------------------------------------------------------------------------------------------------------- -------2012------- -----------2013----------- -----------2014----------- -----------2015----------- 2016 II III IV I II III IV I II III IV I II III IV I ---------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)...... 2.5 2.4 1.3 1.1 0.9 1.5 2.5 1.7 2.6 2.9 2.5 2.9 2.7 2.1 2.0 2.0 Personal consumption expenditures (PCE).................................. 1.6 1.4 1.3 1.3 1.5 1.7 2.3 2.0 2.6 3.0 3.2 3.3 3.3 3.1 2.7 2.7 Goods................................. 2.7 3.2 2.8 3.0 3.1 3.0 3.2 2.0 3.4 3.7 4.0 4.0 3.7 3.9 3.3 3.0 Durable goods....................... 7.7 8.2 7.2 6.6 6.4 5.6 4.6 3.1 5.9 7.0 7.5 7.3 5.9 5.6 5.1 4.1 Nondurable goods.................... 0.5 0.9 0.8 1.4 1.5 1.9 2.6 1.5 2.2 2.2 2.3 2.4 2.6 3.1 2.4 2.5 Services.............................. 1.0 0.5 0.6 0.5 0.7 1.0 1.8 1.9 2.2 2.7 2.8 3.0 3.0 2.8 2.4 2.6 Gross private domestic investment....... 12.7 12.1 3.7 3.1 1.9 5.5 7.5 5.0 6.8 5.3 4.7 7.6 5.7 3.7 2.9 -0.1 Fixed investment...................... 12.1 7.8 7.0 4.7 3.6 4.5 4.1 4.4 5.1 6.1 5.5 4.8 4.7 3.6 3.1 1.9 Nonresidential...................... 12.1 6.7 5.2 3.2 1.6 3.0 4.2 5.3 6.2 7.6 5.5 3.9 3.8 2.2 1.5 -0.4 Structures........................ 17.2 9.6 4.1 -2.0 -1.7 3.5 6.5 13.0 9.9 5.0 5.0 -1.4 0.2 -1.2 -3.5 -4.4 Equipment......................... 15.2 7.5 6.9 4.6 2.3 2.1 3.9 3.2 5.0 10.2 5.1 4.8 3.3 1.8 2.5 -0.3 Intellectual property products.... 4.4 3.5 3.4 4.9 3.1 4.1 3.2 3.3 5.3 5.7 6.5 6.4 7.3 5.4 3.6 2.2 Residential......................... 12.4 13.1 15.7 11.2 12.7 11.2 3.5 0.6 0.9 0.5 5.1 8.4 8.2 9.4 9.4 10.6 Change in private inventories......... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services....... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports............................... 3.9 3.3 2.2 1.8 1.8 2.4 5.2 3.1 4.3 3.7 2.4 2.6 1.5 1.2 -0.6 0.3 Goods............................... 4.5 4.2 1.2 0.8 1.5 2.2 6.8 4.1 5.2 5.5 2.9 2.2 0.9 -0.8 -3.1 -0.9 Services............................ 2.5 1.4 4.5 3.8 2.6 2.8 1.6 1.0 2.3 -0.1 1.4 3.3 2.7 5.6 4.6 2.5 Imports............................... 3.0 2.4 0.3 -0.1 0.7 1.2 2.4 2.9 3.9 3.1 5.4 6.5 4.8 5.6 2.9 1.2 Goods............................... 3.0 2.6 0.1 -0.3 0.6 1.1 2.4 3.3 4.4 3.5 5.8 6.5 4.8 5.4 2.6 0.7 Services............................ 3.4 1.4 1.2 0.7 1.3 1.5 2.4 1.0 1.5 0.9 3.1 6.5 4.9 6.7 4.2 3.5 Government consumption expenditures and gross investment....................... -2.0 -1.6 -2.2 -2.9 -2.9 -3.2 -2.9 -1.8 -1.0 0.0 0.4 0.4 0.7 0.7 1.1 1.4 Federal............................... -2.5 -1.4 -2.1 -4.4 -5.1 -6.6 -6.8 -4.5 -3.4 -1.0 -0.8 -0.6 -0.3 -1.1 0.9 0.2 National defense.................... -4.0 -4.3 -3.9 -5.6 -5.9 -8.0 -7.4 -6.0 -4.7 -1.7 -2.9 -1.5 -1.3 -2.7 0.7 -0.5 Nondefense.......................... 0.2 4.0 1.0 -2.3 -3.6 -4.2 -5.9 -2.0 -1.2 0.1 2.7 0.9 1.3 1.4 1.3 1.3 State and local....................... -1.6 -1.8 -2.3 -1.8 -1.4 -0.8 -0.2 0.1 0.6 0.7 1.1 1.0 1.4 1.9 1.2 2.2 Addenda: Gross domestic income (GDI)\1\........ 3.5 2.8 2.8 0.8 1.4 1.6 1.4 1.6 2.1 3.3 3.3 3.3 2.6 1.9 1.4 --- Average of GDP and GDI................ 3.0 2.6 2.1 1.0 1.2 1.5 1.9 1.7 2.3 3.1 2.9 3.1 2.7 2.0 1.7 --- Final sales of domestic product....... 2.4 1.8 1.7 1.3 1.1 1.3 1.9 1.6 2.3 3.0 2.6 2.4 2.5 2.1 2.0 2.3 Gross domestic purchases.............. 2.4 2.3 1.0 0.8 0.7 1.3 2.1 1.7 2.6 2.8 2.9 3.5 3.2 2.8 2.5 2.0 Final sales to domestic purchasers.... 2.3 1.7 1.4 1.0 1.0 1.2 1.6 1.6 2.3 3.0 3.0 3.0 3.0 2.8 2.5 2.4 Final sales to private domestic purchasers........................... 3.3 2.5 2.3 1.9 1.9 2.2 2.6 2.4 3.0 3.6 3.6 3.6 3.5 3.2 2.8 2.6 Gross national product................ 2.4 2.2 1.0 0.9 1.0 1.6 2.6 1.9 2.6 2.9 2.4 2.7 2.5 1.7 1.6 --- Real disposable personal income....... 3.0 2.4 5.1 -1.0 -1.1 -0.5 -2.9 2.3 2.4 2.5 3.6 3.6 3.5 3.6 3.0 2.8 Price indexes: Gross domestic purchases............ 1.6 1.5 1.7 1.5 1.4 1.5 1.4 1.5 1.8 1.7 1.2 0.4 0.3 0.3 0.4 0.8 Gross domestic purchases excluding food and energy\2\................. 1.7 1.6 1.7 1.5 1.5 1.5 1.7 1.6 1.7 1.8 1.4 1.1 1.0 0.9 0.9 1.2 GDP................................. 1.7 1.7 1.9 1.8 1.6 1.5 1.6 1.6 1.9 1.8 1.3 1.0 1.0 0.9 1.1 1.3 GDP excluding food and energy\2\.... 1.7 1.6 1.8 1.6 1.6 1.8 1.9 1.8 1.9 1.8 1.5 1.2 1.1 1.1 1.1 1.4 PCE................................. 1.8 1.6 1.8 1.5 1.3 1.4 1.2 1.3 1.7 1.6 1.1 0.2 0.3 0.3 0.5 1.0 PCE excluding food and energy\2\.... 1.9 1.7 1.8 1.7 1.5 1.5 1.5 1.4 1.6 1.6 1.4 1.3 1.3 1.3 1.4 1.7 Market-based PCE\3\................. 1.7 1.5 1.6 1.3 1.0 1.1 0.9 0.9 1.5 1.3 0.9 -0.1 -0.1 0.0 0.2 0.8 Market-based PCE excluding food and energy\3\.......................... 1.9 1.7 1.5 1.4 1.1 1.1 1.2 1.1 1.3 1.3 1.2 1.1 1.1 1.1 1.2 1.5 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See 'Explanatory Note' at the end of the tables. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------- 2013 2014 2015 ----Seasonally adjusted at annual rates---- ---------------2015--------------- 2016 I II III IV I ---------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)................ 16,663.2 17,348.1 17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,221.1 Plus: Income receipts from the rest of the world...................................... 826.2 854.3 830.5 817.0 845.3 841.2 818.4 --- Less: Income payments to the rest of the world...................................... 575.8 591.2 616.9 589.5 614.7 637.6 625.7 --- Equals: Gross national product.............. 16,913.5 17,611.2 18,160.6 17,876.8 18,144.3 18,263.8 18,357.5 --- Less: Consumption of fixed capital.......... 2,632.8 2,746.7 2,821.3 2,792.7 2,804.3 2,832.6 2,855.7 2,872.4 Less: Statistical discrepancy............... -177.6 -212.0 -195.2 -252.3 -180.4 -184.4 -163.9 --- Equals: National income..................... 14,458.3 15,076.5 15,534.5 15,336.4 15,520.3 15,615.6 15,665.7 --- Compensation of employees................. 8,839.7 9,248.9 9,654.9 9,487.9 9,615.2 9,709.5 9,806.9 9,898.0 Wages and salaries...................... 7,114.4 7,477.8 7,824.0 7,682.4 7,791.8 7,870.0 7,951.7 8,027.7 Supplements to wages and salaries....... 1,725.3 1,771.2 1,830.9 1,805.5 1,823.4 1,839.5 1,855.2 1,870.3 Proprietors' income with inventory valuation and capital consumption adjustments.............................. 1,285.1 1,346.7 1,388.3 1,369.4 1,377.0 1,400.1 1,406.7 1,413.0 Rental income of persons with capital consumption adjustment................... 563.4 610.8 656.6 637.0 654.1 663.6 671.7 684.9 Corporate profits with inventory valuation and capital consumption adjustments.............................. 2,037.4 2,072.9 2,008.9 2,012.5 2,083.0 2,049.9 1,890.3 --- Net interest and miscellaneous payments... 513.5 532.3 523.8 561.3 506.6 508.3 519.0 515.1 Taxes on production and imports less subsidies................................ 1,118.6 1,155.8 1,177.3 1,169.2 1,175.7 1,179.0 1,185.5 1,186.7 Business current transfer payments (net) 119.4 127.3 141.2 115.6 124.9 121.2 203.0 135.7 Current surplus of government enterprises.............................. -18.8 -18.3 -16.5 -16.6 -16.1 -16.0 -17.4 -18.0 Addenda: Gross domestic income (GDI)............... 16,840.8 17,560.1 18,142.2 17,901.6 18,094.0 18,244.5 18,328.7 --- Average of GDP and GDI.................... 16,752.0 17,454.1 18,044.6 17,775.4 18,003.9 18,152.3 18,246.8 --- Statistical discrepancy as a percentage of GDP................................... -1.1 -1.2 -1.1 -1.4 -1.0 -1.0 -0.9 --- ---------------------------------------------------------------------------------------------------------------------- Table 10. Personal Income and Its Disposition [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------- 2013 2014 2015 ----Seasonally adjusted at annual rates---- ---------------2015--------------- 2016 I II III IV I ---------------------------------------------------------------------------------------------------------------------- Personal income\1\.......................... 14,068.4 14,694.2 15,340.4 15,079.8 15,277.0 15,443.7 15,561.1 15,691.9 Compensation of employees................. 8,839.7 9,248.9 9,654.9 9,487.9 9,615.2 9,709.5 9,806.9 9,898.0 Wages and salaries...................... 7,114.4 7,477.8 7,824.0 7,682.4 7,791.8 7,870.0 7,951.7 8,027.7 Supplements to wages and salaries....... 1,725.3 1,771.2 1,830.9 1,805.5 1,823.4 1,839.5 1,855.2 1,870.3 Proprietors' income with inventory valuation and capital consumption adjustments.............................. 1,285.1 1,346.7 1,388.3 1,369.4 1,377.0 1,400.1 1,406.7 1,413.0 Farm.................................... 88.8 78.1 59.9 60.5 56.9 65.2 57.1 49.9 Nonfarm................................. 1,196.3 1,268.6 1,328.4 1,308.9 1,320.1 1,334.9 1,349.7 1,363.1 Rental income of persons with capital consumption adjustment................... 563.4 610.8 656.6 637.0 654.1 663.6 671.7 684.9 Personal income receipts on assets........ 2,060.4 2,117.5 2,180.5 2,145.5 2,178.3 2,202.8 2,195.3 2,194.4 Personal interest income................ 1,271.3 1,302.0 1,312.3 1,282.6 1,313.4 1,335.0 1,318.3 1,321.0 Personal dividend income................ 789.0 815.5 868.2 863.0 864.9 867.8 876.9 873.5 Personal current transfer receipts........ 2,426.6 2,529.2 2,662.7 2,625.8 2,651.3 2,675.7 2,698.0 2,731.2 Less: Contributions for government social insurance, domestic...................... 1,106.8 1,159.0 1,202.5 1,185.8 1,198.9 1,207.9 1,217.6 1,229.6 Less: Personal current taxes................ 1,672.8 1,780.2 1,945.4 1,900.1 1,938.7 1,957.3 1,985.7 2,010.0 Equals: Disposable personal income.......... 12,395.6 12,913.9 13,395.0 13,179.8 13,338.3 13,486.4 13,575.4 13,681.9 Less: Personal outlays...................... 11,805.7 12,293.7 12,717.5 12,492.2 12,674.5 12,806.2 12,897.1 12,969.6 Equals: Personal saving..................... 589.9 620.2 677.5 687.6 663.9 680.2 678.3 712.3 Personal saving as a percentage of disposable personal income............... 4.8 4.8 5.1 5.2 5.0 5.0 5.0 5.2 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\2\........................ 10,822.3 11,149.8 11,584.1 11,447.6 11,542.2 11,635.1 11,711.7 11,792.3 Disposable personal income, billions of chained (2009) dollars\2\................ 11,523.1 11,836.3 12,239.5 12,114.7 12,193.6 12,289.8 12,360.2 12,448.5 ---------------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2013 2014 2015 ---------------------------------------------Seasonally adjusted at annual rates--------------------------------------------- ---------2012--------- -------------2013------------- -------------2014------------- -------------2015------------- 2016 II III IV I II III IV I II III IV I II III IV I -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from preceding period Gross domestic product (GDP) and related aggregates: GDP.................................. 1.5 2.4 2.4 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 3.9 2.0 1.4 0.5 Goods................................ 3.9 3.7 2.5 5.4 1.2 -0.7 7.4 1.2 7.5 9.2 -7.3 10.3 9.1 -0.2 -1.8 5.9 2.2 -0.7 -3.0 Services............................. 0.2 1.7 2.2 0.0 0.4 0.3 -0.4 0.3 0.2 2.1 1.7 1.7 2.4 2.7 2.1 2.0 1.8 2.5 1.7 Structures........................... 2.5 3.6 4.0 3.6 -1.3 2.2 -0.9 8.3 8.2 -3.6 4.5 6.3 0.6 6.8 -0.9 12.2 2.5 0.6 5.4 Motor vehicle output................. 4.9 7.2 4.7 7.1 0.0 -2.0 17.0 8.5 -13.7 19.9 2.1 16.5 19.8 -11.3 1.4 14.5 19.2 -21.1 1.5 GDP excluding motor vehicle output... 1.4 2.3 2.4 1.7 0.5 0.1 1.5 0.9 3.5 3.4 -1.0 4.2 3.8 2.5 0.6 3.6 1.5 2.2 0.5 Final sales of computers\1\.......... 14.7 2.1 9.9 -2.1 18.8 46.3 13.8 11.5 -6.1 4.4 5.1 8.2 4.3 -26.7 29.8 41.5 5.0 9.8 75.1 GDP excluding final sales of computers........................... 1.4 2.4 2.4 1.9 0.4 -0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.2 0.5 3.8 2.0 1.4 0.3 Research and development............. 2.5 1.8 4.3 -0.1 0.8 4.7 6.0 -0.6 1.4 -0.5 4.3 0.7 1.9 5.5 5.2 9.7 -0.7 -0.5 2.2 GDP excluding research and development......................... 1.5 2.4 2.4 1.9 0.5 0.0 1.8 1.2 3.0 3.9 -1.1 4.7 4.3 2.0 0.5 3.8 2.1 1.4 0.5 Farm gross value added\2\............ 22.7 2.3 10.3 -9.4 -29.5 -1.8 87.6 38.4 35.4 1.2 -31.8 28.6 6.9 7.0 9.8 -4.9 41.8 4.6 -2.3 Nonfarm business gross value added\3\............................ 1.7 3.0 2.9 2.7 1.0 0.2 1.7 1.1 3.5 5.2 -1.2 5.4 5.5 2.6 0.5 5.1 1.8 1.5 0.4 Price indexes: GDP.................................. 1.6 1.6 1.0 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 2.1 1.3 0.9 0.7 GDP excluding food and energy\4\..... 1.7 1.7 1.1 1.6 1.3 1.8 1.8 1.5 2.0 2.2 1.5 1.9 1.8 0.8 0.5 1.5 1.4 1.1 1.5 GDP excluding final sales of computers........................... 1.7 1.7 1.0 1.8 2.4 1.5 1.5 1.2 2.0 1.8 1.5 2.2 1.6 0.2 0.2 2.1 1.3 0.9 0.8 Gross domestic purchases............. 1.4 1.5 0.4 1.2 1.3 1.9 1.4 0.8 1.7 1.8 1.6 1.9 1.5 -0.1 -1.6 1.5 1.3 0.4 0.3 Gross domestic purchases excluding food and energy\4\.................. 1.5 1.6 1.0 1.6 1.3 1.6 1.6 1.3 1.6 2.1 1.5 1.8 1.7 0.8 0.2 1.2 1.3 1.0 1.4 Gross domestic purchases excluding final sales of computers to domestic purchasers................. 1.5 1.6 0.4 1.2 1.4 2.0 1.4 0.8 1.8 1.9 1.6 2.0 1.6 0.0 -1.6 1.5 1.3 0.4 0.3 Personal consumption expenditures (PCE)............................... 1.4 1.4 0.3 1.2 1.3 2.2 1.4 0.4 1.7 1.4 1.6 2.1 1.2 -0.4 -1.9 2.2 1.3 0.3 0.3 PCE excluding food and energy\4\..... 1.5 1.5 1.3 1.9 1.2 1.7 1.7 1.2 1.4 1.7 1.4 2.0 1.4 1.0 1.0 1.9 1.4 1.3 2.1 Market-based PCE\5\.................. 1.1 1.1 0.0 1.0 1.3 1.7 1.2 -0.2 1.6 0.9 1.4 1.9 1.1 -0.9 -2.5 2.2 1.1 0.2 -0.1 Market-based PCE excluding food and energy\5\........................... 1.2 1.2 1.1 1.7 1.2 1.1 1.6 0.6 1.3 1.2 1.1 1.7 1.3 0.7 0.7 1.8 1.2 1.3 1.9 Contributions to percent change in real gross domestic product Percent change at annual rate: Gross domestic product............. 1.5 2.4 2.4 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 3.9 2.0 1.4 0.5 Percentage points at annual rates: Goods.................................. 1.17 1.13 0.77 1.64 0.36 -0.24 2.17 0.34 2.23 2.77 -2.30 3.07 2.74 -0.06 -0.57 1.79 0.67 -0.20 -0.91 Services............................... 0.13 1.03 1.35 -0.01 0.22 0.17 -0.20 0.20 0.16 1.32 1.04 1.03 1.49 1.63 1.28 1.24 1.12 1.54 1.04 Structures............................. 0.18 0.27 0.31 0.25 -0.10 0.15 -0.06 0.58 0.59 -0.27 0.33 0.47 0.05 0.50 -0.07 0.90 0.19 0.05 0.41 Motor vehicle output................... 0.13 0.20 0.13 0.19 0.00 -0.05 0.43 0.23 -0.41 0.50 0.06 0.44 0.53 -0.35 0.04 0.40 0.53 -0.71 0.04 Final sales of computers............... 0.06 0.01 0.04 -0.01 0.07 0.16 0.06 0.05 -0.03 0.02 0.02 0.03 0.02 -0.12 0.10 0.13 0.02 0.04 0.23 Research and development............... 0.06 0.05 0.11 0.00 0.02 0.12 0.15 -0.01 0.04 -0.01 0.11 0.02 0.05 0.14 0.13 0.25 -0.02 -0.01 0.06 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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.