EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, JULY 30, 2014 BEA 14-34 Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov Jeannine Aversa: (202) 606-2649 (News Media) Nicole Mayerhauser: (202) 606-9715 (Revision) Brent Moulton: (202) 606-9606 NATIONAL INCOME AND PRODUCT ACCOUNTS GROSS DOMESTIC PRODUCT: SECOND QUARTER 2014 (ADVANCE ESTIMATE) ANNUAL REVISION: 1999 THROUGH FIRST QUARTER 2014 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 4.0 percent in the second quarter of 2014, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 2.1 percent (revised). The Bureau emphasized that the second-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 10). The "second" estimate for the second quarter, based on more complete data, will be released on August 28, 2014. The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. Box.___________ Annual Revision of the National Income and Product Accounts The estimates released today reflect the results of the annual revision of the national income and product accounts (NIPAs) in conjunction with the "advance" estimate of GDP for the second quarter of 2014. In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2014, GDP and select components were revised back to the first quarter of 1999 (see the Technical Note). More information is available in "Preview of Upcoming NIPA Revision" (www.bea.gov/scb/pdf/2014/05 May/0514_gdp_and_the_economy.pdf#page=6) in the May Survey of Current Business and on BEA's Web site (www.bea.gov/national/an1.htm#2014annualrevision). The August Survey will contain an article describing the annual revision in detail. ________________ FOOTNOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2009) dollars. Price indexes are chain-type measures. This news release is available on BEA's Web site (www.bea.gov) along with the Technical Note (www.bea.gov/newsreleases/national/gdp/2014/tech2q14_adv.htm) and Highlights (www.bea.gov/newsreleases/national/gdp/2014/pdf/gdp2q14_adv_fax.pdf) related to this release. ________________ Real GDP increased 4.0 percent in the second quarter, after decreasing 2.1 percent in the first. This upturn in the percent change in real GDP primarily reflected upturns in private inventory investment and in exports, an acceleration in PCE, an upturn in state and local government spending, an acceleration in nonresidential fixed investment, and an upturn in residential fixed investment that were partly offset by an acceleration in imports. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.9 percent in the second quarter, compared with an increase of 1.4 percent in the first. Excluding food and energy prices, the price index for gross domestic purchases increased 1.7 percent, compared with an increase of 1.3 percent. Real personal consumption expenditures increased 2.5 percent in the second quarter, compared with an increase of 1.2 percent in the first. Durable goods increased 14.0 percent, compared with an increase of 3.2 percent. Nondurable goods increased 2.5 percent; it was unchanged in the first quarter. Services increased 0.7 percent in the second quarter, compared with an increase of 1.3 percent in the first. Real nonresidential fixed investment increased 5.5 percent in the second quarter, compared with an increase of 1.6 percent in the first. Investment in nonresidential structures increased 5.3 percent, compared with an increase of 2.9 percent. Investment in equipment increased 7.0 percent, in contrast to a decrease of 1.0 percent. Investment in intellectual property products increased 3.5 percent, compared with an increase of 4.6 percent. Real residential fixed investment increased 7.5 percent, in contrast to a decrease of 5.3 percent. Real exports of goods and services increased 9.5 percent in the second quarter, in contrast to a decrease of 9.2 percent in the first. Real imports of goods and services increased 11.7 percent, compared with an increase of 2.2 percent. Real federal government consumption expenditures and gross investment decreased 0.8 percent in the second quarter, compared with a decrease of 0.1 percent in the first. National defense increased 1.1 percent, in contrast to a decrease of 4.0 percent. Nondefense decreased 3.7 percent, in contrast to an increase of 6.6 percent. Real state and local government consumption expenditures and gross investment increased 3.1 percent, in contrast to a decrease of 1.3 percent. The change in real private inventories added 1.66 percentage points to the second-quarter change in real GDP after subtracting 1.16 percentage points from the first-quarter change. Private businesses increased inventories $93.4 billion in the second quarter, following increases of $35.2 billion in the first quarter and $81.8 billion in the fourth quarter of 2013. Real final sales of domestic product -- GDP less change in private inventories -- increased 2.3 percent in the second quarter, in contrast to a decrease of 1.0 percent in the first. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 4.5 percent in the second quarter, in contrast to a decrease of 0.4 percent in the first. Disposition of personal income Current-dollar personal income increased $208.0 billion in the second quarter, compared with an increase of $176.6 billion in the first. The acceleration in personal income primarily reflected an upturn in personal dividend income and a smaller decrease in farm proprietors' income that were partly offset by a deceleration in wages and salaries. Personal current taxes increased $15.2 billion in the second quarter, compared with an increase of $24.4 billion in the first. Disposable personal income increased $192.7 billion, or 6.2 percent, in the second quarter, compared with an increase of $152.1 billion, or 4.9 percent, in the first. Real disposable personal income increased 3.8 percent in the second quarter, compared with an increase of 3.5 percent in the first. Personal outlays increased $138.8 billion in the second quarter, compared with an increase of $76.1 billion in the first. Personal saving -- disposable personal income less personal outlays -- was $682.9 billion in the second quarter, compared with $629.0 billion in the first. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.3 percent in the second quarter, compared with 4.9 percent in the first. 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 6.0 percent, or $250.7 billion, in the second quarter to a level of $17,294.7 billion. In the first quarter, current-dollar GDP decreased 0.8 percent, or $34.3 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" (www.bea.gov/scb/pdf/2011/07 July/0711_revisions.pdf.) _________________ Revisions for the first quarter of 2014 For the first quarter of 2014, real GDP is now estimated to have declined 2.1 percent; in the previously published estimates, first-quarter GDP was estimated to have declined 2.9 percent. The 0.8- percentage point upward revision to the percent change in first-quarter real GDP primarily reflected upward revisions to private inventory investment, to nonresidential fixed investment, and to PCE. Previous Estimate Revised Real GDP............................... -2.9 -2.1 Current-dollar GDP..................... -1.7 -0.8 Real GDI............................... -2.6 -0.7 Gross domestic purchases price index... 1.3 1.4 Revision of the National Income and Product Accounts The revised estimates reflect the results of the annual revision of the national income and product accounts (NIPAs). In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2014, this "flexible" annual revision results in revisions to current-dollar GDP beginning with the first quarter of 1999. The reference year remains 2009. When the estimates for the reference year (2009) are revised, the levels of the related index numbers and chained-dollar estimates are also revised for the entire historical period; revisions to percent changes before the first quarter of 1999 are small and mostly due to rounding. Because of the additional data shown, tables 3, 11, and 12 of this release are each divided into two separate tables -- 3A and 3B, 11A and 11B, and 12A and 12B. There are also a number of special tables that compare the revised and previously published statistics for select periods: * Table 1A shows the percent change in real GDP and related measures; table 1B shows revisions to current-dollar GDP, to national income, and to personal income; table 2A shows contributions to the percent change in real GDP; and table 4A shows the percent change in the chain-type price indexes for GDP and related measures. * Tables 7A and 7B show annual levels, percent changes, and revisions to percent changes for current-dollar GDP and for real (chained-dollar) GDP, respectively. * Table 12C shows revisions to corporate profits by industry. With the release of the annual revision, statistics for select NIPA tables will be available on BEA's Web site (www.bea.gov). Shortly after the GDP release, BEA will post a table on its Web site showing the major current-dollar revisions and their sources for each component of GDP, national income, and personal income. Additionally, the August 2014 Survey of Current Business will contain an article describing these revisions. That issue will also contain an analysis of the current quarterly estimate of GDP and related series ("GDP and the Economy"). Revisions to real GDP For this annual revision, the most notable revisions are generally limited to the period from 2011 through the first quarter of 2014 and largely reflect the incorporation of newly available and revised source data for the underlying components (see the box below). The revisions for earlier periods are small. * For 2011–2013, real GDP increased at an average annual rate of 2.0 percent; in the previously published estimates, real GDP had increased at an average annual rate of 2.2 percent. From the fourth quarter of 2010 to the first quarter of 2014, real GDP increased at an average annual rate of 1.8 percent, the same rate as in the previously published estimates. * The percent change in real GDP was revised down 0.2 percentage point for 2011, was revised down 0.5 percentage point for 2012, and was revised up 0.3 percentage point for 2013. o For 2011, the largest contributors to the downward revision to the percent change in real GDP were a downward revision to personal consumption expenditures (PCE) and an upward revision to imports. o For 2012, the largest contributors to the downward revision were downward revisions to PCE and to state and local government spending. o For 2013, the largest contributors to the upward revision were upward revisions to PCE and to state and local government spending; these revisions were partly offset by a downward revision to private inventory investment. * The revisions to the annual estimates for 2012 and 2013 reflect partly offsetting revisions to the quarters within the year. For 2012, the annual rate of change in GDP was revised down 1.4 percentage points for the first quarter and was revised down 0.3 percentage point for the third quarter, while the growth rate for the second quarter was revised up 0.4 percentage point; the growth rate for the fourth quarter was unrevised. The upward revision to the percent change in real GDP for 2013 reflects upward revisions to the first, third, and fourth quarters that were partly offset by a downward revision to the second quarter. * For the first quarter of 2011 through the first quarter of 2014, the average revision (without regard to sign) to the percent change in real GDP was 0.6 percentage point. The revisions did not change the direction of the change in real GDP (increase or decrease) for any of the quarters. * For the expansion from the second quarter of 2009 to the first quarter of 2014, real GDP increased at an average annual rate of 2.1 percent, the same rate as in the previously published estimates. * Current-dollar GDP was revised down for all 3 years: $15.9 billion, or 0.1 percent, for 2011; $81.4 billion, or 0.5 percent, for 2012; and $31.6 billion, or 0.2 percent, for 2013. Revisions to price measures * Gross domestic purchases -- From the fourth quarter of 2010 to the first quarter of 2014, the average annual rate of increase in the price index for gross domestic purchases was revised up from 1.6 percent to 1.7 percent. * Personal consumption expenditures -- From the fourth quarter of 2010 to the first quarter of 2014, the average annual rate of increase in the price index for PCE was 1.7 percent, the same rate as in the previously published estimates; the increase in the "core" PCE price index (which excludes food and energy) was revised up from 1.5 percent to 1.6 percent. Revisions to income and saving measures * National income was revised down $43.4 billion, or 0.3 percent, for 2011, was revised up $97.9 billion, or 0.7 percent, for 2012, and was revised up $34.7 billion, or 0.2 percent, for 2013. o For 2011, downward revisions to corporate profits and to nonfarm proprietors' income were partly offset by an upward revision to net interest. o For 2012, upward revisions to net interest, to nonfarm proprietors' income, and to corporate profits were partly offset by a downward revision to supplements to wages and salaries. o For 2013, upward revisions to nonfarm proprietors' income and to net interest were partly offset by downward revisions to farm proprietors' income and to wages and salaries. * Corporate profits was revised down $61.1 billion, or 3.3 percent, for 2011, was revised up $13.3 billion, or 0.7 percent, for 2012, and was revised up $4.8 billion, or 0.2 percent, for 2013. * Personal income was revised up $10.7 billion, or 0.1 percent, for 2011, was revised up $143.9 billion, or 1.0 percent, for 2012, and was revised up $32.2 billion, or 0.2 percent, for 2013. * For 2011–2013, the average annual rate of growth of real disposable personal income was revised up 0.1 percentage point from 1.7 percent to 1.8 percent. * The personal saving rate (personal saving as a percentage of disposable personal income) was revised up from 5.7 percent to 6.0 percent for 2011, was revised up from 5.6 percent to 7.2 percent for 2012, and was revised up from 4.5 percent to 4.9 percent for 2013. Gross domestic income (GDI) and the statistical discrepancy * For 2011–2013, real GDI increased at an average annual rate of 2.6 percent; in the previously published estimates, real GDI had increased at an average annual rate of 2.5 percent. From the fourth quarter of 2010 to the first quarter of 2014, real GDI increased at an average annual rate of 2.2 percent; in the previously published estimates, real GDI had increased at an average annual rate of 2.1 percent. * The statistical discrepancy is current-dollar GDP less current-dollar GDI. GDP measures final expenditures -- the sum of consumer spending, private investment, net exports, and government spending. GDI measures the incomes earned in the production of GDP. In concept, GDP is equal to GDI. In practice, they differ because they are estimated using different source data and different methods. * As a result of the annual revision, the statistical discrepancy as a percentage of GDP was revised up from -0.3 percent to -0.2 percent for 2011, was revised down from -0.1 percent to -1.3 percent for 2012, and was revised down from -0.8 percent to -1.3 percent for 2013. New and revised source data This annual revision incorporated data from the following major federal statistical sources: Source Data Agency Data Years Covered by Data and Vintage of Data ___________________________________________________________________________________________________________________________ Census Bureau Annual surveys of merchant wholesale trade 2011 (revised) Annual surveys of retail trade 2012 (new) Monthly indicators of manufactures, merchant wholesale trade, and retail trade 2011–2013 (revised) Service annual survey 2011 and 2012 (revised) 2013 (new) Annual surveys of state and local government finances Fiscal year (FY) 2011 (revised) FY 2012 (new) Monthly survey of construction spending (value put in place) 2011–2013 (revised) Quarterly services survey 2011–2013 (revised) Current population survey/housing vacancy survey 2011 and 2012 (revised) 2013 (new) ___________________________________________________________________________________________________________________________ Office of Management and Budget Federal Budget FY 2013 and 2014 (revised) ___________________________________________________________________________________________________________________________ Internal Revenue Service Tabulations of tax returns for corporations 2011 (revised) 2012 (new) Tabulations of tax returns for sole proprietorships and partnerships 2012 (new) ___________________________________________________________________________________________________________________________ BLS Quarterly census of employment and wages 2011–2013 ( revised) Survey of occupational employment 2012 (new) ___________________________________________________________________________________________________________________________ Department of Agriculture Farm statistics 2011–2013 (revised) ___________________________________________________________________________________________________________________________ BEA International transactions accounts 1999–2013 (revised) ___________________________________________________________________________________________________________________________ Changes in methodology and presentation The annual revision also incorporated improvements to estimating methodologies and to the presentation of the NIPA estimates, including the following: * Beginning with the estimates for 1999, the presentation of foreign transactions in the NIPAs is changed to reflect the comprehensive restructuring of BEA's international transactions accounts (ITAs), released in June. The new presentation of both goods and services in the foreign transactions tables is consistent with the corresponding items in the ITAs. The definition of exports and imports of travel is broadened to include travel for health and for education and expenditures by short-term workers; these services had previously been included in the exports and imports of "other" private services. The new presentation of foreign transactions enhances the quality and the usefulness of BEA's international accounts statistics and brings them into closer alignment with new international statistical guidelines. * The presentation of the pension sector is expanded to include a table of transactions of defined contribution pension plans and a table that presents transactions of both defined benefit and defined contribution pension plans. (Tables presenting the transactions associated with defined benefit pension plans were introduced in last year's comprehensive revision.) * * * 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 -- August 28, 2014 at 8:30 A.M. EDT for: Gross Domestic Product: Second Quarter 2014 (Second Estimate) Corporate Profits: Second 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--Continues [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 IV 10 I 11 II 11 III 11 IV 11 -------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)... 2.5 1.6 2.3 2.2 2.5 -1.5 2.9 .8 4.6 Personal consumption expenditures..... 1.9 2.3 1.8 2.4 4.2 2.0 .8 1.8 1.4 Goods............................... 3.4 3.1 2.8 3.4 7.6 2.9 -.8 .9 3.9 Durable goods..................... 6.1 6.1 7.3 6.7 12.9 5.2 -2.6 5.2 12.0 Nondurable goods.................. 2.2 1.8 .7 1.9 5.2 1.9 .1 -1.0 .5 Services............................ 1.2 1.8 1.3 1.9 2.5 1.6 1.6 2.2 .1 Gross private domestic investment..... 12.9 5.2 9.2 4.9 -3.5 -7.2 16.4 1.1 32.1 Fixed investment.................... 1.5 6.3 8.3 4.7 8.5 -.9 8.2 17.3 9.9 Nonresidential.................... 2.5 7.7 7.2 3.0 8.6 -.9 8.8 19.4 9.5 Structures...................... -16.4 2.3 13.1 -.5 7.7 -27.1 30.6 25.6 13.8 Equipment....................... 15.9 13.6 6.8 4.6 11.8 12.1 4.4 27.7 9.4 Intellectual property products.. 1.9 3.6 3.9 3.4 5.0 1.4 3.2 5.1 6.8 Residential....................... -2.5 .5 13.5 11.9 7.9 -.8 5.4 8.1 11.7 Change in private inventories....... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports............................. 11.9 6.9 3.3 3.0 12.8 2.1 6.2 4.3 4.1 Goods............................. 14.4 6.5 3.7 2.8 12.0 2.8 5.0 3.4 8.1 Services.......................... 6.8 7.6 2.4 3.6 14.7 .6 9.3 6.2 -4.7 Imports............................. 12.7 5.5 2.3 1.1 2.6 3.1 3.0 3.3 4.5 Goods............................. 14.9 5.8 2.1 .9 2.7 5.3 .8 2.2 5.5 Services.......................... 3.8 4.0 3.4 2.2 1.9 -7.4 15.3 8.7 .0 Government consumption expenditures and gross investment................. .1 -3.0 -1.4 -2.0 -4.1 -7.5 -.4 -2.5 -1.6 Federal............................. 4.4 -2.7 -1.8 -5.7 -2.7 -10.6 1.6 -4.0 -2.6 National defense.................. 3.2 -2.3 -3.3 -6.6 -3.5 -14.0 6.7 1.9 -9.5 Nondefense........................ 6.4 -3.4 1.0 -4.1 -1.2 -4.3 -6.9 -14.0 11.4 State and local..................... -2.7 -3.3 -1.2 .5 -5.0 -5.3 -1.8 -1.4 -.8 Addenda: Final sales of domestic product..... 1.1 1.7 2.2 2.2 4.2 -.6 1.9 3.0 1.8 Gross domestic purchases............ 2.9 1.6 2.2 1.9 1.4 -1.2 2.5 .8 4.6 Final sales to domestic purchasers......................... 1.5 1.7 2.1 1.9 3.0 -.4 1.5 2.9 1.9 Gross domestic income (GDI)\1\...... 2.7 2.2 3.4 2.2 1.8 .5 1.9 2.6 3.3 Gross national product (GNP)........ 2.8 1.8 2.1 2.2 2.9 -1.2 2.9 1.4 4.9 Disposable personal income.......... 1.0 2.5 3.0 -.2 2.8 5.0 -.6 2.1 .2 Current-dollar measures: GDP............................... 3.8 3.7 4.2 3.7 4.7 .2 6.0 3.3 5.2 Final sales of domestic product... 2.3 3.8 4.0 3.7 6.4 1.2 5.0 5.4 2.3 Gross domestic purchases.......... 4.5 4.0 3.9 3.3 3.7 1.7 6.4 2.8 5.7 Final sales to domestic purchasers....................... 3.0 4.2 3.8 3.2 5.3 2.7 5.4 4.8 2.9 GDI............................... 4.0 4.3 5.2 3.7 3.9 2.3 4.9 5.1 3.9 GNP............................... 4.1 3.9 4.0 3.7 5.0 .5 6.0 3.9 5.5 Disposable personal income........ 2.7 5.0 4.9 1.0 5.0 8.2 3.5 4.3 1.6 -------------------------------------------------------------------------------------------------------------- 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See "Explanatory Note" at the end of the tables. Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Table Ends [Quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------- I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 ---------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)... 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.0 Personal consumption expenditures..... 2.8 1.3 1.9 1.9 3.6 1.8 2.0 3.7 1.2 2.5 Goods............................... 4.7 1.3 3.2 2.9 5.9 1.3 3.5 3.7 1.0 6.2 Durable goods..................... 10.7 2.3 8.0 9.1 8.5 4.5 4.9 5.7 3.2 14.0 Nondurable goods.................. 2.0 .8 1.1 .1 4.8 -.2 2.8 2.7 .0 2.5 Services............................ 1.8 1.3 1.3 1.4 2.4 2.0 1.3 3.7 1.3 .7 Gross private domestic investment..... 6.9 5.8 1.6 -5.3 7.6 6.9 16.8 3.8 -6.9 17.0 Fixed investment.................... 9.1 4.4 3.1 6.6 2.7 4.9 6.6 6.3 .2 5.9 Nonresidential.................... 5.8 4.4 .8 3.6 1.5 1.6 5.5 10.4 1.6 5.5 Structures...................... 18.7 10.5 -1.4 -6.7 -11.5 7.3 11.2 12.8 2.9 5.3 Equipment....................... 3.6 1.0 .7 8.1 4.8 1.5 4.7 14.1 -1.0 7.0 Intellectual property products.. .7 5.1 2.6 5.1 6.5 -2.0 2.8 3.6 4.6 3.5 Residential....................... 25.5 4.3 14.1 20.4 7.8 19.0 11.2 -8.5 -5.3 7.5 Change in private inventories....... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports............................. 1.3 4.8 2.1 1.5 -.8 6.3 5.1 10.0 -9.2 9.5 Goods............................. 1.5 5.3 2.0 -3.1 -.9 8.3 5.7 13.6 -11.9 12.9 Services.......................... .9 3.7 2.3 12.7 -.8 2.0 3.6 2.3 -2.8 2.3 Imports............................. 1.7 4.0 -.6 -3.5 -.3 8.5 .6 1.3 2.2 11.7 Goods............................. 2.0 4.0 -1.1 -4.8 .5 8.5 .1 .9 2.5 13.3 Services.......................... .8 4.0 2.4 3.4 -4.1 8.5 2.8 3.5 1.0 4.2 Government consumption expenditures and gross investment................. -2.7 -.4 2.7 -6.0 -3.9 .2 .2 -3.8 -.8 1.6 Federal............................. -3.0 -.9 7.5 -13.0 -9.9 -3.5 -1.2 -10.4 -.1 -.8 National defense.................. -7.4 -1.3 11.9 -20.1 -10.9 -2.1 .4 -11.4 -4.0 1.1 Nondefense........................ 5.3 -.4 .4 .6 -8.2 -5.8 -3.9 -8.6 6.6 -3.7 State and local..................... -2.6 .0 -.6 -.8 .3 2.7 1.1 .6 -1.3 3.1 Addenda: Final sales of domestic product..... 2.5 1.4 2.7 1.9 2.0 1.5 3.0 3.9 -1.0 2.3 Gross domestic purchases............ 2.3 1.6 2.0 -.7 2.7 2.2 3.8 2.3 -.4 4.5 Final sales to domestic purchasers......................... 2.5 1.4 2.2 1.0 2.0 1.9 2.3 2.7 .7 2.8 Gross domestic income (GDI)\1\...... 7.2 .6 1.3 4.2 1.4 2.7 1.9 1.8 -.7 ..... Gross national product (GNP)........ 1.3 1.4 2.1 .3 2.3 1.9 4.8 3.7 -2.8 ..... Disposable personal income.......... 6.8 2.3 -.4 11.8 -12.6 3.8 2.0 .2 3.5 3.8 Current-dollar measures: GDP............................... 4.4 3.5 4.4 1.6 4.2 2.9 6.2 5.0 -.8 6.0 Final sales of domestic product... 4.7 3.2 4.9 3.2 3.4 2.7 4.7 5.5 .4 4.3 Gross domestic purchases.......... 4.7 2.7 3.1 1.2 4.1 2.9 5.5 3.7 .9 6.4 Final sales to domestic purchasers....................... 5.0 2.5 3.5 2.8 3.3 2.7 4.1 4.2 2.1 4.8 GDI............................... 9.5 2.5 3.2 5.7 2.9 3.8 3.6 3.3 .6 ..... GNP............................... 3.5 3.2 4.0 1.8 3.8 3.0 6.5 5.2 -1.5 ..... Disposable personal income........ 9.1 3.7 .9 13.8 -11.7 4.3 3.7 1.2 4.9 6.2 ---------------------------------------------------------------------------------------------------------------------- 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See "Explanatory Note" at the end of the tables. Table 1A. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Continues [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 IV 10 I 11 II 11 III 11 IV 11 -------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)... 2.5 1.6 2.3 2.2 2.5 -1.5 2.9 .8 4.6 Previously published......... 2.5 1.8 2.8 1.9 2.8 -1.3 3.2 1.4 4.9 Personal consumption expenditures..... 1.9 2.3 1.8 2.4 4.2 2.0 .8 1.8 1.4 Previously published................ 2.0 2.5 2.2 2.0 4.3 2.1 1.5 2.1 2.4 Goods............................... 3.4 3.1 2.8 3.4 7.6 2.9 -.8 .9 3.9 Previously published.............. 3.4 3.4 3.3 3.5 7.6 2.7 .2 1.2 5.0 Durable goods..................... 6.1 6.1 7.3 6.7 12.9 5.2 -2.6 5.2 12.0 Previously published............ 6.1 6.6 7.7 6.9 12.9 5.4 -.8 5.2 13.5 Nondurable goods.................. 2.2 1.8 .7 1.9 5.2 1.9 .1 -1.0 .5 Previously published............ 2.2 1.9 1.4 2.0 5.2 1.4 .7 -.5 1.3 Services............................ 1.2 1.8 1.3 1.9 2.5 1.6 1.6 2.2 .1 Previously published.............. 1.2 2.1 1.6 1.2 2.6 1.8 2.1 2.5 1.1 Gross private domestic investment..... 12.9 5.2 9.2 4.9 -3.5 -7.2 16.4 1.1 32.1 Previously published................ 12.9 4.9 9.5 5.4 -3.5 -7.5 14.2 2.5 31.9 Fixed investment.................... 1.5 6.3 8.3 4.7 8.5 -.9 8.2 17.3 9.9 Previously published.............. 1.5 6.2 8.3 4.5 8.5 -.5 8.6 14.8 10.0 Nonresidential.................... 2.5 7.7 7.2 3.0 8.6 -.9 8.8 19.4 9.5 Previously published............ 2.5 7.6 7.3 2.7 8.6 -.9 9.9 16.7 9.5 Structures...................... -16.4 2.3 13.1 -.5 7.7 -27.1 30.6 25.6 13.8 Previously published.......... -16.4 2.1 12.7 1.3 7.7 -29.8 33.7 28.4 14.4 Equipment....................... 15.9 13.6 6.8 4.6 11.8 12.1 4.4 27.7 9.4 Previously published.......... 15.9 12.7 7.6 3.1 11.8 12.0 4.3 20.3 10.2 Intellectual property products.. 1.9 3.6 3.9 3.4 5.0 1.4 3.2 5.1 6.8 Previously published.......... 1.9 4.4 3.4 3.1 5.0 3.7 4.9 5.3 5.5 Residential....................... -2.5 .5 13.5 11.9 7.9 -.8 5.4 8.1 11.7 Previously published............ -2.5 .5 12.9 12.2 7.9 1.7 2.7 6.1 12.2 Change in private inventories....... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports............................. 11.9 6.9 3.3 3.0 12.8 2.1 6.2 4.3 4.1 Previously published\*\........... 11.5 7.1 3.5 2.7 12.4 3.8 4.9 7.0 2.7 Goods............................. 14.4 6.5 3.7 2.8 12.0 2.8 5.0 3.4 8.1 Previously published\*\......... 14.3 7.1 3.8 2.4 13.0 4.4 3.7 5.7 7.7 Services.......................... 6.8 7.6 2.4 3.6 14.7 .6 9.3 6.2 -4.7 Previously published\*\......... 5.6 7.0 3.0 3.5 11.0 2.4 7.7 10.0 -8.1 Imports............................. 12.7 5.5 2.3 1.1 2.6 3.1 3.0 3.3 4.5 Previously published\*\........... 12.8 4.9 2.2 1.4 .9 2.8 .7 4.9 5.9 Goods............................. 14.9 5.8 2.1 .9 2.7 5.3 .8 2.2 5.5 Previously published\*\......... 15.2 5.2 2.1 1.2 1.7 4.4 -.7 3.5 6.7 Services.......................... 3.8 4.0 3.4 2.2 1.9 -7.4 15.3 8.7 .0 previously published\*\......... 2.8 3.1 2.7 2.5 -2.5 -5.0 7.8 11.9 1.8 Government consumption expenditures and gross investment................. .1 -3.0 -1.4 -2.0 -4.1 -7.5 -.4 -2.5 -1.6 Previously published............... .1 -3.2 -1.0 -2.2 -4.1 -7.5 -1.3 -2.5 -1.5 Federal............................. 4.4 -2.7 -1.8 -5.7 -2.7 -10.6 1.6 -4.0 -2.6 Previously published.............. 4.4 -2.6 -1.4 -5.2 -2.7 -10.5 1.8 -3.4 -3.1 National defense.................. 3.2 -2.3 -3.3 -6.6 -3.5 -14.0 6.7 1.9 -9.5 Previously published............ 3.2 -2.3 -3.2 -7.0 -3.5 -14.2 6.8 2.4 -10.2 Nondefense........................ 6.4 -3.4 1.0 -4.1 -1.2 -4.3 -6.9 -14.0 11.4 Previously published............ 6.4 -3.0 1.8 -1.9 -1.2 -3.5 -6.5 -13.1 11.3 State and local..................... -2.7 -3.3 -1.2 .5 -5.0 -5.3 -1.8 -1.4 -.8 Previously published.............. -2.7 -3.6 -.7 -.2 -5.0 -5.4 -3.4 -1.9 -.4 Addenda: Final sales of domestic product..... 1.1 1.7 2.2 2.2 4.2 -.6 1.9 3.0 1.8 Previously published.............. 1.0 2.0 2.6 1.7 4.5 -.3 2.4 3.0 2.1 Gross domestic purchases............ 2.9 1.6 2.2 1.9 1.4 -1.2 2.5 .8 4.6 Previously published.............. 2.9 1.7 2.6 1.7 1.4 -1.3 2.6 1.2 5.3 Final sales to domestic purchasers......................... 1.5 1.7 2.1 1.9 3.0 -.4 1.5 2.9 1.9 Previously published.............. 1.5 1.8 2.4 1.6 3.0 -.3 1.8 2.8 2.6 Gross domestic income (GDI)\1\...... 2.7 2.2 3.4 2.2 1.8 .5 1.9 2.6 3.3 Previously published.............. 2.7 2.5 2.5 2.6 1.6 2.0 2.3 2.2 2.6 Gross national product (GNP)........ 2.8 1.8 2.1 2.2 2.9 -1.2 2.9 1.4 4.9 Previously published.............. 2.8 2.1 2.7 1.9 3.2 -.5 3.1 1.9 4.8 Disposable personal income.......... 1.0 2.5 3.0 -.2 2.8 5.0 -.6 2.1 .2 Previously published.............. 1.1 2.4 2.0 .7 2.7 5.0 -.4 1.6 -.6 Current-dollar measures: GDP............................... 3.8 3.7 4.2 3.7 4.7 .2 6.0 3.3 5.2 Previously published............ 3.7 3.8 4.6 3.4 4.9 .3 5.9 3.9 5.4 Final sales of domestic product... 2.3 3.8 4.0 3.7 6.4 1.2 5.0 5.4 2.3 Previously published............ 2.3 4.0 4.4 3.2 6.6 1.4 5.2 5.5 2.6 Gross domestic purchases.......... 4.5 4.0 3.9 3.3 3.7 1.7 6.4 2.8 5.7 Previously published............ 4.5 4.0 4.3 3.0 3.7 1.5 6.1 3.3 6.3 Final sales to domestic purchasers....................... 3.0 4.2 3.8 3.2 5.3 2.7 5.4 4.8 2.9 Previously published............ 3.1 4.2 4.1 2.8 5.3 2.6 5.5 4.9 3.6 GDI............................... 4.0 4.3 5.2 3.7 3.9 2.3 4.9 5.1 3.9 Previously published............ 4.0 4.5 4.3 4.1 3.7 3.7 5.0 4.8 3.1 GNP............................... 4.1 3.9 4.0 3.7 5.0 .5 6.0 3.9 5.5 Previously published............ 4.1 4.2 4.4 3.4 5.3 1.1 5.8 4.4 5.3 Disposable personal income........ 2.7 5.0 4.9 1.0 5.0 8.2 3.5 4.3 1.6 Previously published............ 2.8 4.8 3.9 1.9 4.8 8.2 3.3 3.9 .8 -------------------------------------------------------------------------------------------------------------- * The “revised” estimates for exports and imports of goods and services reflect changes related to the annual revision of the BEA's international transactions accounts, released June 18, 2014, including reclassifications within and between the exports and imports categories. The “previously published” estimates have not been restated to reflect these reclassifications. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See "Explanatory Note" at the end of the tables. Table 1A. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period--Table ends [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------- I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 -------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)... 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 Previously published......... 3.7 1.2 2.8 .1 1.1 2.5 4.1 2.6 -2.9 Personal consumption expenditures..... 2.8 1.3 1.9 1.9 3.6 1.8 2.0 3.7 1.2 Previously published................ 2.9 1.9 1.7 1.7 2.3 1.8 2.0 3.3 1.0 Goods............................... 4.7 1.3 3.2 2.9 5.9 1.3 3.5 3.7 1.0 Previously published.............. 4.6 2.2 3.7 3.7 3.7 3.1 4.5 2.9 .2 Durable goods..................... 10.7 2.3 8.0 9.1 8.5 4.5 4.9 5.7 3.2 Previously published............ 9.8 2.9 8.3 10.5 5.8 6.2 7.9 2.8 1.2 Nondurable goods.................. 2.0 .8 1.1 .1 4.8 -.2 2.8 2.7 .0 Previously published............ 2.2 1.8 1.6 .6 2.7 1.6 2.9 2.9 -.3 Services............................ 1.8 1.3 1.3 1.4 2.4 2.0 1.3 3.7 1.3 Previously published.............. 2.1 1.7 .7 .6 1.5 1.2 .7 3.5 1.5 Gross private domestic investment..... 6.9 5.8 1.6 -5.3 7.6 6.9 16.8 3.8 -6.9 Previously published................ 10.5 -1.6 6.5 -2.4 4.7 9.2 17.2 2.5 -11.7 Fixed investment.................... 9.1 4.4 3.1 6.6 2.7 4.9 6.6 6.3 .2 Previously published.............. 8.6 4.7 2.7 11.6 -1.5 6.5 5.9 2.8 -1.8 Nonresidential.................... 5.8 4.4 .8 3.6 1.5 1.6 5.5 10.4 1.6 Previously published............ 5.8 4.5 .3 9.8 -4.6 4.7 4.8 5.7 -1.2 Structures...................... 18.7 10.5 -1.4 -6.7 -11.5 7.3 11.2 12.8 2.9 Previously published.......... 7.0 6.9 5.9 17.6 -25.7 17.6 13.4 -1.8 -7.7 Equipment....................... 3.6 1.0 .7 8.1 4.8 1.5 4.7 14.1 -1.0 Previously published.......... 8.3 5.3 -3.9 8.9 1.6 3.3 .2 10.9 -2.8 Intellectual property products.. .7 5.1 2.6 5.1 6.5 -2.0 2.8 3.6 4.6 Previously published.......... 1.3 1.8 2.8 5.7 3.7 -1.5 5.8 4.0 6.3 Residential....................... 25.5 4.3 14.1 20.4 7.8 19.0 11.2 -8.5 -5.3 Previously published............ 23.0 5.7 14.1 19.8 12.5 14.2 10.3 -7.9 -4.2 Change in private inventories....... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports............................. 1.3 4.8 2.1 1.5 -.8 6.3 5.1 10.0 -9.2 Previously published\*\........... 4.2 3.8 .4 1.1 -1.3 8.0 3.9 9.5 -8.9 Goods............................. 1.5 5.3 2.0 -3.1 -.9 8.3 5.7 13.6 -11.9 Previously published\*\......... 1.8 5.2 1.6 -3.0 -2.8 9.4 5.6 11.8 -11.4 Services.......................... .9 3.7 2.3 12.7 -.8 2.0 3.6 2.3 -2.8 Previously published\*\......... 10.0 .8 -2.6 11.3 2.2 4.8 .1 4.2 -2.9 Imports............................. 1.7 4.0 -.6 -3.5 -.3 8.5 .6 1.3 2.2 Previously published\*\........... .7 2.5 .5 -3.1 .6 6.9 2.4 1.5 1.8 Goods............................. 2.0 4.0 -1.1 -4.8 .5 8.5 .1 .9 2.5 Previously published\*\......... .9 2.5 .4 -3.5 -.2 7.5 2.4 1.3 1.9 Services.......................... .8 4.0 2.4 3.4 -4.1 8.5 2.8 3.5 1.0 previously published\*\......... -.1 2.3 1.0 -1.0 5.0 4.0 2.5 2.2 1.3 Government consumption expenditures and gross investment................. -2.7 -.4 2.7 -6.0 -3.9 .2 .2 -3.8 -.8 Previously published............... -1.4 .3 3.5 -6.5 -4.2 -.4 .4 -5.2 -.8 Federal............................. -3.0 -.9 7.5 -13.0 -9.9 -3.5 -1.2 -10.4 -.1 Previously published.............. -2.5 -.2 8.9 -13.9 -8.4 -1.6 -1.5 -12.8 .6 National defense.................. -7.4 -1.3 11.9 -20.1 -10.9 -2.1 .4 -11.4 -4.0 Previously published............ -6.7 -1.0 12.5 -21.6 -11.2 -.6 -.5 -14.4 -2.5 Nondefense........................ 5.3 -.4 .4 .6 -8.2 -5.8 -3.9 -8.6 6.6 Previously published............ 5.4 1.2 2.8 1.0 -3.6 -3.1 -3.1 -10.0 5.9 State and local..................... -2.6 .0 -.6 -.8 .3 2.7 1.1 .6 -1.3 Previously published.............. -.6 .6 -.2 -1.0 -1.3 .4 1.7 .0 -1.7 Addenda: Final sales of domestic product..... 2.5 1.4 2.7 1.9 2.0 1.5 3.0 3.9 -1.0 Previously published.............. 3.4 2.2 2.2 2.2 .2 2.1 2.5 2.7 -1.3 Gross domestic purchases............ 2.3 1.6 2.0 -.7 2.7 2.2 3.8 2.3 -.4 Previously published.............. 3.1 1.1 2.7 -.5 1.4 2.5 3.9 1.6 -1.4 Final sales to domestic purchasers......................... 2.5 1.4 2.2 1.0 2.0 1.9 2.3 2.7 .7 Previously published.............. 2.9 2.0 2.2 1.4 .5 2.1 2.3 1.6 .3 Gross domestic income (GDI)\1\...... 7.2 .6 1.3 4.2 1.4 2.7 1.9 1.8 -.7 Previously published.............. 5.4 -.6 .9 4.9 2.4 3.2 1.8 2.6 -2.6 Gross national product (GNP)........ 1.3 1.4 2.1 .3 2.3 1.9 4.8 3.7 -2.8 Previously published.............. 3.0 1.4 2.4 .3 .6 2.7 4.4 3.1 -3.6 Disposable personal income.......... 6.8 2.3 -.4 11.8 -12.6 3.8 2.0 .2 3.5 Previously published.............. 4.6 1.8 -.6 9.0 -7.9 4.1 3.0 .7 1.5 Current-dollar measures: GDP............................... 4.4 3.5 4.4 1.6 4.2 2.9 6.2 5.0 -.8 Previously published............ 5.8 3.0 4.9 1.6 2.8 3.1 6.2 4.2 -1.7 Final sales of domestic product... 4.7 3.2 4.9 3.2 3.4 2.7 4.7 5.5 .4 Previously published............ 5.5 3.9 4.6 3.3 1.6 2.7 4.5 4.4 .1 Gross domestic purchases.......... 4.7 2.7 3.1 1.2 4.1 2.9 5.5 3.7 .9 Previously published............ 5.5 2.1 3.9 1.3 2.9 2.6 5.8 3.1 -.1 Final sales to domestic purchasers....................... 5.0 2.5 3.5 2.8 3.3 2.7 4.1 4.2 2.1 Previously published............ 5.2 3.0 3.6 3.0 1.7 2.3 4.2 3.3 1.7 GDI............................... 9.5 2.5 3.2 5.7 2.9 3.8 3.6 3.3 .6 Previously published............ 7.5 1.1 3.0 6.4 4.2 3.8 3.8 4.2 -1.4 GNP............................... 3.5 3.2 4.0 1.8 3.8 3.0 6.5 5.2 -1.5 Previously published............ 5.0 3.2 4.6 1.8 2.3 3.3 6.5 4.7 -2.4 Disposable personal income........ 9.1 3.7 .9 13.8 -11.7 4.3 3.7 1.2 4.9 Previously published............ 6.9 2.9 1.1 10.7 -7.0 4.0 4.9 1.8 2.9 -------------------------------------------------------------------------------------------------------------- * The “revised” estimates for exports and imports of goods and services reflect changes related to the annual revision of the BEA's international transactions accounts, released June 18, 2014, including reclassifications within and between the exports and imports categories. The “previously published” estimates have not been restated to reflect these reclassifications. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See "Explanatory Note" at the end of the tables. Table 1B. Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income --------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------ ------------------------ Revisions as a Revised Revisions to percentage of estimates previously previously published published ------------------------ ------------------------ ------------------------ 2011 2012 2013 2011 2012 2013 2011 2012 2013 --------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)....... 15,517.9 16,163.2 16,768.1 -15.9 -81.4 -31.6 -.1 -.5 -.2 Personal consumption expenditures...... 10,689.3 11,083.1 11,484.3 -22.5 -66.5 -17.2 -.2 -.6 -.1 Goods................................ 3,596.5 3,741.9 3,851.2 -6.2 -27.8 -34.7 -.2 -.7 -.9 Durable goods...................... 1,125.3 1,192.1 1,249.3 -4.6 -10.6 -13.7 -.4 -.9 -1.1 Nondurable goods................... 2,471.1 2,549.8 2,601.9 -1.7 -17.2 -21.0 -.1 -.7 -.8 Services............................. 7,092.8 7,341.3 7,633.2 -16.3 -38.6 17.5 -.2 -.5 .2 Gross private domestic investment...... 2,239.9 2,479.2 2,648.0 7.8 4.0 -22.0 .3 .2 -.8 Fixed investment..................... 2,198.1 2,414.3 2,573.9 2.5 5.2 9.9 .1 .2 .4 Nonresidential..................... 1,812.1 1,972.0 2,054.0 2.2 2.0 6.9 .1 .1 .3 Structures....................... 381.6 446.9 457.2 1.0 9.6 .8 .3 2.2 .2 Equipment........................ 838.2 904.1 949.7 5.5 -3.5 10.0 .7 -.4 1.1 Intellectual property products... 592.2 621.0 647.1 -4.4 -4.0 -3.9 -.7 -.6 -.6 Residential........................ 386.0 442.3 519.9 .2 3.1 3.0 .1 .7 .6 Change in private inventories........ 41.8 64.9 74.1 5.4 -1.2 -32.0 ..... ..... ..... Net exports of goods and services...... -580.0 -568.3 -508.2 -11.3 -21.1 -10.9 ..... ..... ..... Exports\*\........................... 2,106.4 2,194.2 2,262.2 5.2 -1.7 2.3 .2 -.1 .1 Goods\*\........................... 1,466.9 1,527.2 1,562.8 -6.7 -8.8 -4.2 -.5 -.6 -.3 Services\*\........................ 639.5 667.0 699.4 11.9 7.1 6.5 1.9 1.1 .9 Imports\*\........................... 2,686.4 2,762.5 2,770.4 16.5 19.4 13.2 .6 .7 .5 Goods\*\........................... 2,244.7 2,306.0 2,302.3 10.1 10.6 6.3 .5 .5 .3 Services\*\........................ 441.6 456.4 468.1 6.3 8.7 6.9 1.4 1.9 1.5 Government consumption expenditures and gross investment.................. 3,168.7 3,169.2 3,143.9 10.0 2.2 18.4 .3 .1 .6 Federal.............................. 1,303.5 1,291.4 1,231.5 -.6 -4.3 -14.4 .0 -.3 -1.2 National defense................... 836.9 818.0 769.9 1.1 .9 -.8 .1 .1 -.1 Nondefense......................... 466.5 473.4 461.6 -1.7 -5.2 -13.5 -.4 -1.1 -2.8 State and local...................... 1,865.3 1,877.8 1,912.4 10.6 6.5 32.8 .6 .3 1.7 Relation of GDP and national income Gross domestic product................. 15,517.9 16,163.2 16,768.1 -15.9 -81.4 -31.6 -.1 -.5 -.2 Plus: Income receipts from the rest of the world............ 792.6 793.8 810.4 -10.2 -24.8 -16.9 -1.3 -3.0 -2.0 Less: Income payments to the rest of the world................. 546.0 566.5 586.1 3.9 .8 16.6 .7 .1 2.9 Equals: Gross national product......... 15,764.6 16,390.5 16,992.4 -30.0 -106.9 -65.1 -.2 -.6 -.4 Less: Consumption of fixed capital..... 2,450.6 2,530.2 2,627.2 -2.0 -12.7 -19.4 -.1 -.5 -.7 Less: Statistical discrepancy.......... -38.3 -209.2 -211.9 15.4 -192.2 -80.5 ..... ..... ..... Equals: National income................ 13,352.3 14,069.5 14,577.1 -43.4 97.9 34.7 -.3 .7 .2 Compensation of employees............ 8,269.0 8,606.5 8,844.8 -9.5 -5.1 -14.6 -.1 -.1 -.2 Wages and salaries................. 6,633.2 6,932.1 7,124.7 -5.5 5.3 -12.8 -.1 .1 -.2 Supplements to wages and salaries.......................... 1,635.9 1,674.4 1,720.1 -3.9 -10.5 -1.8 -.2 -.6 -.1 Proprietors' income with inventory valuation and capital consumption adjustments............. 1,143.7 1,260.2 1,336.6 -11.4 35.3 -12.2 -1.0 2.9 -.9 Rental income of persons with capital consumption adjustment...... 485.3 533.0 595.8 .9 -8.2 5.2 .2 -1.5 .9 Corporate profits with inventory valuation and capital consumption adjustments............. 1,816.6 2,022.8 2,106.9 -61.1 13.3 4.8 -3.3 .7 .2 Net interest and miscellaneous payments............................ 488.1 491.7 499.8 31.2 52.1 30.6 6.8 11.9 6.5 Taxes on production and imports less subsidies...................... 1,042.6 1,074.0 1,102.3 5.4 8.4 14.3 .5 .8 1.3 Business current transfer payments (net)...................... 131.5 106.7 120.6 1.9 -.2 -3.8 1.5 -.2 -3.1 Current surplus of government enterprises......................... -24.5 -25.3 -29.6 -.7 2.4 10.5 2.9 -8.7 -26.2 Disposition of personal income Personal income........................ 13,202.0 13,887.7 14,166.9 10.7 143.9 32.2 .1 1.0 .2 Compensation of employees............ 8,269.0 8,606.5 8,844.8 -9.5 -5.1 -14.6 -.1 -.1 -.2 Wages and salaries................. 6,633.2 6,932.1 7,124.7 -5.5 5.3 -12.8 -.1 .1 -.2 Supplements to wages and salaries.......................... 1,635.9 1,674.4 1,720.1 -3.9 -10.5 -1.8 -.2 -.6 -.1 Proprietors' income with inventory valuation and capital consumption adjustments............. 1,143.7 1,260.2 1,336.6 -11.4 35.3 -12.2 -1.0 2.9 -.9 Farm............................... 75.5 72.3 83.2 2.9 -3.1 -44.4 4.0 -4.1 -34.8 Nonfarm............................ 1,068.1 1,187.9 1,253.5 -14.5 38.3 32.3 -1.3 3.3 2.6 Rental income of persons with capital consumption adjustment...... 485.3 533.0 595.8 .9 -8.2 5.2 .2 -1.5 .9 Personal income receipts on assets... 1,913.9 2,088.6 2,079.7 29.3 130.1 82.0 1.6 6.6 4.1 Personal interest income........... 1,231.6 1,255.9 1,255.2 27.5 44.3 26.0 2.3 3.7 2.1 Personal dividend income........... 682.2 832.7 824.5 1.7 85.8 56.0 .2 11.5 7.3 Personal current transfer receipts............................ 2,307.9 2,350.7 2,414.5 1.0 -7.6 -29.8 .0 -.3 -1.2 Less: Contributions for government social insurance, domestic.......... 917.8 951.2 1,104.5 -.4 .5 -1.5 .0 .1 -.1 Less: Personal current taxes........... 1,400.6 1,503.7 1,661.8 -3.4 5.7 3.3 -.2 .4 .2 Equals: Disposable personal income..... 11,801.4 12,384.0 12,505.1 14.0 138.2 28.9 .1 1.1 .2 Less: Personal outlays................. 11,090.2 11,487.9 11,897.1 -28.9 -70.5 -17.8 -.3 -.6 -.1 Equals: Personal saving................ 711.1 896.2 608.1 42.9 208.8 46.8 ..... ..... ..... Personal saving as a percentage of disposable personal income....... 6.0 7.2 4.9 .3 1.6 .4 ..... ..... ..... Addenda: Statistical discrepancy as a percentage of GDP..................... -.2 -1.3 -1.3 .1 -1.2 -.5 ..... ..... ..... Gross domestic income.................. 15,556.3 16,372.3 16,980.0 -31.2 110.7 48.8 -.2 .7 .3 --------------------------------------------------------------------------------------------------------------------------------- * The “revised” estimates for exports and imports of goods and services reflect changes related to the annual revision of the BEA's international transactions accounts, released June 18, 2014, including reclassifications within and between the exports and imports categories. The “previously published” estimates have not been restated to reflect these reclassifications. Table 2. Contributions to Percent Change in Real Gross Domestic Product--Continues [Quarters seasonally adjusted at annual rates] --------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 IV 10 I 11 II 11 III 11 IV 11 --------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product............. 2.5 1.6 2.3 2.2 2.5 -1.5 2.9 .8 4.6 Percentage points at annual rates: Personal consumption expenditures...... 1.32 1.55 1.25 1.64 2.79 1.38 .57 1.20 .94 Goods................................ .77 .71 .64 .78 1.66 .66 -.18 .20 .90 Durable goods...................... .43 .43 .52 .49 .88 .37 -.19 .36 .83 Motor vehicles and parts......... .04 .07 .17 .12 .46 .02 -.52 .03 .50 Furnishings and durable household equipment............. .12 .09 .07 .10 .13 .07 .10 .07 .14 Recreational goods and vehicles........................ .22 .20 .22 .20 .18 .23 .16 .20 .23 Other durable goods.............. .05 .06 .06 .07 .11 .05 .07 .07 -.05 Nondurable goods................... .34 .28 .12 .29 .78 .29 .01 -.17 .08 Food and beverages purchased for off-premises consumption.... .11 .06 .04 .05 .31 .06 -.01 -.09 -.05 Clothing and footwear............ .11 .08 .02 .02 .27 .08 .08 -.14 .07 Gasoline and other energy goods........................... -.02 -.07 -.05 .02 -.04 -.09 -.27 -.02 -.05 Other nondurable goods........... .13 .21 .11 .20 .25 .25 .21 .07 .11 Services............................. .55 .84 .61 .86 1.14 .72 .75 1.00 .04 Household consumption expenditures (for services)....... .53 .86 .52 .78 1.20 .78 .73 .83 .15 Housing and utilities............ .16 .16 .08 .16 .28 .04 .16 .34 -.14 Health care...................... .15 .28 .37 .24 .43 .20 .22 -.03 .51 Transportation services.......... -.02 .05 .04 .05 .04 .02 .09 .07 .02 Recreation services.............. .03 .06 .04 .06 .08 -.03 .16 .06 .01 Food services and accommodations.................. .06 .11 .11 .09 .14 .16 .03 .09 .08 Financial services and insurance....................... .11 .09 -.23 .10 .20 .15 -.03 .17 -.30 Other services................... .04 .12 .11 .07 .03 .26 .10 .13 -.01 Final consumption expenditures of nonprofit institutions serving households................ .02 -.02 .09 .07 -.07 -.06 .02 .18 -.12 Gross output of nonprofit institutions.................... .09 .08 .23 .13 .17 -.10 .08 -.04 .27 Less: Receipts from sales of goods and services by nonprofit institutions.......... .08 .10 .14 .06 .24 -.04 .05 -.21 .38 Gross private domestic investment...... 1.66 .73 1.33 .76 -.51 -1.07 2.14 .15 4.16 Fixed investment..................... .21 .86 1.17 .70 1.13 -.11 1.10 2.25 1.36 Nonresidential..................... .28 .85 .84 .37 .94 -.09 .97 2.06 1.08 Structures....................... -.49 .06 .32 -.01 .18 -.73 .63 .56 .34 Equipment........................ .70 .66 .37 .26 .57 .59 .22 1.31 .49 Information processing equipment..................... .17 .03 .06 .05 .19 -.24 .17 .05 -.04 Computers and peripheral equipment................... .05 -.01 .02 .00 -.03 -.11 .16 .08 -.05 Other........................ .12 .04 .03 .05 .22 -.13 .01 -.03 .01 Industrial equipment........... -.01 .22 .05 .05 .14 .36 .06 .38 .29 Transportation equipment....... .43 .29 .21 .08 .08 .31 -.03 .52 .49 Other equipment................ .10 .13 .05 .07 .16 .16 .02 .36 -.25 Intellectual property products........................ .07 .13 .15 .13 .19 .05 .12 .19 .26 Software....................... -.02 .11 .10 .05 .09 .14 .16 .17 .15 Research and development....... .04 .02 .03 .06 .06 -.03 -.02 .00 .07 Entertainment, literary, and artistic originals........ .05 .00 .02 .01 .04 -.06 -.02 .01 .03 Residential........................ -.07 .01 .33 .33 .19 -.02 .13 .19 .28 Change in private inventories........ 1.45 -.14 .15 .06 -1.63 -.96 1.04 -2.10 2.80 Farm............................... -.04 .07 -.07 .13 .02 .30 -.02 .08 .05 Nonfarm............................ 1.49 -.20 .22 -.07 -1.66 -1.27 1.06 -2.18 2.75 Net exports of goods and services...... -.46 -.02 .04 .22 1.12 -.24 .31 .01 -.21 Exports.............................. 1.33 .87 .44 .41 1.53 .27 .82 .57 .56 Goods.............................. 1.08 .57 .34 .26 .99 .24 .45 .32 .76 Services........................... .25 .29 .10 .15 .54 .03 .37 .25 -.20 Imports.............................. -1.79 -.89 -.40 -.19 -.41 -.51 -.51 -.56 -.76 Goods.............................. -1.69 -.78 -.30 -.13 -.36 -.73 -.11 -.32 -.76 Services........................... -.10 -.11 -.10 -.06 -.05 .22 -.40 -.24 .00 Government consumption expenditures and gross investment.................. .02 -.65 -.30 -.39 -.87 -1.60 -.08 -.52 -.31 Federal.............................. .37 -.24 -.15 -.45 -.23 -.95 .14 -.35 -.21 National defense................... .18 -.13 -.18 -.33 -.19 -.81 .36 .11 -.53 Consumption expenditures......... .16 -.07 -.12 -.24 -.25 -.47 .28 .16 -.53 Gross investment................. .02 -.06 -.06 -.09 .06 -.35 .08 -.06 .00 Nondefense......................... .19 -.11 .03 -.12 -.04 -.14 -.22 -.45 .32 Consumption expenditures......... .13 -.11 .05 -.08 -.05 -.16 -.18 -.42 .35 Gross investment................. .06 .00 -.02 -.04 .01 .02 -.04 -.03 -.03 State and local...................... -.35 -.41 -.15 .06 -.63 -.65 -.22 -.17 -.10 Consumption expenditures........... -.27 -.27 -.02 .12 -.35 -.38 -.11 -.10 -.05 Gross investment................... -.08 -.14 -.12 -.06 -.28 -.28 -.11 -.07 -.05 --------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product--Table Ends [Quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------- I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 ----------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product............. 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.0 Percentage points at annual rates: Personal consumption expenditures...... 1.87 .86 1.32 1.32 2.45 1.23 1.39 2.51 .83 1.69 Goods................................ 1.06 .29 .74 .67 1.35 .30 .80 .83 .23 1.38 Durable goods...................... .75 .16 .57 .64 .61 .33 .36 .42 .23 .99 Motor vehicles and parts......... .23 .01 .21 .26 .14 .00 .04 .13 .13 .42 Furnishings and durable household equipment............. .13 -.07 .04 .09 .14 .09 .16 .07 .01 .21 Recreational goods and vehicles........................ .29 .15 .21 .20 .24 .20 .17 .12 .07 .26 Other durable goods.............. .10 .08 .10 .09 .09 .04 -.01 .10 .01 .11 Nondurable goods................... .31 .13 .17 .02 .74 -.03 .43 .41 .00 .39 Food and beverages purchased for off-premises consumption.... .15 .09 .06 .04 .14 -.14 .11 .13 -.05 -.08 Clothing and footwear............ .13 -.15 .12 -.05 .11 .04 -.08 .05 -.08 .14 Gasoline and other energy goods........................... -.16 .16 -.03 -.16 .15 .00 .09 .00 .05 -.09 Other nondurable goods........... .19 .03 .02 .20 .34 .08 .31 .23 .08 .41 Services............................. .81 .57 .58 .65 1.11 .93 .59 1.69 .60 .31 Household consumption expenditures (for services)....... .74 .32 .54 .38 1.21 .90 .48 1.50 .61 .16 Housing and utilities............ -.20 .46 .24 -.22 .62 -.01 -.18 .24 .68 -.41 Health care...................... .70 .13 .40 .13 .04 .40 .30 .48 -.16 .08 Transportation services.......... .01 .04 .06 .01 .10 .05 .02 .06 .04 .05 Recreation services.............. .06 .02 .02 .04 .16 .00 .09 .02 -.05 .07 Food services and accommodations.................. .18 .06 .10 .18 .13 -.04 .01 .30 -.05 .17 Financial services and insurance....................... -.34 -.33 -.39 .09 .25 .33 .11 .28 .14 .06 Other services................... .33 -.06 .11 .15 -.09 .17 .13 .12 .02 .15 Final consumption expenditures of nonprofit institutions serving households................ .08 .25 .04 .27 -.10 .03 .12 .19 -.01 .15 Gross output of nonprofit institutions.................... .45 .08 .37 .05 -.11 .27 .14 .51 -.31 .05 Less: Receipts from sales of goods and services by nonprofit institutions.......... .37 -.16 .32 -.21 -.01 .24 .03 .33 -.30 -.10 Gross private domestic investment...... 1.04 .88 .26 -.84 1.12 1.03 2.50 .62 -1.13 2.57 Fixed investment..................... 1.24 .61 .45 .96 .42 .74 1.01 .95 .03 .91 Nonresidential..................... .66 .50 .09 .44 .20 .21 .67 1.23 .20 .68 Structures....................... .46 .27 -.04 -.19 -.33 .19 .29 .34 .08 .15 Equipment........................ .17 .03 .03 .44 .28 .09 .27 .76 -.06 .40 Information processing equipment..................... .18 -.09 -.13 .25 .03 .09 .08 -.07 -.13 .33 Computers and peripheral equipment................... .09 -.03 -.13 .18 -.06 -.06 .03 .11 -.22 .03 Other........................ .09 -.06 -.01 .07 .09 .15 .05 -.18 .09 .30 Industrial equipment........... -.26 .03 -.01 .07 .03 .00 .20 .02 .17 .24 Transportation equipment....... .22 .08 -.15 .09 .08 .12 .05 .45 .00 -.01 Other equipment................ .03 .01 .32 .03 .15 -.12 -.07 .36 -.09 -.17 Intellectual property products........................ .03 .19 .10 .19 .24 -.08 .11 .14 .18 .14 Software....................... .03 .11 .04 .06 .16 -.15 .12 .07 .03 .07 Research and development....... -.02 .06 .05 .11 .07 .06 -.01 .06 .14 .07 Entertainment, literary, and artistic originals........ .02 .02 .01 .02 .01 .01 -.01 .01 .01 .00 Residential........................ .59 .11 .36 .52 .22 .53 .34 -.28 -.17 .23 Change in private inventories........ -.20 .27 -.19 -1.80 .70 .30 1.49 -.34 -1.16 1.66 Farm............................... -.06 -.14 -.29 .14 .36 .10 .17 .01 -.23 .09 Nonfarm............................ -.15 .41 .10 -1.95 .35 .19 1.32 -.35 -.93 1.56 Net exports of goods and services...... -.11 -.04 .39 .79 -.08 -.54 .59 1.08 -1.66 -.61 Exports.............................. .19 .64 .28 .19 -.12 .82 .67 1.30 -1.30 1.23 Goods.............................. .15 .49 .19 -.30 -.09 .74 .52 1.20 -1.18 1.14 Services........................... .03 .15 .09 .50 -.03 .09 .15 .10 -.12 .10 Imports.............................. -.29 -.68 .10 .59 .04 -1.36 -.09 -.22 -.36 -1.85 Goods.............................. -.27 -.57 .17 .68 -.08 -1.13 -.01 -.12 -.33 -1.73 Services........................... -.02 -.11 -.07 -.09 .12 -.23 -.08 -.09 -.03 -.12 Government consumption expenditures and gross investment.................. -.56 -.08 .52 -1.20 -.75 .04 .04 -.71 -.15 .30 Federal.............................. -.25 -.08 .59 -1.10 -.79 -.26 -.08 -.79 -.01 -.05 National defense................... -.40 -.06 .58 -1.12 -.55 -.09 .03 -.55 -.18 .05 Consumption expenditures......... -.18 -.14 .62 -.97 -.35 -.05 .02 -.48 .12 -.06 Gross investment................. -.22 .08 -.04 -.15 -.20 -.05 .00 -.06 -.30 .11 Nondefense......................... .15 -.01 .01 .02 -.24 -.17 -.11 -.24 .17 -.10 Consumption expenditures......... .16 -.01 .03 .03 -.17 -.12 -.08 -.20 .21 -.07 Gross investment................. .00 -.01 -.02 -.01 -.07 -.04 -.03 -.04 -.04 -.03 State and local...................... -.31 .00 -.07 -.10 .04 .31 .13 .07 -.14 .35 Consumption expenditures........... -.08 .03 .11 .07 .16 .15 .12 .09 .08 .12 Gross investment................... -.23 -.04 -.18 -.17 -.12 .15 .00 -.02 -.22 .23 ----------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 2A. Contributions to Percent Change in Real Gross Domestic Product--Continues [Quarters seasonally adjusted at annual rates] --------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 IV 10 I 11 II 11 III 11 IV 11 --------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product............. 2.5 1.6 2.3 2.2 2.5 -1.5 2.9 .8 4.6 Previously published............. 2.5 1.8 2.8 1.9 2.8 -1.3 3.2 1.4 4.9 Percentage points at annual rates: Personal consumption expenditures...... 1.32 1.55 1.25 1.64 2.79 1.38 .57 1.20 .94 Previously published................. 1.34 1.74 1.52 1.37 2.86 1.42 1.03 1.42 1.65 Goods................................ .77 .71 .64 .78 1.66 .66 -.18 .20 .90 Previously published............... .77 .76 .77 .81 1.66 .60 .05 .29 1.14 Durable goods...................... .43 .43 .52 .49 .88 .37 -.19 .36 .83 Previously published............. .43 .46 .56 .51 .88 .38 -.06 .36 .93 Motor vehicles and parts......... .04 .07 .17 .12 .46 .02 -.52 .03 .50 Previously published........... .04 .11 .17 .12 .46 .09 -.43 .04 .56 Furnishings and durable household equipment............. .12 .09 .07 .10 .13 .07 .10 .07 .14 Previously published.......... .12 .09 .10 .10 .13 .04 .09 .09 .17 Recreational goods and vehicles........................ .22 .20 .22 .20 .18 .23 .16 .20 .23 Previously published.......... .22 .20 .22 .20 .18 .21 .18 .20 .25 Other durable goods.............. .05 .06 .06 .07 .11 .05 .07 .07 -.05 Previously published........... .05 .06 .07 .08 .11 .04 .09 .04 -.04 Nondurable goods................... .34 .28 .12 .29 .78 .29 .01 -.17 .08 Previously published............. .34 .30 .22 .31 .78 .22 .11 -.08 .21 Food and beverages purchased for off-premises consumption.... .11 .06 .04 .05 .31 .06 -.01 -.09 -.05 Previously published.......... .11 .08 .07 .07 .31 .07 .08 -.05 -.02 Clothing and footwear............ .11 .08 .02 .02 .27 .08 .08 -.14 .07 Previously published........... .11 .08 .03 .03 .27 .05 .10 -.15 .09 Gasoline and other energy goods........................... -.02 -.07 -.05 .02 -.04 -.09 -.27 -.02 -.05 Previously published.......... -.02 -.06 -.04 .01 -.04 -.08 -.25 -.01 -.02 Other nondurable goods........... .13 .21 .11 .20 .25 .25 .21 .07 .11 Previously published........... .13 .19 .16 .20 .25 .19 .18 .14 .15 Services............................. .55 .84 .61 .86 1.14 .72 .75 1.00 .04 Previously published............... .57 .98 .74 .55 1.20 .81 .98 1.14 .51 Household consumption expenditures (for services)....... .53 .86 .52 .78 1.20 .78 .73 .83 .15 Previously published............ .56 .97 .65 .59 1.27 .84 .94 .84 .66 Housing and utilities............ .16 .16 .08 .16 .28 .04 .16 .34 -.14 Previously published........... .16 .16 .10 .11 .28 .06 .17 .32 -.13 Health care...................... .15 .28 .37 .24 .43 .20 .22 -.03 .51 Previously published........... .15 .30 .30 .27 .43 .24 .30 -.09 .55 Transportation services.......... -.02 .05 .04 .05 .04 .02 .09 .07 .02 Previously published........... -.02 .05 .02 .02 .04 .02 .09 .06 .02 Recreation services.............. .03 .06 .04 .06 .08 -.03 .16 .06 .01 Previously published........... .03 .05 .04 .02 .08 -.06 .15 .07 .02 Food services and accommodations.................. .06 .11 .11 .09 .14 .16 .03 .09 .08 Previously published.......... .06 .17 .15 .12 .14 .21 .20 .14 .18 Financial services and insurance....................... .11 .09 -.23 .10 .20 .15 -.03 .17 -.30 Previously published.......... .11 .15 -.07 .08 .20 .22 .02 .31 -.10 Other services................... .04 .12 .11 .07 .03 .26 .10 .13 -.01 Previously published........... .06 .09 .10 -.02 .10 .14 .00 .03 .12 Final consumption expenditures of nonprofit institutions serving households................ .02 -.02 .09 .07 -.07 -.06 .02 .18 -.12 Previously published............ .02 .00 .09 -.04 -.07 -.03 .04 .30 -.15 Gross output of nonprofit institutions.................... .09 .08 .23 .13 .17 -.10 .08 -.04 .27 Previously published.......... .09 .09 .21 .10 .17 -.06 .11 .00 .26 Less: Receipts from sales of goods and services by nonprofit institutions.......... .08 .10 .14 .06 .24 -.04 .05 -.21 .38 Previously published.......... .08 .09 .12 .14 .24 -.02 .06 -.30 .41 Gross private domestic investment...... 1.66 .73 1.33 .76 -.51 -1.07 2.14 .15 4.16 Previously published................. 1.66 .69 1.36 .82 -.51 -1.11 1.88 .36 4.13 Fixed investment..................... .21 .86 1.17 .70 1.13 -.11 1.10 2.25 1.36 Previously published............... .21 .85 1.17 .66 1.13 -.05 1.16 1.96 1.39 Nonresidential..................... .28 .85 .84 .37 .94 -.09 .97 2.06 1.08 Previously published............. .28 .84 .85 .33 .94 -.09 1.09 1.81 1.10 Structures....................... -.49 .06 .32 -.01 .18 -.73 .63 .56 .34 Previously published........... -.49 .05 .31 .03 .18 -.82 .68 .62 .35 Equipment........................ .70 .66 .37 .26 .57 .59 .22 1.31 .49 Previously published........... .70 .62 .41 .17 .57 .59 .23 .99 .54 Information processing equipment..................... .17 .03 .06 .05 .19 -.24 .17 .05 -.04 Previously published........ .17 .04 .05 .06 .19 -.15 .14 -.01 .05 Computers and peripheral equipment................... .05 -.01 .02 .00 -.03 -.11 .16 .08 -.05 Previously published...... .05 -.01 .03 .00 -.03 -.09 .14 .03 .06 Other........................ .12 .04 .03 .05 .22 -.13 .01 -.03 .01 Previously published....... .12 .05 .02 .06 .22 -.06 .00 -.03 -.01 Industrial equipment........... -.01 .22 .05 .05 .14 .36 .06 .38 .29 Previously published......... -.01 .16 .06 .04 .14 .22 .00 .33 .23 Transportation equipment....... .43 .29 .21 .08 .08 .31 -.03 .52 .49 Previously published......... .43 .27 .25 .01 .08 .26 .04 .43 .47 Other equipment................ .10 .13 .05 .07 .16 .16 .02 .36 -.25 Previously published......... .10 .14 .05 .07 .16 .25 .05 .24 -.20 Intellectual property products........................ .07 .13 .15 .13 .19 .05 .12 .19 .26 Previously published.......... .07 .17 .13 .12 .19 .14 .18 .20 .21 Software....................... -.02 .11 .10 .05 .09 .14 .16 .17 .15 Previously published......... -.02 .10 .10 .08 .09 .13 .13 .14 .16 Research and development....... .04 .02 .03 .06 .06 -.03 -.02 .00 .07 Previously published......... .04 .05 .03 .03 .06 .04 .06 .05 .03 Entertainment, literary, and artistic originals........ .05 .00 .02 .01 .04 -.06 -.02 .01 .03 Previously published........ .05 .01 .00 .01 .04 -.03 -.01 .01 .02 Residential........................ -.07 .01 .33 .33 .19 -.02 .13 .19 .28 Previously published............. -.07 .01 .32 .33 .19 .04 .07 .15 .29 Change in private inventories........ 1.45 -.14 .15 .06 -1.63 -.96 1.04 -2.10 2.80 Previously published............... 1.45 -.16 .20 .16 -1.64 -1.06 .72 -1.60 2.73 Farm............................... -.04 .07 -.07 .13 .02 .30 -.02 .08 .05 Previously published............. -.04 .02 -.03 .23 .02 .11 -.02 .08 .05 Nonfarm............................ 1.49 -.20 .22 -.07 -1.66 -1.27 1.06 -2.18 2.75 Previously published............. 1.49 -.18 .22 -.06 -1.66 -1.17 .74 -1.68 2.68 Net exports of goods and services...... -.46 -.02 .04 .22 1.12 -.24 .31 .01 -.21 Previously published................. -.51 .10 .10 .12 1.32 .01 .53 .10 -.60 Exports.............................. 1.33 .87 .44 .41 1.53 .27 .82 .57 .56 Previously published\*\............ 1.28 .89 .48 .36 1.47 .48 .64 .92 .38 Goods.............................. 1.08 .57 .34 .26 .99 .24 .45 .32 .76 Previously published\*\.......... 1.08 .63 .36 .22 1.07 .38 .34 .53 .72 Services........................... .25 .29 .10 .15 .54 .03 .37 .25 -.20 Previously published\*\.......... .20 .27 .12 .14 .40 .09 .30 .39 -.35 Imports.............................. -1.79 -.89 -.40 -.19 -.41 -.51 -.51 -.56 -.76 Previously published\*\............ -1.79 -.79 -.38 -.24 -.15 -.46 -.11 -.82 -.98 Goods.............................. -1.69 -.78 -.30 -.13 -.36 -.73 -.11 -.32 -.76 Previously published\*\.......... -1.72 -.70 -.30 -.17 -.22 -.61 .10 -.50 -.93 Services........................... -.10 -.11 -.10 -.06 -.05 .22 -.40 -.24 .00 Previously published\*\.......... -.07 -.09 -.07 -.07 .07 .14 -.21 -.32 -.05 Government consumption expenditures and gross investment.................. .02 -.65 -.30 -.39 -.87 -1.60 -.08 -.52 -.31 Previously published................ .02 -.68 -.20 -.43 -.87 -1.61 -.25 -.52 -.31 Federal.............................. .37 -.24 -.15 -.45 -.23 -.95 .14 -.35 -.21 Previously published............... .37 -.23 -.12 -.41 -.23 -.94 .16 -.29 -.25 National defense................... .18 -.13 -.18 -.33 -.19 -.81 .36 .11 -.53 Previously published............. .18 -.13 -.17 -.35 -.19 -.83 .36 .13 -.57 Consumption expenditures......... .16 -.07 -.12 -.24 -.25 -.47 .28 .16 -.53 Previously published........... .16 -.06 -.11 -.31 -.25 -.47 .31 .19 -.58 Gross investment................. .02 -.06 -.06 -.09 .06 -.35 .08 -.06 .00 Previously published........... .02 -.07 -.06 -.05 .06 -.36 .06 -.06 .00 Nondefense......................... .19 -.11 .03 -.12 -.04 -.14 -.22 -.45 .32 Previously published............. .19 -.10 .05 -.06 -.04 -.11 -.21 -.42 .32 Consumption expenditures......... .13 -.11 .05 -.08 -.05 -.16 -.18 -.42 .35 Previously published........... .13 -.09 .08 -.04 -.05 -.13 -.17 -.39 .38 Gross investment................. .06 .00 -.02 -.04 .01 .02 -.04 -.03 -.03 Previously published........... .06 .00 -.02 -.02 .01 .02 -.04 -.03 -.06 State and local...................... -.35 -.41 -.15 .06 -.63 -.65 -.22 -.17 -.10 Previously published............... -.35 -.46 -.08 -.02 -.63 -.67 -.41 -.23 -.05 Consumption expenditures........... -.27 -.27 -.02 .12 -.35 -.38 -.11 -.10 -.05 Previously published............. -.27 -.30 .00 .03 -.35 -.33 -.26 -.17 -.04 Gross investment................... -.08 -.14 -.12 -.06 -.28 -.28 -.11 -.07 -.05 Previously published............. -.08 -.16 -.08 -.06 -.28 -.34 -.15 -.06 -.01 --------------------------------------------------------------------------------------------------------------- * The “revised” estimates for exports and imports of goods and services reflect changes related to the annual revision of the BEA's international transactions accounts, released June 18, 2014, including reclassifications within and between the exports and imports categories. The “previously published” estimates have not been restated to reflect these reclassifications. See "Explanatory Note" at the end of the tables. Table 2A. Contributions to Percent Change in Real Gross Domestic Product--Table Ends [Quarters seasonally adjusted at annual rates] --------------------------------------------------------------------------------------------------------------- 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............. 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 Previously published............. 3.7 1.2 2.8 .1 1.1 2.5 4.1 2.6 -2.9 Percentage points at annual rates: Personal consumption expenditures...... 1.87 .86 1.32 1.32 2.45 1.23 1.39 2.51 .83 Previously published................. 1.98 1.28 1.15 1.13 1.54 1.24 1.36 2.22 .71 Goods................................ 1.06 .29 .74 .67 1.35 .30 .80 .83 .23 Previously published............... 1.04 .50 .84 .85 .85 .71 1.03 .66 .04 Durable goods...................... .75 .16 .57 .64 .61 .33 .36 .42 .23 Previously published............. .69 .21 .59 .74 .43 .46 .58 .21 .09 Motor vehicles and parts......... .23 .01 .21 .26 .14 .00 .04 .13 .13 Previously published........... .26 -.11 .19 .33 .13 -.02 .12 .00 .07 Furnishings and durable household equipment............. .13 -.07 .04 .09 .14 .09 .16 .07 .01 Previously published.......... .13 .02 .09 .07 .07 .15 .21 .04 -.03 Recreational goods and vehicles........................ .29 .15 .21 .20 .24 .20 .17 .12 .07 Previously published.......... .22 .19 .22 .21 .16 .23 .24 .07 .03 Other durable goods.............. .10 .08 .10 .09 .09 .04 -.01 .10 .01 Previously published........... .09 .12 .08 .13 .07 .10 .00 .11 .02 Nondurable goods................... .31 .13 .17 .02 .74 -.03 .43 .41 .00 Previously published............. .35 .28 .25 .10 .43 .26 .46 .45 -.05 Food and beverages purchased for off-premises consumption.... .15 .09 .06 .04 .14 -.14 .11 .13 -.05 Previously published.......... .15 .12 .09 .05 .11 -.06 .14 .16 -.06 Clothing and footwear............ .13 -.15 .12 -.05 .11 .04 -.08 .05 -.08 Previously published........... .10 -.09 .11 -.04 .04 .13 -.09 .09 -.09 Gasoline and other energy goods........................... -.16 .16 -.03 -.16 .15 .00 .09 .00 .05 Previously published.......... -.12 .18 -.08 -.14 .11 -.02 .08 -.01 .05 Other nondurable goods........... .19 .03 .02 .20 .34 .08 .31 .23 .08 Previously published........... .22 .07 .14 .23 .17 .21 .33 .21 .05 Services............................. .81 .57 .58 .65 1.11 .93 .59 1.69 .60 Previously published............... .94 .78 .31 .29 .69 .53 .32 1.57 .67 Household consumption expenditures (for services)....... .74 .32 .54 .38 1.21 .90 .48 1.50 .61 Previously published............ .87 .52 .25 .13 1.04 .60 .24 1.61 .66 Housing and utilities............ -.20 .46 .24 -.22 .62 -.01 -.18 .24 .68 Previously published........... -.12 .55 .16 -.35 .58 .01 -.31 .20 .79 Health care...................... .70 .13 .40 .13 .04 .40 .30 .48 -.16 Previously published........... .54 .03 .26 .26 .14 .40 .31 .62 -.16 Transportation services.......... .01 .04 .06 .01 .10 .05 .02 .06 .04 Previously published........... -.01 .04 .02 -.01 .06 .00 -.04 .04 .03 Recreation services.............. .06 .02 .02 .04 .16 .00 .09 .02 -.05 Previously published........... .05 .01 .03 -.04 .06 -.02 .10 .01 -.06 Food services and accommodations.................. .18 .06 .10 .18 .13 -.04 .01 .30 -.05 Previously published.......... .18 .10 .05 .27 .11 .03 .02 .32 -.07 Financial services and insurance....................... -.34 -.33 -.39 .09 .25 .33 .11 .28 .14 Previously published.......... -.05 -.17 -.35 -.01 .27 .20 .09 .30 .13 Other services................... .33 -.06 .11 .15 -.09 .17 .13 .12 .02 Previously published........... .28 -.04 .09 .01 -.17 -.02 .06 .10 .01 Final consumption expenditures of nonprofit institutions serving households................ .08 .25 .04 .27 -.10 .03 .12 .19 -.01 Previously published............ .06 .26 .06 .16 -.35 -.07 .08 -.04 .00 Gross output of nonprofit institutions.................... .45 .08 .37 .05 -.11 .27 .14 .51 -.31 Previously published.......... .39 .09 .31 .09 -.22 .25 .15 .42 -.30 Less: Receipts from sales of goods and services by nonprofit institutions.......... .37 -.16 .32 -.21 -.01 .24 .03 .33 -.30 Previously published.......... .33 -.16 .25 -.07 .13 .31 .07 .46 -.30 Gross private domestic investment...... 1.04 .88 .26 -.84 1.12 1.03 2.50 .62 -1.13 Previously published................. 1.57 -.23 .99 -.36 .71 1.38 2.56 .41 -1.97 Fixed investment..................... 1.24 .61 .45 .96 .42 .74 1.01 .95 .03 Previously published............... 1.21 .68 .39 1.63 -.23 .96 .89 .43 -.27 Nonresidential..................... .66 .50 .09 .44 .20 .21 .67 1.23 .20 Previously published............. .68 .53 .04 1.13 -.57 .56 .58 .68 -.14 Structures....................... .46 .27 -.04 -.19 -.33 .19 .29 .34 .08 Previously published........... .18 .18 .15 .44 -.80 .43 .35 -.05 -.22 Equipment........................ .17 .03 .03 .44 .28 .09 .27 .76 -.06 Previously published........... .45 .29 -.22 .47 .09 .18 .02 .58 -.16 Information processing equipment..................... .18 -.09 -.13 .25 .03 .09 .08 -.07 -.13 Previously published........ .23 -.20 -.08 .31 -.05 .16 .03 -.01 -.19 Computers and peripheral equipment................... .09 -.03 -.13 .18 -.06 -.06 .03 .11 -.22 Previously published...... .11 -.10 -.19 .28 -.08 -.08 .01 .13 -.23 Other........................ .09 -.06 -.01 .07 .09 .15 .05 -.18 .09 Previously published....... .12 -.10 .11 .04 .04 .23 .03 -.14 .04 Industrial equipment........... -.26 .03 -.01 .07 .03 .00 .20 .02 .17 Previously published......... -.19 .12 .00 .07 .00 -.01 .18 -.04 .16 Transportation equipment....... .22 .08 -.15 .09 .08 .12 .05 .45 .00 Previously published......... .30 .29 -.25 .01 -.10 .08 .04 .33 -.05 Other equipment................ .03 .01 .32 .03 .15 -.12 -.07 .36 -.09 Previously published......... .11 .08 .10 .07 .24 -.04 -.23 .31 -.08 Intellectual property products........................ .03 .19 .10 .19 .24 -.08 .11 .14 .18 Previously published.......... .05 .07 .11 .21 .14 -.06 .22 .15 .24 Software....................... .03 .11 .04 .06 .16 -.15 .12 .07 .03 Previously published......... .03 .11 .06 .16 .13 -.11 .14 .05 .03 Research and development....... -.02 .06 .05 .11 .07 .06 -.01 .06 .14 Previously published......... .03 -.03 .04 .05 -.01 .04 .08 .09 .20 Entertainment, literary, and artistic originals........ .02 .02 .01 .02 .01 .01 -.01 .01 .01 Previously published........ -.01 .00 .00 .01 .02 .01 -.01 .02 .02 Residential........................ .59 .11 .36 .52 .22 .53 .34 -.28 -.17 Previously published............. .53 .15 .35 .50 .34 .40 .31 -.26 -.13 Change in private inventories........ -.20 .27 -.19 -1.80 .70 .30 1.49 -.34 -1.16 Previously published............... .36 -.91 .60 -2.00 .93 .41 1.67 -.02 -1.70 Farm............................... -.06 -.14 -.29 .14 .36 .10 .17 .01 -.23 Previously published............. .08 -.14 -.32 .10 .88 .12 .12 -.05 -.07 Nonfarm............................ -.15 .41 .10 -1.95 .35 .19 1.32 -.35 -.93 Previously published............. .27 -.76 .91 -2.09 .06 .30 1.55 .03 -1.63 Net exports of goods and services...... -.11 -.04 .39 .79 -.08 -.54 .59 1.08 -1.66 Previously published................. .44 .10 -.03 .68 -.28 -.07 .14 .99 -1.53 Exports.............................. .19 .64 .28 .19 -.12 .82 .67 1.30 -1.30 Previously published\*\............ .56 .51 .05 .15 -.18 1.04 .52 1.23 -1.25 Goods.............................. .15 .49 .19 -.30 -.09 .74 .52 1.20 -1.18 Previously published\*\.......... .17 .48 .16 -.28 -.27 .84 .52 1.06 -1.12 Services........................... .03 .15 .09 .50 -.03 .09 .15 .10 -.12 Previously published\*\.......... .39 .03 -.10 .43 .09 .20 .01 .17 -.12 Imports.............................. -.29 -.68 .10 .59 .04 -1.36 -.09 -.22 -.36 Previously published\*\............ -.12 -.41 -.08 .53 -.10 -1.10 -.39 -.24 -.29 Goods.............................. -.27 -.57 .17 .68 -.08 -1.13 -.01 -.12 -.33 Previously published\*\.......... -.12 -.35 -.05 .50 .03 -1.00 -.32 -.18 -.25 Services........................... -.02 -.11 -.07 -.09 .12 -.23 -.08 -.09 -.03 Previously published\*\.......... .00 -.06 -.03 .03 -.13 -.11 -.07 -.06 -.03 Government consumption expenditures and gross investment.................. -.56 -.08 .52 -1.20 -.75 .04 .04 -.71 -.15 Previously published................ -.28 .05 .67 -1.31 -.82 -.07 .08 -.99 -.14 Federal.............................. -.25 -.08 .59 -1.10 -.79 -.26 -.08 -.79 -.01 Previously published............... -.20 -.02 .69 -1.19 -.68 -.12 -.11 -1.00 .05 National defense................... -.40 -.06 .58 -1.12 -.55 -.09 .03 -.55 -.18 Previously published............. -.36 -.05 .60 -1.22 -.57 -.03 -.02 -.70 -.11 Consumption expenditures......... -.18 -.14 .62 -.97 -.35 -.05 .02 -.48 .12 Previously published........... -.11 -.13 .61 -1.14 -.38 -.12 -.06 -.53 .11 Gross investment................. -.22 .08 -.04 -.15 -.20 -.05 .00 -.06 -.30 Previously published........... -.25 .08 -.01 -.08 -.18 .09 .04 -.17 -.22 Nondefense......................... .15 -.01 .01 .02 -.24 -.17 -.11 -.24 .17 Previously published............. .16 .04 .08 .03 -.11 -.09 -.09 -.29 .16 Consumption expenditures......... .16 -.01 .03 .03 -.17 -.12 -.08 -.20 .21 Previously published........... .18 .03 .08 .05 -.05 -.08 -.09 -.26 .17 Gross investment................. .00 -.01 -.02 -.01 -.07 -.04 -.03 -.04 -.04 Previously published........... -.02 .00 .00 -.02 -.05 -.02 .00 -.03 -.01 State and local...................... -.31 .00 -.07 -.10 .04 .31 .13 .07 -.14 Previously published............... -.08 .07 -.02 -.12 -.14 .05 .19 .00 -.18 Consumption expenditures........... -.08 .03 .11 .07 .16 .15 .12 .09 .08 Previously published............. .10 .03 .12 -.01 .01 .04 .04 .04 .06 Gross investment................... -.23 -.04 -.18 -.17 -.12 .15 .00 -.02 -.22 Previously published............. -.18 .04 -.14 -.11 -.16 .01 .15 -.04 -.24 --------------------------------------------------------------------------------------------------------------- * The “revised” estimates for exports and imports of goods and services reflect changes related to the annual revision of the BEA's international transactions accounts, released June 18, 2014, including reclassifications within and between the exports and imports categories. The “previously published” estimates have not been restated to reflect these reclassifications. See "Explanatory Note" at the end of the tables. Table 3A. Gross Domestic Product and Related Measures--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ---------------------------------------------------------------------------------------------------------------------------------- Gross domestic product........... 14,964.4 15,517.9 16,163.2 16,768.1 14,681.1 14,888.6 15,057.7 15,230.2 15,238.4 15,460.9 Personal consumption expenditures..... 10,202.2 10,689.3 11,083.1 11,484.3 10,044.5 10,137.7 10,233.4 10,393.2 10,523.5 10,651.4 Goods............................... 3,362.8 3,596.5 3,741.9 3,851.2 3,304.9 3,325.6 3,362.4 3,458.4 3,534.0 3,588.0 Durable goods..................... 1,070.7 1,125.3 1,192.1 1,249.3 1,040.2 1,064.7 1,075.1 1,102.8 1,115.3 1,112.3 Motor vehicles and parts........ 342.0 363.5 395.1 417.7 321.3 337.4 345.8 363.4 366.7 353.3 Furnishings and durable household equipment............ 250.4 260.7 271.1 280.9 247.8 251.9 249.7 252.3 254.7 259.4 Recreational goods and vehicles....................... 312.7 321.0 334.8 348.7 309.1 312.6 313.6 315.6 318.3 319.5 Other durable goods............. 165.6 180.2 191.1 202.0 161.9 162.9 165.9 171.6 175.5 180.1 Nondurable goods.................. 2,292.1 2,471.1 2,549.8 2,601.9 2,264.7 2,260.9 2,287.3 2,355.6 2,418.7 2,475.6 Food and beverages purchased for off-premises consumption... 788.9 829.1 854.9 872.2 785.4 782.0 786.6 801.6 815.4 827.8 Clothing and footwear........... 320.6 338.9 353.7 360.7 316.1 318.9 319.5 327.7 331.9 338.0 Gasoline and other energy goods.......................... 333.4 409.6 415.5 408.3 328.5 317.6 326.9 360.7 392.7 418.3 Other nondurable goods.......... 849.2 893.5 925.7 960.7 834.7 842.4 854.3 865.5 878.7 891.5 Services............................ 6,839.4 7,092.8 7,341.3 7,633.2 6,739.7 6,812.0 6,871.0 6,934.8 6,989.6 7,063.4 Household consumption expenditures (for services)...... 6,564.0 6,817.8 7,052.8 7,327.5 6,463.8 6,534.7 6,596.3 6,661.3 6,717.7 6,790.4 Housing and utilities........... 1,909.0 1,959.9 2,009.0 2,086.3 1,898.4 1,899.8 1,912.4 1,925.3 1,934.8 1,950.6 Health care..................... 1,690.7 1,764.7 1,854.7 1,920.3 1,654.5 1,678.8 1,703.1 1,726.4 1,739.7 1,759.6 Transportation services......... 292.9 308.1 319.9 332.6 289.0 291.7 294.0 297.1 301.0 306.8 Recreation services............. 385.1 400.6 418.4 436.0 380.5 380.9 387.9 391.0 391.6 400.3 Food services and accommodations................. 617.7 649.5 685.0 714.7 607.1 614.7 620.6 628.4 637.8 645.2 Financial services and insurance...................... 763.2 795.8 788.4 826.7 740.5 764.7 768.1 779.6 786.7 793.1 Other services.................. 905.4 939.3 977.4 1,010.9 893.8 904.1 910.3 913.5 926.2 934.8 Final consumption expenditures of nonprofit institutions serving households............... 275.4 275.0 288.5 305.6 275.9 277.3 274.7 273.5 271.8 273.0 Gross output of nonprofit institutions................... 1,105.9 1,139.6 1,196.1 1,242.9 1,085.4 1,101.0 1,113.1 1,124.0 1,126.3 1,136.5 Less: Receipts from sales of goods and services by nonprofit institutions......... 830.5 864.6 907.6 937.2 809.6 823.7 838.3 850.6 854.5 863.4 Gross private domestic investment..... 2,100.8 2,239.9 2,479.2 2,648.0 1,989.5 2,092.7 2,164.6 2,156.5 2,123.5 2,212.7 Fixed investment.................... 2,039.3 2,198.1 2,414.3 2,573.9 1,977.5 2,042.6 2,043.0 2,094.1 2,097.2 2,149.6 Nonresidential.................... 1,658.2 1,812.1 1,972.0 2,054.0 1,594.4 1,641.8 1,677.4 1,719.3 1,722.4 1,768.5 Structures...................... 362.0 381.6 446.9 457.2 352.4 364.5 361.1 370.1 343.2 371.3 Equipment....................... 731.8 838.2 904.1 949.7 682.7 719.0 751.2 774.4 798.3 809.7 Information processing equipment.................... 276.7 277.7 280.8 286.5 271.9 273.3 277.1 284.7 275.0 279.2 Computers and peripheral equipment.................. 81.3 76.4 78.3 77.6 84.8 83.2 79.5 77.6 72.1 77.4 Other....................... 195.4 201.3 202.5 208.9 187.1 190.1 197.6 207.0 203.0 201.9 Industrial equipment.......... 152.9 190.5 201.4 209.8 143.7 152.5 154.6 160.9 176.5 180.6 Transportation equipment...... 127.5 173.9 211.4 228.2 101.5 121.4 141.6 145.5 158.2 158.9 Other equipment............... 174.7 196.2 210.4 225.3 165.7 171.9 177.9 183.3 188.5 190.9 Intellectual property products.. 564.3 592.2 621.0 647.1 559.2 558.3 565.1 574.8 580.9 587.5 Software...................... 252.0 269.8 284.1 294.5 254.4 248.9 250.7 253.9 260.2 266.5 Research and development...... 240.2 250.0 261.1 274.9 236.6 237.5 240.6 246.1 247.9 249.1 Entertainment, literary, and artistic originals....... 72.2 72.4 75.8 77.7 68.3 71.9 73.9 74.9 72.8 72.0 Residential....................... 381.1 386.0 442.3 519.9 383.1 400.8 365.6 374.7 374.8 381.1 Change in private inventories....... 61.5 41.8 64.9 74.1 12.1 50.1 121.5 62.4 26.3 63.0 Farm.............................. -7.3 2.1 -8.7 12.4 -1.3 -5.9 -11.6 -10.5 .5 -1.3 Nonfarm........................... 68.9 39.7 73.5 61.7 13.3 56.1 133.2 72.8 25.7 64.3 Net exports of goods and services..... -512.7 -580.0 -568.3 -508.2 -488.7 -523.2 -535.0 -503.7 -562.5 -586.9 Exports............................. 1,852.3 2,106.4 2,194.2 2,262.2 1,753.2 1,814.0 1,869.8 1,972.2 2,033.3 2,108.3 Goods............................. 1,279.6 1,466.9 1,527.2 1,562.8 1,208.7 1,256.4 1,288.0 1,365.3 1,416.0 1,467.7 Services.......................... 572.7 639.5 667.0 699.4 544.5 557.6 581.9 607.0 617.3 640.6 Imports............................. 2,365.0 2,686.4 2,762.5 2,770.4 2,241.9 2,337.3 2,404.9 2,475.9 2,595.8 2,695.3 Goods............................. 1,949.8 2,244.7 2,306.0 2,302.3 1,838.6 1,928.7 1,984.2 2,047.9 2,172.5 2,251.7 Services.......................... 415.2 441.6 456.4 468.1 403.4 408.6 420.7 428.0 423.3 443.5 Government consumption expenditures and gross investment................. 3,174.0 3,168.7 3,169.2 3,143.9 3,135.7 3,181.5 3,194.7 3,184.2 3,153.8 3,183.8 Federal............................. 1,303.9 1,303.5 1,291.4 1,231.5 1,269.2 1,304.6 1,321.6 1,320.1 1,298.1 1,314.9 National defense.................. 832.8 836.9 818.0 769.9 811.9 829.3 846.3 843.5 823.4 844.9 Consumption expenditures........ 653.2 662.3 650.5 616.4 637.8 650.2 665.6 659.2 650.3 668.5 Gross investment................ 179.6 174.7 167.5 153.5 174.2 179.1 180.7 184.2 173.1 176.4 Nondefense........................ 471.1 466.5 473.4 461.6 457.3 475.2 475.3 476.6 474.7 470.0 Consumption expenditures........ 350.7 343.8 353.1 346.6 341.3 354.9 353.2 353.4 350.2 346.7 Gross investment................ 120.4 122.7 120.2 115.0 115.9 120.4 122.2 123.2 124.5 123.3 State and local..................... 1,870.2 1,865.3 1,877.8 1,912.4 1,866.5 1,876.9 1,873.1 1,864.2 1,855.8 1,869.0 Consumption expenditures.......... 1,518.3 1,524.8 1,546.1 1,584.5 1,521.2 1,521.0 1,515.4 1,515.6 1,515.6 1,529.6 Gross investment.................. 351.9 340.5 331.6 327.8 345.3 355.8 357.6 348.6 340.1 339.4 Addenda: Final sales of domestic product..... 14,902.8 15,476.2 16,098.3 16,694.0 14,669.0 14,838.5 14,936.1 15,167.8 15,212.1 15,397.9 Gross domestic purchases............ 15,477.0 16,097.9 16,731.5 17,276.2 15,169.8 15,411.8 15,592.7 15,733.9 15,800.8 16,047.9 Final sales to domestic purchasers.. 15,415.5 16,056.2 16,666.6 17,202.2 15,157.7 15,361.7 15,471.1 15,671.5 15,774.6 15,984.8 Gross domestic product.............. 14,964.4 15,517.9 16,163.2 16,768.1 14,681.1 14,888.6 15,057.7 15,230.2 15,238.4 15,460.9 Plus: Income receipts from the rest of the world......... 720.0 792.6 793.8 810.4 696.6 712.0 720.5 751.0 765.1 791.2 Less: Income payments to the rest of the world.............. 514.1 546.0 566.5 586.1 493.0 506.7 520.8 535.7 537.0 560.1 Equals: Gross national product...... 15,170.3 15,764.6 16,390.5 16,992.4 14,884.7 15,093.9 15,257.4 15,445.4 15,466.5 15,692.0 Net domestic product................ 12,582.8 13,067.3 13,633.0 14,140.8 12,311.2 12,513.7 12,675.2 12,831.1 12,819.0 13,018.0 Gross domestic income............... 14,915.2 15,556.3 16,372.3 16,980.0 14,623.2 14,790.4 15,051.5 15,195.4 15,282.5 15,467.7 ---------------------------------------------------------------------------------------------------------------------------------- Table 3A. Gross Domestic Product and Related Measures--Table ends [Billions of dollars; quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 ---------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product........... 15,587.1 15,785.3 15,956.5 16,094.7 16,268.9 16,332.5 16,502.4 16,619.2 16,872.3 17,078.3 17,044.0 17,294.7 Personal consumption expenditures..... 10,754.5 10,827.9 10,959.7 11,030.6 11,119.8 11,222.6 11,351.1 11,414.3 11,518.7 11,653.3 11,728.5 11,867.9 Goods............................... 3,613.0 3,650.9 3,709.6 3,717.2 3,751.9 3,788.8 3,832.2 3,821.0 3,865.3 3,886.1 3,890.6 3,969.3 Durable goods..................... 1,123.8 1,149.8 1,177.3 1,179.4 1,195.4 1,216.1 1,237.8 1,245.4 1,252.4 1,261.5 1,262.3 1,301.0 Motor vehicles and parts........ 357.2 376.5 386.2 388.9 397.1 408.1 414.8 415.5 417.5 422.8 426.9 447.4 Furnishings and durable household equipment............ 262.4 266.2 272.2 269.2 270.2 272.5 278.1 280.1 282.5 283.0 281.7 287.2 Recreational goods and vehicles....................... 321.4 324.7 331.8 332.5 335.8 339.1 344.7 347.9 350.6 351.5 350.6 359.5 Other durable goods............. 182.8 182.4 187.1 188.7 192.3 196.3 200.2 201.9 201.7 204.2 203.1 206.8 Nondurable goods.................. 2,489.2 2,501.1 2,532.3 2,537.8 2,556.5 2,572.8 2,594.4 2,575.6 2,612.9 2,624.6 2,628.4 2,668.4 Food and beverages purchased for off-premises consumption... 834.8 838.7 847.6 853.2 856.8 862.1 870.7 866.3 873.1 878.6 879.4 885.8 Clothing and footwear........... 340.4 345.5 352.7 351.0 355.5 355.7 360.6 360.7 360.6 361.0 357.8 366.2 Gasoline and other energy goods.......................... 416.9 410.4 413.0 411.7 417.1 420.1 416.0 397.6 412.6 407.1 407.1 409.6 Other nondurable goods.......... 897.1 906.6 919.1 921.8 927.1 934.8 947.1 951.1 966.7 977.9 984.0 1,006.8 Services............................ 7,141.4 7,177.0 7,250.1 7,313.3 7,367.9 7,433.8 7,518.9 7,593.2 7,653.4 7,767.2 7,837.8 7,898.6 Household consumption expenditures (for services)...... 6,861.7 6,901.6 6,971.8 7,025.7 7,081.1 7,132.6 7,223.0 7,289.9 7,345.5 7,451.7 7,518.4 7,571.8 Housing and utilities........... 1,975.2 1,978.7 1,977.6 2,004.6 2,023.9 2,030.0 2,067.0 2,082.6 2,085.6 2,110.1 2,160.3 2,157.9 Health care..................... 1,766.6 1,793.0 1,827.8 1,843.1 1,868.8 1,879.1 1,890.9 1,907.4 1,926.8 1,956.2 1,951.7 1,963.8 Transportation services......... 310.8 313.9 316.3 319.1 321.3 322.9 329.2 330.2 333.7 337.4 339.2 342.6 Recreation services............. 403.9 406.4 413.4 416.5 420.3 423.5 431.5 432.0 438.5 442.0 442.7 447.9 Food services and accommodations................. 654.7 660.3 672.8 680.7 687.9 698.4 707.1 710.5 713.6 727.5 730.8 745.6 Financial services and insurance...................... 804.6 798.8 794.7 788.5 781.1 789.5 801.9 819.9 833.0 852.0 861.0 869.0 Other services.................. 945.8 950.4 969.2 973.3 977.8 989.2 995.4 1,007.4 1,014.2 1,026.4 1,032.8 1,045.0 Final consumption expenditures of nonprofit institutions serving households............... 279.7 275.4 278.3 287.6 286.8 301.1 295.9 303.3 307.9 315.5 319.4 326.8 Gross output of nonprofit institutions................... 1,140.2 1,155.3 1,177.2 1,187.0 1,205.2 1,214.9 1,217.0 1,235.4 1,245.9 1,273.2 1,267.3 1,276.1 Less: Receipts from sales of goods and services by nonprofit institutions......... 860.4 879.9 899.0 899.4 918.4 913.8 921.1 932.2 938.0 957.7 947.9 949.3 Gross private domestic investment..... 2,228.2 2,395.2 2,445.4 2,489.3 2,500.4 2,481.5 2,543.3 2,594.6 2,708.9 2,745.2 2,714.4 2,829.3 Fixed investment.................... 2,243.1 2,302.5 2,364.3 2,397.1 2,424.7 2,471.0 2,499.1 2,543.8 2,598.1 2,654.6 2,674.3 2,719.4 Nonresidential.................... 1,854.5 1,902.9 1,942.0 1,968.8 1,978.3 1,998.7 2,010.3 2,026.9 2,060.2 2,118.7 2,134.6 2,169.9 Structures...................... 397.1 415.0 437.0 452.5 452.2 445.9 435.4 448.5 463.0 481.7 487.9 495.6 Equipment....................... 861.7 883.3 894.9 897.1 901.4 922.8 933.1 937.0 948.8 980.0 979.5 999.2 Information processing equipment.................... 279.3 277.1 284.9 280.3 274.3 283.7 283.6 286.9 289.6 286.0 280.3 294.7 Computers and peripheral equipment.................. 79.3 76.8 80.4 78.7 73.6 80.5 77.8 75.4 76.4 80.8 71.4 73.0 Other....................... 200.0 200.4 204.5 201.6 200.8 203.2 205.8 211.5 213.2 205.2 209.0 221.8 Industrial equipment.......... 196.6 208.1 198.9 201.0 200.9 204.6 205.7 205.4 213.6 214.5 222.7 233.7 Transportation equipment...... 179.3 199.2 209.8 212.9 208.5 214.6 218.0 222.9 226.5 245.2 245.3 245.8 Other equipment............... 206.5 198.8 201.2 202.9 217.7 219.9 225.8 221.8 219.1 234.3 231.1 224.9 Intellectual property products.. 595.7 604.6 610.1 619.2 624.7 630.0 641.8 641.4 648.4 657.0 667.2 675.1 Software...................... 273.4 279.1 280.0 284.4 285.0 287.0 294.9 290.1 295.2 297.8 298.9 302.4 Research and development...... 250.3 252.7 255.9 259.4 263.2 266.0 269.7 273.9 275.5 280.8 289.1 293.0 Entertainment, literary, and artistic originals....... 72.1 72.8 74.3 75.4 76.4 77.0 77.2 77.4 77.7 78.4 79.3 79.8 Residential....................... 388.6 399.6 422.3 428.3 446.4 472.3 488.9 516.9 538.0 535.9 539.7 549.5 Change in private inventories....... -14.9 92.6 81.1 92.2 75.7 10.4 44.2 50.8 110.7 90.5 40.1 109.9 Farm.............................. 3.8 5.3 2.8 -4.5 -20.7 -12.2 9.9 10.5 16.7 12.4 3.1 7.0 Nonfarm........................... -18.7 87.4 78.3 96.7 96.5 22.6 34.3 40.3 94.0 78.2 37.0 103.0 Net exports of goods and services..... -572.4 -598.1 -614.8 -588.5 -541.7 -528.2 -528.0 -532.0 -509.9 -462.9 -538.0 -564.0 Exports............................. 2,142.9 2,141.0 2,162.4 2,192.5 2,203.2 2,218.5 2,219.4 2,236.4 2,268.4 2,324.6 2,284.7 2,334.8 Goods............................. 1,487.8 1,496.0 1,510.1 1,530.7 1,538.5 1,529.2 1,528.4 1,543.2 1,565.7 1,614.0 1,575.3 1,617.1 Services.......................... 655.1 645.0 652.3 661.8 664.7 689.3 691.0 693.2 702.7 710.7 709.5 717.7 Imports............................. 2,715.3 2,739.1 2,777.1 2,781.1 2,745.0 2,746.7 2,747.4 2,768.4 2,778.3 2,787.5 2,822.7 2,898.7 Goods............................. 2,263.6 2,291.1 2,327.2 2,326.2 2,287.7 2,283.1 2,288.6 2,302.2 2,308.6 2,309.7 2,341.5 2,412.6 Services.......................... 451.7 448.0 449.9 454.9 457.3 463.6 458.8 466.3 469.7 477.8 481.2 486.1 Government consumption expenditures and gross investment................. 3,176.8 3,160.4 3,166.2 3,163.3 3,190.5 3,156.6 3,135.9 3,142.4 3,154.7 3,142.7 3,139.1 3,161.5 Federal............................. 1,305.9 1,294.9 1,291.4 1,290.0 1,314.3 1,269.9 1,241.9 1,234.1 1,233.9 1,216.2 1,208.1 1,210.4 National defense.................. 851.5 828.0 818.6 817.1 840.9 795.4 775.1 772.2 774.9 757.5 749.9 754.5 Consumption expenditures........ 676.7 653.6 651.3 646.4 671.4 632.8 620.3 618.8 621.1 605.5 610.5 610.3 Gross investment................ 174.7 174.5 167.3 170.7 169.5 162.7 154.8 153.4 153.8 152.0 139.4 144.2 Nondefense........................ 454.5 466.9 472.8 472.9 473.4 474.4 466.8 461.9 459.0 458.7 458.2 455.8 Consumption expenditures........ 332.3 345.9 352.0 352.2 353.5 354.9 349.9 346.4 344.6 345.6 346.7 345.3 Gross investment................ 122.2 121.0 120.8 120.7 119.9 119.6 116.9 115.5 114.4 113.1 111.6 110.5 State and local..................... 1,870.9 1,865.5 1,874.8 1,873.3 1,876.2 1,886.8 1,894.0 1,908.3 1,920.7 1,926.5 1,931.0 1,951.1 Consumption expenditures.......... 1,530.4 1,523.6 1,539.7 1,537.0 1,545.4 1,562.4 1,573.3 1,579.7 1,590.2 1,594.9 1,607.4 1,616.6 Gross investment.................. 340.5 341.9 335.1 336.4 330.7 324.4 320.7 328.5 330.5 331.6 323.6 334.5 Addenda: Final sales of domestic product..... 15,602.0 15,692.7 15,875.4 16,002.5 16,193.2 16,322.1 16,458.2 16,568.4 16,761.6 16,987.8 17,003.9 17,184.8 Gross domestic purchases............ 16,159.5 16,383.5 16,571.3 16,683.2 16,810.7 16,860.7 17,030.4 17,151.2 17,382.2 17,541.2 17,582.0 17,858.7 Final sales to domestic purchasers.. 16,174.4 16,290.8 16,490.2 16,591.0 16,734.9 16,850.3 16,986.2 17,100.4 17,271.5 17,450.6 17,541.8 17,748.8 Gross domestic product.............. 15,587.1 15,785.3 15,956.5 16,094.7 16,268.9 16,332.5 16,502.4 16,619.2 16,872.3 17,078.3 17,044.0 17,294.7 Plus: Income receipts from the rest of the world......... 811.4 802.9 804.1 786.3 785.7 799.3 791.2 804.4 814.2 831.8 822.6 ..... Less: Income payments to the rest of the world.............. 555.8 531.1 565.5 555.9 570.7 573.7 582.4 589.5 583.4 588.9 611.6 ..... Equals: Gross national product...... 15,842.6 16,057.1 16,195.0 16,325.0 16,484.0 16,558.0 16,711.2 16,834.0 17,103.1 17,321.2 17,255.0 ..... Net domestic product................ 13,124.6 13,307.6 13,456.8 13,572.9 13,728.0 13,774.1 13,917.0 14,006.4 14,232.1 14,407.8 14,345.3 14,573.2 Gross domestic income............... 15,661.8 15,813.1 16,175.6 16,276.3 16,403.5 16,633.8 16,752.7 16,909.3 17,060.0 17,197.8 17,225.4 ..... ---------------------------------------------------------------------------------------------------------------------------------------------------- Table 3B. Real Gross Domestic Product and Related Measures--Continues [Billions of chained (2009) dollars; quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ---------------------------------------------------------------------------------------------------------------------------------- Gross domestic product........... 14,783.8 15,020.6 15,369.2 15,710.3 14,604.8 14,745.9 14,845.5 14,939.0 14,881.3 14,989.6 Personal consumption expenditures..... 10,036.3 10,263.5 10,449.7 10,699.7 9,917.7 9,998.4 10,063.1 10,166.1 10,217.1 10,237.7 Goods............................... 3,308.7 3,411.8 3,506.5 3,626.0 3,247.0 3,288.0 3,319.1 3,380.5 3,404.9 3,398.2 Durable goods..................... 1,085.7 1,151.5 1,235.7 1,319.0 1,045.2 1,076.3 1,093.8 1,127.4 1,141.8 1,134.2 Motor vehicles and parts........ 323.4 333.8 357.9 376.0 306.2 319.7 325.7 342.0 342.7 324.2 Furnishings and durable household equipment............ 261.5 276.6 288.4 305.1 254.0 261.4 262.7 267.9 270.7 274.6 Recreational goods and vehicles....................... 336.8 370.2 410.8 452.0 324.1 333.8 341.0 348.3 357.9 364.9 Other durable goods............. 164.9 173.9 183.5 194.4 162.2 162.5 165.4 169.4 171.3 173.8 Nondurable goods.................. 2,223.5 2,263.2 2,280.1 2,322.6 2,201.6 2,212.1 2,226.0 2,254.5 2,265.1 2,265.6 Food and beverages purchased for off-premises consumption... 786.5 795.1 801.6 809.4 786.1 780.6 783.8 795.4 797.5 797.1 Clothing and footwear........... 322.7 335.3 337.7 341.2 315.9 321.0 321.8 332.0 334.8 338.0 Gasoline and other energy goods.......................... 282.2 274.3 269.2 271.7 279.3 282.5 284.2 282.8 280.2 273.1 Other nondurable goods.......... 833.0 863.2 879.7 909.9 821.0 828.4 836.6 845.8 855.1 862.9 Services............................ 6,727.6 6,851.4 6,942.4 7,073.1 6,670.6 6,710.3 6,744.0 6,785.6 6,812.0 6,839.2 Household consumption expenditures (for services)...... 6,449.3 6,575.9 6,653.4 6,772.5 6,391.5 6,428.7 6,466.5 6,510.7 6,539.3 6,565.8 Housing and utilities........... 1,904.3 1,928.0 1,940.4 1,965.7 1,897.2 1,896.5 1,906.5 1,916.8 1,918.3 1,924.4 Health care..................... 1,649.2 1,690.3 1,745.0 1,781.1 1,626.0 1,640.9 1,657.1 1,672.8 1,680.0 1,688.2 Transportation services......... 287.1 294.1 299.6 307.6 284.6 286.2 288.0 289.6 290.2 293.5 Recreation services............. 381.0 389.6 396.1 405.7 379.1 377.0 382.4 385.3 384.0 389.8 Food services and accommodations................. 609.6 625.3 641.1 655.4 603.1 607.7 611.3 616.3 622.1 623.3 Financial services and insurance...................... 733.9 747.2 713.7 728.5 721.5 736.1 735.4 742.7 748.0 746.6 Other services.................. 884.3 901.2 918.1 928.9 880.3 884.1 885.7 887.0 896.3 899.8 Final consumption expenditures of nonprofit institutions serving households............... 278.3 275.2 289.3 301.2 279.2 281.7 277.4 274.8 272.4 273.2 Gross output of nonprofit institutions................... 1,086.0 1,097.1 1,131.2 1,151.4 1,072.6 1,084.0 1,090.6 1,097.0 1,093.2 1,096.0 Less: Receipts from sales of goods and services by nonprofit institutions......... 807.7 821.6 842.0 850.8 793.5 802.4 813.0 821.9 820.5 822.5 Gross private domestic investment..... 2,120.4 2,230.4 2,435.9 2,556.2 2,012.9 2,116.9 2,185.7 2,166.1 2,125.9 2,208.0 Fixed investment.................... 2,056.2 2,186.7 2,368.0 2,479.2 1,997.9 2,062.8 2,060.8 2,103.1 2,098.4 2,140.2 Nonresidential.................... 1,673.8 1,802.3 1,931.8 1,990.6 1,615.0 1,659.3 1,692.8 1,728.1 1,724.1 1,761.0 Structures...................... 366.3 374.7 423.8 421.7 359.7 369.8 364.4 371.2 343.0 366.7 Equipment....................... 746.7 847.9 905.6 947.2 697.7 735.2 766.2 787.8 810.6 819.3 Information processing equipment.................... 281.4 285.9 295.0 304.0 276.0 277.8 282.5 289.5 279.8 286.6 Computers and peripheral equipment.................. ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Other....................... 196.8 202.8 208.1 217.0 188.5 191.5 199.5 207.7 202.5 203.0 Industrial equipment.......... 151.3 183.3 190.3 197.7 143.0 151.1 152.8 158.3 171.8 174.1 Transportation equipment...... 136.9 183.0 217.6 231.1 109.7 130.9 152.0 155.1 168.1 167.1 Other equipment............... 179.8 199.3 207.3 219.0 170.7 177.8 182.2 188.3 194.4 194.9 Intellectual property products.. 561.3 581.3 603.7 624.1 557.6 554.7 563.0 570.0 571.9 576.3 Software...................... 254.2 271.8 287.0 295.9 256.0 250.9 253.3 256.7 262.2 268.4 Research and development...... 234.4 236.7 241.3 250.7 232.7 231.5 235.6 237.8 236.5 235.7 Entertainment, literary, and artistic originals....... 72.7 73.1 76.1 78.0 68.9 72.3 74.0 75.4 73.2 72.4 Residential....................... 382.4 384.5 436.5 488.4 383.0 403.5 368.1 375.1 374.4 379.3 Change in private inventories....... 58.2 37.6 57.0 63.5 9.8 48.8 116.2 58.1 25.1 57.5 Farm.............................. -7.0 1.4 -5.6 7.6 -3.0 -5.8 -9.9 -9.5 .2 -.2 Nonfarm........................... 65.9 36.6 65.9 55.2 12.9 54.6 126.8 69.1 25.2 58.9 Net exports of goods and services..... -458.8 -459.4 -452.5 -420.4 -408.8 -469.7 -498.4 -458.1 -466.2 -455.2 Exports............................. 1,776.6 1,898.3 1,960.1 2,019.8 1,708.2 1,748.1 1,797.5 1,852.6 1,862.3 1,890.7 Goods............................. 1,218.3 1,297.6 1,344.9 1,382.9 1,173.7 1,204.1 1,229.9 1,265.4 1,274.0 1,289.5 Services.......................... 558.0 600.6 614.7 636.6 534.2 543.6 567.2 587.0 588.0 601.2 Imports............................. 2,235.4 2,357.7 2,412.6 2,440.3 2,116.9 2,217.8 2,296.0 2,310.7 2,328.5 2,345.9 Goods............................. 1,826.7 1,932.1 1,973.1 1,991.5 1,719.4 1,814.2 1,880.4 1,893.0 1,917.7 1,921.3 Services.......................... 407.8 424.2 438.7 448.4 397.2 402.7 414.6 416.6 408.7 423.5 Government consumption expenditures and gross investment................. 3,091.4 2,997.4 2,953.9 2,894.5 3,084.3 3,106.2 3,103.5 3,071.5 3,012.2 3,009.0 Federal............................. 1,270.7 1,236.4 1,214.4 1,145.3 1,247.8 1,273.4 1,285.0 1,276.4 1,241.2 1,246.0 National defense.................. 813.5 795.0 768.7 717.7 798.6 811.0 825.9 818.6 788.4 801.3 Consumption expenditures........ 636.0 626.2 608.6 571.8 625.3 633.7 647.1 637.9 620.7 630.7 Gross investment................ 177.5 168.7 160.0 145.7 173.2 177.3 178.8 180.7 167.6 170.5 Nondefense........................ 457.1 441.4 445.7 427.5 449.2 462.4 459.1 457.7 452.7 444.7 Consumption expenditures........ 339.2 323.5 330.3 318.2 334.2 344.1 340.1 338.4 332.7 326.2 Gross investment................ 117.9 118.0 115.3 109.3 115.0 118.3 119.0 119.4 120.1 118.6 State and local..................... 1,820.8 1,761.0 1,739.5 1,748.4 1,836.5 1,832.8 1,818.5 1,795.2 1,771.1 1,763.0 Consumption expenditures.......... 1,469.7 1,430.4 1,427.0 1,444.7 1,489.6 1,477.2 1,462.4 1,449.6 1,435.8 1,431.7 Gross investment.................. 351.0 330.3 311.8 302.8 346.7 355.6 356.2 345.5 335.1 331.0 Residual.............................. -6.4 -22.2 -38.7 -44.0 .1 -5.6 -7.2 -11.3 -16.5 -16.5 Addenda: Final sales of domestic product..... 14,722.2 14,979.0 15,304.3 15,636.7 14,591.5 14,694.3 14,724.5 14,878.3 14,855.3 14,924.5 Gross domestic purchases............ 15,244.9 15,483.9 15,824.6 16,131.0 15,013.6 15,218.4 15,347.9 15,399.8 15,351.6 15,448.3 Final sales to domestic purchasers.. 15,183.6 15,442.5 15,760.1 16,057.9 15,000.6 15,167.1 15,227.3 15,339.4 15,325.8 15,383.7 Gross domestic product.............. 14,783.8 15,020.6 15,369.2 15,710.3 14,604.8 14,745.9 14,845.5 14,939.0 14,881.3 14,989.6 Plus: Income receipts from the rest of the world......... 647.1 694.8 684.2 690.0 628.8 641.7 647.2 670.6 677.5 694.4 Less: Income payments to the rest of the world.............. 461.6 478.7 488.0 498.9 444.9 456.3 467.4 478.0 475.3 491.8 Equals: Gross national product...... 14,970.8 15,241.0 15,567.3 15,902.4 14,790.0 14,932.9 15,026.4 15,133.8 15,086.5 15,195.1 Net domestic product................ 12,401.1 12,607.2 12,912.3 13,203.2 12,232.1 12,366.9 12,459.5 12,545.8 12,480.5 12,581.3 Gross domestic income\1\............ 14,735.2 15,057.7 15,568.1 15,908.8 14,547.3 14,648.6 14,839.5 14,904.9 14,924.4 14,996.1 ---------------------------------------------------------------------------------------------------------------------------------- 1. 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 3B. Real Gross Domestic Product and Related Measures--Table ends [Billions of chained (2009) dollars; quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 ---------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product........... 15,021.1 15,190.3 15,275.0 15,336.7 15,431.3 15,433.7 15,538.4 15,606.6 15,779.9 15,916.2 15,831.7 15,985.7 Personal consumption expenditures..... 10,282.2 10,316.8 10,387.6 10,420.2 10,470.4 10,520.6 10,613.7 10,660.4 10,713.3 10,811.4 10,844.3 10,910.5 Goods............................... 3,405.5 3,438.5 3,478.0 3,489.0 3,516.9 3,542.3 3,593.7 3,605.2 3,636.1 3,669.0 3,678.3 3,733.7 Durable goods..................... 1,148.6 1,181.5 1,212.0 1,218.8 1,242.4 1,269.7 1,295.7 1,310.0 1,325.9 1,344.5 1,355.0 1,400.2 Motor vehicles and parts........ 325.2 343.0 351.4 351.7 359.5 369.1 374.1 374.0 375.5 380.5 385.7 401.6 Furnishings and durable household equipment............ 277.6 283.4 288.7 285.8 287.6 291.5 297.7 301.8 308.8 312.1 312.7 322.5 Recreational goods and vehicles....................... 373.7 384.1 397.8 404.9 415.2 425.5 438.0 448.5 457.7 464.1 468.3 483.2 Other durable goods............. 176.2 174.5 178.4 181.4 185.4 188.9 192.4 194.0 193.7 197.7 198.1 202.4 Nondurable goods.................. 2,259.7 2,262.4 2,273.4 2,278.0 2,284.1 2,285.0 2,311.7 2,310.5 2,326.4 2,341.8 2,341.9 2,356.7 Food and beverages purchased for off-premises consumption... 793.9 792.0 797.6 800.9 803.3 804.7 810.2 804.6 808.9 814.0 811.9 808.9 Clothing and footwear........... 332.9 335.4 340.4 334.5 339.0 337.0 341.1 342.7 339.4 341.5 338.3 344.0 Gasoline and other energy goods.......................... 272.7 271.5 267.4 271.7 270.9 266.7 270.5 270.4 272.9 272.9 274.4 271.8 Other nondurable goods.......... 865.5 869.4 876.6 877.7 878.5 886.1 899.3 902.2 914.4 923.5 926.8 943.4 Services............................ 6,876.6 6,877.7 6,908.8 6,930.5 6,952.8 6,977.5 7,019.3 7,054.5 7,076.6 7,141.9 7,165.4 7,177.3 Household consumption expenditures (for services)...... 6,596.5 6,602.1 6,630.2 6,642.5 6,663.1 6,677.7 6,723.4 6,757.7 6,775.4 6,833.4 6,857.1 6,863.0 Housing and utilities........... 1,937.4 1,931.9 1,924.3 1,942.1 1,951.7 1,943.3 1,967.2 1,966.9 1,959.6 1,969.1 1,996.0 1,979.7 Health care..................... 1,687.2 1,706.0 1,732.4 1,737.5 1,752.7 1,757.5 1,759.1 1,774.6 1,786.0 1,804.7 1,798.4 1,801.4 Transportation services......... 296.0 296.9 297.3 298.6 301.0 301.5 305.4 307.1 307.9 310.0 311.4 313.2 Recreation services............. 392.1 392.5 394.7 395.6 396.4 397.8 403.8 403.6 407.2 408.2 406.2 409.0 Food services and accommodations................. 626.4 629.2 635.9 638.0 641.8 648.8 653.6 651.9 652.3 663.7 661.5 668.2 Financial services and insurance...................... 752.6 741.4 729.0 717.1 702.8 706.0 715.1 727.1 730.8 741.1 746.2 748.2 Other services.................. 904.5 904.0 916.3 914.2 918.1 923.8 920.3 927.0 931.9 936.6 937.3 943.0 Final consumption expenditures of nonprofit institutions serving households............... 280.0 275.2 278.3 288.1 289.8 300.7 296.3 297.2 301.9 309.5 309.1 315.5 Gross output of nonprofit institutions................... 1,094.6 1,104.4 1,121.4 1,124.5 1,138.4 1,140.4 1,136.0 1,146.2 1,151.7 1,171.7 1,159.4 1,161.5 Less: Receipts from sales of goods and services by nonprofit institutions......... 814.6 828.8 842.6 836.5 848.5 840.5 840.3 849.4 850.4 863.0 851.3 847.5 Gross private domestic investment..... 2,214.0 2,373.7 2,413.7 2,448.0 2,457.7 2,424.3 2,469.0 2,510.7 2,610.3 2,634.7 2,588.2 2,691.8 Fixed investment.................... 2,227.5 2,280.6 2,330.7 2,355.6 2,373.7 2,412.0 2,428.0 2,457.0 2,496.8 2,535.0 2,536.1 2,572.7 Nonresidential.................... 1,840.8 1,883.1 1,910.1 1,930.6 1,934.5 1,951.9 1,959.0 1,966.8 1,993.3 2,043.3 2,051.5 2,079.1 Structures...................... 388.2 400.9 418.5 429.0 427.5 420.1 407.5 414.7 425.8 438.8 441.9 447.6 Equipment....................... 871.0 890.8 898.7 900.9 902.5 920.4 931.3 934.8 945.6 977.2 974.8 991.4 Information processing equipment.................... 288.9 288.2 297.1 294.3 289.1 299.6 300.3 304.1 307.4 304.1 298.1 312.9 Computers and peripheral equipment.................. ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Other....................... 202.2 203.4 208.4 206.9 207.1 210.1 213.4 219.6 221.5 213.7 217.6 230.6 Industrial equipment.......... 188.2 198.9 188.9 190.0 189.7 192.5 193.5 193.6 201.5 202.3 209.0 218.8 Transportation equipment...... 188.5 208.5 217.4 220.6 214.4 217.9 221.4 226.4 228.7 247.9 247.8 247.3 Other equipment............... 209.0 199.0 200.3 200.7 213.5 214.8 220.5 215.6 212.7 227.3 223.6 216.7 Intellectual property products.. 583.5 593.3 594.4 601.8 605.6 613.2 622.8 619.8 624.1 629.6 636.8 642.3 Software...................... 275.2 281.2 282.2 286.8 288.3 290.8 297.3 291.1 296.2 298.9 300.0 302.8 Research and development...... 235.9 238.6 237.8 239.8 241.6 245.8 248.6 251.0 250.6 252.8 258.2 260.7 Entertainment, literary, and artistic originals....... 72.8 74.0 75.0 75.9 76.5 77.1 77.6 78.1 77.8 78.4 78.8 79.0 Residential....................... 386.8 397.6 420.8 425.3 439.5 460.3 469.0 489.8 503.0 491.9 485.3 494.2 Change in private inventories....... -13.0 80.8 70.9 78.9 71.2 7.2 33.4 43.4 95.6 81.8 35.2 93.4 Farm.............................. 2.1 3.4 .7 -3.4 -11.8 -7.7 3.2 6.2 10.8 10.5 2.2 4.4 Nonfarm........................... -15.9 78.3 71.8 85.3 88.8 17.8 30.1 36.4 84.0 70.4 33.3 90.0 Net exports of goods and services..... -454.3 -461.7 -465.7 -466.7 -453.0 -424.5 -427.2 -446.0 -424.6 -384.0 -447.2 -470.3 Exports............................. 1,910.6 1,929.7 1,936.0 1,958.9 1,969.1 1,976.5 1,972.3 2,002.8 2,027.7 2,076.5 2,026.9 2,073.4 Goods............................. 1,300.5 1,326.2 1,331.2 1,348.5 1,355.3 1,344.7 1,341.8 1,368.9 1,388.0 1,433.0 1,388.1 1,430.7 Services.......................... 610.3 603.0 604.2 609.7 613.2 631.8 630.4 633.6 639.3 642.9 638.4 642.0 Imports............................. 2,364.9 2,391.3 2,401.7 2,425.5 2,422.1 2,401.0 2,399.5 2,448.8 2,452.3 2,460.5 2,474.1 2,543.7 Goods............................. 1,931.8 1,957.8 1,967.2 1,986.8 1,981.2 1,957.2 1,959.8 2,000.1 2,000.8 2,005.3 2,017.7 2,081.7 Services.......................... 432.4 432.4 433.2 437.5 440.1 443.8 439.2 448.2 451.2 455.1 456.3 461.0 Government consumption expenditures and gross investment................. 2,990.0 2,978.3 2,957.8 2,954.9 2,974.4 2,928.7 2,899.8 2,901.2 2,902.4 2,874.5 2,868.5 2,880.0 Federal............................. 1,233.3 1,225.2 1,216.0 1,213.1 1,235.4 1,193.0 1,162.5 1,152.2 1,148.7 1,117.8 1,117.4 1,115.3 National defense.................. 805.1 785.3 770.4 767.9 789.8 746.7 725.5 721.8 722.6 701.0 693.9 695.7 Consumption expenditures........ 636.7 616.9 610.2 604.9 628.1 591.0 577.6 575.6 576.4 557.4 562.3 559.8 Gross investment................ 168.3 168.3 160.0 162.9 161.4 155.6 147.8 145.9 145.9 143.4 131.1 135.6 Nondefense........................ 428.2 439.9 445.6 445.2 445.6 446.3 436.9 430.4 426.1 416.7 423.4 419.4 Consumption expenditures........ 311.1 323.8 329.6 329.4 330.6 331.7 325.2 320.4 317.4 309.7 317.7 315.0 Gross investment................ 117.3 116.2 116.0 115.8 115.0 114.6 111.6 110.0 108.7 107.0 105.5 104.3 State and local..................... 1,756.8 1,753.1 1,741.7 1,741.7 1,739.2 1,735.5 1,736.8 1,748.3 1,753.0 1,755.7 1,750.2 1,763.7 Consumption expenditures.......... 1,428.0 1,426.0 1,423.3 1,424.5 1,428.8 1,431.5 1,437.3 1,443.0 1,447.6 1,451.1 1,454.1 1,458.8 Gross investment.................. 328.4 326.6 317.9 316.6 309.7 303.2 298.6 304.5 304.6 303.7 295.2 304.0 Residual.............................. -28.9 -25.8 -34.5 -35.2 -40.1 -46.6 -45.2 -46.8 -42.4 -43.3 -45.6 -49.8 Addenda: Final sales of domestic product..... 15,035.1 15,101.0 15,195.6 15,248.2 15,350.9 15,422.6 15,499.6 15,555.5 15,671.0 15,820.7 15,782.6 15,871.5 Gross domestic purchases............ 15,479.5 15,656.1 15,744.7 15,807.6 15,887.2 15,859.0 15,966.0 16,054.5 16,205.0 16,298.6 16,280.4 16,458.9 Final sales to domestic purchasers.. 15,493.3 15,567.3 15,665.8 15,719.6 15,807.1 15,848.1 15,927.5 16,003.8 16,096.7 16,203.6 16,231.7 16,345.2 Gross domestic product.............. 15,021.1 15,190.3 15,275.0 15,336.7 15,431.3 15,433.7 15,538.4 15,606.6 15,779.9 15,916.2 15,831.7 15,985.7 Plus: Income receipts from the rest of the world......... 708.1 699.2 695.9 679.2 676.3 685.3 676.3 687.0 692.2 704.4 694.2 ..... Less: Income payments to the rest of the world.............. 485.1 462.4 489.3 480.1 490.9 491.5 497.5 503.4 495.9 498.5 515.6 ..... Equals: Gross national product...... 15,249.1 15,433.2 15,484.6 15,538.1 15,617.5 15,629.1 15,717.2 15,790.6 15,977.6 16,124.3 16,009.8 ..... Net domestic product................ 12,604.2 12,762.7 12,835.8 12,885.3 12,968.6 12,959.6 13,051.3 13,106.3 13,266.3 13,389.0 13,291.4 13,431.8 Gross domestic income\1\............ 15,093.1 15,217.0 15,484.9 15,509.8 15,559.0 15,718.4 15,774.1 15,879.1 15,955.4 16,027.6 16,000.1 ..... ---------------------------------------------------------------------------------------------------------------------------------------------------- 1. 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-- Continues [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 IV 10 I 11 II 11 III 11 IV 11 -------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)... 1.2 2.1 1.8 1.5 2.1 1.8 3.0 2.3 .6 Personal consumption expenditures..... 1.7 2.5 1.8 1.2 2.1 3.0 4.1 2.1 1.4 Goods............................... 1.6 3.7 1.2 -.5 4.0 5.9 7.1 2.0 .3 Durable goods..................... -1.4 -.9 -1.3 -1.8 -1.9 -.5 1.6 -.9 -2.1 Nondurable goods.................. 3.1 5.9 2.4 .2 6.9 9.1 9.6 3.3 1.4 Services............................ 1.7 1.8 2.1 2.1 1.2 1.6 2.6 2.2 1.9 Gross private domestic investment..... -.9 1.4 1.4 1.8 2.1 1.3 1.8 1.1 .9 Fixed investment.................... -.8 1.4 1.4 1.8 1.8 1.5 2.0 1.1 1.0 Nonresidential.................... -.9 1.5 1.5 1.1 1.6 1.7 2.2 1.3 1.2 Structures...................... -1.2 3.0 3.5 2.8 2.5 1.6 5.1 4.2 4.7 Equipment....................... -2.0 .9 1.0 .4 1.0 .8 1.4 .4 .9 Intellectual property products....................... .5 1.3 1.0 .8 1.9 2.9 1.4 .6 -.7 Residential....................... -.4 .8 .9 5.0 2.3 .9 1.4 .0 .1 Change in private inventories....... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports............................. 4.3 6.4 .9 .1 9.6 10.6 8.8 2.3 -4.2 Goods............................. 5.0 7.6 .4 -.5 12.6 12.5 9.9 2.1 -5.5 Services.......................... 2.6 3.7 1.9 1.3 3.2 6.3 6.1 2.9 -1.4 Imports............................. 5.8 7.7 .5 -.8 9.5 17.2 12.8 -.3 -.9 Goods............................. 6.7 8.8 .6 -1.1 10.5 20.3 14.6 -.1 -.5 Services.......................... 1.8 2.2 -.1 .3 5.1 3.3 4.5 -1.1 -3.2 Government consumption expenditures and gross investment................. 2.7 3.0 1.5 1.2 2.9 4.0 4.3 1.7 -.5 Federal............................. 2.6 2.7 .9 1.1 2.3 4.5 3.6 1.4 -.8 National defense.................. 2.4 2.8 1.1 .8 2.2 5.5 3.9 1.2 -1.2 Nondefense........................ 3.1 2.5 .5 1.6 2.3 2.8 3.2 1.7 .0 State and local..................... 2.7 3.1 1.9 1.3 3.3 3.7 4.8 1.9 -.3 Addenda: Final sales of domestic product..... 1.2 2.1 1.8 1.5 2.0 1.8 3.0 2.3 .6 Gross domestic purchases............ 1.5 2.4 1.7 1.3 2.3 3.0 3.8 1.9 .9 Final sales to domestic purchasers......................... 1.5 2.4 1.7 1.3 2.2 3.0 3.9 1.9 1.0 Gross national product (GNP)........ 1.3 2.1 1.8 1.5 2.1 1.8 3.0 2.3 .6 Implicit price deflators: GDP............................... 1.2 2.1 1.8 1.5 2.1 1.8 2.9 2.4 .6 Gross domestic purchases.......... 1.5 2.4 1.7 1.3 2.3 3.0 3.8 2.0 1.0 GNP............................... 1.3 2.1 1.8 1.5 2.1 1.8 3.0 2.4 .6 -------------------------------------------------------------------------------------------------------------- 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--Table En ds [Quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------- I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 ---------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)... 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.0 Personal consumption expenditures..... 2.1 1.3 1.3 1.8 1.0 .5 1.7 1.0 1.4 2.3 Goods............................... 1.8 -.4 .5 1.0 -1.2 -2.4 1.2 -1.4 -.6 2.1 Durable goods..................... -.8 -1.5 -2.3 -1.8 -1.0 -1.9 -2.5 -2.6 -2.8 -1.1 Nondurable goods.................. 3.1 .1 1.9 2.4 -1.3 -2.7 3.0 -.9 .6 3.6 Services............................ 2.3 2.2 1.7 2.2 2.2 2.0 1.9 2.3 2.3 2.5 Gross private domestic investment..... 1.7 1.3 1.5 1.2 1.8 2.3 2.1 2.2 2.4 .8 Fixed investment.................... 1.9 1.3 1.5 1.2 1.9 2.4 2.0 2.6 2.8 1.0 Nonresidential.................... 2.5 1.2 1.1 .5 .9 1.7 1.2 1.3 1.4 1.2 Structures...................... 3.5 3.9 1.1 1.4 2.8 5.1 2.2 3.9 2.3 1.1 Equipment....................... 1.6 .0 1.2 1.6 -.3 .1 .4 -.2 .8 1.2 Intellectual property products....................... 2.9 1.0 1.0 -1.5 1.2 1.7 1.6 1.7 1.7 1.3 Residential....................... -.6 1.5 3.5 4.1 6.5 5.1 5.5 7.6 8.6 -.1 Change in private inventories....... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports............................. 2.7 .8 -.2 1.3 1.0 -3.0 .7 .3 2.8 -.4 Goods............................. 2.3 .3 .0 .7 .6 -4.0 .2 -.6 3.1 -1.6 Services.......................... 3.7 2.2 -.5 2.6 1.9 -.8 1.9 2.2 2.2 2.3 Imports............................. 3.8 -3.3 -4.6 3.8 .4 -5.0 .8 .0 2.8 -.4 Goods............................. 4.4 -4.1 -5.4 4.2 .4 -5.6 1.0 -.7 3.0 -.5 Services.......................... .9 .4 -.3 2.2 .1 -1.7 .2 3.4 1.9 -.1 Government consumption expenditures and gross investment................. 3.6 .0 .8 1.9 1.3 .6 1.4 2.4 .4 1.3 Federal............................. 1.9 .5 .2 .2 1.5 1.0 1.2 5.3 -2.5 1.5 National defense.................. 3.1 .5 .3 .2 1.2 .6 1.0 3.1 .1 1.4 Nondefense........................ -.1 .5 .1 .3 2.0 1.7 1.5 9.0 -6.5 1.7 State and local..................... 4.7 -.3 1.2 3.1 1.2 .4 1.5 .6 2.2 1.1 Addenda: Final sales of domestic product..... 2.2 1.8 2.1 1.3 1.3 1.2 1.7 1.6 1.4 2.0 Gross domestic purchases............ 2.3 1.1 1.2 1.7 1.2 .8 1.7 1.4 1.4 1.9 Final sales to domestic purchasers......................... 2.4 1.1 1.2 1.7 1.2 .8 1.7 1.5 1.4 1.9 Gross national product (GNP)........ 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 ..... Implicit price deflators: GDP............................... 2.1 1.9 1.9 1.5 1.4 1.1 1.6 1.4 1.3 2.0 Gross domestic purchases.......... 2.3 1.1 1.0 1.9 1.3 .6 1.6 1.3 1.4 1.9 GNP............................... 2.1 1.8 1.9 1.5 1.4 1.1 1.6 1.4 1.3 ..... ---------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 4A. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period- -Continues [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 IV 10 I 11 II 11 III 11 IV 11 -------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)... 1.2 2.1 1.8 1.5 2.1 1.8 3.0 2.3 .6 Previously published......... 1.2 2.0 1.7 1.4 2.1 1.6 2.6 2.5 .5 Personal consumption expenditures..... 1.7 2.5 1.8 1.2 2.1 3.0 4.1 2.1 1.4 Previously published................ 1.7 2.4 1.8 1.1 2.1 3.0 3.7 2.3 1.3 Goods............................... 1.6 3.7 1.2 -.5 4.0 5.9 7.1 2.0 .3 Previously published.............. 1.6 3.6 1.3 -.4 4.0 6.0 6.3 2.6 .2 Durable goods..................... -1.4 -.9 -1.3 -1.8 -1.9 -.5 1.6 -.9 -2.1 Previously published............ -1.4 -1.0 -1.2 -1.8 -1.9 -.8 1.4 -.6 -2.2 Nondurable goods.................. 3.1 5.9 2.4 .2 6.9 9.1 9.6 3.3 1.4 Previously published............ 3.1 5.9 2.4 .2 6.9 9.3 8.6 4.1 1.3 Services............................ 1.7 1.8 2.1 2.1 1.2 1.6 2.6 2.2 1.9 Previously published.............. 1.7 1.8 2.2 2.0 1.2 1.5 2.4 2.2 2.0 Gross private domestic investment..... -.9 1.4 1.4 1.8 2.1 1.3 1.8 1.1 .9 Previously published................ -.9 1.3 1.3 1.7 2.1 1.1 1.7 1.0 .7 Fixed investment.................... -.8 1.4 1.4 1.8 1.8 1.5 2.0 1.1 1.0 Previously published.............. -.8 1.3 1.3 1.9 1.8 1.4 2.2 1.1 .7 Nonresidential.................... -.9 1.5 1.5 1.1 1.6 1.7 2.2 1.3 1.2 Previously published............ -.9 1.5 1.4 1.2 1.6 1.5 2.3 1.3 .9 Structures...................... -1.2 3.0 3.5 2.8 2.5 1.6 5.1 4.2 4.7 Previously published.......... -1.2 2.9 1.9 3.0 2.5 2.7 4.2 3.7 2.7 Equipment....................... -2.0 .9 1.0 .4 1.0 .8 1.4 .4 .9 Previously published.......... -2.0 .9 1.3 .4 1.0 .7 1.7 .7 1.0 Intellectual property products.. .5 1.3 1.0 .8 1.9 2.9 1.4 .6 -.7 Previously published.......... .5 1.2 1.4 1.0 1.9 2.0 2.2 .5 -.6 Residential....................... -.4 .8 .9 5.0 2.3 .9 1.4 .0 .1 Previously published............ -.4 .7 .9 4.9 2.3 .8 1.4 .1 .1 Change in private inventories....... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports............................. 4.3 6.4 .9 .1 9.6 10.6 8.8 2.3 -4.2 Previously published\*\........... 4.4 6.4 .9 .2 9.7 10.6 8.3 2.3 -4.0 Goods............................. 5.0 7.6 .4 -.5 12.6 12.5 9.9 2.1 -5.5 Previously published\*\......... 5.0 7.6 .4 -.3 12.7 12.7 9.5 1.9 -5.2 Services.......................... 2.6 3.7 1.9 1.3 3.2 6.3 6.1 2.9 -1.4 Previously published\*\......... 3.1 3.8 2.1 1.5 3.4 6.0 5.7 3.2 -1.0 Imports............................. 5.8 7.7 .5 -.8 9.5 17.2 12.8 -.3 -.9 Previously published\*\........... 6.0 7.8 .5 -.9 9.6 17.4 12.8 -.4 -.8 Goods............................. 6.7 8.8 .6 -1.1 10.5 20.3 14.6 -.1 -.5 Previously published\*\......... 6.7 8.8 .6 -1.2 10.4 20.4 14.6 -.3 -.3 Services.......................... 1.8 2.2 -.1 .3 5.1 3.3 4.5 -1.1 -3.2 Previously published\*\......... 2.8 2.8 .2 .5 5.9 3.7 4.5 -.7 -3.2 Government consumption expenditures and gross investment................. 2.7 3.0 1.5 1.2 2.9 4.0 4.3 1.7 -.5 Previously published............... 2.7 2.8 1.3 .9 2.9 3.6 4.1 1.7 -.5 Federal............................. 2.6 2.7 .9 1.1 2.3 4.5 3.6 1.4 -.8 Previously published.............. 2.6 2.7 .8 1.4 2.3 4.2 3.8 1.3 -1.0 National defense.................. 2.4 2.8 1.1 .8 2.2 5.5 3.9 1.2 -1.2 Previously published............ 2.4 2.8 1.0 1.5 2.2 5.2 4.2 1.2 -1.6 Nondefense........................ 3.1 2.5 .5 1.6 2.3 2.8 3.2 1.7 .0 Previously published............ 3.1 2.5 .4 1.2 2.3 2.5 3.2 1.7 .0 State and local..................... 2.7 3.1 1.9 1.3 3.3 3.7 4.8 1.9 -.3 Previously published.............. 2.7 2.9 1.6 .7 3.3 3.1 4.3 1.9 -.1 Addenda: Final sales of domestic product..... 1.2 2.1 1.8 1.5 2.0 1.8 3.0 2.3 .6 Previously published.............. 1.2 2.0 1.8 1.4 2.0 1.7 2.7 2.5 .5 Gross domestic purchases............ 1.5 2.4 1.7 1.3 2.3 3.0 3.8 1.9 .9 Previously published.............. 1.5 2.3 1.7 1.2 2.3 2.8 3.5 2.0 .9 Final sales to domestic purchasers......................... 1.5 2.4 1.7 1.3 2.2 3.0 3.9 1.9 1.0 Previously published............. 1.5 2.3 1.7 1.2 2.2 2.9 3.6 2.0 .9 Gross national product (GNP)........ 1.3 2.1 1.8 1.5 2.1 1.8 3.0 2.3 .6 Previously published.............. 1.3 2.0 1.7 1.4 2.1 1.6 2.7 2.4 .5 Implicit price deflators: GDP............................... 1.2 2.1 1.8 1.5 2.1 1.8 2.9 2.4 .6 Previously published............ 1.2 2.0 1.7 1.5 2.1 1.6 2.6 2.5 .5 Gross domestic purchases.......... 1.5 2.4 1.7 1.3 2.3 3.0 3.8 2.0 1.0 Previously published............ 1.5 2.3 1.6 1.3 2.3 2.8 3.5 2.1 .9 GNP............................... 1.3 2.1 1.8 1.5 2.1 1.8 3.0 2.4 .6 Previously published............ 1.3 2.0 1.7 1.5 2.1 1.6 2.6 2.5 .5 -------------------------------------------------------------------------------------------------------------- * The “revised” estimates for exports and imports of goods and services reflect changes related to the annual revision of the BEA's international transactions accounts, released June 18, 2014, including reclassifications within and between the exports and imports categories. The “previously published” estimates have not been restated to reflect these reclassifications. See "Explanatory Note" at the end of the tables. Table 4A. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period- -Table Ends [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------- I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 -------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)... 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 Previously published......... 2.0 1.8 2.3 1.1 1.3 .6 2.0 1.6 1.3 Personal consumption expenditures..... 2.1 1.3 1.3 1.8 1.0 .5 1.7 1.0 1.4 Previously published................ 2.3 1.1 1.7 1.6 1.1 -.1 1.9 1.1 1.4 Goods............................... 1.8 -.4 .5 1.0 -1.2 -2.4 1.2 -1.4 -.6 Previously published.............. 2.2 -1.2 1.3 .7 -1.0 -3.3 2.2 -1.0 -.5 Durable goods..................... -.8 -1.5 -2.3 -1.8 -1.0 -1.9 -2.5 -2.6 -2.8 Previously published............ -.7 -1.2 -2.2 -2.1 -1.1 -2.0 -2.3 -2.2 -2.5 Nondurable goods.................. 3.1 .1 1.9 2.4 -1.3 -2.7 3.0 -.9 .6 Previously published............ 3.5 -1.1 3.0 2.0 -.9 -4.0 4.5 -.5 .5 Services............................ 2.3 2.2 1.7 2.2 2.2 2.0 1.9 2.3 2.3 Previously published.............. 2.3 2.2 1.9 2.1 2.1 1.6 1.8 2.2 2.3 Gross private domestic investment..... 1.7 1.3 1.5 1.2 1.8 2.3 2.1 2.2 2.4 Previously published................ 1.4 1.6 1.3 1.5 2.1 1.9 1.7 1.5 2.1 Fixed investment.................... 1.9 1.3 1.5 1.2 1.9 2.4 2.0 2.6 2.8 Previously published.............. 1.5 1.5 1.4 1.3 2.3 2.0 2.0 2.5 2.5 Nonresidential.................... 2.5 1.2 1.1 .5 .9 1.7 1.2 1.3 1.4 Previously published............ 2.1 1.5 1.0 .8 1.3 1.2 1.2 1.2 1.1 Structures...................... 3.5 3.9 1.1 1.4 2.8 5.1 2.2 3.9 2.3 Previously published.......... .9 1.9 .6 1.2 4.0 5.2 3.1 4.3 2.5 Equipment....................... 1.6 .0 1.2 1.6 -.3 .1 .4 -.2 .8 Previously published.......... 2.1 .4 1.4 1.5 -.3 -.4 .3 .0 .8 Intellectual property products.. 2.9 1.0 1.0 -1.5 1.2 1.7 1.6 1.7 1.7 Previously published.......... 2.7 2.9 .7 -.6 1.9 1.0 1.0 .9 .7 Residential....................... -.6 1.5 3.5 4.1 6.5 5.1 5.5 7.6 8.6 Previously published............ -.8 1.4 3.4 4.0 6.3 5.1 5.2 7.6 8.2 Change in private inventories....... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports............................. 2.7 .8 -.2 1.3 1.0 -3.0 .7 .3 2.8 Previously published\*\........... 2.9 .6 .0 1.5 1.4 -3.2 1.0 .5 2.7 Goods............................. 2.3 .3 .0 .7 .6 -4.0 .2 -.6 3.1 Previously published\*\......... 2.4 -.1 .0 1.1 1.2 -4.4 .5 -.3 3.0 Services.......................... 3.7 2.2 -.5 2.6 1.9 -.8 1.9 2.2 2.2 Previously published\*\......... 4.0 2.4 -.1 2.5 2.0 -.3 1.9 2.4 2.1 Imports............................. 3.8 -3.3 -4.6 3.8 .4 -5.0 .8 .0 2.8 Previously published\*\........... 4.3 -3.7 -5.0 4.1 .5 -5.0 .2 .2 2.9 Goods............................. 4.4 -4.1 -5.4 4.2 .4 -5.6 1.0 -.7 3.0 Previously published\*\......... 4.8 -4.5 -5.9 4.5 .6 -5.9 .4 -.6 3.1 Services.......................... .9 .4 -.3 2.2 .1 -1.7 .2 3.4 1.9 Previously published\*\......... 1.6 .5 -.3 2.3 -.1 -.5 -.5 3.9 1.6 Government consumption expenditures and gross investment................. 3.6 .0 .8 1.9 1.3 .6 1.4 2.4 .4 Previously published............... 2.9 .3 .3 1.4 .9 .1 1.6 3.0 .6 Federal............................. 1.9 .5 .2 .2 1.5 1.0 1.2 5.3 -2.5 Previously published.............. 1.5 .8 .2 .6 2.4 .8 1.0 5.2 -1.8 National defense.................. 3.1 .5 .3 .2 1.2 .6 1.0 3.1 .1 Previously published............ 2.4 1.2 .4 .8 2.8 .9 1.0 3.2 .3 Nondefense........................ -.1 .5 .1 .3 2.0 1.7 1.5 9.0 -6.5 Previously published............ .0 .2 -.2 .1 1.8 .8 1.1 8.5 -5.0 State and local..................... 4.7 -.3 1.2 3.1 1.2 .4 1.5 .6 2.2 Previously published.............. 3.8 -.1 .4 1.9 -.1 -.4 2.0 1.5 2.1 Addenda: Final sales of domestic product..... 2.2 1.8 2.1 1.3 1.3 1.2 1.7 1.6 1.4 Previously published.............. 2.0 1.7 2.3 1.1 1.4 .7 2.0 1.7 1.3 Gross domestic purchases............ 2.3 1.1 1.2 1.7 1.2 .8 1.7 1.4 1.4 Previously published.............. 2.3 1.0 1.4 1.6 1.2 .2 1.8 1.5 1.3 Final sales to domestic purchasers......................... 2.4 1.1 1.2 1.7 1.2 .8 1.7 1.5 1.4 Previously published............. 2.3 1.0 1.4 1.5 1.2 .2 1.9 1.6 1.4 Gross national product (GNP)........ 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 Previously published.............. 2.0 1.7 2.3 1.1 1.3 .6 2.0 1.6 1.3 Implicit price deflators: GDP............................... 2.1 1.9 1.9 1.5 1.4 1.1 1.6 1.4 1.3 Previously published............ 2.0 1.8 2.1 1.4 1.7 .6 2.0 1.6 1.3 Gross domestic purchases.......... 2.3 1.1 1.0 1.9 1.3 .6 1.6 1.3 1.4 Previously published............ 2.2 1.0 1.2 1.9 1.5 .2 1.8 1.5 1.3 GNP............................... 2.1 1.8 1.9 1.5 1.4 1.1 1.6 1.4 1.3 Previously published............ 2.0 1.8 2.1 1.4 1.7 .6 2.0 1.6 1.3 -------------------------------------------------------------------------------------------------------------- * The “revised” estimates for exports and imports of goods and services reflect changes related to the annual revision of the BEA's international transactions accounts, released June 18, 2014, including reclassifications within and between the exports and imports categories. The “previously published” estimates have not been restated to reflect these reclassifications. See "Explanatory Note" at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes--Continues [Index numbers, 2009=100; quarters seasonally adjusted] ----------------------------------------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ----------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 102.532 104.174 106.592 108.957 101.291 102.269 102.959 103.608 103.208 103.959 Personal consumption expenditures.......... 101.923 104.230 106.121 108.660 100.718 101.538 102.195 103.241 103.759 103.968 Goods.................................... 103.446 106.670 109.632 113.367 101.517 102.801 103.773 105.691 106.454 106.247 Durable goods.......................... 106.092 112.529 120.756 128.896 102.135 105.177 106.884 110.172 111.576 110.838 Nondurable goods....................... 102.226 104.049 104.828 106.780 101.218 101.699 102.338 103.647 104.135 104.159 Services................................. 101.190 103.051 104.420 106.385 100.332 100.930 101.436 102.062 102.459 102.869 Gross private domestic investment.......... 112.901 118.758 129.700 136.102 107.177 112.714 116.378 115.336 113.194 117.563 Fixed investment......................... 101.504 107.947 116.899 122.387 98.629 101.832 101.733 103.823 103.590 105.652 Nonresidential......................... 102.471 110.335 118.263 121.865 98.874 101.581 103.632 105.794 105.552 107.807 Structures........................... 83.585 85.509 96.703 96.227 82.081 84.399 83.146 84.712 78.275 83.681 Equipment............................ 115.892 131.601 140.558 147.015 108.280 114.099 118.912 122.277 125.811 127.161 Intellectual property products....... 101.887 105.506 109.587 113.278 101.213 100.692 102.189 103.455 103.803 104.612 Residential............................ 97.496 98.032 111.276 124.521 97.635 102.871 93.845 95.635 95.449 96.708 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 111.895 119.561 123.453 127.213 107.584 110.098 113.212 116.684 117.293 119.080 Imports of goods and services.............. 112.716 118.883 121.653 123.048 106.745 111.829 115.771 116.517 117.412 118.292 Government consumption expenditures and gross investment.......................... 100.074 97.031 95.625 93.699 99.844 100.554 100.468 99.431 97.511 97.407 Federal.................................. 104.350 101.538 99.729 94.055 102.472 104.577 105.531 104.819 101.930 102.325 State and local.......................... 97.293 94.100 92.953 93.429 98.135 97.937 97.173 95.928 94.637 94.210 Addenda: Final sales of domestic product.......... 101.070 102.833 105.067 107.349 100.173 100.879 101.086 102.142 101.984 102.459 Gross domestic purchases................. 102.908 104.521 106.821 108.889 101.346 102.729 103.603 103.953 103.628 104.281 Final sales to domestic purchasers....... 101.483 103.213 105.336 107.326 100.260 101.373 101.775 102.524 102.433 102.820 Gross national product................... 102.752 104.607 106.846 109.147 101.512 102.492 103.134 103.871 103.547 104.292 ----------------------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes--Table ends [Index numbers, 2009=100; quarters seasonally adjusted] ------------------------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 104.178 105.351 105.939 106.367 107.023 107.039 107.766 108.238 109.440 110.386 109.799 110.868 Personal consumption expenditures.......... 104.420 104.771 105.490 105.821 106.331 106.841 107.786 108.261 108.798 109.795 110.128 110.800 Goods.................................... 106.473 107.506 108.740 109.083 109.956 110.751 112.356 112.716 113.684 114.711 115.004 116.734 Durable goods.......................... 112.244 115.459 118.438 119.100 121.410 124.077 126.620 128.014 129.565 131.387 132.412 136.833 Nondurable goods....................... 103.890 104.010 104.519 104.728 105.012 105.051 106.278 106.223 106.955 107.664 107.669 108.346 Services................................. 103.431 103.448 103.915 104.241 104.576 104.948 105.576 106.106 106.439 107.421 107.774 107.953 Gross private domestic investment.......... 117.885 126.390 128.516 130.343 130.860 129.080 131.460 133.681 138.983 140.284 137.809 143.327 Fixed investment......................... 109.961 112.584 115.056 116.288 117.182 119.070 119.858 121.290 123.257 125.141 125.198 127.005 Nonresidential......................... 112.695 115.286 116.935 118.191 118.431 119.494 119.931 120.410 122.028 125.090 125.591 127.281 Structures........................... 88.583 91.496 95.496 97.899 97.547 95.871 92.981 94.628 97.167 100.134 100.840 102.153 Equipment............................ 135.182 138.252 139.487 139.819 140.080 142.845 144.540 145.087 146.757 151.674 151.298 153.867 Intellectual property products....... 105.921 107.689 107.885 109.233 109.931 111.299 113.054 112.494 113.275 114.289 115.595 116.590 Residential............................ 98.605 101.364 107.292 108.416 112.039 117.355 119.566 124.870 128.238 125.412 123.725 125.988 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 120.334 121.536 121.934 123.374 124.021 124.483 124.221 126.139 127.709 130.784 127.660 130.588 Imports of goods and services.............. 119.249 120.582 121.106 122.306 122.135 121.067 120.990 123.478 123.657 124.067 124.756 128.262 Government consumption expenditures and gross investment.......................... 96.792 96.413 95.749 95.655 96.287 94.808 93.871 93.917 93.957 93.052 92.860 93.231 Federal.................................. 101.279 100.618 99.863 99.626 101.454 97.974 95.464 94.624 94.337 91.794 91.765 91.588 State and local.......................... 93.874 93.677 93.071 93.069 92.934 92.739 92.808 93.420 93.671 93.818 93.522 94.242 Addenda: Final sales of domestic product.......... 103.219 103.671 104.320 104.681 105.386 105.879 106.407 106.791 107.584 108.612 108.350 108.961 Gross domestic purchases................. 104.491 105.683 106.282 106.706 107.243 107.053 107.775 108.373 109.389 110.020 109.898 111.102 Final sales to domestic purchasers....... 103.553 104.048 104.705 105.065 105.650 105.924 106.455 106.965 107.585 108.300 108.488 109.247 Gross national product................... 104.663 105.926 106.279 106.646 107.191 107.270 107.875 108.379 109.663 110.669 109.883 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------- See "Explanatory Note" at the end of the tables. Table 6. Price Indexes for Gross Domestic Product--Continues [Index numbers, 2009=100; quarters seasonally adjusted] ----------------------------------------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ----------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 101.226 103.315 105.174 106.739 100.517 100.981 101.444 101.963 102.409 103.170 Personal consumption expenditures (PCE).... 101.653 104.149 106.062 107.333 101.282 101.396 101.696 102.237 103.002 104.043 Goods.................................... 101.637 105.413 106.712 106.211 101.786 101.147 101.307 102.308 103.795 105.584 Durable goods.......................... 98.622 97.725 96.466 94.712 99.506 98.902 98.275 97.803 97.672 98.068 Nondurable goods....................... 103.085 109.188 111.828 112.025 102.868 102.216 102.763 104.492 106.784 109.270 Services................................. 101.661 103.524 105.745 107.919 101.037 101.518 101.887 102.202 102.610 103.280 Gross private domestic investment.......... 99.109 100.453 101.825 103.632 98.798 98.932 99.100 99.608 99.926 100.371 Fixed investment......................... 99.180 100.524 101.955 103.822 98.987 99.024 99.138 99.571 99.950 100.455 Nonresidential......................... 99.070 100.545 102.082 103.186 98.735 98.953 99.095 99.496 99.909 100.445 Structures........................... 98.844 101.851 105.464 108.416 98.050 98.554 99.077 99.693 100.089 101.342 Equipment............................ 98.009 98.858 99.828 100.263 97.875 97.817 98.049 98.293 98.486 98.833 Intellectual property products....... 100.541 101.883 102.857 103.693 100.295 100.636 100.381 100.851 101.584 101.945 Residential............................ 99.645 100.395 101.342 106.448 100.027 99.328 99.325 99.898 100.112 100.472 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 104.263 110.960 111.940 112.001 102.684 103.818 104.064 106.487 109.204 111.523 Imports of goods and services.............. 105.800 113.942 114.501 113.529 105.925 105.391 104.739 107.144 111.485 114.902 Government consumption expenditures and gross investment.......................... 102.673 105.717 107.286 108.618 101.667 102.422 102.936 103.668 104.700 105.809 Federal.................................. 102.614 105.422 106.341 107.530 101.719 102.452 102.855 103.429 104.585 105.524 State and local.......................... 102.714 105.923 107.947 109.377 101.629 102.399 102.991 103.836 104.778 106.006 Addenda: PCE excluding food and energy\1\......... 101.286 102.800 104.678 106.084 100.910 101.177 101.425 101.630 101.974 102.593 Market-based PCE\2\...................... 101.497 104.034 105.918 107.043 101.195 101.237 101.512 102.043 102.856 103.931 Market-based PCE excluding food and energy\2\........................... 101.047 102.462 104.300 105.557 100.752 100.957 101.169 101.311 101.647 102.243 Final sales of domestic product.......... 101.227 103.319 105.188 106.762 100.534 100.985 101.441 101.950 102.406 103.176 Gross domestic purchases................. 101.527 103.970 105.738 107.105 101.035 101.283 101.608 102.182 102.936 103.906 Final sales to domestic purchasers....... 101.527 103.974 105.752 107.126 101.050 101.286 101.605 102.169 102.932 103.912 Gross national product................... 101.338 103.439 105.296 106.860 100.635 101.091 101.552 102.073 102.529 103.296 Implicit price deflators: Gross domestic product................. 101.221 103.311 105.166 106.733 100.522 100.968 101.429 101.949 102.399 103.145 Final sales of domestic product........ 101.227 103.319 105.188 106.762 100.531 100.981 101.437 101.946 102.402 103.172 Gross domestic purchases............... 101.522 103.966 105.730 107.099 101.040 101.271 101.595 102.169 102.926 103.881 Final sales to domestic purchasers..... 101.527 103.974 105.752 107.126 101.047 101.283 101.601 102.165 102.928 103.908 Gross national product................. 101.333 103.435 105.288 106.854 100.640 101.078 101.538 102.059 102.519 103.270 ----------------------------------------------------------------------------------------------------------------------------------------------- 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 6. Price Indexes for Gross Domestic Product--Table ends [Index numbers, 2009=100; quarters seasonally adjusted] ------------------------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 ------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 103.770 103.913 104.461 104.937 105.475 105.821 106.172 106.495 106.943 107.347 107.694 108.224 Personal consumption expenditures (PCE).... 104.595 104.956 105.510 105.860 106.204 106.675 106.951 107.074 107.520 107.789 108.156 108.777 Goods.................................... 106.095 106.178 106.661 106.543 106.683 106.960 106.638 105.986 106.301 105.917 105.769 106.310 Durable goods.......................... 97.841 97.317 97.132 96.761 96.205 95.766 95.520 95.060 94.450 93.820 93.148 92.902 Nondurable goods....................... 110.151 110.548 111.386 111.407 111.925 112.595 112.232 111.477 112.316 112.075 112.230 113.227 Services................................. 103.853 104.353 104.941 105.526 105.973 106.541 107.122 107.641 108.154 108.759 109.390 110.054 Gross private domestic investment.......... 100.645 100.870 101.308 101.643 102.020 102.329 102.794 103.370 103.897 104.465 105.094 105.316 Fixed investment......................... 100.718 100.973 101.450 101.766 102.151 102.453 102.940 103.545 104.071 104.734 105.461 105.714 Nonresidential......................... 100.761 101.065 101.680 101.984 102.263 102.402 102.620 103.058 103.364 103.701 104.059 104.378 Structures........................... 102.398 103.575 104.470 105.479 105.770 106.138 106.864 108.194 108.778 109.829 110.452 110.761 Equipment............................ 98.941 99.173 99.579 99.586 99.878 100.267 100.196 100.231 100.339 100.287 100.477 100.785 Intellectual property products....... 102.087 101.914 102.649 102.896 103.143 102.741 103.045 103.487 103.901 104.339 104.770 105.113 Residential............................ 100.482 100.512 100.360 100.745 101.618 102.644 104.271 105.571 106.982 108.968 111.244 111.217 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 112.162 110.953 111.696 111.931 111.889 112.244 112.528 111.663 111.868 111.945 112.716 112.602 Imports of goods and services.............. 114.826 114.553 115.633 114.656 113.323 114.393 114.496 113.048 113.287 113.286 114.082 113.954 Government consumption expenditures and gross investment.......................... 106.247 106.114 107.046 107.054 107.263 107.781 108.142 108.312 108.690 109.330 109.431 109.773 Federal.................................. 105.890 105.688 106.197 106.338 106.388 106.440 106.828 107.093 107.406 108.791 108.105 108.513 State and local.......................... 106.496 106.413 107.641 107.556 107.876 108.715 109.052 109.154 109.572 109.729 110.332 110.632 Addenda: PCE excluding food and energy\1\......... 103.110 103.522 104.063 104.546 104.871 105.230 105.606 105.875 106.252 106.603 106.922 107.442 Market-based PCE\2\...................... 104.496 104.853 105.401 105.720 106.073 106.475 106.746 106.779 107.226 107.420 107.754 108.362 Market-based PCE excluding food and energy\2\........................... 102.770 103.186 103.719 104.185 104.517 104.780 105.165 105.350 105.720 105.995 106.269 106.759 Final sales of domestic product.......... 103.774 103.921 104.477 104.950 105.490 105.835 106.188 106.515 106.963 107.380 107.742 108.278 Gross domestic purchases................. 104.395 104.641 105.249 105.533 105.858 106.313 106.634 106.837 107.284 107.667 108.030 108.539 Final sales to domestic purchasers....... 104.400 104.650 105.265 105.545 105.871 106.325 106.649 106.855 107.301 107.699 108.075 108.590 Gross national product................... 103.894 104.038 104.588 105.059 105.595 105.941 106.293 106.615 107.065 107.468 107.815 ..... Implicit price deflators: Gross domestic product................. 103.768 103.917 104.461 104.942 105.428 105.824 106.204 106.488 106.923 107.301 107.658 108.188 Final sales of domestic product........ 103.770 103.918 104.474 104.947 105.487 105.832 106.185 106.511 106.959 107.377 107.738 108.274 Gross domestic purchases............... 104.393 104.646 105.249 105.539 105.813 106.316 106.666 106.831 107.264 107.624 107.995 108.505 Final sales to domestic purchasers..... 104.396 104.647 105.262 105.544 105.869 106.324 106.647 106.852 107.298 107.696 108.072 108.587 Gross national product................. 103.892 104.043 104.588 105.064 105.548 105.944 106.324 106.608 107.044 107.423 107.778 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 --------------------------------------------------------------------------------------------------------------------------------------------------------------- 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 --------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 4.0 2.7 3.8 4.5 4.5 4.7 4.1 1.0 1.8 2.8 3.8 3.3 2.7 1.8 -.3 -2.8 2.5 1.6 2.3 2.2 Personal consumption expenditures...... 3.9 3.0 3.5 3.8 5.3 5.3 5.1 2.6 2.6 3.1 3.8 3.5 3.0 2.2 -.3 -1.6 1.9 2.3 1.8 2.4 Goods................................ 5.3 3.0 4.5 4.8 6.7 7.9 5.2 3.0 3.9 4.8 5.1 4.1 3.6 2.7 -2.5 -3.0 3.4 3.1 2.8 3.4 Durable goods...................... 8.0 3.9 7.5 8.2 12.1 12.8 8.6 5.2 7.3 7.1 8.2 5.4 4.3 4.6 -5.1 -5.5 6.1 6.1 7.3 6.7 Nondurable goods................... 3.9 2.5 2.9 2.9 3.7 5.0 3.2 1.7 1.9 3.5 3.3 3.3 3.3 1.7 -1.1 -1.8 2.2 1.8 .7 1.9 Services............................. 3.1 3.0 2.9 3.2 4.6 3.9 5.0 2.4 1.9 2.2 3.2 3.2 2.7 2.0 .8 -.9 1.2 1.8 1.3 1.9 Gross private domestic investment...... 11.9 3.2 8.8 11.4 9.5 8.4 6.5 -6.1 -.6 4.1 8.8 6.4 2.1 -3.1 -9.4 -21.6 12.9 5.2 9.2 4.9 Fixed investment..................... 8.2 6.1 8.9 8.6 10.2 8.8 6.9 -1.6 -3.5 4.0 6.7 6.8 2.0 -2.0 -6.8 -16.7 1.5 6.3 8.3 4.7 Nonresidential..................... 7.9 9.7 9.1 10.8 10.8 9.7 9.1 -2.4 -6.9 1.9 5.2 7.0 7.1 5.9 -.7 -15.6 2.5 7.7 7.2 3.0 Structures....................... 1.8 6.4 5.7 7.3 5.1 .1 7.8 -1.5 -17.7 -3.9 -.4 1.7 7.2 12.7 6.1 -18.9 -16.4 2.3 13.1 -.5 Equipment........................ 12.3 12.1 9.5 11.1 13.1 12.5 9.7 -4.3 -5.4 3.2 7.7 9.6 8.6 3.2 -6.9 -22.9 15.9 13.6 6.8 4.6 Intellectual property products... 4.0 7.3 11.3 13.0 10.8 12.4 8.9 .5 -.5 3.8 5.1 6.5 4.5 4.8 3.0 -1.4 1.9 3.6 3.9 3.4 Residential........................ 9.0 -3.4 8.2 2.4 8.6 6.3 .7 .9 6.1 9.1 10.0 6.6 -7.6 -18.8 -24.0 -21.2 -2.5 .5 13.5 11.9 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 8.8 10.3 8.2 11.9 2.3 2.6 8.6 -5.8 -1.7 1.8 9.8 6.3 9.0 9.3 5.7 -8.8 11.9 6.9 3.3 3.0 Goods.............................. 9.6 11.6 8.9 14.5 2.2 4.2 10.1 -6.2 -3.4 1.9 8.6 7.3 9.4 7.5 6.1 -12.1 14.4 6.5 3.7 2.8 Services........................... 7.0 6.8 6.3 5.3 2.8 -1.4 4.7 -5.0 2.7 1.5 12.7 3.8 8.1 13.7 4.8 -1.1 6.8 7.6 2.4 3.6 Imports.............................. 11.9 8.0 8.7 13.5 11.7 10.1 13.0 -2.8 3.7 4.5 11.4 6.3 6.3 2.5 -2.6 -13.7 12.7 5.5 2.3 1.1 Goods.............................. 13.4 9.0 9.4 14.4 11.8 12.8 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 .9 Services........................... 5.3 3.0 5.2 8.7 10.9 -3.0 12.6 -.6 3.3 2.1 12.7 4.5 8.6 6.2 3.7 -3.8 3.8 4.0 3.4 2.2 Government consumption expenditures and gross investment.................. .1 .5 1.0 1.9 2.1 3.4 1.9 3.8 4.4 2.2 1.6 .6 1.5 1.6 2.8 3.2 .1 -3.0 -1.4 -2.0 Federal.............................. -3.5 -2.6 -1.2 -.8 -.9 2.0 .3 3.9 7.2 6.8 4.5 1.7 2.5 1.7 6.8 5.7 4.4 -2.7 -1.8 -5.7 National defense................... -4.9 -4.0 -1.6 -2.7 -2.1 1.5 -.9 3.5 7.0 8.5 6.0 2.0 2.0 2.5 7.5 5.4 3.2 -2.3 -3.3 -6.6 Nondefense......................... -.8 .0 -.5 2.8 1.3 2.7 2.3 4.7 7.4 4.1 2.0 1.3 3.5 .3 5.5 6.2 6.4 -3.4 1.0 -4.1 State and local...................... 2.8 2.7 2.4 3.6 3.8 4.2 2.8 3.7 2.9 -.4 -.1 .0 .9 1.5 .3 1.6 -2.7 -3.3 -1.2 .5 Addenda: Final sales of domestic product...... 3.4 3.2 3.8 4.0 4.5 4.7 4.2 1.9 1.3 2.8 3.4 3.4 2.6 2.0 .2 -2.0 1.1 1.7 2.2 2.2 Gross domestic purchases............. 4.4 2.6 3.9 4.7 5.5 5.5 4.8 1.2 2.3 3.1 4.3 3.5 2.6 1.1 -1.3 -3.8 2.9 1.6 2.2 1.9 Final sales to domestic purchasers... 3.8 3.0 3.9 4.2 5.6 5.6 4.9 2.0 1.8 3.1 3.9 3.6 2.6 1.4 -.9 -3.1 1.5 1.7 2.1 1.9 Gross domestic income\1\............. 4.4 3.4 4.3 5.1 5.3 4.4 4.7 1.1 1.4 2.3 3.7 3.6 4.0 .1 -.8 -2.6 2.7 2.2 3.4 2.2 Gross national product............... 3.9 2.8 3.8 4.4 4.4 4.8 4.2 1.1 1.7 2.9 3.9 3.3 2.4 2.2 .0 -2.9 2.8 1.8 2.1 2.2 Real disposable personal income...... 2.7 3.4 3.2 3.7 5.9 3.3 5.0 2.8 3.1 2.7 3.6 1.5 4.0 2.1 1.5 -.4 1.0 2.5 3.0 -.2 Price indexes: Gross domestic purchases........... 2.1 2.1 1.7 1.5 .7 1.6 2.6 1.9 1.4 2.2 2.9 3.5 3.2 2.7 2.9 -.2 1.5 2.4 1.7 1.3 Gross domestic purchases excluding food and energy\2\................ 2.2 2.2 1.6 1.5 .9 1.5 2.2 1.8 1.6 1.9 2.7 3.2 3.0 2.5 2.3 .5 1.3 1.8 1.7 1.4 GDP................................ 2.1 2.1 1.8 1.7 1.1 1.4 2.3 2.3 1.5 2.0 2.7 3.2 3.1 2.7 1.9 .8 1.2 2.1 1.8 1.5 GDP excluding food and energy\2\... 2.2 2.1 1.7 1.8 1.2 1.5 2.3 2.0 1.8 1.9 2.7 3.4 3.1 2.6 2.1 .5 1.4 1.9 1.7 1.6 Personal consumption expenditures.. 2.1 2.1 2.1 1.7 .8 1.5 2.5 1.9 1.3 2.0 2.4 2.9 2.7 2.5 3.1 -.1 1.7 2.5 1.8 1.2 --------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 7A. Gross Domestic Product: Levels, Percent Change From Preceding Year, and Revision to Percent Change -------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars Percent change from preceding year Revision to percent change from preceding year\2\ ---------------------------------------------- ---------------------------------------------- ----------------------------------------------- GDP PCE Gross Exports Imports Govern- GDP PCE Gross Exports Imports Govern- GDP PCE Gross Exports Imports Govern- private of of ment\1\ private of of ment\1\ private of of ment\1\ domes- goods goods domes- goods goods domes- goods goods tic in- and and tic in- and and tic in- and and vest- serv- serv- vest- serv- serv- vest- serv- serv- ment ices\*\ ices\*\ ment ices\*\ ices\*\ ment ices\*\ ices\*\ -------------------------------------------------------------------------------------------------------------------------------------------------------- 1999... 9,660.6 6,307.0 1,884.2 992.0 1,248.6 1,726.0 6.3 6.8 8.6 4.1 11.9 7.0 .0 -.2 .0 .3 -.2 .0 2000... 10,284.8 6,792.4 2,033.8 1,096.8 1,472.6 1,834.4 6.5 7.7 7.9 10.6 17.9 6.3 .0 .0 .0 .0 .0 .0 2001... 10,621.8 7,103.1 1,928.6 1,026.7 1,395.4 1,958.8 3.3 4.6 -5.2 -6.4 -5.2 6.8 .0 .1 .0 -.4 .0 .0 2002... 10,977.5 7,384.1 1,925.0 1,002.5 1,429.0 2,094.9 3.3 4.0 -.2 -2.4 2.4 7.0 .0 .1 .0 -.1 .1 .0 2003... 11,510.7 7,765.5 2,027.9 1,040.3 1,543.9 2,220.8 4.9 5.2 5.3 3.8 8.0 6.0 .1 .1 .0 -.1 .0 .0 2004... 12,274.9 8,260.0 2,276.7 1,181.5 1,800.7 2,357.4 6.6 6.4 12.3 13.6 16.6 6.1 .0 .0 .0 .2 .2 .0 2005... 13,093.7 8,794.1 2,527.1 1,308.9 2,030.1 2,493.7 6.7 6.5 11.0 10.8 12.7 5.8 .0 .1 .0 .0 .0 .0 2006... 13,855.9 9,304.0 2,680.6 1,476.3 2,247.3 2,642.2 5.8 5.8 6.1 12.8 10.7 6.0 .0 .0 .0 .0 .1 .0 2007... 14,477.6 9,750.5 2,643.7 1,664.6 2,383.2 2,801.9 4.5 4.8 -1.4 12.8 6.0 6.0 .0 .0 .0 .1 .0 .0 2008... 14,718.6 10,013.6 2,424.8 1,841.9 2,565.0 3,003.2 1.7 2.7 -8.3 10.7 7.6 7.2 .0 .0 .0 .1 .0 .0 2009... 14,418.7 9,847.0 1,878.1 1,587.7 1,983.2 3,089.1 -2.0 -1.7 -22.5 -13.8 -22.7 2.9 .1 -.1 .0 .3 .0 .0 2010... 14,964.4 10,202.2 2,100.8 1,852.3 2,365.0 3,174.0 3.8 3.6 11.9 16.7 19.3 2.7 .1 .0 .0 .3 -.2 .0 2011... 15,517.9 10,689.3 2,239.9 2,106.4 2,686.4 3,168.7 3.7 4.8 6.6 13.7 13.6 -.2 -.1 -.2 .4 -.3 .6 .3 2012... 16,163.2 11,083.1 2,479.2 2,194.2 2,762.5 3,169.2 4.2 3.7 10.7 4.2 2.8 .0 -.4 -.4 -.2 -.3 .1 -.3 2013... 16,768.1 11,484.3 2,648.0 2,262.2 2,770.4 3,143.9 3.7 3.6 6.8 3.1 .3 -.8 .3 .4 -1.1 .2 -.2 .5 -------------------------------------------------------------------------------------------------------------------------------------------------------- * The “revised” estimates for exports and imports of goods and services reflect changes related to the annual revision of the BEA's international transactions accounts, released June 18, 2014, including reclassifications within and between the exports and imports categories. The “previously published” estimates have not been restated to reflect these reclassifications. GDP Gross domestic product PCE Personal consumption expenditures 1. Government consumption expenditures and gross investment. 2. Revised percent change less the previously published percent change. Table 7B.--Real Gross Domestic Product: Levels, Percent Change From Preceding Year, and Revision to Percent Change ---------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars Percent change from preceding year Revision to percent change from preceding year\2\ ------------------------------------------------------ ---------------------------------------------- ---------------------------------------------- GDP PCE Gross Exports Imports Govern- Resid- GDP PCE Gross Exports Imports Govern- GDP PCE Gross Exports Imports Govern- private of of ment\1\ ual private of of ment\1\ private of of ment\1\ domes- goods goods domes- goods goods domes- goods goods tic in- and and tic in- and and tic in- and and vest- serv- serv- vest- serv- serv- vest- serv- serv- ment ices\*\ ices\*\ ment ices\*\ ices\*\ ment ices\*\ ices\*\ ---------------------------------------------------------------------------------------------------------------------------------------------------------------- 1999... 12,065.9 7,775.9 2,231.4 1,159.1 1,536.2 2,451.7 -16.0 4.7 5.3 8.4 2.6 10.1 3.4 -.1 -.2 .0 -2.0 -1.3 .0 2000... 12,559.7 8,170.7 2,375.5 1,258.4 1,736.2 2,498.2 -6.9 4.1 5.1 6.5 8.6 13.0 1.9 .0 .0 .0 .2 .2 .0 2001... 12,682.2 8,382.6 2,231.4 1,184.9 1,687.0 2,592.4 -22.1 1.0 2.6 -6.1 -5.8 -2.8 3.8 .0 .1 .0 -.1 .1 .0 2002... 12,908.8 8,598.8 2,218.2 1,164.5 1,748.8 2,705.8 -29.7 1.8 2.6 -.6 -1.7 3.7 4.4 .0 .1 .0 .2 .3 .0 2003... 13,271.1 8,867.6 2,308.7 1,185.0 1,826.9 2,764.3 -27.6 2.8 3.1 4.1 1.8 4.5 2.2 .0 .0 .0 .2 .2 .0 2004... 13,773.5 9,208.2 2,511.3 1,300.6 2,035.3 2,808.2 -19.5 3.8 3.8 8.8 9.8 11.4 1.6 .0 .0 .0 .4 .4 .0 2005... 14,234.2 9,531.8 2,672.6 1,381.9 2,164.2 2,826.2 -14.1 3.3 3.5 6.4 6.3 6.3 .6 -.1 .0 .0 .3 .2 .0 2006... 14,613.8 9,821.7 2,730.0 1,506.8 2,301.0 2,869.3 -13.0 2.7 3.0 2.1 9.0 6.3 1.5 .0 .0 .0 .1 .2 .0 2007... 14,873.7 10,041.6 2,644.1 1,646.4 2,359.0 2,914.4 -13.8 1.8 2.2 -3.1 9.3 2.5 1.6 .0 .0 .0 .4 .2 .0 2008... 14,830.4 10,007.2 2,396.0 1,740.8 2,298.6 2,994.8 -9.8 -.3 -.3 -9.4 5.7 -2.6 2.8 .0 .1 .0 .0 .0 .0 2009... 14,418.7 9,847.0 1,878.1 1,587.7 1,983.2 3,089.1 .0 -2.8 -1.6 -21.6 -8.8 -13.7 3.2 .0 .0 .0 .3 .0 .0 2010... 14,783.8 10,036.3 2,120.4 1,776.6 2,235.4 3,091.4 -5.5 2.5 1.9 12.9 11.9 12.7 .1 .0 -.1 .0 .4 -.1 .0 2011... 15,020.6 10,263.5 2,230.4 1,898.3 2,357.7 2,997.4 -11.3 1.6 2.3 5.2 6.9 5.5 -3.0 -.2 -.2 .3 -.2 .6 .2 2012... 15,369.2 10,449.7 2,435.9 1,960.1 2,412.6 2,953.9 -17.8 2.3 1.8 9.2 3.3 2.3 -1.4 -.5 -.4 -.3 -.2 .1 -.4 2013... 15,710.3 10,699.7 2,556.2 2,019.8 2,440.3 2,894.5 -19.6 2.2 2.4 4.9 3.0 1.1 -2.0 .3 .4 -.5 .3 -.3 .2 ---------------------------------------------------------------------------------------------------------------------------------------------------------------- * The “revised” estimates for exports and imports of goods and services reflect changes related to the annual revision of the BEA's international transactions accounts, released June 18, 2014, including reclassifications within and between the exports and imports categories. The “previously published” estimates have not been restated to reflect these reclassifications. GDP Gross domestic product PCE Personal consumption expenditures 1. Government consumption expenditures and gross investment. 2. Revised percent change less the previously published percent change. See "Explanatory Note" at the end of the tables. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago --------------------------------------------------------------------------------------------------------------------------------------------------------------------- I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 1.6 2.7 3.1 2.7 1.9 1.7 1.2 1.7 2.6 2.3 2.7 1.6 1.7 1.8 2.3 3.1 1.9 2.4 Personal consumption expenditures (PCE) .7 2.0 2.0 3.1 3.0 2.4 2.2 1.5 1.7 1.8 1.8 2.0 2.2 2.3 2.3 2.8 2.2 2.3 Goods................................ 1.8 3.8 3.0 5.1 4.9 3.4 2.6 1.7 2.1 2.7 3.3 3.0 3.3 3.3 3.4 3.6 2.4 3.6 Durable goods...................... 3.6 7.4 4.1 9.3 9.2 5.4 5.0 4.8 6.2 7.5 8.2 7.5 6.9 7.5 6.7 5.9 4.6 6.9 Nondurable goods................... 1.0 2.2 2.5 3.3 2.9 2.4 1.5 .4 .4 .5 1.1 1.0 1.7 1.4 1.9 2.5 1.3 2.0 Services............................. .1 1.1 1.5 2.0 2.1 1.9 2.0 1.4 1.4 1.3 1.1 1.5 1.6 1.8 1.8 2.4 2.1 1.7 Gross private domestic investment...... 3.9 16.3 21.1 11.1 5.6 4.3 1.3 9.6 13.5 10.9 11.0 2.1 2.3 2.6 6.2 8.7 4.8 7.2 Fixed investment..................... -4.4 2.6 2.6 5.5 5.0 3.8 8.1 8.4 11.1 10.1 6.6 5.8 4.2 4.3 5.2 5.1 4.5 4.7 Nonresidential..................... -4.3 1.5 4.9 8.1 6.8 6.1 8.7 9.0 10.8 9.6 5.1 3.7 2.6 1.9 3.0 4.7 4.7 5.7 Structures....................... -26.7 -18.4 -13.8 -4.0 -4.6 -.9 6.5 8.0 22.0 17.0 10.1 4.8 -2.6 -3.3 -.4 4.4 8.5 8.0 Equipment........................ 6.7 16.4 19.7 20.9 16.2 11.4 13.7 13.1 10.9 10.0 3.6 3.3 3.6 3.8 4.8 6.2 4.7 6.1 Intellectual property products... 2.6 1.0 2.2 1.8 2.6 3.9 3.7 4.1 3.9 4.4 3.8 3.4 4.8 3.0 3.0 2.7 2.2 3.6 Residential........................ -4.5 7.0 -6.9 -5.2 -2.2 -6.0 5.1 6.0 12.4 12.1 13.6 15.8 11.4 15.2 14.5 6.9 3.5 .9 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 11.3 13.6 12.8 10.1 9.0 8.2 6.3 4.2 4.0 3.6 3.1 2.4 1.9 2.2 3.0 5.1 2.8 3.5 Goods.............................. 14.2 18.0 14.9 10.9 8.5 7.1 5.7 4.8 4.5 4.6 4.2 1.4 .8 1.5 2.4 6.6 3.4 4.5 Services........................... 5.2 4.8 8.6 8.4 10.1 10.6 7.6 2.7 2.8 1.4 .5 4.8 4.3 3.9 4.3 1.8 1.3 1.3 Imports.............................. 6.6 16.4 16.1 12.0 10.0 5.8 3.0 3.5 3.1 3.4 2.4 .4 -.1 1.0 1.2 2.5 3.1 3.9 Goods.............................. 7.9 19.7 18.6 13.6 11.5 5.9 2.7 3.4 2.6 3.4 2.6 .0 -.4 .7 1.0 2.5 3.0 4.1 Services........................... 1.2 3.3 5.8 4.9 2.9 5.1 4.3 3.8 6.0 3.3 1.8 2.6 1.4 2.4 2.5 2.6 3.9 2.9 Government consumption expenditures and gross investment.................. 1.4 .3 -.3 -1.1 -2.3 -3.1 -3.7 -3.0 -1.8 -1.8 -.5 -1.7 -2.0 -1.8 -2.4 -1.9 -1.1 -.7 Federal.............................. 5.7 4.5 4.0 3.2 -.5 -2.2 -4.0 -4.0 -2.0 -2.6 .2 -2.6 -4.4 -5.0 -7.0 -6.3 -3.9 -3.2 National defense................... 5.4 2.9 2.6 2.0 -1.3 -1.2 -2.5 -4.1 -2.3 -4.2 -1.9 -4.9 -5.8 -6.0 -8.5 -6.1 -4.4 -3.6 Nondefense......................... 6.3 7.4 6.6 5.5 .8 -3.8 -6.7 -3.9 -1.6 .1 4.1 1.4 -2.0 -3.3 -4.4 -6.6 -3.1 -2.6 State and local...................... -1.3 -2.4 -3.1 -4.0 -3.6 -3.8 -3.4 -2.3 -1.7 -1.2 -1.0 -1.0 -.3 .4 .8 1.2 .8 .9 Addenda: Final sales of domestic product...... .4 1.0 .8 2.0 1.8 1.6 2.1 1.5 2.3 2.2 2.1 2.1 2.0 2.0 2.1 2.6 1.8 2.0 Gross domestic purchases............. 1.3 3.4 3.8 3.2 2.3 1.5 .9 1.7 2.6 2.3 2.6 1.3 1.4 1.6 2.0 2.8 2.0 2.5 Final sales to domestic purchasers... .1 1.7 1.6 2.5 2.2 1.4 1.7 1.5 2.2 2.2 2.0 1.8 1.7 1.8 1.8 2.2 1.9 2.1 Gross domestic income\1\............. 2.0 2.7 3.6 2.6 2.6 2.4 1.7 2.1 3.8 3.4 3.1 3.3 1.9 2.4 2.5 2.0 1.4 ..... Gross national product............... 2.0 3.1 3.0 2.9 2.0 1.8 1.5 2.0 2.6 2.3 2.4 1.3 1.5 1.6 2.3 3.2 1.9 ..... Real disposable personal income...... -.4 .2 1.8 2.6 3.8 2.3 2.3 1.7 2.1 2.8 2.2 5.0 -.1 .3 .9 -1.9 2.4 2.4 Price indexes: Gross domestic purchases........... 1.4 1.6 1.6 1.6 1.9 2.6 2.7 2.4 2.2 1.6 1.4 1.6 1.3 1.2 1.3 1.3 1.3 1.6 Gross domestic purchases excluding food and energy\2\................ 1.0 1.2 1.4 1.4 1.5 1.8 2.0 1.9 2.0 1.6 1.5 1.6 1.4 1.3 1.4 1.5 1.4 1.6 GDP................................ .5 1.1 1.6 1.8 1.9 2.2 2.3 1.9 2.0 1.7 1.6 1.8 1.6 1.5 1.4 1.4 1.4 1.6 GDP excluding food and energy\2\... 1.1 1.4 1.6 1.6 1.7 2.0 2.1 1.9 2.0 1.7 1.5 1.7 1.5 1.5 1.6 1.7 1.6 1.7 PCE................................ 2.1 1.8 1.4 1.3 1.7 2.6 2.9 2.7 2.4 1.7 1.5 1.6 1.4 1.1 1.2 1.0 1.1 1.6 PCE excluding food and energy\2\... 1.6 1.3 1.3 1.0 1.1 1.4 1.7 1.9 2.0 1.9 1.7 1.6 1.5 1.3 1.3 1.3 1.2 1.5 Market-based PCE\3\................ 2.1 1.6 1.2 1.1 1.6 2.7 2.9 2.8 2.5 1.7 1.5 1.5 1.3 1.0 1.1 .9 .9 1.5 Market-based PCE excluding food and energy\3\..................... 1.4 1.1 1.0 .7 .9 1.3 1.6 1.9 2.0 1.9 1.7 1.5 1.4 1.1 1.2 1.2 1.0 1.3 --------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 14,964.4 15,517.9 16,163.2 16,768.1 14,681.1 14,888.6 15,057.7 15,230.2 15,238.4 15,460.9 Plus: Income receipts from the rest of the world..................................... 720.0 792.6 793.8 810.4 696.6 712.0 720.5 751.0 765.1 791.2 Less: Income payments to the rest of the world..................................... 514.1 546.0 566.5 586.1 493.0 506.7 520.8 535.7 537.0 560.1 Equals: Gross national product............. 15,170.3 15,764.6 16,390.5 16,992.4 14,884.7 15,093.9 15,257.4 15,445.4 15,466.5 15,692.0 Less: Consumption of fixed capital......... 2,381.6 2,450.6 2,530.2 2,627.2 2,369.8 2,374.9 2,382.5 2,399.1 2,419.4 2,442.9 Less: Statistical discrepancy.............. 49.2 -38.3 -209.2 -211.9 57.8 98.2 6.1 34.8 -44.1 -6.8 Equals: National income.................... 12,739.5 13,352.3 14,069.5 14,577.1 12,457.0 12,620.8 12,868.8 13,011.5 13,091.2 13,255.9 Compensation of employees................ 7,961.4 8,269.0 8,606.5 8,844.8 7,801.7 7,947.1 8,019.1 8,077.9 8,209.7 8,248.9 Wages and salaries..................... 6,377.5 6,633.2 6,932.1 7,124.7 6,239.6 6,365.5 6,426.4 6,478.6 6,583.6 6,615.5 Supplements to wages and salaries...... 1,583.9 1,635.9 1,674.4 1,720.1 1,562.1 1,581.6 1,592.8 1,599.3 1,626.1 1,633.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,032.7 1,143.7 1,260.2 1,336.6 1,017.6 1,024.7 1,029.2 1,059.3 1,103.2 1,125.2 Rental income of persons with capital consumption adjustment.................. 402.8 485.3 533.0 595.8 380.5 397.3 408.3 425.0 460.1 478.0 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,746.4 1,816.6 2,022.8 2,106.9 1,658.5 1,666.4 1,814.0 1,846.7 1,677.4 1,790.0 Net interest and miscellaneous payments.. 489.4 488.1 491.7 499.8 503.3 482.7 483.6 488.0 493.5 465.6 Taxes on production and imports less subsidies............................... 1,001.2 1,042.6 1,074.0 1,102.3 987.3 998.7 1,006.9 1,012.1 1,029.1 1,044.3 Business current transfer payments (net). 128.5 131.5 106.7 120.6 129.3 126.5 131.1 127.0 142.6 127.9 Current surplus of government enterprises............................. -22.9 -24.5 -25.3 -29.6 -21.2 -22.6 -23.5 -24.3 -24.5 -24.1 Addendum: Gross domestic income.................... 14,915.2 15,556.3 16,372.3 16,980.0 14,623.2 14,790.4 15,051.5 15,195.4 15,282.5 15,467.7 ------------------------------------------------------------------------------------------------------------------------------------- Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income--Table ends [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 ------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 15,587.1 15,785.3 15,956.5 16,094.7 16,268.9 16,332.5 16,502.4 16,619.2 16,872.3 17,078.3 17,044.0 17,294.7 Plus: Income receipts from the rest of the world..................................... 811.4 802.9 804.1 786.3 785.7 799.3 791.2 804.4 814.2 831.8 822.6 ..... Less: Income payments to the rest of the world..................................... 555.8 531.1 565.5 555.9 570.7 573.7 582.4 589.5 583.4 588.9 611.6 ..... Equals: Gross national product............. 15,842.6 16,057.1 16,195.0 16,325.0 16,484.0 16,558.0 16,711.2 16,834.0 17,103.1 17,321.2 17,255.0 ..... Less: Consumption of fixed capital......... 2,462.6 2,477.7 2,499.7 2,521.7 2,540.9 2,558.4 2,585.4 2,612.7 2,640.2 2,670.5 2,698.7 2,721.5 Less: Statistical discrepancy.............. -74.7 -27.7 -219.1 -181.7 -134.6 -301.3 -250.3 -290.2 -187.6 -119.5 -181.4 ..... Equals: National income.................... 13,454.8 13,607.2 13,914.4 13,984.9 14,077.7 14,301.0 14,376.1 14,511.5 14,650.5 14,770.2 14,737.7 ..... Compensation of employees................ 8,332.0 8,285.4 8,523.0 8,543.8 8,576.6 8,782.5 8,734.4 8,826.3 8,871.6 8,946.8 9,100.2 9,235.0 Wages and salaries..................... 6,689.6 6,643.9 6,861.0 6,877.2 6,902.7 7,087.4 7,034.1 7,110.9 7,145.3 7,208.5 7,343.6 7,462.2 Supplements to wages and salaries...... 1,642.4 1,641.6 1,662.1 1,666.6 1,673.9 1,695.1 1,700.3 1,715.4 1,726.2 1,738.3 1,756.6 1,772.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,161.8 1,184.5 1,226.4 1,256.1 1,266.1 1,292.3 1,327.8 1,330.0 1,345.9 1,342.7 1,351.0 1,364.1 Rental income of persons with capital consumption adjustment.................. 491.6 511.6 516.6 526.5 537.1 551.7 575.0 590.8 604.2 613.3 622.9 635.9 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,826.6 1,972.5 1,977.9 2,024.8 2,041.0 2,047.6 2,039.4 2,103.6 2,140.7 2,143.8 1,942.1 ..... Net interest and miscellaneous payments.. 493.4 499.6 503.6 473.4 509.5 480.3 517.4 477.1 493.3 511.2 506.5 459.3 Taxes on production and imports less subsidies............................... 1,043.0 1,053.8 1,071.6 1,074.0 1,070.9 1,079.4 1,094.8 1,091.1 1,106.5 1,116.8 1,126.8 1,139.6 Business current transfer payments (net). 131.0 124.6 119.2 110.8 102.0 94.6 115.1 122.3 118.4 126.6 119.2 122.5 Current surplus of government enterprises............................. -24.6 -24.9 -23.9 -24.5 -25.4 -27.3 -27.8 -29.6 -30.1 -31.0 -31.1 -33.6 Addendum: Gross domestic income.................... 15,661.8 15,813.1 16,175.6 16,276.3 16,403.5 16,633.8 16,752.7 16,909.3 17,060.0 17,197.8 17,225.4 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------- Table 10. Personal Income and Its Disposition--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ------------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 12,429.3 13,202.0 13,887.7 14,166.9 12,187.1 12,365.6 12,496.1 12,668.6 13,025.1 13,142.2 Compensation of employees................ 7,961.4 8,269.0 8,606.5 8,844.8 7,801.7 7,947.1 8,019.1 8,077.9 8,209.7 8,248.9 Wages and salaries..................... 6,377.5 6,633.2 6,932.1 7,124.7 6,239.6 6,365.5 6,426.4 6,478.6 6,583.6 6,615.5 Supplements to wages and salaries...... 1,583.9 1,635.9 1,674.4 1,720.1 1,562.1 1,581.6 1,592.8 1,599.3 1,626.1 1,633.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,032.7 1,143.7 1,260.2 1,336.6 1,017.6 1,024.7 1,029.2 1,059.3 1,103.2 1,125.2 Farm................................... 46.0 75.5 72.3 83.2 39.2 43.2 48.4 53.2 75.6 72.3 Nonfarm................................ 986.7 1,068.1 1,187.9 1,253.5 978.5 981.5 980.8 1,006.0 1,027.6 1,052.9 Rental income of persons with capital consumption adjustment.................. 402.8 485.3 533.0 595.8 380.5 397.3 408.3 425.0 460.1 478.0 Personal income receipts on assets....... 1,739.6 1,913.9 2,088.6 2,079.7 1,706.0 1,719.7 1,739.4 1,793.5 1,854.2 1,897.2 Personal interest income............... 1,195.0 1,231.6 1,255.9 1,255.2 1,201.5 1,195.6 1,184.2 1,198.9 1,217.2 1,236.1 Personal dividend income............... 544.6 682.2 832.7 824.5 504.6 524.1 555.2 594.6 637.0 661.1 Personal current transfer receipts....... 2,276.9 2,307.9 2,350.7 2,414.5 2,253.3 2,260.9 2,288.4 2,305.1 2,311.5 2,309.2 Less: Contributions for government social insurance, domestic.............. 984.1 917.8 951.2 1,104.5 972.0 984.0 988.4 992.0 913.6 916.3 Less: Personal current taxes............... 1,191.5 1,400.6 1,503.7 1,661.8 1,145.6 1,167.9 1,209.4 1,242.9 1,372.9 1,390.6 Equals: Disposable personal income......... 11,237.9 11,801.4 12,384.0 12,505.1 11,041.5 11,197.6 11,286.7 11,425.7 11,652.2 11,751.7 Less: Personal outlays..................... 10,609.8 11,090.2 11,487.9 11,897.1 10,462.1 10,545.3 10,636.7 10,795.2 10,925.2 11,050.6 Equals: Personal saving.................... 628.0 711.1 896.2 608.1 579.4 652.3 650.0 630.5 727.0 701.0 Personal saving as a percentage of disposable personal income.............. 5.6 6.0 7.2 4.9 5.2 5.8 5.8 5.5 6.2 6.0 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\2\............... 9,987.3 10,460.1 10,877.6 10,949.5 9,808.3 9,965.9 10,037.8 10,137.2 10,401.7 10,412.2 Disposable personal income, billions of chained (2009) dollars\2\............... 11,055.1 11,331.2 11,676.2 11,650.8 10,902.0 11,043.8 11,098.8 11,176.2 11,312.9 11,295.2 ------------------------------------------------------------------------------------------------------------------------------------- 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 10. Personal Income and Its Disposition--Table ends [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 ------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 13,294.8 13,345.8 13,650.7 13,776.1 13,828.9 14,295.1 13,977.2 14,131.3 14,247.4 14,311.7 14,488.3 14,696.3 Compensation of employees................ 8,332.0 8,285.4 8,523.0 8,543.8 8,576.6 8,782.5 8,734.4 8,826.3 8,871.6 8,946.8 9,100.2 9,235.0 Wages and salaries..................... 6,689.6 6,643.9 6,861.0 6,877.2 6,902.7 7,087.4 7,034.1 7,110.9 7,145.3 7,208.5 7,343.6 7,462.2 Supplements to wages and salaries...... 1,642.4 1,641.6 1,662.1 1,666.6 1,673.9 1,695.1 1,700.3 1,715.4 1,726.2 1,738.3 1,756.6 1,772.8 Proprietors' income with inventory valuation and capital consumption adjustments............................. 1,161.8 1,184.5 1,226.4 1,256.1 1,266.1 1,292.3 1,327.8 1,330.0 1,345.9 1,342.7 1,351.0 1,364.1 Farm................................... 77.9 76.4 71.7 72.5 71.9 73.2 92.2 83.6 86.8 70.1 58.1 56.9 Nonfarm................................ 1,083.8 1,108.1 1,154.7 1,183.6 1,194.2 1,219.1 1,235.6 1,246.5 1,259.2 1,272.6 1,292.9 1,307.2 Rental income of persons with capital consumption adjustment.................. 491.6 511.6 516.6 526.5 537.1 551.7 575.0 590.8 604.2 613.3 622.9 635.9 Personal income receipts on assets....... 1,932.2 1,971.9 2,001.0 2,045.7 2,041.6 2,265.9 2,035.9 2,081.9 2,106.9 2,094.2 2,090.4 2,120.7 Personal interest income............... 1,234.7 1,238.4 1,250.2 1,266.7 1,248.9 1,257.8 1,245.5 1,253.5 1,258.5 1,263.2 1,262.4 1,266.9 Personal dividend income............... 697.5 733.4 750.8 779.1 792.7 1,008.1 790.4 828.4 848.4 831.0 828.0 853.9 Personal current transfer receipts....... 2,301.2 2,309.7 2,327.9 2,348.8 2,354.5 2,371.7 2,394.8 2,404.5 2,426.6 2,432.3 2,470.9 2,504.4 Less: Contributions for government social insurance, domestic.............. 924.1 917.2 944.1 944.8 946.9 968.9 1,090.7 1,102.1 1,107.8 1,117.5 1,147.0 1,163.7 Less: Personal current taxes............... 1,418.1 1,420.9 1,464.7 1,479.5 1,505.1 1,565.4 1,636.8 1,660.6 1,661.5 1,688.1 1,712.5 1,727.7 Equals: Disposable personal income......... 11,876.6 11,924.9 12,186.0 12,296.6 12,323.8 12,729.7 12,340.4 12,470.7 12,585.8 12,623.7 12,775.8 12,968.5 Less: Personal outlays..................... 11,156.3 11,228.7 11,365.0 11,433.7 11,523.5 11,629.2 11,760.6 11,823.9 11,933.1 12,070.8 12,146.9 12,285.7 Equals: Personal saving.................... 720.3 696.2 821.0 863.0 800.3 1,100.5 579.8 646.9 652.8 552.9 629.0 682.9 Personal saving as a percentage of disposable personal income.............. 6.1 5.8 6.7 7.0 6.5 8.6 4.7 5.2 5.2 4.4 4.9 5.3 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\2\............... 10,510.8 10,515.2 10,731.7 10,795.0 10,804.4 11,177.5 10,829.8 10,952.3 10,994.3 11,021.2 11,111.5 11,208.4 Disposable personal income, billions of chained (2009) dollars\2\............... 11,355.1 11,362.0 11,549.8 11,616.2 11,604.1 11,933.4 11,538.6 11,647.0 11,705.9 11,711.7 11,812.7 11,922.3 ------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Table 11A. Corporate Profits--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments........................... 1,746.4 1,816.6 2,022.8 2,106.9 1,658.5 1,666.4 1,814.0 1,846.7 1,677.4 1,790.0 Less: Taxes on corporate income........ 370.6 379.1 454.8 474.3 344.8 351.7 387.5 398.3 397.5 383.4 Equals: Profits after tax with inventory valuation and capital consumption adjustments............... 1,375.9 1,437.5 1,568.0 1,632.6 1,313.7 1,314.8 1,426.6 1,448.4 1,279.9 1,406.6 Net dividends........................ 564.0 703.7 857.1 959.6 521.8 542.8 576.0 615.2 658.0 681.8 Undistributed profits with inventory valuation and capital consumption adjustments......................... 811.9 733.9 710.9 673.0 791.8 772.0 850.5 833.3 621.9 724.8 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment................ 2,094.9 2,071.5 2,066.5 2,080.8 2,052.9 2,101.8 2,131.4 2,093.7 1,921.3 2,059.2 Undistributed profits with inventory valuation and capital consumption adjustments....................... 811.9 733.9 710.9 673.0 791.8 772.0 850.5 833.3 621.9 724.8 Consumption of fixed capital....... 1,262.5 1,298.8 1,348.5 1,402.1 1,256.8 1,259.5 1,262.4 1,271.1 1,281.1 1,294.4 Less: Capital transfers paid (net)........................ -20.6 -38.8 -7.1 -5.7 -4.2 -70.3 -18.4 10.7 -18.2 -40.0 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............ 1,840.7 1,806.8 2,136.1 2,235.3 1,795.0 1,788.4 1,886.5 1,892.8 1,747.7 1,806.5 Profits after tax (without inventory valuation and capital consumption adjustments)............ 1,470.1 1,427.7 1,681.3 1,761.1 1,450.2 1,436.8 1,499.1 1,494.5 1,350.2 1,423.1 Inventory valuation adjustment....... -41.0 -68.3 -9.5 3.3 -40.1 -20.6 -18.1 -85.3 -143.9 -89.5 Capital consumption adjustment....... -53.3 78.1 -103.8 -131.8 -96.4 -101.4 -54.4 39.2 73.5 72.9 ------------------------------------------------------------------------------------------------------------------------------------------- Table 11A. Corporate Profits--Table ends [Billions of dollars; quarters seasonally adjusted at annual rates] ----------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 ----------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments........................... 1,826.6 1,972.5 1,977.9 2,024.8 2,041.0 2,047.6 2,039.4 2,103.6 2,140.7 2,143.8 1,942.1 Less: Taxes on corporate income........ 351.0 384.5 451.3 473.5 440.6 453.8 474.9 459.2 467.5 495.4 562.3 Equals: Profits after tax with inventory valuation and capital consumption adjustments............... 1,475.6 1,588.0 1,526.6 1,551.2 1,600.4 1,593.8 1,564.5 1,644.4 1,673.1 1,648.4 1,379.8 Net dividends........................ 719.1 755.9 774.9 803.7 817.3 1,032.7 835.5 1,098.7 911.7 992.3 902.8 Undistributed profits with inventory valuation and capital consumption adjustments......................... 756.6 832.1 751.8 747.5 783.1 561.1 729.0 545.7 761.5 656.0 477.1 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment................ 2,097.3 2,208.3 2,106.4 2,099.4 2,147.1 1,913.2 2,119.3 1,946.8 2,174.8 2,082.5 1,919.5 Undistributed profits with inventory valuation and capital consumption adjustments....................... 756.6 832.1 751.8 747.5 783.1 561.1 729.0 545.7 761.5 656.0 477.1 Consumption of fixed capital....... 1,305.5 1,314.3 1,329.8 1,344.4 1,355.1 1,365.0 1,380.7 1,395.5 1,408.8 1,423.6 1,435.1 Less: Capital transfers paid (net)........................ -35.2 -61.9 -24.8 -7.5 -9.0 12.9 -9.6 -5.7 -4.5 -2.8 -7.4 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............ 1,781.4 1,891.6 2,120.9 2,119.4 2,155.7 2,148.4 2,169.0 2,219.8 2,270.9 2,281.6 2,297.2 Profits after tax (without inventory valuation and capital consumption adjustments)............ 1,430.4 1,507.1 1,669.7 1,645.9 1,715.1 1,694.6 1,694.1 1,760.7 1,803.4 1,786.1 1,734.9 Inventory valuation adjustment....... -32.6 -7.2 -32.3 11.3 -13.9 -3.1 -1.7 15.2 2.8 -3.0 -24.6 Capital consumption adjustment....... 77.8 88.1 -110.7 -106.0 -100.8 -97.8 -127.9 -131.4 -133.1 -134.8 -330.5 ----------------------------------------------------------------------------------------------------------------------------------------------------- Table 11B. Corporate Profits: Percent Change From Preceding Period--Continues [Quarters at quarterly rates] ------------------------------------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments........................... 25.0 4.0 11.3 4.2 6.0 .5 8.9 1.8 -9.2 6.7 Less: Taxes on corporate income........ 37.5 2.3 20.0 4.3 2.2 2.0 10.2 2.8 -.2 -3.6 Equals: Profits after tax with inventory valuation and capital consumption adjustments............... 22.0 4.5 9.1 4.1 7.0 .1 8.5 1.5 -11.6 9.9 Net dividends........................ -1.9 24.8 21.8 12.0 3.2 4.0 6.1 6.8 7.0 3.6 Undistributed profits with inventory valuation and capital consumption adjustments......................... 46.8 -9.6 -3.1 -5.3 9.7 -2.5 10.2 -2.0 -25.4 16.5 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment................ 10.4 -1.1 -.2 .7 2.5 2.4 1.4 -1.8 -8.2 7.2 Undistributed profits with inventory valuation and capital consumption adjustments....................... 46.8 -9.6 -3.1 -5.3 9.7 -2.5 10.2 -2.0 -25.4 16.5 Consumption of fixed capital....... .1 2.9 3.8 4.0 .0 .2 .2 .7 .8 1.0 Less: Capital transfers paid (net)........................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............ 25.0 -1.8 18.2 4.6 4.9 -.4 5.5 .3 -7.7 3.4 Profits after tax (without inventory valuation and capital consumption adjustments)............ 22.2 -2.9 17.8 4.7 5.5 -.9 4.3 -.3 -9.6 5.4 Inventory valuation adjustment....... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Capital consumption adjustment....... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ------------------------------------------------------------------------------------------------------------------------------------------- Table 11B. Corporate Profits: Percent Change From Preceding Period--Table ends [Quarters at quarterly rates] ----------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 ----------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments........................... 2.0 8.0 .3 2.4 .8 .3 -.4 3.1 1.8 .1 -9.4 Less: Taxes on corporate income........ -8.4 9.5 17.4 4.9 -7.0 3.0 4.7 -3.3 1.8 6.0 13.5 Equals: Profits after tax with inventory valuation and capital consumption adjustments............... 4.9 7.6 -3.9 1.6 3.2 -.4 -1.8 5.1 1.7 -1.5 -16.3 Net dividends........................ 5.5 5.1 2.5 3.7 1.7 26.3 -19.1 31.5 -17.0 8.8 -9.0 Undistributed profits with inventory valuation and capital consumption adjustments......................... 4.4 10.0 -9.7 -.6 4.8 -28.4 29.9 -25.1 39.5 -13.8 -27.3 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment................ 1.8 5.3 -4.6 -.3 2.3 -10.9 10.8 -8.1 11.7 -4.2 -7.8 Undistributed profits with inventory valuation and capital consumption adjustments....................... 4.4 10.0 -9.7 -.6 4.8 -28.4 29.9 -25.1 39.5 -13.8 -27.3 Consumption of fixed capital....... .9 .7 1.2 1.1 .8 .7 1.1 1.1 1.0 1.0 .8 Less: Capital transfers paid (net)........................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............ -1.4 6.2 12.1 -.1 1.7 -.3 1.0 2.3 2.3 .5 .7 Profits after tax (without inventory valuation and capital consumption adjustments)............ .5 5.4 10.8 -1.4 4.2 -1.2 .0 3.9 2.4 -1.0 -2.9 Inventory valuation adjustment....... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Capital consumption adjustment....... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ----------------------------------------------------------------------------------------------------------------------------------------------------- Table 12A. Corporate Profits by Industry--Continues [Billions of dollars; quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------ 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ------------------------------------------------------------------------------------------------------------------------------------------ Corporate profits with inventory valuation and capital consumption adjustments...................... 1,746.4 1,816.6 2,022.8 2,106.9 1,658.5 1,666.4 1,814.0 1,846.7 1,677.4 1,790.0 Domestic industries................... 1,351.2 1,394.7 1,621.0 1,703.8 1,260.8 1,271.8 1,429.4 1,442.9 1,270.6 1,381.3 Financial........................... 368.2 355.7 451.5 490.0 344.4 320.9 379.0 428.7 350.0 336.8 Nonfinancial........................ 983.0 1,039.0 1,169.4 1,213.8 916.4 951.0 1,050.4 1,014.2 920.6 1,044.5 Rest of the world..................... 395.2 421.9 401.8 403.1 397.7 394.6 384.6 403.8 406.8 408.7 Receipts from the rest of the world.............................. 584.6 644.3 644.3 657.1 565.8 577.0 584.2 611.5 625.8 644.6 Less: Payments to the rest of the world.............................. 189.4 222.4 242.5 254.0 168.1 182.4 199.6 207.6 219.0 235.9 Corporate profits with inventory valuation adjustment... 1,799.7 1,738.5 2,126.6 2,238.7 1,754.9 1,767.8 1,868.5 1,807.5 1,603.8 1,717.1 Domestic industries................... 1,404.5 1,316.6 1,724.8 1,835.6 1,357.2 1,373.2 1,483.8 1,403.7 1,197.0 1,308.3 Financial........................... 406.3 375.9 488.9 533.5 387.6 363.5 416.8 457.3 373.3 357.7 Federal Reserve banks............. 71.6 75.9 71.7 79.6 71.6 74.0 71.4 69.3 72.4 80.0 Other financial................... 334.8 300.0 417.2 453.9 316.1 289.6 345.5 388.0 300.9 277.7 Nonfinancial........................ 998.2 940.7 1,235.9 1,302.1 969.6 1,009.7 1,067.0 946.4 823.7 950.6 Utilities......................... 30.3 9.8 12.9 20.9 44.8 14.9 35.9 25.4 -2.9 29.5 Manufacturing..................... 287.6 298.1 404.2 402.4 229.9 286.4 327.6 306.6 261.1 283.1 Durable goods................... 128.1 132.5 204.1 206.3 104.5 121.1 145.7 141.1 110.5 117.1 Fabricated metal products..... 15.3 16.1 23.8 23.3 12.7 12.6 17.5 18.5 14.6 14.2 Machinery..................... 17.4 24.3 32.5 33.2 12.5 15.3 20.1 21.7 20.6 22.8 Computer and electronic products..................... 46.9 32.7 45.7 43.7 43.9 42.5 49.1 52.0 31.7 30.7 Electrical equipment, appliances, and components... 10.2 4.8 11.8 13.1 9.2 11.8 11.3 8.3 6.0 4.3 Motor vehicles, bodies and trailers, and parts.......... -9.7 -.3 22.1 22.7 -19.4 -8.7 -1.2 -9.5 -7.3 -3.3 Other durable goods........... 48.0 54.8 68.2 70.2 45.5 47.6 48.9 50.0 45.0 48.5 Nondurable goods................ 159.5 165.6 200.1 196.1 125.3 165.3 181.8 165.5 150.6 166.0 Food and beverage and tobacco products............. 46.1 40.6 45.5 54.2 43.2 46.0 51.9 43.3 41.1 42.8 Petroleum and coal products... 24.8 45.8 54.3 42.9 18.5 33.6 20.3 26.8 29.7 60.0 Chemical products............. 64.7 58.2 68.9 66.3 43.0 61.9 82.6 71.3 57.3 45.8 Other nondurable goods........ 23.9 20.9 31.4 32.8 20.6 23.8 27.1 24.1 22.4 17.5 Wholesale trade................... 102.4 94.4 136.6 154.5 99.3 118.2 114.7 77.4 71.7 89.8 Retail trade...................... 118.6 114.3 157.2 171.2 121.0 119.3 118.3 115.7 108.1 103.5 Transportation and warehousing.... 44.7 30.4 51.9 62.6 39.2 50.4 52.1 37.2 26.8 29.4 Information....................... 95.1 83.8 101.1 108.3 93.9 94.9 101.4 90.3 84.1 89.5 Other nonfinancial................ 319.5 309.9 372.0 382.2 341.5 325.7 317.1 293.7 274.8 325.9 Rest of the world..................... 395.2 421.9 401.8 403.1 397.7 394.6 384.6 403.8 406.8 408.7 ------------------------------------------------------------------------------------------------------------------------------------------ Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 12A. Corporate Profits by Industry--Table ends [Billions of dollars; quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 ---------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments...................... 1,826.6 1,972.5 1,977.9 2,024.8 2,041.0 2,047.6 2,039.4 2,103.6 2,140.7 2,143.8 1,942.1 Domestic industries................... 1,392.3 1,534.7 1,569.3 1,619.8 1,649.6 1,645.1 1,653.3 1,710.5 1,731.1 1,720.3 1,544.6 Financial........................... 317.1 419.1 431.9 433.6 487.0 453.6 463.0 482.2 510.0 504.9 418.7 Nonfinancial........................ 1,075.3 1,115.6 1,137.5 1,186.2 1,162.6 1,191.5 1,190.4 1,228.3 1,221.1 1,215.5 1,125.9 Rest of the world..................... 434.3 437.8 408.6 405.0 391.4 402.4 386.1 393.1 409.6 423.5 397.5 Receipts from the rest of the world.............................. 661.9 645.0 650.2 638.2 638.7 650.3 638.1 649.6 662.9 677.6 668.7 Less: Payments to the rest of the world.............................. 227.6 207.2 241.6 233.3 247.3 247.8 252.0 256.6 253.4 254.1 271.2 Corporate profits with inventory valuation adjustment... 1,748.8 1,884.3 2,088.6 2,130.7 2,141.8 2,145.3 2,167.3 2,235.0 2,273.7 2,278.6 2,272.6 Domestic industries................... 1,314.5 1,446.5 1,680.1 1,725.8 1,750.4 1,742.9 1,781.2 1,841.9 1,864.2 1,855.1 1,875.1 Financial........................... 336.1 436.6 468.8 470.7 524.4 491.6 504.9 525.5 554.1 549.4 480.8 Federal Reserve banks............. 76.6 74.7 73.4 72.6 67.5 73.3 71.2 75.2 82.3 89.6 88.7 Other financial................... 259.5 361.9 395.4 398.1 456.9 418.3 433.7 450.2 471.8 459.8 392.2 Nonfinancial........................ 978.4 1,009.9 1,211.3 1,255.1 1,226.0 1,251.2 1,276.3 1,316.4 1,310.1 1,305.7 1,394.2 Utilities......................... 4.8 7.9 21.0 11.6 12.1 6.9 6.8 31.1 30.0 15.8 42.3 Manufacturing..................... 314.3 333.8 402.7 419.8 392.6 401.5 388.4 383.7 392.3 445.4 432.5 Durable goods................... 134.4 168.0 207.3 210.6 199.7 198.6 193.4 202.4 216.7 212.7 234.8 Fabricated metal products..... 16.4 19.2 22.9 24.7 24.2 23.5 23.8 23.6 23.2 22.8 24.9 Machinery..................... 25.2 28.7 32.5 32.8 35.3 29.3 28.7 35.2 34.4 34.5 34.6 Computer and electronic products..................... 29.3 39.2 45.7 49.4 46.0 41.8 41.5 41.8 44.2 47.3 51.7 Electrical equipment, appliances, and components... 3.6 5.3 10.8 10.5 11.5 14.3 11.6 10.7 14.9 15.3 18.8 Motor vehicles, bodies and trailers, and parts.......... -.9 10.5 24.6 23.7 19.0 21.1 17.9 23.7 24.5 24.8 27.1 Other durable goods........... 60.8 65.0 70.7 69.6 63.7 68.5 69.9 67.4 75.5 68.0 77.8 Nondurable goods................ 179.9 165.8 195.4 209.2 192.9 202.9 195.1 181.2 175.6 232.6 197.7 Food and beverage and tobacco products............. 35.3 43.2 49.1 45.3 46.6 41.1 43.9 50.1 58.7 64.0 46.7 Petroleum and coal products... 65.6 27.9 41.7 55.2 54.6 65.5 53.1 27.8 26.5 64.0 51.7 Chemical products............. 59.8 70.0 75.0 77.4 58.5 64.8 66.8 70.3 58.0 70.1 68.7 Other nondurable goods........ 19.1 24.6 29.7 31.3 33.1 31.6 31.3 33.0 32.4 34.5 30.6 Wholesale trade................... 109.5 106.7 123.6 142.1 134.4 146.4 158.1 157.1 154.8 147.9 152.0 Retail trade...................... 112.8 132.6 153.2 155.8 149.2 170.8 166.2 179.1 175.4 164.2 168.1 Transportation and warehousing.... 26.7 38.9 51.8 53.9 53.3 48.5 60.3 61.5 62.8 65.7 73.6 Information....................... 82.3 79.4 100.7 111.6 102.5 89.6 109.7 114.6 103.2 105.6 123.0 Other nonfinancial................ 328.1 310.6 358.3 360.4 381.9 387.6 386.8 389.3 391.7 361.1 402.6 Rest of the world..................... 434.3 437.8 408.6 405.0 391.4 402.4 386.1 393.1 409.6 423.5 397.5 ---------------------------------------------------------------------------------------------------------------------------------------------------- Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 12B. Corporate Profits by Industry: Change From Preceding Period--Continues [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------ 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ------------------------------------------------------------------------------------------------------------------------------------------ Corporate profits with inventory valuation and capital consumption adjustments...................... 349.4 70.2 206.2 84.1 93.8 7.9 147.6 32.7 -169.3 112.6 Domestic industries................... 311.4 43.5 226.3 82.8 66.6 11.0 157.6 13.5 -172.3 110.7 Financial........................... 46.5 -12.5 95.8 38.5 -24.9 -23.5 58.1 49.7 -78.7 -13.2 Nonfinancial........................ 264.9 56.0 130.4 44.4 91.5 34.6 99.4 -36.2 -93.6 123.9 Rest of the world..................... 38.0 26.7 -20.1 1.3 27.3 -3.1 -10.0 19.2 3.0 1.9 Receipts from the rest of the world.............................. 86.5 59.7 .0 12.8 18.8 11.2 7.2 27.3 14.3 18.8 Less: Payments to the rest of the world.............................. 48.5 33.0 20.1 11.5 -8.5 14.3 17.2 8.0 11.4 16.9 Corporate profits with inventory valuation adjustment... 320.5 -61.2 388.1 112.1 111.4 12.9 100.7 -61.0 -203.7 113.3 Domestic industries................... 282.5 -87.9 408.2 110.8 84.1 16.0 110.6 -80.1 -206.7 111.3 Financial........................... 43.4 -30.4 113.0 44.6 -24.4 -24.1 53.3 40.5 -84.0 -15.6 Federal Reserve banks............. 24.3 4.3 -4.2 7.9 6.9 2.4 -2.6 -2.1 3.1 7.6 Other financial................... 19.3 -34.8 117.2 36.7 -31.1 -26.5 55.9 42.5 -87.1 -23.2 Nonfinancial........................ 239.0 -57.5 295.2 66.2 108.5 40.1 57.3 -120.6 -122.7 126.9 Utilities......................... 6.5 -20.5 3.1 8.0 9.3 -29.9 21.0 -10.5 -28.3 32.4 Manufacturing..................... 116.2 10.5 106.1 -1.8 29.9 56.5 41.2 -21.0 -45.5 22.0 Durable goods................... 93.7 4.4 71.6 2.2 38.9 16.6 24.6 -4.6 -30.6 6.6 Fabricated metal products..... 3.6 .8 7.7 -.5 4.3 -.1 4.9 1.0 -3.9 -.4 Machinery..................... 8.0 6.9 8.2 .7 2.2 2.8 4.8 1.6 -1.1 2.2 Computer and electronic products..................... 20.5 -14.2 13.0 -2.0 14.5 -1.4 6.6 2.9 -20.3 -1.0 Electrical equipment, appliances, and components... 1.3 -5.4 7.0 1.3 -.7 2.6 -.5 -3.0 -2.3 -1.7 Motor vehicles, bodies and trailers, and parts.......... 44.6 9.4 22.4 .6 16.3 10.7 7.5 -8.3 2.2 4.0 Other durable goods........... 15.7 6.8 13.4 2.0 2.3 2.1 1.3 1.1 -5.0 3.5 Nondurable goods................ 22.5 6.1 34.5 -4.0 -9.1 40.0 16.5 -16.3 -14.9 15.4 Food and beverage and tobacco products............. -.3 -5.5 4.9 8.7 -1.9 2.8 5.9 -8.6 -2.2 1.7 Petroleum and coal products... 11.1 21.0 8.5 -11.4 9.4 15.1 -13.3 6.5 2.9 30.3 Chemical products............. 6.1 -6.5 10.7 -2.6 -14.7 18.9 20.7 -11.3 -14.0 -11.5 Other nondurable goods........ 5.7 -3.0 10.5 1.4 -1.9 3.2 3.3 -3.0 -1.7 -4.9 Wholesale trade................... 13.1 -8.0 42.2 17.9 12.8 18.9 -3.5 -37.3 -5.7 18.1 Retail trade...................... 9.9 -4.3 42.9 14.0 7.2 -1.7 -1.0 -2.6 -7.6 -4.6 Transportation and warehousing.... 22.3 -14.3 21.5 10.7 9.7 11.2 1.7 -14.9 -10.4 2.6 Information....................... 13.9 -11.3 17.3 7.2 -9.1 1.0 6.5 -11.1 -6.2 5.4 Other nonfinancial................ 57.2 -9.6 62.1 10.2 48.7 -15.8 -8.6 -23.4 -18.9 51.1 Rest of the world..................... 38.0 26.7 -20.1 1.3 27.3 -3.1 -10.0 19.2 3.0 1.9 ------------------------------------------------------------------------------------------------------------------------------------------ Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 12B. Corporate Profits by Industry: Change From Preceding Period--Table ends [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 ---------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments...................... 36.6 145.9 5.4 46.9 16.2 6.6 -8.2 64.2 37.1 3.1 -201.7 Domestic industries................... 11.0 142.4 34.6 50.5 29.8 -4.5 8.2 57.2 20.6 -10.8 -175.7 Financial........................... -19.7 102.0 12.8 1.7 53.4 -33.4 9.4 19.2 27.8 -5.1 -86.2 Nonfinancial........................ 30.8 40.3 21.9 48.7 -23.6 28.9 -1.1 37.9 -7.2 -5.6 -89.6 Rest of the world..................... 25.6 3.5 -29.2 -3.6 -13.6 11.0 -16.3 7.0 16.5 13.9 -26.0 Receipts from the rest of the world.............................. 17.3 -16.9 5.2 -12.0 .5 11.6 -12.2 11.5 13.3 14.7 -8.9 Less: Payments to the rest of the world.............................. -8.3 -20.4 34.4 -8.3 14.0 .5 4.2 4.6 -3.2 .7 17.1 Corporate profits with inventory valuation adjustment... 31.7 135.5 204.3 42.1 11.1 3.5 22.0 67.7 38.7 4.9 -6.0 Domestic industries................... 6.2 132.0 233.6 45.7 24.6 -7.5 38.3 60.7 22.3 -9.1 20.0 Financial........................... -21.6 100.5 32.2 1.9 53.7 -32.8 13.3 20.6 28.6 -4.7 -68.6 Federal Reserve banks............. -3.4 -1.9 -1.3 -.8 -5.1 5.8 -2.1 4.0 7.1 7.3 -.9 Other financial................... -18.2 102.4 33.5 2.7 58.8 -38.6 15.4 16.5 21.6 -12.0 -67.6 Nonfinancial........................ 27.8 31.5 201.4 43.8 -29.1 25.2 25.1 40.1 -6.3 -4.4 88.5 Utilities......................... -24.7 3.1 13.1 -9.4 .5 -5.2 -.1 24.3 -1.1 -14.2 26.5 Manufacturing..................... 31.2 19.5 68.9 17.1 -27.2 8.9 -13.1 -4.7 8.6 53.1 -12.9 Durable goods................... 17.3 33.6 39.3 3.3 -10.9 -1.1 -5.2 9.0 14.3 -4.0 22.1 Fabricated metal products..... 2.2 2.8 3.7 1.8 -.5 -.7 .3 -.2 -.4 -.4 2.1 Machinery..................... 2.4 3.5 3.8 .3 2.5 -6.0 -.6 6.5 -.8 .1 .1 Computer and electronic products..................... -1.4 9.9 6.5 3.7 -3.4 -4.2 -.3 .3 2.4 3.1 4.4 Electrical equipment, appliances, and components... -.7 1.7 5.5 -.3 1.0 2.8 -2.7 -.9 4.2 .4 3.5 Motor vehicles, bodies and trailers, and parts.......... 2.4 11.4 14.1 -.9 -4.7 2.1 -3.2 5.8 .8 .3 2.3 Other durable goods........... 12.3 4.2 5.7 -1.1 -5.9 4.8 1.4 -2.5 8.1 -7.5 9.8 Nondurable goods................ 13.9 -14.1 29.6 13.8 -16.3 10.0 -7.8 -13.9 -5.6 57.0 -34.9 Food and beverage and tobacco products............. -7.5 7.9 5.9 -3.8 1.3 -5.5 2.8 6.2 8.6 5.3 -17.3 Petroleum and coal products... 5.6 -37.7 13.8 13.5 -.6 10.9 -12.4 -25.3 -1.3 37.5 -12.3 Chemical products............. 14.0 10.2 5.0 2.4 -18.9 6.3 2.0 3.5 -12.3 12.1 -1.4 Other nondurable goods........ 1.6 5.5 5.1 1.6 1.8 -1.5 -.3 1.7 -.6 2.1 -3.9 Wholesale trade................... 19.7 -2.8 16.9 18.5 -7.7 12.0 11.7 -1.0 -2.3 -6.9 4.1 Retail trade...................... 9.3 19.8 20.6 2.6 -6.6 21.6 -4.6 12.9 -3.7 -11.2 3.9 Transportation and warehousing.... -2.7 12.2 12.9 2.1 -.6 -4.8 11.8 1.2 1.3 2.9 7.9 Information....................... -7.2 -2.9 21.3 10.9 -9.1 -12.9 20.1 4.9 -11.4 2.4 17.4 Other nonfinancial................ 2.2 -17.5 47.7 2.1 21.5 5.7 -.8 2.5 2.4 -30.6 41.5 Rest of the world..................... 25.6 3.5 -29.2 -3.6 -13.6 11.0 -16.3 7.0 16.5 13.9 -26.0 ---------------------------------------------------------------------------------------------------------------------------------------------------- Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 12C. Revisions to Corporate Profits by Industry --------------------------------------------------------------------------------------------------------------------------------- Billions of dollars ------------------------ ------------------------ Revisions as a Revised Revisions to percentage of estimates previously previously published published ------------------------ ------------------------ ------------------------ 2011 2012 2013 2011 2012 2013 2011 2012 2013 --------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments........................... 1,816.6 2,022.8 2,106.9 -61.1 13.3 4.8 -3.3 .7 .2 Domestic industries.................. 1,394.7 1,621.0 1,703.8 -46.5 30.5 17.8 -3.2 1.9 1.1 Financial.......................... 355.7 451.5 490.0 .1 29.5 33.5 .0 7.0 7.3 Nonfinancial....................... 1,039.0 1,169.4 1,213.8 -46.6 .9 -15.8 -4.3 .1 -1.3 Rest of the world.................... 421.9 401.8 403.1 -14.7 -17.1 -12.9 -3.4 -4.1 -3.1 Receipts from the rest of the world............................. 644.3 644.3 657.1 -9.4 -21.6 -13.3 -1.4 -3.2 -2.0 Less: Payments to the rest of the world............................. 222.4 242.5 254.0 5.2 -4.5 -.3 2.4 -1.8 -.1 Corporate profits with inventory valuation adjustment........ 1,738.5 2,126.6 2,238.7 -52.8 -53.4 -24.7 -2.9 -2.4 -1.1 Domestic industries.................. 1,316.6 1,724.8 1,835.6 -38.2 -36.3 -11.8 -2.8 -2.1 -.6 Financial.......................... 375.9 488.9 533.5 -8.2 11.5 21.5 -2.1 2.4 4.2 Federal Reserve banks............ 75.9 71.7 79.6 .0 .0 -5.7 .0 .0 -6.7 Other financial.................. 300.0 417.2 453.9 -8.1 11.5 27.2 -2.6 2.8 6.4 Nonfinancial....................... 940.7 1,235.9 1,302.1 -30.0 -47.8 -33.2 -3.1 -3.7 -2.5 Utilities........................ 9.8 12.9 20.9 -1.3 -24.2 -22.0 -11.7 -65.2 -51.3 Manufacturing.................... 298.1 404.2 402.4 -5.8 -.1 1.8 -1.9 .0 .4 Durable goods.................. 132.5 204.1 206.3 -3.1 7.1 4.9 -2.3 3.6 2.4 Nondurable goods............... 165.6 200.1 196.1 -2.7 -7.2 -3.1 -1.6 -3.5 -1.6 Wholesale trade.................. 94.4 136.6 154.5 -1.9 -1.2 2.3 -2.0 -.9 1.5 Retail trade..................... 114.3 157.2 171.2 -1.8 8.0 10.0 -1.6 5.4 6.2 Transportation and warehousing... 30.4 51.9 62.6 -1.7 .4 3.9 -5.3 .8 6.6 Information...................... 83.8 101.1 108.3 -3.6 -9.5 -16.2 -4.1 -8.6 -13.0 Other nonfinancial............... 309.9 372.0 382.2 -13.8 -21.2 -13.0 -4.3 -5.4 -3.3 Rest of the world.................... 421.9 401.8 403.1 -14.7 -17.1 -12.9 -3.4 -4.1 -3.1 Corporate profits before tax without inventory valuation and capital consumption adjustments............... 1,806.8 2,136.1 2,235.3 -40.6 -53.9 -28.4 -2.2 -2.5 -1.3 Addenda: Corporate profits after tax with inventory valuation and capital consumption adjustments............. 1,437.5 1,568.0 1,632.6 -66.0 -6.7 -50.6 -4.4 -.4 -3.0 Net cash flow with inventory valuation adjustment................ 2,071.5 2,066.5 2,080.8 -75.2 -110.6 -128.7 -3.5 -5.1 -5.8 Undistributed profits with inventory valuation and capital consumption adjustments....................... 733.9 710.9 673.0 -68.0 -93.4 -108.2 -8.5 -11.6 -13.9 Consumption of fixed capital....... 1,298.8 1,348.5 1,402.1 -7.2 -17.2 -20.5 -.6 -1.3 -1.4 Less: Capital transfers paid (net)........................ -38.8 -7.1 -5.7 .0 .0 .0 ..... ..... ..... --------------------------------------------------------------------------------------------------------------------------------- Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business--Continues [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------ 2010 2011 2012 2013 I 10 II 10 III 10 IV 10 I 11 II 11 ------------------------------------------------------------------------------------------------------------------------------------------------ Billions of dollars ---------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business..................... 7,238.7 7,592.3 8,030.3 8,287.0 7,069.8 7,189.1 7,343.3 7,352.8 7,412.4 7,578.3 Consumption of fixed capital................ 1,094.6 1,139.2 1,183.8 1,229.8 1,087.8 1,091.6 1,095.1 1,103.9 1,118.8 1,135.0 Net value added............................. 6,144.2 6,453.1 6,846.5 7,057.2 5,982.0 6,097.5 6,248.2 6,249.0 6,293.6 6,443.3 Compensation of employees................. 4,158.7 4,363.4 4,592.9 4,749.4 4,077.7 4,148.1 4,188.8 4,220.3 4,335.3 4,350.3 Wages and salaries...................... 3,446.1 3,622.9 3,826.5 3,956.0 3,379.7 3,437.4 3,470.8 3,496.6 3,599.9 3,612.2 Supplements to wages and salaries....... 712.6 740.4 766.4 793.3 698.0 710.7 718.0 723.7 735.4 738.1 Taxes on production and imports less subsidies................................ 633.0 670.6 692.2 715.2 624.6 631.1 636.3 640.1 661.5 671.5 Net operating surplus..................... 1,352.5 1,419.1 1,561.3 1,592.6 1,279.8 1,318.3 1,423.2 1,388.6 1,296.8 1,421.5 Net interest and miscellaneous payments............................... 286.2 289.7 299.5 293.8 282.7 286.1 287.6 288.3 287.4 288.0 Business current transfer payments (net) 83.3 90.4 92.4 85.0 80.6 81.3 85.1 86.1 88.7 89.1 Corporate profits with inventory valuation and capital consumption adjustments............................ 983.0 1,039.0 1,169.4 1,213.8 916.4 951.0 1,050.4 1,014.2 920.6 1,044.5 Taxes on corporate income............. 220.6 228.8 271.4 329.3 208.8 220.2 229.3 223.9 219.8 225.8 Profits after tax with inventory valuation and capital consumption adjustments.......................... 762.4 810.2 898.1 884.5 707.6 730.8 821.1 790.3 700.9 818.7 Net dividends....................... 375.5 441.0 520.6 536.9 356.8 346.3 394.3 404.4 414.4 432.2 Undistributed profits with inventory valuation and capital consumption adjustments............ 387.0 369.2 377.5 347.6 350.8 384.4 426.8 385.9 286.4 386.5 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............................. 1,039.2 1,009.0 1,245.4 1,298.8 1,009.7 1,030.3 1,085.1 1,031.6 967.6 1,040.1 Profits after tax (without inventory valuation and capital consumption adjustments)............................. 818.6 780.2 974.1 969.5 800.9 810.1 855.7 807.7 747.8 814.3 Inventory valuation adjustment............ -41.0 -68.3 -9.5 3.3 -40.1 -20.6 -18.1 -85.3 -143.9 -89.5 Capital consumption adjustment............ -15.2 98.3 -66.5 -88.3 -53.2 -58.7 -16.6 67.9 96.9 93.9 ---------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars ---------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business\1\.................. 7,240.0 7,421.5 7,742.6 7,922.1 7,172.0 7,222.7 7,311.2 7,254.3 7,313.8 7,421.1 Consumption of fixed capital\2\............. 1,093.5 1,117.1 1,143.3 1,173.7 1,090.7 1,091.9 1,094.0 1,097.3 1,105.9 1,113.7 Net value added\3\.......................... 6,146.6 6,304.5 6,599.3 6,748.4 6,081.3 6,130.8 6,217.2 6,156.9 6,207.8 6,307.5 ---------------------------------------------------------------------------------------------------- Dollars; quarters seasonally adjusted ---------------------------------------------------------------------------------------------------- Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business\4\.... 1.000 1.023 1.037 1.046 .986 .995 1.004 1.014 1.013 1.021 Compensation of employees (unit labor cost).................................... .574 .588 .593 .600 .569 .574 .573 .582 .593 .586 Unit nonlabor cost........................ .290 .296 .293 .293 .289 .290 .288 .292 .295 .294 Consumption of fixed capital............ .151 .154 .153 .155 .152 .151 .150 .152 .153 .153 Taxes on production and imports less subsidies plus business current transfer payments (net)................ .099 .103 .101 .101 .098 .099 .099 .100 .103 .102 Net interest and miscellaneous payments. .040 .039 .039 .037 .039 .040 .039 .040 .039 .039 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)......... .136 .140 .151 .153 .128 .132 .144 .140 .126 .141 Taxes on corporate income............... .030 .031 .035 .042 .029 .030 .031 .031 .030 .030 Profits after tax with inventory valuation and capital consumption adjustments............................ .105 .109 .116 .112 .099 .101 .112 .109 .096 .110 ------------------------------------------------------------------------------------------------------------------------------------------------ 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2009 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business--Table ends [Quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------------------------------------------- III 11 IV 11 I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 ---------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars -------------------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business..................... 7,671.3 7,707.2 7,942.9 8,016.8 8,007.9 8,153.6 8,190.5 8,283.2 8,314.2 8,360.1 8,389.2 Consumption of fixed capital................ 1,147.4 1,155.7 1,168.3 1,180.3 1,189.2 1,197.4 1,211.0 1,223.7 1,235.6 1,248.9 1,263.1 Net value added............................. 6,524.0 6,551.5 6,774.6 6,836.5 6,818.7 6,956.1 6,979.5 7,059.5 7,078.6 7,111.2 7,126.1 Compensation of employees................. 4,395.1 4,372.7 4,550.0 4,562.6 4,576.9 4,682.1 4,695.8 4,740.5 4,763.2 4,798.1 4,899.2 Wages and salaries...................... 3,648.9 3,630.6 3,791.2 3,801.5 3,813.4 3,899.9 3,911.9 3,948.7 3,967.4 3,996.2 4,087.3 Supplements to wages and salaries....... 746.1 742.1 758.8 761.0 763.6 782.2 783.9 791.8 795.8 801.9 811.8 Taxes on production and imports less subsidies................................ 671.5 678.0 690.5 692.2 689.9 696.3 710.2 708.6 718.1 723.9 725.4 Net operating surplus..................... 1,457.5 1,500.7 1,534.2 1,581.6 1,551.9 1,577.7 1,573.5 1,610.5 1,597.3 1,589.2 1,501.6 Net interest and miscellaneous payments............................... 290.4 293.0 297.2 300.0 300.7 300.0 295.9 293.8 293.2 292.2 292.9 Business current transfer payments (net) 91.8 92.2 99.4 95.4 88.6 86.2 87.2 88.3 83.0 81.5 82.8 Corporate profits with inventory valuation and capital consumption adjustments............................ 1,075.3 1,115.6 1,137.5 1,186.2 1,162.6 1,191.5 1,190.4 1,228.3 1,221.1 1,215.5 1,125.9 Taxes on corporate income............. 235.6 234.0 268.3 266.2 269.1 281.8 330.3 326.0 319.3 341.8 366.2 Profits after tax with inventory valuation and capital consumption adjustments.......................... 839.6 881.6 869.1 920.1 893.4 909.6 860.1 902.3 901.8 873.6 759.7 Net dividends....................... 447.9 469.7 459.8 465.0 499.8 657.7 517.3 515.9 597.8 516.5 575.0 Undistributed profits with inventory valuation and capital consumption adjustments............ 391.8 411.9 409.3 455.1 393.6 251.9 342.8 386.4 304.0 357.1 184.7 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)............................. 1,011.0 1,017.1 1,243.6 1,243.8 1,239.9 1,254.3 1,278.0 1,301.2 1,307.3 1,308.7 1,418.8 Profits after tax (without inventory valuation and capital consumption adjustments)............................. 775.4 783.1 975.3 977.6 970.8 972.5 947.7 975.2 988.0 966.9 1,052.6 Inventory valuation adjustment............ -32.6 -7.2 -32.3 11.3 -13.9 -3.1 -1.7 15.2 2.8 -3.0 -24.6 Capital consumption adjustment............ 96.8 105.7 -73.9 -68.9 -63.5 -59.8 -85.9 -88.1 -89.1 -90.3 -268.4 -------------------------------------------------------------------------------------------------------------- Billions of chained (2009) dollars -------------------------------------------------------------------------------------------------------------- Gross value added of nonfinancial corporate business\1\.................. 7,422.7 7,528.4 7,703.4 7,749.5 7,706.4 7,811.3 7,842.3 7,929.7 7,936.8 7,979.7 7,996.7 Consumption of fixed capital\2\............. 1,120.9 1,127.7 1,133.6 1,139.9 1,146.3 1,153.4 1,161.6 1,169.7 1,177.6 1,186.2 1,194.6 Net value added\3\.......................... 6,301.8 6,400.7 6,569.9 6,609.6 6,560.1 6,657.9 6,680.7 6,760.0 6,759.2 6,793.6 6,802.1 -------------------------------------------------------------------------------------------------------------- Dollars; quarters seasonally adjusted -------------------------------------------------------------------------------------------------------------- Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business\4\.... 1.033 1.024 1.031 1.034 1.039 1.044 1.044 1.045 1.048 1.048 1.049 Compensation of employees (unit labor cost).................................... .592 .581 .591 .589 .594 .599 .599 .598 .600 .601 .613 Unit nonlabor cost........................ .297 .295 .294 .293 .294 .291 .294 .291 .294 .295 .296 Consumption of fixed capital............ .155 .154 .152 .152 .154 .153 .154 .154 .156 .157 .158 Taxes on production and imports less subsidies plus business current transfer payments (net)................ .103 .102 .103 .102 .101 .100 .102 .100 .101 .101 .101 Net interest and miscellaneous payments. .039 .039 .039 .039 .039 .038 .038 .037 .037 .037 .037 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)......... .145 .148 .148 .153 .151 .153 .152 .155 .154 .152 .141 Taxes on corporate income............... .032 .031 .035 .034 .035 .036 .042 .041 .040 .043 .046 Profits after tax with inventory valuation and capital consumption adjustments............................ .113 .117 .113 .119 .116 .116 .110 .114 .114 .109 .095 ---------------------------------------------------------------------------------------------------------------------------------------------------------- 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2009 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. Note. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change--Continues [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------- 2010 2011 2012 2013 IV 10 I 11 II 11 III 11 IV 11 -------------------------------------------------------------------------------------------------------------- Percent change from preceding period -------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP) and related aggregates: GDP................................. 2.5 1.6 2.3 2.2 2.5 -1.5 2.9 .8 4.6 Goods............................... 8.7 3.8 4.5 4.2 5.2 -1.7 5.7 -1.4 15.7 Services............................ 1.1 .9 .8 1.2 1.5 -.1 1.1 1.0 -.7 Structures.......................... -7.8 -1.2 7.0 2.9 .5 -13.6 9.1 9.2 7.5 Motor vehicle output................ 30.2 10.0 12.9 4.8 -13.2 32.8 -7.1 12.0 23.1 GDP excluding motor vehicle output............................. 2.0 1.4 2.1 2.1 2.9 -2.2 3.2 .6 4.1 Final sales of computers\1\......... -4.5 9.0 11.9 12.9 34.6 9.0 8.2 10.2 22.4 GDP excluding final sales of computers.......................... 2.6 1.6 2.3 2.2 2.4 -1.6 2.9 .8 4.5 Research and development............ 1.9 .2 .9 .9 2.2 -3.0 -1.6 -.1 3.2 GDP excluding research and development........................ 2.5 1.6 2.4 2.3 2.6 -1.5 3.1 .9 4.6 Farm gross value added\2\........... 1.5 -5.2 -5.7 14.3 -25.6 19.1 -31.5 -.1 26.7 Nonfarm business gross value added\3\........................... 3.2 2.2 3.2 2.6 3.8 -2.5 4.5 1.1 5.8 Price indexes: GDP................................. 1.2 2.1 1.8 1.5 2.1 1.8 3.0 2.3 .6 GDP excluding food and energy\4\.... 1.4 1.9 1.7 1.6 1.7 2.1 2.8 1.9 .9 GDP excluding final sales of computers.......................... 1.3 2.1 1.8 1.5 2.1 1.8 3.0 2.4 .6 Gross domestic purchases............ 1.5 2.4 1.7 1.3 2.3 3.0 3.8 1.9 .9 Gross domestic purchases excluding food and energy\4\................. 1.3 1.8 1.7 1.4 1.4 2.0 2.8 1.8 1.0 Gross domestic purchases excluding final sales of computers to domestic purchasers................ 1.6 2.5 1.8 1.3 2.3 3.1 3.9 2.0 1.0 Personal consumption expenditures (PCE).............................. 1.7 2.5 1.8 1.2 2.1 3.0 4.1 2.1 1.4 PCE excluding food and energy\4\.... 1.3 1.5 1.8 1.3 .8 1.4 2.5 2.0 1.6 Market-based PCE\5\................. 1.5 2.5 1.8 1.1 2.1 3.2 4.2 2.2 1.4 Market-based PCE excluding food and energy\5\...................... 1.0 1.4 1.8 1.2 .6 1.3 2.4 2.1 1.6 -------------------------------------------------------------------------------------------------------------- Contributions to percent change in real gross domestic product -------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product.............. 2.5 1.6 2.3 2.2 2.5 -1.5 2.9 .8 4.6 Percentage points at annual rates: Goods............................... 2.43 1.11 1.33 1.27 1.52 -.53 1.65 -.42 4.47 Services............................ .71 .57 .51 .74 .98 -.03 .71 .66 -.40 Structures.......................... -.61 -.08 .48 .21 .04 -.98 .59 .60 .51 Motor vehicle output................ .53 .22 .31 .13 -.32 .65 -.18 .27 .52 Final sales of computers............ -.02 .04 .05 .05 .12 .04 .04 .04 .08 Research and development............ .05 .00 .02 .02 .06 -.07 -.04 .00 .08 -------------------------------------------------------------------------------------------------------------- 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. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change--Table Ends [Quarters seasonally adjusted at annual rates] ---------------------------------------------------------------------------------------------------------------------- I 12 II 12 III 12 IV 12 I 13 II 13 III 13 IV 13 I 14 II 14 ---------------------------------------------------------------------------------------------------------------------- Percent change from preceding period ---------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP) and related aggregates: GDP................................. 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.0 Goods............................... 2.4 2.7 3.4 -.9 7.6 .6 10.8 8.1 -8.5 10.5 Services............................ 1.2 .8 2.2 .3 1.3 1.2 1.1 1.8 1.4 .4 Structures.......................... 11.5 4.2 1.2 2.2 -4.4 12.2 8.3 -.4 -3.8 8.0 Motor vehicle output................ 28.4 6.1 2.6 -6.2 17.9 7.6 -10.6 18.5 3.3 18.5 GDP excluding motor vehicle output............................. 1.6 1.5 2.5 .2 2.4 1.6 5.0 3.1 -2.3 3.6 Final sales of computers\1\......... 15.0 -10.9 21.9 35.5 8.7 16.1 -4.0 6.2 17.8 7.7 GDP excluding final sales of computers.......................... 2.2 1.7 2.4 -.1 2.7 1.7 4.6 3.5 -2.2 3.9 Research and development............ -1.1 1.9 1.0 3.8 1.2 .2 -2.9 -.8 2.9 .8 GDP excluding research and development........................ 2.3 1.6 2.5 .0 2.8 1.8 4.7 3.6 -2.2 4.0 Farm gross value added\2\........... -11.0 .1 -28.3 -14.1 82.6 14.1 28.3 -3.2 -49.9 -21.3 Nonfarm business gross value added\3\........................... 3.3 2.3 3.7 .1 2.4 2.0 5.6 4.7 -2.4 5.2 Price indexes: GDP................................. 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.0 GDP excluding food and energy\4\.... 2.6 1.4 1.3 1.6 1.7 1.3 1.9 1.8 1.2 1.8 GDP excluding final sales of computers.......................... 2.1 1.9 2.1 1.4 1.4 1.3 1.7 1.5 1.3 2.0 Gross domestic purchases............ 2.3 1.1 1.2 1.7 1.2 .8 1.7 1.4 1.4 1.9 Gross domestic purchases excluding food and energy\4\................. 2.4 1.4 1.2 1.5 1.5 1.2 1.5 1.7 1.3 1.7 Gross domestic purchases excluding final sales of computers to domestic purchasers................ 2.4 1.1 1.3 1.8 1.3 .8 1.7 1.5 1.4 1.9 Personal consumption expenditures (PCE).............................. 2.1 1.3 1.3 1.8 1.0 .5 1.7 1.0 1.4 2.3 PCE excluding food and energy\4\.... 2.1 1.9 1.2 1.4 1.4 1.0 1.4 1.3 1.2 2.0 Market-based PCE\5\................. 2.1 1.2 1.3 1.5 1.0 .1 1.7 .7 1.2 2.3 Market-based PCE excluding food and energy\5\...................... 2.1 1.8 1.3 1.0 1.5 .7 1.4 1.0 1.0 1.9 ---------------------------------------------------------------------------------------------------------------------- Contributions to percent change in real gross domestic product ---------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product.............. 2.3 1.6 2.5 .1 2.7 1.8 4.5 3.5 -2.1 4.0 Percentage points at annual rates: Goods............................... .76 .84 1.03 -.28 2.23 .16 3.18 2.43 -2.69 3.08 Services............................ .73 .49 1.37 .18 .83 .76 .74 1.10 .86 .28 Structures.......................... .77 .29 .09 .15 -.32 .84 .60 -.03 -.29 .59 Motor vehicle output................ .66 .16 .07 -.17 .45 .20 -.31 .47 .09 .48 Final sales of computers............ .06 -.05 .08 .12 .04 .06 -.02 .03 .07 .03 Research and development............ -.03 .05 .03 .10 .03 .01 -.08 -.02 .07 .02 ---------------------------------------------------------------------------------------------------------------------- 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.