EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JULY 30, 2015 BEA 15-35 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 2015 (ADVANCE ESTIMATE) ANNUAL REVISION: 2012 THROUGH FIRST QUARTER 2015 Real gross domestic product -- the value of the production of goods and services in the United States, adjusted for price changes -- increased at an annual rate of 2.3 percent in the second quarter of 2015, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.6 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 27, 2015. The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), exports, state and local government spending, and residential fixed investment that were partly offset by negative contributions from federal government spending, private inventory investment, and nonresidential 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 2015. In addition to the regular revision of the estimates for the most recent 3 years and for the first quarter of 2015, some series are revised back further (see the Technical Note). More information is available in "Preview of the 2015 Annual Revision of the NIPAs" (www.bea.gov/scb/pdf/2015/06 June/0615_preview_of_2015_annual_revision_of_national_income_and_product_accounts.pdf) in the June Survey of Current Business and on BEA's Web site (www.bea.gov/national/an1.htm#2015annualrevision). The August Survey will contain an article that describes the results. _____ _____NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2009) dollars. Price indexes are chain-type measures. This news release is available on BEA's Web site (www.bea.gov) along with the Technical Note (www.bea.gov/newsreleases/national/gdp/2015/tech2q15_adv.htm) and Highlights (www.bea.gov/newsreleases/national/gdp/2015/pdf/gdp2q15_adv_fax.pdf) related to this release. _____ The acceleration in real GDP growth in the second quarter reflected an upturn in exports, an acceleration in PCE, a deceleration in imports, and an upturn in state and local government spending that were partly offset by downturns in private inventory investment, in nonresidential fixed investment, and in federal government spending and a deceleration in residential fixed investment. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.4 percent in the second quarter, in contrast to a decrease of 1.6 percent in the first. Excluding food and energy prices, the price index for gross domestic purchases increased 1.1 percent, compared with an increase of 0.2 percent. Real personal consumption expenditures increased 2.9 percent in the second quarter, compared with an increase of 1.8 percent in the first. Durable goods increased 7.3 percent, compared with an increase of 2.0 percent. Nondurable goods increased 3.6 percent, compared with an increase of 0.7 percent. Services increased 2.1 percent, the same increase as in the first quarter. Real nonresidential fixed investment decreased 0.6 percent in the second quarter, in contrast to an increase of 1.6 percent in the first. Investment in nonresidential structures decreased 1.6 percent, compared with a decrease of 7.4 percent. Investment in equipment decreased 4.1 percent, in contrast to an increase of 2.3 percent. Investment in intellectual property products increased 5.5 percent, compared with an increase of 7.4 percent. Real residential fixed investment increased 6.6 percent, compared with an increase of 10.1 percent. Real exports of goods and services increased 5.3 percent in the second quarter, in contrast to a decrease of 6.0 percent in the first. Real imports of goods and services increased 3.5 percent, compared with an increase of 7.1 percent. Real federal government consumption expenditures and gross investment decreased 1.1 percent in the second quarter, in contrast to an increase of 1.1 percent in the first. National defense decreased 1.5 percent, in contrast to an increase of 1.0 percent. Nondefense decreased 0.5 percent, in contrast to an increase of 1.2 percent. Real state and local government consumption expenditures and gross investment increased 2.0 percent, in contrast to a decrease of 0.8 percent. The change in real private inventories subtracted 0.08 percentage point from the second-quarter change in real GDP after adding 0.87 percentage point to the first-quarter change. Private businesses increased inventories $110.0 billion in the second quarter, following increases of $112.8 billion in the first quarter and $78.2 billion in the fourth. Real final sales of domestic product -- GDP less change in private inventories -- increased 2.4 percent in the second quarter, in contrast to a decrease of 0.2 percent in the first. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.1 percent in the second quarter, compared with an increase of 2.5 percent in the first. Disposition of personal income Current-dollar personal income increased $145.0 billion in the second quarter, compared with an increase of $118.9 billion in the first. The acceleration in personal income primarily reflected upturns in personal interest income and in farm proprietors' income that were partly offset by decelerations in government social benefits and in personal dividend income. Personal current taxes increased $26.3 billion in the second quarter, compared with an increase of $60.2 billion in the first. Disposable personal income increased $118.6 billion, or 3.7 percent, in the second quarter, compared with an increase of $58.7 billion, or 1.8 percent, in the first. Real disposable personal income increased 1.5 percent, compared with an increase of 3.8 percent. Personal outlays increased $161.9 billion in the second quarter, in contrast to a decrease of $10.3 billion in the first. Personal saving -- disposable personal income less personal outlays -- was $640.1 billion in the second quarter, compared with $683.3 billion in the first. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.8 percent in the second quarter, compared with 5.2 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 production of goods and services in the United States -- increased 4.4 percent, or $191.2 billion, in the second quarter to a level of $17,840.5 billion. In the first quarter, current-dollar GDP increased 0.8 percent, or $33.3 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 2015 For the first quarter of 2015, real GDP is now estimated to have increased 0.6 percent; in the previously published estimates, first-quarter GDP was estimated to have decreased 0.2 percent. The 0.8- percentage point upward revision to the percent change in first-quarter real GDP primarily reflected upward revisions to nonresidential fixed investment, to private inventory investment, to residential fixed investment, and to federal government spending that were partly offset by a downward revision to PCE. Previous Estimate Revised Real GDP............................... -0.2 0.6 Current-dollar GDP..................... -0.2 0.8 Real GDI............................... 1.9 0.3 Gross domestic purchases price index... -1.6 -1.6 A new aggregate, the average of GDP and GDI, is a supplemental measure of U.S. economic activity. In real, or inflation-adjusted, terms this measure increased 0.5 percent in the first quarter of 2015; estimates for the second quarter will be available next month along with the estimate of second- quarter GDI. Annual 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). These revisions, usually made each July, incorporate newly available and more comprehensive source data, as well as improved estimation methodologies. For this annual revision, the notable revisions primarily reflect the incorporation of newly available and revised source data. The timespan of the revisions is the first quarter of 2012 through the first quarter of 2015 with two exceptions. First, a new treatment of federal refundable tax credits revised some series, including personal income, personal current taxes, government current receipts, and government current expenditures, back to 1976. Second, an updated presentation of the transfer and tax flows between the United States and the rest of the world resulted in revisions to the foreign transactions estimates back to 1999. The reference year remains 2009. None of the changes affected the current reference year for price and quantity measures; revisions to GDP and its components are limited to 2012 and later. 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 and 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. * Table 4A shows the percent change in the chain-type price indexes for GDP and related measures. * 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 2015 Survey of Current Business will contain an article describing these revisions. Revisions to real GDP The revisions largely reflect the incorporation of newly available and revised source data (see the box below) and improvements to estimating methodologies. * From 2011 to 2014, 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 2.3 percent. From the fourth quarter of 2011 to the first quarter of 2015, 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 during this period. * The percent change in real GDP was revised down 0.1 percentage point for 2012, was revised down 0.7 percentage point for 2013, and was unrevised for 2014. o For 2012, downward revisions to personal consumption expenditures (PCE) and to state and local government spending were partly offset by an upward revision to nonresidential fixed investment. o For 2013, the largest contributors to the downward revision were downward revisions to PCE, to state and local government spending, and to residential fixed investment. o For 2014, an upward revision to PCE was offset by downward revisions to state and local government spending, to federal government spending, and to inventory investment. * The revisions to the annual estimates typically reflect partly offsetting revisions to the quarters within the year. o For 2012, the annual rate of change in GDP was revised down 2.0 percentage points for the third quarter, while the rate of change for the first and second quarters were revised up 0.4 percentage point and 0.3 percentage point, respectively; the growth rate for the fourth quarter was unrevised. o For 2013, downward revisions of 0.8 percentage point for the first quarter, 0.7 percentage point for the second quarter, and 1.5 percentage points for the third quarter were partly offset by an upward revision of 0.3 percentage point for the fourth quarter. o For 2014, an upward revision of 1.2 percentage points for the first quarter was offset by downward revisions of 0.7 percentage point for the third quarter and 0.1 percentage point for the fourth quarter; the second quarter was unrevised. * For the first quarter of 2012 through the first quarter of 2015, the average revision (without regard to sign) to the percent change in real GDP was 0.7 percentage point. The revisions changed the direction of growth in real GDP for only one of the quarters: the first quarter of 2015. * For the expansion from the second quarter of 2009 to the first quarter of 2015, real GDP increased at an average annual rate of 2.1 percent, 0.1 percentage point less than in the previously published estimates. * Current-dollar GDP was revised down for all 3 years: $7.9 billion, or less than 0.1 percent, for 2012; $104.9 billion, or 0.6 percent, for 2013; and $70.9 billion, or 0.4 percent, for 2014. Gross domestic income (GDI) and the statistical discrepancy * From 2011 to 2014, real GDI increased at an average annual rate of 2.4 percent; in the previously published estimates, real GDI had increased at an average annual rate of 2.6 percent. From the fourth quarter of 2011 to the first quarter of 2015, real GDI increased at an average annual rate of 2.3 percent; in the previously published estimates, real GDI had increased at an average annual rate of 2.7 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 unrevised (-1.3 percent) for 2012, was revised up from -1.3 percent to -1.1 percent for 2013, and was revised down from -1.0 percent to -1.2 percent for 2014. * The average of GDP and GDI is a supplemental measure of U.S. economic activity. In real, or inflation-adjusted, terms this measure increased at an average annual rate of 2.2 percent from 2011 to 2014. Revisions to price measures * Gross domestic purchases -- From the fourth quarter of 2011 to the first quarter of 2015, the average annual rate of increase in the price index for gross domestic purchases was revised up from 1.1 percent to 1.2 percent. * Personal consumption expenditures -- From the fourth quarter of 2011 to the first quarter of 2015, the average annual rate of increase in the price index for PCE was 1.1 percent, 0.1 percentage point higher than in the previously published estimates; the increase in the "core" PCE price index (which excludes food and energy) was also revised up 0.1 percentage point, from 1.4 percent to 1.5 percent. Revisions to income and saving measures * National income was revised down $7.6 billion, or 0.1 percent, for 2012, was revised down $118.7 billion, or 0.8 percent, for 2013, and was unrevised for 2014. o For 2012, downward revisions to corporate profits and to proprietors' income were partly offset by an upward revision to net interest. o For 2013, downward revisions to corporate profits, to proprietors' income, and to rental income of persons were partly offset by upward revisions to taxes on production and imports, to net interest, and to current surplus of government enterprises. o For 2014, offsetting revisions of note include downward revisions to proprietors' income, to rental income of persons, and to corporate profits and upward revisions to net interest, to wages and salaries, and to current surplus of government enterprises. * Corporate profits was revised down $24.6 billion, or 1.2 percent, for 2012, was revised down $69.5 billion, or 3.3 percent, for 2013, and was revised down $16.9 billion, or 0.8 percent, for 2014. * Personal income was revised up $27.4 billion, or 0.2 percent, for 2012, was revised down $98.5 billion, or 0.7 percent, for 2013, and was revised down $39.7 billion, or 0.3 percent, for 2014. * From 2011 to 2014, the average annual rate of growth of real disposable personal income was revised down 0.3 percentage point from 1.8 percent to 1.5 percent. * The personal saving rate (personal saving as a percentage of disposable personal income) was revised up from 7.2 percent to 7.6 percent for 2012, was revised down from 4.9 percent to 4.8 percent for 2013, and was revised down from 4.9 percent to 4.8 percent for 2014. New and revised source data This annual revision incorporated data from the following major federal statistical sources: Agency Data Years Covered and Vintage Census Bureau Annual survey of wholesale trade 2012 (revised) and 2013 (new) Annual survey of retail trade 2012 (revised) and 2013 (new) Annual survey of manufactures 2013 (new) Economic census 2012 (new) Monthly surveys of manufactures, merchant wholesale trade, and retail trade 2012-2014 (revised) Service annual survey 2012 and 2013 (revised), 2014 (new) Annual surveys of state and local government finances Fiscal years 2012 (revised) and 2013 (new) Monthly survey of construction spending (value put in place) 2013 and 2014 (revised) Quarterly services survey 2012-2014 (revised) Current population survey/housing vacancy survey 2012 and 2013 (revised), 2014 (new) Office of Management and Budget Federal Budget Fiscal years 2014 and 2015 Internal Revenue Service Tabulations of tax returns for corporations 2012 (revised) and 2013 (new) Tabulations of tax returns for sole proprietorships and partnerships 2012 (revised) and 2013 (new) BLS Quarterly census of employment and wages 2012-2014 ( revised) Department of Agriculture Farm statistics 2012-2014 (revised) BEA International transactions accounts 2012-2014 (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: * Two new statistics that facilitate the analysis of macroeconomic trends in the U.S. economy are now presented in BEA's current quarterly GDP news release and data tables. "The average of GDP and GDI" provides a supplemental measure of U.S. production that reflects timing and measurement variations between GDP and GDI. "Final sales to private domestic purchasers" provides a measure of private demand in the U.S. economy. It reflects consumer spending and investment spending by private businesses and excludes spending by governments, net exports, and private inventory investment. * BEA introduced new seasonal adjustments and refinements to existing seasonal adjustment methods for a number of GDP and GDI components, including federal defense spending, consumer spending on services, net interest, and corporate profits. * BEA used Bureau of Labor Statistics producer price indexes for portfolio management services, for investment advice services, and for commercial bank trust services to deflate consumer spending on these financial services. These new price indexes replaced the use of input cost indexes and better reflect the prices charged by providers of these financial services. * BEA reclassified federal government refundable tax credits as government social benefits and no longer records the portion of these tax credits that reduce a person's tax liability as reductions in the income taxes paid by persons. This new treatment allows users to see the full costs and benefits of these tax policies to the government and to recipients. This reclassification had offsetting impacts to personal income and to personal current taxes beginning with 1976; the personal saving rate was not impacted by this change. * For more information about these changes, see "Preview of the 2015 Annual Revision of the NIPAs" (www.bea.gov/scb/pdf/2015/06 June/0615_preview_of_2015_annual_revision_of_national_income_and_product_accounts.pdf) in the June Survey of Current Business. * * * 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 27, 2015 at 8:30 A.M. EDT for: Gross Domestic Product: Second Quarter 2015 (Second Estimate) Corporate Profits: Second Quarter 2015 (Preliminary Estimate) Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source data that are incomplete or subject to further revision by the source agency, are released near the end of the first month following the end of the quarter; as more detailed and more comprehensive data become available, 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, which are typically released in late July. Annual revisions, cover at a minimum the quarters of the 3 most recent calendar years, 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 real and current- dollar 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 1.2 percentage points. Larger average revisions for the latest estimates reflect the fact that comprehensive revisions include major improvements, such as the incorporation of BEA’s latest benchmark input-output accounts. 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 The quarterly estimates correctly indicate the direction of change of real GDP 96 percent of the time, correctly indicate whether GDP is accelerating or decelerating about 75 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth about 83 percent of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages Average Average without Standard deviation of compared regard to sign revisions without regard to sign ________________________________________________________Real GDP_____________________________________________________ Advance to second.................... 0.1 0.5 0.4 Advance to third..................... .1 .6 .4 Second to third...................... .0 .2 .2 Advance to latest.................... -0.1 1.2 1.0 ____________________________________________________Current-dollar GDP_______________________________________________ Advance to second.................... 0.2 0.5 0.4 Advance to third..................... .2 .6 .4 Second to third...................... .1 .3 .2 Advance to latest.................... .1 1.3 1.0 _____________________________________________________________________________________________________________________ NOTE. These comparisons are based on the period from 1993 through 2013. Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 -----------------------------------------Seasonally adjusted at annual rates----------------------------------------- 2011 -------------2012------------- -------------2013------------- -------------2014------------- -----2015----- IV I II III IV I II III IV I II III IV I II ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)..... 1.6 2.2 1.5 2.4 4.6 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 2.3 Personal consumption expenditures...... 2.3 1.5 1.7 2.7 1.4 2.4 0.7 1.1 1.1 2.5 1.4 1.7 3.5 1.3 3.8 3.5 4.3 1.8 2.9 Goods................................ 3.1 2.7 3.1 3.3 3.9 4.9 1.1 2.7 2.3 6.1 1.2 2.6 3.1 1.1 6.7 4.1 4.1 1.1 4.8 Durable goods...................... 6.1 7.4 5.8 5.9 12.0 11.4 2.8 6.8 8.1 8.8 2.2 3.2 4.1 2.6 13.9 7.5 6.1 2.0 7.3 Nondurable goods................... 1.8 0.6 1.9 2.1 0.5 2.0 0.4 0.9 -0.3 4.8 0.7 2.3 2.6 0.4 3.4 2.4 3.2 0.7 3.6 Services............................. 1.8 0.8 1.0 2.4 0.1 1.2 0.5 0.2 0.5 0.7 1.5 1.2 3.7 1.4 2.4 3.1 4.3 2.1 2.1 Gross private domestic investment...... 5.2 10.6 4.5 5.4 32.1 9.7 10.2 -1.1 -3.2 7.1 5.2 13.7 4.2 -2.5 12.6 7.4 2.1 8.6 0.3 Fixed investment..................... 6.3 9.8 4.2 5.3 9.9 14.7 6.9 0.1 6.9 4.9 2.6 3.8 5.1 6.0 5.6 7.9 2.5 3.3 0.8 Nonresidential..................... 7.7 9.0 3.0 6.2 9.5 12.2 7.5 -2.1 3.7 4.0 1.0 3.5 8.7 8.3 4.4 9.0 0.7 1.6 -0.6 Structures....................... 2.3 12.9 1.6 8.1 13.8 19.9 10.3 -4.0 -7.3 -6.0 11.7 17.9 4.0 19.1 -0.2 -1.9 4.3 -7.4 -1.6 Equipment........................ 13.6 10.8 3.2 5.8 9.4 16.0 8.8 -3.3 7.3 6.3 -0.8 -3.8 14.7 3.5 6.5 16.4 -4.9 2.3 -4.1 Intellectual property products... 3.6 3.9 3.8 5.2 6.8 1.9 3.8 1.4 6.8 7.8 -3.2 5.2 3.5 7.8 4.8 6.6 6.9 7.4 5.5 Residential........................ 0.5 13.5 9.5 1.8 11.7 27.5 3.7 10.7 22.3 9.1 9.1 4.9 -8.1 -2.8 10.4 3.4 10.0 10.1 6.6 Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports.............................. 6.9 3.4 2.8 3.4 4.1 2.7 4.6 2.0 -0.5 1.0 4.9 4.2 10.9 -6.7 9.8 1.8 5.4 -6.0 5.3 Goods.............................. 6.5 3.6 2.8 4.4 8.1 1.8 4.7 2.2 -3.8 0.4 7.5 5.0 14.9 -9.4 12.2 6.0 3.9 -11.7 6.8 Services........................... 7.6 3.0 2.7 1.2 -4.7 4.8 4.2 1.5 7.5 2.2 -0.6 2.4 2.6 -0.3 4.7 -7.1 8.9 7.3 2.5 Imports.............................. 5.5 2.2 1.1 3.8 4.5 2.4 2.0 0.6 -3.8 0.8 5.5 2.4 1.0 2.8 9.6 -0.8 10.3 7.1 3.5 Goods.............................. 5.8 2.1 1.0 4.3 5.5 2.5 1.7 0.6 -4.3 1.1 5.3 2.6 0.7 4.7 9.9 -0.8 9.9 7.2 3.7 Services........................... 4.0 3.0 1.5 1.6 0.0 1.6 3.5 0.7 -0.9 -0.6 6.0 1.5 2.7 -6.0 8.2 -0.6 11.9 6.7 2.5 Government consumption expenditures and gross investment.................. -3.0 -1.9 -2.9 -0.6 -1.6 -1.9 -1.9 -1.2 -3.8 -4.5 -2.0 -2.2 -2.7 0.0 1.2 1.8 -1.4 -0.1 0.8 Federal.............................. -2.7 -1.9 -5.7 -2.4 -2.6 -0.4 -2.9 0.5 -5.5 -9.3 -5.6 -5.8 -6.6 0.3 -1.2 3.7 -5.7 1.1 -1.1 National defense................... -2.3 -3.4 -6.7 -3.8 -9.5 -3.7 -4.4 0.8 -8.1 -10.3 -5.8 -7.6 -5.8 -4.6 -0.5 4.5 -10.3 1.0 -1.5 Nondefense......................... -3.4 0.9 -4.0 -0.1 11.4 5.6 -0.4 -0.1 -1.1 -7.6 -5.4 -2.6 -7.9 8.9 -2.2 2.5 2.1 1.2 -0.5 State and local...................... -3.3 -1.9 -1.0 0.6 -0.8 -3.0 -1.2 -2.3 -2.6 -1.1 0.4 0.2 -0.1 -0.2 2.6 0.6 1.3 -0.8 2.0 Addenda: Gross domestic income (GDI)\1\....... 2.2 3.3 1.3 2.6 3.3 7.7 0.6 -0.1 3.5 -0.5 2.9 0.4 2.7 0.6 4.8 5.1 2.9 0.3 --- Average of GDP and GDI............... 1.9 2.7 1.4 2.5 3.9 5.2 1.2 0.2 1.8 0.7 2.0 1.7 3.2 -0.2 4.7 4.7 2.5 0.5 --- Final sales of domestic product...... 1.7 2.1 1.4 2.4 1.8 3.3 1.4 0.7 1.6 1.6 0.7 1.5 4.0 0.4 3.5 4.3 2.1 -0.2 2.4 Gross domestic purchases............. 1.6 2.1 1.2 2.5 4.6 2.6 1.5 0.3 -0.5 1.8 1.3 2.7 2.5 0.5 4.7 3.8 2.9 2.5 2.1 Final sales to domestic purchasers... 1.7 1.9 1.2 2.5 1.9 3.2 1.1 0.5 1.0 1.5 0.9 1.3 2.6 1.8 3.6 3.8 3.0 1.7 2.2 Final sales to private domestic purchasers.......................... 2.9 2.9 2.2 3.2 2.8 4.5 1.8 0.9 2.2 3.0 1.6 2.1 3.8 2.2 4.2 4.3 3.9 2.0 2.5 Gross national product (GNP)......... 1.8 2.1 1.5 2.5 4.9 2.1 1.3 0.6 -0.1 1.6 1.7 3.3 3.9 -1.2 4.4 4.5 1.9 -0.2 --- Disposable personal income........... 2.5 3.2 -1.4 2.7 0.2 6.7 3.1 -0.2 10.9 -15.9 2.7 2.2 0.6 4.0 3.0 2.7 4.7 3.8 1.5 Current-dollar measures: GDP................................ 3.7 4.1 3.1 4.1 5.2 4.9 3.8 2.7 1.7 3.6 2.1 4.9 5.6 0.6 6.9 6.0 2.2 0.8 4.4 GDI................................ 4.3 5.2 2.9 4.3 3.9 10.0 2.4 2.0 5.2 1.1 3.9 2.3 4.4 2.2 7.1 6.8 3.0 0.4 --- Average of GDP and GDI............. 4.0 4.6 3.0 4.2 4.5 7.4 3.1 2.3 3.4 2.3 3.0 3.6 5.0 1.4 7.0 6.4 2.6 0.6 --- Final sales of domestic product.... 3.8 4.0 3.1 4.1 2.3 5.6 3.2 3.1 3.1 3.1 1.8 3.5 5.9 1.9 5.8 6.0 2.2 -0.1 4.5 Gross domestic purchases........... 4.0 3.9 2.7 4.1 5.7 5.1 2.8 1.5 1.6 3.4 2.0 4.4 4.3 2.1 6.7 5.4 2.8 0.9 3.6 Final sales to domestic purchasers........................ 4.2 3.8 2.6 4.1 2.9 5.8 2.2 1.8 2.9 2.9 1.7 3.1 4.5 3.4 5.6 5.4 2.8 0.0 3.7 Final sales to private domestic purchasers........................ 5.3 4.8 3.6 4.7 4.1 6.9 3.1 2.3 4.1 4.4 2.4 3.8 5.4 4.0 6.2 5.8 3.8 0.4 4.1 GNP................................ 3.9 4.0 3.2 4.1 5.5 4.2 3.2 2.8 1.5 3.3 2.7 5.3 5.7 0.4 6.8 6.2 2.0 -0.1 --- Disposable personal income......... 5.0 5.1 -0.1 4.2 1.6 9.2 4.4 1.1 13.3 -14.7 3.1 3.9 2.0 5.6 5.2 3.9 4.2 1.8 3.7 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 -------------------------------------Seasonally adjusted at annual rates------------------------------------- 2011 -------------2012------------- -------------2013------------- -------------2014------------- 2015 IV I II III IV I II III IV I II III IV I ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)..... 1.6 2.2 1.5 2.4 4.6 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 Previously published........... 1.6 2.3 2.2 2.4 4.6 2.3 1.6 2.5 0.1 2.7 1.8 4.5 3.5 -2.1 4.6 5.0 2.2 -0.2 Personal consumption expenditures...... 2.3 1.5 1.7 2.7 1.4 2.4 0.7 1.1 1.1 2.5 1.4 1.7 3.5 1.3 3.8 3.5 4.3 1.8 Previously published................. 2.3 1.8 2.4 2.5 1.4 2.8 1.3 1.9 1.9 3.6 1.8 2.0 3.7 1.2 2.5 3.2 4.4 2.1 Goods................................ 3.1 2.7 3.1 3.3 3.9 4.9 1.1 2.7 2.3 6.1 1.2 2.6 3.1 1.1 6.7 4.1 4.1 1.1 Previously published............... 3.1 2.8 3.4 3.4 3.9 4.7 1.3 3.2 2.9 5.9 1.3 3.5 3.7 1.0 5.9 4.7 4.8 1.0 Durable goods...................... 6.1 7.4 5.8 5.9 12.0 11.4 2.8 6.8 8.1 8.8 2.2 3.2 4.1 2.6 13.9 7.5 6.1 2.0 Previously published............. 6.1 7.3 6.7 6.9 12.0 10.7 2.3 8.0 9.1 8.5 4.5 4.9 5.7 3.2 14.1 9.2 6.2 1.3 Nondurable goods................... 1.8 0.6 1.9 2.1 0.5 2.0 0.4 0.9 -0.3 4.8 0.7 2.3 2.6 0.4 3.4 2.4 3.2 0.7 Previously published............. 1.8 0.7 1.9 1.8 0.5 2.0 0.8 1.1 0.1 4.8 -0.2 2.8 2.7 0.0 2.2 2.5 4.1 0.8 Services............................. 1.8 0.8 1.0 2.4 0.1 1.2 0.5 0.2 0.5 0.7 1.5 1.2 3.7 1.4 2.4 3.1 4.3 2.1 Previously published............... 1.8 1.3 1.9 2.1 0.1 1.8 1.3 1.3 1.4 2.4 2.0 1.3 3.7 1.3 0.9 2.5 4.3 2.7 Gross private domestic investment...... 5.2 10.6 4.5 5.4 32.1 9.7 10.2 -1.1 -3.2 7.1 5.2 13.7 4.2 -2.5 12.6 7.4 2.1 8.6 Previously published................. 5.2 9.2 4.9 5.8 32.1 6.9 5.8 1.6 -5.3 7.6 6.9 16.8 3.8 -6.9 19.1 7.2 3.7 2.4 Fixed investment..................... 6.3 9.8 4.2 5.3 9.9 14.7 6.9 0.1 6.9 4.9 2.6 3.8 5.1 6.0 5.6 7.9 2.5 3.3 Previously published............... 6.3 8.3 4.7 5.3 9.9 9.1 4.4 3.1 6.6 2.7 4.9 6.6 6.3 0.2 9.5 7.7 4.5 -0.3 Nonresidential..................... 7.7 9.0 3.0 6.2 9.5 12.2 7.5 -2.1 3.7 4.0 1.0 3.5 8.7 8.3 4.4 9.0 0.7 1.6 Previously published............. 7.7 7.2 3.0 6.3 9.5 5.8 4.4 0.8 3.6 1.5 1.6 5.5 10.4 1.6 9.7 8.9 4.7 -2.0 Structures....................... 2.3 12.9 1.6 8.1 13.8 19.9 10.3 -4.0 -7.3 -6.0 11.7 17.9 4.0 19.1 -0.2 -1.9 4.3 -7.4 Previously published........... 2.3 13.1 -0.5 8.2 13.8 18.7 10.5 -1.4 -6.7 -11.5 7.3 11.2 12.8 2.9 12.6 4.8 5.9 -18.8 Equipment........................ 13.6 10.8 3.2 5.8 9.4 16.0 8.8 -3.3 7.3 6.3 -0.8 -3.8 14.7 3.5 6.5 16.4 -4.9 2.3 Previously published........... 13.6 6.8 4.6 6.4 9.4 3.6 1.0 0.7 8.1 4.8 1.5 4.7 14.1 -1.0 11.2 11.0 0.6 2.6 Intellectual property products... 3.6 3.9 3.8 5.2 6.8 1.9 3.8 1.4 6.8 7.8 -3.2 5.2 3.5 7.8 4.8 6.6 6.9 7.4 Previously published........... 3.6 3.9 3.4 4.8 6.8 0.7 5.1 2.6 5.1 6.5 -2.0 2.8 3.6 4.6 5.5 8.8 10.3 4.9 Residential........................ 0.5 13.5 9.5 1.8 11.7 27.5 3.7 10.7 22.3 9.1 9.1 4.9 -8.1 -2.8 10.4 3.4 10.0 10.1 Previously published............. 0.5 13.5 11.9 1.6 11.7 25.5 4.3 14.1 20.4 7.8 19.0 11.2 -8.5 -5.3 8.8 3.2 3.8 6.5 Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports.............................. 6.9 3.4 2.8 3.4 4.1 2.7 4.6 2.0 -0.5 1.0 4.9 4.2 10.9 -6.7 9.8 1.8 5.4 -6.0 Previously published............... 6.9 3.3 3.0 3.2 4.1 1.3 4.8 2.1 1.5 -0.8 6.3 5.1 10.0 -9.2 11.1 4.5 4.5 -5.9 Goods.............................. 6.5 3.6 2.8 4.4 8.1 1.8 4.7 2.2 -3.8 0.4 7.5 5.0 14.9 -9.4 12.2 6.0 3.9 -11.7 Previously published............. 6.5 3.7 2.8 4.0 8.1 1.5 5.3 2.0 -3.1 -0.9 8.3 5.7 13.6 -11.9 14.3 7.5 2.4 -11.6 Services........................... 7.6 3.0 2.7 1.2 -4.7 4.8 4.2 1.5 7.5 2.2 -0.6 2.4 2.6 -0.3 4.7 -7.1 8.9 7.3 Previously published............. 7.6 2.4 3.6 1.4 -4.7 0.9 3.7 2.3 12.7 -0.8 2.0 3.6 2.3 -2.8 4.0 -1.9 9.2 7.5 Imports.............................. 5.5 2.2 1.1 3.8 4.5 2.4 2.0 0.6 -3.8 0.8 5.5 2.4 1.0 2.8 9.6 -0.8 10.3 7.1 Previously published............... 5.5 2.3 1.1 4.0 4.5 1.7 4.0 -0.6 -3.5 -0.3 8.5 0.6 1.3 2.2 11.3 -0.9 10.4 7.1 Goods.............................. 5.8 2.1 1.0 4.3 5.5 2.5 1.7 0.6 -4.3 1.1 5.3 2.6 0.7 4.7 9.9 -0.8 9.9 7.2 Previously published............. 5.8 2.1 0.9 4.1 5.5 2.0 4.0 -1.1 -4.8 0.5 8.5 0.1 0.9 2.5 12.5 -1.3 10.4 7.2 Services........................... 4.0 3.0 1.5 1.6 0.0 1.6 3.5 0.7 -0.9 -0.6 6.0 1.5 2.7 -6.0 8.2 -0.6 11.9 6.7 Previously published............. 4.0 3.4 2.2 3.6 0.0 0.8 4.0 2.4 3.4 -4.1 8.5 2.8 3.5 1.0 5.6 1.0 10.0 6.4 Government consumption expenditures and gross investment.................. -3.0 -1.9 -2.9 -0.6 -1.6 -1.9 -1.9 -1.2 -3.8 -4.5 -2.0 -2.2 -2.7 0.0 1.2 1.8 -1.4 -0.1 Previously published................. -3.0 -1.4 -2.0 -0.2 -1.6 -2.7 -0.4 2.7 -6.0 -3.9 0.2 0.2 -3.8 -0.8 1.7 4.4 -1.9 -0.6 Federal.............................. -2.7 -1.9 -5.7 -2.4 -2.6 -0.4 -2.9 0.5 -5.5 -9.3 -5.6 -5.8 -6.6 0.3 -1.2 3.7 -5.7 1.1 Previously published............... -2.7 -1.8 -5.7 -1.9 -2.6 -3.0 -0.9 7.5 -13.0 -9.9 -3.5 -1.2 -10.4 -0.1 -0.9 9.9 -7.3 0.0 National defense................... -2.3 -3.4 -6.7 -3.8 -9.5 -3.7 -4.4 0.8 -8.1 -10.3 -5.8 -7.6 -5.8 -4.6 -0.5 4.5 -10.3 1.0 Previously published............. -2.3 -3.3 -6.6 -2.1 -9.5 -7.4 -1.3 11.9 -20.1 -10.9 -2.1 0.4 -11.4 -4.0 0.9 16.0 -12.2 -1.2 Nondefense......................... -3.4 0.9 -4.0 -0.1 11.4 5.6 -0.4 -0.1 -1.1 -7.6 -5.4 -2.6 -7.9 8.9 -2.2 2.5 2.1 1.2 Previously published............. -3.4 1.0 -4.1 -1.5 11.4 5.3 -0.4 0.4 0.6 -8.2 -5.8 -3.9 -8.6 6.6 -3.8 0.4 1.5 2.0 State and local...................... -3.3 -1.9 -1.0 0.6 -0.8 -3.0 -1.2 -2.3 -2.6 -1.1 0.4 0.2 -0.1 -0.2 2.6 0.6 1.3 -0.8 Previously published............... -3.3 -1.2 0.5 1.0 -0.8 -2.6 0.0 -0.6 -0.8 0.3 2.7 1.1 0.6 -1.3 3.4 1.1 1.6 -1.0 Addenda: Gross domestic income (GDI)\1\....... 2.2 3.3 1.3 2.6 3.3 7.7 0.6 -0.1 3.5 -0.5 2.9 0.4 2.7 0.6 4.8 5.1 2.9 0.3 Previously published............... 2.2 3.4 2.2 2.2 3.3 7.2 0.6 1.3 4.2 1.4 2.7 1.9 1.8 -0.8 4.0 5.2 3.7 1.9 Average of GDP and GDI............... 1.9 2.7 1.4 2.5 3.9 5.2 1.2 0.2 1.8 0.7 2.0 1.7 3.2 -0.2 4.7 4.7 2.5 0.5 Previously published............... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Final sales of domestic product...... 1.7 2.1 1.4 2.4 1.8 3.3 1.4 0.7 1.6 1.6 0.7 1.5 4.0 0.4 3.5 4.3 2.1 -0.2 Previously published............... 1.7 2.2 2.2 2.3 1.8 2.5 1.4 2.7 1.9 2.0 1.5 3.0 3.9 -1.0 3.2 5.0 2.3 -0.6 Gross domestic purchases............. 1.6 2.1 1.2 2.5 4.6 2.6 1.5 0.3 -0.5 1.8 1.3 2.7 2.5 0.5 4.7 3.8 2.9 2.5 Previously published............... 1.6 2.2 1.9 2.5 4.6 2.3 1.6 2.0 -0.7 2.7 2.2 3.8 2.3 -0.4 4.8 4.1 3.2 1.7 Final sales to domestic purchasers... 1.7 1.9 1.2 2.5 1.9 3.2 1.1 0.5 1.0 1.5 0.9 1.3 2.6 1.8 3.6 3.8 3.0 1.7 Previously published............... 1.7 2.1 1.9 2.5 1.9 2.5 1.4 2.2 1.0 2.0 1.9 2.3 2.7 0.7 3.4 4.1 3.3 1.2 Final sales to private domestic purchasers.......................... 2.9 2.9 2.2 3.2 2.8 4.5 1.8 0.9 2.2 3.0 1.6 2.1 3.8 2.2 4.2 4.3 3.9 2.0 Previously published............... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Gross national product (GNP)......... 1.8 2.1 1.5 2.5 4.9 2.1 1.3 0.6 -0.1 1.6 1.7 3.3 3.9 -1.2 4.4 4.5 1.9 -0.2 Previously published............... 1.8 2.1 2.2 2.3 4.9 1.3 1.4 2.1 0.3 2.3 1.9 4.8 3.7 -2.8 4.6 5.3 1.4 -1.0 Disposable personal income........... 2.5 3.2 -1.4 2.7 0.2 6.7 3.1 -0.2 10.9 -15.9 2.7 2.2 0.6 4.0 3.0 2.7 4.7 3.8 Previously published............... 2.5 3.0 -0.2 2.5 0.2 6.8 2.3 -0.4 11.8 -12.6 3.8 2.0 0.2 3.4 3.1 2.4 4.1 5.3 Current-dollar measures: GDP................................ 3.7 4.1 3.1 4.1 5.2 4.9 3.8 2.7 1.7 3.6 2.1 4.9 5.6 0.6 6.9 6.0 2.2 0.8 Previously published............. 3.7 4.2 3.7 3.9 5.2 4.4 3.5 4.4 1.6 4.2 2.9 6.2 5.0 -0.8 6.8 6.4 2.4 -0.2 GDI................................ 4.3 5.2 2.9 4.3 3.9 10.0 2.4 2.0 5.2 1.1 3.9 2.3 4.4 2.2 7.1 6.8 3.0 0.4 Previously published............. 4.3 5.2 3.7 3.7 3.9 9.5 2.5 3.2 5.7 2.9 3.8 3.6 3.3 0.6 6.2 6.7 3.9 1.9 Average of GDP and GDI............. 4.0 4.6 3.0 4.2 4.5 7.4 3.1 2.3 3.4 2.3 3.0 3.6 5.0 1.4 7.0 6.4 2.6 0.6 Previously published............. --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Final sales of domestic product.... 3.8 4.0 3.1 4.1 2.3 5.6 3.2 3.1 3.1 3.1 1.8 3.5 5.9 1.9 5.8 6.0 2.2 -0.1 Previously published............. 3.8 4.0 3.7 3.9 2.3 4.7 3.2 4.9 3.2 3.4 2.7 4.7 5.5 0.4 5.4 6.6 2.4 -0.6 Gross domestic purchases........... 4.0 3.9 2.7 4.1 5.7 5.1 2.8 1.5 1.6 3.4 2.0 4.4 4.3 2.1 6.7 5.4 2.8 0.9 Previously published............. 4.0 3.9 3.3 3.9 5.7 4.7 2.7 3.1 1.2 4.1 2.9 5.5 3.7 0.9 6.9 5.5 3.0 0.0 Final sales to domestic purchasers........................ 4.2 3.8 2.6 4.1 2.9 5.8 2.2 1.8 2.9 2.9 1.7 3.1 4.5 3.4 5.6 5.4 2.8 0.0 Previously published............. 4.2 3.8 3.2 3.9 2.9 5.0 2.5 3.5 2.8 3.3 2.7 4.1 4.2 2.1 5.5 5.6 3.1 -0.4 Final sales to private domestic purchasers........................ 5.3 4.8 3.6 4.7 4.1 6.9 3.1 2.3 4.1 4.4 2.4 3.8 5.4 4.0 6.2 5.8 3.8 0.4 Previously published............. --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- GNP................................ 3.9 4.0 3.2 4.1 5.5 4.2 3.2 2.8 1.5 3.3 2.7 5.3 5.7 0.4 6.8 6.2 2.0 -0.1 Previously published............. 3.9 4.0 3.7 3.8 5.5 3.5 3.2 4.0 1.8 3.8 3.0 6.5 5.2 -1.5 6.8 6.7 1.5 -1.1 Disposable personal income......... 5.0 5.1 -0.1 4.2 1.6 9.2 4.4 1.1 13.3 -14.7 3.1 3.9 2.0 5.6 5.2 3.9 4.2 1.8 Previously published............. 5.0 4.9 1.0 3.9 1.6 9.1 3.7 0.9 13.8 -11.7 4.3 3.7 1.2 4.8 5.5 3.6 3.7 3.2 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See 'Explanatory Note' at the end of the tables. Table 1B. Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income -------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------Billions of dollars---------------------------- ----Revisions as a percentage of---- ----------Revised estimates---------- --Revisions to previously published-- -------- previously published-------- 2012 2013 2014 2012 2013 2014 2012 2013 2014 -------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)........ 16,155.3 16,663.2 17,348.1 -7.9 -104.9 -70.9 0.0 -0.6 -0.4 Personal consumption expenditures....... 11,050.6 11,392.3 11,865.9 -32.5 -92.1 -64.4 -0.3 -0.8 -0.5 Goods................................. 3,739.1 3,836.8 3,948.4 -2.8 -14.4 -20.2 -0.1 -0.4 -0.5 Durable goods....................... 1,191.9 1,237.8 1,280.2 -0.2 -11.5 -22.3 0.0 -0.9 -1.7 Nondurable goods.................... 2,547.2 2,598.9 2,668.2 -2.6 -3.0 2.0 -0.1 -0.1 0.1 Services.............................. 7,311.5 7,555.5 7,917.5 -29.7 -77.6 -44.2 -0.4 -1.0 -0.6 Gross private domestic investment....... 2,511.7 2,665.0 2,860.0 32.5 17.0 8.4 1.3 0.6 0.3 Fixed investment...................... 2,449.9 2,593.2 2,782.9 35.6 19.3 13.3 1.5 0.7 0.5 Nonresidential...................... 2,007.7 2,084.3 2,233.7 35.7 30.3 23.2 1.8 1.5 1.0 Structures........................ 448.0 462.1 507.0 1.1 4.9 0.1 0.2 1.1 0.0 Equipment......................... 937.9 972.3 1,036.7 33.9 22.6 19.4 3.7 2.4 1.9 Intellectual property products.... 621.7 649.9 690.0 0.7 2.8 3.7 0.1 0.4 0.5 Residential......................... 442.2 508.9 549.2 -0.1 -11.0 -9.9 0.0 -2.1 -1.8 Change in private inventories......... 61.8 71.8 77.1 -3.1 -2.3 -4.9 --- --- --- Net exports of goods and services....... -565.7 -508.4 -530.0 2.6 -0.2 8.2 --- --- --- Exports............................... 2,198.2 2,263.3 2,341.9 4.0 1.0 5.0 0.2 0.0 0.2 Goods............................... 1,526.0 1,560.9 1,618.0 -1.2 -1.9 3.3 -0.1 -0.1 0.2 Services............................ 672.2 702.3 723.9 5.2 2.9 1.7 0.8 0.4 0.2 Imports............................... 2,763.8 2,771.7 2,871.9 1.4 1.2 -3.3 0.1 0.0 -0.1 Goods............................... 2,305.8 2,301.9 2,388.5 -0.2 -0.4 3.0 0.0 0.0 0.1 Services............................ 458.0 469.8 483.4 1.6 1.6 -6.3 0.4 0.3 -1.3 Government consumption expenditures and gross investment....................... 3,158.6 3,114.2 3,152.1 -10.6 -29.7 -23.1 -0.3 -0.9 -0.7 Federal............................... 1,292.5 1,230.6 1,219.9 1.1 -0.9 0.7 0.1 -0.1 0.1 National defense.................... 817.8 767.7 748.2 -0.2 -2.3 -13.3 0.0 -0.3 -1.7 Nondefense.......................... 474.7 463.0 471.6 1.3 1.4 14.0 0.3 0.3 3.1 State and local....................... 1,866.1 1,883.6 1,932.3 -11.7 -28.8 -23.8 -0.6 -1.5 -1.2 Relation of GDP and national income Gross domestic product.................. 16,155.3 16,663.2 17,348.1 -7.9 -104.9 -70.9 0.0 -0.6 -0.4 Plus: Income receipts from the rest of the world.............................. 801.5 826.2 854.3 7.7 15.8 26.6 1.0 1.9 3.2 Less: Income payments to the rest of the world.............................. 563.9 575.8 591.2 -2.5 -10.3 -24.8 -0.4 -1.8 -4.0 Equals: Gross national product.......... 16,392.8 16,913.5 17,611.2 2.3 -78.9 -19.5 0.0 -0.5 -0.1 Less: Consumption of fixed capital...... 2,534.2 2,632.8 2,746.7 4.0 5.6 10.5 0.2 0.2 0.4 Less: Statistical discrepancy........... -203.3 -177.6 -212.0 5.9 34.3 -30.0 --- --- --- Equals: National income................. 14,061.9 14,458.3 15,076.5 -7.6 -118.7 0.0 -0.1 -0.8 0.0 Compensation of employees............. 8,609.9 8,839.7 9,248.9 3.4 -5.1 21.3 0.0 -0.1 0.2 Wages and salaries.................. 6,930.3 7,114.4 7,477.8 -1.8 -10.3 26.1 0.0 -0.1 0.4 Supplements to wages and salaries... 1,679.6 1,725.3 1,771.2 5.2 5.2 -4.8 0.3 0.3 -0.3 Proprietors' income with inventory valuation and capital consumption adjustments.......................... 1,241.4 1,285.1 1,346.7 -18.8 -51.5 -33.5 -1.5 -3.9 -2.4 Rental income of persons with capital consumption adjustment............... 525.3 563.4 610.8 -7.6 -32.4 -29.4 -1.4 -5.4 -4.6 Corporate profits with inventory valuation and capital consumption adjustments.......................... 1,998.2 2,037.4 2,072.9 -24.6 -69.5 -16.9 -1.2 -3.3 -0.8 Net interest and miscellaneous payments............................. 527.7 513.5 532.3 36.0 13.8 46.0 7.3 2.8 9.5 Taxes on production and imports less subsidies............................ 1,074.0 1,118.6 1,155.8 0.0 16.4 10.0 0.0 1.5 0.9 Business current transfer payments (net)................................ 104.7 119.4 127.3 -2.0 -1.2 -13.3 -1.9 -1.0 -9.5 Current surplus of government enterprises.......................... -19.3 -18.8 -18.3 6.0 10.8 15.9 --- --- --- Disposition of personal income Personal income......................... 13,915.1 14,068.4 14,694.2 27.4 -98.5 -39.7 0.2 -0.7 -0.3 Compensation of employees............. 8,609.9 8,839.7 9,248.9 3.4 -5.1 21.3 0.0 -0.1 0.2 Wages and salaries.................. 6,930.3 7,114.4 7,477.8 -1.8 -10.3 26.1 0.0 -0.1 0.4 Supplements to wages and salaries... 1,679.6 1,725.3 1,771.2 5.2 5.2 -4.8 0.3 0.3 -0.3 Proprietors' income with inventory valuation and capital consumption adjustments.......................... 1,241.4 1,285.1 1,346.7 -18.8 -51.5 -33.5 -1.5 -3.9 -2.4 Farm................................ 61.6 88.8 78.1 -10.7 5.6 14.5 -14.9 6.7 22.8 Nonfarm............................. 1,179.8 1,196.3 1,268.6 -8.1 -57.1 -48.1 -0.7 -4.6 -3.6 Rental income of persons with capital consumption adjustment............... 525.3 563.4 610.8 -7.6 -32.4 -29.4 -1.4 -5.4 -4.6 Personal income receipts on assets.... 2,123.8 2,060.4 2,117.5 35.2 -19.3 -7.8 1.7 -0.9 -0.4 Personal interest income............ 1,288.8 1,271.3 1,302.0 32.9 16.2 37.3 2.6 1.3 3.0 Personal dividend income............ 834.9 789.0 815.5 2.3 -35.5 -45.1 0.3 -4.3 -5.2 Personal current transfer receipts.... 2,366.3 2,426.6 2,529.2 15.6 12.1 6.5 0.7 0.5 0.3 Less: Contributions for government social insurance, domestic........... 951.6 1,106.8 1,159.0 0.4 2.3 -3.2 0.0 0.2 -0.3 Less: Personal current taxes............ 1,511.4 1,672.8 1,780.2 7.7 11.0 36.3 0.5 0.7 2.1 Equals: Disposable personal income...... 12,403.7 12,395.6 12,913.9 19.7 -109.5 -76.1 0.2 -0.9 -0.6 Less: Personal outlays.................. 11,457.0 11,805.7 12,293.7 -30.8 -91.4 -63.7 -0.3 -0.8 -0.5 Equals: Personal saving................. 946.7 589.9 620.2 50.5 -18.1 -12.4 --- --- --- Personal saving as a percentage of disposable personal income........... 7.6 4.8 4.8 0.4 -0.1 -0.1 --- --- --- Addenda: Gross domestic income................... 16,358.5 16,840.8 17,560.1 -13.8 -139.2 -40.9 -0.1 -0.8 -0.2 Statistical discrepancy as a percentage of GDP................................. -1.3 -1.1 -1.2 0.0 0.2 -0.2 --- --- --- -------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 2. Contributions to Percent Change in Real Gross Domestic Product -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 -----------------------------------------Seasonally adjusted at annual rates----------------------------------------- 2011 -------------2012------------- -------------2013------------- -------------2014------------- -----2015----- IV I II III IV I II III IV I II III IV I II -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product.............. 1.6 2.2 1.5 2.4 4.6 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 2.3 Percentage points at annual rates: Personal consumption expenditures....... 1.55 1.01 1.16 1.84 0.94 1.63 0.45 0.72 0.78 1.74 0.96 1.17 2.36 0.85 2.60 2.34 2.86 1.19 1.99 Goods................................. 0.71 0.63 0.71 0.75 0.90 1.11 0.26 0.63 0.53 1.39 0.28 0.60 0.70 0.25 1.49 0.91 0.91 0.25 1.04 Durable goods....................... 0.43 0.53 0.42 0.43 0.83 0.79 0.20 0.48 0.58 0.64 0.17 0.24 0.30 0.19 0.96 0.54 0.44 0.14 0.53 Motor vehicles and parts.......... 0.07 0.18 0.11 0.14 0.50 0.28 0.05 0.15 0.22 0.23 -0.02 -0.04 0.06 0.10 0.41 0.19 0.11 -0.09 0.26 Furnishings and durable household equipment........................ 0.09 0.07 0.09 0.11 0.14 0.13 -0.07 0.04 0.09 0.13 0.07 0.16 0.07 0.03 0.21 0.10 0.10 0.08 0.05 Recreational goods and vehicles... 0.20 0.23 0.18 0.14 0.23 0.32 0.18 0.20 0.19 0.25 0.12 0.12 0.08 0.04 0.26 0.25 0.17 0.13 0.17 Other durable goods............... 0.06 0.04 0.04 0.04 -0.05 0.06 0.04 0.08 0.08 0.03 0.00 0.00 0.09 0.01 0.08 0.01 0.06 0.02 0.05 Nondurable goods.................... 0.28 0.10 0.29 0.32 0.08 0.32 0.06 0.14 -0.05 0.75 0.11 0.36 0.40 0.06 0.52 0.37 0.47 0.10 0.52 Food and beverages purchased for off-premises consumption......... 0.06 0.00 0.05 0.03 -0.05 0.07 0.02 0.02 0.03 0.15 -0.09 0.12 0.10 0.03 -0.01 -0.04 -0.04 -0.04 0.14 Clothing and footwear............. 0.08 0.02 0.03 0.03 0.07 0.14 -0.14 0.14 -0.08 0.12 0.06 -0.05 0.03 -0.06 0.15 0.06 0.15 -0.02 0.11 Gasoline and other energy goods... -0.07 -0.04 0.04 0.02 -0.05 -0.17 0.22 -0.02 -0.18 0.17 0.08 0.05 0.03 -0.01 -0.05 0.01 0.18 0.11 0.00 Other nondurable goods............ 0.21 0.12 0.17 0.25 0.11 0.28 -0.04 0.00 0.18 0.30 0.07 0.25 0.24 0.11 0.43 0.34 0.18 0.06 0.27 Services.............................. 0.84 0.38 0.45 1.09 0.04 0.52 0.20 0.10 0.25 0.36 0.68 0.57 1.66 0.61 1.11 1.42 1.95 0.94 0.95 Household consumption expenditures (for services)..................... 0.86 0.26 0.42 1.06 0.15 0.37 -0.15 0.08 -0.01 0.54 0.73 0.48 1.51 0.65 1.08 1.34 2.00 1.09 1.02 Housing and utilities............. 0.16 0.01 0.06 0.14 -0.14 -0.42 0.45 0.15 -0.31 0.28 0.01 -0.15 0.30 0.54 -0.17 -0.13 0.22 0.43 -0.11 Health care....................... 0.28 0.25 0.11 0.31 0.51 0.59 -0.13 0.13 -0.01 -0.13 0.44 0.24 0.38 -0.25 0.63 0.57 0.80 0.52 0.31 Transportation services........... 0.05 0.03 0.06 0.10 0.02 -0.08 0.16 0.05 -0.03 0.10 0.09 0.08 0.00 0.16 0.08 0.14 0.13 0.07 0.07 Recreation services............... 0.06 0.05 0.05 0.07 0.01 0.01 0.12 0.02 0.08 0.04 -0.08 0.16 0.10 0.08 -0.03 0.13 0.15 -0.05 0.09 Food services and accommodations 0.11 0.11 0.07 0.13 0.08 0.19 0.08 0.09 0.12 0.13 -0.14 0.05 0.27 -0.05 0.28 0.17 0.26 0.12 0.29 Financial services and insurance 0.09 -0.28 0.05 0.06 -0.30 -0.25 -0.69 -0.39 -0.03 0.39 0.24 0.00 0.23 -0.10 0.04 0.16 0.05 0.00 0.18 Other services.................... 0.12 0.09 0.02 0.24 -0.01 0.33 -0.14 0.04 0.16 -0.27 0.17 0.10 0.23 0.26 0.24 0.30 0.40 0.01 0.19 Final consumption expenditures of nonprofit institutions serving households......................... -0.02 0.12 0.03 0.04 -0.12 0.15 0.35 0.02 0.26 -0.19 -0.05 0.09 0.14 -0.04 0.03 0.09 -0.06 -0.15 -0.08 Gross output of nonprofit institutions..................... 0.08 0.21 0.09 0.10 0.27 0.44 0.08 0.27 0.05 -0.15 0.27 0.09 0.31 -0.44 0.36 0.28 0.39 0.05 0.09 Less: Receipts from sales of goods and services by nonprofit institutions..................... 0.10 0.09 0.06 0.07 0.38 0.30 -0.26 0.25 -0.21 0.03 0.32 0.00 0.17 -0.40 0.33 0.20 0.45 0.20 0.17 Gross private domestic investment....... 0.73 1.52 0.70 0.87 4.16 1.47 1.53 -0.18 -0.51 1.05 0.78 2.07 0.71 -0.38 1.99 1.22 0.36 1.39 0.06 Fixed investment...................... 0.86 1.38 0.64 0.82 1.36 2.00 0.98 0.00 1.03 0.77 0.40 0.59 0.79 0.91 0.87 1.23 0.39 0.52 0.14 Nonresidential...................... 0.85 1.05 0.38 0.77 1.08 1.37 0.88 -0.27 0.46 0.51 0.14 0.44 1.05 1.00 0.56 1.12 0.09 0.20 -0.07 Structures........................ 0.06 0.32 0.04 0.23 0.34 0.48 0.27 -0.12 -0.21 -0.16 0.30 0.46 0.11 0.50 0.00 -0.05 0.12 -0.22 -0.04 Equipment......................... 0.66 0.58 0.19 0.34 0.49 0.81 0.47 -0.21 0.41 0.38 -0.04 -0.22 0.80 0.20 0.38 0.92 -0.30 0.14 -0.25 Information processing equipment...................... 0.03 0.11 0.07 0.07 -0.04 0.37 -0.08 -0.12 0.25 0.17 -0.05 0.10 -0.10 0.08 0.28 -0.14 0.32 -0.07 -0.26 Computers and peripheral equipment.................... -0.01 0.03 0.02 -0.02 -0.05 0.14 -0.05 -0.13 0.17 0.06 -0.08 0.05 0.05 -0.14 0.05 0.02 -0.02 -0.10 0.08 Other......................... 0.04 0.07 0.05 0.08 0.01 0.22 -0.03 0.01 0.09 0.12 0.03 0.05 -0.14 0.22 0.24 -0.15 0.34 0.03 -0.34 Industrial equipment............ 0.22 0.11 -0.03 0.09 0.29 -0.05 0.16 -0.14 0.11 -0.08 -0.12 0.02 -0.07 0.25 0.18 0.11 -0.07 -0.02 0.23 Transportation equipment........ 0.29 0.22 0.15 0.17 0.49 0.14 0.17 -0.07 0.14 0.12 0.37 -0.10 0.49 -0.05 0.07 0.58 -0.14 0.18 -0.10 Other equipment................. 0.13 0.14 0.01 0.01 -0.25 0.36 0.22 0.13 -0.09 0.16 -0.25 -0.24 0.47 -0.09 -0.16 0.37 -0.41 0.05 -0.12 Intellectual property products.... 0.13 0.15 0.15 0.20 0.26 0.07 0.14 0.05 0.26 0.30 -0.13 0.20 0.13 0.30 0.19 0.25 0.27 0.29 0.22 Software........................ 0.11 0.09 0.06 0.11 0.15 0.03 0.10 0.00 0.12 0.13 -0.15 0.14 0.09 0.14 0.13 0.17 0.10 0.16 0.14 Research and development........ 0.02 0.04 0.08 0.08 0.07 0.03 0.04 0.05 0.12 0.16 0.01 0.06 0.03 0.14 0.04 0.07 0.15 0.12 0.09 Entertainment, literary, and artistic originals............. 0.00 0.01 0.01 0.01 0.03 0.02 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.02 0.01 0.01 0.02 0.01 -0.01 Residential......................... 0.01 0.33 0.27 0.05 0.28 0.63 0.10 0.27 0.57 0.26 0.27 0.15 -0.26 -0.09 0.31 0.11 0.31 0.32 0.21 Change in private inventories......... -0.14 0.14 0.06 0.05 2.80 -0.53 0.56 -0.18 -1.54 0.28 0.38 1.48 -0.08 -1.29 1.12 -0.01 -0.03 0.87 -0.08 Farm................................ 0.07 -0.13 0.19 -0.02 0.05 -0.30 -0.12 -0.29 0.15 0.53 0.15 0.13 0.04 -0.26 0.09 0.08 -0.05 0.10 -0.02 Nonfarm............................. -0.20 0.27 -0.13 0.07 2.75 -0.23 0.68 0.11 -1.69 -0.24 0.23 1.35 -0.12 -1.03 1.03 -0.09 0.02 0.77 -0.06 Net exports of goods and services....... -0.02 0.08 0.20 -0.18 -0.21 -0.02 0.28 0.16 0.58 -0.01 -0.24 0.16 1.26 -1.39 -0.24 0.39 -0.89 -1.92 0.13 Exports............................... 0.87 0.46 0.38 0.46 0.56 0.37 0.61 0.27 -0.07 0.12 0.64 0.55 1.42 -0.95 1.28 0.24 0.71 -0.81 0.67 Goods............................... 0.57 0.34 0.26 0.41 0.76 0.18 0.44 0.20 -0.37 0.03 0.67 0.45 1.31 -0.94 1.09 0.55 0.36 -1.10 0.57 Services............................ 0.29 0.12 0.11 0.05 -0.20 0.19 0.17 0.06 0.30 0.09 -0.02 0.10 0.11 -0.01 0.20 -0.31 0.35 0.30 0.10 Imports............................... -0.89 -0.38 -0.18 -0.63 -0.76 -0.40 -0.33 -0.10 0.65 -0.13 -0.89 -0.39 -0.16 -0.44 -1.52 0.15 -1.60 -1.12 -0.54 Goods............................... -0.78 -0.30 -0.14 -0.59 -0.76 -0.35 -0.23 -0.09 0.62 -0.15 -0.72 -0.35 -0.09 -0.61 -1.30 0.13 -1.29 -0.93 -0.47 Services............................ -0.11 -0.09 -0.04 -0.05 0.00 -0.05 -0.10 -0.02 0.03 0.02 -0.16 -0.04 -0.07 0.17 -0.22 0.02 -0.31 -0.18 -0.07 Government consumption expenditures and gross investment....................... -0.65 -0.38 -0.58 -0.11 -0.31 -0.40 -0.39 -0.22 -0.75 -0.88 -0.38 -0.42 -0.51 0.00 0.21 0.33 -0.26 -0.01 0.14 Federal............................... -0.24 -0.15 -0.46 -0.18 -0.21 -0.03 -0.24 0.04 -0.45 -0.75 -0.43 -0.44 -0.49 0.02 -0.08 0.26 -0.41 0.08 -0.08 National defense.................... -0.13 -0.18 -0.34 -0.18 -0.53 -0.20 -0.23 0.04 -0.42 -0.53 -0.28 -0.36 -0.27 -0.21 -0.02 0.19 -0.47 0.04 -0.06 Consumption expenditures.......... -0.07 -0.10 -0.27 -0.14 -0.53 0.00 -0.18 0.11 -0.28 -0.45 -0.18 -0.42 -0.24 -0.03 -0.12 0.23 -0.43 0.13 -0.10 Gross investment.................. -0.06 -0.08 -0.07 -0.04 0.00 -0.20 -0.05 -0.07 -0.14 -0.07 -0.10 0.06 -0.03 -0.18 0.10 -0.04 -0.04 -0.09 0.04 Nondefense.......................... -0.11 0.03 -0.12 0.00 0.32 0.16 -0.01 0.00 -0.03 -0.23 -0.16 -0.07 -0.23 0.23 -0.06 0.07 0.06 0.03 -0.01 Consumption expenditures.......... -0.11 0.05 -0.08 0.01 0.35 0.17 0.00 0.02 -0.02 -0.15 -0.12 -0.06 -0.20 0.24 -0.05 0.07 0.02 0.04 -0.05 Gross investment.................. 0.00 -0.02 -0.04 -0.01 -0.03 -0.01 -0.01 -0.03 -0.01 -0.08 -0.04 -0.02 -0.03 -0.01 -0.01 0.00 0.04 0.00 0.03 State and local....................... -0.41 -0.22 -0.12 0.07 -0.10 -0.36 -0.14 -0.26 -0.30 -0.12 0.05 0.02 -0.01 -0.03 0.29 0.07 0.15 -0.09 0.21 Consumption expenditures............ -0.27 -0.09 -0.04 0.06 -0.05 -0.11 -0.09 -0.05 -0.10 -0.07 0.00 0.01 0.07 0.07 0.11 0.05 0.06 0.06 0.03 Gross investment.................... -0.14 -0.14 -0.08 0.01 -0.05 -0.25 -0.05 -0.21 -0.20 -0.06 0.05 0.01 -0.08 -0.10 0.19 0.02 0.09 -0.14 0.18 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See 'Explanatory Note' at the end of the tables. Table 2A. Contributions to Percent Change in Real Gross Domestic Product ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 2011 2012 2013 2014 -------------------------------------Seasonally adjusted at annual rates------------------------------------- 2011 -------------2012------------- -------------2013------------- -------------2014------------- 2015 IV I II III IV I II III IV I II III IV I ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Percent change at annual rate:.......... Gross domestic product.............. 1.6 2.2 1.5 2.4 4.6 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 Previously published.............. 1.6 2.3 2.2 2.4 4.6 2.3 1.6 2.5 0.1 2.7 1.8 4.5 3.5 -2.1 4.6 5.0 2.2 -0.2 Percentage points at annual rates: Personal consumption expenditures....... 1.55 1.01 1.16 1.84 0.94 1.63 0.45 0.72 0.78 1.74 0.96 1.17 2.36 0.85 2.60 2.34 2.86 1.19 Previously published.................. 1.55 1.25 1.64 1.73 0.94 1.87 0.86 1.32 1.32 2.45 1.23 1.39 2.51 0.83 1.75 2.21 2.98 1.43 Goods................................. 0.71 0.63 0.71 0.75 0.90 1.11 0.26 0.63 0.53 1.39 0.28 0.60 0.70 0.25 1.49 0.91 0.91 0.25 Previously published................ 0.71 0.64 0.78 0.78 0.90 1.06 0.29 0.74 0.67 1.35 0.30 0.80 0.83 0.23 1.33 1.06 1.07 0.22 Durable goods....................... 0.43 0.53 0.42 0.43 0.83 0.79 0.20 0.48 0.58 0.64 0.17 0.24 0.30 0.19 0.96 0.54 0.44 0.14 Previously published.............. 0.43 0.52 0.49 0.50 0.83 0.75 0.16 0.57 0.64 0.61 0.33 0.36 0.42 0.23 0.99 0.67 0.45 0.10 Motor vehicles and parts.......... 0.07 0.18 0.11 0.14 0.50 0.28 0.05 0.15 0.22 0.23 -0.02 -0.04 0.06 0.10 0.41 0.19 0.11 -0.09 Previously published............ 0.07 0.17 0.12 0.19 0.50 0.23 0.01 0.21 0.26 0.14 0.00 0.04 0.13 0.13 0.45 0.28 0.10 -0.11 Furnishings and durable household equipment........................ 0.09 0.07 0.09 0.11 0.14 0.13 -0.07 0.04 0.09 0.13 0.07 0.16 0.07 0.03 0.21 0.10 0.10 0.08 Previously published............ 0.09 0.07 0.10 0.10 0.14 0.13 -0.07 0.04 0.09 0.14 0.09 0.16 0.07 0.01 0.20 0.10 0.11 0.09 Recreational goods and vehicles... 0.20 0.23 0.18 0.14 0.23 0.32 0.18 0.20 0.19 0.25 0.12 0.12 0.08 0.04 0.26 0.25 0.17 0.13 Previously published............ 0.20 0.22 0.20 0.17 0.23 0.29 0.15 0.21 0.20 0.24 0.20 0.17 0.12 0.07 0.26 0.31 0.19 0.08 Other durable goods............... 0.06 0.04 0.04 0.04 -0.05 0.06 0.04 0.08 0.08 0.03 0.00 0.00 0.09 0.01 0.08 0.01 0.06 0.02 Previously published............ 0.06 0.06 0.07 0.04 -0.05 0.10 0.08 0.10 0.09 0.09 0.04 -0.01 0.10 0.01 0.08 -0.01 0.06 0.03 Nondurable goods.................... 0.28 0.10 0.29 0.32 0.08 0.32 0.06 0.14 -0.05 0.75 0.11 0.36 0.40 0.06 0.52 0.37 0.47 0.10 Previously published.............. 0.28 0.12 0.29 0.28 0.08 0.31 0.13 0.17 0.02 0.74 -0.03 0.43 0.41 0.00 0.34 0.39 0.61 0.12 Food and beverages purchased for off-premises consumption......... 0.06 0.00 0.05 0.03 -0.05 0.07 0.02 0.02 0.03 0.15 -0.09 0.12 0.10 0.03 -0.01 -0.04 -0.04 -0.04 Previously published............ 0.06 0.04 0.05 0.00 -0.05 0.15 0.09 0.06 0.04 0.14 -0.14 0.11 0.13 -0.05 -0.07 0.00 -0.02 0.00 Clothing and footwear............. 0.08 0.02 0.03 0.03 0.07 0.14 -0.14 0.14 -0.08 0.12 0.06 -0.05 0.03 -0.06 0.15 0.06 0.15 -0.02 Previously published............ 0.08 0.02 0.02 0.02 0.07 0.13 -0.15 0.12 -0.05 0.11 0.04 -0.08 0.05 -0.08 0.12 0.03 0.19 -0.04 Gasoline and other energy goods... -0.07 -0.04 0.04 0.02 -0.05 -0.17 0.22 -0.02 -0.18 0.17 0.08 0.05 0.03 -0.01 -0.05 0.01 0.18 0.11 Previously published............ -0.07 -0.05 0.02 0.02 -0.05 -0.16 0.16 -0.03 -0.16 0.15 0.00 0.09 0.00 0.05 -0.08 0.02 0.19 0.10 Other nondurable goods............ 0.21 0.12 0.17 0.25 0.11 0.28 -0.04 0.00 0.18 0.30 0.07 0.25 0.24 0.11 0.43 0.34 0.18 0.06 Previously published............ 0.21 0.11 0.20 0.24 0.11 0.19 0.03 0.02 0.20 0.34 0.08 0.31 0.23 0.08 0.37 0.34 0.25 0.06 Services.............................. 0.84 0.38 0.45 1.09 0.04 0.52 0.20 0.10 0.25 0.36 0.68 0.57 1.66 0.61 1.11 1.42 1.95 0.94 Previously published................ 0.84 0.61 0.86 0.94 0.04 0.81 0.57 0.58 0.65 1.11 0.93 0.59 1.69 0.60 0.42 1.15 1.91 1.21 Household consumption expenditures (for services)..................... 0.86 0.26 0.42 1.06 0.15 0.37 -0.15 0.08 -0.01 0.54 0.73 0.48 1.51 0.65 1.08 1.34 2.00 1.09 Previously published.............. 0.86 0.52 0.78 0.87 0.15 0.74 0.32 0.54 0.38 1.21 0.90 0.48 1.50 0.61 0.35 1.00 1.98 1.37 Housing and utilities............. 0.16 0.01 0.06 0.14 -0.14 -0.42 0.45 0.15 -0.31 0.28 0.01 -0.15 0.30 0.54 -0.17 -0.13 0.22 0.43 Previously published............ 0.16 0.08 0.16 0.10 -0.14 -0.20 0.46 0.24 -0.22 0.62 -0.01 -0.18 0.24 0.68 -0.42 -0.22 0.24 0.59 Health care....................... 0.28 0.25 0.11 0.31 0.51 0.59 -0.13 0.13 -0.01 -0.13 0.44 0.24 0.38 -0.25 0.63 0.57 0.80 0.52 Previously published............ 0.28 0.37 0.24 0.32 0.51 0.70 0.13 0.40 0.13 0.04 0.40 0.30 0.48 -0.16 0.45 0.52 0.88 0.62 Transportation services........... 0.05 0.03 0.06 0.10 0.02 -0.08 0.16 0.05 -0.03 0.10 0.09 0.08 0.00 0.16 0.08 0.14 0.13 0.07 Previously published............ 0.05 0.04 0.05 0.05 0.02 0.01 0.04 0.06 0.01 0.10 0.05 0.02 0.06 0.04 0.07 0.05 0.07 0.13 Recreation services............... 0.06 0.05 0.05 0.07 0.01 0.01 0.12 0.02 0.08 0.04 -0.08 0.16 0.10 0.08 -0.03 0.13 0.15 -0.05 Previously published............ 0.06 0.04 0.06 0.00 0.01 0.06 0.02 0.02 0.04 0.16 0.00 0.09 0.02 -0.05 -0.05 0.02 0.09 -0.04 Food services and accommodations 0.11 0.11 0.07 0.13 0.08 0.19 0.08 0.09 0.12 0.13 -0.14 0.05 0.27 -0.05 0.28 0.17 0.26 0.12 Previously published............ 0.11 0.11 0.09 0.13 0.08 0.18 0.06 0.10 0.18 0.13 -0.04 0.01 0.30 -0.05 0.22 0.21 0.30 0.10 Financial services and insurance 0.09 -0.28 0.05 0.06 -0.30 -0.25 -0.69 -0.39 -0.03 0.39 0.24 0.00 0.23 -0.10 0.04 0.16 0.05 0.00 Previously published............ 0.09 -0.23 0.10 0.20 -0.30 -0.34 -0.33 -0.39 0.09 0.25 0.33 0.11 0.28 0.14 0.14 0.35 0.17 0.06 Other services.................... 0.12 0.09 0.02 0.24 -0.01 0.33 -0.14 0.04 0.16 -0.27 0.17 0.10 0.23 0.26 0.24 0.30 0.40 0.01 Previously published............ 0.12 0.11 0.07 0.06 -0.01 0.33 -0.06 0.11 0.15 -0.09 0.17 0.13 0.12 0.02 -0.07 0.06 0.23 -0.08 Final consumption expenditures of nonprofit institutions serving households......................... -0.02 0.12 0.03 0.04 -0.12 0.15 0.35 0.02 0.26 -0.19 -0.05 0.09 0.14 -0.04 0.03 0.09 -0.06 -0.15 Previously published.............. -0.02 0.09 0.07 0.08 -0.12 0.08 0.25 0.04 0.27 -0.10 0.03 0.12 0.19 -0.01 0.07 0.15 -0.07 -0.16 Gross output of nonprofit institutions..................... 0.08 0.21 0.09 0.10 0.27 0.44 0.08 0.27 0.05 -0.15 0.27 0.09 0.31 -0.44 0.36 0.28 0.39 0.05 Previously published............ 0.08 0.23 0.13 0.20 0.27 0.45 0.08 0.37 0.05 -0.11 0.27 0.14 0.51 -0.31 0.34 0.38 0.57 0.06 Less: Receipts from sales of goods and services by nonprofit institutions..................... 0.10 0.09 0.06 0.07 0.38 0.30 -0.26 0.25 -0.21 0.03 0.32 0.00 0.17 -0.40 0.33 0.20 0.45 0.20 Previously published............ 0.10 0.14 0.06 0.12 0.38 0.37 -0.16 0.32 -0.21 -0.01 0.24 0.03 0.33 -0.30 0.27 0.23 0.64 0.22 Gross private domestic investment....... 0.73 1.52 0.70 0.87 4.16 1.47 1.53 -0.18 -0.51 1.05 0.78 2.07 0.71 -0.38 1.99 1.22 0.36 1.39 Previously published.................. 0.73 1.33 0.76 0.92 4.16 1.04 0.88 0.26 -0.84 1.12 1.03 2.50 0.62 -1.13 2.87 1.18 0.61 0.40 Fixed investment...................... 0.86 1.38 0.64 0.82 1.36 2.00 0.98 0.00 1.03 0.77 0.40 0.59 0.79 0.91 0.87 1.23 0.39 0.52 Previously published................ 0.86 1.17 0.70 0.83 1.36 1.24 0.61 0.45 0.96 0.42 0.74 1.01 0.95 0.03 1.45 1.21 0.72 -0.05 Nonresidential...................... 0.85 1.05 0.38 0.77 1.08 1.37 0.88 -0.27 0.46 0.51 0.14 0.44 1.05 1.00 0.56 1.12 0.09 0.20 Previously published.............. 0.85 0.84 0.37 0.78 1.08 0.66 0.50 0.09 0.44 0.20 0.21 0.67 1.23 0.20 1.18 1.10 0.60 -0.26 Structures........................ 0.06 0.32 0.04 0.23 0.34 0.48 0.27 -0.12 -0.21 -0.16 0.30 0.46 0.11 0.50 0.00 -0.05 0.12 -0.22 Previously published............ 0.06 0.32 -0.01 0.23 0.34 0.46 0.27 -0.04 -0.19 -0.33 0.19 0.29 0.34 0.08 0.35 0.14 0.17 -0.60 Equipment......................... 0.66 0.58 0.19 0.34 0.49 0.81 0.47 -0.21 0.41 0.38 -0.04 -0.22 0.80 0.20 0.38 0.92 -0.30 0.14 Previously published............ 0.66 0.37 0.26 0.36 0.49 0.17 0.03 0.03 0.44 0.28 0.09 0.27 0.76 -0.06 0.63 0.63 0.04 0.15 Information processing equipment...................... 0.03 0.11 0.07 0.07 -0.04 0.37 -0.08 -0.12 0.25 0.17 -0.05 0.10 -0.10 0.08 0.28 -0.14 0.32 -0.07 Previously published.......... 0.03 0.06 0.05 0.05 -0.04 0.18 -0.09 -0.13 0.25 0.03 0.09 0.08 -0.07 -0.13 0.40 -0.12 0.31 -0.19 Computers and peripheral equipment.................... -0.01 0.03 0.02 -0.02 -0.05 0.14 -0.05 -0.13 0.17 0.06 -0.08 0.05 0.05 -0.14 0.05 0.02 -0.02 -0.10 Previously published........ -0.01 0.02 0.00 -0.01 -0.05 0.09 -0.03 -0.13 0.18 -0.06 -0.06 0.03 0.11 -0.22 0.10 0.05 -0.01 -0.16 Other......................... 0.04 0.07 0.05 0.08 0.01 0.22 -0.03 0.01 0.09 0.12 0.03 0.05 -0.14 0.22 0.24 -0.15 0.34 0.03 Previously published........ 0.04 0.03 0.05 0.06 0.01 0.09 -0.06 -0.01 0.07 0.09 0.15 0.05 -0.18 0.09 0.30 -0.16 0.31 -0.02 Industrial equipment............ 0.22 0.11 -0.03 0.09 0.29 -0.05 0.16 -0.14 0.11 -0.08 -0.12 0.02 -0.07 0.25 0.18 0.11 -0.07 -0.02 Previously published.......... 0.22 0.05 0.05 0.16 0.29 -0.26 0.03 -0.01 0.07 0.03 0.00 0.20 0.02 0.17 0.32 0.35 -0.24 0.01 Transportation equipment........ 0.29 0.22 0.15 0.17 0.49 0.14 0.17 -0.07 0.14 0.12 0.37 -0.10 0.49 -0.05 0.07 0.58 -0.14 0.18 Previously published.......... 0.29 0.21 0.08 0.16 0.49 0.22 0.08 -0.15 0.09 0.08 0.12 0.05 0.45 0.00 0.04 0.45 -0.07 0.23 Other equipment................. 0.13 0.14 0.01 0.01 -0.25 0.36 0.22 0.13 -0.09 0.16 -0.25 -0.24 0.47 -0.09 -0.16 0.37 -0.41 0.05 Previously published.......... 0.13 0.05 0.07 0.00 -0.25 0.03 0.01 0.32 0.03 0.15 -0.12 -0.07 0.36 -0.09 -0.14 -0.05 0.04 0.10 Intellectual property products.... 0.13 0.15 0.15 0.20 0.26 0.07 0.14 0.05 0.26 0.30 -0.13 0.20 0.13 0.30 0.19 0.25 0.27 0.29 Previously published............ 0.13 0.15 0.13 0.19 0.26 0.03 0.19 0.10 0.19 0.24 -0.08 0.11 0.14 0.18 0.21 0.34 0.39 0.19 Software........................ 0.11 0.09 0.06 0.11 0.15 0.03 0.10 0.00 0.12 0.13 -0.15 0.14 0.09 0.14 0.13 0.17 0.10 0.16 Previously published.......... 0.11 0.10 0.05 0.06 0.15 0.03 0.11 0.04 0.06 0.16 -0.15 0.12 0.07 0.03 0.07 0.15 0.09 0.13 Research and development........ 0.02 0.04 0.08 0.08 0.07 0.03 0.04 0.05 0.12 0.16 0.01 0.06 0.03 0.14 0.04 0.07 0.15 0.12 Previously published.......... 0.02 0.03 0.06 0.11 0.07 -0.02 0.06 0.05 0.11 0.07 0.06 -0.01 0.06 0.14 0.13 0.17 0.28 0.05 Entertainment, literary, and artistic originals............. 0.00 0.01 0.01 0.01 0.03 0.02 0.00 0.00 0.01 0.01 0.01 0.00 0.02 0.02 0.01 0.01 0.02 0.01 Previously published.......... 0.00 0.02 0.01 0.01 0.03 0.02 0.02 0.01 0.02 0.01 0.01 -0.01 0.01 0.01 0.01 0.01 0.02 0.01 Residential......................... 0.01 0.33 0.27 0.05 0.28 0.63 0.10 0.27 0.57 0.26 0.27 0.15 -0.26 -0.09 0.31 0.11 0.31 0.32 Previously published.............. 0.01 0.33 0.33 0.05 0.28 0.59 0.11 0.36 0.52 0.22 0.53 0.34 -0.28 -0.17 0.27 0.10 0.12 0.21 Change in private inventories......... -0.14 0.14 0.06 0.05 2.80 -0.53 0.56 -0.18 -1.54 0.28 0.38 1.48 -0.08 -1.29 1.12 -0.01 -0.03 0.87 Previously published................ -0.14 0.15 0.06 0.09 2.80 -0.20 0.27 -0.19 -1.80 0.70 0.30 1.49 -0.34 -1.16 1.42 -0.03 -0.10 0.45 Farm................................ 0.07 -0.13 0.19 -0.02 0.05 -0.30 -0.12 -0.29 0.15 0.53 0.15 0.13 0.04 -0.26 0.09 0.08 -0.05 0.10 Previously published.............. 0.07 -0.07 0.13 0.01 0.05 -0.06 -0.14 -0.29 0.14 0.36 0.10 0.17 0.01 -0.23 0.11 0.13 -0.03 -0.04 Nonfarm............................. -0.20 0.27 -0.13 0.07 2.75 -0.23 0.68 0.11 -1.69 -0.24 0.23 1.35 -0.12 -1.03 1.03 -0.09 0.02 0.77 Previously published.............. -0.20 0.22 -0.07 0.08 2.75 -0.15 0.41 0.10 -1.95 0.35 0.19 1.32 -0.35 -0.93 1.31 -0.16 -0.08 0.49 Net exports of goods and services....... -0.02 0.08 0.20 -0.18 -0.21 -0.02 0.28 0.16 0.58 -0.01 -0.24 0.16 1.26 -1.39 -0.24 0.39 -0.89 -1.92 Previously published.................. -0.02 0.04 0.22 -0.22 -0.21 -0.11 -0.04 0.39 0.79 -0.08 -0.54 0.59 1.08 -1.66 -0.34 0.78 -1.03 -1.89 Exports............................... 0.87 0.46 0.38 0.46 0.56 0.37 0.61 0.27 -0.07 0.12 0.64 0.55 1.42 -0.95 1.28 0.24 0.71 -0.81 Previously published................ 0.87 0.44 0.41 0.43 0.56 0.19 0.64 0.28 0.19 -0.12 0.82 0.67 1.30 -1.30 1.43 0.61 0.59 -0.79 Goods............................... 0.57 0.34 0.26 0.41 0.76 0.18 0.44 0.20 -0.37 0.03 0.67 0.45 1.31 -0.94 1.09 0.55 0.36 -1.10 Previously published.............. 0.57 0.34 0.26 0.37 0.76 0.15 0.49 0.19 -0.30 -0.09 0.74 0.52 1.20 -1.18 1.26 0.69 0.22 -1.09 Services............................ 0.29 0.12 0.11 0.05 -0.20 0.19 0.17 0.06 0.30 0.09 -0.02 0.10 0.11 -0.01 0.20 -0.31 0.35 0.30 Previously published.............. 0.29 0.10 0.15 0.06 -0.20 0.03 0.15 0.09 0.50 -0.03 0.09 0.15 0.10 -0.12 0.17 -0.08 0.37 0.30 Imports............................... -0.89 -0.38 -0.18 -0.63 -0.76 -0.40 -0.33 -0.10 0.65 -0.13 -0.89 -0.39 -0.16 -0.44 -1.52 0.15 -1.60 -1.12 Previously published................ -0.89 -0.40 -0.19 -0.65 -0.76 -0.29 -0.68 0.10 0.59 0.04 -1.36 -0.09 -0.22 -0.36 -1.77 0.16 -1.62 -1.10 Goods............................... -0.78 -0.30 -0.14 -0.59 -0.76 -0.35 -0.23 -0.09 0.62 -0.15 -0.72 -0.35 -0.09 -0.61 -1.30 0.13 -1.29 -0.93 Previously published.............. -0.78 -0.30 -0.13 -0.55 -0.76 -0.27 -0.57 0.17 0.68 -0.08 -1.13 -0.01 -0.12 -0.33 -1.62 0.19 -1.35 -0.93 Services............................ -0.11 -0.09 -0.04 -0.05 0.00 -0.05 -0.10 -0.02 0.03 0.02 -0.16 -0.04 -0.07 0.17 -0.22 0.02 -0.31 -0.18 Previously published.............. -0.11 -0.10 -0.06 -0.10 0.00 -0.02 -0.11 -0.07 -0.09 0.12 -0.23 -0.08 -0.09 -0.03 -0.15 -0.03 -0.27 -0.18 Government consumption expenditures and gross investment....................... -0.65 -0.38 -0.58 -0.11 -0.31 -0.40 -0.39 -0.22 -0.75 -0.88 -0.38 -0.42 -0.51 0.00 0.21 0.33 -0.26 -0.01 Previously published.................. -0.65 -0.30 -0.39 -0.03 -0.31 -0.56 -0.08 0.52 -1.20 -0.75 0.04 0.04 -0.71 -0.15 0.31 0.80 -0.35 -0.11 Federal............................... -0.24 -0.15 -0.46 -0.18 -0.21 -0.03 -0.24 0.04 -0.45 -0.75 -0.43 -0.44 -0.49 0.02 -0.08 0.26 -0.41 0.08 Previously published................ -0.24 -0.15 -0.45 -0.14 -0.21 -0.25 -0.08 0.59 -1.10 -0.79 -0.26 -0.08 -0.79 -0.01 -0.06 0.68 -0.53 0.00 National defense.................... -0.13 -0.18 -0.34 -0.18 -0.53 -0.20 -0.23 0.04 -0.42 -0.53 -0.28 -0.36 -0.27 -0.21 -0.02 0.19 -0.47 0.04 Previously published.............. -0.13 -0.18 -0.33 -0.10 -0.53 -0.40 -0.06 0.58 -1.12 -0.55 -0.09 0.03 -0.55 -0.18 0.04 0.66 -0.57 -0.05 Consumption expenditures.......... -0.07 -0.10 -0.27 -0.14 -0.53 0.00 -0.18 0.11 -0.28 -0.45 -0.18 -0.42 -0.24 -0.03 -0.12 0.23 -0.43 0.13 Previously published............ -0.07 -0.12 -0.24 -0.02 -0.53 -0.18 -0.14 0.62 -0.97 -0.35 -0.05 0.02 -0.48 0.12 -0.07 0.69 -0.59 0.00 Gross investment.................. -0.06 -0.08 -0.07 -0.04 0.00 -0.20 -0.05 -0.07 -0.14 -0.07 -0.10 0.06 -0.03 -0.18 0.10 -0.04 -0.04 -0.09 Previously published............ -0.06 -0.06 -0.09 -0.07 0.00 -0.22 0.08 -0.04 -0.15 -0.20 -0.05 0.00 -0.06 -0.30 0.11 -0.03 0.03 -0.05 Nondefense.......................... -0.11 0.03 -0.12 0.00 0.32 0.16 -0.01 0.00 -0.03 -0.23 -0.16 -0.07 -0.23 0.23 -0.06 0.07 0.06 0.03 Previously published.............. -0.11 0.03 -0.12 -0.04 0.32 0.15 -0.01 0.01 0.02 -0.24 -0.17 -0.11 -0.24 0.17 -0.10 0.01 0.04 0.05 Consumption expenditures.......... -0.11 0.05 -0.08 0.01 0.35 0.17 0.00 0.02 -0.02 -0.15 -0.12 -0.06 -0.20 0.24 -0.05 0.07 0.02 0.04 Previously published............ -0.11 0.05 -0.08 -0.01 0.35 0.16 -0.01 0.03 0.03 -0.17 -0.12 -0.08 -0.20 0.21 -0.08 0.02 0.01 0.05 Gross investment.................. 0.00 -0.02 -0.04 -0.01 -0.03 -0.01 -0.01 -0.03 -0.01 -0.08 -0.04 -0.02 -0.03 -0.01 -0.01 0.00 0.04 0.00 Previously published............ 0.00 -0.02 -0.04 -0.03 -0.03 0.00 -0.01 -0.02 -0.01 -0.07 -0.04 -0.03 -0.04 -0.04 -0.03 -0.01 0.03 0.00 State and local....................... -0.41 -0.22 -0.12 0.07 -0.10 -0.36 -0.14 -0.26 -0.30 -0.12 0.05 0.02 -0.01 -0.03 0.29 0.07 0.15 -0.09 Previously published................ -0.41 -0.15 0.06 0.11 -0.10 -0.31 0.00 -0.07 -0.10 0.04 0.31 0.13 0.07 -0.14 0.38 0.13 0.18 -0.12 Consumption expenditures............ -0.27 -0.09 -0.04 0.06 -0.05 -0.11 -0.09 -0.05 -0.10 -0.07 0.00 0.01 0.07 0.07 0.11 0.05 0.06 0.06 Previously published.............. -0.27 -0.02 0.12 0.10 -0.05 -0.08 0.03 0.11 0.07 0.16 0.15 0.12 0.09 0.08 0.11 0.08 0.10 0.07 Gross investment.................... -0.14 -0.14 -0.08 0.01 -0.05 -0.25 -0.05 -0.21 -0.20 -0.06 0.05 0.01 -0.08 -0.10 0.19 0.02 0.09 -0.14 Previously published.............. -0.14 -0.12 -0.06 0.01 -0.05 -0.23 -0.04 -0.18 -0.17 -0.12 0.15 0.00 -0.02 -0.22 0.26 0.04 0.08 -0.18 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ See 'Explanatory Note' at the end of the tables. Table 3A. Gross Domestic Product and Related Measures [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 --------------------------------------------------------------Seasonally adjusted at annual rates-------------------------------------------------------------- ---------------2011--------------- ---------------2012--------------- ---------------2013--------------- ---------------2014--------------- ------2015------ I II III IV I II III IV I II III IV I II III IV I II ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)....... 15,517.9 16,155.3 16,663.2 17,348.1 15,238.4 15,460.9 15,587.1 15,785.3 15,973.9 16,121.9 16,227.9 16,297.3 16,440.7 16,526.8 16,727.5 16,957.6 16,984.3 17,270.0 17,522.1 17,615.9 17,649.3 17,840.5 Personal consumption expenditures........ 10,689.3 11,050.6 11,392.3 11,865.9 10,523.5 10,651.4 10,754.5 10,827.9 10,956.2 11,008.3 11,073.6 11,164.3 11,271.8 11,322.8 11,417.7 11,556.9 11,640.3 11,813.0 11,949.1 12,061.4 12,055.5 12,207.8 Goods.................................. 3,596.5 3,739.1 3,836.8 3,948.4 3,534.0 3,588.0 3,613.0 3,650.9 3,714.4 3,717.2 3,744.7 3,780.0 3,827.7 3,810.5 3,844.0 3,864.8 3,874.7 3,951.5 3,987.4 3,980.1 3,901.5 3,972.0 Durable goods........................ 1,125.3 1,191.9 1,237.8 1,280.2 1,115.3 1,112.3 1,123.8 1,149.8 1,178.8 1,181.6 1,194.2 1,212.9 1,235.4 1,235.6 1,237.5 1,242.8 1,243.1 1,279.1 1,295.1 1,303.5 1,301.8 1,324.7 Motor vehicles and parts........... 363.5 395.8 416.7 440.2 366.7 353.3 357.2 376.5 387.7 391.1 397.2 407.0 417.3 416.2 415.2 417.9 421.6 439.9 447.7 451.6 447.8 461.6 Furnishings and durable household equipment......................... 260.7 271.4 280.2 287.9 254.7 259.4 262.4 266.2 272.4 269.6 270.7 272.8 277.7 279.1 281.8 282.2 281.5 287.8 290.2 292.3 293.8 297.0 Recreational goods and vehicles.... 321.0 336.6 346.8 354.6 318.3 319.5 321.4 324.7 332.9 334.8 337.9 340.9 346.8 346.4 347.3 346.9 344.8 353.5 359.1 361.1 361.7 366.8 Other durable goods................ 180.2 188.1 194.1 197.5 175.5 180.1 182.8 182.4 185.8 186.0 188.4 192.2 193.7 193.9 193.1 195.7 195.2 197.9 198.2 198.6 198.5 199.2 Nondurable goods..................... 2,471.1 2,547.2 2,598.9 2,668.2 2,418.7 2,475.6 2,489.2 2,501.1 2,535.6 2,535.6 2,550.6 2,567.1 2,592.3 2,574.9 2,606.5 2,622.0 2,631.6 2,672.4 2,692.2 2,676.6 2,599.7 2,647.3 Food and beverages purchased for off-premises consumption.......... 829.1 848.8 866.0 886.5 815.4 827.8 834.8 838.7 845.0 847.3 848.9 854.0 863.5 860.8 867.6 872.1 876.7 885.3 890.3 893.8 891.5 895.3 Clothing and footwear.............. 338.9 354.3 362.5 368.9 331.9 338.0 340.4 345.5 353.3 351.6 356.2 356.1 362.4 362.3 362.4 362.9 361.4 368.8 371.2 374.0 372.3 376.5 Gasoline and other energy goods.... 409.6 416.9 413.0 401.1 392.7 418.3 416.9 410.4 414.3 412.9 418.1 422.3 421.3 402.3 414.8 413.5 413.1 413.4 406.6 371.4 293.7 317.9 Other nondurable goods............. 893.5 927.3 957.5 1,011.7 878.7 891.5 897.1 906.6 923.1 923.9 927.4 934.7 945.1 949.5 961.7 973.5 980.4 1,004.9 1,024.0 1,037.4 1,042.2 1,057.5 Services............................... 7,092.8 7,311.5 7,555.5 7,917.5 6,989.6 7,063.4 7,141.4 7,177.0 7,241.8 7,291.1 7,328.9 7,384.3 7,444.1 7,512.3 7,573.7 7,692.1 7,765.6 7,861.5 7,961.7 8,081.3 8,153.9 8,235.9 Household consumption expenditures (for services)...................... 6,817.8 7,018.7 7,251.6 7,595.2 6,717.7 6,790.4 6,861.7 6,901.6 6,961.9 6,997.6 7,036.6 7,078.7 7,146.7 7,211.1 7,268.4 7,380.2 7,450.2 7,542.0 7,636.1 7,752.3 7,828.0 7,908.5 Housing and utilities.............. 1,959.9 1,995.4 2,057.4 2,142.6 1,934.8 1,950.6 1,975.2 1,978.7 1,967.6 1,993.0 2,009.3 2,011.7 2,035.3 2,051.6 2,058.0 2,084.7 2,127.4 2,134.5 2,143.0 2,165.4 2,197.6 2,204.1 Health care........................ 1,764.7 1,835.9 1,880.7 1,954.0 1,739.7 1,759.6 1,766.6 1,793.0 1,824.5 1,828.8 1,842.7 1,847.5 1,853.5 1,870.8 1,886.7 1,911.9 1,905.0 1,938.7 1,968.6 2,003.5 2,023.8 2,045.4 Transportation services............ 308.1 319.5 333.9 354.5 301.0 306.8 310.8 313.9 312.6 320.6 322.5 322.2 328.2 331.3 337.4 338.6 345.8 350.9 357.4 364.1 366.2 370.4 Recreation services................ 400.6 419.8 434.7 455.5 391.6 400.3 403.9 406.4 411.5 418.4 422.2 427.1 430.5 427.6 437.0 443.6 449.9 450.8 457.5 463.8 463.5 471.4 Food services and accommodations... 649.5 685.1 710.2 750.9 637.8 645.2 654.7 660.3 673.1 681.9 688.7 696.8 705.2 704.2 709.3 722.2 725.7 744.5 757.2 776.1 787.1 802.4 Financial services and insurance... 795.8 789.3 837.7 882.7 786.7 793.1 804.6 798.8 803.3 785.5 779.2 789.3 812.6 833.3 841.5 863.6 865.8 876.9 890.9 897.4 904.7 920.2 Other services..................... 939.3 973.8 997.0 1,055.0 926.2 934.8 945.8 950.4 969.3 969.5 972.1 984.2 981.4 992.4 998.6 1,015.6 1,030.7 1,045.7 1,061.5 1,081.9 1,085.2 1,094.6 Final consumption expenditures of nonprofit institutions serving households.......................... 275.0 292.9 303.9 322.3 271.8 273.0 279.7 275.4 280.0 293.5 292.3 305.7 297.3 301.2 305.2 311.9 315.4 319.5 325.6 329.0 325.9 327.4 Gross output of nonprofit institutions...................... 1,139.6 1,193.0 1,233.2 1,278.3 1,126.3 1,136.5 1,140.2 1,155.3 1,176.1 1,185.8 1,200.4 1,209.7 1,210.4 1,228.2 1,236.9 1,257.3 1,246.9 1,269.4 1,287.2 1,309.9 1,319.0 1,333.5 Less: Receipts from sales of goods and services by nonprofit institutions...................... 864.6 900.1 929.3 956.0 854.5 863.4 860.4 879.9 896.1 892.3 908.1 904.0 913.1 927.1 931.6 945.4 931.5 949.9 961.6 980.9 993.1 1,006.1 Gross private domestic investment........ 2,239.9 2,511.7 2,665.0 2,860.0 2,123.5 2,212.7 2,228.2 2,395.2 2,460.8 2,534.8 2,529.9 2,521.3 2,578.3 2,620.4 2,711.5 2,749.9 2,751.1 2,841.6 2,910.2 2,937.2 2,995.9 2,990.0 Fixed investment....................... 2,198.1 2,449.9 2,593.2 2,782.9 2,097.2 2,149.6 2,243.1 2,302.5 2,395.3 2,445.5 2,455.9 2,502.9 2,541.8 2,571.7 2,606.0 2,653.5 2,708.4 2,752.7 2,821.8 2,848.7 2,868.6 2,866.1 Nonresidential....................... 1,812.1 2,007.7 2,084.3 2,233.7 1,722.4 1,768.5 1,854.5 1,902.9 1,971.5 2,016.2 2,011.7 2,031.2 2,052.1 2,064.6 2,085.9 2,134.5 2,181.9 2,211.7 2,267.0 2,274.1 2,280.7 2,270.8 Structures......................... 381.6 448.0 462.1 507.0 343.2 371.3 397.1 415.0 439.7 455.7 452.8 443.8 438.2 453.9 474.4 481.8 504.9 505.7 505.4 512.0 499.3 494.0 Equipment.......................... 838.2 937.9 972.3 1,036.7 798.3 809.7 861.7 883.3 920.4 940.7 935.4 955.2 969.1 968.0 959.3 992.8 1,003.5 1,023.2 1,065.3 1,055.0 1,063.5 1,051.8 Information processing equipment....................... 277.7 288.6 296.6 308.0 275.0 279.2 279.3 277.1 292.1 287.9 282.4 292.0 297.9 295.2 298.8 294.6 298.1 310.7 304.7 318.4 316.4 303.7 Computers and peripheral equipment..................... 76.4 79.7 82.1 79.3 72.1 77.4 79.3 76.8 82.4 80.2 74.9 81.4 83.4 79.9 81.7 83.4 77.5 79.7 80.4 79.6 75.0 77.8 Other.......................... 201.3 208.9 214.5 228.7 203.0 201.9 200.0 200.4 209.7 207.8 207.6 210.6 214.5 215.3 217.0 211.2 220.6 231.0 224.3 238.8 241.4 225.9 Industrial equipment............. 190.5 211.4 207.0 223.8 176.5 180.6 196.6 208.1 207.4 214.7 209.2 214.4 211.2 206.0 206.7 204.0 215.8 224.1 229.2 226.1 224.9 234.6 Transportation equipment......... 173.9 213.1 240.6 272.4 158.2 158.9 179.3 199.2 206.5 213.7 212.1 220.2 225.3 241.3 237.9 257.9 256.6 261.3 287.6 283.9 292.2 287.9 Other equipment.................. 196.2 224.8 228.1 232.6 188.5 190.9 206.5 198.8 214.4 224.5 231.6 228.6 234.8 225.6 215.9 236.2 233.0 227.1 243.8 226.5 230.0 225.5 Intellectual property products..... 592.2 621.7 649.9 690.0 580.9 587.5 595.7 604.6 611.4 619.7 623.6 632.3 644.8 642.7 652.2 660.0 673.6 682.8 696.3 707.2 717.8 725.0 Software......................... 269.8 284.3 295.0 313.0 260.2 266.5 273.4 279.1 280.3 284.5 283.9 288.5 295.3 290.4 295.8 298.7 304.6 310.4 317.7 319.4 324.1 328.4 Research and development......... 250.0 263.0 279.2 298.3 247.9 249.1 250.3 252.7 257.2 260.9 265.0 268.8 274.3 277.0 280.7 284.7 291.4 294.0 299.5 308.1 313.0 315.7 Entertainment, literary, and artistic originals.............. 72.4 74.5 75.7 78.6 72.8 72.0 72.1 72.8 74.0 74.3 74.7 75.0 75.2 75.3 75.8 76.5 77.5 78.4 79.0 79.6 80.7 80.9 Residential.......................... 386.0 442.2 508.9 549.2 374.8 381.1 388.6 399.6 423.8 429.4 444.1 471.7 489.6 507.1 520.0 519.0 526.4 540.9 554.8 574.6 588.0 595.2 Change in private inventories.......... 41.8 61.8 71.8 77.1 26.3 63.0 -14.9 92.7 65.4 89.3 74.1 18.4 36.5 48.7 105.6 96.4 42.7 88.9 88.3 88.5 127.3 124.0 Farm................................. 2.1 -19.5 11.3 5.9 0.5 -1.3 3.8 5.3 -8.6 -15.3 -31.5 -22.6 7.9 10.4 14.8 11.9 2.7 7.7 8.0 5.4 9.0 8.1 Nonfarm.............................. 39.7 81.3 60.5 71.2 25.7 64.3 -18.7 87.4 74.0 104.6 105.5 41.0 28.6 38.3 90.7 84.5 40.0 81.3 80.3 83.1 118.3 115.9 Net exports of goods and services........ -580.0 -565.7 -508.4 -530.0 -562.5 -586.9 -572.4 -598.1 -614.7 -580.9 -535.2 -531.8 -529.2 -527.8 -512.4 -464.3 -529.4 -530.9 -514.6 -545.2 -551.6 -521.5 Exports................................ 2,106.4 2,198.2 2,263.3 2,341.9 2,033.3 2,108.3 2,142.9 2,141.0 2,169.6 2,199.8 2,209.4 2,214.0 2,226.6 2,237.6 2,264.3 2,324.5 2,301.5 2,356.2 2,360.6 2,349.5 2,257.3 2,280.7 Goods................................ 1,466.9 1,526.0 1,560.9 1,618.0 1,416.0 1,467.7 1,487.8 1,496.0 1,511.2 1,530.0 1,537.7 1,525.2 1,529.8 1,541.3 1,560.8 1,611.8 1,585.5 1,628.0 1,641.9 1,616.5 1,517.5 1,536.6 Services............................. 639.5 672.2 702.3 723.9 617.3 640.6 655.1 645.0 658.4 669.8 671.7 688.8 696.7 696.3 703.5 712.8 716.0 728.2 718.7 732.9 739.8 744.1 Imports................................ 2,686.4 2,763.8 2,771.7 2,871.9 2,595.8 2,695.3 2,715.3 2,739.1 2,784.3 2,780.7 2,744.5 2,745.8 2,755.8 2,765.4 2,776.7 2,788.8 2,830.8 2,887.0 2,875.2 2,894.6 2,808.9 2,802.2 Goods................................ 2,244.7 2,305.8 2,301.9 2,388.5 2,172.5 2,251.7 2,263.6 2,291.1 2,331.4 2,322.7 2,284.7 2,284.6 2,294.4 2,297.1 2,306.3 2,309.8 2,357.6 2,403.8 2,392.7 2,400.0 2,311.7 2,302.1 Services............................. 441.6 458.0 469.8 483.4 423.3 443.5 451.7 448.0 452.9 458.0 459.9 461.3 461.4 468.2 470.5 479.0 473.3 483.3 482.5 494.6 497.2 500.1 Government consumption expenditures and gross investment........................ 3,168.7 3,158.6 3,114.2 3,152.1 3,153.8 3,183.8 3,176.8 3,160.4 3,171.6 3,159.6 3,159.6 3,143.5 3,119.8 3,111.4 3,110.7 3,115.1 3,122.3 3,146.3 3,177.4 3,162.5 3,149.5 3,164.2 Federal................................ 1,303.5 1,292.5 1,230.6 1,219.9 1,298.1 1,314.9 1,305.9 1,294.9 1,300.5 1,293.7 1,297.0 1,278.9 1,250.4 1,234.2 1,220.4 1,217.6 1,214.8 1,216.9 1,233.1 1,214.7 1,218.2 1,217.8 National defense..................... 836.9 817.8 767.7 748.2 823.4 844.9 851.5 828.0 826.4 818.8 821.5 804.6 783.8 772.3 759.2 755.4 746.8 748.4 759.5 738.2 739.0 737.2 Consumption expenditures........... 662.3 653.9 614.4 599.8 650.3 668.5 676.7 653.6 658.6 652.4 657.6 647.1 629.3 621.2 605.4 601.7 600.3 597.9 610.4 590.4 595.2 592.3 Gross investment................... 174.7 163.9 153.3 148.5 173.1 176.4 174.7 174.5 167.9 166.3 163.9 157.5 154.5 151.1 153.8 153.7 146.4 150.6 149.1 147.8 143.9 144.8 Nondefense........................... 466.5 474.7 463.0 471.6 474.7 470.0 454.5 466.9 474.1 474.9 475.5 474.3 466.6 461.9 461.1 462.2 468.0 468.4 473.6 476.5 479.2 480.7 Consumption expenditures........... 343.8 353.9 346.9 355.5 350.2 346.7 332.3 345.9 353.0 353.6 354.9 354.1 349.2 345.8 345.4 347.0 352.6 353.0 357.8 358.6 361.5 361.7 Gross investment................... 122.7 120.8 116.1 116.1 124.5 123.3 122.2 121.0 121.1 121.3 120.5 120.2 117.4 116.1 115.8 115.2 115.4 115.4 115.8 117.8 117.7 119.0 State and local........................ 1,865.3 1,866.1 1,883.6 1,932.3 1,855.8 1,869.0 1,870.9 1,865.5 1,871.0 1,865.9 1,862.6 1,864.6 1,869.4 1,877.2 1,890.3 1,897.5 1,907.5 1,929.4 1,944.3 1,947.8 1,931.3 1,946.3 Consumption expenditures............. 1,524.8 1,536.3 1,560.7 1,601.0 1,515.6 1,529.6 1,530.4 1,523.6 1,536.4 1,530.8 1,534.2 1,543.9 1,549.9 1,554.0 1,565.2 1,573.6 1,585.8 1,598.2 1,610.5 1,609.5 1,599.5 1,606.8 Gross investment..................... 340.5 329.7 322.9 331.3 340.1 339.4 340.5 341.9 334.6 335.2 328.5 320.7 319.5 323.1 325.1 323.9 321.7 331.3 333.8 338.3 331.8 339.5 Addenda: Gross domestic income (GDI)............ 15,556.3 16,358.5 16,840.8 17,560.1 15,282.5 15,467.7 15,661.8 15,813.1 16,192.6 16,290.2 16,371.8 16,579.5 16,626.2 16,787.2 16,882.6 17,067.2 17,159.6 17,457.0 17,746.1 17,877.8 17,895.6 --- Average of GDP and GDI................. 15,537.1 16,256.9 16,752.0 17,454.1 15,260.4 15,464.3 15,624.5 15,799.2 16,083.2 16,206.0 16,299.8 16,438.4 16,533.4 16,657.0 16,805.0 17,012.4 17,072.0 17,363.5 17,634.1 17,746.8 17,772.4 --- Final sales of domestic product........ 15,476.2 16,093.5 16,591.4 17,270.9 15,212.1 15,397.9 15,602.0 15,692.7 15,908.4 16,032.6 16,153.9 16,278.9 16,404.2 16,478.1 16,621.9 16,861.2 16,941.6 17,181.0 17,433.8 17,527.4 17,522.0 17,716.5 Gross domestic purchases............... 16,097.9 16,720.9 17,171.6 17,878.1 15,800.8 16,047.9 16,159.5 16,383.5 16,588.6 16,702.8 16,763.1 16,829.2 16,969.9 17,054.6 17,239.9 17,421.9 17,513.7 17,800.9 18,036.6 18,161.1 18,200.9 18,362.0 Final sales to domestic purchasers..... 16,056.2 16,659.1 17,099.8 17,800.9 15,774.6 15,984.8 16,174.4 16,290.8 16,523.2 16,613.5 16,689.1 16,810.8 16,933.4 17,005.9 17,134.3 17,325.5 17,470.9 17,711.9 17,948.3 18,072.6 18,073.6 18,238.1 Final sales to private domestic purchasers............................ 12,887.4 13,500.5 13,985.5 14,648.8 12,620.7 12,801.0 12,997.6 13,130.4 13,351.6 13,453.9 13,529.5 13,667.3 13,813.6 13,894.5 14,023.6 14,210.4 14,348.7 14,565.7 14,770.9 14,910.1 14,924.1 15,073.9 Gross domestic product................. 15,517.9 16,155.3 16,663.2 17,348.1 15,238.4 15,460.9 15,587.1 15,785.3 15,973.9 16,121.9 16,227.9 16,297.3 16,440.7 16,526.8 16,727.5 16,957.6 16,984.3 17,270.0 17,522.1 17,615.9 17,649.3 17,840.5 Plus: Income receipts from the rest of the world............................. 792.6 801.5 826.2 854.3 765.1 791.2 811.4 802.9 809.7 786.5 804.9 805.0 805.2 825.8 833.2 840.5 840.0 850.4 869.7 857.0 817.0 --- Less: Income payments to the rest of the world............................. 546.0 563.9 575.8 591.2 537.0 560.1 555.8 531.1 558.5 555.0 567.8 574.4 584.1 578.6 569.3 571.2 581.2 593.3 597.8 592.3 589.5 --- Equals: Gross national product......... 15,764.6 16,392.8 16,913.5 17,611.2 15,466.5 15,692.0 15,842.6 16,057.1 16,225.1 16,353.3 16,465.0 16,528.0 16,661.7 16,774.0 16,991.4 17,226.9 17,243.1 17,527.0 17,794.0 17,880.6 17,876.8 --- Net domestic product................... 13,067.3 13,621.0 14,030.3 14,601.4 12,819.0 13,018.0 13,124.6 13,307.6 13,472.6 13,597.5 13,681.4 13,732.7 13,851.0 13,908.5 14,081.8 14,280.0 14,276.0 14,537.2 14,760.6 14,831.7 14,856.6 15,037.6 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See 'Explanatory Note' at the end of the tables. Table 3B. Real Gross Domestic Product and Related Measures [Billions of chained (2009) dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 --------------------------------------------------------------Seasonally adjusted at annual rates-------------------------------------------------------------- ---------------2011--------------- ---------------2012--------------- ---------------2013--------------- ---------------2014--------------- ------2015------ I II III IV I II III IV I II III IV I II III IV I II ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)....... 15,020.6 15,354.6 15,583.3 15,961.7 14,881.3 14,989.6 15,021.1 15,190.3 15,291.0 15,362.4 15,380.8 15,384.3 15,457.2 15,500.2 15,614.4 15,761.5 15,724.9 15,901.5 16,068.8 16,151.4 16,177.3 16,270.4 Personal consumption expenditures........ 10,263.5 10,413.2 10,590.4 10,875.7 10,217.1 10,237.7 10,282.2 10,316.8 10,379.0 10,396.6 10,424.1 10,453.2 10,518.2 10,554.3 10,598.9 10,690.4 10,724.7 10,826.3 10,918.6 11,033.3 11,081.2 11,161.7 Goods.................................. 3,411.8 3,504.3 3,612.8 3,731.2 3,404.9 3,398.2 3,405.5 3,438.5 3,480.1 3,489.8 3,513.5 3,533.6 3,586.0 3,596.8 3,620.2 3,648.1 3,658.3 3,718.0 3,755.2 3,793.2 3,803.7 3,848.5 Durable goods........................ 1,151.5 1,236.2 1,307.6 1,384.1 1,141.8 1,134.2 1,148.6 1,181.5 1,213.8 1,222.1 1,242.2 1,266.7 1,293.6 1,300.8 1,311.2 1,324.6 1,333.2 1,377.2 1,402.5 1,423.5 1,430.4 1,455.9 Motor vehicles and parts........... 333.8 359.1 375.8 396.7 342.7 324.2 325.2 343.0 353.0 354.9 360.3 368.3 376.8 375.8 374.2 376.3 380.1 395.9 403.2 407.7 404.1 414.3 Furnishings and durable household equipment......................... 276.6 288.7 304.3 323.9 270.7 274.6 277.6 283.4 289.1 286.1 288.0 291.8 297.4 300.6 307.8 311.2 312.7 322.9 327.6 332.5 336.7 339.3 Recreational goods and vehicles.... 370.2 413.3 449.8 481.6 357.9 364.9 373.7 384.1 399.2 408.0 418.1 427.8 440.6 446.9 453.5 458.0 460.5 475.4 490.1 500.4 508.2 518.7 Other durable goods................ 173.9 180.5 186.6 192.9 171.3 173.8 176.2 174.5 177.0 178.4 181.7 184.8 185.8 185.7 185.6 189.3 189.8 192.9 193.3 195.7 196.8 198.9 Nondurable goods..................... 2,263.2 2,277.5 2,319.8 2,367.8 2,265.1 2,265.6 2,259.7 2,262.4 2,273.9 2,275.9 2,281.1 2,279.4 2,306.3 2,310.4 2,323.8 2,338.9 2,341.3 2,361.0 2,375.2 2,393.7 2,397.8 2,418.8 Food and beverages purchased for off-premises consumption.......... 795.1 795.7 803.4 807.5 797.5 797.1 793.9 792.0 794.6 795.2 795.9 797.0 802.8 799.4 803.8 807.8 808.8 808.5 807.1 805.7 804.1 809.7 Clothing and footwear.............. 335.3 338.9 343.5 348.4 334.8 338.0 332.9 335.4 341.0 335.6 341.0 337.9 342.6 344.8 342.7 343.8 341.3 347.2 349.5 355.8 354.8 359.6 Gasoline and other energy goods.... 274.3 270.0 274.7 276.8 280.2 273.1 272.7 271.5 267.1 272.9 272.4 267.8 272.2 274.3 275.7 276.6 276.3 274.9 275.1 280.8 284.8 284.8 Other nondurable goods............. 863.2 880.7 906.3 945.0 855.1 862.9 865.5 869.4 880.1 878.5 878.6 885.5 897.1 899.7 909.4 918.9 923.3 940.6 954.4 961.7 964.1 974.9 Services............................... 6,851.4 6,908.1 6,977.0 7,144.6 6,812.0 6,839.2 6,876.6 6,877.7 6,898.0 6,906.0 6,909.7 6,918.8 6,931.4 6,956.8 6,978.1 7,041.7 7,065.7 7,108.5 7,163.8 7,240.4 7,277.4 7,314.5 Household consumption expenditures (for services)...................... 6,575.9 6,614.3 6,677.9 6,839.5 6,539.3 6,565.8 6,596.5 6,602.1 6,616.9 6,611.7 6,614.7 6,614.0 6,633.8 6,661.3 6,679.3 6,737.3 6,762.6 6,804.2 6,856.2 6,934.9 6,977.6 7,017.8 Housing and utilities.............. 1,928.0 1,929.1 1,938.8 1,961.2 1,918.3 1,924.4 1,937.4 1,931.9 1,916.0 1,933.6 1,939.5 1,927.5 1,938.5 1,938.8 1,933.0 1,945.0 1,966.5 1,960.0 1,954.8 1,963.5 1,980.5 1,976.2 Health care........................ 1,690.3 1,727.0 1,743.9 1,791.6 1,680.0 1,688.2 1,687.2 1,706.0 1,728.3 1,723.4 1,728.2 1,727.9 1,723.0 1,739.8 1,749.0 1,763.7 1,754.0 1,778.5 1,801.0 1,832.9 1,853.8 1,866.4 Transportation services............ 294.1 299.2 308.7 323.9 290.2 293.5 296.0 296.9 293.9 300.1 302.0 300.8 304.5 308.0 311.2 311.1 317.4 320.6 326.2 331.3 334.0 336.8 Recreation services................ 389.6 397.4 404.5 416.2 384.0 389.8 392.1 392.5 392.8 397.4 398.2 401.2 402.8 399.7 405.9 409.7 412.9 411.9 417.0 422.8 420.7 424.2 Food services and accommodations... 625.3 641.5 651.5 671.1 622.1 623.3 626.4 629.2 636.3 639.5 642.7 647.3 652.0 646.6 648.4 658.8 657.1 667.9 674.6 684.8 689.3 700.5 Financial services and insurance... 747.2 706.4 713.9 722.9 748.0 746.6 752.6 741.4 732.6 707.5 693.3 692.2 705.7 714.1 713.9 722.1 718.5 719.9 725.6 727.4 727.4 733.8 Other services..................... 901.2 914.8 917.4 954.1 896.3 899.8 904.5 904.0 916.5 911.3 912.7 918.9 908.6 915.0 918.7 927.3 937.4 946.7 958.2 974.1 974.4 981.9 Final consumption expenditures of nonprofit institutions serving households.......................... 275.2 294.4 299.8 305.8 272.4 273.2 280.0 275.2 281.0 294.9 295.6 306.0 298.3 296.1 299.6 305.4 303.8 305.0 308.4 306.0 300.0 296.8 Gross output of nonprofit institutions...................... 1,097.1 1,129.1 1,142.8 1,158.7 1,093.2 1,096.0 1,094.6 1,104.4 1,121.2 1,124.3 1,134.6 1,136.3 1,130.4 1,140.7 1,144.1 1,156.0 1,139.0 1,152.9 1,163.8 1,179.3 1,181.2 1,184.6 Less: Receipts from sales of goods and services by nonprofit institutions...................... 821.6 835.2 843.5 853.6 820.5 822.5 814.6 828.8 839.8 830.0 839.3 831.5 832.8 844.9 845.1 851.4 836.1 848.6 856.1 873.7 881.4 887.9 Gross private domestic investment........ 2,230.4 2,465.7 2,577.3 2,717.7 2,125.9 2,208.0 2,214.0 2,373.7 2,429.6 2,489.1 2,482.0 2,462.2 2,505.1 2,537.2 2,619.7 2,647.1 2,630.5 2,709.5 2,758.1 2,772.5 2,830.2 2,832.5 Fixed investment....................... 2,186.7 2,400.4 2,501.9 2,633.8 2,098.4 2,140.2 2,227.5 2,280.6 2,360.4 2,399.8 2,400.4 2,441.0 2,470.6 2,486.3 2,509.5 2,541.0 2,578.3 2,613.4 2,663.5 2,679.7 2,701.4 2,707.1 Nonresidential....................... 1,802.3 1,964.1 2,023.7 2,148.3 1,724.1 1,761.0 1,840.8 1,883.1 1,938.1 1,973.7 1,963.4 1,981.4 2,000.7 2,005.7 2,023.1 2,065.5 2,106.9 2,129.8 2,176.3 2,180.0 2,188.6 2,185.3 Structures......................... 374.7 423.1 429.7 464.6 343.0 366.7 388.2 400.9 419.5 429.9 425.5 417.5 411.0 422.6 440.4 444.7 464.6 464.4 462.3 467.1 458.2 456.4 Equipment.......................... 847.9 939.2 969.5 1,026.2 810.6 819.3 871.0 890.8 924.4 944.0 936.0 952.6 967.4 965.3 956.0 989.3 997.9 1,013.7 1,053.1 1,040.0 1,046.0 1,035.2 Information processing equipment....................... 285.9 303.1 314.4 326.4 279.8 286.6 288.9 288.2 304.6 302.2 297.3 308.2 315.3 312.8 317.0 312.5 316.2 329.0 322.8 337.6 334.2 322.1 Computers and peripheral equipment..................... 83.0 88.4 92.0 89.0 76.9 83.5 86.7 84.7 91.0 89.0 83.1 90.7 93.2 89.3 91.6 93.7 87.2 89.3 90.1 89.3 84.3 88.2 Other.......................... 202.8 214.5 222.3 236.8 202.5 203.0 202.2 203.4 213.6 213.1 213.8 217.4 222.1 223.2 225.2 218.8 228.5 239.0 232.2 247.5 248.8 233.4 Industrial equipment............. 183.3 199.8 194.8 208.9 171.8 174.1 188.2 198.9 197.0 203.0 197.5 201.7 198.5 193.9 194.7 192.0 202.2 209.2 213.5 210.8 210.0 219.6 Transportation equipment......... 183.0 218.9 243.1 271.8 168.1 167.1 188.5 208.5 213.9 220.7 217.6 223.5 228.5 244.0 239.6 260.4 258.5 261.7 286.5 280.4 288.1 283.7 Other equipment.................. 199.3 221.7 222.8 224.8 194.4 194.9 209.0 199.0 213.4 222.2 227.4 223.8 230.1 220.3 210.7 230.0 226.3 219.8 235.4 217.9 220.0 215.0 Intellectual property products..... 581.3 603.8 626.9 659.5 571.9 576.3 583.5 593.3 596.1 601.7 603.7 613.8 625.3 620.3 628.3 633.7 645.7 653.4 663.8 675.0 687.1 696.3 Software......................... 271.8 286.6 295.8 315.0 262.2 268.4 275.2 281.2 282.3 286.4 286.4 291.5 296.7 290.5 296.2 299.9 305.8 311.6 319.1 323.4 330.6 336.9 Research and development......... 236.7 242.9 255.3 266.8 236.5 235.7 235.9 238.6 239.6 241.1 243.1 247.7 253.5 254.0 256.4 257.4 262.8 264.5 267.1 272.8 277.4 281.0 Entertainment, literary, and artistic originals.............. 73.1 74.8 76.0 78.2 73.2 72.4 72.8 74.0 74.7 74.8 74.7 75.1 75.5 75.9 75.9 76.6 77.3 77.8 78.3 79.2 79.7 79.2 Residential.......................... 384.5 436.5 478.0 486.4 374.4 379.3 386.8 397.6 422.5 426.3 437.3 459.8 469.9 480.3 486.0 475.9 472.6 484.4 488.5 500.2 512.4 520.7 Change in private inventories.......... 37.6 54.7 61.4 68.0 25.1 57.5 -13.0 80.8 56.0 76.6 70.6 15.5 25.2 39.6 93.6 87.2 36.9 77.1 79.9 78.2 112.8 110.0 Farm................................. 1.4 -12.6 6.7 3.7 0.2 -0.2 2.1 3.4 -6.6 -10.3 -19.0 -14.5 1.8 5.8 9.3 9.9 1.3 3.6 5.8 4.2 7.0 6.5 Nonfarm.............................. 36.6 72.7 54.3 65.0 25.2 58.9 -15.9 78.3 65.8 92.0 97.7 35.3 23.5 32.9 84.0 76.6 36.2 74.5 74.5 74.9 106.8 104.4 Net exports of goods and services........ -459.4 -447.1 -417.5 -442.5 -466.2 -455.2 -454.3 -461.7 -462.7 -452.7 -446.8 -426.0 -425.9 -434.2 -428.3 -381.5 -434.0 -443.3 -429.1 -463.6 -541.2 -536.3 Exports................................ 1,898.3 1,963.2 2,018.1 2,086.4 1,862.3 1,890.7 1,910.6 1,929.7 1,942.6 1,964.4 1,974.1 1,971.7 1,976.6 2,000.5 2,021.1 2,074.2 2,038.7 2,086.8 2,096.0 2,123.9 2,091.4 2,118.7 Goods................................ 1,297.6 1,344.2 1,382.3 1,443.0 1,274.0 1,289.5 1,300.5 1,326.2 1,332.2 1,347.6 1,355.0 1,341.9 1,343.3 1,367.8 1,384.6 1,433.4 1,398.4 1,439.1 1,460.1 1,474.3 1,429.3 1,452.9 Services............................. 600.6 618.7 635.5 642.9 588.0 601.2 610.3 603.0 610.1 616.4 618.6 629.9 633.3 632.4 636.1 640.2 639.8 647.3 635.4 649.1 660.6 664.6 Imports................................ 2,357.7 2,410.2 2,435.6 2,528.9 2,328.5 2,345.9 2,364.9 2,391.3 2,405.3 2,417.0 2,420.9 2,397.8 2,402.6 2,434.7 2,449.4 2,455.7 2,472.7 2,530.1 2,525.1 2,587.5 2,632.5 2,655.0 Goods................................ 1,932.1 1,972.2 1,991.3 2,076.5 1,917.7 1,921.3 1,931.8 1,957.8 1,969.9 1,978.1 1,981.2 1,959.4 1,964.7 1,990.4 2,003.3 2,006.8 2,029.9 2,078.4 2,074.1 2,123.8 2,161.1 2,180.7 Services............................. 424.2 437.1 443.5 450.8 408.7 423.5 432.4 432.4 434.1 437.9 438.6 437.7 437.1 443.5 445.2 448.1 441.3 450.1 449.4 462.2 469.8 472.7 Government consumption expenditures and gross investment........................ 2,997.4 2,941.6 2,854.9 2,838.3 3,012.2 3,009.0 2,990.0 2,978.3 2,963.7 2,949.4 2,940.9 2,912.3 2,878.8 2,864.1 2,848.1 2,828.5 2,828.4 2,836.5 2,849.2 2,839.0 2,838.5 2,844.0 Federal................................ 1,236.4 1,213.5 1,144.1 1,116.3 1,241.2 1,246.0 1,233.3 1,225.2 1,223.9 1,214.8 1,216.2 1,199.0 1,170.1 1,153.2 1,136.3 1,116.9 1,117.8 1,114.5 1,124.7 1,108.3 1,111.3 1,108.3 National defense..................... 795.0 768.2 716.6 689.1 788.4 801.3 805.1 785.3 777.9 769.2 770.8 754.7 734.4 723.6 709.4 698.8 690.6 689.8 697.3 678.6 680.3 677.8 Consumption expenditures........... 626.2 611.3 570.5 548.9 620.7 630.7 636.7 616.9 617.0 610.1 614.2 603.7 586.3 579.3 562.9 553.4 552.1 547.6 556.6 539.3 544.7 540.6 Gross investment................... 168.7 156.7 145.9 140.0 167.6 170.5 168.3 168.3 160.7 158.9 156.3 150.7 147.8 144.0 146.4 145.3 138.2 142.1 140.5 139.1 135.3 136.9 Nondefense........................... 441.4 445.3 427.5 427.0 452.7 444.7 428.2 439.9 446.0 445.6 445.4 444.2 435.6 429.5 426.7 418.0 427.0 424.6 427.1 429.4 430.7 430.1 Consumption expenditures........... 323.5 330.3 317.9 319.1 332.7 326.2 311.1 323.8 330.2 330.1 331.0 330.0 324.3 319.9 317.6 310.0 319.2 317.1 319.7 320.4 321.9 320.0 Gross investment................... 118.0 115.0 109.5 107.8 120.1 118.6 117.3 116.2 115.8 115.5 114.5 114.2 111.3 109.6 109.0 108.0 107.7 107.4 107.3 109.0 108.8 110.1 State and local........................ 1,761.0 1,728.1 1,710.2 1,720.8 1,771.1 1,763.0 1,756.8 1,753.1 1,739.8 1,734.5 1,724.7 1,713.3 1,708.5 1,710.4 1,711.1 1,710.6 1,709.6 1,720.8 1,723.5 1,729.3 1,725.9 1,734.3 Consumption expenditures............. 1,430.4 1,417.6 1,411.4 1,420.9 1,435.8 1,431.7 1,428.0 1,426.0 1,421.9 1,418.7 1,416.7 1,413.0 1,410.5 1,410.5 1,411.0 1,413.6 1,416.2 1,420.3 1,422.4 1,424.8 1,427.0 1,428.1 Gross investment..................... 330.3 309.8 297.9 299.0 335.1 331.0 328.4 326.6 317.3 315.3 307.3 299.5 297.2 299.1 299.3 296.2 292.4 299.6 300.3 303.7 298.1 305.4 Residual................................. -22.2 -43.1 -45.9 -62.6 -16.5 -16.5 -28.9 -25.8 -35.5 -38.8 -46.0 -52.3 -47.3 -46.3 -45.9 -44.0 -51.0 -58.4 -68.4 -72.6 -74.2 -76.5 Addenda: Gross domestic income (GDI)\1\......... 15,057.7 15,547.8 15,749.5 16,156.8 14,924.4 14,996.1 15,093.1 15,217.0 15,500.4 15,522.8 15,517.1 15,650.6 15,631.6 15,744.4 15,759.2 15,863.4 15,887.3 16,073.6 16,274.3 16,391.5 16,403.1 --- Average of GDP and GDI................. 15,039.1 15,451.2 15,666.4 16,059.2 14,902.8 14,992.8 15,057.1 15,203.6 15,395.7 15,442.6 15,449.0 15,517.4 15,544.4 15,622.3 15,686.8 15,812.5 15,806.1 15,987.5 16,171.6 16,271.5 16,290.2 --- Final sales of domestic product........ 14,979.0 15,292.3 15,511.4 15,881.7 14,855.3 14,924.5 15,035.1 15,101.0 15,225.0 15,276.9 15,302.7 15,364.6 15,424.7 15,451.9 15,508.9 15,660.0 15,675.7 15,809.7 15,978.6 16,062.9 16,053.8 16,150.2 Gross domestic purchases............... 15,483.9 15,804.3 16,001.4 16,405.8 15,351.6 15,448.3 15,479.5 15,656.1 15,757.6 15,818.1 15,830.2 15,811.3 15,883.9 15,935.9 16,043.9 16,141.9 16,160.3 16,346.6 16,498.9 16,617.2 16,720.8 16,809.0 Final sales to domestic purchasers..... 15,442.5 15,742.4 15,929.8 16,326.3 15,325.8 15,383.7 15,493.3 15,567.3 15,691.9 15,733.1 15,752.5 15,791.9 15,851.6 15,887.9 15,938.8 16,041.0 16,111.4 16,255.4 16,409.2 16,529.2 16,597.7 16,689.3 Final sales to private domestic purchasers............................ 12,448.1 12,806.0 13,082.6 13,497.7 12,315.5 12,377.0 12,506.6 12,593.1 12,732.9 12,788.7 12,816.9 12,885.5 12,979.6 13,031.1 13,098.5 13,221.2 13,292.0 13,428.3 13,569.8 13,700.8 13,770.1 13,856.6 Gross domestic product................. 15,020.6 15,354.6 15,583.3 15,961.7 14,881.3 14,989.6 15,021.1 15,190.3 15,291.0 15,362.4 15,380.8 15,384.3 15,457.2 15,500.2 15,614.4 15,761.5 15,724.9 15,901.5 16,068.8 16,151.4 16,177.3 16,270.4 Plus: Income receipts from the rest of the world............................. 694.8 690.5 702.3 716.6 677.5 694.4 708.1 699.2 700.9 678.9 692.6 689.7 687.7 703.8 707.1 710.8 708.1 713.5 727.3 717.4 687.3 --- Less: Income payments to the rest of the world............................. 478.7 485.8 489.7 495.3 475.3 491.8 485.1 462.4 483.5 479.1 488.5 492.0 498.8 493.3 483.4 483.1 489.6 497.3 499.3 494.8 494.2 --- Equals: Gross national product......... 15,241.0 15,562.1 15,799.3 16,186.7 15,086.5 15,195.1 15,249.1 15,433.2 15,512.6 15,564.4 15,587.5 15,584.0 15,647.1 15,713.9 15,842.6 15,993.8 15,947.1 16,120.9 16,301.1 16,377.7 16,371.4 --- Net domestic product................... 12,607.2 12,895.6 13,071.7 13,394.1 12,480.5 12,581.3 12,604.2 12,762.7 12,852.4 12,909.4 12,914.9 12,905.7 12,965.7 12,995.6 13,096.3 13,229.2 13,179.3 13,341.9 13,494.0 13,561.3 13,573.0 13,651.9 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Gross domestic income is current-dollar gross domestic income deflated by the implicit price deflator for gross domestic product. NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real 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 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 -----------------------------------------Seasonally adjusted at annual rates----------------------------------------- 2011 -------------2012------------- -------------2013------------- -------------2014------------- -----2015----- IV I II III IV I II III IV I II III IV I II ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)..... 2.1 1.8 1.6 1.6 0.6 2.1 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 2.0 Personal consumption expenditures...... 2.5 1.9 1.4 1.4 1.4 2.3 1.2 1.3 2.2 1.4 0.4 1.7 1.4 1.6 2.1 1.2 -0.4 -1.9 2.2 Goods................................ 3.7 1.2 -0.5 -0.4 0.3 2.1 -0.8 0.2 1.5 -0.9 -3.0 0.9 -0.9 -0.1 1.4 -0.4 -4.6 -8.7 2.5 Durable goods...................... -0.9 -1.3 -1.8 -2.3 -2.1 -0.9 -1.8 -2.3 -1.5 -1.1 -2.1 -2.6 -2.3 -2.5 -1.6 -2.3 -3.3 -2.4 -0.1 Nondurable goods................... 5.9 2.4 0.2 0.6 1.4 3.5 -0.4 1.4 2.9 -0.8 -3.4 2.6 -0.2 1.0 2.8 0.6 -5.3 -11.6 3.8 Services............................. 1.8 2.2 2.3 2.3 1.9 2.4 2.3 1.9 2.5 2.5 2.2 2.1 2.6 2.5 2.5 2.0 1.7 1.6 2.0 Gross private domestic investment...... 1.4 1.4 1.5 1.8 0.9 1.6 1.8 1.7 1.0 1.2 2.2 1.4 1.8 2.1 1.1 2.2 1.8 -0.4 -1.2 Fixed investment..................... 1.4 1.5 1.6 1.9 1.0 2.1 1.7 1.6 0.9 1.4 2.2 1.6 2.3 2.4 1.1 2.4 1.4 -0.4 -1.2 Nonresidential..................... 1.5 1.7 0.8 1.0 1.2 2.7 1.7 1.2 0.2 0.2 1.4 0.7 0.9 0.9 1.1 1.2 0.6 -0.4 -1.1 Structures....................... 3.0 4.0 1.6 1.5 4.7 5.0 4.6 1.4 -0.4 1.3 3.1 1.2 2.2 1.2 0.7 1.7 1.0 -2.3 -2.5 Equipment........................ 0.9 1.0 0.4 0.7 0.9 1.6 0.3 1.1 1.3 -0.3 0.4 0.3 0.0 0.9 1.5 0.9 1.1 1.0 -0.3 Intellectual property products... 1.3 1.1 0.7 0.9 -0.7 2.6 1.7 1.1 -1.0 0.4 2.0 0.8 1.3 0.6 0.8 1.4 -0.5 -1.1 -1.4 Residential........................ 0.8 0.9 5.1 6.1 0.1 -0.7 1.6 3.5 4.0 6.4 5.4 5.5 7.9 8.9 1.0 7.1 4.6 -0.4 -1.5 Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports.............................. 6.4 0.9 0.2 0.1 -4.2 2.7 1.1 -0.2 1.3 1.3 -2.8 0.7 0.1 3.0 0.0 -1.0 -6.9 -9.4 -1.1 Goods.............................. 7.6 0.4 -0.5 -0.7 -5.5 2.3 0.3 -0.2 0.6 0.8 -4.2 0.1 -1.0 3.4 -0.9 -2.4 -9.6 -12.1 -1.5 Services........................... 3.7 2.0 1.7 1.9 -1.4 3.6 2.8 -0.4 2.9 2.4 0.3 1.8 2.6 2.1 2.2 2.2 -0.7 -3.3 -0.1 Imports.............................. 7.7 0.6 -0.8 -0.2 -0.9 4.3 -2.4 -5.7 4.1 0.7 -3.8 -0.8 0.7 3.3 -1.3 -0.9 -6.8 -17.2 -4.3 Goods.............................. 8.8 0.6 -1.1 -0.5 -0.5 4.6 -3.1 -7.0 4.5 0.6 -4.6 -1.0 -0.1 3.7 -1.7 -1.0 -7.9 -19.7 -5.1 Services........................... 2.2 0.7 1.1 1.2 -3.2 2.8 1.0 0.9 2.1 0.7 0.0 0.4 4.6 1.3 0.5 -0.1 -1.3 -4.3 -0.1 Government consumption expenditures and gross investment.................. 3.0 1.6 1.6 1.8 -0.5 3.4 0.4 1.2 1.9 1.6 1.0 2.2 3.4 0.9 1.9 2.2 -0.4 -1.6 1.1 Federal.............................. 2.7 1.0 1.0 1.6 -0.8 2.2 0.9 0.5 0.1 0.7 0.6 1.4 6.1 -1.2 1.9 1.7 -0.2 0.1 1.0 National defense................... 2.8 1.1 0.6 1.4 -1.2 3.0 0.8 0.5 0.1 0.4 0.0 1.1 4.1 0.2 1.4 1.5 -0.5 -0.6 0.5 Nondefense......................... 2.5 0.9 1.6 2.0 0.0 0.7 1.0 0.6 0.0 1.3 1.5 2.0 9.6 -3.5 2.7 2.0 0.3 1.1 1.8 State and local...................... 3.1 1.9 2.0 1.9 -0.3 4.3 0.1 1.6 3.1 2.2 1.2 2.7 1.7 2.3 2.0 2.5 -0.6 -2.6 1.2 Addenda: Final sales of domestic product...... 2.1 1.9 1.6 1.7 0.6 2.2 1.8 2.4 1.5 1.5 1.1 2.0 1.9 1.5 2.2 1.6 0.0 0.1 2.0 Gross domestic purchases............. 2.4 1.8 1.4 1.5 0.9 2.4 1.2 1.3 1.9 1.4 0.8 1.7 1.8 1.6 1.9 1.5 -0.1 -1.6 1.4 Final sales to domestic purchasers... 2.4 1.8 1.4 1.6 1.0 2.5 1.1 1.3 1.9 1.4 0.8 1.7 1.9 1.6 1.9 1.5 -0.2 -1.6 1.4 Final sales to private domestic purchasers.......................... 2.3 1.8 1.4 1.5 1.3 2.3 1.3 1.4 1.9 1.4 0.8 1.7 1.6 1.8 1.9 1.4 -0.1 -1.6 1.5 Gross national product (GNP)......... 2.1 1.8 1.6 1.6 0.6 2.2 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 --- Implicit price deflators: GDP................................ 2.1 1.8 1.6 1.6 0.6 2.1 1.8 2.2 1.6 1.6 1.0 1.9 1.7 1.6 2.2 1.6 0.1 0.1 2.0 Gross domestic purchases........... 2.4 1.8 1.4 1.5 1.0 2.4 1.2 1.1 2.1 1.5 0.7 1.6 1.8 1.7 1.9 1.6 -0.1 -1.6 1.4 GNP................................ 2.1 1.8 1.6 1.6 0.6 2.1 1.8 2.1 1.6 1.6 1.0 1.9 1.7 1.6 2.2 1.6 0.1 0.1 --- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 -------------------------------------Seasonally adjusted at annual rates------------------------------------- 2011 -------------2012------------- -------------2013------------- -------------2014------------- 2015 IV I II III IV I II III IV I II III IV I ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)..... 2.1 1.8 1.6 1.6 0.6 2.1 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 Previously published........... 2.1 1.8 1.5 1.5 0.6 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.1 1.4 0.1 0.0 Personal consumption expenditures...... 2.5 1.9 1.4 1.4 1.4 2.3 1.2 1.3 2.2 1.4 0.4 1.7 1.4 1.6 2.1 1.2 -0.4 -1.9 Previously published................. 2.5 1.8 1.2 1.3 1.4 2.1 1.3 1.3 1.8 1.0 0.5 1.7 1.0 1.4 2.3 1.2 -0.4 -2.0 Goods................................ 3.7 1.2 -0.5 -0.4 0.3 2.1 -0.8 0.2 1.5 -0.9 -3.0 0.9 -0.9 -0.1 1.4 -0.4 -4.6 -8.7 Previously published............... 3.7 1.2 -0.5 -0.4 0.3 1.8 -0.4 0.5 1.0 -1.2 -2.4 1.2 -1.4 -0.6 1.8 0.1 -4.9 -8.6 Durable goods...................... -0.9 -1.3 -1.8 -2.3 -2.1 -0.9 -1.8 -2.3 -1.5 -1.1 -2.1 -2.6 -2.3 -2.5 -1.6 -2.3 -3.3 -2.4 Previously published............. -0.9 -1.3 -1.8 -2.5 -2.1 -0.8 -1.5 -2.3 -1.8 -1.0 -1.9 -2.5 -2.6 -2.8 -1.9 -2.1 -3.3 -2.5 Nondurable goods................... 5.9 2.4 0.2 0.6 1.4 3.5 -0.4 1.4 2.9 -0.8 -3.4 2.6 -0.2 1.0 2.8 0.6 -5.3 -11.6 Previously published............. 5.9 2.4 0.2 0.6 1.4 3.1 0.1 1.9 2.4 -1.3 -2.7 3.0 -0.9 0.6 3.6 1.3 -5.7 -11.6 Services............................. 1.8 2.2 2.3 2.3 1.9 2.4 2.3 1.9 2.5 2.5 2.2 2.1 2.6 2.5 2.5 2.0 1.7 1.6 Previously published............... 1.8 2.1 2.1 2.2 1.9 2.3 2.2 1.7 2.2 2.2 2.0 1.9 2.3 2.3 2.6 1.8 1.9 1.4 Gross private domestic investment...... 1.4 1.4 1.5 1.8 0.9 1.6 1.8 1.7 1.0 1.2 2.2 1.4 1.8 2.1 1.1 2.2 1.8 -0.4 Previously published................. 1.4 1.4 1.8 1.9 0.9 1.7 1.3 1.5 1.2 1.8 2.3 2.1 2.2 2.4 1.0 1.9 1.5 -0.2 Fixed investment..................... 1.4 1.5 1.6 1.9 1.0 2.1 1.7 1.6 0.9 1.4 2.2 1.6 2.3 2.4 1.1 2.4 1.4 -0.4 Previously published............... 1.4 1.4 1.8 2.1 1.0 1.9 1.3 1.5 1.2 1.9 2.4 2.0 2.6 2.8 1.1 2.3 1.1 -0.2 Nonresidential..................... 1.5 1.7 0.8 1.0 1.2 2.7 1.7 1.2 0.2 0.2 1.4 0.7 0.9 0.9 1.1 1.2 0.6 -0.4 Previously published............. 1.5 1.5 1.1 1.2 1.2 2.5 1.2 1.1 0.5 0.9 1.7 1.2 1.3 1.4 1.2 1.1 0.3 -0.1 Structures....................... 3.0 4.0 1.6 1.5 4.7 5.0 4.6 1.4 -0.4 1.3 3.1 1.2 2.2 1.2 0.7 1.7 1.0 -2.3 Previously published........... 3.0 3.5 2.8 2.5 4.7 3.5 3.9 1.1 1.4 2.8 5.1 2.2 3.9 2.3 1.4 2.4 1.1 -2.6 Equipment........................ 0.9 1.0 0.4 0.7 0.9 1.6 0.3 1.1 1.3 -0.3 0.4 0.3 0.0 0.9 1.5 0.9 1.1 1.0 Previously published........... 0.9 1.0 0.4 0.6 0.9 1.6 0.0 1.2 1.6 -0.3 0.1 0.4 -0.2 0.8 1.1 1.1 1.2 1.4 Intellectual property products... 1.3 1.1 0.7 0.9 -0.7 2.6 1.7 1.1 -1.0 0.4 2.0 0.8 1.3 0.6 0.8 1.4 -0.5 -1.1 Previously published........... 1.3 1.0 0.8 1.2 -0.7 2.9 1.0 1.0 -1.5 1.2 1.7 1.6 1.7 1.7 1.2 0.1 -1.7 -0.5 Residential........................ 0.8 0.9 5.1 6.1 0.1 -0.7 1.6 3.5 4.0 6.4 5.4 5.5 7.9 8.9 1.0 7.1 4.6 -0.4 Previously published............. 0.8 0.9 5.0 5.9 0.1 -0.6 1.5 3.5 4.1 6.5 5.1 5.5 7.6 8.6 0.7 7.2 4.5 -0.3 Change in private inventories........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services...... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports.............................. 6.4 0.9 0.2 0.1 -4.2 2.7 1.1 -0.2 1.3 1.3 -2.8 0.7 0.1 3.0 0.0 -1.0 -6.9 -9.4 Previously published............... 6.4 0.9 0.1 0.1 -4.2 2.7 0.8 -0.2 1.3 1.0 -3.0 0.7 0.3 2.8 -0.2 -0.7 -6.6 -9.9 Goods.............................. 7.6 0.4 -0.5 -0.7 -5.5 2.3 0.3 -0.2 0.6 0.8 -4.2 0.1 -1.0 3.4 -0.9 -2.4 -9.6 -12.1 Previously published............. 7.6 0.4 -0.5 -0.7 -5.5 2.3 0.3 0.0 0.7 0.6 -4.0 0.2 -0.6 3.1 -1.4 -1.9 -9.2 -12.8 Services........................... 3.7 2.0 1.7 1.9 -1.4 3.6 2.8 -0.4 2.9 2.4 0.3 1.8 2.6 2.1 2.2 2.2 -0.7 -3.3 Previously published............. 3.7 1.9 1.3 1.9 -1.4 3.7 2.2 -0.5 2.6 1.9 -0.8 1.9 2.2 2.2 2.6 2.1 -0.3 -3.4 Imports.............................. 7.7 0.6 -0.8 -0.2 -0.9 4.3 -2.4 -5.7 4.1 0.7 -3.8 -0.8 0.7 3.3 -1.3 -0.9 -6.8 -17.2 Previously published............... 7.7 0.5 -0.8 -0.2 -0.9 3.8 -3.3 -4.6 3.8 0.4 -5.0 0.8 0.0 2.8 -0.8 -0.5 -7.0 -17.2 Goods.............................. 8.8 0.6 -1.1 -0.5 -0.5 4.6 -3.1 -7.0 4.5 0.6 -4.6 -1.0 -0.1 3.7 -1.7 -1.0 -7.9 -19.7 Previously published............. 8.8 0.6 -1.1 -0.4 -0.5 4.4 -4.1 -5.4 4.2 0.4 -5.6 1.0 -0.7 3.0 -0.9 -0.7 -8.3 -19.8 Services........................... 2.2 0.7 1.1 1.2 -3.2 2.8 1.0 0.9 2.1 0.7 0.0 0.4 4.6 1.3 0.5 -0.1 -1.3 -4.3 Previously published............. 2.2 -0.1 0.3 1.0 -3.2 0.9 0.4 -0.3 2.2 0.1 -1.7 0.2 3.4 1.9 0.1 0.1 -0.5 -4.1 Government consumption expenditures and gross investment.................. 3.0 1.6 1.6 1.8 -0.5 3.4 0.4 1.2 1.9 1.6 1.0 2.2 3.4 0.9 1.9 2.2 -0.4 -1.6 Previously published................. 3.0 1.5 1.2 1.2 -0.5 3.6 0.0 0.8 1.9 1.3 0.6 1.4 2.4 0.4 1.4 1.5 -0.6 -1.6 Federal.............................. 2.7 1.0 1.0 1.6 -0.8 2.2 0.9 0.5 0.1 0.7 0.6 1.4 6.1 -1.2 1.9 1.7 -0.2 0.1 Previously published............... 2.7 0.9 1.1 0.9 -0.8 1.9 0.5 0.2 0.2 1.5 1.0 1.2 5.3 -2.5 1.7 0.6 -0.4 -0.2 National defense................... 2.8 1.1 0.6 1.4 -1.2 3.0 0.8 0.5 0.1 0.4 0.0 1.1 4.1 0.2 1.4 1.5 -0.5 -0.6 Previously published............. 2.8 1.1 0.8 1.1 -1.2 3.1 0.5 0.3 0.2 1.2 0.6 1.0 3.1 0.1 1.7 0.4 -0.8 -0.7 Nondefense......................... 2.5 0.9 1.6 2.0 0.0 0.7 1.0 0.6 0.0 1.3 1.5 2.0 9.6 -3.5 2.7 2.0 0.3 1.1 Previously published............. 2.5 0.5 1.6 0.7 0.0 -0.1 0.5 0.1 0.3 2.0 1.7 1.5 9.0 -6.5 1.8 0.8 0.2 0.7 State and local...................... 3.1 1.9 2.0 1.9 -0.3 4.3 0.1 1.6 3.1 2.2 1.2 2.7 1.7 2.3 2.0 2.5 -0.6 -2.6 Previously published............... 3.1 1.9 1.3 1.3 -0.3 4.7 -0.3 1.2 3.1 1.2 0.4 1.5 0.6 2.2 1.2 2.1 -0.6 -2.5 Addenda: Final sales of domestic product...... 2.1 1.9 1.6 1.7 0.6 2.2 1.8 2.4 1.5 1.5 1.1 2.0 1.9 1.5 2.2 1.6 0.0 0.1 Previously published............... 2.1 1.8 1.5 1.5 0.6 2.2 1.8 2.1 1.3 1.3 1.2 1.7 1.6 1.4 2.1 1.5 0.1 0.0 Gross domestic purchases............. 2.4 1.8 1.4 1.5 0.9 2.4 1.2 1.3 1.9 1.4 0.8 1.7 1.8 1.6 1.9 1.5 -0.1 -1.6 Previously published............... 2.4 1.7 1.3 1.4 0.9 2.3 1.1 1.2 1.7 1.2 0.8 1.7 1.4 1.4 2.0 1.4 -0.1 -1.6 Final sales to domestic purchasers... 2.4 1.8 1.4 1.6 1.0 2.5 1.1 1.3 1.9 1.4 0.8 1.7 1.9 1.6 1.9 1.5 -0.2 -1.6 Previously published............... 2.4 1.7 1.3 1.4 1.0 2.4 1.1 1.2 1.7 1.2 0.8 1.7 1.5 1.4 2.0 1.4 -0.2 -1.6 Final sales to private domestic purchasers.......................... 2.3 1.8 1.4 1.5 1.3 2.3 1.3 1.4 1.9 1.4 0.8 1.7 1.6 1.8 1.9 1.4 -0.1 -1.6 Previously published............... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... Gross national product (GNP)......... 2.1 1.8 1.6 1.6 0.6 2.2 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 Previously published............... 2.1 1.8 1.5 1.5 0.6 2.1 1.8 2.1 1.3 1.3 1.2 1.7 1.5 1.3 2.1 1.4 0.1 0.0 Implicit price deflators: GDP................................ 2.1 1.8 1.6 1.6 0.6 2.1 1.8 2.2 1.6 1.6 1.0 1.9 1.7 1.6 2.2 1.6 0.1 0.1 Previously published............. 2.1 1.8 1.5 1.5 0.6 2.1 1.9 1.9 1.5 1.4 1.1 1.6 1.4 1.3 2.1 1.4 0.2 -0.1 Gross domestic purchases........... 2.4 1.8 1.4 1.5 1.0 2.4 1.2 1.1 2.1 1.5 0.7 1.6 1.8 1.7 1.9 1.6 -0.1 -1.6 Previously published............. 2.4 1.7 1.3 1.4 1.0 2.3 1.1 1.0 1.9 1.3 0.6 1.6 1.3 1.4 2.0 1.3 -0.1 -1.7 GNP................................ 2.1 1.8 1.6 1.6 0.6 2.1 1.8 2.1 1.6 1.6 1.0 1.9 1.7 1.6 2.2 1.6 0.1 0.1 Previously published............. 2.1 1.8 1.5 1.5 0.6 2.1 1.8 1.9 1.5 1.4 1.1 1.6 1.4 1.3 2.1 1.4 0.1 -0.1 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See 'Explanatory Note' at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 -------------------------------------------------------------------------------Seasonally adjusted------------------------------------------------------------------------------- -----------------2011----------------- -----------------2012----------------- -----------------2013----------------- -----------------2014----------------- -------2015------- I II III IV I II III IV I II III IV I II III IV I II -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............... 104.174 106.491 108.077 110.701 103.208 103.959 104.178 105.351 106.050 106.545 106.672 106.696 107.202 107.501 108.293 109.313 109.059 110.283 111.444 112.017 112.196 112.842 Personal consumption expenditures........... 104.230 105.751 107.550 110.448 103.759 103.968 104.420 104.771 105.403 105.582 105.861 106.157 106.816 107.183 107.636 108.565 108.914 109.946 110.883 112.047 112.535 113.352 Goods..................................... 106.670 109.562 112.954 116.656 106.454 106.247 106.473 107.506 108.807 109.110 109.851 110.479 112.118 112.454 113.187 114.057 114.379 116.244 117.406 118.595 118.924 120.324 Durable goods........................... 112.529 120.804 127.777 135.256 111.576 110.838 112.244 115.459 118.617 119.426 121.393 123.779 126.415 127.116 128.135 129.441 130.284 134.586 137.050 139.104 139.785 142.276 Nondurable goods........................ 104.049 104.709 106.653 108.858 104.135 104.159 103.890 104.010 104.539 104.632 104.872 104.792 106.029 106.220 106.835 107.527 107.639 108.546 109.198 110.048 110.238 111.204 Services.................................. 103.051 103.905 104.941 107.462 102.459 102.869 103.431 103.448 103.753 103.872 103.928 104.064 104.255 104.637 104.958 105.914 106.274 106.919 107.751 108.902 109.459 110.017 Gross private domestic investment........... 118.758 131.288 137.226 144.702 113.194 117.563 117.885 126.390 129.364 132.534 132.155 131.099 133.382 135.091 139.488 140.943 140.060 144.269 146.854 147.623 150.696 150.816 Fixed investment.......................... 107.947 118.499 123.507 130.018 103.590 105.652 109.961 112.584 116.521 118.469 118.500 120.505 121.965 122.737 123.885 125.441 127.282 129.015 131.487 132.288 133.355 133.637 Nonresidential.......................... 110.335 120.246 123.895 131.517 105.552 107.807 112.695 115.286 118.654 120.829 120.199 121.302 122.483 122.788 123.856 126.452 128.984 130.389 133.235 133.460 133.986 133.787 Structures............................ 85.509 96.550 98.052 106.027 78.275 83.681 88.583 91.496 95.734 98.100 97.100 95.267 93.798 96.435 100.488 101.488 106.028 105.985 105.491 106.602 104.567 104.142 Equipment............................. 131.601 145.776 150.473 159.269 125.811 127.161 135.182 138.252 143.470 146.511 145.269 147.855 150.140 149.825 148.377 153.549 154.874 157.339 163.443 161.419 162.344 160.666 Intellectual property products........ 105.506 109.603 113.791 119.708 103.803 104.612 105.921 107.689 108.208 109.214 109.584 111.404 113.507 112.598 114.042 115.019 117.211 118.599 120.498 122.525 124.718 126.395 Residential............................. 98.032 111.276 121.876 124.014 95.449 96.708 98.605 101.364 107.706 108.690 111.479 117.228 119.803 122.454 123.915 121.332 120.487 123.500 124.538 127.530 130.642 132.742 Change in private inventories............. --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports of goods and services............... 119.561 123.646 127.105 131.404 117.293 119.080 120.334 121.536 122.350 123.720 124.331 124.185 124.493 125.998 127.292 130.639 128.399 131.435 132.011 133.770 131.719 133.442 Imports of goods and services............... 118.883 121.534 122.812 127.516 117.412 118.292 119.249 120.582 121.285 121.877 122.069 120.906 121.147 122.766 123.507 123.828 124.682 127.579 127.327 130.473 132.742 133.876 Government consumption expenditures and gross investment........................... 97.031 95.224 92.418 91.880 97.511 97.407 96.792 96.413 95.941 95.477 95.201 94.276 93.194 92.716 92.198 91.563 91.560 91.823 92.235 91.904 91.889 92.066 Federal................................... 101.538 99.657 93.959 91.676 101.930 102.325 101.279 100.618 100.514 99.766 99.880 98.468 96.090 94.708 93.312 91.724 91.798 91.529 92.360 91.018 91.265 91.014 State and local........................... 94.100 92.341 91.383 91.953 94.637 94.210 93.874 93.677 92.967 92.686 92.160 91.550 91.297 91.395 91.434 91.407 91.354 91.952 92.099 92.408 92.226 92.676 Addenda: Final sales of domestic product........... 102.833 104.984 106.488 109.031 101.984 102.459 103.219 103.671 104.522 104.878 105.055 105.481 105.893 106.080 106.471 107.509 107.616 108.536 109.696 110.274 110.212 110.874 Gross domestic purchases.................. 104.521 106.684 108.014 110.744 103.628 104.281 104.491 105.683 106.368 106.777 106.859 106.731 107.221 107.572 108.301 108.963 109.087 110.345 111.373 112.171 112.870 113.466 Final sales to domestic purchasers........ 103.213 105.217 106.470 109.120 102.433 102.820 103.553 104.048 104.880 105.155 105.286 105.548 105.948 106.190 106.531 107.213 107.684 108.646 109.674 110.476 110.934 111.546 Final sales to private domestic purchasers............................... 104.846 107.861 110.191 113.688 103.730 104.248 105.340 106.068 107.245 107.716 107.953 108.531 109.323 109.757 110.325 111.358 111.955 113.103 114.294 115.398 115.982 116.710 Gross national product.................... 104.607 106.811 108.439 111.098 103.547 104.292 104.663 105.926 106.471 106.827 106.985 106.961 107.394 107.852 108.736 109.774 109.453 110.646 111.883 112.408 112.365 --- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- See 'Explanatory Note' at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 -------------------------------------------------------------------------------Seasonally adjusted------------------------------------------------------------------------------- -----------------2011----------------- -----------------2012----------------- -----------------2013----------------- -----------------2014----------------- -------2015------- I II III IV I II III IV I II III IV I II III IV I II -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product.............. 103.315 105.220 106.935 108.694 102.409 103.170 103.770 103.913 104.466 104.930 105.547 105.937 106.333 106.625 107.154 107.630 108.025 108.621 109.049 109.081 109.112 109.659 Personal consumption expenditures (PCE)..... 104.149 106.121 107.572 109.105 103.002 104.043 104.595 104.956 105.563 105.885 106.232 106.804 107.166 107.284 107.728 108.108 108.540 109.117 109.441 109.322 108.795 109.376 Goods..................................... 105.413 106.701 106.200 105.823 103.795 105.584 106.095 106.178 106.733 106.517 106.581 106.973 106.740 105.941 106.179 105.939 105.912 106.276 106.179 104.924 102.567 103.204 Durable goods........................... 97.725 96.413 94.665 92.494 97.672 98.068 97.841 97.317 97.105 96.676 96.122 95.749 95.494 94.983 94.370 93.815 93.229 92.860 92.331 91.558 90.993 90.969 Nondurable goods........................ 109.188 111.840 112.031 112.688 106.784 109.270 110.151 110.548 111.511 111.413 111.814 112.625 112.404 111.449 112.166 112.107 112.400 113.187 113.346 111.818 108.417 109.443 Services.................................. 103.524 105.840 108.292 110.818 102.610 103.280 103.853 104.353 104.985 105.578 106.067 106.730 107.398 107.988 108.539 109.241 109.911 110.598 111.143 111.620 112.051 112.602 Gross private domestic investment........... 100.453 101.900 103.442 105.288 99.926 100.371 100.645 100.870 101.283 101.747 102.165 102.407 102.723 103.276 103.648 104.119 104.672 104.948 105.528 106.004 105.910 105.597 Fixed investment.......................... 100.524 102.062 103.652 105.663 99.950 100.455 100.718 100.973 101.490 101.909 102.312 102.538 102.884 103.443 103.849 104.432 105.052 105.335 105.951 106.313 106.200 105.882 Nonresidential.......................... 100.545 102.216 102.993 103.977 99.909 100.445 100.761 101.065 101.729 102.156 102.462 102.515 102.574 102.943 103.110 103.345 103.567 103.849 104.170 104.322 104.211 103.917 Structures............................ 101.851 105.884 107.541 109.120 100.089 101.342 102.398 103.575 104.838 106.014 106.395 106.288 106.622 107.432 107.758 108.353 108.675 108.875 109.332 109.597 108.951 108.250 Equipment............................. 98.858 99.861 100.290 101.030 98.486 98.833 98.941 99.173 99.578 99.659 99.938 100.268 100.184 100.275 100.349 100.350 100.568 100.941 101.167 101.442 101.685 101.612 Intellectual property products........ 101.883 102.967 103.671 104.618 101.584 101.945 102.087 101.914 102.563 102.995 103.288 103.020 103.111 103.611 103.809 104.153 104.311 104.512 104.885 104.764 104.479 104.120 Residential............................. 100.395 101.324 106.458 112.903 100.112 100.472 100.482 100.512 100.343 100.742 101.603 102.607 104.210 105.580 106.992 109.051 111.411 111.692 113.612 114.896 114.773 114.354 Change in private inventories............. --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports of goods and services............... 110.960 111.970 112.147 112.250 109.204 111.523 112.162 110.953 111.686 111.988 111.921 112.287 112.644 111.850 112.034 112.062 112.884 112.895 112.615 110.607 107.925 107.634 Imports of goods and services............... 113.942 114.671 113.798 113.566 111.485 114.902 114.826 114.553 115.760 115.045 113.367 114.512 114.699 113.580 113.361 113.554 114.474 114.092 113.847 111.852 106.685 105.530 Government consumption expenditures and gross investment........................... 105.717 107.378 109.086 111.057 104.700 105.809 106.247 106.114 107.012 107.127 107.435 107.938 108.366 108.629 109.217 110.131 110.389 110.922 111.521 111.397 110.959 111.260 Federal................................... 105.422 106.512 107.562 109.274 104.585 105.524 105.890 105.688 106.259 106.493 106.638 106.656 106.855 107.005 107.388 109.002 108.668 109.179 109.649 109.600 109.623 109.892 State and local........................... 105.923 107.985 110.143 112.287 104.778 106.006 106.496 106.413 107.542 107.573 107.994 108.832 109.415 109.751 110.475 110.930 111.576 112.125 112.809 112.637 111.901 112.225 Addenda: PCE excluding food and energy\1\.......... 102.800 104.741 106.355 107.981 101.974 102.593 103.110 103.522 104.101 104.589 104.912 105.363 105.819 106.140 106.508 106.954 107.334 107.860 108.232 108.498 108.758 109.246 Market-based PCE\2\....................... 104.034 105.909 107.031 108.255 102.856 103.931 104.496 104.853 105.430 105.697 106.030 106.479 106.788 106.740 107.172 107.423 107.791 108.297 108.586 108.348 107.652 108.217 Market-based PCE excluding food and energy\2\................................ 102.462 104.287 105.543 106.826 101.647 102.243 102.770 103.186 103.726 104.174 104.478 104.769 105.176 105.335 105.677 105.984 106.284 106.720 107.058 107.242 107.418 107.875 Final sales of domestic product........... 103.319 105.239 106.963 108.747 102.406 103.176 103.774 103.921 104.491 104.949 105.564 105.952 106.352 106.644 107.180 107.674 108.079 108.678 109.111 109.121 109.150 109.702 Gross domestic purchases.................. 103.970 105.805 107.319 108.982 102.936 103.906 104.395 104.641 105.274 105.579 105.930 106.439 106.807 107.020 107.479 107.969 108.390 108.910 109.325 109.304 108.864 109.248 Final sales to domestic purchasers........ 103.974 105.824 107.344 109.033 102.932 103.912 104.400 104.650 105.299 105.597 105.946 106.453 106.825 107.038 107.503 108.010 108.442 108.964 109.383 109.341 108.896 109.284 Final sales to private domestic purchasers............................... 103.530 105.423 106.902 108.528 102.484 103.432 103.931 104.271 104.862 105.203 105.561 106.068 106.427 106.628 107.066 107.485 107.953 108.474 108.855 108.830 108.384 108.789 Gross national product.................... 103.439 105.344 107.058 108.809 102.529 103.296 103.894 104.038 104.593 105.055 105.667 106.059 106.455 106.748 107.278 107.751 108.143 108.737 109.163 109.191 109.208 --- Implicit price deflators: Gross domestic product.................. 103.311 105.214 106.929 108.686 102.399 103.145 103.768 103.917 104.466 104.943 105.508 105.935 106.363 106.623 107.128 107.589 108.009 108.606 109.044 109.067 109.099 109.650 Final sales of domestic product......... 103.319 105.239 106.963 108.747 102.402 103.172 103.770 103.918 104.489 104.947 105.562 105.951 106.350 106.642 107.177 107.670 108.075 108.674 109.107 109.117 109.146 109.698 Gross domestic purchases................ 103.966 105.800 107.313 108.974 102.926 103.881 104.393 104.646 105.274 105.592 105.893 106.438 106.837 107.020 107.455 107.930 108.375 108.896 109.320 109.291 108.852 109.239 Final sales to domestic purchasers...... 103.974 105.824 107.344 109.033 102.928 103.908 104.396 104.647 105.297 105.596 105.945 106.452 106.824 107.036 107.501 108.008 108.438 108.961 109.380 109.338 108.892 109.280 Gross national product.................. 103.435 105.338 107.052 108.800 102.519 103.270 103.892 104.043 104.593 105.069 105.629 106.057 106.485 106.747 107.252 107.710 108.127 108.722 109.158 109.177 109.195 --- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See 'Explanatory Note' at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year ------------------------------------------------------------------------------------------------------------------------------------------ 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 ------------------------------------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP)...... 4.7 4.1 1.0 1.8 2.8 3.8 3.3 2.7 1.8 -0.3 -2.8 2.5 1.6 2.2 1.5 2.4 Personal consumption expenditures (PCE).................................. 5.3 5.1 2.6 2.6 3.1 3.8 3.5 3.0 2.2 -0.3 -1.6 1.9 2.3 1.5 1.7 2.7 Goods................................. 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 2.7 3.1 3.3 Durable goods....................... 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 7.4 5.8 5.9 Nondurable goods.................... 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 0.6 1.9 2.1 Services.............................. 3.9 5.0 2.4 1.9 2.2 3.2 3.2 2.7 2.0 0.8 -0.9 1.2 1.8 0.8 1.0 2.4 Gross private domestic investment....... 8.4 6.5 -6.1 -0.6 4.1 8.8 6.4 2.1 -3.1 -9.4 -21.6 12.9 5.2 10.6 4.5 5.4 Fixed investment...................... 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 9.8 4.2 5.3 Nonresidential...................... 9.7 9.1 -2.4 -6.9 1.9 5.2 7.0 7.1 5.9 -0.7 -15.6 2.5 7.7 9.0 3.0 6.2 Structures........................ 0.1 7.8 -1.5 -17.7 -3.9 -0.4 1.7 7.2 12.7 6.1 -18.9 -16.4 2.3 12.9 1.6 8.1 Equipment......................... 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 10.8 3.2 5.8 Intellectual property products.... 12.4 8.9 0.5 -0.5 3.8 5.1 6.5 4.5 4.8 3.0 -1.4 1.9 3.6 3.9 3.8 5.2 Residential......................... 6.3 0.7 0.9 6.1 9.1 10.0 6.6 -7.6 -18.8 -24.0 -21.2 -2.5 0.5 13.5 9.5 1.8 Change in private inventories......... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services....... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports............................... 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 3.4 2.8 3.4 Goods............................... 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 3.6 2.8 4.4 Services............................ -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 3.0 2.7 1.2 Imports............................... 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 2.2 1.1 3.8 Goods............................... 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 1.0 4.3 Services............................ -3.0 12.6 -0.6 3.3 2.1 12.7 4.5 8.6 6.2 3.7 -3.8 3.8 4.0 3.0 1.5 1.6 Government consumption expenditures and gross investment....................... 3.4 1.9 3.8 4.4 2.2 1.6 0.6 1.5 1.6 2.8 3.2 0.1 -3.0 -1.9 -2.9 -0.6 Federal............................... 2.0 0.3 3.9 7.2 6.8 4.5 1.7 2.5 1.7 6.8 5.7 4.4 -2.7 -1.9 -5.7 -2.4 National defense.................... 1.5 -0.9 3.5 7.0 8.5 6.0 2.0 2.0 2.5 7.5 5.4 3.2 -2.3 -3.4 -6.7 -3.8 Nondefense.......................... 2.7 2.3 4.7 7.4 4.1 2.0 1.3 3.5 0.3 5.5 6.2 6.4 -3.4 0.9 -4.0 -0.1 State and local....................... 4.2 2.8 3.7 2.9 -0.4 -0.1 0.0 0.9 1.5 0.3 1.6 -2.7 -3.3 -1.9 -1.0 0.6 Addenda: Gross domestic income (GDI)\1\........ 4.4 4.7 1.1 1.4 2.3 3.7 3.6 4.0 0.1 -0.8 -2.6 2.7 2.2 3.3 1.3 2.6 Average of GDP and GDI................ 4.5 4.4 1.0 1.6 2.5 3.8 3.4 3.3 0.9 -0.6 -2.7 2.6 1.9 2.7 1.4 2.5 Final sales of domestic product....... 4.7 4.2 1.9 1.3 2.8 3.4 3.4 2.6 2.0 0.2 -2.0 1.1 1.7 2.1 1.4 2.4 Gross domestic purchases.............. 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 2.1 1.2 2.5 Final sales to domestic purchasers.... 5.6 4.9 2.0 1.8 3.1 3.9 3.6 2.6 1.4 -0.9 -3.1 1.5 1.7 1.9 1.2 2.5 Final sales to private domestic purchasers........................... 6.1 5.5 1.7 1.3 3.3 4.4 4.2 2.8 1.3 -1.7 -4.6 1.9 2.9 2.9 2.2 3.2 Gross national product................ 4.8 4.2 1.1 1.7 2.9 3.9 3.3 2.4 2.2 0.0 -2.9 2.8 1.8 2.1 1.5 2.5 Real disposable personal income....... 3.3 5.0 2.8 3.1 2.7 3.6 1.5 4.0 2.1 1.5 -0.4 1.0 2.5 3.2 -1.4 2.7 Price indexes: Gross domestic purchases............ 1.6 2.6 1.9 1.4 2.2 2.9 3.5 3.2 2.7 2.9 -0.2 1.5 2.4 1.8 1.4 1.5 Gross domestic purchases excluding food and energy\2\................. 1.5 2.2 1.8 1.6 1.9 2.7 3.2 3.0 2.5 2.3 0.5 1.3 1.8 1.8 1.5 1.6 GDP................................. 1.4 2.3 2.3 1.5 2.0 2.7 3.2 3.1 2.7 1.9 0.8 1.2 2.1 1.8 1.6 1.6 GDP excluding food and energy\2\.... 1.5 2.3 2.0 1.8 1.9 2.7 3.4 3.1 2.6 2.1 0.5 1.4 1.9 1.8 1.7 1.7 PCE................................. 1.5 2.5 1.9 1.3 2.0 2.4 2.9 2.7 2.5 3.1 -0.1 1.7 2.5 1.9 1.4 1.4 PCE excluding food and energy\2\.... 1.3 1.7 1.8 1.7 1.5 1.9 2.2 2.2 2.2 2.1 1.2 1.3 1.5 1.9 1.5 1.5 Market-based PCE\3\................. 1.4 2.4 1.9 1.1 1.9 2.4 2.8 2.7 2.5 3.4 0.4 1.5 2.5 1.8 1.1 1.1 Market-based PCE excluding food and energy\3\.......................... 1.2 1.5 1.8 1.5 1.4 1.7 2.0 2.2 2.0 2.3 1.9 1.0 1.4 1.8 1.2 1.2 ------------------------------------------------------------------------------------------------------------------------------------------ 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See 'Explanatory Note' at the end of the tables. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ -----------2011----------- -----------2012----------- -----------2013----------- -----------2014----------- ----2015---- I II III IV I II III IV I II III IV I II III IV I II ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Gross domestic product (GDP)...... 1.9 1.7 1.2 1.7 2.8 2.5 2.4 1.3 1.1 0.9 1.5 2.5 1.7 2.6 2.9 2.5 2.9 2.3 Personal consumption expenditures (PCE).................................. 3.0 2.4 2.2 1.5 1.6 1.6 1.4 1.3 1.3 1.5 1.7 2.3 2.0 2.6 3.0 3.2 3.3 3.1 Goods................................. 4.9 3.4 2.6 1.7 2.2 2.7 3.2 2.8 3.0 3.1 3.0 3.2 2.0 3.4 3.7 4.0 4.0 3.5 Durable goods....................... 9.2 5.4 5.0 4.8 6.3 7.7 8.2 7.2 6.6 6.4 5.6 4.6 3.1 5.9 7.0 7.5 7.3 5.7 Nondurable goods.................... 2.9 2.4 1.5 0.4 0.4 0.5 0.9 0.8 1.4 1.5 1.9 2.6 1.5 2.2 2.2 2.3 2.4 2.4 Services.............................. 2.1 1.9 2.0 1.4 1.3 1.0 0.5 0.6 0.5 0.7 1.0 1.8 1.9 2.2 2.7 2.8 3.0 2.9 Gross private domestic investment....... 5.6 4.3 1.3 9.6 14.3 12.7 12.1 3.7 3.1 1.9 5.5 7.5 5.0 6.8 5.3 4.7 7.6 4.5 Fixed investment...................... 5.0 3.8 8.1 8.4 12.5 12.1 7.8 7.0 4.7 3.6 4.5 4.1 4.4 5.1 6.1 5.5 4.8 3.6 Nonresidential...................... 6.8 6.1 8.7 9.0 12.4 12.1 6.7 5.2 3.2 1.6 3.0 4.2 5.3 6.2 7.6 5.5 3.9 2.6 Structures........................ -4.6 -0.9 6.5 8.0 22.3 17.2 9.6 4.1 -2.0 -1.7 3.5 6.5 13.0 9.9 5.0 5.0 -1.4 -1.7 Equipment......................... 16.2 11.4 13.7 13.1 14.0 15.2 7.5 6.9 4.6 2.3 2.1 3.9 3.2 5.0 10.2 5.1 4.8 2.1 Intellectual property products.... 2.6 3.9 3.7 4.1 4.2 4.4 3.5 3.4 4.9 3.1 4.1 3.2 3.3 5.3 5.7 6.5 6.4 6.6 Residential......................... -2.2 -6.0 5.1 6.0 12.8 12.4 13.1 15.7 11.2 12.7 11.2 3.5 0.6 0.9 0.5 5.1 8.4 7.5 Change in private inventories......... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Net exports of goods and services....... --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Exports............................... 9.0 8.2 6.3 4.2 4.3 3.9 3.3 2.2 1.8 1.8 2.4 5.2 3.1 4.3 3.7 2.4 2.6 1.5 Goods............................... 8.5 7.1 5.7 4.8 4.6 4.5 4.2 1.2 0.8 1.5 2.2 6.8 4.1 5.2 5.5 2.9 2.2 1.0 Services............................ 10.1 10.6 7.6 2.7 3.8 2.5 1.4 4.5 3.8 2.6 2.8 1.6 1.0 2.3 -0.1 1.4 3.3 2.7 Imports............................... 10.0 5.8 3.0 3.5 3.3 3.0 2.4 0.3 -0.1 0.7 1.2 2.4 2.9 3.9 3.1 5.4 6.5 4.9 Goods............................... 11.5 5.9 2.7 3.4 2.7 3.0 2.6 0.1 -0.3 0.6 1.1 2.4 3.3 4.4 3.5 5.8 6.5 4.9 Services............................ 2.9 5.1 4.3 3.8 6.2 3.4 1.4 1.2 0.7 1.3 1.5 2.4 1.0 1.5 0.9 3.1 6.5 5.0 Government consumption expenditures and gross investment....................... -2.3 -3.1 -3.7 -3.0 -1.6 -2.0 -1.6 -2.2 -2.9 -2.9 -3.2 -2.9 -1.8 -1.0 0.0 0.4 0.4 0.3 Federal............................... -0.5 -2.2 -4.0 -4.0 -1.4 -2.5 -1.4 -2.1 -4.4 -5.1 -6.6 -6.8 -4.5 -3.4 -1.0 -0.8 -0.6 -0.6 National defense.................... -1.3 -1.2 -2.5 -4.1 -1.3 -4.0 -4.3 -3.9 -5.6 -5.9 -8.0 -7.4 -6.0 -4.7 -1.7 -2.9 -1.5 -1.7 Nondefense.......................... 0.8 -3.8 -6.7 -3.9 -1.5 0.2 4.0 1.0 -2.3 -3.6 -4.2 -5.9 -2.0 -1.2 0.1 2.7 0.9 1.3 State and local....................... -3.6 -3.8 -3.4 -2.3 -1.8 -1.6 -1.8 -2.3 -1.8 -1.4 -0.8 -0.2 0.1 0.6 0.7 1.1 1.0 0.8 Addenda: Gross domestic income (GDI)\1\........ 2.6 2.4 1.7 2.1 3.9 3.5 2.8 2.8 0.8 1.4 1.6 1.4 1.6 2.1 3.3 3.3 3.2 --- Average of GDP and GDI................ 2.2 2.0 1.4 1.9 3.3 3.0 2.6 2.1 1.0 1.2 1.5 1.9 1.7 2.3 3.1 2.9 3.1 --- Final sales of domestic product....... 1.8 1.6 2.1 1.5 2.5 2.4 1.8 1.7 1.3 1.1 1.3 1.9 1.6 2.3 3.0 2.6 2.4 2.2 Gross domestic purchases.............. 2.3 1.5 0.9 1.7 2.6 2.4 2.3 1.0 0.8 0.7 1.3 2.1 1.7 2.6 2.8 2.9 3.5 2.8 Final sales to domestic purchasers.... 2.2 1.4 1.7 1.5 2.4 2.3 1.7 1.4 1.0 1.0 1.2 1.6 1.6 2.3 3.0 3.0 3.0 2.7 Final sales to private domestic purchasers........................... 3.3 2.6 3.2 2.6 3.4 3.3 2.5 2.3 1.9 1.9 2.2 2.6 2.4 3.0 3.6 3.6 3.6 3.2 Gross national product................ 2.0 1.8 1.5 2.0 2.8 2.4 2.2 1.0 0.9 1.0 1.6 2.6 1.9 2.6 2.9 2.4 2.7 Real disposable personal income....... 3.8 2.3 2.3 1.7 2.1 3.0 2.4 5.1 -1.0 -1.1 -0.5 -2.9 2.3 2.4 2.5 3.6 3.5 3.1 Price indexes: Gross domestic purchases............ 1.9 2.6 2.7 2.4 2.3 1.6 1.5 1.7 1.5 1.4 1.5 1.4 1.5 1.8 1.7 1.2 0.4 0.3 Gross domestic purchases excluding food and energy\2\................. 1.5 1.8 2.0 1.9 2.0 1.7 1.6 1.7 1.5 1.5 1.5 1.7 1.6 1.7 1.8 1.4 1.1 1.0 GDP................................. 1.9 2.2 2.3 1.9 2.0 1.7 1.7 1.9 1.8 1.6 1.5 1.6 1.6 1.9 1.8 1.3 1.0 1.0 GDP excluding food and energy\2\.... 1.7 2.0 2.1 1.9 2.0 1.7 1.6 1.8 1.6 1.6 1.8 1.9 1.8 1.9 1.8 1.5 1.2 1.1 PCE................................. 1.7 2.6 2.9 2.7 2.5 1.8 1.6 1.8 1.5 1.3 1.4 1.2 1.3 1.7 1.6 1.1 0.2 0.2 PCE excluding food and energy\2\.... 1.1 1.4 1.7 1.9 2.1 1.9 1.7 1.8 1.7 1.5 1.5 1.5 1.4 1.6 1.6 1.4 1.3 1.3 Market-based PCE\3\................. 1.6 2.7 2.9 2.8 2.5 1.7 1.5 1.6 1.3 1.0 1.1 0.9 0.9 1.5 1.3 0.9 -0.1 -0.1 Market-based PCE excluding food and energy\3\.......................... 0.9 1.3 1.6 1.9 2.0 1.9 1.7 1.5 1.4 1.1 1.1 1.2 1.1 1.3 1.3 1.2 1.1 1.1 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See 'Explanatory Note' at the end of the tables. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 --------------------------------------------------------------Seasonally adjusted at annual rates-------------------------------------------------------------- ---------------2011--------------- ---------------2012--------------- ---------------2013--------------- ---------------2014--------------- ------2015------ I II III IV I II III IV I II III IV I II III IV I II ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP)................ 15,517.9 16,155.3 16,663.2 17,348.1 15,238.4 15,460.9 15,587.1 15,785.3 15,973.9 16,121.9 16,227.9 16,297.3 16,440.7 16,526.8 16,727.5 16,957.6 16,984.3 17,270.0 17,522.1 17,615.9 17,649.3 17,840.5 Plus: Income receipts from the rest of the world...................................... 792.6 801.5 826.2 854.3 765.1 791.2 811.4 802.9 809.7 786.5 804.9 805.0 805.2 825.8 833.2 840.5 840.0 850.4 869.7 857.0 817.0 --- Less: Income payments to the rest of the world...................................... 546.0 563.9 575.8 591.2 537.0 560.1 555.8 531.1 558.5 555.0 567.8 574.4 584.1 578.6 569.3 571.2 581.2 593.3 597.8 592.3 589.5 --- Equals: Gross national product.............. 15,764.6 16,392.8 16,913.5 17,611.2 15,466.5 15,692.0 15,842.6 16,057.1 16,225.1 16,353.3 16,465.0 16,528.0 16,661.7 16,774.0 16,991.4 17,226.9 17,243.1 17,527.0 17,794.0 17,880.6 17,876.8 --- Less: Consumption of fixed capital.......... 2,450.6 2,534.2 2,632.8 2,746.7 2,419.4 2,442.9 2,462.6 2,477.7 2,501.2 2,524.4 2,546.5 2,564.7 2,589.7 2,618.3 2,645.7 2,677.6 2,708.3 2,732.8 2,761.5 2,784.2 2,792.7 2,802.9 Less: Statistical discrepancy............... -38.3 -203.3 -177.6 -212.0 -44.1 -6.8 -74.7 -27.7 -218.7 -168.3 -143.8 -282.2 -185.5 -260.3 -155.1 -109.6 -175.3 -187.0 -224.0 -261.8 -246.3 --- Equals: National income..................... 13,352.3 14,061.9 14,458.3 15,076.5 13,091.2 13,255.9 13,454.8 13,607.2 13,942.5 13,997.2 14,062.3 14,245.5 14,257.6 14,416.0 14,500.8 14,658.9 14,710.1 14,981.3 15,256.5 15,358.2 15,330.4 --- Compensation of employees................. 8,269.0 8,609.9 8,839.7 9,248.9 8,209.7 8,248.9 8,332.0 8,285.4 8,504.0 8,550.0 8,587.6 8,798.0 8,696.7 8,820.4 8,875.7 8,965.9 9,103.7 9,177.3 9,289.9 9,424.9 9,481.9 9,541.2 Wages and salaries...................... 6,633.2 6,930.3 7,114.4 7,477.8 6,583.6 6,615.5 6,689.6 6,643.9 6,841.1 6,878.5 6,906.8 7,094.6 6,991.4 7,098.5 7,143.9 7,223.8 7,350.0 7,414.5 7,513.9 7,632.6 7,676.8 7,723.1 Supplements to wages and salaries....... 1,635.9 1,679.6 1,725.3 1,771.2 1,626.1 1,633.4 1,642.4 1,641.6 1,662.9 1,671.5 1,680.8 1,703.4 1,705.3 1,721.9 1,731.8 1,742.1 1,753.7 1,762.7 1,776.0 1,792.3 1,805.1 1,818.1 Proprietors' income with inventory valuation and capital consumption adjustments.............................. 1,143.7 1,241.4 1,285.1 1,346.7 1,103.2 1,125.2 1,161.8 1,184.5 1,213.6 1,240.2 1,245.8 1,266.0 1,288.9 1,279.7 1,287.5 1,284.3 1,304.8 1,346.3 1,357.8 1,377.9 1,369.4 1,379.2 Rental income of persons with capital consumption adjustment................... 485.3 525.3 563.4 610.8 460.1 478.0 491.6 511.6 517.0 523.0 527.3 534.0 547.9 556.5 569.7 579.4 591.0 605.5 618.4 628.4 637.0 655.3 Corporate profits with inventory valuation and capital consumption adjustments.............................. 1,816.6 1,998.2 2,037.4 2,072.9 1,677.4 1,790.0 1,826.6 1,972.5 2,016.0 1,993.6 1,999.0 1,984.0 1,997.3 2,045.4 2,042.1 2,064.7 1,924.7 2,070.5 2,161.0 2,135.5 2,012.5 --- Net interest and miscellaneous payments... 488.1 527.7 513.5 532.3 493.5 465.6 493.4 499.6 525.0 530.7 553.1 502.2 526.1 505.2 504.6 518.3 555.6 535.9 515.8 521.9 561.3 507.7 Taxes on production and imports less subsidies................................ 1,042.6 1,074.0 1,118.6 1,155.8 1,029.1 1,044.3 1,043.0 1,053.8 1,070.7 1,071.3 1,070.6 1,083.5 1,109.4 1,111.6 1,123.7 1,129.8 1,137.9 1,152.3 1,163.5 1,169.5 1,169.2 1,179.5 Business current transfer payments (net) 131.5 104.7 119.4 127.3 142.6 127.9 131.0 124.6 117.6 107.9 97.2 96.0 108.9 115.9 116.2 136.5 110.0 112.0 168.5 118.7 115.6 124.1 Current surplus of government enterprises.............................. -24.5 -19.3 -18.8 -18.3 -24.5 -24.1 -24.6 -24.9 -21.3 -19.4 -18.2 -18.3 -17.7 -18.7 -18.8 -19.9 -17.6 -18.4 -18.4 -18.6 -16.6 -16.1 Addenda: Gross domestic income (GDI)............... 15,556.3 16,358.5 16,840.8 17,560.1 15,282.5 15,467.7 15,661.8 15,813.1 16,192.6 16,290.2 16,371.8 16,579.5 16,626.2 16,787.2 16,882.6 17,067.2 17,159.6 17,457.0 17,746.1 17,877.8 17,895.6 --- Average of GDP and GDI.................... 15,537.1 16,256.9 16,752.0 17,454.1 15,260.4 15,464.3 15,624.5 15,799.2 16,083.2 16,206.0 16,299.8 16,438.4 16,533.4 16,657.0 16,805.0 17,012.4 17,072.0 17,363.5 17,634.1 17,746.8 17,772.4 --- Statistical discrepancy as a percentage of GDP................................... -0.2 -1.3 -1.1 -1.2 -0.3 0.0 -0.5 -0.2 -1.4 -1.0 -0.9 -1.7 -1.1 -1.6 -0.9 -0.6 -1.0 -1.1 -1.3 -1.5 -1.4 --- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 10. Personal Income and Its Disposition [Billions of dollars] ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 --------------------------------------------------------------Seasonally adjusted at annual rates-------------------------------------------------------------- ---------------2011--------------- ---------------2012--------------- ---------------2013--------------- ---------------2014--------------- ------2015------ I II III IV I II III IV I II III IV I II III IV I II ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Personal income\1\.......................... 13,254.5 13,915.1 14,068.4 14,694.2 13,077.6 13,194.8 13,347.3 13,398.4 13,662.4 13,814.1 13,867.1 14,316.9 13,891.3 14,025.2 14,136.3 14,220.7 14,433.5 14,612.8 14,774.8 14,955.7 15,074.6 15,219.6 Compensation of employees................. 8,269.0 8,609.9 8,839.7 9,248.9 8,209.7 8,248.9 8,332.0 8,285.4 8,504.0 8,550.0 8,587.6 8,798.0 8,696.7 8,820.4 8,875.7 8,965.9 9,103.7 9,177.3 9,289.9 9,424.9 9,481.9 9,541.2 Wages and salaries...................... 6,633.2 6,930.3 7,114.4 7,477.8 6,583.6 6,615.5 6,689.6 6,643.9 6,841.1 6,878.5 6,906.8 7,094.6 6,991.4 7,098.5 7,143.9 7,223.8 7,350.0 7,414.5 7,513.9 7,632.6 7,676.8 7,723.1 Supplements to wages and salaries....... 1,635.9 1,679.6 1,725.3 1,771.2 1,626.1 1,633.4 1,642.4 1,641.6 1,662.9 1,671.5 1,680.8 1,703.4 1,705.3 1,721.9 1,731.8 1,742.1 1,753.7 1,762.7 1,776.0 1,792.3 1,805.1 1,818.1 Proprietors' income with inventory valuation and capital consumption adjustments.............................. 1,143.7 1,241.4 1,285.1 1,346.7 1,103.2 1,125.2 1,161.8 1,184.5 1,213.6 1,240.2 1,245.8 1,266.0 1,288.9 1,279.7 1,287.5 1,284.3 1,304.8 1,346.3 1,357.8 1,377.9 1,369.4 1,379.2 Farm.................................... 75.5 61.6 88.8 78.1 75.6 72.3 77.9 76.4 62.4 59.5 59.4 64.9 93.9 90.2 93.9 77.1 71.7 88.8 77.2 74.8 60.5 61.0 Nonfarm................................. 1,068.1 1,179.8 1,196.3 1,268.6 1,027.6 1,052.9 1,083.8 1,108.1 1,151.1 1,180.7 1,186.3 1,201.1 1,195.0 1,189.5 1,193.6 1,207.2 1,233.0 1,257.5 1,280.6 1,303.0 1,308.9 1,318.1 Rental income of persons with capital consumption adjustment................... 485.3 525.3 563.4 610.8 460.1 478.0 491.6 511.6 517.0 523.0 527.3 534.0 547.9 556.5 569.7 579.4 591.0 605.5 618.4 628.4 637.0 655.3 Personal income receipts on assets........ 1,913.9 2,123.8 2,060.4 2,117.5 1,854.2 1,897.2 1,932.2 1,971.9 2,026.0 2,081.4 2,086.0 2,301.6 2,040.3 2,057.7 2,076.9 2,066.8 2,102.7 2,121.8 2,115.0 2,130.6 2,145.5 2,177.5 Personal interest income................ 1,231.6 1,288.8 1,271.3 1,302.0 1,217.2 1,236.1 1,234.7 1,238.4 1,270.3 1,295.0 1,289.8 1,300.2 1,271.3 1,262.9 1,270.1 1,281.1 1,320.2 1,310.0 1,288.1 1,289.8 1,282.6 1,313.2 Personal dividend income................ 682.2 834.9 789.0 815.5 637.0 661.1 697.5 733.4 755.7 786.4 796.2 1,001.5 768.9 794.8 806.8 785.7 782.5 811.9 826.8 840.8 863.0 864.3 Personal current transfer receipts........ 2,360.5 2,366.3 2,426.6 2,529.2 2,364.0 2,361.8 2,353.8 2,362.3 2,343.4 2,364.4 2,368.5 2,389.1 2,406.0 2,415.9 2,438.3 2,446.4 2,476.0 2,513.1 2,556.5 2,571.0 2,625.8 2,656.0 Less: Contributions for government social insurance, domestic...................... 917.8 951.6 1,106.8 1,159.0 913.6 916.3 924.1 917.2 941.6 944.9 948.0 971.8 1,088.5 1,105.0 1,111.8 1,122.0 1,144.5 1,151.2 1,162.9 1,177.2 1,185.1 1,189.6 Less: Personal current taxes................ 1,453.2 1,511.4 1,672.8 1,780.2 1,425.4 1,443.1 1,470.7 1,473.5 1,472.4 1,492.8 1,511.7 1,568.7 1,641.1 1,680.8 1,673.2 1,696.0 1,736.0 1,754.1 1,792.0 1,838.8 1,899.1 1,925.4 Equals: Disposable personal income.......... 11,801.4 12,403.7 12,395.6 12,913.9 11,652.2 11,751.7 11,876.6 11,924.9 12,190.0 12,321.3 12,355.4 12,748.1 12,250.3 12,344.4 12,463.1 12,524.7 12,697.5 12,858.7 12,982.7 13,116.8 13,175.5 13,294.2 Less: Personal outlays...................... 11,091.2 11,457.0 11,805.7 12,293.7 10,923.8 11,052.3 11,158.0 11,230.7 11,362.0 11,415.6 11,476.9 11,573.6 11,683.3 11,734.7 11,830.4 11,974.4 12,060.3 12,235.2 12,377.0 12,502.5 12,492.2 12,654.1 Equals: Personal saving..................... 710.1 946.7 589.9 620.2 728.4 699.3 718.6 694.2 828.0 905.7 878.5 1,174.6 567.0 609.7 632.7 550.3 637.2 623.5 605.7 614.3 683.3 640.1 Personal saving as a percentage of disposable personal income............... 6.0 7.6 4.8 4.8 6.3 6.0 6.1 5.8 6.8 7.4 7.1 9.2 4.6 4.9 5.1 4.4 5.0 4.8 4.7 4.7 5.2 4.8 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars\2\........................ 10,460.1 10,882.7 10,822.3 11,149.8 10,401.7 10,412.2 10,510.8 10,515.2 10,722.7 10,813.5 10,824.2 11,168.1 10,717.4 10,821.3 10,859.1 10,891.6 11,017.0 11,089.0 11,164.6 11,329.0 11,442.8 11,486.9 Disposable personal income, billions of chained (2009) dollars\2\................ 11,331.2 11,688.3 11,523.1 11,836.3 11,312.9 11,295.2 11,355.1 11,362.0 11,547.8 11,636.7 11,630.8 11,936.1 11,431.2 11,506.5 11,569.3 11,585.6 11,698.8 11,784.7 11,863.1 11,998.7 12,110.8 12,155.0 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 2011 2012 2013 2014 ------------------------------------------------------------------Seasonally adjusted at annual rates------------------------------------------------------------------ -----------------2011----------------- -----------------2012----------------- -----------------2013----------------- -----------------2014----------------- 2015 I II III IV I II III IV I II III IV I II III IV I ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Corporate profits with inventory valuation and capital consumption adjustments............................ 1,816.6 1,998.2 2,037.4 2,072.9 1,677.4 1,790.0 1,826.6 1,972.5 2,016.0 1,993.6 1,999.0 1,984.0 1,997.3 2,045.4 2,042.1 2,064.7 1,924.7 2,070.5 2,161.0 2,135.5 2,012.5 Less: Taxes on corporate income......... 379.1 447.6 468.9 513.9 397.5 383.4 351.0 384.5 442.7 449.9 451.0 446.9 454.9 461.3 475.6 483.8 497.3 527.4 518.4 512.3 517.8 Equals: Profits after tax with inventory valuation and capital consumption adjustments................ 1,437.5 1,550.5 1,568.5 1,559.1 1,279.9 1,406.6 1,475.6 1,588.0 1,573.3 1,543.7 1,548.1 1,537.1 1,542.4 1,584.1 1,566.5 1,580.9 1,427.4 1,543.1 1,642.7 1,623.2 1,494.7 Net dividends......................... 703.7 859.4 924.0 860.0 658.0 681.8 719.1 755.9 779.7 811.0 820.8 1,026.1 814.2 1,065.2 870.1 946.7 857.3 857.1 853.6 872.2 878.5 Undistributed profits with inventory valuation and capital consumption adjustments.......................... 733.9 691.2 644.5 699.0 621.9 724.8 756.6 832.1 793.6 732.7 727.3 511.0 728.3 519.0 696.5 634.2 570.2 686.0 789.1 751.0 616.3 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment................. 2,071.5 2,049.6 2,055.2 2,163.0 1,921.3 2,059.2 2,097.3 2,208.3 2,150.4 2,086.7 2,094.8 1,866.3 2,119.3 1,922.4 2,113.2 2,065.9 2,020.8 2,153.1 2,229.8 2,248.5 2,113.0 Undistributed profits with inventory valuation and capital consumption adjustments............ 733.9 691.2 644.5 699.0 621.9 724.8 756.6 832.1 793.6 732.7 727.3 511.0 728.3 519.0 696.5 634.2 570.2 686.0 789.1 751.0 616.3 Consumption of fixed capital........ 1,298.8 1,351.0 1,405.0 1,467.3 1,281.1 1,294.4 1,305.5 1,314.3 1,331.4 1,346.1 1,358.3 1,368.2 1,381.4 1,397.6 1,412.2 1,428.9 1,443.3 1,460.3 1,476.4 1,489.4 1,493.7 Less: Capital transfers paid (net) -38.8 -7.4 -5.7 3.3 -18.2 -40.0 -35.2 -61.9 -25.4 -7.9 -9.2 12.8 -9.6 -5.8 -4.5 -2.9 -7.4 -6.9 35.6 -8.1 -3.0 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)......................... 1,806.8 2,130.8 2,161.6 2,207.8 1,747.7 1,806.5 1,781.4 1,891.6 2,170.1 2,104.7 2,137.6 2,110.9 2,136.6 2,149.4 2,163.6 2,197.0 2,111.2 2,227.6 2,279.5 2,212.8 2,252.3 Profits after tax (without inventory valuation and capital consumption adjustments)......................... 1,427.7 1,683.2 1,692.7 1,693.9 1,350.2 1,423.1 1,430.4 1,507.1 1,727.4 1,654.8 1,686.6 1,663.9 1,681.7 1,688.2 1,687.9 1,713.2 1,613.9 1,700.2 1,761.1 1,700.5 1,734.5 Inventory valuation adjustment........ -68.3 -14.2 3.2 -2.9 -143.9 -89.5 -32.6 -7.2 -35.0 11.1 -18.4 -14.5 -9.1 23.0 3.9 -4.9 -56.9 -24.0 15.5 53.5 99.2 Capital consumption adjustment........ 78.1 -118.5 -127.5 -131.9 73.5 72.9 77.8 88.1 -119.1 -122.2 -120.1 -112.4 -130.1 -127.1 -125.3 -127.3 -129.6 -133.2 -134.0 -130.8 -338.9 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Table 11B. Corporate Profits: Percent Change From Preceding Period ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 2011 2012 2013 2014 ----------------------------------------------------------------------------Quarterly rates---------------------------------------------------------------------------- -----------------2011----------------- -----------------2012----------------- -----------------2013----------------- -----------------2014----------------- 2015 I II III IV I II III IV I II III IV I II III IV I ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Corporate profits with inventory valuation and capital consumption adjustments............................ 4.0 10.0 2.0 1.7 -9.2 6.7 2.0 8.0 2.2 -1.1 0.3 -0.8 0.7 2.4 -0.2 1.1 -6.8 7.6 4.4 -1.2 -5.8 Less: Taxes on corporate income......... 2.3 18.1 4.8 9.6 -0.2 -3.6 -8.4 9.5 15.1 1.6 0.2 -0.9 1.8 1.4 3.1 1.7 2.8 6.1 -1.7 -1.2 1.1 Equals: Profits after tax with inventory valuation and capital consumption adjustments................ 4.5 7.9 1.2 -0.6 -11.6 9.9 4.9 7.6 -0.9 -1.9 0.3 -0.7 0.3 2.7 -1.1 0.9 -9.7 8.1 6.5 -1.2 -7.9 Net dividends......................... 24.8 22.1 7.5 -6.9 7.0 3.6 5.5 5.1 3.2 4.0 1.2 25.0 -20.7 30.8 -18.3 8.8 -9.4 0.0 -0.4 2.2 0.7 Undistributed profits with inventory valuation and capital consumption adjustments.......................... -9.6 -5.8 -6.8 8.5 -25.4 16.5 4.4 10.0 -4.6 -7.7 -0.7 -29.7 42.5 -28.7 34.2 -8.9 -10.1 20.3 15.0 -4.8 -17.9 Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment................. -1.1 -1.1 0.3 5.2 -8.2 7.2 1.8 5.3 -2.6 -3.0 0.4 -10.9 13.6 -9.3 9.9 -2.2 -2.2 6.5 3.6 0.8 -6.0 Undistributed profits with inventory valuation and capital consumption adjustments............ -9.6 -5.8 -6.8 8.5 -25.4 16.5 4.4 10.0 -4.6 -7.7 -0.7 -29.7 42.5 -28.7 34.2 -8.9 -10.1 20.3 15.0 -4.8 -17.9 Consumption of fixed capital........ 2.9 4.0 4.0 4.4 0.8 1.0 0.9 0.7 1.3 1.1 0.9 0.7 1.0 1.2 1.1 1.2 1.0 1.2 1.1 0.9 0.3 Less: Capital transfers paid (net) --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)......................... -1.8 17.9 1.4 2.1 -7.7 3.4 -1.4 6.2 14.7 -3.0 1.6 -1.2 1.2 0.6 0.7 1.5 -3.9 5.5 2.3 -2.9 1.8 Profits after tax (without inventory valuation and capital consumption adjustments)......................... -2.9 17.9 0.6 0.1 -9.6 5.4 0.5 5.4 14.6 -4.2 1.9 -1.3 1.1 0.4 0.0 1.5 -5.8 5.3 3.6 -3.4 2.0 Inventory valuation adjustment........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- Capital consumption adjustment........ --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Table 12A. Corporate Profits by Industry [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 2011 2012 2013 2014 ------------------------------------------------------------------Seasonally adjusted at annual rates------------------------------------------------------------------ -----------------2011----------------- -----------------2012----------------- -----------------2013----------------- -----------------2014----------------- 2015 I II III IV I II III IV I II III IV I II III IV I ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Corporate profits with inventory valuation and capital consumption adjustments....................... 1,816.6 1,998.2 2,037.4 2,072.9 1,677.4 1,790.0 1,826.6 1,972.5 2,016.0 1,993.6 1,999.0 1,984.0 1,997.3 2,045.4 2,042.1 2,064.7 1,924.7 2,070.5 2,161.0 2,135.5 2,012.5 Domestic industries.................... 1,394.7 1,587.8 1,622.6 1,654.7 1,270.6 1,381.3 1,392.3 1,534.7 1,594.7 1,589.4 1,587.9 1,579.3 1,605.9 1,634.0 1,615.7 1,634.8 1,510.3 1,661.9 1,733.9 1,712.8 1,618.9 Financial............................ 355.7 438.2 385.8 383.6 350.0 336.8 317.1 419.1 459.6 427.5 454.1 411.5 389.2 378.8 382.9 392.3 342.0 402.1 406.5 383.8 360.4 Nonfinancial......................... 1,039.0 1,149.7 1,236.8 1,271.1 920.6 1,044.5 1,075.3 1,115.6 1,135.1 1,161.9 1,133.7 1,167.9 1,216.7 1,255.2 1,232.8 1,242.6 1,168.3 1,259.8 1,327.5 1,329.0 1,258.5 Rest of the world...................... 421.9 410.3 414.8 418.2 406.8 408.7 434.3 437.8 421.3 404.2 411.2 404.7 391.5 411.4 426.5 429.9 414.5 408.6 427.1 422.7 393.6 Receipts from the rest of the world 644.3 650.3 668.7 690.3 625.8 644.6 661.9 645.0 655.4 636.4 655.6 653.6 648.2 666.8 677.7 682.0 680.0 687.5 703.6 690.0 650.0 Less: Payments to the rest of the world............................... 222.4 239.9 253.9 272.1 219.0 235.9 227.6 207.2 234.2 232.2 244.4 248.9 256.7 255.4 251.3 252.2 265.6 278.8 276.5 267.4 256.4 Corporate profits with inventory valuation adjustment.............. 1,738.5 2,116.6 2,164.9 2,204.9 1,603.8 1,717.1 1,748.8 1,884.3 2,135.1 2,115.8 2,119.2 2,096.4 2,127.5 2,172.5 2,167.5 2,192.0 2,054.4 2,203.7 2,295.0 2,266.3 2,351.5 Domestic industries.................... 1,316.6 1,706.3 1,750.1 1,786.6 1,197.0 1,308.3 1,314.5 1,446.5 1,713.8 1,711.6 1,708.0 1,691.7 1,736.0 1,761.1 1,741.0 1,762.2 1,639.9 1,795.0 1,867.9 1,843.6 1,957.8 Financial............................ 375.9 479.0 423.6 423.4 373.3 357.7 336.1 436.6 499.3 469.2 496.0 451.7 428.6 416.5 419.8 429.6 379.8 441.7 447.3 424.9 421.9 Federal Reserve banks.............. 75.9 71.7 79.6 103.4 72.4 80.0 76.6 74.7 77.0 74.1 67.1 68.5 70.2 73.5 82.0 92.6 97.3 104.6 106.8 104.8 100.5 Other financial.................... 300.0 407.3 344.1 320.0 300.9 277.7 259.5 361.9 422.3 395.1 428.8 383.2 358.4 342.9 337.9 337.0 282.5 337.0 340.5 320.1 321.4 Nonfinancial......................... 940.7 1,227.2 1,326.4 1,363.2 823.7 950.6 978.4 1,009.9 1,214.5 1,242.4 1,212.0 1,240.0 1,307.4 1,344.6 1,321.2 1,332.5 1,260.1 1,353.3 1,420.7 1,418.7 1,536.0 Utilities.......................... 9.8 12.5 26.4 27.7 -2.9 29.5 4.8 7.9 9.4 11.2 17.5 12.0 19.0 33.1 30.5 23.1 38.9 32.0 23.1 16.9 24.9 Manufacturing...................... 298.1 395.7 426.4 439.8 261.1 283.1 314.3 333.8 397.3 404.6 382.3 398.8 407.6 418.7 420.2 459.0 380.4 454.7 458.0 466.1 534.6 Durable goods.................... 132.5 201.2 213.8 223.3 110.5 117.1 134.4 168.0 206.6 207.3 195.7 195.3 205.5 212.8 223.3 213.7 202.0 218.7 234.1 238.4 276.4 Fabricated metal products...... 16.1 23.4 23.1 23.8 14.6 14.2 16.4 19.2 21.7 24.4 24.4 23.3 24.3 24.1 22.1 21.7 22.0 23.4 25.7 24.1 28.5 Machinery...................... 24.3 32.1 33.8 31.9 20.6 22.8 25.2 28.7 32.8 32.6 34.2 28.7 29.4 34.8 34.6 36.3 30.3 33.3 33.0 30.7 36.8 Computer and electronic products...................... 32.7 47.4 51.1 52.6 31.7 30.7 29.3 39.2 46.1 50.2 48.1 45.2 49.4 50.4 52.3 52.4 48.0 49.8 52.8 60.0 72.7 Electrical equipment, appliances, and components.... 4.8 11.6 14.0 16.2 6.0 4.3 3.6 5.3 11.1 10.4 11.2 13.7 12.8 12.0 15.9 15.2 16.0 16.5 16.6 15.9 19.8 Motor vehicles, bodies and trailers, and parts........... -0.3 21.9 22.0 24.8 -7.3 -3.3 -0.9 10.5 26.4 23.1 19.0 19.0 19.4 21.8 24.5 22.4 19.1 24.7 25.5 30.0 37.8 Other durable goods............ 54.8 64.9 69.9 73.9 45.0 48.5 60.8 65.0 68.6 66.7 58.8 65.4 70.2 69.7 73.9 65.6 66.6 70.9 80.4 77.6 80.8 Nondurable goods................. 165.6 194.5 212.6 216.5 150.6 166.0 179.9 165.8 190.6 197.3 186.7 203.5 202.1 205.8 197.0 245.3 178.4 236.0 224.0 227.7 258.3 Food and beverage and tobacco products...................... 40.6 44.3 54.6 55.2 41.1 42.8 35.3 43.2 48.8 43.3 43.8 41.1 47.1 50.9 61.6 58.9 41.2 54.6 61.4 63.5 75.2 Petroleum and coal products.... 45.8 50.2 48.4 53.4 29.7 60.0 65.6 27.9 38.7 51.8 50.2 60.1 50.1 44.7 33.0 65.7 44.1 58.6 53.8 57.3 42.2 Chemical products.............. 58.2 69.6 74.8 75.1 57.3 45.8 59.8 70.0 74.2 72.5 60.4 71.5 72.2 76.8 67.8 82.4 65.7 87.7 72.1 74.7 95.8 Other nondurable goods......... 20.9 30.4 34.7 32.8 22.4 17.5 19.1 24.6 29.0 29.7 32.2 30.8 32.7 33.5 34.4 38.4 27.4 35.0 36.8 32.2 45.0 Wholesale trade.................... 94.4 135.3 145.5 147.7 71.7 89.8 109.5 106.7 124.3 142.7 133.1 140.9 151.2 147.7 144.6 138.6 125.7 134.5 170.1 160.5 169.1 Retail trade....................... 114.3 154.1 159.4 158.4 108.1 103.5 112.8 132.6 156.4 151.4 145.9 162.7 158.3 167.5 163.8 148.0 142.5 154.7 157.7 178.8 189.4 Transportation and warehousing..... 30.4 53.8 53.0 65.3 26.8 29.4 26.7 38.9 53.6 55.9 55.7 50.2 53.8 51.4 51.3 55.6 58.5 70.0 72.2 60.6 83.3 Information........................ 83.8 100.6 129.4 126.5 84.1 89.5 82.3 79.4 99.8 101.5 101.3 99.7 121.4 131.1 125.4 139.8 131.0 131.1 123.2 120.9 142.9 Other nonfinancial................. 309.9 375.2 386.3 397.7 274.8 325.9 328.1 310.6 373.8 375.1 376.2 375.8 396.0 395.2 385.5 368.4 383.3 376.4 416.3 414.9 391.8 Rest of the world...................... 421.9 410.3 414.8 418.2 406.8 408.7 434.3 437.8 421.3 404.2 411.2 404.7 391.5 411.4 426.5 429.9 414.5 408.6 427.1 422.7 393.6 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 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 [Billions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 2011 2012 2013 2014 ----------------------------------------------------------------------Change from preceding period---------------------------------------------------------------------- -----------------2011----------------- -----------------2012----------------- -----------------2013----------------- -----------------2014----------------- 2015 I II III IV I II III IV I II III IV I II III IV I ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ Corporate profits with inventory valuation and capital consumption adjustments....................... 70.2 181.5 39.2 35.6 -169.4 112.6 36.6 145.8 43.5 -22.4 5.5 -15.0 13.3 48.0 -3.2 22.6 -140.0 145.8 90.5 -25.5 -123.0 Domestic industries.................... 43.5 193.1 34.8 32.1 -172.3 110.7 11.1 142.3 60.1 -5.4 -1.5 -8.5 26.5 28.2 -18.4 19.2 -124.6 151.6 72.1 -21.1 -93.9 Financial............................ -12.5 82.4 -52.4 -2.2 -78.7 -13.2 -19.7 102.0 40.6 -32.2 26.7 -42.7 -22.3 -10.4 4.1 9.4 -50.3 60.1 4.4 -22.6 -23.4 Nonfinancial......................... 56.0 110.7 87.2 34.3 -93.6 123.9 30.8 40.4 19.5 26.8 -28.2 34.2 48.8 38.6 -22.5 9.8 -74.3 91.5 67.7 1.5 -70.5 Rest of the world...................... 26.7 -11.6 4.5 3.4 3.0 1.9 25.6 3.5 -16.6 -17.0 6.9 -6.5 -13.2 19.9 15.1 3.4 -15.4 -5.8 18.5 -4.4 -29.0 Receipts from the rest of the world 59.7 5.9 18.4 21.6 14.4 18.7 17.3 -16.9 10.4 -19.0 19.2 -2.0 -5.4 18.6 11.0 4.3 -2.0 7.4 16.1 -13.5 -40.0 Less: Payments to the rest of the world............................... 33.0 17.5 14.0 18.2 11.4 16.8 -8.3 -20.4 27.0 -2.0 12.2 4.5 7.8 -1.3 -4.1 0.9 13.4 13.3 -2.4 -9.1 -11.0 Corporate profits with inventory valuation adjustment.............. -61.2 378.1 48.2 40.0 -203.7 113.2 31.8 135.5 250.7 -19.3 3.3 -22.7 31.1 45.0 -5.0 24.6 -137.6 149.3 91.4 -28.7 85.2 Domestic industries.................... -87.9 389.7 43.8 36.6 -206.7 111.3 6.2 132.0 267.3 -2.2 -3.6 -16.3 44.3 25.1 -20.1 21.2 -122.3 155.1 72.9 -24.3 114.2 Financial............................ -30.4 103.1 -55.4 -0.2 -84.0 -15.6 -21.7 100.6 62.7 -30.1 26.8 -44.3 -23.1 -12.2 3.4 9.8 -49.9 61.9 5.6 -22.4 -3.1 Federal Reserve banks.............. 4.4 -4.2 7.9 23.8 3.1 7.6 -3.4 -1.9 2.3 -2.8 -7.0 1.4 1.7 3.3 8.4 10.7 4.7 7.4 2.2 -2.0 -4.3 Other financial.................... -34.8 107.3 -63.3 -24.0 -87.1 -23.2 -18.2 102.5 60.4 -27.3 33.8 -45.7 -24.7 -15.5 -5.1 -0.9 -54.5 54.6 3.5 -20.4 1.3 Nonfinancial......................... -57.5 286.6 99.2 36.8 -122.7 126.9 27.8 31.5 204.6 27.9 -30.4 28.0 67.3 37.3 -23.4 11.3 -72.4 93.2 67.3 -2.0 117.3 Utilities.......................... -20.5 2.7 13.9 1.3 -28.3 32.3 -24.7 3.1 1.5 1.8 6.3 -5.5 7.1 14.0 -2.6 -7.3 15.7 -6.9 -8.9 -6.2 8.0 Manufacturing...................... 10.4 97.7 30.6 13.4 -45.5 22.0 31.1 19.5 63.5 7.3 -22.3 16.5 8.8 11.0 1.6 38.7 -78.6 74.3 3.4 8.1 68.5 Durable goods.................... 4.4 68.7 12.6 9.5 -30.6 6.6 17.3 33.6 38.7 0.7 -11.7 -0.3 10.2 7.3 10.5 -9.6 -11.7 16.7 15.4 4.4 38.0 Fabricated metal products...... 0.8 7.3 -0.4 0.8 -3.9 -0.4 2.3 2.8 2.4 2.7 0.0 -1.1 1.0 -0.2 -2.0 -0.4 0.3 1.4 2.2 -1.5 4.3 Machinery...................... 6.9 7.8 1.7 -1.9 -1.1 2.2 2.4 3.5 4.1 -0.2 1.6 -5.4 0.7 5.4 -0.2 1.6 -5.9 3.0 -0.3 -2.3 6.1 Computer and electronic products...................... -14.2 14.6 3.8 1.5 -20.4 -1.0 -1.4 9.8 6.9 4.1 -2.1 -2.9 4.2 1.0 1.9 0.2 -4.5 1.8 3.0 7.2 12.7 Electrical equipment, appliances, and components.... -5.4 6.8 2.4 2.3 -2.4 -1.7 -0.7 1.8 5.8 -0.8 0.8 2.6 -0.9 -0.8 3.9 -0.7 0.7 0.6 0.0 -0.6 3.8 Motor vehicles, bodies and trailers, and parts........... 9.4 22.2 0.1 2.8 2.1 4.0 2.4 11.4 16.0 -3.3 -4.1 0.0 0.4 2.4 2.7 -2.1 -3.3 5.6 0.8 4.5 7.8 Other durable goods............ 6.8 10.1 5.0 4.0 -5.0 3.5 12.3 4.2 3.6 -1.9 -7.9 6.6 4.7 -0.4 4.1 -8.2 1.0 4.3 9.6 -2.8 3.2 Nondurable goods................. 6.1 28.9 18.0 4.0 -14.9 15.4 13.9 -14.0 24.8 6.6 -10.6 16.8 -1.4 3.7 -8.9 48.4 -66.9 57.5 -12.0 3.7 30.6 Food and beverage and tobacco products...................... -5.5 3.7 10.4 0.5 -2.2 1.6 -7.5 7.9 5.5 -5.4 0.5 -2.7 6.0 3.8 10.7 -2.7 -17.7 13.4 6.7 2.1 11.7 Petroleum and coal products.... 21.0 4.4 -1.8 5.1 2.9 30.2 5.7 -37.7 10.8 13.1 -1.6 9.9 -9.9 -5.4 -11.6 32.7 -21.6 14.5 -4.8 3.5 -15.1 Chemical products.............. -6.5 11.4 5.2 0.3 -14.0 -11.6 14.1 10.2 4.2 -1.7 -12.1 11.1 0.7 4.6 -9.0 14.5 -16.6 22.0 -15.6 2.6 21.1 Other nondurable goods......... -3.0 9.5 4.3 -1.9 -1.6 -4.9 1.6 5.5 4.4 0.7 2.5 -1.4 1.9 0.8 1.0 3.9 -11.0 7.6 1.8 -4.6 12.8 Wholesale trade.................... -8.0 40.9 10.3 2.2 -5.7 18.1 19.7 -2.8 17.7 18.3 -9.6 7.8 10.3 -3.6 -3.1 -5.9 -12.9 8.8 35.6 -9.6 8.5 Retail trade....................... -4.3 39.8 5.3 -1.0 -7.6 -4.7 9.4 19.8 23.8 -5.0 -5.5 16.8 -4.4 9.2 -3.8 -15.8 -5.5 12.3 2.9 21.1 10.6 Transportation and warehousing..... -14.3 23.4 -0.8 12.3 -10.5 2.6 -2.7 12.3 14.7 2.4 -0.2 -5.5 3.6 -2.4 -0.2 4.4 2.9 11.5 2.3 -11.7 22.7 Information........................ -11.3 16.7 28.9 -2.9 -6.2 5.4 -7.1 -2.9 20.3 1.7 -0.2 -1.6 21.7 9.7 -5.7 14.3 -8.8 0.2 -8.0 -2.3 22.0 Other nonfinancial................. -9.6 65.4 11.0 11.5 -18.9 51.1 2.2 -17.5 63.2 1.3 1.0 -0.3 20.1 -0.8 -9.7 -17.1 14.9 -6.9 40.0 -1.5 -23.0 Rest of the world...................... 26.7 -11.6 4.5 3.4 3.0 1.9 25.6 3.5 -16.6 -17.0 6.9 -6.5 -13.2 19.9 15.1 3.4 -15.4 -5.8 18.5 -4.4 -29.0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 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] --------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------Billions of dollars---------------------------- ----Revisions as a percentage of---- ----------Revised estimates---------- --Revisions to previously published-- -------- previously published-------- 2012 2013 2014 2012 2013 2014 2012 2013 2014 --------------------------------------------------------------------------------------------------------------------------------------------------------------- Corporate profits with inventory valuation and capital consumption adjustments........................ 1,998.2 2,037.4 2,072.9 -24.6 -69.5 -16.9 -1.2 -3.3 -0.8 Domestic industries..................... 1,587.8 1,622.6 1,654.7 -33.1 -81.2 -41.1 -2.0 -4.8 -2.4 Financial............................. 438.2 385.8 383.6 -13.4 -104.2 -65.0 -3.0 -21.3 -14.5 Nonfinancial.......................... 1,149.7 1,236.8 1,271.1 -19.8 23.0 24.0 -1.7 1.9 1.9 Rest of the world....................... 410.3 414.8 418.2 8.5 11.7 24.2 2.1 2.9 6.1 Receipts from the rest of the world... 650.3 668.7 690.3 5.9 11.6 21.5 0.9 1.8 3.2 Less: Payments to the rest of the world................................ 239.9 253.9 272.1 -2.6 -0.1 -2.7 -1.1 0.0 -1.0 Corporate profits with inventory valuation adjustment............... 2,116.6 2,164.9 2,204.9 -10.0 -73.8 -214.6 -0.5 -3.3 -8.9 Domestic industries..................... 1,706.3 1,750.1 1,786.6 -18.5 -85.5 -238.8 -1.1 -4.7 -11.8 Financial............................. 479.0 423.6 423.4 -9.8 -109.8 -87.5 -2.0 -20.6 -17.1 Federal Reserve banks............... 71.7 79.6 103.4 0.0 0.0 10.9 0.0 0.0 11.8 Other financial..................... 407.3 344.1 320.0 -9.8 -109.8 -98.4 -2.4 -24.2 -23.5 Nonfinancial.......................... 1,227.2 1,326.4 1,363.2 -8.7 24.3 -151.3 -0.7 1.9 -10.0 Utilities........................... 12.5 26.4 27.7 -0.4 5.5 -19.8 -3.1 26.5 -41.7 Manufacturing....................... 395.7 426.4 439.8 -8.4 23.9 -57.3 -2.1 6.0 -11.5 Durable goods..................... 201.2 213.8 223.3 -2.8 7.5 -39.3 -1.4 3.6 -15.0 Nondurable goods.................. 194.5 212.6 216.5 -5.6 16.4 -18.1 -2.8 8.4 -7.7 Wholesale trade..................... 135.3 145.5 147.7 -1.4 -9.0 -17.8 -1.0 -5.8 -10.8 Retail trade........................ 154.1 159.4 158.4 -3.1 -11.8 -19.9 -2.0 -6.9 -11.2 Transportation and warehousing...... 53.8 53.0 65.3 2.0 -9.6 -12.8 3.8 -15.3 -16.3 Information......................... 100.6 129.4 126.5 -0.6 21.1 -4.3 -0.5 19.5 -3.3 Other nonfinancial.................. 375.2 386.3 397.7 3.2 4.0 -19.4 0.9 1.1 -4.6 Rest of the world....................... 410.3 414.8 418.2 8.5 11.7 24.2 2.1 2.9 6.1 Corporate profits before tax without inventory valuation and capital consumption adjustments................ 2,130.8 2,161.6 2,207.8 -5.3 -73.7 -212.1 -0.2 -3.3 -8.8 Addenda: Corporate profits after tax with inventory valuation and capital consumption adjustments.............. 1,550.5 1,568.5 1,559.1 -17.5 -64.1 61.9 -1.1 -3.9 4.1 Net cash flow with inventory valuation adjustment................. 2,049.6 2,055.2 2,163.0 -17.0 -25.6 117.0 -0.8 -1.2 5.7 Undistributed profits with inventory valuation and capital consumption adjustments............ 691.2 644.5 699.0 -19.7 -28.6 107.0 -2.8 -4.2 18.1 Consumption of fixed capital........ 1,351.0 1,405.0 1,467.3 2.4 2.9 9.9 0.2 0.2 0.7 Less: Capital transfers paid (net) -7.4 -5.7 3.3 -0.3 0.0 -0.1 --- --- --- --------------------------------------------------------------------------------------------------------------------------------------------------------------- Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 ------------------------------------------------------------------Seasonally adjusted at annual rates------------------------------------------------------------------ -----------------2011----------------- -----------------2012----------------- -----------------2013----------------- -----------------2014----------------- 2015 I II III IV I II III IV I II III IV I II III IV I ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of dollars Gross value added of nonfinancial corporate business...................... 7,592.3 8,011.9 8,316.8 8,641.0 7,412.4 7,578.3 7,671.3 7,707.2 7,927.8 7,990.4 7,982.8 8,146.5 8,209.1 8,320.3 8,335.1 8,402.8 8,446.6 8,585.1 8,729.9 8,802.3 8,776.1 Consumption of fixed capital................. 1,139.2 1,186.2 1,232.2 1,285.7 1,118.8 1,135.0 1,147.4 1,155.7 1,170.3 1,182.0 1,192.1 1,200.4 1,212.2 1,226.2 1,238.4 1,252.0 1,266.5 1,279.8 1,292.8 1,303.8 1,311.4 Net value added.............................. 6,453.1 6,825.7 7,084.6 7,355.2 6,293.6 6,443.3 6,524.0 6,551.5 6,757.5 6,808.4 6,790.7 6,946.1 6,996.8 7,094.1 7,096.7 7,150.8 7,180.1 7,305.3 7,437.1 7,498.5 7,464.7 Compensation of employees.................. 4,363.4 4,593.3 4,747.4 4,995.8 4,335.3 4,350.3 4,395.1 4,372.7 4,539.1 4,564.1 4,580.8 4,689.2 4,676.8 4,739.7 4,766.5 4,806.7 4,928.2 4,960.3 5,013.7 5,080.9 5,108.2 Wages and salaries....................... 3,622.9 3,826.4 3,953.5 4,178.9 3,599.9 3,612.2 3,648.9 3,630.6 3,781.8 3,802.3 3,816.1 3,905.3 3,895.3 3,947.1 3,969.2 4,002.3 4,123.1 4,149.6 4,193.7 4,249.3 4,276.3 Supplements to wages and salaries........ 740.4 766.9 793.9 816.9 735.4 738.1 746.1 742.1 757.3 761.7 764.7 783.9 781.5 792.6 797.3 804.4 805.2 810.7 820.0 831.6 831.8 Taxes on production and imports less subsidies................................. 670.6 690.4 724.9 745.2 661.5 671.5 671.5 678.0 688.2 688.7 687.7 696.9 718.9 720.6 728.1 731.7 734.2 743.0 750.1 753.4 749.1 Net operating surplus...................... 1,419.1 1,542.0 1,612.3 1,614.3 1,296.8 1,421.5 1,457.5 1,500.7 1,530.2 1,555.7 1,522.2 1,560.0 1,601.1 1,633.8 1,602.0 1,612.4 1,517.7 1,602.0 1,673.4 1,664.2 1,607.4 Net interest and miscellaneous payments 289.7 298.5 280.4 258.1 287.4 288.0 290.4 293.0 297.7 300.0 299.5 296.7 289.6 283.5 277.7 270.9 263.8 258.9 256.0 253.6 269.8 Business current transfer payments (net)................................... 90.4 93.9 95.1 85.1 88.7 89.1 91.8 92.2 97.4 93.8 89.0 95.4 94.8 95.0 91.5 99.0 85.6 83.2 89.9 81.7 79.1 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,039.0 1,149.7 1,236.8 1,271.1 920.6 1,044.5 1,075.3 1,115.6 1,135.1 1,161.9 1,133.7 1,167.9 1,216.7 1,255.2 1,232.8 1,242.6 1,168.3 1,259.8 1,327.5 1,329.0 1,258.5 Taxes on corporate income.............. 228.8 266.7 284.6 316.2 219.8 225.8 235.6 234.0 265.8 260.9 259.8 280.3 289.4 284.4 281.1 283.6 303.4 315.5 321.8 324.2 341.4 Profits after tax with inventory valuation and capital consumption adjustments........................... 810.2 883.0 952.2 954.9 700.9 818.7 839.6 881.6 869.3 901.0 874.0 887.6 927.3 970.9 951.6 959.0 864.8 944.3 1,005.7 1,004.8 917.0 Net dividends........................ 441.0 517.9 525.2 573.8 414.4 432.2 447.9 469.7 463.0 466.1 493.2 649.4 529.0 505.9 589.6 476.4 588.9 585.8 542.7 577.9 588.6 Undistributed profits with inventory valuation and capital consumption adjustments......................... 369.2 365.0 427.0 381.1 286.4 386.5 391.8 411.9 406.3 434.9 380.7 238.2 398.3 465.0 362.1 482.6 275.9 358.5 463.0 426.9 328.5 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).............................. 1,009.0 1,241.4 1,323.2 1,366.1 967.6 1,040.1 1,011.0 1,017.1 1,249.5 1,231.3 1,230.4 1,254.5 1,316.4 1,321.6 1,317.3 1,337.5 1,317.0 1,377.3 1,405.1 1,365.2 1,436.8 Profits after tax (without inventory valuation and capital consumption adjustments).............................. 780.2 974.7 1,038.6 1,049.9 747.8 814.3 775.4 783.1 983.7 970.4 970.7 974.2 1,027.0 1,037.3 1,036.2 1,053.9 1,013.6 1,061.8 1,083.3 1,041.0 1,095.3 Inventory valuation adjustment............. -68.3 -14.2 3.2 -2.9 -143.9 -89.5 -32.6 -7.2 -35.0 11.1 -18.4 -14.5 -9.1 23.0 3.9 -4.9 -56.9 -24.0 15.5 53.5 99.2 Capital consumption adjustment............. 98.3 -77.6 -89.6 -92.1 96.9 93.9 96.8 105.7 -79.4 -80.5 -78.3 -72.2 -90.7 -89.4 -88.4 -90.0 -91.9 -93.5 -93.2 -89.7 -277.5 Billions of chained (2009) dollars Gross value added of nonfinancial corporate business\1\................... 7,421.5 7,720.9 7,954.8 8,207.3 7,313.8 7,421.1 7,422.7 7,528.4 7,707.8 7,724.7 7,652.4 7,798.9 7,852.2 7,966.7 7,977.7 8,022.6 8,027.0 8,148.2 8,252.3 8,401.6 8,393.1 Consumption of fixed capital\2\.............. 1,117.1 1,144.7 1,177.1 1,212.8 1,105.9 1,113.7 1,120.9 1,127.7 1,133.8 1,140.9 1,148.2 1,156.0 1,164.6 1,173.1 1,181.1 1,189.6 1,198.3 1,207.4 1,217.5 1,228.1 1,238.8 Net value added\3\........................... 6,304.5 6,576.2 6,777.7 6,994.5 6,207.8 6,307.5 6,301.8 6,400.7 6,574.0 6,583.8 6,504.2 6,642.9 6,687.6 6,793.7 6,796.6 6,833.0 6,828.7 6,940.8 7,034.9 7,173.4 7,154.2 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\..... 1.023 1.038 1.046 1.053 1.013 1.021 1.033 1.024 1.029 1.034 1.043 1.045 1.045 1.044 1.045 1.047 1.052 1.054 1.058 1.048 1.046 Compensation of employees (unit labor cost)..................................... 0.588 0.595 0.597 0.609 0.593 0.586 0.592 0.581 0.589 0.591 0.599 0.601 0.596 0.595 0.597 0.599 0.614 0.609 0.608 0.605 0.609 Unit nonlabor cost......................... 0.296 0.294 0.293 0.289 0.295 0.294 0.297 0.295 0.292 0.293 0.296 0.294 0.295 0.292 0.293 0.293 0.293 0.290 0.289 0.285 0.287 Consumption of fixed capital............. 0.154 0.154 0.155 0.157 0.153 0.153 0.155 0.154 0.152 0.153 0.156 0.154 0.154 0.154 0.155 0.156 0.158 0.157 0.157 0.155 0.156 Taxes on production and imports less subsidies plus business current transfer payments (net)................. 0.103 0.102 0.103 0.101 0.103 0.102 0.103 0.102 0.102 0.101 0.101 0.102 0.104 0.102 0.103 0.104 0.102 0.101 0.102 0.099 0.099 Net interest and miscellaneous payments 0.039 0.039 0.035 0.031 0.039 0.039 0.039 0.039 0.039 0.039 0.039 0.038 0.037 0.036 0.035 0.034 0.033 0.032 0.031 0.030 0.032 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production).......... 0.140 0.149 0.155 0.155 0.126 0.141 0.145 0.148 0.147 0.150 0.148 0.150 0.155 0.158 0.155 0.155 0.146 0.155 0.161 0.158 0.150 Taxes on corporate income................ 0.031 0.035 0.036 0.039 0.030 0.030 0.032 0.031 0.034 0.034 0.034 0.036 0.037 0.036 0.035 0.035 0.038 0.039 0.039 0.039 0.041 Profits after tax with inventory valuation and capital consumption adjustments............................. 0.109 0.114 0.120 0.116 0.096 0.110 0.113 0.117 0.113 0.117 0.114 0.114 0.118 0.122 0.119 0.120 0.108 0.116 0.122 0.120 0.109 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2011 2012 2013 2014 -----------------------------------------Seasonally adjusted at annual rates----------------------------------------- 2011 -------------2012------------- -------------2013------------- -------------2014------------- -----2015----- IV I II III IV I II III IV I II III IV I II -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change from preceding period Gross domestic product (GDP) and related aggregates: GDP................................... 1.6 2.2 1.5 2.4 4.6 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 2.3 Goods................................. 3.8 5.0 3.9 3.7 15.7 3.6 5.4 1.2 -0.7 7.4 1.2 7.5 9.2 -7.3 10.3 9.1 -0.2 -1.8 3.6 Services.............................. 0.9 0.4 0.2 1.7 -0.7 1.2 0.0 0.4 0.3 -0.4 0.3 0.2 2.1 1.7 1.7 2.4 2.7 2.1 1.4 Structures............................ -1.2 6.8 2.5 3.6 7.5 12.6 3.6 -1.3 2.2 -0.9 8.3 8.2 -3.6 4.5 6.3 0.6 6.8 -0.9 4.9 Motor vehicle output.................. 10.0 12.8 4.9 7.2 23.1 27.5 7.1 0.0 -2.0 17.0 8.5 -13.7 19.9 2.1 16.5 19.8 -11.3 1.4 14.2 GDP excluding motor vehicle output.... 1.4 2.0 1.4 2.3 4.1 2.1 1.7 0.5 0.1 1.5 0.9 3.5 3.4 -1.0 4.2 3.8 2.5 0.6 2.0 Final sales of computers\1\........... 9.0 15.2 14.7 2.1 22.4 19.4 -2.1 18.8 46.3 13.8 11.5 -6.1 4.4 5.1 8.2 4.3 -26.7 29.8 24.9 GDP excluding final sales of computers............................ 1.6 2.2 1.4 2.4 4.5 2.6 1.9 0.4 -0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.2 0.5 2.2 Research and development.............. 0.2 0.2 2.5 1.8 3.2 -2.4 -0.1 0.8 4.7 6.0 -0.6 1.4 -0.5 4.3 0.7 1.9 5.5 5.2 4.6 GDP excluding research and development.......................... 1.6 2.3 1.5 2.4 4.6 2.8 1.9 0.5 0.0 1.8 1.2 3.0 3.9 -1.1 4.7 4.3 2.0 0.5 2.3 Farm gross value added\2\............. -5.2 -11.4 22.7 2.3 26.7 -27.0 -9.4 -29.5 -1.8 87.6 38.4 35.4 1.2 -31.8 28.6 6.9 7.0 9.8 6.4 Nonfarm business gross value added\3\ 2.2 3.1 1.7 3.0 5.8 3.9 2.7 1.0 0.2 1.7 1.1 3.5 5.2 -1.2 5.4 5.5 2.6 0.5 2.8 Price indexes: GDP................................... 2.1 1.8 1.6 1.6 0.6 2.1 1.8 2.4 1.5 1.5 1.1 2.0 1.8 1.5 2.2 1.6 0.1 0.1 2.0 GDP excluding food and energy\4\...... 1.9 1.8 1.7 1.7 0.9 2.6 1.6 1.3 1.8 1.8 1.5 2.0 2.2 1.5 1.9 1.8 0.8 0.5 1.4 GDP excluding final sales of computers............................ 2.1 1.9 1.7 1.7 0.6 2.2 1.8 2.4 1.5 1.5 1.2 2.0 1.8 1.5 2.2 1.6 0.2 0.2 2.1 Gross domestic purchases.............. 2.4 1.8 1.4 1.5 0.9 2.4 1.2 1.3 1.9 1.4 0.8 1.7 1.8 1.6 1.9 1.5 -0.1 -1.6 1.4 Gross domestic purchases excluding food and energy\4\................... 1.8 1.8 1.5 1.6 1.0 2.4 1.6 1.3 1.6 1.6 1.3 1.6 2.1 1.5 1.8 1.7 0.8 0.2 1.1 Gross domestic purchases excluding final sales of computers to domestic purchasers........................... 2.5 1.8 1.5 1.6 1.0 2.5 1.2 1.4 2.0 1.4 0.8 1.8 1.9 1.6 2.0 1.6 0.0 -1.6 1.5 Personal consumption expenditures (PCE)................................ 2.5 1.9 1.4 1.4 1.4 2.3 1.2 1.3 2.2 1.4 0.4 1.7 1.4 1.6 2.1 1.2 -0.4 -1.9 2.2 PCE excluding food and energy\4\...... 1.5 1.9 1.5 1.5 1.6 2.3 1.9 1.2 1.7 1.7 1.2 1.4 1.7 1.4 2.0 1.4 1.0 1.0 1.8 Market-based PCE\5\................... 2.5 1.8 1.1 1.1 1.4 2.2 1.0 1.3 1.7 1.2 -0.2 1.6 0.9 1.4 1.9 1.1 -0.9 -2.5 2.1 Market-based PCE excluding food and energy\5\............................ 1.4 1.8 1.2 1.2 1.6 2.1 1.7 1.2 1.1 1.6 0.6 1.3 1.2 1.1 1.7 1.3 0.7 0.7 1.7 Contributions to percent change in real gross domestic product Percent change at annual rate: Gross domestic product.............. 1.6 2.2 1.5 2.4 4.6 2.7 1.9 0.5 0.1 1.9 1.1 3.0 3.8 -0.9 4.6 4.3 2.1 0.6 2.3 Percentage points at annual rates: Goods................................... 1.11 1.48 1.17 1.13 4.47 1.12 1.64 0.36 -0.24 2.17 0.34 2.23 2.77 -2.30 3.07 2.74 -0.06 -0.57 1.10 Services................................ 0.57 0.27 0.13 1.03 -0.40 0.73 -0.01 0.22 0.17 -0.20 0.20 0.16 1.32 1.04 1.03 1.49 1.63 1.28 0.86 Structures.............................. -0.08 0.47 0.18 0.27 0.51 0.83 0.25 -0.10 0.15 -0.06 0.58 0.59 -0.27 0.33 0.47 0.05 0.50 -0.07 0.37 Motor vehicle output.................... 0.22 0.31 0.13 0.20 0.52 0.64 0.19 0.00 -0.05 0.43 0.23 -0.41 0.50 0.06 0.44 0.53 -0.35 0.04 0.39 Final sales of computers................ 0.04 0.06 0.06 0.01 0.08 0.07 -0.01 0.07 0.16 0.06 0.05 -0.03 0.02 0.02 0.03 0.02 -0.12 0.10 0.08 Research and development................ 0.00 0.01 0.06 0.05 0.08 -0.06 0.00 0.02 0.12 0.15 -0.01 0.04 -0.01 0.11 0.02 0.05 0.14 0.13 0.12 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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.