EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FEBRUARY 29, 2012 BEA 12-05 Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov Recorded message: (202) 606-5306 GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2011 (SECOND ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.0 percent in the fourth quarter of 2011 (that is, from the third quarter to the fourth quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 1.8 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.8 percent (see "Revisions" on page 3). The increase in real GDP in the fourth quarter reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), exports, nonresidential fixed investment, and residential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. The acceleration in real GDP in the fourth quarter primarily reflected an upturn in private inventory investment and accelerations in PCE and in residential fixed investment that were partly offset by a deceleration in nonresidential fixed investment, a downturn in federal government spending, an acceleration in imports, and a larger decrease in state and local government spending. Final sales of computers added 0.12 percentage point to the fourth-quarter change in real GDP after adding 0.22 percentage point to the third-quarter change. Motor vehicle output added 0.43 percentage point to the fourth-quarter change in real GDP after adding 0.12 percentage point to the third-quarter change. __________________________ FOOTNOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. For information on revisions, see "Revisions to GDP, GDI, and Their Major Components." __________________________ The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.1 percent in the fourth quarter, 0.3 percentage point more than in the advance estimate; this index increased 2.0 percent in the third quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.2 percent in the fourth quarter, compared with an increase of 1.8 percent in the third. Real personal consumption expenditures increased 2.1 percent in the fourth quarter, compared with an increase of 1.7 percent in the third. Durable goods increased 15.3 percent, compared with an increase of 5.7 percent. Nondurable goods increased 0.4 percent, in contrast to a decrease of 0.5 percent. Services increased 0.7 percent, compared with an increase of 1.9 percent. Real nonresidential fixed investment increased 2.8 percent, compared with an increase of 15.7 percent. Nonresidential structures decreased 2.6 percent, in contrast to an increase of 14.4 percent. Equipment and software increased 4.8 percent, compared with an increase of 16.2 percent. Real residential fixed investment increased 11.5 percent, compared with an increase of 1.3 percent. Real exports of goods and services increased 4.3 percent in the fourth quarter, compared with an increase of 4.7 percent in the third. Real imports of goods and services increased 3.8 percent, compared with an increase of 1.2 percent. Real federal government consumption expenditures and gross investment decreased 6.9 percent in the fourth quarter, in contrast to an increase of 2.1 percent in the third. National defense decreased 12.1 percent, in contrast to an increase of 5.0 percent. Nondefense increased 4.4 percent, in contrast to a decrease of 3.8 percent. Real state and local government consumption expenditures and gross investment decreased 2.5 percent, compared with a decrease of 1.6 percent. The change in real private inventories added 1.88 percentage points to the fourth-quarter change in real GDP, after subtracting 1.35 percentage points from the third-quarter change. Private businesses increased inventories $54.3 billion in the fourth quarter, following a decrease of $2.0 billion in the third quarter and an increase of $39.1 billion in the second. Real final sales of domestic product -- GDP less change in private inventories -- increased 1.1 percent in the fourth quarter, compared with an increase of 3.2 percent in the third. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.9 percent in the fourth quarter, compared with an increase of 1.3 percent in the third. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.9 percent, or $144.7 billion, in the fourth quarter to a level of $15,320.8 billion. In the third quarter, current-dollar GDP increased 4.4 percent, or $163.3 billion. Revisions The "second" estimate of the fourth-quarter increase in real GDP is 0.2 percentage point, or $7.5 billion, higher than the advance estimate issued last month. The upward revision to the percent change in real GDP primarily reflected an upward revision to nonresidential fixed investment, a downward revision to imports, and an upward revision to personal consumption expenditures (PCE). Advance Estimate Second Estimate (Percent change from preceding quarter) Real GDP.......................................... 2.8 3.0 Current-dollar GDP................................ 3.2 3.9 Gross domestic purchases price index.............. 0.8 1.1 2011 GDP Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010. The increase in real GDP in 2011 primarily reflected positive contributions from PCE, exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in 2011 primarily reflected downturns in private inventory investment and in federal government spending and a deceleration in exports that were partly offset by a deceleration in imports and an acceleration in nonresidential fixed investment. The price index for gross domestic purchases increased 2.5 percent in 2011, compared with an increase of 1.5 percent in 2010. Current-dollar GDP increased 3.9 percent, or $567.9 billion, in 2011 to a level of $15,094.4 billion. In 2010, current-dollar GDP increased 4.2 percent, or $587.5 billion. During 2011 (that is, measured from the fourth quarter of 2010 to the fourth quarter of 2011), real GDP increased 1.6 percent. Real GDP increased 3.1 percent during 2010. The price index for gross domestic purchases increased 2.6 percent during 2011, compared with an increase of 1.4 percent during 2010. * * * Next release – March 29, 2012, at 8:30 A.M. EDT for: Gross Domestic Product: Fourth Quarter and Annual 2011 (Third Estimate) Corporate Profits: Fourth Quarter and Annual 2011 Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2009 2010 2011r I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11r IV 11r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). -3.5 3.0 1.7 -1.8 1.3 -3.7 -8.9 -6.7 -.7 1.7 3.8 3.9 3.8 2.5 2.3 .4 1.3 1.8 3.0 Personal consumption expenditures... -1.9 2.0 2.2 -1.0 -.1 -3.8 -5.1 -1.5 -1.9 2.3 .4 2.7 2.9 2.6 3.6 2.1 .7 1.7 2.1 Goods............................. -3.0 4.3 3.7 -5.6 .5 -7.7 -12.6 .1 -2.3 7.6 .5 6.4 3.8 4.8 8.3 4.7 -1.6 1.4 4.9 Durable goods................... -5.4 7.2 8.1 -9.6 -2.9 -12.3 -25.4 2.4 -4.0 20.3 -4.8 9.9 7.8 8.8 17.2 11.7 -5.3 5.7 15.3 Nondurable goods................ -1.8 2.9 1.7 -3.3 2.3 -5.4 -5.8 -1.0 -1.5 2.0 3.1 4.8 1.9 3.0 4.3 1.6 .2 -.5 .4 Services.......................... -1.4 .9 1.4 1.5 -.5 -1.7 -1.2 -2.3 -1.7 -.1 .4 1.0 2.5 1.6 1.3 .8 1.9 1.9 .7 Gross private domestic investment... -25.0 17.9 4.7 -12.2 -6.0 -16.5 -33.9 -46.7 -22.8 2.9 36.8 31.5 26.4 9.2 -7.1 3.8 6.4 1.3 20.6 Fixed investment.................. -18.8 2.6 6.7 -8.3 -5.2 -12.3 -25.2 -32.2 -17.0 .7 -3.8 1.2 19.5 2.3 7.5 1.2 9.2 13.0 4.3 Nonresidential.................. -17.8 4.4 8.7 -.8 -2.3 -9.9 -22.9 -31.3 -15.8 -3.3 -3.7 6.0 18.6 11.3 8.7 2.1 10.3 15.7 2.8 Structures.................... -21.2 -15.8 4.4 .8 9.4 -3.7 -10.2 -32.1 -33.3 -20.1 -30.8 -24.7 7.5 4.2 10.5 -14.3 22.6 14.4 -2.6 Equipment and software........ -16.0 14.6 10.2 -1.7 -7.9 -13.1 -29.3 -30.8 -4.2 6.4 11.7 21.7 23.2 14.1 8.1 8.7 6.2 16.2 4.8 Residential..................... -22.2 -4.3 -1.3 -28.5 -14.5 -20.0 -33.2 -35.4 -21.3 17.8 -3.8 -15.3 22.8 -27.7 2.5 -2.4 4.2 1.3 11.5 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... -9.4 11.3 6.8 5.5 12.7 -3.5 -21.4 -29.0 -.5 13.9 23.5 7.2 10.0 10.0 7.8 7.9 3.6 4.7 4.3 Goods........................... -12.0 14.4 7.5 9.3 14.1 -2.4 -27.4 -34.9 -2.9 21.3 28.4 12.1 11.8 8.9 9.2 10.6 2.5 5.0 4.9 Services........................ -3.5 5.0 5.0 -2.7 9.5 -6.2 -5.6 -14.7 4.7 .1 13.7 -2.7 6.1 12.6 4.7 1.7 6.2 4.0 2.8 Imports........................... -13.6 12.5 4.9 1.4 -2.5 -6.6 -14.9 -34.0 -15.0 16.3 17.4 12.5 21.6 12.3 -2.3 8.3 1.4 1.2 3.8 Goods........................... -15.6 14.8 5.7 -.6 -2.2 -9.1 -18.5 -37.1 -17.9 19.6 21.8 14.4 26.0 12.4 -.5 9.5 1.6 .5 3.4 Services........................ -3.5 2.9 1.1 13.0 -4.2 8.2 5.6 -19.3 -2.5 4.2 .4 4.6 3.3 11.6 -10.4 2.2 .4 4.8 6.0 Government consumption expenditures and gross investment............... 1.7 .7 -2.1 3.1 1.7 4.3 1.6 -1.7 5.9 1.3 -.9 -1.2 3.7 1.0 -2.8 -5.9 -.9 -.1 -4.4 Federal........................... 6.0 4.5 -1.9 9.7 4.9 11.7 9.1 -3.3 14.4 5.9 2.2 2.8 8.8 3.2 -3.0 -9.4 1.9 2.1 -6.9 National defense................ 5.8 3.3 -2.3 8.2 5.4 17.6 8.3 -7.5 16.3 8.2 -1.3 .5 6.0 5.7 -5.9 -12.6 7.0 5.0 -12.1 Nondefense...................... 6.5 7.1 -1.2 13.0 3.9 -.1 10.9 6.5 10.4 1.0 9.9 7.8 14.7 -1.8 3.1 -2.7 -7.6 -3.8 4.4 State and local................... -.9 -1.8 -2.3 -.6 -.1 .1 -2.8 -.8 .9 -1.5 -2.9 -3.9 .4 -.5 -2.7 -3.4 -2.8 -1.6 -2.5 Addenda: Final sales of domestic product... -2.6 1.4 2.0 -1.1 1.5 -3.0 -7.4 -4.2 -.2 1.4 -.2 .8 3.0 1.7 4.2 .0 1.6 3.2 1.1 Gross domestic purchases.......... -4.4 3.4 1.6 -2.1 -.7 -4.2 -8.3 -8.6 -2.8 2.2 3.5 4.8 5.6 3.1 .9 .7 1.0 1.3 2.9 Final sales to domestic purchasers....................... -3.6 1.8 1.8 -1.4 -.5 -3.6 -6.9 -6.2 -2.3 1.9 -.3 1.7 4.9 2.3 2.7 .4 1.3 2.7 1.1 Gross national product (GNP)...... -3.6 3.3 ..... -2.3 1.3 -3.2 -10.8 -6.2 -.5 2.3 4.0 3.8 4.5 2.8 1.7 1.5 2.2 1.9 ..... Disposable personal income........ -2.3 1.8 1.3 5.9 8.2 -8.8 -.2 -3.8 .3 -5.4 -.6 4.9 5.6 2.3 1.5 1.2 -.5 .7 1.4 Current-dollar measures: GDP............................. -2.5 4.2 3.9 .6 4.0 -.6 -8.4 -5.2 -1.1 1.9 4.9 5.5 5.4 3.9 4.2 3.1 4.0 4.4 3.9 Final sales of domestic product. -1.6 2.6 4.1 1.5 4.0 .2 -7.4 -2.5 -.5 1.8 1.0 2.3 4.5 3.1 6.1 2.5 4.2 5.9 2.0 Gross domestic purchases........ -4.5 5.0 4.2 1.9 3.9 -.3 -12.0 -10.4 -2.4 3.9 5.6 7.0 6.2 4.0 2.9 4.9 4.5 3.3 4.1 Final sales to domestic purchasers..................... -3.7 3.3 4.3 2.7 3.9 .4 -11.0 -7.9 -1.8 3.7 1.9 3.8 5.3 3.2 4.8 4.3 4.7 4.7 2.3 GNP............................. -2.6 4.4 ..... .0 4.1 -.1 -10.4 -4.8 -.9 2.6 5.1 5.4 6.1 4.1 3.5 4.2 4.8 4.5 ..... Disposable personal income...... -2.1 3.6 3.8 10.0 13.1 -4.9 -5.8 -5.4 2.2 -2.6 2.2 6.8 5.9 3.3 3.5 5.2 2.8 3.1 2.6 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. See "Explanatory Note" at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product [Quarters seasonally adjusted at annual rates] -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2009 2010 2011r I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11r -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate: Gross domestic product........... -3.5 3.0 1.7 -1.8 1.3 -3.7 -8.9 -6.7 -.7 1.7 3.8 3.9 3.8 2.5 2.3 .4 1.3 1.8 3.0 Percentage points at annual rates: Personal consumption expenditures.. -1.32 1.44 1.53 -.70 -.08 -2.67 -3.53 -1.02 -1.28 1.66 .33 1.92 2.05 1.85 2.48 1.47 .49 1.24 1.52 Goods............................ -.69 .99 .86 -1.37 .12 -1.89 -3.04 .05 -.52 1.70 .12 1.45 .87 1.09 1.87 1.10 -.38 .33 1.17 Durable goods.................. -.41 .53 .60 -.84 -.23 -1.01 -2.12 .19 -.29 1.39 -.36 .70 .56 .63 1.20 .85 -.42 .42 1.10 Motor vehicles and parts..... -.17 .05 .19 -.48 -.58 -.53 -.98 .35 -.10 .92 -.79 -.02 .16 .19 .76 .37 -.74 .04 .81 Furnishings and durable household equipment......... -.15 .13 .09 -.17 .07 -.25 -.35 -.21 -.12 .08 .13 .22 .17 .06 .14 .06 .05 .09 .14 Recreational goods and vehicles.................... -.04 .27 .26 -.09 .30 -.15 -.51 .07 -.11 .34 .33 .32 .21 .27 .24 .32 .20 .26 .25 Other durable goods.......... -.06 .07 .06 -.09 -.02 -.08 -.29 -.01 .04 .04 -.03 .18 .02 .11 .05 .10 .07 .03 -.10 Nondurable goods............... -.28 .46 .26 -.53 .35 -.89 -.92 -.15 -.23 .31 .48 .75 .30 .47 .67 .25 .04 -.09 .06 Food and beverages purchased for off-premises consumption -.07 .13 .08 -.14 .05 -.25 -.51 -.10 .26 .20 .20 .15 -.14 .18 .25 .04 .06 -.01 -.08 Clothing and footwear........ -.11 .13 .07 -.08 .25 -.23 -.32 -.07 -.17 .09 .10 .26 .15 .01 .27 .07 .05 -.19 .07 Gasoline and other energy goods....................... .01 .00 -.12 -.20 -.15 -.41 .27 .14 -.10 -.06 -.01 .09 .01 .02 -.15 -.17 -.24 -.04 -.11 Other nondurable goods....... -.10 .20 .24 -.11 .21 .00 -.36 -.12 -.22 .08 .19 .24 .29 .26 .30 .30 .16 .15 .17 Services......................... -.63 .46 .67 .67 -.20 -.78 -.49 -1.07 -.76 -.04 .21 .47 1.18 .75 .61 .36 .87 .90 .35 Household consumption expenditures (for services)... -.66 .43 .68 .42 -.32 -.92 -.80 -.94 -.59 -.10 .06 .42 1.11 .89 .76 .35 .85 .73 .26 Housing and utilities........ .13 .12 .02 .32 -.01 -.18 .48 .13 .05 .17 .16 .07 .07 .30 -.10 -.19 .09 .35 -.35 Health care.................. .21 .16 .23 .36 .31 .19 .02 .21 .41 .25 .12 -.28 .45 .28 .49 .06 .32 -.07 .09 Transportation services...... -.19 .02 .01 -.12 -.16 -.20 -.33 -.25 -.11 -.08 -.01 .06 .08 .05 .00 -.01 .00 .01 .03 Recreation services.......... -.11 .05 .09 .00 -.05 -.19 -.18 -.07 -.09 -.09 .05 .07 .11 .20 -.03 -.05 .23 .19 .08 Food services and accommodations.............. -.15 .14 .17 -.21 .08 -.17 -.23 -.24 -.17 -.03 .01 .35 .18 .13 .16 .30 .05 .12 .23 Financial services and insurance................... -.43 -.07 .09 .00 -.24 -.17 -.59 -.59 -.41 -.28 -.30 .20 .12 -.16 .05 .23 .07 .19 -.07 Other services............... -.12 .02 .08 .08 -.24 -.18 .02 -.13 -.27 -.03 .03 -.04 .10 .09 .19 .02 .09 -.05 .24 Final consumption expenditures of nonprofit institutions serving households............ .03 .02 -.01 .25 .12 .14 .31 -.13 -.17 .06 .14 .05 .07 -.14 -.15 .01 .01 .18 .09 Gross output of nonprofit institutions................ .12 .15 .09 .31 .22 .22 .22 .02 .06 .14 .17 -.09 .44 .14 .27 -.13 .10 -.02 .14 Less: Receipts from sales of goods and services by nonprofit institutions...... .09 .13 .10 .05 .10 .08 -.09 .15 .23 .08 .02 -.14 .37 .28 .43 -.15 .09 -.20 .05 Gross private domestic investment.. -3.61 1.96 .59 -2.02 -.94 -2.63 -5.59 -7.76 -2.84 .35 3.51 3.25 2.92 1.14 -.91 .47 .79 .17 2.42 Fixed investment................. -2.77 .32 .79 -1.36 -.80 -1.91 -4.05 -5.09 -2.26 .13 -.42 .15 2.12 .28 .88 .15 1.07 1.52 .53 Nonresidential................. -2.05 .42 .83 -.10 -.25 -1.18 -2.84 -3.90 -1.66 -.29 -.33 .56 1.62 1.04 .82 .20 .98 1.49 .29 Structures................... -.85 -.51 .11 .03 .37 -.14 -.41 -1.47 -1.41 -.71 -1.07 -.76 .18 .10 .26 -.40 .54 .37 -.07 Equipment and software....... -1.20 .93 .71 -.13 -.63 -1.04 -2.43 -2.43 -.25 .42 .74 1.32 1.45 .94 .56 .60 .44 1.12 .36 Information processing equipment and software.... -.14 .35 .21 .09 .01 -.30 -.80 -.28 .15 .48 .54 .18 .38 .31 .39 .01 .32 .04 .16 Computers and peripheral equipment............... -.02 .16 .10 .13 .05 -.14 -.22 -.04 .06 .13 .34 .07 .23 .06 .14 -.05 .27 .08 .10 Software................. -.01 .05 .10 .19 .01 .02 -.09 -.11 .09 .06 .12 -.06 .03 .12 .14 .04 .14 .14 -.02 Other.................... -.11 .14 .02 -.24 -.06 -.18 -.49 -.13 .00 .30 .08 .17 .12 .13 .11 .02 -.09 -.18 .07 Industrial equipment....... -.28 .08 .15 .01 -.04 -.08 -.23 -.73 -.20 -.07 .00 .02 .39 .09 .11 .14 -.01 .36 .22 Transportation equipment... -.53 .36 .22 -.06 -.63 -.68 -.99 -.97 .15 .04 .21 .75 .47 .34 .00 .30 .14 .30 .18 Other equipment............ -.25 .14 .13 -.17 .03 .03 -.41 -.44 -.35 -.04 .00 .36 .21 .20 .05 .15 -.01 .42 -.20 Residential.................... -.72 -.11 -.03 -1.26 -.55 -.73 -1.21 -1.19 -.60 .42 -.10 -.41 .50 -.76 .06 -.06 .09 .03 .25 Change in private inventories.... -.84 1.64 -.21 -.66 -.14 -.73 -1.54 -2.66 -.58 .21 3.93 3.10 .79 .86 -1.79 .32 -.28 -1.35 1.88 Farm........................... -.02 .00 -.04 -.17 .32 .06 -.08 -.06 -.03 -.12 .13 .17 -.11 -.20 .01 -.09 -.02 .11 .01 Nonfarm........................ -.82 1.64 -.16 -.49 -.46 -.79 -1.46 -2.60 -.55 .33 3.80 2.92 .90 1.06 -1.80 .41 -.26 -1.46 1.87 Net exports of goods and services.. 1.11 -.51 .06 .38 2.00 .79 -.12 2.44 2.21 -.59 .15 -.97 -1.94 -.68 1.37 -.34 .24 .43 -.07 Exports.......................... -1.18 1.31 .87 .65 1.56 -.47 -2.97 -3.82 -.02 1.49 2.51 .86 1.19 1.21 .98 1.01 .48 .64 .59 Goods.......................... -1.04 1.12 .68 .75 1.21 -.22 -2.75 -3.25 -.20 1.48 2.01 .96 .97 .75 .79 .94 .24 .48 .47 Services....................... -.13 .19 .20 -.10 .35 -.24 -.21 -.57 .18 .01 .49 -.10 .23 .46 .18 .07 .24 .16 .11 Imports.......................... 2.29 -1.82 -.81 -.28 .44 1.25 2.84 6.26 2.24 -2.08 -2.36 -1.83 -3.13 -1.89 .39 -1.35 -.24 -.21 -.65 Goods.......................... 2.19 -1.74 -.78 .05 .31 1.47 2.98 5.63 2.15 -1.98 -2.36 -1.71 -3.05 -1.58 .08 -1.29 -.23 -.08 -.49 Services....................... .10 -.08 -.03 -.33 .13 -.21 -.14 .63 .09 -.10 .00 -.12 -.08 -.31 .31 -.06 -.01 -.13 -.16 Government consumption expenditures and gross investment.............. .34 .14 -.44 .58 .34 .85 .35 -.33 1.21 .28 -.18 -.26 .77 .20 -.58 -1.23 -.18 -.02 -.89 Federal.......................... .45 .37 -.17 .66 .35 .84 .69 -.25 1.09 .48 .18 .23 .71 .26 -.26 -.82 .16 .17 -.58 National defense............... .30 .18 -.13 .38 .27 .85 .44 -.40 .84 .45 -.07 .03 .33 .31 -.34 -.74 .37 .27 -.70 Consumption expenditures..... .25 .14 -.05 .32 -.05 .69 .37 -.23 .64 .38 .04 -.01 .23 .26 -.40 -.36 .42 .19 -.55 Gross investment............. .05 .04 -.08 .06 .32 .15 .07 -.17 .20 .07 -.11 .04 .10 .05 .06 -.38 -.04 .08 -.15 Nondefense..................... .16 .19 -.03 .28 .09 -.01 .25 .15 .25 .03 .25 .21 .38 -.05 .09 -.08 -.22 -.10 .12 Consumption expenditures..... .14 .14 -.04 .25 .06 -.03 .23 .17 .26 -.03 .20 .17 .29 -.06 .06 -.06 -.20 -.12 .16 Gross investment............. .01 .05 .00 .03 .03 .02 .02 -.02 .00 .05 .05 .04 .09 .01 .02 -.02 -.02 .01 -.04 State and local.................. -.11 -.23 -.28 -.08 -.01 .01 -.34 -.08 .12 -.19 -.37 -.49 .05 -.06 -.33 -.41 -.34 -.19 -.30 Consumption expenditures....... -.07 -.13 -.12 -.09 -.13 .02 -.10 -.04 -.03 -.15 -.09 -.18 -.14 -.13 -.11 .00 -.14 -.20 -.28 Gross investment............... -.05 -.10 -.16 .01 .12 -.01 -.24 -.05 .15 -.04 -.27 -.32 .20 .07 -.22 -.41 -.20 .01 -.03 Addenda: Goods............................ -1.56 3.01 1.23 -1.23 1.14 -2.32 -6.83 -2.82 .82 1.91 4.44 5.19 1.12 2.12 1.63 1.36 -.17 .62 3.30 Services......................... -.34 .72 .64 .72 .15 -.55 -.35 -1.11 .37 .07 .84 .23 1.69 .98 .65 -.05 1.18 .81 -.37 Structures....................... -1.59 -.69 -.13 -1.25 .02 -.79 -1.72 -2.73 -1.88 -.29 -1.48 -1.48 .97 -.59 .07 -.95 .33 .38 .05 Motor vehicle output............. -.55 .49 .28 -.40 -.74 -.70 -1.73 -1.32 .26 1.48 .20 .73 .34 .33 -.43 1.08 -.10 .12 .43 Final sales of computers......... .01 .10 .16 .04 .15 -.01 .02 .09 -.08 -.06 .02 .16 .06 .29 .29 .08 .07 .22 .12 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Billions of current dollars Billions of chained (2005) dollars ------------------------------------------------------ ------------------------------------------------------------------------------- Seasonally adjusted Seasonally adjusted Change from preceding at annual rates at annual rates period -------------------------------------------- -------------------------------------------- ------------------------- 2011r IV 10 I 11 II 11 III 11 IV 11r 2011r IV 10 I 11 II 11 III 11 IV 11r 2011r III 11 IV 11r -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product........ 15,094.4 14,755.0 14,867.8 15,012.8 15,176.1 15,320.8 13,315.3 13,216.1 13,227.9 13,271.8 13,331.6 13,429.9 227.3 59.8 98.3 Personal consumption expenditures.. 10,726.4 10,417.1 10,571.7 10,676.0 10,784.5 10,873.6 9,421.7 9,328.4 9,376.7 9,392.7 9,433.5 9,483.7 200.8 40.8 50.2 Goods............................ 3,645.5 3,483.4 3,592.2 3,622.7 3,661.2 3,705.6 3,350.4 3,306.0 3,344.4 3,331.2 3,342.7 3,383.1 119.7 11.5 40.4 Durable goods.................. 1,162.3 1,124.7 1,154.5 1,143.8 1,158.3 1,192.7 1,284.8 1,242.4 1,277.4 1,260.2 1,277.8 1,324.1 96.5 17.6 46.3 Motor vehicles and parts..... 378.4 367.1 383.0 363.4 368.7 398.5 356.5 354.9 368.2 342.1 343.5 372.2 26.4 1.4 28.7 Furnishings and durable household equipment......... 253.3 246.1 248.3 251.2 254.9 258.7 274.2 267.0 269.3 271.4 275.1 280.9 14.1 3.7 5.8 Recreational goods and vehicles.................... 344.4 334.5 340.5 342.5 345.8 348.9 514.8 478.5 495.9 506.5 521.2 535.8 55.2 14.7 14.6 Other durable goods.......... 186.2 176.9 182.7 186.7 188.8 186.5 162.9 158.1 161.4 163.8 164.9 161.5 8.0 1.1 -3.4 Nondurable goods............... 2,483.1 2,358.7 2,437.8 2,478.9 2,503.0 2,512.9 2,075.3 2,067.4 2,075.4 2,076.6 2,073.7 2,075.7 34.0 -2.9 2.0 Food and beverages purchased for off-premises consumption 808.5 778.2 792.0 806.7 815.8 819.6 682.9 680.8 682.1 684.1 683.9 681.5 9.8 -.2 -2.4 Clothing and footwear........ 350.3 341.3 344.5 348.6 352.2 356.0 351.3 350.1 352.8 354.7 347.5 350.3 10.3 -7.2 2.8 Gasoline and other energy goods....................... 427.9 374.1 420.2 431.5 434.5 425.6 268.8 278.4 274.2 268.5 267.5 265.0 -12.5 -1.0 -2.5 Other nondurable goods....... 896.4 865.2 881.1 892.1 900.6 911.7 782.2 764.5 774.4 779.6 784.5 790.3 31.5 4.9 5.8 Services......................... 7,081.0 6,933.7 6,979.4 7,053.3 7,123.2 7,168.0 6,077.4 6,027.5 6,039.1 6,067.0 6,096.1 6,107.4 85.6 29.1 11.3 Household consumption expenditures (for services)... 6,795.5 6,656.0 6,700.0 6,771.6 6,834.4 6,875.8 5,800.1 5,754.7 5,765.9 5,793.2 5,816.6 5,824.8 86.1 23.4 8.2 Housing and utilities........ 1,921.9 1,901.1 1,901.7 1,913.3 1,937.7 1,934.9 1,671.1 1,672.2 1,666.0 1,669.1 1,680.4 1,669.0 1.9 11.3 -11.4 Health care.................. 1,728.9 1,700.4 1,708.1 1,729.5 1,734.4 1,743.3 1,471.6 1,462.3 1,464.3 1,474.5 1,472.3 1,475.1 28.7 -2.2 2.8 Transportation services...... 305.5 298.5 302.1 304.6 305.6 309.5 251.6 251.6 251.4 251.2 251.4 252.5 1.4 .2 1.1 Recreation services.......... 401.6 387.7 387.9 398.6 407.3 412.7 352.6 344.7 343.0 350.6 357.0 359.7 11.2 6.4 2.7 Food services and accommodations.............. 679.9 650.1 663.7 673.9 685.6 696.6 572.4 558.2 567.6 569.1 572.8 580.2 21.4 3.7 7.4 Financial services and insurance................... 805.7 782.7 795.7 803.1 811.9 812.3 678.8 667.6 674.7 676.9 682.8 680.6 11.0 5.9 -2.2 Other services............... 952.0 935.5 940.7 948.5 952.0 966.6 802.1 798.3 798.8 801.8 800.1 807.6 10.4 -1.7 7.5 Final consumption expenditures of nonprofit institutions serving households............ 285.5 277.6 279.4 281.7 288.8 292.1 278.8 273.9 274.3 274.9 281.3 284.7 -1.2 6.4 3.4 Gross output of nonprofit institutions................ 1,156.7 1,141.6 1,143.5 1,154.9 1,159.8 1,168.7 1,000.5 1,001.6 997.2 1,000.6 999.8 1,004.4 11.3 -.8 4.6 Less: Receipts from sales of goods and services by nonprofit institutions...... 871.2 864.0 864.0 873.2 871.0 876.6 722.1 727.3 722.8 725.5 719.3 720.8 11.8 -6.2 1.5 Gross private domestic investment.. 1,914.6 1,818.0 1,853.1 1,895.3 1,906.6 2,003.6 1,795.8 1,734.5 1,750.9 1,778.4 1,784.2 1,869.6 80.9 5.8 85.4 Fixed investment................. 1,867.6 1,779.3 1,791.1 1,841.7 1,905.8 1,931.8 1,758.8 1,693.9 1,699.0 1,736.7 1,790.4 1,809.3 110.4 53.7 18.9 Nonresidential................. 1,530.2 1,447.9 1,460.5 1,506.0 1,568.7 1,585.7 1,433.4 1,371.9 1,378.9 1,413.2 1,465.6 1,475.7 114.2 52.4 10.1 Structures................... 409.1 389.6 379.5 405.2 424.8 426.8 322.8 318.0 305.9 321.9 332.9 330.7 13.7 11.0 -2.2 Equipment and software....... 1,121.2 1,058.3 1,081.0 1,100.8 1,143.9 1,159.0 1,123.8 1,064.5 1,086.9 1,103.5 1,145.7 1,159.3 104.4 42.2 13.6 Information processing equipment and software.... 566.0 559.3 557.9 567.6 567.4 571.3 637.6 624.5 625.0 638.4 640.2 646.9 35.0 1.8 6.7 Computers and peripheral equipment............... 103.1 99.3 95.6 103.9 105.1 107.7 ..... ..... ..... ..... ..... ..... ..... ..... ..... Software................. 271.3 263.2 265.1 270.4 275.5 274.4 270.0 262.4 263.7 268.9 274.1 273.4 13.9 5.2 -.7 Other.................... 191.6 196.8 197.3 193.3 186.8 189.2 209.6 214.4 215.2 211.5 204.3 207.4 2.3 -7.2 3.1 Industrial equipment....... 195.7 178.0 185.0 186.5 201.2 210.1 165.2 153.7 158.1 157.7 169.0 176.1 18.6 11.3 7.1 Transportation equipment... 157.7 133.1 145.4 152.0 163.1 170.5 150.3 128.9 139.6 144.6 155.2 161.7 31.0 10.6 6.5 Other equipment............ 201.7 187.9 192.7 194.6 212.3 207.1 179.2 168.9 174.0 173.8 187.9 181.2 16.6 14.1 -6.7 Residential.................... 337.3 331.3 330.6 335.7 337.0 346.1 326.3 323.1 321.1 324.4 325.4 334.4 -4.5 1.0 9.0 Change in private inventories.... 47.0 38.7 62.0 53.6 .8 71.7 35.1 38.3 49.1 39.1 -2.0 54.3 -23.7 -41.1 56.3 Farm........................... -7.6 -6.5 -9.4 -9.9 -5.6 -5.6 -7.0 -5.2 -7.8 -8.7 -6.0 -5.6 -5.6 2.7 .4 Nonfarm........................ 54.7 45.2 71.4 63.5 6.4 77.3 44.7 44.7 59.7 51.0 5.5 62.8 -16.0 -45.5 57.3 Net exports of goods and services.. -576.9 -500.2 -571.3 -597.1 -562.3 -576.7 -412.0 -414.2 -424.4 -416.4 -402.8 -404.4 9.8 13.6 -1.6 Exports.......................... 2,087.5 1,935.3 2,024.1 2,085.3 2,119.2 2,121.4 1,775.9 1,716.8 1,749.6 1,765.0 1,785.2 1,803.9 112.7 20.2 18.7 Goods.......................... 1,474.4 1,353.8 1,431.0 1,473.5 1,496.6 1,496.3 1,252.6 1,204.9 1,235.6 1,243.2 1,258.3 1,273.4 87.7 15.1 15.1 Services....................... 613.2 581.5 593.2 611.7 622.6 625.1 523.9 512.4 514.6 522.4 527.5 531.1 25.1 5.1 3.6 Imports.......................... 2,664.4 2,435.5 2,595.4 2,682.4 2,681.6 2,698.1 2,187.9 2,131.0 2,173.9 2,181.4 2,187.9 2,208.4 102.9 6.5 20.5 Goods.......................... 2,238.0 2,022.8 2,176.2 2,257.3 2,251.9 2,266.5 1,828.7 1,777.4 1,818.4 1,825.4 1,827.9 1,843.1 99.4 2.5 15.2 Services....................... 426.4 412.7 419.3 425.1 429.7 431.7 361.3 355.6 357.5 357.9 362.2 367.5 3.9 4.3 5.3 Government consumption expenditures and gross investment.............. 3,030.2 3,020.2 3,014.4 3,038.6 3,047.3 3,020.4 2,502.4 2,552.1 2,513.9 2,508.2 2,507.6 2,479.8 -54.4 -.6 -27.8 Federal.......................... 1,232.8 1,234.3 1,219.9 1,237.1 1,248.9 1,225.4 1,055.0 1,079.6 1,053.3 1,058.3 1,063.7 1,044.7 -20.9 5.4 -19.0 National defense............... 824.9 823.9 809.0 830.6 844.0 816.0 701.6 717.7 694.0 705.9 714.6 692.0 -16.7 8.7 -22.6 Consumption expenditures..... 717.2 702.7 701.0 723.4 733.2 711.1 602.5 605.3 594.0 607.1 613.1 595.6 -6.5 6.0 -17.5 Gross investment............. 107.8 121.2 108.0 107.3 110.9 104.9 99.3 113.6 100.3 98.8 101.6 96.4 -10.9 2.8 -5.2 Nondefense..................... 407.9 410.3 410.9 406.5 404.9 409.4 353.4 361.9 359.4 352.4 349.0 352.8 -4.3 -3.4 3.8 Consumption expenditures..... 355.4 356.9 358.1 354.1 351.7 357.7 303.0 310.3 308.4 302.1 298.3 303.3 -4.5 -3.8 5.0 Gross investment............. 52.5 53.5 52.8 52.4 53.1 51.7 50.7 52.0 51.3 50.6 51.2 49.8 .3 .6 -1.4 State and local.................. 1,797.3 1,786.0 1,794.4 1,801.5 1,798.5 1,795.0 1,453.5 1,478.9 1,466.4 1,456.1 1,450.4 1,441.0 -33.5 -5.7 -9.4 Consumption expenditures..... 1,475.2 1,450.1 1,471.7 1,482.9 1,476.1 1,470.2 1,199.1 1,207.4 1,207.4 1,203.2 1,197.2 1,188.6 -13.9 -6.0 -8.6 Gross investment............. 322.1 335.9 322.8 318.6 322.3 324.8 255.0 271.9 259.6 253.6 253.9 253.1 -19.3 .3 -.8 Residual........................... ..... ..... ..... ..... ..... ..... -90.5 -61.2 -74.8 -86.5 -94.7 -106.9 ..... ..... ..... Addenda: Final sales of domestic product.. 15,047.4 14,716.3 14,805.8 14,959.2 15,175.3 15,249.1 13,284.2 13,181.6 13,182.8 13,236.2 13,340.9 13,376.8 255.3 104.7 35.9 Gross domestic purchases......... 15,671.2 15,255.2 15,439.1 15,609.9 15,738.4 15,897.5 13,718.7 13,621.2 13,644.2 13,679.9 13,725.3 13,825.3 218.3 45.4 100.0 Final sales to domestic purchasers...................... 15,624.2 15,216.6 15,377.1 15,556.3 15,737.6 15,825.8 13,686.7 13,585.9 13,598.4 13,643.4 13,733.4 13,771.5 246.0 90.0 38.1 Gross domestic product........... 15,094.4 14,755.0 14,867.8 15,012.8 15,176.1 15,320.8 13,315.3 13,216.1 13,227.9 13,271.8 13,331.6 13,429.9 227.3 59.8 98.3 Plus: Income receipts from the rest of the world........... ..... 729.4 752.1 803.2 792.2 ..... ..... 655.2 669.3 708.7 695.4 ..... ..... -13.3 ..... Less: Income payments to the rest of the world........... ..... 545.0 525.0 542.0 524.9 ..... ..... 487.7 465.2 476.6 459.4 ..... ..... -17.2 ..... Equals: Gross national product... ..... 14,939.4 15,094.9 15,274.0 15,443.4 ..... ..... 13,383.9 13,432.2 13,504.2 13,567.9 ..... ..... 63.7 ..... Net domestic product............. 13,144.3 12,858.9 12,953.5 13,072.9 13,213.2 13,337.7 11,523.1 11,448.2 11,451.3 11,485.7 11,534.5 11,620.7 189.8 48.8 86.2 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised Note.--Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real GDP, use table 2. See "Explanatory Note" at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2009 2010 2011r I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11 IV 11r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP). 1.1 1.2 2.1 2.5 2.5 3.1 .5 1.7 -.4 .3 1.1 1.5 1.5 1.4 1.9 2.5 2.5 2.6 .9 Personal consumption expenditures... .2 1.8 2.5 3.9 4.5 4.3 -5.6 -1.7 1.9 3.0 2.8 1.9 .3 1.0 1.9 3.9 3.3 2.3 1.2 Goods............................. -2.6 1.6 3.8 4.8 4.8 7.0 -17.8 -6.3 4.1 5.6 2.5 2.1 -3.4 .8 3.4 8.0 5.1 2.9 .0 Durable goods................... -1.8 -1.7 -1.0 -1.3 -2.7 -1.1 -3.5 -2.1 -.1 -2.7 .5 -2.1 -2.4 -2.5 -2.4 -.6 1.7 -.5 -2.5 Nondurable goods................ -2.9 3.2 6.1 8.1 8.8 11.1 -23.8 -8.3 6.1 9.8 3.5 4.1 -3.9 2.4 6.2 12.4 6.7 4.5 1.2 Services.......................... 1.6 1.9 1.8 3.4 4.4 3.0 1.2 .6 .9 1.8 2.9 1.7 2.2 1.1 1.2 1.9 2.4 2.1 1.8 Gross private domestic investment... -1.0 -1.6 1.6 .3 1.2 2.4 6.9 -2.2 -6.4 -5.8 -1.7 -1.2 .0 .9 1.7 2.1 2.2 1.1 1.3 Fixed investment.................. -1.2 -1.4 1.3 .9 1.4 3.3 2.9 -2.3 -5.3 -4.4 -1.0 -1.3 -.5 .5 .8 1.4 2.4 1.5 1.3 Nonresidential.................. -.6 -1.6 1.3 1.9 2.2 5.1 5.3 -2.2 -5.2 -4.7 -2.0 -1.7 .2 .5 .4 1.4 2.5 1.8 1.6 Structures.................... -2.6 -1.1 4.5 5.2 3.9 7.7 8.2 -5.6 -12.0 -10.0 -1.5 1.3 2.4 2.5 3.6 5.0 6.1 5.6 4.6 Equipment and software........ .5 -1.8 .1 .2 1.3 3.7 3.6 -.2 -1.3 -2.2 -2.5 -3.1 -.7 -.3 -.8 .2 1.2 .4 .5 Residential..................... -3.4 -.4 1.1 -1.6 -1.1 -2.8 -5.2 -2.9 -5.9 -3.1 3.1 .5 -3.0 .6 2.5 1.5 2.0 .3 -.2 Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports........................... -5.4 4.4 6.3 7.8 10.7 6.0 -22.0 -11.9 .1 5.0 5.5 4.8 5.0 .6 8.6 11.0 8.8 1.9 -3.7 Goods........................... -6.8 4.9 7.3 8.9 13.3 5.7 -27.1 -14.4 2.1 5.1 5.3 5.5 5.5 .6 11.5 12.9 9.7 1.4 -4.7 Services........................ -2.2 3.2 3.9 5.4 4.7 6.7 -8.9 -6.7 -3.8 4.6 5.8 3.5 3.9 .6 2.2 6.5 6.5 3.2 -1.2 Imports........................... -10.6 6.1 7.7 16.8 21.0 10.6 -36.7 -29.2 6.6 14.4 11.5 8.3 -2.2 -2.2 8.4 19.1 12.5 -1.3 -1.3 Goods........................... -12.4 6.8 8.6 19.2 22.7 11.6 -40.8 -33.4 8.5 17.1 12.5 9.9 -2.9 -3.0 8.9 22.3 14.0 -1.5 -.7 Services........................ -2.2 2.7 3.0 5.1 12.6 5.5 -11.6 -7.9 -.8 4.0 7.1 1.0 .8 1.6 5.8 4.2 5.2 -.4 -3.9 Government consumption expenditures and gross investment............... -.3 2.2 3.1 7.9 6.6 4.2 -5.4 -1.8 .0 1.2 2.0 4.7 1.3 .9 3.1 5.4 4.2 1.3 .9 Federal........................... -.2 2.4 2.8 7.5 4.1 1.7 -4.7 1.2 -2.0 1.4 2.3 5.6 1.3 1.1 2.0 5.3 3.8 1.8 -.4 National defense................ -.7 2.4 3.1 7.5 5.3 2.0 -5.8 .2 -2.5 1.1 2.5 5.7 1.3 .9 2.5 6.3 3.8 1.5 -.6 Nondefense...................... .9 2.4 2.3 7.6 1.5 1.1 -2.3 3.5 -1.0 2.2 1.9 5.5 1.2 1.5 1.1 3.4 3.7 2.3 .1 State and local................... -.4 2.1 3.3 8.2 8.1 5.7 -5.7 -3.6 1.3 1.0 1.7 4.1 1.3 .7 3.8 5.5 4.5 .9 1.8 Addenda: Final sales of domestic product... 1.0 1.2 2.1 2.6 2.5 3.2 .0 1.7 -.3 .4 1.2 1.4 1.4 1.4 1.8 2.4 2.5 2.6 .9 Gross domestic purchases.......... -.1 1.5 2.5 4.1 4.5 4.0 -4.0 -1.9 .5 1.6 2.1 2.1 .5 1.0 2.1 4.0 3.3 2.0 1.1 Final sales to domestic purchasers....................... -.1 1.5 2.5 4.2 4.5 4.1 -4.4 -1.8 .6 1.7 2.2 2.1 .4 .9 2.0 3.9 3.4 2.0 1.1 Gross national product (GNP)...... 1.1 1.1 ..... 2.5 2.5 3.1 .4 1.7 -.4 .3 1.1 1.5 1.4 1.4 1.9 2.5 2.5 2.6 ..... Implicit price deflators: GDP............................. 1.1 1.2 2.1 2.4 2.7 3.2 .5 1.5 -.4 .2 1.0 1.5 1.6 1.3 1.8 2.7 2.6 2.6 .9 Gross domestic purchases........ -.1 1.5 2.5 4.0 4.6 4.1 -4.0 -2.0 .5 1.6 2.0 2.1 .6 .9 2.0 4.2 3.4 2.0 1.1 GNP............................. 1.0 1.1 ..... 2.4 2.7 3.2 .4 1.5 -.4 .2 1.0 1.5 1.5 1.3 1.8 2.7 2.6 2.6 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted --------------------------------------------------- 2009 2010 2011r IV 10 I 11 II 11 III 11 IV 11r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 100.635 103.684 105.485 104.699 104.792 105.140 105.614 106.392 Personal consumption expenditures.......... 102.657 104.741 107.022 105.962 106.511 106.693 107.156 107.726 Goods.................................... 100.693 105.006 108.894 107.452 108.700 108.272 108.646 109.957 Durable goods.......................... 98.660 105.782 114.376 110.600 113.710 112.180 113.747 117.866 Nondurable goods....................... 101.536 104.501 106.244 105.839 106.249 106.306 106.160 106.261 Services................................. 103.644 104.628 106.122 105.250 105.453 105.941 106.449 106.647 Gross private domestic investment.......... 66.944 78.945 82.667 79.848 80.600 81.869 82.135 86.065 Fixed investment......................... 75.688 77.667 82.873 79.812 80.052 81.829 84.362 85.249 Nonresidential......................... 93.755 97.913 106.385 101.822 102.342 104.889 108.782 109.528 Structures........................... 104.426 87.883 91.779 90.399 86.974 91.511 94.631 94.002 Equipment and software............... 89.367 102.393 112.884 106.925 109.174 110.839 115.077 116.445 Residential............................ 44.587 42.681 42.106 41.684 41.428 41.855 41.991 43.150 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 114.479 127.444 136.079 131.551 134.061 135.240 136.789 138.225 Imports of goods and services.............. 91.372 102.821 107.895 105.091 107.207 107.573 107.897 108.905 Government consumption expenditures and gross investment.......................... 107.161 107.886 105.591 107.691 106.076 105.837 105.812 104.638 Federal.................................. 117.479 122.782 120.392 123.197 120.195 120.769 121.385 119.220 State and local.......................... 101.378 99.557 97.314 99.020 98.177 97.488 97.107 96.482 Addenda: Final sales of domestic product.......... 102.224 103.626 105.657 104.841 104.850 105.275 106.108 106.393 Gross domestic purchases................. 97.796 101.160 102.795 102.064 102.237 102.504 102.844 103.594 Final sales to domestic purchasers....... 99.280 101.091 102.940 102.182 102.276 102.615 103.292 103.578 Gross national product................... 100.968 104.253 ..... 105.218 105.598 106.164 106.665 ..... ----------------------------------------------------------------------------------------------------------------------------------- r Revised See "Explanatory Note" at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted --------------------------------------------------- 2009 2010 2011r IV 10 I 11 II 11 III 11 IV 11r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 109.732 111.000 113.339 111.699 112.390 113.091 113.811 114.062 Personal consumption expenditures (PCE)..................................... 109.169 111.112 113.849 111.673 112.747 113.666 114.324 114.658 Goods.................................... 103.209 104.837 108.808 105.367 107.412 108.752 109.530 109.536 Durable goods.......................... 92.901 91.348 90.449 90.507 90.362 90.745 90.628 90.061 Nondurable goods....................... 109.301 112.748 119.656 114.092 117.463 119.383 120.707 121.070 Services................................. 112.353 114.465 116.513 115.037 115.574 116.260 116.852 117.367 Gross private domestic investment.......... 106.401 104.743 106.436 105.199 105.755 106.342 106.646 107.001 Fixed investment......................... 106.305 104.843 106.163 105.035 105.412 106.039 106.433 106.767 Nonresidential......................... 107.106 105.373 106.736 105.536 105.909 106.560 107.027 107.449 Structures........................... 122.490 121.117 126.596 122.475 123.982 125.835 127.565 129.001 Equipment and software............... 101.496 99.634 99.747 99.406 99.446 99.743 99.838 99.963 Residential............................ 102.637 102.214 103.370 102.563 102.958 103.479 103.551 103.491 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 105.959 110.617 117.572 112.757 115.725 118.182 118.747 117.635 Imports of goods and services.............. 106.571 113.032 121.755 114.271 119.370 122.949 122.543 122.158 Government consumption expenditures and gross investment.......................... 114.883 117.445 121.095 118.341 119.910 121.146 121.523 121.801 Federal.................................. 111.000 113.653 116.861 114.331 115.827 116.902 117.413 117.301 State and local.......................... 117.214 119.704 123.662 120.757 122.372 123.721 123.997 124.559 Addenda: PCE excluding food and energy\1\......... 108.691 110.208 111.806 110.534 110.963 111.585 112.156 112.519 Market-based PCE\2\...................... 109.201 110.857 113.681 111.394 112.498 113.478 114.200 114.548 Market-based PCE excluding food and energy\2\........................... 108.647 109.763 111.288 110.025 110.391 111.038 111.670 112.052 Final sales of domestic product.......... 109.703 110.981 113.273 111.647 112.315 113.021 113.754 114.001 Gross domestic purchases................. 109.803 111.438 114.210 112.048 113.147 114.081 114.642 114.969 Final sales to domestic purchasers....... 109.783 111.426 114.156 112.006 113.084 114.024 114.597 114.921 Gross national product................... 109.721 110.979 ..... 111.676 112.372 113.080 113.799 ..... Implicit price deflators: Gross domestic product................. 109.729 110.992 113.361 111.644 112.398 113.118 113.836 114.081 Final sales of domestic product........ 109.703 110.981 113.273 111.642 112.311 113.017 113.750 113.997 Gross domestic purchases............... 109.799 111.429 114.233 111.996 113.155 114.108 114.667 114.989 Final sales to domestic purchasers..... 109.783 111.426 114.156 112.003 113.080 114.021 114.593 114.917 Gross national product................. 109.717 110.971 ..... 111.623 112.379 113.106 113.823 ..... ----------------------------------------------------------------------------------------------------------------------------------- r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percent changes for these series are included in the addenda to table 8 and in appendix table A. See "Explanatory Note" at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change from Preceding Year ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011r ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.5 3.1 2.7 1.9 -.3 -3.5 3.0 1.7 Personal consumption expenditures...... 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.3 3.4 2.9 2.3 -.6 -1.9 2.0 2.2 Goods................................ 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.5 4.2 3.3 3.0 -2.5 -3.0 4.3 3.7 Durable goods...................... 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.6 7.3 5.9 4.5 5.0 -4.9 -5.4 7.2 8.1 Nondurable goods................... 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.4 2.8 3.2 2.6 1.9 -1.2 -1.8 2.9 1.7 Services............................. 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.7 3.0 2.6 1.9 .4 -1.4 .9 1.4 Gross private domestic investment...... 8.8 12.4 10.0 8.8 6.8 -7.0 -1.4 3.9 10.1 5.5 2.7 -3.2 -10.2 -25.0 17.9 4.7 Fixed investment..................... 9.0 9.2 10.9 9.3 7.4 -1.9 -4.2 3.5 7.4 6.5 2.4 -1.9 -7.1 -18.8 2.6 6.7 Nonresidential..................... 9.3 12.1 12.0 10.4 9.8 -2.8 -7.9 1.4 6.2 6.7 8.0 6.5 -.8 -17.8 4.4 8.7 Structures....................... 5.7 7.3 5.1 .1 7.8 -1.5 -17.7 -3.8 1.1 1.4 9.2 14.1 6.4 -21.2 -15.8 4.4 Equipment and software........... 10.6 13.8 14.5 14.1 10.5 -3.2 -4.2 3.1 7.9 8.5 7.6 3.3 -4.3 -16.0 14.6 10.2 Residential........................ 8.0 1.9 7.7 6.3 1.0 .6 5.2 8.2 9.8 6.2 -7.3 -18.7 -23.9 -22.2 -4.3 -1.3 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 8.3 11.9 2.3 4.4 8.6 -5.6 -2.0 1.6 9.5 6.7 9.0 9.3 6.1 -9.4 11.3 6.8 Goods.............................. 8.8 14.4 2.2 3.8 11.1 -6.2 -3.6 1.8 8.5 7.5 9.4 9.7 6.3 -12.0 14.4 7.5 Services........................... 7.0 5.9 2.4 5.7 2.7 -4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.6 -3.5 5.0 5.0 Imports.............................. 8.7 13.5 11.7 11.5 13.0 -2.8 3.4 4.4 11.1 6.1 6.1 2.4 -2.7 -13.6 12.5 4.9 Goods.............................. 9.4 14.4 11.8 12.5 13.4 -3.2 3.7 4.9 11.1 6.8 5.9 2.6 -3.8 -15.6 14.8 5.7 Services........................... 5.2 8.7 10.9 6.8 11.0 -.8 1.8 1.9 11.2 2.8 7.1 1.4 3.6 -3.5 2.9 1.1 Government consumption expenditures and gross investment.................. 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 .3 1.4 1.3 2.6 1.7 .7 -2.1 Federal.............................. -1.2 -1.0 -1.1 1.9 .5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.2 6.0 4.5 -1.9 National defense................... -1.3 -2.8 -2.1 1.9 -.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 5.8 3.3 -2.3 Nondefense......................... -.8 2.7 .8 2.1 2.4 4.6 7.2 2.8 1.0 .9 3.2 -.8 6.5 6.5 7.1 -1.2 State and local...................... 2.3 3.6 3.9 4.5 2.8 3.7 3.3 -.1 -.2 -.2 .9 1.4 .0 -.9 -1.8 -2.3 Addenda: Final sales of domestic product...... 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.5 3.1 3.2 2.6 2.2 .2 -2.6 1.4 2.0 Gross domestic purchases............. 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.9 3.9 3.2 2.6 1.2 -1.5 -4.4 3.4 1.6 Final sales to domestic purchasers... 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.5 3.3 2.5 1.4 -1.0 -3.6 1.8 1.8 Gross national product............... 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.7 3.6 3.1 2.4 2.3 .0 -3.6 3.3 ..... Real disposable personal income...... 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.4 4.0 2.4 2.4 -2.3 1.8 1.3 Price indexes: Gross domestic purchases........... 1.8 1.5 .7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 -.1 1.5 2.5 Gross domestic purchases excluding food and energy\1\................ 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.1 2.7 2.6 .8 1.2 1.8 GDP................................ 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 1.1 1.2 2.1 GDP excluding food and energy\1\... 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.0 2.8 3.5 3.3 2.8 2.4 .8 1.4 1.8 Personal consumption expenditures.. 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 .2 1.8 2.5 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11r IV 11r ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP).... 1.6 1.0 -.6 -3.3 -4.5 -5.0 -3.7 -.5 2.2 3.3 3.5 3.1 2.2 1.6 1.5 1.6 Personal consumption expenditures (PCE) .9 .4 -1.0 -2.5 -2.7 -3.1 -1.6 -.2 .9 2.1 2.2 3.0 2.8 2.2 2.0 1.7 Goods................................ .0 -.3 -3.0 -6.5 -5.1 -5.8 -2.1 1.4 2.9 4.5 3.8 5.8 5.4 4.0 3.1 2.3 Durable goods...................... .7 -1.4 -5.8 -13.0 -10.2 -10.4 -3.1 3.0 4.8 7.9 5.2 10.9 11.3 7.8 7.0 6.6 Nondurable goods................... -.3 .3 -1.5 -3.1 -2.5 -3.5 -1.6 .6 2.1 2.9 3.2 3.5 2.7 2.3 1.4 .4 Services............................. 1.3 .8 .1 -.5 -1.4 -1.7 -1.3 -.9 -.1 .9 1.4 1.6 1.5 1.4 1.5 1.3 Gross private domestic investment...... -4.2 -7.7 -11.1 -17.8 -27.5 -31.0 -27.3 -12.8 9.4 23.7 25.5 14.0 7.4 2.9 1.0 7.8 Fixed investment..................... -2.9 -5.0 -7.7 -13.1 -19.4 -22.0 -19.3 -14.1 -5.0 4.0 4.4 7.4 7.4 5.0 7.6 6.8 Nonresidential..................... 6.0 2.8 -2.1 -9.4 -17.4 -20.4 -19.0 -14.4 -4.5 4.0 7.7 11.1 10.0 8.0 9.1 7.6 Structures....................... 14.6 10.2 3.4 -1.2 -10.5 -20.9 -24.5 -29.3 -27.4 -18.2 -12.6 -1.8 1.5 4.9 7.3 4.0 Equipment and software........... 2.3 -.8 -4.8 -13.6 -20.9 -20.1 -16.0 -5.8 8.5 15.5 17.6 16.6 13.4 9.2 9.7 8.9 Residential........................ -23.8 -24.3 -23.3 -24.4 -26.3 -27.8 -20.5 -12.9 -6.8 4.2 -7.8 -6.3 -2.9 -6.9 1.4 3.5 Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... Exports.............................. 9.8 11.3 6.4 -2.5 -11.7 -14.4 -10.8 -.1 10.7 13.5 12.5 8.8 8.9 7.3 6.0 5.1 Goods.............................. 9.9 11.5 7.5 -3.0 -14.8 -18.2 -13.6 -.4 14.1 18.2 15.1 10.5 10.1 7.7 6.7 5.7 Services........................... 9.8 11.0 3.7 -1.4 -4.6 -5.7 -4.1 .4 3.8 4.1 7.2 5.0 6.2 6.2 4.1 3.7 Imports.............................. -.3 -1.4 -3.3 -5.9 -15.4 -18.3 -13.7 -6.5 6.9 16.9 15.9 10.7 9.6 4.7 2.1 3.6 Goods.............................. -1.1 -2.0 -4.4 -7.9 -17.8 -21.4 -15.8 -6.9 8.1 20.4 18.5 12.7 11.5 5.6 2.7 3.7 Services........................... 4.1 2.1 3.0 5.5 -3.0 -2.6 -3.5 -4.7 1.7 3.1 4.9 1.9 1.4 .6 -.9 3.3 Government consumption expenditures and gross investment.................. 2.8 2.4 2.6 2.7 1.4 2.5 1.7 1.1 1.2 .7 .6 .1 -1.1 -2.2 -2.4 -2.8 Federal.............................. 6.8 6.3 6.8 8.8 5.4 7.8 6.3 4.6 6.2 4.9 4.2 2.9 -.3 -2.0 -2.2 -3.2 National defense................... 6.6 5.9 7.6 9.8 5.5 8.2 5.9 3.5 5.7 3.3 2.7 1.5 -2.0 -1.8 -1.9 -3.6 Nondefense......................... 7.3 7.0 4.9 6.8 5.2 6.8 7.1 6.9 7.2 8.2 7.5 5.7 3.1 -2.4 -2.8 -2.5 State and local...................... .5 .2 .2 -.9 -.9 -.6 -1.0 -1.1 -1.8 -2.0 -1.7 -1.7 -1.5 -2.3 -2.6 -2.6 Addenda: Final sales of domestic product...... 1.8 1.5 .0 -2.6 -3.3 -3.7 -2.6 -.8 .5 1.3 1.3 2.4 2.2 1.9 2.3 1.5 Gross domestic purchases............. .4 -.5 -1.9 -3.9 -5.5 -6.0 -4.5 -1.5 1.9 4.0 4.2 3.6 2.6 1.4 1.0 1.5 Final sales to domestic purchasers... .6 .0 -1.3 -3.1 -4.3 -4.8 -3.4 -1.8 .3 2.0 2.1 2.9 2.5 1.7 1.8 1.4 Gross national product............... 2.4 1.7 -.3 -3.8 -4.8 -5.2 -3.9 -.2 2.4 3.7 3.8 3.2 2.6 2.0 1.8 ..... Real disposable personal income...... 2.6 4.4 1.7 1.0 -1.4 -3.2 -2.3 -2.4 -.3 1.0 3.0 3.5 2.6 1.1 .7 .7 Price indexes: Gross domestic purchases........... 3.3 3.6 4.1 2.1 .6 -.4 -1.0 .6 1.6 1.6 1.4 1.4 1.9 2.6 2.9 2.6 Gross domestic purchases excluding food and energy\1\................ 2.5 2.8 3.0 2.2 1.4 .8 .3 .7 1.1 1.2 1.3 1.2 1.4 1.8 2.0 2.0 GDP................................ 2.1 2.0 2.5 2.1 1.9 1.2 .5 .7 .6 1.1 1.4 1.6 1.8 2.1 2.4 2.1 GDP excluding food and energy\1\... 2.4 2.5 2.8 2.0 1.2 .8 .3 .9 1.3 1.4 1.4 1.3 1.5 1.8 2.1 2.0 PCE................................ 3.4 3.7 4.2 1.7 .3 -.3 -.6 1.5 2.4 2.0 1.5 1.3 1.8 2.5 2.9 2.7 PCE excluding food and energy\1\... 2.3 2.5 2.4 2.0 1.6 1.5 1.4 1.7 1.7 1.5 1.3 1.0 1.1 1.3 1.6 1.8 Market-based PCE\2\................ 3.6 3.7 4.5 1.8 .4 -.1 -.6 1.4 2.1 1.6 1.2 1.1 1.7 2.6 3.0 2.8 Market-based PCE excluding food and energy\2\..................... 2.2 2.2 2.4 2.2 1.9 2.1 1.8 1.7 1.4 1.0 1.0 .7 .9 1.3 1.6 1.8 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 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. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 2009 2010 2011r IV 10 I 11 II 11 III 11r IV 11r ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 13,939.0 14,526.5 15,094.4 14,755.0 14,867.8 15,012.8 15,176.1 15,320.8 Plus: Income receipts from the rest of the world..................................... 639.8 702.9 ..... 729.4 752.1 803.2 792.2 ..... Less: Income payments to the rest of the world..................................... 487.5 513.5 ..... 545.0 525.0 542.0 524.9 ..... Equals: Gross national product............. 14,091.2 14,715.9 ..... 14,939.4 15,094.9 15,274.0 15,443.4 ..... Less: Consumption of fixed capital......... 1,866.2 1,874.9 1,950.0 1,896.1 1,914.3 1,939.9 1,962.8 1,983.2 Less: Statistical discrepancy.............. 77.4 .8 ..... 24.5 -52.0 -10.0 -38.7 ..... Equals: National income.................... 12,147.6 12,840.1 ..... 13,018.8 13,232.6 13,344.1 13,519.3 ..... Compensation of employees................ 7,806.4 7,971.4 8,293.0 8,050.8 8,172.5 8,219.7 8,338.3 8,441.3 Wage and salary accruals............... 6,275.3 6,408.2 6,683.5 6,477.0 6,578.2 6,617.1 6,724.3 6,814.4 Supplements to wages and salaries...... 1,531.1 1,563.1 1,609.5 1,573.7 1,594.4 1,602.7 1,614.0 1,626.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 941.2 1,036.4 1,108.8 1,081.5 1,095.6 1,106.5 1,113.7 1,119.3 Rental income of persons with capital consumption adjustment.................. 305.9 350.2 403.6 354.8 385.0 396.9 406.3 426.1 Corporate profits with inventory valuation and capital consumption adjustments............................. 1,362.0 1,800.1 ..... 1,857.4 1,876.4 1,937.6 1,970.1 ..... Net interest and miscellaneous payments.. 656.7 564.3 535.7 548.7 556.6 525.6 535.7 525.0 Taxes on production and imports less subsidies............................... 958.2 996.7 1,035.8 1,006.4 1,027.3 1,038.5 1,035.8 1,041.8 Business current transfer payments....... 132.0 136.7 134.1 135.7 134.7 133.9 133.7 134.3 Current surplus of government enterprises............................. -14.9 -15.7 -15.3 -16.5 -15.6 -14.6 -14.5 -16.8 Addendum: Gross domestic income.................... 13,861.5 14,525.7 ..... 14,730.5 14,919.8 15,022.7 15,214.8 ..... ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. Table 10. Personal Income and Its Disposition [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 2009 2010 2011r IV 10 I 11 II 11 III 11r IV 11r ----------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 11,930.2 12,373.5 13,004.5 12,577.6 12,846.9 12,955.3 13,056.8 13,158.8 Compensation of employees, received...... 7,801.4 7,971.4 8,293.0 8,050.8 8,172.5 8,219.7 8,338.3 8,441.3 Wage and salary disbursements.......... 6,270.3 6,408.2 6,683.5 6,477.0 6,578.2 6,617.1 6,724.3 6,814.4 Supplements to wages and salaries...... 1,531.1 1,563.1 1,609.5 1,573.7 1,594.4 1,602.7 1,614.0 1,626.9 Proprietors' income with inventory valuation and capital consumption adjustments............................. 941.2 1,036.4 1,108.8 1,081.5 1,095.6 1,106.5 1,113.7 1,119.3 Farm................................... 39.2 52.2 65.9 60.1 66.1 67.3 67.5 62.7 Nonfarm................................ 902.0 984.2 1,042.9 1,021.4 1,029.5 1,039.2 1,046.2 1,056.6 Rental income of persons with capital consumption adjustment.................. 305.9 350.2 403.6 354.8 385.0 396.9 406.3 426.1 Personal income receipts on assets....... 1,707.7 1,721.2 1,790.1 1,743.5 1,777.2 1,802.3 1,794.2 1,786.7 Personal interest income............... 1,108.9 1,003.4 997.5 989.6 1,004.7 1,015.9 994.8 974.4 Personal dividend income............... 598.8 717.7 792.7 753.9 772.5 786.4 799.4 812.4 Personal current transfer receipts....... 2,138.1 2,281.2 2,335.5 2,341.2 2,328.1 2,347.3 2,336.6 2,329.9 Less: Contributions for government social insurance (domestic)............. 964.1 986.8 926.5 994.1 911.5 917.4 932.4 944.6 Less: Personal current taxes............... 1,141.4 1,193.9 1,402.2 1,240.9 1,365.9 1,396.2 1,409.1 1,437.6 Equals: Disposable personal income......... 10,788.8 11,179.7 11,602.3 11,336.7 11,481.0 11,559.2 11,647.7 11,721.3 Less: Personal outlays..................... 10,236.3 10,586.9 11,054.6 10,748.6 10,902.1 11,002.6 11,114.6 11,199.3 Equals: Personal saving.................... 552.6 592.8 547.6 588.1 578.9 556.5 533.1 522.0 Personal saving as a percentage of disposable personal income.............. 5.1 5.3 4.7 5.2 5.0 4.8 4.6 4.5 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 8,969.7 9,083.0 9,371.2 9,166.7 9,329.8 9,332.9 9,377.3 9,444.8 Disposable personal income, billions of chained (2005) dollars\2\............... 9,882.7 10,061.6 10,190.9 10,152.0 10,183.2 10,169.7 10,188.6 10,223.1 ----------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 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), current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2009 2010 2011r I 08 II 08 III 08 IV 08 I 09 II 09 III 09 IV 09 I 10 II 10 III 10 IV 10 I 11 II 11 III 11r IV 11r ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product (GDP) and related aggregates: GDP............................... -3.5 3.0 1.7 -1.8 1.3 -3.7 -8.9 -6.7 -.7 1.7 3.8 3.9 3.8 2.5 2.3 .4 1.3 1.8 3.0 Goods............................. -5.9 11.7 4.4 -4.4 4.5 -8.2 -23.9 -10.6 3.7 7.9 18.3 20.9 4.0 7.9 5.9 4.9 -.6 2.2 12.2 Services.......................... -.5 1.1 1.0 1.1 .2 -.9 -.7 -1.8 .5 .0 1.2 .3 2.6 1.5 1.0 -.1 1.8 1.2 -.6 Structures........................ -16.9 -8.8 -1.8 -12.0 .1 -8.3 -17.4 -27.1 -20.6 -3.9 -17.8 -18.6 15.0 -8.0 1.0 -13.1 5.0 5.8 .7 Motor vehicle output.............. -24.5 27.4 12.3 -14.1 -25.4 -26.0 -58.1 -55.3 18.8 128.2 10.1 40.1 15.7 14.9 -17.4 59.2 -4.1 5.1 18.4 GDP excluding motor vehicle output........................... -3.0 2.6 1.5 -1.4 2.1 -3.0 -7.4 -5.5 -1.0 .2 3.7 3.3 3.5 2.2 2.9 -.7 1.5 1.7 2.6 Final sales of computers\1\....... 1.3 20.5 32.0 7.3 30.0 -2.8 1.1 17.1 -13.8 -11.7 2.5 37.0 12.7 72.7 64.2 14.7 13.0 42.1 21.3 GDP excluding final sales of computers........................ -3.5 2.9 1.6 -1.8 1.2 -3.7 -8.9 -6.8 -.6 1.8 3.8 3.8 3.7 2.2 2.1 .3 1.3 1.6 2.9 Farm gross value added\2\......... 15.1 -.5 -14.0 48.4 -11.5 -16.5 79.6 15.1 5.9 41.8 -36.7 .3 17.7 21.4 -29.8 -31.8 -9.7 -6.3 7.9 Nonfarm business gross value added\3\......................... -5.1 4.0 2.6 -3.6 .4 -5.2 -12.7 -8.7 -1.1 1.4 5.6 5.2 4.6 3.5 3.8 .9 1.8 2.8 3.7 Gross domestic income\4\.......... -4.0 3.6 ..... 2.6 -1.1 -2.6 -9.8 -7.0 -2.1 1.3 4.8 6.3 3.8 2.5 1.5 2.4 .2 2.6 ..... Price indexes: GDP............................... 1.1 1.2 2.1 2.5 2.5 3.1 .5 1.7 -.4 .3 1.1 1.5 1.5 1.4 1.9 2.5 2.5 2.6 .9 GDP excluding food and energy\5\.. .8 1.4 1.8 3.2 2.4 2.7 -.5 .3 .6 .9 1.8 1.8 1.3 .8 1.3 2.5 2.7 1.8 1.1 GDP excluding final sales of computers........................ 1.2 1.2 2.2 2.6 2.6 3.2 .6 1.8 -.3 .4 1.2 1.5 1.5 1.5 2.0 2.6 2.6 2.7 .9 Gross domestic purchases.......... -.1 1.5 2.5 4.1 4.5 4.0 -4.0 -1.9 .5 1.6 2.1 2.1 .5 1.0 2.1 4.0 3.3 2.0 1.1 Gross domestic purchases excluding food and energy\5\............... .8 1.2 1.8 3.4 3.1 2.7 -.1 .0 .6 .6 1.7 1.6 1.1 .8 1.2 2.4 2.7 1.8 1.2 Gross domestic purchases excluding final sales of computers to domestic purchasers.............. .0 1.6 2.6 4.3 4.6 4.2 -3.9 -1.8 .6 1.7 2.2 2.1 .5 1.0 2.2 4.1 3.5 2.1 1.2 Personal consumption expenditures (PCE)............................ .2 1.8 2.5 3.9 4.5 4.3 -5.6 -1.7 1.9 3.0 2.8 1.9 .3 1.0 1.9 3.9 3.3 2.3 1.2 Personal consumption expenditures excluding food and energy\5\..... 1.6 1.4 1.4 2.5 2.4 2.0 1.0 1.0 2.1 1.5 2.2 1.1 1.3 .8 .7 1.6 2.3 2.1 1.3 Market-based PCE\6\............... .3 1.5 2.5 4.3 4.2 5.0 -5.9 -1.3 2.0 2.9 2.2 1.5 -.1 1.2 1.8 4.0 3.5 2.6 1.2 Market-based PCE excluding food and energy\6\.................... 1.9 1.0 1.4 2.8 1.7 2.4 1.7 1.9 2.2 1.2 1.4 .6 .9 1.0 .3 1.3 2.4 2.3 1.4 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 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. Gross domestic income deflated by the implicit price deflator for gross domestic product. 5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 6. 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 2005 -- 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 2007-08 annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual percent change in GDP prices uses quantities for 2007 and 2008 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 (2005) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005 and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of this component in 2006 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.