EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 27, 2012 BEA 12-02 Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov Recorded message: (202) 606-5306 GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2011 (ADVANCE ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.8 percent in the fourth quarter of 2011 (that is, from the third quarter to the fourth quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 1.8 percent. The Bureau emphasized that the fourth-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 4). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 29, 2012. The increase in real GDP in the fourth quarter reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), exports, residential fixed investment, and nonresidential 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. _________________ 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. _________________ Final sales of computers added 0.18 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 0.30 percentage point to the fourth-quarter change in real GDP after adding 0.12 percentage point to the third-quarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 0.8 percent in the fourth quarter, compared with an increase of 2.0 percent in the third. Excluding food and energy prices, the price index for gross domestic purchases increased 1.0 percent in the fourth quarter, compared with an increase of 1.8 percent in the third. Real personal consumption expenditures increased 2.0 percent in the fourth quarter, compared with an increase of 1.7 percent in the third. Durable goods increased 14.8 percent, compared with an increase of 5.7 percent. Nondurable goods increased 1.7 percent, in contrast to a decrease of 0.5 percent. Services increased 0.2 percent, compared with an increase of 1.9 percent. Real nonresidential fixed investment increased 1.7 percent in the fourth quarter, compared with an increase of 15.7 percent in the third. Nonresidential structures decreased 7.2 percent, in contrast to an increase of 14.4 percent. Equipment and software increased 5.2 percent, compared with an increase of 16.2 percent. Real residential fixed investment increased 10.9 percent, compared with an increase of 1.3 percent. Real exports of goods and services increased 4.7 percent in the fourth quarter, the same increase as in the third. Real imports of goods and services increased 4.4 percent in the fourth quarter, compared with an increase of 1.2 percent in the third. Real federal government consumption expenditures and gross investment decreased 7.3 percent in the fourth quarter, in contrast to an increase of 2.1 percent in the third. National defense decreased 12.5 percent, in contrast to an increase of 5.0 percent. Nondefense increased 4.2 percent, in contrast to a decrease of 3.8 percent. Real state and local government consumption expenditures and gross investment decreased 2.6 percent, compared with a decrease of 1.6 percent. The change in real private inventories added 1.94 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 $56.0 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 0.8 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 2.8 percent in the fourth quarter, compared with an increase of 1.3 percent in the third. Disposition of personal income Current-dollar personal income increased $82.6 billion (2.6 percent) in the fourth quarter, compared with an increase of $24.3 billion (0.8 percent) in the third. Personal current taxes increased $40.0 billion in the fourth quarter, compared with an increase of $12.3 billion in the third. Disposable personal income increased $42.7 billion (1.5 percent) in the fourth quarter, compared with an increase of $11.9 billion (0.4 percent) in the third. Real disposable personal income increased 0.8 percent, in contrast to a decrease of 1.9 percent. Personal outlays increased $69.9 billion (2.5 percent) in the fourth quarter, compared with an increase of $112.0 billion (4.1 percent) in the third. Personal saving -- disposable personal income less personal outlays -- was $429.3 billion in the fourth quarter, compared with $456.5 billion in the third. The personal saving rate -- saving as a percentage of disposable personal income -- was 3.7 percent in the fourth quarter, compared with 3.9 percent in the third. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.2 percent, or $118.2 billion, in the fourth quarter to a level of $15,294.3 billion. In the third quarter, current-dollar GDP increased 4.4 percent, or $163.3 billion. 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 personal consumption expenditures (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 $561.2 billion, in 2011, compared with an increase of 4.2 percent, or $587.5 billion, in 2010. 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 2.5 percent during 2011, compared with an increase of 1.4 percent during 2010. ________________ 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." ________________ * * * 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 -- February 29, 2012, at 8:30 A.M. EST for: Gross Domestic Product: Fourth Quarter and Annual 2011 (Second Estimate) Release dates in 2012 Gross Domestic Product 11: IV and 2011 annual 2012: I 2012: II 2012: III Advance... January 27 April 27 July 27 October 26 Second.... February 29 May 31 August 29 November 29 Third..... March 29 June 28 September 27 December 20 Corporate Profits Preliminary... ... May 31 August 29 November 29 Revised....... March 29 June 28 September 27 December 20 Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: the “advance” estimate, based on source data that are incomplete or subject to further revision by the source agency, is released near the end of the first month after the end of the quarter; as more detailed and more comprehensive data become available, the “second” and “third” estimates are released near the end of the second and third months, respectively. The “latest” estimate reflects the results of both annual and comprehensive revisions. Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and of real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.2 percentage point, which is larger than the average revisions from the advance estimate to the second or to the third estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than four-fifths of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages Average Average without Standard deviation of compared regard to sign revisions without regard to sign ____________________________________________________Current-dollar GDP_______________________________________________ Advance to second.................... 0.2 0.6 0.4 Advance to third..................... .2 .7 .4 Second to third...................... .0 .3 .2 Advance to latest.................... .3 1.2 1.0 ________________________________________________________Real GDP_____________________________________________________ Advance to second.................... 0.1 0.5 0.4 Advance to third..................... .1 .6 .5 Second to third...................... .0 .2 .2 Advance to latest.................... .2 1.3 1.0 NOTE.--These comparisons are based on the period from 1983 through 2008. Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Quarters seasonally adjusted at annual rates] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 2009 2010 2011 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 11 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2.8 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 2.0 Goods............................. -3.0 4.3 3.8 -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 5.7 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 14.8 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 1.7 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 .2 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 20.0 Fixed investment.................. -18.8 2.6 6.6 -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 3.3 Nonresidential.................. -17.8 4.4 8.6 -.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 1.7 Structures.................... -21.2 -15.8 4.1 .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 -7.2 Equipment and software........ -16.0 14.6 10.3 -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 5.2 Residential..................... -22.2 -4.3 -1.4 -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 10.9 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 4.7 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 5.0 Services........................ -3.5 5.0 5.1 -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 3.9 Imports........................... -13.6 12.5 5.0 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 4.4 Goods........................... -15.6 14.8 5.8 -.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 4.1 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 5.6 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 -4.6 Federal........................... 6.0 4.5 -2.0 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 -7.3 National defense................ 5.8 3.3 -2.4 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 -12.5 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 4.2 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 -2.6 Addenda: Final sales of domestic product... -2.6 1.4 1.9 -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 .8 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 2.8 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 .9 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 .9 5.9 8.2 -8.8 -.2 -3.8 .3 -5.4 -.6 4.9 5.6 2.3 1.5 1.2 -.5 -1.9 .8 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 3.2 Final sales of domestic product. -1.6 2.6 4.0 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 1.2 Gross domestic purchases........ -4.5 5.0 4.1 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 3.6 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 1.7 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 3.4 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 .4 1.5 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2011 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 11 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2.8 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 1.45 Goods............................ -.69 .99 .87 -1.37 .12 -1.89 -3.04 .05 -.52 1.70 .12 1.45 .87 1.09 1.87 1.10 -.38 .33 1.34 Durable goods.................. -.41 .53 .60 -.84 -.23 -1.01 -2.12 .19 -.29 1.39 -.36 .70 .56 .63 1.20 .85 -.42 .42 1.07 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 .21 Other durable goods.......... -.06 .07 .06 -.09 -.02 -.08 -.29 -.01 .04 .04 -.03 .18 .02 .11 .05 .10 .07 .03 -.09 Nondurable goods............... -.28 .46 .28 -.53 .35 -.89 -.92 -.15 -.23 .31 .48 .75 .30 .47 .67 .25 .04 -.09 .27 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 .01 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 -.01 Other nondurable goods....... -.10 .20 .25 -.11 .21 .00 -.36 -.12 -.22 .08 .19 .24 .29 .26 .30 .30 .16 .15 .21 Services......................... -.63 .46 .66 .67 -.20 -.78 -.49 -1.07 -.76 -.04 .21 .47 1.18 .75 .61 .36 .87 .90 .10 Household consumption expenditures (for services)... -.66 .43 .67 .42 -.32 -.92 -.80 -.94 -.59 -.10 .06 .42 1.11 .89 .76 .35 .85 .73 .01 Housing and utilities........ .13 .12 .01 .32 -.01 -.18 .48 .13 .05 .17 .16 .07 .07 .30 -.10 -.19 .09 .35 -.40 Health care.................. .21 .16 .23 .36 .31 .19 .02 .21 .41 .25 .12 -.28 .45 .28 .49 .06 .32 -.07 .13 Transportation services...... -.19 .02 .01 -.12 -.16 -.20 -.33 -.25 -.11 -.08 -.01 .06 .08 .05 .00 -.01 .00 .01 .01 Recreation services.......... -.11 .05 .08 .00 -.05 -.19 -.18 -.07 -.09 -.09 .05 .07 .11 .20 -.03 -.05 .23 .19 .07 Food services and accommodations.............. -.15 .14 .17 -.21 .08 -.17 -.23 -.24 -.17 -.03 .01 .35 .18 .13 .16 .30 .05 .12 .28 Financial services and insurance................... -.43 -.07 .08 .00 -.24 -.17 -.59 -.59 -.41 -.28 -.30 .20 .12 -.16 .05 .23 .07 .19 -.16 Other services............... -.12 .02 .07 .08 -.24 -.18 .02 -.13 -.27 -.03 .03 -.04 .10 .09 .19 .02 .09 -.05 .09 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 .17 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 .08 Gross private domestic investment.. -3.61 1.96 .58 -2.02 -.94 -2.63 -5.59 -7.76 -2.84 .35 3.51 3.25 2.92 1.14 -.91 .47 .79 .17 2.35 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 .41 Nonresidential................. -2.05 .42 .82 -.10 -.25 -1.18 -2.84 -3.90 -1.66 -.29 -.33 .56 1.62 1.04 .82 .20 .98 1.49 .18 Structures................... -.85 -.51 .11 .03 .37 -.14 -.41 -1.47 -1.41 -.71 -1.07 -.76 .18 .10 .26 -.40 .54 .37 -.21 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 .39 Information processing equipment and software.... -.14 .35 .22 .09 .01 -.30 -.80 -.28 .15 .48 .54 .18 .38 .31 .39 .01 .32 .04 .23 Computers and peripheral equipment............... -.02 .16 .11 .13 .05 -.14 -.22 -.04 .06 .13 .34 .07 .23 .06 .14 -.05 .27 .08 .15 Software................. -.01 .05 .10 .19 .01 .02 -.09 -.11 .09 .06 .12 -.06 .03 .12 .14 .04 .14 .14 .10 Other.................... -.11 .14 .01 -.24 -.06 -.18 -.49 -.13 .00 .30 .08 .17 .12 .13 .11 .02 -.09 -.18 -.02 Industrial equipment....... -.28 .08 .15 .01 -.04 -.08 -.23 -.73 -.20 -.07 .00 .02 .39 .09 .11 .14 -.01 .36 .25 Transportation equipment... -.53 .36 .22 -.06 -.63 -.68 -.99 -.97 .15 .04 .21 .75 .47 .34 .00 .30 .14 .30 .08 Other equipment............ -.25 .14 .13 -.17 .03 .03 -.41 -.44 -.35 -.04 .00 .36 .21 .20 .05 .15 -.01 .42 -.17 Residential.................... -.72 -.11 -.03 -1.26 -.55 -.73 -1.21 -1.19 -.60 .42 -.10 -.41 .50 -.76 .06 -.06 .09 .03 .23 Change in private inventories.... -.84 1.64 -.20 -.66 -.14 -.73 -1.54 -2.66 -.58 .21 3.93 3.10 .79 .86 -1.79 .32 -.28 -1.35 1.94 Farm........................... -.02 .00 -.04 -.17 .32 .06 -.08 -.06 -.03 -.12 .13 .17 -.11 -.20 .01 -.09 -.02 .11 .04 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 1.90 Net exports of goods and services.. 1.11 -.51 .05 .38 2.00 .79 -.12 2.44 2.21 -.59 .15 -.97 -1.94 -.68 1.37 -.34 .24 .43 -.11 Exports.......................... -1.18 1.31 .88 .65 1.56 -.47 -2.97 -3.82 -.02 1.49 2.51 .86 1.19 1.21 .98 1.01 .48 .64 .64 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 .48 Services....................... -.13 .19 .20 -.10 .35 -.24 -.21 -.57 .18 .01 .49 -.10 .23 .46 .18 .07 .24 .16 .16 Imports.......................... 2.29 -1.82 -.82 -.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 -.75 Goods.......................... 2.19 -1.74 -.79 .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 -.60 Services....................... .10 -.08 -.03 -.33 .13 -.21 -.14 .63 .09 -.10 .00 -.12 -.08 -.31 .31 -.06 -.01 -.13 -.15 Government consumption expenditures and gross investment.............. .34 .14 -.45 .58 .34 .85 .35 -.33 1.21 .28 -.18 -.26 .77 .20 -.58 -1.23 -.18 -.02 -.93 Federal.......................... .45 .37 -.17 .66 .35 .84 .69 -.25 1.09 .48 .18 .23 .71 .26 -.26 -.82 .16 .17 -.62 National defense............... .30 .18 -.13 .38 .27 .85 .44 -.40 .84 .45 -.07 .03 .33 .31 -.34 -.74 .37 .27 -.73 Consumption expenditures..... .25 .14 -.05 .32 -.05 .69 .37 -.23 .64 .38 .04 -.01 .23 .26 -.40 -.36 .42 .19 -.58 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 .11 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 -.32 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 1.24 -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 3.48 Services......................... -.34 .72 .62 .72 .15 -.55 -.35 -1.11 .37 .07 .84 .23 1.69 .98 .65 -.05 1.18 .81 -.60 Structures....................... -1.59 -.69 -.14 -1.25 .02 -.79 -1.72 -2.73 -1.88 -.29 -1.48 -1.48 .97 -.59 .07 -.95 .33 .38 -.12 Motor vehicle output............. -.55 .49 .27 -.40 -.74 -.70 -1.73 -1.32 .26 1.48 .20 .73 .34 .33 -.43 1.08 -.10 .12 .30 Final sales of computers......... .01 .10 .17 .04 .15 -.01 .02 .09 -.08 -.06 .02 .16 .06 .29 .29 .08 .07 .22 .18 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 -------------------------------------------- -------------------------------------------- ------------------------- 2011 IV 10 I 11 II 11 III 11 IV 11 2011 IV 10 I 11 II 11 III 11 IV 11 2011 III 11 IV 11 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Gross domestic product........ 15,087.7 14,755.0 14,867.8 15,012.8 15,176.1 15,294.3 13,313.4 13,216.1 13,227.9 13,271.8 13,331.6 13,422.4 225.4 59.8 90.8 Personal consumption expenditures.. 10,722.6 10,417.1 10,571.7 10,676.0 10,784.5 10,858.1 9,421.1 9,328.4 9,376.7 9,392.7 9,433.5 9,481.3 200.2 40.8 47.8 Goods............................ 3,645.2 3,483.4 3,592.2 3,622.7 3,661.2 3,704.5 3,351.9 3,306.0 3,344.4 3,331.2 3,342.7 3,389.2 121.2 11.5 46.5 Durable goods.................. 1,161.9 1,124.7 1,154.5 1,143.8 1,158.3 1,190.9 1,284.5 1,242.4 1,277.4 1,260.2 1,277.8 1,322.7 96.2 17.6 44.9 Motor vehicles and parts..... 378.3 367.1 383.0 363.4 368.7 397.9 356.5 354.9 368.2 342.1 343.5 372.1 26.4 1.4 28.6 Furnishings and durable household equipment......... 253.2 246.1 248.3 251.2 254.9 258.4 274.2 267.0 269.3 271.4 275.1 280.8 14.1 3.7 5.7 Recreational goods and vehicles.................... 344.1 334.5 340.5 342.5 345.8 347.7 514.3 478.5 495.9 506.5 521.2 533.5 54.7 14.7 12.3 Other durable goods.......... 186.2 176.9 182.7 186.7 188.8 186.9 163.0 158.1 161.4 163.8 164.9 161.9 8.1 1.1 -3.0 Nondurable goods............... 2,483.3 2,358.7 2,437.8 2,478.9 2,503.0 2,513.6 2,077.0 2,067.4 2,075.4 2,076.6 2,073.7 2,082.2 35.7 -2.9 8.5 Food and beverages purchased for off-premises consumption 809.0 778.2 792.0 806.7 815.8 821.5 683.6 680.8 682.1 684.1 683.9 684.1 10.5 -.2 .2 Clothing and footwear........ 350.3 341.3 344.5 348.6 352.2 355.9 351.3 350.1 352.8 354.7 347.5 350.1 10.3 -7.2 2.6 Gasoline and other energy goods....................... 427.4 374.1 420.2 431.5 434.5 423.5 269.4 278.4 274.2 268.5 267.5 267.2 -11.9 -1.0 -.3 Other nondurable goods....... 896.6 865.2 881.1 892.1 900.6 912.6 782.5 764.5 774.4 779.6 784.5 791.4 31.8 4.9 6.9 Services......................... 7,077.4 6,933.7 6,979.4 7,053.3 7,123.2 7,153.6 6,075.4 6,027.5 6,039.1 6,067.0 6,096.1 6,099.4 83.6 29.1 3.3 Household consumption expenditures (for services)... 6,791.9 6,656.0 6,700.0 6,771.6 6,834.4 6,861.5 5,798.1 5,754.7 5,765.9 5,793.2 5,816.6 5,816.9 84.1 23.4 .3 Housing and utilities........ 1,921.2 1,901.1 1,901.7 1,913.3 1,937.7 1,932.0 1,670.7 1,672.2 1,666.0 1,669.1 1,680.4 1,667.2 1.5 11.3 -13.2 Health care.................. 1,728.8 1,700.4 1,708.1 1,729.5 1,734.4 1,743.2 1,471.9 1,462.3 1,464.3 1,474.5 1,472.3 1,476.4 29.0 -2.2 4.1 Transportation services...... 305.2 298.5 302.1 304.6 305.6 308.4 251.4 251.6 251.4 251.2 251.4 251.7 1.2 .2 .3 Recreation services.......... 401.5 387.7 387.9 398.6 407.3 412.2 352.5 344.7 343.0 350.6 357.0 359.2 11.1 6.4 2.2 Food services and accommodations.............. 680.0 650.1 663.7 673.9 685.6 696.9 572.8 558.2 567.6 569.1 572.8 581.7 21.8 3.7 8.9 Financial services and insurance................... 804.6 782.7 795.7 803.1 811.9 807.6 678.0 667.6 674.7 676.9 682.8 677.7 10.2 5.9 -5.1 Other services............... 950.6 935.5 940.7 948.5 952.0 961.2 800.9 798.3 798.8 801.8 800.1 803.0 9.2 -1.7 2.9 Final consumption expenditures of nonprofit institutions serving households............ 285.5 277.6 279.4 281.7 288.8 292.0 278.8 273.9 274.3 274.9 281.3 284.7 -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 1,000.7 1,001.6 997.2 1,000.6 999.8 1,005.3 11.5 -.8 5.5 Less: Receipts from sales of goods and services by nonprofit institutions...... 871.2 864.0 864.0 873.2 871.0 876.7 722.4 727.3 722.8 725.5 719.3 721.7 12.1 -6.2 2.4 Gross private domestic investment.. 1,913.6 1,818.0 1,853.1 1,895.3 1,906.6 1,999.7 1,795.2 1,734.5 1,750.9 1,778.4 1,784.2 1,867.4 80.3 5.8 83.2 Fixed investment................. 1,866.4 1,779.3 1,791.1 1,841.7 1,905.8 1,927.1 1,757.8 1,693.9 1,699.0 1,736.7 1,790.4 1,805.0 109.4 53.7 14.6 Nonresidential................. 1,529.2 1,447.9 1,460.5 1,506.0 1,568.7 1,581.5 1,432.4 1,371.9 1,378.9 1,413.2 1,465.6 1,471.9 113.2 52.4 6.3 Structures................... 407.8 389.6 379.5 405.2 424.8 421.7 321.8 318.0 305.9 321.9 332.9 326.7 12.7 11.0 -6.2 Equipment and software....... 1,121.4 1,058.3 1,081.0 1,100.8 1,143.9 1,159.9 1,124.1 1,064.5 1,086.9 1,103.5 1,145.7 1,160.3 104.7 42.2 14.6 Information processing equipment and software.... 566.7 559.3 557.9 567.6 567.4 573.9 638.4 624.5 625.0 638.4 640.2 650.0 35.8 1.8 9.8 Computers and peripheral equipment............... 103.6 99.3 95.6 103.9 105.1 109.7 ..... ..... ..... ..... ..... ..... ..... ..... ..... Software................. 272.5 263.2 265.1 270.4 275.5 279.0 271.2 262.4 263.7 268.9 274.1 277.9 15.1 5.2 3.8 Other.................... 190.7 196.8 197.3 193.3 186.8 185.2 208.6 214.4 215.2 211.5 204.3 203.2 1.3 -7.2 -1.1 Industrial equipment....... 195.9 178.0 185.0 186.5 201.2 211.0 165.4 153.7 158.1 157.7 169.0 177.0 18.8 11.3 8.0 Transportation equipment... 156.8 133.1 145.4 152.0 163.1 166.7 149.4 128.9 139.6 144.6 155.2 158.1 30.1 10.6 2.9 Other equipment............ 202.0 187.9 192.7 194.6 212.3 208.2 179.5 168.9 174.0 173.8 187.9 182.2 16.9 14.1 -5.7 Residential.................... 337.2 331.3 330.6 335.7 337.0 345.6 326.2 323.1 321.1 324.4 325.4 333.9 -4.6 1.0 8.5 Change in private inventories.... 47.2 38.7 62.0 53.6 .8 72.6 35.6 38.3 49.1 39.1 -2.0 56.0 -23.2 -41.1 58.0 Farm........................... -7.5 -6.5 -9.4 -9.9 -5.6 -5.3 -6.8 -5.2 -7.8 -8.7 -6.0 -4.9 -5.4 2.7 1.1 Nonfarm........................ 54.8 45.2 71.4 63.5 6.4 77.8 44.9 44.7 59.7 51.0 5.5 63.6 -15.8 -45.5 58.1 Net exports of goods and services.. -578.2 -500.2 -571.3 -597.1 -562.3 -582.1 -412.3 -414.2 -424.4 -416.4 -402.8 -405.8 9.5 13.6 -3.0 Exports.......................... 2,087.6 1,935.3 2,024.1 2,085.3 2,119.2 2,121.6 1,776.3 1,716.8 1,749.6 1,765.0 1,785.2 1,805.6 113.1 20.2 20.4 Goods.......................... 1,474.4 1,353.8 1,431.0 1,473.5 1,496.6 1,496.4 1,252.7 1,204.9 1,235.6 1,243.2 1,258.3 1,273.8 87.8 15.1 15.5 Services....................... 613.2 581.5 593.2 611.7 622.6 625.1 524.2 512.4 514.6 522.4 527.5 532.5 25.4 5.1 5.0 Imports.......................... 2,665.8 2,435.5 2,595.4 2,682.4 2,681.6 2,703.6 2,188.7 2,131.0 2,173.9 2,181.4 2,187.9 2,211.5 103.7 6.5 23.6 Goods.......................... 2,239.5 2,022.8 2,176.2 2,257.3 2,251.9 2,272.7 1,829.6 1,777.4 1,818.4 1,825.4 1,827.9 1,846.5 100.3 2.5 18.6 Services....................... 426.2 412.7 419.3 425.1 429.7 431.0 361.2 355.6 357.5 357.9 362.2 367.1 3.8 4.3 4.9 Government consumption expenditures and gross investment.............. 3,029.7 3,020.2 3,014.4 3,038.6 3,047.3 3,018.6 2,502.0 2,552.1 2,513.9 2,508.2 2,507.6 2,478.5 -54.8 -.6 -29.1 Federal.......................... 1,232.7 1,234.3 1,219.9 1,237.1 1,248.9 1,225.0 1,054.7 1,079.6 1,053.3 1,058.3 1,063.7 1,043.7 -21.2 5.4 -20.0 National defense............... 824.8 823.9 809.0 830.6 844.0 815.6 701.4 717.7 694.0 705.9 714.6 691.1 -16.9 8.7 -23.5 Consumption expenditures..... 717.0 702.7 701.0 723.4 733.2 710.6 602.2 605.3 594.0 607.1 613.1 594.7 -6.8 6.0 -18.4 Gross investment............. 107.8 121.2 108.0 107.3 110.9 105.0 99.3 113.6 100.3 98.8 101.6 96.4 -10.9 2.8 -5.2 Nondefense..................... 407.9 410.3 410.9 406.5 404.9 409.4 353.3 361.9 359.4 352.4 349.0 352.6 -4.4 -3.4 3.6 Consumption expenditures..... 355.5 356.9 358.1 354.1 351.7 357.9 303.0 310.3 308.4 302.1 298.3 303.3 -4.5 -3.8 5.0 Gross investment............. 52.5 53.5 52.8 52.4 53.1 51.5 50.7 52.0 51.3 50.6 51.2 49.5 .3 .6 -1.7 State and local.................. 1,797.0 1,786.0 1,794.4 1,801.5 1,798.5 1,793.7 1,453.4 1,478.9 1,466.4 1,456.1 1,450.4 1,440.7 -33.6 -5.7 -9.7 Consumption expenditures..... 1,475.0 1,450.1 1,471.7 1,482.9 1,476.1 1,469.2 1,199.0 1,207.4 1,207.4 1,203.2 1,197.2 1,188.4 -14.0 -6.0 -8.8 Gross investment............. 322.0 335.9 322.8 318.6 322.3 324.4 255.0 271.9 259.6 253.6 253.9 252.9 -19.3 .3 -1.0 Residual........................... ..... ..... ..... ..... ..... ..... -90.7 -61.2 -74.8 -86.5 -94.7 -106.4 ..... ..... ..... Addenda: Final sales of domestic product.. 15,040.5 14,716.3 14,805.8 14,959.2 15,175.3 15,221.7 13,281.8 13,181.6 13,182.8 13,236.2 13,340.9 13,367.4 252.9 104.7 26.5 Gross domestic purchases......... 15,665.9 15,255.2 15,439.1 15,609.9 15,738.4 15,876.3 13,717.2 13,621.2 13,644.2 13,679.9 13,725.3 13,819.5 216.8 45.4 94.2 Final sales to domestic purchasers...................... 15,618.7 15,216.6 15,377.1 15,556.3 15,737.6 15,803.8 13,684.7 13,585.9 13,598.4 13,643.4 13,733.4 13,763.7 244.0 90.0 30.3 Gross domestic product........... 15,087.7 14,755.0 14,867.8 15,012.8 15,176.1 15,294.3 13,313.4 13,216.1 13,227.9 13,271.8 13,331.6 13,422.4 225.4 59.8 90.8 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............. 13,137.8 12,858.9 12,953.5 13,072.9 13,213.2 13,311.3 11,521.2 11,448.2 11,451.3 11,485.7 11,534.5 11,613.1 187.9 48.8 78.6 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2011 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 11 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 .4 Personal consumption expenditures... .2 1.8 2.4 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 .7 Goods............................. -2.6 1.6 3.7 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 -.8 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 -2.7 Nondurable goods................ -2.9 3.2 6.0 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 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 1.5 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 1.2 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 -.3 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 -4.0 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 -4.8 Services........................ -2.2 3.2 3.8 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 -2.2 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 -1.0 Goods........................... -12.4 6.8 8.7 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 -.4 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 -4.1 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 -.1 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 -.4 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 .4 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 1.6 Addenda: Final sales of domestic product... 1.0 1.2 2.0 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 .4 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 .8 Final sales to domestic purchasers....................... -.1 1.5 2.4 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 .8 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 .4 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 .8 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 ..... ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2011 IV 10 I 11 II 11 III 11 IV 11 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 100.635 103.684 105.470 104.699 104.792 105.140 105.614 106.334 Personal consumption expenditures.......... 102.657 104.741 107.015 105.962 106.511 106.693 107.156 107.699 Goods.................................... 100.693 105.006 108.944 107.452 108.700 108.272 108.646 110.157 Durable goods.......................... 98.660 105.782 114.345 110.600 113.710 112.180 113.747 117.746 Nondurable goods....................... 101.536 104.501 106.328 105.839 106.249 106.306 106.160 106.596 Services................................. 103.644 104.628 106.087 105.250 105.453 105.941 106.449 106.506 Gross private domestic investment.......... 66.944 78.945 82.642 79.848 80.600 81.869 82.135 85.964 Fixed investment......................... 75.688 77.667 82.822 79.812 80.052 81.829 84.362 85.046 Nonresidential......................... 93.755 97.913 106.314 101.822 102.342 104.889 108.782 109.244 Structures........................... 104.426 87.883 91.497 90.399 86.974 91.511 94.631 92.874 Equipment and software............... 89.367 102.393 112.909 106.925 109.174 110.839 115.077 116.546 Residential............................ 44.587 42.681 42.091 41.684 41.428 41.855 41.991 43.090 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 114.479 127.444 136.112 131.551 134.061 135.240 136.789 138.358 Imports of goods and services.............. 91.372 102.821 107.934 105.091 107.207 107.573 107.897 109.058 Government consumption expenditures and gross investment.......................... 107.161 107.886 105.577 107.691 106.076 105.837 105.812 104.582 Federal.................................. 117.479 122.782 120.363 123.197 120.195 120.769 121.385 119.101 State and local.......................... 101.378 99.557 97.308 99.020 98.177 97.488 97.107 96.461 Addenda: Final sales of domestic product.......... 102.224 103.626 105.638 104.841 104.850 105.275 106.108 106.318 Gross domestic purchases................. 97.796 101.160 102.784 102.064 102.237 102.504 102.844 103.550 Final sales to domestic purchasers....... 99.280 101.091 102.926 102.182 102.276 102.615 103.292 103.520 Gross national product................... 100.968 104.253 ..... 105.218 105.598 106.164 106.665 ..... ----------------------------------------------------------------------------------------------------------------------------------- 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 2011 IV 10 I 11 II 11 III 11 IV 11 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product............. 109.732 111.000 113.307 111.699 112.390 113.091 113.811 113.935 Personal consumption expenditures (PCE)..................................... 109.169 111.112 113.815 111.673 112.747 113.666 114.324 114.524 Goods.................................... 103.209 104.837 108.750 105.367 107.412 108.752 109.530 109.304 Durable goods.......................... 92.901 91.348 90.437 90.507 90.362 90.745 90.628 90.015 Nondurable goods....................... 109.301 112.748 119.569 114.092 117.463 119.383 120.707 120.723 Services................................. 112.353 114.465 116.493 115.037 115.574 116.260 116.852 117.286 Gross private domestic investment.......... 106.401 104.743 106.432 105.199 105.755 106.342 106.646 106.983 Fixed investment......................... 106.305 104.843 106.161 105.035 105.412 106.039 106.433 106.759 Nonresidential......................... 107.106 105.373 106.734 105.536 105.909 106.560 107.027 107.442 Structures........................... 122.490 121.117 126.597 122.475 123.982 125.835 127.565 129.008 Equipment and software............... 101.496 99.634 99.745 99.406 99.446 99.743 99.838 99.953 Residential............................ 102.637 102.214 103.367 102.563 102.958 103.479 103.551 103.482 Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... ..... Exports of goods and services.............. 105.959 110.617 117.546 112.757 115.725 118.182 118.747 117.529 Imports of goods and services.............. 106.571 113.032 121.774 114.271 119.370 122.949 122.543 122.236 Government consumption expenditures and gross investment.......................... 114.883 117.445 121.093 118.341 119.910 121.146 121.523 121.794 Federal.................................. 111.000 113.653 116.878 114.331 115.827 116.902 117.413 117.372 State and local.......................... 117.214 119.704 123.646 120.757 122.372 123.721 123.997 124.494 Addenda: PCE excluding food and energy\1\......... 108.691 110.208 111.790 110.534 110.963 111.585 112.156 112.454 Market-based PCE\2\...................... 109.201 110.857 113.646 111.394 112.498 113.478 114.200 114.408 Market-based PCE excluding food and energy\2\........................... 108.647 109.763 111.273 110.025 110.391 111.038 111.670 111.993 Final sales of domestic product.......... 109.703 110.981 113.242 111.647 112.315 113.021 113.754 113.876 Gross domestic purchases................. 109.803 111.438 114.186 112.048 113.147 114.081 114.642 114.873 Final sales to domestic purchasers....... 109.783 111.426 114.132 112.006 113.084 114.024 114.597 114.826 Gross national product................... 109.721 110.979 ..... 111.676 112.372 113.080 113.799 ..... Implicit price deflators: Gross domestic product................. 109.729 110.992 113.327 111.644 112.398 113.118 113.836 113.946 Final sales of domestic product........ 109.703 110.981 113.241 111.642 112.311 113.017 113.750 113.872 Gross domestic purchases............... 109.799 111.429 114.206 111.996 113.155 114.108 114.667 114.884 Final sales to domestic purchasers..... 109.783 111.426 114.132 112.003 113.080 114.021 114.593 114.822 Gross national product................. 109.717 110.971 ..... 111.623 112.379 113.106 113.823 ..... ----------------------------------------------------------------------------------------------------------------------------------- 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 2011 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 3.8 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 6.6 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 8.6 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 4.1 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 10.3 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 -1.4 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 5.1 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 5.0 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 5.8 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 -2.0 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 -2.4 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 1.9 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 .9 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 2.4 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 11 IV 11 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 1.6 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 2.5 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 6.5 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 .7 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 1.2 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 7.7 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 6.6 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 7.3 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 2.7 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 9.0 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 3.4 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 5.2 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 3.9 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 3.8 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 3.9 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 3.2 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 -2.9 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 -3.3 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 -3.7 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 -2.6 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 1.4 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 1.3 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 .1 -.1 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 2.5 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 2.0 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 2.6 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 1.7 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 2.7 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 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2011 IV 10 I 11 II 11 III 11 IV 11 ----------------------------------------------------------------------------------------------------------------------------------- Gross domestic product..................... 13,939.0 14,526.5 15,087.7 14,755.0 14,867.8 15,012.8 15,176.1 15,294.3 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 1,983.0 Less: Statistical discrepancy.............. 77.4 .8 ..... 24.5 -52.0 -10.0 49.6 ..... Equals: National income.................... 12,147.6 12,840.1 ..... 13,018.8 13,232.6 13,344.1 13,430.9 ..... Compensation of employees................ 7,806.4 7,971.4 8,242.4 8,050.8 8,172.5 8,219.7 8,250.0 8,327.4 Wage and salary accruals............... 6,275.3 6,408.2 6,636.3 6,477.0 6,578.2 6,617.1 6,641.9 6,708.0 Supplements to wages and salaries...... 1,531.1 1,563.1 1,606.1 1,573.7 1,594.4 1,602.7 1,608.1 1,619.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 941.2 1,036.4 1,107.8 1,081.5 1,095.6 1,106.5 1,113.7 1,115.5 Rental income of persons with capital consumption adjustment.................. 305.9 350.2 404.2 354.8 385.0 396.9 406.3 428.6 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.. 656.7 564.3 535.8 548.7 556.6 525.6 535.7 525.1 Taxes on production and imports less subsidies............................... 958.2 996.7 1,035.2 1,006.4 1,027.3 1,038.5 1,035.8 1,039.0 Business current transfer payments....... 132.0 136.7 134.4 135.7 134.7 133.9 133.7 135.4 Current surplus of government enterprises............................. -14.9 -15.7 -14.6 -16.5 -15.6 -14.6 -14.5 -13.9 Addendum: Gross domestic income.................... 13,861.5 14,525.7 ..... 14,730.5 14,919.8 15,022.7 15,126.5 ..... ----------------------------------------------------------------------------------------------------------------------------------- Table 10. Personal Income and Its Disposition [Billions of dollars] ----------------------------------------------------------------------------------------------------------------------------------- Seasonally adjusted at annual rates --------------------------------------------------- 2009 2010 2011 IV 10 I 11 II 11 III 11 IV 11 ----------------------------------------------------------------------------------------------------------------------------------- Personal income\1\......................... 11,930.2 12,373.5 12,961.0 12,577.6 12,846.9 12,955.3 12,979.6 13,062.2 Compensation of employees, received...... 7,801.4 7,971.4 8,242.4 8,050.8 8,172.5 8,219.7 8,250.0 8,327.4 Wage and salary disbursements.......... 6,270.3 6,408.2 6,636.3 6,477.0 6,578.2 6,617.1 6,641.9 6,708.0 Supplements to wages and salaries...... 1,531.1 1,563.1 1,606.1 1,573.7 1,594.4 1,602.7 1,608.1 1,619.4 Proprietors' income with inventory valuation and capital consumption adjustments............................. 941.2 1,036.4 1,107.8 1,081.5 1,095.6 1,106.5 1,113.7 1,115.5 Farm................................... 39.2 52.2 64.9 60.1 66.1 67.3 67.5 58.7 Nonfarm................................ 902.0 984.2 1,042.9 1,021.4 1,029.5 1,039.2 1,046.2 1,056.8 Rental income of persons with capital consumption adjustment.................. 305.9 350.2 404.2 354.8 385.0 396.9 406.3 428.6 Personal income receipts on assets....... 1,707.7 1,721.2 1,790.7 1,743.5 1,777.2 1,802.3 1,794.2 1,789.1 Personal interest income............... 1,108.9 1,003.4 997.8 989.6 1,004.7 1,015.9 994.8 975.7 Personal dividend income............... 598.8 717.7 792.9 753.9 772.5 786.4 799.4 813.4 Personal current transfer receipts....... 2,138.1 2,281.2 2,336.0 2,341.2 2,328.1 2,347.3 2,336.6 2,331.9 Less: Contributions for government social insurance (domestic)............. 964.1 986.8 920.1 994.1 911.5 917.4 921.2 930.2 Less: Personal current taxes............... 1,141.4 1,193.9 1,404.8 1,240.9 1,365.9 1,396.2 1,408.5 1,448.5 Equals: Disposable personal income......... 10,788.8 11,179.7 11,556.2 11,336.7 11,481.0 11,559.2 11,571.1 11,613.8 Less: Personal outlays..................... 10,236.3 10,586.9 11,050.9 10,748.6 10,902.1 11,002.6 11,114.6 11,184.5 Equals: Personal saving.................... 552.6 592.8 505.3 588.1 578.9 556.5 456.5 429.3 Personal saving as a percentage of disposable personal income.............. 5.1 5.3 4.4 5.2 5.0 4.8 3.9 3.7 Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars\2\............... 8,969.7 9,083.0 9,335.4 9,166.7 9,329.8 9,332.9 9,309.7 9,369.8 Disposable personal income, billions of chained (2005) dollars\2\............... 9,882.7 10,061.6 10,153.5 10,152.0 10,183.2 10,169.7 10,121.6 10,141.2 ----------------------------------------------------------------------------------------------------------------------------------- 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), 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 2011 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 11 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 2.8 Goods............................. -5.9 11.7 4.5 -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 12.9 Services.......................... -.5 1.1 .9 1.1 .2 -.9 -.7 -1.8 .5 .0 1.2 .3 2.6 1.5 1.0 -.1 1.8 1.2 -.9 Structures........................ -16.9 -8.8 -2.0 -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 -1.8 Motor vehicle output.............. -24.5 27.4 11.9 -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 12.8 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 2.5 Final sales of computers\1\....... 1.3 20.5 32.8 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 32.1 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 2.6 Farm gross value added\2\......... 15.1 -.5 -14.7 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 -5.9 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 3.6 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 ..... 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 .4 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 .9 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 .5 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 .8 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 1.0 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 .9 Personal consumption expenditures (PCE)............................ .2 1.8 2.4 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 .7 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 1.1 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 .7 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 1.2 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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.