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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, APRIL 28, 2011 BEA 11-19 Lisa Mataloni: (202) 606-5304 (GDP) Recorded message: (202) 606-5306 gdpniwd@bea.gov GROSS DOMESTIC PRODUCT: FIRST QUARTER 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 1.8 percent in the first quarter of 2011 (that is, from the fourth quarter to the first quarter) according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 3.1 percent. The Bureau emphasized that the first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The "second" estimate for the first quarter, based on more complete data, will be released on May 26, 2011. The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, 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 deceleration in real GDP in the first quarter primarily reflected a sharp upturn in imports, a deceleration in PCE, a larger decrease in federal government spending, and decelerations in nonresidential fixed investment and in exports that were partly offset by a sharp upturn in private inventory investment. Annual Revision of the National Income and Product Accounts The annual revision of the national income and product accounts (NIPAs) will be released along with the "advance" estimate of GDP for the second quarter of 2011 on July 29. In addition to the regular revision of estimates for the most recent 3 years and the first quarter of 2011, GDP and some components will be revised back to the first quarter of 2003 (see the Technical Note). The August Survey of Current Business will contain an article that describes the annual revision in detail. NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (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. - more - -2Motor vehicle output added 1.40 percentage points to the first-quarter change in real GDP after subtracting 0.27 percentage point from the fourth-quarter change. Final sales of computers added 0.12 percentage point to the first-quarter change in real GDP after adding 0.35 percentage point to the fourthquarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 3.8 percent in the first quarter, compared with an increase of 2.1 percent in the fourth. Excluding food and energy prices, the price index for gross domestic purchases increased 2.2 percent in the first quarter, compared with an increase of 1.1 percent in the fourth. Real personal consumption expenditures increased 2.7 percent in the first quarter, compared with an increase of 4.0 percent in the fourth. Durable goods increased 10.6 percent, compared with an increase of 21.1 percent. Nondurable goods increased 2.1 percent, compared with an increase of 4.1 percent. Services increased 1.7 percent, compared with an increase of 1.5 percent. Real nonresidential fixed investment increased 1.8 percent in the first quarter, compared with an increase of 7.7 percent in the fourth. Nonresidential structures decreased 21.7 percent, in contrast to an increase of 7.6 percent. Equipment and software increased 11.6 percent, compared with an increase of 7.7 percent. Real residential fixed investment decreased 4.1 percent, in contrast to an increase of 3.3 percent. Real exports of goods and services increased 4.9 percent in the first quarter, compared with an increase of 8.6 percent in the fourth. Real imports of goods and services increased 4.4 percent, in contrast to a decrease of 12.6 percent. Real federal government consumption expenditures and gross investment decreased 7.9 percent in the first quarter, compared with a decrease of 0.3 percent in the fourth. National defense decreased 11.7 percent, compared with a decrease of 2.2 percent. Nondefense increased 0.1 percent, compared with an increase of 3.7 percent. Real state and local government consumption expenditures and gross investment decreased 3.3 percent, compared with a decrease of 2.6 percent. The change in real private inventories added 0.93 percentage point to the first-quarter change in real GDP after subtracting 3.42 percentage points from the fourth-quarter change. Private businesses increased inventories $43.8 billion in the first quarter, following increases of $16.2 billion in the fourth quarter and $121.4 billion in the third. Real final sales of domestic product -- GDP less change in private inventories -- increased 0.8 percent in the first quarter, compared with an increase of 6.7 percent in the fourth. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 1.8 percent in the first quarter, in contrast to a decrease of 0.2 percent in the fourth. - more - -3Disposition of personal income Current-dollar personal income increased $256.0 billion (8.3 percent) in the first quarter, compared with an increase of $128.5 billion (4.1 percent) in the fourth. The sharp acceleration in personal income primarily reflected a downturn in contributions for government social insurance -- a subtraction in the calculation of personal income -- resulting from provisions of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that reduced the social security contribution rate by 2 percentage points for 2011. Personal current taxes increased $63.3 billion in the first quarter, compared with an increase of $26.9 billion in the fourth. Disposable personal income increased $192.7 billion (6.9 percent) in the first quarter, compared with an increase of $101.6 billion (3.6 percent) in the fourth. Real disposable personal income increased 2.9 percent, compared with an increase of 1.9 percent. Personal outlays increased $169.1 billion (6.4 percent) in the first quarter, compared with an increase of $142.6 billion (5.4 percent) in the fourth. Personal saving -- disposable personal income less personal outlays -- was $663.6 billion in the first quarter, compared with $640.0 billion in the fourth. The personal saving rate -- saving as a percentage of disposable personal income -- was 5.7 percent in the first quarter, compared with 5.6 percent in the fourth. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to http://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 3.7 percent, or $135.0 billion, in the first quarter to a level of $15,006.4 billion. In the fourth quarter, current-dollar GDP increased 3.5 percent, or $126.3 billion. 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." - more - -4BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- May 26, 2011, at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2011 (Second Estimate) Corporate Profits: First Quarter 2011 (Preliminary Estimate) - more - -5Comparisons 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 cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and of real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger than the average revisions from the advance estimate to the second or to the third estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the direction of change of real GDP 98 percent of the time, correctly indicate whether GDP is accelerating or decelerating 74 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages compared Average Average without regard to sign Standard deviation of revisions without regard to sign Current-dollar GDP Advance to second..... Advance to third................ Second to third........... 0.2 .2 .0 0.5 .7 .3 0.4 .4 .2 Advance to latest............... .4 1.2 .9 Real GDP Advance to second..... Advance to third................ Second to third........... 0.1 .1 .0 0.5 .6 .2 0.4 .4 .2 Advance to latest............... .3 1.3 1.0 NOTE.--These comparisons are based on the period from 1983 through 2007. - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 II III 2008 IV I II 2009 III IV I II 2010 III IV I II 2011 III IV I Gross domestic product (GDP) ... 0.0 –2.6 2.9 3.2 2.3 2.9 –0.7 0.6 –4.0 –6.8 –4.9 –0.7 1.6 5.0 3.7 1.7 2.6 3.1 1.8 Personal consumption expenditures ..... –0.3 –1.2 1.7 1.5 1.7 1.4 –0.8 0.1 –3.5 –3.3 –0.5 –1.6 2.0 0.9 1.9 2.2 2.4 4.0 2.7 Goods..................................................... –2.5 –2.0 4.3 1.4 2.4 1.1 –5.8 0.3 –7.7 –10.8 1.8 –1.5 7.2 1.7 5.7 3.4 4.1 9.3 4.8 Durable goods .................................... –5.2 –3.7 7.7 4.6 3.8 2.4 –10.8 –2.9 –12.0 –22.3 4.8 –3.1 20.1 –1.1 8.8 6.8 7.6 21.1 10.6 Nondurable goods .............................. –1.1 –1.2 2.7 –0.2 1.7 0.5 –3.0 2.0 –5.5 –4.9 0.4 –0.7 1.7 3.1 4.2 1.9 2.5 4.1 2.1 Services.................................................. 0.9 –0.8 0.5 1.6 1.4 1.5 1.9 0.0 –1.3 0.6 –1.6 –1.7 –0.5 0.5 0.1 1.6 1.6 1.5 1.7 Gross private domestic investment........ –9.5 –22.6 17.1 9.5 –2.9 –9.4 –9.4 –7.6 –12.5 –36.8 –42.2 –18.5 11.8 26.7 29.1 26.2 15.0 –18.7 8.5 Fixed investment..................................... –6.4 –18.3 3.9 3.7 –1.2 –4.8 –6.2 –4.6 –11.9 –24.9 –35.4 –10.1 0.7 –1.3 3.3 18.9 1.5 6.8 0.7 Nonresidential..................................... 0.3 –17.1 5.7 11.1 9.4 5.7 2.0 –1.6 –8.6 –22.7 –35.2 –7.5 –1.7 –1.4 7.8 17.2 10.0 7.7 1.8 Structures........................................ 5.9 –20.4 –13.7 28.0 24.3 7.4 –0.1 7.5 –3.6 –8.9 –41.0 –20.2 –12.4 –29.2 –17.8 –0.5 –3.5 7.6 –21.7 Equipment and software ................. –2.4 –15.3 15.3 4.3 2.9 4.8 3.0 –6.0 –11.1 –29.5 –31.6 0.2 4.2 14.6 20.4 24.8 15.4 7.7 11.6 Residential .......................................... –24.0 –22.9 –3.0 –12.0 –24.1 –29.3 –27.9 –14.0 –22.6 –32.6 –36.2 –19.7 10.6 –0.8 –12.3 25.7 –27.3 3.3 –4.1 Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Exports ................................................... 6.0 –9.5 11.7 6.8 15.8 11.6 5.7 13.2 –5.0 –21.9 –27.8 –1.0 12.2 24.4 11.4 9.1 6.8 8.6 4.9 Goods ................................................. 6.3 –12.0 14.7 7.6 12.8 9.9 9.6 14.5 –4.3 –26.6 –34.1 –3.7 18.7 31.7 14.0 11.5 5.8 11.1 7.8 Services.............................................. 5.3 –3.9 5.7 4.9 23.0 15.7 –2.8 10.2 –6.6 –9.8 –12.3 4.7 0.1 10.2 5.8 3.9 8.9 3.0 –1.7 Imports ................................................... –2.6 –13.8 12.6 4.6 5.0 –10.6 –1.4 2.9 –0.1 –22.9 –35.3 –10.6 21.9 4.9 11.2 33.5 16.8 –12.6 4.4 Goods ................................................. –3.5 –15.8 14.8 4.8 5.1 –11.8 –3.3 4.6 –1.0 –28.3 –38.9 –10.6 27.4 6.2 12.0 40.5 17.4 –14.2 5.9 Services.............................................. 2.4 –4.2 3.5 3.6 4.4 –4.0 9.4 –6.0 5.0 11.7 –16.8 –10.9 1.5 –0.5 7.8 4.3 14.2 –4.1 –2.7 Government consumption expenditures and gross investment........................... 2.8 1.6 1.0 3.4 3.5 1.2 2.3 3.3 5.3 1.5 –3.0 6.1 1.6 –1.4 –1.6 3.9 3.9 –1.7 –5.2 Federal ................................................... 7.3 5.7 4.8 7.1 9.6 1.1 6.9 7.8 14.2 8.1 –5.0 14.9 5.7 0.0 1.8 9.1 8.8 –0.3 –7.9 National defense................................. 7.5 5.4 3.9 8.3 10.2 0.0 6.8 6.9 19.7 5.2 –8.4 16.8 9.0 –2.5 0.4 7.4 8.5 –2.2 –11.7 Nondefense ........................................ 6.7 6.5 6.6 4.7 8.2 3.4 6.9 9.6 3.0 14.8 2.6 10.9 –0.9 5.6 5.0 12.8 9.5 3.7 0.1 State and local........................................ 0.3 –0.9 –1.4 1.3 0.2 1.3 –0.3 0.8 0.3 –2.4 –1.7 1.0 –1.0 –2.3 –3.8 0.6 0.7 –2.6 –3.3 Addenda: Final sales of domestic product.............. 0.5 –2.1 1.4 2.3 2.6 3.7 –0.2 1.1 –3.9 –4.6 –3.9 0.2 0.4 2.1 1.1 0.9 0.9 6.7 0.8 Gross domestic purchases..................... –1.1 –3.6 3.3 3.1 1.3 –0.4 –1.6 –0.5 –3.2 –7.7 –7.2 –2.1 3.0 3.0 3.9 5.1 4.2 –0.2 1.8 Final sales to domestic purchasers ........ –0.6 –3.1 1.9 2.2 1.6 0.4 –1.1 0.0 –3.1 –5.7 –6.3 –1.2 1.8 0.2 1.3 4.3 2.6 3.2 0.9 Gross national product (GNP) ................ 0.3 –2.8 3.1 3.5 4.1 4.4 –0.9 0.1 –3.2 –8.6 –4.9 –0.5 2.6 4.9 4.4 1.8 2.3 2.8 ........... Disposable personal income .................. 1.7 0.6 1.4 0.6 1.5 2.2 1.4 9.2 –8.4 2.7 0.4 5.9 –4.4 0.0 1.3 5.6 1.0 1.9 2.9 Current-dollar measures: GDP .................................................... 2.2 –1.7 3.8 6.5 4.4 3.8 1.0 4.1 0.4 –7.9 –3.9 –0.4 2.3 4.7 4.8 3.7 4.6 3.5 3.7 Final sales of domestic product .......... 2.7 –1.1 2.4 5.6 4.6 4.6 1.8 4.3 0.5 –6.1 –2.7 0.6 1.2 1.8 2.1 2.9 3.0 6.9 2.7 Gross domestic purchases ................. 2.1 –3.8 4.6 6.3 3.4 3.4 2.1 4.2 0.6 –11.7 –9.2 –1.5 4.3 5.1 6.2 5.2 4.8 1.9 5.6 Final sales to domestic purchasers .... 2.5 –3.2 3.2 5.5 3.6 4.1 2.9 4.5 0.8 –10.1 –8.1 –0.5 3.3 2.2 3.5 4.4 3.2 5.2 4.7 GNP .................................................... 2.5 –1.9 4.1 6.7 6.3 5.3 0.9 3.5 1.1 –9.8 –4.0 –0.2 3.4 4.6 5.5 3.8 4.4 3.1 ........... Disposable personal income............... 5.1 0.7 3.1 4.1 3.9 6.5 5.4 14.3 –4.4 –3.3 –1.2 8.0 –1.6 2.7 3.4 5.5 1.7 3.6 6.9 See “Explanatory Note” at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2008 2009 2010 2007 II Percent change at annual rate: Gross domestic product ................................. Percentage points at annual rates: Personal consumption expenditures .................... Goods ................................................................... Durable goods ................................................... Motor vehicles and parts................................ Furnishings and durable household equipment .................................................. Recreational goods and vehicles ................... Other durable goods ...................................... Nondurable goods ............................................. Food and beverages purchased for offpremises consumption ............................... Clothing and footwear .................................... Gasoline and other energy goods.................. Other nondurable goods ................................ Services................................................................ Household consumption expenditures (for services) ........................................................ Housing and utilities....................................... Health care..................................................... Transportation services.................................. Recreation services ....................................... Food services and accommodations ............. Financial services and insurance................... Other services................................................ Final consumption expenditures of nonprofit institutions serving households...................... Gross output of nonprofit institutions ............. Less: Receipts from sales of goods and services by nonprofit institutions ................ Gross private domestic investment................... Fixed investment.............................................. Nonresidential ................................................ Structures................................................... Equipment and software ............................ Information processing equipment and software .............................................. Computers and peripheral equipment Software.............................................. Other................................................... Industrial equipment ............................... Transportation equipment....................... Other equipment..................................... Residential ..................................................... Change in private inventories......................... Farm............................................................... Nonfarm ......................................................... Net exports of goods and services.................... Exports ............................................................. Goods ............................................................ Services ......................................................... Imports ............................................................. Goods ............................................................ Services ......................................................... Government consumption expenditures and gross investment ............................................. Federal.............................................................. National defense ............................................ Consumption expenditures......................... Gross investment ....................................... Nondefense.................................................... Consumption expenditures......................... Gross investment ....................................... State and local ................................................. Consumption expenditures......................... Gross investment ....................................... Addenda: Goods ................................................................ Services............................................................. Structures .......................................................... Motor vehicle output .......................................... Final sales of computers.................................... See “Explanatory Note” at the end of the tables. IV I II 0.6 –4.0 –6.8 –4.9 –0.7 –0.54 0.08 –1.42 0.08 –0.92 –0.23 –0.53 –0.57 –2.46 –1.86 –0.95 –0.60 –2.26 –2.57 –1.79 –0.85 –0.34 0.41 0.35 0.26 –1.12 –0.32 –0.21 –0.10 0.02 0.23 0.01 0.07 –0.18 0.09 –0.13 0.28 –0.09 –0.02 –0.50 0.31 –0.20 –0.09 –0.06 –0.91 –0.33 –0.15 –0.12 –0.39 0.19 –0.05 –0.22 0.06 0.05 –0.78 0.06 –0.11 –0.04 –0.05 0.15 –0.11 0.09 0.19 –0.01 –0.10 0.13 0.04 0.08 –0.02 –0.13 0.03 –0.01 –0.07 –0.01 –0.12 0.01 –0.06 0.17 0.11 0.11 0.02 0.41 –0.38 0.27 0.74 0.62 0.71 –0.07 –0.01 –0.05 0.23 –0.22 –0.13 –0.15 0.22 0.88 0.00 –0.26 –0.50 0.01 0.20 –0.27 –0.28 –0.07 –0.10 –0.41 0.30 0.14 –0.01 0.03 –0.29 –0.02 –0.20 –0.59 0.30 –0.75 –0.79 –2.6 2.9 –0.18 –0.60 –0.42 –0.39 –0.84 –0.46 –0.27 –0.17 1.26 0.99 0.55 0.08 –0.07 –0.12 0.08 0.03 –0.04 –0.02 –0.18 –0.18 3.2 2.3 IV 2.9 1.08 1.20 0.98 0.34 0.57 0.27 0.38 0.31 0.20 0.17 –0.08 –0.07 0.15 –0.07 0.26 0.20 0.06 0.07 0.44 –0.03 0.04 0.32 0.03 0.27 0.25 0.09 0.29 –0.12 –0.01 –0.03 0.03 –0.02 –0.30 0.14 0.23 –0.18 –0.06 –0.16 –0.21 –0.07 0.23 0.84 0.14 –0.03 0.17 0.16 0.03 0.00 –0.02 0.10 0.10 0.15 –0.13 0.30 –0.06 0.15 0.36 0.12 0.14 –0.04 0.11 0.12 0.13 –0.22 0.16 0.18 –0.08 0.04 0.04 –0.10 0.07 0.00 0.27 0.07 I –0.7 II 2009 III 0.0 III 2008 0.42 0.74 –0.04 –0.07 0.31 0.04 0.29 0.58 0.29 –0.06 –0.11 –0.15 0.00 –0.01 –0.03 0.16 –0.23 0.06 0.14 0.02 –0.08 –0.04 0.18 –0.16 0.29 0.27 0.14 0.30 –0.79 –0.20 –0.02 –0.18 –0.12 –0.15 0.03 –0.14 0.04 0.11 0.20 0.08 0.08 –0.29 0.60 0.01 0.23 0.40 –0.31 –0.23 –0.09 0.02 –0.30 –0.19 –0.26 –0.30 0.22 0.00 0.22 0.32 –0.46 –0.11 2010 III 1.6 5.0 I II III IV I 3.7 1.7 2.6 3.1 1.8 1.41 0.69 1.33 1.62 0.42 1.29 1.35 –0.07 0.62 0.83 –0.56 –0.06 1.54 0.79 0.49 0.15 1.67 0.94 0.54 0.12 2.79 2.10 1.45 0.98 1.91 1.12 0.78 0.32 0.23 0.15 0.28 0.20 0.18 –0.02 0.67 0.31 0.10 0.26 0.07 0.39 0.16 0.27 0.04 0.65 0.12 0.29 0.05 0.34 0.12 0.16 0.36 0.34 0.05 –0.01 0.27 0.49 0.22 0.01 –0.04 0.08 –0.21 –0.46 –0.37 0.06 0.24 0.38 –0.01 –0.10 –0.07 –0.08 –0.12 –0.16 –0.06 –0.23 –0.21 –0.34 –0.14 –0.34 –0.05 IV 2011 0.16 –0.02 0.28 0.13 –0.05 0.14 0.27 0.20 0.26 0.02 0.18 0.03 0.17 –0.03 0.00 0.25 0.74 0.26 0.07 0.27 0.12 –0.15 –0.04 0.28 0.19 0.70 0.80 0.12 0.01 0.69 0.72 0.23 –0.06 0.14 0.44 0.21 –0.04 0.35 0.14 –0.02 0.07 0.08 0.08 –0.03 0.00 –0.01 0.11 0.02 0.29 0.11 0.12 –0.21 –0.16 0.07 –0.27 –0.08 –0.08 –0.05 0.11 0.82 0.88 –0.04 –0.03 0.52 0.29 0.01 –0.06 –0.05 0.01 0.12 0.27 0.16 0.32 0.11 0.08 0.15 0.02 0.12 –0.07 –0.16 0.14 0.07 0.25 0.75 0.06 0.25 0.02 0.09 –0.12 –0.08 0.25 0.08 0.02 –1.53 –1.02 0.03 0.22 –0.19 0.12 0.03 –3.24 1.87 –2.69 0.48 –1.96 0.55 –0.81 –0.42 –1.15 0.97 0.10 1.51 0.62 1.23 0.88 0.35 –0.20 –0.02 0.17 0.07 –0.46 –1.53 –1.47 –1.17 –0.18 –0.76 –0.98 –0.69 1.06 0.67 0.25 –0.16 0.82 0.28 0.00 0.30 0.24 0.39 0.25 –0.46 –0.11 –1.95 –1.83 –1.00 –0.14 –0.86 0.10 0.34 0.28 –0.18 –0.03 –0.09 0.18 –6.32 –6.80 –2.30 1.22 2.70 3.04 2.88 –4.01 –5.71 –1.26 0.12 –0.12 0.39 2.06 –2.84 –4.49 –0.72 –0.13 –0.10 0.71 1.51 –0.36 –1.99 –0.76 –0.41 –1.01 –0.53 –0.01 –2.47 –2.50 0.04 0.28 0.91 1.24 1.52 0.07 1.80 0.18 0.93 –0.09 1.02 0.37 0.17 –2.61 1.01 0.80 0.09 0.73 0.18 0.19 –0.63 0.54 0.80 0.23 0.08 0.10 0.05 –0.06 –0.31 –0.05 –1.05 –0.51 0.01 –0.53 1.18 0.72 0.53 0.19 0.46 0.52 –0.07 0.01 0.50 –0.01 0.15 0.03 0.18 –0.02 0.17 –0.31 0.06 –0.54 0.31 –0.30 0.10 –0.74 –0.07 –0.55 1.40 0.02 0.02 –0.57 1.37 1.13 –0.49 –1.18 1.34 –1.04 1.13 –0.15 0.21 2.32 –1.83 2.20 –1.74 0.12 –0.09 0.11 –0.03 0.01 0.13 0.38 –0.32 0.18 –0.62 0.90 –0.31 1.21 0.01 0.76 0.58 0.17 –0.75 –0.65 –0.10 0.32 0.61 0.38 0.25 0.11 0.15 0.19 0.11 0.06 0.09 0.26 0.04 0.15 0.38 –0.07 0.10 0.01 –0.27 0.04 –0.04 –0.08 0.04 –0.02 –0.67 –0.01 0.00 –0.14 0.01 –1.24 –1.43 –1.23 –0.53 –0.28 –0.77 –0.49 –0.48 0.08 0.06 –0.19 0.37 –0.36 –0.82 –0.30 –0.85 0.87 3.21 0.84 1.04 1.71 1.32 0.67 1.61 0.98 0.78 0.78 1.24 0.74 0.54 –0.11 0.37 –0.84 1.89 0.18 –0.57 –0.72 1.78 0.42 –0.75 –0.12 0.11 –0.24 0.18 –0.19 –0.12 0.04 –0.11 –0.11 –0.59 0.04 –0.84 –0.12 –0.08 –0.04 –0.63 –0.66 –0.41 –0.25 0.03 0.15 –0.12 –0.52 –0.19 –0.04 –0.30 –0.30 –1.16 –0.50 –1.18 –2.31 0.13 –2.44 1.50 –3.03 –2.65 –0.38 4.53 4.82 –0.29 0.34 0.01 0.18 0.15 0.07 0.40 0.20 –0.75 1.61 –0.09 1.71 –1.70 0.82 0.49 0.33 –2.53 –2.16 –0.37 0.56 0.16 0.21 0.19 0.11 –0.20 0.07 0.07 –3.42 –0.15 –3.27 3.27 1.06 0.94 0.12 2.21 2.10 0.12 0.14 –0.06 0.18 0.02 0.16 0.33 0.18 –0.09 0.93 –0.07 1.00 –0.08 0.64 0.70 –0.07 –0.72 –0.79 0.08 0.54 0.32 0.21 0.51 0.43 0.39 0.36 0.27 0.22 0.27 0.23 0.14 0.09 0.04 0.08 0.15 0.16 0.17 0.13 0.14 0.13 0.02 0.01 0.05 0.04 –0.11 –0.18 0.00 –0.07 –0.10 0.03 –0.05 –0.08 0.64 0.48 0.38 0.20 0.17 0.10 0.08 0.03 0.16 0.14 0.02 0.66 0.24 0.44 0.65 0.64 0.08 0.47 0.55 0.47 0.01 0.32 0.34 0.45 0.01 0.31 0.02 0.01 0.00 0.01 0.32 0.18 0.07 0.15 0.21 0.15 0.08 0.13 0.17 0.02 –0.01 0.02 0.04 0.02 0.16 –0.04 0.10 0.02 0.09 –0.06 –0.05 0.00 0.07 0.02 0.14 0.79 –0.34 0.71 –0.02 0.46 –0.12 0.41 –0.33 0.05 0.21 0.25 0.10 0.18 0.06 0.06 0.04 0.09 –0.31 –0.14 –0.10 0.23 –0.21 –1.09 –0.68 –0.69 –0.37 –0.31 0.00 0.00 0.00 –0.41 –0.05 –0.36 –0.13 –0.99 0.94 –0.10 –0.81 –1.54 –0.53 –0.56 0.14 0.03 2.86 0.54 –0.55 0.46 0.10 1.69 1.23 0.32 0.13 0.07 0.89 1.87 –0.49 –0.06 0.26 –0.25 –0.07 –0.12 –0.07 –0.78 –0.92 –0.55 –1.22 –1.09 –0.11 –0.97 2.88 –3.61 –3.14 –0.47 6.48 5.95 0.53 0.36 0.09 0.16 0.12 –0.17 0.22 –0.38 –0.54 –1.03 0.12 –1.15 1.47 –0.08 –0.26 0.18 1.55 1.23 0.33 0.52 0.79 0.12 0.36 0.13 0.25 0.27 0.18 –0.11 –0.03 –0.05 0.20 –0.07 –0.05 0.25 –0.02 1.10 2.83 –0.19 0.21 1.29 2.62 –1.37 1.90 1.30 2.56 1.29 2.19 0.01 0.37 –2.67 –0.66 –2.64 –0.68 –0.03 0.02 1.04 0.31 –0.61 1.24 0.33 1.00 0.61 –0.40 1.11 0.45 0.93 0.28 –0.45 0.85 0.48 0.81 0.26 –0.29 0.67 0.37 0.12 0.02 –0.17 0.17 0.12 0.07 0.33 0.06 0.26 –0.03 0.04 0.30 0.09 0.25 –0.07 0.03 0.03 –0.03 0.01 0.04 0.04 –0.30 –0.21 0.13 –0.12 0.04 –0.11 –0.07 –0.03 –0.17 0.00 –0.19 –0.15 0.16 0.05 2.52 –0.36 –0.09 –3.01 –5.19 1.53 0.92 0.69 –0.08 0.08 –1.16 –1.28 –0.01 –0.91 –1.66 –0.45 –0.23 –1.09 –0.53 –1.72 0.19 0.11 0.19 0.04 0.08 –0.62 –0.95 –3.30 –1.18 0.05 –0.17 0.61 –1.14 –0.04 –0.06 1.67 –0.10 0.02 1.56 –0.02 –0.28 0.01 –0.13 –0.17 0.04 0.14 0.12 0.02 –0.29 –0.03 –0.25 0.32 0.03 0.17 0.12 0.00 0.62 0.30 –0.32 2.64 0.07 2.57 –0.31 1.30 1.09 0.21 –1.61 –1.41 –0.20 0.57 0.24 0.15 0.17 0.39 0.40 0.17 0.55 0.82 0.02 0.80 –3.50 1.08 0.93 0.15 –4.58 –4.46 –0.12 –0.32 0.80 0.15 0.72 0.02 0.40 0.02 0.25 0.01 0.15 0.13 0.32 0.07 0.27 0.06 0.05 –0.48 0.08 –0.11 –0.09 –0.36 0.17 5.74 4.90 –0.20 0.57 0.02 1.21 –1.30 –1.18 0.71 0.25 0.74 –0.06 0.09 0.10 0.03 1.99 1.15 –0.58 0.49 0.29 2.47 2.53 0.56 0.38 0.09 –1.16 –0.27 1.40 0.35 0.12 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 at annual rates 2010 2010 Seasonally adjusted at annual rates 2011 2010 2010 Change from preceding period 2011 2010 2011 2010 I Gross domestic product ................................. Personal consumption expenditures .................... Goods ................................................................... Durable goods ................................................... Motor vehicles and parts................................ Furnishings and durable household equipment .................................................. Recreational goods and vehicles ................... Other durable goods ...................................... Nondurable goods ............................................. Food and beverages purchased for offpremises consumption ............................... Clothing and footwear .................................... Gasoline and other energy goods.................. Other nondurable goods ................................ Services................................................................ Household consumption expenditures (for services) ........................................................ Housing and utilities....................................... Health care..................................................... Transportation services.................................. Recreation services ....................................... Food services and accommodations ............. Financial services and insurance................... Other services................................................ Final consumption expenditures of nonprofit institutions serving households...................... Gross output of nonprofit institutions ............. Less: Receipts from sales of goods and services by nonprofit institutions ................ Gross private domestic investment....................... Fixed investment ................................................. Nonresidential.................................................... Structures....................................................... Equipment and software ................................ Information processing equipment and software .................................................. Computers and peripheral equipment .... Software ................................................. Other ...................................................... Industrial equipment................................... Transportation equipment........................... Other equipment ........................................ Residential ......................................................... Change in private inventories ............................ Farm .................................................................. Nonfarm ............................................................. Net exports of goods and services ....................... Exports ................................................................. Goods ................................................................ Services............................................................. Imports ................................................................. Goods ................................................................ Services............................................................. Government consumption expenditures and gross investment ................................................. Federal.................................................................. National defense................................................ Consumption expenditures ............................ Gross investment ........................................... Nondefense ....................................................... Consumption expenditures ............................ Gross investment ........................................... State and local ..................................................... Consumption expenditures ................................ Gross investment............................................... Residual .................................................................... Addenda: Final sales of domestic product............................. Gross domestic purchases.................................... Final sales to domestic purchasers ....................... Gross domestic product ..................................... Plus: Income receipts from the rest of the world ... Less: Income payments to the rest of the world .... Equals: Gross national product ......................... Net domestic product............................................. II III IV I I II III IV I 14,660.4 14,446.4 14,578.7 14,745.1 14,871.4 15,006.4 13,248.2 13,138.8 13,194.9 13,278.5 13,380.7 13,438.8 10,349.1 10,230.8 10,285.4 10,366.3 10,513.6 10,683.8 9,313.6 9,225.4 9,275.7 9,330.6 9,422.9 9,486.4 3,425.7 3,380.0 3,377.5 3,419.6 3,525.6 3,636.4 3,250.4 3,195.4 3,222.6 3,255.2 3,328.4 3,367.2 1,089.4 1,060.7 1,074.1 1,087.8 1,134.8 1,162.5 1,178.3 1,138.9 1,157.8 1,179.3 1,237.2 1,268.8 346.0 328.3 335.9 342.2 377.7 391.8 335.4 320.6 326.0 330.1 364.8 376.3 IV I 367.6 159.7 133.0 83.7 11.4 102.2 92.3 73.2 57.9 34.7 58.1 63.5 38.8 31.6 11.5 258.3 334.8 150.3 2,336.3 255.3 328.8 148.3 2,319.3 258.2 331.9 148.0 2,303.4 258.2 336.9 150.7 2,331.8 261.4 341.5 154.2 2,390.8 265.7 346.8 158.2 2,473.8 275.8 447.7 134.3 2,072.6 267.9 430.7 133.4 2,053.5 273.7 440.3 132.7 2,063.4 277.5 453.2 134.8 2,076.2 284.0 466.5 136.1 2,097.4 288.8 481.4 137.8 2,108.2 21.9 48.4 7.4 55.2 6.5 13.3 1.3 21.2 4.8 14.9 1.7 10.8 801.8 337.8 357.2 839.5 6,923.4 797.4 333.8 364.1 824.1 6,850.9 794.6 335.5 340.0 833.3 6,907.9 801.4 337.6 348.2 844.7 6,946.7 813.8 344.3 376.5 856.2 6,988.1 828.7 349.2 427.8 868.1 7,047.4 703.7 345.0 284.5 744.2 6,064.7 702.7 339.0 284.0 731.9 6,029.6 697.6 344.3 286.1 740.0 6,053.4 703.0 343.4 286.1 748.0 6,076.9 711.5 353.4 281.7 757.0 6,099.2 713.6 357.8 280.8 763.2 6,124.9 18.6 18.2 –1.0 21.1 32.0 8.5 10.0 –4.4 9.0 22.3 2.1 4.4 –0.9 6.2 25.7 6,658.3 1,900.7 1,687.7 299.7 380.5 626.4 820.6 942.6 6,589.6 1,887.1 1,657.5 294.6 376.8 615.2 824.9 933.3 6,643.2 1,892.5 1,680.4 299.6 378.5 623.3 829.9 939.1 6,679.2 1,910.9 1,694.3 301.5 384.1 630.5 812.2 945.7 6,721.0 1,912.4 1,718.7 303.0 382.5 636.7 815.4 952.3 6,781.3 1,918.8 1,732.8 305.2 385.3 649.2 830.1 960.0 5,804.1 1,674.5 1,461.1 253.9 339.7 540.2 725.9 809.0 5,769.9 1,664.3 1,446.7 250.8 338.5 535.0 727.4 807.7 5,791.7 1,668.9 1,457.6 253.3 338.2 538.3 729.5 806.1 5,814.4 1,683.0 1,461.9 255.7 341.8 542.0 720.7 809.5 5,840.6 1,681.7 1,478.3 255.9 340.2 545.7 725.9 812.9 5,869.0 1,680.7 1,487.5 254.1 340.5 554.2 736.6 815.5 27.1 17.6 20.7 3.0 –2.1 12.5 –17.1 –8.0 26.2 –1.3 16.4 0.2 –1.6 3.7 5.2 3.4 28.4 –1.0 9.2 –1.8 0.3 8.5 10.7 2.6 265.1 1,092.1 261.3 1,071.5 264.7 1,087.7 267.5 1,097.1 267.1 1,112.0 266.1 1,121.8 261.5 961.3 260.6 952.0 262.9 959.9 263.5 962.7 259.1 970.7 256.1 973.3 5.5 9.2 –4.4 8.0 –3.0 2.6 827.0 1,827.5 1,755.8 1,415.3 383.5 1,031.8 810.2 1,739.7 1,689.8 1,349.6 380.1 969.5 823.0 1,841.8 1,761.4 1,404.2 381.5 1,022.7 829.6 1,907.2 1,768.6 1,438.8 380.9 1,057.9 845.0 1,821.3 1,803.5 1,468.8 391.7 1,077.1 855.6 1,863.6 1,811.1 1,478.8 371.8 1,106.9 700.2 1,774.5 1,694.7 1,364.9 319.0 1,056.1 692.0 1,690.2 1,630.5 1,302.6 319.3 989.7 697.6 1,791.5 1,702.5 1,355.3 318.9 1,046.0 699.7 1,855.1 1,708.8 1,388.0 316.0 1,084.2 711.3 1,761.3 1,737.3 1,413.9 321.9 1,104.5 716.5 1,797.5 1,740.2 1,420.2 302.7 1,135.2 4.2 258.8 64.0 74.1 –50.6 139.8 11.6 –93.8 28.5 25.9 5.9 20.3 5.2 36.2 2.9 6.3 –19.2 30.7 590.9 97.4 283.2 210.4 160.7 113.0 167.2 340.5 71.7 6.5 65.2 –516.4 1,837.5 1,277.4 560.1 2,353.9 1,949.4 404.6 568.0 90.5 274.7 202.8 146.8 97.0 157.7 340.2 50.0 9.3 40.7 –479.9 1,757.8 1,213.0 544.8 2,237.6 1,843.5 394.1 586.2 98.4 279.6 208.3 161.6 110.9 163.9 357.2 80.4 9.6 70.8 –539.3 1,817.9 1,262.8 555.1 2,357.1 1,957.2 400.0 595.5 97.8 285.3 212.4 164.7 125.4 172.3 329.8 138.6 6.3 132.2 –550.5 1,848.9 1,282.0 566.9 2,399.4 1,988.2 411.2 614.0 102.8 293.2 218.0 169.8 118.6 174.7 334.7 17.8 0.9 16.9 –495.9 1,925.6 1,352.0 573.6 2,421.5 2,008.5 413.0 616.2 676.2 645.7 669.1 683.3 706.8 712.8 80.4 23.5 6.0 98.4 .............. .............. ............. .............. .............. .............. .............. ............. .............. 299.8 284.8 275.4 280.9 287.5 295.3 301.9 25.5 7.8 6.6 218.1 243.0 232.3 239.5 245.9 254.1 254.8 27.5 8.2 0.7 177.6 139.7 128.4 140.7 143.0 146.7 151.7 7.5 3.7 5.0 131.9 112.1 95.8 110.2 124.8 117.5 129.7 42.7 –7.3 12.2 181.2 150.4 142.4 147.8 154.5 156.8 162.7 12.6 2.3 5.9 332.3 332.5 330.7 350.1 323.3 325.9 322.5 –10.2 2.6 –3.4 52.5 62.7 44.1 68.8 121.4 16.2 43.8 175.8 –105.2 27.6 –2.2 5.4 7.6 7.8 5.1 1.2 –0.9 2.0 –3.9 –2.1 54.7 57.3 36.5 61.0 116.6 15.1 45.8 174.2 –101.5 30.7 –571.5 –422.5 –338.4 –449.0 –505.0 –397.7 –399.7 –59.5 107.3 –2.0 2,002.4 1,665.5 1,616.4 1,652.1 1,679.3 1,714.3 1,735.2 174.8 35.0 20.9 1,422.3 1,167.5 1,128.0 1,159.2 1,175.8 1,207.1 1,230.1 149.3 31.3 23.0 580.2 498.7 488.9 493.6 504.2 508.0 505.8 26.7 3.8 –2.2 2,573.9 2,088.0 1,954.8 2,101.1 2,184.3 2,112.0 2,134.8 234.2 –72.3 22.8 2,159.2 1,736.8 1,611.0 1,753.9 1,825.5 1,756.7 1,781.9 223.3 –68.8 25.2 414.7 352.4 344.6 348.3 360.1 356.4 353.9 11.9 –3.7 –2.5 3,000.2 2,955.7 2,990.8 3,022.2 3,032.3 3,030.5 1,214.3 1,178.1 1,206.7 1,233.9 1,238.3 1,223.6 817.7 796.3 813.0 830.8 830.6 813.3 698.2 684.0 695.2 711.2 702.6 696.1 119.5 112.4 117.9 119.6 128.0 117.1 396.6 381.8 393.7 403.1 407.7 410.3 345.2 333.3 343.3 350.4 353.6 356.0 51.4 48.4 50.3 52.7 54.1 54.3 1,786.0 1,777.6 1,784.1 1,788.2 1,794.0 1,806.9 1,447.2 1,447.4 1,446.7 1,441.3 1,453.5 1,477.6 338.7 330.2 337.4 346.9 340.5 329.3 .............. ............... ............... ............... .............. .............. 14,588.7 15,176.8 15,105.1 14,660.4 706.2 517.9 14,848.7 12,791.6 14,396.4 14,926.3 14,876.3 14,446.4 693.7 502.6 14,637.6 12,594.0 14,498.3 15,118.0 15,037.6 14,578.7 696.1 500.8 14,774.0 12,718.3 14,606.5 15,295.6 15,157.0 14,745.1 704.0 515.5 14,933.6 12,873.2 14,853.5 15,367.2 15,349.4 14,871.4 730.8 552.8 15,049.3 12,980.6 14,953.8 15,577.8 15,525.3 15,006.4 .............. .............. .............. 13,095.0 2,568.3 1,076.9 720.2 608.7 112.6 356.7 306.6 50.4 1,497.4 1,220.0 277.6 –42.2 2,540.2 1,048.4 704.4 598.9 106.2 344.0 296.6 47.5 1,496.8 1,225.1 272.1 –22.1 2,564.9 1,071.5 717.1 606.8 111.2 354.5 305.3 49.4 1,499.1 1,222.3 277.0 –37.8 2,589.6 1,094.3 731.8 619.8 112.9 362.6 311.3 51.7 1,501.7 1,217.9 283.9 –42.6 2,578.8 1,093.4 727.7 609.1 120.2 365.9 313.3 53.0 1,491.9 1,214.7 277.4 –66.7 13,176.7 13,663.6 13,592.1 13,248.2 637.5 467.1 13,419.0 11,480.0 13,085.5 13,467.6 13,414.3 13,138.8 627.8 454.0 13,313.0 11,384.8 13,114.7 13,637.7 13,557.7 13,194.9 629.8 452.3 13,372.7 11,432.7 13,145.3 13,777.6 13,644.6 13,278.5 635.7 465.3 13,449.3 11,506.1 13,361.2 13,771.5 13,752.0 13,380.7 656.8 496.8 13,540.9 11,596.5 2,544.3 25.7 –10.8 –34.5 1,071.1 49.3 –0.9 –22.3 705.4 27.2 –4.1 –22.3 597.0 17.0 –10.7 –12.1 109.3 10.7 7.3 –10.9 366.0 22.1 3.3 0.1 313.4 16.0 2.0 0.1 53.1 6.4 1.3 0.1 1,479.3 –21.4 –9.8 –12.6 1,213.1 –12.1 –3.2 –1.6 266.6 –9.2 –6.5 –10.8 –75.0 .............. ............. .............. 13,388.5 13,832.0 13,781.8 13,438.8 .............. .............. .............. 11,642.3 183.9 430.0 247.1 367.6 62.0 25.5 404.3 342.7 215.9 27.3 –6.1 60.5 107.4 29.8 102.2 58.1 21.1 .............. 31.5 .............. 91.6 .............. 90.4 45.8 NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See “Explanatory Note” at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 II III 2008 IV I II 2009 III IV I II 2010 III IV I II 2011 III IV I Gross domestic product (GDP) ....... 2.2 0.9 1.0 3.2 2.0 0.9 1.9 3.2 4.5 –1.2 1.1 0.3 0.7 –0.2 1.0 1.9 2.1 0.4 1.9 Personal consumption expenditures ......... 3.3 0.2 1.7 3.5 2.3 4.2 3.9 4.6 4.4 –5.8 –1.6 1.9 2.9 2.7 2.1 0.0 0.8 1.7 3.8 Goods......................................................... 3.2 –2.5 1.7 4.7 0.8 5.4 5.1 4.9 7.2 –17.7 –6.0 3.7 5.7 2.8 2.6 –3.6 0.9 3.4 8.0 Durable goods ........................................ –1.4 –1.6 –1.4 –1.4 –2.1 –1.4 –0.7 –2.0 –0.7 –3.4 –2.1 0.1 –2.5 0.7 –2.0 –1.6 –2.2 –2.2 –0.4 Nondurable goods .................................. 5.6 –2.9 3.2 8.1 2.3 9.1 8.1 8.3 11.0 –23.5 –7.9 5.4 9.7 3.8 4.7 –4.6 2.4 6.1 12.3 Services...................................................... 3.4 1.5 1.7 2.9 3.1 3.7 3.3 4.5 3.0 0.7 0.5 1.1 1.7 2.7 1.8 1.8 0.7 0.9 1.7 Gross private domestic investment............ 0.7 –2.0 –1.7 0.1 –0.2 0.4 –0.2 1.0 1.9 4.8 –4.1 –6.7 –6.0 –0.7 –2.0 –0.7 0.5 2.6 1.0 Fixed investment......................................... 0.8 –1.7 –1.6 0.2 –0.2 0.2 0.0 1.3 2.8 2.2 –3.0 –5.7 –4.8 –1.0 –1.4 –0.7 0.1 1.2 1.0 Nonresidential......................................... 1.4 –1.2 –1.9 0.7 –0.3 0.2 0.6 2.1 4.5 4.3 –3.1 –5.7 –5.1 –2.4 –1.9 0.0 0.2 0.9 0.9 Structures............................................ 4.7 –2.6 –1.4 1.8 3.3 4.8 3.5 4.9 8.1 8.1 –5.6 –12.2 –10.5 –2.1 0.9 2.0 2.9 4.0 3.8 Equipment and software ..................... –0.2 –0.5 –1.9 0.3 –2.0 –2.1 –0.9 0.8 2.6 2.2 –1.6 –2.0 –2.4 –2.5 –3.1 –0.8 –0.8 –0.2 0.0 Residential .............................................. –1.2 –3.4 –0.3 –1.2 0.1 0.7 –1.4 –1.1 –2.8 –5.2 –2.9 –6.0 –3.3 4.3 0.6 –3.2 –0.1 2.7 1.3 Change in private inventories ..................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Net exports of goods and services ............ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Exports ....................................................... 4.7 –5.4 4.2 4.4 2.6 5.8 7.8 10.6 5.7 –22.3 –11.5 0.7 4.6 4.6 5.1 4.8 0.2 8.4 11.4 Goods ..................................................... 4.8 –6.8 4.8 4.5 2.2 6.1 8.6 13.2 5.4 –27.5 –13.8 2.7 4.8 4.6 5.8 5.3 0.4 11.3 13.6 Services.................................................. 4.2 –2.2 2.9 4.2 3.7 5.1 5.8 4.8 6.4 –9.0 –6.6 –3.2 4.0 4.7 3.7 3.7 –0.2 1.8 6.5 Imports ....................................................... 10.4 –10.7 6.5 4.0 2.8 24.3 19.4 16.6 2.2 –32.1 –27.3 2.3 8.6 21.8 12.4 –7.7 –8.1 18.7 22.3 Goods ..................................................... 11.3 –12.3 7.1 3.5 2.1 28.0 22.0 17.3 1.7 –34.6 –30.7 2.0 9.2 24.8 14.6 –9.6 –9.2 21.4 26.2 Services.................................................. 5.7 –2.8 3.7 6.8 6.6 5.9 6.2 13.4 4.8 –17.2 –10.2 3.8 6.2 9.2 2.5 1.6 –2.2 6.1 4.5 Government consumption expenditures and gross investment............................... 4.7 –0.3 1.9 4.6 2.9 4.7 7.3 6.5 3.9 –5.2 –1.7 0.6 0.4 1.5 4.6 0.9 0.3 3.1 5.3 Federal ....................................................... 3.1 –0.2 1.7 3.5 0.4 2.3 6.5 4.7 1.6 –4.2 0.7 –0.8 –0.1 1.5 4.5 0.9 0.5 1.8 3.5 National defense..................................... 3.6 –0.7 2.0 4.1 0.9 3.1 6.4 6.3 2.0 –5.9 0.1 –1.8 0.3 1.6 5.3 1.2 0.5 2.2 4.1 Nondefense ............................................ 2.2 0.8 1.1 2.3 –0.6 0.8 6.6 1.6 0.6 –0.4 2.2 1.1 –1.0 1.5 2.8 0.2 0.4 1.0 2.4 State and local............................................ 5.6 –0.4 2.0 5.3 4.4 6.2 7.7 7.5 5.3 –5.8 –3.2 1.5 0.8 1.5 4.6 0.9 0.2 4.0 6.5 Addenda: Final sales of domestic product.................. 2.2 1.0 1.0 3.2 2.0 0.8 2.0 3.2 4.6 –1.5 1.3 0.4 0.8 –0.3 1.0 1.9 2.1 0.2 1.9 Gross domestic purchases......................... 3.2 –0.2 1.3 3.2 2.0 3.8 4.0 4.5 3.9 –4.4 –2.0 0.6 1.4 2.1 2.1 0.1 0.7 2.1 3.8 Final sales to domestic purchasers ............ 3.2 –0.2 1.4 3.2 2.0 3.7 4.0 4.5 4.1 –4.6 –1.9 0.7 1.5 2.0 2.2 0.1 0.6 1.9 3.8 Gross national product (GNP) .................... 2.2 0.9 1.0 3.1 2.0 0.9 2.0 3.2 4.5 –1.3 1.1 0.3 0.8 –0.2 1.0 1.9 2.1 0.4 ........... Implicit price deflators: GDP ........................................................ 2.2 0.9 1.0 3.2 2.0 0.9 1.8 3.4 4.5 –1.2 1.0 0.3 0.7 –0.3 1.1 2.0 2.0 0.3 1.9 Gross domestic purchases ..................... 3.2 –0.2 1.3 3.1 2.1 3.8 3.8 4.7 4.0 –4.3 –2.2 0.5 1.3 2.0 2.2 0.1 0.6 2.1 3.8 GNP ........................................................ 2.2 0.9 1.0 3.1 2.0 0.9 1.8 3.4 4.5 –1.2 1.0 0.3 0.7 –0.3 1.0 1.9 2.0 0.4 ........... See “Explanatory Note” at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted 2008 2009 2010 2010 I II 2011 III IV I Gross domestic product...................................................... 104.672 101.917 104.825 103.960 104.403 105.065 105.873 106.334 Personal consumption expenditures ................................................ 105.057 103.797 105.609 104.608 105.178 105.801 106.848 107.567 Goods................................................................................................ 103.462 101.416 105.741 103.952 104.837 105.898 108.278 109.542 Durable goods ............................................................................... 102.798 99.011 106.586 103.025 104.735 106.673 111.910 114.775 Nondurable goods ......................................................................... 103.698 102.487 105.293 104.321 104.823 105.476 106.551 107.100 Services............................................................................................. 105.870 105.006 105.564 104.952 105.366 105.775 106.163 106.612 Gross private domestic investment................................................... 90.105 69.778 81.691 77.811 82.474 85.400 81.081 82.751 Fixed investment................................................................................ 94.096 76.835 79.855 76.826 80.219 80.517 81.858 81.999 Nonresidential................................................................................ 115.532 95.804 101.307 96.677 100.592 103.019 104.939 105.408 Structures................................................................................... 131.976 105.064 90.690 90.761 90.649 89.848 91.500 86.066 Equipment and software ............................................................ 108.681 92.035 106.078 99.408 105.067 108.898 110.939 114.022 Residential ..................................................................................... 57.324 44.220 42.905 42.670 45.177 41.719 42.054 41.620 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... ......................... Exports of goods and services.......................................................... 126.255 114.228 127.623 123.858 126.592 128.679 131.362 132.956 Imports of goods and services .......................................................... 106.113 91.418 102.972 96.401 103.613 107.718 104.155 105.279 Government consumption expenditures and gross investment .... 105.605 107.287 108.374 107.185 108.228 109.270 108.815 107.360 Federal .............................................................................................. 110.900 117.266 122.893 119.634 122.276 124.882 124.779 122.224 State and local................................................................................... 102.611 101.688 100.253 100.213 100.367 100.541 99.890 99.044 Addenda: Final sales of domestic product......................................................... 105.399 103.212 104.673 103.948 104.181 104.424 106.139 106.356 Gross domestic purchases................................................................ 102.756 99.045 102.264 100.797 102.070 103.117 103.071 103.525 Final sales to domestic purchasers ................................................... 103.433 100.254 102.111 100.775 101.852 102.505 103.312 103.536 Gross national product ...................................................................... 105.129 102.192 105.366 104.534 105.003 105.604 106.324 ......................... See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] Seasonally adjusted 2008 2009 2010 2010 I II 2011 III IV I Gross domestic product...................................................... 108.598 109.618 110.668 109.959 110.485 111.060 111.166 111.689 Personal consumption expenditures (PCE)...................................... 109.061 109.258 111.117 110.901 110.888 111.102 111.578 112.625 Goods................................................................................................ 106.262 103.634 105.397 105.784 104.812 105.058 105.932 108.000 Durable goods ............................................................................... 95.340 93.782 92.456 93.121 92.755 92.235 91.714 91.611 Nondurable goods ......................................................................... 112.484 109.262 112.724 112.949 111.638 112.315 113.996 117.350 Services............................................................................................. 110.566 112.233 114.156 113.620 114.116 114.314 114.574 115.060 Gross private domestic investment................................................... 106.977 104.873 103.045 102.952 102.765 102.895 103.568 103.829 Fixed investment................................................................................ 107.053 105.260 103.627 103.661 103.487 103.523 103.835 104.093 Nonresidential................................................................................ 106.984 105.700 103.719 103.639 103.636 103.689 103.913 104.152 Structures................................................................................... 125.460 122.187 120.467 119.291 119.887 120.755 121.933 123.062 Equipment and software ............................................................ 100.083 99.620 97.702 97.954 97.764 97.574 97.518 97.506 Residential ..................................................................................... 106.361 102.736 102.394 102.869 102.030 101.994 102.684 103.026 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... .......................... Exports of goods and services.......................................................... 111.874 105.877 110.327 108.771 110.060 110.122 112.353 115.433 Imports of goods and services .......................................................... 118.685 105.987 112.835 114.514 112.234 109.892 114.699 120.615 Government consumption expenditures and gross investment .... 115.009 114.644 116.814 116.358 116.606 116.706 117.586 119.107 Federal .............................................................................................. 111.119 110.895 112.749 112.375 112.615 112.756 113.250 114.239 State and local................................................................................... 117.349 116.892 119.275 118.760 119.014 119.083 120.242 122.144 Addenda: PCE excluding food and energy 1 ...................................................... 107.151 108.774 110.203 109.887 110.171 110.318 110.436 110.837 Market-based PCE 2.......................................................................... 109.016 109.372 111.082 110.824 110.763 111.127 111.614 112.708 2 Market-based PCE excluding food and energy ............................... 106.778 108.826 110.008 109.626 109.903 110.214 110.288 110.641 Final sales of domestic product......................................................... 108.608 109.647 110.715 110.020 110.552 111.117 111.171 111.694 Gross domestic purchases................................................................ 109.813 109.614 111.084 110.838 110.852 111.034 111.612 112.645 Final sales to domestic purchasers ................................................... 109.823 109.649 111.130 110.900 110.917 111.086 111.617 112.652 Gross national product ...................................................................... 108.605 109.612 110.663 109.957 110.478 111.052 111.165 .......................... Implicit price deflators: Gross domestic product................................................................. 108.619 109.615 110.659 109.952 110.488 111.045 111.141 111.664 Final sales of domestic product ..................................................... 108.608 109.647 110.716 110.018 110.550 111.116 111.169 111.692 Gross domestic purchases ............................................................ 109.834 109.611 111.075 110.831 110.854 111.018 111.587 112.621 Final sales to domestic purchasers ............................................... 109.823 109.649 111.131 110.899 110.915 111.085 111.616 112.651 Gross national product................................................................... 108.626 109.609 110.654 109.950 110.479 111.036 111.140 .......................... 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See “Explanatory Note” at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Gross domestic product (GDP) .............................................. 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.6 3.1 2.7 1.9 0.0 –2.6 2.9 Personal consumption expenditures ................................................ 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.5 3.4 2.9 2.4 –0.3 –1.2 1.7 Goods................................................................................................ 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.4 4.0 3.3 2.8 –2.5 –2.0 4.3 Durable goods ............................................................................... 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.0 6.6 5.2 4.1 4.2 –5.2 –3.7 7.7 Nondurable goods ......................................................................... 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.7 3.2 3.4 2.8 2.0 –1.1 –1.2 2.7 Services............................................................................................. 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.9 3.0 2.7 2.2 0.9 –0.8 0.5 Gross private domestic investment................................................... 3.1 8.8 12.4 10.0 8.8 6.8 –7.0 –1.4 3.6 10.0 5.5 2.7 –3.1 –9.5 –22.6 17.1 Fixed investment................................................................................ 6.4 9.0 9.2 10.9 9.3 7.4 –1.9 –4.2 3.2 7.3 6.5 2.3 –1.8 –6.4 –18.3 3.9 Nonresidential................................................................................ 10.5 9.3 12.1 12.0 10.4 9.8 –2.8 –7.9 0.9 6.0 6.7 7.9 6.7 0.3 –17.1 5.7 Structures................................................................................... 6.4 5.7 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.1 5.9 –20.4 –13.7 Equipment and software ............................................................ 12.0 10.6 13.8 14.5 14.1 10.5 –3.2 –4.2 2.5 7.7 8.5 7.4 3.7 –2.4 –15.3 15.3 Residential ..................................................................................... –3.3 8.0 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.7 –24.0 –22.9 –3.0 Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Exports .............................................................................................. 10.1 8.3 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 9.3 6.0 –9.5 11.7 Goods ............................................................................................ 11.7 8.8 14.4 2.2 3.8 11.1 –6.2 –3.6 1.8 8.5 7.5 9.4 9.8 6.3 –12.0 14.7 Services......................................................................................... 6.3 7.0 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.3 –3.9 5.7 Imports .............................................................................................. 8.0 8.7 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.0 6.1 6.1 2.7 –2.6 –13.8 12.6 Goods ............................................................................................ 9.0 9.4 14.4 11.8 12.5 13.4 –3.2 3.7 4.9 11.0 6.8 5.9 2.9 –3.5 –15.8 14.8 Services......................................................................................... 3.0 5.2 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 1.4 2.4 –4.2 3.5 Government consumption expenditures and gross investment .... 0.6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.3 2.8 1.6 1.0 Federal .............................................................................................. –2.7 –1.2 –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.3 5.7 4.8 National defense............................................................................ –3.7 –1.3 –2.8 –2.1 1.9 –0.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 5.4 3.9 Nondefense ................................................................................... –0.4 –0.8 2.7 0.8 2.1 2.4 4.6 7.2 2.8 1.0 0.9 3.2 –0.8 6.7 6.5 6.6 State and local................................................................................... 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 1.4 0.3 –0.9 –1.4 Addenda: Final sales of domestic product......................................................... 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.4 3.2 3.2 2.6 2.2 0.5 –2.1 1.4 Gross domestic purchases................................................................ 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.8 4.0 3.2 2.6 1.3 –1.1 –3.6 3.3 Final sales to domestic purchasers ................................................... 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.6 3.3 2.5 1.5 –0.6 –3.1 1.9 Gross national product ...................................................................... 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.6 3.7 3.1 2.4 2.3 0.3 –2.8 3.1 Real disposable personal income...................................................... 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.3 4.0 2.3 1.7 0.6 1.4 Price indexes: Gross domestic purchases ............................................................ 2.1 1.8 1.5 0.7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 –0.2 1.3 Gross domestic purchases excluding food and energy 1 ............... 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.2 2.7 2.6 0.7 1.1 GDP ............................................................................................... 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.2 2.8 3.3 3.3 2.9 2.2 0.9 1.0 GDP excluding food and energy 1.................................................. 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.1 2.8 3.5 3.3 2.8 2.3 0.8 1.2 Personal consumption expenditures.............................................. 2.2 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 0.2 1.7 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 2007 II III 2008 IV I II 2009 III IV I II 2010 III IV I II 2011 III IV I Gross domestic product (GDP) .............................................. 1.8 2.3 2.3 1.9 1.2 –0.3 –2.8 –3.8 –4.1 –2.7 0.2 2.4 3.0 3.2 2.8 2.3 Personal consumption expenditures (PCE)...................................... 2.6 2.4 1.7 1.0 0.6 –0.7 –1.9 –1.8 –2.2 –0.9 0.2 0.8 1.7 1.8 2.6 2.8 Goods................................................................................................ 3.2 3.0 1.8 –0.3 –0.5 –3.1 –6.1 –4.2 –4.7 –1.0 2.3 3.2 4.5 3.7 5.6 5.4 Durable goods ............................................................................... 4.8 4.6 3.9 –0.2 –2.0 –6.0 –12.3 –8.7 –8.7 –1.3 4.8 5.8 8.4 5.5 10.9 11.4 Nondurable goods ......................................................................... 2.4 2.1 0.8 –0.3 0.3 –1.6 –2.9 –2.1 –2.7 –0.9 1.1 2.1 2.7 2.9 3.2 2.7 Services............................................................................................. 2.3 2.1 1.7 1.6 1.2 0.5 0.3 –0.6 –1.0 –0.8 –0.8 –0.4 0.4 0.9 1.2 1.6 Gross private domestic investment................................................... –2.9 –2.3 –1.8 –3.3 –7.3 –9.7 –17.5 –26.3 –28.5 –24.0 –9.6 10.5 23.3 24.1 11.1 6.3 Fixed investment................................................................................ –1.9 –1.0 –0.8 –2.2 –4.2 –6.9 –12.3 –20.1 –21.3 –18.6 –12.9 –2.0 5.1 5.3 7.4 6.7 Nonresidential................................................................................ 6.1 7.4 8.2 7.0 3.8 –0.8 –8.3 –18.1 –19.3 –17.8 –12.7 –0.8 5.2 8.2 10.6 9.0 Structures................................................................................... 12.2 15.6 17.3 14.3 9.4 2.7 –1.5 –13.6 –19.8 –21.7 –26.5 –20.1 –15.6 –13.5 –4.0 –5.2 Equipment and software ............................................................ 3.6 3.8 4.3 3.8 1.1 –2.6 –11.8 –20.3 –19.1 –15.8 –4.9 9.5 15.7 18.7 16.9 14.7 Residential ..................................................................................... –17.4 –18.2 –20.7 –23.6 –24.0 –23.7 –24.6 –26.9 –28.1 –21.4 –13.4 –6.3 4.8 –5.6 –4.6 –2.5 Change in private inventories ............................................................ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Net exports of goods and services ................................................... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Exports .............................................................................................. 7.7 11.6 10.1 9.9 11.5 6.1 –2.9 –11.7 –14.7 –11.0 –0.1 11.4 14.1 12.7 9.0 7.3 Goods ............................................................................................ 8.3 11.6 10.8 10.0 11.7 7.2 –3.1 –14.7 –18.3 –13.8 –0.2 14.4 18.7 15.4 10.6 9.0 Services......................................................................................... 6.4 11.6 8.6 9.8 11.1 3.7 –2.5 –5.0 –6.2 –4.6 0.3 5.1 4.9 7.2 5.4 3.5 Imports .............................................................................................. 3.4 3.4 0.7 –0.8 –1.2 –2.4 –6.0 –15.3 –18.3 –14.1 –7.2 6.2 17.4 16.1 11.0 9.2 Goods ............................................................................................ 3.6 3.5 0.9 –1.6 –1.6 –3.1 –8.0 –18.0 –21.1 –16.0 –7.3 7.9 20.8 18.3 12.2 10.6 Services......................................................................................... 2.0 2.7 –0.7 3.3 0.8 0.9 4.8 –2.1 –3.4 –4.3 –7.0 –0.8 3.2 6.3 5.3 2.7 Government consumption expenditures and gross investment .... 1.2 1.9 1.9 2.6 2.6 3.0 3.1 1.7 2.4 1.5 0.8 1.1 0.6 1.2 1.1 0.2 Federal .............................................................................................. 0.7 3.1 3.1 6.1 6.3 7.4 9.2 6.0 7.7 5.7 3.6 5.5 4.1 4.9 4.8 2.2 National defense............................................................................ 1.7 4.7 2.6 6.3 5.9 8.2 9.5 5.4 7.7 5.2 3.3 5.6 3.4 3.3 3.4 0.1 Nondefense ................................................................................... –1.4 –0.1 4.2 5.8 7.0 5.7 8.5 7.4 7.7 6.7 4.5 5.1 5.5 8.2 7.7 6.4 State and local................................................................................... 1.4 1.2 1.2 0.6 0.5 0.5 –0.4 –0.8 –0.7 –1.1 –1.0 –1.5 –1.6 –1.2 –1.3 –1.2 Addenda: Final sales of domestic product......................................................... 2.0 2.6 2.5 2.1 1.8 0.1 –1.9 –2.9 –3.1 –2.0 –0.3 0.9 1.1 1.2 2.4 2.3 Gross domestic purchases................................................................ 1.4 1.6 1.2 0.6 –0.3 –1.4 –3.3 –4.7 –5.1 –3.6 –0.9 1.9 3.8 4.1 3.2 2.7 Final sales to domestic purchasers ................................................... 1.6 1.8 1.4 0.8 0.2 –1.0 –2.5 –3.8 –4.1 –2.9 –1.4 0.5 1.9 2.1 2.9 2.7 Gross national product ...................................................................... 1.8 2.9 3.2 2.7 1.9 0.0 –3.2 –4.2 –4.4 –2.9 0.5 2.8 3.4 3.3 2.8 ........... Real disposable personal income...................................................... 2.4 2.3 1.5 1.4 3.5 0.9 1.0 0.8 0.0 1.1 0.4 0.7 0.6 2.0 2.4 2.8 Price indexes: Gross domestic purchases ............................................................ 2.9 2.6 3.3 3.2 3.6 4.0 1.9 0.4 –0.5 –1.1 0.5 1.5 1.4 1.2 1.2 1.6 Gross domestic purchases excluding food and energy 1 ............... 2.7 2.5 2.6 2.4 2.7 2.9 2.1 1.3 0.7 0.2 0.6 1.1 1.1 1.1 1.0 1.1 GDP ............................................................................................... 3.1 2.8 2.6 2.0 2.0 2.6 2.1 1.9 1.2 0.2 0.5 0.5 0.8 1.2 1.3 1.6 1 GDP excluding food and energy .................................................. 2.8 2.6 2.6 2.3 2.4 2.7 1.9 1.2 0.8 0.3 0.8 1.1 1.2 1.2 1.1 1.3 PCE ............................................................................................... 2.6 2.4 3.5 3.5 3.8 4.3 1.7 0.3 –0.3 –0.7 1.5 2.4 1.9 1.4 1.1 1.6 PCE excluding food and energy 1 .................................................. 2.2 2.2 2.4 2.3 2.5 2.5 2.0 1.6 1.5 1.3 1.7 1.8 1.5 1.2 0.8 0.9 Market-based PCE 2 ...................................................................... 2.4 2.1 3.5 3.6 3.8 4.6 1.8 0.5 –0.1 –0.6 1.5 2.2 1.7 1.3 1.1 1.7 2 Market-based PCE excluding food and energy ........................... 2.0 1.9 2.2 2.2 2.3 2.6 2.2 2.1 2.1 1.8 1.7 1.4 1.1 1.1 0.8 0.9 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 2008 2009 2010 2010 I Gross domestic product................................................................................................ Plus: Income receipts from the rest of the world .............................................................. Less: Income payments to the rest of the world............................................................... Equals: Gross national product.................................................................................... Less: Consumption of fixed capital................................................................................... Less: Statistical discrepancy ............................................................................................ Equals: National income................................................................................................ Compensation of employees ........................................................................................ Wage and salary accruals ........................................................................................ Supplements to wages and salaries ......................................................................... Proprietors’ income with inventory valuation and capital consumption adjustments .... Rental income of persons with capital consumption adjustment.................................. Corporate profits with inventory valuation and capital consumption adjustments ........ Net interest and miscellaneous payments.................................................................... Taxes on production and imports less subsidies .......................................................... Business current transfer payments (net)..................................................................... Current surplus of government enterprises.................................................................. Addendum: Gross domestic income ................................................................................................ II 2011 III IV I 14,369.1 839.2 664.7 14,543.6 1,849.2 136.6 12,557.8 8,060.8 6,554.0 1,506.8 1,102.0 222.0 1,262.8 812.8 992.3 121.7 –16.7 14,119.0 629.8 483.6 14,265.3 1,861.1 179.1 12,225.0 7,811.7 6,279.1 1,532.6 1,011.9 274.0 1,258.0 784.3 964.4 134.0 –13.2 14,660.4 706.2 517.9 14,848.7 1,868.9 151.6 12,828.2 7,991.1 6,405.0 1,586.1 1,055.0 300.9 1,624.8 738.1 999.5 132.1 –13.3 14,446.4 693.7 502.6 14,637.6 1,852.4 164.2 12,621.0 7,858.1 6,291.4 1,566.7 1,030.7 292.7 1,566.6 765.9 988.5 130.5 –12.1 14,578.7 696.1 500.8 14,774.0 1,860.4 131.1 12,782.6 7,969.9 6,388.8 1,581.1 1,049.7 298.8 1,614.1 736.2 996.1 130.8 –13.1 14,745.1 704.0 515.5 14,933.6 1,871.9 181.0 12,880.7 8,036.2 6,443.7 1,592.4 1,059.5 303.8 1,640.1 719.6 1,002.2 133.4 –14.2 14,871.4 730.8 552.8 15,049.3 1,890.7 130.0 13,028.7 8,100.3 6,496.2 1,604.1 1,080.2 308.4 1,678.3 730.6 1,011.1 133.5 –13.7 15,006.4 ...................... ...................... ...................... 1,911.4 ...................... ...................... 8,177.8 6,553.7 1,624.1 1,098.9 325.7 ...................... 741.3 1,015.7 134.2 –13.1 14,232.5 13,939.9 14,508.8 14,282.2 14,447.6 14,564.1 14,741.4 ...................... Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2008 2009 2010 2010 III IV 12,391.1 8,065.8 6,559.0 1,506.8 1,102.0 50.8 1,051.2 222.0 2,109.3 1,314.7 794.6 1,879.2 987.2 1,438.2 10,952.9 10,505.0 447.9 4.1 12,174.9 7,806.7 6,274.1 1,532.6 1,011.9 30.5 981.5 274.0 1,919.7 1,222.3 697.4 2,132.8 970.3 1,140.0 11,034.9 10,379.6 655.3 5.9 12,546.7 7,991.1 6,405.0 1,586.1 1,055.0 44.9 1,010.1 300.9 1,907.6 1,194.9 712.7 2,296.4 1,004.4 1,166.8 11,379.9 10,720.7 659.2 5.8 12,350.3 7,858.1 6,291.4 1,566.7 1,030.7 36.8 994.0 292.7 1,911.1 1,208.7 702.4 2,245.5 987.8 1,134.7 11,215.6 10,603.9 611.8 5.5 12,517.1 7,969.9 6,388.8 1,581.1 1,049.7 38.9 1,010.8 298.8 1,914.4 1,205.3 709.2 2,286.1 1,001.9 1,149.1 11,368.0 10,663.7 704.3 6.2 12,595.5 8,036.2 6,443.7 1,592.4 1,059.5 48.5 1,011.0 303.8 1,889.7 1,174.7 715.0 2,316.4 1,010.2 1,178.2 11,417.3 10,736.3 681.0 6.0 12,724.0 8,100.3 6,496.2 1,604.1 1,080.2 55.5 1,024.7 308.4 1,915.0 1,190.9 724.2 2,337.7 1,017.6 1,205.1 11,518.9 10,878.9 640.0 5.6 12,980.0 8,177.8 6,553.7 1,624.1 1,098.9 60.2 1,038.7 325.7 1,950.6 1,208.3 742.4 2,355.1 928.1 1,268.4 11,711.6 11,048.0 663.6 5.7 9,638.5 10,042.9 9,191.1 10,099.8 9,224.8 10,241.4 9,111.7 10,113.3 9,226.6 10,251.9 9,252.1 10,276.6 9,308.7 10,323.8 9,434.2 10,399.1 I Personal income 1 ......................................................................................................... Compensation of employees, received........................................................................ Wage and salary disbursements.............................................................................. Supplements to wages and salaries ........................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments ... Farm ........................................................................................................................ Nonfarm ................................................................................................................... Rental income of persons with capital consumption adjustment................................. Personal income receipts on assets ............................................................................ Personal interest income ......................................................................................... Personal dividend income........................................................................................ Personal current transfer receipts................................................................................ Less: Contributions for government social insurance, domestic.................................. Less: Personal current taxes ........................................................................................... Equals: Disposable personal income.......................................................................... Less: Personal outlays .................................................................................................... Equals: Personal saving ............................................................................................... Personal saving as a percentage of disposable personal income ............................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2.................................................................................................................... Disposable personal income, billions of chained (2005) dollars 2 ............................... II 2011 I 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, 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 Seasonally adjusted at annual rates 2008 2009 2010 2007 II Gross domestic product (GDP) and related aggregates: GDP.................................................................................... 0.0 –2.6 Goods................................................................................. –0.5 –3.8 Services.............................................................................. 1.5 –0.2 Structures ........................................................................... –7.9 –16.6 Motor vehicle output ........................................................... –18.6 –24.7 GDP excluding motor vehicle output .................................. 0.5 –2.1 Final sales of computers 1 .................................................. 26.5 5.0 GDP excluding final sales of computers............................. –0.1 –2.7 Farm gross value added 2 .................................................. 13.3 6.1 Nonfarm business gross value added 3 .............................. –1.1 –3.8 Gross domestic income 4 ................................................... –0.8 –2.9 Price indexes: GDP.................................................................................... 2.2 0.9 GDP excluding food and energy 5 ...................................... 2.3 0.8 GDP excluding final sales of computers............................. 2.3 1.0 Gross domestic purchases................................................. 3.2 –0.2 5 Gross domestic purchases excluding food and energy .... 2.6 0.7 Gross domestic purchases excluding final sales of computers to domestic purchasers................................. 3.3 –0.1 Personal consumption expenditures (PCE)........................ 3.3 0.2 PCE excluding food and energy 5 ....................................... 2.3 1.5 Market-based PCE 6........................................................... 3.4 0.3 Market-based PCE excluding food and energy 6 ................ 2.3 1.9 III 2008 IV I II 2009 III IV I II 2010 III IV I 2.9 3.2 2.3 2.9 –0.7 0.6 –4.0 –6.8 –4.9 –0.7 1.6 5.0 3.7 11.1 6.3 3.3 9.6 –1.2 –0.1 –10.8 –18.6 –2.4 –0.4 6.8 23.9 19.5 0.8 2.0 3.0 2.5 1.5 1.1 –0.2 0.0 –1.5 0.8 –0.2 0.8 0.0 –7.1 3.1 –4.7 –10.9 –12.3 –0.2 –9.4 –16.9 –31.9 –13.4 –0.1 –15.9 –15.2 26.1 4.4 –2.0 –14.6 –8.4 –35.1 –20.7 –58.0 –51.1 –2.0 145.5 13.7 42.3 2.4 3.2 2.4 3.5 –0.5 1.7 –3.6 –5.2 –3.8 –0.7 0.0 4.8 3.0 19.1 12.2 56.0 37.2 19.6 36.0 5.5 12.0 7.8 –10.5 –4.0 17.3 19.2 2.8 3.2 2.0 2.7 –0.8 0.4 –4.1 –6.9 –4.9 –0.6 1.6 5.0 3.7 2.6 –15.6 –19.3 41.9 55.4 –14.5 6.7 13.8 16.3 –7.3 19.3 –13.9 –0.8 3.7 4.2 2.5 2.5 –2.5 –0.3 –6.2 –9.5 –6.4 –0.2 1.4 6.7 5.0 3.1 0.2 –2.0 2.5 0.8 –2.5 –2.6 –6.9 –4.9 –1.6 0.0 6.7 4.1 2011 II III IV I 1.7 –0.8 1.9 10.6 –2.7 1.8 5.3 1.7 24.6 1.6 2.7 2.6 3.1 1.8 7.4 9.1 9.3 1.8 0.8 0.6 –7.9 1.2 –15.7 25.0 –11.6 81.8 2.1 3.5 0.4 65.1 72.8 19.6 2.3 2.8 1.6 5.8 –14.4 –37.2 3.8 4.4 3.1 1.2 4.6 .......... 1.0 1.2 1.0 1.3 1.1 3.2 2.0 3.3 3.2 2.0 2.0 1.7 2.1 2.0 1.9 0.9 2.7 1.0 3.8 2.8 1.9 2.9 2.0 4.0 3.1 3.2 2.5 3.3 4.5 3.2 4.5 2.7 4.6 3.9 2.6 –1.2 –0.6 –1.1 –4.4 –0.4 1.1 0.3 1.2 –2.0 –0.2 0.3 0.8 0.4 0.6 0.8 0.7 0.6 0.9 1.4 0.4 –0.2 1.5 –0.2 2.1 1.5 1.0 1.7 1.0 2.1 1.6 1.9 1.0 2.0 0.1 0.8 2.1 0.6 2.2 0.7 0.4 0.4 1.2 0.4 2.1 1.1 1.9 2.4 2.0 3.8 2.2 1.4 1.7 1.3 1.6 1.1 3.3 3.5 1.7 3.7 1.6 2.2 2.3 2.2 2.0 1.7 3.9 4.2 2.8 4.5 2.9 4.1 3.9 2.6 4.1 2.5 4.6 4.6 2.6 4.5 2.1 4.1 4.4 2.2 5.2 2.8 –4.3 –5.8 0.6 –6.0 1.5 –1.9 –1.6 0.9 –1.1 1.9 0.7 1.9 2.3 1.9 2.3 1.5 2.9 1.5 3.0 1.3 2.1 2.7 2.1 2.2 1.4 2.2 2.1 1.2 1.7 0.7 0.1 0.0 1.0 –0.2 1.0 0.7 0.8 0.5 1.3 1.1 2.2 1.7 0.4 1.8 0.3 3.9 3.8 1.5 4.0 1.3 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.