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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 26, 2011
BEA 11-22
Lisa Mataloni:
Andrew Hodge:
Recorded message:

(202) 606-5304 (GDP)
(202) 606-5564 (Profits)
(202) 606-5306

gdpniwd@bea.gov
cpniwd@bea.gov

GROSS DOMESTIC PRODUCT: FIRST QUARTER 2011 (SECOND ESTIMATE)
CORPORATE PROFITS: FIRST QUARTER 2011 (PRELIMINARY)
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 "second" estimate released by the Bureau
of Economic Analysis. In the fourth quarter, real GDP increased 3.1 percent.
The GDP estimates released today are based on more complete source data than were available
for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was also
1.8 percent (see "Revisions" on page 3).
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.
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 "Preview of the Upcoming Annual
NIPA Revision" in the May Survey of Current Business). The August Survey 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.

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-2-

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 a deceleration in
nonresidential fixed investment that were partly offset by a sharp upturn in private inventory investment.
Motor vehicle output added 1.28 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 0.06
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, unrevised from the advance estimate; this index increased 2.1
percent in the fourth quarter. 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 2.2 percent in the first quarter, compared with
an increase of 4.0 percent in the fourth. Durable goods increased 8.9 percent, compared with an increase
of 21.1 percent. Nondurable goods increased 1.1 percent, compared with an increase of 4.1 percent.
Services increased 1.5 percent, the same increase as in the fourth.
Real nonresidential fixed investment increased 3.4 percent in the first quarter, compared with an
increase of 7.7 percent in the fourth. Nonresidential structures decreased 16.8 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 3.3 percent, in contrast to an increase of 3.3
percent.
Real exports of goods and services increased 9.2 percent in the first quarter, compared with an
increase of 8.6 percent in the fourth. Real imports of goods and services increased 7.5 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 3.2 percent, compared with a decrease of 2.6 percent.
The change in real private inventories added 1.19 percentage points to the first-quarter change in
real GDP, after subtracting 3.42 percentage points from the fourth-quarter change. Private businesses
increased inventories $52.2 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 0.6
percent in the first quarter, compared with an increase of 6.7 percent in the fourth.

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-3-

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.

Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 3.1 percent in the first quarter, compared with an increase of 2.8
percent in the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which increased $42.4 billion in the first quarter after decreasing $10.5 billion in the fourth; in
the first quarter, receipts increased $29.0 billion, and payments decreased $13.3 billion.

Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.8 percent, or $138.9 billion, in the first quarter to a level of $15,010.3 billion. In the fourth quarter,
current-dollar GDP increased 3.5 percent, or $126.3 billion.

Revisions
The "second" estimate of the first-quarter increase in real GDP is the same as the advance
estimate. Upward revisions to exports, to private inventory investment, and to nonresidential fixed
investment were offset by an upward revision to imports and a downward revision to personal
consumption expenditures.
Second Estimate
Advance Estimate
(Percent change from preceding quarter)
Real GDP................................................
Current-dollar GDP................................
Gross domestic purchases price index...

1.8
3.7
3.8

1.8
3.8
3.8

Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $21.9 billion in the first quarter, compared with an increase of
$38.2 billion in the fourth quarter. Current-production cash flow (net cash flow with inventory valuation
adjustment) -- the internal funds available to corporations for investment -- decreased $11.0 billion in
the first quarter, in contrast to an increase of $36.9 billion in the fourth.

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-4-

Taxes on corporate income increased $33.6 billion in the first quarter, in contrast to a decrease
of $1.3 billion in the fourth. Profits after tax with inventory valuation and capital consumption
adjustments decreased $11.6 billion in the first quarter, in contrast to an increase of $39.5 billion in the
fourth. Dividends increased $15.4 billion compared with an increase of $8.9 billion; current-production
undistributed profits decreased $27.0 billion, in contrast to an increase of $30.6 billion.
Domestic profits of financial corporations decreased $70.6 billion in the first quarter, in contrast
to an increase of $57.7 billion in the fourth. Domestic profits of nonfinancial corporations increased
$45.8 billion in the first quarter, in contrast to a decrease of $10.1 billion in the fourth. In the first
quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value
added increased. The increase in unit profits reflected decreases in both the unit labor and nonlabor
costs corporations incurred; unit prices were unchanged.
The rest-of-the-world component of profits increased $46.8 billion in the first quarter, in contrast
to a decrease of $9.4 billion in the fourth. This measure is calculated as (1) receipts by U.S. residents of
earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign
corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends
paid by U.S. corporations to unaffiliated foreign residents. The first-quarter increase was accounted for
by an increase in receipts and a decrease in payments.
Profits before tax increased $113.8 billion in the first quarter, in contrast to a decrease of $48.3
billion in the fourth. The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments. These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts. The capital consumption
adjustment decreased $90.1 billion in the first quarter (from -$15.8 billion to -$105.9 billion), in contrast
to an increase of $153.5 billion in the fourth. The inventory valuation adjustment decreased $1.8 billion
(from -$103.2 billion to -$105.0 billion), compared with a decrease of $66.8 billion.
The large decrease in the first-quarter capital consumption adjustment reflects the expiration of
"bonus depreciation" claimed under the Small Business Jobs and Credit Act of 2010. (Current bonus
depreciation estimates are net of offsetting bonus depreciation that was claimed in earlier years. For
detailed data, see the table "Net Effects of the Tax Acts of 2002, 2003, 2008, 2009, and 2010 on
Selected Measures of Corporate Profits" at www.bea.gov/national/xls/technote_tax_acts.xls.) Profits
from current production are not affected because they do not depend on the depreciation-accounting
practices used for federal income tax returns; rather they are based on depreciation of fixed assets valued
at current cost and using consistent depreciation profiles based on used-asset prices.
*
*
*
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 -- June 24, 2011, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2011 (Third Estimate)
Corporate Profits: First Quarter 2011 (Revised)
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Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2008

2009

2010 r

2007
II

III

2008
IV

I

II

2009
III

IV

I

II

2010
III

IV

I

II

2011
III

IV

r

Ir

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
2.2
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
3.5
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
8.9
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
1.1
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
1.5
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
12.3
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
2.1
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
3.4
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 –16.8
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
–3.3
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
9.2
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
13.2
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
0.0
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
7.5
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
9.5
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
–1.8
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
–5.1
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
–3.2
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
0.6
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
0.7
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
3.1
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
1.1
0.8
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
3.8
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
2.5
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
5.7
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
4.5
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
5.1
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
2.8
4.6
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010.
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....................................
r Revised
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

Ir

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

1.53
0.83
0.66
0.24

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

0.06
0.28
0.08
0.17

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 0.09
0.27 0.07
–0.15 –0.17
0.28 0.18
0.70 0.69

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 0.77
–0.04 –0.20
0.52 0.27
0.01 –0.06
–0.05 0.02
0.12 0.26
0.16 0.33
0.11 0.15

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 –0.07
0.25 0.09

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 0.16
–2.61 1.45
0.80 0.26
0.73 0.33
0.19 –0.48
0.54 0.81

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

0.24
–0.04
0.25
0.02
0.16
0.30
0.11
–0.07
1.19
–0.09
1.28
–0.06
1.16
1.16
0.00
–1.22
–1.27
0.05

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

–1.07
–0.68
–0.68
–0.38
–0.31
0.00
0.01
0.00
–0.39
–0.03
–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 2.50
0.56 0.34
0.09 –1.00
–0.27 1.28
0.35 0.06

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

IV

Ir

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

r

I

II

III

IV

I

r

14,660.4 14,446.4 14,578.7 14,745.1 14,871.4 15,010.3 13,248.2 13,138.8 13,194.9 13,278.5 13,380.7 13,441.9
10,349.1 10,230.8 10,285.4 10,366.3 10,513.6 10,668.2 9,313.6 9,225.4 9,275.7 9,330.6 9,422.9 9,473.5
3,425.7 3,380.0 3,377.5 3,419.6 3,525.6 3,625.3 3,250.4 3,195.4 3,222.6 3,255.2 3,328.4 3,357.3
1,089.4 1,060.7 1,074.1 1,087.8 1,134.8 1,158.1 1,178.3 1,138.9 1,157.8 1,179.3 1,237.2 1,263.9
346.0
328.3
335.9
342.2
377.7
388.7
335.4
320.6
326.0
330.1
364.8
373.3

367.6
159.7
133.0
83.7
11.4

102.2
92.3
73.2
57.9
34.7

61.2
50.6
28.9
26.7
8.5

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

263.7
346.4
159.3
2,467.2

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

286.6
480.8
138.7
2,102.9

21.9
48.4
7.4
55.2

6.5
13.3
1.3
21.2

2.6
14.3
2.6
5.5

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

829.6
347.5
422.5
867.6
7,042.9

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

714.3
356.1
277.4
762.8
6,121.7

18.6
18.2
–1.0
21.1
32.0

8.5
10.0
–4.4
9.0
22.3

2.8
2.7
–4.3
5.8
22.5

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

6,776.8
1,912.5
1,732.7
305.2
385.4
648.9
829.8
962.2

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

5,865.3
1,675.2
1,487.1
254.1
340.7
554.0
736.6
817.6

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

24.7
–6.5
8.8
–1.8
0.5
8.3
10.7
4.7

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
1,122.0

261.5
961.3

260.6
952.0

262.9
959.9

263.5
962.7

259.1
970.7

256.5
973.6

5.5
9.2

–4.4
8.0

–2.6
2.9

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

855.9
1,881.9
1,818.5
1,485.3
377.9
1,107.4

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

716.4
1,813.1
1,746.4
1,425.7
307.4
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

5.1
51.8
9.1
11.8
–14.5
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

620.5
676.2
645.7
669.1
683.3
706.8
717.2
80.4
23.5
10.4
99.2 .............. .............. ............. .............. .............. .............. .............. ............. ..............
302.7
284.8
275.4
280.9
287.5
295.3
304.8
25.5
7.8
9.5
218.6
243.0
232.3
239.5
245.9
254.1
255.1
27.5
8.2
1.0
177.5
139.7
128.4
140.7
143.0
146.7
151.7
7.5
3.7
5.0
130.6
112.1
95.8
110.2
124.8
117.5
128.5
42.7
–7.3
11.0
178.7
150.4
142.4
147.8
154.5
156.8
160.4
12.6
2.3
3.6
333.2
332.5
330.7
350.1
323.3
325.9
323.2
–10.2
2.6
–2.7
63.4
62.7
44.1
68.8
121.4
16.2
52.2
175.8 –105.2
36.0
–2.8
5.4
7.6
7.8
5.1
1.2
–1.3
2.0
–3.9
–2.5
66.2
57.3
36.5
61.0
116.6
15.1
54.9
174.2 –101.5
39.8
–570.7 –422.5 –338.4 –449.0 –505.0 –397.7 –398.5
–59.5
107.3
–0.8
2,020.0 1,665.5 1,616.4 1,652.1 1,679.3 1,714.3 1,752.3
174.8
35.0
38.0
1,437.4 1,167.5 1,128.0 1,159.2 1,175.8 1,207.1 1,245.1
149.3
31.3
38.0
582.6
498.7
488.9
493.6
504.2
508.0
508.0
26.7
3.8
0.0
2,590.7 2,088.0 1,954.8 2,101.1 2,184.3 2,112.0 2,150.8
234.2
–72.3
38.8
2,175.0 1,736.8 1,611.0 1,753.9 1,825.5 1,756.7 1,797.0
223.3
–68.8
40.3
415.7
352.4
344.6
348.3
360.1
356.4
354.8
11.9
–3.7
–1.6

3,000.2 2,955.7 2,990.8 3,022.2 3,032.3 3,030.9
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
696.0
119.5
112.4
117.9
119.6
128.0
117.3
396.6
381.8
393.7
403.1
407.7
410.3
345.2
333.3
343.3
350.4
353.6
356.2
51.4
48.4
50.3
52.7
54.1
54.1
1,786.0 1,777.6 1,784.1 1,788.2 1,794.0 1,807.3
1,447.2 1,447.4 1,446.7 1,441.3 1,453.5 1,478.0
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

14,946.9
15,581.0
15,517.6
15,010.3
770.2
542.8
15,237.7
13,097.3

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

2,545.0
25.7
–10.8
–33.8
1,071.1
49.3
–0.9
–22.3
705.4
27.2
–4.1
–22.3
596.9
17.0
–10.7
–12.2
109.4
10.7
7.3
–10.8
366.0
22.1
3.3
0.1
313.6
16.0
2.0
0.3
52.9
6.4
1.3
–0.1
1,480.0
–21.4
–9.8
–11.9
1,213.7
–12.1
–3.2
–1.0
266.6
–9.2
–6.5
–10.8
–75.7 .............. ............. ..............
13,382.8
13,834.4
13,775.4
13,441.9
685.8
483.5
13,644.6
11,645.2

183.9
430.0
247.1
367.6
62.0
25.5
404.3
342.7

215.9
–6.1
107.4
102.2
21.1
31.5
91.6
90.4

21.6
62.9
23.4
61.2
29.0
–13.3
103.7
48.7

r Revised
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s
relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real 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

Ir

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
12.2
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
1.4
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
1.2
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
1.1
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
4.2
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
0.1
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
1.6
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
10.9
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
12.9
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
6.4
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
21.8
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
25.6
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
4.6
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
5.2
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
6.4
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
3.7
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
1.9
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
1.9
r Revised
See “Explanatory Note” at the end of the tables.

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2005=100]
Seasonally adjusted
2008

2009

2010

2010
I

II

2011
III

IV

Ir

Gross domestic product......................................................
104.672
101.917
104.825
103.960
104.403
105.065
105.873
106.358
Personal consumption expenditures ................................................
105.057
103.797
105.609
104.608
105.178
105.801
106.848
107.422
Goods................................................................................................
103.462
101.416
105.741
103.952
104.837
105.898
108.278
109.219
Durable goods ...............................................................................
102.798
99.011
106.586
103.025
104.735
106.673
111.910
114.332
Nondurable goods .........................................................................
103.698
102.487
105.293
104.321
104.823
105.476
106.551
106.831
Services.............................................................................................
105.870
105.006
105.564
104.952
105.366
105.775
106.163
106.555
Gross private domestic investment...................................................
90.105
69.778
81.691
77.811
82.474
85.400
81.081
83.468
Fixed investment................................................................................
94.096
76.835
79.855
76.826
80.219
80.517
81.858
82.288
Nonresidential................................................................................
115.532
95.804
101.307
96.677
100.592
103.019
104.939
105.815
Structures...................................................................................
131.976
105.064
90.690
90.761
90.649
89.848
91.500
87.378
Equipment and software ............................................................
108.681
92.035
106.078
99.408
105.067
108.898
110.939
114.030
Residential .....................................................................................
57.324
44.220
42.905
42.670
45.177
41.719
42.054
41.705
Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... .........................
Exports of goods and services..........................................................
126.255
114.228
127.623
123.858
126.592
128.679
131.362
134.270
Imports of goods and services ..........................................................
106.113
91.418
102.972
96.401
103.613
107.718
104.155
106.066
Government consumption expenditures and gross investment ....
105.605
107.287
108.374
107.185
108.228
109.270
108.815
107.391
Federal ..............................................................................................
110.900
117.266
122.893
119.634
122.276
124.882
124.779
122.231
State and local...................................................................................
102.611
101.688
100.253
100.213
100.367
100.541
99.890
99.088
Addenda:
Final sales of domestic product.........................................................
105.399
103.212
104.673
103.948
104.181
104.424
106.139
106.310
Gross domestic purchases................................................................
102.756
99.045
102.264
100.797
102.070
103.117
103.071
103.542
Final sales to domestic purchasers ...................................................
103.433
100.254
102.111
100.775
101.852
102.505
103.312
103.488
Gross national product ......................................................................
105.129
102.192
105.366
104.534
105.003
105.604
106.324
107.138
r Revised
See “Explanatory Note” at the end of the tables.

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2005=100]
Seasonally adjusted
2008

2009

2010

2010
I

II

2011
III

IV

Ir

Gross domestic product......................................................
108.598
109.618
110.668
109.959
110.485
111.060
111.166
111.691
Personal consumption expenditures (PCE)......................................
109.061
109.258
111.117
110.901
110.888
111.102
111.578
112.613
Goods................................................................................................
106.262
103.634
105.397
105.784
104.812
105.058
105.932
107.991
Durable goods ...............................................................................
95.340
93.782
92.456
93.121
92.755
92.235
91.714
91.614
Nondurable goods .........................................................................
112.484
109.262
112.724
112.949
111.638
112.315
113.996
117.332
Services.............................................................................................
110.566
112.233
114.156
113.620
114.116
114.314
114.574
115.048
Gross private domestic investment...................................................
106.977
104.873
103.045
102.952
102.765
102.895
103.568
103.939
Fixed investment................................................................................
107.053
105.260
103.627
103.661
103.487
103.523
103.835
104.154
Nonresidential................................................................................
106.984
105.700
103.719
103.639
103.636
103.689
103.913
104.210
Structures...................................................................................
125.460
122.187
120.467
119.291
119.887
120.755
121.933
123.208
Equipment and software ............................................................
100.083
99.620
97.702
97.954
97.764
97.574
97.518
97.537
Residential .....................................................................................
106.361
102.736
102.394
102.869
102.030
101.994
102.684
103.098
Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... ..........................
Exports of goods and services..........................................................
111.874
105.877
110.327
108.771
110.060
110.122
112.353
115.305
Imports of goods and services ..........................................................
118.685
105.987
112.835
114.514
112.234
109.892
114.699
120.501
Government consumption expenditures and gross investment ....
115.009
114.644
116.814
116.358
116.606
116.706
117.586
119.089
Federal ..............................................................................................
111.119
110.895
112.749
112.375
112.615
112.756
113.250
114.235
State and local...................................................................................
117.349
116.892
119.275
118.760
119.014
119.083
120.242
122.116
Addenda:
PCE excluding food and energy 1 ......................................................
107.151
108.774
110.203
109.887
110.171
110.318
110.436
110.829
Market-based PCE 2..........................................................................
109.016
109.372
111.082
110.824
110.763
111.127
111.614
112.707
2
Market-based PCE excluding food and energy ...............................
106.778
108.826
110.008
109.626
109.903
110.214
110.288
110.646
Final sales of domestic product.........................................................
108.608
109.647
110.715
110.020
110.552
111.117
111.171
111.690
Gross domestic purchases................................................................
109.813
109.614
111.084
110.838
110.852
111.034
111.612
112.648
Final sales to domestic purchasers ...................................................
109.823
109.649
111.130
110.900
110.917
111.086
111.617
112.648
Gross national product ......................................................................
108.605
109.612
110.663
109.957
110.478
111.052
111.165
111.699
Implicit price deflators:
Gross domestic product.................................................................
108.619
109.615
110.659
109.952
110.488
111.045
111.141
111.668
Final sales of domestic product .....................................................
108.608
109.647
110.716
110.018
110.550
111.116
111.169
111.688
Gross domestic purchases ............................................................
109.834
109.611
111.075
110.831
110.854
111.018
111.587
112.625
Final sales to domestic purchasers ...............................................
109.823
109.649
111.131
110.899
110.915
111.085
111.616
112.647
Gross national product...................................................................
108.626
109.609
110.654
109.950
110.479
111.036
111.140
111.676
r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without
payment) and the final consumption expenditures of nonprofit institutions serving households. 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 r

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
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010.
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 r

Ir

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
2.7
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
5.1
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
11.0
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
2.4
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
1.5
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
7.3
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
7.1
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
9.5
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
–3.7
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
–2.3
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
8.4
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
10.4
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
3.9
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
10.0
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
11.5
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
2.9
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
–1.1
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
2.5
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
2.2
2.1
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
1.5
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
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010.
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

r

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 r

Ir

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
158.2
12,821.6
7,984.5
6,398.9
1,585.6
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
156.4
13,002.2
8,073.9
6,471.6
1,602.4
1,080.2
308.4
1,678.3
730.6
1,011.1
133.5
–13.7

15,010.3
770.2
542.8
15,237.7
1,913.0
180.2
13,144.5
8,146.3
6,524.2
1,622.1
1,097.6
325.2
1,700.2
741.1
1,012.9
134.2
–13.1

14,232.5

13,939.9

14,502.2

14,282.2

14,447.6

14,564.1

14,715.0

14,830.1

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010.

Table 10. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
2008

2009

2010 r

2010
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
III

IV

r

Ir

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

12,541.0
7,984.5
6,398.9
1,585.6
1,055.0
44.9
1,010.1
300.9
1,907.6
1,194.9
712.7
2,296.4
1,003.5
1,166.3
11,374.7
10,720.7
653.9
5.7

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

12,700.9
8,073.9
6,471.6
1,602.4
1,080.2
55.5
1,024.7
308.4
1,915.0
1,190.9
724.2
2,337.7
1,014.2
1,203.2
11,497.8
10,878.9
618.9
5.4

12,930.9
8,146.3
6,524.2
1,622.1
1,097.6
57.2
1,040.3
325.2
1,947.5
1,208.1
739.4
2,338.5
924.2
1,302.3
11,628.6
11,032.1
596.5
5.1

9,638.5
10,042.9

9,191.1
10,099.8

9,219.6
10,236.6

9,111.7
10,113.3

9,226.6
10,251.9

9,252.1
10,276.6

9,288.0
10,304.9

9,406.2
10,326.3

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010.
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.

Table 11. Corporate Profits: Level and Percent Change
Billions of dollars

Percent change from preceding period

Seasonally adjusted at annual rates
2008

2009

2010

2009
2010

Corporate profits with inventory valuation and
capital consumption adjustments ..........................
Less: Taxes on corporate income...................................
Equals: Profits after tax with inventory valuation
and capital consumption adjustments ...................
Net dividends..............................................................
Undistributed profits with inventory valuation and
capital consumption adjustments............................
Addenda for corporate cash flow:
Net cash flow with inventory valuation adjustment
Undistributed profits with inventory valuation and
capital consumption adjustments........................
Consumption of fixed capital...................................
Less: Capital transfers paid (net) ............................
Addenda:
Profits before tax (without inventory valuation and
capital consumption adjustments) ..........................
Profits after tax (without inventory valuation and
capital consumption adjustments) ..........................
Inventory valuation adjustment...................................
Capital consumption adjustment ................................

Quarter
one year
ago

Quarterly rates
2010

2011

I

II

III

IV

I

2010
II

III

IV

2011

2011

I

I

1,262.8
308.4

1,258.0
254.9

1,624.8
416.6

1,566.6
403.2

1,614.1
405.6

1,640.1
429.4

1,678.3
428.1

1,700.2
461.7

–0.4
–17.3

29.2
63.4

3.0
0.6

1.6
5.9

2.3
–0.3

1.3
7.8

8.5
14.5

954.4
797.7

1,003.1
718.9

1,208.2
732.7

1,163.3
720.3

1,208.5
728.4

1,210.7
736.5

1,250.2
745.4

1,238.6
760.8

5.1
–9.9

20.4
1.9

3.9
1.1

0.2
1.1

3.3
1.2

–0.9
2.1

6.5
5.6

156.7

284.2

475.5

443.0

480.1

474.2

504.8

477.8

81.3

67.3

8.4

–1.2

6.5

–5.4

7.8

1,239.4

1,427.9

1,538.2

1,517.3

1,578.4

1,510.0

1,546.9

1,535.9

15.2

7.7

4.0

–4.3

2.4

–0.7

1.2

156.7
1,018.5
–64.1

284.2
1,019.8
–123.9

475.5
1,017.5
–45.2

443.0
1,008.0
–66.3

480.1
1,013.7
–84.6

474.2
1,019.0
–16.8

504.8
1,029.1
–13.0

477.8
81.3
67.3
8.4
–1.2
6.5
–5.4
7.8
1,041.5
0.1
–0.2
0.6
0.5
1.0
1.2
3.3
–16.7 ............. .............. .............. .............. .............. ............. ..............

1,333.2

1,316.7

1,801.1

1,772.9

1,788.2

1,845.7

1,797.4

1,911.2

1,024.8
–44.1
–26.3

1,061.8
11.9
–70.6

1,384.5
–44.9
–131.4

1,369.7
–36.4
–169.9

1,382.6
–3.5
–170.7

1,416.3
–36.4
–169.3

1,369.3
–103.2
–15.8

1,449.5
3.6
30.4
0.9
2.4
–3.3
5.9
5.8
–105.0 ............. .............. .............. .............. .............. ............. ..............
–105.9 ............. .............. .............. .............. .............. ............. ..............

–1.2

36.8

0.9

3.2

–2.6

6.3

7.8

Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
Level

Change from preceding period

Seasonally adjusted at annual rates
2010
2008

2009

2010

2010
I

Corporate profits with inventory valuation and
capital consumption adjustments...................
Domestic industries.....................................................
Financial .....................................................................
Nonfinancial................................................................
Rest of the world ..........................................................
Receipts from the rest of the world.............................
Less: Payments to the rest of the world......................
Corporate profits with inventory valuation
adjustment.........................................................
Domestic industries.....................................................
Financial .....................................................................
Federal Reserve banks...........................................
Other financial.........................................................
Nonfinancial................................................................
Utilities ....................................................................
Manufacturing .........................................................
Durable goods.....................................................
Fabricated metal products...............................
Machinery .......................................................
Computer and electronic products ..................
Electrical equipment, appliances, and
components.................................................
Motor vehicles, bodies and trailers, and parts
Other durable goods........................................
Nondurable goods...............................................
Food and beverage and tobacco products ......
Petroleum and coal products...........................
Chemical products ..........................................
Other nondurable goods..................................
Wholesale trade......................................................
Retail trade .............................................................
Transportation and warehousing.............................
Information..............................................................
Other nonfinancial...................................................
Rest of the world ..........................................................

II

2011
III

IV

2009

2011

2010

I

II

III

IV

I

1,262.8
851.5
128.0
723.5
411.3
571.8
160.5

1,258.0
905.7
242.4
663.3
352.3
480.6
128.3

1,624.8
1,241.0
366.8
874.2
383.8
568.5
184.7

1,566.6
1,178.1
337.6
840.4
388.5
561.4
172.9

1,614.1
1,222.7
334.2
888.6
391.3
557.5
166.1

1,640.1
1,257.7
368.8
888.9
382.4
566.3
183.9

1,678.3
1,305.3
426.5
878.8
373.0
589.0
216.0

1,700.2
1,280.5
355.9
924.6
419.8
629.1
209.4

–4.8
54.2
114.4
–60.2
–59.0
–91.2
–32.2

366.8
335.3
124.4
210.9
31.5
87.9
56.4

47.5
44.6
–3.4
48.2
2.8
–3.9
–6.8

26.0
35.0
34.6
0.3
–8.9
8.8
17.8

38.2
47.6
57.7
–10.1
–9.4
22.7
32.1

21.9
–24.8
–70.6
45.8
46.8
40.1
–6.6

1,289.1
877.8
139.9
35.1
104.9
737.9
28.3
183.7
51.4
16.6
15.6
8.9

1,328.6
976.3
258.0
47.3
210.6
718.4
30.0
150.9
53.3
16.4
12.4
13.4

1,756.2
1,372.4
387.9
58.1
329.7
984.5
33.0
259.6
150.1
18.9
25.9
53.1

1,736.5
1,348.0
362.7
56.9
305.8
985.3
41.5
250.4
140.1
17.4
19.9
44.8

1,784.7
1,393.4
359.4
60.3
299.1
1,034.0
32.8
277.1
147.0
17.0
23.3
51.2

1,809.3
1,427.0
393.7
59.0
334.6
1,033.3
35.2
269.2
160.5
19.6
29.1
54.6

1,694.1
1,321.1
435.8
56.3
379.4
885.4
22.5
241.5
152.9
21.5
31.5
61.6

1,806.2
1,386.4
374.1
59.0
315.1
1,012.3
...............
...............
...............
...............
...............
...............

39.5
98.5
118.1
12.2
105.7
–19.5
1.7
–32.8
1.9
–0.2
–3.2
4.5

427.6
396.1
129.9
10.8
119.1
266.1
3.0
108.7
96.8
2.5
13.5
39.7

48.2
45.4
–3.3
3.4
–6.7
48.7
–8.7
26.7
6.9
–0.4
3.4
6.4

24.6
33.6
34.3
–1.3
35.5
–0.7
2.4
–7.9
13.5
2.6
5.8
3.4

–115.2
–105.9
42.1
–2.7
44.8
–147.9
–12.7
–27.7
–7.6
1.9
2.4
7.0

112.1
65.3
–61.7
2.7
–64.3
126.9
...............
...............
...............
...............
...............
...............

3.6
–34.6
41.3
132.3
28.4
78.2
22.2
3.4
84.0
75.0
28.1
75.2
263.6
411.3

6.1
–23.5
28.5
97.5
35.4
15.7
36.4
10.1
80.4
99.0
24.7
83.5
250.0
352.3

8.3
5.9
38.0
109.4
33.0
33.8
32.3
10.4
83.5
125.1
46.1
109.3
328.0
383.8

9.2
5.7
43.2
110.3
36.6
33.5
28.7
11.6
91.5
129.1
39.4
112.9
320.4
388.5

9.6
8.4
37.6
130.1
35.1
55.2
30.6
9.2
107.7
126.7
52.4
104.9
332.5
391.3

9.4
9.8
38.1
108.7
34.0
22.7
38.4
13.6
90.2
123.2
54.3
114.6
346.6
382.4

5.3
–0.1
33.1
88.6
26.3
23.7
31.6
7.0
44.7
121.2
38.2
104.7
312.6
373.0

...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
419.8

2.5
11.1
–12.8
–34.8
7.0
–62.5
14.2
6.7
–3.6
24.0
–3.4
8.3
–13.6
–59.0

2.2
29.4
9.5
11.9
–2.4
18.1
–4.1
0.3
3.1
26.1
21.4
25.8
78.0
31.5

0.4
2.7
–5.6
19.8
–1.5
21.7
1.9
–2.4
16.2
–2.4
13.0
–8.0
12.1
2.8

–0.2
1.4
0.5
–21.4
–1.1
–32.5
7.8
4.4
–17.5
–3.5
1.9
9.7
14.1
–8.9

–4.1
–9.9
–5.0
–20.1
–7.7
1.0
–6.8
–6.6
–45.5
–2.0
–16.1
–9.9
–34.0
–9.4

...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
...............
46.8

NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
Seasonally adjusted at annual rates
2008

2009

2010 r

2010
I

II

2011
III

IV

r

I

Billions of dollars
Gross value added of nonfinancial corporate business ........................................
Consumption of fixed capital ...............................................................................................
Net value added.................................................................................................................
Compensation of employees ...........................................................................................
Wage and salary accruals ...........................................................................................
Supplements to wages and salaries ............................................................................
Taxes on production and imports less subsidies .............................................................
Net operating surplus ......................................................................................................
Net interest and miscellaneous payments ...................................................................
Business current transfer payments (net) ....................................................................
Corporate profits with inventory valuation and capital consumption adjustments .......
Taxes on corporate income ......................................................................................
Profits after tax with inventory valuation and capital consumption adjustments ......
Net dividends .......................................................................................................
Undistributed profits with inventory valuation and capital consumption
adjustments ......................................................................................................
Addenda:
Profits before tax (without inventory valuation and capital consumption adjustments)....
Profits after tax (without inventory valuation and capital consumption adjustments).......
Inventory valuation adjustment........................................................................................
Capital consumption adjustment .....................................................................................

6,990.5
878.8
6,111.7
4,435.3
3,684.9
750.5
615.3
1,061.1
271.3
66.2
723.5
226.4
497.1
482.8

6,625.2
879.0
5,746.3
4,193.6
3,441.0
752.5
590.2
962.5
220.1
79.1
663.3
170.3
492.9
511.4

6,932.9
876.2
6,056.7
4,288.9
3,511.2
777.7
611.7
1,156.1
203.0
78.9
874.2
282.1
592.1
521.3

6,804.4
868.2
5,936.2
4,205.1
3,437.6
767.6
604.8
1,126.3
208.3
77.5
840.4
265.2
575.3
515.5

6,923.0
872.9
6,050.0
4,271.7
3,496.1
775.6
609.0
1,169.3
202.3
78.3
888.6
287.4
601.1
499.1

6,986.2
877.5
6,108.6
4,327.3
3,545.5
781.8
613.4
1,167.9
199.2
79.8
888.9
293.6
595.3
538.7

7,018.3
886.2
6,132.1
4,351.4
3,565.5
786.0
619.6
1,161.0
202.2
80.0
878.8
282.3
596.5
531.7

7,126.3
897.1
6,229.2
4,399.2
3,601.9
797.4
621.7
1,208.3
204.0
79.7
924.6
313.9
610.7
498.7

14.4

–18.5

70.8

59.7

102.0

56.6

64.8

112.0

782.0
555.6
–44.1
–14.4

706.4
536.1
11.9
–55.1

1,029.4
747.3
–44.9
–110.3

1,021.8
756.6
–36.4
–144.9

1,037.5
750.1
–3.5
–145.4

1,069.7
776.1
–36.4
–144.4

988.6
706.3
–103.2
–6.5

1,117.3
803.4
–105.0
–87.7

6,486.0
844.9
5,641.2

6,541.1
852.3
5,688.8

6,639.5
860.5
5,779.0

Billions of chained (2005) dollars
1

Gross value added of nonfinancial corporate business .....................................
Consumption of fixed capital 2.............................................................................................
Net value added 3................................................................................................................

6,520.3
819.9
5,700.4

6,141.7
830.5
5,311.2

6,490.0
842.3
5,647.7

6,431.3
833.6
5,597.7

6,501.5
838.4
5,663.1

Dollars; quarters seasonally adjusted
Price, costs, and profits per unit of real gross value added of nonfinancial
corporate business:
Price per unit of real gross value added of nonfinancial corporate business 4 ......
Compensation of employees (unit labor cost) .................................................................
Unit nonlabor cost............................................................................................................
Consumption of fixed capital........................................................................................
Taxes on production and imports less subsidies plus business current transfer
payments (net) .........................................................................................................
Net interest and miscellaneous payments ...................................................................
Corporate profits with inventory valuation and capital consumption adjustments (unit
profits from current production)....................................................................................
Taxes on corporate income..........................................................................................
Profits after tax with inventory valuation and capital consumption adjustments ..........

1.072
0.680
0.282
0.135

1.079
0.683
0.288
0.143

1.068
0.661
0.272
0.135

1.058
0.654
0.273
0.135

1.065
0.657
0.271
0.134

1.077
0.667
0.273
0.135

1.073
0.665
0.273
0.135

1.073
0.663
0.272
0.135

0.105
0.042

0.109
0.036

0.106
0.031

0.106
0.032

0.106
0.031

0.107
0.031

0.107
0.031

0.106
0.031

0.111
0.035
0.076

0.108
0.028
0.080

0.135
0.043
0.091

0.131
0.041
0.089

0.137
0.044
0.092

0.137
0.045
0.092

0.134
0.043
0.091

0.139
0.047
0.092

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010.
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the corresponding series, divided
by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
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
IV

Ir

II

III

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
9.2
1.8
0.8
0.5
–7.9
1.2 –13.7
25.0 –11.6 73.2
2.1
3.5
0.6
65.1 72.8 10.1
2.3
2.8
1.8
5.8 –14.4 –38.6
3.8
4.4
3.2
1.2
3.8
1.2

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
2.3
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
1.4
4.0
1.3

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2010.
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. Includes changes due to the incorporation of revised wage and salary estimates for the fourth quarter of 2010.
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.