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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 27, 2012 BEA 12-17 Lisa Mataloni: (202) 606-5304 (GDP) Recorded message: (202) 606-5306 gdpniwd@bea.gov GROSS DOMESTIC PRODUCT: FIRST QUARTER 2012 (ADVANCE ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.2 percent in the first quarter of 2012 (that is, from the fourth quarter to the first quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2011, real GDP increased 3.0 percent. The Bureau emphasized that the first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The "second" estimate for the first quarter, based on more complete data, will be released on May 31, 2012. The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, private inventory investment, and residential fixed investment that were partly offset by negative contributions from federal government spending, nonresidential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in the first quarter primarily reflected a deceleration in private inventory investment and a downturn in nonresidential fixed investment that were partly offset by accelerations in PCE and in exports. Annual Revision of the National Income and Product Accounts The annual revision of the national income and product accounts (NIPAs), covering the first quarter of 2009 through the first quarter of 2012, will be released along with the "advance" estimate of GDP for the second quarter of 2012 on July 27, 2012. The August Survey of Current Business will contain an article that describes the annual revision in detail. NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. - more - -2- Motor vehicle output added 1.12 percentage points to the first-quarter change in real GDP after adding 0.47 percentage point to the fourth-quarter change. Final sales of computers added 0.05 percentage point to the first-quarter change in real GDP after adding 0.12 percentage point to the fourthquarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 2.4 percent in the first quarter, compared with an increase of 1.1 percent in the fourth. Excluding food and energy prices, the price index for gross domestic purchases increased 2.2 percent in the first quarter, compared with an increase of 1.2 percent in the fourth. Real personal consumption expenditures increased 2.9 percent in the first quarter, compared with an increase of 2.1 percent in the fourth. Durable goods increased 15.3 percent, compared with an increase of 16.1 percent. Nondurable goods increased 2.1 percent, compared with an increase of 0.8 percent. Services increased 1.2 percent, compared with an increase of 0.4 percent. Real nonresidential fixed investment decreased 2.1 percent in the first quarter, in contrast to an increase of 5.2 percent in the fourth. Nonresidential structures decreased 12.0 percent, compared with a decrease of 0.9 percent. Equipment and software increased 1.7 percent, compared with an increase of 7.5 percent. Real residential fixed investment increased 19.1 percent, compared with an increase of 11.6 percent. Real exports of goods and services increased 5.4 percent in the first quarter, compared with an increase of 2.7 percent in the fourth. Real imports of goods and services increased 4.3 percent, compared with an increase of 3.7 percent. Real federal government consumption expenditures and gross investment decreased 5.6 percent in the first quarter, compared with a decrease of 6.9 percent in the fourth. National defense decreased 8.1 percent, compared with a decrease of 12.1 percent. Nondefense decreased 0.6 percent, in contrast to an increase of 4.5 percent. Real state and local government consumption expenditures and gross investment decreased 1.2 percent, compared with a decrease of 2.2 percent. The change in real private inventories added 0.59 percentage point to the first-quarter change in real GDP after adding 1.81 percentage points to the fourth-quarter change. Private businesses increased inventories $69.5 billion in the first quarter, following an increase of $52.2 billion in the fourth quarter and a decrease of $2.0 billion in the third. Real final sales of domestic product -- GDP less change in private inventories -- increased 1.6 percent in the first quarter, compared with an increase of 1.1 percent in the fourth. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.1 percent in the first quarter, compared with an increase of 3.1 percent in the fourth. - more - -3Disposition of personal income Current-dollar personal income increased $119.6 billion (3.7 percent) in the first quarter, compared with an increase of $105.3 billion (3.3 percent) in the fourth. Personal current taxes increased $38.6 billion in the first quarter, compared with an increase of $21.1 billion in the fourth. Disposable personal income increased $81.0 billion (2.8 percent) in the first quarter, compared with an increase of $84.2 billion (2.9 percent) in the fourth. Real disposable personal income increased 0.4 percent, compared with an increase of 1.7 percent. Personal outlays increased $145.9 billion (5.3 percent) in the first quarter, compared with an increase of $86.4 billion (3.1 percent) in the fourth. Personal saving -- disposable personal income less personal outlays -- was $466.0 billion in the first quarter, compared with $530.8 billion in the fourth. The personal saving rate -- saving as a percentage of disposable personal income -- was 3.9 percent in the first quarter, compared with 4.5 percent in the fourth. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.8 percent, or $142.4 billion, in the first quarter to a level of $15,461.8 billion. In the fourth quarter, current-dollar GDP also increased 3.8 percent, or $143.3 billion. Information on the assumptions used for unavailable source data is provided in a technical note that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed "Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an analysis of the current quarterly estimate of GDP and related series is made available on the Web site; click on Survey of Current Business, "GDP and the Economy." 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 -- May 31, 2012, at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2012 (Second Estimate) Corporate Profits: First Quarter 2012 (Preliminary Estimate) - more - -4Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source data that are incomplete or subject to further revision by the source agency, are released near the end of the first month after the end of the quarter; as more detailed and more comprehensive data become available, "second" and "third" estimates are released near the end of the second and third months, respectively. The "latest" estimates reflect the results of both annual and comprehensive revisions. Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.2 percentage point, which is larger than the average revisions from the advance estimate to the second or to the third estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than four-fifths of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages compared Average Average without regard to sign Standard deviation of revisions without regard to sign Current-dollar GDP Advance to second.... Advance to third........ Second to third........... 0.2 .2 .0 0.6 .7 .3 0.4 .4 .2 Advance to latest....... .3 1.2 1.0 Real GDP Advance to second..... Advance to third......... Second to third............ 0.1 .1 .0 0.5 .6 .2 0.4 .5 .2 Advance to latest........ .2 1.3 1.0 NOTE. These comparisons are based on the period from 1983 through 2008. - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2009 2010 2011 2008 II III 2009 IV I II 2010 III IV I II 2011 III IV I II 2012 III IV I Gross domestic product (GDP) ... –3.5 3.0 1.7 1.3 –3.7 –8.9 –6.7 –0.7 1.7 3.8 3.9 3.8 2.5 2.3 0.4 1.3 1.8 3.0 2.2 Personal consumption expenditures ..... –1.9 2.0 2.2 –0.1 –3.8 –5.1 –1.5 –1.9 2.3 0.4 2.7 2.9 2.6 3.6 2.1 0.7 1.7 2.1 2.9 Goods..................................................... –3.0 4.3 3.7 0.5 –7.7 –12.6 0.1 –2.3 7.6 0.5 6.4 3.8 4.8 8.3 4.7 –1.6 1.4 5.4 6.2 Durable goods .................................... –5.4 7.2 8.2 –2.9 –12.3 –25.4 2.4 –4.0 20.3 –4.8 9.9 7.8 8.8 17.2 11.7 –5.3 5.7 16.1 15.3 Nondurable goods .............................. –1.8 2.9 1.7 2.3 –5.4 –5.8 –1.0 –1.5 2.0 3.1 4.8 1.9 3.0 4.3 1.6 0.2 –0.5 0.8 2.1 Services.................................................. –1.4 0.9 1.4 –0.5 –1.7 –1.2 –2.3 –1.7 –0.1 0.4 1.0 2.5 1.6 1.3 0.8 1.9 1.9 0.4 1.2 Gross private domestic investment........ –25.0 17.9 4.8 –6.0 –16.5 –33.9 –46.7 –22.8 2.9 36.8 31.5 26.4 9.2 –7.1 3.8 6.4 1.3 22.1 6.0 Fixed investment..................................... –18.8 2.6 6.8 –5.2 –12.3 –25.2 –32.2 –17.0 0.7 –3.8 1.2 19.5 2.3 7.5 1.2 9.2 13.0 6.3 1.4 Nonresidential..................................... –17.8 4.4 8.8 –2.3 –9.9 –22.9 –31.3 –15.8 –3.3 –3.7 6.0 18.6 11.3 8.7 2.1 10.3 15.7 5.2 –2.1 Structures........................................ –21.2 –15.8 4.6 9.4 –3.7 –10.2 –32.1 –33.3 –20.1 –30.8 –24.7 7.5 4.2 10.5 –14.3 22.6 14.4 –0.9 –12.0 Equipment and software ................. –16.0 14.6 10.4 –7.9 –13.1 –29.3 –30.8 –4.2 6.4 11.7 21.7 23.2 14.1 8.1 8.7 6.2 16.2 7.5 1.7 Residential .......................................... –22.2 –4.3 –1.3 –14.5 –20.0 –33.2 –35.4 –21.3 17.8 –3.8 –15.3 22.8 –27.7 2.5 –2.4 4.2 1.3 11.6 19.1 Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Exports ................................................... –9.4 11.3 6.7 12.7 –3.5 –21.4 –29.0 –0.5 13.9 23.5 7.2 10.0 10.0 7.8 7.9 3.6 4.7 2.7 5.4 Goods ................................................. –12.0 14.4 7.4 14.1 –2.4 –27.4 –34.9 –2.9 21.3 28.4 12.1 11.8 8.9 9.2 10.6 2.5 5.0 3.6 4.1 Services.............................................. –3.5 5.0 4.9 9.5 –6.2 –5.6 –14.7 4.7 0.1 13.7 –2.7 6.1 12.6 4.7 1.7 6.2 4.0 0.4 8.6 Imports ................................................... –13.6 12.5 4.9 –2.5 –6.6 –14.9 –34.0 –15.0 16.3 17.4 12.5 21.6 12.3 –2.3 8.3 1.4 1.2 3.7 4.3 Goods ................................................. –15.6 14.8 5.7 –2.2 –9.1 –18.5 –37.1 –17.9 19.6 21.8 14.4 26.0 12.4 –0.5 9.5 1.6 0.5 3.3 3.0 Services.............................................. –3.5 2.9 1.1 –4.2 8.2 5.6 –19.3 –2.5 4.2 0.4 4.6 3.3 11.6 –10.4 2.2 0.4 4.8 5.6 11.0 Government consumption expenditures and gross investment........................... 1.7 0.7 –2.1 1.7 4.3 1.6 –1.7 5.9 1.3 –0.9 –1.2 3.7 1.0 –2.8 –5.9 –0.9 –0.1 –4.2 –3.0 Federal ................................................... 6.0 4.5 –1.9 4.9 11.7 9.1 –3.3 14.4 5.9 2.2 2.8 8.8 3.2 –3.0 –9.4 1.9 2.1 –6.9 –5.6 National defense................................. 5.8 3.3 –2.3 5.4 17.6 8.3 –7.5 16.3 8.2 –1.3 0.5 6.0 5.7 –5.9 –12.6 7.0 5.0 –12.1 –8.1 Nondefense ........................................ 6.5 7.1 –1.2 3.9 –0.1 10.9 6.5 10.4 1.0 9.9 7.8 14.7 –1.8 3.1 –2.7 –7.6 –3.8 4.5 –0.6 State and local........................................ –0.9 –1.8 –2.2 –0.1 0.1 –2.8 –0.8 0.9 –1.5 –2.9 –3.9 0.4 –0.5 –2.7 –3.4 –2.8 –1.6 –2.2 –1.2 Addenda: Final sales of domestic product.............. –2.6 1.4 2.0 1.5 –3.0 –7.4 –4.2 –0.2 1.4 –0.2 0.8 3.0 1.7 4.2 0.0 1.6 3.2 1.1 1.6 Gross domestic purchases..................... –4.4 3.4 1.6 –0.7 –4.2 –8.3 –8.6 –2.8 2.2 3.5 4.8 5.6 3.1 0.9 0.7 1.0 1.3 3.1 2.1 Final sales to domestic purchasers ........ –3.6 1.8 1.8 –0.5 –3.6 –6.9 –6.2 –2.3 1.9 –0.3 1.7 4.9 2.3 2.7 0.4 1.3 2.7 1.3 1.6 Gross national product (GNP) ................ –3.6 3.3 2.1 1.3 –3.2 –10.8 –6.2 –0.5 2.3 4.0 3.8 4.5 2.8 1.7 1.5 2.2 1.9 1.8 ........... Disposable personal income .................. –2.3 1.8 1.3 8.2 –8.8 –0.2 –3.8 0.3 –5.4 –0.6 4.9 5.6 2.3 1.5 1.2 –0.5 0.7 1.7 0.4 Current-dollar measures: GDP .................................................... –2.5 4.2 3.9 4.0 –0.6 –8.4 –5.2 –1.1 1.9 4.9 5.5 5.4 3.9 4.2 3.1 4.0 4.4 3.8 3.8 Final sales of domestic product .......... –1.6 2.6 4.1 4.0 0.2 –7.4 –2.5 –0.5 1.8 1.0 2.3 4.5 3.1 6.1 2.5 4.2 5.9 2.0 3.2 Gross domestic purchases ................. –4.5 5.0 4.2 3.9 –0.3 –12.0 –10.4 –2.4 3.9 5.6 7.0 6.2 4.0 2.9 4.9 4.5 3.3 4.3 4.6 Final sales to domestic purchasers .... –3.7 3.3 4.3 3.9 0.4 –11.0 –7.9 –1.8 3.7 1.9 3.8 5.3 3.2 4.8 4.3 4.7 4.7 2.5 4.0 GNP .................................................... –2.6 4.4 4.2 4.1 –0.1 –10.4 –4.8 –0.9 2.6 5.1 5.4 6.1 4.1 3.5 4.2 4.8 4.5 2.7 ........... Disposable personal income............... –2.1 3.6 3.8 13.1 –4.9 –5.8 –5.4 2.2 –2.6 2.2 6.8 5.9 3.3 3.5 5.2 2.8 3.1 2.9 2.8 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 2009 2010 2011 2008 II Percent change at annual rate: Gross domestic product ................................. Percentage points at annual rates: Personal consumption expenditures .................... Goods ................................................................... Durable goods ................................................... Motor vehicles and parts................................ Furnishings and durable household equipment .................................................. Recreational goods and vehicles ................... Other durable goods ...................................... Nondurable goods ............................................. Food and beverages purchased for offpremises consumption ............................... Clothing and footwear .................................... Gasoline and other energy goods.................. Other nondurable goods ................................ Services................................................................ Household consumption expenditures (for services) ........................................................ Housing and utilities....................................... Health care..................................................... Transportation services.................................. Recreation services ....................................... Food services and accommodations ............. Financial services and insurance................... Other services................................................ Final consumption expenditures of nonprofit institutions serving households...................... Gross output of nonprofit institutions ............. Less: Receipts from sales of goods and services by nonprofit institutions ................ Gross private domestic investment................... Fixed investment.............................................. Nonresidential ................................................ Structures................................................... Equipment and software ............................ Information processing equipment and software .............................................. Computers and peripheral equipment Software.............................................. Other................................................... Industrial equipment ............................... Transportation equipment....................... Other equipment..................................... Residential ..................................................... Change in private inventories......................... Farm............................................................... Nonfarm ......................................................... Net exports of goods and services.................... Exports ............................................................. Goods ............................................................ Services ......................................................... Imports ............................................................. Goods ............................................................ Services ......................................................... Government consumption expenditures and gross investment ............................................. Federal.............................................................. National defense ............................................ Consumption expenditures......................... Gross investment ....................................... Nondefense.................................................... Consumption expenditures......................... Gross investment ....................................... State and local ................................................. Consumption expenditures......................... Gross investment ....................................... Addenda: Goods ................................................................ Services............................................................. Structures .......................................................... Motor vehicle output .......................................... Final sales of computers.................................... See “Explanatory Note” at the end of the tables. IV I II –3.7 –8.9 –6.7 –0.7 III –1.32 –0.69 –0.41 –0.17 1.44 0.99 0.53 0.05 –0.15 –0.04 –0.06 –0.28 0.13 0.27 0.07 0.46 –0.07 –0.11 0.01 –0.10 –0.63 0.13 0.08 0.05 –0.25 –0.51 –0.10 0.26 0.20 0.20 0.13 0.07 0.25 –0.23 –0.32 –0.07 –0.17 0.09 0.10 0.00 –0.12 –0.15 –0.41 0.27 0.14 –0.10 –0.06 –0.01 0.20 0.24 0.21 0.00 –0.36 –0.12 –0.22 0.08 0.19 0.46 0.66 –0.20 –0.78 –0.49 –1.07 –0.76 –0.04 0.21 0.03 0.12 III IV I II III IV I 3.8 2.5 2.3 0.4 1.3 1.8 3.0 2.2 1.53 –0.08 –2.67 –3.53 –1.02 –1.28 0.87 0.12 –1.89 –3.04 0.05 –0.52 0.60 –0.23 –1.01 –2.12 0.19 –0.29 0.19 –0.58 –0.53 –0.98 0.35 –0.10 1.66 0.33 1.70 0.12 1.39 –0.36 0.92 –0.79 1.92 1.45 0.70 –0.02 2.05 0.87 0.56 0.16 1.85 1.09 0.63 0.19 2.48 1.87 1.20 0.76 1.47 1.10 0.85 0.37 0.49 –0.38 –0.42 –0.74 1.24 0.33 0.42 0.04 1.47 1.29 1.16 0.83 2.04 1.47 1.13 0.68 0.09 0.07 0.26 0.30 0.06 –0.02 0.27 0.35 0.08 0.13 0.34 0.33 0.04 –0.03 0.31 0.48 0.22 0.32 0.18 0.75 0.17 0.21 0.02 0.30 0.06 0.27 0.11 0.47 0.14 0.24 0.05 0.67 0.06 0.32 0.10 0.25 0.05 0.20 0.07 0.04 0.09 0.26 0.03 –0.09 0.15 0.27 –0.09 0.13 0.17 0.14 0.14 0.35 0.15 –0.14 0.26 0.15 0.09 0.01 0.24 0.29 0.47 1.18 0.18 0.01 0.02 0.26 0.75 –0.02 0.09 0.09 0.13 –3.61 1.96 –2.77 0.32 –2.05 0.42 –0.85 –0.51 –1.20 0.93 0.11 0.60 0.81 0.84 0.12 0.72 0.35 0.16 0.05 0.14 0.08 0.36 0.14 –0.11 1.64 0.00 1.64 –0.51 1.31 1.12 0.19 –1.82 –1.74 –0.08 II 2012 3.9 0.02 0.15 –0.14 –0.02 –0.01 –0.11 –0.28 –0.53 –0.25 –0.72 –0.84 –0.02 –0.82 1.11 –1.18 –1.04 –0.13 2.29 2.19 0.10 I 2011 3.8 0.23 0.10 0.11 0.02 0.15 0.22 0.13 –0.03 –0.21 –0.04 –0.17 0.05 0.86 0.67 0.19 –0.81 –0.78 –0.03 –0.25 –0.15 –0.08 –0.89 –0.35 –0.21 –0.12 –0.51 0.07 –0.11 –0.29 –0.01 0.04 –0.92 –0.15 –0.23 –0.32 –0.92 –0.80 –0.94 –0.59 –0.01 –0.18 0.48 0.13 0.05 0.31 0.19 0.02 0.21 0.41 –0.16 –0.20 –0.33 –0.25 –0.11 –0.05 –0.19 –0.18 –0.07 –0.09 0.08 –0.17 –0.23 –0.24 –0.17 –0.24 –0.17 –0.59 –0.59 –0.41 –0.24 –0.18 0.02 –0.13 –0.27 0.12 0.22 0.14 0.22 0.31 –0.13 0.22 0.02 –0.17 0.06 1.7 IV 3.0 0.68 0.01 0.24 0.01 0.08 0.17 0.08 0.09 1.3 III 2010 –3.5 –0.66 0.43 0.13 0.12 0.21 0.16 –0.19 0.02 –0.11 0.05 –0.15 0.14 –0.43 –0.07 –0.12 0.02 1.7 2009 –0.10 0.06 0.17 0.16 0.25 0.12 –0.08 –0.01 –0.09 0.05 –0.03 0.01 –0.28 –0.30 –0.03 0.03 0.06 0.14 0.14 0.17 1.11 0.89 0.76 0.35 0.07 0.30 –0.10 –0.19 0.45 0.28 0.49 0.06 0.08 0.05 0.00 –0.01 0.11 0.20 –0.03 –0.05 0.18 0.13 0.16 0.30 0.12 –0.16 0.05 0.23 0.10 0.09 0.19 0.02 0.85 0.09 0.32 0.00 0.23 0.05 0.07 0.09 0.73 0.35 –0.07 0.01 0.19 0.12 0.19 –0.05 0.20 0.48 –0.41 –0.23 0.25 0.07 0.00 0.03 –0.04 0.07 0.25 0.20 –0.16 0.23 0.31 0.11 0.05 –0.09 0.07 0.44 –0.14 0.14 –0.15 0.01 0.27 –0.13 0.01 0.10 0.18 –0.02 –0.01 0.24 0.37 2.92 2.12 1.62 0.18 1.45 0.28 1.14 0.28 1.04 0.10 0.94 0.43 –0.15 –0.91 0.47 0.88 0.15 0.82 0.20 0.26 –0.40 0.56 0.60 0.09 0.79 1.07 0.98 0.54 0.44 –0.20 0.17 1.52 1.49 0.37 1.12 0.25 0.07 2.59 0.77 0.78 0.18 0.53 –0.22 –0.02 –0.35 0.55 0.13 0.01 –0.05 0.04 0.02 0.14 0.30 0.15 –0.06 0.32 –0.09 0.41 –0.34 1.01 0.94 0.07 –1.35 –1.29 –0.06 0.32 0.27 0.14 –0.09 –0.01 0.14 –0.01 0.09 –0.28 –0.02 –0.26 0.24 0.48 0.24 0.24 –0.24 –0.23 –0.01 0.04 0.08 0.14 –0.18 0.36 0.30 0.42 0.03 –1.35 0.11 –1.46 0.43 0.64 0.48 0.16 –0.21 –0.08 –0.13 0.35 0.10 0.17 0.07 0.22 0.19 –0.21 0.25 1.81 0.01 1.80 –0.26 0.37 0.36 0.02 –0.63 –0.48 –0.15 0.02 –0.12 0.16 –0.02 –0.17 0.18 0.10 0.40 0.59 0.00 0.59 –0.01 0.73 0.39 0.34 –0.74 –0.44 –0.30 –1.23 –0.82 –0.74 –0.36 –0.38 –0.08 –0.06 –0.02 –0.41 0.00 –0.41 –0.18 –0.02 0.16 0.17 0.37 0.27 0.42 0.19 –0.04 0.08 –0.22 –0.10 –0.20 –0.12 –0.02 0.01 –0.34 –0.19 –0.14 –0.20 –0.20 0.01 –0.84 –0.58 –0.70 –0.58 –0.12 0.12 0.14 –0.02 –0.26 –0.28 0.02 –0.60 –0.46 –0.44 –0.28 –0.17 –0.01 –0.01 0.00 –0.14 –0.06 –0.09 –0.09 –5.59 –4.05 –2.84 –0.41 –2.43 0.15 0.23 0.08 0.02 –0.14 –7.76 –2.84 0.35 3.51 3.25 –5.09 –2.26 0.13 –0.42 0.15 –3.90 –1.66 –0.29 –0.33 0.56 –1.47 –1.41 –0.71 –1.07 –0.76 –2.43 –0.25 0.42 0.74 1.32 0.01 0.05 0.01 –0.06 –0.04 –0.63 0.03 –0.55 –0.14 0.32 –0.46 2.00 1.56 1.21 0.35 0.44 0.31 0.13 –0.80 –0.22 –0.09 –0.49 –0.23 –0.99 –0.41 –1.21 –1.54 –0.08 –1.46 –0.12 –2.97 –2.75 –0.21 2.84 2.98 –0.14 –0.28 –0.04 –0.11 –0.13 –0.73 –0.97 –0.44 –1.19 –2.66 –0.06 –2.60 2.44 –3.82 –3.25 –0.57 6.26 5.63 0.63 0.15 0.06 0.09 0.00 –0.20 0.15 –0.35 –0.60 –0.58 –0.03 –0.55 2.21 –0.02 –0.20 0.18 2.24 2.15 0.09 0.34 0.14 –0.44 0.34 0.85 0.35 –0.33 1.21 0.45 0.37 –0.17 0.35 0.84 0.69 –0.25 1.09 0.30 0.18 –0.13 0.27 0.85 0.44 –0.40 0.84 0.25 0.14 –0.05 –0.05 0.69 0.37 –0.23 0.64 0.05 0.04 –0.08 0.32 0.15 0.07 –0.17 0.20 0.16 0.19 –0.03 0.09 –0.01 0.25 0.15 0.25 0.14 0.14 –0.04 0.06 –0.03 0.23 0.17 0.26 0.01 0.05 0.00 0.03 0.02 0.02 –0.02 0.00 –0.11 –0.23 –0.28 –0.01 0.01 –0.34 –0.08 0.12 –0.07 –0.13 –0.12 –0.13 0.02 –0.10 –0.04 –0.03 –0.05 –0.10 –0.16 0.12 –0.01 –0.24 –0.05 0.15 –1.56 3.01 1.24 1.14 –2.32 –6.83 –2.82 –0.34 0.72 0.62 0.15 –0.55 –0.35 –1.11 –1.59 –0.69 –0.12 0.02 –0.79 –1.72 –2.73 –0.55 0.49 0.28 –0.74 –0.70 –1.73 –1.32 0.01 0.10 0.16 0.15 –0.01 0.02 0.09 0.48 0.54 0.18 0.13 0.34 0.07 0.06 0.12 –0.06 0.30 0.08 0.17 –0.07 0.00 0.02 0.04 0.21 0.75 –0.04 0.00 0.36 0.42 –0.10 –0.41 0.21 3.93 3.10 –0.12 0.13 0.17 0.33 3.80 2.92 –0.59 0.15 –0.97 1.49 2.51 0.86 1.48 2.01 0.96 0.01 0.49 –0.10 –2.08 –2.36 –1.83 –1.98 –2.36 –1.71 –0.10 0.00 –0.12 0.28 0.48 0.45 0.38 0.07 0.03 –0.03 0.05 –0.19 –0.15 –0.04 0.38 0.23 0.03 0.12 0.39 0.47 0.21 0.50 0.79 –0.11 0.90 –1.94 1.19 0.97 0.23 –3.13 –3.05 –0.08 0.31 0.39 0.06 0.14 0.12 0.14 0.13 0.11 0.09 0.11 0.34 0.00 0.20 0.05 –0.76 0.06 0.86 –1.79 –0.20 0.01 1.06 –1.80 –0.68 1.37 1.21 0.98 0.75 0.79 0.46 0.18 –1.89 0.39 –1.58 0.08 –0.31 0.31 –0.18 –0.26 0.77 0.20 0.18 0.23 0.71 0.26 –0.07 0.03 0.33 0.31 0.04 –0.01 0.23 0.26 –0.11 0.04 0.10 0.05 0.25 0.21 0.38 –0.05 0.20 0.17 0.29 –0.06 0.05 0.04 0.09 0.01 –0.37 –0.49 0.05 –0.06 –0.09 –0.18 –0.14 –0.13 –0.27 –0.32 0.20 0.07 0.82 1.91 4.44 0.37 0.07 0.84 –1.88 –0.29 –1.48 0.26 1.48 0.20 –0.08 –0.06 0.02 –0.07 0.09 0.08 0.15 –0.08 –0.14 0.19 0.25 0.19 0.57 0.42 0.07 –0.28 0.06 0.07 0.35 0.20 –0.04 0.10 0.08 –0.94 –2.63 –0.80 –1.91 –0.25 –1.18 0.37 –0.14 –0.63 –1.04 –0.30 –0.14 0.02 –0.18 –0.08 –0.68 0.03 –0.73 –0.73 0.06 –0.79 0.79 –0.47 –0.22 –0.24 1.25 1.47 –0.21 0.25 0.04 0.06 –0.01 0.27 0.07 0.05 –0.19 –0.15 –0.17 –0.24 –0.04 0.30 0.30 0.16 0.15 0.61 0.36 0.87 0.90 5.19 0.23 –1.48 0.73 0.16 1.12 1.69 0.97 0.34 0.06 2.12 0.98 –0.59 0.33 0.29 –0.58 –0.26 –0.34 –0.40 0.06 0.09 0.06 0.02 –0.33 –0.11 –0.22 1.63 1.36 –0.17 0.65 –0.05 1.18 0.07 –0.95 0.33 –0.43 1.08 –0.10 0.29 0.08 0.07 0.62 0.81 0.38 0.12 0.22 0.09 0.17 3.49 1.98 –0.67 0.27 0.14 –0.04 0.47 1.12 0.12 0.05 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 2011 2011 Seasonally adjusted at annual rates 2012 2011 2011 Change from preceding period 20112 2011 2012 IV I 2011 I Gross domestic product ................................. Personal consumption expenditures .................... Goods ................................................................... Durable goods ................................................... Motor vehicles and parts................................ Furnishings and durable household equipment .................................................. Recreational goods and vehicles ................... Other durable goods ...................................... Nondurable goods ............................................. Food and beverages purchased for offpremises consumption ............................... Clothing and footwear .................................... Gasoline and other energy goods.................. Other nondurable goods ................................ Services................................................................ Household consumption expenditures (for services) ........................................................ Housing and utilities....................................... Health care..................................................... Transportation services.................................. Recreation services ....................................... Food services and accommodations ............. Financial services and insurance................... Other services................................................ Final consumption expenditures of nonprofit institutions serving households...................... Gross output of nonprofit institutions ............. Less: Receipts from sales of goods and services by nonprofit institutions ................ Gross private domestic investment....................... Fixed investment ................................................. Nonresidential.................................................... Structures....................................................... Equipment and software ................................ Information processing equipment and software .................................................. Computers and peripheral equipment .... Software ................................................. Other ...................................................... Industrial equipment................................... Transportation equipment........................... Other equipment ........................................ Residential ......................................................... Change in private inventories ............................ Farm .................................................................. Nonfarm ............................................................. Net exports of goods and services ....................... Exports ................................................................. Goods ................................................................ Services............................................................. Imports ................................................................. Goods ................................................................ Services............................................................. Government consumption expenditures and gross investment ................................................. Federal.................................................................. National defense................................................ Consumption expenditures ............................ Gross investment ........................................... Nondefense ....................................................... Consumption expenditures ............................ Gross investment ........................................... State and local ..................................................... Consumption expenditures ................................ Gross investment............................................... Residual .................................................................... Addenda: Final sales of domestic product............................. Gross domestic purchases.................................... Final sales to domestic purchasers ....................... Gross domestic product ..................................... Plus: Income receipts from the rest of the world ... Less: Income payments to the rest of the world .... Equals: Gross national product ......................... Net domestic product............................................. II III IV I I II III IV I 15,094.0 14,867.8 15,012.8 15,176.1 15,319.4 15,461.8 13,315.1 13,227.9 13,271.8 13,331.6 13,429.0 13,502.4 10,726.0 10,571.7 10,676.0 10,784.5 10,871.6 11,014.5 9,421.3 9,376.7 9,392.7 9,433.5 9,482.1 9,550.2 3,646.6 3,592.2 3,622.7 3,661.2 3,710.1 3,789.5 3,351.4 3,344.4 3,331.2 3,342.7 3,387.2 3,438.5 1,162.9 1,154.5 1,143.8 1,158.3 1,194.9 1,234.9 1,285.4 1,277.4 1,260.2 1,277.8 1,326.5 1,374.5 378.6 383.0 363.4 368.7 399.1 424.7 356.7 368.2 342.1 343.5 372.8 397.1 227.1 200.4 120.7 97.1 26.6 97.4 48.6 44.5 48.7 29.3 73.4 68.1 51.3 48.0 24.3 253.4 344.6 186.3 2,483.7 248.3 340.5 182.7 2,437.8 251.2 342.5 186.7 2,478.9 254.9 345.8 188.8 2,503.0 259.1 349.6 187.1 2,515.2 266.8 350.3 193.1 2,554.5 274.3 515.1 163.0 2,075.8 269.3 495.9 161.4 2,075.4 271.4 506.5 163.8 2,076.6 275.1 521.2 164.9 2,073.7 281.2 536.8 162.0 2,077.6 288.3 545.1 166.6 2,088.5 14.2 55.5 8.1 34.5 6.1 15.6 –2.9 3.9 7.1 8.3 4.6 10.9 808.6 350.3 428.2 896.6 7,079.4 792.0 344.5 420.2 881.1 6,979.4 806.7 348.6 431.5 892.1 7,053.3 815.8 352.2 434.5 900.6 7,123.2 819.9 356.1 426.8 912.5 7,161.5 825.8 364.0 437.0 927.8 7,225.1 683.0 351.3 269.0 782.4 6,076.1 682.1 352.8 274.2 774.4 6,039.1 684.1 354.7 268.5 779.6 6,067.0 683.9 347.5 267.5 784.5 6,096.1 681.7 350.3 265.7 790.9 6,102.1 684.5 356.0 262.4 799.1 6,120.6 9.9 10.3 –12.3 31.7 84.3 –2.2 2.8 –1.8 6.4 6.0 2.8 5.7 –3.3 8.2 18.5 6,794.9 1,921.3 1,730.4 305.1 400.5 680.1 804.8 952.7 6,700.0 1,901.7 1,708.1 302.1 387.9 663.7 795.7 940.7 6,771.6 1,913.3 1,729.5 304.6 398.6 673.9 803.1 948.5 6,834.4 1,937.7 1,734.4 305.6 407.3 685.6 811.9 952.0 6,873.5 1,932.6 1,749.3 308.3 408.2 697.0 808.7 969.4 6,929.2 1,930.4 1,756.3 311.7 416.0 710.7 822.9 981.3 5,799.7 1,670.6 1,472.8 251.4 351.6 572.5 678.0 802.7 5,765.9 1,666.0 1,464.3 251.4 343.0 567.6 674.7 798.8 5,793.2 1,669.1 1,474.5 251.2 350.6 569.1 676.9 801.8 5,816.6 1,680.4 1,472.3 251.4 357.0 572.8 682.8 800.1 5,823.0 1,667.0 1,480.2 251.4 355.8 580.6 677.7 810.0 5,838.4 1,659.2 1,482.5 252.4 358.2 586.8 685.2 813.5 85.7 1.4 29.9 1.2 10.2 21.5 10.2 11.0 6.4 –13.4 7.9 0.0 –1.2 7.8 –5.1 9.9 15.4 –7.8 2.3 1.0 2.4 6.2 7.5 3.5 284.5 1,157.6 279.4 1,143.5 281.7 1,154.9 288.8 1,159.8 288.0 1,172.3 295.8 1,186.0 277.8 1,001.3 274.3 997.2 274.9 1,000.6 281.3 999.8 280.7 1,007.6 284.2 1,013.1 –2.2 12.1 –0.6 7.8 3.5 5.5 873.2 1,916.2 1,870.0 1,532.5 409.5 1,123.0 864.0 1,853.1 1,791.1 1,460.5 379.5 1,081.0 873.2 1,895.3 1,841.7 1,506.0 405.2 1,100.8 871.0 1,906.6 1,905.8 1,568.7 424.8 1,143.9 884.3 2,010.1 1,941.4 1,594.8 428.3 1,166.5 890.2 2,044.9 1,952.8 1,592.1 417.5 1,174.6 723.7 1,797.3 1,761.0 1,435.5 323.2 1,125.7 722.8 1,750.9 1,699.0 1,378.9 305.9 1,086.9 725.5 1,778.4 1,736.7 1,413.2 321.9 1,103.5 719.3 1,784.2 1,790.4 1,465.6 332.9 1,145.7 727.2 1,875.7 1,817.9 1,484.2 332.1 1,166.6 729.6 1,903.0 1,824.3 1,476.2 321.7 1,171.5 13.4 82.4 112.6 116.3 14.1 106.3 7.9 91.5 27.5 18.6 –0.8 20.9 2.4 27.3 6.4 –8.0 –10.4 4.9 567.9 103.1 273.2 191.6 195.7 157.8 201.6 337.5 46.3 –7.7 54.0 –578.7 2,085.5 1,473.4 612.1 2,664.2 2,237.9 426.3 557.9 95.6 265.1 197.3 185.0 145.4 192.7 330.6 62.0 –9.4 71.4 –571.3 2,024.1 1,431.0 593.2 2,595.4 2,176.2 419.3 567.6 103.9 270.4 193.3 186.5 152.0 194.6 335.7 53.6 –9.9 63.5 –597.1 2,085.3 1,473.5 611.7 2,682.4 2,257.3 425.1 567.4 105.1 275.5 186.8 201.2 163.1 212.3 337.0 0.8 –5.6 6.4 –562.3 2,119.2 1,496.6 622.6 2,681.6 2,251.9 429.7 578.7 107.8 281.8 189.2 209.9 170.9 206.9 346.5 68.7 –5.8 74.5 –584.3 2,113.2 1,492.5 620.7 2,697.4 2,266.3 431.1 578.8 639.7 625.0 638.4 640.2 655.1 655.8 37.1 14.9 0.7 103.2 .............. .............. ............. .............. .............. .............. .............. ............. .............. 287.4 271.8 263.7 268.9 274.1 280.6 286.8 15.7 6.5 6.2 188.3 209.6 215.2 211.5 204.3 207.3 206.4 2.3 3.0 –0.9 204.7 165.2 158.1 157.7 169.0 176.1 170.7 18.6 7.1 –5.4 179.8 150.4 139.6 144.6 155.2 162.1 168.6 31.1 6.9 6.5 211.3 179.2 174.0 173.8 187.9 181.0 184.2 16.6 –6.9 3.2 360.7 326.3 321.1 324.4 325.4 334.5 349.4 –4.5 9.1 14.9 92.1 34.6 49.1 39.1 –2.0 52.2 69.5 –24.2 54.2 17.3 –6.4 –7.0 –7.8 –8.7 –6.0 –5.7 –5.9 –5.6 0.3 –0.2 98.5 44.3 59.7 51.0 5.5 60.8 79.2 –16.4 55.3 18.4 –621.6 –413.6 –424.4 –416.4 –402.8 –410.8 –410.1 8.2 –8.0 0.7 2,153.5 1,774.2 1,749.6 1,765.0 1,785.2 1,797.0 1,820.7 111.0 11.8 23.7 1,513.7 1,251.7 1,235.6 1,243.2 1,258.3 1,269.6 1,282.3 86.8 11.3 12.7 639.8 523.1 514.6 522.4 527.5 528.0 539.0 24.3 0.5 11.0 2,775.1 2,187.7 2,173.9 2,181.4 2,187.9 2,207.7 2,230.9 102.7 19.8 23.2 2,328.9 1,828.6 1,818.4 1,825.4 1,827.9 1,842.8 1,856.5 99.3 14.9 13.7 446.2 361.2 357.5 357.9 362.2 367.1 376.8 3.8 4.9 9.7 3,030.6 3,014.4 3,038.6 3,047.3 3,021.9 3,023.9 1,232.9 1,219.9 1,237.1 1,248.9 1,225.5 1,218.8 824.9 809.0 830.6 844.0 816.1 808.3 716.9 701.0 723.4 733.2 709.9 708.3 108.1 108.0 107.3 110.9 106.1 100.1 407.9 410.9 406.5 404.9 409.4 410.5 355.2 358.1 354.1 351.7 357.0 358.1 52.7 52.8 52.4 53.1 52.4 52.4 1,797.7 1,794.4 1,801.5 1,798.5 1,796.5 1,805.1 1,475.2 1,471.7 1,482.9 1,476.1 1,470.1 1,479.6 322.5 322.8 318.6 322.3 326.4 325.5 .............. ............... ............... ............... .............. .............. 15,047.7 15,672.8 15,626.5 15,094.0 779.3 533.8 15,339.5 13,143.9 14,805.8 15,439.1 15,377.1 14,867.8 752.1 525.0 15,094.9 12,953.5 14,959.2 15,609.9 15,556.3 15,012.8 803.2 542.0 15,274.0 13,072.9 15,175.3 15,738.4 15,737.6 15,176.1 792.2 524.9 15,443.4 13,213.2 15,250.7 15,903.6 15,834.9 15,319.4 769.7 543.4 15,545.6 13,336.0 15,369.7 16,083.3 15,991.2 15,461.8 .............. .............. .............. 13,458.4 2,502.7 1,055.0 701.6 602.2 99.6 353.4 302.9 50.9 1,453.8 1,199.1 255.4 –91.4 2,513.9 1,053.3 694.0 594.0 100.3 359.4 308.4 51.3 1,466.4 1,207.4 259.6 –74.8 2,508.2 1,058.3 705.9 607.1 98.8 352.4 302.1 50.6 1,456.1 1,203.2 253.6 –86.5 2,507.6 1,063.7 714.6 613.1 101.6 349.0 298.3 51.2 1,450.4 1,197.2 253.9 –94.7 2,481.2 1,044.7 691.9 594.5 97.5 352.8 302.7 50.4 1,442.4 1,188.6 254.4 –108.3 13,284.6 13,720.1 13,688.7 13,315.1 686.8 468.9 13,533.2 11,522.7 13,182.8 13,644.2 13,598.4 13,227.9 669.3 465.2 13,432.2 11,451.3 13,236.2 13,679.9 13,643.4 13,271.8 708.7 476.6 13,504.2 11,485.7 13,340.9 13,725.3 13,733.4 13,331.6 695.4 459.4 13,567.9 11,534.5 13,378.3 13,830.9 13,779.4 13,429.0 673.6 474.4 13,628.5 11,619.5 2,462.2 –54.1 –26.4 –19.0 1,029.7 –20.9 –19.0 –15.0 677.5 –16.7 –22.7 –14.4 585.7 –6.8 –18.6 –8.8 91.6 –10.6 –4.1 –5.9 352.3 –4.3 3.8 –0.5 302.3 –4.6 4.4 –0.4 50.4 0.5 –0.8 0.0 1,438.0 –33.2 –8.0 –4.4 1,186.8 –13.9 –8.6 –1.8 251.8 –18.9 0.5 –2.6 –115.8 .............. ............. .............. 13,432.1 13,904.1 13,833.1 13,502.4 .............. .............. .............. 11,680.6 255.7 219.7 248.0 227.1 52.6 7.5 272.2 189.4 37.4 53.8 105.6 73.2 46.0 53.7 97.4 73.4 –21.8 .............. 15.0 .............. 60.6 .............. 85.0 61.1 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 2009 2010 2011 2008 II III 2009 IV I II 2010 III IV I II 2011 III IV I II 2012 III IV I Gross domestic product (GDP) ....... 1.1 1.2 2.1 2.5 3.1 0.5 1.7 –0.4 0.3 1.1 1.5 1.5 1.4 1.9 2.5 2.5 2.6 0.9 1.5 Personal consumption expenditures ......... 0.2 1.8 2.5 4.5 4.3 –5.6 –1.7 1.9 3.0 2.8 1.9 0.3 1.0 1.9 3.9 3.3 2.3 1.2 2.4 Goods......................................................... –2.6 1.6 3.8 4.8 7.0 –17.8 –6.3 4.1 5.6 2.5 2.1 –3.4 0.8 3.4 8.0 5.1 2.9 0.0 2.5 Durable goods ........................................ –1.8 –1.7 –1.0 –2.7 –1.1 –3.5 –2.1 –0.1 –2.7 0.5 –2.1 –2.4 –2.5 –2.4 –0.6 1.7 –0.5 –2.5 –1.0 Nondurable goods .................................. –2.9 3.2 6.1 8.8 11.1 –23.8 –8.3 6.1 9.8 3.5 4.1 –3.9 2.4 6.2 12.4 6.7 4.5 1.2 4.2 Services...................................................... 1.6 1.9 1.8 4.4 3.0 1.2 0.6 0.9 1.8 2.9 1.7 2.2 1.1 1.2 1.9 2.4 2.1 1.8 2.3 Gross private domestic investment............ –1.0 –1.6 1.6 1.2 2.4 6.9 –2.2 –6.4 –5.8 –1.7 –1.2 0.0 0.9 1.7 2.1 2.2 1.1 1.4 1.0 Fixed investment......................................... –1.2 –1.4 1.3 1.4 3.3 2.9 –2.3 –5.3 –4.4 –1.0 –1.3 –0.5 0.5 0.8 1.4 2.4 1.5 1.3 0.9 Nonresidential......................................... –0.6 –1.6 1.3 2.2 5.1 5.3 –2.2 –5.2 –4.7 –2.0 –1.7 0.2 0.5 0.4 1.4 2.5 1.8 1.6 1.5 Structures............................................ –2.6 –1.1 4.5 3.9 7.7 8.2 –5.6 –12.0 –10.0 –1.5 1.3 2.4 2.5 3.6 5.0 6.1 5.6 4.3 2.6 Equipment and software ..................... 0.5 –1.8 0.1 1.3 3.7 3.6 –0.2 –1.3 –2.2 –2.5 –3.1 –0.7 –0.3 –0.8 0.2 1.2 0.4 0.6 1.1 Residential .............................................. –3.4 –0.4 1.2 –1.1 –2.8 –5.2 –2.9 –5.9 –3.1 3.1 0.5 –3.0 0.6 2.5 1.5 2.0 0.3 0.2 –1.5 Change in private inventories ..................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Net exports of goods and services ............ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Exports ....................................................... –5.4 4.4 6.3 10.7 6.0 –22.0 –11.9 0.1 5.0 5.5 4.8 5.0 0.6 8.6 11.0 8.8 1.9 –3.7 2.3 Goods ..................................................... –6.8 4.9 7.3 13.3 5.7 –27.1 –14.4 2.1 5.1 5.3 5.5 5.5 0.6 11.5 12.9 9.7 1.4 –4.6 1.7 Services.................................................. –2.2 3.2 3.9 4.7 6.7 –8.9 –6.7 –3.8 4.6 5.8 3.5 3.9 0.6 2.2 6.5 6.5 3.2 –1.6 3.9 Imports ....................................................... –10.6 6.1 7.7 21.0 10.6 –36.7 –29.2 6.6 14.4 11.5 8.3 –2.2 –2.2 8.4 19.1 12.5 –1.3 –1.2 7.4 Goods ..................................................... –12.4 6.8 8.7 22.7 11.6 –40.8 –33.4 8.5 17.1 12.5 9.9 –2.9 –3.0 8.9 22.3 14.0 –1.5 –0.7 8.2 Services.................................................. –2.2 2.7 3.0 12.6 5.5 –11.6 –7.9 –0.8 4.0 7.1 1.0 0.8 1.6 5.8 4.2 5.2 –0.4 –4.0 3.4 Government consumption expenditures and gross investment............................... –0.3 2.2 3.1 6.6 4.2 –5.4 –1.8 0.0 1.2 2.0 4.7 1.3 0.9 3.1 5.4 4.2 1.3 0.9 3.4 Federal ....................................................... –0.2 2.4 2.8 4.1 1.7 –4.7 1.2 –2.0 1.4 2.3 5.6 1.3 1.1 2.0 5.3 3.8 1.8 –0.4 3.7 National defense..................................... –0.7 2.4 3.1 5.3 2.0 –5.8 0.2 –2.5 1.1 2.5 5.7 1.3 0.9 2.5 6.3 3.8 1.5 –0.6 4.7 Nondefense ............................................ 0.9 2.4 2.3 1.5 1.1 –2.3 3.5 –1.0 2.2 1.9 5.5 1.2 1.5 1.1 3.4 3.7 2.3 0.1 1.7 State and local............................................ –0.4 2.1 3.3 8.1 5.7 –5.7 –3.6 1.3 1.0 1.7 4.1 1.3 0.7 3.8 5.5 4.5 0.9 1.8 3.2 Addenda: Final sales of domestic product.................. 1.0 1.2 2.1 2.5 3.2 0.0 1.7 –0.3 0.4 1.2 1.4 1.4 1.4 1.8 2.4 2.5 2.6 0.9 1.5 Gross domestic purchases......................... –0.1 1.5 2.5 4.5 4.0 –4.0 –1.9 0.5 1.6 2.1 2.1 0.5 1.0 2.1 4.0 3.3 2.0 1.1 2.4 Final sales to domestic purchasers ............ –0.1 1.5 2.5 4.5 4.1 –4.4 –1.8 0.6 1.7 2.2 2.1 0.4 0.9 2.0 3.9 3.4 2.0 1.1 2.4 Gross national product (GNP) .................... 1.1 1.1 2.1 2.5 3.1 0.4 1.7 –0.4 0.3 1.1 1.5 1.4 1.4 1.9 2.5 2.5 2.6 0.9 ........... Implicit price deflators: GDP ........................................................ 1.1 1.2 2.1 2.7 3.2 0.5 1.5 –0.4 0.2 1.0 1.5 1.6 1.3 1.8 2.7 2.6 2.6 0.8 1.5 Gross domestic purchases ..................... –0.1 1.5 2.5 4.6 4.1 –4.0 –2.0 0.5 1.6 2.0 2.1 0.6 0.9 2.0 4.2 3.4 2.0 1.1 2.4 GNP ........................................................ 1.0 1.1 2.1 2.7 3.2 0.4 1.5 –0.4 0.2 1.0 1.5 1.5 1.3 1.8 2.7 2.6 2.6 0.9 ........... See “Explanatory Note” at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted 2009 2010 2011 2011 I II 2012 III IV I Gross domestic product...................................................... 100.635 103.684 105.483 104.792 105.140 105.614 106.385 106.967 Personal consumption expenditures ................................................ 102.657 104.741 107.017 106.511 106.693 107.156 107.708 108.482 Goods................................................................................................ 100.693 105.006 108.927 108.700 108.272 108.646 110.091 111.760 Durable goods ............................................................................... 98.660 105.782 114.429 113.710 112.180 113.747 118.082 122.356 Nondurable goods ......................................................................... 101.536 104.501 106.269 106.249 106.306 106.160 106.359 106.915 Services............................................................................................. 103.644 104.628 106.099 105.453 105.941 106.449 106.553 106.877 Gross private domestic investment................................................... 66.944 78.945 82.738 80.600 81.869 82.135 86.346 87.604 Fixed investment................................................................................ 75.688 77.667 82.975 80.052 81.829 84.362 85.656 85.957 Nonresidential................................................................................ 93.755 97.913 106.543 102.342 104.889 108.782 110.160 109.566 Structures................................................................................... 104.426 87.883 91.884 86.974 91.511 94.631 94.419 91.446 Equipment and software ............................................................ 89.367 102.393 113.066 109.174 110.839 115.077 117.175 117.667 Residential ..................................................................................... 44.587 42.681 42.108 41.428 41.855 41.991 43.159 45.087 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... ......................... Exports of goods and services.......................................................... 114.479 127.444 135.946 134.061 135.240 136.789 137.694 139.515 Imports of goods and services .......................................................... 91.372 102.821 107.888 107.207 107.573 107.897 108.874 110.014 Government consumption expenditures and gross investment .... 107.161 107.886 105.605 106.076 105.837 105.812 104.696 103.896 Federal .............................................................................................. 117.479 122.782 120.393 120.195 120.769 121.385 119.221 117.510 State and local................................................................................... 101.378 99.557 97.336 98.177 97.488 97.107 96.571 96.276 Addenda: Final sales of domestic product......................................................... 102.224 103.626 105.659 104.850 105.275 106.108 106.405 106.833 Gross domestic purchases................................................................ 97.796 101.160 102.805 102.237 102.504 102.844 103.636 104.184 Final sales to domestic purchasers ................................................... 99.280 101.091 102.955 102.276 102.615 103.292 103.638 104.042 Gross national product ...................................................................... 100.968 104.253 106.392 105.598 106.164 106.665 107.141 ......................... See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] Seasonally adjusted 2009 2010 2011 2011 I II 2012 III IV I Gross domestic product...................................................... 109.732 111.000 113.338 112.390 113.091 113.811 114.061 114.493 Personal consumption expenditures (PCE)...................................... 109.169 111.112 113.848 112.747 113.666 114.324 114.657 115.336 Goods................................................................................................ 103.209 104.837 108.807 107.412 108.752 109.530 109.535 110.208 Durable goods ............................................................................... 92.901 91.348 90.449 90.362 90.745 90.628 90.061 89.829 Nondurable goods ......................................................................... 109.301 112.748 119.655 117.463 119.383 120.707 121.069 122.323 Services............................................................................................. 112.353 114.465 116.513 115.574 116.260 116.852 117.365 118.047 Gross private domestic investment................................................... 106.401 104.743 106.440 105.755 106.342 106.646 107.018 107.291 Fixed investment................................................................................ 106.305 104.843 106.167 105.412 106.039 106.433 106.783 107.034 Nonresidential................................................................................ 107.106 105.373 106.735 105.909 106.560 107.027 107.444 107.842 Structures................................................................................... 122.490 121.117 126.571 123.982 125.835 127.565 128.901 129.731 Equipment and software ............................................................ 101.496 99.634 99.753 99.446 99.743 99.838 99.986 100.257 Residential ..................................................................................... 102.637 102.214 103.397 102.958 103.479 103.551 103.600 103.215 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... .......................... Exports of goods and services.......................................................... 105.959 110.617 117.571 115.725 118.182 118.747 117.629 118.309 Imports of goods and services .......................................................... 106.571 113.032 121.756 119.370 122.949 122.543 122.161 124.374 Government consumption expenditures and gross investment .... 114.883 117.445 121.094 119.910 121.146 121.523 121.796 122.814 Federal .............................................................................................. 111.000 113.653 116.861 115.827 116.902 117.413 117.303 118.368 State and local................................................................................... 117.214 119.704 123.660 122.372 123.721 123.997 124.548 125.529 Addenda: PCE excluding food and energy 1 ...................................................... 108.691 110.208 111.805 110.963 111.585 112.156 112.517 113.112 Market-based PCE 2.......................................................................... 109.201 110.857 113.681 112.498 113.478 114.200 114.547 115.214 2 Market-based PCE excluding food and energy ............................... 108.647 109.763 111.288 110.391 111.038 111.670 112.052 112.619 Final sales of domestic product......................................................... 109.703 110.981 113.273 112.315 113.021 113.754 114.000 114.430 Gross domestic purchases................................................................ 109.803 111.438 114.210 113.147 114.081 114.642 114.969 115.654 Final sales to domestic purchasers ................................................... 109.783 111.426 114.156 113.084 114.024 114.597 114.921 115.604 Gross national product ...................................................................... 109.721 110.979 113.325 112.372 113.080 113.799 114.051 .......................... Implicit price deflators: Gross domestic product................................................................. 109.729 110.992 113.361 112.398 113.118 113.836 114.077 114.511 Final sales of domestic product ..................................................... 109.703 110.981 113.272 112.311 113.017 113.750 113.996 114.425 Gross domestic purchases ............................................................ 109.799 111.429 114.232 113.155 114.108 114.667 114.986 115.674 Final sales to domestic purchasers ............................................... 109.783 111.426 114.156 113.080 114.021 114.593 114.917 115.601 Gross national product................................................................... 109.717 110.971 113.347 112.379 113.106 113.823 114.067 .......................... 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 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Gross domestic product (GDP) .............................................. 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.5 3.1 2.7 1.9 –0.3 –3.5 3.0 1.7 Personal consumption expenditures ................................................ 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.3 3.4 2.9 2.3 –0.6 –1.9 2.0 2.2 Goods................................................................................................ 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.5 4.2 3.3 3.0 –2.5 –3.0 4.3 3.7 Durable goods ............................................................................... 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.6 7.3 5.9 4.5 5.0 –4.9 –5.4 7.2 8.2 Nondurable goods ......................................................................... 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.4 2.8 3.2 2.6 1.9 –1.2 –1.8 2.9 1.7 Services............................................................................................. 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.7 3.0 2.6 1.9 0.4 –1.4 0.9 1.4 Gross private domestic investment................................................... 8.8 12.4 10.0 8.8 6.8 –7.0 –1.4 3.9 10.1 5.5 2.7 –3.2 –10.2 –25.0 17.9 4.8 Fixed investment................................................................................ 9.0 9.2 10.9 9.3 7.4 –1.9 –4.2 3.5 7.4 6.5 2.4 –1.9 –7.1 –18.8 2.6 6.8 Nonresidential................................................................................ 9.3 12.1 12.0 10.4 9.8 –2.8 –7.9 1.4 6.2 6.7 8.0 6.5 –0.8 –17.8 4.4 8.8 Structures................................................................................... 5.7 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.1 6.4 –21.2 –15.8 4.6 Equipment and software ............................................................ 10.6 13.8 14.5 14.1 10.5 –3.2 –4.2 3.1 7.9 8.5 7.6 3.3 –4.3 –16.0 14.6 10.4 Residential ..................................................................................... 8.0 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.7 –23.9 –22.2 –4.3 –1.3 Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Exports .............................................................................................. 8.3 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 9.3 6.1 –9.4 11.3 6.7 Goods ............................................................................................ 8.8 14.4 2.2 3.8 11.1 –6.2 –3.6 1.8 8.5 7.5 9.4 9.7 6.3 –12.0 14.4 7.4 Services......................................................................................... 7.0 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.6 –3.5 5.0 4.9 Imports .............................................................................................. 8.7 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.1 6.1 6.1 2.4 –2.7 –13.6 12.5 4.9 Goods ............................................................................................ 9.4 14.4 11.8 12.5 13.4 –3.2 3.7 4.9 11.1 6.8 5.9 2.6 –3.8 –15.6 14.8 5.7 Services......................................................................................... 5.2 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 1.4 3.6 –3.5 2.9 1.1 Government consumption expenditures and gross investment .... 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.3 2.6 1.7 0.7 –2.1 Federal .............................................................................................. –1.2 –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.2 6.0 4.5 –1.9 National defense............................................................................ –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 5.8 3.3 –2.3 Nondefense ................................................................................... –0.8 2.7 0.8 2.1 2.4 4.6 7.2 2.8 1.0 0.9 3.2 –0.8 6.5 6.5 7.1 –1.2 State and local................................................................................... 2.3 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 1.4 0.0 –0.9 –1.8 –2.2 Addenda: Final sales of domestic product......................................................... 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.5 3.1 3.2 2.6 2.2 0.2 –2.6 1.4 2.0 Gross domestic purchases................................................................ 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.9 3.9 3.2 2.6 1.2 –1.5 –4.4 3.4 1.6 Final sales to domestic purchasers ................................................... 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.5 3.3 2.5 1.4 –1.0 –3.6 1.8 1.8 Gross national product ...................................................................... 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.7 3.6 3.1 2.4 2.3 0.0 –3.6 3.3 2.1 Real disposable personal income...................................................... 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.4 4.0 2.4 2.4 –2.3 1.8 1.3 Price indexes: Gross domestic purchases ............................................................ 1.8 1.5 0.7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 –0.1 1.5 2.5 Gross domestic purchases excluding food and energy 1 ............... 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.1 2.7 2.6 0.8 1.2 1.8 GDP ............................................................................................... 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 1.1 1.2 2.1 GDP excluding food and energy 1.................................................. 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.0 2.8 3.5 3.3 2.8 2.4 0.8 1.4 1.8 Personal consumption expenditures.............................................. 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 0.2 1.8 2.5 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 2008 II III 2009 IV I II 2010 III IV I II 2011 III IV I II 2012 III IV I Gross domestic product (GDP) .............................................. 1.0 –0.6 –3.3 –4.5 –5.0 –3.7 –0.5 2.2 3.3 3.5 3.1 2.2 1.6 1.5 1.6 2.1 Personal consumption expenditures (PCE)...................................... 0.4 –1.0 –2.5 –2.7 –3.1 –1.6 –0.2 0.9 2.1 2.2 3.0 2.8 2.2 2.0 1.6 1.9 Goods................................................................................................ –0.3 –3.0 –6.5 –5.1 –5.8 –2.1 1.4 2.9 4.5 3.8 5.8 5.4 4.0 3.1 2.5 2.8 Durable goods ............................................................................... –1.4 –5.8 –13.0 –10.2 –10.4 –3.1 3.0 4.8 7.9 5.2 10.9 11.3 7.8 7.0 6.8 7.6 Nondurable goods ......................................................................... 0.3 –1.5 –3.1 –2.5 –3.5 –1.6 0.6 2.1 2.9 3.2 3.5 2.7 2.3 1.4 0.5 0.6 Services............................................................................................. 0.8 0.1 –0.5 –1.4 –1.7 –1.3 –0.9 –0.1 0.9 1.4 1.6 1.5 1.4 1.5 1.2 1.4 Gross private domestic investment................................................... –7.7 –11.1 –17.8 –27.5 –31.0 –27.3 –12.8 9.4 23.7 25.5 14.0 7.4 2.9 1.0 8.1 8.7 Fixed investment................................................................................ –5.0 –7.7 –13.1 –19.4 –22.0 –19.3 –14.1 –5.0 4.0 4.4 7.4 7.4 5.0 7.6 7.3 7.4 Nonresidential................................................................................ 2.8 –2.1 –9.4 –17.4 –20.4 –19.0 –14.4 –4.5 4.0 7.7 11.1 10.0 8.0 9.1 8.2 7.1 Structures................................................................................... 10.2 3.4 –1.2 –10.5 –20.9 –24.5 –29.3 –27.4 –18.2 –12.6 –1.8 1.5 4.9 7.3 4.4 5.1 Equipment and software ............................................................ –0.8 –4.8 –13.6 –20.9 –20.1 –16.0 –5.8 8.5 15.5 17.6 16.6 13.4 9.2 9.7 9.6 7.8 Residential ..................................................................................... –24.3 –23.3 –24.4 –26.3 –27.8 –20.5 –12.9 –6.8 4.2 –7.8 –6.3 –2.9 –6.9 1.4 3.5 8.8 Change in private inventories ............................................................ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Net exports of goods and services ................................................... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Exports .............................................................................................. 11.3 6.4 –2.5 –11.7 –14.4 –10.8 –0.1 10.7 13.5 12.5 8.8 8.9 7.3 6.0 4.7 4.1 Goods ............................................................................................ 11.5 7.5 –3.0 –14.8 –18.2 –13.6 –0.4 14.1 18.2 15.1 10.5 10.1 7.7 6.7 5.4 3.8 Services......................................................................................... 11.0 3.7 –1.4 –4.6 –5.7 –4.1 0.4 3.8 4.1 7.2 5.0 6.2 6.2 4.1 3.0 4.7 Imports .............................................................................................. –1.4 –3.3 –5.9 –15.4 –18.3 –13.7 –6.5 6.9 16.9 15.9 10.7 9.6 4.7 2.1 3.6 2.6 Goods ............................................................................................ –2.0 –4.4 –7.9 –17.8 –21.4 –15.8 –6.9 8.1 20.4 18.5 12.7 11.5 5.6 2.7 3.7 2.1 Services......................................................................................... 2.1 3.0 5.5 –3.0 –2.6 –3.5 –4.7 1.7 3.1 4.9 1.9 1.4 0.6 –0.9 3.3 5.4 Government consumption expenditures and gross investment .... 2.4 2.6 2.7 1.4 2.5 1.7 1.1 1.2 0.7 0.6 0.1 –1.1 –2.2 –2.4 –2.8 –2.1 Federal .............................................................................................. 6.3 6.8 8.8 5.4 7.8 6.3 4.6 6.2 4.9 4.2 2.9 –0.3 –2.0 –2.2 –3.2 –2.2 National defense............................................................................ 5.9 7.6 9.8 5.5 8.2 5.9 3.5 5.7 3.3 2.7 1.5 –2.0 –1.8 –1.9 –3.6 –2.4 Nondefense ................................................................................... 7.0 4.9 6.8 5.2 6.8 7.1 6.9 7.2 8.2 7.5 5.7 3.1 –2.4 –2.8 –2.5 –2.0 State and local................................................................................... 0.2 0.2 –0.9 –0.9 –0.6 –1.0 –1.1 –1.8 –2.0 –1.7 –1.7 –1.5 –2.3 –2.6 –2.5 –1.9 Addenda: Final sales of domestic product......................................................... 1.5 0.0 –2.6 –3.3 –3.7 –2.6 –0.8 0.5 1.3 1.3 2.4 2.2 1.9 2.3 1.5 1.9 Gross domestic purchases................................................................ –0.5 –1.9 –3.9 –5.5 –6.0 –4.5 –1.5 1.9 4.0 4.2 3.6 2.6 1.4 1.0 1.5 1.9 Final sales to domestic purchasers ................................................... 0.0 –1.3 –3.1 –4.3 –4.8 –3.4 –1.8 0.3 2.0 2.1 2.9 2.5 1.7 1.8 1.4 1.7 Gross national product ...................................................................... 1.7 –0.3 –3.8 –4.8 –5.2 –3.9 –0.2 2.4 3.7 3.8 3.2 2.6 2.0 1.8 1.8 ........... Real disposable personal income...................................................... 4.4 1.7 1.0 –1.4 –3.2 –2.3 –2.4 –0.3 1.0 3.0 3.5 2.6 1.1 0.7 0.8 0.6 Price indexes: Gross domestic purchases ............................................................ 3.6 4.1 2.1 0.6 –0.4 –1.0 0.6 1.6 1.6 1.4 1.4 1.9 2.6 2.9 2.6 2.2 Gross domestic purchases excluding food and energy 1 ............... 2.8 3.0 2.2 1.4 0.8 0.3 0.7 1.1 1.2 1.3 1.2 1.4 1.8 2.0 2.0 2.0 GDP ............................................................................................... 2.0 2.5 2.1 1.9 1.2 0.5 0.7 0.6 1.1 1.4 1.6 1.8 2.1 2.4 2.1 1.9 1 GDP excluding food and energy .................................................. 2.5 2.8 2.0 1.2 0.8 0.3 0.9 1.3 1.4 1.4 1.3 1.5 1.8 2.1 2.0 2.0 PCE ............................................................................................... 3.7 4.2 1.7 0.3 –0.3 –0.6 1.5 2.4 2.0 1.5 1.3 1.8 2.5 2.9 2.7 2.3 PCE excluding food and energy 1 .................................................. 2.5 2.4 2.0 1.6 1.5 1.4 1.7 1.7 1.5 1.3 1.0 1.1 1.3 1.6 1.8 1.9 Market-based PCE 2 ...................................................................... 3.7 4.5 1.8 0.4 –0.1 –0.6 1.4 2.1 1.6 1.2 1.1 1.7 2.6 3.0 2.8 2.4 2 Market-based PCE excluding food and energy ........................... 2.2 2.4 2.2 1.9 2.1 1.8 1.7 1.4 1.0 1.0 0.7 0.9 1.3 1.6 1.8 2.0 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates 2009 2010 2011 2011 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 2012 III IV I 13,939.0 639.8 487.5 14,091.2 1,866.2 77.4 12,147.6 7,806.4 6,275.3 1,531.1 941.2 305.9 1,362.0 656.7 958.2 132.0 –14.9 14,526.5 702.9 513.5 14,715.9 1,874.9 0.8 12,840.1 7,971.4 6,408.2 1,563.1 1,036.4 350.2 1,800.1 564.3 996.7 136.7 –15.7 15,094.0 779.3 533.8 15,339.5 1,950.1 –47.9 13,437.3 8,292.7 6,683.2 1,609.5 1,108.9 403.9 1,942.8 535.1 1,035.1 134.1 –15.3 14,867.8 752.1 525.0 15,094.9 1,914.3 –52.0 13,232.6 8,172.5 6,578.2 1,594.4 1,095.6 385.0 1,876.4 556.6 1,027.3 134.7 –15.6 15,012.8 803.2 542.0 15,274.0 1,939.9 –10.0 13,344.1 8,219.7 6,617.1 1,602.7 1,106.5 396.9 1,937.6 525.6 1,038.5 133.9 –14.6 15,176.1 792.2 524.9 15,443.4 1,962.8 –38.7 13,519.3 8,338.3 6,724.3 1,614.0 1,113.7 406.3 1,970.1 535.7 1,035.8 133.7 –14.5 15,319.4 769.7 543.4 15,545.6 1,983.4 –90.9 13,653.1 8,440.3 6,813.4 1,626.9 1,119.7 427.2 1,986.9 522.7 1,038.9 134.1 –16.7 15,461.8 ...................... ...................... ...................... 2,003.3 ...................... ...................... 8,525.7 6,884.7 1,641.0 1,132.6 443.3 ...................... 531.3 1,051.9 133.6 –18.7 13,861.5 14,525.7 15,141.9 14,919.8 15,022.7 15,214.8 15,410.3 ...................... Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2009 2010 2011 2011 III IV 11,930.2 7,801.4 6,270.3 1,531.1 941.2 39.2 902.0 305.9 1,707.7 1,108.9 598.8 2,138.1 964.1 1,141.4 10,788.8 10,236.3 552.6 5.1 12,373.5 7,971.4 6,408.2 1,563.1 1,036.4 52.2 984.2 350.2 1,721.2 1,003.4 717.7 2,281.2 986.8 1,193.9 11,179.7 10,586.9 592.8 5.3 13,005.3 8,292.7 6,683.2 1,609.5 1,108.9 65.9 1,043.0 403.9 1,790.0 998.1 791.9 2,336.2 926.4 1,400.3 11,604.9 11,055.1 549.8 4.7 12,846.9 8,172.5 6,578.2 1,594.4 1,095.6 66.1 1,029.5 385.0 1,777.2 1,004.7 772.5 2,328.1 911.5 1,365.9 11,481.0 10,902.1 578.9 5.0 12,955.3 8,219.7 6,617.1 1,602.7 1,106.5 67.3 1,039.2 396.9 1,802.3 1,015.9 786.4 2,347.3 917.4 1,396.2 11,559.2 11,002.6 556.5 4.8 13,056.8 8,338.3 6,724.3 1,614.0 1,113.7 67.5 1,046.2 406.3 1,794.2 994.8 799.4 2,336.6 932.4 1,409.1 11,647.7 11,114.6 533.1 4.6 13,162.1 8,440.3 6,813.4 1,626.9 1,119.7 62.7 1,057.0 427.2 1,786.3 976.8 809.5 2,333.1 944.5 1,430.2 11,731.9 11,201.0 530.8 4.5 13,281.7 8,525.7 6,884.7 1,641.0 1,132.6 62.0 1,070.6 443.3 1,796.4 980.5 816.0 2,343.6 959.9 1,468.8 11,812.9 11,346.9 466.0 3.9 8,969.7 9,882.7 9,083.0 10,061.6 9,371.3 10,193.4 9,329.8 10,183.2 9,332.9 10,169.7 9,377.3 10,188.6 9,445.0 10,232.4 9,483.9 10,242.4 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 2012 I 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates 2009 2010 2011 2008 II Gross domestic product (GDP) and related aggregates: GDP.................................................................................... –3.5 Goods................................................................................. –5.9 Services.............................................................................. –0.5 Structures ........................................................................... –16.9 Motor vehicle output ........................................................... –24.5 GDP excluding motor vehicle output .................................. –3.0 Final sales of computers 1 .................................................. 1.3 GDP excluding final sales of computers............................. –3.5 Farm gross value added 2 .................................................. 15.1 Nonfarm business gross value added 3 .............................. –5.1 Gross domestic income 4 ................................................... –4.0 Price indexes: GDP.................................................................................... 1.1 GDP excluding food and energy 5 ...................................... 0.8 GDP excluding final sales of computers............................. 1.2 Gross domestic purchases................................................. –0.1 5 Gross domestic purchases excluding food and energy .... 0.8 Gross domestic purchases excluding final sales of computers to domestic purchasers................................. 0.0 Personal consumption expenditures (PCE)........................ 0.2 PCE excluding food and energy 5 ....................................... 1.6 Market-based PCE 6........................................................... 0.3 Market-based PCE excluding food and energy 6 ................ 1.9 III 2009 IV I II 2010 III IV I 3.0 1.7 1.3 –3.7 –8.9 –6.7 –0.7 1.7 3.8 3.9 11.7 4.5 4.5 –8.2 –23.9 –10.6 3.7 7.9 18.3 20.9 1.1 0.9 0.2 –0.9 –0.7 –1.8 0.5 0.0 1.2 0.3 –8.8 –1.7 0.1 –8.3 –17.4 –27.1 –20.6 –3.9 –17.8 –18.6 27.4 12.4 –25.4 –26.0 –58.1 –55.3 18.8 128.2 10.1 40.1 2.6 1.5 2.1 –3.0 –7.4 –5.5 –1.0 0.2 3.7 3.3 20.5 32.0 30.0 –2.8 1.1 17.1 –13.8 –11.7 2.5 37.0 2.9 1.6 1.2 –3.7 –8.9 –6.8 –0.6 1.8 3.8 3.8 –0.5 –14.0 –11.5 –16.5 79.6 15.1 5.9 41.8 –36.7 0.3 4.0 2.6 0.4 –5.2 –12.7 –8.7 –1.1 1.4 5.6 5.2 3.6 2.1 –1.1 –2.6 –9.8 –7.0 –2.1 1.3 4.8 6.3 2011 II III IV I 3.8 4.0 2.6 15.0 15.7 3.5 12.7 3.7 17.7 4.6 3.8 2.5 2.3 0.4 7.9 5.9 4.9 1.5 1.0 –0.1 –8.0 1.0 –13.1 14.9 –17.4 59.2 2.2 2.9 –0.7 72.7 64.2 14.7 2.2 2.1 0.3 21.4 –29.8 –31.8 3.5 3.8 0.9 2.5 1.5 2.4 2012 II III IV I 1.3 –0.6 1.8 5.0 –4.1 1.5 13.0 1.3 –9.7 1.8 0.2 1.8 2.2 1.2 5.8 5.1 1.7 42.1 1.6 –6.3 2.8 2.6 3.0 2.2 13.0 7.1 –1.0 0.4 2.0 –0.6 20.4 50.9 2.5 1.1 21.2 8.8 2.8 2.2 7.3 0.4 3.7 2.7 4.4 .......... 1.2 1.4 1.2 1.5 1.2 2.1 1.8 2.2 2.5 1.8 2.5 2.4 2.6 4.5 3.1 3.1 2.7 3.2 4.0 2.7 0.5 –0.5 0.6 –4.0 –0.1 1.7 0.3 1.8 –1.9 0.0 –0.4 0.6 –0.3 0.5 0.6 0.3 0.9 0.4 1.6 0.6 1.1 1.8 1.2 2.1 1.7 1.5 1.8 1.5 2.1 1.6 1.5 1.3 1.5 0.5 1.1 1.4 0.8 1.5 1.0 0.8 1.9 1.3 2.0 2.1 1.2 2.5 2.5 2.6 4.0 2.4 2.5 2.7 2.6 3.3 2.7 2.6 1.8 2.7 2.0 1.8 0.9 1.1 0.9 1.1 1.2 1.5 2.3 1.6 2.4 2.2 1.6 1.8 1.4 1.5 1.0 2.6 2.5 1.4 2.5 1.4 4.6 4.5 2.4 4.2 1.7 4.2 4.3 2.0 5.0 2.4 –3.9 –5.6 1.0 –5.9 1.7 –1.8 –1.7 1.0 –1.3 1.9 0.6 1.9 2.1 2.0 2.2 1.7 3.0 1.5 2.9 1.2 2.2 2.8 2.2 2.2 1.4 2.1 1.9 1.1 1.5 0.6 0.5 0.3 1.3 –0.1 0.9 1.0 1.0 0.8 1.2 1.0 2.2 1.9 0.7 1.8 0.3 4.1 3.9 1.6 4.0 1.3 3.5 3.3 2.3 3.5 2.4 2.1 2.3 2.1 2.6 2.3 1.2 1.2 1.3 1.2 1.4 2.5 2.4 2.1 2.3 2.0 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Gross domestic income deflated by the implicit price deflator for gross domestic product. 5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 6. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See “Explanatory Note” at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or "real" measures, and prices are expressed as index numbers with the reference year -- at present, the year 2005 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2007-08 annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual percent change in GDP prices uses quantities for 2007 and 2008 as weights. These annual changes are "chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and appendix table A. Contributions by major components to the percent change in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005 and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of this component in 2006 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November 2003 Survey, pp. 8-16.
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