Full text of Bureau of Economic Analysis (BEA) News Releases : Gross Domestic Product: First Quarter 2012 (Third Estimate) | Corporate Profits: First Quarter 2012 (Revised Estimate), BEA 12-29 : Full Release

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 28, 2012
BEA 12-29
Lisa Mataloni:
(202) 606-5304 (GDP)
Andrew Hodge:
(202) 606-5564 (Profits)
Recorded message: (202) 606-5306

gdpniwd@bea.gov
cpniwd@bea.gov

GROSS DOMESTIC PRODUCT: FIRST QUARTER 2012 (THIRD ESTIMATE)
CORPORATE PROFITS: FIRST QUARTER 2012 (REVISED ESTIMATE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.9 percent in the first quarter of 2012 (that
is, from the fourth quarter to the first quarter), according to the "third" estimate released by the Bureau
of Economic Analysis. In the fourth quarter, real GDP increased 3.0 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was also 1.9
percent (see "Revisions" on page 3).
The increase in real GDP in the first quarter reflected positive contributions from personal
consumption expenditures (PCE), exports, residential fixed investment, nonresidential fixed investment,
and private inventory investment that were partly offset by negative contributions from federal
government spending and state and local government spending. Imports, which are a subtraction in the
calculation of GDP, increased.
The deceleration in real GDP in the first quarter primarily reflected decelerations in private
inventory investment and in nonresidential fixed investment that were partly offset by accelerations in
PCE, in exports, and in residential fixed investment and a deceleration in imports.

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. For information on revisions, see "Revisions to GDP, GDI, and Their Major
Components."
- more -

-2Motor vehicle output added 1.16 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 subtracted 0.05
percentage point from the first-quarter change in real GDP after adding 0.12 percentage point to the
fourth-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.6 percent in the first quarter; this index increased 1.1 percent in the fourth quarter.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.4 percent in
the first quarter, compared with an increase of 1.2 percent in the fourth.
Real personal consumption expenditures increased 2.5 percent in the first quarter, compared with
an increase of 2.1 percent in the fourth. Durable goods increased 13.7 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 0.8 percent, compared with an increase of 0.4 percent.
Real nonresidential fixed investment increased 3.1 percent, compared with an increase of 5.2
percent in the fourth. Nonresidential structures increased 1.9 percent, in contrast to a decrease of 0.9
percent. Equipment and software increased 3.5 percent, compared with an increase of 7.5 percent. Real
residential fixed investment increased 20.0 percent, compared with an increase of 11.6 percent.
Real exports of goods and services increased 4.2 percent in the first quarter, compared with an
increase of 2.7 percent in the fourth. Real imports of goods and services increased 2.7 percent,
compared with an increase of 3.7 percent.
Real federal government consumption expenditures and gross investment decreased 5.9 percent
in the first quarter, compared with a decrease of 6.9 percent in the fourth. National defense decreased
8.3 percent, compared with a decrease of 12.1 percent. Nondefense decreased 0.8 percent, in contrast to
an increase of 4.5 percent. Real state and local government consumption expenditures and gross
investment decreased 2.7 percent, compared with a decrease of 2.2 percent.
The change in real private inventories added 0.10 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 $54.4 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 1.8
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 1.7 percent in the first quarter, compared with an increase of 3.1 percent in the
fourth.

- more -

-3Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 0.5 percent in the first quarter, compared with an increase of 1.8
percent in the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which decreased $44.3 billion in the first quarter after decreasing $36.7 billion in the fourth; in
the first quarter, receipts decreased $19.6 billion, and payments increased $24.6 billion.

Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.9 percent, or $148.4 billion, in the first quarter to a level of $15,467.8 billion. In the fourth quarter,
current-dollar GDP increased 3.8 percent, or $143.3 billion.

Gross domestic income
Real gross domestic income (GDI), which measures the output of the economy as the costs
incurred and the incomes earned in the production of GDP, increased 3.1 percent in the first quarter,
compared with an increase of 2.6 percent in the fourth. For a given quarter, the estimates of GDP and
GDI may differ for a variety of reasons, including the incorporation of largely independent source data.
However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of
change.
Revisions
The "third" estimate of the first-quarter increase in real GDP is the same as in the "second"
estimate issued last month, reflecting a downward revision to imports and an upward revision to
nonresidential fixed investment that were offset by downward revisions to exports, to personal
consumption expenditures, and to private inventory investment.
Advance Estimate
Second Estimate Third Estimate
(Percent change from preceding quarter)
Real GDP................................................
Current-dollar GDP................................
Gross domestic purchases price index...

2.2
3.8
2.4

- more -

1.9
3.6
2.4

1.9
3.9
2.6

-4Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) decreased $6.4 billion in the first quarter, in contrast to an increase of $16.8
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 $123.9 billion in
the first quarter, in contrast to an increase of $44.8 billion in the fourth.
Taxes on corporate income increased $83.3 billion in the first quarter, in contrast to a decrease of
$0.7 billion in the fourth. Profits after tax with inventory valuation and capital consumption adjustments
decreased $89.7 billion in the first quarter, in contrast to an increase of $17.5 billion in the fourth.
Dividends increased $10.1 billion compared with an increase of $10.3 billion; current-production
undistributed profits decreased $99.8 billion in contrast to an increase of $7.2 billion.
Domestic profits of financial corporations increased $26.3 billion in the first quarter, compared
with an increase of $29.9 billion in the fourth. Domestic profits of nonfinancial corporations increased
$15.4 billion in the first quarter, compared with an increase of $28.4 billion in the fourth. In the first
quarter, real gross value added of nonfinancial corporations increased 3.8 percent. Profits per unit of
real product increased, reflecting an increase in unit prices and a decrease in unit labor costs; unit
nonlabor costs were unchanged.
The rest-of-the-world component of profits decreased $48.1 billion in the first quarter, compared
with a decrease of $41.5 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
decrease was accounted for by an increase in payments and a decrease in receipts.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects depreciation-accounting practices used for federal income tax returns. According to this
measure, domestic profits of both financial and nonfinancial corporations increased. The increase in
nonfinancial industry profits reflected increases in all major industries; the largest increases were in
manufacturing and in "other" nonfinancial. Within manufacturing the increase was widespread; the
largest increases were in petroleum and coal products and in "other" durable goods.
Profits before tax increased $234.3 billion in the first quarter, in contrast to a decrease of $8.3
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 $230.4 billion in the first quarter (from $100.9 billion to -$129.5 billion),
compared with a decrease of $1.8 billion in the fourth. The inventory valuation adjustment decreased
$10.4 billion (from -$18.6 billion to -$29.0 billion), in contrast to an increase of $26.9 billion.

- more -

-5The large increase in first-quarter taxes on corporate income and the large decrease in the firstquarter capital consumption adjustment mainly reflected the expiration of bonus depreciation claimed
under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. 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. For more detail on
the effect of the changes in the tax act provisions on the capital consumption adjustment, see FAQ #999
on the BEA Web site, "Why does the capital consumption adjustment for domestic business decline so
much in the first quarters of 2011 and 2012?"

*

*

*

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 -- July 27, 2012, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2012 (Advance Estimate)
Annual Revision of the National Income and Product Accounts
(First Quarter 2009 through First Quarter 2012)

- 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

Ir

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
1.9
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
2.5
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
5.7
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
13.7
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
0.8
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
6.5
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
6.0
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
3.1
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
1.9
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
3.5
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
20.0
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
4.2
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
3.8
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
5.3
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
2.7
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
1.6
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
8.9
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
–4.0
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
–5.9
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
–8.3
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
–0.8
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
–2.7
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
1.8
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
1.7
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
0.5
Disposable personal income ..................
–2.3
1.8
1.2
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
0.2
0.7
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
3.9
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
3.9
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
4.3
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
4.2
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
2.6
Disposable personal income...............
–2.1
3.6
3.7
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
1.3
3.3
r Revised
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....................................
r Revised
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

Ir

3.8

2.5

2.3

0.4

1.3

1.8

3.0

1.9

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

1.74
1.35
1.01
0.52

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

0.15
0.22
0.12
0.34

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 0.39
–0.41 –0.25
0.25 0.39
0.00 0.04
–0.04 –0.13
0.25 0.23
–0.16 0.14
0.31 –0.02

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 –0.01
0.24 0.26

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
2.59
0.78
0.53
–0.02
0.55

0.27
0.84
0.74
0.32
0.05
0.27

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

0.12
–0.01
0.08
0.05
–0.22
0.22
0.15
0.42
0.10
–0.03
0.13
0.10
0.58
0.37
0.21
–0.48
–0.24
–0.24

–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

–0.80
–0.48
–0.46
–0.29
–0.17
–0.02
–0.01
–0.01
–0.32
–0.07
–0.25

–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 0.08
0.08 0.13
–0.08 –0.09
0.19 0.22
0.19 0.39

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

3.49 1.68
–0.67 –0.02
0.14 0.21
0.47 1.16
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
2012

2011

2012

IV

Ir

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

r

I

II

III

IV

I

r

15,094.0 14,867.8 15,012.8 15,176.1 15,319.4 15,467.8 13,315.1 13,227.9 13,271.8 13,331.6 13,429.0 13,491.4
10,726.0 10,571.7 10,676.0 10,784.5 10,871.6 11,007.2 9,421.3 9,376.7 9,392.7 9,433.5 9,482.1 9,540.1
3,646.6 3,592.2 3,622.7 3,661.2 3,710.1 3,785.1 3,351.4 3,344.4 3,331.2 3,342.7 3,387.2 3,434.4
1,162.9 1,154.5 1,143.8 1,158.3 1,194.9 1,230.6 1,285.4 1,277.4 1,260.2 1,277.8 1,326.5 1,369.7
378.6
383.0
363.4
368.7
399.1
418.8
356.7
368.2
342.1
343.5
372.8
391.5

227.1
200.4
120.7
97.1
26.6

97.4
48.6
44.5
48.7
29.3

62.4
58.0
47.2
43.2
18.7

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

266.1
353.4
192.3
2,554.4

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

287.5
550.0
165.9
2,088.3

14.2
55.5
8.1
34.5

6.1
15.6
–2.9
3.9

6.3
13.2
3.9
10.7

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

825.6
363.1
439.1
926.7
7,222.2

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

684.3
355.2
263.6
798.2
6,114.6

9.9
10.3
–12.3
31.7
84.3

–2.2
2.8
–1.8
6.4
6.0

2.6
4.9
–2.1
7.3
12.5

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

6,932.1
1,929.7
1,769.4
311.8
408.1
712.1
824.2
976.8

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

5,835.6
1,658.6
1,492.7
252.5
351.4
588.0
682.1
809.5

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

12.6
–8.4
12.5
1.1
–4.4
7.4
4.4
–0.5

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

290.1
1,188.4

277.8
1,001.3

274.3
997.2

274.9
1,000.6

281.3
999.8

280.7
1,007.6

280.5
1,016.1

–2.2
12.1

–0.6
7.8

–0.2
8.5

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

898.3
2,047.2
1,975.3
1,613.8
433.1
1,180.7

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

735.6
1,905.4
1,844.4
1,495.6
333.7
1,176.8

13.4
82.4
112.6
116.3
14.1
106.3

7.9
91.5
27.5
18.6
–0.8
20.9

8.4
29.7
26.5
11.4
1.6
10.2

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

583.4
639.7
625.0
638.4
640.2
655.1
660.2
37.1
14.9
5.1
107.5 .............. .............. ............. .............. .............. .............. .............. ............. ..............
284.7
271.8
263.7
268.9
274.1
280.6
283.7
15.7
6.5
3.1
191.2
209.6
215.2
211.5
204.3
207.3
209.3
2.3
3.0
2.0
202.8
165.2
158.1
157.7
169.0
176.1
169.0
18.6
7.1
–7.1
181.4
150.4
139.6
144.6
155.2
162.1
170.1
31.1
6.9
8.0
213.2
179.2
174.0
173.8
187.9
181.0
185.8
16.6
–6.9
4.8
361.4
326.3
321.1
324.4
325.4
334.5
350.1
–4.5
9.1
15.6
72.0
34.6
49.1
39.1
–2.0
52.2
54.4
–24.2
54.2
2.2
–7.6
–7.0
–7.8
–8.7
–6.0
–5.7
–6.5
–5.6
0.3
–0.8
79.6
44.3
59.7
51.0
5.5
60.8
64.5
–16.4
55.3
3.7
–604.2 –413.6 –424.4 –416.4 –402.8 –410.8 –407.0
8.2
–8.0
3.8
2,152.2 1,774.2 1,749.6 1,765.0 1,785.2 1,797.0 1,815.7
111.0
11.8
18.7
1,517.4 1,251.7 1,235.6 1,243.2 1,258.3 1,269.6 1,281.6
86.8
11.3
12.0
634.8
523.1
514.6
522.4
527.5
528.0
534.8
24.3
0.5
6.8
2,756.4 2,187.7 2,173.9 2,181.4 2,187.9 2,207.7 2,222.7
102.7
19.8
15.0
2,313.8 1,828.6 1,818.4 1,825.4 1,827.9 1,842.8 1,850.2
99.3
14.9
7.4
442.7
361.2
357.5
357.9
362.2
367.1
375.0
3.8
4.9
7.9

3,030.6 3,014.4 3,038.6 3,047.3 3,021.9 3,017.6
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
708.4
108.1
108.0
107.3
110.9
106.1
99.9
407.9
410.9
406.5
404.9
409.4
410.5
355.2
358.1
354.1
351.7
357.0
358.3
52.7
52.8
52.4
53.1
52.4
52.2
1,797.7 1,794.4 1,801.5 1,798.5 1,796.5 1,798.8
1,475.2 1,471.7 1,482.9 1,476.1 1,470.1 1,479.5
322.5
322.8
318.6
322.3
326.4
319.3
.............. ............... ............... ............... .............. ..............
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

15,395.9
16,072.1
16,000.1
15,467.8
752.0
575.3
15,644.6
13,463.5

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

2,456.0
–54.1
–26.4
–25.2
1,029.0
–20.9
–19.0
–15.7
677.1
–16.7
–22.7
–14.8
585.4
–6.8
–18.6
–9.1
91.4
–10.6
–4.1
–6.1
352.1
–4.3
3.8
–0.7
302.3
–4.6
4.4
–0.4
50.1
0.5
–0.8
–0.3
1,432.5
–33.2
–8.0
–9.9
1,186.3
–13.9
–8.6
–2.3
247.0
–18.9
0.5
–7.4
–121.2 .............. ............. ..............
13,437.6
13,889.6
13,835.1
13,491.4
654.0
499.0
13,646.5
11,669.4

255.7
219.7
248.0
227.1
52.6
7.5
272.2
189.4

37.4
105.6
46.0
97.4
–21.8
15.0
60.6
85.0

59.3
58.7
55.7
62.4
–19.6
24.6
18.0
49.9

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
2009

2010

2011

2008
II

III

2009
IV

I

II

2010
III

IV

I

II

2011
III

IV

I

II

2012
III

IV

Ir

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
2.0
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
2.6
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
2.6
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
1.1
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
1.1
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
1.7
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
1.4
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
–1.4
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
3.2
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
2.9
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
6.1
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
6.9
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
2.1
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
3.6
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
4.0
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
5.0
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
2.0
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
3.3
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
2.0
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
2.6
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
2.6
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
2.0
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
2.0
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
2.6
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
2.0
r Revised
See “Explanatory Note” at the end of the tables.

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2005=100]
Seasonally adjusted
2009

2010

2011

2011
I

II

2012
III

IV

Ir

Gross domestic product......................................................
100.635
103.684
105.483
104.792
105.140
105.614
106.385
106.880
Personal consumption expenditures ................................................
102.657
104.741
107.017
106.511
106.693
107.156
107.708
108.367
Goods................................................................................................
100.693
105.006
108.927
108.700
108.272
108.646
110.091
111.627
Durable goods ...............................................................................
98.660
105.782
114.429
113.710
112.180
113.747
118.082
121.926
Nondurable goods .........................................................................
101.536
104.501
106.269
106.249
106.306
106.160
106.359
106.909
Services.............................................................................................
103.644
104.628
106.099
105.453
105.941
106.449
106.553
106.771
Gross private domestic investment...................................................
66.944
78.945
82.738
80.600
81.869
82.135
86.346
87.716
Fixed investment................................................................................
75.688
77.667
82.975
80.052
81.829
84.362
85.656
86.906
Nonresidential................................................................................
93.755
97.913
106.543
102.342
104.889
108.782
110.160
111.002
Structures...................................................................................
104.426
87.883
91.884
86.974
91.511
94.631
94.419
94.857
Equipment and software ............................................................
89.367
102.393
113.066
109.174
110.839
115.077
117.175
118.199
Residential .....................................................................................
44.587
42.681
42.108
41.428
41.855
41.991
43.159
45.176
Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... .........................
Exports of goods and services..........................................................
114.479
127.444
135.946
134.061
135.240
136.789
137.694
139.129
Imports of goods and services ..........................................................
91.372
102.821
107.888
107.207
107.573
107.897
108.874
109.613
Government consumption expenditures and gross investment ....
107.161
107.886
105.605
106.076
105.837
105.812
104.696
103.632
Federal ..............................................................................................
117.479
122.782
120.393
120.195
120.769
121.385
119.221
117.431
State and local...................................................................................
101.378
99.557
97.336
98.177
97.488
97.107
96.571
95.911
Addenda:
Final sales of domestic product.........................................................
102.224
103.626
105.659
104.850
105.275
106.108
106.405
106.877
Gross domestic purchases................................................................
97.796
101.160
102.805
102.237
102.504
102.844
103.636
104.076
Final sales to domestic purchasers ...................................................
99.280
101.091
102.955
102.276
102.615
103.292
103.638
104.057
Gross national product ......................................................................
100.968
104.253
106.392
105.598
106.164
106.665
107.141
107.283
r Revised
See “Explanatory Note” at the end of the tables.

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2005=100]
Seasonally adjusted
2009

2010

2011

2011
I

II

2012
III

IV

Ir

Gross domestic product......................................................
109.732
111.000
113.338
112.390
113.091
113.811
114.061
114.634
Personal consumption expenditures (PCE)......................................
109.169
111.112
113.848
112.747
113.666
114.324
114.657
115.382
Goods................................................................................................
103.209
104.837
108.807
107.412
108.752
109.530
109.535
110.211
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
122.326
Services.............................................................................................
112.353
114.465
116.513
115.574
116.260
116.852
117.365
118.117
Gross private domestic investment...................................................
106.401
104.743
106.440
105.755
106.342
106.646
107.018
107.302
Fixed investment................................................................................
106.305
104.843
106.167
105.412
106.039
106.433
106.783
107.085
Nonresidential................................................................................
107.106
105.373
106.735
105.909
106.560
107.027
107.444
107.901
Structures...................................................................................
122.490
121.117
126.571
123.982
125.835
127.565
128.901
129.746
Equipment and software ............................................................
101.496
99.634
99.753
99.446
99.743
99.838
99.986
100.326
Residential .....................................................................................
102.637
102.214
103.397
102.958
103.479
103.551
103.600
103.229
Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... ..........................
Exports of goods and services..........................................................
105.959
110.617
117.571
115.725
118.182
118.747
117.629
118.563
Imports of goods and services ..........................................................
106.571
113.032
121.756
119.370
122.949
122.543
122.161
123.991
Government consumption expenditures and gross investment ....
114.883
117.445
121.094
119.910
121.146
121.523
121.796
122.868
Federal ..............................................................................................
111.000
113.653
116.861
115.827
116.902
117.413
117.303
118.446
State and local...................................................................................
117.214
119.704
123.660
122.372
123.721
123.997
124.548
125.565
Addenda:
PCE excluding food and energy 1 ......................................................
108.691
110.208
111.805
110.963
111.585
112.156
112.517
113.163
Market-based PCE 2..........................................................................
109.201
110.857
113.681
112.498
113.478
114.200
114.547
115.225
2
Market-based PCE excluding food and energy ...............................
108.647
109.763
111.288
110.391
111.038
111.670
112.052
112.631
Final sales of domestic product.........................................................
109.703
110.981
113.273
112.315
113.021
113.754
114.000
114.577
Gross domestic purchases................................................................
109.803
111.438
114.210
113.147
114.081
114.642
114.969
115.696
Final sales to domestic purchasers ...................................................
109.783
111.426
114.156
113.084
114.024
114.597
114.921
115.652
Gross national product ......................................................................
109.721
110.979
113.325
112.372
113.080
113.799
114.051
114.626
Implicit price deflators:
Gross domestic product.................................................................
109.729
110.992
113.361
112.398
113.118
113.836
114.077
114.649
Final sales of domestic product .....................................................
109.703
110.981
113.272
112.311
113.017
113.750
113.996
114.573
Gross domestic purchases ............................................................
109.799
111.429
114.232
113.155
114.108
114.667
114.986
115.713
Final sales to domestic purchasers ...............................................
109.783
111.426
114.156
113.080
114.021
114.593
114.917
115.649
Gross national product...................................................................
109.717
110.971
113.347
112.379
113.106
113.823
114.067
114.641
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
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
1.2
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

Ir

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
2.0
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
1.7
Goods................................................................................................
–0.3
–3.0
–6.5
–5.1
–5.8
–2.1
1.4
2.9
4.5
3.8
5.8
5.4
4.0
3.1
2.5
2.7
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
7.2
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
1.2
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
8.8
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
8.6
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
8.5
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
9.1
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
8.3
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
9.0
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
3.8
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
3.7
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
3.9
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
2.2
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
1.7
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
4.9
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
–2.3
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
–2.3
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
–2.3
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
1.8
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
1.6
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
0.4
0.3
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
2.3
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
2.0
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
2.1
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
2.0
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
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.

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

Ir

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
–31.8
13,421.2
8,276.6
6,668.2
1,608.4
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
–26.4
13,588.6
8,375.8
6,753.2
1,622.6
1,119.7
427.2
1,986.9
522.7
1,038.9
134.1
–16.7

15,467.8
752.0
575.3
15,644.6
2,004.3
–72.7
13,713.0
8,442.3
6,806.9
1,635.4
1,132.0
445.4
1,980.5
533.8
1,061.4
136.3
–18.7

13,861.5

14,525.7

15,125.8

14,919.8

15,022.7

15,214.8

15,345.8

15,540.5

r Revised

Table 10. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
2009

2010

2011

2011
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
III

IV

Ir

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

12,991.2
8,276.6
6,668.2
1,608.4
1,108.9
65.9
1,043.0
403.9
1,790.0
998.1
791.9
2,336.2
924.4
1,397.7
11,593.5
11,055.1
538.5
4.6

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

13,105.7
8,375.8
6,753.2
1,622.6
1,119.7
62.7
1,057.0
427.2
1,786.3
976.8
809.5
2,333.1
936.3
1,419.4
11,686.3
11,201.0
485.3
4.2

13,227.8
8,442.3
6,806.9
1,635.4
1,132.0
60.3
1,071.7
445.4
1,807.1
988.8
818.3
2,350.3
949.3
1,447.4
11,780.4
11,346.6
433.7
3.7

8,969.7
9,882.7

9,083.0
10,061.6

9,358.9
10,183.3

9,329.8
10,183.2

9,332.9
10,169.7

9,377.3
10,188.6

9,395.8
10,192.7

9,427.6
10,210.1

r Revised
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
2009

2010

2011

2010
2011

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
2011

2012

I

II

III

IV

Ir

2011
II

III

IV

2012

2012

Ir

Ir

1,362.0
272.4

1,800.1
411.1

1,942.8
416.2

1,876.4
422.3

1,937.6
420.5

1,970.1
411.4

1,986.9
410.7

1,980.5
494.0

32.2
50.9

7.9
1.3

3.3
–0.4

1.7
–2.2

0.9
–0.2

–0.3
20.3

5.5
17.0

1,089.6
620.0

1,389.1
737.3

1,526.5
813.6

1,454.1
793.8

1,517.1
807.4

1,558.7
821.4

1,576.2
831.7

1,486.5
841.8

27.5
18.9

9.9
10.3

4.3
1.7

2.7
1.7

1.1
1.3

–5.7
1.2

2.2
6.0

469.6

651.7

712.9

660.3

709.6

737.3

744.5

644.7

38.8

9.4

7.5

3.9

1.0

–13.4

–2.4

1,583.6

1,699.0

1,819.7

1,726.0

1,812.2

1,848.0

1,892.8

1,768.9

7.3

7.1

5.0

2.0

2.4

–6.5

2.5

469.6
1,030.4
–83.6

651.7
1,027.1
–20.2

712.9
1,068.7
–38.1

660.3
1,048.0
–17.7

709.6
1,063.1
–39.4

737.3
1,076.2
–34.5

744.5
1,087.6
–60.8

644.7
38.8
9.4
7.5
3.9
1.0
–13.4
–2.4
1,100.4
–0.3
4.1
1.4
1.2
1.1
1.2
5.0
–23.8 ............. .............. .............. .............. .............. ............. ..............

1,455.7

1,819.5

1,896.3

1,877.1

1,890.6

1,912.9

1,904.6

2,138.9

1,183.3
0.6
–94.3

1,408.4
–39.1
19.7

1,480.1
–60.1
106.6

1,454.8
–116.0
115.4

1,470.1
–60.4
107.3

1,501.5
–45.5
102.7

1,493.9
–18.6
100.9

1,644.9
19.0
5.1
1.1
2.1
–0.5
10.1
13.1
–29.0 ............. .............. .............. .............. .............. ............. ..............
–129.5 ............. .............. .............. .............. .............. ............. ..............

25.0

4.2

0.7

1.2

–0.4

12.3

13.9

r Revised

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
2011
2009

2010

2011

2011
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

2012
III

IV

2010

2012

2011

Ir

II

III

IV

Ir

1,362.0
1,001.6
359.5
642.1
360.4
490.4
130.0

1,800.1
1,418.2
466.7
951.5
381.9
569.6
187.7

1,942.8
1,513.7
444.7
1,069.0
429.1
637.1
208.0

1,876.4
1,465.7
473.3
992.3
410.8
611.9
201.1

1,937.6
1,492.2
419.1
1,073.1
445.4
660.9
215.5

1,970.1
1,519.3
428.3
1,091.0
450.8
650.4
199.5

1,986.9
1,577.6
458.2
1,119.4
409.3
625.2
215.9

1,980.5
1,619.3
484.5
1,134.8
361.2
611.4
250.3

438.1
416.6
107.2
309.4
21.5
79.2
57.7

142.7
95.5
–22.0
117.5
47.2
67.5
20.3

61.2
26.5
–54.2
80.8
34.6
49.0
14.4

32.5
27.1
9.2
17.9
5.4
–10.5
–16.0

16.8
58.3
29.9
28.4
–41.5
–25.2
16.4

–6.4
41.7
26.3
15.4
–48.1
–13.8
34.4

1,456.3
1,095.9
401.8
47.3
354.5
694.1
22.2
125.2
20.5
10.5
7.8
15.4

1,780.4
1,398.5
494.7
71.6
423.2
903.7
25.0
217.1
95.0
11.7
15.3
39.5

1,836.2
1,407.1
464.5
76.8
387.7
942.6
15.2
253.8
109.9
17.0
23.3
36.0

1,761.1
1,350.3
491.5
72.7
418.8
858.8
14.9
217.6
90.8
14.6
20.0
29.0

1,830.2
1,384.9
438.9
80.7
358.3
945.9
15.2
249.9
97.1
15.6
20.3
34.5

1,867.4
1,416.6
448.7
77.6
371.0
967.9
10.7
268.2
113.6
17.5
24.5
35.4

1,886.0
1,476.7
478.8
76.2
402.5
998.0
19.9
279.2
138.2
20.5
28.3
45.1

2,109.9
1,748.8
529.1
75.5
453.5
1,219.7
35.7
361.6
182.5
25.0
33.9
53.2

324.1
302.6
92.9
24.3
68.7
209.6
2.8
91.9
74.5
1.2
7.5
24.1

55.8
8.6
–30.2
5.2
–35.5
38.9
–9.8
36.7
14.9
5.3
8.0
–3.5

69.1
34.6
–52.6
8.0
–60.5
87.1
0.3
32.3
6.3
1.0
0.3
5.5

37.2
31.7
9.8
–3.1
12.7
22.0
–4.5
18.3
16.5
1.9
4.2
0.9

18.6
60.1
30.1
–1.4
31.5
30.1
9.2
11.0
24.6
3.0
3.8
9.7

223.9
272.1
50.3
–0.7
51.0
221.7
15.8
82.4
44.3
4.5
5.6
8.1

8.4
–45.1
23.6
104.7
41.5
9.4
38.3
15.5
83.3
106.0
23.5
81.2
252.8
360.4

7.0
–12.7
34.1
122.1
37.8
36.0
34.7
13.7
85.8
122.6
34.4
87.7
331.2
381.9

2.6
–11.4
42.3
143.9
33.6
55.6
37.1
17.5
84.4
116.6
31.2
101.3
340.1
429.1

4.3
–12.0
34.8
126.9
33.5
37.9
36.1
19.3
71.6
120.2
23.5
98.9
312.0
410.8

2.0
–12.2
36.8
152.9
34.7
71.3
32.4
14.4
90.8
112.7
26.8
103.6
346.9
445.4

1.9
–10.9
45.1
154.7
28.5
72.2
38.0
16.0
85.6
110.6
33.5
97.1
362.2
450.8

2.3
–10.3
52.3
141.0
37.8
41.1
41.9
20.2
89.7
122.8
41.2
105.7
339.4
409.3

7.2
–2.1
65.3
179.1
45.9
55.6
47.7
30.0
113.0
144.3
50.0
136.0
379.0
361.2

–1.4
32.4
10.5
17.4
–3.7
26.6
–3.6
–1.8
2.5
16.6
10.9
6.5
78.4
21.5

–4.4
1.3
8.2
21.8
–4.2
19.6
2.4
3.8
–1.4
–6.0
–3.2
13.6
8.9
47.2

–2.3
–0.2
2.0
26.0
1.2
33.4
–3.7
–4.9
19.2
–7.5
3.3
4.7
34.9
34.6

–0.1
1.3
8.3
1.8
–6.2
0.9
5.6
1.6
–5.2
–2.1
6.7
–6.5
15.3
5.4

0.4
0.6
7.2
–13.7
9.3
–31.1
3.9
4.2
4.1
12.2
7.7
8.6
–22.8
–41.5

4.9
8.2
13.0
38.1
8.1
14.5
5.8
9.8
23.3
21.5
8.8
30.3
39.6
–48.1

r Revised
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
2009

2010

2011

2011
I

II

2012
III

IV

Ir

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 .....................................................................................

6,592.0
862.2
5,729.8
4,178.2
3,436.4
741.7
587.4
964.2
243.7
78.3
642.1
175.0
467.1
349.0

6,902.0
856.8
6,045.2
4,263.0
3,513.4
749.6
614.3
1,167.8
130.9
85.4
951.5
229.3
722.3
398.8

7,249.1
890.2
6,358.9
4,459.1
3,687.5
771.6
639.6
1,260.2
104.3
86.9
1,069.0
246.6
822.4
443.3

7,078.3
873.4
6,205.0
4,386.5
3,621.5
765.0
633.2
1,185.3
106.6
86.3
992.3
238.5
753.8
422.0

7,216.5
885.4
6,331.1
4,426.3
3,657.9
768.4
641.2
1,263.6
103.0
87.5
1,073.1
252.2
821.0
459.2

7,322.0
896.3
6,425.8
4,502.7
3,727.5
775.2
640.9
1,282.1
104.5
86.7
1,091.0
250.1
840.9
434.0

7,379.4
905.6
6,473.9
4,521.2
3,743.2
778.0
643.0
1,309.7
103.1
87.2
1,119.4
245.5
873.9
457.8

7,454.5
916.0
6,538.5
4,559.6
3,775.1
784.5
655.4
1,323.5
105.2
83.5
1,134.8
303.0
831.8
468.5

118.1

323.5

379.2

331.8

361.7

406.9

416.2

363.3

693.5
518.5
0.6
–52.0

942.8
713.5
–39.1
47.8

1,002.7
756.2
–60.1
126.3

974.8
736.3
–116.0
133.6

1,006.3
754.1
–60.4
127.2

1,013.4
763.3
–45.5
123.1

1,016.5
771.0
–18.6
121.5

1,248.7
945.7
–29.0
–84.9

6,538.1
828.1
5,710.0

6,594.9
835.3
5,759.6

6,657.3
842.6
5,814.8

Billions of chained (2005) dollars
1

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

6,036.5
805.4
5,231.1

6,329.5
805.4
5,524.1

6,511.3
825.4
5,685.9

6,407.9
816.3
5,591.6

6,504.1
821.7
5,682.3

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 ..........

1.092
0.692
0.293
0.143

1.090
0.674
0.267
0.135

1.113
0.685
0.265
0.137

1.105
0.685
0.265
0.136

1.110
0.681
0.264
0.136

1.120
0.689
0.264
0.137

1.119
0.686
0.264
0.137

1.120
0.685
0.264
0.138

0.110
0.040

0.111
0.021

0.112
0.016

0.112
0.017

0.112
0.016

0.111
0.016

0.111
0.016

0.111
0.016

0.106
0.029
0.077

0.150
0.036
0.114

0.164
0.038
0.126

0.155
0.037
0.118

0.165
0.039
0.126

0.167
0.038
0.129

0.170
0.037
0.133

0.171
0.046
0.125

r Revised
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
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
2.0 –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

Ir

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
13.0
–1.0
2.0
20.4
2.5
21.2
2.8
7.3
3.7
2.6

1.9
6.0
0.0
3.1
53.3
0.7
–8.3
1.9
–0.5
2.4
3.1

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

2.0
2.7
2.0
2.6
2.4

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

2.6
2.6
2.3
2.4
2.1

r Revised
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.