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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 26, 2013 BEA 13-18 Lisa Mataloni: Recorded message: (202) 606-5304 (GDP) (202) 606-5306 gdpniwd@bea.gov GROSS DOMESTIC PRODUCT: FIRST QUARTER 2013 (ADVANCE ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.5 percent in the first quarter of 2013 (that is, from the fourth quarter to the first quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 0.4 percent. The Bureau emphasized that the first-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3 and "Comparisons of Revisions to GDP" on page 5). The "second" estimate for the first quarter, based on more complete data, will be released on May 30, 2013. The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, residential investment, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. Comprehensive Revision of the National Income and Product Accounts BEA plans to release the results of the 14th comprehensive (or benchmark) revision of the national income and product accounts (NIPAs) in conjunction with the second quarter 2013 "advance" estimate on July 31, 2013. More information on the revision is available on BEA’s Web site at www.bea.gov/gdp-revisions, including a link to an article in the March 2013 issue of the Survey of Current Business that discusses the upcoming changes in definitions and presentations, including capitalizing spending on research and development and on entertainment originals and measuring transactions of defined benefit pension plans on an accrual accounting basis. An article in the May Survey will describe changes in statistical methods, and an article in the September Survey will describe the estimates in detail. Revised NIPA table stubs and news release stubs will be available in June. NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. - more - -2The acceleration in real GDP in the first quarter primarily reflected an upturn in private inventory investment, an acceleration in PCE, an upturn in exports, and a smaller decrease in federal government spending that were partly offset by an upturn in imports and a deceleration in nonresidential fixed investment. Motor vehicle output added 0.24 percentage point to the first-quarter change in real GDP after adding 0.18 percentage point to the fourth-quarter change. Final sales of computers subtracted 0.01 percentage point from the first-quarter change in real GDP after adding 0.10 percentage point to the fourth-quarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.1 percent in the first quarter, compared with an increase of 1.6 percent in the fourth. Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in the first quarter, compared with an increase of 1.2 percent in the fourth. Real personal consumption expenditures increased 3.2 percent in the first quarter, compared with an increase of 1.8 percent in the fourth. Durable goods increased 8.1 percent, compared with an increase of 13.6 percent. Nondurable goods increased 1.0 percent, compared with an increase of 0.1 percent. Services increased 3.1 percent, compared with an increase of 0.6 percent. Real nonresidential fixed investment increased 2.1 percent in the first quarter, compared with an increase of 13.2 percent in the fourth. Nonresidential structures decreased 0.3 percent, in contrast to an increase of 16.7 percent. Equipment and software increased 3.0 percent, compared with an increase of 11.8 percent. Real residential fixed investment increased 12.6 percent, compared with an increase of 17.6 percent. Real exports of goods and services increased 2.9 percent in the first quarter, in contrast to a decrease of 2.8 percent in the fourth. Real imports of goods and services increased 5.4 percent, in contrast to a decrease of 4.2 percent. Real federal government consumption expenditures and gross investment decreased 8.4 percent in the first quarter, compared with a decrease of 14.8 percent in the fourth. National defense decreased 11.5 percent, compared with a decrease of 22.1 percent. Nondefense decreased 2.0 percent, in contrast to an increase of 1.7 percent. Real state and local government consumption expenditures and gross investment decreased 1.2 percent, compared with a decrease of 1.5 percent. The change in real private inventories added 1.03 percentage points to the first-quarter change in real GDP after subtracting 1.52 percentage points from the fourth-quarter change. Private businesses increased inventories $50.3 billion in the first quarter, following increases of $13.3 billion in the fourth quarter and $60.3 billion in the third. Real final sales of domestic product -- GDP less change in private inventories -- increased 1.5 percent in the first quarter, compared with an increase of 1.9 percent in the fourth. - more - -3Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.9 percent in the first quarter; it was unchanged in the fourth quarter. Disposition of personal income Current-dollar personal income decreased $109.1 billion (3.2 percent) in the first quarter, in contrast to an increase of $262.3 billion (8.1 percent) in the fourth. The downturn in personal income primarily reflected a sharp downturn in personal dividend income and a sharp acceleration in contributions for government social insurance -- a subtraction in the calculation of personal income. Fourth-quarter personal dividend income was boosted by the payment of accelerated and special dividends. The acceleration in contributions for government social insurance in the first quarter resulted from the expiration of the "payroll tax holiday." Personal current taxes increased $27.2 billion in the first quarter, compared with an increase of $34.3 billion in the fourth. Disposable personal income decreased $136.3 billion (4.4 percent) in the first quarter, in contrast to an increase of $228.0 billion (7.9 percent) in the fourth. Real disposable personal income decreased 5.3 percent, in contrast to an increase of 6.2 percent. Personal outlays increased $116.3 billion (4.1 percent) in the first quarter, compared with an increase of $97.0 billion (3.4 percent) in the fourth. Personal saving -- disposable personal income less personal outlays -- was $313.3 billion in the first quarter, compared with $566.0 billion in the fourth. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 2.6 percent in the first quarter, compared with 4.7 percent in the fourth. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.7 percent, or $146.1 billion, in the first quarter to a level of $16,010.2 billion. In the fourth quarter, current-dollar GDP increased 1.3 percent, or $53.1 billion. Information on the assumptions used for unavailable source data is provided in a technical note that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed "Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an analysis of the current quarterly estimate of GDP and related series is made available on the Web site; click on Survey of Current Business, "GDP and the Economy." For information on revisions, see "Revisions to GDP, GDI, and Their Major Components." - more - -4- BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- May 30, 2013, at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2013 (Second Estimate) Corporate Profits: First Quarter 2013 (Preliminary Estimate) - more - -5Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source data that are incomplete or subject to further revision by the source agency, are released near the end of the first month after the end of the quarter; as more detailed and more comprehensive data become available, "second" and "third" estimates are released near the end of the second and third months, respectively. The "latest" estimates reflect the results of both annual and comprehensive revisions. Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.2 percentage point, which is larger than the average revisions from the advance estimate to the second or to the third estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than four-fifths of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages compared Average Average without regard to sign Standard deviation of revisions without regard to sign Current-dollar GDP Advance to second..... Advance to third........ Second to third........... 0.2 .1 .0 0.6 .7 .3 0.4 .4 .2 Advance to latest....... .3 1.2 1.0 0.5 .6 .2 0.4 .5 .2 Real GDP Advance to second...... Advance to third......... Second to third............ 0.1 .1 .0 Advance to latest........ .2 1.3 NOTE. These comparisons are based on the period from 1983 through 2009. - more - 1.0 Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2010 2011 2012 2009 II 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Gross domestic product (GDP) ..... 2.4 1.8 2.2 Personal consumption expenditures ....... 1.8 2.5 1.9 Goods....................................................... 3.6 3.8 3.1 Durable goods ...................................... 6.2 7.2 7.8 Nondurable goods ................................ 2.3 2.3 0.9 Services ................................................... 1.0 1.9 1.2 Gross private domestic investment ......... 13.7 5.2 9.8 Fixed investment ...................................... –0.2 6.6 8.7 Nonresidential ...................................... 0.7 8.6 8.0 Structures ......................................... –15.6 2.7 10.8 Equipment and software................... 8.9 11.0 6.9 Residential............................................ –3.7 –1.4 12.1 Change in private inventories................... .......... .......... .......... Net exports of goods and services .......... .......... .......... .......... Exports..................................................... 11.1 6.7 3.4 Goods................................................... 14.3 7.2 4.2 Services ............................................... 4.7 5.6 1.5 Imports ..................................................... 12.5 4.8 2.4 Goods................................................... 14.9 5.2 2.1 Services ............................................... 2.5 2.8 4.2 Government consumption expenditures and gross investment ............................ 0.6 –3.1 –1.7 Federal ..................................................... 4.5 –2.8 –2.2 National defense .................................. 3.0 –2.6 –3.1 Nondefense .......................................... 7.7 –3.1 –0.3 State and local ......................................... –1.8 –3.4 –1.4 Addenda: Final sales of domestic product................ 0.9 2.0 2.1 Gross domestic purchases....................... 2.8 1.7 2.1 Final sales to domestic purchasers.......... 1.3 1.8 2.0 Gross national product (GNP).................. 2.8 2.0 2.1 Disposable personal income .................... 1.8 1.3 1.5 Current-dollar measures: GDP...................................................... 3.8 4.0 4.0 Final sales of domestic product............ 2.2 4.1 3.9 Gross domestic purchases................... 4.5 4.2 3.8 Final sales to domestic purchasers ...... 3.0 4.4 3.7 GNP...................................................... 4.2 4.2 3.9 Disposable personal income ................ 3.8 3.8 3.3 See “Explanatory Note” at the end of the tables. III 2010 IV I II 2011 III IV I II 2012 III IV I II 2013 Line III IV I –0.3 1.4 4.0 2.3 2.2 2.6 2.4 0.1 2.5 1.3 4.1 2.0 1.3 3.1 0.4 2.5 –1.8 2.1 0.0 2.5 2.6 2.5 4.1 3.1 1.0 1.7 2.0 2.4 1.5 1.6 1.8 3.2 –2.1 7.5 –0.5 5.2 3.3 3.8 7.9 5.4 –1.0 1.4 5.4 4.7 0.3 3.6 4.3 3.3 –2.0 20.9 –6.1 5.5 10.5 7.2 15.2 7.3 –2.3 5.4 13.9 11.5 –0.2 8.9 13.6 8.1 –2.1 1.7 2.3 5.1 0.1 2.2 4.5 4.6 –0.3 –0.4 1.8 1.6 0.6 1.2 0.1 1.0 –1.6 –0.4 0.2 1.2 2.3 1.9 2.3 2.0 1.9 1.8 0.3 1.3 2.1 0.6 0.6 3.1 –27.1 –1.7 41.4 19.8 14.6 16.4 –5.9 –5.3 12.5 5.9 33.9 6.1 0.7 6.6 1.3 12.3 –18.5 –3.1 –6.0 –0.9 14.5 –1.0 7.6 –1.3 12.4 15.5 10.0 9.8 4.5 0.9 14.0 4.1 –17.5 –7.8 –6.4 2.1 12.3 7.7 9.2 –1.3 14.5 19.0 9.5 7.5 3.6 –1.8 13.2 2.1 –31.4 –26.7 –28.8 –23.0 13.1 –2.2 9.3 –28.2 35.2 20.7 11.5 12.9 0.6 0.0 16.7 –0.3 –8.6 3.6 6.0 14.7 12.0 11.9 9.2 11.1 7.8 18.3 8.8 5.4 4.8 –2.6 11.8 3.0 –22.2 17.2 –4.8 –11.4 23.1 –28.6 1.5 –1.4 4.1 1.4 12.1 20.5 8.5 13.5 17.6 12.6 .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ........... 0.6 13.8 24.0 5.9 9.6 9.7 10.0 5.7 4.1 6.1 1.4 4.4 5.3 1.9 –2.8 2.9 –2.6 21.1 30.4 9.9 11.9 9.0 11.2 5.7 3.7 6.2 6.0 4.0 7.0 1.1 –5.0 3.5 7.4 0.4 11.4 –2.2 4.5 11.1 7.4 5.8 5.1 6.1 –8.8 5.2 1.1 4.0 2.5 1.5 –15.9 17.2 19.3 10.4 20.2 13.9 0.0 4.3 0.1 4.7 4.9 3.1 2.8 –0.6 –4.2 5.4 –18.5 21.1 23.7 12.2 24.7 14.1 1.1 5.2 –0.7 2.9 6.3 2.0 2.9 –1.2 –3.9 5.2 –4.7 2.8 2.4 2.4 1.2 12.9 –5.0 –0.6 4.2 13.8 –1.7 9.0 2.3 2.6 –5.6 6.0 9.6 13.7 16.1 8.8 7.2 3.7 6.3 7.6 3.5 2.2 1.1 4.2 1.3 10.5 –0.9 –3.1 0.6 –3.7 10.1 –5.5 2.8 9.7 7.3 14.6 –1.4 –0.3 3.7 7.2 –3.1 –2.9 –4.4 –7.0 –4.1 –10.3 –6.1 –14.3 0.0 –1.7 –4.6 –4.7 –0.8 –2.9 –2.2 2.8 –4.3 –4.4 8.3 2.6 –10.6 –7.5 –17.4 10.2 –3.2 –2.0 –0.7 0.6 –2.7 –1.8 –0.4 –0.5 1.2 2.1 1.8 2.8 –6.1 –0.6 4.0 –0.5 4.4 –0.6 0.1 3.1 0.9 2.7 5.7 2.2 3.9 3.9 2.9 6.3 0.6 3.5 1.5 2.6 1.2 4.1 1.1 2.7 2.2 1.0 0.6 0.0 0.5 0.6 4.4 2.4 1.9 1.8 2.8 –1.5 2.3 1.2 2.2 1.4 –1.3 –1.1 –0.1 –2.5 –1.5 –1.1 1.1 1.9 1.8 3.8 3.7 3.3 –3.3 5.3 0.8 6.3 1.9 5.7 2.5 3.9 1.6 5.2 3.0 4.3 7.6 4.1 3.8 4.8 4.6 4.7 6.9 4.6 2.7 4.8 2.9 4.6 2.5 4.5 6.2 3.5 5.1 4.3 3.1 2.2 2.6 3.5 3.9 2.7 7.7 5.2 5.2 5.5 5.4 5.5 2.0 4.3 5.4 3.6 4.6 4.5 1.1 3.9 –7.0 –4.1 9.5 –14.8 –8.4 12.9 –22.1 –11.5 3.0 1.7 –2.0 0.3 –1.5 –1.2 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 –3.0 –4.2 –7.1 1.8 –2.2 –0.7 –0.2 –0.2 –0.4 –1.0 21 22 23 24 25 1.5 4.6 2.1 4.1 –0.2 2.4 1.8 2.2 0.6 3.7 1.7 1.0 1.4 2.1 2.2 2.4 2.6 1.9 2.9 0.7 1.9 1.5 0.0 2.9 1.5 1.9 0.9 ........... 6.2 –5.3 26 27 28 29 30 4.2 1.9 5.3 3.0 4.3 0.9 4.2 4.4 4.6 4.8 2.8 6.3 2.8 3.3 1.7 2.2 3.6 2.9 5.9 5.2 4.2 3.5 5.7 2.3 1.3 3.7 2.9 2.7 1.6 4.1 3.1 3.1 1.9 ........... 7.9 –4.4 31 32 33 34 35 36 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates Line 2010 2011 2012 2009 II 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 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 off-premises consumption ................................................... Clothing and footwear......................................... Gasoline and other energy goods ...................... Other nondurable goods..................................... Services .................................................................... Household consumption expenditures (for services) ............................................................. Housing and utilities ........................................... Health care ......................................................... Transportation services ...................................... Recreation services............................................ Food services and accommodations .................. Financial services and insurance ....................... Other services .................................................... Final consumption expenditures of nonprofit institutions serving households .......................... Gross output of nonprofit institutions .................. Less: Receipts from sales of goods and services by nonprofit institutions..................... Gross private domestic investment ........................... Fixed investment ...................................................... Nonresidential ........................................................ Structures ........................................................... Equipment and software..................................... Information processing equipment and software ...................................................... Computers and peripheral equipment......... Software...................................................... Other ........................................................... Industrial equipment ....................................... Transportation equipment ............................... Other equipment ............................................. Residential.............................................................. Change in private inventories ................................. Farm ....................................................................... Nonfarm.................................................................. Net exports of goods and services ............................ Exports...................................................................... Goods..................................................................... Services ................................................................. Imports...................................................................... Goods..................................................................... Services ................................................................. Government consumption expenditures and gross investment................................................................. Federal ...................................................................... National defense .................................................... Consumption expenditures................................. Gross investment................................................ Nondefense ............................................................ Consumption expenditures................................. Gross investment................................................ State and local.......................................................... Consumption expenditures................................. Gross investment................................................ Addenda: Goods..................................................................... Services ................................................................. Structures............................................................... Motor vehicle output ............................................... Final sales of computers ........................................ See “Explanatory Note” at the end of the tables. III 2.4 1.8 2.2 –0.3 1.4 1.28 0.82 0.45 0.05 0.11 0.24 0.05 0.37 1.79 0.89 0.53 0.13 0.10 0.25 0.05 0.36 1.32 0.74 0.58 0.19 0.10 0.24 0.07 0.15 –1.21 –0.46 –0.14 0.03 –0.10 –0.11 0.05 –0.32 1.50 1.68 1.43 0.96 0.08 0.34 0.04 0.26 2010 IV II III 2.3 2.2 2.6 –0.01 1.72 1.81 –0.10 1.18 0.76 –0.47 0.40 0.74 –0.89 –0.11 0.34 0.11 0.17 0.18 0.32 0.23 0.23 0.00 0.12 –0.01 0.37 0.79 0.02 1.75 0.86 0.52 0.20 0.04 0.21 0.07 0.35 4.0 0.11 0.13 0.00 0.20 0.15 0.21 0.12 0.08 0.03 –0.18 0.09 0.10 –0.01 –0.09 –0.03 –0.16 –0.09 –0.08 0.14 0.25 0.15 –0.18 0.10 0.14 0.46 0.90 0.58 –0.75 –0.18 0.09 0.44 0.82 0.11 0.07 0.15 0.39 –0.02 0.04 0.03 0.07 0.11 0.16 0.02 –0.02 0.04 0.11 0.51 0.00 0.22 0.03 0.03 0.15 0.03 0.05 2011 I IV II III 2.4 0.1 2.5 1.3 2.84 1.78 1.07 0.55 0.14 0.28 0.10 0.71 2.22 1.27 0.53 0.14 0.07 0.31 0.03 0.73 0.19 –0.20 0.09 0.33 0.21 0.13 0.05 0.28 0.29 –0.13 –0.02 –0.20 0.10 0.22 0.23 0.30 0.54 1.05 0.88 1.06 –0.62 0.05 0.34 –0.14 –0.10 –0.17 –0.30 –0.30 –0.24 0.07 0.20 –0.11 –0.09 –0.04 –0.25 –0.03 0.06 0.14 0.17 –0.07 0.03 –0.14 2012 I IV II III 2.0 1.3 3.1 0.4 2.5 1 1.72 1.06 1.11 0.08 0.85 –0.02 0.31 –0.26 0.14 –0.01 0.28 0.16 0.11 0.10 0.26 0.10 1.12 0.85 0.66 0.25 0.09 0.25 0.07 0.19 1.28 1.02 1.00 0.53 0.07 0.25 0.15 0.02 2.24 0.78 0.62 0.27 0.06 0.19 0.10 0.16 2 3 4 5 6 7 8 9 0.02 0.00 –0.03 0.01 –0.01 0.05 0.08 0.13 –0.12 0.12 –0.04 0.03 0.02 –0.07 0.23 –0.08 –0.17 –0.10 0.18 0.20 0.02 0.14 0.23 0.18 0.16 0.61 0.99 0.26 0.27 1.46 10 11 12 13 14 4.1 0.70 1.18 1.45 –0.22 0.33 1.29 –0.17 0.40 1.00 –0.53 0.05 0.63 0.07 0.10 0.16 0.20 0.23 0.25 0.08 0.02 –0.04 –0.05 –0.06 0.29 0.19 0.10 0.00 0.05 0.06 –0.14 0.18 –0.42 –0.09 0.31 0.20 0.16 0.95 0.92 0.85 2013 Line I IV –0.08 0.60 0.96 0.95 1.07 0.90 0.76 0.52 0.26 0.64 0.69 0.35 0.28 0.12 0.11 0.08 0.24 0.04 –0.04 0.22 0.22 –0.45 –0.28 0.68 0.16 –0.54 –0.09 –0.20 0.35 0.51 0.59 0.48 0.33 –0.10 0.42 0.42 –0.15 0.31 0.26 –0.07 –0.02 0.05 0.07 0.04 0.03 0.06 0.06 –0.02 0.03 0.06 0.03 0.01 0.05 0.09 –0.06 0.12 0.13 –0.03 0.16 0.05 0.02 –0.02 0.07 0.02 –0.03 –0.02 0.26 0.20 0.12 0.15 0.22 0.13 0.10 0.21 0.21 0.05 0.06 0.35 –0.13 0.35 0.25 –0.25 –0.06 0.02 –0.08 0.24 –0.11 0.20 –0.01 –0.26 0.14 0.05 0.01 0.10 0.14 0.18 0.22 –0.06 –0.06 0.19 0.07 –0.01 0.03 0.09 0.33 –0.10 –0.02 0.07 0.24 0.31 0.29 –0.08 –0.02 –0.12 0.05 0.35 –0.02 –0.03 23 24 0.07 –0.13 0.20 0.09 0.08 1.50 –0.03 0.07 –0.50 0.56 0.13 0.62 0.76 0.80 0.07 0.72 0.13 1.19 1.05 0.78 0.29 0.49 0.22 –3.52 –2.49 –1.86 –1.31 –0.54 0.09 –0.14 –0.32 –0.73 –0.98 0.25 –0.14 –0.08 3.85 2.13 –0.69 –0.10 –0.57 0.20 –0.98 –0.70 0.40 0.90 0.16 0.02 0.05 0.10 –0.01 0.38 0.04 –0.09 1.52 –0.04 1.56 –0.52 1.29 1.11 0.18 –1.81 –1.74 –0.07 0.18 0.06 0.12 –0.01 0.14 0.26 0.14 –0.03 –0.14 0.02 –0.17 0.07 0.87 0.65 0.22 –0.80 –0.72 –0.08 0.14 0.02 0.10 0.01 0.09 0.19 0.08 0.27 0.14 –0.06 0.20 0.04 0.47 0.41 0.06 –0.43 –0.31 –0.12 0.10 0.05 0.09 –0.04 –0.24 –0.01 –0.39 –0.63 –1.03 –0.03 –1.00 2.47 0.10 –0.17 0.27 2.37 2.22 0.15 0.40 0.00 0.09 0.31 –0.11 0.11 –0.14 0.40 0.19 –0.10 0.29 –0.70 1.48 1.46 0.02 –2.18 –2.12 –0.06 0.28 0.13 0.11 0.04 –0.06 0.21 –0.03 –0.12 4.55 0.14 4.41 –0.05 2.55 2.14 0.42 –2.60 –2.55 –0.05 0.02 0.01 –0.04 0.04 0.25 0.44 0.06 0.51 0.07 –0.10 0.17 –1.81 1.14 0.97 0.17 –2.95 –2.92 –0.03 0.24 –0.04 0.12 0.16 –0.01 0.49 0.04 –0.80 1.97 –0.19 2.16 –0.95 1.18 0.76 0.41 –2.13 –1.79 –0.34 0.28 0.05 0.12 0.11 0.11 0.08 0.13 0.03 –1.61 0.03 –1.64 1.24 1.24 0.96 0.28 –0.01 –0.15 0.15 0.02 0.01 0.14 –0.13 0.18 0.26 0.27 –0.03 –0.54 0.11 –0.65 0.03 0.75 0.52 0.23 –0.72 –0.73 0.01 0.30 0.21 0.13 –0.04 0.01 0.13 0.09 0.09 0.01 –0.02 0.03 0.54 0.56 0.35 0.21 –0.02 0.10 –0.12 0.13 0.06 0.14 –0.07 0.38 0.40 0.30 0.03 –1.07 0.11 –1.18 0.02 0.83 0.59 0.25 –0.81 –0.43 –0.38 0.23 0.06 0.16 0.02 0.25 0.32 –0.17 0.26 2.53 0.05 2.48 –0.64 0.21 0.58 –0.38 –0.85 –0.90 0.05 0.21 0.07 0.04 0.10 –0.18 0.22 0.14 0.43 –0.39 –0.03 –0.37 0.06 0.60 0.39 0.21 –0.54 –0.29 –0.25 –0.09 –0.12 0.11 –0.08 0.16 0.19 0.09 0.19 –0.46 –0.17 –0.29 0.23 0.72 0.67 0.05 –0.49 –0.42 –0.07 0.13 0.03 0.05 0.04 –0.01 –0.11 0.22 0.31 1.03 0.78 0.25 –0.50 0.40 0.34 0.06 –0.90 –0.73 –0.17 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 0.14 0.37 0.17 0.15 0.02 0.20 0.15 0.05 –0.23 –0.14 –0.09 –0.67 –0.23 –0.15 –0.09 –0.06 –0.09 –0.08 –0.01 –0.43 –0.24 –0.19 –0.34 1.94 0.79 0.23 –0.69 0.59 –0.18 1.04 0.51 0.34 0.04 0.78 –0.17 0.83 0.42 0.07 –0.22 0.40 –0.14 0.62 0.37 0.08 –0.10 0.25 –0.02 0.21 0.04 –0.01 –0.12 0.14 –0.01 0.21 0.09 0.27 0.26 0.38 0.01 0.23 0.04 0.22 0.19 0.29 –0.02 –0.02 0.04 0.05 0.08 0.09 –0.17 0.90 0.28 –0.12 –0.73 –0.19 –0.09 0.74 0.31 0.16 –0.45 –0.43 –0.08 0.17 –0.03 –0.28 –0.28 0.24 –0.06 0.31 0.40 0.31 0.09 –0.09 –0.09 0.00 –0.37 –0.37 0.00 –0.94 –0.35 –0.35 –0.29 –0.05 0.00 0.01 –0.01 –0.59 –0.29 –0.30 –1.49 –0.89 –0.84 –0.56 –0.28 –0.05 –0.07 0.01 –0.60 –0.19 –0.40 –0.16 0.23 0.45 0.36 0.09 –0.22 –0.18 –0.04 –0.39 –0.20 –0.19 –0.60 –0.36 0.15 0.26 –0.11 –0.51 –0.47 –0.04 –0.24 –0.17 –0.08 –0.43 –0.35 –0.60 –0.66 0.05 0.25 0.28 –0.02 –0.08 –0.08 –0.01 –0.60 –0.34 –0.39 –0.22 –0.16 0.05 0.08 –0.03 –0.26 –0.05 –0.21 –0.14 0.75 –1.41 –0.80 –0.02 0.71 –1.23 –0.65 –0.01 0.64 –1.28 –0.60 –0.10 0.64 –1.27 –0.37 0.09 0.00 0.00 –0.23 –0.01 0.08 0.04 –0.05 –0.01 0.09 0.03 –0.03 0.00 –0.02 0.02 –0.02 –0.12 0.04 –0.18 –0.14 –0.10 0.02 –0.12 –0.05 –0.01 0.01 –0.05 –0.09 49 50 51 52 53 54 55 56 57 58 59 1.50 0.21 1.50 4.51 3.58 –0.26 2.65 1.57 0.99 0.31 1.26 0.50 0.91 0.02 1.32 0.80 0.92 0.37 0.41 –1.78 –0.56 –1.40 –1.27 1.19 –0.85 –0.09 –1.29 0.31 0.35 1.41 0.34 0.51 0.48 0.34 –0.32 0.75 0.05 –0.08 –0.24 –0.19 0.01 –0.12 0.11 0.21 0.16 0.91 0.98 0.59 0.05 0.08 1.09 0.38 1.73 0.40 1.40 0.38 0.76 1.11 –0.84 0.90 0.50 0.12 0.27 0.82 0.20 0.72 0.20 –0.25 0.18 0.24 0.02 –0.10 0.11 0.10 –0.01 60 61 62 63 64 0.23 0.35 0.29 0.09 1.65 1.87 –0.75 –0.68 1.58 –0.10 0.87 –0.14 1.07 0.70 0.83 –0.11 0.31 –0.06 0.23 –0.84 0.76 0.76 0.60 0.72 0.16 0.21 15 16 17 18 19 20 21 22 0.07 0.20 2.33 1.37 0.72 0.62 –0.65 –0.19 0.50 0.25 –0.06 0.12 0.05 0.14 1.58 0.53 0.24 0.07 0.11 0.12 0.31 0.22 0.02 0.11 0.04 –0.04 –0.02 0.11 –0.10 0.73 0.23 –0.30 2.23 0.01 2.22 –0.83 0.70 0.79 –0.09 –1.53 –1.46 –0.06 0.09 –0.07 –0.01 0.32 0.28 0.28 I 0.05 –0.26 1.40 0.68 1.39 1.75 1.30 1.71 0.77 0.51 0.53 1.20 0.34 3.72 1.19 0.93 0.31 0.62 0.58 4.23 0.33 –0.62 0.37 0.49 0.03 0.55 0.12 0.12 0.33 –0.24 0.43 0.78 0.09 0.85 1.18 0.56 0.12 0.74 0.36 –0.19 0.35 0.02 0.00 0.39 0.35 –0.19 –0.09 –0.19 0.07 0.04 0.00 –0.22 0.12 0.31 0.73 –0.38 1.11 0.38 0.27 0.11 0.16 0.11 0.18 –0.07 0.00 0.09 0.17 1.56 1.69 0.53 1.28 0.22 0.46 –0.01 0.82 0.23 0.52 0.27 0.16 0.09 0.12 0.09 0.10 0.41 –1.52 0.14 –1.66 0.33 –0.40 –0.50 0.10 0.73 0.57 0.17 25 26 27 28 29 30 Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period—Continues Billions of current dollars Billions of chained (2005) dollars Seasonally adjusted at annual rates Change from preceding period Seasonally adjusted at annual rates Line 2012 2012 2013 2012 2012 2013 2012 2013 IV I Line 2012 I 1 Gross domestic product....................................... 15,684.8 15,478.3 2 Personal consumption expenditures.......................... 11,119.6 11,007.2 3 Goods ........................................................................ 3,783.2 3,755.9 4 Durable goods......................................................... 1,218.9 1,204.6 5 Motor vehicles and parts ..................................... 407.0 402.1 6 Furnishings and durable household equipment 265.8 264.6 7 Recreational goods and vehicles ........................ 354.0 350.2 8 Other durable goods............................................ 192.1 187.7 9 Nondurable goods................................................... 2,564.2 2,551.3 10 Food and beverages purchased for off-premises 829.1 827.0 consumption .................................................... 11 Clothing and footwear.......................................... 365.9 363.1 12 Gasoline and other energy goods ....................... 440.3 440.5 13 Other nondurable goods...................................... 929.1 920.6 14 Services ..................................................................... 7,336.5 7,251.3 15 Household consumption expenditures (for services).............................................................. 7,035.1 6,956.4 16 Housing and utilities ............................................ 1,965.9 1,935.2 17 Health care.......................................................... 1,818.1 1,800.4 18 Transportation services ....................................... 312.8 309.4 19 Recreation services............................................. 410.2 404.6 20 Food services and accommodations................... 713.6 700.5 21 Financial services and insurance ........................ 829.1 827.5 22 Other services ..................................................... 985.5 978.7 23 Final consumption expenditures of nonprofit institutions serving households ........................... 301.4 295.0 24 Gross output of nonprofit institutions................... 1,215.5 1,198.4 25 Less: Receipts from sales of goods and services by nonprofit institutions.................................... 914.1 903.5 26 Gross private domestic investment ............................ 2,062.3 2,032.2 27 Fixed investment....................................................... 2,004.2 1,959.7 28 Nonresidential ......................................................... 1,621.3 1,595.5 29 Structures............................................................ 463.4 454.7 30 Equipment and software...................................... 1,157.9 1,140.8 31 Information processing equipment and software ....................................................... 555.4 556.3 32 Computers and peripheral equipment ......... 79.3 84.3 33 Software....................................................... 293.4 288.1 34 Other............................................................ 182.7 183.9 35 Industrial equipment ........................................ 197.5 190.7 36 Transportation equipment ................................ 196.9 193.6 37 Other equipment.............................................. 208.1 200.1 38 Residential .............................................................. 382.9 364.2 39 Change in private inventories.................................. 58.1 72.6 40 Farm........................................................................ –16.1 –4.1 41 Nonfarm .................................................................. 74.1 76.7 42 Net exports of goods and services............................. –559.9 –615.8 43 Exports ...................................................................... 2,184.0 2,157.9 44 Goods...................................................................... 1,542.8 1,525.8 45 Services .................................................................. 641.2 632.1 46 Imports....................................................................... 2,744.0 2,773.7 47 Goods...................................................................... 2,291.9 2,324.3 48 Services .................................................................. 452.1 449.3 II III IV I I II III IV I 15,585.6 11,067.2 3,741.5 1,200.3 396.0 264.0 351.0 189.4 2,541.2 15,811.0 11,154.4 3,792.5 1,218.9 404.5 266.7 355.1 192.7 2,573.6 15,864.1 11,249.6 3,842.8 1,252.0 425.5 268.1 359.5 198.8 2,590.8 16,010.2 11,363.9 3,865.0 1,273.2 437.2 270.4 362.8 202.9 2,591.8 13,506.4 9,546.8 3,406.6 1,336.1 371.2 286.0 545.0 162.1 2,088.9 13,548.5 9,582.5 3,409.4 1,335.3 361.8 285.5 554.6 165.5 2,092.0 13,652.5 9,620.1 3,439.7 1,364.0 370.5 289.5 569.9 168.0 2,098.2 13,665.4 9,663.9 3,476.1 1,408.3 389.8 292.5 585.8 173.0 2,098.8 13,750.1 9,740.0 3,504.2 1,436.1 399.7 295.0 598.4 176.5 2,104.0 294.1 174.5 101.9 98.3 25.9 15.9 55.2 8.7 19.3 12.9 43.8 36.4 44.3 19.3 3.0 15.9 5.0 0.6 84.7 76.1 28.1 27.8 9.9 2.5 12.6 3.5 5.2 1 2 3 4 5 6 7 8 9 827.5 829.2 832.6 837.3 685.8 686.4 685.4 685.9 685.7 687.2 363.0 368.9 368.4 370.8 353.9 355.3 350.8 355.4 354.0 355.2 428.5 443.1 448.9 436.3 268.6 266.5 272.0 270.0 265.9 263.5 922.3 932.4 940.9 947.4 797.7 792.9 793.5 798.2 806.2 812.4 7,325.7 7,361.9 7,406.9 7,498.9 6,176.6 6,145.9 6,178.2 6,186.7 6,195.6 6,243.7 0.5 3.9 –2.9 20.3 75.1 –0.2 –1.4 –4.1 8.0 8.9 1.5 1.2 –2.4 6.2 48.1 10 11 12 13 14 7,019.4 7,060.6 7,103.9 7,200.7 5,879.9 5,855.1 5,877.6 5,888.8 5,898.2 5,949.9 1,968.3 1,983.5 1,976.4 2,009.7 1,677.7 1,662.7 1,685.2 1,690.6 1,672.3 1,689.9 1,803.5 1,825.9 1,842.6 1,861.6 1,516.8 1,513.3 1,508.4 1,518.4 1,527.0 1,534.9 313.0 313.6 314.9 319.2 252.6 250.6 252.4 253.4 253.8 255.9 409.5 413.1 413.7 419.9 349.9 347.9 350.4 351.0 350.2 353.8 709.0 714.1 730.7 739.3 584.4 579.5 581.0 582.9 594.2 597.9 830.9 825.3 832.7 839.5 685.4 688.6 688.4 680.0 684.4 694.4 985.2 985.1 992.9 1,011.5 812.5 811.5 811.3 812.1 815.1 822.0 65.6 0.0 28.3 3.7 4.0 19.2 3.6 6.4 9.4 –18.3 8.6 0.4 –0.8 11.3 4.4 3.0 51.7 17.6 7.9 2.1 3.6 3.7 10.0 6.9 15 16 17 18 19 20 21 22 306.3 301.3 303.0 298.2 300.7 293.9 305.3 302.1 301.4 296.6 1,206.8 1,225.6 1,231.3 1,237.5 1,036.7 1,029.7 1,031.3 1,043.1 1,042.5 1,041.4 10.6 25.9 –0.7 –0.6 –4.8 –1.1 23 24 15.8 170.4 148.6 109.7 34.3 73.8 0.0 6.3 61.5 46.3 13.8 32.0 2.7 56.7 19.2 7.9 –0.2 8.8 25 26 27 28 29 30 643.2 23.0 23.0 5.7 ............. ........... ........... ........... 302.5 15.8 6.6 2.1 203.0 1.8 3.7 1.9 167.1 10.7 3.8 –0.4 179.5 26.9 3.2 –4.1 192.5 11.1 3.3 7.6 397.8 39.5 15.3 11.6 50.3 12.0 –47.0 37.0 6.7 –7.4 4.0 21.9 42.6 23.1 –53.4 7.8 –400.8 7.3 10.5 –16.1 1,850.8 60.4 –13.3 13.2 1,306.2 52.8 –16.7 11.1 545.1 7.7 3.4 2.1 2,251.5 53.1 –23.8 29.2 1,868.6 38.2 –18.3 23.8 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 13,593.2 9,603.3 3,432.9 1,360.9 373.3 288.4 563.8 167.1 2,094.5 900.5 2,041.7 1,986.9 1,614.1 458.9 1,155.2 924.3 2,080.1 1,997.9 1,610.0 460.1 1,149.9 928.3 2,095.1 2,072.4 1,665.5 479.9 1,185.6 939.3 2,165.6 2,101.3 1,676.7 481.4 1,195.3 738.3 1,914.4 1,853.1 1,487.9 353.5 1,143.8 737.2 1,895.1 1,820.6 1,470.0 349.7 1,129.6 729.5 1,898.4 1,840.6 1,482.9 350.2 1,142.8 743.2 1,928.8 1,844.8 1,476.1 350.2 1,135.4 743.2 1,935.1 1,906.3 1,522.4 364.0 1,167.4 552.0 79.3 292.1 180.5 197.8 200.5 204.9 372.8 54.8 –12.7 67.5 –576.9 2,188.5 1,550.5 637.9 2,765.4 2,312.4 547.2 71.9 293.7 181.6 198.0 193.4 211.3 387.9 82.3 –26.5 108.7 –516.8 2,198.7 1,555.1 643.5 2,715.5 2,260.6 566.1 81.9 299.5 184.8 203.4 200.0 216.1 406.9 22.7 –21.0 43.7 –530.2 2,191.1 1,539.8 651.3 2,721.3 2,270.3 571.4 82.7 303.0 185.8 203.4 195.4 225.1 424.5 64.3 11.7 52.7 –549.9 2,215.0 1,558.1 656.9 2,764.9 2,304.9 623.2 ............. 293.0 198.5 163.3 183.6 179.7 367.1 43.0 –11.2 59.6 –400.7 1,837.3 1,300.4 537.5 2,238.0 1,858.2 622.2 ............. 286.8 199.4 158.5 181.7 174.7 352.1 56.9 –2.6 62.0 –415.5 1,818.7 1,286.3 532.9 2,234.2 1,855.8 618.4 ............. 291.1 195.9 163.6 188.5 177.6 359.3 41.4 –7.9 53.2 –407.4 1,842.1 1,308.3 534.4 2,249.6 1,868.9 614.5 ............. 293.8 197.4 163.7 180.4 181.6 370.9 60.3 –19.2 88.2 –395.2 1,850.9 1,311.8 539.6 2,246.1 1,863.1 637.5 ............. 300.4 201.1 167.5 183.6 184.9 386.2 13.3 –15.2 34.8 –384.7 1,837.6 1,295.1 543.0 2,222.3 1,844.8 453.0 454.9 451.0 460.0 381.9 380.4 382.6 385.0 379.5 745.9 1,991.8 1,925.5 1,530.3 363.8 1,176.2 385.0 15.3 –5.5 5.5 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 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period—Table Ends Billions of current dollars Billions of chained (2005) dollars Seasonally adjusted at annual rates Change from preceding period Seasonally adjusted at annual rates Line 2012 2012 2013 2012 2012 2013 2012 2013 IV I Line 2012 49 Government consumption expenditures and gross investment ................................................................. 50 Federal ....................................................................... 51 National defense ..................................................... 52 Consumption expenditures.................................. 53 Gross investment................................................. 54 Nondefense............................................................. 55 Consumption expenditures.................................. 56 Gross investment................................................. 57 State and local .......................................................... 58 Consumption expenditures ..................................... 59 Gross investment .................................................... 60 Residual.......................................................................... Addenda: 61 Final sales of domestic product .................................. 62 Gross domestic purchases ......................................... 63 Final sales to domestic purchasers ............................ 64 Gross domestic product .......................................... 65 Plus: Income receipts from the rest of the world......... 66 Less: Income payments to the rest of the world ......... 67 Equals: Gross national product .............................. 68 Net domestic product.................................................. I II III IV I 3,062.8 1,214.3 809.1 703.6 105.6 405.1 356.0 49.1 1,848.5 1,530.8 317.7 ............. 3,054.6 1,207.7 806.4 703.5 102.9 401.3 352.1 49.2 1,846.9 1,531.4 315.5 ............. 3,053.7 1,210.7 807.8 701.1 106.7 402.9 353.7 49.2 1,843.0 1,525.5 317.5 ............. 3,093.3 1,241.4 834.5 728.1 106.4 406.8 358.2 48.6 1,851.9 1,532.4 319.5 ............. 3,049.7 1,197.3 787.9 681.8 106.1 409.4 360.2 49.3 1,852.3 1,534.0 318.3 ............. 3,030.6 1,178.4 769.7 672.7 97.1 408.6 360.0 48.6 1,852.2 1,536.2 316.1 ............. 15,626.7 16,244.7 16,186.6 15,684.8 782.3 539.3 15,927.8 13,673.1 15,405.7 16,094.0 16,021.5 15,478.3 769.6 554.7 15,693.2 13,493.4 15,530.8 16,162.5 16,107.8 15,585.6 775.1 527.8 15,832.9 13,580.8 15,728.8 16,327.8 16,245.6 15,811.0 775.8 532.7 16,054.2 13,791.3 15,841.4 16,394.4 16,371.6 15,864.1 808.5 541.8 16,130.8 13,826.7 15,945.9 16,560.1 16,495.8 16,010.2 ............. ............. ............. 13,949.7 I II III 2,481.1 1,024.1 677.3 580.5 97.0 347.0 300.3 46.7 1,461.7 1,218.9 243.9 –90.4 2,483.7 1,023.1 677.6 582.9 94.8 345.6 298.7 47.0 1,465.3 1,221.9 244.5 –83.5 2,479.4 1,022.5 677.3 579.8 97.9 345.3 298.6 46.8 1,461.6 1,218.7 244.0 –83.2 2,503.1 1,045.9 698.1 600.5 97.7 347.8 301.6 46.2 1,462.7 1,219.4 244.4 –85.5 13,539.4 13,985.8 13,931.2 13,593.2 674.9 464.6 13,803.8 11,778.9 13,440.1 13,914.4 13,847.5 13,506.4 667.0 479.7 13,693.8 11,706.6 13,497.9 13,948.5 13,897.1 13,548.5 670.5 455.7 13,763.6 11,739.2 13,577.4 14,039.3 13,963.6 13,652.5 668.5 458.4 13,862.9 11,833.6 IV I 2,458.1 2,432.6 –42.8 –45.0 –25.5 1,004.9 983.2 –22.9 –41.0 –21.7 656.0 636.2 –21.8 –42.1 –19.8 559.0 546.9 –18.5 –41.5 –12.1 97.7 89.2 –3.4 0.0 –8.5 349.3 347.5 –0.9 1.5 –1.8 302.4 301.4 1.9 0.8 –1.0 46.9 46.1 –3.2 0.7 –0.8 1,457.2 1,452.7 –20.3 –5.5 –4.5 1,215.6 1,213.9 –10.5 –3.8 –1.7 242.8 240.1 –9.7 –1.6 –2.7 –109.6 –115.1 ............ ........... ........... 13,642.0 14,040.8 14,016.6 13,665.4 693.8 464.6 13,895.0 11,836.3 13,691.8 14,142.2 14,083.3 13,750.1 ............. ............. ............. 11,909.4 274.1 287.0 267.0 294.1 –13.3 –1.1 281.8 256.5 64.6 49.8 1.5 101.4 53.0 66.7 12.9 84.7 25.3 ........... 6.2 ........... 32.1 ........... 2.7 73.1 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 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 Line 2010 2011 2012 2009 II 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 III 2010 IV I II 2011 III IV I II 2012 III IV I II 2013 Line III IV I Gross domestic product (GDP) 1.3 2.1 1.8 –0.8 0.5 1.3 1.5 1.7 2.0 2.1 2.0 2.6 3.0 0.4 2.0 1.6 2.7 1.0 1.2 Personal consumption expenditures ... 1.9 2.4 1.8 1.6 3.1 3.1 1.8 0.6 1.3 2.2 3.2 3.6 2.3 1.1 2.5 0.7 1.6 1.6 0.9 Goods................................................... 1.7 3.8 1.3 4.3 5.7 3.1 1.3 –2.8 1.0 4.0 6.6 5.9 3.0 –0.2 2.5 –1.8 1.9 1.1 –0.9 Durable goods .................................. –1.3 –0.9 –1.3 –0.3 –2.6 1.0 –1.5 –2.0 –2.3 –2.1 –0.5 1.6 –0.6 –2.5 –1.0 –1.2 –2.3 –2.0 –1.1 Nondurable goods ............................ 3.2 6.0 2.5 6.5 9.9 4.1 2.6 –3.2 2.6 7.0 10.1 8.0 4.7 0.8 4.2 –2.2 4.0 2.6 –0.8 Services ............................................... 2.0 1.8 2.0 0.4 1.8 3.0 2.1 2.3 1.4 1.3 1.6 2.4 2.0 1.7 2.5 2.0 1.4 1.9 1.9 Gross private domestic investment ..... –1.3 1.5 1.2 –6.4 –5.7 –1.3 –1.2 0.4 1.3 2.1 1.3 1.9 1.6 1.2 1.0 1.3 0.6 1.5 1.5 Fixed investment .................................. –1.2 1.6 1.4 –5.4 –4.3 –0.8 –1.6 –0.1 1.1 1.6 1.4 2.5 1.8 1.4 1.2 1.2 1.3 1.5 1.5 Nonresidential .................................. –1.5 1.7 1.5 –5.3 –4.6 –1.9 –2.0 0.4 1.1 1.5 1.9 2.6 1.9 1.5 1.8 1.2 0.8 1.2 0.6 Structures ..................................... –1.1 4.7 3.4 –12.1 –9.9 –1.4 1.2 2.4 2.6 3.7 5.1 6.7 5.7 4.5 2.7 3.2 1.0 1.4 1.5 Equipment and software............... –1.6 0.6 0.8 –1.4 –2.1 –2.3 –3.4 –0.4 0.4 0.6 0.8 1.2 0.5 0.4 1.4 0.4 0.7 1.1 0.3 Residential........................................ –0.2 0.9 0.9 –5.9 –3.0 3.4 0.0 –2.0 1.4 2.4 –0.6 1.7 1.4 0.6 –1.4 1.2 3.3 3.0 5.2 Change in private inventories............... .......... ........... ........... .......... .......... ........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ........... Net exports of goods and services ...... .......... ........... ........... .......... .......... ........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ........... Exports................................................. 4.5 6.4 0.9 –0.1 5.0 5.7 4.9 5.0 0.9 9.6 11.1 8.4 1.7 –3.8 2.8 0.5 0.0 1.5 1.5 Goods............................................... 5.1 7.6 0.4 2.1 5.1 5.4 5.5 5.5 1.0 12.6 13.3 9.4 1.2 –4.8 2.4 –0.4 0.1 1.2 1.3 Services ........................................... 3.4 3.8 2.0 –4.5 4.7 6.4 3.8 3.9 0.8 3.0 5.9 5.9 2.9 –1.3 3.8 2.6 –0.4 2.3 1.9 Imports ................................................. 6.0 7.8 0.6 6.4 13.3 12.4 7.9 –2.1 –3.1 10.1 18.6 12.8 –1.9 0.0 5.6 –3.9 –6.5 5.3 1.1 Goods............................................... 6.8 8.9 0.7 8.3 15.7 13.6 9.5 –2.8 –3.8 10.9 21.7 14.3 –2.0 0.6 6.4 –4.8 –7.5 5.8 0.9 Services ........................................... 2.6 3.0 0.2 –0.9 3.9 7.2 1.0 0.8 0.8 6.0 4.5 5.1 –1.3 –3.1 1.7 1.0 –0.9 2.5 2.1 Government consumption expenditures and gross investment 2.4 3.3 1.8 –0.5 1.5 2.1 4.7 1.2 1.7 3.6 5.2 4.1 2.4 0.0 3.6 0.6 1.4 1.6 1.7 Federal ................................................. 2.4 2.8 1.6 –1.7 1.5 2.2 5.5 1.1 1.2 2.3 4.9 3.6 2.2 –0.9 3.2 1.2 0.9 1.6 2.4 National defense .............................. 2.3 3.0 1.8 –2.2 1.2 2.3 5.9 1.0 0.9 2.8 6.1 3.3 2.3 –0.9 4.2 0.9 0.9 1.9 3.0 Nondefense ...................................... 2.4 2.2 1.2 –0.6 2.3 2.1 4.9 1.5 1.7 1.2 2.8 4.2 2.1 –0.8 1.2 2.0 1.0 0.8 1.3 State and local ..................................... 2.4 3.7 2.0 0.2 1.5 2.0 4.2 1.3 2.0 4.6 5.3 4.4 2.6 0.6 3.8 0.1 1.6 1.6 1.2 Addenda: Final sales of domestic product............ 1.3 2.1 1.8 –0.7 0.7 1.4 1.5 1.6 2.0 2.1 2.0 2.7 3.0 0.4 2.0 1.5 2.8 1.0 1.2 Gross domestic purchases................... 1.6 2.5 1.7 0.2 1.7 2.4 2.1 0.7 1.4 2.5 3.4 3.5 2.3 0.9 2.5 0.7 1.4 1.6 1.1 Final sales to domestic purchasers...... 1.6 2.5 1.7 0.3 1.8 2.4 2.0 0.6 1.4 2.4 3.4 3.5 2.3 0.9 2.5 0.7 1.5 1.6 1.1 Gross national product (GNP).............. 1.3 2.1 1.8 –0.7 0.5 1.3 1.5 1.6 2.0 2.1 2.0 2.6 2.9 0.4 2.0 1.5 2.6 1.0 ........... Implicit price deflators: GDP.................................................. 1.3 2.1 1.8 –0.8 0.5 1.2 1.6 1.8 1.9 2.0 2.1 2.6 3.0 0.1 2.2 1.5 2.7 1.0 1.2 Gross domestic purchases............... 1.6 2.5 1.7 0.2 1.7 2.3 2.1 0.8 1.3 2.3 3.5 3.5 2.3 0.6 2.7 0.7 1.5 1.6 1.2 GNP.................................................. 1.3 2.1 1.8 –0.8 0.5 1.2 1.5 1.8 1.9 2.0 2.1 2.7 3.0 0.2 2.2 1.5 2.7 1.0 ........... See “Explanatory Note” at the end of the tables. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted Line 2010 2011 2012 2012 I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 II 2013 III IV Line I Gross domestic product ..................................................... 103.486 105.356 107.687 106.999 107.333 108.156 108.259 108.929 Personal consumption expenditures ................................................ 104.460 107.103 109.085 108.443 108.849 109.276 109.773 110.638 Goods................................................................................................ 104.304 108.263 111.578 110.722 110.812 111.796 112.981 113.895 Durable goods ............................................................................... 104.887 112.395 121.148 118.937 118.866 121.423 125.364 127.838 Nondurable goods ......................................................................... 103.888 106.236 107.223 106.938 107.096 107.413 107.445 107.711 Services ............................................................................................ 104.554 106.543 107.854 107.318 107.882 108.031 108.186 109.027 Gross private domestic investment .................................................. 76.327 80.284 88.127 87.241 87.394 88.793 89.079 91.690 Fixed investment ............................................................................... 75.326 80.311 87.313 85.785 86.724 86.923 89.820 90.725 Nonresidential ............................................................................... 94.148 102.288 110.431 109.108 110.065 109.557 112.996 113.580 Structures .................................................................................. 88.308 90.733 100.506 99.421 99.560 99.558 103.484 103.419 Equipment and software............................................................ 96.822 107.473 114.890 113.460 114.790 114.049 117.262 118.143 Residential..................................................................................... 42.862 42.268 47.371 45.433 46.364 47.855 49.832 51.332 Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... Exports of goods and services ......................................................... 127.623 136.152 140.785 139.356 141.152 141.824 140.808 141.814 Imports of goods and services.......................................................... 102.832 107.746 110.369 110.179 110.936 110.766 109.593 111.033 Government consumption expenditures and gross investment .... 109.955 106.497 104.692 104.804 104.622 105.620 103.721 102.644 Federal .............................................................................................. 122.883 119.480 116.869 116.751 116.685 119.359 114.679 112.196 State and local .................................................................................. 102.711 99.224 97.865 98.103 97.858 97.932 97.565 97.264 Addenda: Final sales of domestic product......................................................... 103.478 105.506 107.686 106.897 107.356 107.988 108.503 108.898 Gross domestic purchases................................................................ 100.954 102.646 104.796 104.261 104.517 105.197 105.209 105.968 Final sales to domestic purchasers................................................... 100.932 102.771 104.780 104.150 104.523 105.023 105.422 105.923 Gross national product...................................................................... 104.193 106.304 108.520 107.655 108.204 108.984 109.237 ....................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] Seasonally adjusted Line 2010 2011 2012 2012 I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 II 2013 III IV Line I Gross domestic product ..................................................... 111.002 113.369 115.388 114.608 115.050 115.807 116.085 116.423 Personal consumption expenditures (PCE) ..................................... 111.087 113.790 115.790 115.300 115.496 115.952 116.412 116.675 Goods................................................................................................ 104.852 108.822 110.203 110.256 109.743 110.261 110.550 110.297 Durable goods ............................................................................... 91.611 90.799 89.576 90.157 89.888 89.358 88.900 88.660 Nondurable goods ......................................................................... 112.622 119.430 122.427 122.136 121.472 122.659 123.439 123.181 Services ............................................................................................ 114.418 116.435 118.779 117.989 118.576 118.997 119.553 120.105 Gross private domestic investment .................................................. 104.854 106.439 107.747 107.292 107.647 107.818 108.231 108.624 Fixed investment ............................................................................... 105.023 106.680 108.175 107.661 107.977 108.324 108.739 109.154 Nonresidential ............................................................................... 105.514 107.359 108.993 108.562 108.878 109.104 109.428 109.601 Structures .................................................................................. 121.158 126.850 131.222 130.167 131.198 131.540 131.982 132.487 Equipment and software............................................................ 99.806 100.445 101.236 101.001 101.094 101.282 101.567 101.636 Residential..................................................................................... 102.520 103.406 104.288 103.439 103.754 104.593 105.364 106.719 Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... Exports of goods and services ......................................................... 110.738 117.860 118.871 118.652 118.802 118.792 119.237 119.680 Imports of goods and services.......................................................... 112.989 121.851 122.618 124.156 122.942 120.907 122.465 122.810 Government consumption expenditures and gross investment .... 117.334 121.233 123.443 122.979 123.157 123.574 124.063 124.582 Federal .............................................................................................. 113.583 116.721 118.565 118.038 118.403 118.679 119.141 119.852 State and local .................................................................................. 119.579 124.001 126.462 126.042 126.089 126.605 127.110 127.497 Addenda: PCE excluding food and energy 1 ..................................................... 110.214 111.802 113.711 113.122 113.603 113.912 114.208 114.546 Market-based PCE 2 ......................................................................... 110.820 113.641 115.741 115.231 115.407 115.944 116.381 116.722 Market-based PCE excluding food and energy 2 .............................. 109.760 111.311 113.321 112.693 113.196 113.576 113.819 114.259 Final sales of domestic product......................................................... 110.993 113.371 115.417 114.628 115.065 115.849 116.126 116.467 Gross domestic purchases................................................................ 111.421 114.208 116.154 115.674 115.888 116.298 116.758 117.084 Final sales to domestic purchasers................................................... 111.420 114.219 116.192 115.703 115.911 116.346 116.806 117.134 Gross national product...................................................................... 110.986 113.363 115.387 114.609 115.050 115.804 116.086 ....................... Implicit price deflators: Gross domestic product ................................................................ 110.993 113.359 115.387 114.599 115.035 115.810 116.089 116.437 Final sales of domestic product..................................................... 110.993 113.371 115.417 114.624 115.061 115.845 116.122 116.463 Gross domestic purchases............................................................ 111.412 114.198 116.152 115.665 115.873 116.301 116.762 117.097 Final sales to domestic purchasers ............................................... 111.420 114.219 116.189 115.699 115.907 116.342 116.802 117.130 Gross national product .................................................................. 110.977 113.353 115.387 114.600 115.035 115.807 116.090 ....................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 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 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Line Gross domestic product (GDP) .............................................. 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.5 3.1 2.7 1.9 –0.3 –3.1 2.4 1.8 2.2 Personal consumption expenditures ................................................ 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 1.8 2.5 1.9 Goods................................................................................................ 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 3.6 3.8 3.1 Durable goods ............................................................................... 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 6.2 7.2 7.8 Nondurable goods ......................................................................... 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 2.3 2.3 0.9 Services ............................................................................................ 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 1.0 1.9 1.2 Gross private domestic investment .................................................. 12.4 10.0 8.8 6.8 –7.0 –1.4 3.9 10.1 5.5 2.7 –3.2 –10.2 –24.8 13.7 5.2 9.8 Fixed investment ............................................................................... 9.2 10.9 9.3 7.4 –1.9 –4.2 3.5 7.4 6.5 2.4 –1.9 –7.1 –19.0 –0.2 6.6 8.7 Nonresidential ............................................................................... 12.1 12.0 10.4 9.8 –2.8 –7.9 1.4 6.2 6.7 8.0 6.5 –0.8 –18.1 0.7 8.6 8.0 Structures .................................................................................. 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.1 6.4 –21.1 –15.6 2.7 10.8 Equipment and software............................................................ 13.8 14.5 14.1 10.5 –3.2 –4.2 3.1 7.9 8.5 7.6 3.3 –4.3 –16.4 8.9 11.0 6.9 Residential..................................................................................... 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.7 –23.9 –22.4 –3.7 –1.4 12.1 Change in private inventories............................................................ .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services ................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports.............................................................................................. 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 9.3 6.1 –9.1 11.1 6.7 3.4 Goods............................................................................................ 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 14.3 7.2 4.2 Services ........................................................................................ 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.6 –2.6 4.7 5.6 1.5 Imports .............................................................................................. 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.1 6.1 6.1 2.4 –2.7 –13.5 12.5 4.8 2.4 Goods............................................................................................ 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 14.9 5.2 2.1 Services ........................................................................................ 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 1.4 3.6 –3.3 2.5 2.8 4.2 Government consumption expenditures and gross investment .... 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.3 2.6 3.7 0.6 –3.1 –1.7 Federal .............................................................................................. –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.2 6.1 4.5 –2.8 –2.2 National defense ........................................................................... –2.8 –2.1 1.9 –0.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 6.0 3.0 –2.6 –3.1 Nondefense ................................................................................... 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 7.7 –3.1 –0.3 State and local .................................................................................. 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 1.4 0.0 2.2 –1.8 –3.4 –1.4 Addenda: Final sales of domestic product......................................................... 3.9 4.4 4.9 4.2 2.0 1.3 2.5 3.1 3.2 2.6 2.2 0.2 –2.3 0.9 2.0 2.1 Gross domestic purchases................................................................ 4.7 5.5 5.7 4.8 1.2 2.4 2.9 3.9 3.2 2.6 1.2 –1.5 –4.0 2.8 1.7 2.1 Final sales to domestic purchasers................................................... 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.5 3.3 2.5 1.4 –1.0 –3.3 1.3 1.8 2.0 Gross national product...................................................................... 4.3 4.3 4.9 4.2 1.2 1.8 2.7 3.6 3.1 2.4 2.3 0.0 –3.2 2.8 2.0 2.1 Real disposable personal income ..................................................... 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.4 4.0 2.4 2.4 –2.8 1.8 1.3 1.5 Price indexes: Gross domestic purchases............................................................ 1.5 0.7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 –0.2 1.6 2.5 1.7 Gross domestic purchases excluding food and energy 1 .............. 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.1 2.7 2.6 0.6 1.4 1.9 1.7 GDP............................................................................................... 1.8 1.1 1.5 2.2 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 0.9 1.3 2.1 1.8 GDP excluding food and energy 1 ................................................. 1.8 1.2 1.6 2.2 2.0 1.8 2.0 2.8 3.5 3.3 2.8 2.4 0.7 1.6 2.0 1.7 Personal consumption expenditures.............................................. 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 0.1 1.9 2.4 1.8 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2009 2010 2011 2012 2013 Line Line II 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 III Gross domestic product (GDP) .............................................. –4.6 –3.3 Personal consumption expenditures (PCE) ..................................... –3.1 –1.6 Goods................................................................................................ –5.7 –2.0 Durable goods ............................................................................... –10.2 –2.8 Nondurable goods ......................................................................... –3.4 –1.7 Services ............................................................................................ –1.8 –1.4 Gross private domestic investment .................................................. –30.8 –27.9 Fixed investment ............................................................................... –21.8 –19.9 Nonresidential ............................................................................... –20.1 –19.7 Structures .................................................................................. –19.9 –25.2 Equipment and software............................................................ –20.2 –16.7 Residential..................................................................................... –27.9 –20.7 Change in private inventories............................................................ .......... .......... Net exports of goods and services ................................................... .......... .......... Exports.............................................................................................. –14.1 –10.5 Goods............................................................................................ –18.2 –13.7 Services ........................................................................................ –4.5 –2.9 Imports .............................................................................................. –18.5 –13.7 Goods............................................................................................ –21.6 –15.7 Services ........................................................................................ –2.6 –3.8 Government consumption expenditures and gross investment .... 4.3 4.1 Federal .............................................................................................. 7.6 6.3 National defense ........................................................................... 8.3 5.9 Nondefense ................................................................................... 6.3 7.3 State and local .................................................................................. 2.3 2.8 Addenda: Final sales of domestic product......................................................... –3.3 –2.2 Gross domestic purchases................................................................ –5.7 –4.1 Final sales to domestic purchasers................................................... –4.4 –3.1 Gross national product...................................................................... –5.0 –3.5 Real disposable personal income ..................................................... –3.6 –2.9 Price indexes: Gross domestic purchases............................................................ –0.6 –1.1 Gross domestic purchases excluding food and energy 1 .............. 0.6 0.1 GDP............................................................................................... 1.0 0.3 GDP excluding food and energy 1 ................................................. 0.6 0.1 PCE ............................................................................................... –0.5 –0.8 PCE excluding food and energy 1 ................................................. 1.3 1.2 Market-based PCE 2 ..................................................................... –0.2 –0.7 Market-based PCE excluding food and energy 2 .......................... 2.1 1.7 IV I II III IV I II III IV I II III IV I –0.1 1.9 2.5 2.8 2.4 1.8 1.9 1.6 2.0 2.4 2.1 2.6 1.7 1.8 –0.3 0.7 1.8 1.9 2.9 3.1 2.7 2.5 1.9 1.8 1.9 1.9 1.8 2.0 1.2 2.5 3.9 2.9 5.0 5.1 4.0 3.4 2.8 2.6 2.9 3.5 3.2 2.9 3.0 4.1 7.3 4.1 9.5 10.0 6.7 6.2 5.9 6.9 7.5 8.4 8.3 7.5 0.4 1.7 2.3 2.4 3.0 2.9 2.7 2.1 1.4 0.7 0.9 1.3 0.9 0.7 –1.1 –0.2 0.8 1.4 1.9 2.1 2.0 2.0 1.5 1.3 1.4 1.1 1.1 1.6 –12.8 5.0 17.5 22.6 10.7 4.4 3.9 1.5 10.9 14.1 10.9 11.1 3.6 5.1 –15.2 –7.4 0.8 1.4 4.9 4.8 4.3 8.4 9.0 11.9 9.9 6.2 7.2 5.8 –15.7 –7.7 –0.3 3.7 7.7 6.8 7.4 10.1 10.2 12.5 9.7 4.6 5.4 4.1 –29.4 –27.5 –17.9 –11.7 –1.8 –3.5 0.9 6.4 6.9 19.7 11.2 6.1 7.3 4.0 –7.8 3.6 9.0 11.1 11.9 11.0 10.0 11.5 11.4 10.0 9.2 4.0 4.7 4.1 –13.3 –6.3 5.0 –7.2 –5.7 –3.2 –7.1 1.4 3.9 9.3 10.4 13.6 14.9 13.0 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... 0.3 10.7 13.1 12.1 8.8 8.7 7.4 6.5 4.3 4.0 4.3 3.2 2.1 1.8 –0.1 14.0 18.1 15.0 10.5 9.4 7.4 6.7 5.4 5.0 5.8 4.5 1.7 1.5 1.2 4.1 3.4 6.1 5.1 7.2 7.3 6.1 1.8 1.7 0.7 0.2 3.2 2.3 –6.1 6.7 16.7 15.9 10.9 9.3 4.4 2.2 3.5 3.2 3.9 2.5 0.2 0.8 –6.5 8.2 20.3 18.6 12.7 10.9 4.8 2.1 3.4 2.6 3.5 2.4 –0.1 0.7 –4.5 0.7 2.2 4.6 2.7 1.9 2.7 2.9 3.8 6.2 5.7 3.0 1.9 1.2 4.0 2.7 1.1 0.1 –1.3 –2.3 –3.2 –3.8 –3.3 –2.2 –2.2 –0.5 –1.8 –2.1 5.1 6.1 5.1 4.5 2.3 –0.6 –2.2 –4.1 –4.2 –2.6 –3.3 0.0 –2.8 –3.9 4.1 5.1 3.0 2.9 1.0 –1.9 –1.7 –2.8 –4.0 –2.0 –4.0 –1.6 –5.0 –6.1 7.2 8.2 9.6 7.8 5.2 2.2 –3.1 –6.9 –4.6 –3.8 –2.0 3.6 1.5 0.5 3.3 0.7 –1.4 –2.7 –3.6 –3.4 –3.8 –3.6 –2.7 –2.0 –1.5 –0.9 –1.1 –0.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 –0.5 –1.1 –1.5 0.3 –3.0 0.3 1.6 0.1 2.4 –0.5 0.7 3.3 1.5 3.2 1.2 0.6 3.6 1.5 3.1 3.1 1.7 2.9 2.3 2.6 3.5 1.9 2.1 2.2 2.1 3.2 1.9 1.6 1.6 2.0 1.2 2.4 1.1 1.8 1.8 0.6 1.7 1.9 1.7 2.2 0.3 2.2 2.4 2.1 2.2 0.2 2.0 2.1 2.0 2.1 1.1 2.0 2.5 1.9 2.4 1.6 2.1 1.9 1.4 1.6 1.8 1.7 1.6 ........... 3.2 0.9 26 27 28 29 30 0.5 0.6 0.5 0.8 1.4 1.6 1.4 1.7 1.6 1.2 0.6 1.3 2.4 1.8 2.1 1.4 1.7 1.4 1.3 1.6 2.1 1.7 1.6 1.0 1.6 1.5 1.6 1.7 1.7 1.6 1.2 1.0 1.6 1.4 1.8 1.6 1.5 1.2 1.1 0.7 2.0 1.5 2.0 1.7 1.8 1.1 1.7 0.9 2.7 1.9 2.2 2.0 2.6 1.3 2.7 1.3 2.9 2.1 2.4 2.2 2.8 1.6 3.0 1.6 2.5 2.0 2.0 2.0 2.5 1.7 2.8 1.9 2.3 2.0 2.0 2.0 2.4 1.9 2.5 2.0 1.6 1.7 1.7 1.7 1.6 1.8 1.7 1.9 1.4 1.5 1.6 1.5 1.5 1.6 1.5 1.7 1.6 1.5 1.8 1.6 1.6 1.5 1.6 1.6 31 32 33 34 35 36 37 38 1.2 1.3 1.6 1.4 1.2 1.3 1.3 1.4 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 Line 2010 2011 2012 2012 I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 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: 18 Gross domestic income................................................................................................... II 2013 III IV Line I 14,498.9 716.5 507.2 14,708.2 1,873.4 23.3 12,811.4 7,970.0 6,404.6 1,565.4 1,103.4 349.2 1,702.4 567.9 998.0 140.0 –19.5 15,075.7 783.7 531.8 15,327.5 1,936.8 31.9 13,358.9 8,295.2 6,661.3 1,633.9 1,157.3 409.7 1,827.0 527.4 1,036.2 132.6 –26.5 15,684.8 782.3 539.3 15,927.8 2,011.7 67.2 13,848.8 8,565.8 6,880.7 1,685.1 1,202.3 462.6 1,950.6 504.3 1,069.2 128.0 –34.0 15,478.3 769.6 554.7 15,693.2 1,984.9 1.1 13,707.2 8,495.7 6,825.9 1,669.8 1,184.3 445.3 1,900.1 515.6 1,067.7 130.5 –32.0 15,585.6 775.1 527.8 15,832.9 2,004.8 77.7 13,750.5 8,527.7 6,849.2 1,678.5 1,194.9 452.8 1,921.9 489.5 1,069.8 127.9 –34.1 15,811.0 775.8 532.7 16,054.2 2,019.8 138.5 13,895.9 8,577.6 6,888.5 1,689.1 1,205.4 471.0 1,967.6 518.2 1,067.8 123.8 –35.5 15,864.1 808.5 541.8 16,130.8 2,037.4 51.7 14,041.7 8,662.1 6,959.3 1,702.8 1,224.7 481.5 2,013.0 493.8 1,071.3 129.7 –34.5 16,010.2 .................... .................... .................... 2,060.5 .................... .................... 8,734.2 7,013.5 1,720.7 1,258.1 499.5 .................... 537.0 1,082.6 147.2 –39.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 14,475.6 15,043.8 15,617.5 15,477.1 15,507.9 15,672.6 15,812.5 .................... 18 Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2010 2011 2012 2012 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: 19 Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 20 Disposable personal income, billions of chained (2005) dollars 2 ................................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 II 2013 III IV Line I 12,321.9 7,970.0 6,404.6 1,565.4 1,103.4 44.3 1,059.1 349.2 1,598.3 1,016.6 581.7 2,284.3 983.3 1,194.8 11,127.1 10,560.4 566.7 5.1 12,947.3 8,295.2 6,661.3 1,633.9 1,157.3 54.6 1,102.8 409.7 1,685.1 1,008.8 676.3 2,319.2 919.3 1,398.0 11,549.3 11,059.9 489.4 4.2 13,407.2 8,565.8 6,880.7 1,685.1 1,202.3 56.2 1,146.1 462.6 1,749.7 992.6 757.0 2,375.1 948.3 1,475.8 11,931.4 11,460.3 471.1 3.9 13,227.1 8,495.7 6,825.9 1,669.8 1,184.3 52.3 1,132.1 445.3 1,696.4 991.8 704.6 2,348.0 942.6 1,450.8 11,776.4 11,348.7 427.7 3.6 13,327.0 8,527.7 6,849.2 1,678.5 1,194.9 52.5 1,142.4 452.8 1,730.8 1,006.1 724.6 2,365.2 944.4 1,465.2 11,861.8 11,406.1 455.7 3.8 13,406.2 8,577.6 6,888.5 1,689.1 1,205.4 59.4 1,146.0 471.0 1,712.8 975.3 737.5 2,388.0 948.7 1,476.5 11,929.7 11,494.7 435.1 3.6 13,668.5 8,662.1 6,959.3 1,702.8 1,224.7 60.7 1,164.0 481.5 1,858.7 997.2 861.5 2,399.2 957.6 1,510.8 12,157.7 11,591.7 566.0 4.7 13,559.4 8,734.2 7,013.5 1,720.7 1,258.1 72.3 1,185.8 499.5 1,733.3 993.5 739.8 2,431.3 1,097.1 1,538.0 12,021.4 11,708.0 313.3 2.6 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 9,035.8 10,016.5 9,340.0 10,149.7 9,527.8 10,304.4 9,435.7 10,213.9 9,491.3 10,270.6 9,502.6 10,288.8 9,680.8 10,444.0 9,537.9 10,303.6 19 20 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2010 2011 2012 2009 II 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Gross domestic product (GDP) and related aggregates: GDP ................................................................................... 2.4 1.8 Goods................................................................................. 9.1 5.1 Services ............................................................................. 1.1 0.9 Structures........................................................................... –8.3 –2.7 Motor vehicle output........................................................... 27.5 11.0 GDP excluding motor vehicle output .................................. 1.9 1.6 Final sales of computers 1 ................................................. –13.8 35.3 GDP excluding final sales of computers ............................ 2.5 1.7 Farm gross value added 2 .................................................. –5.0 –17.7 Nonfarm business gross value added 3 ............................. 3.1 2.6 Gross domestic income 4 ................................................... 3.1 1.8 Price indexes: GDP ................................................................................... 1.3 2.1 GDP excluding food and energy 5 ...................................... 1.6 2.0 GDP excluding final sales of computers ............................ 1.4 2.2 Gross domestic purchases................................................. 1.6 2.5 Gross domestic purchases excluding food and energy 5 ... 1.4 1.9 Gross domestic purchases excluding final sales of computers to domestic purchasers ................................ 1.7 2.6 Personal consumption expenditures (PCE) ....................... 1.9 2.4 PCE excluding food and energy 5 ...................................... 1.5 1.4 Market-based PCE 6 .......................................................... 1.5 2.5 Market-based PCE excluding food and energy 6 ............... 1.0 1.4 III 2010 IV I II 2011 III IV I II 2.2 –0.3 1.4 4.0 2.3 2.2 2.6 2.4 0.1 2.5 5.4 1.2 6.2 18.6 14.1 –1.1 10.2 5.9 3.8 3.4 0.5 1.8 0.7 1.3 0.1 2.0 1.2 1.4 0.5 1.5 6.0 –19.6 –7.1 –16.9 –16.0 18.3 –11.2 –1.4 –17.4 9.1 12.4 26.5 121.1 17.7 26.1 23.2 15.4 –12.9 37.8 2.1 1.9 –0.7 0.0 3.8 1.9 1.8 2.3 2.8 –0.7 2.5 11.8 –14.0 –39.1 –37.2 1.3 –28.0 34.6 72.6 47.2 21.0 2.2 –0.2 1.7 4.2 2.3 2.4 2.5 2.2 –0.1 2.4 –4.4 23.8 53.3 –20.5 –16.0 13.0 –23.0 –28.9 –23.6 –28.0 3.1 –2.5 0.3 5.2 3.3 2.8 5.1 3.9 –0.1 3.4 2.0 –2.5 0.7 5.0 5.6 1.6 3.8 1.1 2.6 0.4 2012 III IV 1.3 2.1 0.5 5.5 1.5 1.3 31.5 1.2 11.4 1.6 –0.2 4.1 16.1 –1.0 7.2 24.0 3.6 31.1 4.0 18.8 5.3 4.5 I II 2013 Line III IV I 2.0 1.3 3.1 0.4 2.5 3.9 1.3 6.1 1.4 4.9 0.6 1.2 1.7 –1.3 1.4 7.4 1.7 3.9 12.1 2.8 30.9 7.3 –8.6 6.8 9.1 1.3 1.1 3.5 0.2 2.3 4.5 –19.9 29.5 26.5 –1.9 1.9 1.4 3.0 0.3 2.5 3.5 –10.3 –31.8 –17.8 100.6 2.7 2.1 4.7 0.7 2.5 3.8 –0.7 1.6 2.6 ......... 1 2 3 4 5 6 7 8 9 10 11 1.8 1.7 1.8 1.7 1.7 –0.8 0.2 –0.7 0.2 0.3 0.5 1.0 0.7 1.7 0.7 1.3 2.0 1.3 2.4 1.9 1.5 2.0 1.6 2.1 1.8 1.7 1.4 1.7 0.7 1.2 2.0 1.3 2.1 1.4 1.2 2.1 1.7 2.2 2.5 1.5 2.0 2.3 2.1 3.4 2.2 2.6 2.6 2.6 3.5 2.7 3.0 2.1 3.0 2.3 2.0 0.4 0.9 0.4 0.9 1.0 2.0 2.6 2.0 2.5 2.4 1.6 1.4 1.6 0.7 1.4 2.7 1.3 2.7 1.4 1.2 1.0 1.3 1.0 1.6 1.2 1.2 1.5 1.2 1.1 1.3 12 13 14 15 16 1.8 1.8 1.7 1.8 1.8 0.3 1.6 1.7 2.0 2.1 1.9 3.1 1.5 2.9 1.1 2.4 3.1 2.4 2.4 1.6 2.1 1.8 1.5 1.2 0.7 0.7 0.6 1.4 0.0 0.8 1.4 1.3 1.0 1.2 0.8 2.5 2.2 0.8 2.1 0.5 3.5 3.2 1.3 3.6 1.5 3.6 3.6 2.3 3.8 2.3 2.4 2.3 1.9 2.6 2.1 0.9 1.1 1.3 1.2 1.5 2.6 2.5 2.2 2.5 2.2 0.8 0.7 1.7 0.6 1.8 1.5 1.6 1.1 1.9 1.3 1.7 1.6 1.0 1.5 0.9 1.2 0.9 1.2 1.2 1.6 17 18 19 20 21 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.