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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 30, 2013 BEA 13-21 Lisa Mataloni: Andrew Hodge: Recorded message: (202) 606-5304 (GDP) (202) 606-5564 (Profits) (202) 606-5306 gdpniwd@bea.gov cpniwd@bea.gov GROSS DOMESTIC PRODUCT: FIRST QUARTER 2013 (SECOND ESTIMATE) CORPORATE PROFITS: FIRST QUARTER 2013 (PRELIMINARY 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 2.4 percent in the first quarter of 2013 (that is, from the fourth quarter to the first quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 0.4 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, real GDP increased 2.5 percent. With the second estimate for the first quarter, increases in private inventory investment, in exports, and in imports were less than previously estimated, but the general picture of overall economic activity is not greatly changed (for more information, see "Revisions" on page 4). 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. An article in the March 2013 issue of the Survey of Current Business discusses the upcoming changes in definitions and presentations, and an article in the May Survey describes the changes in statistical methods. 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. For information on revisions, see "Revisions to GDP, GDI, and Their Major Components." - more - -2- The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, residential fixed investment, nonresidential fixed investment, and exports 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 acceleration in real GDP in the first quarter primarily reflected an upturn in private inventory investment, an acceleration in PCE, a smaller decrease in federal government spending, and an upturn in exports that were partly offset by an upturn in imports and a deceleration in nonresidential fixed investment. Motor vehicle output added 0.28 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 added 0.02 percentage point to the first-quarter change in real GDP after adding 0.10 percentage point to the fourthquarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.2 percent in the first quarter, 0.1 percentage point more than in the advance estimate; this index increased 1.6 percent in the fourth quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent in the first quarter, compared with an increase of 1.2 percent in the fourth. Real personal consumption expenditures increased 3.4 percent in the first quarter, compared with an increase of 1.8 percent in the fourth. Durable goods increased 8.2 percent, compared with an increase of 13.6 percent. Nondurable goods increased 2.2 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 2.2 percent in the first quarter, compared with an increase of 13.2 percent in the fourth. Nonresidential structures decreased 3.5 percent, in contrast to an increase of 16.7 percent. Equipment and software increased 4.6 percent, compared with an increase of 11.8 percent. Real residential fixed investment increased 12.1 percent, compared with an increase of 17.6 percent. Real exports of goods and services increased 0.8 percent in the first quarter, in contrast to a decrease of 2.8 percent in the fourth. Real imports of goods and services increased 1.9 percent, in contrast to a decrease of 4.2 percent. Real federal government consumption expenditures and gross investment decreased 8.7 percent in the first quarter, compared with a decrease of 14.8 percent in the fourth. National defense decreased 12.1 percent, compared with a decrease of 22.1 percent. Nondefense decreased 2.1 percent, in contrast to an increase of 1.7 percent. Real state and local government consumption expenditures and gross investment decreased 2.4 percent, compared with a decrease of 1.5 percent. - more - -3- The change in real private inventories added 0.63 percentage point to the first-quarter change in real GDP, after subtracting 1.52 percentage points from the fourth-quarter change. Private businesses increased inventories $38.3 billion in the first quarter, following an 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 1.8 percent in the first quarter, compared with an increase of 1.9 percent in the fourth. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.5 percent in the first quarter; it was unchanged in the fourth quarter. Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 1.5 percent in the first quarter, compared with an increase of 0.9 percent in the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which decreased $30.3 billion in the first quarter after increasing $19.2 billion in the fourth; in the first quarter, receipts decreased $20.8 billion, and payments increased $9.5 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.6 percent, or $140.4 billion, in the first quarter to a level of $16,004.5 billion. In the fourth quarter, current-dollar GDP increased 1.3 percent, or $53.1 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 2.5 percent in the first quarter, compared with an increase of 5.5 percent (revised) 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. - more - -4- Revisions The "second" estimate of the third-quarter percent change in GDP is 0.1 percentage point, or $3.9 billion, less than the advance estimate issued last month, primarily reflecting downward revisions to private inventory investment, to exports, and to state and local government spending that were partly offset by a downward revision to imports and an upward revision to personal consumption expenditures. Advance Estimate Second Estimate (Percent change from preceding quarter) Real GDP................................................ Current-dollar GDP................................ Gross domestic purchases price index... 2.5 3.7 1.1 2.4 3.6 1.2 Corporate Profits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) decreased $43.8 billion in the first quarter, in contrast to an increase of $45.4 billion in the fourth. Current-production cash flow (net cash flow with inventory valuation adjustment) - the internal funds available to corporations for investment -- increased $110.9 billion in the first quarter, in contrast to a decrease of $89.8 billion in the fourth. Taxes on corporate income decreased $13.6 billion in the first quarter, compared with a decrease of $4.4 billion in the fourth. Profits after tax with inventory valuation and capital consumption adjustments decreased $30.2 billion in the first quarter, in contrast to an increase of $49.8 billion in the fourth. Dividends decreased $101.7 billion in contrast to an increase of $124.3 billion. The large fourthquarter increase reflected accelerated and special dividends paid by corporations at the end of 2012 in anticipation of changes to individual income tax rates. Current-production undistributed profits increased $71.4 billion, in contrast to a decrease of $74.3 billion. Domestic profits of financial corporations decreased $2.0 billion in the first quarter, compared with a decrease of $3.5 billion in the fourth. Domestic profits of nonfinancial corporations decreased $8.8 billion in the first quarter, in contrast to an increase of $24.8 billion in the fourth. In the first quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value added decreased. The decrease in unit profits reflected an increase in the unit nonlabor costs incurred by corporations that was partly offset by a decrease in unit labor costs; unit prices were unchanged. The rest-of-the-world component of profits decreased $33.0 billion in the first quarter, in contrast to an increase of $24.1 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 a decrease in receipts and an increase in payments. - more - -5- Profits before tax decreased $49.8 billion in the first quarter, in contrast to an increase of $27.3 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 increased $12.9 billion in the first quarter (from -$199.5 billion to -$186.6 billion), compared with an increase of $0.5 billion in the fourth. The inventory valuation adjustment decreased $6.9 billion (from -$9.2 billion to -$16.1 billion), in contrast to an increase of $17.6 billion. The first-quarter changes in taxes on corporate income and in the capital consumption adjustment mainly reflect the expiration of bonus depreciation claimed under the American Taxpayer Relief Act of 2012. For detailed data, see the table "Net Effects of the Tax Acts of 2002, 2003, 2008, 2009, 2010, and 2012 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 using consistent depreciation profiles based on used-asset prices. For more details on the effect of 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 quarter of 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 -- June 26, 2013, at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2013 (Third Estimate) Corporate Profits: First Quarter (Revised Estimate) - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2010 2011 2012 r 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 1.7 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 3.5 III 2010 IV I II 2011 III IV I II 2012 III IV I II 2013 Line III IV r Ir –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 2.4 –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 3.4 –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 4.1 –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 8.2 –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 2.2 –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 9.0 –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 2.2 –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 –3.5 –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 4.6 –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 12.1 .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ........... 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 0.8 –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 0.3 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 2.0 –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 1.9 –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 1.1 –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 5.8 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 0.6 –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 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2012. See “Explanatory Note” at the end of the tables. –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 3.9 –7.0 –4.9 9.5 –14.8 –8.7 12.9 –22.1 –12.1 3.0 1.7 –2.1 0.3 –1.5 –2.4 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 0.0 1.5 0.9 8.9 1.8 2.5 1.9 1.5 –8.4 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 2.9 1.6 3.1 1.9 10.6 3.6 2.9 3.8 3.2 2.7 –7.5 31 32 33 34 35 36 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 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 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 2010 2011 2012 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 ........................................ r Revised See “Explanatory Note” at the end of the tables. 2009 II 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 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 0.51 0.00 0.22 0.03 0.03 0.15 0.03 0.05 IV I 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 1.3 3.1 0.4 2.4 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 2.40 0.98 0.63 0.24 0.08 0.20 0.11 0.35 2 3 4 5 6 7 8 9 0.02 0.00 –0.03 0.01 –0.01 0.08 0.13 –0.12 0.12 –0.04 0.02 –0.07 0.23 –0.08 –0.17 0.18 0.20 0.02 0.14 0.23 0.16 0.61 0.99 0.26 0.27 0.07 0.04 0.07 0.17 1.42 10 11 12 13 14 –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 1.52 0.58 0.25 0.07 0.05 0.11 0.38 0.09 15 16 17 18 19 20 21 22 0.29 –0.08 –0.02 –0.10 0.05 0.35 –0.02 –0.01 23 24 –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 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 0.07 0.20 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 0.11 –0.08 0.17 0.03 –0.03 0.01 0.25 0.30 0.63 0.84 –0.21 –0.21 0.11 0.03 0.08 –0.32 –0.16 –0.16 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 –0.97 –0.02 0.71 –1.23 –0.68 –0.01 0.64 –1.28 –0.63 –0.10 0.64 –1.27 –0.39 0.09 0.00 0.00 –0.23 –0.01 0.08 0.04 –0.05 –0.01 0.09 0.03 –0.04 0.00 –0.02 0.02 –0.01 –0.12 0.04 –0.18 –0.29 –0.10 0.02 –0.12 –0.06 –0.01 0.01 –0.05 –0.22 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 1.60 0.38 0.76 1.11 –0.84 0.84 0.50 0.12 0.27 0.82 –0.06 0.72 0.20 –0.25 0.18 0.28 0.02 –0.10 0.11 0.10 0.02 60 61 62 63 64 2.33 1.37 0.72 0.62 –0.65 –0.19 0.50 0.25 –0.06 0.12 0.05 0.14 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 0.33 –0.10 –0.02 0.07 0.24 0.31 IV 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 4.1 III Ir 2.0 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 IV 2013 Line II 4.0 III 2012 I 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 2011 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 1.16 1.69 0.53 1.28 0.23 0.46 –0.11 0.82 0.34 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 Ir Line 2012 1 Gross domestic product....................................... 2 Personal consumption expenditures.......................... 3 Goods ........................................................................ 4 Durable goods......................................................... 5 Motor vehicles and parts ..................................... 6 Furnishings and durable household equipment 7 Recreational goods and vehicles ........................ 8 Other durable goods............................................ 9 Nondurable goods................................................... 10 Food and beverages purchased for off-premises consumption .................................................... 11 Clothing and footwear.......................................... 12 Gasoline and other energy goods ....................... 13 Other nondurable goods...................................... 14 Services ..................................................................... 15 Household consumption expenditures (for services).............................................................. 16 Housing and utilities ............................................ 17 Health care.......................................................... 18 Transportation services ....................................... 19 Recreation services............................................. 20 Food services and accommodations................... 21 Financial services and insurance ........................ 22 Other services ..................................................... 23 Final consumption expenditures of nonprofit institutions serving households ........................... 24 Gross output of nonprofit institutions................... 25 Less: Receipts from sales of goods and services by nonprofit institutions.................................... 26 Gross private domestic investment ............................ 27 Fixed investment....................................................... 28 Nonresidential ......................................................... 29 Structures............................................................ 30 Equipment and software...................................... 31 Information processing equipment and software ....................................................... 32 Computers and peripheral equipment ......... 33 Software....................................................... 34 Other............................................................ 35 Industrial equipment ........................................ 36 Transportation equipment................................ 37 Other equipment.............................................. 38 Residential .............................................................. 39 Change in private inventories.................................. 40 Farm........................................................................ 41 Nonfarm .................................................................. 42 Net exports of goods and services............................. 43 Exports ...................................................................... 44 Goods...................................................................... 45 Services .................................................................. 46 Imports....................................................................... 47 Goods...................................................................... 48 Services .................................................................. I II III IV Ir 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 13,746.2 9,745.5 3,511.4 1,436.4 398.4 296.2 598.8 176.7 2,110.2 294.1 174.5 101.9 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 80.8 81.6 35.3 28.1 8.6 3.7 13.0 3.7 11.4 1 2 3 4 5 6 7 8 9 829.1 827.0 827.5 829.2 832.6 838.1 685.8 686.4 685.4 685.9 685.7 687.9 365.9 363.1 363.0 368.9 368.4 371.2 353.9 355.3 350.8 355.4 354.0 355.5 440.3 440.5 428.5 443.1 448.9 443.2 268.6 266.5 272.0 270.0 265.9 267.6 929.1 920.6 922.3 932.4 940.9 947.0 797.7 792.9 793.5 798.2 806.2 812.0 7,336.5 7,251.3 7,325.7 7,361.9 7,406.9 7,499.8 6,176.6 6,145.9 6,178.2 6,186.7 6,195.6 6,242.5 0.5 3.9 –2.9 20.3 75.1 –0.2 –1.4 –4.1 8.0 8.9 2.2 1.5 1.7 5.8 46.9 10 11 12 13 14 7,035.1 6,956.4 7,019.4 7,060.6 7,103.9 7,201.5 5,879.9 5,855.1 5,877.6 5,888.8 5,898.2 5,948.1 1,965.9 1,935.2 1,968.3 1,983.5 1,976.4 2,011.7 1,677.7 1,662.7 1,685.2 1,690.6 1,672.3 1,691.6 1,818.1 1,800.4 1,803.5 1,825.9 1,842.6 1,862.3 1,516.8 1,513.3 1,508.4 1,518.4 1,527.0 1,535.2 312.8 309.4 313.0 313.6 314.9 319.2 252.6 250.6 252.4 253.4 253.8 255.9 410.2 404.6 409.5 413.1 413.7 417.6 349.9 347.9 350.4 351.0 350.2 351.9 713.6 700.5 709.0 714.1 730.7 739.0 584.4 579.5 581.0 582.9 594.2 597.6 829.1 827.5 830.9 825.3 832.7 845.2 685.4 688.6 688.4 680.0 684.4 697.0 985.5 978.7 985.2 985.1 992.9 1,006.5 812.5 811.5 811.3 812.1 815.1 817.9 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 49.9 19.3 8.2 2.1 1.7 3.4 12.6 2.8 15 16 17 18 19 20 21 22 301.4 295.0 306.3 301.3 303.0 298.3 300.7 293.9 305.3 302.1 301.4 297.2 1,215.5 1,198.4 1,206.8 1,225.6 1,231.3 1,237.8 1,036.7 1,029.7 1,031.3 1,043.1 1,042.5 1,042.2 10.6 25.9 –0.7 –0.6 –4.2 –0.3 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 3.0 42.1 19.3 8.4 –3.2 13.2 25 26 27 28 29 30 642.5 23.0 23.0 5.0 ............. ........... ........... ........... 307.0 15.8 6.6 6.6 202.2 1.8 3.7 1.1 166.5 10.7 3.8 –1.0 184.0 26.9 3.2 0.4 193.3 11.1 3.3 8.4 397.3 39.5 15.3 11.1 38.3 12.0 –47.0 25.0 8.1 –7.4 4.0 23.3 28.3 23.1 –53.4 –6.5 –391.5 7.3 10.5 –6.8 1,841.3 60.4 –13.3 3.7 1,296.1 52.8 –16.7 1.0 545.7 7.7 3.4 2.7 2,232.8 53.1 –23.8 10.5 1,850.0 38.2 –18.3 5.2 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 15,684.8 11,119.6 3,783.2 1,218.9 407.0 265.8 354.0 192.1 2,564.2 I II III IV Ir 15,478.3 11,007.2 3,755.9 1,204.6 402.1 264.6 350.2 187.7 2,551.3 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 16,004.5 11,372.7 3,873.0 1,273.5 435.9 271.5 363.1 203.2 2,599.4 13,593.2 9,603.3 3,432.9 1,360.9 373.3 288.4 563.8 167.1 2,094.5 914.1 2,062.3 2,004.2 1,621.3 463.4 1,157.9 903.5 2,032.2 1,959.7 1,595.5 454.7 1,140.8 900.5 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 1,185.6 939.5 2,151.1 2,102.8 1,677.3 477.7 1,199.6 738.3 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 1,167.4 555.4 79.3 293.4 182.7 197.5 196.9 208.1 382.9 58.1 –16.1 74.1 –559.9 2,184.0 1,542.8 641.2 2,744.0 2,291.9 556.3 84.3 288.1 183.9 190.7 193.6 200.1 364.2 72.6 –4.1 76.7 –615.8 2,157.9 1,525.8 632.1 2,773.7 2,324.3 552.0 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 2,270.3 570.8 78.4 307.4 185.0 202.6 200.3 226.0 425.4 48.3 13.8 34.6 –543.0 2,203.8 1,545.9 658.0 2,746.8 2,287.1 623.2 ............. 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 1,844.8 452.1 449.3 453.0 454.9 451.0 459.7 381.9 380.4 382.6 385.0 379.5 746.2 1,977.2 1,925.6 1,530.8 360.8 1,180.6 384.9 15.3 –5.5 5.4 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 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 Ir 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 Ir 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 ............. 3,023.7 1,177.3 768.7 671.7 96.9 408.6 359.8 48.9 1,846.4 1,535.6 310.8 ............. 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 15,956.2 16,547.5 16,499.2 16,004.5 786.7 554.4 16,236.8 13,942.4 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 Ir 2,458.1 2,427.1 –42.8 –45.0 –31.0 1,004.9 982.2 –22.9 –41.0 –22.7 656.0 635.2 –21.8 –42.1 –20.8 559.0 546.2 –18.5 –41.5 –12.8 97.7 89.1 –3.4 0.0 –8.6 349.3 347.5 –0.9 1.5 –1.8 302.4 301.1 1.9 0.8 –1.3 46.9 46.3 –3.2 0.7 –0.6 1,457.2 1,448.3 –20.3 –5.5 –8.9 1,215.6 1,213.7 –10.5 –3.8 –1.9 242.8 236.0 –9.7 –1.6 –6.8 –109.6 –111.5 ............ ........... ........... 13,642.0 14,040.8 14,016.6 13,665.4 693.8 464.6 13,895.0 11,836.3 13,701.5 14,128.4 14,083.0 13,746.2 673.0 474.1 13,945.3 11,905.3 274.1 287.0 267.0 294.1 –13.3 –1.1 281.8 256.5 64.6 1.5 53.0 12.9 25.3 6.2 32.1 2.7 59.5 87.6 66.4 80.8 –20.8 9.5 50.3 69.0 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 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 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 Ir 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 1.1 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 1.0 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 2.0 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 1.7 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 1.8 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 1.8 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 0.2 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 6.7 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 2.1 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 1.9 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 1.8 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 2.0 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 1.2 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 1.2 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 1.2 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 1.2 r Revised 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 Ir Gross domestic product ..................................................... 103.486 105.356 107.687 106.999 107.333 108.156 108.259 108.898 Personal consumption expenditures ................................................ 104.460 107.103 109.085 108.443 108.849 109.276 109.773 110.700 Goods................................................................................................ 104.304 108.263 111.578 110.722 110.812 111.796 112.981 114.128 Durable goods ............................................................................... 104.887 112.395 121.148 118.937 118.866 121.423 125.364 127.868 Nondurable goods ......................................................................... 103.888 106.236 107.223 106.938 107.096 107.413 107.445 108.027 Services ............................................................................................ 104.554 106.543 107.854 107.318 107.882 108.031 108.186 109.004 Gross private domestic investment .................................................. 76.327 80.284 88.127 87.241 87.394 88.793 89.079 91.020 Fixed investment ............................................................................... 75.326 80.311 87.313 85.785 86.724 86.923 89.820 90.729 Nonresidential ............................................................................... 94.148 102.288 110.431 109.108 110.065 109.557 112.996 113.619 Structures .................................................................................. 88.308 90.733 100.506 99.421 99.560 99.558 103.484 102.576 Equipment and software............................................................ 96.822 107.473 114.890 113.460 114.790 114.049 117.262 118.588 Residential..................................................................................... 42.862 42.268 47.371 45.433 46.364 47.855 49.832 51.270 Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... Exports of goods and services ......................................................... 127.623 136.152 140.785 139.356 141.152 141.824 140.808 141.090 Imports of goods and services.......................................................... 102.832 107.746 110.369 110.179 110.936 110.766 109.593 110.110 Government consumption expenditures and gross investment .... 109.955 106.497 104.692 104.804 104.622 105.620 103.721 102.414 Federal .............................................................................................. 122.883 119.480 116.869 116.751 116.685 119.359 114.679 112.086 State and local .................................................................................. 102.711 99.224 97.865 98.103 97.858 97.932 97.565 96.968 Addenda: Final sales of domestic product......................................................... 103.478 105.506 107.686 106.897 107.356 107.988 108.503 108.976 Gross domestic purchases................................................................ 100.954 102.646 104.796 104.261 104.517 105.197 105.209 105.865 Final sales to domestic purchasers................................................... 100.932 102.771 104.780 104.150 104.523 105.023 105.422 105.921 Gross national product...................................................................... 104.193 106.304 108.520 107.655 108.204 108.984 109.237 109.632 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 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 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 Ir Gross domestic product ..................................................... 111.002 113.369 115.388 114.608 115.050 115.807 116.085 116.416 Personal consumption expenditures (PCE) ..................................... 111.087 113.790 115.790 115.300 115.496 115.952 116.412 116.700 Goods................................................................................................ 104.852 108.822 110.203 110.256 109.743 110.261 110.550 110.299 Durable goods ............................................................................... 91.611 90.799 89.576 90.157 89.888 89.358 88.900 88.660 Nondurable goods ......................................................................... 112.622 119.430 122.427 122.136 121.472 122.659 123.439 123.184 Services ............................................................................................ 114.418 116.435 118.779 117.989 118.576 118.997 119.553 120.144 Gross private domestic investment .................................................. 104.854 106.439 107.747 107.292 107.647 107.818 108.231 108.698 Fixed investment ............................................................................... 105.023 106.680 108.175 107.661 107.977 108.324 108.739 109.229 Nonresidential ............................................................................... 105.514 107.359 108.993 108.562 108.878 109.104 109.428 109.603 Structures .................................................................................. 121.158 126.850 131.222 130.167 131.198 131.540 131.982 132.557 Equipment and software............................................................ 99.806 100.445 101.236 101.001 101.094 101.282 101.567 101.616 Residential..................................................................................... 102.520 103.406 104.288 103.439 103.754 104.593 105.364 107.078 Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... Exports of goods and services ......................................................... 110.738 117.860 118.871 118.652 118.802 118.792 119.237 119.689 Imports of goods and services.......................................................... 112.989 121.851 122.618 124.156 122.942 120.907 122.465 123.032 Government consumption expenditures and gross investment .... 117.334 121.233 123.443 122.979 123.157 123.574 124.063 124.576 Federal .............................................................................................. 113.583 116.721 118.565 118.038 118.403 118.679 119.141 119.858 State and local .................................................................................. 119.579 124.001 126.462 126.042 126.089 126.605 127.110 127.483 Addenda: PCE excluding food and energy 1 ..................................................... 110.214 111.802 113.711 113.122 113.603 113.912 114.208 114.574 Market-based PCE 2 ......................................................................... 110.820 113.641 115.741 115.231 115.407 115.944 116.381 116.727 Market-based PCE excluding food and energy 2 .............................. 109.760 111.311 113.321 112.693 113.196 113.576 113.819 114.264 Final sales of domestic product......................................................... 110.993 113.371 115.417 114.628 115.065 115.849 116.126 116.460 Gross domestic purchases................................................................ 111.421 114.208 116.154 115.674 115.888 116.298 116.758 117.110 Final sales to domestic purchasers................................................... 111.420 114.219 116.192 115.703 115.911 116.346 116.806 117.161 Gross national product...................................................................... 110.986 113.363 115.387 114.609 115.050 115.804 116.086 116.419 Implicit price deflators: Gross domestic product ................................................................ 110.993 113.359 115.387 114.599 115.035 115.810 116.089 116.429 Final sales of domestic product..................................................... 110.993 113.371 115.417 114.624 115.061 115.845 116.122 116.456 Gross domestic purchases............................................................ 111.412 114.198 116.152 115.665 115.873 116.301 116.762 117.123 Final sales to domestic purchasers............................................... 111.420 114.219 116.189 115.699 115.907 116.342 116.802 117.157 Gross national product .................................................................. 110.977 113.353 115.387 114.600 115.035 115.807 116.090 116.432 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 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 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 r 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 1.7 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 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2012. 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 r Ir –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 2.1 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 3.1 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 1.0 –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 4.3 –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 3.2 –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 4.5 –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 12.8 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... 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 1.2 –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 0.8 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 2.4 –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 –0.1 –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 –0.3 –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 –2.3 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 –4.0 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 –6.2 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 –1.2 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 1.4 1.8 1.6 3.8 1.9 1.5 1.7 1.8 0.7 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 1.2 1.3 1.6 1.4 1.2 1.3 1.3 1.4 31 32 33 34 35 36 37 38 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2012. 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 r 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 r Line Ir 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 40.2 13,875.9 8,592.9 6,906.0 1,686.9 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 –56.6 14,150.0 8,770.4 7,060.2 1,710.2 1,224.7 481.5 2,013.0 493.8 1,071.3 129.7 –34.5 16,004.5 786.7 554.4 16,236.8 2,062.1 –61.5 14,236.2 8,765.1 7,042.3 1,722.7 1,264.0 505.1 1,969.2 541.5 1,084.0 147.2 –39.8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 14,475.6 15,043.8 15,644.6 15,477.1 15,507.9 15,672.6 15,920.8 16,066.0 18 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2012. Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2010 2011 2012 r 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 r Line Ir 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 13,431.1 8,592.9 6,906.0 1,686.9 1,202.3 56.2 1,146.1 462.6 1,749.7 992.6 757.0 2,375.1 951.5 1,480.4 11,950.8 11,460.3 490.5 4.1 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 13,764.3 8,770.4 7,060.2 1,710.2 1,224.7 60.7 1,164.0 481.5 1,858.7 997.2 861.5 2,399.2 970.2 1,529.1 12,235.2 11,591.7 643.5 5.3 13,602.6 8,765.1 7,042.3 1,722.7 1,264.0 75.2 1,188.8 505.1 1,738.9 999.5 739.5 2,430.5 1,101.0 1,604.4 11,998.1 11,717.9 280.2 2.3 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 9,548.4 10,321.2 9,435.7 10,213.9 9,491.3 10,270.6 9,502.6 10,288.8 9,763.0 10,510.5 9,573.5 10,281.4 19 20 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2012. 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 Quarter one year ago Line Quarterly rates Line 2010 2011 2012 2011 2012 I 1 Corporate profits with inventory valuation and capital consumption adjustments ........................... 2 Less: Taxes on corporate income ................................... 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments.................... 4 Net dividends .............................................................. 5 Undistributed profits with inventory valuation and capital consumption adjustments ............................ Addenda for corporate cash flow: 6 Net cash flow with inventory valuation adjustment 7 Undistributed profits with inventory valuation and capital consumption adjustments ........................ 8 Consumption of fixed capital ................................... 9 Less: Capital transfers paid (net)............................. Addenda: 10 Profits before tax (without inventory valuation and capital consumption adjustments)........................... 11 Profits after tax (without inventory valuation and capital consumption adjustments)........................... 12 Inventory valuation adjustment ................................... 13 Capital consumption adjustment................................. II 2012 2013 III IV 2012 I II III 2013 2013 IV I I 1,702.4 1,827.0 1,950.6 1,900.1 1,921.9 1,967.6 2,013.0 1,969.2 373.3 379.0 449.3 453.6 443.3 452.4 448.0 434.4 7.3 1.5 6.8 18.5 1.1 –2.3 2.4 2.0 2.3 –1.0 –2.2 –3.0 3.6 –4.2 1 2 1,329.1 1,447.9 1,501.3 1,446.6 1,478.5 1,515.2 1,565.0 1,534.8 600.9 697.2 779.9 727.1 747.5 760.3 884.6 782.9 8.9 16.0 3.7 11.9 2.2 2.8 2.5 1.7 3.3 16.3 –1.9 –11.5 6.1 7.7 3 4 751.9 3.1 –3.9 1.6 3.3 –9.9 10.5 4.5 5 1,774.9 1,850.7 1,834.1 1,835.8 1,841.8 1,874.3 1,784.5 1,895.4 4.3 –0.9 0.3 1.8 –4.8 6.2 3.2 6 728.2 750.7 721.4 719.4 731.0 754.8 680.5 751.9 3.1 –3.9 1.6 3.3 –9.9 10.5 4.5 1,026.5 1,061.9 1,107.5 1,092.6 1,104.3 1,111.6 1,121.4 1,135.1 3.5 4.3 1.1 0.7 0.9 1.2 3.9 –20.2 –38.1 –5.2 –23.8 –6.5 –7.9 17.4 –8.4 ............ ............. ............ ............ ............. ............ ............ 7 8 9 728.2 750.7 721.4 719.4 731.0 754.8 680.5 1,816.3 1,854.1 2,162.2 2,124.5 2,108.2 2,194.4 2,221.7 2,171.9 2.1 16.6 –0.8 4.1 1.2 –2.2 2.2 10 1,443.0 1,475.1 1,712.9 1,670.9 1,664.9 1,742.0 1,773.7 1,737.6 2.2 16.1 –0.4 4.6 1.8 –2.0 4.0 –38.7 –62.6 –10.9 –23.7 16.0 –26.8 –9.2 –16.1 ............ ............. ............ ............ ............. ............ ............ –75.2 35.4 –200.6 –200.7 –202.4 –200.0 –199.5 –186.6 ............ ............. ............ ............ ............. ............ ............ 11 12 13 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 Line 2012 2010 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 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........................................................... 2011 2012 2012 2013 2011 I II III IV I 1,950.6 1,520.6 432.3 1,088.3 430.0 650.0 220.0 1,900.1 1,497.2 428.9 1,068.3 402.9 631.5 228.6 1,921.9 1,485.3 389.2 1,096.1 436.5 641.5 205.0 1,967.6 1,539.3 457.3 1,082.0 428.3 645.7 217.4 2,013.0 1,560.6 453.8 1,106.8 452.4 681.4 229.0 1,969.2 1,549.8 451.8 1,098.0 419.4 658.3 238.9 124.6 87.2 –2.7 90.0 37.3 60.8 23.4 1,777.7 1,791.6 2,151.3 1,376.1 1,352.7 1,721.2 424.3 408.3 484.7 71.6 75.9 73.4 352.7 332.3 411.3 951.8 944.4 1,236.5 27.9 17.7 39.1 233.5 244.9 371.7 103.1 100.3 181.2 15.0 16.4 23.9 17.5 21.5 31.8 35.2 27.6 43.9 2,100.8 1,697.9 481.2 74.5 406.6 1,216.8 38.3 363.5 174.9 23.6 30.2 42.2 2,124.3 2,167.5 2,212.5 2,155.8 1,687.7 1,739.2 1,760.1 1,736.4 441.9 509.6 506.2 503.2 74.2 69.4 75.5 72.0 367.6 440.1 430.7 431.2 1,245.8 1,229.6 1,253.9 1,233.2 41.3 42.0 34.6 .............. 372.8 367.6 382.9 .............. 185.7 181.0 183.1 .............. 24.4 23.9 23.7 .............. 33.3 34.1 29.8 .............. 46.2 43.9 43.3 .............. 1,702.4 1,300.9 383.7 917.1 401.6 584.4 182.9 7.7 –11.7 39.3 130.4 41.2 23.5 45.9 19.8 98.2 122.6 48.1 86.0 335.4 401.6 1,827.0 1,388.1 381.0 1,007.1 438.9 645.2 206.3 5.1 –12.7 42.4 144.6 34.6 40.8 50.1 19.1 96.3 108.9 45.5 85.5 345.7 438.9 9.6 3.9 68.0 190.5 45.5 48.7 61.6 34.7 139.3 140.0 54.4 112.4 379.7 430.0 10.2 3.3 65.4 188.6 47.5 45.4 63.3 32.4 134.6 138.6 56.7 109.8 375.3 402.9 NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). 7.6 5.0 69.2 187.1 44.8 46.2 65.0 31.1 149.6 136.4 55.0 118.6 372.2 436.5 9.0 3.7 66.4 186.6 45.0 48.5 57.5 35.6 130.2 138.3 54.6 118.1 378.7 428.3 11.7 3.7 70.9 199.9 44.8 54.7 60.6 39.8 142.7 146.4 51.3 103.2 392.6 452.4 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. 419.4 2013 Line 2012 II III IV I 123.6 132.5 51.3 81.2 –8.9 4.8 13.7 21.8 –11.9 –39.7 27.8 33.6 10.0 –23.6 45.7 54.0 68.1 –14.1 –8.2 4.2 12.4 45.4 21.3 –3.5 24.8 24.1 35.7 11.6 –43.8 –10.8 –2.0 –8.8 –33.0 –23.1 9.9 1 2 3 4 5 6 7 13.9 –23.4 –16.0 4.3 –20.4 –7.4 –10.2 11.4 –2.8 1.4 4.0 –7.6 359.7 368.5 76.4 –2.5 79.0 292.1 21.4 126.8 80.9 7.5 10.3 16.3 23.5 –10.2 –39.3 –0.3 –39.0 29.0 3.0 9.3 10.8 0.8 3.1 4.0 43.2 51.5 67.7 –4.8 72.5 –16.2 0.7 –5.2 –4.7 –0.5 0.8 –2.3 45.0 20.9 –3.4 6.1 –9.4 24.3 –7.4 15.3 2.1 –0.2 –4.3 –0.6 –56.7 –23.7 –3.0 –3.5 0.5 –20.7 .............. .............. .............. .............. .............. .............. 8 9 10 11 12 13 14 15 16 17 18 19 –2.6 –1.0 3.1 14.2 –6.6 17.3 4.2 –0.7 –1.9 –13.7 –2.6 –0.5 10.3 37.3 4.5 16.6 25.6 45.9 10.9 7.9 11.5 15.6 43.0 31.1 8.9 26.9 34.0 –8.9 –2.6 1.7 3.8 –1.5 –2.7 0.8 1.7 –1.3 15.0 –2.2 –1.7 8.8 –3.1 33.6 1.4 –1.3 –2.8 –0.5 0.2 2.3 –7.5 4.5 –19.4 1.9 –0.4 –0.5 6.5 –8.2 2.7 0.0 4.5 13.3 –0.2 6.2 3.1 4.2 12.5 8.1 –3.3 –14.9 13.9 24.1 .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. .............. –33.0 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates Line 2010 2011 2012 r 2012 I II 2013 III IV r Line I Billions of dollars 1 Gross value added of nonfinancial corporate business............................................ 2 Consumption of fixed capital................................................................................................... 3 Net value added .................................................................................................................... 4 Compensation of employees............................................................................................... 5 Wage and salary accruals............................................................................................... 6 Supplements to wages and salaries................................................................................ 7 Taxes on production and imports less subsidies................................................................. 8 Net operating surplus.......................................................................................................... 9 Net interest and miscellaneous payments....................................................................... 10 Business current transfer payments (net)........................................................................ 11 Corporate profits with inventory valuation and capital consumption adjustments ........... 12 Taxes on corporate income.......................................................................................... 13 Profits after tax with inventory valuation and capital consumption adjustments .......... 14 Net dividends ........................................................................................................... 15 Undistributed profits with inventory valuation and capital consumption adjustments Addenda: 16 Profits before tax (without inventory valuation and capital consumption adjustments) ....... 17 Profits after tax (without inventory valuation and capital consumption adjustments) .......... 18 Inventory valuation adjustment ........................................................................................... 19 Capital consumption adjustment......................................................................................... 6,952.4 860.1 6,092.3 4,252.0 3,508.4 743.6 612.2 1,228.2 221.7 89.3 917.1 222.9 694.3 385.7 308.5 7,366.7 893.7 6,473.0 4,472.7 3,687.5 785.2 645.8 1,354.5 255.9 91.5 1,007.1 246.8 760.3 425.3 334.9 7,698.2 933.5 6,764.6 4,675.3 3,863.1 812.2 657.4 1,431.9 258.9 84.7 1,088.3 307.6 780.7 467.5 313.2 7,605.5 920.8 6,684.7 4,607.1 3,803.0 804.1 656.1 1,421.6 263.2 90.0 1,068.3 304.3 764.0 432.8 331.2 7,670.8 930.8 6,740.1 4,644.8 3,837.2 807.6 657.8 1,437.5 254.2 87.1 1,096.1 304.6 791.6 454.9 336.7 7,693.7 937.1 6,756.5 4,673.7 3,861.3 812.4 656.9 1,425.9 263.4 80.5 1,082.0 307.9 774.1 455.7 318.4 7,822.7 945.5 6,877.2 4,775.7 3,951.0 824.7 658.8 1,442.7 254.7 81.2 1,106.8 313.6 793.1 526.6 266.5 7,883.9 956.6 6,927.3 4,796.9 3,965.3 831.6 667.2 1,463.2 272.5 92.7 1,098.0 311.5 786.5 483.0 303.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 990.5 767.6 –38.7 –34.7 1,007.0 760.2 –62.6 62.7 1,247.5 939.9 –10.9 –148.2 1,240.4 936.1 –23.7 –148.4 1,229.8 925.3 16.0 –149.7 1,256.5 948.6 –26.8 –147.7 1,263.2 949.5 –9.2 –147.1 1,249.3 937.9 –16.1 –135.2 16 17 18 19 6,793.2 843.6 5,949.6 6,768.5 834.5 5,934.0 6,803.6 840.7 5,963.0 6,738.6 846.4 5,892.1 6,862.1 852.7 6,009.4 6,918.7 859.9 6,058.7 20 21 22 Billions of chained (2005) dollars 20 Gross value added of nonfinancial corporate business 1 ......................................... 21 Consumption of fixed capital 2 ................................................................................................ 22 Net value added 3 ................................................................................................................... 6,369.1 805.9 5,563.2 6,595.6 819.7 5,776.0 Dollars; quarters seasonally adjusted 23 24 25 26 27 28 29 30 31 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 0.668 0.280 0.135 1.117 0.678 0.286 0.135 1.133 0.688 0.284 0.137 1.124 0.681 0.285 0.136 1.127 0.683 0.283 0.137 1.142 0.694 0.287 0.139 1.140 0.696 0.283 0.138 1.140 0.693 0.287 0.138 23 24 25 26 0.110 0.035 0.112 0.039 0.109 0.038 0.110 0.039 0.109 0.037 0.109 0.039 0.108 0.037 0.110 0.039 27 28 0.144 0.035 0.109 0.153 0.037 0.115 0.160 0.045 0.115 0.158 0.045 0.113 0.161 0.045 0.116 0.161 0.046 0.115 0.161 0.046 0.116 0.159 0.045 0.114 29 30 31 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2012. 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 chaintype 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 Line 2010 2011 2012 r 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 2.2 –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 r Ir 2.0 1.3 3.1 0.4 2.4 3.9 1.3 6.1 1.4 5.7 0.6 1.2 1.7 –1.3 1.3 7.4 1.7 3.9 12.1 –0.8 30.9 7.3 –8.6 6.8 10.7 1.3 1.1 3.5 0.2 2.2 4.5 –19.9 29.5 26.5 4.7 1.9 1.4 3.0 0.3 2.4 3.5 –10.3 –31.8 –17.8 116.5 2.7 2.1 4.7 0.7 2.1 3.8 –0.7 1.6 5.5 2.5 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 1.1 1.6 1.2 1.2 1.4 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 1.3 1.0 1.3 1.2 1.6 17 18 19 20 21 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2012. 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Gross domestic income deflated by the implicit price deflator for gross domestic product. Includes changes due to the incorporation of revised wage and salary estimates for the fourth quarter of 2012. 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.