Full text of Bureau of Economic Analysis (BEA) News Releases : Gross Domestic Product: First Quarter 2014 (Advance Estimate), BEA 14-18 : Full Release

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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, APRIL 30, 2014
BEA 14-18
Lisa Mataloni:

(202) 606-5304 (GDP)

gdpniwd@bea.gov

GROSS DOMESTIC PRODUCT: FIRST QUARTER 2014 (ADVANCE ESTIMATE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 0.1 percent in the first quarter (that is, from
the fourth quarter of 2013 to the first quarter of 2014), according to the "advance" estimate released by
the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.
The Bureau emphasized that the first-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see the box on page 3 and
"Comparisons of Revisions to GDP" on page 5). The "second" estimate for the first quarter, based on
more complete data, will be released on May 29, 2014.
The increase in real GDP in the first quarter primarily reflected a positive contribution from
personal consumption expenditures (PCE) that was partly offset by negative contributions from exports,
private inventory investment, nonresidential fixed investment, residential fixed investment, and state and
local government spending. Imports, which are a subtraction in the calculation of GDP, decreased.

Annual Revision of the National Income and Product Accounts
The annual revision of the national income and product accounts will be released along with the
"advance" estimate of GDP for the second quarter of 2014 on July 30. In addition to the regular revision
of estimates for the most recent 3 years and the first quarter of 2014, GDP and select components will be
revised back to the first quarter of 1999 (see the Technical Note). The August Survey of Current
Business will contain an article that describes the annual revision in detail.

NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2009)
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.

The deceleration in real GDP growth in the first quarter primarily reflected downturns in exports
and in nonresidential fixed investment, a larger decrease in private inventory investment, a deceleration
in PCE, and a downturn in state and local government spending that were partly offset by an upturn in
federal government spending and a downturn in imports.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.4 percent in the first quarter, compared with an increase of 1.5 percent in the fourth.
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 1.8 percent in the fourth.
Real personal consumption expenditures increased 3.0 percent in the first quarter, compared with
an increase of 3.3 percent in the fourth. Durable goods increased 0.8 percent, compared with an increase
of 2.8 percent. Nondurable goods increased 0.1 percent, compared with an increase of 2.9 percent.
Services increased 4.4 percent, compared with an increase of 3.5 percent.
Real nonresidential fixed investment decreased 2.1 percent in the first quarter, in contrast to an
increase of 5.7 percent in the fourth. Nonresidential structures increased 0.2 percent, in contrast to a
decrease of 1.8 percent. Equipment decreased 5.5 percent, in contrast to an increase of 10.9 percent.
Intellectual property products increased 1.5 percent, compared with an increase of 4.0 percent. Real
residential fixed investment decreased 5.7 percent, compared with a decrease of 7.9 percent.
Real exports of goods and services decreased 7.6 percent in the first quarter, in contrast to an
increase of 9.5 percent in the fourth. Real imports of goods and services decreased 1.4 percent, in
contrast to an increase of 1.5 percent.
Real federal government consumption expenditures and gross investment increased 0.7 percent
in the first quarter, in contrast to a decrease of 12.8 percent in the fourth. National defense decreased 2.4
percent, compared with a decrease of 14.4 percent. Nondefense increased 5.9 percent, in contrast to a
decrease of 10.0 percent. Real state and local government consumption expenditures and gross
investment decreased 1.3 percent; it was unchanged in the fourth quarter.
The change in real private inventories subtracted 0.57 percentage point from the first-quarter
change in real GDP after subtracting 0.02 percentage point from the fourth-quarter change. Private
businesses increased inventories $87.4 billion in the first quarter, following increases of $111.7 billion
in the fourth quarter and $115.7 billion in the third.
Real final sales of domestic product -- GDP less change in private inventories -- increased 0.7
percent in the first quarter, compared with an increase of 2.7 percent in the fourth.

Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 0.9 percent in the first quarter, compared with an increase of 1.6 percent in the
fourth.

-2-

Disposition of personal income
Current-dollar personal income increased $122.0 billion, or 3.5 percent, in the first quarter,
compared with an increase of $78.5 billion, or 2.2 percent, in the fourth. The acceleration in personal
income primarily reflected an acceleration in government social benefits to persons.
Personal current taxes increased $18.9 billion in the first quarter, compared with an increase of
$21.4 billion in the fourth.
Disposable personal income increased $103.1 billion, or 3.3 percent, in the first quarter,
compared with an increase of $57.1 billion, or 1.8 percent, in the fourth. Real disposable personal
income increased 1.9 percent in the first quarter, compared with an increase of 0.8 percent in the fourth.
Personal outlays increased $131.8 billion, or 4.4 percent, in the first quarter, compared with an
increase of $127.0 billion, or 4.3 percent, in the fourth.
Personal saving -- disposable personal income less personal outlays -- was $518.7 billion in the
first quarter, compared with $547.4 billion in the fourth.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was
4.1 percent in the first quarter, compared with 4.3 percent in the fourth. For a comparison of personal
saving in BEA’s national income and product accounts with personal saving in the Federal Reserve
Board’s financial accounts of the United States and data on changes in net worth, go to
www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
1.4 percent, or $60.0 billion, in the first quarter to a level of $17,149.6 billion. In the fourth quarter,
current-dollar GDP increased 4.2 percent, or $176.7 billion.

Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimate of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy." For information on revisions, see
"Revisions to GDP, GDI, and Their Major Components."

-3-

BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

*

*

*

Next release -- May 29, 2014 at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2014 (Second Estimate)
Corporate Profits: First Quarter 2014 (Preliminary Estimate)

-4-

Comparisons of Revisions to GDP

Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source
data that are incomplete or subject to further revision by the source agency, are released near the end of the first
month after the end of the quarter; as more detailed and more comprehensive data become available, "second" and
"third" estimates are released near the end of the second and third months, respectively. The "latest" estimates
reflect the results of both annual and comprehensive revisions.
Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried
out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.
The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger than
the average revisions from the advance estimate to the second or to the third estimates. The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the
direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than four-fifths of the time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages
compared

Average

Average without
regard to sign

Standard deviation of
revisions without regard
to sign

Current-dollar GDP
Advance to second....
Advance to third........
Second to third...........

0.2
.2
.0

0.5
.7
.3

0.4
.4
.2

Advance to latest.......

.3

1.3

1.0

Real GDP
Advance to second.....
Advance to third.........
Second to third............

0.1
.1
.0

0.5
.6
.2

0.4
.4
.2

Advance to latest........

.3

1.3

1.0

NOTE. These comparisons are based on the period from 1983 through 2010.

-5-

Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2011

2012

2013

2010
II

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

III

2011
IV

I

II

2012
III

IV

I

II

2013
III

IV

Gross domestic product (GDP) .....
1.8
2.8
1.9
3.9
2.8
2.8 –1.3
3.2
1.4
4.9
3.7
1.2
2.8
0.1
Personal consumption expenditures .......
2.5
2.2
2.0
3.3
2.8
4.3
2.1
1.5
2.1
2.4
2.9
1.9
1.7
1.7
Goods.......................................................
3.4
3.3
3.5
5.2
3.8
7.6
2.7
0.2
1.2
5.0
4.6
2.2
3.7
3.7
Durable goods ......................................
6.6
7.7
6.9 12.5
6.7 12.9
5.4 –0.8
5.2 13.5
9.8
2.9
8.3 10.5
Nondurable goods ................................
1.9
1.4
2.0
1.9
2.5
5.2
1.4
0.7 –0.5
1.3
2.2
1.8
1.6
0.6
Services ...................................................
2.1
1.6
1.2
2.4
2.2
2.6
1.8
2.1
2.5
1.1
2.1
1.7
0.7
0.6
Gross private domestic investment .........
4.9
9.5
5.4 22.3 13.7 –3.5 –7.5 14.2
2.5 31.9 10.5 –1.6
6.5 –2.4
Fixed investment ......................................
6.2
8.3
4.5 13.6 –0.4
8.5 –0.5
8.6 14.8 10.0
8.6
4.7
2.7 11.6
Nonresidential.......................................
7.6
7.3
2.7 11.4
8.3
8.6 –0.9
9.9 16.7
9.5
5.8
4.5
0.3
9.8
Structures .........................................
2.1 12.7
1.3 11.8 –5.8
7.7 –29.8 33.7 28.4 14.4
7.0
6.9
5.9 17.6
Equipment......................................... 12.7
7.6
3.1 23.3 18.0 11.8 12.0
4.3 20.3 10.2
8.3
5.3 –3.9
8.9
Intellectual property products ...........
4.4
3.4
3.1 –2.0
6.1
5.0
3.7
4.9
5.3
5.5
1.3
1.8
2.8
5.7
Residential............................................
0.5 12.9 12.2 23.2 –30.7
7.9
1.7
2.7
6.1 12.2 23.0
5.7 14.1 19.8
Change in private inventories................... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... ..........
Net exports of goods and services .......... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... ..........
Exports.....................................................
7.1
3.5
2.7
9.5 10.9 12.4
3.8
4.9
7.0
2.7
4.2
3.8
0.4
1.1
Goods...................................................
7.1
3.8
2.4 11.7
8.6 13.0
4.4
3.7
5.7
7.7
1.8
5.2
1.6 –3.0
Services................................................
7.0
3.0
3.5
4.6 16.3 11.0
2.4
7.7 10.0 –8.1 10.0
0.8 –2.6 11.3
Imports .....................................................
4.9
2.2
1.4 20.2 14.5
0.9
2.8
0.7
4.9
5.9
0.7
2.5
0.5 –3.1
Goods...................................................
5.2
2.1
1.2 24.1 14.6
1.7
4.4 –0.7
3.5
6.7
0.9
2.5
0.4 –3.5
Services................................................
3.1
2.7
2.5
3.8 14.0 –2.5 –5.0
7.8 11.9
1.8 –0.1
2.3
1.0 –1.0
Government consumption expenditures
2.9 –0.3 –4.1 –7.5 –1.3 –2.5 –1.5 –1.4
0.3
3.5 –6.5
and gross investment ............................ –3.2 –1.0 –2.2
Federal ..................................................... –2.6 –1.4 –5.2
8.5
3.7 –2.7 –10.5
1.8 –3.4 –3.1 –2.5 –0.2
8.9 –13.9
National defense................................... –2.3 –3.2 –7.0
6.4
7.6 –3.5 –14.2
6.8
2.4 –10.2 –6.7 –1.0 12.5 –21.6
Nondefense .......................................... –3.0
1.8 –1.9 12.3 –2.8 –1.2 –3.5 –6.5 –13.1 11.3
5.4
1.2
2.8
1.0
State and local.......................................... –3.6 –0.7 –0.2 –0.8 –3.1 –5.0 –5.4 –3.4 –1.9 –0.4 –0.6
0.6 –0.2 –1.0
Addenda:
Final sales of domestic product................
2.0
2.6
1.7
2.8
0.9
4.5 –0.3
2.4
3.0
2.1
3.4
2.2
2.2
2.2
Gross domestic purchases.......................
1.7
2.6
1.7
5.5
3.5
1.4 –1.3
2.6
1.2
5.3
3.1
1.1
2.7 –0.5
Final sales to domestic purchasers..........
1.8
2.4
1.6
4.5
1.7
3.0 –0.3
1.8
2.8
2.6
2.9
2.0
2.2
1.4
Gross domestic income (GDI) 1 ...............
2.5
2.5
2.6
2.8
5.2
1.6
2.0
2.3
2.2
2.6
5.4 –0.6
0.9
4.9
Gross national product (GNP)..................
2.1
2.7
1.9
3.9
2.6
3.2 –0.5
3.1
1.9
4.8
3.0
1.4
2.4
0.3
Disposable personal income ....................
2.4
2.0
0.7
5.4
1.9
2.7
5.0 –0.4
1.6 –0.6
4.6
1.8 –0.6
9.0
Current-dollar measures:
GDP......................................................
3.8
4.6
3.4
5.8
4.7
4.9
0.3
5.9
3.9
5.4
5.8
3.0
4.9
1.6
Final sales of domestic product ............
4.0
4.4
3.2
4.7
2.7
6.6
1.4
5.2
5.5
2.6
5.5
3.9
4.6
3.3
Gross domestic purchases ...................
4.0
4.3
3.0
6.5
4.9
3.7
1.5
6.1
3.3
6.3
5.5
2.1
3.9
1.3
Final sales to domestic purchasers ......
4.2
4.1
2.8
5.5
3.0
5.3
2.6
5.5
4.9
3.6
5.2
3.0
3.6
3.0
GDI .......................................................
4.5
4.3
4.1
4.6
7.1
3.7
3.7
5.0
4.8
3.1
7.5
1.1
3.0
6.4
GNP......................................................
4.2
4.4
3.4
5.7
4.5
5.3
1.1
5.8
4.4
5.3
5.0
3.2
4.6
1.8
Disposable personal income ................
4.8
3.9
1.9
5.8
3.1
4.8
8.2
3.3
3.9
0.8
6.9
2.9
1.1 10.7

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See “Explanatory Note” at the end of the tables.

-6-

I

II

2014 Line
III

IV

I

1.1
2.5
4.1
2.6
0.1
2.3
1.8
2.0
3.3
3.0
3.7
3.1
4.5
2.9
0.4
5.8
6.2
7.9
2.8
0.8
2.7
1.6
2.9
2.9
0.1
1.5
1.2
0.7
3.5
4.4
4.7
9.2 17.2
2.5 –6.1
–1.5
6.5
5.9
2.8 –2.8
–4.6
4.7
4.8
5.7 –2.1
–25.7 17.6 13.4 –1.8
0.2
1.6
3.3
0.2 10.9 –5.5
3.7 –1.5
5.8
4.0
1.5
12.5 14.2 10.3 –7.9 –5.7
.......... .......... .......... .......... ...........
.......... .......... .......... .......... ...........
–1.3
8.0
3.9
9.5 –7.6
–2.8
9.4
5.6 11.8 –12.0
2.2
4.8
0.1
4.2
3.0
0.6
6.9
2.4
1.5 –1.4
–0.2
7.5
2.4
1.3 –1.6
5.0
4.0
2.5
2.2 –0.9
–4.2
–8.4
–11.2
–3.6
–1.3

–0.4
–1.6
–0.6
–3.1
0.4

0.2
1.4
0.5
2.4
0.6
–7.9

2.1
2.5
2.1
3.2
2.7
4.1

2.8
1.6
2.9
1.7
4.2
2.3
–7.0

3.1
2.7
2.6
2.3
3.8
3.3
4.0

0.4 –5.2
–1.5 –12.8
–0.5 –14.4
–3.1 –10.0
1.7
0.0

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

–0.5
0.7
–2.4
5.9
–1.3

22
23
24
25
26

2.5
3.9
2.3
1.8
4.4
3.0

2.7
0.7
1.6
0.9
1.6
1.5
2.7 ...........
3.1 ...........
0.8
1.9

27
28
29
30
31
32

6.2
4.5
5.8
4.2
3.8
6.5
4.9

4.2
1.4
4.4
2.1
3.1
2.3
3.3
3.0
4.3 ...........
4.7 ...........
1.8
3.3

33
34
35
36
37
38
39

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
Line

2011 2012 2013

2010
II

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62

Percent change at annual rate:
Gross domestic product ...................................
Percentage points at annual rates:
Personal consumption expenditures ......................
Goods.....................................................................
Durable goods .....................................................
Motor vehicles and parts..................................
Furnishings and durable household equipment
Recreational goods and vehicles.....................
Other durable goods ........................................
Nondurable goods ...............................................
Food and beverages purchased for offpremises consumption .................................
Clothing and footwear ......................................
Gasoline and other energy goods....................
Other nondurable goods ..................................
Services .................................................................
Household consumption expenditures (for
services) ..........................................................
Housing and utilities.........................................
Health care ......................................................
Transportation services....................................
Recreation services .........................................
Food services and accommodations ...............
Financial services and insurance.....................
Other services .................................................
Final consumption expenditures of nonprofit
institutions serving households........................
Gross output of nonprofit institutions ...............
Less: Receipts from sales of goods and
services by nonprofit institutions ..................
Gross private domestic investment ........................
Fixed investment ...................................................
Nonresidential......................................................
Structures ........................................................
Equipment........................................................
Information processing equipment...............
Computers and peripheral equipment......
Other ........................................................
Industrial equipment.....................................
Transportation equipment ............................
Other equipment ..........................................
Intellectual property products ..........................
Software.......................................................
Research and development .........................
Entertainment, literary, and artistic originals
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.................................................

III

2011
IV

1.8

2.8

1.9

3.9

2.8

2.8

1.74
0.76
0.46
0.11
0.09
0.20
0.06
0.30

1.52
0.77
0.56
0.17
0.10
0.22
0.07
0.22

1.37
0.81
0.51
0.12
0.10
0.20
0.08
0.31

2.21
1.14
0.84
0.39
0.20
0.25
0.01
0.29

1.87
0.85
0.46
0.17
0.03
0.18
0.08
0.38

2.86
1.66
0.88
0.46
0.13
0.18
0.11
0.78

0.08 0.07
0.08 0.03
–0.06 –0.04
0.19 0.16
0.98 0.74

0.07 –0.15
0.03 0.14
0.01 0.10
0.20 0.21
0.55 1.07

0.09 –0.04
0.21 0.10

–1.3

3.2

2012
III

1.4

IV

4.9

1.42 1.03 1.42 1.65
0.60 0.05 0.29 1.14
0.38 –0.06 0.36 0.93
0.09 –0.43 0.04 0.56
0.04 0.09 0.09 0.17
0.21 0.18 0.20 0.25
0.04 0.09 0.04 –0.04
0.22 0.11 –0.08 0.21

1.27 0.84
0.28 0.06
0.43 0.24
0.04 0.02
0.08 –0.06
0.14 0.21
0.20 0.22
0.10 0.14

0.07 –0.11 –0.07 –0.03
0.32 0.18 0.17 –0.06
0.25
2.86
1.77
1.21
0.27
1.02
0.06
–0.03
0.09
0.22
0.55
0.19
–0.08
–0.14
–0.03
0.09
0.56
1.09
–0.09
1.18
–1.77
1.10
0.93
0.17
–2.87
–2.77
–0.10

II

2013

I

II

III

IV

3.7

1.2

2.8

0.1

1.98 1.28
1.04 0.50
0.69 0.21
0.26 –0.11
0.13 0.02
0.22 0.19
0.09 0.12
0.35 0.28

1.15
0.84
0.59
0.19
0.09
0.22
0.08
0.25

1.13
0.85
0.74
0.33
0.07
0.21
0.13
0.10

0.09 0.31 0.07 0.08 –0.05 –0.02 0.15 0.12 0.09 0.05
0.02 0.27 0.05 0.10 –0.15 0.09 0.10 –0.09 0.11 –0.04
0.05 –0.04 –0.08 –0.25 –0.01 –0.02 –0.12 0.18 –0.08 –0.14
0.23 0.25 0.19 0.18 0.14 0.15 0.22 0.07 0.14 0.23
1.02 1.20 0.81 0.98 1.14 0.51 0.94 0.78 0.31 0.29

0.97 0.65 0.59 1.00 1.14
0.16 0.10 0.11 –0.02 0.27
0.30 0.30 0.27 0.41 0.44
0.05 0.02 0.02 0.04 0.05
0.05 0.04 0.02 –0.06 0.15
0.17 0.15 0.12 0.13 0.10
0.15 –0.07 0.08 0.41 –0.02
0.09 0.10 –0.02 0.08 0.15
0.00
0.09

I

0.29
1.86
–0.04
0.90
–0.15
0.83
0.13
–0.09
0.22
0.04
0.54
0.12
0.22
0.06
0.11
0.05
–0.94
1.90
–0.11
2.01
–0.88
1.27
0.70
0.57
–2.15
–1.79
–0.36

0.94 0.84 0.66 0.87 0.52 0.25
0.17 0.32 –0.13 –0.12 0.55 0.16
0.30 –0.09 0.55 0.54 0.03 0.26
0.09 0.06 0.02 –0.01 0.04 0.02
0.15 0.07 0.02 0.05 0.01 0.03
0.20 0.14 0.18 0.18 0.10 0.05
0.02 0.31 –0.10 –0.05 –0.17 –0.35
0.00 0.03 0.12 0.28 –0.04 0.09
0.04
0.11

0.30 –0.15
0.00 0.26

0.06
0.39

0.26
0.09

0.06
0.31

–0.16
–0.23
0.68
0.53
0.18
0.29
–0.20
–0.10
–0.10
0.12
0.29
0.08
0.07
0.11
–0.03
0.00
0.15
–0.91
–0.14
–0.76
0.10
0.51
0.48
0.03
–0.41
–0.35
–0.06

0.25
0.99
0.39
0.04
0.15
–0.22
–0.08
–0.19
0.11
0.00
–0.25
0.10
0.11
0.06
0.04
0.00
0.35
0.60
–0.32
0.91
–0.03
0.05
0.16
–0.10
–0.08
–0.05
–0.03

2014 Line

I

II

III

1.1

2.5

4.1

1.54 1.24
0.85 0.71
0.43 0.46
0.13 –0.02
0.07 0.15
0.16 0.23
0.07 0.10
0.43 0.26

1.36
1.03
0.58
0.12
0.21
0.24
0.00
0.46

1

2.22 2.04
0.66 0.08
0.21 0.06
0.00 0.02
0.04 –0.03
0.07 0.06
0.11 0.00
0.45 0.02

2
3
4
5
6
7
8
9

0.11 –0.06 0.14 0.16 0.03
0.04 0.13 –0.09 0.09 –0.09
0.11 –0.02 0.08 –0.01 0.03
0.17 0.21 0.33 0.21 0.06
0.69 0.53 0.32 1.57 1.96

10
11
12
13
14

0.16 –0.35 –0.07
0.09 –0.22 0.25

2.6

I

0.1

0.13 1.04 0.60 0.24
–0.35 0.58 0.01 –0.31
0.26 0.14 0.40 0.31
–0.01 0.06 0.00 –0.04
–0.04 0.06 –0.02 0.10
0.27 0.11 0.03 0.02
–0.01 0.27 0.20 0.09
0.01 –0.17 –0.02 0.06

1.61 1.99
0.20 0.73
0.62 1.10
0.04 0.04
0.01 –0.10
0.32 –0.11
0.30 0.25
0.10 0.08

15
16
17
18
19
20
21
22

0.08 –0.04 –0.03
0.15 0.42 0.43

23
24

0.09
0.69
0.85
0.84
0.05
0.62
0.04
–0.01
0.05
0.16
0.27
0.14
0.17
0.10
0.05
0.01
0.01
–0.16
0.02
–0.18
0.10
0.89
0.63
0.27
–0.79
–0.70
–0.09

0.12
1.36
1.17
0.85
0.31
0.41
0.05
0.03
0.02
0.06
0.25
0.05
0.13
0.10
0.03
0.00
0.32
0.20
–0.03
0.22
0.10
0.48
0.36
0.12
–0.38
–0.30
–0.07

0.14
0.82
0.66
0.33
0.03
0.17
0.06
0.00
0.06
0.04
0.01
0.07
0.12
0.08
0.03
0.01
0.33
0.16
0.23
–0.06
0.12
0.36
0.22
0.14
–0.24
–0.17
–0.07

0.24
–0.51
1.13
0.94
0.18
0.57
0.19
–0.03
0.22
0.14
0.08
0.16
0.19
0.09
0.06
0.04
0.19
–1.64
0.02
–1.66
1.32
1.47
1.07
0.40
–0.15
–0.22
0.07

–0.02
–1.11
–0.05
–0.09
–0.82
0.59
–0.15
–0.09
–0.06
0.22
0.26
0.25
0.14
0.13
0.04
–0.03
0.04
–1.06
0.11
–1.17
0.01
0.48
0.38
0.09
–0.46
–0.61
0.14

0.06
1.88
1.16
1.09
0.68
0.23
0.14
0.14
0.00
0.00
0.04
0.05
0.18
0.13
0.06
–0.01
0.07
0.72
–0.02
0.74
0.53
0.64
0.34
0.30
–0.11
0.10
–0.21

–0.30
0.36
1.96
1.81
0.62
0.99
–0.01
0.03
–0.03
0.33
0.43
0.24
0.20
0.14
0.05
0.01
0.15
–1.60
0.08
–1.68
0.10
0.92
0.53
0.39
–0.82
–0.50
–0.32

0.41
4.13
1.39
1.10
0.35
0.54
0.05
0.06
–0.01
0.23
0.47
–0.20
0.21
0.16
0.03
0.02
0.29
2.73
0.05
2.68
–0.60
0.38
0.72
–0.35
–0.98
–0.93
–0.05

0.33
1.57
1.21
0.68
0.18
0.45
0.23
0.11
0.12
–0.19
0.30
0.11
0.05
0.03
0.03
–0.01
0.53
0.36
0.08
0.27
0.44
0.56
0.17
0.39
–0.12
–0.12
0.00

0.13
0.71
–0.23
–0.57
–0.80
0.09
–0.05
–0.08
0.04
0.00
–0.10
0.24
0.14
0.13
–0.01
0.02
0.34
0.93
0.88
0.06
–0.28
–0.18
–0.27
0.09
–0.10
0.03
–0.13

0.31
1.38
0.96
0.56
0.43
0.18
0.16
–0.08
0.23
–0.01
0.08
–0.04
–0.06
–0.11
0.04
0.01
0.40
0.41
0.12
0.30
–0.07
1.04
0.84
0.20
–1.10
–1.00
–0.11

0.07
2.56
0.89
0.58
0.35
0.02
0.03
0.01
0.03
0.18
0.04
–0.23
0.22
0.14
0.08
–0.01
0.31
1.67
0.12
1.55
0.14
0.52
0.52
0.01
–0.39
–0.32
–0.07

0.46
0.41
0.43
0.68
–0.05
0.58
–0.01
0.13
–0.14
–0.04
0.33
0.31
0.15
0.05
0.09
0.02
–0.26
–0.02
–0.05
0.03
0.99
1.23
1.06
0.17
–0.24
–0.18
–0.06

0.46
–1.01
–0.44
–0.25
0.00
–0.32
–0.27
–0.22
–0.05
0.12
–0.16
–0.01
0.06
0.04
0.02
0.00
–0.18
–0.57
0.02
–0.59
–0.83
–1.07
–1.19
0.12
0.24
0.21
0.02

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

–0.68
–0.23
–0.13
–0.06
–0.07
–0.10
–0.09
0.00
–0.46
–0.30
–0.16

–0.20
–0.12
–0.17
–0.11
–0.06
0.05
0.08
–0.02
–0.08
0.00
–0.08

–0.43 0.61 –0.07 –0.87
–0.41 0.71 0.32 –0.23
–0.35 0.34 0.41 –0.19
–0.31 0.23 0.37 –0.25
–0.05 0.11 0.04 0.06
–0.06 0.37 –0.09 –0.04
–0.04 0.28 –0.11 –0.05
–0.02 0.09 0.02 0.01
–0.02 –0.10 –0.39 –0.63
0.03 –0.35 –0.41 –0.35
–0.06 0.24 0.02 –0.28

–1.61
–0.94
–0.83
–0.47
–0.36
–0.11
–0.13
0.02
–0.67
–0.33
–0.34

–0.25
0.16
0.36
0.31
0.06
–0.21
–0.17
–0.04
–0.41
–0.26
–0.15

–0.52
–0.29
0.13
0.19
–0.06
–0.42
–0.39
–0.03
–0.23
–0.17
–0.06

–0.31
–0.25
–0.57
–0.58
0.00
0.32
0.38
–0.06
–0.05
–0.04
–0.01

–0.28 0.05 0.67 –1.31 –0.82
–0.20 –0.02 0.69 –1.19 –0.68
–0.36 –0.05 0.60 –1.22 –0.57
–0.11 –0.13 0.61 –1.14 –0.38
–0.25 0.08 –0.01 –0.08 –0.18
0.16 0.04 0.08 0.03 –0.11
0.18 0.03 0.08 0.05 –0.05
–0.02 0.00 0.00 –0.02 –0.05
–0.08 0.07 –0.02 –0.12 –0.14
0.10 0.03 0.12 –0.01 0.01
–0.18 0.04 –0.14 –0.11 –0.16

–0.07
–0.12
–0.03
–0.12
0.09
–0.09
–0.08
–0.02
0.05
0.04
0.01

0.08
–0.11
–0.02
–0.06
0.04
–0.09
–0.09
0.00
0.19
0.04
0.15

–0.99
–1.00
–0.70
–0.53
–0.17
–0.29
–0.26
–0.03
0.00
0.04
–0.04

–0.09
0.05
–0.11
0.11
–0.22
0.16
0.17
–0.01
–0.14
0.05
–0.20

52
53
54
55
56
57
58
59
60
61
62

See “Explanatory Note” at the end of the tables.

-7-

–0.07
–0.36
1.63
1.13
0.44
0.47
0.31
0.28
0.04
0.07
0.01
0.07
0.21
0.16
0.05
0.01
0.50
–2.00
0.10
–2.09
0.68
0.15
–0.28
0.43
0.53
0.50
0.03

IV

Table 3. Gross Domestic Product: Level and Change From Preceding Period—Continues
Billions of dollars

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2013

2013

2014

2013

2013

2014

2013

2014

IV

I

Line

2013
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 offpremises 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 .......................................................
31
Information processing equipment...............
32
Computers and peripheral equipment......
33
Other ........................................................
34
Industrial equipment ....................................
35
Transportation equipment ............................
36
Other equipment ..........................................
37
Intellectual property products ..........................
38
Software.......................................................
39
Research and development .........................
40
Entertainment, literary, and artistic originals
41
Residential...........................................................
42 Change in private inventories ..............................
43
Farm ....................................................................
44
Nonfarm...............................................................
45 Net exports of goods and services .........................
46 Exports...................................................................
47
Goods..................................................................
48
Services...............................................................
49 Imports...................................................................
50
Goods..................................................................
51
Services...............................................................

I

II

III

IV

I

15,583.9
10,644.0
3,611.9
1,303.5
380.6

15,679.7
10,691.9
3,639.6
1,323.2
379.7

15,839.3
10,744.2
3,680.0
1,348.6
384.3

15,942.3
10,831.5
3,706.1
1,357.8
384.2

15,946.6
10,912.3
3,709.4
1,360.5
385.0

290.6
210.3
125.3
86.6
18.2

103.0
87.3
26.1
9.2
–0.1

4.3
80.8
3.3
2.7
0.8

1
2
3
4
5

285.8
280.7
284.7
289.4
288.4
285.3
310.5
300.3
306.9
316.6
318.2
316.9
347.8
342.3
346.3
351.7
350.7
349.2
451.6
435.2
447.3
460.1
463.9
467.3
205.0
200.6
204.7
205.8
208.8
207.5
197.0
192.8
196.8
196.9
201.2
201.4
2,622.9 2,607.0 2,591.0 2,638.8 2,654.7 2,659.1 2,342.0 2,322.2 2,331.7 2,348.6 2,365.5 2,366.4

17.7
40.7
13.4
45.2

1.6
3.8
4.3
16.9

–1.3
3.4
0.2
0.9

6
7
8
9

884.0
878.9
877.6
886.2
893.2
897.5
820.2
817.6
815.3
820.8
827.2
828.2
362.7
360.0
362.8
363.1
364.8
361.2
343.3
340.5
345.5
341.7
345.5
341.9
408.7
418.3
391.7
414.0
411.0
409.8
272.3
271.7
271.1
273.2
273.0
273.7
967.5
949.7
958.9
975.6
985.7
990.6
916.5
901.8
910.0
923.0
931.2
933.6
7,615.7 7,527.4 7,578.6 7,624.8 7,731.9 7,861.4 7,067.7 7,031.1 7,051.5 7,063.6 7,124.8 7,201.7

10.8
4.4
0.8
31.4
85.0

6.4
3.8
–0.2
8.2
61.2

1.0
–3.6
0.7
2.4
76.9

10
11
12
13
14

7,326.2 7,243.6 7,290.2 7,331.7 7,439.2 7,565.3 6,780.5 6,743.2 6,766.1 6,775.2 6,837.7 6,915.5
2,082.5 2,065.8 2,082.6 2,079.5 2,102.2 2,154.9 1,960.6 1,964.5 1,964.8 1,952.6 1,960.5 1,989.4
1,918.6 1,889.2 1,902.9 1,923.3 1,959.0 2,008.7 1,780.1 1,756.5 1,771.9 1,783.9 1,808.3 1,851.6
324.3
324.2
322.8
323.8
326.7
328.5
300.4
300.8
300.8
299.3
300.8
302.3
427.2
423.4
422.8
429.7
432.6
430.9
397.5
396.1
395.1
399.2
399.6
395.6
736.5
725.6
732.9
736.3
751.2
752.2
675.2
670.7
671.9
672.8
685.3
681.2
849.2
835.1
842.0
851.1
868.8
882.6
757.6
747.6
754.9
758.3
769.7
779.3
987.9
980.4
984.4
988.0
998.7 1,007.4
908.5
907.1
906.2
908.5
912.5
915.5

91.1
17.0
41.7
2.4
3.1
18.4
11.6
–3.4

62.5
7.9
24.4
1.5
0.4
12.5
11.4
4.0

77.8
28.9
43.3
1.5
–4.0
–4.1
9.6
3.0

15
16
17
18
19
20
21
22

289.5
283.8
288.4
293.2
292.7
296.2
286.7
287.6
284.8
288.0
286.4
285.2
1,235.2 1,209.9 1,227.2 1,239.5 1,264.1 1,290.4 1,146.8 1,132.7 1,142.2 1,148.1 1,164.3 1,181.1

–6.9
14.7

–1.6
16.2

–1.2
16.8

23
24

894.4
20.6
17.5
17.6
2,602.0 130.4
16.1 –41.3
2,493.3 105.6
17.2 –17.9
2,012.1
52.6
27.8 –10.4
436.6
5.3
–2.0
0.2
941.3
28.5
24.4 –13.5
295.6
10.0
–0.6 –12.1
............. ............ ............ ............
214.2
10.3
–6.3
–2.2
197.5
6.0
–1.7
4.8
227.4
1.0
14.2
–6.9
224.8
11.3
12.5
–0.4
635.5
19.0
6.2
2.3
304.0
12.9
2.1
1.7
256.0
5.1
3.2
0.9
76.3
1.2
0.7
–0.2
481.8
52.9 –10.2
–7.2
87.4
23.9
–4.0 –24.3
19.0
26.8
–2.6
–1.2
65.7 –10.4
–0.3 –23.2
–414.4
18.5
37.0 –31.6
2,023.2
52.6
46.1 –40.5
1,386.7
31.8
39.5 –45.0
636.2
21.1
6.4
4.7
2,437.6
34.1
9.1
–8.8
2,000.3
24.0
6.7
–7.8
436.7
10.7
2.5
–1.0

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

16,799.7
11,501.5
3,885.9
1,263.0
424.5

945.7
2,670.0
2,564.0
2,047.1
456.4
939.7
290.1
77.9
212.2
202.8
218.9
227.9
651.0
294.4
280.7
75.8
516.9
106.1
40.4
65.7
–497.3
2,259.9
1,567.0
692.9
2,757.2
2,296.0
461.2

I

II

III

IV

I

16,535.3
11,379.2
3,851.8
1,244.8
421.3

16,661.0
11,427.1
3,848.5
1,257.5
421.7

16,912.9
11,537.7
3,912.8
1,274.0
427.1

17,089.6
11,662.2
3,930.3
1,275.7
427.8

17,149.6
11,790.8
3,929.4
1,270.2
428.3

926.1
2,555.1
2,491.7
2,001.4
429.1
928.0
286.2
78.8
207.5
200.1
211.5
230.2
644.3
293.7
275.2
75.3
490.3
63.4
38.9
24.5
–523.1
2,214.2
1,531.6
682.6
2,737.3
2,281.9
455.3

938.8
2,621.0
2,543.8
2,030.6
452.6
934.6
291.4
75.7
215.7
199.3
214.7
229.2
643.5
290.4
277.4
75.6
513.2
77.2
40.4
36.9
–509.0
2,238.9
1,548.8
690.2
2,747.9
2,288.7
459.3

946.3
2,738.0
2,593.2
2,060.5
470.7
935.8
291.6
76.0
215.6
206.6
217.8
219.7
654.1
296.0
282.3
75.8
532.6
144.8
44.5
100.3
–500.2
2,265.8
1,572.1
693.7
2,766.0
2,304.5
461.5

971.4
2,766.0
2,627.2
2,095.7
473.4
960.4
291.0
81.1
209.9
205.0
231.8
232.5
662.0
297.5
288.0
76.6
531.5
138.8
37.8
101.0
–456.9
2,320.6
1,615.6
705.0
2,777.5
2,309.0
468.5

994.2
2,737.7
2,625.3
2,091.2
476.2
948.9
279.3
71.8
207.4
211.0
225.3
233.3
666.1
298.7
290.7
76.6
534.1
112.3
37.7
74.6
–498.0
2,289.9
1,575.9
714.0
2,787.9
2,318.3
469.6

15,761.3
10,727.9
3,659.4
1,333.3
382.2

859.4
2,566.4
2,470.9
1,984.4
426.9
934.4
305.7
.............
218.1
190.6
222.0
221.0
624.8
298.8
250.8
76.0
486.6
81.5
19.6
58.3
–412.3
2,010.0
1,385.0
624.8
2,422.3
1,988.3
433.5

844.8
2,470.1
2,420.0
1,949.0
407.9
922.5
300.0
.............
211.8
188.0
215.1
224.0
620.6
298.6
247.4
75.7
471.2
42.2
16.0
22.2
–422.3
1,960.5
1,342.8
617.5
2,382.7
1,954.0
428.3

856.6
2,524.9
2,458.4
1,971.3
424.8
929.9
306.8
..............
221.6
187.5
218.5
222.2
618.3
294.1
248.8
76.2
487.1
56.6
19.5
32.7
–424.4
1,998.4
1,373.4
624.9
2,422.9
1,989.6
432.6

859.3
2,627.2
2,494.0
1,994.7
438.4
930.4
308.3
..............
222.7
194.4
220.1
212.7
627.0
300.2
251.9
75.8
499.2
115.7
22.8
89.2
–419.8
2,017.6
1,392.2
625.1
2,437.3
2,001.4
435.2

876.8
2,643.3
2,511.2
2,022.5
436.4
954.8
307.7
..............
216.4
192.7
234.3
225.2
633.2
302.3
255.1
76.5
489.0
111.7
20.2
88.9
–382.8
2,063.7
1,431.7
631.5
2,446.4
2,008.1
437.7

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.

-8-

Table 3. Gross Domestic Product: Level and Change From Preceding Period—Table Ends
Billions of dollars

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2013

2013

2014

2013

2013

2014

2013

2014

IV

I

Line

2013
52 Government consumption expenditures and
gross investment ..................................................
53 Federal...................................................................
54
National defense .................................................
55
Consumption expenditures..............................
56
Gross investment ............................................
57
Nondefense.........................................................
58
Consumption expenditures..............................
59
Gross investment ............................................
60 State and local ......................................................
61
Consumption expenditures .................................
62
Gross investment ................................................
63 Residual......................................................................
Addenda:
64 Final sales of domestic product ..............................
65 Gross domestic purchases .....................................
66 Final sales to domestic purchasers ........................
67 Gross domestic product ......................................
68 Plus: Income receipts from the rest of the world.....
69 Less: Income payments to the rest of the world .....
70 Equals: Gross national product ..........................
71 Net domestic product..............................................
72 Gross domestic income 1........................................

I

II

III

IV

I

3,125.5
1,245.9
770.7
612.0
158.7
475.1
359.0
116.1
1,879.6
1,548.1
331.5
.............

3,124.1
1,255.0
775.8
619.7
156.1
479.2
362.6
116.6
1,869.1
1,543.0
326.1
.............

3,121.9
1,252.6
776.3
615.7
160.5
476.3
360.3
116.1
1,869.3
1,541.4
327.8
.............

3,137.5
1,251.2
777.3
614.9
162.5
473.9
357.5
116.3
1,886.3
1,550.8
335.6
.............

3,118.4
1,224.7
753.6
597.8
155.8
471.1
355.6
115.5
1,893.7
1,557.3
336.3
.............

3,119.2
1,221.6
749.7
602.7
147.0
471.9
356.8
115.1
1,897.5
1,568.2
329.3
.............

16,693.7
17,297.0
17,191.0
16,799.7
827.3
569.5
17,057.5
14,153.2
16,931.9

16,471.9
17,058.4
16,995.0
16,535.3
813.3
575.9
16,772.7
13,931.5
16,690.9

16,583.8
17,170.0
17,092.8
16,661.0
817.0
570.1
16,907.9
14,029.1
16,847.8

16,768.1
17,413.2
17,268.4
16,912.9
822.0
559.1
17,175.9
14,253.3
17,004.6

16,950.8
17,546.5
17,407.7
17,089.6
856.8
572.9
17,373.5
14,398.6
17,184.3

17,037.3
17,647.6
17,535.3
17,149.6
.............
.............
.............
14,427.2
.............

I

II

III

IV

2,896.9
1,157.4
715.0
563.5
151.4
442.5
331.5
110.9
1,739.2
1,432.1
306.4
–39.4

2,907.4
1,172.8
723.1
573.4
149.5
449.8
338.1
111.6
1,734.3
1,429.9
303.7
–38.0

2,904.5
1,168.2
722.0
568.8
153.1
446.2
335.1
111.0
1,736.0
1,431.3
304.0
–41.2

2,907.4
1,163.9
721.2
566.3
154.9
442.7
331.5
111.1
1,743.2
1,432.8
309.7
–40.2

2,868.5
1,124.8
693.6
545.6
148.0
431.2
321.4
109.8
1,743.3
1,434.3
308.3
–39.3

15,669.7
16,172.7
16,081.6
15,761.3
704.4
484.7
15,985.0
13,258.2
15,885.4

15,536.4
16,005.8
15,958.6
15,583.9
695.2
491.9
15,789.7
13,099.9
15,730.6

15,616.2
16,104.1
16,041.0
15,679.7
697.9
486.9
15,893.9
13,183.0
15,855.4

15,711.1
16,258.5
16,130.9
15,839.3
698.9
475.2
16,067.4
13,330.0
15,925.2

15,815.0
16,322.4
16,195.8
15,942.3
725.6
484.9
16,188.9
13,419.9
16,030.6

I

2,864.9
–66.2
–38.9
–3.6
1,126.9
–62.9
–39.1
2.1
689.4
–54.1
–27.6
–4.2
550.0
–46.9
–20.7
4.4
139.1
–7.1
–6.9
–8.9
437.5
–8.7
–11.5
6.3
327.9
–5.4
–10.1
6.5
109.5
–3.3
–1.3
–0.3
1,737.7
–3.6
0.1
–5.6
1,436.4
5.0
1.5
2.1
300.6
–8.7
–1.4
–7.7
–36.5 ............. ............ .............
15,842.0
16,359.8
16,255.7
15,946.6
.............
.............
.............
13,411.8
.............

266.5
270.4
246.4
290.6
–1.1
–2.6
291.9
242.4
398.4

103.9
63.9
64.9
103.0
26.7
9.7
121.5
89.9
105.4

27.0
37.4
59.9
4.3
.............
.............
.............
–8.1
.............

52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72

1. Gross domestic income is current-dollar gross domestic income deflated by the implicit price deflator for gross domestic product.
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.

-9-

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2011

2012

2013

2010
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

III

2011
IV

I

II

2012
III

IV

I

II

2013
III

IV

I

II

2014 Line
III

IV

I

Gross domestic product (GDP)
2.0
1.7
1.4
1.9
1.8
2.1
1.6
2.6
2.5
0.5
2.0
1.8
2.3
1.1
1.3
0.6
2.0
1.6
1.3
Personal consumption expenditures ...
2.4
1.8
1.1
0.5
1.2
2.1
3.0
3.7
2.3
1.3
2.3
1.1
1.7
1.6
1.1 –0.1
1.9
1.1
1.4
Goods...................................................
3.6
1.3 –0.4 –2.5
0.6
4.0
6.0
6.3
2.6
0.2
2.2 –1.2
1.3
0.7 –1.0 –3.3
2.2 –1.0 –0.4
Durable goods ..................................
–1.0 –1.2 –1.8 –2.4 –2.5 –1.9 –0.8
1.4 –0.6 –2.2 –0.7 –1.2 –2.2 –2.1 –1.1 –2.0 –2.3 –2.2 –2.5
Nondurable goods ............................
5.9
2.4
0.2 –2.5
2.2
6.9
9.3
8.6
4.1
1.3
3.5 –1.1
3.0
2.0 –0.9 –4.0
4.5 –0.5
0.5
Services ...............................................
1.8
2.2
2.0
1.9
1.5
1.2
1.5
2.4
2.2
2.0
2.3
2.2
1.9
2.1
2.1
1.6
1.8
2.2
2.4
Gross private domestic investment .....
1.3
1.3
1.7
0.5
0.7
2.1
1.1
1.7
1.0
0.7
1.4
1.6
1.3
1.5
2.1
1.9
1.7
1.5
2.3
Fixed investment ..................................
1.3
1.3
1.9
0.1
0.5
1.8
1.4
2.2
1.1
0.7
1.5
1.5
1.4
1.3
2.3
2.0
2.0
2.5
2.6
Nonresidential...................................
1.5
1.4
1.2
0.9
0.6
1.6
1.5
2.3
1.3
0.9
2.1
1.5
1.0
0.8
1.3
1.2
1.2
1.2
1.2
Structures .....................................
2.9
1.9
3.0
2.1
2.1
2.5
2.7
4.2
3.7
2.7
0.9
1.9
0.6
1.2
4.0
5.2
3.1
4.3
2.2
Equipment.....................................
0.9
1.3
0.4 –0.2
1.0
1.0
0.7
1.7
0.7
1.0
2.1
0.4
1.4
1.5 –0.3 –0.4
0.3
0.0
0.9
Intellectual property products .......
1.2
1.4
1.0
1.4 –1.0
1.9
2.0
2.2
0.5 –0.6
2.7
2.9
0.7 –0.6
1.9
1.0
1.0
0.9
1.0
Residential........................................
0.7
0.9
4.9 –2.8
0.0
2.3
0.8
1.4
0.1
0.1 –0.8
1.4
3.4
4.0
6.3
5.1
5.2
7.6
8.3
Change in private inventories............... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ..........
Net exports of goods and services ...... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ..........
Exports.................................................
6.4
0.9
0.2
4.7
1.2
9.7 10.6
8.3
2.3 –4.0
2.9
0.6
0.0
1.5
1.4 –3.2
1.0
0.5
2.6
Goods...............................................
7.6
0.4 –0.3
5.4
1.4 12.7 12.7
9.5
1.9 –5.2
2.4 –0.1
0.0
1.1
1.2 –4.4
0.5 –0.3
2.9
Services............................................
3.8
2.1
1.5
3.2
0.9
3.4
6.0
5.7
3.2 –1.0
4.0
2.4 –0.1
2.5
2.0 –0.3
1.9
2.4
2.1
Imports .................................................
7.8
0.5 –0.9 –1.8 –2.2
9.6 17.4 12.8 –0.4 –0.8
4.3 –3.7 –5.0
4.1
0.5 –5.0
0.2
0.2
3.0
Goods...............................................
8.8
0.6 –1.2 –2.4 –2.9 10.4 20.4 14.6 –0.3 –0.3
4.8 –4.5 –5.9
4.5
0.6 –5.9
0.4 –0.6
3.2
Services............................................
2.8
0.2
0.5
0.7
1.5
5.9
3.7
4.5 –0.7 –3.2
1.6
0.5 –0.3
2.3 –0.1 –0.5 –0.5
3.9
1.9
Government consumption
2.8
1.3
0.9
3.0
2.0
2.9
3.6
4.1
1.7 –0.5
2.9
0.3
0.3
1.4
0.9
0.1
1.6
3.0
0.6
expenditures and gross investment
Federal .................................................
2.7
0.8
1.4
2.9
1.6
2.3
4.2
3.8
1.3 –1.0
1.5
0.8
0.2
0.6
2.4
0.8
1.0
5.2 –1.7
National defense...............................
2.8
1.0
1.5
2.4
0.8
2.2
5.2
4.2
1.2 –1.6
2.4
1.2
0.4
0.8
2.8
0.9
1.0
3.2
0.4
Nondefense ......................................
2.5
0.4
1.2
3.9
2.9
2.3
2.5
3.2
1.7
0.0
0.0
0.2 –0.2
0.1
1.8
0.8
1.1
8.5 –5.0
State and local......................................
2.9
1.6
0.7
3.1
2.3
3.3
3.1
4.3
1.9 –0.1
3.8 –0.1
0.4
1.9 –0.1 –0.4
2.0
1.5
2.1
Addenda:
Final sales of domestic product............
2.0
1.8
1.4
1.8
1.8
2.0
1.7
2.7
2.5
0.5
2.0
1.7
2.3
1.1
1.4
0.7
2.0
1.7
1.4
Gross domestic purchases...................
2.3
1.7
1.2
1.0
1.3
2.3
2.8
3.5
2.0
0.9
2.3
1.0
1.4
1.6
1.2
0.2
1.8
1.5
1.4
Final sales to domestic purchasers......
2.3
1.7
1.2
0.9
1.3
2.2
2.9
3.6
2.0
0.9
2.3
1.0
1.4
1.5
1.2
0.2
1.9
1.6
1.5
Gross national product (GNP)..............
2.0
1.7
1.4
1.8
1.8
2.1
1.6
2.7
2.4
0.5
2.0
1.7
2.3
1.1
1.3
0.6
2.0
1.6 ..........
Implicit price deflators:
GDP..................................................
2.0
1.7
1.5
1.8
1.8
2.1
1.6
2.6
2.5
0.5
2.0
1.8
2.1
1.4
1.7
0.6
2.0
1.6
1.3
Gross domestic purchases ...............
2.3
1.6
1.3
0.9
1.3
2.3
2.8
3.5
2.1
0.9
2.2
1.0
1.2
1.9
1.5
0.2
1.8
1.5
1.4
GNP..................................................
2.0
1.7
1.5
1.7
1.8
2.1
1.6
2.6
2.5
0.5
2.0
1.8
2.1
1.4
1.7
0.6
2.0
1.6 ..........

See “Explanatory Note” at the end of the tables.

- 10 -

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

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

2011

2012

2013

2013
I

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

II

2014
III

IV

Gross domestic product .....................................................
104.400
107.302
109.317
108.087
108.751
109.859
110.572
110.602
Personal consumption expenditures................................................
104.555
106.854
108.991
108.138
108.625
109.156
110.043
110.864
Goods ...............................................................................................
106.925
110.495
114.413
112.928
113.793
115.057
115.873
115.976
Durable goods...............................................................................
113.074
121.833
130.289
127.379
129.309
131.785
132.682
132.946
Nondurable goods.........................................................................
104.177
105.594
107.672
106.762
107.197
107.973
108.754
108.792
Services............................................................................................
103.411
105.090
106.370
105.818
106.125
106.308
107.228
108.386
Gross private domestic investment ..................................................
118.449
129.705
136.647
131.521
134.440
139.883
140.743
138.543
Fixed investment...............................................................................
107.844
116.766
121.978
119.467
121.362
123.119
123.966
123.082
Nonresidential ...............................................................................
110.225
118.263
121.485
119.318
120.685
122.114
123.821
123.179
Structures..................................................................................
85.360
96.212
97.416
93.090
96.943
100.042
99.588
99.631
Equipment .................................................................................
130.639
140.604
145.024
143.175
144.326
144.401
148.192
146.102
Intellectual property products....................................................
106.388
109.962
113.408
112.648
112.235
113.815
114.933
115.360
Residential ....................................................................................
97.964
110.581
124.060
120.123
124.180
127.267
124.671
122.841
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
119.367
123.590
126.912
123.781
126.181
127.389
130.298
127.741
Imports of goods and services .........................................................
118.239
120.860
122.588
120.584
122.615
123.347
123.807
123.358
Government consumption expenditures and gross investment....
96.868
95.921
93.779
94.117
94.024
94.117
92.859
92.744
Federal..............................................................................................
101.660
100.212
95.051
96.315
95.933
95.581
92.375
92.541
State and local ..................................................................................
93.751
93.128
92.934
92.672
92.765
93.147
93.153
92.855
Addenda:
Final sales of domestic product ........................................................
103.082
105.751
107.581
106.666
107.214
107.865
108.579
108.764
Gross domestic purchases ...............................................................
104.666
107.374
109.200
108.073
108.737
109.779
110.211
110.463
Final sales to domestic purchasers ..................................................
103.381
105.866
107.513
106.691
107.242
107.843
108.277
108.678
Gross national product......................................................................
104.954
107.744
109.748
108.408
109.123
110.314
111.148 ...................

See “Explanatory Note” at the end of the tables.

- 11 -

Line

I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

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

2011

2012

2013

2013
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
31

II

2014
III

IV

Line

I

Gross domestic product .....................................................
103.203
105.008
106.486
105.994
106.165
106.685
107.099
107.450
Personal consumption expenditures (PCE).....................................
104.086
106.009
107.211
106.909
106.878
107.387
107.671
108.052
Goods ...............................................................................................
105.345
106.666
106.189
106.641
105.740
106.326
106.049
105.930
Durable goods...............................................................................
97.649
96.467
94.725
95.487
95.016
94.456
93.941
93.356
Nondurable goods.........................................................................
109.128
111.765
111.994
112.264
111.126
112.362
112.224
112.373
Services............................................................................................
103.463
105.689
107.751
107.060
107.477
107.946
108.522
109.162
Gross private domestic investment ..................................................
100.364
101.646
103.401
102.726
103.206
103.641
104.031
104.619
Fixed investment...............................................................................
100.506
101.852
103.763
102.967
103.478
103.982
104.625
105.302
Nonresidential ...............................................................................
100.524
101.977
103.155
102.692
103.008
103.303
103.618
103.934
Structures..................................................................................
101.748
103.732
106.882
105.189
106.521
107.347
108.471
109.064
Equipment .................................................................................
98.928
100.187
100.565
100.601
100.500
100.578
100.580
100.805
Intellectual property products....................................................
101.789
103.169
104.188
103.816
104.071
104.322
104.544
104.803
Residential ....................................................................................
100.392
101.246
106.235
104.088
105.396
106.739
108.717
110.894
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
111.140
112.185
112.433
112.944
112.034
112.303
112.450
113.185
Imports of goods and services .........................................................
114.273
114.862
113.823
114.873
113.411
113.480
113.528
114.368
Government consumption expenditures and gross investment....
105.560
106.882
107.891
107.454
107.485
107.916
108.711
108.873
Federal..............................................................................................
105.344
106.184
107.655
107.007
107.229
107.504
108.879
108.409
State and local ..................................................................................
105.710
107.371
108.073
107.775
107.676
108.213
108.627
109.199
Addenda:
PCE excluding food and energy 1 .....................................................
102.743
104.632
105.936
105.542
105.711
106.077
106.415
106.746
Market-based PCE 2 .........................................................................
104.034
105.920
107.062
106.800
106.721
107.258
107.469
107.808
Market-based PCE excluding food and energy 2 ..............................
102.480
104.320
105.570
105.210
105.351
105.729
105.990
106.267
Final sales of domestic product ........................................................
103.217
105.033
106.535
106.024
106.199
106.731
107.184
107.548
Gross domestic purchases ...............................................................
103.884
105.599
106.851
106.467
106.526
107.010
107.402
107.779
Final sales to domestic purchasers ..................................................
103.898
105.624
106.898
106.496
106.559
107.053
107.485
107.873
Gross national product......................................................................
103.327
105.131
106.608
106.116
106.287
106.807
107.221 ...................
Implicit price deflators:
Gross domestic product ................................................................
103.199
105.002
106.588
106.105
106.259
106.778
107.197
107.544
Final sales of domestic product ....................................................
103.217
105.033
106.535
106.021
106.196
106.728
107.181
107.545
Gross domestic purchases ...........................................................
103.880
105.594
106.952
106.576
106.619
107.102
107.500
107.872
Final sales to domestic purchasers...............................................
103.898
105.624
106.899
106.494
106.557
107.052
107.483
107.871
Gross national product..................................................................
103.322
105.126
106.710
106.225
106.380
106.899
107.318 ...................

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

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.

- 12 -

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
36
37

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013 Line

Gross domestic product (GDP) ...............................................
4.4
4.8
4.1
1.0
1.8
2.8
3.8
3.4
2.7
1.8 –0.3 –2.8
2.5
1.8
2.8
1.9
Personal consumption expenditures .................................................
5.3
5.5
5.1
2.5
2.5
3.1
3.8
3.5
3.0
2.2 –0.4 –1.6
2.0
2.5
2.2
2.0
Goods.................................................................................................
6.7
7.9
5.2
3.0
3.9
4.8
5.1
4.1
3.6
2.7 –2.5 –3.0
3.4
3.4
3.3
3.5
Durable goods ................................................................................ 12.1 12.8
8.6
5.2
7.3
7.1
8.2
5.4
4.3
4.6 –5.1 –5.5
6.1
6.6
7.7
6.9
Nondurable goods ..........................................................................
3.7
5.0
3.2
1.7
1.9
3.5
3.3
3.3
3.3
1.7 –1.1 –1.8
2.2
1.9
1.4
2.0
Services .............................................................................................
4.6
4.1
5.0
2.2
1.8
2.2
3.2
3.2
2.7
2.0
0.8 –0.8
1.2
2.1
1.6
1.2
Gross private domestic investment ...................................................
9.5
8.4
6.5 –6.1 –0.6
4.1
8.8
6.4
2.1 –3.1 –9.4 –21.6 12.9
4.9
9.5
5.4
Fixed investment ................................................................................ 10.2
8.8
6.9 –1.6 –3.5
4.0
6.7
6.8
2.0 –2.0 –6.8 –16.7
1.5
6.2
8.3
4.5
Nonresidential................................................................................. 10.8
9.7
9.1 –2.4 –6.9
1.9
5.2
7.0
7.1
5.9 –0.7 –15.6
2.5
7.6
7.3
2.7
Structures ...................................................................................
5.1
0.1
7.8 –1.5 –17.7 –3.9 –0.4
1.7
7.2 12.7
6.1 –18.9 –16.4
2.1 12.7
1.3
Equipment................................................................................... 13.1 12.5
9.7 –4.3 –5.4
3.2
7.7
9.6
8.6
3.2 –6.9 –22.9 15.9 12.7
7.6
3.1
Intellectual property products ..................................................... 10.8 12.4
8.9
0.5 –0.5
3.8
5.1
6.5
4.5
4.8
3.0 –1.4
1.9
4.4
3.4
3.1
Residential......................................................................................
8.6
6.3
0.7
0.9
6.1
9.1 10.0
6.6 –7.6 –18.8 –24.0 –21.2 –2.5
0.5 12.9 12.2
Change in private inventories............................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services .................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports...............................................................................................
2.3
4.6
8.4 –5.7 –1.9
1.6
9.4
6.0
8.9
8.9
5.7 –9.1 11.5
7.1
3.5
2.7
Goods.............................................................................................
2.2
5.9 10.1 –6.2 –3.5
1.9
8.5
7.4
9.4
7.5
6.1 –12.0 14.3
7.1
3.8
2.4
Services..........................................................................................
2.6
1.4
3.9 –4.3
2.3
1.0 11.6
3.0
7.7 12.3
4.8 –2.1
5.6
7.0
3.0
3.5
Imports ............................................................................................... 11.7 11.4 12.8 –2.9
3.4
4.3 11.0
6.1
6.1
2.3 –2.6 –13.7 12.8
4.9
2.2
1.4
Goods............................................................................................. 11.8 12.7 13.1 –3.2
3.7
4.9 11.1
6.7
5.9
1.8 –3.7 –15.8 15.2
5.2
2.1
1.2
Services.......................................................................................... 10.9
4.7 11.0 –0.9
1.8
1.3 10.5
3.1
7.4
4.7
3.1 –3.1
2.8
3.1
2.7
2.5
Government consumption expenditures and gross investment .....
2.1
3.4
1.9
3.8
4.4
2.2
1.6
0.6
1.5
1.6
2.8
3.2
0.1 –3.2 –1.0 –2.2
Federal ............................................................................................... –0.9
2.0
0.3
3.9
7.2
6.8
4.5
1.7
2.5
1.7
6.8
5.7
4.4 –2.6 –1.4 –5.2
National defense............................................................................. –2.1
1.5 –0.9
3.5
7.0
8.5
6.0
2.0
2.0
2.5
7.5
5.4
3.2 –2.3 –3.2 –7.0
Nondefense ....................................................................................
1.3
2.7
2.3
4.7
7.4
4.1
2.0
1.3
3.5
0.3
5.5
6.2
6.4 –3.0
1.8 –1.9
State and local....................................................................................
3.8
4.2
2.8
3.7
2.9 –0.4 –0.1
0.0
0.9
1.5
0.3
1.6 –2.7 –3.6 –0.7 –0.2
Addenda:
Final sales of domestic product..........................................................
4.5
4.9
4.2
1.9
1.2
2.8
3.4
3.4
2.6
2.0
0.2 –2.0
1.0
2.0
2.6
1.7
Gross domestic purchases.................................................................
5.5
5.7
4.8
1.1
2.3
3.1
4.2
3.5
2.6
1.1 –1.3 –3.8
2.9
1.7
2.6
1.7
Final sales to domestic purchasers....................................................
5.6
5.7
4.8
2.0
1.8
3.1
3.9
3.5
2.6
1.4 –0.9 –3.0
1.5
1.8
2.4
1.6
Gross domestic income 1 ...................................................................
5.3
4.5
4.7
1.1
1.4
2.2
3.7
3.6
4.0
0.1 –0.8 –2.6
2.7
2.5
2.5
2.6
Gross national product .......................................................................
4.4
4.9
4.2
1.1
1.7
2.9
3.9
3.3
2.4
2.2
0.0 –3.0
2.8
2.1
2.7
1.9
Real disposable personal income ......................................................
5.9
3.3
5.0
2.8
3.1
2.7
3.6
1.5
4.0
2.1
1.5 –0.5
1.1
2.4
2.0
0.7
Price indexes:
Gross domestic purchases .............................................................
0.7
1.6
2.6
1.9
1.4
2.2
2.9
3.5
3.2
2.7
3.0 –0.2
1.5
2.3
1.7
1.2
Gross domestic purchases excluding food and energy 2 ...............
0.9
1.5
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
0.5
1.3
1.7
1.6
1.3
GDP................................................................................................
1.1
1.4
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
0.8
1.2
2.0
1.7
1.4
GDP excluding food and energy 2 ..................................................
1.2
1.5
2.3
2.0
1.8
1.9
2.7
3.4
3.1
2.6
2.1
0.5
1.4
1.8
1.7
1.5
Personal consumption expenditures...............................................
0.8
1.5
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1 –0.1
1.7
2.4
1.8
1.1

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.

- 13 -

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

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2010

2011

2012

2013

2014

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
39
40

III

IV

I

II

III

IV

I

II

III

IV

I

II

III

IV

I

Gross domestic product (GDP) ..............................................
2.7
3.0
2.8
2.0
1.9
1.5
2.0
3.3
2.8
3.1
2.0
1.3
1.6
2.0
2.6
2.3
Personal consumption expenditures (PCE) .....................................
2.0
2.0
3.1
3.1
2.6
2.5
2.0
2.2
2.3
2.2
2.0
1.9
1.9
1.9
2.3
2.5
Goods................................................................................................
3.8
3.0
5.1
4.8
3.5
2.9
2.3
2.7
3.2
3.9
3.5
3.3
3.6
3.8
3.5
2.7
Durable goods ...............................................................................
7.4
4.1
9.3
9.3
5.9
5.5
5.7
6.8
7.8
8.6
7.8
6.9
7.7
7.6
5.6
4.4
Nondurable goods .........................................................................
2.2
2.5
3.3
2.8
2.5
1.7
0.7
0.9
1.2
1.7
1.6
1.7
1.6
2.0
2.6
1.9
Services ............................................................................................
1.1
1.6
2.1
2.2
2.2
2.3
1.9
2.0
1.9
1.4
1.3
1.1
1.0
1.0
1.7
2.4
Gross private domestic investment .................................................. 16.3 21.1 11.1
5.5
3.7
1.1
9.3 14.3 10.1 11.2
3.1
1.7
4.4
6.9
8.3
5.3
Fixed investment ...............................................................................
2.6
2.6
5.5
5.1
4.0
7.7
8.1 10.5
9.5
6.5
6.8
4.3
4.7
5.5
3.4
3.0
Nonresidential................................................................................
1.5
4.9
8.1
6.8
6.4
8.4
8.6 10.4
9.0
5.0
5.0
2.4
2.4
3.5
2.6
3.2
Structures .................................................................................. –18.4 –13.8 –4.0 –5.5 –1.2
6.7
8.3 20.4 13.9
8.5
9.3 –0.3
2.1
3.9 –0.7
7.0
Equipment.................................................................................. 16.4 19.7 20.9 16.2 11.4 12.0 11.6 10.7 10.9
4.8
4.5
2.9
2.4
3.4
3.9
2.0
Intellectual property products ....................................................
1.0
2.2
1.8
3.1
4.9
4.7
4.9
4.2
3.5
2.8
2.9
3.5
2.7
3.4
3.0
2.4
Residential.....................................................................................
7.0 –6.9 –5.2 –1.6 –6.0
4.6
5.6 10.7 11.6 13.6 15.5 12.9 15.1 14.2
6.9
2.3
Change in private inventories............................................................ .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services ................................................... .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports.............................................................................................. 13.1 12.4
9.8
9.1
7.9
6.9
4.6
4.7
4.4
2.8
2.4
1.0
2.0
2.9
4.9
3.2
Goods............................................................................................ 17.9 14.8 11.0
9.3
7.3
6.6
5.4
4.7
5.1
4.0
1.4
0.2
1.2
2.2
5.9
3.3
Services.........................................................................................
3.6
7.3
7.0
8.5
9.2
7.7
2.7
4.6
2.9 –0.2
4.7
2.8
3.8
4.5
2.8
3.0
Imports .............................................................................................. 16.7 16.3 11.7
9.3
4.6
2.3
3.5
3.0
3.4
2.4
0.1
0.1
1.2
1.6
2.8
2.3
Goods............................................................................................ 20.3 19.0 13.5 10.8
4.8
2.2
3.4
2.6
3.4
2.6
0.0 –0.2
1.0
1.5
2.7
2.4
Services.........................................................................................
2.2
5.0
3.7
2.3
3.3
2.8
3.9
5.2
3.9
1.2
0.5
1.8
2.2
2.6
3.4
2.0
Government consumption expenditures and gross investment ....
0.3 –0.3 –1.1 –2.3 –3.3 –3.9 –3.3 –1.7 –1.3
0.2 –1.1 –1.8 –2.0 –2.7 –2.4 –1.5
Federal ..............................................................................................
4.5
4.0
3.2 –0.5 –2.1 –3.8 –3.9 –1.8 –2.3
0.7 –2.3 –3.8 –4.1 –6.5 –6.2 –3.9
National defense............................................................................
2.9
2.6
2.0 –1.4 –1.3 –2.5 –4.2 –2.2 –4.0 –1.7 –5.0 –6.2 –6.1 –8.9 –6.9 –4.7
Nondefense ...................................................................................
7.4
6.6
5.5
1.0 –3.5 –6.2 –3.3 –1.2
0.8
5.1
2.6
0.3 –0.8 –2.2 –5.0 –2.7
State and local................................................................................... –2.4 –3.1 –4.0 –3.6 –4.2 –3.9 –2.8 –1.6 –0.6 –0.2 –0.3 –0.5 –0.5 –0.1
0.2
0.2
Addenda:
Final sales of domestic product.........................................................
1.0
0.8
2.0
2.0
1.9
2.4
1.8
2.7
2.7
2.5
2.5
1.7
1.7
1.7
1.8
2.0
Gross domestic purchases................................................................
3.4
3.8
3.2
2.3
1.6
1.0
1.9
3.1
2.7
3.1
1.6
1.2
1.5
1.8
2.3
2.2
Final sales to domestic purchasers...................................................
1.7
1.6
2.5
2.2
1.6
1.8
1.7
2.5
2.6
2.4
2.1
1.5
1.5
1.6
1.6
1.9
Gross domestic income 1 ..................................................................
2.8
3.6
2.5
2.9
2.8
2.0
2.3
3.1
2.4
2.0
2.6
1.9
2.8
3.1
2.5 ..........
Gross national product ......................................................................
3.1
3.1
2.8
2.3
2.1
1.9
2.3
3.2
2.8
2.9
1.8
1.2
1.5
2.0
2.7 ..........
Real disposable personal income .....................................................
0.3
1.8
2.5
3.7
2.3
2.2
1.4
1.3
1.8
1.3
3.6
0.4
0.9
1.8 –0.1
2.4
Price indexes:
Gross domestic purchases ............................................................
1.6
1.6
1.6
1.8
2.5
2.7
2.3
2.2
1.5
1.4
1.5
1.3
1.1
1.2
1.2
1.2
Gross domestic purchases excluding food and energy 2 ..............
1.2
1.4
1.4
1.4
1.8
1.9
1.8
1.9
1.6
1.5
1.5
1.3
1.2
1.3
1.4
1.4
GDP...............................................................................................
1.1
1.6
1.8
1.8
2.0
2.2
1.8
1.9
1.7
1.6
1.8
1.6
1.3
1.3
1.4
1.4
GDP excluding food and energy 2 .................................................
1.4
1.6
1.6
1.6
1.9
2.0
1.8
1.9
1.7
1.5
1.6
1.5
1.3
1.5
1.6
1.5
PCE ...............................................................................................
1.8
1.4
1.3
1.7
2.5
2.8
2.6
2.4
1.7
1.6
1.7
1.4
1.1
1.1
1.0
1.1
PCE excluding food and energy 2..................................................
1.3
1.3
1.0
1.0
1.3
1.6
1.8
2.0
1.9
1.8
1.7
1.5
1.2
1.2
1.2
1.1
Market-based PCE 3......................................................................
1.6
1.2
1.1
1.7
2.6
3.0
2.7
2.5
1.7
1.5
1.5
1.3
1.0
1.1
0.9
0.9
Market-based PCE excluding food and energy 3 ...........................
1.1
1.0
0.7
0.9
1.3
1.6
1.9
2.0
1.9
1.7
1.5
1.4
1.1
1.1
1.2
1.0

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

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. 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.

- 14 -

Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2011

2012

2013

2013
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 ...........................................................................................
Wages and salaries......................................................................................................
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

2014
III

IV

I

Line

15,533.8
802.8
542.1
15,794.6
2,452.6
–53.7
13,395.7
8,278.5
6,638.7
1,639.8
1,155.1
484.4
1,877.7
456.9
1,037.2
129.6
–23.8

16,244.6 16,799.7
818.6
827.3
565.7
569.5
16,497.4 17,057.5
2,542.9 2,646.6
–17.0
–132.2
13,971.6 14,543.1
8,611.6 8,860.1
6,926.8 7,138.2
1,684.9 1,721.9
1,224.9 1,348.8
541.2
590.6
2,009.5 2,102.1
439.6
469.2
1,065.6 1,088.0
106.9
124.4
–27.7
–40.1

16,535.3
813.3
575.9
16,772.7
2,603.8
–155.6
14,324.5
8,748.3
7,040.4
1,707.9
1,334.6
574.9
2,020.6
477.0
1,082.7
121.9
–35.5

16,661.0 16,912.9
817.0
822.0
570.1
559.1
16,907.9 17,175.9
2,631.9 2,659.6
–186.8
–91.7
14,462.7 14,607.9
8,835.5 8,888.3
7,117.6 7,162.8
1,717.8 1,725.5
1,341.5 1,360.7
587.7
596.6
2,087.4 2,126.6
444.0
467.2
1,079.9 1,089.9
125.8
120.1
–39.0
–41.4

17,089.6
856.8
572.9
17,373.5
2,691.0
–94.7
14,777.3
8,968.3
7,231.9
1,736.4
1,358.5
603.2
2,173.7
488.6
1,099.6
129.9
–44.3

17,149.6
................
................
................
2,722.4
................
................
9,041.0
7,292.8
1,748.2
1,371.2
610.3
................
482.7
1,114.8
120.8
–45.5

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

15,587.5

16,261.6

16,690.9

16,847.8

17,184.3 ................

18

16,931.9

17,004.6

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

2011

2012

2013

2013
I

Personal income 1 .............................................................................................................
Compensation of employees ...........................................................................................
Wages and salaries......................................................................................................
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 (2009) dollars 2
20 Disposable personal income, billions of chained (2009) dollars 2....................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

II

2014
III

IV

I

Line

13,191.3
8,278.5
6,638.7
1,639.8
1,155.1
72.6
1,082.6
484.4
1,884.6
1,204.1
680.5
2,306.9
918.2
1,404.0
11,787.4
11,119.1
668.2
5.7

13,743.8
8,611.6
6,926.8
1,684.9
1,224.9
75.4
1,149.6
541.2
1,958.5
1,211.6
746.9
2,358.3
950.7
1,498.0
12,245.8
11,558.4
687.4
5.6

14,135.3 13,925.9 14,086.2
8,860.1 8,748.3 8,835.5
7,138.2 7,040.4 7,117.6
1,721.9 1,707.9 1,717.8
1,348.8 1,334.6 1,341.5
127.6
137.0
129.0
1,221.2 1,197.6 1,212.5
590.6
574.9
587.7
1,997.7 1,935.8 1,994.0
1,229.2 1,215.8 1,225.6
768.5
720.0
768.4
2,444.3 2,426.0 2,430.9
1,106.1 1,093.7 1,103.3
1,658.6 1,629.0 1,668.8
12,476.7 12,296.9 12,417.4
11,914.9 11,794.9 11,837.0
561.8
502.0
580.4
4.5
4.1
4.7

14,225.3
8,888.3
7,162.8
1,725.5
1,360.7
131.7
1,229.0
596.6
2,030.7
1,234.2
796.5
2,458.0
1,109.0
1,657.6
12,567.7
11,950.4
617.3
4.9

14,303.8
8,968.3
7,231.9
1,736.4
1,358.5
112.9
1,245.6
603.2
2,030.1
1,241.1
789.0
2,462.3
1,118.5
1,679.0
12,624.8
12,077.4
547.4
4.3

14,425.8
9,041.0
7,292.8
1,748.2
1,371.2
105.2
1,265.9
610.3
2,028.9
1,243.8
785.1
2,508.6
1,134.1
1,697.9
12,727.9
12,209.2
518.7
4.1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

10,457.1
11,324.6

10,740.1
11,551.6

10,904.6 10,756.9
11,637.4 11,502.4

10,958.1
11,703.4

10,998.1
11,725.6

11,029.4
11,779.6

19
20

10,905.4
11,618.5

1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, 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.

- 15 -

Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change
Seasonally adjusted at annual rates
Line

2011 2012 2013

2010
II

III

2011
IV

I

II

2012
III

IV

1.4
–0.3
1.3
9.5
11.0
1.1
–2.8
1.4
1.1
1.4
6.6
1.7

4.9
15.5
–0.2
8.4
25.4
4.4
44.3
4.7
–0.3
5.0
43.0
5.9

I

II

2013
III

IV

I

II

2014 Line
III

IV

I

Percent change from preceding period
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Gross domestic product (GDP) and related aggregates:
GDP .................................................................................
Goods...............................................................................
Services ...........................................................................
Structures.........................................................................
Motor vehicle output.........................................................
GDP excluding motor vehicle output ................................
Final sales of computers 1 ...............................................
GDP excluding final sales of computers ..........................
Research and development .............................................
GDP excluding research and development......................
Farm gross value added 2 ................................................
Nonfarm business gross value added 3 ...........................
Price indexes:
GDP .................................................................................
GDP excluding food and energy 4 ....................................
GDP excluding final sales of computers ..........................
Gross domestic purchases...............................................
Gross domestic purchases excluding food and energy 4
Gross domestic purchases excluding final sales of
computers to domestic purchasers ..............................
Personal consumption expenditures (PCE) .....................
PCE excluding food and energy 4 ....................................
Market-based PCE 5 ........................................................
Market-based PCE excluding food and energy 5 .............

1.8
4.3
1.1
–1.7
10.1
1.7
10.2
1.8
1.3
1.9
–5.1
2.5

2.8
5.1
1.2
7.3
13.2
2.5
12.9
2.7
–0.3
2.9
–1.1
3.7

1.9
3.9
2.8
2.8 –1.3
3.2
4.3
4.7
9.7
6.0 –0.9
5.9
0.5
2.0
1.7
1.6
0.2
1.5
3.8 18.3 –13.8
0.5 –15.3
8.2
3.7 18.0 24.1 –13.2 31.5 –5.2
1.8
3.6
2.3
3.2 –2.0
3.4
11.6 –27.2 –8.0 34.6 22.6
0.5
1.8
4.1
2.8
2.7 –1.4
3.2
1.0 –1.0
5.7
2.2 –0.1
1.0
1.9
4.0
2.7
2.8 –1.3
3.2
19.9 29.8 –1.2 –25.6 12.1 –31.3
2.2
4.7
4.2
4.2 –2.1
4.7

3.7
1.2
2.8
0.1
1.1
5.6
0.6
4.8 –1.2
5.5
2.4
1.1
1.6 –0.6
0.3
7.3
4.5
4.7 12.7 –9.2
28.4
6.3
0.2 –2.8
9.2
3.1
1.1
2.9
0.2
0.9
35.0 –21.7
0.9 50.3 17.5
3.6
1.3
2.8
0.0
1.1
–1.1 –2.2
1.7
0.4 –0.2
3.8
1.3
2.8
0.1
1.2
–3.0
5.1 –30.8 –27.0 179.6
5.0
1.6
4.2
0.7 –0.3

2.5
4.1
3.9 10.7
0.7
0.2
11.9 11.1
12.1 –12.9
2.2
4.7
15.4 –12.4
2.4
4.2
1.9
3.0
2.5
4.2
9.0 15.4
3.3
5.4

2.6
0.1
6.9 –6.2
1.5
4.0
–5.3 –4.8
19.0 –9.3
2.2
0.4
–3.7 –1.4
2.6
0.1
2.1 –0.3
2.6
0.1
–8.9 –28.1
3.8
0.3

1
2
3
4
5
6
7
8
9
10
11
12

2.0
1.8
2.0
2.3
1.7

1.7
1.7
1.8
1.7
1.6

1.4
1.5
1.5
1.2
1.3

1.9
1.6
1.9
1.0
1.4

1.8
1.3
1.9
1.3
1.1

2.1
1.7
2.1
2.3
1.4

1.6
1.9
1.7
2.8
1.8

2.6
2.6
2.7
3.5
2.6

2.5
1.9
2.5
2.0
1.8

0.5
0.9
0.5
0.9
1.0

2.0
2.4
2.0
2.3
2.2

1.8
1.5
1.8
1.0
1.5

2.3
1.3
2.3
1.4
1.2

1.1
1.4
1.2
1.6
1.3

1.3
1.6
1.4
1.2
1.4

0.6
0.9
0.7
0.2
0.8

2.0
1.9
2.0
1.8
1.5

1.6
1.9
1.6
1.5
1.8

1.3
1.3
1.3
1.4
1.4

13
14
15
16
17

2.4
2.4
1.4
2.5
1.4

1.7
1.8
1.8
1.8
1.8

1.2
1.1
1.2
1.1
1.2

1.0
0.5
1.1
0.2
0.8

1.3
1.2
1.0
1.1
0.8

2.3
2.1
0.8
2.1
0.6

3.0
3.0
1.3
3.4
1.5

3.6
3.7
2.2
4.0
2.3

2.1
2.3
2.0
2.4
2.1

0.9
1.3
1.6
1.3
1.6

2.3
2.3
2.2
2.3
2.2

1.0
1.1
1.8
0.9
1.7

1.4
1.7
1.4
1.6
1.3

1.6
1.6
1.3
1.4
0.9

1.3
1.1
1.4
1.3
1.6

0.3
–0.1
0.6
–0.3
0.5

1.9
1.9
1.4
2.0
1.4

1.5
1.1
1.3
0.8
1.0

1.4
1.4
1.3
1.3
1.0

18
19
20
21
22

3.7

1.2

2.8

0.1

1.1

2.5

4.1

2.6

0.1

23

1.20 3.19 2.11 –1.97
0.46 0.14 0.92 2.44
0.82 0.80 –0.41 –0.37
0.32 –0.38 0.47 –0.26
0.06 –0.05 –0.01 –0.01
0.05 0.08 0.05 –0.01

24
25
26
27
28
29

Contributions to percent change in real gross domestic product

23
24
25
26
27
28
29

Percent change at annual rate:
Gross domestic product ............................................
1.8
2.8
Percentage points at annual rates:
Goods .................................................................................. 1.26 1.53
Services ............................................................................... 0.70 0.76
Structures ............................................................................ –0.12 0.49
Motor vehicle output............................................................. 0.23 0.32
Final sales of computers...................................................... 0.04 0.05
Research and development ................................................. 0.04 –0.01

1.9

3.9

2.8

2.8

–1.3

3.2

1.4

4.9

1.29 1.40 2.74 1.74 –0.31 1.71 –0.10 4.43 1.72 0.22
0.31 1.30 1.09 1.03 0.13 0.95 0.85 –0.12 1.50 0.69
0.27 1.20 –1.05 0.04 –1.11 0.53 0.62 0.56 0.49 0.30
0.10 0.38 0.50 –0.32 0.63 –0.13 0.25 0.57 0.66 0.17
0.05 –0.14 –0.03 0.12 0.09 0.01 –0.01 0.15 0.13 –0.11
0.03 –0.03 0.14 0.06 0.00 0.03 0.03 –0.01 –0.03 –0.06

1.46 –0.36 1.63
1.00 –0.35 0.21
0.32 0.85 –0.70
0.01 –0.07 0.24
0.00 0.16 0.07
0.04 0.01 0.00

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. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
5. 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.

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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 2009 -- 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 2008-09
annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual
percent change in GDP prices uses quantities for 2008 and 2009 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 (2009) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009
and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of
this component in 2010 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for
any period other than the reference year differ from those of the reference year. A measure of the extent of
such differences is provided by a “residual” line, which indicates the difference between GDP (or other
major aggregate) and the sum of the most detailed components in the table. For periods close to the
reference year, when there usually has not been much change in the relative prices that are used as weights,
the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a
few years from the reference year.
Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November 2003
Survey, pp. 8-16.

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