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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, APRIL 28, 2016
BEA 16–21
GDP:
News Media:

Lisa Mataloni
(202) 606-5304
Jeannine Aversa (202) 606-2649

gdpniwd@bea.gov

GROSS DOMESTIC PRODUCT: FIRST QUARTER 2016 (ADVANCE ESTIMATE)
Real gross domestic product -- the value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production, adjusted for price
changes -- increased at an annual rate of 0.5 percent in the first quarter of 2016, according to the
"advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP
increased 1.4 percent.
The Bureau emphasized that the first-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see the box on page 3 and
"Comparisons of Revisions to GDP" on page 4). The "second" estimate for the first quarter, based on
more complete data, will be released on May 27, 2016.
The increase in real GDP in the first quarter reflected positive contributions from personal
consumption expenditures (PCE), residential fixed investment, and state and local government spending
that were partly offset by negative contributions from nonresidential fixed investment, private inventory
investment, exports, and federal government spending. Imports, which are a subtraction in the
calculation of GDP, increased.
The deceleration in real GDP in the first quarter reflected a larger decrease in nonresidential
fixed investment, a deceleration in PCE, a downturn in federal government spending, an upturn in
imports, and larger decreases in private inventory investment and in exports that were partly offset by an
upturn in state and local government spending and an acceleration in residential fixed investment.

Upcoming Annual Revision of the National Income and Product Accounts
The annual revision of the national income and product accounts, covering the first
quarter of 2013 through the first quarter of 2016, will be released along with the "advance"
estimate of GDP for the second quarter of 2016 on July 29. For more information, see the
Technical Note.

NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. 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.

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 1.5 percent in the
fourth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.3 percent in the first quarter, compared with an increase of 0.4 percent in the fourth.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent,
compared with an increase of 1.0 percent.
Current-dollar GDP -- the market value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production -- increased 1.2 percent, or
$56.3 billion, in the first quarter to a level of $18,221.1 billion. In the fourth quarter, current-dollar GDP
increased 2.3 percent, or $104.6 billion.

Disposition of personal income
Current-dollar personal income increased $130.8 billion in the first quarter, compared with an
increase of $117.4 billion in the fourth. The acceleration in personal income primarily reflected an
upturn in personal interest income and an acceleration in personal current transfer receipts that were
partly offset by a downturn in personal dividend income.
Personal current taxes increased $24.3 billion in the first quarter, compared with an increase of
$28.4 billion in the fourth.
Disposable personal income increased $106.5 billion, or 3.2 percent, in the first quarter,
compared with an increase of $89.0 billion, or 2.7 percent, in the fourth. Real disposable personal
income increased 2.9 percent, compared with an increase of 2.3 percent.
Personal outlays increased $72.5 billion in the first quarter, compared with an increase of $90.9
billion in the fourth.
Personal saving -- disposable personal income less personal outlays -- was $712.3 billion in the
first quarter, compared with $678.3 billion in the fourth.
The personal saving rate -- personal saving as a percentage of disposable personal income -was 5.2 percent in the first quarter, compared with 5.0 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.

-2-

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."

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 27, 2016 at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2016 (Second Estimate)
Corporate Profits: First Quarter 2016 (Preliminary Estimate)

-3-

Comparisons of Revisions to GDP
Current 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 following 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. "Latest" quarterly estimates reflect the results of both annual and
comprehensive revisions, which are typically released in late July.
Annual revisions generally cover at least the 3 most recent calendar years (and the associated
quarters) 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 presents the average revisions to the quarterly percent changes in real and
current-dollar GDP for the different estimate vintages. From the advance estimate to the second estimate
(1 month later), the average revision to real GDP growth without regard to sign is 0.5 percentage point,
while from the advance estimate to the third estimate (2 months later), it is 0.6 percentage point. From
the advance estimate to the latest estimate, the average revision without regard to sign is 1.2 percentage
points. Larger average revisions for the latest estimates reflect the fact that comprehensive revisions
include major improvements to the accounts, such as the incorporation of BEA's latest benchmark inputoutput accounts. The current quarterly estimates correctly indicate the direction of change in real GDP
96 percent of the time, correctly indicate whether GDP is accelerating or decelerating about 75 percent
of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth about
83 percent of the time.

Revisions to 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

Real GDP
Advance to second

0.1

0.5

0.4

Advance to third

0.1

0.6

0.5

Second to third

0.0

0.2

0.3

Advance to latest

-0.1

1.2

1.0

Advance to second

0.1

0.5

0.4

Advance to third

0.2

0.7

0.5

Second to third

0.1

0.3

0.3

Advance to latest

0.1

1.3

1.0

Current-dollar GDP

These comparisons are based on the period from 1993 through 2014.

-4-

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

2013

2014

2015

2012
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

III

2013
IV

Gross domestic product (GDP) ....
1.5
2.4
2.4
1.9
0.5
0.1
Personal consumption expenditures ......
1.7
2.7
3.1
0.7
1.1
1.1
Goods ......................................................
3.1
3.3
3.7
1.1
2.7
2.3
Durable goods......................................
5.8
5.9
6.0
2.8
6.8
8.1
Nondurable goods................................
1.9
2.1
2.6
0.4
0.9 –0.3
Services ...................................................
1.0
2.4
2.8
0.5
0.2
0.5
Gross private domestic investment.........
4.5
5.4
4.9 10.2 –1.1 –3.2
Fixed investment......................................
4.2
5.3
4.0
6.9
0.1
6.9
Nonresidential ......................................
3.0
6.2
2.8
7.5 –2.1
3.7
Structures.........................................
1.6
8.1 –1.5 10.3 –4.0 –7.3
Equipment ........................................
3.2
5.8
3.1
8.8 –3.3
7.3
Intellectual property products ...........
3.8
5.2
5.7
3.8
1.4
6.8
Residential ...........................................
9.5
1.8
8.9
3.7 10.7 22.3
Change in private inventories .................. .......... .......... .......... .......... .......... ..........
Net exports of goods and services.......... .......... .......... .......... .......... .......... ..........
Exports.....................................................
2.8
3.4
1.1
4.6
2.0 –0.5
Goods ..................................................
2.8
4.4 –0.2
4.7
2.2 –3.8
Services ...............................................
2.7
1.2
4.0
4.2
1.5
7.5
Imports.....................................................
1.1
3.8
4.9
2.0
0.6 –3.8
Goods ..................................................
1.0
4.3
4.8
1.7
0.6 –4.3
Services ...............................................
1.5
1.6
5.6
3.5
0.7 –0.9
Government consumption expenditures
0.7 –1.9 –1.2 –3.8
and gross investment............................ –2.9 –0.6
Federal..................................................... –5.7 –2.4 –0.3 –2.9
0.5 –5.5
National defense .................................. –6.7 –3.8 –1.2 –4.4
0.8 –8.1
Nondefense.......................................... –4.0 –0.1
1.2 –0.4 –0.1 –1.1
State and local ......................................... –1.0
0.6
1.4 –1.2 –2.3 –2.6
Addenda:
Gross domestic income (GDI) 1 ................
1.3
2.6
2.3
0.6 –0.1
3.5
Average of GDP and GDI ........................
1.4
2.5
2.4
1.2
0.2
1.8
Final sales of domestic product ...............
1.4
2.4
2.3
1.4
0.7
1.6
Gross domestic purchases ......................
1.2
2.5
3.0
1.5
0.3 –0.5
Final sales to domestic purchasers .........
1.2
2.5
2.8
1.1
0.5
1.0
Final sales to private domestic
purchasers ...........................................
2.2
3.2
3.3
1.8
0.9
2.2
Gross national product (GNP) .................
1.5
2.5
2.1
1.3
0.6 –0.1
Disposable personal income.................... –1.4
2.7
3.4
3.1 –0.2 10.9
Current-dollar measures:
GDP .....................................................
3.1
4.1
3.5
3.8
2.7
1.7
GDI.......................................................
2.9
4.3
3.3
2.4
2.0
5.2
Average of GDP and GDI ....................
3.0
4.2
3.4
3.1
2.3
3.4
Final sales of domestic product ...........
3.1
4.1
3.3
3.2
3.1
3.1
Gross domestic purchases ..................
2.7
4.1
3.3
2.8
1.5
1.6
Final sales to domestic purchasers......
2.6
4.1
3.2
2.2
1.8
2.9
Final sales to private domestic
purchasers .......................................
3.6
4.7
3.6
3.1
2.3
4.1
GNP .....................................................
3.2
4.1
3.1
3.2
2.8
1.5
Disposable personal income................ –0.1
4.2
3.7
4.4
1.1 13.3

I

II

2014
III

IV

I

II

2015
III

IV

I

II

2016
III

IV

1.9
1.1
3.0
3.8 –0.9
4.6
4.3
2.1
0.6
3.9
2.0
1.4
0.5
2.5
1.4
1.7
3.5
1.3
3.8
3.5
4.3
1.8
3.6
3.0
2.4
1.9
6.1
1.2
2.6
3.1
1.1
6.7
4.1
4.1
1.1
5.5
5.0
1.6
0.1
8.8
2.2
3.2
4.1
2.6 13.9
7.5
6.1
2.0
8.0
6.6
3.8 –1.6
4.8
0.7
2.3
2.6
0.4
3.4
2.4
3.2
0.7
4.3
4.2
0.6
1.0
0.7
1.5
1.2
3.7
1.4
2.4
3.1
4.3
2.1
2.7
2.1
2.8
2.7
7.1
5.2 13.7
4.2 –2.5 12.6
7.4
2.1
8.6
5.0 –0.7 –1.0 –3.5
4.9
2.6
3.8
5.1
6.0
5.6
7.9
2.5
3.3
5.2
3.7
0.4 –1.6
4.0
1.0
3.5
8.7
8.3
4.4
9.0
0.7
1.6
4.1
2.6 –2.1 –5.9
–6.0 11.7 17.9
4.0 19.1 –0.2 –1.9
4.3 –7.4
6.2 –7.2 –5.1 –10.7
6.3 –0.8 –3.8 14.7
3.5
6.5 16.4 –4.9
2.3
0.3
9.9 –2.1 –8.6
7.8 –3.2
5.2
3.5
7.8
4.8
6.6
6.9
7.4
8.3 –0.8 –0.2
1.7
9.1
9.1
4.9 –8.1 –2.8 10.4
3.4 10.0 10.1
9.3
8.2 10.1 14.8
.......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... ..........
.......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... ..........
1.0
4.9
4.2 10.9 –6.7
9.8
1.8
5.4 –6.0
5.1
0.7 –2.0 –2.6
0.4
7.5
5.0 14.9 –9.4 12.2
6.0
3.9 –11.7
6.5 –0.9 –5.4 –3.4
2.2 –0.6
2.4
2.6 –0.3
4.7 –7.1
8.9
7.3
2.3
3.9
5.0 –0.9
0.8
5.5
2.4
1.0
2.8
9.6 –0.8 10.3
7.1
3.0
2.3 –0.7
0.2
1.1
5.3
2.6
0.7
4.7
9.9 –0.8
9.9
7.2
3.2
1.4 –1.3 –0.7
–0.6
6.0
1.5
2.7 –6.0
8.2 –0.6 11.9
6.7
2.0
6.4
1.9
3.8
–4.5
–9.3
–10.3
–7.6
–1.1

–2.0
–5.6
–5.8
–5.4
0.4

–2.2
–5.8
–7.6
–2.6
0.2

–2.7
–6.6
–5.8
–7.9
–0.1

0.0
0.3
–4.6
8.9
–0.2

1.2
–1.2
–0.5
–2.2
2.6

–0.5
0.7
1.6
1.8
1.5

2.9
2.0
0.7
1.3
0.9

0.4
1.7
1.5
2.7
1.3

2.7
3.2
4.0
2.5
2.6

0.6
–0.2
0.4
0.5
1.8

3.0
1.6
–15.9

1.6
1.7
2.7

2.1
3.3
2.2

3.8
3.9
0.6

3.6
1.1
2.3
3.1
3.4
2.9

2.1
3.9
3.0
1.8
2.0
1.7

4.9
2.3
3.6
3.5
4.4
3.1

4.4
3.3
–14.7

2.4
2.7
3.1

3.8
5.3
3.9

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

-5-

1.8 –1.4
3.7 –5.7
4.5 –10.3
2.5
2.1
0.6
1.3

–0.1
1.1
1.0
1.2
–0.8

2.6
0.0
0.3
–0.5
4.3

1.8
0.2
–1.4
2.8
2.8

4.8
4.7
3.5
4.7
3.6

5.1
4.7
4.3
3.8
3.8

2.9
2.5
2.1
2.9
3.0

0.4
0.5
–0.2
2.5
1.7

2.2
3.0
3.9
3.6
3.7

2.2
–1.2
4.0

4.2
4.4
3.0

4.3
4.5
2.7

3.9
1.9
4.7

2.0
–0.2
3.9

5.6
4.4
5.0
5.9
4.3
4.5

0.6
2.2
1.4
1.9
2.1
3.4

6.9
7.1
7.0
5.8
6.7
5.6

6.0
6.8
6.4
6.0
5.4
5.4

2.2
3.0
2.6
2.2
2.8
2.8

5.4
5.7
2.0

4.0
0.4
5.6

6.2
6.8
5.2

5.8
6.2
3.9

3.8
2.0
4.2

0.1
2.3
2.8
1.5
–1.2

Line

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

1.2
–1.6
–3.6
1.5
2.9

22
23
24
25
26

2.0
2.0
2.7
2.2
2.9

0.9 ..........
1.1 ..........
1.6
0.9
1.5
0.9
1.7
1.2

27
28
29
30
31

3.9
3.9
2.6

3.2
1.3
3.2

2.0
1.2
1.1 ..........
2.3
2.9

32
33
34

0.8
0.5
0.6
–0.1
0.9
0.0

6.1
4.4
5.2
6.2
5.2
5.2

3.3
3.4
3.3
4.1
3.5
4.2

2.3
1.2
1.9 ..........
2.1 ..........
2.5
1.7
1.9
1.1
2.1
1.5

35
36
37
38
39
40

0.4
–0.1
1.9

5.5
6.1
4.9

4.5
2.7
4.5

2.5
1.5
2.1 ..........
2.7
3.2

41
42
43

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
2013 2014 2015

Line

2012
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.................................................

1.5

2.4

2.4

1.9

1.16
0.71
0.42
0.11
0.09
0.18
0.04
0.29

1.84
0.75
0.43
0.14
0.11
0.14
0.04
0.32

2.11 0.45
0.83 0.26
0.43 0.20
0.09 0.05
0.10 –0.07
0.19 0.18
0.05 0.04
0.39 0.06

0.05
0.03
0.04
0.17
0.45

III
0.5

2013
IV

II

1.9

1.1

III

IV

I

II

III

IV

I

II

0.6

3.9

2.86 1.19
0.91 0.25
0.44 0.14
0.11 –0.09
0.10 0.08
0.17 0.13
0.06 0.02
0.47 0.10

3.8

–0.9

4.6

4.3

0.72 0.78
0.63 0.53
0.48 0.58
0.15 0.22
0.04 0.09
0.20 0.19
0.08 0.08
0.14 –0.05

1.74 0.96 1.17
1.39 0.28 0.60
0.64 0.17 0.24
0.23 –0.02 –0.04
0.13 0.07 0.16
0.25 0.12 0.12
0.03 0.00 0.00
0.75 0.11 0.36

2.36
0.70
0.30
0.06
0.07
0.08
0.09
0.40

0.85
0.25
0.19
0.10
0.03
0.04
0.01
0.06

2.60
1.49
0.96
0.41
0.21
0.26
0.08
0.52

2.34
0.91
0.54
0.19
0.10
0.25
0.01
0.37

0.03
0.03
0.02
0.25
1.09

0.00 0.02 0.02 0.03
0.07 –0.14 0.14 –0.08
0.07 0.22 –0.02 –0.18
0.26 –0.04 0.00 0.18
1.28 0.20 0.10 0.25

0.15 –0.09 0.12
0.12 0.06 –0.05
0.17 0.08 0.05
0.30 0.07 0.25
0.36 0.68 0.57

0.42
0.06
0.11
0.06
0.05
0.07
0.05
0.02

1.06
0.14
0.31
0.10
0.07
0.13
0.06
0.24

1.27
0.10
0.53
0.11
0.06
0.20
0.06
0.21

0.03
0.09

0.04
0.10

0.01
0.18

0.35
0.08

0.02
0.27

0.06
0.70
0.64
0.38
0.04
0.19
0.07
0.02
0.05
–0.03
0.15
0.01
0.15
0.06
0.08
0.01
0.27
0.06
0.19
–0.13
0.20
0.38
0.26
0.11
–0.18
–0.14
–0.04

0.07
0.87
0.82
0.77
0.23
0.34
0.07
–0.02
0.08
0.09
0.17
0.01
0.20
0.11
0.08
0.01
0.05
0.05
–0.02
0.07
–0.18
0.46
0.41
0.05
–0.63
–0.59
–0.05

0.17
0.82
0.64
0.36
–0.04
0.18
0.08
0.00
0.09
0.06
0.11
–0.07
0.22
0.11
0.10
0.01
0.28
0.17
0.02
0.16
–0.64
0.15
–0.01
0.17
–0.79
–0.64
–0.15

–0.26
1.53
0.98
0.88
0.27
0.47
–0.08
–0.05
–0.03
0.16
0.17
0.22
0.14
0.10
0.04
0.00
0.10
0.56
–0.12
0.68
0.28
0.61
0.44
0.17
–0.33
–0.23
–0.10

0.25
–0.18
0.00
–0.27
–0.12
–0.21
–0.12
–0.13
0.01
–0.14
–0.07
0.13
0.05
0.00
0.05
0.00
0.27
–0.18
–0.29
0.11
0.16
0.27
0.20
0.06
–0.10
–0.09
–0.02

–0.21
–0.51
1.03
0.46
–0.21
0.41
0.25
0.17
0.09
0.11
0.14
–0.09
0.26
0.12
0.12
0.01
0.57
–1.54
0.15
–1.69
0.58
–0.07
–0.37
0.30
0.65
0.62
0.03

0.03
1.05
0.77
0.51
–0.16
0.38
0.17
0.06
0.12
–0.08
0.12
0.16
0.30
0.13
0.16
0.01
0.26
0.28
0.53
–0.24
–0.01
0.12
0.03
0.09
–0.13
–0.15
0.02

0.32
0.78
0.40
0.14
0.30
–0.04
–0.05
–0.08
0.03
–0.12
0.37
–0.25
–0.13
–0.15
0.01
0.01
0.27
0.38
0.15
0.23
–0.24
0.64
0.67
–0.02
–0.89
–0.72
–0.16

0.00
2.07
0.59
0.44
0.46
–0.22
0.10
0.05
0.05
0.02
–0.10
–0.24
0.20
0.14
0.06
0.00
0.15
1.48
0.13
1.35
0.16
0.55
0.45
0.10
–0.39
–0.35
–0.04

0.17
0.71
0.79
1.05
0.11
0.80
–0.10
0.05
–0.14
–0.07
0.49
0.47
0.13
0.09
0.03
0.02
–0.26
–0.08
0.04
–0.12
1.26
1.42
1.31
0.11
–0.16
–0.09
–0.07

–0.40
–0.38
0.91
1.00
0.50
0.20
0.08
–0.14
0.22
0.25
–0.05
–0.09
0.30
0.14
0.14
0.02
–0.09
–1.29
–0.26
–1.03
–1.39
–0.95
–0.94
–0.01
–0.44
–0.61
0.17

0.33
1.99
0.87
0.56
0.00
0.38
0.28
0.05
0.24
0.18
0.07
–0.16
0.19
0.13
0.04
0.01
0.31
1.12
0.09
1.03
–0.24
1.28
1.09
0.20
–1.52
–1.30
–0.22

0.20
1.22
1.23
1.12
–0.05
0.92
–0.14
0.02
–0.15
0.11
0.58
0.37
0.25
0.17
0.07
0.01
0.11
–0.01
0.08
–0.09
0.39
0.24
0.55
–0.31
0.15
0.13
0.02

0.45
0.36
0.39
0.09
0.12
–0.30
0.32
–0.02
0.34
–0.07
–0.14
–0.41
0.27
0.10
0.15
0.02
0.31
–0.03
–0.05
0.02
–0.89
0.71
0.36
0.35
–1.60
–1.29
–0.31

0.20
1.39
0.52
0.20
–0.22
0.14
–0.07
–0.10
0.03
–0.02
0.18
0.05
0.29
0.16
0.12
0.01
0.32
0.87
0.10
0.77
–1.92
–0.81
–1.10
0.30
–1.12
–0.93
–0.18

–0.58
–0.46
–0.34
–0.27
–0.07
–0.12
–0.08
–0.04
–0.12
–0.04
–0.08

–0.11
–0.18
–0.18
–0.14
–0.04
0.00
0.01
–0.01
0.07
0.06
0.01

0.13
–0.02
–0.05
–0.03
–0.02
0.03
0.02
0.01
0.15
0.07
0.09

–0.39
–0.24
–0.23
–0.18
–0.05
–0.01
0.00
–0.01
–0.14
–0.09
–0.05

–0.22
0.04
0.04
0.11
–0.07
0.00
0.02
–0.03
–0.26
–0.05
–0.21

–0.75
–0.45
–0.42
–0.28
–0.14
–0.03
–0.02
–0.01
–0.30
–0.10
–0.20

–0.88
–0.75
–0.53
–0.45
–0.07
–0.23
–0.15
–0.08
–0.12
–0.07
–0.06

–0.38
–0.43
–0.28
–0.18
–0.10
–0.16
–0.12
–0.04
0.05
0.00
0.05

–0.42
–0.44
–0.36
–0.42
0.06
–0.07
–0.06
–0.02
0.02
0.01
0.01

–0.51
–0.49
–0.27
–0.24
–0.03
–0.23
–0.20
–0.03
–0.01
0.07
–0.08

0.00
0.02
–0.21
–0.03
–0.18
0.23
0.24
–0.01
–0.03
0.07
–0.10

0.21 0.33
–0.08 0.26
–0.02 0.19
–0.12 0.23
0.10 –0.04
–0.06 0.07
–0.05 0.07
–0.01 0.00
0.29 0.07
0.11 0.05
0.19 0.02

–0.26
–0.41
–0.47
–0.43
–0.04
0.06
0.02
0.04
0.15
0.06
0.09

–0.01 0.54 0.73 0.48
–0.31 0.28 0.01 –0.15
–0.01 –0.13 0.44 0.24
–0.03 0.10 0.09 0.08
0.08 0.04 –0.08 0.16
0.12 0.13 –0.14 0.05
–0.03 0.39 0.24 0.00
0.16 –0.27 0.17 0.10
0.26 –0.19 –0.05
0.05 –0.15 0.27

See Explanatory Note at the end of the tables.

-6-

0.09
0.09

2016 Line

2015

3.0

–0.15 0.08
0.45 0.15
–0.13 0.13
0.16 0.05
0.12 0.02
0.08 0.09
–0.69 –0.39
–0.14 0.04

0.1

I

2014

2.42
1.20
0.57
0.24
0.07
0.17
0.09
0.62

2.04 1.66 1.27
1.08 0.36 0.03
0.47 0.28 –0.12
0.08 –0.15 –0.33
0.14 0.09 0.07
0.20 0.26 0.17
0.06 0.08 –0.04
0.61 0.09 0.15

2
3
4
5
6
7
8
9

0.10 0.03 –0.01 –0.04 –0.04 –0.04 0.14
0.03 –0.06 0.15 0.06 0.15 –0.02 0.14
0.03 –0.01 –0.05 0.01 0.18 0.11 –0.01
0.24 0.11 0.43 0.34 0.18 0.06 0.36
1.66 0.61 1.11 1.42 1.95 0.94 1.23

0.01 –0.02 0.15
0.03 0.00 –0.05
0.09 –0.04 0.05
0.48 0.14 –0.01
0.96 1.30 1.24

10
11
12
13
14

0.03
0.36

1.4

I
1

0.14 –0.04
0.31 –0.44

2.0

IV

0.5

1.51 0.65 1.08 1.34
0.30 0.54 –0.17 –0.13
0.38 –0.25 0.63 0.57
0.00 0.16 0.08 0.14
0.10 0.08 –0.03 0.13
0.27 –0.05 0.28 0.17
0.23 –0.10 0.04 0.16
0.23 0.26 0.24 0.30

2.1

III

2.00 1.09 1.20 0.71 1.10
0.22 0.43 –0.10 0.10 –0.19
0.80 0.52 0.34 0.40 0.30
0.13 0.07 0.14 0.08 0.14
0.15 –0.05 0.06 0.00 0.35
0.26 0.12 0.31 0.08 0.19
0.05 0.00 0.12 –0.05 0.16
0.40 0.01 0.32 0.10 0.15

0.09 –0.06 –0.15
0.28 0.39 0.05

1.13
0.26
0.26
0.13
0.14
0.05
0.10
0.18

15
16
17
18
19
20
21
22

0.03
0.05

0.25
0.11

0.19
0.20

0.11
0.25

23
24

0.02
0.85
0.83
0.53
0.18
0.03
–0.08
0.11
–0.18
0.26
–0.07
–0.09
0.33
0.11
0.21
0.01
0.30
0.02
–0.09
0.11
0.18
0.64
0.55
0.10
–0.46
–0.41
–0.05

–0.14
–0.11
0.60
0.33
–0.21
0.57
0.43
0.08
0.35
–0.05
0.29
–0.10
–0.03
–0.02
–0.03
0.02
0.27
–0.71
0.08
–0.79
–0.26
0.09
–0.07
0.16
–0.35
–0.18
–0.17

0.01
–0.16
0.06
–0.27
–0.14
–0.12
0.04
–0.16
0.20
0.14
–0.18
–0.13
–0.01
0.03
–0.03
0.00
0.33
–0.22
–0.10
–0.12
–0.14
–0.25
–0.45
0.20
0.11
0.17
–0.05

0.14
–0.60
–0.27
–0.76
–0.30
–0.53
–0.12
0.05
–0.17
–0.04
–0.25
–0.13
0.07
0.05
0.03
–0.01
0.49
–0.33
–0.11
–0.22
–0.34
–0.31
–0.27
–0.04
–0.02
0.08
–0.10

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

–0.01 0.46 0.32 0.02 0.20
0.08 0.00 0.02 0.15 –0.11
0.04 0.01 –0.06 0.11 –0.15
0.13 –0.03 –0.02 0.04 –0.15
–0.09 0.05 –0.04 0.07 0.00
0.03 –0.01 0.08 0.04 0.04
0.04 –0.04 0.06 0.02 0.02
0.00 0.03 0.01 0.02 0.02
–0.09 0.46 0.30 –0.13 0.31
0.06 0.04 0.14 0.03 0.07
–0.14 0.42 0.17 –0.16 0.24

52
53
54
55
56
57
58
59
60
61
62

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

Billions of chained (2009) dollars

Seasonally adjusted at annual rates
2015

2015
I

II

2016
III

IV

Change from preceding
period

Seasonally adjusted at annual rates

I

2015

2015
I

II

2016
III

IV

I

2015

Gross domestic product (GDP)......... 17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,221.1 16,348.9 16,177.3 16,333.6 16,414.0 16,470.6 16,492.7 387.2
1
2 Personal consumption expenditures........... 12,271.9 12,055.5 12,228.4 12,359.0 12,444.7 12,511.0 11,213.3 11,081.2 11,178.9 11,262.4 11,330.7 11,383.2 337.6
3 Goods.......................................................... 3,978.8 3,901.5 3,978.1 4,024.1 4,011.5 3,970.7 3,869.6 3,803.7 3,855.0 3,902.0 3,917.9 3,919.1 138.5
4
Durable goods .......................................... 1,328.7 1,301.8 1,326.4 1,339.6 1,346.9 1,337.9 1,466.5 1,430.4 1,458.3 1,481.7 1,495.5 1,489.4
82.4
5
Motor vehicles and parts.......................
456.6
447.8
460.4
462.8
455.3
440.2
411.3
404.1
413.6
416.7
410.6
397.2
14.5
6
Furnishings and durable household
equipment .........................................
298.9
293.8
298.0
301.0
302.9
305.3
344.3
336.7
340.5
347.7
352.3
356.1
20.4
7
Recreational goods and vehicles..........
371.3
361.7
366.7
373.0
383.7
385.0
526.5
508.2
518.6
531.4
548.0
559.3
44.9
8
Other durable goods.............................
201.9
198.5
201.2
202.8
205.0
207.3
202.0
196.8
200.9
203.3
206.9
205.3
9.0
9
Nondurable goods .................................... 2,650.1 2,599.7 2,651.8 2,684.4 2,664.6 2,632.9 2,430.0 2,397.8 2,423.0 2,447.9 2,451.5 2,457.6
62.2
10
Food and beverages purchased for off896.8
891.5
895.1
900.7
899.9
902.4
808.3
804.1
809.5
810.1
809.4
815.4
0.7
premises consumption......................
11
Clothing and footwear...........................
376.4
372.3
377.5
379.2
376.6
377.2
359.7
354.8
360.5
361.7
361.7
359.7
11.3
12
Gasoline and other energy goods.........
306.6
293.7
317.6
320.4
294.9
255.5
285.9
284.8
284.5
288.1
286.3
288.9
9.2
13
Other nondurable goods....................... 1,070.3 1,042.2 1,061.6 1,084.1 1,093.3 1,097.6
986.3
964.1
978.6
998.3 1,004.3 1,004.1
41.3
14 Services ...................................................... 8,293.1 8,153.9 8,250.2 8,334.9 8,433.1 8,540.3 7,345.3 7,277.4 7,325.3 7,363.4 7,415.0 7,464.5 200.7
15
Household consumption expenditures (for
services) ............................................... 7,955.3 7,828.0 7,921.2 7,992.5 8,079.6 8,175.6 7,037.6 6,977.6 7,024.3 7,052.4 7,096.3 7,141.3 198.1
16
Housing and utilities.............................. 2,214.8 2,197.6 2,204.5 2,225.4 2,231.6 2,256.3 1,977.8 1,980.5 1,976.7 1,980.7 1,973.1 1,983.7
16.6
17
Health care ........................................... 2,059.8 2,023.8 2,049.0 2,073.8 2,092.5 2,112.0 1,875.4 1,853.8 1,867.5 1,884.0 1,896.2 1,907.0
83.8
18
Transportation services ........................
375.3
366.2
373.7
377.1
384.0
392.4
341.4
334.0
339.8
342.9
348.8
354.1
17.5
19
Recreation services ..............................
473.9
463.5
470.2
472.6
489.3
499.1
426.1
420.7
423.1
423.2
437.5
443.2
10.0
20
Food services and accommodations ....
807.1
787.1
803.4
810.7
827.1
835.2
701.9
689.3
701.4
704.6
712.2
714.1
30.8
21
Financial services and insurance..........
921.2
904.7
920.4
925.5
934.1
947.5
730.8
727.4
731.4
729.5
735.0
738.8
8.0
22
Other services....................................... 1,103.4 1,085.2 1,099.9 1,107.4 1,121.1 1,133.1
987.1
974.4
986.8
990.7
996.7 1,004.0
33.1
23
Final consumption expenditures of
nonprofit institutions serving
households ...........................................
337.7
325.9
329.0
342.4
353.5
364.6
308.0
300.0
301.2
311.5
319.4
323.9
2.2
24
Gross output of nonprofit institutions .... 1,336.5 1,319.0 1,330.2 1,341.4 1,355.5 1,375.3 1,187.0 1,181.2 1,183.2 1,187.6 1,195.8 1,205.7
28.2
25
Less: Receipts from sales of goods and
services by nonprofit institutions.......
998.8
993.1 1,001.2
999.0 1,002.0 1,010.7
879.3
881.4
882.1
876.7
877.1
882.5
25.7
26 Gross private domestic investment ............. 3,020.6 2,995.9 3,025.5 3,030.6 3,030.6 3,004.5 2,851.9 2,830.2 2,864.8 2,859.7 2,852.7 2,827.2 134.2
27 Fixed investment........................................ 2,911.4 2,868.6 2,897.9 2,935.3 2,943.7 2,935.5 2,740.2 2,701.4 2,735.5 2,760.7 2,763.2 2,751.8 106.4
28
Nonresidential .......................................... 2,301.9 2,280.7 2,297.9 2,319.4 2,309.5 2,275.9 2,209.3 2,188.6 2,210.6 2,224.9 2,213.0 2,179.9
61.0
29
Structures .............................................
497.2
499.3
503.8
496.0
489.5
474.0
457.7
458.2
465.2
456.6
450.7
438.2
–6.9
30
Equipment ............................................ 1,076.1 1,063.5 1,064.6 1,090.9 1,085.3 1,062.2 1,057.8 1,046.0 1,046.9 1,072.0 1,066.4 1,042.7
31.7
31
Information processing equipment....
322.7
316.4
312.1
330.5
331.6
326.6
342.2
334.2
330.5
351.0
352.9
347.2
15.8
32
Computers and peripheral
77.8
75.0
79.1
82.3
74.9
76.9
88.3
84.3
89.6
93.7
85.6
88.0
–0.7
equipment..................................
33
Other .............................................
244.8
241.4
233.0
248.2
256.7
249.7
252.8
248.8
240.3
256.6
265.7
257.9
16.0
34
Industrial equipment..........................
233.8
224.9
236.2
234.1
240.0
237.9
218.7
210.0
220.9
219.0
224.9
223.3
9.8
35
Transportation equipment .................
295.4
292.2
289.4
303.9
296.3
286.1
290.2
288.1
285.1
297.8
290.0
279.0
18.5
36
Other equipment ...............................
224.2
230.0
226.8
222.4
217.6
211.6
213.5
220.0
216.1
211.7
206.1
200.6 –11.3
37
Intellectual property products................
728.6
717.8
729.6
732.4
734.6
739.7
696.8
687.1
701.0
699.6
699.4
702.4
37.3
38
Software............................................
327.2
324.1
326.7
328.3
329.8
331.3
334.1
330.6
335.4
334.6
335.8
337.9
19.1
39
Research and development..............
319.3
313.0
321.1
321.4
321.7
325.0
282.7
277.4
285.7
284.4
283.1
284.3
15.9
40
Entertainment, literary, and artistic
82.1
80.7
81.8
82.7
83.2
83.4
80.4
79.7
80.0
80.9
81.0
80.6
2.3
originals.........................................
41
Residential................................................
609.5
588.0
600.0
615.9
634.2
659.6
529.6
512.4
524.0
534.4
547.4
566.7
43.1
42 Change in private inventories...................
109.2
127.3
127.5
95.3
86.9
69.0
97.5
112.8
113.5
85.5
78.3
60.9
29.5
43
Farm .........................................................
6.2
9.0
4.3
8.0
3.5
–3.0
5.2
7.0
4.1
6.6
3.1
–0.9
1.5
44
Nonfarm....................................................
103.0
118.3
123.2
87.3
83.4
72.0
93.2
106.8
111.0
79.2
76.0
62.7
28.2
45 Net exports of goods and services ..............
–528.9 –551.6 –519.3 –530.4 –514.3 –508.2 –543.4 –541.2 –534.6 –546.1 –551.9 –566.6 –100.9
46 Exports........................................................ 2,253.4 2,257.3 2,280.0 2,259.8 2,216.6 2,170.9 2,110.1 2,091.4 2,117.5 2,121.1 2,110.3 2,096.7
23.7
47
Goods....................................................... 1,504.9 1,517.5 1,535.5 1,508.9 1,457.8 1,407.3 1,439.7 1,429.3 1,452.0 1,448.8 1,428.9 1,416.6
–3.3
48
Services....................................................
748.5
739.8
744.5
750.9
758.8
763.6
668.7
660.6
664.4
670.7
678.9
677.3
25.8
49 Imports ........................................................ 2,782.3 2,808.9 2,799.3 2,790.2 2,730.9 2,679.1 2,653.5 2,632.5 2,652.1 2,667.2 2,662.2 2,663.3 124.6
50
Goods....................................................... 2,280.6 2,311.7 2,299.9 2,285.4 2,225.3 2,169.5 2,176.1 2,161.1 2,178.4 2,186.0 2,178.7 2,175.2
99.5
51
Services....................................................
501.8
497.2
499.5
504.7
505.7
509.6
475.8
469.8
472.1
479.5
481.8
486.2
25.0

2015

2016

IV

I

Line

56.6
68.3
16.0
13.8
–6.1

22.2
52.5
1.2
–6.1
–13.4

1
2
3
4
5

4.7
16.5
3.6
3.6

3.7
11.3
–1.6
6.1

6
7
8
9

–0.7
0.1
–1.8
6.0
51.6

5.9
–2.1
2.5
–0.2
49.5

10
11
12
13
14

43.9
–7.6
12.1
5.9
14.3
7.6
5.5
6.0

45.0
10.5
10.8
5.3
5.7
1.9
3.7
7.3

15
16
17
18
19
20
21
22

7.9
8.2

4.5
9.9

23
24

0.5
–7.0
2.5
–11.9
–5.9
–5.6
1.8

5.4
–25.5
–11.4
–33.1
–12.5
–23.7
–5.7

25
26
27
28
29
30
31

–8.1
9.2
6.0
–7.8
–5.5
–0.3
1.2
–1.3

2.5
–7.8
–1.7
–11.0
–5.5
3.0
2.1
1.3

32
33
34
35
36
37
38
39

0.1
13.0
–7.2
–3.5
–3.2
–5.8
–10.8
–19.9
8.2
–5.0
–7.3
2.3

–0.4
19.3
–17.5
–4.0
–13.3
–14.7
–13.6
–12.3
–1.6
1.1
–3.6
4.5

40
41
42
43
44
45
46
47
48
49
50
51

1. Real gross domestic income is 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.

-7-

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

Seasonally adjusted at annual rates
2015

2015
I

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 Gross domestic income (GDI) 1 .....................
65 Average of GDP and GDI .............................
66 Final sales of domestic product ....................
67 Gross domestic purchases ...........................
68 Final sales to domestic purchasers ..............
69 Final sales to private domestic purchasers...
70 Gross domestic product ............................
71 Plus: Income receipts from the rest of the
world .........................................................
72 Less: Income payments to the rest of the
world .........................................................
73 Equals: Gross national product ................
74 Net domestic product....................................

Billions of chained (2009) dollars

II

2016
III

IV

17,901.6
17,775.4
17,522.0
18,200.9
18,073.6
14,924.1
17,649.3

18,094.0
18,003.9
17,786.2
18,433.0
18,305.5
15,126.3
17,913.7

18,244.5
18,152.3
17,964.9
18,590.6
18,495.3
15,294.3
18,060.2

830.5

817.0

845.3

841.2

2015

I

3,183.4 3,149.5 3,179.2 3,201.0 3,203.9 3,213.8
1,224.6 1,218.2 1,220.7 1,224.3 1,235.2 1,235.2
740.8
739.0
740.1
738.2
745.7
740.9
595.9
595.2
595.2
594.8
598.6
593.6
144.8
143.9
144.9
143.4
147.2
147.3
483.9
479.2
480.6
486.1
489.5
494.3
364.7
361.5
362.0
366.5
368.7
372.4
119.2
117.7
118.6
119.6
120.8
121.9
1,958.8 1,931.3 1,958.4 1,976.6 1,968.7 1,978.7
1,611.4 1,599.5 1,608.4 1,618.9 1,618.6 1,619.3
347.4
331.8
350.0
357.8
350.0
359.4
.............. ............... ............... .............. .............. ...............
18,142.2
18,044.6
17,837.7
18,475.9
18,366.6
15,183.3
17,947.0

2015
I

II

2016
III

IV

2,858.9
1,113.2
680.6
543.8
136.6
432.2
322.2
110.0
1,744.3
1,431.1
312.4
–82.6

2,838.5
1,111.3
680.3
544.7
135.3
430.7
321.9
108.8
1,725.9
1,427.0
298.1
–74.2

2,856.9
1,111.3
680.8
543.4
137.1
430.2
320.4
109.8
1,744.1
1,428.5
314.9
–78.4

2,869.7
1,112.0
678.4
542.7
135.4
433.2
322.8
110.4
1,756.2
1,433.9
321.6
–86.1

2,870.6
1,118.3
683.1
544.4
138.5
434.8
323.8
111.0
1,750.9
1,435.1
315.1
–91.8

...............
...............
18,152.1
18,729.3
18,660.3
15,446.5
18,221.1

16,526.7
16,437.8
16,241.9
16,894.7
16,788.3
13,940.8
16,348.9

16,408.6
16,293.0
16,053.8
16,720.8
16,597.7
13,770.1
16,177.3

16,498.0
16,415.8
16,209.7
16,870.7
16,747.2
13,901.6
16,333.6

16,581.5
16,497.7
16,319.3
16,962.4
16,868.3
14,010.1
16,414.0

16,619.2
16,544.9
16,385.0
17,025.0
16,940.0
14,081.2
16,470.6

818.4 ...............

695.5

687.3

708.5

703.0

18,328.7
18,246.8
18,077.9
18,679.1
18,592.3
15,388.4
18,164.8

Change from preceding
period

Seasonally adjusted at annual rates

I

2015

2015

2016

IV

I

2,878.9
20.7
0.9
8.3
1,113.8
–3.1
6.3
–4.4
676.9
–8.4
4.7
–6.2
538.2
–5.1
1.7
–6.2
138.6
–3.4
3.1
0.1
436.4
5.2
1.6
1.6
324.7
3.1
0.9
0.9
111.8
2.2
0.7
0.7
1,763.5
23.5
–5.2
12.6
1,437.8
10.2
1.2
2.7
325.1
13.4
–6.5
10.0
–88.2 ........... ........... ...........

Line

52
53
54
55
56
57
58
59
60
61
62
63

..............
..............
16,420.7
17,061.2
16,989.9
14,122.8
16,492.7

369.9
378.6
360.2
488.9
462.0
443.0
387.2

37.7 ...........
47.1 ...........
65.8
35.7
62.6
36.2
71.8
49.8
71.1
41.6
56.6
22.2

64
65
66
67
68
69
70

683.3 ..............

–21.0

–19.7 ...........

71

616.9
589.5
614.7
637.6
625.7 ...............
514.6
494.2
513.3
530.6
520.1 ..............
18,160.6 17,876.8 18,144.3 18,263.8 18,357.5 ............... 16,529.5 16,371.4 16,529.7 16,585.1 16,631.7 ..............
15,125.7 14,856.6 15,109.3 15,227.6 15,309.2 15,348.7 13,721.9 13,573.0 13,714.4 13,779.5 13,820.9 13,829.5

19.3
342.8
327.8

–10.5 ...........
46.6 ...........
41.4
8.6

72
73
74

1. Real gross domestic income is 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.

-8-

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

2013

2014

2015

2012
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

III

2013
IV

I

II

2014
III

IV

I

II

2015
III

IV

Gross domestic product (GDP) ....
1.6
1.6
1.0
1.8
2.4
1.5
1.5
1.1
2.0
1.8
1.5
2.2
1.6
0.1
Personal consumption expenditures ......
1.4
1.4
0.3
1.2
1.3
2.2
1.4
0.4
1.7
1.4
1.6
2.1
1.2 –0.4
Goods......................................................
–0.5 –0.4 –2.8 –0.8
0.2
1.5 –0.9 –3.0
0.9 –0.9 –0.1
1.4 –0.4 –4.6
Durable goods .....................................
–1.8 –2.3 –2.1 –1.8 –2.3 –1.5 –1.1 –2.1 –2.6 –2.3 –2.5 –1.6 –2.3 –3.3
Nondurable goods ...............................
0.2
0.6 –3.2 –0.4
1.4
2.9 –0.8 –3.4
2.6 –0.2
1.0
2.8
0.6 –5.3
Services...................................................
2.3
2.3
1.9
2.3
1.9
2.5
2.5
2.2
2.1
2.6
2.5
2.5
2.0
1.7
Gross private domestic investment ........
1.5
1.8
0.6
1.8
1.7
1.0
1.2
2.2
1.4
1.8
2.1
1.1
2.2
1.8
Fixed investment .....................................
1.6
1.9
0.6
1.7
1.6
0.9
1.4
2.2
1.6
2.3
2.4
1.1
2.4
1.4
Nonresidential......................................
0.8
1.0
0.2
1.7
1.2
0.2
0.2
1.4
0.7
0.9
0.9
1.1
1.2
0.6
Structures ........................................
1.6
1.5 –0.5
4.6
1.4 –0.4
1.3
3.1
1.2
2.2
1.2
0.7
1.7
1.0
Equipment........................................
0.4
0.7
0.7
0.3
1.1
1.3 –0.3
0.4
0.3
0.0
0.9
1.5
0.9
1.1
Intellectual property products...........
0.7
0.9
0.0
1.7
1.1 –1.0
0.4
2.0
0.8
1.3
0.6
0.8
1.4 –0.5
Residential...........................................
5.1
6.1
2.0
1.6
3.5
4.0
6.4
5.4
5.5
7.9
8.9
1.0
7.1
4.6
Change in private inventories.................. .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... ..........
Net exports of goods and services ......... .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... ..........
Exports ....................................................
0.2
0.1 –4.9
1.1 –0.2
1.3
1.3 –2.8
0.7
0.1
3.0
0.0 –1.0 –6.9
Goods..................................................
–0.5 –0.7 –6.8
0.3 –0.2
0.6
0.8 –4.2
0.1 –1.0
3.4 –0.9 –2.4 –9.6
Services...............................................
1.7
1.9 –0.6
2.8 –0.4
2.9
2.4
0.3
1.8
2.6
2.1
2.2
2.2 –0.7
Imports ....................................................
–0.8 –0.2 –7.7 –2.4 –5.7
4.1
0.7 –3.8 –0.8
0.7
3.3 –1.3 –0.9 –6.8
Goods..................................................
–1.1 –0.5 –8.9 –3.1 –7.0
4.5
0.6 –4.6 –1.0 –0.1
3.7 –1.7 –1.0 –7.9
Services...............................................
1.1
1.2 –1.7
1.0
0.9
2.1
0.7
0.0
0.4
4.6
1.3
0.5 –0.1 –1.3
Government consumption expenditures
1.6
1.8
0.3
0.4
1.2
1.9
1.6
1.0
2.2
3.4
0.9
1.9
2.2 –0.4
and gross investment ...........................
Federal ....................................................
1.0
1.6
0.7
0.9
0.5
0.1
0.7
0.6
1.4
6.1 –1.2
1.9
1.7 –0.2
National defense..................................
0.6
1.4
0.2
0.8
0.5
0.1
0.4
0.0
1.1
4.1
0.2
1.4
1.5 –0.5
Nondefense .........................................
1.6
2.0
1.4
1.0
0.6
0.0
1.3
1.5
2.0
9.6 –3.5
2.7
2.0
0.3
State and local.........................................
2.0
1.9
0.0
0.1
1.6
3.1
2.2
1.2
2.7
1.7
2.3
2.0
2.5 –0.6
Addenda:
Final sales of domestic product...............
1.6
1.7
1.0
1.8
2.4
1.5
1.5
1.1
2.0
1.9
1.5
2.2
1.6
0.0
Gross domestic purchases......................
1.4
1.5
0.4
1.2
1.3
1.9
1.4
0.8
1.7
1.8
1.6
1.9
1.5 –0.1
Final sales to domestic purchasers.........
1.4
1.6
0.3
1.1
1.3
1.9
1.4
0.8
1.7
1.9
1.6
1.9
1.5 –0.2
Final sales to private domestic
purchasers...........................................
1.4
1.5
0.4
1.3
1.4
1.9
1.4
0.8
1.7
1.6
1.8
1.9
1.4 –0.1
Gross national product (GNP).................
1.6
1.6
1.0
1.8
2.4
1.5
1.5
1.1
2.0
1.8
1.5
2.2
1.6
0.1
Implicit price deflators:
GDP.....................................................
1.6
1.6
1.0
1.8
2.2
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
0.1
Gross domestic purchases ..................
1.4
1.5
0.4
1.2
1.1
2.1
1.5
0.7
1.6
1.8
1.7
1.9
1.6 –0.1
GNP.....................................................
1.6
1.6
1.0
1.8
2.1
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
0.1

See Explanatory Note at the end of the tables.

-9-

I

II

2016 Line
III

IV

I

0.1
2.1
1.3
0.9
0.7
–1.9
2.2
1.3
0.3
0.3
–8.7
2.5 –0.3 –2.8 –4.1
–2.4 –0.2 –2.4 –1.5 –1.1
–11.6
3.8
0.8 –3.5 –5.6
1.6
2.1
2.0
1.9
2.4
–0.4 –1.0
1.5
0.6
0.4
–0.4 –1.0
1.5
0.8
0.5
–0.4 –1.0
1.2
0.4
0.2
–2.3 –2.4
1.3 –0.1 –1.6
1.0
0.0
0.3
0.0
0.4
–1.1 –1.5
2.3
1.4
1.0
–0.4 –0.8
2.6
2.1
1.9
.......... ........... ........... .......... ..........
.......... ........... ........... .......... ..........
–9.4 –1.0 –4.1 –5.5 –5.6
–12.1 –1.6 –6.0 –7.9 –10.1
–3.3
0.2 –0.4 –0.6
3.5
–17.2 –4.2 –3.5 –7.5 –7.5
–19.7 –5.1 –3.8 –8.9 –9.1
–4.3 –0.2 –2.0 –1.1 –0.6

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

–1.6
0.1
–0.6
1.1
–2.6

1.2
0.8
0.3
1.6
1.4

0.9
0.9
0.4
1.8
1.0

0.2
1.3
1.3
1.3
–0.4

0.1
1.6
1.1
2.4
–0.8

22
23
24
25
26

0.1
–1.6
–1.6

2.1
1.5
1.5

1.3
1.3
1.3

0.9
0.4
0.4

0.8
0.3
0.3

27
28
29

–1.6
0.1

1.6
2.1

1.3
1.3

0.4
0.3
0.9 ..........

30
31

0.1
–1.6
0.1

2.1
1.5
2.1

1.3
1.2
1.3

0.9
0.7
0.4
0.2
0.9 ..........

32
33
34

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

2013

2014

2015

2015
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

II

2016
III

IV

I

Gross domestic product.........................................................
108.077
110.701
113.386
112.196
113.280
113.838
114.230
114.384
Personal consumption expenditures ...............................................
107.550
110.448
113.876
112.535
113.527
114.374
115.068
115.601
Goods ...............................................................................................
112.954
116.656
120.985
118.924
120.526
121.996
122.495
122.531
Durable goods...............................................................................
127.777
135.256
143.304
139.785
142.503
144.790
146.139
145.548
Nondurable goods.........................................................................
106.653
108.858
111.719
110.238
111.396
112.539
112.705
112.988
Services ............................................................................................
104.941
107.462
110.480
109.459
110.180
110.752
111.529
112.274
Gross private domestic investment..................................................
137.226
144.702
151.847
150.696
152.535
152.265
151.893
150.535
Fixed investment...............................................................................
123.507
130.018
135.273
133.355
135.040
136.285
136.410
135.846
Nonresidential ...............................................................................
123.895
131.517
135.253
133.986
135.336
136.208
135.482
133.455
Structures..................................................................................
98.052
106.027
104.444
104.567
106.157
104.201
102.851
99.992
Equipment .................................................................................
150.473
159.269
164.181
162.344
162.485
166.380
165.516
161.836
Intellectual property products ....................................................
113.791
119.708
126.472
124.718
127.235
126.992
126.944
127.488
Residential ....................................................................................
121.876
124.014
135.009
130.642
133.591
136.240
139.563
144.478
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
127.105
131.404
132.897
131.719
133.368
133.590
132.911
132.054
Imports of goods and services .........................................................
122.812
127.516
133.800
132.742
133.730
134.489
134.239
134.293
Government consumption expenditures and gross investment ...
92.418
91.880
92.550
91.889
92.483
92.898
92.928
93.195
Federal..............................................................................................
93.959
91.676
91.421
91.265
91.265
91.320
91.836
91.471
State and local ..................................................................................
91.383
91.953
93.207
92.226
93.198
93.843
93.562
94.235
Addenda:
Final sales of domestic product ........................................................
106.488
109.031
111.503
110.212
111.282
112.034
112.486
112.731
Gross domestic purchases ...............................................................
108.014
110.744
114.044
112.870
113.882
114.501
114.924
115.168
Final sales to domestic purchasers ..................................................
106.470
109.120
112.208
110.934
111.934
112.743
113.222
113.555
Final sales to private domestic purchasers.......................................
110.191
113.688
117.419
115.982
117.089
118.003
118.602
118.953
Gross national product......................................................................
108.439
111.098
113.450
112.365
113.452
113.832
114.152 ...................

See Explanatory Note at the end of the tables.

- 10 -

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

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

2013

2014

2015

2015
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
32

II

2016
III

IV

Line

I

Gross domestic product ........................................................
106.935
108.694
109.782
109.112
109.685
110.045
110.287
110.491
Personal consumption expenditures (PCE) ....................................
107.572
109.105
109.440
108.795
109.391
109.740
109.834
109.911
Goods...............................................................................................
106.200
105.823
102.817
102.567
103.191
103.125
102.385
101.314
Durable goods ..............................................................................
94.665
92.494
90.595
90.993
90.939
90.396
90.051
89.809
Nondurable goods ........................................................................
112.031
112.688
109.053
108.417
109.441
109.663
108.691
107.129
Services............................................................................................
108.292
110.818
112.905
112.051
112.632
113.200
113.737
114.417
Gross private domestic investment .................................................
103.442
105.288
105.957
105.910
105.652
106.050
106.218
106.320
Fixed investment ..............................................................................
103.652
105.663
106.254
106.200
105.946
106.331
106.539
106.682
Nonresidential...............................................................................
102.993
103.977
104.195
104.211
103.953
104.251
104.364
104.407
Structures..................................................................................
107.541
109.120
108.617
108.951
108.286
108.623
108.609
108.175
Equipment.................................................................................
100.290
101.030
101.733
101.685
101.694
101.774
101.780
101.870
Intellectual property products....................................................
103.671
104.618
104.576
104.479
104.088
104.690
105.049
105.321
Residential ....................................................................................
106.458
112.903
115.121
114.773
114.538
115.286
115.888
116.428
Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... ....................
Exports of goods and services.........................................................
112.147
112.250
106.785
107.925
107.661
106.528
105.027
103.529
Imports of goods and services .........................................................
113.798
113.566
104.846
106.685
105.535
104.596
102.567
100.581
Government consumption expenditures and gross investment...
109.086
111.057
111.350
110.959
111.284
111.547
111.611
111.637
Federal .............................................................................................
107.562
109.274
110.011
109.623
109.850
110.108
110.461
110.899
State and local..................................................................................
110.143
112.287
112.296
111.901
112.290
112.556
112.437
112.202
Addenda:
PCE excluding food and energy 1 .....................................................
106.355
107.981
109.412
108.758
109.264
109.636
109.992
110.557
Market-based PCE 2 .........................................................................
107.031
108.255
108.255
107.652
108.240
108.541
108.588
108.551
Market-based PCE excluding food and energy 2 ..............................
105.543
106.826
108.026
107.418
107.903
108.222
108.560
109.065
Final sales of domestic product........................................................
106.963
108.747
109.826
109.150
109.730
110.088
110.336
110.548
Gross domestic purchases...............................................................
107.319
108.982
109.366
108.864
109.271
109.614
109.716
109.788
Final sales to domestic purchasers ..................................................
107.344
109.033
109.402
108.896
109.308
109.649
109.757
109.836
Final sales to private domestic purchasers ......................................
106.902
108.528
108.914
108.384
108.814
109.170
109.287
109.377
Gross national product .....................................................................
107.058
108.809
109.875
109.208
109.778
110.138
110.376 ....................
Implicit price deflators:
Gross domestic product................................................................
106.929
108.686
109.775
109.099
109.674
110.029
110.286
110.479
Final sales of domestic product ....................................................
106.963
108.747
109.825
109.146
109.726
110.084
110.332
110.544
Gross domestic purchases ...........................................................
107.313
108.974
109.359
108.852
109.260
109.599
109.716
109.777
Final sales to domestic purchasers ..............................................
107.344
109.033
109.401
108.892
109.304
109.645
109.753
109.832
Gross national product..................................................................
107.052
108.800
109.868
109.195
109.768
110.122
110.376 ....................

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

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.

- 11 -

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
38
39
40
41
42

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015 Line

Gross domestic product (GDP) ........................................
4.1
1.0
1.8
2.8
3.8
3.3
2.7
1.8 –0.3 –2.8
2.5
1.6
2.2
1.5
2.4
2.4
Personal consumption expenditures (PCE) ...............................
5.1
2.6
2.6
3.1
3.8
3.5
3.0
2.2 –0.3 –1.6
1.9
2.3
1.5
1.7
2.7
3.1
Goods..........................................................................................
5.2
3.0
3.9
4.8
5.1
4.1
3.6
2.7 –2.5 –3.0
3.4
3.1
2.7
3.1
3.3
3.7
Durable goods .........................................................................
8.6
5.2
7.3
7.1
8.2
5.4
4.3
4.6 –5.1 –5.5
6.1
6.1
7.4
5.8
5.9
6.0
Nondurable goods ...................................................................
3.2
1.7
1.9
3.5
3.3
3.3
3.3
1.7 –1.1 –1.8
2.2
1.8
0.6
1.9
2.1
2.6
Services.......................................................................................
5.0
2.4
1.9
2.2
3.2
3.2
2.7
2.0
0.8 –0.9
1.2
1.8
0.8
1.0
2.4
2.8
Gross private domestic investment ............................................
6.5 –6.1 –0.6
4.1
8.8
6.4
2.1 –3.1 –9.4 –21.6 12.9
5.2 10.6
4.5
5.4
4.9
Fixed investment .........................................................................
6.9 –1.6 –3.5
4.0
6.7
6.8
2.0 –2.0 –6.8 –16.7
1.5
6.3
9.8
4.2
5.3
4.0
Nonresidential..........................................................................
9.1 –2.4 –6.9
1.9
5.2
7.0
7.1
5.9 –0.7 –15.6
2.5
7.7
9.0
3.0
6.2
2.8
Structures.............................................................................
7.8 –1.5 –17.7 –3.9 –0.4
1.7
7.2 12.7
6.1 –18.9 –16.4
2.3 12.9
1.6
8.1 –1.5
Equipment............................................................................
9.7 –4.3 –5.4
3.2
7.7
9.6
8.6
3.2 –6.9 –22.9 15.9 13.6 10.8
3.2
5.8
3.1
Intellectual property products...............................................
8.9
0.5 –0.5
3.8
5.1
6.5
4.5
4.8
3.0 –1.4
1.9
3.6
3.9
3.8
5.2
5.7
Residential ...............................................................................
0.7
0.9
6.1
9.1 10.0
6.6 –7.6 –18.8 –24.0 –21.2 –2.5
0.5 13.5
9.5
1.8
8.9
Change in private inventories ...................................................... .......... ........... .......... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ...........
Net exports of goods and services.............................................. .......... ........... .......... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ...........
Exports ........................................................................................
8.6 –5.8 –1.7
1.8
9.8
6.3
9.0
9.3
5.7 –8.8
11.9
6.9
3.4
2.8
3.4
1.1
Goods ......................................................................................
10.1 –6.2 –3.4
1.9
8.6
7.3
9.4
7.5
6.1 –12.1 14.4
6.5
3.6
2.8
4.4 –0.2
Services ...................................................................................
4.7 –5.0
2.7
1.5 12.7
3.8
8.1 13.7
4.8 –1.1
6.8
7.6
3.0
2.7
1.2
4.0
Imports.........................................................................................
13.0 –2.8
3.7
4.5
11.4
6.3
6.3
2.5 –2.6 –13.7 12.7
5.5
2.2
1.1
3.8
4.9
Goods ......................................................................................
13.1 –3.2
3.7
4.9
11.2
6.7
5.9
1.8 –3.7 –15.8 14.9
5.8
2.1
1.0
4.3
4.8
Services ...................................................................................
12.6 –0.6
3.3
2.1 12.7
4.5
8.6
6.2
3.7 –3.8
3.8
4.0
3.0
1.5
1.6
5.6
Government consumption expenditures and gross
investment..................................................................................
1.9
3.8
4.4
2.2
1.6
0.6
1.5
1.6
2.8
3.2
0.1 –3.0 –1.9 –2.9 –0.6
0.7
Federal ........................................................................................
0.3
3.9
7.2
6.8
4.5
1.7
2.5
1.7
6.8
5.7
4.4 –2.7 –1.9 –5.7 –2.4 –0.3
National defense......................................................................
–0.9
3.5
7.0
8.5
6.0
2.0
2.0
2.5
7.5
5.4
3.2 –2.3 –3.4 –6.7 –3.8 –1.2
Nondefense .............................................................................
2.3
4.7
7.4
4.1
2.0
1.3
3.5
0.3
5.5
6.2
6.4 –3.4
0.9 –4.0 –0.1
1.2
State and local.............................................................................
2.8
3.7
2.9 –0.4 –0.1
0.0
0.9
1.5
0.3
1.6 –2.7 –3.3 –1.9 –1.0
0.6
1.4
Addenda:
Gross domestic income (GDI) 1....................................................
4.7
1.1
1.4
2.3
3.7
3.6
4.0
0.1 –0.8 –2.6
2.7
2.2
3.3
1.3
2.6
2.3
Average of GDP and GDI ............................................................
4.4
1.0
1.6
2.5
3.8
3.4
3.3
0.9 –0.6 –2.7
2.6
1.9
2.7
1.4
2.5
2.4
Final sales of domestic product ...................................................
4.2
1.9
1.3
2.8
3.4
3.4
2.6
2.0
0.2 –2.0
1.1
1.7
2.1
1.4
2.4
2.3
Gross domestic purchases ..........................................................
4.8
1.2
2.3
3.1
4.3
3.5
2.6
1.1 –1.3 –3.8
2.9
1.6
2.1
1.2
2.5
3.0
Final sales to domestic purchasers .............................................
4.9
2.0
1.8
3.1
3.9
3.6
2.6
1.4 –0.9 –3.1
1.5
1.7
1.9
1.2
2.5
2.8
Final sales to private domestic purchasers .................................
5.5
1.7
1.3
3.3
4.4
4.2
2.8
1.3 –1.7 –4.6
1.9
2.9
2.9
2.2
3.2
3.3
Gross national product ................................................................
4.2
1.1
1.7
2.9
3.9
3.3
2.4
2.2
0.0 –2.9
2.8
1.8
2.1
1.5
2.5
2.1
Real disposable personal income................................................
5.0
2.8
3.1
2.7
3.6
1.5
4.0
2.1
1.5 –0.4
1.0
2.5
3.2 –1.4
2.7
3.4
Price indexes:
Gross domestic purchases ......................................................
2.6
1.9
1.4
2.2
2.9
3.5
3.2
2.7
2.9 –0.2
1.5
2.4
1.8
1.4
1.5
0.4
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
0.5
1.3
1.8
1.8
1.5
1.6
1.0
Gross domestic purchases excluding food and energy 2 .........
GDP.........................................................................................
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
0.8
1.2
2.1
1.8
1.6
1.6
1.0
2.3
2.0
1.8
1.9
2.7
3.4
3.1
2.6
2.1
0.5
1.4
1.9
1.8
1.7
1.7
1.1
GDP excluding food and energy 2 ............................................
PCE .........................................................................................
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1 –0.1
1.7
2.5
1.9
1.4
1.4
0.3
1.7
1.8
1.7
1.5
1.9
2.2
2.2
2.2
2.1
1.2
1.3
1.5
1.9
1.5
1.5
1.3
PCE excluding food and energy 2.............................................
Market-based PCE 3 .................................................................
2.4
1.9
1.1
1.9
2.4
2.8
2.7
2.5
3.4
0.4
1.5
2.5
1.8
1.1
1.1
0.0
1.5
1.8
1.5
1.4
1.7
2.0
2.2
2.0
2.3
1.9
1.0
1.4
1.8
1.2
1.2
1.1
Market-based PCE excluding food and energy 3......................

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

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.
See Explanatory Note at the end of the tables.

- 12 -

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

2012
II

III

2013
IV

I

II

2014
III

IV

I

II

2015
III

IV

I

II

2016
III

IV

I

Gross domestic product (GDP) ........................................
2.5
2.4
1.3
1.1
0.9
1.5
2.5
1.7
2.6
2.9
2.5
2.9
2.7
2.1
2.0
2.0
Personal consumption expenditures (PCE) ...............................
1.6
1.4
1.3
1.3
1.5
1.7
2.3
2.0
2.6
3.0
3.2
3.3
3.3
3.1
2.7
2.7
Goods..........................................................................................
2.7
3.2
2.8
3.0
3.1
3.0
3.2
2.0
3.4
3.7
4.0
4.0
3.7
3.9
3.3
3.0
Durable goods .........................................................................
7.7
8.2
7.2
6.6
6.4
5.6
4.6
3.1
5.9
7.0
7.5
7.3
5.9
5.6
5.1
4.1
Nondurable goods ...................................................................
0.5
0.9
0.8
1.4
1.5
1.9
2.6
1.5
2.2
2.2
2.3
2.4
2.6
3.1
2.4
2.5
Services.......................................................................................
1.0
0.5
0.6
0.5
0.7
1.0
1.8
1.9
2.2
2.7
2.8
3.0
3.0
2.8
2.4
2.6
Gross private domestic investment ............................................
12.7 12.1
3.7
3.1
1.9
5.5
7.5
5.0
6.8
5.3
4.7
7.6
5.7
3.7
2.9 –0.1
Fixed investment .........................................................................
12.1
7.8
7.0
4.7
3.6
4.5
4.1
4.4
5.1
6.1
5.5
4.8
4.7
3.6
3.1
1.9
Nonresidential..........................................................................
12.1
6.7
5.2
3.2
1.6
3.0
4.2
5.3
6.2
7.6
5.5
3.9
3.8
2.2
1.5 –0.4
Structures ............................................................................
17.2
9.6
4.1 –2.0 –1.7
3.5
6.5 13.0
9.9
5.0
5.0 –1.4
0.2 –1.2 –3.5 –4.4
Equipment............................................................................
15.2
7.5
6.9
4.6
2.3
2.1
3.9
3.2
5.0 10.2
5.1
4.8
3.3
1.8
2.5 –0.3
Intellectual property products...............................................
4.4
3.5
3.4
4.9
3.1
4.1
3.2
3.3
5.3
5.7
6.5
6.4
7.3
5.4
3.6
2.2
Residential...............................................................................
12.4 13.1 15.7
11.2 12.7
11.2
3.5
0.6
0.9
0.5
5.1
8.4
8.2
9.4
9.4 10.6
Change in private inventories...................................................... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........
Net exports of goods and services ............................................. ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........
Exports ........................................................................................
3.9
3.3
2.2
1.8
1.8
2.4
5.2
3.1
4.3
3.7
2.4
2.6
1.5
1.2 –0.6
0.3
Goods......................................................................................
4.5
4.2
1.2
0.8
1.5
2.2
6.8
4.1
5.2
5.5
2.9
2.2
0.9 –0.8 –3.1 –0.9
Services...................................................................................
2.5
1.4
4.5
3.8
2.6
2.8
1.6
1.0
2.3 –0.1
1.4
3.3
2.7
5.6
4.6
2.5
Imports ........................................................................................
3.0
2.4
0.3 –0.1
0.7
1.2
2.4
2.9
3.9
3.1
5.4
6.5
4.8
5.6
2.9
1.2
Goods......................................................................................
3.0
2.6
0.1 –0.3
0.6
1.1
2.4
3.3
4.4
3.5
5.8
6.5
4.8
5.4
2.6
0.7
Services...................................................................................
3.4
1.4
1.2
0.7
1.3
1.5
2.4
1.0
1.5
0.9
3.1
6.5
4.9
6.7
4.2
3.5
Government consumption expenditures and gross
investment .................................................................................
–2.0 –1.6 –2.2 –2.9 –2.9 –3.2 –2.9 –1.8 –1.0
0.0
0.4
0.4
0.7
0.7
1.1
1.4
Federal ........................................................................................
–2.5 –1.4 –2.1 –4.4 –5.1 –6.6 –6.8 –4.5 –3.4 –1.0 –0.8 –0.6 –0.3 –1.1
0.9
0.2
National defense......................................................................
–4.0 –4.3 –3.9 –5.6 –5.9 –8.0 –7.4 –6.0 –4.7 –1.7 –2.9 –1.5 –1.3 –2.7
0.7 –0.5
Nondefense .............................................................................
0.2
4.0
1.0 –2.3 –3.6 –4.2 –5.9 –2.0 –1.2
0.1
2.7
0.9
1.3
1.4
1.3
1.3
State and local.............................................................................
–1.6 –1.8 –2.3 –1.8 –1.4 –0.8 –0.2
0.1
0.6
0.7
1.1
1.0
1.4
1.9
1.2
2.2
Addenda:
Gross domestic income (GDI) 1 ...................................................
3.5
2.8
2.8
0.8
1.4
1.6
1.4
1.6
2.1
3.3
3.3
3.3
2.6
1.9
1.4 ...........
Average of GDP and GDI............................................................
3.0
2.6
2.1
1.0
1.2
1.5
1.9
1.7
2.3
3.1
2.9
3.1
2.7
2.0
1.7 ...........
Final sales of domestic product...................................................
2.4
1.8
1.7
1.3
1.1
1.3
1.9
1.6
2.3
3.0
2.6
2.4
2.5
2.1
2.0
2.3
Gross domestic purchases..........................................................
2.4
2.3
1.0
0.8
0.7
1.3
2.1
1.7
2.6
2.8
2.9
3.5
3.2
2.8
2.5
2.0
Final sales to domestic purchasers.............................................
2.3
1.7
1.4
1.0
1.0
1.2
1.6
1.6
2.3
3.0
3.0
3.0
3.0
2.8
2.5
2.4
Final sales to private domestic purchasers .................................
3.3
2.5
2.3
1.9
1.9
2.2
2.6
2.4
3.0
3.6
3.6
3.6
3.5
3.2
2.8
2.6
Gross national product ................................................................
2.4
2.2
1.0
0.9
1.0
1.6
2.6
1.9
2.6
2.9
2.4
2.7
2.5
1.7
1.6 ...........
Real disposable personal income ...............................................
3.0
2.4
5.1 –1.0 –1.1 –0.5 –2.9
2.3
2.4
2.5
3.6
3.6
3.5
3.6
3.0
2.8
Price indexes:
Gross domestic purchases ......................................................
1.6
1.5
1.7
1.5
1.4
1.5
1.4
1.5
1.8
1.7
1.2
0.4
0.3
0.3
0.4
0.8
1.7
1.6
1.7
1.5
1.5
1.5
1.7
1.6
1.7
1.8
1.4
1.1
1.0
0.9
0.9
1.2
Gross domestic purchases excluding food and energy 2 .........
GDP.........................................................................................
1.7
1.7
1.9
1.8
1.6
1.5
1.6
1.6
1.9
1.8
1.3
1.0
1.0
0.9
1.1
1.3
1.7
1.6
1.8
1.6
1.6
1.8
1.9
1.8
1.9
1.8
1.5
1.2
1.1
1.1
1.1
1.4
GDP excluding food and energy 2 ............................................
PCE .........................................................................................
1.8
1.6
1.8
1.5
1.3
1.4
1.2
1.3
1.7
1.6
1.1
0.2
0.3
0.3
0.5
1.0
1.9
1.7
1.8
1.7
1.5
1.5
1.5
1.4
1.6
1.6
1.4
1.3
1.3
1.3
1.4
1.7
PCE excluding food and energy 2 ............................................
Market-based PCE 3.................................................................
1.7
1.5
1.6
1.3
1.0
1.1
0.9
0.9
1.5
1.3
0.9 –0.1 –0.1
0.0
0.2
0.8
Market-based PCE excluding food and energy 3 .....................
1.9
1.7
1.5
1.4
1.1
1.1
1.2
1.1
1.3
1.3
1.2
1.1
1.1
1.1
1.2
1.5

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

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.
See Explanatory Note at the end of the tables.

- 13 -

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

2013

2014

2015

2015

16,663.2
826.2
575.8
16,913.5
2,632.8
–177.6
14,458.3
8,839.7
7,114.4
1,725.3

17,348.1
854.3
591.2
17,611.2
2,746.7
–212.0
15,076.5
9,248.9
7,477.8
1,771.2

17,947.0
830.5
616.9
18,160.6
2,821.3
–195.2
15,534.5
9,654.9
7,824.0
1,830.9

17,649.3
817.0
589.5
17,876.8
2,792.7
–252.3
15,336.4
9,487.9
7,682.4
1,805.5

17,913.7
845.3
614.7
18,144.3
2,804.3
–180.4
15,520.3
9,615.2
7,791.8
1,823.4

18,060.2
841.2
637.6
18,263.8
2,832.6
–184.4
15,615.6
9,709.5
7,870.0
1,839.5

18,164.8
818.4
625.7
18,357.5
2,855.7
–163.9
15,665.7
9,806.9
7,951.7
1,855.2

18,221.1
...................
...................
...................
2,872.4
...................
...................
9,898.0
8,027.7
1,870.3

1
2
3
4
5
6
7
8
9
10

1,285.1
563.4

1,346.7
610.8

1,388.3
656.6

1,369.4
637.0

1,377.0
654.1

1,400.1
663.6

1,406.7
671.7

1,413.0
684.9

11
12

2,037.4
513.5
1,118.6
119.4
–18.8

2,072.9
532.3
1,155.8
127.3
–18.3

2,008.9
523.8
1,177.3
141.2
–16.5

2,012.5
561.3
1,169.2
115.6
–16.6

2,083.0
506.6
1,175.7
124.9
–16.1

2,049.9
508.3
1,179.0
121.2
–16.0

1,890.3 ...................
519.0
515.1
1,185.5
1,186.7
203.0
135.7
–17.4
–18.0

13
14
15
16
17

16,840.8
16,752.0
–1.1

17,560.1
17,454.1
–1.2

18,142.2
18,044.6
–1.1

17,901.6
17,775.4
–1.4

18,094.0
18,003.9
–1.0

18,244.5
18,152.3
–1.0

18,328.7 ...................
18,246.8 ...................
–0.9 ...................

18
19
20

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

Gross domestic product (GDP) .........................................................
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.......................................
Addenda:
Gross domestic income (GDI)...........................................................
Average of GDP and GDI..................................................................
Statistical discrepancy as a percentage of GDP...............................

2016

II

III

IV

Line

I

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

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

2013

2014

2015

2015

2016

I

II

III

IV

I

Line

14,068.4 14,694.2
8,839.7 9,248.9
7,114.4 7,477.8
1,725.3 1,771.2
1,285.1 1,346.7
88.8
78.1
1,196.3 1,268.6
563.4
610.8
2,060.4
2,117.5
1,271.3 1,302.0
789.0
815.5
2,426.6 2,529.2
1,106.8 1,159.0
1,672.8 1,780.2
12,395.6 12,913.9
11,805.7 12,293.7
589.9
620.2
4.8
4.8

15,340.4
9,654.9
7,824.0
1,830.9
1,388.3
59.9
1,328.4
656.6
2,180.5
1,312.3
868.2
2,662.7
1,202.5
1,945.4
13,395.0
12,717.5
677.5
5.1

15,079.8
9,487.9
7,682.4
1,805.5
1,369.4
60.5
1,308.9
637.0
2,145.5
1,282.6
863.0
2,625.8
1,185.8
1,900.1
13,179.8
12,492.2
687.6
5.2

15,277.0
9,615.2
7,791.8
1,823.4
1,377.0
56.9
1,320.1
654.1
2,178.3
1,313.4
864.9
2,651.3
1,198.9
1,938.7
13,338.3
12,674.5
663.9
5.0

15,443.7
9,709.5
7,870.0
1,839.5
1,400.1
65.2
1,334.9
663.6
2,202.8
1,335.0
867.8
2,675.7
1,207.9
1,957.3
13,486.4
12,806.2
680.2
5.0

15,561.1
9,806.9
7,951.7
1,855.2
1,406.7
57.1
1,349.7
671.7
2,195.3
1,318.3
876.9
2,698.0
1,217.6
1,985.7
13,575.4
12,897.1
678.3
5.0

15,691.9
9,898.0
8,027.7
1,870.3
1,413.0
49.9
1,363.1
684.9
2,194.4
1,321.0
873.5
2,731.2
1,229.6
2,010.0
13,681.9
12,969.6
712.3
5.2

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

10,822.3
11,523.1

11,584.1
12,239.5

11,447.6
12,114.7

11,542.2
12,193.6

11,635.1
12,289.8

11,711.7
12,360.2

11,792.3
12,448.5

19
20

11,149.8
11,836.3

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.

- 14 -

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

2012

2013 2014 2015
II

III

2013
IV

I

II

2014
III

IV

I

2015

II

III

IV

4.6
10.3
1.7
6.3
16.5
4.2
8.2
4.6
0.7
4.7
28.6
5.4

4.3
2.1
9.1 –0.2
2.4
2.7
0.6
6.8
19.8 –11.3
3.8
2.5
4.3 –26.7
4.3
2.2
1.9
5.5
4.3
2.0
6.9
7.0
5.5
2.6

I

2016 Line

II

III

IV

0.6
–1.8
2.1
–0.9
1.4
0.6
29.8
0.5
5.2
0.5
9.8
0.5

3.9
5.9
2.0
12.2
14.5
3.6
41.5
3.8
9.7
3.8
–4.9
5.1

2.0
1.4
2.2 –0.7
1.8
2.5
2.5
0.6
19.2 –21.1
1.5
2.2
5.0
9.8
2.0
1.4
–0.7 –0.5
2.1
1.4
41.8
4.6
1.8
1.5

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

1.5
3.9
0.2
2.5
4.9
1.4
14.7
1.4
2.5
1.5
22.7
1.7

2.4
3.7
1.7
3.6
7.2
2.3
2.1
2.4
1.8
2.4
2.3
3.0

2.4
2.5
2.2
4.0
4.7
2.4
9.9
2.4
4.3
2.4
10.3
2.9

1.9
0.5
5.4
1.2
0.0
0.4
3.6 –1.3
7.1
0.0
1.7
0.5
–2.1 18.8
1.9
0.4
–0.1
0.8
1.9
0.5
–9.4 –29.5
2.7
1.0

0.1
–0.7
0.3
2.2
–2.0
0.1
46.3
–0.1
4.7
0.0
–1.8
0.2

1.9
7.4
–0.4
–0.9
17.0
1.5
13.8
1.9
6.0
1.8
87.6
1.7

1.6
1.7
1.7
1.4
1.5

1.6
1.7
1.7
1.5
1.6

1.0
1.1
1.0
0.4
1.0

1.8
1.6
1.8
1.2
1.6

1.5
1.4
1.5
1.1
1.2

1.6
1.4
1.5
1.1
1.2

0.4
0.3
1.3
0.0
1.1

1.2
1.2
1.9
1.0
1.7

1.1
3.0
1.2
7.5
0.3
0.2
8.3
8.2
8.5 –13.7
0.9
3.5
11.5 –6.1
1.1
3.0
–0.6
1.4
1.2
3.0
38.4 35.4
1.1
3.5

3.8 –0.9
9.2 –7.3
2.1
1.7
–3.6
4.5
19.9
2.1
3.4 –1.0
4.4
5.1
3.8 –0.9
–0.5
4.3
3.9 –1.1
1.2 –31.8
5.2 –1.2

2.4
1.3
2.4
1.3
1.3

1.5
1.8
1.5
1.9
1.6

1.5
1.8
1.5
1.4
1.6

1.1
1.5
1.2
0.8
1.3

2.0
2.0
2.0
1.7
1.6

1.8
2.2
1.8
1.8
2.1

1.5
1.5
1.5
1.6
1.5

2.2
1.9
2.2
1.9
1.8

1.6
1.8
1.6
1.5
1.7

0.1
0.8
0.2
–0.1
0.8

0.1
0.5
0.2
–1.6
0.2

2.1
1.5
2.1
1.5
1.2

1.3
1.4
1.3
1.3
1.3

0.9
1.1
0.9
0.4
1.0

1.4
1.3
1.2
1.3
1.2

2.0
2.2
1.7
1.7
1.1

1.4
1.4
1.7
1.2
1.6

0.8
0.4
1.2
–0.2
0.6

1.8
1.7
1.4
1.6
1.3

1.9
1.4
1.7
0.9
1.2

1.6
1.6
1.4
1.4
1.1

2.0
2.1
2.0
1.9
1.7

1.6
1.2
1.4
1.1
1.3

0.0
–0.4
1.0
–0.9
0.7

–1.6
–1.9
1.0
–2.5
0.7

1.5
2.2
1.9
2.2
1.8

1.3
1.3
1.4
1.1
1.2

0.4
0.3
1.3
0.2
1.3

–0.9

4.6

4.3

2.1

0.6

3.9

2.0

1.4

0.77 1.64 0.36 –0.24 2.17 0.34 2.23 2.77 –2.30
1.35 –0.01 0.22 0.17 –0.20 0.20 0.16 1.32 1.04
0.31 0.25 –0.10 0.15 –0.06 0.58 0.59 –0.27 0.33
0.13 0.19 0.00 –0.05 0.43 0.23 –0.41 0.50 0.06
0.04 –0.01 0.07 0.16 0.06 0.05 –0.03 0.02 0.02
0.11 0.00 0.02 0.12 0.15 –0.01 0.04 –0.01 0.11

3.07
1.03
0.47
0.44
0.03
0.02

0.5
–3.0
1.7
5.4
1.5
0.5
75.1
0.3
2.2
0.5
–2.3
0.4

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

0.7
1.5
0.8
0.3
1.4

13
14
15
16
17

0.3 18
0.3 19
2.1 20
–0.1 21
1.9 22

Contributions to percent change in real gross domestic product
Percent change at annual rate:
23

Gross domestic product ..............................................

1.5

2.4

24
25
26
27
28
29

Percentage points at annual rates:
Goods ....................................................................................
Services .................................................................................
Structures...............................................................................
Motor vehicle output...............................................................
Final sales of computers ........................................................
Research and development ...................................................

1.17
0.13
0.18
0.13
0.06
0.06

1.13
1.03
0.27
0.20
0.01
0.05

2.4

1.9

0.5

0.1

1.9

1.1

3.0

3.8

2.74 –0.06 –0.57
1.49 1.63 1.28
0.05 0.50 –0.07
0.53 –0.35 0.04
0.02 –0.12 0.10
0.05 0.14 0.13

0.5

23

1.79 0.67 –0.20 –0.91
1.24 1.12 1.54 1.04
0.90 0.19 0.05 0.41
0.40 0.53 –0.71 0.04
0.13 0.02 0.04 0.23
0.25 –0.02 –0.01 0.06

24
25
26
27
28
29

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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