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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MAY 27, 2016
BEA 16-24
GDP:
Profits:
News Media:

Lisa Mataloni
Howard Krakower
Jeannine Aversa

(301) 278-9083
(301) 278-9417
(301) 278-9003

gdpniwd@bea.gov
cpniwd@bea.gov

GROSS DOMESTIC PRODUCT: FIRST QUARTER 2016 (SECOND ESTIMATE)
CORPORATE PROFITS: FIRST QUARTER 2016 (PRELIMINARY 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 0.8 percent in the first quarter of 2016, according to the
"second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP
increased 1.4 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 0.5
percent. With the second estimate for the first quarter, the decrease in private inventory investment was
smaller than previously estimated (see "Revisions" on page 2).
The increase in real GDP in the first quarter primarily 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, exports,
private inventory investment, and federal government spending. Imports, which are a subtraction in the
calculation of GDP, decreased.

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 “Preview
of the Upcoming Annual NIPA Revision” included in the May Survey of Current Business article
on “GDP and the Economy”.

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.

The deceleration in real GDP in the first quarter primarily reflected a larger decrease in
nonresidential fixed investment, a deceleration in PCE, and a downturn in federal government spending
that were partly offset by an upturn in state and local government spending, and an acceleration in
residential fixed investment.
Real gross domestic income (GDI) -- the value of the costs incurred and the incomes earned in
the production of goods and services in the nation’s economy -- increased 2.2 percent in the first quarter,
compared with an increase of 1.9 percent (revised) in the fourth quarter. The average of real GDP and
real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI,
increased 1.5 percent in the first quarter, compared with an increase of 1.7 percent (revised) in the fourth
quarter.
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.0 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 0.2 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 1.4 percent, or
$64.7 billion, in the first quarter to a level of $18,229.5 billion. In the fourth quarter, current-dollar GDP
increased 2.3 percent, or $104.6 billion.

Revisions
The second estimate of the first quarter percent change in real GDP is 0.3 percentage point more
than the advance estimate issued last month, primarily reflecting upward revisions to private inventory
investment, to residential fixed investment, and to exports and a downward revision to imports. For
more information, see the Technical Note. For information on revisions, see "The Revisions to GDP,
GDI, and Their Major Components."

Real GDP
Current-dollar GDP
Real GDI
Average of Real GDP and Real GDI
Gross domestic purchases price index

Advance Estimate
Second Estimate
(Percent change from preceding quarter)
0.5
0.8
1.2
1.4
…
2.2
…
1.5
0.3
0.2

For the fourth quarter of 2015, real GDI was revised up 1.0 percentage point, from 0.9 percent to
1.9 percent.
-2-

Corporate Profits
Profits from current production
Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) increased $6.5 billion in the first quarter, in contrast to a
decrease of $159.6 billion in the fourth.
Profits of domestic financial corporations decreased $2.0 billion in the first quarter, compared
with a decrease of $24.0 billion in the fourth. Profits of domestic nonfinancial corporations increased
$45.7 billion, in contrast to a decrease of $129.2 billion. The rest-of-the-world component of profits
decreased $37.3 billion, compared with a decrease of $6.5 billion. This measure is calculated as the
difference between receipts from the rest of the world and payments to the rest of the world. In the first
quarter, receipts decreased $3.5 billion, and payments increased $33.8 billion.
Taxes on corporate income decreased $1.7 billion in the first quarter, compared with a decrease
of $32.2 billion in the fourth. Profits after tax with IVA and CCAdj increased $8.1 billion, in contrast to
a decrease of $127.4 billion.
Dividends increased $7.4 billion in the first quarter, in contrast to a decrease of $15.1 billion in
the fourth. Undistributed profits increased $0.8 billion, in contrast to a decrease of $112.2 billion. Net
cash flow with IVA -- the internal funds available to corporations for investment -- increased $11.8
billion, in contrast to a decrease of $101.6 billion.
The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of
fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in
the national income and product accounts. The IVA decreased $20.8 billion in the first quarter, in
contrast to an increase of $13.2 billion in the fourth. The CCAdj decreased $2.8 billion in the first
quarter, in contrast to an increase of $3.6 billion.
Gross value added of nonfinancial domestic corporate business
Real gross value added of nonfinancial corporations increased in the first quarter. Unit profits
from current production (profits per unit of real gross value added) increased reflecting a decrease in
unit nonlabor cost that was partially offset by a decrease in price per unit and an increase in unit labor
cost.

-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 -- June 28, 2016 at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2016 (Third Estimate)
Corporate Profits: First Quarter 2016 (Revised Estimate)

-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

r

II
1

III

2013
IV

I

II

2014
III

IV

I

II

2015
III

IV

I

II

2016
III

IV r

Line

Ir

Gross domestic product (GDP) ....

1.5

2.4

2.4

1.9

0.5

0.1

1.9

1.1

3.0

3.8

–0.9

4.6

4.3

2.1

0.6

3.9

2.0

1.4

0.8

1

2 Personal consumption expenditures ......
3 Goods ......................................................
4
Durable goods......................................
5
Nondurable goods................................
6 Services ...................................................

1.7
3.1
5.8
1.9
1.0

2.7
3.3
5.9
2.1
2.4

3.1
3.7
6.0
2.6
2.8

0.7
1.1
2.8
0.4
0.5

1.1
2.7
6.8
0.9
0.2

1.1
2.3
8.1
–0.3
0.5

2.5
6.1
8.8
4.8
0.7

1.4
1.2
2.2
0.7
1.5

1.7
2.6
3.2
2.3
1.2

3.5
3.1
4.1
2.6
3.7

1.3
1.1
2.6
0.4
1.4

3.8
6.7
13.9
3.4
2.4

3.5
4.1
7.5
2.4
3.1

4.3
4.1
6.1
3.2
4.3

1.8
1.1
2.0
0.7
2.1

3.6
5.5
8.0
4.3
2.7

3.0
5.0
6.6
4.2
2.1

2.4
1.6
3.8
0.6
2.8

1.9
0.4
–1.2
1.3
2.6

2
3
4
5
6

7 Gross private domestic investment.........
4.5
5.4
4.9 10.2 –1.1 –3.2
7.1
5.2 13.7
4.2 –2.5 12.6
7.4
2.1
8.6
5.0 –0.7 –1.0 –2.6
8 Fixed investment......................................
4.2
5.3
4.0
6.9
0.1
6.9
4.9
2.6
3.8
5.1
6.0
5.6
7.9
2.5
3.3
5.2
3.7
0.4 –1.5
9
Nonresidential ......................................
3.0
6.2
2.8
7.5 –2.1
3.7
4.0
1.0
3.5
8.7
8.3
4.4
9.0
0.7
1.6
4.1
2.6 –2.1 –6.2
10
Structures.........................................
1.6
8.1 –1.5 10.3 –4.0 –7.3 –6.0 11.7 17.9
4.0 19.1 –0.2 –1.9
4.3 –7.4
6.2 –7.2 –5.1 –8.9
11
Equipment ........................................
3.2
5.8
3.1
8.8 –3.3
7.3
6.3 –0.8 –3.8 14.7
3.5
6.5 16.4 –4.9
2.3
0.3
9.9 –2.1 –9.0
12
Intellectual property products ...........
3.8
5.2
5.7
3.8
1.4
6.8
7.8 –3.2
5.2
3.5
7.8
4.8
6.6
6.9
7.4
8.3 –0.8 –0.2 –0.1
13
Residential ...........................................
9.5
1.8
8.9
3.7 10.7 22.3
9.1
9.1
4.9 –8.1 –2.8 10.4
3.4 10.0 10.1
9.3
8.2 10.1 17.1
14 Change in private inventories .................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... ..........

7
8
9
10
11
12
13
14

15 Net exports of goods and services.......... .......... .......... .......... .......... .......... ..........
16 Exports.....................................................
2.8
3.4
1.1
4.6
2.0 –0.5
17
Goods ..................................................
2.8
4.4 –0.2
4.7
2.2 –3.8
18
Services ...............................................
2.7
1.2
4.0
4.2
1.5
7.5
19 Imports.....................................................
1.1
3.8
4.9
2.0
0.6 –3.8
20
Goods ..................................................
1.0
4.3
4.8
1.7
0.6 –4.3
21
Services ...............................................
1.5
1.6
5.6
3.5
0.7 –0.9
22 Government consumption expenditures
and gross investment............................ –2.9 –0.6
0.7 –1.9 –1.2 –3.8
23 Federal..................................................... –5.7 –2.4 –0.3 –2.9
0.5 –5.5
24
National defense .................................. –6.7 –3.8 –1.2 –4.4
0.8 –8.1
25
Nondefense.......................................... –4.0 –0.1
1.2 –0.4 –0.1 –1.1
26 State and local ......................................... –1.0
0.6
1.4 –1.2 –2.3 –2.6
Addenda:
27 Gross domestic income (GDI) 1 ................
1.3
2.6
2.4
0.6 –0.1
3.5
28 Average of GDP and GDI ........................
1.4
2.5
2.4
1.2
0.2
1.8
29 Final sales of domestic product ...............
1.4
2.4
2.3
1.4
0.7
1.6
30 Gross domestic purchases ......................
1.2
2.5
3.0
1.5
0.3 –0.5
31 Final sales to domestic purchasers .........
1.2
2.5
2.8
1.1
0.5
1.0
32 Final sales to private domestic
2.2
3.2
3.3
1.8
0.9
2.2
purchasers ...........................................
33 Gross national product (GNP) .................
1.5
2.5
2.1
1.3
0.6 –0.1
34 Disposable personal income.................... –1.4
2.7
3.5
3.1 –0.2 10.9
Current-dollar measures:
35
GDP .....................................................
3.1
4.1
3.5
3.8
2.7
1.7
36
GDI.......................................................
2.9
4.3
3.4
2.4
2.0
5.2
37
Average of GDP and GDI ....................
3.0
4.2
3.4
3.1
2.3
3.4
38
Final sales of domestic product ...........
3.1
4.1
3.3
3.2
3.1
3.1
39
Gross domestic purchases ..................
2.7
4.1
3.3
2.8
1.5
1.6
40
Final sales to domestic purchasers......
2.6
4.1
3.2
2.2
1.8
2.9
41
Final sales to private domestic
3.6
4.7
3.6
3.1
2.3
4.1
purchasers .......................................
42
GNP .....................................................
3.2
4.1
3.1
3.2
2.8
1.5
43
Disposable personal income................ –0.1
4.2
3.8
4.4
1.1 13.3

15
16
17
18
19
20
21

.......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... ..........
1.0
4.9
4.2 10.9 –6.7
9.8
1.8
5.4 –6.0
5.1
0.7 –2.0 –2.0
0.4
7.5
5.0 14.9 –9.4 12.2
6.0
3.9 –11.7
6.5 –0.9 –5.4 –2.6
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 –1.1
–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

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

0.1
2.3
2.8
1.5
–1.2

1.2
–1.6
–3.6
1.6
2.9

22
23
24
25
26

–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

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

2.0
2.0
2.7
2.2
2.9

1.9
1.7
1.6
1.5
1.7

2.2
1.5
1.0
1.0
1.2

27
28
29
30
31

3.0
1.6
–15.9

1.6
1.7
2.7

2.1
3.3
2.2

3.8
3.9
0.6

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

3.9
3.9
2.6

3.2
1.3
3.2

2.0
1.1
3.3

1.2
–0.2
4.0

32
33
34

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

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

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
2.9
2.6
2.5
1.9
2.1

1.4
2.8
2.1
1.7
1.2
1.5

35
36
37
38
39
40

4.4
3.3
–14.7

2.4
2.7
3.1

3.8
5.3
3.9

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

0.4
–0.1
1.9

5.5
6.1
4.9

4.5
2.7
4.5

2.5
2.1
3.7

1.6
0.4
4.4

41
42
43

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See Explanatory Note at the end of the tables.

-5-

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

2013 2014 2015

2012
II

III

2013
IV

I

II

1.9

1.1

2014
III

IV

I

II

2015
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

2016 Line
III

IV

Ir

Percent change at annual rate:
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

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

0.5

3.0

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

–0.15 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

–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

r Revised
See Explanatory Note at the end of the tables.

-6-

0.09
0.09

0.8

1

2.42
1.20
0.57
0.24
0.07
0.17
0.09
0.62

2.04 1.66 1.29
1.08 0.36 0.09
0.47 0.28 –0.09
0.08 –0.15 –0.30
0.14 0.09 0.06
0.20 0.26 0.19
0.06 0.08 –0.04
0.61 0.09 0.18

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 0.11
0.03 0.00 –0.02
0.09 –0.04 0.09
0.48 0.14 0.00
0.96 1.30 1.20

10
11
12
13
14

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
0.14 –0.04
0.31 –0.44

0.03
0.36

2.1

2.0

1.4

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

1.08
0.25
0.25
0.13
0.10
0.09
0.06
0.20

15
16
17
18
19
20
21
22

0.03
0.05

0.25
0.11

0.19
0.20

0.12
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

0.13
–0.45
–0.25
–0.81
–0.25
–0.56
–0.08
0.02
–0.09
–0.06
–0.22
–0.21
0.00
0.04
–0.04
–0.01
0.56
–0.20
–0.12
–0.08
–0.21
–0.25
–0.21
–0.04
0.03
0.14
–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 0.03
0.00 0.03 0.01 0.02 0.01
–0.09 0.46 0.30 –0.13 0.31
0.06 0.04 0.14 0.03 0.08
–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

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Line

2015 r

2015
I

II

2016
III

IV r

Change from preceding
period

Seasonally adjusted at annual rates
2015 r

Ir

2015
I

II

2016
III

IV r

Ir

2015 r

2015

2016

IV r

Ir

Line

Gross domestic product (GDP)......... 17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,229.5 16,348.9 16,177.3 16,333.6 16,414.0 16,470.6 16,505.1

387.2

56.6

34.5

1

2 Personal consumption expenditures........... 12,271.9 12,055.5 12,228.4 12,359.0 12,444.7 12,513.8 11,213.3 11,081.2 11,178.9 11,262.4 11,330.7 11,384.2

337.6

68.3

53.5

2

1
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

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

3,978.8
1,328.7
456.6

3,901.5
1,301.8
447.8

3,978.1
1,326.4
460.4

4,024.1
1,339.6
462.8

4,011.5
1,346.9
455.3

3,973.5
1,339.0
441.3

3,869.6
1,466.5
411.3

3,803.7
1,430.4
404.1

3,855.0
1,458.3
413.6

3,902.0
1,481.7
416.7

3,917.9
1,495.5
410.6

3,922.0
1,490.8
398.2

138.5
82.4
14.5

16.0
13.8
–6.1

4.1
–4.7
–12.4

3
4
5

298.9
371.3
201.9
2,650.1

293.8
361.7
198.5
2,599.7

298.0
366.7
201.2
2,651.8

301.0
373.0
202.8
2,684.4

302.9
383.7
205.0
2,664.6

304.9
385.8
207.1
2,634.5

344.3
526.5
202.0
2,430.0

336.7
508.2
196.8
2,397.8

340.5
518.6
200.9
2,423.0

347.7
531.4
203.3
2,447.9

352.3
548.0
206.9
2,451.5

355.6
560.4
205.0
2,459.2

20.4
44.9
9.0
62.2

4.7
16.5
3.6
3.6

3.3
12.4
–1.9
7.8

6
7
8
9

896.8
376.4
306.6
1,070.3

891.5
372.3
293.7
1,042.2

895.1
377.5
317.6
1,061.6

900.7
379.2
320.4
1,084.1

899.9
376.6
294.9
1,093.3

900.8
378.6
257.0
1,098.0

808.3
359.7
285.9
986.3

804.1
354.8
284.8
964.1

809.5
360.5
284.5
978.6

810.1
361.7
288.1
998.3

809.4
361.7
286.3
1,004.3

813.9
360.9
290.7
1,004.4

0.7
11.3
9.2
41.3

–0.7
0.1
–1.8
6.0

4.5
–0.8
4.3
0.1

10
11
12
13

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.......

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

7,462.9

200.7

51.6

47.9

14

7,955.3
2,214.8
2,059.8
375.3
473.9
807.1
921.2
1,103.4

7,828.0
2,197.6
2,023.8
366.2
463.5
787.1
904.7
1,085.2

7,921.2
2,204.5
2,049.0
373.7
470.2
803.4
920.4
1,099.9

7,992.5
2,225.4
2,073.8
377.1
472.6
810.7
925.5
1,107.4

8,079.6
2,231.6
2,092.5
384.0
489.3
827.1
934.1
1,121.1

8,175.8
2,255.6
2,111.7
392.3
497.2
837.0
947.9
1,134.0

7,037.6
1,977.8
1,875.4
341.4
426.1
701.9
730.8
987.1

6,977.6
1,980.5
1,853.8
334.0
420.7
689.3
727.4
974.4

7,024.3
1,976.7
1,867.5
339.8
423.1
701.4
731.4
986.8

7,052.4
1,980.7
1,884.0
342.9
423.2
704.6
729.5
990.7

7,096.3
1,973.1
1,896.2
348.8
437.5
712.2
735.0
996.7

7,139.3
1,983.1
1,906.7
354.0
441.5
715.6
737.2
1,004.9

198.1
16.6
83.8
17.5
10.0
30.8
8.0
33.1

43.9
–7.6
12.1
5.9
14.3
7.6
5.5
6.0

43.0
10.0
10.5
5.2
4.1
3.4
2.1
8.2

15
16
17
18
19
20
21
22

337.7
1,336.5

325.9
1,319.0

329.0
1,330.2

342.4
1,341.4

353.5
1,355.5

364.5
1,375.0

308.0
1,187.0

300.0
1,181.2

301.2
1,183.2

311.5
1,187.6

319.4
1,195.8

324.4
1,205.8

2.2
28.2

7.9
8.2

5.0
10.0

23
24

998.8

993.1

1,001.2

999.0

1,002.0

1,010.4

879.3

881.4

882.1

876.7

877.1

882.2

25.7

0.5

5.1

25

26 Gross private domestic investment .............

3,020.6

2,995.9

3,025.5

3,030.6

3,030.6

3,009.8

2,851.9

2,830.2

2,864.8

2,859.7

2,852.7

2,833.6

134.2

–7.0

–19.1

26

2,911.4
2,301.9
497.2
1,076.1
322.7

2,868.6
2,280.7
499.3
1,063.5
316.4

2,897.9
2,297.9
503.8
1,064.6
312.1

2,935.3
2,319.4
496.0
1,090.9
330.5

2,943.7
2,309.5
489.5
1,085.3
331.6

2,936.3
2,273.6
476.4
1,060.8
328.3

2,740.2
2,209.3
457.7
1,057.8
342.2

2,701.4
2,188.6
458.2
1,046.0
334.2

2,735.5
2,210.6
465.2
1,046.9
330.5

2,760.7
2,224.9
456.6
1,072.0
351.0

2,763.2
2,213.0
450.7
1,066.4
352.9

2,752.8
2,177.8
440.3
1,041.6
349.2

106.4
61.0
–6.9
31.7
15.8

2.5
–11.9
–5.9
–5.6
1.8

–10.5
–35.2
–10.4
–24.8
–3.7

27
28
29
30
31

77.8
244.8
233.8
295.4
224.2
728.6
327.2
319.3

75.0
241.4
224.9
292.2
230.0
717.8
324.1
313.0

79.1
233.0
236.2
289.4
226.8
729.6
326.7
321.1

82.3
248.2
234.1
303.9
222.4
732.4
328.3
321.4

74.9
256.7
240.0
296.3
217.6
734.6
329.8
321.7

75.5
252.8
237.2
287.3
208.0
736.5
331.3
321.7

88.3
252.8
218.7
290.2
213.5
696.8
334.1
282.7

84.3
248.8
210.0
288.1
220.0
687.1
330.6
277.4

89.6
240.3
220.9
285.1
216.1
701.0
335.4
285.7

93.7
256.6
219.0
297.8
211.7
699.6
334.6
284.4

85.6
265.7
224.9
290.0
206.1
699.4
335.8
283.1

86.5
261.3
222.6
280.2
197.3
699.2
337.7
281.5

–0.7
16.0
9.8
18.5
–11.3
37.3
19.1
15.9

–8.1
9.2
6.0
–7.8
–5.5
–0.3
1.2
–1.3

0.9
–4.4
–2.3
–9.7
–8.9
–0.2
1.9
–1.6

32
33
34
35
36
37
38
39

41

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

82.1
609.5

80.7
588.0

81.8
600.0

82.7
615.9

83.2
634.2

83.5
662.7

80.4
529.6

79.7
512.4

80.0
524.0

80.9
534.4

81.0
547.4

80.7
569.5

2.3
43.1

0.1
13.0

–0.3
22.0

40
41

42
43
44

Change in private inventories...................
Farm .........................................................
Nonfarm....................................................

109.2
6.2
103.0

127.3
9.0
118.3

127.5
4.3
123.2

95.3
8.0
87.3

86.9
3.5
83.4

73.5
–3.3
76.8

97.5
5.2
93.2

112.8
7.0
106.8

113.5
4.1
111.0

85.5
6.6
79.2

78.3
3.1
76.0

69.6
–1.0
71.8

29.5
1.5
28.2

–7.2
–3.5
–3.2

–8.8
–4.2
–4.2

42
43
44

27
28
29
30
31
32
33
34
35
36
37
38
39
40

45 Net exports of goods and services ..............

–528.9

–551.6

–519.3

–530.4

–514.3

–506.8

–543.4

–541.2

–534.6

–546.1

–551.9

–561.2 –100.9

–5.8

–9.2

45

46
47
48

Exports........................................................
Goods.......................................................
Services....................................................

2,253.4
1,504.9
748.5

2,257.3
1,517.5
739.8

2,280.0
1,535.5
744.5

2,259.8
1,508.9
750.9

2,216.6
1,457.8
758.8

2,173.0
1,409.2
763.8

2,110.1
1,439.7
668.7

2,091.4
1,429.3
660.6

2,117.5
1,452.0
664.4

2,121.1
1,448.8
670.7

2,110.3
1,428.9
678.9

2,099.5
1,419.5
677.3

23.7
–3.3
25.8

–10.8
–19.9
8.2

–10.8
–9.4
–1.6

46

49
50
51

Imports ........................................................
Goods.......................................................
Services....................................................

2,782.3
2,280.6
501.8

2,808.9
2,311.7
497.2

2,799.3
2,299.9
499.5

2,790.2
2,285.4
504.7

2,730.9
2,225.3
505.7

2,679.8
2,170.0
509.8

2,653.5
2,176.1
475.8

2,632.5
2,161.1
469.8

2,652.1
2,178.4
472.1

2,667.2
2,186.0
479.5

2,662.2
2,178.7
481.8

2,660.6
2,172.4
486.3

124.6
99.5
25.0

–5.0
–7.3
2.3

–1.5
–6.3
4.5

49
50
51

47
48

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.
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

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Line

2015 r

2015
I

II

2016
III

IV r

Change from preceding
period
Line

Seasonally adjusted at annual rates
2015 r

Ir

2015
I

II

2016
III

IV r

Ir

2015 r

2015

2016

IV r

Ir

52 Government consumption expenditures
and gross investment.................................

3,183.4

3,149.5

3,179.2

3,201.0

3,203.9

3,212.7

2,858.9

2,838.5

2,856.9

2,869.7

2,870.6

2,878.9

20.7

0.9

8.3

52

53
54
55
56
57
58
59

1,224.6
740.8
595.9
144.8
483.9
364.7
119.2

1,218.2
739.0
595.2
143.9
479.2
361.5
117.7

1,220.7
740.1
595.2
144.9
480.6
362.0
118.6

1,224.3
738.2
594.8
143.4
486.1
366.5
119.6

1,235.2
745.7
598.6
147.2
489.5
368.7
120.8

1,235.2
740.9
593.6
147.4
494.3
372.6
121.7

1,113.2
680.6
543.8
136.6
432.2
322.2
110.0

1,111.3
680.3
544.7
135.3
430.7
321.9
108.8

1,111.3
680.8
543.4
137.1
430.2
320.4
109.8

1,112.0
678.4
542.7
135.4
433.2
322.8
110.4

1,118.3
683.1
544.4
138.5
434.8
323.8
111.0

1,113.8
676.8
538.0
138.6
436.5
324.9
111.6

–3.1
–8.4
–5.1
–3.4
5.2
3.1
2.2

6.3
4.7
1.7
3.1
1.6
0.9
0.7

–4.5
–6.3
–6.3
0.1
1.7
1.2
0.5

53
54
55
56
57
58
59

60 State and local ............................................ 1,958.8 1,931.3 1,958.4 1,976.6 1,968.7 1,977.6
61
Consumption expenditures ....................... 1,611.4 1,599.5 1,608.4 1,618.9 1,618.6 1,618.6
62
Gross investment ......................................
347.4
331.8
350.0
357.8
350.0
359.0
63 Residual............................................................ .............. ............... ............... .............. .............. ...............

1,744.3
1,431.1
312.4
–82.6

1,725.9
1,427.0
298.1
–74.2

1,744.1
1,428.5
314.9
–78.4

1,756.2
1,433.9
321.6
–86.1

1,750.9
1,435.1
315.1
–91.8

1,763.5
23.5
–5.2
12.6
1,438.2
10.2
1.2
3.1
324.8
13.4
–6.5
9.7
–93.0 ........... ........... ...........

60
61
62
63

16,537.4
16,443.1
16,241.9
16,894.7
16,788.3
13,940.8

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

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

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

16,661.7
16,566.1
16,385.0
17,025.0
16,940.0
14,081.2

64
65
66
67
68
69
70
71
72
73
74

Federal .........................................................
National defense .......................................
Consumption expenditures ...................
Gross investment ..................................
Nondefense...............................................
Consumption expenditures ...................
Gross investment ..................................

Addenda:
Gross domestic income (GDI) 1 .....................
Average of GDP and GDI .............................
Final sales of domestic product ....................
Gross domestic purchases ...........................
Final sales to domestic purchasers ..............
Final sales to private domestic purchasers...

18,153.9
18,050.5
17,837.7
18,475.9
18,366.6
15,183.3

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

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

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

18,375.6
18,270.2
18,077.9
18,679.1
18,592.3
15,388.4

18,504.2
18,366.8
18,156.0
18,736.3
18,662.8
15,450.1

16,753.8
16,629.4
16,427.8
17,068.5
16,991.8
14,124.8

380.6
383.9
360.2
488.9
462.0
443.0

80.2
68.4
65.8
62.6
71.8
71.1

92.1
63.3
42.7
43.5
51.8
43.6

64
65
66
67
68
69

Gross domestic product ............................ 17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,229.5 16,348.9 16,177.3 16,333.6 16,414.0 16,470.6 16,505.1
Plus: Income receipts from the rest of the
world .........................................................
830.5
817.0
845.3
841.2
818.4
814.5
695.5
687.3
708.5
703.0
683.3
679.6
Less: Income payments to the rest of the
world .........................................................
616.9
589.5
614.7
637.6
625.7
669.5
514.6
494.2
513.3
530.6
520.1
556.0

387.2

56.6

34.5

70

–21.0

–19.7

–3.7

71

19.3

–10.5

35.9

72

Equals: Gross national product ................ 18,160.6 17,876.8 18,144.3 18,263.8 18,357.5 18,374.5 16,529.5 16,371.4 16,529.7 16,585.1 16,631.7 16,623.2
Net domestic product.................................... 15,125.7 14,856.6 15,109.3 15,227.6 15,309.2 15,357.2 13,721.9 13,573.0 13,714.4 13,779.5 13,820.9 13,841.8

342.8
327.8

46.6
41.4

–8.6
20.9

73
74

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.
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

III

2013
IV

I

II

2014
III

IV

I

II

2015
III

IV

I

II

2016 Line
III

IV

Ir

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

0.1

2.1

1.3

0.9

0.6

1

2 Personal consumption expenditures ......
3 Goods......................................................
4
Durable goods .....................................
5
Nondurable goods ...............................
6 Services...................................................

1.4
–0.5
–1.8
0.2
2.3

1.4
–0.4
–2.3
0.6
2.3

0.3
–2.8
–2.1
–3.2
1.9

1.2
–0.8
–1.8
–0.4
2.3

1.3
0.2
–2.3
1.4
1.9

2.2
1.5
–1.5
2.9
2.5

1.4
–0.9
–1.1
–0.8
2.5

0.4
–3.0
–2.1
–3.4
2.2

1.7
0.9
–2.6
2.6
2.1

1.4
–0.9
–2.3
–0.2
2.6

1.6
–0.1
–2.5
1.0
2.5

2.1
1.4
–1.6
2.8
2.5

1.2
–0.4
–2.3
0.6
2.0

–0.4
–4.6
–3.3
–5.3
1.7

–1.9
–8.7
–2.4
–11.6
1.6

2.2
2.5
–0.2
3.8
2.1

1.3
–0.3
–2.4
0.8
2.0

0.3
–2.8
–1.5
–3.5
1.9

0.3
–4.1
–1.1
–5.6
2.5

2
3
4
5
6

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 –0.4 –1.0
1.5
0.6
0.2
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 –0.4 –1.0
1.5
0.8
0.5
9
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 –0.4 –1.0
1.2
0.4
0.2
10
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 –2.3 –2.4
1.3 –0.1 –1.6
11
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
1.0
0.0
0.3
0.0
0.3
12
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 –1.1 –1.5
2.3
1.4
1.1
13
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 –0.4 –0.8
2.6
2.1
1.8
14 Change in private inventories.................. .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... ........... ........... .......... ..........

7
8
9
10
11
12
13
14

15 Net exports of goods and services ......... .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... ..........
16 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
17
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
18
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
19 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
20
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
21
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
22 Government consumption expenditures
and gross investment ...........................
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
23 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
24
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
25
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
26 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:
27 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
28 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
29 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
30 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
31 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:
32
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
33
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
34
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

15
16
17
18
19
20
21

r Revised
See Explanatory Note at the end of the tables.

-9-

.......... ........... ........... .......... ..........
–9.4 –1.0 –4.1 –5.5 –5.7
–12.1 –1.6 –6.0 –7.9 –10.3
–3.3
0.2 –0.4 –0.6
3.6
–17.2 –4.2 –3.5 –7.5 –7.1
–19.7 –5.1 –3.8 –8.9 –8.5
–4.3 –0.2 –2.0 –1.1 –0.5
–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

0.0
1.6
1.1
2.3
–1.1

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

0.7
0.2
0.3

27
28
29

–1.6
0.1

1.6
2.1

1.3
1.3

0.4
0.9

0.4
0.6

30
31

0.1
–1.6
0.1

2.1
1.5
2.1

1.3
1.2
1.3

0.9
0.4
0.9

0.6
0.2
0.6

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
114.470
Personal consumption expenditures ...............................................
107.550
110.448
113.876
112.535
113.527
114.374
115.068
115.612
Goods ...............................................................................................
112.954
116.656
120.985
118.924
120.526
121.996
122.495
122.622
Durable goods...............................................................................
127.777
135.256
143.304
139.785
142.503
144.790
146.139
145.683
Nondurable goods.........................................................................
106.653
108.858
111.719
110.238
111.396
112.539
112.705
113.062
Services ............................................................................................
104.941
107.462
110.480
109.459
110.180
110.752
111.529
112.249
Gross private domestic investment..................................................
137.226
144.702
151.847
150.696
152.535
152.265
151.893
150.877
Fixed investment...............................................................................
123.507
130.018
135.273
133.355
135.040
136.285
136.410
135.893
Nonresidential ...............................................................................
123.895
131.517
135.253
133.986
135.336
136.208
135.482
133.327
Structures..................................................................................
98.052
106.027
104.444
104.567
106.157
104.201
102.851
100.479
Equipment .................................................................................
150.473
159.269
164.181
162.344
162.485
166.380
165.516
161.663
Intellectual property products ....................................................
113.791
119.708
126.472
124.718
127.235
126.992
126.944
126.907
Residential ....................................................................................
121.876
124.014
135.009
130.642
133.591
136.240
139.563
145.178
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
127.105
131.404
132.897
131.719
133.368
133.590
132.911
132.231
Imports of goods and services .........................................................
122.812
127.516
133.800
132.742
133.730
134.489
134.239
134.161
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
91.469
State and local ..................................................................................
91.383
91.953
93.207
92.226
93.198
93.843
93.562
94.236
Addenda:
Final sales of domestic product ........................................................
106.488
109.031
111.503
110.212
111.282
112.034
112.486
112.779
Gross domestic purchases ...............................................................
108.014
110.744
114.044
112.870
113.882
114.501
114.924
115.217
Final sales to domestic purchasers ..................................................
106.470
109.120
112.208
110.934
111.934
112.743
113.222
113.569
Final sales to private domestic purchasers.......................................
110.191
113.688
117.419
115.982
117.089
118.003
118.602
118.969
Gross national product......................................................................
108.439
111.098
113.450
112.365
113.452
113.832
114.152
114.093

r Revised
See Explanatory Note at the end of the tables.

- 10 -

Line

r

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

I

Line

r

Gross domestic product ........................................................
106.935
108.694
109.782
109.112
109.685
110.045
110.287
110.461
Personal consumption expenditures (PCE) ....................................
107.572
109.105
109.440
108.795
109.391
109.740
109.834
109.925
Goods...............................................................................................
106.200
105.823
102.817
102.567
103.191
103.125
102.385
101.308
Durable goods ..............................................................................
94.665
92.494
90.595
90.993
90.939
90.396
90.051
89.803
Nondurable goods ........................................................................
112.031
112.688
109.053
108.417
109.441
109.663
108.691
107.123
Services............................................................................................
108.292
110.818
112.905
112.051
112.632
113.200
113.737
114.443
Gross private domestic investment .................................................
103.442
105.288
105.957
105.910
105.652
106.050
106.218
106.276
Fixed investment ..............................................................................
103.652
105.663
106.254
106.200
105.946
106.331
106.539
106.675
Nonresidential...............................................................................
102.993
103.977
104.195
104.211
103.953
104.251
104.364
104.404
Structures..................................................................................
107.541
109.120
108.617
108.951
108.286
108.623
108.609
108.185
Equipment.................................................................................
100.290
101.030
101.733
101.685
101.694
101.774
101.780
101.846
Intellectual property products....................................................
103.671
104.618
104.576
104.479
104.088
104.690
105.049
105.342
Residential ....................................................................................
106.458
112.903
115.121
114.773
114.538
115.286
115.888
116.400
Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... ....................
Exports of goods and services.........................................................
112.147
112.250
106.785
107.925
107.661
106.528
105.027
103.490
Imports of goods and services .........................................................
113.798
113.566
104.846
106.685
105.535
104.596
102.567
100.705
Government consumption expenditures and gross investment...
109.086
111.057
111.350
110.959
111.284
111.547
111.611
111.599
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
112.139
Addenda:
PCE excluding food and energy 1 .....................................................
106.355
107.981
109.412
108.758
109.264
109.636
109.992
110.576
107.031
108.255
108.255
107.652
108.240
108.541
108.588
108.551
Market-based PCE 2 .........................................................................
Market-based PCE excluding food and energy 2 ..............................
105.543
106.826
108.026
107.418
107.903
108.222
108.560
109.067
Final sales of domestic product........................................................
106.963
108.747
109.826
109.150
109.730
110.088
110.336
110.524
Gross domestic purchases...............................................................
107.319
108.982
109.366
108.864
109.271
109.614
109.716
109.784
Final sales to domestic purchasers ..................................................
107.344
109.033
109.402
108.896
109.308
109.649
109.757
109.838
Final sales to private domestic purchasers ......................................
106.902
108.528
108.914
108.384
108.814
109.170
109.287
109.387
Gross national product .....................................................................
107.058
108.809
109.875
109.208
109.778
110.138
110.376
110.549
Implicit price deflators:
Gross domestic product................................................................
106.929
108.686
109.775
109.099
109.674
110.029
110.286
110.448
Final sales of domestic product ....................................................
106.963
108.747
109.825
109.146
109.726
110.084
110.332
110.520
Gross domestic purchases ...........................................................
107.313
108.974
109.359
108.852
109.260
109.599
109.716
109.771
Final sales to domestic purchasers ..............................................
107.344
109.033
109.401
108.892
109.304
109.645
109.753
109.834
Gross national product..................................................................
107.052
108.800
109.868
109.195
109.768
110.122
110.376
110.536

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

r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished
without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A.
See Explanatory Note at the end of the tables.

- 11 -

Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
Line

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015 r 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

1

2 Personal consumption expenditures (PCE) ...............................
3 Goods..........................................................................................
4
Durable goods .........................................................................
5
Nondurable goods ...................................................................
6 Services.......................................................................................

5.1
5.2
8.6
3.2
5.0

2.6
3.0
5.2
1.7
2.4

2.6
3.9
7.3
1.9
1.9

3.1
4.8
7.1
3.5
2.2

3.8
5.1
8.2
3.3
3.2

3.5
4.1
5.4
3.3
3.2

3.0
3.6
4.3
3.3
2.7

2.2
2.7
4.6
1.7
2.0

–0.3
–2.5
–5.1
–1.1
0.8

–1.6
–3.0
–5.5
–1.8
–0.9

1.9
3.4
6.1
2.2
1.2

2.3
3.1
6.1
1.8
1.8

1.5
2.7
7.4
0.6
0.8

1.7
3.1
5.8
1.9
1.0

2.7
3.3
5.9
2.1
2.4

3.1
3.7
6.0
2.6
2.8

2
3
4
5
6

7 Gross private domestic investment ............................................
6.5 –6.1 –0.6
4.1
8.8
6.4
2.1 –3.1 –9.4
8 Fixed investment .........................................................................
6.9 –1.6 –3.5
4.0
6.7
6.8
2.0 –2.0 –6.8
9
Nonresidential..........................................................................
9.1 –2.4 –6.9
1.9
5.2
7.0
7.1
5.9 –0.7
10
Structures.............................................................................
7.8 –1.5 –17.7 –3.9 –0.4
1.7
7.2 12.7
6.1
11
Equipment............................................................................
9.7 –4.3 –5.4
3.2
7.7
9.6
8.6
3.2 –6.9
12
Intellectual property products...............................................
8.9
0.5 –0.5
3.8
5.1
6.5
4.5
4.8
3.0
13
Residential ...............................................................................
0.7
0.9
6.1
9.1 10.0
6.6 –7.6 –18.8 –24.0
14 Change in private inventories ...................................................... .......... ........... .......... .......... .......... ........... .......... .......... ...........

–21.6 12.9
5.2 10.6
4.5
5.4
4.9
–16.7
1.5
6.3
9.8
4.2
5.3
4.0
–15.6
2.5
7.7
9.0
3.0
6.2
2.8
–18.9 –16.4
2.3 12.9
1.6
8.1 –1.5
–22.9 15.9 13.6 10.8
3.2
5.8
3.1
–1.4
1.9
3.6
3.9
3.8
5.2
5.7
–21.2 –2.5
0.5 13.5
9.5
1.8
8.9
........... .......... .......... ........... .......... .......... ...........

7
8
9
10
11
12
13
14

15 Net exports of goods and services.............................................. .......... ........... .......... .......... .......... ........... .......... .......... ...........
16 Exports ........................................................................................
8.6 –5.8 –1.7
1.8
9.8
6.3
9.0
9.3
5.7
17
Goods ......................................................................................
10.1 –6.2 –3.4
1.9
8.6
7.3
9.4
7.5
6.1
18
Services ...................................................................................
4.7 –5.0
2.7
1.5 12.7
3.8
8.1 13.7
4.8
19 Imports.........................................................................................
13.0 –2.8
3.7
4.5
11.4
6.3
6.3
2.5 –2.6
20
Goods ......................................................................................
13.1 –3.2
3.7
4.9
11.2
6.7
5.9
1.8 –3.7
21
Services ...................................................................................
12.6 –0.6
3.3
2.1 12.7
4.5
8.6
6.2
3.7
22 Government consumption expenditures and gross
investment..................................................................................
1.9
3.8
4.4
2.2
1.6
0.6
1.5
1.6
2.8
23 Federal ........................................................................................
0.3
3.9
7.2
6.8
4.5
1.7
2.5
1.7
6.8
24
National defense......................................................................
–0.9
3.5
7.0
8.5
6.0
2.0
2.0
2.5
7.5
25
Nondefense .............................................................................
2.3
4.7
7.4
4.1
2.0
1.3
3.5
0.3
5.5
26 State and local.............................................................................
2.8
3.7
2.9 –0.4 –0.1
0.0
0.9
1.5
0.3
Addenda:
27 Gross domestic income (GDI) 1....................................................
4.7
1.1
1.4
2.3
3.7
3.6
4.0
0.1 –0.8
28 Average of GDP and GDI ............................................................
4.4
1.0
1.6
2.5
3.8
3.4
3.3
0.9 –0.6
29 Final sales of domestic product ...................................................
4.2
1.9
1.3
2.8
3.4
3.4
2.6
2.0
0.2
30 Gross domestic purchases ..........................................................
4.8
1.2
2.3
3.1
4.3
3.5
2.6
1.1 –1.3
31 Final sales to domestic purchasers .............................................
4.9
2.0
1.8
3.1
3.9
3.6
2.6
1.4 –0.9
32 Final sales to private domestic purchasers .................................
5.5
1.7
1.3
3.3
4.4
4.2
2.8
1.3 –1.7
33 Gross national product ................................................................
4.2
1.1
1.7
2.9
3.9
3.3
2.4
2.2
0.0
34 Real disposable personal income................................................
5.0
2.8
3.1
2.7
3.6
1.5
4.0
2.1
1.5
Price indexes:
35
Gross domestic purchases ......................................................
2.6
1.9
1.4
2.2
2.9
3.5
3.2
2.7
2.9
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
36
Gross domestic purchases excluding food and energy 2 .........
37
GDP.........................................................................................
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
38
GDP excluding food and energy 2 ............................................
2.3
2.0
1.8
1.9
2.7
3.4
3.1
2.6
2.1
39
PCE .........................................................................................
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1
1.7
1.8
1.7
1.5
1.9
2.2
2.2
2.2
2.1
40
PCE excluding food and energy 2.............................................
41
Market-based PCE 3 .................................................................
2.4
1.9
1.1
1.9
2.4
2.8
2.7
2.5
3.4
1.5
1.8
1.5
1.4
1.7
2.0
2.2
2.0
2.3
42
Market-based PCE excluding food and energy 3......................

........... .......... .......... ........... .......... .......... ...........
–8.8
11.9
6.9
3.4
2.8
3.4
1.1
–12.1 14.4
6.5
3.6
2.8
4.4 –0.2
–1.1
6.8
7.6
3.0
2.7
1.2
4.0
–13.7 12.7
5.5
2.2
1.1
3.8
4.9
–15.8 14.9
5.8
2.1
1.0
4.3
4.8
–3.8
3.8
4.0
3.0
1.5
1.6
5.6

15
16
17
18
19
20
21

1

3.2
5.7
5.4
6.2
1.6

0.1
4.4
3.2
6.4
–2.7

–3.0
–2.7
–2.3
–3.4
–3.3

–1.9
–1.9
–3.4
0.9
–1.9

–2.9
–5.7
–6.7
–4.0
–1.0

–0.6
–2.4
–3.8
–0.1
0.6

0.7
–0.3
–1.2
1.2
1.4

22
23
24
25
26

–2.6
–2.7
–2.0
–3.8
–3.1
–4.6
–2.9
–0.4

2.7
2.6
1.1
2.9
1.5
1.9
2.8
1.0

2.2
1.9
1.7
1.6
1.7
2.9
1.8
2.5

3.3
2.7
2.1
2.1
1.9
2.9
2.1
3.2

1.3
1.4
1.4
1.2
1.2
2.2
1.5
–1.4

2.6
2.5
2.4
2.5
2.5
3.2
2.5
2.7

2.4
2.4
2.3
3.0
2.8
3.3
2.1
3.5

27
28
29
30
31
32
33
34

–0.2
0.5
0.8
0.5
–0.1
1.2
0.4
1.9

1.5
1.3
1.2
1.4
1.7
1.3
1.5
1.0

2.4
1.8
2.1
1.9
2.5
1.5
2.5
1.4

1.8
1.8
1.8
1.8
1.9
1.9
1.8
1.8

1.4
1.5
1.6
1.7
1.4
1.5
1.1
1.2

1.5
1.6
1.6
1.7
1.4
1.5
1.1
1.2

0.4
1.0
1.0
1.1
0.3
1.3
0.0
1.1

35
36
37
38
39
40
41
42

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.
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
2012

Line
1

II

III

2013
IV

I

II

2014
III

IV

I

II

2015
III

IV

I

II

2016
III

IV

r

Ir

Line

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

1

2 Personal consumption expenditures (PCE) ...............................
3 Goods..........................................................................................
4
Durable goods .........................................................................
5
Nondurable goods ...................................................................
6 Services.......................................................................................

1.6
2.7
7.7
0.5
1.0

1.4
3.2
8.2
0.9
0.5

1.3
2.8
7.2
0.8
0.6

1.3
3.0
6.6
1.4
0.5

1.5
3.1
6.4
1.5
0.7

1.7
3.0
5.6
1.9
1.0

2.3
3.2
4.6
2.6
1.8

2.0
2.0
3.1
1.5
1.9

2.6
3.4
5.9
2.2
2.2

3.0
3.7
7.0
2.2
2.7

3.2
4.0
7.5
2.3
2.8

3.3
4.0
7.3
2.4
3.0

3.3
3.7
5.9
2.6
3.0

3.1
3.9
5.6
3.1
2.8

2.7
3.3
5.1
2.4
2.4

2.7
3.1
4.2
2.6
2.5

2
3
4
5
6

7 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
8 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
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 –0.5
10
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 –3.9
11
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 –0.4
12
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
1.8
13
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
11.1
14 Change in private inventories...................................................... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........

7
8
9
10
11
12
13
14

15 Net exports of goods and services ............................................. ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........
16 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
0.4
17
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 –0.7
18
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
19 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
1.1
20
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
0.5
21
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
22 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
23 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
24
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
25
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
1.4
26 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:
27 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
1.6
2.1
28 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
1.8
2.1
29 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
30 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
2.1
31 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
32 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
33 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
1.5
34 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
3.3
3.3
Price indexes:
35
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
36
Gross domestic purchases excluding food and energy 2 .........
37
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
1.2
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
38
GDP excluding food and energy 2 ............................................
39
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
40
PCE excluding food and energy 2 ............................................
41
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
42
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

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

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.
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 r

2015
I

II

2016
III

IV

I

r

Line

r

1 Gross domestic product (GDP) .........................................................
2 Plus: Income receipts from the rest of the world...................................
3 Less: Income payments to the rest of the world ...................................

16,663.2
826.2
575.8

17,348.1
854.3
591.2

17,947.0
830.5
616.9

17,649.3
817.0
589.5

17,913.7
845.3
614.7

18,060.2
841.2
637.6

18,164.8
818.4
625.7

18,229.5
814.5
669.5

1
2
3

4 Equals: Gross national product ........................................................
5 Less: Consumption of fixed capital .......................................................
6 Less: Statistical discrepancy.................................................................

16,913.5
2,632.8
–177.6

17,611.2
2,746.7
–212.0

18,160.6
2,821.3
–207.0

17,876.8
2,792.7
–252.3

18,144.3
2,804.3
–180.4

18,263.8
2,832.6
–184.4

18,357.5
2,855.7
–210.8

18,374.5
2,872.3
–274.7

4
5
6

7 Equals: National income ....................................................................
8 Compensation of employees ............................................................
9
Wages and salaries.......................................................................
10
Supplements to wages and salaries..............................................
11 Proprietors’ income with inventory valuation and capital
consumption adjustments..............................................................
12 Rental income of persons with capital consumption adjustment ......
13 Corporate profits with inventory valuation and capital consumption
adjustments...................................................................................
14 Net interest and miscellaneous payments ........................................
15 Taxes on production and imports less subsidies...............................
16 Business current transfer payments (net) .........................................
17 Current surplus of government enterprises.......................................
Addenda:
18 Gross domestic income (GDI)...........................................................
19 Average of GDP and GDI..................................................................
20 Statistical discrepancy as a percentage of GDP...............................

14,458.3
8,839.7
7,114.4
1,725.3

15,076.5
9,248.9
7,477.8
1,771.2

15,546.2
9,666.6
7,834.9
1,831.7

15,336.4
9,487.9
7,682.4
1,805.5

15,520.3
9,615.2
7,791.8
1,823.4

15,615.6
9,709.5
7,870.0
1,839.5

15,712.6
9,853.7
7,995.4
1,858.3

15,776.9
9,962.6
8,087.9
1,874.6

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

1,412.2
685.0

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
1,185.5
203.0
–17.4

1,896.8
516.3
1,186.4
135.7
–18.0

13
14
15
16
17

16,840.8
16,752.0
–1.1

17,560.1
17,454.1
–1.2

18,153.9
18,050.5
–1.2

17,901.6
17,775.4
–1.4

18,094.0
18,003.9
–1.0

18,244.5
18,152.3
–1.0

18,375.6
18,270.2
–1.2

18,504.2
18,366.8
–1.5

18
19
20

2016

Line

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.

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

2013

2014

2015

2015 r
I

1 Personal income 1 .............................................................................................................
2 Compensation of employees ..........................................................................................
3
Wages and salaries.....................................................................................................
4
Supplements to wages and salaries............................................................................
5 Proprietors’ income with inventory valuation and capital consumption adjustments.......
6
Farm............................................................................................................................
7
Nonfarm ......................................................................................................................
8 Rental income of persons with capital consumption adjustment ....................................
9 Personal income receipts on assets ...............................................................................
10
Personal interest income.............................................................................................
11
Personal dividend income ...........................................................................................
12 Personal current transfer receipts...................................................................................
13 Less: Contributions for government social insurance, domestic.....................................
14 Less: Personal current taxes ..............................................................................................
15 Equals: Disposable personal income .............................................................................
16 Less: Personal outlays........................................................................................................
17 Equals: Personal saving ..................................................................................................

II

III

IV

r

I

r

14,068.4
8,839.7
7,114.4
1,725.3
1,285.1
88.8
1,196.3
563.4
2,060.4
1,271.3
789.0
2,426.6
1,106.8
1,672.8

14,694.2 15,350.7 15,079.8 15,277.0
9,248.9 9,666.6 9,487.9 9,615.2
7,477.8 7,834.9 7,682.4 7,791.8
1,771.2 1,831.7 1,805.5 1,823.4
1,346.7 1,388.3 1,369.4 1,377.0
78.1
59.9
60.5
56.9
1,268.6 1,328.4 1,308.9 1,320.1
610.8
656.6
637.0
654.1
2,117.5 2,180.5 2,145.5 2,178.3
1,302.0 1,312.3 1,282.6 1,313.4
815.5
868.2
863.0
864.9
2,529.2 2,662.7 2,625.8 2,651.3
1,159.0 1,204.0 1,185.8 1,198.9
1,780.2 1,947.4 1,900.1 1,938.7

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

15,602.1
9,853.7
7,995.4
1,858.3
1,406.7
57.1
1,349.7
671.7
2,195.3
1,318.3
876.9
2,698.0
1,223.4
1,993.7

15,746.0
9,962.6
8,087.9
1,874.6
1,412.2
48.5
1,363.7
685.0
2,195.6
1,321.4
874.3
2,728.4
1,237.7
1,991.8

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

12,395.6
11,805.7

12,913.9
12,293.7

13,338.3
12,674.5

13,486.4
12,806.2

13,608.4
12,897.1

13,754.2
12,971.6

15
16

13,403.2 13,179.8
12,717.5 12,492.2

18

Personal saving as a percentage of disposable personal income ..................................

589.9
4.8

620.2
4.8

685.7
5.1

687.6
5.2

663.9
5.0

680.2
5.0

711.3
5.2

782.6
5.7

17
18

19
20

Addenda:
Personal income excluding current transfer receipts, billions of chained (2009) dollars 2
Disposable personal income, billions of chained (2009) dollars 2 ....................................

10,822.3
11,523.1

11,149.8
11,836.3

11,593.5
12,247.1

11,447.6
12,114.7

11,542.2
12,193.6

11,635.1
12,289.8

11,749.0
12,390.3

11,842.6
12,512.7

19
20

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.
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 -

Table 11. Corporate Profits: Level and Percent Change
Billions of dollars
Seasonally adjusted at annual rates

Line

2013

2014

2015

2015
I

1 Corporate profits with inventory valuation and
capital consumption adjustments ...........................
2 Less: Taxes on corporate income ...................................
3 Equals: Profits after tax with inventory valuation
and capital consumption adjustments....................
4 Net dividends ..............................................................
5 Undistributed profits with inventory valuation and
capital consumption adjustments ............................
Addenda for corporate cash flow:
6 Net cash flow with inventory valuation
adjustment .............................................................
7
Undistributed profits with inventory valuation and
capital consumption adjustments ........................
8
Consumption of fixed capital ...................................
9
Less: Capital transfers paid (net) ............................
Addenda:
10 Profits before tax (without inventory valuation and
capital consumption adjustments) ...........................
11 Profits after tax (without inventory valuation and
capital consumption adjustments) ...........................
12 Inventory valuation adjustment ...................................
13

Percent change from preceding period

II

2014

2016
III

IV

Quarter
one year
ago Line

Quarterly rates
2015

2015

I

II

2016

2016

III

IV

I

I

2,037.4 2,072.9 2,008.9 2,012.5 2,083.0 2,049.9 1,890.3 1,896.8
468.9 513.9 529.7 517.8 549.0 542.2 509.9 508.3

1.7
9.6

–3.1
3.1

3.5
6.0

–1.6
–1.2

–7.8
–5.9

0.3
–0.3

–5.8
–1.8

1
2

1,568.5 1,559.1 1,479.2 1,494.7 1,533.9 1,507.7 1,380.4 1,388.5
924.0 860.0 888.6 878.5 879.6 905.7 890.5 897.9

–0.6
–6.9

–5.1
3.3

2.6
0.1

–1.7
3.0

–8.4
–1.7

0.6
0.8

–7.1
2.2

3
4

490.6

8.5

–15.5

6.2

–8.0

–18.6

0.2

–20.4

5

2,055.2 2,163.0 2,106.2 2,113.0 2,161.1 2,126.1 2,024.5 2,036.3

5.2

–2.6

2.3

–1.6

–4.8

0.6

–3.6

6

644.5 699.0 590.6 616.3 654.3 602.1 489.9 490.6
8.5 –15.5
6.2
–8.0 –18.6
0.2 –20.4
1,405.0 1,467.3 1,512.3 1,493.7 1,502.5 1,520.3 1,532.7 1,544.0
4.4
3.1
0.6
1.2
0.8
0.7
3.4
–5.7
3.3
–3.2
–3.0
–4.3
–3.7
–1.9
–1.7 ............. ............. ............ ............. ............. ............ .............

7
8
9

644.5

699.0

590.6

616.3

654.3

602.1

489.9

2,161.6 2,207.8 2,280.4 2,252.3 2,393.7 2,326.0 2,149.5 2,179.7

2.1

3.3

6.3

–2.8

–7.6

1.4

–3.2

10

1,692.7 1,693.9 1,750.6 1,734.5 1,844.6 1,783.8 1,639.6 1,671.4
0.1
3.3
6.4
–3.3
–8.1
1.9
–3.6
3.2
–2.9
61.5
99.2
20.5
56.5
69.7
48.9 ............. ............. ............ ............. ............. ............ .............
Capital consumption adjustment ................................. –127.5 –131.9 –332.9 –338.9 –331.3 –332.6 –329.0 –331.8 ............. ............. ............ ............. ............. ............ .............

11
12
13

Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
Level
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

Change from preceding period

Seasonally adjusted at annual rates

Corporate profits with inventory valuation and
capital consumption adjustments ...................
Domestic industries .....................................................
Financial .....................................................................
Nonfinancial ................................................................
Rest of the world ..........................................................
Receipts from the rest of the world .............................
Less: Payments to the rest of the world......................
Corporate profits with inventory valuation
adjustment .........................................................
Domestic industries .....................................................
Financial .....................................................................
Federal Reserve banks...........................................
Other financial.........................................................
Nonfinancial ................................................................
Utilities ....................................................................
Manufacturing .........................................................
Durable goods.....................................................
Fabricated metal products...............................
Machinery........................................................
Computer and electronic products ..................
Electrical equipment, appliances, and
components .................................................
Motor vehicles, bodies and trailers, and parts.
Other durable goods........................................
Nondurable goods...............................................
Food and beverage and tobacco products......
Petroleum and coal products...........................
Chemical products...........................................
Other nondurable goods..................................
Wholesale trade ......................................................
Retail trade..............................................................
Transportation and warehousing.............................
Information ..............................................................
Other nonfinancial...................................................

33 Rest of the World..........................................................

2,037.4
1,622.6
385.8
1,236.8
414.8
668.7
253.9

II

2016
III

IV

2,008.9
1,619.9
381.3
1,238.5
389.1
661.3
272.2

2,012.5 2,083.0 2,049.9
1,618.9 1,677.9 1,667.9
360.4
395.1
396.9
1,258.5 1,282.8 1,271.0
393.6
405.1
382.0
650.0
674.9
671.4
256.4
269.8
289.3

1,890.3 1,896.8
1,514.8 1,558.5
372.9
370.9
1,141.8 1,187.6
375.6
338.3
648.9
645.4
273.4
307.1

2,164.9 2,204.9
1,750.1 1,786.6
423.6
423.4
79.6
103.4
344.1
320.0
1,326.4 1,363.2
26.4
27.7
426.4
439.8
213.8
223.3
23.1
23.8
33.8
31.9
51.1
52.6

2,341.9
1,952.8
442.8
102.9
339.9
1,510.0
19.0
499.5
279.7
28.8
31.0
74.6

2,351.5 2,414.2 2,382.5
1,957.8 2,009.1 2,000.4
421.9
456.2
458.6
100.5
103.2
106.4
321.4
352.9
352.2
1,536.0 1,553.0 1,541.8
24.9
28.4
13.2
534.6
537.0
532.9
276.4
296.2
280.6
28.5
28.5
28.1
36.8
33.3
28.1
72.7
78.4
75.2

2,219.3
1,843.7
434.6
101.4
333.1
1,409.1
9.5
393.6
265.6
29.9
25.9
72.2
20.5
43.1
74.1
128.0
75.7
–77.5
81.0
48.8
179.5
179.4
101.0
153.1
393.0
375.6

16.2
24.8
73.9
216.5
55.2
53.4
75.1
32.8
147.7
158.4
65.3
126.5
397.7
418.2

20.0
45.8
79.5
219.8
73.3
12.9
88.4
45.3
170.1
181.1
92.0
148.3
399.9
389.1

19.8
37.8
80.8
258.3
75.2
42.2
95.8
45.0
169.1
189.4
83.3
142.9
391.8
393.6

20.1
54.8
81.1
240.7
69.5
39.8
87.3
44.2
163.5
175.1
86.3
150.6
412.0
405.1

NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

- 15 -

19.5
47.6
82.1
252.2
72.7
46.9
89.4
43.3
168.2
180.6
97.4
146.7
402.9
382.0

2015

2015

I

2,072.9
1,654.7
383.6
1,271.1
418.2
690.3
272.1

14.0
22.0
69.9
212.6
54.6
48.4
74.8
34.7
145.5
159.4
53.0
129.4
386.3
414.8

2014

II

III

2016
IV

Line

I

35.6
32.1
–2.2
34.3
3.4
21.6
18.2

–64.0
–34.9
–2.3
–32.6
–29.1
–29.0
0.2

70.4
59.0
34.6
24.3
11.4
24.9
13.4

–33.0
–10.0
1.8
–11.8
–23.1
–3.5
19.5

–159.6
–153.1
–24.0
–129.2
–6.5
–22.4
–16.0

6.5
43.7
–2.0
45.7
–37.3
–3.5
33.8

1
2
3
4
5
6
7

2,228.6
1,890.3
433.2
117.9
315.2
1,457.1
.............
.............
.............
.............
.............
.............

40.0
36.6
–0.2
23.8
–24.0
36.8
1.3
13.4
9.5
0.8
–1.9
1.5

137.0
166.2
19.4
–0.5
19.9
146.8
–8.7
59.7
56.4
4.9
–0.8
22.0

62.7
51.3
34.3
2.7
31.6
17.0
3.5
2.3
19.9
0.0
–3.5
5.7

–31.7
–8.7
2.5
3.2
–0.8
–11.1
–15.3
–4.1
–15.6
–0.4
–5.3
–3.1

–163.2
–156.7
–24.0
–5.0
–19.1
–132.7
–3.7
–139.2
–15.0
1.7
–2.2
–3.0

9.3
46.5
–1.4
16.5
–17.9
48.0
..............
..............
..............
..............
..............
..............

8
9
10
11
12
13
14
15
16
17
18
19

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
338.3

2.3
2.8
4.0
4.0
0.5
5.1
0.3
–1.9
2.2
–1.0
12.3
–2.9
11.5
3.4

3.7
21.0
5.6
3.3
18.1
–40.6
13.3
12.5
22.4
22.7
26.7
21.8
2.2
–29.1

0.4
17.0
0.3
–17.6
–5.8
–2.3
–8.6
–0.9
–5.6
–14.3
3.1
7.8
20.2
11.4

–0.7
–7.1
1.0
11.5
3.3
7.0
2.1
–0.9
4.8
5.5
11.0
–3.9
–9.2
–23.1

1.0
–4.6
–8.0
–124.2
2.9
–124.3
–8.4
5.5
11.3
–1.1
3.6
6.4
–9.9
–6.5

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
–37.3

20
21
22
23
24
25
26
27
28
29
30
31
32
33

Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
Seasonally adjusted at annual rates
Line

2013

2014

2015

2015

r

I

II

2016
III

IV r

Line

I

Billions of dollars
1
Gross value added of nonfinancial corporate business.................
2 Consumption of fixed capital ........................................................................

8,316.8
1,232.2

8,641.0
1,285.7

8,893.8
1,326.1

8,777.7
1,311.4

8,873.1
1,318.0

8,932.1
1,332.6

8,992.2
1,342.5

9,018.2
1,351.4

1
2

3 Net value added..........................................................................................
4 Compensation of employees....................................................................
5
Wages and salaries ..............................................................................
6
Supplements to wages and salaries.....................................................
7 Taxes on production and imports less subsidies ......................................
8 Net operating surplus ...............................................................................
9
Net interest and miscellaneous payments............................................
10
Business current transfer payments (net).............................................
11
Corporate profits with inventory valuation and capital consumption
adjustments ......................................................................................
12
Taxes on corporate income...............................................................
13
Profits after tax with inventory valuation and capital consumption
adjustments...................................................................................
14
Net dividends ................................................................................
Undistributed profits with inventory valuation and capital
15
consumption adjustments..........................................................

7,084.6
4,747.4
3,953.5
793.9
724.9
1,612.3
280.4
95.1

7,355.2
4,995.8
4,178.9
816.9
745.2
1,614.3
258.1
85.1

7,567.7
5,214.8
4,368.6
846.2
754.1
1,598.8
259.5
100.7

7,466.3
5,109.8
4,277.7
832.1
749.1
1,607.4
269.8
79.1

7,555.1
5,186.7
4,344.8
841.9
753.0
1,615.4
252.8
79.8

7,599.5
5,237.5
4,387.4
850.2
755.1
1,606.8
255.3
80.5

7,649.7
5,325.1
4,464.4
860.7
759.2
1,565.4
260.2
163.4

7,666.8
5,384.8
4,515.8
869.0
760.3
1,521.7
262.6
71.6

3
4
5
6
7
8
9
10

1,236.8
284.6

1,271.1
316.2

1,238.5
346.6

1,258.5
341.4

1,282.8
362.3

1,271.0
353.4

1,141.8
329.3

1,187.6
330.8

11
12

952.2
525.2

954.9
573.8

891.9
585.8

917.0
588.6

920.5
579.7

917.6
589.4

812.5
585.7

856.8
573.3

13
14

427.0

381.1

306.1

328.5

340.9

328.2

226.8

283.5

15

1,323.2

1,366.1

1,448.5

1,436.8

1,532.4

1,485.4

1,339.4

1,408.2

16

1,038.6
3.2
–89.6

1,049.9
–2.9
–92.1

1,101.9
61.5
–271.4

1,095.3
99.2
–277.5

1,170.2
20.5
–270.2

1,132.0
56.5
–270.8

1,010.1
69.7
–267.3

1,077.5
48.9
–269.6

17
18
19

8,394.6
1,238.8
7,155.8

8,436.4
1,249.8
7,186.6

8,482.5
1,260.8
7,221.7

8,538.5
1,271.1
7,267.4

8,605.9
1,280.2
7,325.7

20
21
22

16
17
18
19

Addenda:
Profits before tax (without inventory valuation and capital consumption
adjustments) .........................................................................................
Profits after tax (without inventory valuation and capital consumption
adjustments) .........................................................................................
Inventory valuation adjustment.................................................................
Capital consumption adjustment ..............................................................

Billions of chained (2009) dollars
20
Gross value added of nonfinancial corporate business ...............
21 Consumption of fixed capital 2 ......................................................................
22 Net value added 3 .........................................................................................
1

7,954.8
1,177.1
6,777.7

8,207.3
1,212.8
6,994.5

8,463.1
1,255.1
7,208.0

Dollars; quarters seasonally adjusted
23
24
25
26
27
28
29
30
31

Price, costs, and profits per unit of real gross value added of
nonfinancial corporate business:
Price per unit of real gross value added of nonfinancial corporate
business 4 ............................................................................................
Compensation of employees (unit labor cost) ..........................................
Unit nonlabor cost ....................................................................................
Consumption of fixed capital ................................................................
Taxes on production and imports less subsidies plus business current
transfer payments (net).....................................................................
Net interest and miscellaneous payments............................................
Corporate profits with inventory valuation and capital consumption
adjustments (unit profits from current production) ................................
Taxes on corporate income ..................................................................
Profits after tax with inventory valuation and capital consumption
adjustments ......................................................................................

1.046
0.597
0.293
0.155

1.053
0.609
0.289
0.157

1.051
0.616
0.288
0.157

1.046
0.609
0.287
0.156

1.052
0.615
0.285
0.156

1.053
0.617
0.286
0.157

1.053
0.624
0.296
0.157

1.048
0.626
0.284
0.157

23
24
25
26

0.103
0.035

0.101
0.031

0.101
0.031

0.099
0.032

0.099
0.030

0.099
0.030

0.108
0.030

0.097
0.031

27
28

0.155
0.036

0.155
0.039

0.146
0.041

0.150
0.041

0.152
0.043

0.150
0.042

0.134
0.039

0.138
0.038

29
30

0.120

0.116

0.105

0.109

0.109

0.108

0.095

0.100

31

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the fourth quarter of 2015.
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not
available, the chain-type price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2009 current-dollar value of the corresponding series,
divided by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

- 16 -

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

2013 2014 2015

2012
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

Ir

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

0.8
–2.2
1.6
6.7
–3.0
1.0
75.5
0.6
–0.5
0.9
–1.6
0.9

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

0.6
1.6
0.7
0.2
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

0.8

23

1.79 0.67 –0.20 –0.67
1.24 1.12 1.54 1.01
0.90 0.19 0.05 0.50
0.40 0.53 –0.71 –0.09
0.13 0.02 0.04 0.23
0.25 –0.02 –0.01 –0.01

24
25
26
27
28
29

r Revised
1. For some components of final sales of computers, includes computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
4. 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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