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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, TUESDAY, JUNE 28, 2016
Technical:
Media:

Lisa Mataloni (GDP)
Kate Pinard (Corporate Profits)
Jeannine Aversa

301.278.9080
301.278.9417
301.278.9003

BEA 16-32

gdpniwd@bea.gov
cpniwd@bea.gov
Jeannine.aversa@bea.gov

GROSS DOMESTIC PRODUCT: FIRST QUARTER 2016 (THIRD ESTIMATE)
CORPORATE PROFITS: FIRST QUARTER 2016 (REVISED 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 1.1 percent in the first quarter of 2016, according to the "third" estimate released by
the Bureau of Economic Analysis. In the fourth quarter of 2015, real GDP increased 1.4 percent.
The GDP estimate released today is based on more complete source data than were available for the
"second" estimate issued last month. In the second estimate, the increase in real GDP was 0.8 percent.
With the third estimate for the first quarter, the general picture of economic growth remains the same;
exports increased more than previously estimated (see "Revisions" on page 2).
The increase in real GDP in the first quarter reflected positive contributions from personal consumption
expenditures (PCE), residential fixed investment, state and local government spending, and exports that
were partly offset by negative contributions from nonresidential fixed investment, 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 chaintype measures.
This news release is available on BEA's Web site.

The deceleration in real GDP in the first quarter primarily reflected a deceleration in PCE, a larger
decrease in nonresidential fixed investment, and a downturn in federal government spending that were
partly offset by upturns in state and local government spending and exports and an acceleration in
residential fixed investment.
Real gross domestic income (GDI), which measures the value of the production of goods and services in
the United States as the costs incurred and the incomes earned in production, increased 2.9 percent in
the first quarter, compared with an increase of 1.9 percent in the fourth. The average of real GDP and
real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased
2.0 percent in the first quarter, compared with an increase of 1.7 percent in the fourth.
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -increased 0.9 percent in the first quarter, compared with an increase of 1.5 percent in the fourth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased
0.2 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 $65.3 billion, in
the first quarter to a level of $18,230.1 billion. In the fourth quarter, current-dollar GDP increased 2.3
percent, or $104.6 billion.

Revisions
The upward revision to the percent change in real GDP primarily reflected upward revisions to exports
and to nonresidential fixed investment that were partly offset by a downward revision to PCE. 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
Third Estimate
(Percent change from preceding quarter)
0.5
0.8
1.1
1.2
1.4
1.4
--2.2
2.9
--1.5
2.0
0.3
0.2
0.2

-2-

Corporate Profits

Profits from current production
Profits from current production (corporate profits with inventory valuation adjustment [IVA] and capital
consumption adjustment [CCAdj]) increased $34.7 billion in the first quarter, in contrast to a decrease of
$159.6 billion in the fourth.
Profits of domestic financial corporations decreased $11.3 billion in the first quarter, compared with a
decrease of $24.0 billion in the fourth. Profits of domestic nonfinancial corporations increased $72.9
billion, in contrast to a decrease of $129.2 billion. The rest-of-the-world component of profits
decreased $26.9 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 increased $8.7 billion, and payments increased $35.6 billion.
Taxes on corporate income increased $4.4 billion in the first quarter, in contrast to a decrease of $32.2
billion in the fourth. Profits after tax with IVA and CCAdj increased $30.3 billion, in contrast to a
decrease of $127.4 billion.
Dividends increased $8.2 billion in the first quarter, in contrast to a decrease of $15.1 billion in the
fourth. Undistributed profits increased $22.1 billion, in contrast to a decrease of $112.2 billion. Net
cash flow with IVA -- the internal funds available to corporations for investment -- increased $33.6
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 $21.6 billion in the first quarter, in contrast
to an increase of $13.3 billion in the fourth. The CCAdj decreased $3.0 billion, compared with an
increase of $3.6 billion.

Corporate profits with IVA
Profits of domestic financial corporations decreased $10.7 billion in the first quarter, compared with a
decrease of $24.0 billion in the fourth. Profits of domestic nonfinancial corporations increased $75.3
billion, in contrast to a decrease of $132.7 billion. The first-quarter increase in profits of nonfinancial
corporations primarily reflected an increase in manufacturing of nondurable goods, specifically
petroleum and coal products.
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 decreases in unit
labor and nonlabor costs that were partly offset by a decrease in unit prices.

-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 -- July 29, 2016 at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2016 (Advance Estimate)
Annual Revision: 2013 through First Quarter 2016

-4-

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

2013

2014

2015

2012
II

1

III

2013
IV

I

II

2014
III

IV

I

II

2015
III

IV

I

II

2016
III

IV

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

1.1

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

1.5
0.1
–1.6
1.0
2.1

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 –1.8
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 –0.4
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 –4.5
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 –7.9
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 –8.7
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
4.4
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 15.6
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
0.3
0.4
7.5
5.0 14.9 –9.4 12.2
6.0
3.9 –11.7
6.5 –0.9 –5.4
1.1
2.2 –0.6
2.4
2.6 –0.3
4.7 –7.1
8.9
7.3
2.3
3.9
5.0 –1.0
0.8
5.5
2.4
1.0
2.8
9.6 –0.8 10.3
7.1
3.0
2.3 –0.7 –0.5
1.1
5.3
2.6
0.7
4.7
9.9 –0.8
9.9
7.2
3.2
1.4 –1.3 –1.3
–0.6
6.0
1.5
2.7 –6.0
8.2 –0.6 11.9
6.7
2.0
6.4
1.9
3.2
–4.5
–9.3
–10.3
–7.6
–1.1

–2.0
–5.6
–5.8
–5.4
0.4

–2.2
–5.8
–7.6
–2.6
0.2

–2.7
–6.6
–5.8
–7.9
–0.1

0.0
0.3
–4.6
8.9
–0.2

1.2
–1.2
–0.5
–2.2
2.6

–0.5
0.7
1.6
1.8
1.5

2.9
2.0
0.7
1.3
0.9

0.4
1.7
1.5
2.7
1.3

2.7
3.2
4.0
2.5
2.6

0.6
–0.2
0.4
0.5
1.8

3.0
1.6
–15.9

1.6
1.7
2.7

2.1
3.3
2.2

3.8
3.9
0.6

3.6
1.1
2.3
3.1
3.4
2.9

2.1
3.9
3.0
1.8
2.0
1.7

4.9
2.3
3.6
3.5
4.4
3.1

4.4
3.3
–14.7

2.4
2.7
3.1

3.8
5.3
3.9

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

-5-

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

–0.1
1.1
1.0
1.2
–0.8

2.6
0.0
0.3
–0.5
4.3

1.8
0.2
–1.4
2.8
2.8

0.1
2.3
2.8
1.5
–1.2

1.3
–1.6
–3.7
1.6
3.2

22
23
24
25
26

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

2.9
2.0
1.3
0.9
1.2

27
28
29
30
31

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

1.1
0.2
4.0

32
33
34

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
3.3
2.4
1.8
1.1
1.4

35
36
37
38
39
40

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

1.4
0.6
4.3

41
42
43

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

2012

2013 2014 2015
II

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

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

1.5

2.4

2.4

1.9

1.16
0.71
0.42
0.11
0.09
0.18
0.04
0.29

1.84
0.75
0.43
0.14
0.11
0.14
0.04
0.32

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

0.05
0.03
0.04
0.17
0.45

III
0.5

2013
IV

II

1.9

1.1

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

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

0.27
–0.29
–0.06
–0.58
–0.22
–0.54
–0.08
0.02
–0.10
–0.04
–0.21
–0.20
0.18
0.16
0.02
0.00
0.52
–0.23
–0.11
–0.12
0.12
0.04
0.09
–0.04
0.08
0.16
–0.09

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

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

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

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

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

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

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

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

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

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

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

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

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

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

–0.01 0.46 0.32 0.02 0.23
0.08 0.00 0.02 0.15 –0.11
0.04 0.01 –0.06 0.11 –0.16
0.13 –0.03 –0.02 0.04 –0.16
–0.09 0.05 –0.04 0.07 0.01
0.03 –0.01 0.08 0.04 0.04
0.04 –0.04 0.06 0.02 0.02
0.00 0.03 0.01 0.02 0.03
–0.09 0.46 0.30 –0.13 0.34
0.06 0.04 0.14 0.03 0.07
–0.14 0.42 0.17 –0.16 0.27

52
53
54
55
56
57
58
59
60
61
62

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

1.1

1

2.42
1.20
0.57
0.24
0.07
0.17
0.09
0.62

2.04 1.66 1.02
1.08 0.36 0.03
0.47 0.28 –0.12
0.08 –0.15 –0.32
0.14 0.09 0.06
0.20 0.26 0.19
0.06 0.08 –0.05
0.61 0.09 0.15

2
3
4
5
6
7
8
9

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

0.01 –0.02 0.13
0.03 0.00 –0.02
0.09 –0.04 0.09
0.48 0.14 –0.05
0.96 1.30 0.99

10
11
12
13
14

2.00 1.09 1.20 0.71 1.10 1.02
0.22 0.43 –0.10 0.10 –0.19 0.20
0.80 0.52 0.34 0.40 0.30 0.63
0.13 0.07 0.14 0.08 0.14 –0.01
0.15 –0.05 0.06 0.00 0.35 –0.02
0.26 0.12 0.31 0.08 0.19 0.10
0.05 0.00 0.12 –0.05 0.16 –0.07
0.40 0.01 0.32 0.10 0.15 0.19

15
16
17
18
19
20
21
22

0.14 –0.04
0.31 –0.44

0.03
0.36

0.09 –0.06 –0.15
0.28 0.39 0.05

0.03
0.05

0.25
0.11

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

1.4

Ir

–0.9

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

2.0

IV

3.8

–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

2.1

2016 Line
III

3.0

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

0.1

I

0.19 –0.03
0.20 0.25
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

23
24

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

2015
I

II

2016
III

Change from preceding
period
Line

Seasonally adjusted at annual rates

IV

I

2015

2015
I

r

II

2016
III

IV

I

r

2015

2015

2016

IV

Ir

Gross domestic product (GDP) ........ 17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,230.1 16,348.9 16,177.3 16,333.6 16,414.0 16,470.6 16,514.6

387.2

56.6

44.0

1

2 Personal consumption expenditures .......... 12,271.9 12,055.5 12,228.4 12,359.0 12,444.7 12,498.1 11,213.3 11,081.2 11,178.9 11,262.4 11,330.7 11,372.9

337.6

68.3

42.2

2

3
4
5
6

1

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

3,971.1
1,338.3
440.8

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

3,919.2
1,489.5
397.4

138.5
82.4
14.5

16.0
13.8
–6.1

1.3
–6.0
–13.2

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

304.7
386.0
206.8
2,632.8

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

355.4
560.7
204.8
2,457.7

20.4
44.9
9.0
62.2

4.7
16.5
3.6
3.6

3.0
12.7
–2.1
6.2

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

901.8
378.3
256.9
1,095.7

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

814.8
360.7
290.5
1,002.3

0.7
11.3
9.2
41.3

–0.7
0.1
–1.8
6.0

5.4
–1.0
4.2
–2.0

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

8,527.0

7,345.3

7,277.4

7,325.3

7,363.4

7,415.0

7,454.5

200.7

51.6

39.5

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

8,169.1
2,253.2
2,125.8
386.2
491.8
837.6
940.8
1,133.6

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

7,136.8
1,980.9
1,921.9
348.6
436.7
716.1
732.4
1,004.5

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

40.5
7.8
25.7
–0.2
–0.7
3.9
–2.6
7.8

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

357.9
1,374.8

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

318.3
1,205.7

2.2
28.2

7.9
8.2

–1.1
9.9

23
24

998.8

993.1

1,001.2

999.0

1,002.0

1,016.9

879.3

881.4

882.1

876.7

877.1

888.1

25.7

0.5

10.9

25

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

3,020.6

2,995.9

3,025.5

3,030.6

3,030.6

3,017.3

2,851.9

2,830.2

2,864.8

2,859.7

2,852.7

2,840.2

134.2

–7.0

–12.6

26

27
28
29
30
31
32

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

2,945.3
2,284.4
477.8
1,061.8
328.2

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

2,760.6
2,187.8
441.5
1,042.5
348.9

106.4
61.0
–6.9
31.7
15.8

2.5
–11.9
–5.9
–5.6
1.8

–2.7
–25.2
–9.2
–23.9
–3.9

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
252.7
237.7
287.6
208.3
744.8
336.9
324.3

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
261.0
223.1
280.5
197.6
706.9
343.2
283.7

–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

1.0
–4.7
–1.8
–9.4
–8.6
7.6
7.4
0.7

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

83.7
660.9

80.4
529.6

79.7
512.4

80.0
524.0

80.9
534.4

81.0
547.4

80.9
567.6

2.3
43.1

0.1
13.0

0.0
20.2

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

72.0
–3.2
75.2

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

68.3
–0.9
70.3

29.5
1.5
28.2

–7.2
–3.5
–3.2

–10.0
–4.0
–5.7

42
43
44

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

–499.0

–543.4

–541.2

–534.6

–546.1

–551.9

–546.8 –100.9

–5.8

5.1

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

2,185.3
1,421.8
763.5

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

2,112.1
1,432.7
677.1

23.7
–3.3
25.8

–10.8
–19.9
8.2

1.8
3.8
–1.8

46
47
48

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

2,684.3
2,175.7
508.6

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

2,658.8
2,171.4
485.5

124.6
99.5
25.0

–5.0
–7.3
2.3

–3.4
–7.3
3.8

49
50
51

r Revised
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

2015
I

II

2016
III

IV

Change from preceding
period

Seasonally adjusted at annual rates
2015

2015
I

Ir

II

2016
III

IV

Ir

2015

2015

2016

IV

Ir

Line

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

3,183.4

3,149.5

3,179.2

3,201.0

3,203.9

3,213.7

2,858.9

2,838.5

2,856.9

2,869.7

2,870.6

2,879.9

20.7

0.9

9.2

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

1,235.0
740.7
593.2
147.5
494.3
371.9
122.3

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

1,113.7
676.6
537.7
138.8
436.6
324.4
112.2

–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

–4.6
–6.5
–6.6
0.2
1.8
0.6
1.1

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 1,978.7
61
Consumption expenditures ....................... 1,611.4 1,599.5 1,608.4 1,618.9 1,618.6 1,618.2
62
Gross investment ......................................
347.4
331.8
350.0
357.8
350.0
360.5
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

1,764.6
23.5
–5.2
13.7
1,437.9
10.2
1.2
2.8
326.1
13.4
–6.5
11.0
–96.0 ........... .......... ...........

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

18,524.4
18,377.3
18,158.1
18,729.1
18,657.0
15,443.4

16,781.2
16,647.9
16,438.5
17,064.4
16,989.0
14,121.0

380.6
383.9
360.2
488.9
462.0
443.0

80.2
68.4
65.8
62.6
71.8
71.1

119.5
81.8
53.5
39.4
49.0
39.8

64
65
66
67
68
69

Gross domestic product ............................ 17,947.0 17,649.3 17,913.7 18,060.2 18,164.8 18,230.1 16,348.9 16,177.3 16,333.6 16,414.0 16,470.6 16,514.6
Plus: Income receipts from the rest of the
world..........................................................
830.5
817.0
845.3
841.2
818.4
826.9
695.5
687.3
708.5
703.0
683.3
690.1
Less: Income payments to the rest of the
world..........................................................
616.9
589.5
614.7
637.6
625.7
673.0
514.6
494.2
513.3
530.6
520.1
559.1

387.2

56.6

44.0

70

–21.0

–19.7

6.7

71

19.3

–10.5

38.9

72

Equals: Gross national product ................ 18,160.6 17,876.8 18,144.3 18,263.8 18,357.5 18,384.0 16,529.5 16,371.4 16,529.7 16,585.1 16,631.7 16,640.6
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 13,851.2

342.8
327.8

46.6
41.4

8.9
30.3

73
74

r Revised
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

0.4

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

0.2
–4.1
–1.0
–5.6
2.3

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
0.3
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
0.6
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 –1.5
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
1.2
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
2.0
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
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
purchasers...........................................
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 –5.8
–12.1 –1.6 –6.0 –7.9 –10.5
–3.3
0.2 –0.4 –0.6
3.6
–17.2 –4.2 –3.5 –7.5 –6.2
–19.7 –5.1 –3.8 –8.9 –7.4
–4.3 –0.2 –2.0 –1.1 –0.8
–1.6
0.1
–0.6
1.1
–2.6

1.2
0.8
0.3
1.6
1.4

0.9
0.9
0.4
1.8
1.0

0.2
1.3
1.3
1.3
–0.4

–0.1
1.6
1.1
2.3
–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

0.5
0.2
0.2

27
28
29

–1.6
0.1

1.6
2.1

1.3
1.3

0.4
0.9

0.3
0.4

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

0.4
0.1
0.4

32
33
34

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

2013

2014

2015

2015
I

1

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

108.077

110.701

113.386

112.196

II
113.280

2016
III
113.838

IV
114.230

I

Line

r

114.536

1

2 Personal consumption expenditures ...............................................
107.550
110.448
113.876
112.535
113.527
114.374
115.068
115.497
3 Goods ...............................................................................................
112.954
116.656
120.985
118.924
120.526
121.996
122.495
122.535
4
Durable goods...............................................................................
127.777
135.256
143.304
139.785
142.503
144.790
146.139
145.555
5
Nondurable goods.........................................................................
106.653
108.858
111.719
110.238
111.396
112.539
112.705
112.990
6 Services ............................................................................................
104.941
107.462
110.480
109.459
110.180
110.752
111.529
112.123
7 Gross private domestic investment..................................................
137.226
144.702
151.847
150.696
152.535
152.265
151.893
151.223
8 Fixed investment...............................................................................
123.507
130.018
135.273
133.355
135.040
136.285
136.410
136.278
9
Nonresidential ...............................................................................
123.895
131.517
135.253
133.986
135.336
136.208
135.482
133.939
10
Structures..................................................................................
98.052
106.027
104.444
104.567
106.157
104.201
102.851
100.758
11
Equipment .................................................................................
150.473
159.269
164.181
162.344
162.485
166.380
165.516
161.804
12
Intellectual property products ....................................................
113.791
119.708
126.472
124.718
127.235
126.992
126.944
128.320
13
Residential ....................................................................................
121.876
124.014
135.009
130.642
133.591
136.240
139.563
144.714
14 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................

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

15 Exports of goods and services .........................................................

127.105

131.404

132.897

131.719

133.368

133.590

132.911

133.023

15

16 Imports of goods and services .........................................................

122.812

127.516

133.800

132.742

133.730

134.489

134.239

134.068

16

17 Government consumption expenditures and gross investment ...
18 Federal..............................................................................................
19 State and local ..................................................................................

92.418
93.959
91.383

91.880
91.676
91.953

92.550
91.421
93.207

91.889
91.265
92.226

92.483
91.265
93.198

92.898
91.320
93.843

92.928
91.836
93.562

93.227
91.459
94.294

17
18
19

Addenda:
Final sales of domestic product ........................................................
Gross domestic purchases ...............................................................
Final sales to domestic purchasers ..................................................
Final sales to private domestic purchasers.......................................
Gross national product......................................................................

106.488
108.014
106.470
110.191
108.439

109.031
110.744
109.120
113.688
111.098

111.503
114.044
112.208
117.419
113.450

110.212
112.870
110.934
115.982
112.365

111.282
113.882
111.934
117.089
113.452

112.034
114.501
112.743
118.003
113.832

112.486
114.924
113.222
118.602
114.152

112.853
115.190
113.550
118.937
114.213

20
21
22
23
24

20
21
22
23
24

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

- 10 -

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

2013

2014

2015

2015
I

II

2016
III

IV

I

Line

r

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

106.935

108.694

109.782

109.112

109.685

110.045

110.287

110.402

1

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

107.572
106.200
94.665
112.031
108.292

109.105
105.823
92.494
112.688
110.818

109.440
102.817
90.595
109.053
112.905

108.795
102.567
90.993
108.417
112.051

109.391
103.191
90.939
109.441
112.632

109.740
103.125
90.396
109.663
113.200

109.834
102.385
90.051
108.691
113.737

109.896
101.319
89.833
107.123
114.393

2
3
4
5
6

7 Gross private domestic investment .................................................
103.442
105.288
105.957
105.910
105.652
106.050
106.218
106.302
8 Fixed investment ..............................................................................
103.652
105.663
106.254
106.200
105.946
106.331
106.539
106.700
9
Nonresidential...............................................................................
102.993
103.977
104.195
104.211
103.953
104.251
104.364
104.420
10
Structures..................................................................................
107.541
109.120
108.617
108.951
108.286
108.623
108.609
108.204
11
Equipment.................................................................................
100.290
101.030
101.733
101.685
101.694
101.774
101.780
101.858
12
Intellectual property products....................................................
103.671
104.618
104.576
104.479
104.088
104.690
105.049
105.361
13
Residential ....................................................................................
106.458
112.903
115.121
114.773
114.538
115.286
115.888
116.464
14 Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... ....................

7
8
9
10
11
12
13
14

15 Exports of goods and services.........................................................

112.147

112.250

106.785

107.925

107.661

106.528

105.027

103.457

15

16 Imports of goods and services .........................................................

113.798

113.566

104.846

106.685

105.535

104.596

102.567

100.942

16

17 Government consumption expenditures and gross investment...
18 Federal .............................................................................................
19 State and local..................................................................................

109.086
107.562
110.143

111.057
109.274
112.287

111.350
110.011
112.296

110.959
109.623
111.901

111.284
109.850
112.290

111.547
110.108
112.556

111.611
110.461
112.437

111.595
110.893
112.136

17
18
19

106.355
107.031
105.543
106.963
107.319
107.344
106.902
107.058

107.981
108.255
106.826
108.747
108.982
109.033
108.528
108.809

109.412
108.255
108.026
109.826
109.366
109.402
108.914
109.875

108.758
107.652
107.418
109.150
108.864
108.896
108.384
109.208

109.264
108.240
107.903
109.730
109.271
109.308
108.814
109.778

109.636
108.541
108.222
110.088
109.614
109.649
109.170
110.138

109.992
108.588
108.560
110.336
109.716
109.757
109.287
110.376

110.543
108.523
109.033
110.465
109.768
109.822
109.368
110.490

20
21
22
23
24
25
26
27

106.929
106.963
107.313
107.344
107.052

108.686
108.747
108.974
109.033
108.800

109.775
109.825
109.359
109.401
109.868

109.099
109.146
108.852
108.892
109.195

109.674
109.726
109.260
109.304
109.768

110.029
110.084
109.599
109.645
110.122

110.286
110.332
109.716
109.753
110.376

110.388
110.460
109.755
109.818
110.476

28
29
30
31
32

1

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

Addenda:
PCE excluding food and energy 1 .....................................................
Market-based PCE 2 .........................................................................
Market-based PCE excluding food and energy 2 ..............................
Final sales of domestic product........................................................
Gross domestic purchases...............................................................
Final sales to domestic purchasers ..................................................
Final sales to private domestic purchasers ......................................
Gross national product .....................................................................
Implicit price deflators:
Gross domestic product................................................................
Final sales of domestic product ....................................................
Gross domestic purchases ...........................................................
Final sales to domestic purchasers ..............................................
Gross national product..................................................................

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 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
36
Gross domestic purchases excluding food and energy 2 .........
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
37
GDP.........................................................................................
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
2.3
2.0
1.8
1.9
2.7
3.4
3.1
2.6
2.1
38
GDP excluding food and energy 2 ............................................
39
PCE .........................................................................................
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1
40
PCE excluding food and energy 2 ............................................
1.7
1.8
1.7
1.5
1.9
2.2
2.2
2.2
2.1
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

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

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

2.1

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

2.6
3.0
4.1
2.5
2.4

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
0.3
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
2.2
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
0.0
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 –3.6
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 –0.3
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
2.9
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 10.8
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
1.0
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
0.2
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
1.0
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
3.3
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
1.5
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
2.3
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
2.2
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
2.4
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
2.5
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
1.6
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
1.6
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
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the
final consumption expenditures of nonprofit institutions serving households.
See Explanatory Note at the end of the tables.

- 13 -

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

2013

2014

2015

2015
I

II

2016
III

IV

Line

Ir

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

18,230.1
826.9
673.0

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

18,384.0
2,872.9
–294.3

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

15,805.4
9,960.5
8,086.0
1,874.5

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

1,412.1
685.1

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

1,925.0
515.3
1,188.2
137.1
–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

18,524.4
18,377.3
–1.6

18
19
20

2016

Line

r Revised

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

2013

2014

2015

2015
I

II

III

IV

Ir

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

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

15,742.9
9,960.5
8,086.0
1,874.5
1,412.1
48.6
1,363.5
685.1
2,194.9
1,319.8
875.1
2,727.9
1,237.6
1,991.3

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

15 Equals: Disposable personal income .............................................................................
16 Less: Personal outlays........................................................................................................

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

13,751.7
12,954.9

15
16

17 Equals: Personal saving ..................................................................................................
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

796.7
5.8

17
18

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

11,843.3
12,513.7

19
20

19
20

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

r Revised
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

Percent change from preceding period

Seasonally adjusted at annual rates

Line

2013

2014

2015

2015
I

II

2014

2016
III

IV

6
7
8
9
10
11
12
13

2015

2015
II

Ir

1 Corporate profits with inventory valuation and
capital consumption adjustments .......................... 2,037.4 2,072.9 2,008.9 2,012.5 2,083.0 2,049.9 1,890.3 1,925.0
2 Less: Taxes on corporate income ..................................
468.9 513.9 529.7 517.8 549.0 542.2 509.9 514.4
3 Equals: Profits after tax with inventory valuation
and capital consumption adjustments................... 1,568.5 1,559.1 1,479.2 1,494.7 1,533.9 1,507.7 1,380.4 1,410.7
4 Net dividends..............................................................
924.0 860.0 888.6 878.5 879.6 905.7 890.5 898.7
5 Undistributed profits with inventory valuation and
capital consumption adjustments ...........................
644.5 699.0 590.6 616.3 654.3 602.1 489.9 512.0
Addenda for corporate cash flow:
Net cash flow with inventory valuation
adjustment ............................................................
Undistributed profits with inventory valuation and
capital consumption adjustments........................
Consumption of fixed capital ..................................
Less: Capital transfers paid (net)............................
Addenda:
Profits before tax (without inventory valuation and
capital consumption adjustments) ..........................
Profits after tax (without inventory valuation and
capital consumption adjustments) ..........................
Inventory valuation adjustment...................................

Quarter
one year
ago Line

Quarterly rates

III

IV

2016

2016

Ir

Ir

1.7
9.6

–3.1
3.1

3.5
6.0

–1.6
–1.2

–7.8
–5.9

1.8
0.9

–4.3
–0.7

1
2

–0.6
–6.9

–5.1
3.3

2.6
0.1

–1.7
3.0

–8.4
–1.7

2.2
0.9

–5.6
2.3

3
4

8.5

–15.5

6.2

–8.0

–18.6

4.5

–16.9

5

5.2

–2.6

2.3

–1.6

–4.8

1.7

–2.6

6

644.5 699.0 590.6 616.3 654.3 602.1 489.9 512.0
8.5 –15.5
6.2
–8.0 –18.6
4.5 –16.9
1,405.0 1,467.3 1,512.3 1,493.7 1,502.5 1,520.3 1,532.7 1,544.5
4.4
3.1
0.6
1.2
0.8
0.8
3.4
–5.7
3.3
–3.2
–3.0
–4.3
–3.7
–1.9
–1.7 ............ ............. ............ ............ ............. ............ ............

7
8
9

2,055.2 2,163.0 2,106.2 2,113.0 2,161.1 2,126.1 2,024.5 2,058.2

2,161.6 2,207.8 2,280.4 2,252.3 2,393.7 2,326.0 2,149.5 2,208.9

2.1

3.3

6.3

–2.8

–7.6

2.8

–1.9

10

1,692.7 1,693.9 1,750.6 1,734.5 1,844.6 1,783.8 1,639.6 1,694.5
0.1
3.3
6.4
–3.3
–8.1
3.3
–2.3
3.2
–2.9
61.5
99.2
20.5
56.5
69.7
48.1 ............ ............. ............ ............ ............. ............ ............
Capital consumption adjustment ................................ –127.5 –131.9 –332.9 –338.9 –331.3 –332.6 –329.0 –332.0 ............ ............. ............ ............ ............. ............ ............

11
12
13

r Revised

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

2014

2015

2015

Ir

II

III

2016
IV

Line

Ir

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

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 1,925.0
1,514.8 1,576.3
372.9
361.6
1,141.8 1,214.8
375.6
348.7
648.9
657.6
273.4
308.9

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

34.7
61.6
–11.3
72.9
–26.9
8.7
35.6

1
2
3
4
5
6
7

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 2,219.3 2,257.0
1,957.8 2,009.1 2,000.4 1,843.7 1,908.3
421.9
456.2
458.6
434.6
423.8
100.5
103.2
106.4
101.4
117.9
321.4
352.9
352.2
333.1
305.9
1,536.0 1,553.0 1,541.8 1,409.1 1,484.5
24.9
28.4
13.2
9.5
8.9
534.6
537.0
532.9
393.6
467.9
276.4
296.2
280.6
265.6
260.3
28.5
28.5
28.1
29.9
27.0
36.8
33.3
28.1
25.9
21.9
72.7
78.4
75.2
72.2
69.7

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

37.7
64.6
–10.7
16.5
–27.3
75.3
–0.6
74.3
–5.3
–2.8
–4.0
–2.6

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

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

–1.8
1.0
5.0
79.6
–1.1
70.0
9.3
1.5
–0.8
1.6
–5.1
0.8
5.1
–26.9

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

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

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

r Revised
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

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

18.6
44.0
79.1
207.6
74.5
–7.5
90.2
50.3
178.8
181.1
95.9
153.9
398.1
348.7

33

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

2013

2014

2015

2015
I

II

2016
III

IV

Line

Ir

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

9,046.1
1,351.8

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

7,694.3
5,383.9
4,515.0
868.9
761.4
1,549.0
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

1,214.8
336.8

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

877.9
576.0

13
14

427.0

381.1

306.1

328.5

340.9

328.2

226.8

302.0

15

1,323.2

1,366.1

1,448.5

1,436.8

1,532.4

1,485.4

1,339.4

1,436.3

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

1,099.5
48.1
–269.7

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

8,640.4
1,280.5
7,359.9

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

1.047
0.623
0.283
0.156

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

0.096
0.030

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

0.141
0.039

29
30

0.120

0.116

0.105

0.109

0.109

0.108

0.095

0.102

31

r Revised
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

1.1
–0.8
1.3
6.8
1.0
1.1
62.6
0.9
1.7
1.1
–1.1
1.2

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

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

0.4
1.5
0.5
0.2
1.4

13
14
15
16
17

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

0.2
0.2
2.0
–0.2
1.8

18
19
20
21
22

–0.9

4.6

4.3

2.1

0.6

3.9

2.0

1.4

1.1

23

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

1.79 0.67 –0.20 –0.23
1.24 1.12 1.54 0.79
0.90 0.19 0.05 0.51
0.40 0.53 –0.71 0.03
0.13 0.02 0.04 0.20
0.25 –0.02 –0.01 0.04

24
25
26
27
28
29

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

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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