The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JUNE 29, 2017 Technical: Media: Lisa Mataloni (GDP) Kate Pinard (Corporate Profits) Jeannine Aversa (301) 278-9083 (301) 278-9417 (301) 278-9003 BEA 17-32 gdpniwd@bea.gov cpniwd@bea.gov Jeannine.Aversa@bea.gov Real gross domestic product (GDP) increased at an annual rate of 1.4 percent in the first quarter of 2017 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2016, real GDP increased 2.1 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 1.2 percent. With the third estimate for the first quarter, personal consumption expenditures (PCE) and exports increased more than previously estimated, but the general picture of economic growth remains the same (see "Updates to GDP" on page 2). Real GDP: Percent change from preceding quarter 6 5 4 3 2 1 0 -1 Q2 Q3 Q4 2013 U.S. Bureau of Economic Analysis Q1 Q2 Q3 2014 Q4 Q1 Q2 Q3 2015 Q4 Q1 Q2 Q3 2016 Q4 Q1 2017 Seasonally adjusted annual rates Real gross domestic income (GDI) increased 1.0 percent in the first quarter, in contrast to a decrease of 1.4 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 1.2 percent in the first quarter, compared with an increase of 0.3 percent in the fourth quarter (table 1). Upcoming Annual Update of the National Income and Product Accounts The annual update of the national income and product accounts, covering the first quarter of 2014 through the first quarter of 2017, will be released along with the "advance" estimate of GDP for the second quarter of 2017 on July 28. For more information, see “Preview of the 2017 NIPA Annual Update” included in the May Survey of Current Business article on “GDP and the Economy”. The increase in real GDP in the first quarter primarily reflected positive contributions from nonresidential fixed investment, exports, PCE, and residential fixed investment that were partly offset by negative contributions from private inventory investment, federal government spending, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP in the first quarter reflected a downturn in private inventory investment, a deceleration in PCE, and a downturn in state and local government spending that were partly offset by an upturn in exports, an acceleration in nonresidential fixed investment, and a deceleration in imports. Current-dollar GDP increased 3.4 percent, or $157.7 billion, in the first quarter to a level of $19,027.1 billion. In the fourth quarter, current-dollar GDP increased 4.2 percent, or $194.1 billion (table 1 and table 3). The price index for gross domestic purchases increased 2.5 percent in the first quarter, compared with an increase of 2.0 percent in the fourth quarter (table 4). The PCE price index increased 2.4 percent, compared with an increase of 2.0 percent. Excluding food and energy prices, the PCE price index increased 2.0 percent, compared with an increase of 1.3 percent (appendix table A). Updates to GDP The upward revision to the percent change in real GDP primarily reflected upward revisions to PCE and to exports which were partly offset by a downward revision to nonresidential fixed investment. For more information, see the Technical Note. For information on updates to GDP, see the "Additional Information" section that follows. Real GDP Current-dollar GDP Real GDI Average of Real GDP and Real GDI Gross domestic purchases price index PCE price index Advance Estimate Second Estimate Third Estimate (Percent change from preceding quarter) 0.7 1.2 1.4 3.0 3.4 3.4 … 0.9 1.0 … 1.0 1.2 2.6 2.6 2.5 2.4 2.4 2.4 -2- Corporate Profits (table 12) Profits from current production (corporate profits with inventory valuation adjustment and capital consumption adjustment) decreased $48.4 billion in the first quarter, in contrast to an increase of $11.2 billion in the fourth quarter. Profits of domestic financial corporations decreased $27.9 billion in the first quarter, in contrast to an increase of $26.5 billion in the fourth. Profits of domestic nonfinancial corporations decreased $11.1 billion, compared with a decrease of $60.4 billion. The rest-of-the-world component of profits decreased $9.4 billion, in contrast to an increase of $45.1 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 $5.3 billion, and payments increased $14.7 billion. * * * Next release: July 28, 2017 at 8:30 A.M. EDT Gross Domestic Product: Second Quarter 2017 (Advance Estimate) 2017 NIPA Annual Update: 2014 through First Quarter 2017 * * -3- * Additional Information Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj) in the NIPAs, is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. 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. Resources Additional resources available at www.bea.gov: Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s interactive data application. Access BEA data by registering for BEA’s data application programming interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts For more definitions, see the Glossary: National Income and Product Accounts. Statistical conventions Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ "Why does BEA publish estimates at annual rates?" Definitions Gross domestic product (GDP) is 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. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Percent changes in quarterly series are calculated from unrounded data and are displayed at annual rates, unless otherwise specified. For details, see the FAQ "How is average annual growth calculated?" Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). "Real" dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data. Real GDI is calculated by deflating gross domestic income using the GDP price index as the deflator, and is therefore conceptually equivalent to real GDP. Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" or as "current-price estimates." Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." -4- Updates to GDP Vintage BEA releases three vintages of the current quarterly estimate for GDP: "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; "second" and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 Second to third 0.2 Advance to latest 1.1 Note - Based on estimates from 1993 through 2015. For more information on GDP updates, see Revision Information on the BEA Web site. Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 3 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. The larger average revision from the advance to the latest estimate reflects the fact that periodic comprehensive updates include major statistical and methodological improvements. Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic profits and on net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. List of GDP News Release Tables Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product Table 3. Gross Domestic Product: Level and Change From Preceding Period Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Table 5. Real Gross Domestic Product, Quantity Indexes Table 6. Price Indexes for Gross Domestic Product Table 7. Real Gross Domestic Product: Percent Change From Preceding Year Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income Table 10. Personal Income and Its Disposition Table 11. Corporate Profits: Level and Percent Change Table 12. Corporate Profits by Industry: Level and Change From Preceding Period Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change -5- Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2014 2015 2016 2013 II 1 III 2014 IV I II 2015 III IV I II 2016 III IV I II 2017 III IV Line Ir Gross domestic product (GDP) .... 2.4 2.6 1.6 0.8 3.1 4.0 –1.2 4.0 5.0 2.3 2.0 2.6 2.0 0.9 0.8 1.4 3.5 2.1 1.4 1 2 Personal consumption expenditures ...... 3 Goods ...................................................... 4 Durable goods...................................... 5 Nondurable goods................................ 6 Services ................................................... 2.9 3.9 6.7 2.6 2.3 3.2 4.0 6.9 2.6 2.8 2.7 3.6 5.8 2.5 2.3 0.8 1.3 2.1 0.9 0.6 1.9 2.9 4.1 2.4 1.3 3.4 4.0 4.9 3.6 3.1 1.9 2.4 4.6 1.4 1.7 3.8 6.7 13.0 3.8 2.3 3.7 4.3 8.7 2.3 3.4 4.6 5.1 8.5 3.5 4.3 2.4 2.7 4.1 1.9 2.3 2.9 4.3 7.6 2.7 2.2 2.7 4.2 6.2 3.2 2.0 2.3 2.1 4.0 1.2 2.3 1.6 1.2 –0.6 2.1 1.9 4.3 7.1 9.8 5.7 3.0 3.0 3.5 11.6 –0.5 2.7 3.5 6.0 11.4 3.3 2.4 1.1 0.5 –1.6 1.6 1.4 2 3 4 5 6 7 Gross private domestic investment......... 4.5 5.0 –1.6 5.0 13.4 5.4 –6.6 11.2 8.9 2.6 9.9 1.0 2.0 –2.3 –3.3 –7.9 3.0 9.4 3.7 8 Fixed investment...................................... 5.5 4.0 0.7 4.3 2.9 6.6 5.3 7.2 7.4 1.3 3.7 4.3 5.7 –0.2 –0.9 –1.1 0.1 2.9 11.0 9 Nonresidential ...................................... 6.0 2.1 –0.5 2.5 2.1 9.5 7.0 6.1 8.3 –1.1 1.3 1.6 3.9 –3.3 –3.4 1.0 1.4 0.9 10.4 10 Structures......................................... 10.3 –4.4 –2.9 10.4 17.1 2.1 25.1 7.4 –2.7 4.1 –12.3 –2.7 –4.3 –15.2 0.1 –2.1 12.0 –1.9 22.6 11 Equipment ........................................ 5.4 3.5 –2.9 2.8 –5.2 19.5 0.3 6.5 15.2 –8.9 9.3 –0.3 9.1 –2.6 –9.5 –2.9 –4.5 1.9 7.8 12 Intellectual property products ........... 3.9 4.8 4.7 –3.2 3.6 1.1 4.9 4.5 7.1 7.8 0.8 8.0 2.1 4.6 3.7 9.0 3.2 1.3 6.4 13 Residential ........................................... 3.5 11.7 4.9 12.0 6.0 –4.5 –1.4 11.7 3.6 11.4 13.3 14.9 12.6 11.5 7.8 –7.7 –4.1 9.6 13.0 14 Change in private inventories .................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... 16 Exports..................................................... 4.3 0.1 0.4 5.0 3.1 11.8 –2.7 8.7 2.1 4.5 –5.8 2.9 –2.8 –2.7 –0.7 1.8 10.0 –4.5 7.0 17 Goods .................................................. 4.4 –0.6 0.6 6.6 3.5 15.7 –7.3 10.7 4.4 3.8 –10.1 4.6 –3.1 –4.6 0.1 1.7 14.4 –6.7 10.5 18 Services ............................................... 3.9 1.6 –0.1 1.5 2.2 3.7 7.9 4.7 –2.8 6.0 3.8 –0.4 –2.3 1.0 –2.2 1.9 2.0 –0.1 0.7 19 Imports..................................................... 4.4 4.6 1.2 5.3 1.7 1.6 4.9 9.9 –1.2 11.2 5.6 2.9 1.1 0.7 –0.6 0.2 2.2 9.0 4.0 20 Goods .................................................. 4.8 4.9 0.7 5.8 1.7 1.6 5.7 10.7 –1.4 11.7 6.8 3.4 –0.1 0.7 –1.3 0.0 0.5 10.9 4.4 21 Services ............................................... 2.6 2.9 3.1 2.6 1.7 1.3 1.2 6.3 0.1 8.8 –0.2 0.2 6.9 0.7 2.5 1.1 9.8 0.7 2.4 22 Government consumption expenditures and gross investment............................ –0.9 1.8 0.8 –2.0 –2.0 –2.8 –1.0 0.1 2.5 –0.4 2.6 3.2 1.9 1.0 1.6 –1.7 0.8 0.2 –0.9 23 Federal..................................................... –2.5 0.0 0.6 –5.3 –5.1 –5.7 –0.2 –2.8 3.9 –6.0 1.9 0.2 1.0 3.8 –1.5 –0.4 2.4 –1.2 –2.0 24 National defense .................................. –4.1 –2.1 –0.7 –5.3 –6.6 –4.2 –5.0 –3.2 4.0 –11.6 –0.4 –0.5 –1.2 4.4 –3.2 –3.2 2.0 –3.6 –3.9 25 Nondefense.......................................... 0.1 3.3 2.6 –5.2 –2.6 –8.1 8.3 –2.0 3.9 3.5 5.4 1.1 4.2 2.8 0.9 3.8 3.0 2.3 0.7 26 State and local ......................................... 0.2 2.9 0.9 0.3 0.1 –1.0 –1.5 2.0 1.6 3.3 3.0 5.1 2.5 –0.6 3.5 –2.5 –0.2 1.0 –0.2 Addenda: 27 Gross domestic income (GDI) 1 ................ 3.0 2.5 1.5 2.0 0.8 2.5 2.1 5.4 4.5 4.0 1.6 0.6 2.5 1.5 0.8 0.7 5.0 –1.4 1.0 28 Average of GDP and GDI ........................ 2.7 2.6 1.5 1.4 2.0 3.2 0.4 4.7 4.7 3.1 1.8 1.6 2.2 1.2 0.8 1.1 4.3 0.3 1.2 29 Final sales of domestic product ............... 2.5 2.4 2.0 0.6 1.5 4.1 0.8 3.3 4.7 2.1 1.0 3.2 2.6 1.2 1.2 2.6 3.0 1.1 2.6 30 Gross domestic purchases ...................... 2.4 3.2 1.7 0.9 2.9 2.6 0.0 4.3 4.3 3.4 3.6 2.6 2.4 1.3 0.8 1.2 2.6 3.9 1.2 31 Final sales to domestic purchasers ......... 2.6 3.1 2.1 0.8 1.3 2.7 1.9 3.7 4.1 3.2 2.7 3.2 3.0 1.7 1.2 2.4 2.1 2.8 2.3 32 Final sales to private domestic 3.4 3.3 2.3 1.5 2.1 4.0 2.5 4.4 4.4 4.0 2.7 3.2 3.3 1.8 1.1 3.2 2.4 3.4 2.9 purchasers ........................................... 33 Gross national product (GNP) ................. 2.3 2.3 1.6 1.2 3.2 3.9 –1.2 3.7 5.3 1.7 1.6 2.3 1.7 1.3 0.0 2.2 3.4 2.9 1.1 34 Disposable personal income.................... 3.5 3.5 2.6 2.4 2.4 0.9 4.5 5.3 4.1 4.3 2.0 3.9 3.3 3.0 2.1 2.9 2.9 –0.3 1.7 Current-dollar measures: 35 GDP ..................................................... 4.2 3.7 3.0 1.6 5.1 6.1 0.6 6.3 6.7 2.8 2.1 4.9 3.2 1.8 1.3 3.7 5.0 4.2 3.4 36 GDI....................................................... 4.9 3.6 2.8 2.8 2.8 4.7 3.9 7.7 6.3 4.5 1.6 2.8 3.7 2.4 1.3 3.0 6.5 0.7 3.0 37 Average of GDP and GDI .................... 4.5 3.7 2.9 2.2 3.9 5.4 2.2 7.0 6.5 3.7 1.8 3.9 3.5 2.1 1.3 3.4 5.7 2.4 3.2 38 Final sales of domestic product ........... 4.4 3.6 3.4 1.6 3.6 6.4 2.5 5.5 6.5 2.6 1.1 5.5 3.9 2.1 1.8 5.0 4.5 3.2 4.5 39 Gross domestic purchases .................. 4.2 3.7 2.8 1.4 4.4 4.7 2.1 6.2 5.8 3.7 2.2 4.2 3.5 1.7 1.0 3.3 4.1 6.0 3.7 40 Final sales to domestic purchasers...... 4.4 3.5 3.2 1.4 3.0 5.0 4.1 5.6 5.6 3.5 1.3 4.8 4.1 2.0 1.4 4.6 3.7 4.9 4.8 41 Final sales to private domestic 5.1 3.8 3.4 2.0 3.7 5.9 4.8 6.3 5.8 4.3 1.4 4.6 4.5 2.2 1.5 5.3 3.9 5.5 5.1 purchasers ....................................... 42 GNP ..................................................... 4.2 3.4 2.9 2.0 5.2 6.1 0.5 5.9 7.1 2.2 1.6 4.5 2.9 2.2 0.4 4.5 4.8 5.0 3.0 43 Disposable personal income................ 5.1 3.8 3.7 2.5 3.9 2.6 6.6 7.3 5.2 4.3 0.3 5.8 4.4 3.4 2.4 5.0 4.4 1.7 4.1 15 16 17 18 19 20 21 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. -6- 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2014 Line 2015 2016 2013 II III 2014 IV I II 2015 III IV I II 2016 III IV I II 0.8 1.4 2017 Line III IV Ir 3.5 2.1 1.4 1 2.88 2.03 1.51 0.77 0.70 0.84 0.22 0.47 0.15 0.10 0.29 0.20 0.05 0.07 0.80 –0.07 2.40 1.29 0.82 0.39 0.07 0.28 0.07 0.47 0.75 0.11 –0.12 –0.40 0.05 0.28 –0.04 0.23 2 3 4 5 6 7 8 9 0.02 0.00 –0.02 –0.01 –0.03 –0.01 0.15 0.36 0.13 0.32 0.16 0.02 0.19 0.01 0.11 0.04 0.02 –0.02 0.10 –0.02 0.00 –0.10 0.02 0.13 0.14 –0.01 0.10 –0.02 0.08 0.00 –0.04 –0.03 –0.09 0.29 0.21 0.16 0.29 0.35 0.18 0.08 0.35 –0.14 0.18 0.26 1.54 1.93 1.04 1.00 0.89 1.07 0.86 1.37 1.26 1.11 0.64 1.60 2.00 1.08 0.99 0.69 0.92 0.85 1.46 1.02 1.12 0.64 0.00 0.39 0.39 0.11 0.21 –0.22 0.09 0.54 0.32 –0.18 –0.14 0.73 0.90 0.50 0.44 0.43 0.42 0.63 0.83 0.07 0.64 0.27 0.14 0.06 0.08 0.06 0.01 0.11 –0.03 –0.03 0.05 0.11 –0.15 0.18 0.08 0.01 –0.05 0.03 0.24 –0.02 –0.18 0.14 0.15 0.07 0.19 0.25 0.12 0.29 0.07 0.17 0.11 0.12 0.10 0.00 0.12 0.21 –0.04 –0.05 0.02 –0.05 0.11 –0.12 –0.03 0.23 0.11 0.33 0.15 0.36 0.03 0.13 –0.01 0.10 0.18 0.19 0.11 0.28 0.14 10 11 12 13 14 15 16 17 18 19 20 21 22 Percent change at annual rate: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 Gross domestic product ........................................ Percentage points at annual rates: Personal consumption expenditures ........................... Goods .......................................................................... Durable goods .......................................................... Motor vehicles and parts....................................... Furnishings and durable household equipment .... Recreational goods and vehicles .......................... Other durable goods ............................................. Nondurable goods .................................................... Food and beverages purchased for off-premises consumption...................................................... Clothing and footwear ........................................... Gasoline and other energy goods......................... Other nondurable goods ....................................... Services....................................................................... Household consumption expenditures (for services) Housing and utilities.............................................. Health care............................................................ Transportation services......................................... Recreation services .............................................. Food services and accommodations .................... Financial services and insurance.......................... Other services....................................................... Final consumption expenditures of nonprofit institutions serving households ............................. Gross output of nonprofit institutions .................... Less: Receipts from sales of goods and services by nonprofit institutions ..................................... Gross private domestic investment ............................. Fixed investment ........................................................ Nonresidential........................................................... Structures.............................................................. Equipment............................................................. 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...................................................... 2.4 2.6 1.95 0.89 0.49 0.16 0.12 0.16 0.05 0.40 1.6 3.1 4.0 –1.2 4.0 5.0 2.3 2.0 2.6 2.16 0.91 0.51 0.13 0.12 0.19 0.07 0.40 1.86 0.58 1.28 0.79 0.30 0.67 0.42 0.16 0.30 0.08 –0.07 –0.05 0.11 0.08 0.18 0.20 0.15 0.15 0.04 0.00 0.02 0.36 0.14 0.37 2.29 0.90 0.36 0.10 0.08 0.07 0.10 0.54 1.26 0.54 0.33 0.17 0.05 0.09 0.01 0.21 2.56 1.50 0.91 0.35 0.24 0.26 0.07 0.59 2.52 0.98 0.62 0.22 0.11 0.26 0.04 0.35 3.07 1.14 0.61 0.19 0.11 0.20 0.10 0.53 1.63 0.59 0.30 0.02 0.08 0.14 0.06 0.28 1.94 0.94 0.55 0.16 0.11 0.21 0.07 0.39 0.11 0.04 0.01 0.25 1.06 1.08 0.17 0.36 0.09 0.05 0.14 0.07 0.20 0.00 0.08 0.07 0.25 1.26 1.26 0.20 0.60 0.07 0.04 0.19 0.01 0.14 0.14 –0.18 0.10 0.22 0.17 0.10 0.03 0.10 –0.03 0.04 –0.05 0.13 0.02 0.12 0.03 0.04 –0.04 –0.06 0.18 0.10 0.27 0.25 0.13 0.42 1.08 0.28 0.61 1.39 0.73 1.06 1.01 0.33 0.67 1.35 0.71 1.13 0.15 0.03 –0.11 0.34 0.42 –0.06 0.53 0.34 0.18 0.37 –0.15 0.70 0.03 0.10 0.09 –0.04 0.19 0.05 0.04 –0.12 0.20 0.07 0.07 –0.12 0.12 –0.17 0.07 0.29 –0.01 0.27 0.02 0.11 0.03 0.19 –0.05 0.07 0.14 0.05 0.21 0.13 0.23 0.22 –0.02 0.11 0.00 0.18 0.07 –0.06 –0.06 0.26 0.22 0.00 0.14 0.73 0.87 0.76 0.29 0.32 0.05 0.00 0.04 0.04 0.17 0.06 0.15 0.10 0.05 0.00 0.11 –0.14 –0.07 –0.07 –0.15 0.58 0.41 0.17 –0.72 –0.65 –0.07 0.18 0.82 0.65 0.27 –0.13 0.21 0.07 0.00 0.07 0.02 0.18 –0.06 0.19 0.11 0.06 0.02 0.39 0.17 0.00 0.17 –0.71 0.01 –0.06 0.07 –0.73 –0.65 –0.08 0.20 –0.26 0.11 –0.07 –0.08 –0.17 0.04 –0.01 0.05 0.03 –0.10 –0.15 0.19 0.08 0.10 0.01 0.18 –0.37 –0.01 –0.35 –0.13 0.04 0.05 0.00 –0.17 –0.09 –0.08 0.8 0.27 0.78 0.70 0.35 0.27 0.21 0.08 –0.12 0.20 –0.10 0.38 –0.14 –0.13 –0.13 0.00 0.00 0.35 0.08 0.17 –0.09 –0.21 0.65 0.59 0.06 –0.86 –0.79 –0.07 0.06 2.08 0.48 0.29 0.44 –0.29 –0.02 0.02 –0.04 0.06 –0.14 –0.19 0.14 0.14 0.01 –0.01 0.18 1.60 0.14 1.46 0.13 0.41 0.32 0.09 –0.28 –0.23 –0.05 0.04 0.02 –0.07 –0.06 –0.07 –0.04 0.29 –0.33 0.36 0.29 0.39 0.01 0.25 0.91 1.01 1.16 0.06 1.05 –0.04 0.08 –0.11 –0.12 0.49 0.72 0.04 0.08 –0.04 0.00 –0.15 –0.11 0.06 –0.16 1.29 1.54 1.38 0.16 –0.24 –0.21 –0.03 –0.35 –1.10 0.79 0.84 0.66 0.00 0.05 –0.08 0.12 0.15 –0.03 –0.17 0.18 0.09 0.10 –0.01 –0.04 –1.89 –0.39 –1.50 –1.16 –0.39 –0.72 0.33 –0.77 –0.74 –0.03 –0.16 0.32 0.14 –0.37 –0.37 –0.53 –0.19 –0.19 0.00 0.04 –0.41 –0.39 –0.42 –0.01 –0.19 –0.09 –0.03 –0.25 –0.31 –0.19 –0.23 –0.13 –0.06 –0.05 –0.17 –0.36 –0.13 –0.03 –0.05 –0.03 0.02 –0.08 0.05 –0.06 –0.20 0.00 0.09 0.07 –0.15 –0.07 –0.23 0.22 0.00 0.08 0.06 –0.10 –0.06 –0.21 0.21 0.00 0.01 0.01 –0.05 –0.02 –0.02 0.01 0.03 0.32 0.10 0.03 0.01 –0.11 –0.17 0.02 0.22 0.10 –0.01 0.00 –0.03 –0.07 0.00 0.10 0.00 0.04 0.02 –0.08 –0.10 r Revised See Explanatory Note at the end of the tables. -7- 0.43 1.79 1.12 0.76 0.22 0.37 0.28 0.05 0.22 0.13 0.12 –0.16 0.17 0.14 0.04 0.00 0.36 0.67 0.03 0.64 –0.41 1.16 0.96 0.20 –1.57 –1.40 –0.17 0.35 1.49 1.16 1.05 –0.08 0.86 –0.25 0.02 –0.26 0.09 0.47 0.54 0.27 0.17 0.09 0.01 0.12 0.32 0.02 0.30 0.50 0.29 0.41 –0.13 0.21 0.21 0.00 0.02 0.46 –0.20 0.28 –0.14 0.17 –0.22 0.22 0.07 –0.05 –0.05 0.10 –0.07 0.10 0.01 0.01 0.22 0.18 0.06 0.15 0.16 0.03 2.0 0.9 1.81 1.53 1.11 0.92 0.47 0.25 0.45 0.30 –0.05 0.07 –0.04 –0.23 0.13 0.10 0.08 0.18 0.16 0.14 0.07 0.08 –0.04 0.47 0.17 0.30 0.00 0.07 0.20 0.10 0.15 0.25 0.06 0.18 0.70 0.21 –0.07 –0.02 –0.09 0.06 –0.15 0.15 –0.02 –0.06 0.31 0.11 0.18 0.02 0.49 –0.52 –0.05 –0.47 –0.08 0.37 0.39 –0.02 –0.44 –0.43 –0.01 –0.09 0.35 0.92 0.49 –0.12 0.53 0.40 0.05 0.35 –0.06 0.26 –0.07 0.08 –0.02 0.08 0.02 0.43 –0.57 0.01 –0.58 –0.52 –0.36 –0.26 –0.10 –0.16 0.02 –0.18 0.10 –0.39 –0.03 –0.43 –0.45 –0.16 0.02 –0.13 0.15 0.12 –0.11 –0.19 0.18 0.06 0.11 0.01 0.40 –0.36 –0.08 –0.28 –0.45 –0.34 –0.38 0.04 –0.11 –0.09 –0.02 0.27 –0.56 –0.15 –0.44 0.00 –0.59 –0.05 0.02 –0.07 –0.05 –0.23 –0.26 0.15 0.13 0.02 –0.01 0.29 –0.41 –0.05 –0.35 0.01 –0.09 0.01 –0.09 0.09 0.16 –0.07 0.49 –1.34 –0.18 0.12 –0.06 –0.17 –0.09 0.05 –0.13 0.11 –0.09 –0.11 0.35 0.08 0.28 –0.01 –0.31 –1.16 0.07 –1.23 0.18 0.21 0.13 0.08 –0.03 0.00 –0.03 0.07 0.60 1.71 1.23 0.56 0.42 0.23 0.06 0.17 0.09 0.07 0.04 0.26 0.11 0.14 0.01 0.48 –1.11 0.04 –1.15 0.23 0.82 0.79 0.03 –0.59 –0.53 –0.07 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 –0.07 0.45 0.57 0.34 0.18 –0.43 0.13 0.01 0.06 0.25 –0.52 –0.02 –0.02 –0.05 0.17 –0.49 0.11 –0.05 –0.03 0.06 –0.03 –0.13 0.03 –0.01 0.11 0.09 0.15 0.03 0.11 0.08 0.06 0.15 0.02 0.11 0.05 0.04 0.00 0.01 0.00 0.02 0.36 0.32 0.56 0.27 –0.07 0.24 0.31 0.23 0.24 0.06 0.12 0.01 0.33 0.04 –0.13 0.28 –0.10 –0.13 –0.11 –0.02 0.03 0.04 –0.01 0.39 0.06 0.33 –0.30 0.14 0.03 –0.16 –0.02 0.16 –0.08 –0.14 –0.13 0.08 –0.14 –0.16 –0.10 0.06 –0.16 –0.21 –0.02 0.02 0.01 0.05 0.10 0.08 0.06 0.02 0.10 0.07 0.04 –0.01 0.01 0.02 0.02 0.03 –0.28 –0.02 0.11 –0.02 0.07 0.13 0.00 0.05 –0.34 –0.16 0.11 –0.07 52 53 54 55 56 57 58 59 60 61 62 0.46 0.45 0.22 –0.14 0.13 –0.57 0.25 0.02 0.23 –0.14 –0.13 –0.54 0.29 0.13 0.14 0.02 0.36 0.23 –0.04 0.28 –1.14 0.60 0.35 0.25 –1.74 –1.50 –0.24 0.05 1.62 0.61 0.18 –0.39 0.54 0.00 –0.08 0.08 0.01 0.46 0.07 0.03 0.15 –0.13 0.02 0.43 1.01 0.09 0.92 –1.65 –0.78 –0.94 0.16 –0.87 –0.87 0.00 0.01 –0.08 0.28 0.40 0.24 –0.02 0.00 0.27 0.32 0.07 0.03 0.50 0.02 0.18 0.30 –0.26 0.15 –0.02 0.17 –0.03 –0.29 –0.08 0.13 0.12 –0.03 0.04 –0.16 0.49 0.08 0.41 0.85 1.16 1.08 0.08 –0.31 –0.06 –0.26 0.34 1.47 0.46 0.11 –0.05 0.11 0.07 –0.04 0.11 0.06 –0.02 0.00 0.05 0.02 0.02 0.02 0.35 1.01 –0.14 1.15 –1.82 –0.55 –0.55 0.00 –1.27 –1.25 –0.02 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 2016 2016 I II 2017 III Change from preceding period Line Seasonally adjusted at annual rates IV I 2016 2016 I r II 2017 III IV I r 2016 2016 2017 IV Ir Gross domestic product (GDP)......... 18,569.1 18,281.6 18,450.1 18,675.3 18,869.4 19,027.1 16,662.1 16,525.0 16,583.1 16,727.0 16,813.3 16,872.8 264.9 86.4 59.5 1 2 Personal consumption expenditures........... 12,757.9 12,498.0 12,692.7 12,832.2 13,008.9 13,120.4 11,522.2 11,365.2 11,484.9 11,569.0 11,669.8 11,701.3 307.5 100.8 31.5 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....................... 4,098.4 1,402.9 474.7 4,008.7 1,366.6 455.7 4,085.4 1,390.0 462.5 4,111.9 1,414.0 481.7 4,187.5 1,440.9 498.9 4,220.6 1,438.9 481.4 4,048.2 1,584.6 432.6 3,964.7 1,524.9 411.8 4,032.9 1,560.9 420.8 4,067.8 1,604.4 440.4 4,127.5 1,648.2 457.2 4,132.5 1,641.7 439.8 140.8 86.5 13.2 59.7 43.8 16.9 5.0 –6.5 –17.5 3 4 5 316.5 393.0 218.7 2,695.5 312.5 384.9 213.6 2,642.0 317.6 391.7 218.3 2,695.4 317.5 395.1 219.6 2,697.9 318.4 400.5 223.1 2,746.6 321.9 412.8 222.9 2,781.7 374.6 586.9 216.5 2,500.4 364.7 560.6 212.4 2,471.1 372.9 579.9 214.6 2,505.4 378.4 593.5 217.9 2,502.5 382.4 613.6 221.2 2,522.8 385.3 633.5 219.2 2,532.7 23.0 51.9 7.5 61.1 4.1 20.1 3.4 20.3 2.9 20.0 –2.0 9.9 6 7 8 9 917.0 383.6 272.4 1,122.6 904.3 381.7 254.4 1,101.7 916.5 385.5 271.5 1,121.9 917.4 384.4 268.9 1,127.2 929.6 382.6 294.9 1,139.6 938.0 382.2 307.2 1,154.4 834.0 368.2 290.5 1,018.2 816.8 365.4 291.8 1,008.3 831.6 369.7 291.6 1,023.0 836.9 368.9 289.8 1,017.1 850.5 368.9 288.6 1,024.5 857.5 364.3 284.4 1,035.8 22.6 4.8 4.2 29.2 13.7 0.0 –1.2 7.4 7.0 –4.6 –4.2 11.2 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....... 8,659.6 8,489.3 8,607.3 8,720.3 8,821.4 8,899.8 7,481.0 7,403.9 7,458.5 7,508.5 7,552.9 7,578.5 170.6 44.3 25.7 14 8,306.5 2,325.8 2,189.3 378.2 484.0 851.9 957.7 1,119.5 8,141.2 2,270.5 2,138.5 375.2 479.8 838.8 936.1 1,102.3 8,261.2 2,314.4 2,184.6 374.8 476.7 848.4 947.4 1,114.9 8,362.2 2,351.7 2,197.6 377.8 485.7 857.5 968.4 1,123.4 8,461.4 2,366.6 2,236.6 384.8 493.8 863.0 979.0 1,137.5 8,534.7 2,379.5 2,256.4 381.8 502.9 873.6 995.3 1,145.3 7,173.2 2,020.1 1,972.9 339.0 424.9 722.7 720.9 980.6 7,098.2 1,999.0 1,938.7 337.8 425.9 717.2 716.7 969.8 7,156.2 2,020.9 1,973.3 336.4 418.8 721.9 715.8 977.5 7,196.7 2,033.9 1,976.2 338.5 424.5 725.8 723.6 981.8 7,241.7 2,026.8 2,003.2 343.2 430.5 725.9 727.5 993.3 7,267.5 2,021.3 2,014.4 336.8 433.3 730.7 739.1 999.1 159.9 23.2 86.8 4.3 5.7 19.0 2.1 22.2 45.0 –7.1 27.0 4.7 6.0 0.0 3.9 11.5 25.8 –5.5 11.2 –6.4 2.8 4.8 11.6 5.8 15 16 17 18 19 20 21 22 353.1 1,412.9 348.1 1,378.3 346.1 1,403.6 358.1 1,423.0 360.0 1,446.6 365.1 1,459.2 307.8 1,226.9 305.7 1,206.2 302.4 1,222.4 311.9 1,233.1 311.2 1,246.1 311.1 1,248.8 10.9 42.1 –0.7 13.0 –0.1 2.7 23 24 1,059.8 1,030.3 1,057.5 1,064.8 1,086.6 1,094.2 919.1 900.4 919.9 921.2 934.8 937.6 31.4 13.6 2.8 25 26 Gross private domestic investment............. 3,035.7 3,036.8 2,987.5 3,017.2 3,101.4 3,139.5 2,824.6 2,841.5 2,783.8 2,804.7 2,868.2 2,894.3 –44.5 63.5 26.1 26 27 28 29 30 31 32 3,014.8 2,308.8 493.8 1,057.0 321.0 2,994.8 2,292.4 486.0 1,066.3 319.9 3,002.5 2,304.7 487.3 1,058.7 316.8 3,013.1 2,313.8 500.5 1,049.3 322.8 3,049.0 2,324.2 501.3 1,053.5 324.4 3,139.6 2,389.1 530.9 1,074.8 333.0 2,785.9 2,188.6 439.2 1,041.4 346.9 2,786.7 2,179.7 435.2 1,052.0 345.5 2,778.8 2,185.0 432.9 1,044.1 341.2 2,779.3 2,192.5 445.3 1,032.2 348.7 2,798.9 2,197.2 443.2 1,037.2 352.3 2,873.0 2,252.3 466.3 1,056.8 364.0 18.2 –11.6 –12.9 –31.1 8.2 19.6 4.8 –2.2 4.9 3.7 74.0 55.0 23.1 19.6 11.7 27 28 29 30 31 76.4 244.6 226.1 293.1 216.8 758.0 340.4 335.5 76.0 243.9 222.2 301.3 222.9 740.1 336.0 323.0 78.2 238.6 227.3 297.6 217.0 758.7 339.4 337.9 77.0 245.8 226.1 286.7 213.7 763.9 342.6 338.8 74.4 250.0 228.7 286.6 213.8 769.4 343.7 342.3 77.5 255.5 233.7 293.1 215.0 783.5 347.6 351.5 87.7 258.2 212.9 283.9 205.9 711.9 348.1 285.5 86.9 257.6 209.4 293.7 211.3 697.1 342.2 277.5 89.3 251.2 214.2 289.7 206.6 712.2 346.0 288.6 88.3 259.3 212.8 276.5 202.8 717.9 351.6 287.6 86.3 264.8 215.3 275.7 202.7 720.2 352.4 288.3 89.6 273.1 219.3 278.7 204.6 731.5 357.7 293.8 –1.1 9.0 5.6 –18.2 –25.0 31.9 14.9 15.3 –2.0 5.4 2.5 –0.8 –0.1 2.3 0.8 0.7 3.3 8.3 4.0 3.0 1.8 11.3 5.3 5.5 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 ............................................... 82.1 706.1 81.1 702.4 81.4 697.8 82.5 699.3 83.4 724.8 84.4 750.5 79.2 591.9 78.6 600.7 78.0 588.7 79.7 582.5 80.5 596.0 80.9 614.4 1.4 27.4 0.8 13.5 0.4 18.5 40 41 42 43 44 Change in private inventories................... Farm......................................................... Nonfarm ................................................... 20.9 –6.4 27.3 41.9 –8.3 50.3 –15.0 –5.5 –9.4 4.1 –2.7 6.7 52.4 –9.2 61.5 –0.1 –7.6 7.5 22.0 –3.4 26.0 40.7 –5.1 47.5 –9.5 –2.6 –6.6 7.1 0.0 7.2 49.6 –5.8 55.8 2.6 –4.3 7.0 –62.0 –1.8 –62.2 42.5 –5.8 48.6 –47.0 1.5 –48.8 42 43 44 33 34 35 36 37 38 39 40 45 Net exports of goods and services .............. –501.3 –507.4 –492.4 –460.0 –545.2 –562.8 –563.0 –566.3 –558.5 –522.2 –605.0 –595.6 –23.0 –82.8 9.4 45 46 47 48 Exports........................................................ Goods....................................................... Services ................................................... 2,232.4 1,454.9 777.6 2,179.0 1,410.9 768.1 2,209.7 1,437.2 772.5 2,276.3 1,495.4 780.9 2,264.8 1,476.0 788.8 2,319.4 1,524.5 794.9 2,128.2 1,446.8 681.4 2,102.0 1,424.1 677.3 2,111.3 1,430.1 680.5 2,162.0 1,479.2 683.9 2,137.4 1,453.6 683.8 2,174.0 1,490.4 685.0 7.6 8.7 –0.5 –24.6 –25.5 –0.1 36.5 36.7 1.2 46 47 48 49 50 51 Imports........................................................ Goods....................................................... Services ................................................... 2,733.7 2,225.6 508.1 2,686.3 2,185.7 500.7 2,702.2 2,199.4 502.7 2,736.2 2,222.7 513.5 2,810.0 2,294.6 515.4 2,882.2 2,362.2 520.1 2,691.2 2,210.1 478.7 2,668.2 2,194.1 471.9 2,669.7 2,194.3 473.2 2,684.3 2,197.2 484.4 2,742.4 2,254.9 485.1 2,769.6 2,279.2 488.1 30.6 16.0 14.2 58.2 57.8 0.8 27.2 24.3 2.9 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. -8- Table 3. Gross Domestic Product: Level and Change From Preceding Period—Table Ends Billions of dollars Billions of chained (2009) dollars Seasonally adjusted at annual rates Line 2016 2016 I II 2017 III IV Change from preceding period Seasonally adjusted at annual rates 2016 2016 I Ir II 2017 III IV Ir 2016 2016 2017 IV Ir Line 52 Government consumption expenditures and gross investment................................. 3,276.7 3,254.3 3,262.3 3,285.9 3,304.3 3,330.1 2,907.0 2,913.2 2,900.9 2,906.4 2,907.6 2,901.2 23.3 1.3 –6.4 52 53 54 55 56 57 58 59 1,244.5 732.2 587.6 144.6 512.3 390.5 121.9 1,233.8 731.4 587.0 144.3 502.4 382.0 120.5 1,239.2 729.3 585.8 143.5 509.9 388.8 121.1 1,251.8 736.0 591.3 144.7 515.8 393.7 122.2 1,253.2 732.0 586.3 145.7 521.2 397.4 123.8 1,260.3 732.1 583.9 148.2 528.2 402.6 125.7 1,120.5 667.0 531.7 135.1 452.6 341.1 111.3 1,118.7 670.9 535.3 135.3 447.2 336.4 110.6 1,117.7 665.5 531.0 134.3 451.4 340.4 110.8 1,124.4 668.9 533.5 135.1 454.7 343.0 111.5 1,121.0 662.8 526.9 135.7 457.3 344.7 112.4 1,115.3 656.2 518.2 138.0 458.1 344.4 113.5 6.6 –5.0 –7.6 2.7 11.4 10.2 1.0 –3.4 –6.1 –6.6 0.6 2.6 1.6 0.9 –5.7 –6.6 –8.7 2.2 0.8 –0.2 1.1 53 54 55 56 57 58 59 60 State and local ............................................ 2,032.2 2,020.5 2,023.1 2,034.1 2,051.1 2,069.8 61 Consumption expenditures ....................... 1,677.1 1,654.0 1,669.2 1,687.4 1,697.9 1,717.1 62 Gross investment ...................................... 355.1 366.5 353.9 346.7 353.2 352.6 63 Residual............................................................ .............. .............. ............... .............. .............. ............... 1,784.8 1,468.3 315.8 –106.0 1,792.6 1,463.6 328.3 –98.2 1,781.4 1,466.3 314.3 –104.3 1,780.4 1,471.6 308.0 –110.0 1,784.9 1,471.7 312.4 –111.6 1,784.1 16.6 4.5 –0.8 1,473.7 15.9 0.1 2.0 309.5 0.8 4.5 –2.9 –119.3 ........... .......... ........... 60 61 62 63 16,874.3 16,768.2 16,626.1 17,225.8 17,190.4 14,295.5 16,763.9 16,644.5 16,473.5 17,091.5 17,040.5 14,138.7 16,793.4 16,688.3 16,579.5 17,142.6 17,139.9 14,251.0 16,999.8 16,863.4 16,703.6 17,252.6 17,230.0 14,335.9 16,940.8 16,877.1 16,747.7 17,416.4 17,351.2 14,456.3 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... 18,805.6 18,687.3 18,548.2 19,070.4 19,049.5 15,772.8 18,546.0 18,413.8 18,239.7 18,789.0 18,747.1 15,492.8 18,684.0 18,567.0 18,465.0 18,942.5 18,957.5 15,695.2 18,979.9 18,827.6 18,671.2 19,135.2 19,131.2 15,845.2 19,012.5 18,940.9 18,817.0 19,414.6 19,362.2 16,057.9 19,151.8 19,089.5 19,027.2 19,589.9 19,590.0 16,260.0 16,983.3 16,928.1 16,853.7 17,466.6 17,448.2 14,560.5 246.5 255.7 325.4 288.0 348.8 326.4 –59.0 13.7 44.1 163.7 121.1 120.4 42.5 51.0 106.0 50.2 97.0 104.1 64 65 66 67 68 69 Gross domestic product ............................ 18,569.1 18,281.6 18,450.1 18,675.3 18,869.4 19,027.1 16,662.1 16,525.0 16,583.1 16,727.0 16,813.3 16,872.8 Plus: Income receipts from the rest of the 842.6 807.0 848.3 848.9 866.4 880.3 695.7 671.0 701.8 699.6 710.5 717.6 world.......................................................... Less: Income payments to the rest of the world.......................................................... 635.8 634.5 640.5 644.9 623.4 651.9 521.2 524.0 526.0 527.4 507.3 527.2 264.9 86.4 59.5 70 16.6 10.9 7.0 71 16.4 –20.2 20.0 72 Equals: Gross national product ................ 18,776.0 18,454.2 18,657.9 18,879.3 19,112.4 19,255.5 16,835.2 16,668.3 16,757.6 16,897.4 17,017.6 17,062.8 Net domestic product.................................... 15,658.7 15,408.1 15,548.3 15,753.6 15,924.7 16,056.6 13,976.1 13,857.5 13,902.9 14,034.6 14,109.6 14,157.3 264.9 209.9 120.2 75.0 45.2 47.7 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. -9- Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2014 2015 2016 2013 II 1 III 2014 IV I II 2015 III Gross domestic product (GDP).... 1.8 1.1 1.3 0.9 2.1 2.1 1.7 2.1 1.7 2 Personal consumption expenditures...... 3 Goods...................................................... 4 Durable goods..................................... 5 Nondurable goods............................... 6 Services .................................................. 1.5 –0.4 –2.3 0.6 2.5 0.3 –2.9 –2.1 –3.3 2.0 1.1 –1.4 –2.1 –1.0 2.3 0.2 –3.7 –2.4 –4.3 2.2 1.5 0.3 –2.6 1.8 2.1 1.7 0.0 –2.1 1.0 2.7 2.0 0.6 –2.4 2.0 2.7 1.9 0.2 –1.9 1.3 2.7 1.1 –1.0 –2.3 –0.3 2.1 IV II 2016 III IV I II 2017 Line III IV Ir –0.1 2.3 1.3 0.8 0.5 2.3 1.4 2.1 1.9 1 0.0 –1.6 –3.5 –8.0 –3.0 –2.2 –3.7 –10.8 1.8 1.7 1.8 1.2 –0.6 2.2 2.1 1.1 –0.9 –2.6 0.0 2.2 0.4 –2.6 –1.8 –2.9 1.8 0.3 –4.0 –0.9 –5.6 2.4 2.0 0.8 –2.5 2.5 2.6 1.5 –0.9 –4.1 0.8 2.6 2.0 1.5 –3.2 4.0 2.3 2.4 2.7 1.0 3.6 2.2 2 3 4 5 6 7 Gross private domestic investment ........ 2.1 0.8 0.9 1.9 1.9 1.9 3.0 1.4 2.4 1.8 –0.1 –0.1 1.2 0.3 0.6 1.8 1.1 2.0 1.3 8 Fixed investment..................................... 2.3 1.0 1.1 2.0 2.0 2.3 3.2 1.4 2.4 1.7 0.5 –0.3 1.3 0.4 0.6 2.2 1.4 1.9 1.3 9 Nonresidential ..................................... 1.4 0.6 0.4 1.2 1.2 1.0 1.8 1.5 1.2 0.9 0.6 –0.3 0.8 –0.1 0.2 1.2 0.2 0.9 1.1 10 Structures ........................................ 3.8 0.0 0.2 4.0 2.7 4.8 4.6 3.3 3.2 1.9 –2.3 –2.5 0.9 –0.2 –1.5 3.2 –0.6 2.6 2.6 11 Equipment ....................................... 0.4 0.8 0.2 –0.3 0.5 –1.8 1.2 1.5 0.8 1.1 1.5 0.0 0.1 0.1 0.3 0.1 1.0 –0.3 0.5 12 Intellectual property products .......... 1.0 0.8 0.9 1.6 1.2 2.7 0.8 0.1 0.4 –0.2 1.6 0.8 1.8 –0.2 1.3 1.4 –0.4 1.6 1.0 13 Residential........................................... 6.0 2.4 3.3 5.3 5.4 7.6 8.7 1.3 7.1 4.9 0.2 –0.1 2.9 2.2 2.0 5.6 5.2 5.3 1.7 14 Change in private inventories.................. ........... ........... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services ......... ........... ........... .......... .......... .......... .......... .......... ........... ........... .......... 16 Exports.................................................... 0.1 –4.8 –1.8 –2.9 0.7 –0.3 3.2 0.0 –1.0 –6.8 17 Goods.................................................. –0.9 –6.8 –3.5 –4.4 0.1 –1.7 3.5 –1.1 –2.4 –9.5 18 Services............................................... 2.1 –0.5 1.6 0.5 1.9 2.9 2.4 2.3 2.3 –0.6 19 Imports .................................................... –0.2 –7.6 –3.0 –4.2 –1.8 0.0 5.2 –1.6 –2.1 –7.0 20 Goods.................................................. –0.6 –8.9 –3.6 –5.0 –2.4 –0.9 5.9 –2.1 –2.7 –8.0 21 Services............................................... 1.7 –1.3 –0.5 –0.1 1.1 4.7 1.9 1.3 0.9 –1.6 22 Government consumption expenditures and gross investment ........................... 2.0 0.3 1.0 1.1 1.9 3.7 1.8 1.9 2.0 0.0 23 Federal.................................................... 1.7 0.5 1.0 0.9 1.6 6.3 –0.7 1.6 1.5 0.2 24 National defense ................................. 1.4 0.2 0.8 0.4 1.3 4.2 0.4 1.1 1.2 –0.1 25 Nondefense......................................... 2.2 1.0 1.3 1.7 2.1 9.8 –2.6 2.3 2.0 0.7 26 State and local ........................................ 2.2 0.2 1.0 1.2 2.0 2.0 3.4 2.1 2.3 –0.1 Addenda: 27 Final sales of domestic product............... 1.8 1.1 1.3 0.9 2.1 2.2 1.8 2.1 1.7 0.5 28 Gross domestic purchases...................... 1.7 0.4 1.0 0.6 1.6 2.1 2.1 1.8 1.5 0.3 29 Final sales to domestic purchasers......... 1.7 0.4 1.1 0.6 1.6 2.2 2.1 1.8 1.4 0.3 30 Final sales to private domestic 1.7 0.5 1.1 0.5 1.6 1.8 2.2 1.8 1.3 0.3 purchasers........................................... 31 Gross national product (GNP)................. 1.8 1.0 1.3 0.9 2.1 2.1 1.7 2.1 1.7 0.5 Implicit price deflators: 32 GDP..................................................... 1.8 1.1 1.3 0.8 1.9 2.1 1.8 2.2 1.7 0.5 33 Gross domestic purchases.................. 1.7 0.4 1.0 0.5 1.5 2.1 2.2 1.9 1.4 0.3 34 GNP..................................................... 1.8 1.0 1.3 0.8 1.9 2.1 1.8 2.2 1.7 0.5 15 16 17 18 19 20 21 r Revised See Explanatory Note at the end of the tables. - 10 - 0.5 I .......... .......... .......... .......... ........... .......... .......... .......... .......... –9.2 –0.9 –4.0 –5.5 –5.1 3.9 2.4 2.6 2.8 –12.1 –1.8 –5.8 –7.8 –10.0 5.9 2.4 1.8 3.0 –3.2 0.8 –0.4 –1.1 4.8 0.4 2.4 4.2 2.4 –15.5 –4.8 –4.5 –7.6 –6.0 2.1 2.9 2.1 6.4 –17.8 –5.9 –5.0 –9.0 –7.3 2.5 3.7 2.4 7.6 –3.7 0.7 –2.2 –1.3 –0.1 0.6 –0.8 0.8 1.2 –2.1 0.2 –0.3 0.9 –3.5 2.2 0.9 0.8 1.1 3.0 0.5 0.0 –0.2 0.3 0.8 0.1 –0.8 –0.9 –0.6 0.6 –0.4 1.5 0.9 2.3 –1.6 2.7 2.1 2.1 2.2 3.1 2.1 1.7 1.6 1.7 2.4 2.1 1.7 1.5 1.9 2.3 4.1 4.4 4.2 4.8 3.9 22 23 24 25 26 0.0 –1.4 –1.4 2.3 1.6 1.5 1.3 1.0 1.0 0.9 0.3 0.3 0.5 0.2 0.2 2.4 2.1 2.2 1.5 1.5 1.6 2.1 2.0 2.0 1.9 2.5 2.5 27 28 29 –1.2 –0.1 1.4 2.3 1.2 1.3 0.4 0.8 0.3 0.5 2.0 2.3 1.4 1.4 2.0 2.1 2.2 2.0 30 31 0.0 –1.4 0.0 2.2 1.5 2.2 1.2 1.0 1.2 0.9 0.4 0.9 0.5 0.2 0.4 2.3 2.1 2.3 1.4 1.5 1.4 2.1 2.0 2.1 1.9 2.5 1.9 32 33 34 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] Seasonally adjusted Line 2014 2015 2016 2016 I 1 Gross domestic product......................................................... 110.844 113.721 115.559 114.608 II 115.011 2017 III 116.009 IV 116.607 I Line r 117.020 1 2 Personal consumption expenditures ............................................... 110.378 113.890 117.013 115.418 116.633 117.488 118.512 118.831 3 Goods ............................................................................................... 117.414 122.166 126.568 123.957 126.089 127.180 129.046 129.204 4 Durable goods............................................................................... 136.919 146.395 154.850 149.013 152.538 156.784 161.064 160.429 5 Nondurable goods......................................................................... 109.253 112.146 114.957 113.608 115.185 115.049 115.984 116.439 6 Services ............................................................................................ 107.004 109.954 112.520 111.361 112.184 112.935 113.602 113.988 7 Gross private domestic investment.................................................. 145.549 152.761 150.393 151.294 148.226 149.336 152.719 154.108 8 Fixed investment............................................................................... 131.342 136.633 137.531 137.570 137.179 137.202 138.171 141.826 9 Nonresidential ............................................................................... 131.967 134.697 133.987 133.442 133.766 134.223 134.516 137.885 10 Structures.................................................................................. 107.918 103.166 100.215 99.317 98.794 101.623 101.128 106.410 11 Equipment ................................................................................. 160.752 166.451 161.625 163.270 162.053 160.207 160.972 164.019 12 Intellectual property products .................................................... 117.733 123.422 129.210 126.532 129.279 130.303 130.726 132.778 13 Residential .................................................................................... 128.846 143.923 150.914 153.133 150.079 148.505 151.938 156.642 14 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ................... 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Exports of goods and services ......................................................... 133.414 133.560 134.039 132.389 132.974 136.170 134.621 136.922 15 16 Imports of goods and services ......................................................... 128.279 134.155 135.700 134.544 134.620 135.352 138.285 139.655 16 17 Government consumption expenditures and gross investment ... 18 Federal.............................................................................................. 19 State and local .................................................................................. 91.710 91.471 91.806 93.350 91.472 94.485 94.105 92.015 95.375 94.304 91.874 95.790 93.907 91.791 95.192 94.085 92.337 95.137 94.126 92.060 95.379 93.917 91.590 95.336 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...................................................................... 109.245 110.765 109.212 113.849 111.138 111.906 114.335 112.565 117.658 113.731 114.141 116.279 114.896 120.407 115.549 113.093 115.373 113.894 119.086 114.403 113.821 115.718 114.558 120.032 115.016 114.673 116.460 115.161 120.747 115.975 114.975 117.566 115.970 121.762 116.800 115.703 117.904 116.619 122.639 117.111 20 21 22 23 24 20 21 22 23 24 r Revised See Explanatory Note at the end of the tables. - 11 - Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] Seasonally adjusted Line 2014 2015 2016 2016 I III IV 108.838 109.999 111.451 110.635 111.268 111.662 112.238 112.780 1 2 Personal consumption expenditures (PCE) .................................... 3 Goods............................................................................................... 4 Durable goods .............................................................................. 5 Nondurable goods ........................................................................ 6 Services............................................................................................ 109.150 105.727 92.411 112.595 110.946 109.532 102.680 90.463 108.920 113.149 110.721 101.237 88.553 107.795 115.752 109.969 101.109 89.619 106.917 114.663 110.519 101.301 89.045 107.582 115.405 110.921 101.083 88.128 107.809 116.142 111.477 101.454 87.418 108.873 116.798 112.130 102.131 87.645 109.832 117.437 2 3 4 5 6 7 Gross private domestic investment ................................................. 105.655 106.539 107.518 106.889 107.366 107.649 108.171 108.530 8 Fixed investment .............................................................................. 106.030 107.062 108.216 107.467 108.048 108.412 108.936 109.281 9 Nonresidential............................................................................... 104.423 105.051 105.489 105.172 105.476 105.532 105.778 106.075 10 Structures.................................................................................. 112.213 112.202 112.445 111.682 112.566 112.402 113.130 113.851 11 Equipment................................................................................. 100.482 101.277 101.497 101.366 101.392 101.655 101.575 101.704 12 Intellectual property products.................................................... 104.772 105.583 106.486 106.168 106.526 106.416 106.833 107.106 13 Residential .................................................................................... 112.795 115.479 119.303 116.952 118.553 120.070 121.637 122.157 14 Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... .................... 7 8 9 10 11 12 13 14 15 Exports of goods and services......................................................... 112.134 106.778 104.899 103.669 104.671 105.292 105.965 106.699 15 16 Imports of goods and services ......................................................... 113.368 104.726 101.569 100.675 101.211 101.933 102.459 104.063 16 17 Government consumption expenditures and gross investment... 18 Federal ............................................................................................. 19 State and local.................................................................................. 111.263 109.431 112.522 111.605 109.979 112.732 112.720 111.069 113.864 111.713 110.286 112.715 112.462 110.869 113.570 113.061 111.331 114.254 113.643 111.791 114.916 114.785 113.004 116.013 17 18 19 108.048 108.219 106.800 108.891 109.109 109.159 108.637 108.957 109.540 108.179 107.957 110.077 109.569 109.640 109.148 110.090 111.356 109.087 109.533 111.560 110.713 110.813 110.331 111.533 110.657 108.395 108.911 110.724 109.936 110.017 109.579 110.719 111.150 108.893 109.336 111.375 110.509 110.606 110.135 111.350 111.626 109.249 109.770 111.782 110.925 111.036 110.530 111.743 111.991 109.811 110.115 112.359 111.481 111.592 111.081 112.318 112.541 110.458 110.645 112.899 112.168 112.277 111.674 112.863 20 21 22 23 24 25 26 27 108.828 108.891 109.099 109.159 108.947 109.998 110.077 109.569 109.640 110.090 111.445 111.561 110.708 110.815 111.528 110.630 110.722 109.932 110.015 110.714 111.258 111.372 110.500 110.604 111.340 111.648 111.780 110.912 111.034 111.729 112.229 112.356 111.473 111.590 112.310 112.768 112.896 112.157 112.275 112.851 28 29 30 31 32 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.................................................................. I Line Gross domestic product ........................................................ 1 II 2017 r 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. - 12 - Table 7. Real Gross Domestic Product: Annual Percent Change Percent change from preceding year Line 2009 2010 Gross domestic product (GDP)......................................... –2.8 2.5 2 Personal consumption expenditures (PCE)................................ 3 Goods .......................................................................................... 4 Durable goods.......................................................................... 5 Nondurable goods.................................................................... 6 Services ....................................................................................... –1.6 –3.0 –5.5 –1.8 –0.9 1.9 3.4 6.1 2.2 1.2 2013 2014 2015 2016 2009 2010 1.6 2.2 1.7 2.4 2.6 1.6 –0.2 2.7 1.7 1.3 2.7 2.5 1.9 2.0 1 2.3 3.1 6.1 1.8 1.8 1.5 2.7 7.4 0.6 0.8 1.5 3.1 6.2 1.7 0.6 2.9 3.9 6.7 2.6 2.3 3.2 4.0 6.9 2.6 2.8 2.7 3.6 5.8 2.5 2.3 –0.2 0.9 2.5 0.2 –0.8 3.1 5.1 9.3 3.3 2.0 1.5 1.7 4.8 0.4 1.4 1.3 2.8 7.2 0.8 0.6 2.0 3.5 5.2 2.6 1.3 3.5 4.6 8.6 2.8 2.9 2.6 3.3 5.5 2.3 2.2 3.1 4.4 7.9 2.6 2.5 2 3 4 5 6 –11.0 11.1 9.6 3.7 9.3 3.8 2.6 0.1 –11.9 5.5 8.4 7.0 5.2 5.3 3.4 0.2 –12.2 8.1 9.0 5.2 4.8 5.0 0.8 –0.1 –27.1 –4.0 8.0 4.1 5.8 8.0 –8.8 1.9 –11.5 20.9 13.1 6.9 6.1 2.9 3.7 –3.8 1.3 1.8 4.1 3.4 2.2 6.1 3.8 4.3 –10.8 –5.2 6.0 15.7 6.8 6.2 13.1 1.1 .......... .......... .......... .......... .......... .......... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.............................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 16 Exports......................................................................................... –8.8 11.9 6.9 3.4 3.5 4.3 0.1 0.4 0.8 10.1 4.2 2.2 5.9 3.1 –2.2 1.5 17 Goods ...................................................................................... –12.1 14.4 6.5 3.6 3.1 4.4 –0.6 0.6 –0.2 10.9 4.8 1.2 7.0 2.7 –3.4 2.1 18 Services ................................................................................... –1.1 6.8 7.6 3.0 4.4 3.9 1.6 –0.1 3.2 8.4 2.7 4.5 3.6 3.9 0.5 0.4 19 Imports......................................................................................... –13.7 12.7 5.5 2.2 1.1 4.4 4.6 1.2 –6.2 12.0 3.5 0.3 2.5 6.1 2.5 2.6 20 Goods ...................................................................................... –15.8 14.9 5.8 2.1 1.2 4.8 4.9 0.7 –6.7 13.6 3.4 0.1 2.7 6.5 2.7 2.4 21 Services ................................................................................... –3.8 3.8 4.0 3.0 0.6 2.6 2.9 3.1 –4.2 4.9 3.8 1.2 1.1 4.0 1.9 3.4 22 Government consumption expenditures and gross investment.................................................................................. 3.2 0.1 –3.0 –1.9 –2.9 –0.9 1.8 0.8 2.3 –1.1 –3.0 –2.2 –2.8 0.3 2.2 0.2 23 Federal......................................................................................... 5.7 4.4 –2.7 –1.9 –5.8 –2.5 0.0 0.6 3.9 3.2 –4.0 –2.1 –6.7 –1.3 1.7 –0.2 24 National defense ...................................................................... 5.4 3.2 –2.3 –3.4 –6.8 –4.1 –2.1 –0.7 3.6 2.0 –4.1 –3.9 –7.1 –4.1 0.6 –2.0 25 Nondefense.............................................................................. 6.2 6.4 –3.4 0.9 –4.1 0.1 3.3 2.6 4.6 5.5 –3.9 1.0 –6.0 3.4 3.4 2.5 26 State and local ............................................................................. 1.6 –2.7 –3.3 –1.9 –0.8 0.2 2.9 0.9 1.3 –4.0 –2.3 –2.3 –0.1 1.3 2.5 0.4 15 16 17 18 19 20 21 7 Gross private domestic investment............................................. –21.6 12.9 5.2 10.6 6.1 4.5 5.0 –1.6 8 Fixed investment.......................................................................... –16.7 1.5 6.3 9.8 5.0 5.5 4.0 0.7 9 Nonresidential .......................................................................... –15.6 2.5 7.7 9.0 3.5 6.0 2.1 –0.5 10 Structures............................................................................. –18.9 –16.4 2.3 12.9 1.4 10.3 –4.4 –2.9 11 Equipment ............................................................................ –22.9 15.9 13.6 10.8 4.6 5.4 3.5 –2.9 12 Intellectual property products ............................................... –1.4 1.9 3.6 3.9 3.4 3.9 4.8 4.7 13 Residential ............................................................................... –21.2 –2.5 0.5 13.5 11.9 3.5 11.7 4.9 14 Change in private inventories ...................................................... .......... .......... .......... .......... .......... .......... .......... .......... 2011 2012 2013 2014 2015 2016 Line 2012 1 2011 Percent change fourth quarter to fourth quarter 22 23 24 25 26 27 28 29 30 31 32 33 34 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.................................. Gross national product................................................................. Real disposable personal income................................................ –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 1.2 1.5 1.5 1.3 1.2 2.1 1.7 –1.4 3.0 2.7 2.5 2.4 2.6 3.4 2.3 3.5 2.5 2.6 2.4 3.2 3.1 3.3 2.3 3.5 1.5 1.5 2.0 1.7 2.1 2.3 1.6 2.6 0.3 0.0 –0.4 –1.3 –1.4 –2.4 0.1 –0.7 2.6 2.7 2.0 3.2 2.5 3.5 2.9 2.6 2.1 1.9 1.5 1.7 1.5 2.6 2.0 1.7 2.8 2.1 1.7 1.0 1.4 2.3 1.0 5.1 1.3 2.0 2.0 2.2 1.6 2.6 2.7 –2.8 4.0 3.2 2.7 3.0 3.2 3.8 2.3 4.5 1.5 1.7 2.0 2.5 2.6 2.7 1.7 3.0 1.3 1.6 2.0 2.1 2.1 2.5 2.1 1.9 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 Price indexes: Gross domestic purchases....................................................... Gross domestic purchases excluding food and energy 2 .......... GDP ......................................................................................... GDP excluding food and energy 2 ............................................ PCE.......................................................................................... PCE excluding food and energy 2 ............................................. Market-based PCE 3 ................................................................. Market-based PCE excluding food and energy 3 ...................... –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 1.3 1.5 1.0 1.2 1.7 1.8 1.8 1.9 1.5 1.6 1.1 1.2 0.4 1.1 1.1 1.2 0.3 1.4 0.0 1.1 1.0 1.4 1.3 1.6 1.1 1.7 0.8 1.5 0.3 0.5 0.4 0.6 1.2 1.4 1.5 1.8 1.6 1.4 1.8 1.6 1.3 1.0 1.1 0.7 2.4 1.9 1.9 1.9 2.7 1.9 2.8 1.9 1.7 1.7 1.9 1.8 1.8 1.8 1.6 1.5 1.4 1.7 1.6 1.9 1.2 1.5 0.9 1.1 1.4 1.6 1.5 1.7 1.2 1.6 0.9 1.2 0.4 1.0 1.1 1.2 0.4 1.4 0.1 1.1 1.5 1.7 1.6 1.8 1.4 1.7 1.3 1.5 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. NOTE. Estimates under the Percent change from the preceding year columns are calculated from annual data. Estimates under the Percent change fourth quarter to fourth quarter columns are calculated from fourth quarter values relative to the same quarter one year prior. See Explanatory Note at the end of the tables. - 13 - Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2013 Line 1 II III 2014 IV I II 2015 III IV I II 2016 III IV I II 2017 III IV Ir Line Gross domestic product (GDP)......................................... 1.0 1.7 2.7 1.6 2.4 2.9 2.5 3.3 3.0 2.2 1.9 1.6 1.3 1.7 2.0 2.1 1 2 Personal consumption expenditures (PCE)................................ 3 Goods .......................................................................................... 4 Durable goods.......................................................................... 5 Nondurable goods.................................................................... 6 Services ....................................................................................... 1.2 3.0 6.7 1.3 0.3 1.4 3.0 6.0 1.7 0.6 2.0 3.5 5.2 2.6 1.3 2.0 2.7 3.9 2.1 1.7 2.7 4.0 6.6 2.8 2.1 3.2 4.4 7.7 2.8 2.6 3.5 4.6 8.6 2.8 2.9 3.6 4.7 8.5 2.9 3.1 3.4 4.1 7.2 2.6 3.1 3.1 4.1 6.6 2.8 2.7 2.6 3.3 5.5 2.3 2.2 2.4 2.9 4.2 2.3 2.1 2.7 3.6 4.8 3.0 2.3 2.8 3.4 6.1 2.1 2.5 3.1 4.4 7.9 2.6 2.5 3.0 4.2 7.7 2.5 2.4 2 3 4 5 6 7 Gross private domestic investment............................................. 3.4 7.0 9.3 4.1 5.6 4.5 3.8 8.1 5.5 3.8 2.6 –0.7 –2.9 –2.7 0.1 1.9 8 Fixed investment.......................................................................... 4.5 5.3 5.2 4.7 5.5 6.6 5.3 4.9 4.2 3.8 3.4 2.2 0.8 –0.5 0.2 3.1 9 Nonresidential .......................................................................... 2.3 3.4 4.8 5.2 6.2 7.7 5.0 3.6 2.5 1.4 0.8 –0.4 –0.5 –1.1 –0.1 3.3 10 Structures............................................................................. –1.8 3.2 5.8 13.4 12.6 7.5 8.0 –1.2 –3.6 –4.0 –8.8 –5.7 –5.5 –1.8 1.9 7.1 11 Equipment ............................................................................ 3.8 3.3 6.1 4.0 4.9 10.1 2.9 5.1 3.4 2.0 3.7 –1.1 –1.7 –4.9 –3.8 0.5 12 Intellectual property products ............................................... 3.1 3.6 2.2 1.5 3.5 4.4 6.1 5.0 5.9 4.6 3.8 4.6 4.8 5.1 4.3 4.9 13 Residential ............................................................................... 14.8 13.6 6.8 2.8 2.8 2.2 6.2 9.9 10.7 13.0 13.1 11.7 5.7 1.5 1.1 2.3 14 Change in private inventories ...................................................... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.............................................. .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... 16 Exports......................................................................................... 2.6 2.9 5.9 4.2 5.1 4.8 3.1 2.2 0.8 –0.4 –2.2 –0.9 –1.1 2.0 1.5 3.4 17 Goods ...................................................................................... 1.8 2.2 7.0 4.3 5.3 5.5 2.7 1.9 0.5 –1.4 –3.4 –0.8 –1.5 2.7 2.1 4.7 18 Services ................................................................................... 4.3 4.5 3.6 3.8 4.6 3.3 3.9 2.8 1.6 1.7 0.5 –1.0 –0.4 0.7 0.4 1.1 19 Imports......................................................................................... 0.8 1.1 2.5 3.4 4.5 3.7 6.1 6.3 4.5 5.1 2.5 1.0 0.3 0.6 2.6 3.8 20 Goods ...................................................................................... 0.9 1.2 2.7 3.7 4.9 4.0 6.5 6.8 5.0 5.4 2.7 0.7 –0.2 0.0 2.4 3.9 21 Services ................................................................................... 0.3 0.6 1.1 1.7 2.6 2.2 4.0 3.7 2.2 3.9 1.9 2.6 2.8 3.5 3.4 3.4 22 Government consumption expenditures and gross investment.................................................................................. –2.8 –3.0 –2.8 –2.0 –1.4 –0.3 0.3 1.2 2.0 1.8 2.2 1.9 0.7 0.4 0.2 –0.4 23 Federal......................................................................................... –5.3 –6.6 –6.7 –4.1 –3.5 –1.2 –1.3 –0.8 –0.1 –0.8 1.7 0.8 0.7 1.0 –0.2 –0.3 24 National defense ...................................................................... –6.2 –8.0 –7.1 –5.3 –4.8 –2.2 –4.1 –3.0 –2.3 –3.5 0.6 –0.1 –0.8 0.0 –2.0 –2.2 25 Nondefense.............................................................................. –3.7 –4.3 –6.0 –2.1 –1.3 0.3 3.4 2.7 3.5 3.6 3.4 2.3 2.9 2.6 2.5 2.4 26 State and local ............................................................................. –1.1 –0.5 –0.1 –0.5 –0.1 0.3 1.3 2.5 3.3 3.5 2.5 2.6 0.7 0.0 0.4 –0.5 Addenda: 27 Gross domestic income (GDI) 1 .................................................... 1.3 1.5 1.3 1.9 2.7 3.6 4.0 3.8 2.6 2.1 1.5 1.3 1.4 2.0 1.3 1.3 28 Average of GDP and GDI ............................................................ 1.2 1.6 2.0 1.7 2.6 3.3 3.2 3.6 2.8 2.2 1.7 1.4 1.3 1.8 1.6 1.7 29 Final sales of domestic product ................................................... 1.2 1.4 2.0 1.7 2.4 3.2 2.7 2.8 2.7 2.2 2.0 2.1 1.9 2.0 2.0 2.3 30 Gross domestic purchases .......................................................... 0.8 1.4 2.2 1.6 2.4 2.8 3.0 3.9 3.5 3.0 2.5 1.8 1.4 1.5 2.1 2.2 31 Final sales to domestic purchasers ............................................. 0.9 1.1 1.6 1.7 2.4 3.1 3.2 3.4 3.3 3.0 2.6 2.3 2.1 1.8 2.1 2.4 32 Final sales to private domestic purchasers.................................. 1.8 2.1 2.6 2.5 3.3 3.8 3.8 3.9 3.5 3.3 2.7 2.3 2.3 2.1 2.5 3.0 33 Gross national product................................................................. 1.1 1.7 2.7 1.8 2.4 2.9 2.3 3.1 2.7 1.8 1.7 1.3 1.3 1.7 2.1 2.4 34 Real disposable personal income................................................ –1.1 –0.5 –2.8 2.5 3.2 3.7 4.5 3.9 3.6 3.3 3.0 3.1 2.8 2.7 1.9 1.8 Price indexes: 35 Gross domestic purchases....................................................... 1.3 1.4 1.4 1.6 1.9 1.9 1.4 0.5 0.5 0.3 0.4 0.8 0.9 1.0 1.5 2.0 1.4 1.5 1.7 1.7 1.9 1.9 1.6 1.2 1.1 1.0 1.0 1.2 1.3 1.5 1.7 1.9 36 Gross domestic purchases excluding food and energy 2 .......... 37 GDP ......................................................................................... 1.6 1.5 1.6 1.7 2.0 1.9 1.5 1.1 1.1 1.0 1.1 1.2 1.2 1.3 1.6 1.9 1.6 1.7 1.9 1.9 2.0 2.0 1.7 1.3 1.3 1.2 1.2 1.4 1.5 1.6 1.8 2.0 38 GDP excluding food and energy 2 ............................................ 39 PCE.......................................................................................... 1.3 1.3 1.2 1.3 1.8 1.7 1.2 0.3 0.3 0.3 0.4 0.9 1.0 1.0 1.4 2.0 1.4 1.5 1.5 1.5 1.7 1.7 1.6 1.4 1.4 1.3 1.4 1.6 1.6 1.7 1.7 1.7 40 PCE excluding food and energy 2 ............................................. 41 Market-based PCE 3 ................................................................. 0.9 1.0 0.9 1.0 1.4 1.3 0.9 –0.1 –0.1 –0.1 0.1 0.6 0.7 0.8 1.3 1.9 42 Market-based PCE excluding food and energy 3 ...................... 1.1 1.1 1.1 1.1 1.3 1.3 1.2 1.1 1.1 1.1 1.1 1.4 1.4 1.5 1.5 1.6 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. - 14 - Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2016 2016 I II 2017 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 ................................... 17,393.1 852.1 604.0 18,036.6 813.1 607.4 18,569.1 842.6 635.8 18,281.6 807.0 634.5 18,450.1 848.3 640.5 18,675.3 848.9 644.9 18,869.4 866.4 623.4 19,027.1 880.3 651.9 1 2 3 4 Equals: Gross national product ........................................................ 5 Less: Consumption of fixed capital....................................................... 6 Less: Statistical discrepancy................................................................. 17,641.2 2,745.2 –257.9 18,242.4 2,830.8 –253.7 18,776.0 2,910.4 –236.5 18,454.2 2,873.6 –264.3 18,657.9 2,901.8 –233.9 18,879.3 2,921.7 –304.7 19,112.4 2,944.7 –143.1 19,255.5 2,970.5 –124.6 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............................... 15,153.9 9,253.4 7,476.3 1,777.1 15,665.3 9,693.1 7,854.8 1,838.2 16,102.0 10,072.9 8,162.6 1,910.3 15,844.9 9,892.6 8,011.3 1,881.3 15,990.1 10,046.5 8,142.9 1,903.6 16,262.3 10,186.8 8,262.3 1,924.5 16,310.8 10,165.8 8,233.9 1,931.9 16,409.6 10,266.9 8,315.4 1,951.5 7 8 9 10 1,337.7 606.1 1,376.8 659.6 1,417.5 704.7 1,403.9 692.8 1,407.8 700.6 1,420.8 705.9 1,437.4 719.6 1,458.3 733.3 11 12 2,152.1 533.7 1,153.5 137.6 –20.2 2,088.1 524.1 1,181.0 161.4 –18.8 2,085.8 485.3 1,197.0 161.2 –22.4 2,033.5 493.1 1,191.5 158.1 –20.5 2,021.0 485.5 1,187.4 164.6 –23.3 2,138.8 485.5 1,200.8 146.9 –23.2 2,150.0 477.1 1,208.3 175.2 –22.7 2,101.5 481.2 1,212.6 177.7 –21.9 13 14 15 16 17 17,651.1 17,522.1 –1.5 18,290.3 18,163.5 –1.4 18,805.6 18,687.3 –1.3 18,546.0 18,413.8 –1.4 18,684.0 18,567.0 –1.3 18,979.9 18,827.6 –1.6 19,012.5 18,940.9 –0.8 19,151.8 19,089.5 –0.7 18 19 20 2017 Line r Revised Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2016 2016 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 .............................................................................................. 14,809.7 9,253.4 7,476.3 1,777.1 1,337.7 68.5 1,269.2 606.1 2,227.0 1,300.9 926.1 2,540.4 1,154.9 1,787.0 15,458.5 15,986.7 15,740.1 15,929.4 9,693.1 10,072.9 9,892.6 10,046.5 7,854.8 8,162.6 8,011.3 8,142.9 1,838.2 1,910.3 1,881.3 1,903.6 1,376.8 1,417.5 1,403.9 1,407.8 39.9 27.8 32.3 29.8 1,336.8 1,389.7 1,371.6 1,378.0 659.6 704.7 692.8 700.6 2,253.8 2,262.9 2,235.9 2,255.8 1,302.7 1,314.5 1,296.1 1,310.2 951.1 948.4 939.8 945.5 2,678.6 2,775.4 2,744.0 2,763.6 1,203.5 1,246.8 1,229.0 1,244.8 1,938.7 1,960.9 1,932.7 1,952.1 16,111.1 10,186.8 8,262.3 1,924.5 1,420.8 28.3 1,392.4 705.9 2,270.3 1,317.8 952.5 2,786.5 1,259.1 1,982.4 16,166.2 10,165.8 8,233.9 1,931.9 1,437.4 20.6 1,416.8 719.6 2,289.7 1,333.8 955.9 2,807.6 1,254.1 1,976.3 16,328.7 10,266.9 8,315.4 1,951.5 1,458.3 17.5 1,440.8 733.3 2,300.3 1,353.1 947.2 2,850.2 1,280.1 1,995.7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Equals: Disposable personal income ............................................................................. 16 Less: Personal outlays........................................................................................................ 13,022.7 12,296.7 13,519.8 12,736.2 13,977.3 13,154.5 14,128.7 13,300.7 14,189.8 13,491.4 14,333.1 13,602.0 15 16 17 Equals: Personal saving .................................................................................................. 18 Personal saving as a percentage of disposable personal income .................................. 726.0 5.6 783.6 5.8 845.5 6.1 822.8 5.9 828.0 5.9 698.5 4.9 731.0 5.1 17 18 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars 2 Disposable personal income, billions of chained (2009) dollars 2 .................................... 11,240.8 11,931.0 11,667.7 12,343.3 11,931.6 11,818.2 12,667.3 12,556.0 11,912.9 12,647.2 12,012.9 12,737.9 11,983.5 12,729.2 12,020.7 12,782.8 19 20 19 20 14,025.8 13,807.4 13,227.1 12,961.9 798.7 5.7 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. - 15 - Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates Line 2014 2015 2016 2016 I II 2015 2017 III IV 6 7 8 9 10 11 12 13 2016 2016 Ir II 1 Corporate profits with inventory valuation and capital consumption adjustments .......................... 2,152.1 2,088.1 2,085.8 2,033.5 2,021.0 2,138.8 2,150.0 2,101.5 2 Less: Taxes on corporate income .................................. 532.7 553.8 543.3 527.5 543.9 563.4 538.6 534.2 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments................... 1,619.3 1,534.3 1,542.5 1,506.0 1,477.1 1,575.4 1,611.4 1,567.4 4 Net dividends.............................................................. 970.6 971.4 968.0 963.3 954.0 972.5 982.0 991.8 5 Undistributed profits with inventory valuation and 648.7 562.9 574.5 542.7 523.1 602.9 629.4 575.6 capital consumption adjustments ........................... 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................................... Capital consumption adjustment ................................ Quarter one year ago Line Quarterly rates III 2017 2017 IV Ir Ir –3.0 4.0 –0.1 –1.9 –0.6 3.1 5.8 3.6 0.5 –4.4 –2.3 –0.8 3.3 1.3 1 2 –5.3 0.1 0.5 –0.4 –1.9 –1.0 6.7 1.9 2.3 1.0 –2.7 1.0 4.1 3.0 3 4 –13.2 2.1 –3.6 15.3 4.4 –8.5 6.1 5 –1.2 2.4 –0.6 4.6 1.0 –2.2 2.6 6 648.7 562.9 574.5 542.7 523.1 602.9 629.4 575.6 –13.2 2.1 –3.6 15.3 4.4 –8.5 6.1 1,462.6 1,517.0 1,562.2 1,545.1 1,558.6 1,567.0 1,578.2 1,593.5 3.7 3.0 0.9 0.5 0.7 1.0 3.1 3.3 –3.2 4.4 –1.7 5.6 –1.6 15.4 25.3 ............ ............. ............ ............ ............. ............ ............ 7 8 9 2,108.1 2,083.1 2,132.3 2,089.5 2,076.1 2,171.5 2,192.1 2,143.9 2,262.9 2,137.6 2,195.3 2,078.0 2,180.6 2,242.8 2,279.8 2,263.4 –5.5 2.7 4.9 2.9 1.6 –0.7 8.9 10 1,730.1 1,583.8 1,652.0 1,550.5 1,636.7 1,679.4 1,741.2 1,729.2 –8.5 4.3 5.6 2.6 3.7 –0.7 11.5 3.0 54.8 –5.7 61.2 –53.5 –2.0 –28.7 –63.8 ............ ............. ............ ............ ............. ............ ............ –113.9 –104.3 –103.8 –105.7 –106.1 –102.0 –101.2 –98.0 ............ ............. ............ ............ ............. ............ ............ 11 12 13 r Revised Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] Level Seasonally adjusted at annual rates Line 2014 2015 2016 2016 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 33 Change from preceding period Corporate profits with inventory valuation and capital consumption adjustments ................... Domestic industries ..................................................... Financial ..................................................................... Nonfinancial................................................................ Rest of the world .......................................................... Receipts from the rest of the world............................. Less: Payments to the rest of the world ..................... Corporate profits with inventory valuation adjustment......................................................... Domestic industries ..................................................... Financial ..................................................................... Federal Reserve banks........................................... Other financial......................................................... Nonfinancial................................................................ Utilities .................................................................... Manufacturing ......................................................... Durable goods..................................................... Fabricated metal products............................... Machinery........................................................ Computer and electronic products .................. Electrical equipment, appliances, and components................................................. Motor vehicles, bodies and trailers, and parts. Other durable goods........................................ Nondurable goods............................................... Food and beverage and tobacco products...... Petroleum and coal products........................... Chemical products........................................... Other nondurable goods.................................. Wholesale trade...................................................... Retail trade ............................................................. Transportation and warehousing ............................ Information.............................................................. Other nonfinancial................................................... Rest of the world .......................................................... 2,152.1 1,741.1 444.1 1,297.0 411.0 691.7 280.7 II 2017 III IV 2015 2016 2016 Ir 2017 II III IV Ir Line 2,088.1 1,702.3 452.7 1,249.7 385.8 651.7 265.9 2,085.8 1,675.8 473.1 1,202.6 410.0 674.1 264.1 2,033.5 2,021.0 2,138.8 1,663.9 1,613.4 1,729.9 437.2 442.8 493.0 1,226.7 1,170.5 1,236.9 369.6 407.6 408.9 644.3 681.9 680.6 274.7 274.2 271.6 2,150.0 2,101.5 1,696.0 1,656.9 519.5 491.6 1,176.5 1,165.3 454.0 444.6 689.6 694.9 235.7 250.3 –64.0 –38.8 8.5 –47.3 –25.2 –40.0 –14.8 –2.3 –26.5 20.5 –47.0 24.3 22.4 –1.9 –12.5 –50.5 5.6 –56.1 38.0 37.5 –0.5 117.8 116.5 50.1 66.4 1.3 –1.3 –2.6 11.2 –33.9 26.5 –60.4 45.1 9.1 –36.0 –48.4 –39.1 –27.9 –11.1 –9.4 5.3 14.7 1 2 3 4 5 6 7 2,265.9 2,192.4 1,854.9 1,806.6 480.3 493.2 103.5 100.7 376.8 392.5 1,374.7 1,313.4 33.3 6.7 449.8 412.7 238.3 236.3 23.2 25.5 36.0 29.4 53.4 49.2 2,189.6 1,779.5 514.5 110.0 404.6 1,265.0 5.5 383.0 219.1 22.5 17.1 45.8 2,139.2 2,127.1 2,240.8 1,769.6 1,719.5 1,831.9 479.1 484.6 534.0 115.2 110.0 108.4 364.0 374.6 425.6 1,290.5 1,234.9 1,297.8 4.1 2.5 7.5 394.4 384.0 387.3 228.1 219.6 215.0 24.9 20.0 22.3 21.5 18.1 14.3 47.8 45.0 44.8 2,251.1 2,199.5 1,797.2 1,754.9 560.5 532.3 106.4 109.3 454.1 423.0 1,236.7 1,222.6 8.0 8.7 366.1 351.4 213.7 197.9 23.0 18.9 14.5 18.0 45.7 40.5 –73.5 –48.3 13.0 –2.7 15.7 –61.3 –26.6 –37.1 –2.0 2.3 –6.6 –4.1 –2.8 –27.1 21.3 9.3 12.0 –48.4 –1.2 –29.8 –17.2 –2.9 –12.3 –3.4 –12.1 –50.1 5.4 –5.2 10.6 –55.5 –1.5 –10.5 –8.5 –4.9 –3.4 –2.8 113.7 112.4 49.5 –1.5 51.0 62.9 5.0 3.4 –4.6 2.4 –3.8 –0.2 10.4 –34.7 26.5 –2.0 28.5 –61.2 0.5 –21.3 –1.3 0.7 0.2 0.9 –51.6 –42.2 –28.2 3.0 –31.1 –14.1 0.7 –14.7 –15.8 –4.1 3.5 –5.3 8 9 10 11 12 13 14 15 16 17 18 19 –0.3 11.0 –4.3 –35.1 6.3 –48.4 2.1 4.8 3.4 11.0 8.6 2.8 –23.4 –25.2 1.9 –2.9 2.4 –12.5 9.0 –21.2 –5.1 4.7 –18.5 8.3 –4.8 12.8 –15.3 24.3 2.0 4.3 –3.7 –1.9 10.9 2.3 –11.8 –3.4 –37.8 –3.8 –4.8 2.8 0.0 38.0 1.5 –14.0 9.5 8.0 2.8 0.4 4.0 0.8 28.3 11.5 1.3 11.2 2.3 1.3 1.7 –5.3 0.5 –20.0 –3.1 –11.5 –8.3 2.9 –32.9 –4.7 –9.1 –6.7 13.0 45.1 –3.2 0.4 –7.1 1.1 –10.8 10.9 3.5 –2.5 –0.7 –2.4 7.0 –1.2 –2.8 –9.4 20 21 22 23 24 25 26 27 28 29 30 31 32 33 17.3 34.9 73.6 211.5 54.7 55.6 73.3 28.0 146.5 167.8 59.4 117.4 400.4 411.0 17.0 45.9 69.3 176.4 61.0 7.2 75.4 32.8 150.0 178.7 68.1 120.1 377.0 385.8 18.9 42.9 71.8 163.9 70.0 –13.9 70.3 37.5 131.5 187.1 63.3 133.0 361.8 410.0 16.3 48.0 69.6 166.3 61.2 –13.0 79.2 38.9 153.9 185.3 68.5 126.9 357.4 369.6 18.2 52.3 66.0 164.4 72.1 –10.7 67.4 35.5 116.1 181.5 63.8 129.8 357.3 407.6 r Revised NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). - 16 - 19.8 38.3 75.5 172.4 74.9 –10.3 71.4 36.3 144.4 193.0 65.0 140.9 359.7 408.9 21.5 33.0 76.0 152.4 71.8 –21.8 63.1 39.2 111.4 188.4 55.9 134.2 372.7 454.0 18.3 33.4 68.8 153.5 61.1 –10.9 66.6 36.7 110.7 186.0 62.9 133.0 369.9 444.6 Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates Line 2014 2015 2016 2016 I II 2017 III IV Line Ir Billions of dollars 1 Gross value added of nonfinancial corporate business ................. 2 Consumption of fixed capital......................................................................... 8,703.9 1,282.8 9,008.8 1,329.6 9,180.2 1,370.6 9,076.9 1,356.4 9,121.5 1,367.7 9,285.6 1,374.5 9,236.8 1,383.5 9,278.5 1,396.4 1 2 3 Net value added .......................................................................................... 4 Compensation of employees .................................................................... 5 Wages and salaries............................................................................... 6 Supplements to wages and salaries ..................................................... 7 Taxes on production and imports less subsidies....................................... 8 Net operating surplus................................................................................ 9 Net interest and miscellaneous payments ............................................ 10 Business current transfer payments (net) ............................................. 11 Corporate profits with inventory valuation and capital consumption adjustments ....................................................................................... 12 Taxes on corporate income ............................................................... 13 Profits after tax with inventory valuation and capital consumption adjustments ................................................................................... 14 Net dividends................................................................................. Undistributed profits with inventory valuation and capital 15 consumption adjustments .......................................................... 7,421.1 4,999.5 4,181.3 818.1 738.3 1,683.3 295.6 90.8 7,679.2 5,259.8 4,412.3 847.5 754.2 1,665.2 310.9 104.7 7,809.7 5,437.3 4,556.5 880.8 765.1 1,607.3 313.9 90.8 7,720.5 5,333.3 4,467.4 865.9 761.3 1,625.9 314.1 85.1 7,753.8 5,426.5 4,548.4 878.1 759.3 1,568.0 312.4 85.0 7,911.1 5,505.9 4,617.5 888.4 767.7 1,637.5 315.1 85.6 7,853.3 5,483.5 4,592.7 890.8 772.0 1,597.8 314.1 107.3 7,882.1 5,536.5 4,636.0 900.5 774.2 1,571.4 318.5 87.7 3 4 5 6 7 8 9 10 1,297.0 313.7 1,249.7 308.1 1,202.6 321.5 1,226.7 312.7 1,170.5 321.4 1,236.9 329.8 1,176.5 322.2 1,165.3 319.4 11 12 983.3 579.6 941.6 608.0 881.1 616.7 914.0 626.8 849.1 613.7 907.2 605.5 854.3 621.0 845.9 611.2 13 14 403.7 333.6 264.4 287.2 235.4 301.6 233.3 234.7 15 1,371.6 1,258.6 1,270.7 1,229.3 1,288.5 1,299.9 1,265.3 1,286.5 16 1,058.0 3.0 –77.7 950.5 54.8 –63.7 949.2 –5.7 –62.4 916.6 61.2 –63.8 967.1 –53.5 –64.4 970.1 –2.0 –60.9 943.2 –28.7 –60.2 967.0 –63.8 –57.3 17 18 19 8,312.3 1,278.1 7,034.2 8,316.3 1,285.7 7,030.6 8,481.1 1,293.0 7,188.1 8,405.0 1,299.9 7,105.0 8,431.5 1,307.3 7,124.2 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 7,987.9 1,213.8 6,774.1 8,225.5 1,254.8 6,970.7 8,378.6 1,289.2 7,089.4 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 ....................................................................................... 1.090 0.626 0.301 0.161 1.095 0.639 0.304 0.162 1.096 0.649 0.303 0.164 1.092 0.642 0.303 0.163 1.097 0.653 0.304 0.164 1.095 0.649 0.300 0.162 1.099 0.652 0.307 0.165 1.100 0.657 0.306 0.166 23 24 25 26 0.104 0.037 0.104 0.038 0.102 0.037 0.102 0.038 0.102 0.038 0.101 0.037 0.105 0.037 0.102 0.038 27 28 0.162 0.039 0.152 0.037 0.144 0.038 0.148 0.038 0.141 0.039 0.146 0.039 0.140 0.038 0.138 0.038 29 30 0.123 0.114 0.105 0.110 0.102 0.107 0.102 0.100 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). - 17 - 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 2014 2015 2016 2013 II III 2014 IV I II 2015 III IV I 2016 II III IV 2.0 0.8 2.9 0.4 4.5 2.0 19.3 2.0 –5.2 2.2 –5.5 2.4 2.6 2.3 1.9 9.6 7.6 2.5 40.7 2.5 7.6 2.5 –3.0 3.1 2.0 0.9 2.5 –0.8 1.5 2.1 3.9 –1.9 16.5 –15.2 1.6 1.4 4.7 2.9 2.0 0.9 3.3 4.7 2.0 0.8 32.7 5.9 1.8 0.8 I 2017 Line II III IV Ir 0.8 –1.4 1.1 7.4 2.2 0.8 54.3 0.7 0.6 0.8 6.6 0.7 1.4 2.2 2.4 –8.7 7.5 1.2 17.8 1.3 11.8 1.2 11.5 1.6 3.5 2.1 1.4 7.6 2.2 0.2 2.1 1.6 0.7 –0.6 5.7 11.9 3.2 7.6 –15.3 3.5 1.9 2.0 –9.0 –3.9 41.7 3.6 2.1 1.3 –0.1 2.2 7.3 3.6 2.1 1.3 26.5 –11.9 –48.9 4.2 2.7 2.0 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 ............... 2.4 3.1 1.7 5.2 7.6 2.2 9.4 2.3 0.4 2.4 –1.9 3.0 2.6 2.5 2.4 4.3 5.0 2.5 9.8 2.6 2.2 2.6 3.1 3.1 1.6 1.4 1.8 1.0 2.0 1.6 17.0 1.6 4.2 1.5 10.7 1.7 0.8 3.1 0.6 7.5 0.0 0.4 8.7 8.6 4.1 –13.8 0.7 3.6 12.3 –4.7 0.7 3.2 –0.7 –1.0 0.8 3.2 37.3 28.2 0.6 3.8 4.0 –1.2 10.0 –8.9 1.8 1.9 –2.6 7.3 25.5 3.2 3.4 –1.3 12.7 15.0 3.9 –1.2 –3.7 2.0 4.2 –1.3 –9.2 –18.6 5.6 –1.8 4.0 7.9 1.4 9.3 14.2 3.7 19.4 3.9 0.5 4.1 2.1 5.1 5.0 2.3 10.0 –0.2 3.1 2.9 0.6 7.7 14.5 –5.2 4.7 2.5 11.4 –22.3 4.9 2.4 3.1 5.3 5.0 2.2 –6.9 10.5 6.5 2.7 1 2 3 4 5 6 7 8 9 10 11 12 1.8 1.9 1.8 1.7 1.8 1.1 1.2 1.1 0.4 1.1 1.3 1.6 1.4 1.0 1.4 0.9 1.4 1.0 0.6 1.3 2.1 2.0 2.1 1.6 1.6 2.1 2.3 2.1 2.1 2.2 1.7 1.9 1.8 2.1 1.9 2.1 2.0 2.2 1.8 1.9 1.7 1.8 1.8 1.5 1.7 0.5 1.0 0.6 0.3 1.0 –0.1 0.5 0.0 –1.4 0.4 2.3 1.8 2.3 1.6 1.5 1.3 1.4 1.3 1.0 1.2 0.8 0.9 0.9 0.3 0.8 0.5 1.5 0.6 0.2 1.4 2.3 2.1 2.4 2.1 2.0 1.4 1.9 1.5 1.5 1.7 2.1 1.8 2.1 2.0 1.6 1.9 2.3 2.0 2.5 2.2 13 14 15 16 17 1.7 1.5 1.6 1.1 1.2 0.5 0.3 1.4 0.0 1.1 1.1 1.1 1.7 0.8 1.5 0.6 0.2 1.1 –0.5 0.5 1.7 1.5 1.4 1.4 1.3 2.1 1.7 1.8 1.3 1.2 2.2 2.0 1.6 1.7 1.2 1.8 1.9 2.0 1.5 1.5 1.5 1.1 1.5 0.8 1.2 0.3 0.0 1.1 –0.4 0.8 –1.4 –1.6 1.1 –2.3 0.7 1.6 1.8 1.8 1.7 1.6 1.1 1.1 1.4 0.8 1.1 0.3 0.4 1.2 0.2 1.1 0.3 0.3 2.1 –0.2 1.8 2.1 2.0 1.8 1.9 1.6 1.5 1.5 1.7 1.3 1.6 2.1 2.0 1.3 2.1 1.3 2.5 2.4 2.0 2.4 1.9 18 19 20 21 22 2.0 2.6 2.0 0.9 0.8 1.4 3.5 2.1 1.4 23 3.02 –0.03 0.24 1.89 1.75 1.77 0.06 0.59 0.04 0.40 –0.15 0.13 0.05 –0.10 0.07 0.08 0.13 –0.13 0.71 1.17 0.74 0.22 0.14 0.19 0.75 –0.24 –0.42 0.66 2.22 0.67 0.07 0.92 1.26 0.68 1.48 1.34 0.97 0.44 0.31 –0.15 0.57 –0.73 –0.05 0.44 0.91 0.46 –0.49 0.06 0.21 0.09 0.22 –0.48 0.02 0.01 0.18 0.07 –0.04 –0.02 0.14 0.08 0.12 0.01 0.29 0.00 0.06 0.19 24 25 26 27 28 29 Contributions to percent change in real gross domestic product Percent change at annual rate: 23 Gross domestic product ............................................. 2.4 2.6 24 25 26 27 28 29 Percentage points at annual rates: Goods.................................................................................... Services ................................................................................ Structures.............................................................................. Motor vehicle output.............................................................. Final sales of computers ....................................................... Research and development .................................................. 0.94 1.04 0.39 0.21 0.04 0.01 0.77 1.49 0.34 0.14 0.04 0.05 1.6 0.8 3.1 4.0 –1.2 4.0 0.43 0.17 2.26 3.02 –2.85 1.11 –0.01 0.24 1.14 1.13 0.08 0.61 0.62 –0.20 0.54 0.06 0.11 –0.41 0.63 0.09 0.07 0.05 –0.02 0.05 0.06 0.11 –0.02 –0.03 –0.10 0.05 2.39 0.87 0.70 0.38 0.07 0.01 5.0 2.3 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. - 18 - 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. - 19 -