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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FEBRUARY 29, 2012
BEA 12-05
Lisa Mataloni:
Recorded message:

(202) 606-5304 (GDP)
(202) 606-5306

gdpniwd@bea.gov

GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2011
(SECOND ESTIMATE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.0 percent in the fourth quarter of 2011
(that is, from the third quarter to the fourth quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the third quarter, real GDP increased 1.8 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.8
percent (see "Revisions" on page 3).
The increase in real GDP in the fourth quarter reflected positive contributions from private
inventory investment, personal consumption expenditures (PCE), exports, nonresidential fixed
investment, and residential fixed investment that were partly offset by negative contributions from
federal government spending and state and local government spending. Imports, which are a subtraction
in the calculation of GDP, increased.
The acceleration in real GDP in the fourth quarter primarily reflected an upturn in private
inventory investment and accelerations in PCE and in residential fixed investment that were partly offset
by a deceleration in nonresidential fixed investment, a downturn in federal government spending, an
acceleration in imports, and a larger decrease in state and local government spending.
Final sales of computers added 0.12 percentage point to the fourth-quarter change in real GDP
after adding 0.22 percentage point to the third-quarter change. Motor vehicle output added 0.43
percentage point to the fourth-quarter change in real GDP after adding 0.12 percentage point to the
third-quarter change.
NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005)
dollars. Price indexes are chain-type measures.
This news release is available on BEA’s Web site along with the Technical Note and Highlights
related to this release. For information on revisions, see "Revisions to GDP, GDI, and Their Major
Components."
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-2-

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.1 percent in the fourth quarter, 0.3 percentage point more than in the advance estimate; this
index increased 2.0 percent in the third quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 1.2 percent in the fourth quarter, compared with an increase of 1.8
percent in the third.
Real personal consumption expenditures increased 2.1 percent in the fourth quarter, compared
with an increase of 1.7 percent in the third. Durable goods increased 15.3 percent, compared with an
increase of 5.7 percent. Nondurable goods increased 0.4 percent, in contrast to a decrease of 0.5
percent. Services increased 0.7 percent, compared with an increase of 1.9 percent.
Real nonresidential fixed investment increased 2.8 percent, compared with an increase of 15.7
percent. Nonresidential structures decreased 2.6 percent, in contrast to an increase of 14.4 percent.
Equipment and software increased 4.8 percent, compared with an increase of 16.2 percent. Real
residential fixed investment increased 11.5 percent, compared with an increase of 1.3 percent.
Real exports of goods and services increased 4.3 percent in the fourth quarter, compared with an
increase of 4.7 percent in the third. Real imports of goods and services increased 3.8 percent, compared
with an increase of 1.2 percent.
Real federal government consumption expenditures and gross investment decreased 6.9 percent
in the fourth quarter, in contrast to an increase of 2.1 percent in the third. National defense decreased
12.1 percent, in contrast to an increase of 5.0 percent. Nondefense increased 4.4 percent, in contrast to a
decrease of 3.8 percent. Real state and local government consumption expenditures and gross
investment decreased 2.5 percent, compared with a decrease of 1.6 percent.
The change in real private inventories added 1.88 percentage points to the fourth-quarter change
in real GDP, after subtracting 1.35 percentage points from the third-quarter change. Private businesses
increased inventories $54.3 billion in the fourth quarter, following a decrease of $2.0 billion in the third
quarter and an increase of $39.1 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- increased 1.1
percent in the fourth quarter, compared with an increase of 3.2 percent in the third.

Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.9 percent in the fourth quarter, compared with an increase of 1.3 percent in the
third.

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-3-

Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.9 percent, or $144.7 billion, in the fourth quarter to a level of $15,320.8 billion. In the third quarter,
current-dollar GDP increased 4.4 percent, or $163.3 billion.

Revisions
The "second" estimate of the fourth-quarter increase in real GDP is 0.2 percentage point, or $7.5
billion, higher than the advance estimate issued last month. The upward revision to the percent change
in real GDP primarily reflected an upward revision to nonresidential fixed investment, a downward
revision to imports, and an upward revision to personal consumption expenditures (PCE).
Second Estimate
Advance Estimate
(Percent change from preceding quarter)
Real GDP................................................
Current-dollar GDP................................
Gross domestic purchases price index...

2.8
3.2
0.8

3.0
3.9
1.1

2011 GDP
Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual
level), compared with an increase of 3.0 percent in 2010.
The increase in real GDP in 2011 primarily reflected positive contributions from PCE, exports,
and nonresidential fixed investment that were partly offset by negative contributions from state and local
government spending, private inventory investment, and federal government spending. Imports, which
are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in 2011 primarily reflected downturns in private inventory
investment and in federal government spending and a deceleration in exports that were partly offset by a
deceleration in imports and an acceleration in nonresidential fixed investment.
The price index for gross domestic purchases increased 2.5 percent in 2011, compared with an
increase of 1.5 percent in 2010.
Current-dollar GDP increased 3.9 percent, or $567.9 billion, in 2011 to a level of $15,094.4
billion. In 2010, current-dollar GDP increased 4.2 percent, or $587.5 billion.

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-4-

During 2011 (that is, measured from the fourth quarter of 2010 to the fourth quarter of 2011),
real GDP increased 1.6 percent. Real GDP increased 3.1 percent during 2010. The price index for gross
domestic purchases increased 2.6 percent during 2011, compared with an increase of 1.4 percent during
2010.

*

*

*

Next release – March 29, 2012, at 8:30 A.M. EDT for:
Gross Domestic Product: Fourth Quarter and Annual 2011 (Third Estimate)
Corporate Profits: Fourth Quarter and Annual 2011

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Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2009

2010

2011 r

2008
I

II

2009
III

IV

I

II

2010
III

IV

I

II

2011
III

IV

I

II

III r

IV r

Gross domestic product (GDP) ...
–3.5
3.0
1.7
–1.8
1.3
–3.7
–8.9
–6.7
–0.7
1.7
3.8
3.9
3.8
2.5
2.3
0.4
1.3
1.8
3.0
Personal consumption expenditures .....
–1.9
2.0
2.2
–1.0
–0.1
–3.8
–5.1
–1.5
–1.9
2.3
0.4
2.7
2.9
2.6
3.6
2.1
0.7
1.7
2.1
Goods.....................................................
–3.0
4.3
3.7
–5.6
0.5
–7.7 –12.6
0.1
–2.3
7.6
0.5
6.4
3.8
4.8
8.3
4.7
–1.6
1.4
4.9
Durable goods ....................................
–5.4
7.2
8.1
–9.6
–2.9 –12.3 –25.4
2.4
–4.0
20.3
–4.8
9.9
7.8
8.8
17.2
11.7
–5.3
5.7
15.3
Nondurable goods ..............................
–1.8
2.9
1.7
–3.3
2.3
–5.4
–5.8
–1.0
–1.5
2.0
3.1
4.8
1.9
3.0
4.3
1.6
0.2
–0.5
0.4
Services..................................................
–1.4
0.9
1.4
1.5
–0.5
–1.7
–1.2
–2.3
–1.7
–0.1
0.4
1.0
2.5
1.6
1.3
0.8
1.9
1.9
0.7
Gross private domestic investment........ –25.0
17.9
4.7 –12.2
–6.0 –16.5 –33.9 –46.7 –22.8
2.9
36.8
31.5
26.4
9.2
–7.1
3.8
6.4
1.3
20.6
Fixed investment..................................... –18.8
2.6
6.7
–8.3
–5.2 –12.3 –25.2 –32.2 –17.0
0.7
–3.8
1.2
19.5
2.3
7.5
1.2
9.2
13.0
4.3
Nonresidential..................................... –17.8
4.4
8.7
–0.8
–2.3
–9.9 –22.9 –31.3 –15.8
–3.3
–3.7
6.0
18.6
11.3
8.7
2.1
10.3
15.7
2.8
Structures........................................ –21.2 –15.8
4.4
0.8
9.4
–3.7 –10.2 –32.1 –33.3 –20.1 –30.8 –24.7
7.5
4.2
10.5 –14.3
22.6
14.4
–2.6
Equipment and software ................. –16.0
14.6
10.2
–1.7
–7.9 –13.1 –29.3 –30.8
–4.2
6.4
11.7
21.7
23.2
14.1
8.1
8.7
6.2
16.2
4.8
Residential .......................................... –22.2
–4.3
–1.3 –28.5 –14.5 –20.0 –33.2 –35.4 –21.3
17.8
–3.8 –15.3
22.8 –27.7
2.5
–2.4
4.2
1.3
11.5
Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ...........
Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ...........
Exports ...................................................
–9.4
11.3
6.8
5.5
12.7
–3.5 –21.4 –29.0
–0.5
13.9
23.5
7.2
10.0
10.0
7.8
7.9
3.6
4.7
4.3
Goods ................................................. –12.0
14.4
7.5
9.3
14.1
–2.4 –27.4 –34.9
–2.9
21.3
28.4
12.1
11.8
8.9
9.2
10.6
2.5
5.0
4.9
Services..............................................
–3.5
5.0
5.0
–2.7
9.5
–6.2
–5.6 –14.7
4.7
0.1
13.7
–2.7
6.1
12.6
4.7
1.7
6.2
4.0
2.8
Imports ................................................... –13.6
12.5
4.9
1.4
–2.5
–6.6 –14.9 –34.0 –15.0
16.3
17.4
12.5
21.6
12.3
–2.3
8.3
1.4
1.2
3.8
Goods ................................................. –15.6
14.8
5.7
–0.6
–2.2
–9.1 –18.5 –37.1 –17.9
19.6
21.8
14.4
26.0
12.4
–0.5
9.5
1.6
0.5
3.4
Services..............................................
–3.5
2.9
1.1
13.0
–4.2
8.2
5.6 –19.3
–2.5
4.2
0.4
4.6
3.3
11.6 –10.4
2.2
0.4
4.8
6.0
Government consumption expenditures
and gross investment...........................
1.7
0.7
–2.1
3.1
1.7
4.3
1.6
–1.7
5.9
1.3
–0.9
–1.2
3.7
1.0
–2.8
–5.9
–0.9
–0.1
–4.4
Federal ...................................................
6.0
4.5
–1.9
9.7
4.9
11.7
9.1
–3.3
14.4
5.9
2.2
2.8
8.8
3.2
–3.0
–9.4
1.9
2.1
–6.9
National defense.................................
5.8
3.3
–2.3
8.2
5.4
17.6
8.3
–7.5
16.3
8.2
–1.3
0.5
6.0
5.7
–5.9 –12.6
7.0
5.0 –12.1
Nondefense ........................................
6.5
7.1
–1.2
13.0
3.9
–0.1
10.9
6.5
10.4
1.0
9.9
7.8
14.7
–1.8
3.1
–2.7
–7.6
–3.8
4.4
State and local........................................
–0.9
–1.8
–2.3
–0.6
–0.1
0.1
–2.8
–0.8
0.9
–1.5
–2.9
–3.9
0.4
–0.5
–2.7
–3.4
–2.8
–1.6
–2.5
Addenda:
Final sales of domestic product..............
–2.6
1.4
2.0
–1.1
1.5
–3.0
–7.4
–4.2
–0.2
1.4
–0.2
0.8
3.0
1.7
4.2
0.0
1.6
3.2
1.1
Gross domestic purchases.....................
–4.4
3.4
1.6
–2.1
–0.7
–4.2
–8.3
–8.6
–2.8
2.2
3.5
4.8
5.6
3.1
0.9
0.7
1.0
1.3
2.9
Final sales to domestic purchasers ........
–3.6
1.8
1.8
–1.4
–0.5
–3.6
–6.9
–6.2
–2.3
1.9
–0.3
1.7
4.9
2.3
2.7
0.4
1.3
2.7
1.1
Gross national product (GNP) ................
–3.6
3.3 ...........
–2.3
1.3
–3.2 –10.8
–6.2
–0.5
2.3
4.0
3.8
4.5
2.8
1.7
1.5
2.2
1.9 ...........
Disposable personal income ..................
–2.3
1.8
1.3
5.9
8.2
–8.8
–0.2
–3.8
0.3
–5.4
–0.6
4.9
5.6
2.3
1.5
1.2
–0.5
0.7
1.4
Current-dollar measures:
GDP ....................................................
–2.5
4.2
3.9
0.6
4.0
–0.6
–8.4
–5.2
–1.1
1.9
4.9
5.5
5.4
3.9
4.2
3.1
4.0
4.4
3.9
Final sales of domestic product ..........
–1.6
2.6
4.1
1.5
4.0
0.2
–7.4
–2.5
–0.5
1.8
1.0
2.3
4.5
3.1
6.1
2.5
4.2
5.9
2.0
Gross domestic purchases .................
–4.5
5.0
4.2
1.9
3.9
–0.3 –12.0 –10.4
–2.4
3.9
5.6
7.0
6.2
4.0
2.9
4.9
4.5
3.3
4.1
Final sales to domestic purchasers ....
–3.7
3.3
4.3
2.7
3.9
0.4 –11.0
–7.9
–1.8
3.7
1.9
3.8
5.3
3.2
4.8
4.3
4.7
4.7
2.3
GNP ....................................................
–2.6
4.4 ...........
0.0
4.1
–0.1 –10.4
–4.8
–0.9
2.6
5.1
5.4
6.1
4.1
3.5
4.2
4.8
4.5 ...........
Disposable personal income...............
–2.1
3.6
3.8
10.0
13.1
–4.9
–5.8
–5.4
2.2
–2.6
2.2
6.8
5.9
3.3
3.5
5.2
2.8
3.1
2.6
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011.
See “Explanatory Note” at the end of the tables.

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
2009

2010

2011 r

2008
I

Percent change at annual rate:
Gross domestic product .................................
Percentage points at annual rates:
Personal consumption expenditures ....................
Goods ...................................................................
Durable goods ...................................................
Motor vehicles and parts................................
Furnishings and durable household
equipment ..................................................
Recreational goods and vehicles ...................
Other durable goods ......................................
Nondurable goods .............................................
Food and beverages purchased for offpremises consumption ...............................
Clothing and footwear ....................................
Gasoline and other energy goods..................
Other nondurable goods ................................
Services................................................................
Household consumption expenditures (for
services) ........................................................
Housing and utilities.......................................
Health care.....................................................
Transportation services..................................
Recreation services .......................................
Food services and accommodations .............
Financial services and insurance...................
Other services................................................
Final consumption expenditures of nonprofit
institutions serving households......................
Gross output of nonprofit institutions .............
Less: Receipts from sales of goods and
services by nonprofit institutions ................
Gross private domestic investment...................
Fixed investment..............................................
Nonresidential ................................................
Structures...................................................
Equipment and software ............................
Information processing equipment and
software ..............................................
Computers and peripheral equipment
Software..............................................
Other...................................................
Industrial equipment ...............................
Transportation equipment.......................
Other equipment.....................................
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 .......................................
Addenda:
Goods ................................................................
Services.............................................................
Structures ..........................................................
Motor vehicle output ..........................................
Final sales of computers....................................
r Revised
See “Explanatory Note” at the end of the tables.

IV

I

II

–3.7

–8.9

–6.7

–0.7

–1.02
0.05
0.19
0.35

–1.28
–0.52
–0.29
–0.10

3.0

1.7

–1.32
–0.69
–0.41
–0.17

1.44
0.99
0.53
0.05

1.53
0.86
0.60
0.19

–0.70 –0.08 –2.67 –3.53
–1.37 0.12 –1.89 –3.04
–0.84 –0.23 –1.01 –2.12
–0.48 –0.58 –0.53 –0.98

–0.15
–0.04
–0.06
–0.28

0.13
0.27
0.07
0.46

0.09
0.26
0.06
0.26

–0.17
–0.09
–0.09
–0.53

–0.07
–0.11
0.01
–0.10
–0.63

0.13 0.08 –0.14
0.13 0.07 –0.08
0.00 –0.12 –0.20
0.20 0.24 –0.11
0.46 0.67 0.67

0.03
0.12

0.02
0.15

–0.01
0.09

0.09 0.13
–3.61 1.96
–2.77 0.32
–2.05 0.42
–0.85 –0.51
–1.20 0.93

0.10
0.59
0.79
0.83
0.11
0.71

–0.14
–0.02
–0.01
–0.11
–0.28
–0.53
–0.25
–0.72
–0.84
–0.02
–0.82
1.11
–1.18
–1.04
–0.13
2.29
2.19
0.10

0.35
0.16
0.05
0.14
0.08
0.36
0.14
–0.11
1.64
0.00
1.64
–0.51
1.31
1.12
0.19
–1.82
–1.74
–0.08

0.21
0.10
0.10
0.02
0.15
0.22
0.13
–0.03
–0.21
–0.04
–0.16
0.06
0.87
0.68
0.20
–0.81
–0.78
–0.03

2010
III

II

III

IV

I

II

III

IV r

2.5

2.3

0.4

1.3

1.8

3.0

1.66 0.33 1.92
1.70 0.12 1.45
1.39 –0.36 0.70
0.92 –0.79 –0.02

2.05
0.87
0.56
0.16

1.85
1.09
0.63
0.19

2.48
1.87
1.20
0.76

1.47
1.10
0.85
0.37

0.49
–0.38
–0.42
–0.74

1.24
0.33
0.42
0.04

1.52
1.17
1.10
0.81

0.08 0.13
0.34 0.33
0.04 –0.03
0.31 0.48

0.17
0.21
0.02
0.30

0.06
0.27
0.11
0.47

0.14
0.24
0.05
0.67

0.06
0.32
0.10
0.25

0.05
0.20
0.07
0.04

0.09 0.14
0.26 0.25
0.03 –0.10
–0.09 0.06

0.18 0.25 0.04
0.01 0.27 0.07
0.02 –0.15 –0.17
0.26 0.30 0.30
0.75 0.61 0.36

0.06
0.05
–0.24
0.16
0.87

–0.01 –0.08
–0.19 0.07
–0.04 –0.11
0.15 0.17
0.90 0.35

1.11
0.07
0.45
0.08
0.11
0.18
0.12
0.10

0.89 0.76 0.35
0.30 –0.10 –0.19
0.28 0.49 0.06
0.05 0.00 –0.01
0.20 –0.03 –0.05
0.13 0.16 0.30
–0.16 0.05 0.23
0.09 0.19 0.02

0.85
0.09
0.32
0.00
0.23
0.05
0.07
0.09

0.73 0.26
0.35 –0.35
–0.07 0.09
0.01 0.03
0.19 0.08
0.12 0.23
0.19 –0.07
–0.05 0.24

0.14 0.05
0.17 –0.09

0.07
0.44

–0.14 –0.15 0.01
0.14 0.27 –0.13

0.01
0.10

0.18
–0.02

0.05 0.10 0.08 –0.09 0.15
–2.02 –0.94 –2.63 –5.59 –7.76
–1.36 –0.80 –1.91 –4.05 –5.09
–0.10 –0.25 –1.18 –2.84 –3.90
0.03 0.37 –0.14 –0.41 –1.47
–0.13 –0.63 –1.04 –2.43 –2.43

0.23 0.08 0.02 –0.14
–2.84 0.35 3.51 3.25
–2.26 0.13 –0.42 0.15
–1.66 –0.29 –0.33 0.56
–1.41 –0.71 –1.07 –0.76
–0.25 0.42 0.74 1.32

0.37
2.92
2.12
1.62
0.18
1.45

0.28 0.43 –0.15
1.14 –0.91 0.47
0.28 0.88 0.15
1.04 0.82 0.20
0.10 0.26 –0.40
0.94 0.56 0.60

0.09
0.79
1.07
0.98
0.54
0.44

–0.20 0.05
0.17 2.42
1.52 0.53
1.49 0.29
0.37 –0.07
1.12 0.36

0.09
0.13
0.19
–0.24
0.01
–0.06
–0.17
–1.26
–0.66
–0.17
–0.49
0.38
0.65
0.75
–0.10
–0.28
0.05
–0.33

0.15
0.06
0.09
0.00
–0.20
0.15
–0.35
–0.60
–0.58
–0.03
–0.55
2.21
–0.02
–0.20
0.18
2.24
2.15
0.09

0.25
0.31

0.05 –0.25 –0.51 –0.10 0.26 0.20
0.25 –0.23 –0.32 –0.07 –0.17 0.09
–0.15 –0.41 0.27 0.14 –0.10 –0.06
0.21 0.00 –0.36 –0.12 –0.22 0.08
–0.20 –0.78 –0.49 –1.07 –0.76 –0.04
–0.32
–0.01
0.31
–0.16
–0.05
0.08
–0.24
–0.24

–0.92
–0.18
0.19
–0.20
–0.19
–0.17
–0.17
–0.18

–0.80
0.48
0.02
–0.33
–0.18
–0.23
–0.59
0.02

0.12
0.22

0.14
0.22

0.31
0.22

0.01
0.05
0.01
–0.06
–0.04
–0.63
0.03
–0.55
–0.14
0.32
–0.46
2.00
1.56
1.21
0.35
0.44
0.31
0.13

–0.30
–0.14
0.02
–0.18
–0.08
–0.68
0.03
–0.73
–0.73
0.06
–0.79
0.79
–0.47
–0.22
–0.24
1.25
1.47
–0.21

–0.80
–0.22
–0.09
–0.49
–0.23
–0.99
–0.41
–1.21
–1.54
–0.08
–1.46
–0.12
–2.97
–2.75
–0.21
2.84
2.98
–0.14

–0.94
0.13
0.21
–0.25
–0.07
–0.24
–0.59
–0.13

–0.59
0.05
0.41
–0.11
–0.09
–0.17
–0.41
–0.27

–0.13 –0.17
0.02 0.06

–0.28
–0.04
–0.11
–0.13
–0.73
–0.97
–0.44
–1.19
–2.66
–0.06
–2.60
2.44
–3.82
–3.25
–0.57
6.26
5.63
0.63

3.8

I

3.8

0.07 –0.25 –0.35 –0.21 –0.12
0.30 –0.15 –0.51 0.07 –0.11
–0.02 –0.08 –0.29 –0.01 0.04
0.35 –0.89 –0.92 –0.15 –0.23

1.7

IV

2011

3.9

0.68 0.42
0.02 0.32
0.23 0.36
0.01 –0.12
0.09 0.00
0.17 –0.21
0.09 0.00
0.08 0.08

1.3

III

–3.5

–0.66 0.43
0.13 0.12
0.21 0.16
–0.19 0.02
–0.11 0.05
–0.15 0.14
–0.43 –0.07
–0.12 0.02

–1.8

II

2009

0.20
0.10
–0.01
0.19
0.21

–2.32
–0.55
–0.79
–0.70
–0.01

–6.83
–0.35
–1.72
–1.73
0.02

0.15 –0.14
0.26 0.15
0.09 0.01
0.24 0.29
0.47 1.18

–0.10 0.06 0.42
0.17 0.16 0.07
0.25 0.12 –0.28
–0.08 –0.01 0.06
–0.09 0.05 0.07
–0.03 0.01 0.35
–0.28 –0.30 0.20
–0.03 0.03 –0.04
0.06
0.14

0.48 0.54 0.18 0.38 0.31 0.39 0.01 0.32
0.13 0.34 0.07 0.23 0.06 0.14 –0.05 0.27
0.06 0.12 –0.06 0.03 0.12 0.14 0.04 0.14
0.30 0.08 0.17 0.12 0.13 0.11 0.02 –0.09
–0.07 0.00 0.02 0.39 0.09 0.11 0.14 –0.01
0.04 0.21 0.75 0.47 0.34 0.00 0.30 0.14
–0.04 0.00 0.36 0.21 0.20 0.05 0.15 –0.01
0.42 –0.10 –0.41 0.50 –0.76 0.06 –0.06 0.09
0.21 3.93 3.10 0.79 0.86 –1.79 0.32 –0.28
–0.12 0.13 0.17 –0.11 –0.20 0.01 –0.09 –0.02
0.33 3.80 2.92 0.90 1.06 –1.80 0.41 –0.26
–0.59 0.15 –0.97 –1.94 –0.68 1.37 –0.34 0.24
1.49 2.51 0.86 1.19 1.21 0.98 1.01 0.48
1.48 2.01 0.96 0.97 0.75 0.79 0.94 0.24
0.01 0.49 –0.10 0.23 0.46 0.18 0.07 0.24
–2.08 –2.36 –1.83 –3.13 –1.89 0.39 –1.35 –0.24
–1.98 –2.36 –1.71 –3.05 –1.58 0.08 –1.29 –0.23
–0.10 0.00 –0.12 –0.08 –0.31 0.31 –0.06 –0.01

0.34 0.14 –0.44 0.58 0.34 0.85 0.35 –0.33 1.21 0.28 –0.18
0.45 0.37 –0.17 0.66 0.35 0.84 0.69 –0.25 1.09 0.48 0.18
0.30 0.18 –0.13 0.38 0.27 0.85 0.44 –0.40 0.84 0.45 –0.07
0.25 0.14 –0.05 0.32 –0.05 0.69 0.37 –0.23 0.64 0.38 0.04
0.05 0.04 –0.08 0.06 0.32 0.15 0.07 –0.17 0.20 0.07 –0.11
0.16 0.19 –0.03 0.28 0.09 –0.01 0.25 0.15 0.25 0.03 0.25
0.14 0.14 –0.04 0.25 0.06 –0.03 0.23 0.17 0.26 –0.03 0.20
0.01 0.05 0.00 0.03 0.03 0.02 0.02 –0.02 0.00 0.05 0.05
–0.11 –0.23 –0.28 –0.08 –0.01 0.01 –0.34 –0.08 0.12 –0.19 –0.37
–0.07 –0.13 –0.12 –0.09 –0.13 0.02 –0.10 –0.04 –0.03 –0.15 –0.09
–0.05 –0.10 –0.16 0.01 0.12 –0.01 –0.24 –0.05 0.15 –0.04 –0.27
–1.56 3.01 1.23 –1.23 1.14
–0.34 0.72 0.64 0.72 0.15
–1.59 –0.69 –0.13 –1.25 0.02
–0.55 0.49 0.28 –0.40 –0.74
0.01 0.10 0.16 0.04 0.15

0.22
0.32
0.18
0.75

–0.26 0.77 0.20
0.23 0.71 0.26
0.03 0.33 0.31
–0.01 0.23 0.26
0.04 0.10 0.05
0.21 0.38 –0.05
0.17 0.29 –0.06
0.04 0.09 0.01
–0.49 0.05 –0.06
–0.18 –0.14 –0.13
–0.32 0.20 0.07

–2.82 0.82 1.91 4.44 5.19
–1.11 0.37 0.07 0.84 0.23
–2.73 –1.88 –0.29 –1.48 –1.48
–1.32 0.26 1.48 0.20 0.73
0.09 –0.08 –0.06 0.02 0.16

1.12
1.69
0.97
0.34
0.06

–0.58
–0.26
–0.34
–0.40
0.06
0.09
0.06
0.02
–0.33
–0.11
–0.22

0.09
0.14

0.04
0.08
0.14
–0.18
0.36
0.30
0.42
0.03
–1.35
0.11
–1.46
0.43
0.64
0.48
0.16
–0.21
–0.08
–0.13

0.16
0.10
–0.02
0.07
0.22
0.18
–0.20
0.25
1.88
0.01
1.87
–0.07
0.59
0.47
0.11
–0.65
–0.49
–0.16

–1.23
–0.82
–0.74
–0.36
–0.38
–0.08
–0.06
–0.02
–0.41
0.00
–0.41

–0.18
0.16
0.37
0.42
–0.04
–0.22
–0.20
–0.02
–0.34
–0.14
–0.20

–0.02
0.17
0.27
0.19
0.08
–0.10
–0.12
0.01
–0.19
–0.20
0.01

–0.89
–0.58
–0.70
–0.55
–0.15
0.12
0.16
–0.04
–0.30
–0.28
–0.03

2.12 1.63 1.36
0.98 0.65 –0.05
–0.59 0.07 –0.95
0.33 –0.43 1.08
0.29 0.29 0.08

–0.17
1.18
0.33
–0.10
0.07

0.62
0.81
0.38
0.12
0.22

3.30
–0.37
0.05
0.43
0.12

Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period
Billions of current dollars

Billions of chained (2005) dollars

Seasonally adjusted at annual rates
2011 r

2010

Seasonally adjusted at annual rates
2011 r

2011

2010

Change from preceding period

2011

2011
2011 r

IV
Gross domestic product .................................
Personal consumption expenditures ....................
Goods ...................................................................
Durable goods ...................................................
Motor vehicles and parts................................
Furnishings and durable household
equipment ..................................................
Recreational goods and vehicles ...................
Other durable goods ......................................
Nondurable goods .............................................
Food and beverages purchased for offpremises consumption ...............................
Clothing and footwear ....................................
Gasoline and other energy goods..................
Other nondurable goods ................................
Services................................................................
Household consumption expenditures (for
services) ........................................................
Housing and utilities.......................................
Health care.....................................................
Transportation services..................................
Recreation services .......................................
Food services and accommodations .............
Financial services and insurance...................
Other services................................................
Final consumption expenditures of nonprofit
institutions serving households......................
Gross output of nonprofit institutions .............
Less: Receipts from sales of goods and
services by nonprofit institutions ................
Gross private domestic investment.......................
Fixed investment .................................................
Nonresidential....................................................
Structures.......................................................
Equipment and software ................................
Information processing equipment and
software ..................................................
Computers and peripheral equipment ....
Software .................................................
Other ......................................................
Industrial equipment...................................
Transportation equipment...........................
Other equipment ........................................
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...............................................
Residual ....................................................................
Addenda:
Final sales of domestic product.............................
Gross domestic purchases....................................
Final sales to domestic purchasers .......................
Gross domestic product .....................................
Plus: Income receipts from the rest of the world ...
Less: Income payments to the rest of the world ....
Equals: Gross national product .........................
Net domestic product.............................................

I

II

III

IV

r

IV

I

II

III

IV

r

15,094.4 14,755.0 14,867.8 15,012.8 15,176.1 15,320.8 13,315.3 13,216.1 13,227.9 13,271.8 13,331.6 13,429.9
10,726.4 10,417.1 10,571.7 10,676.0 10,784.5 10,873.6 9,421.7 9,328.4 9,376.7 9,392.7 9,433.5 9,483.7
3,645.5 3,483.4 3,592.2 3,622.7 3,661.2 3,705.6 3,350.4 3,306.0 3,344.4 3,331.2 3,342.7 3,383.1
1,162.3 1,124.7 1,154.5 1,143.8 1,158.3 1,192.7 1,284.8 1,242.4 1,277.4 1,260.2 1,277.8 1,324.1
378.4
367.1
383.0
363.4
368.7
398.5
356.5
354.9
368.2
342.1
343.5
372.2

III

IV r

227.3
200.8
119.7
96.5
26.4

59.8
40.8
11.5
17.6
1.4

98.3
50.2
40.4
46.3
28.7

253.3
344.4
186.2
2,483.1

246.1
334.5
176.9
2,358.7

248.3
340.5
182.7
2,437.8

251.2
342.5
186.7
2,478.9

254.9
345.8
188.8
2,503.0

258.7
348.9
186.5
2,512.9

274.2
514.8
162.9
2,075.3

267.0
478.5
158.1
2,067.4

269.3
495.9
161.4
2,075.4

271.4
506.5
163.8
2,076.6

275.1
521.2
164.9
2,073.7

280.9
535.8
161.5
2,075.7

14.1
55.2
8.0
34.0

3.7
14.7
1.1
–2.9

5.8
14.6
–3.4
2.0

808.5
350.3
427.9
896.4
7,081.0

778.2
341.3
374.1
865.2
6,933.7

792.0
344.5
420.2
881.1
6,979.4

806.7
348.6
431.5
892.1
7,053.3

815.8
352.2
434.5
900.6
7,123.2

819.6
356.0
425.6
911.7
7,168.0

682.9
351.3
268.8
782.2
6,077.4

680.8
350.1
278.4
764.5
6,027.5

682.1
352.8
274.2
774.4
6,039.1

684.1
354.7
268.5
779.6
6,067.0

683.9
347.5
267.5
784.5
6,096.1

681.5
350.3
265.0
790.3
6,107.4

9.8
10.3
–12.5
31.5
85.6

–0.2
–7.2
–1.0
4.9
29.1

–2.4
2.8
–2.5
5.8
11.3

6,795.5
1,921.9
1,728.9
305.5
401.6
679.9
805.7
952.0

6,656.0
1,901.1
1,700.4
298.5
387.7
650.1
782.7
935.5

6,700.0
1,901.7
1,708.1
302.1
387.9
663.7
795.7
940.7

6,771.6
1,913.3
1,729.5
304.6
398.6
673.9
803.1
948.5

6,834.4
1,937.7
1,734.4
305.6
407.3
685.6
811.9
952.0

6,875.8
1,934.9
1,743.3
309.5
412.7
696.6
812.3
966.6

5,800.1
1,671.1
1,471.6
251.6
352.6
572.4
678.8
802.1

5,754.7
1,672.2
1,462.3
251.6
344.7
558.2
667.6
798.3

5,765.9
1,666.0
1,464.3
251.4
343.0
567.6
674.7
798.8

5,793.2
1,669.1
1,474.5
251.2
350.6
569.1
676.9
801.8

5,816.6
1,680.4
1,472.3
251.4
357.0
572.8
682.8
800.1

5,824.8
1,669.0
1,475.1
252.5
359.7
580.2
680.6
807.6

86.1
1.9
28.7
1.4
11.2
21.4
11.0
10.4

23.4
11.3
–2.2
0.2
6.4
3.7
5.9
–1.7

8.2
–11.4
2.8
1.1
2.7
7.4
–2.2
7.5

285.5
1,156.7

277.6
1,141.6

279.4
1,143.5

281.7
1,154.9

288.8
1,159.8

292.1
1,168.7

278.8
1,000.5

273.9
1,001.6

274.3
997.2

274.9
1,000.6

281.3
999.8

284.7
1,004.4

–1.2
11.3

6.4
–0.8

3.4
4.6

871.2
1,914.6
1,867.6
1,530.2
409.1
1,121.2

864.0
1,818.0
1,779.3
1,447.9
389.6
1,058.3

864.0
1,853.1
1,791.1
1,460.5
379.5
1,081.0

873.2
1,895.3
1,841.7
1,506.0
405.2
1,100.8

871.0
1,906.6
1,905.8
1,568.7
424.8
1,143.9

876.6
2,003.6
1,931.8
1,585.7
426.8
1,159.0

722.1
1,795.8
1,758.8
1,433.4
322.8
1,123.8

727.3
1,734.5
1,693.9
1,371.9
318.0
1,064.5

722.8
1,750.9
1,699.0
1,378.9
305.9
1,086.9

725.5
1,778.4
1,736.7
1,413.2
321.9
1,103.5

719.3
1,784.2
1,790.4
1,465.6
332.9
1,145.7

720.8
1,869.6
1,809.3
1,475.7
330.7
1,159.3

11.8
80.9
110.4
114.2
13.7
104.4

–6.2
5.8
53.7
52.4
11.0
42.2

1.5
85.4
18.9
10.1
–2.2
13.6

566.0
103.1
271.3
191.6
195.7
157.7
201.7
337.3
47.0
–7.6
54.7
–576.9
2,087.5
1,474.4
613.2
2,664.4
2,238.0
426.4

559.3
99.3
263.2
196.8
178.0
133.1
187.9
331.3
38.7
–6.5
45.2
–500.2
1,935.3
1,353.8
581.5
2,435.5
2,022.8
412.7

557.9
95.6
265.1
197.3
185.0
145.4
192.7
330.6
62.0
–9.4
71.4
–571.3
2,024.1
1,431.0
593.2
2,595.4
2,176.2
419.3

567.6
103.9
270.4
193.3
186.5
152.0
194.6
335.7
53.6
–9.9
63.5
–597.1
2,085.3
1,473.5
611.7
2,682.4
2,257.3
425.1

567.4
105.1
275.5
186.8
201.2
163.1
212.3
337.0
0.8
–5.6
6.4
–562.3
2,119.2
1,496.6
622.6
2,681.6
2,251.9
429.7

571.3
637.6
624.5
625.0
638.4
640.2
646.9
35.0
1.8
6.7
107.7 .............. .............. ............. .............. .............. .............. .............. ............. ..............
274.4
270.0
262.4
263.7
268.9
274.1
273.4
13.9
5.2
–0.7
189.2
209.6
214.4
215.2
211.5
204.3
207.4
2.3
–7.2
3.1
210.1
165.2
153.7
158.1
157.7
169.0
176.1
18.6
11.3
7.1
170.5
150.3
128.9
139.6
144.6
155.2
161.7
31.0
10.6
6.5
207.1
179.2
168.9
174.0
173.8
187.9
181.2
16.6
14.1
–6.7
346.1
326.3
323.1
321.1
324.4
325.4
334.4
–4.5
1.0
9.0
71.7
35.1
38.3
49.1
39.1
–2.0
54.3
–23.7
–41.1
56.3
–5.6
–7.0
–5.2
–7.8
–8.7
–6.0
–5.6
–5.6
2.7
0.4
77.3
44.7
44.7
59.7
51.0
5.5
62.8
–16.0
–45.5
57.3
–576.7 –412.0 –414.2 –424.4 –416.4 –402.8 –404.4
9.8
13.6
–1.6
2,121.4 1,775.9 1,716.8 1,749.6 1,765.0 1,785.2 1,803.9
112.7
20.2
18.7
1,496.3 1,252.6 1,204.9 1,235.6 1,243.2 1,258.3 1,273.4
87.7
15.1
15.1
625.1
523.9
512.4
514.6
522.4
527.5
531.1
25.1
5.1
3.6
2,698.1 2,187.9 2,131.0 2,173.9 2,181.4 2,187.9 2,208.4
102.9
6.5
20.5
2,266.5 1,828.7 1,777.4 1,818.4 1,825.4 1,827.9 1,843.1
99.4
2.5
15.2
431.7
361.3
355.6
357.5
357.9
362.2
367.5
3.9
4.3
5.3

3,030.2 3,020.2 3,014.4 3,038.6 3,047.3 3,020.4
1,232.8 1,234.3 1,219.9 1,237.1 1,248.9 1,225.4
824.9
823.9
809.0
830.6
844.0
816.0
717.2
702.7
701.0
723.4
733.2
711.1
107.8
121.2
108.0
107.3
110.9
104.9
407.9
410.3
410.9
406.5
404.9
409.4
355.4
356.9
358.1
354.1
351.7
357.7
52.5
53.5
52.8
52.4
53.1
51.7
1,797.3 1,786.0 1,794.4 1,801.5 1,798.5 1,795.0
1,475.2 1,450.1 1,471.7 1,482.9 1,476.1 1,470.2
322.1
335.9
322.8
318.6
322.3
324.8
.............. ............... ............... ............... .............. ..............
15,047.4
15,671.2
15,624.2
15,094.4
..............
..............
..............
13,144.3

14,716.3
15,255.2
15,216.6
14,755.0
729.4
545.0
14,939.4
12,858.9

14,805.8
15,439.1
15,377.1
14,867.8
752.1
525.0
15,094.9
12,953.5

14,959.2
15,609.9
15,556.3
15,012.8
803.2
542.0
15,274.0
13,072.9

15,175.3
15,738.4
15,737.6
15,176.1
792.2
524.9
15,443.4
13,213.2

15,249.1
15,897.5
15,825.8
15,320.8
..............
..............
..............
13,337.7

2,502.4
1,055.0
701.6
602.5
99.3
353.4
303.0
50.7
1,453.5
1,199.1
255.0
–90.5

2,552.1
1,079.6
717.7
605.3
113.6
361.9
310.3
52.0
1,478.9
1,207.4
271.9
–61.2

2,513.9
1,053.3
694.0
594.0
100.3
359.4
308.4
51.3
1,466.4
1,207.4
259.6
–74.8

2,508.2
1,058.3
705.9
607.1
98.8
352.4
302.1
50.6
1,456.1
1,203.2
253.6
–86.5

2,507.6
1,063.7
714.6
613.1
101.6
349.0
298.3
51.2
1,450.4
1,197.2
253.9
–94.7

13,284.2
13,718.7
13,686.7
13,315.3
..............
..............
..............
11,523.1

13,181.6
13,621.2
13,585.9
13,216.1
655.2
487.7
13,383.9
11,448.2

13,182.8
13,644.2
13,598.4
13,227.9
669.3
465.2
13,432.2
11,451.3

13,236.2
13,679.9
13,643.4
13,271.8
708.7
476.6
13,504.2
11,485.7

13,340.9
13,725.3
13,733.4
13,331.6
695.4
459.4
13,567.9
11,534.5

2,479.8
–54.4
–0.6
–27.8
1,044.7
–20.9
5.4
–19.0
692.0
–16.7
8.7
–22.6
595.6
–6.5
6.0
–17.5
96.4
–10.9
2.8
–5.2
352.8
–4.3
–3.4
3.8
303.3
–4.5
–3.8
5.0
49.8
0.3
0.6
–1.4
1,441.0
–33.5
–5.7
–9.4
1,188.6
–13.9
–6.0
–8.6
253.1
–19.3
0.3
–0.8
–106.9 .............. ............. ..............
13,376.8
255.3
13,825.3
218.3
13,771.5
246.0
13,429.9
227.3
.............. ..............
.............. ..............
.............. ..............
11,620.7
189.8

104.7
35.9
45.4
100.0
90.0
38.1
59.8
98.3
–13.3 ..............
–17.2 ..............
63.7 ..............
48.8
86.2

r Revised
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.

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2009

2010

2011

r

2008
I

II

2009
III

IV

I

II

2010
III

IV

I

II

2011
III

IV

I

II

III

IV r

Gross domestic product (GDP) .......
1.1
1.2
2.1
2.5
2.5
3.1
0.5
1.7
–0.4
0.3
1.1
1.5
1.5
1.4
1.9
2.5
2.5
2.6
0.9
Personal consumption expenditures .........
0.2
1.8
2.5
3.9
4.5
4.3
–5.6
–1.7
1.9
3.0
2.8
1.9
0.3
1.0
1.9
3.9
3.3
2.3
1.2
Goods.........................................................
–2.6
1.6
3.8
4.8
4.8
7.0 –17.8
–6.3
4.1
5.6
2.5
2.1
–3.4
0.8
3.4
8.0
5.1
2.9
0.0
Durable goods ........................................
–1.8
–1.7
–1.0
–1.3
–2.7
–1.1
–3.5
–2.1
–0.1
–2.7
0.5
–2.1
–2.4
–2.5
–2.4
–0.6
1.7
–0.5
–2.5
Nondurable goods ..................................
–2.9
3.2
6.1
8.1
8.8
11.1 –23.8
–8.3
6.1
9.8
3.5
4.1
–3.9
2.4
6.2
12.4
6.7
4.5
1.2
Services......................................................
1.6
1.9
1.8
3.4
4.4
3.0
1.2
0.6
0.9
1.8
2.9
1.7
2.2
1.1
1.2
1.9
2.4
2.1
1.8
Gross private domestic investment............
–1.0
–1.6
1.6
0.3
1.2
2.4
6.9
–2.2
–6.4
–5.8
–1.7
–1.2
0.0
0.9
1.7
2.1
2.2
1.1
1.3
Fixed investment.........................................
–1.2
–1.4
1.3
0.9
1.4
3.3
2.9
–2.3
–5.3
–4.4
–1.0
–1.3
–0.5
0.5
0.8
1.4
2.4
1.5
1.3
Nonresidential.........................................
–0.6
–1.6
1.3
1.9
2.2
5.1
5.3
–2.2
–5.2
–4.7
–2.0
–1.7
0.2
0.5
0.4
1.4
2.5
1.8
1.6
Structures............................................
–2.6
–1.1
4.5
5.2
3.9
7.7
8.2
–5.6 –12.0 –10.0
–1.5
1.3
2.4
2.5
3.6
5.0
6.1
5.6
4.6
Equipment and software .....................
0.5
–1.8
0.1
0.2
1.3
3.7
3.6
–0.2
–1.3
–2.2
–2.5
–3.1
–0.7
–0.3
–0.8
0.2
1.2
0.4
0.5
Residential ..............................................
–3.4
–0.4
1.1
–1.6
–1.1
–2.8
–5.2
–2.9
–5.9
–3.1
3.1
0.5
–3.0
0.6
2.5
1.5
2.0
0.3
–0.2
Change in private inventories ..................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ...........
Net exports of goods and services ............ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ...........
Exports .......................................................
–5.4
4.4
6.3
7.8
10.7
6.0 –22.0 –11.9
0.1
5.0
5.5
4.8
5.0
0.6
8.6
11.0
8.8
1.9
–3.7
Goods .....................................................
–6.8
4.9
7.3
8.9
13.3
5.7 –27.1 –14.4
2.1
5.1
5.3
5.5
5.5
0.6
11.5
12.9
9.7
1.4
–4.7
Services..................................................
–2.2
3.2
3.9
5.4
4.7
6.7
–8.9
–6.7
–3.8
4.6
5.8
3.5
3.9
0.6
2.2
6.5
6.5
3.2
–1.2
Imports ....................................................... –10.6
6.1
7.7
16.8
21.0
10.6 –36.7 –29.2
6.6
14.4
11.5
8.3
–2.2
–2.2
8.4
19.1
12.5
–1.3
–1.3
Goods ..................................................... –12.4
6.8
8.6
19.2
22.7
11.6 –40.8 –33.4
8.5
17.1
12.5
9.9
–2.9
–3.0
8.9
22.3
14.0
–1.5
–0.7
Services..................................................
–2.2
2.7
3.0
5.1
12.6
5.5 –11.6
–7.9
–0.8
4.0
7.1
1.0
0.8
1.6
5.8
4.2
5.2
–0.4
–3.9
Government consumption expenditures
and gross investment...............................
–0.3
2.2
3.1
7.9
6.6
4.2
–5.4
–1.8
0.0
1.2
2.0
4.7
1.3
0.9
3.1
5.4
4.2
1.3
0.9
Federal .......................................................
–0.2
2.4
2.8
7.5
4.1
1.7
–4.7
1.2
–2.0
1.4
2.3
5.6
1.3
1.1
2.0
5.3
3.8
1.8
–0.4
National defense.....................................
–0.7
2.4
3.1
7.5
5.3
2.0
–5.8
0.2
–2.5
1.1
2.5
5.7
1.3
0.9
2.5
6.3
3.8
1.5
–0.6
Nondefense ............................................
0.9
2.4
2.3
7.6
1.5
1.1
–2.3
3.5
–1.0
2.2
1.9
5.5
1.2
1.5
1.1
3.4
3.7
2.3
0.1
State and local............................................
–0.4
2.1
3.3
8.2
8.1
5.7
–5.7
–3.6
1.3
1.0
1.7
4.1
1.3
0.7
3.8
5.5
4.5
0.9
1.8
Addenda:
Final sales of domestic product..................
1.0
1.2
2.1
2.6
2.5
3.2
0.0
1.7
–0.3
0.4
1.2
1.4
1.4
1.4
1.8
2.4
2.5
2.6
0.9
Gross domestic purchases.........................
–0.1
1.5
2.5
4.1
4.5
4.0
–4.0
–1.9
0.5
1.6
2.1
2.1
0.5
1.0
2.1
4.0
3.3
2.0
1.1
Final sales to domestic purchasers ............
–0.1
1.5
2.5
4.2
4.5
4.1
–4.4
–1.8
0.6
1.7
2.2
2.1
0.4
0.9
2.0
3.9
3.4
2.0
1.1
Gross national product (GNP) ....................
1.1
1.1 ...........
2.5
2.5
3.1
0.4
1.7
–0.4
0.3
1.1
1.5
1.4
1.4
1.9
2.5
2.5
2.6 ...........
Implicit price deflators:
GDP ........................................................
1.1
1.2
2.1
2.4
2.7
3.2
0.5
1.5
–0.4
0.2
1.0
1.5
1.6
1.3
1.8
2.7
2.6
2.6
0.9
Gross domestic purchases .....................
–0.1
1.5
2.5
4.0
4.6
4.1
–4.0
–2.0
0.5
1.6
2.0
2.1
0.6
0.9
2.0
4.2
3.4
2.0
1.1
GNP ........................................................
1.0
1.1 ...........
2.4
2.7
3.2
0.4
1.5
–0.4
0.2
1.0
1.5
1.5
1.3
1.8
2.7
2.6
2.6 ...........
r Revised
See “Explanatory Note” at the end of the tables.

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2005=100]
Seasonally adjusted
2009

2010

2011

r

2010
IV

2011
I

II

III

IV r

Gross domestic product......................................................
100.635
103.684
105.485
104.699
104.792
105.140
105.614
106.392
Personal consumption expenditures ................................................
102.657
104.741
107.022
105.962
106.511
106.693
107.156
107.726
Goods................................................................................................
100.693
105.006
108.894
107.452
108.700
108.272
108.646
109.957
Durable goods ...............................................................................
98.660
105.782
114.376
110.600
113.710
112.180
113.747
117.866
Nondurable goods .........................................................................
101.536
104.501
106.244
105.839
106.249
106.306
106.160
106.261
Services.............................................................................................
103.644
104.628
106.122
105.250
105.453
105.941
106.449
106.647
Gross private domestic investment...................................................
66.944
78.945
82.667
79.848
80.600
81.869
82.135
86.065
Fixed investment................................................................................
75.688
77.667
82.873
79.812
80.052
81.829
84.362
85.249
Nonresidential................................................................................
93.755
97.913
106.385
101.822
102.342
104.889
108.782
109.528
Structures...................................................................................
104.426
87.883
91.779
90.399
86.974
91.511
94.631
94.002
Equipment and software ............................................................
89.367
102.393
112.884
106.925
109.174
110.839
115.077
116.445
Residential .....................................................................................
44.587
42.681
42.106
41.684
41.428
41.855
41.991
43.150
Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... .........................
Exports of goods and services..........................................................
114.479
127.444
136.079
131.551
134.061
135.240
136.789
138.225
Imports of goods and services ..........................................................
91.372
102.821
107.895
105.091
107.207
107.573
107.897
108.905
Government consumption expenditures and gross investment ....
107.161
107.886
105.591
107.691
106.076
105.837
105.812
104.638
Federal ..............................................................................................
117.479
122.782
120.392
123.197
120.195
120.769
121.385
119.220
State and local...................................................................................
101.378
99.557
97.314
99.020
98.177
97.488
97.107
96.482
Addenda:
Final sales of domestic product.........................................................
102.224
103.626
105.657
104.841
104.850
105.275
106.108
106.393
Gross domestic purchases................................................................
97.796
101.160
102.795
102.064
102.237
102.504
102.844
103.594
Final sales to domestic purchasers ...................................................
99.280
101.091
102.940
102.182
102.276
102.615
103.292
103.578
Gross national product ......................................................................
100.968
104.253 .........................
105.218
105.598
106.164
106.665 .........................
r Revised
See “Explanatory Note” at the end of the tables.

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2005=100]
Seasonally adjusted
2009

2010

2011

r

2010
IV

2011
I

II

III

IV r

Gross domestic product......................................................
109.732
111.000
113.339
111.699
112.390
113.091
113.811
114.062
Personal consumption expenditures (PCE)......................................
109.169
111.112
113.849
111.673
112.747
113.666
114.324
114.658
Goods................................................................................................
103.209
104.837
108.808
105.367
107.412
108.752
109.530
109.536
Durable goods ...............................................................................
92.901
91.348
90.449
90.507
90.362
90.745
90.628
90.061
Nondurable goods .........................................................................
109.301
112.748
119.656
114.092
117.463
119.383
120.707
121.070
Services.............................................................................................
112.353
114.465
116.513
115.037
115.574
116.260
116.852
117.367
Gross private domestic investment...................................................
106.401
104.743
106.436
105.199
105.755
106.342
106.646
107.001
Fixed investment................................................................................
106.305
104.843
106.163
105.035
105.412
106.039
106.433
106.767
Nonresidential................................................................................
107.106
105.373
106.736
105.536
105.909
106.560
107.027
107.449
Structures...................................................................................
122.490
121.117
126.596
122.475
123.982
125.835
127.565
129.001
Equipment and software ............................................................
101.496
99.634
99.747
99.406
99.446
99.743
99.838
99.963
Residential .....................................................................................
102.637
102.214
103.370
102.563
102.958
103.479
103.551
103.491
Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... ..........................
Exports of goods and services..........................................................
105.959
110.617
117.572
112.757
115.725
118.182
118.747
117.635
Imports of goods and services ..........................................................
106.571
113.032
121.755
114.271
119.370
122.949
122.543
122.158
Government consumption expenditures and gross investment ....
114.883
117.445
121.095
118.341
119.910
121.146
121.523
121.801
Federal ..............................................................................................
111.000
113.653
116.861
114.331
115.827
116.902
117.413
117.301
State and local...................................................................................
117.214
119.704
123.662
120.757
122.372
123.721
123.997
124.559
Addenda:
PCE excluding food and energy 1 ......................................................
108.691
110.208
111.806
110.534
110.963
111.585
112.156
112.519
Market-based PCE 2..........................................................................
109.201
110.857
113.681
111.394
112.498
113.478
114.200
114.548
2
Market-based PCE excluding food and energy ...............................
108.647
109.763
111.288
110.025
110.391
111.038
111.670
112.052
Final sales of domestic product.........................................................
109.703
110.981
113.273
111.647
112.315
113.021
113.754
114.001
Gross domestic purchases................................................................
109.803
111.438
114.210
112.048
113.147
114.081
114.642
114.969
Final sales to domestic purchasers ...................................................
109.783
111.426
114.156
112.006
113.084
114.024
114.597
114.921
Gross national product ......................................................................
109.721
110.979 .........................
111.676
112.372
113.080
113.799 ..........................
Implicit price deflators:
Gross domestic product.................................................................
109.729
110.992
113.361
111.644
112.398
113.118
113.836
114.081
Final sales of domestic product .....................................................
109.703
110.981
113.273
111.642
112.311
113.017
113.750
113.997
Gross domestic purchases ............................................................
109.799
111.429
114.233
111.996
113.155
114.108
114.667
114.989
Final sales to domestic purchasers ...............................................
109.783
111.426
114.156
112.003
113.080
114.021
114.593
114.917
Gross national product...................................................................
109.717
110.971 .........................
111.623
112.379
113.106
113.823 ..........................
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.

Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011 r

Gross domestic product (GDP) ..............................................
3.7
4.5
4.4
4.8
4.1
1.1
1.8
2.5
3.5
3.1
2.7
1.9
–0.3
–3.5
3.0
1.7
Personal consumption expenditures ................................................
3.5
3.7
5.2
5.5
5.1
2.7
2.7
2.8
3.3
3.4
2.9
2.3
–0.6
–1.9
2.0
2.2
Goods................................................................................................
4.5
4.8
6.8
8.0
5.3
3.1
4.1
4.6
4.5
4.2
3.3
3.0
–2.5
–3.0
4.3
3.7
Durable goods ...............................................................................
7.5
8.2
12.2
13.0
8.8
5.4
7.6
6.6
7.3
5.9
4.5
5.0
–4.9
–5.4
7.2
8.1
Nondurable goods .........................................................................
2.9
2.9
3.8
5.1
3.2
1.8
2.0
3.4
2.8
3.2
2.6
1.9
–1.2
–1.8
2.9
1.7
Services.............................................................................................
2.9
3.1
4.4
4.1
5.0
2.5
1.9
1.9
2.7
3.0
2.6
1.9
0.4
–1.4
0.9
1.4
Gross private domestic investment...................................................
8.8
12.4
10.0
8.8
6.8
–7.0
–1.4
3.9
10.1
5.5
2.7
–3.2 –10.2 –25.0
17.9
4.7
Fixed investment................................................................................
9.0
9.2
10.9
9.3
7.4
–1.9
–4.2
3.5
7.4
6.5
2.4
–1.9
–7.1 –18.8
2.6
6.7
Nonresidential................................................................................
9.3
12.1
12.0
10.4
9.8
–2.8
–7.9
1.4
6.2
6.7
8.0
6.5
–0.8 –17.8
4.4
8.7
Structures...................................................................................
5.7
7.3
5.1
0.1
7.8
–1.5 –17.7
–3.8
1.1
1.4
9.2
14.1
6.4 –21.2 –15.8
4.4
Equipment and software ............................................................
10.6
13.8
14.5
14.1
10.5
–3.2
–4.2
3.1
7.9
8.5
7.6
3.3
–4.3 –16.0
14.6
10.2
Residential .....................................................................................
8.0
1.9
7.7
6.3
1.0
0.6
5.2
8.2
9.8
6.2
–7.3 –18.7 –23.9 –22.2
–4.3
–1.3
Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ...........
Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ...........
Exports ..............................................................................................
8.3
11.9
2.3
4.4
8.6
–5.6
–2.0
1.6
9.5
6.7
9.0
9.3
6.1
–9.4
11.3
6.8
Goods ............................................................................................
8.8
14.4
2.2
3.8
11.1
–6.2
–3.6
1.8
8.5
7.5
9.4
9.7
6.3 –12.0
14.4
7.5
Services.........................................................................................
7.0
5.9
2.4
5.7
2.7
–4.1
1.9
1.2
11.9
5.0
7.9
8.3
5.6
–3.5
5.0
5.0
Imports ..............................................................................................
8.7
13.5
11.7
11.5
13.0
–2.8
3.4
4.4
11.1
6.1
6.1
2.4
–2.7 –13.6
12.5
4.9
Goods ............................................................................................
9.4
14.4
11.8
12.5
13.4
–3.2
3.7
4.9
11.1
6.8
5.9
2.6
–3.8 –15.6
14.8
5.7
Services.........................................................................................
5.2
8.7
10.9
6.8
11.0
–0.8
1.8
1.9
11.2
2.8
7.1
1.4
3.6
–3.5
2.9
1.1
Government consumption expenditures and gross investment ....
1.0
1.9
2.1
3.6
2.0
3.8
4.7
2.2
1.4
0.3
1.4
1.3
2.6
1.7
0.7
–2.1
Federal ..............................................................................................
–1.2
–1.0
–1.1
1.9
0.5
4.1
7.3
6.6
4.1
1.3
2.1
1.2
7.2
6.0
4.5
–1.9
National defense............................................................................
–1.3
–2.8
–2.1
1.9
–0.5
3.8
7.4
8.7
5.7
1.5
1.6
2.2
7.5
5.8
3.3
–2.3
Nondefense ...................................................................................
–0.8
2.7
0.8
2.1
2.4
4.6
7.2
2.8
1.0
0.9
3.2
–0.8
6.5
6.5
7.1
–1.2
State and local...................................................................................
2.3
3.6
3.9
4.5
2.8
3.7
3.3
–0.1
–0.2
–0.2
0.9
1.4
0.0
–0.9
–1.8
–2.3
Addenda:
Final sales of domestic product.........................................................
3.7
3.9
4.4
4.9
4.2
2.0
1.3
2.5
3.1
3.2
2.6
2.2
0.2
–2.6
1.4
2.0
Gross domestic purchases................................................................
3.8
4.7
5.5
5.7
4.8
1.2
2.4
2.9
3.9
3.2
2.6
1.2
–1.5
–4.4
3.4
1.6
Final sales to domestic purchasers ...................................................
3.8
4.2
5.6
5.8
4.9
2.1
1.9
2.8
3.5
3.3
2.5
1.4
–1.0
–3.6
1.8
1.8
Gross national product ......................................................................
3.7
4.3
4.3
4.9
4.2
1.2
1.8
2.7
3.6
3.1
2.4
2.3
0.0
–3.6
3.3 ...........
Real disposable personal income......................................................
3.3
3.5
6.0
3.0
5.1
2.4
3.3
2.5
3.4
1.4
4.0
2.4
2.4
–2.3
1.8
1.3
Price indexes:
Gross domestic purchases ............................................................
1.8
1.5
0.7
1.6
2.5
1.9
1.4
2.3
3.0
3.7
3.4
2.9
3.2
–0.1
1.5
2.5
Gross domestic purchases excluding food and energy 1 ...............
1.6
1.5
1.0
1.5
2.0
1.8
1.7
2.0
2.7
3.3
3.1
2.7
2.6
0.8
1.2
1.8
GDP ...............................................................................................
1.9
1.8
1.1
1.5
2.2
2.3
1.6
2.1
2.8
3.3
3.2
2.9
2.2
1.1
1.2
2.1
GDP excluding food and energy 1..................................................
1.8
1.8
1.2
1.6
2.2
2.0
1.8
2.0
2.8
3.5
3.3
2.8
2.4
0.8
1.4
1.8
Personal consumption expenditures..............................................
2.2
1.9
1.0
1.6
2.5
1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
0.2
1.8
2.5
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011.
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2008
I

II

2009
III

IV

I

II

2010
III

IV

I

II

2011
III

IV

I

II

III r

IV r

Gross domestic product (GDP) ..............................................
1.6
1.0
–0.6
–3.3
–4.5
–5.0
–3.7
–0.5
2.2
3.3
3.5
3.1
2.2
1.6
1.5
1.6
Personal consumption expenditures (PCE)......................................
0.9
0.4
–1.0
–2.5
–2.7
–3.1
–1.6
–0.2
0.9
2.1
2.2
3.0
2.8
2.2
2.0
1.7
Goods................................................................................................
0.0
–0.3
–3.0
–6.5
–5.1
–5.8
–2.1
1.4
2.9
4.5
3.8
5.8
5.4
4.0
3.1
2.3
Durable goods ...............................................................................
0.7
–1.4
–5.8 –13.0 –10.2 –10.4
–3.1
3.0
4.8
7.9
5.2
10.9
11.3
7.8
7.0
6.6
Nondurable goods .........................................................................
–0.3
0.3
–1.5
–3.1
–2.5
–3.5
–1.6
0.6
2.1
2.9
3.2
3.5
2.7
2.3
1.4
0.4
Services.............................................................................................
1.3
0.8
0.1
–0.5
–1.4
–1.7
–1.3
–0.9
–0.1
0.9
1.4
1.6
1.5
1.4
1.5
1.3
Gross private domestic investment...................................................
–4.2
–7.7 –11.1 –17.8 –27.5 –31.0 –27.3 –12.8
9.4
23.7
25.5
14.0
7.4
2.9
1.0
7.8
Fixed investment................................................................................
–2.9
–5.0
–7.7 –13.1 –19.4 –22.0 –19.3 –14.1
–5.0
4.0
4.4
7.4
7.4
5.0
7.6
6.8
Nonresidential................................................................................
6.0
2.8
–2.1
–9.4 –17.4 –20.4 –19.0 –14.4
–4.5
4.0
7.7
11.1
10.0
8.0
9.1
7.6
Structures...................................................................................
14.6
10.2
3.4
–1.2 –10.5 –20.9 –24.5 –29.3 –27.4 –18.2 –12.6
–1.8
1.5
4.9
7.3
4.0
Equipment and software ............................................................
2.3
–0.8
–4.8 –13.6 –20.9 –20.1 –16.0
–5.8
8.5
15.5
17.6
16.6
13.4
9.2
9.7
8.9
Residential ..................................................................................... –23.8 –24.3 –23.3 –24.4 –26.3 –27.8 –20.5 –12.9
–6.8
4.2
–7.8
–6.3
–2.9
–6.9
1.4
3.5
Change in private inventories ............................................................ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ...........
Net exports of goods and services ................................................... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ...........
Exports ..............................................................................................
9.8
11.3
6.4
–2.5 –11.7 –14.4 –10.8
–0.1
10.7
13.5
12.5
8.8
8.9
7.3
6.0
5.1
Goods ............................................................................................
9.9
11.5
7.5
–3.0 –14.8 –18.2 –13.6
–0.4
14.1
18.2
15.1
10.5
10.1
7.7
6.7
5.7
Services.........................................................................................
9.8
11.0
3.7
–1.4
–4.6
–5.7
–4.1
0.4
3.8
4.1
7.2
5.0
6.2
6.2
4.1
3.7
Imports ..............................................................................................
–0.3
–1.4
–3.3
–5.9 –15.4 –18.3 –13.7
–6.5
6.9
16.9
15.9
10.7
9.6
4.7
2.1
3.6
Goods ............................................................................................
–1.1
–2.0
–4.4
–7.9 –17.8 –21.4 –15.8
–6.9
8.1
20.4
18.5
12.7
11.5
5.6
2.7
3.7
Services.........................................................................................
4.1
2.1
3.0
5.5
–3.0
–2.6
–3.5
–4.7
1.7
3.1
4.9
1.9
1.4
0.6
–0.9
3.3
Government consumption expenditures and gross investment ....
2.8
2.4
2.6
2.7
1.4
2.5
1.7
1.1
1.2
0.7
0.6
0.1
–1.1
–2.2
–2.4
–2.8
Federal ..............................................................................................
6.8
6.3
6.8
8.8
5.4
7.8
6.3
4.6
6.2
4.9
4.2
2.9
–0.3
–2.0
–2.2
–3.2
National defense............................................................................
6.6
5.9
7.6
9.8
5.5
8.2
5.9
3.5
5.7
3.3
2.7
1.5
–2.0
–1.8
–1.9
–3.6
Nondefense ...................................................................................
7.3
7.0
4.9
6.8
5.2
6.8
7.1
6.9
7.2
8.2
7.5
5.7
3.1
–2.4
–2.8
–2.5
State and local...................................................................................
0.5
0.2
0.2
–0.9
–0.9
–0.6
–1.0
–1.1
–1.8
–2.0
–1.7
–1.7
–1.5
–2.3
–2.6
–2.6
Addenda:
Final sales of domestic product.........................................................
1.8
1.5
0.0
–2.6
–3.3
–3.7
–2.6
–0.8
0.5
1.3
1.3
2.4
2.2
1.9
2.3
1.5
Gross domestic purchases................................................................
0.4
–0.5
–1.9
–3.9
–5.5
–6.0
–4.5
–1.5
1.9
4.0
4.2
3.6
2.6
1.4
1.0
1.5
Final sales to domestic purchasers ...................................................
0.6
0.0
–1.3
–3.1
–4.3
–4.8
–3.4
–1.8
0.3
2.0
2.1
2.9
2.5
1.7
1.8
1.4
Gross national product ......................................................................
2.4
1.7
–0.3
–3.8
–4.8
–5.2
–3.9
–0.2
2.4
3.7
3.8
3.2
2.6
2.0
1.8 ...........
Real disposable personal income......................................................
2.6
4.4
1.7
1.0
–1.4
–3.2
–2.3
–2.4
–0.3
1.0
3.0
3.5
2.6
1.1
0.7
0.7
Price indexes:
Gross domestic purchases ............................................................
3.3
3.6
4.1
2.1
0.6
–0.4
–1.0
0.6
1.6
1.6
1.4
1.4
1.9
2.6
2.9
2.6
Gross domestic purchases excluding food and energy 1 ...............
2.5
2.8
3.0
2.2
1.4
0.8
0.3
0.7
1.1
1.2
1.3
1.2
1.4
1.8
2.0
2.0
GDP ...............................................................................................
2.1
2.0
2.5
2.1
1.9
1.2
0.5
0.7
0.6
1.1
1.4
1.6
1.8
2.1
2.4
2.1
1
GDP excluding food and energy ..................................................
2.4
2.5
2.8
2.0
1.2
0.8
0.3
0.9
1.3
1.4
1.4
1.3
1.5
1.8
2.1
2.0
PCE ...............................................................................................
3.4
3.7
4.2
1.7
0.3
–0.3
–0.6
1.5
2.4
2.0
1.5
1.3
1.8
2.5
2.9
2.7
PCE excluding food and energy 1 ..................................................
2.3
2.5
2.4
2.0
1.6
1.5
1.4
1.7
1.7
1.5
1.3
1.0
1.1
1.3
1.6
1.8
Market-based PCE 2 ......................................................................
3.6
3.7
4.5
1.8
0.4
–0.1
–0.6
1.4
2.1
1.6
1.2
1.1
1.7
2.6
3.0
2.8
2
Market-based PCE excluding food and energy ...........................
2.2
2.2
2.4
2.2
1.9
2.1
1.8
1.7
1.4
1.0
1.0
0.7
0.9
1.3
1.6
1.8
r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011.
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.

Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
2009

2010

2011

r

2010
IV

Gross domestic product................................................................................................
Plus: Income receipts from the rest of the world ..............................................................
Less: Income payments to the rest of the world...............................................................
Equals: Gross national product....................................................................................
Less: Consumption of fixed capital...................................................................................
Less: Statistical discrepancy ............................................................................................
Equals: National income................................................................................................
Compensation of employees ........................................................................................
Wage and salary accruals ........................................................................................
Supplements to wages and salaries .........................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments ....
Rental income of persons with capital consumption adjustment..................................
Corporate profits with inventory valuation and capital consumption adjustments ........
Net interest and miscellaneous payments....................................................................
Taxes on production and imports less subsidies ..........................................................
Business current transfer payments (net).....................................................................
Current surplus of government enterprises..................................................................
Addendum:
Gross domestic income ................................................................................................

2011
I

III r

II

IV r

13,939.0
639.8
487.5
14,091.2
1,866.2
77.4
12,147.6
7,806.4
6,275.3
1,531.1
941.2
305.9
1,362.0
656.7
958.2
132.0
–14.9

14,526.5
702.9
513.5
14,715.9
1,874.9
0.8
12,840.1
7,971.4
6,408.2
1,563.1
1,036.4
350.2
1,800.1
564.3
996.7
136.7
–15.7

15,094.4
......................
......................
......................
1,950.0
......................
......................
8,293.0
6,683.5
1,609.5
1,108.8
403.6
......................
535.7
1,035.8
134.1
–15.3

14,755.0
729.4
545.0
14,939.4
1,896.1
24.5
13,018.8
8,050.8
6,477.0
1,573.7
1,081.5
354.8
1,857.4
548.7
1,006.4
135.7
–16.5

14,867.8
752.1
525.0
15,094.9
1,914.3
–52.0
13,232.6
8,172.5
6,578.2
1,594.4
1,095.6
385.0
1,876.4
556.6
1,027.3
134.7
–15.6

15,012.8
803.2
542.0
15,274.0
1,939.9
–10.0
13,344.1
8,219.7
6,617.1
1,602.7
1,106.5
396.9
1,937.6
525.6
1,038.5
133.9
–14.6

15,176.1
792.2
524.9
15,443.4
1,962.8
–38.7
13,519.3
8,338.3
6,724.3
1,614.0
1,113.7
406.3
1,970.1
535.7
1,035.8
133.7
–14.5

15,320.8
......................
......................
......................
1,983.2
......................
......................
8,441.3
6,814.4
1,626.9
1,119.3
426.1
......................
525.0
1,041.8
134.3
–16.8

13,861.5

14,525.7 ......................

14,730.5

14,919.8

15,022.7

15,214.8 ......................

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011.

Table 10. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
2009

2010

2011 r

2010
IV

Personal income 1 .........................................................................................................
Compensation of employees, received........................................................................
Wage and salary disbursements..............................................................................
Supplements to wages and salaries ........................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments ...
Farm ........................................................................................................................
Nonfarm ...................................................................................................................
Rental income of persons with capital consumption adjustment.................................
Personal income receipts on assets ............................................................................
Personal interest income .........................................................................................
Personal dividend income........................................................................................
Personal current transfer receipts................................................................................
Less: Contributions for government social insurance, domestic..................................
Less: Personal current taxes ...........................................................................................
Equals: Disposable personal income..........................................................................
Less: Personal outlays ....................................................................................................
Equals: Personal saving ...............................................................................................
Personal saving as a percentage of disposable personal income ...............................
Addenda:
Personal income excluding current transfer receipts, billions of chained (2005)
dollars 2....................................................................................................................
Disposable personal income, billions of chained (2005) dollars 2 ...............................

2011
I

II

III r

IV r

11,930.2
7,801.4
6,270.3
1,531.1
941.2
39.2
902.0
305.9
1,707.7
1,108.9
598.8
2,138.1
964.1
1,141.4
10,788.8
10,236.3
552.6
5.1

12,373.5
7,971.4
6,408.2
1,563.1
1,036.4
52.2
984.2
350.2
1,721.2
1,003.4
717.7
2,281.2
986.8
1,193.9
11,179.7
10,586.9
592.8
5.3

13,004.5
8,293.0
6,683.5
1,609.5
1,108.8
65.9
1,042.9
403.6
1,790.1
997.5
792.7
2,335.5
926.5
1,402.2
11,602.3
11,054.6
547.6
4.7

12,577.6
8,050.8
6,477.0
1,573.7
1,081.5
60.1
1,021.4
354.8
1,743.5
989.6
753.9
2,341.2
994.1
1,240.9
11,336.7
10,748.6
588.1
5.2

12,846.9
8,172.5
6,578.2
1,594.4
1,095.6
66.1
1,029.5
385.0
1,777.2
1,004.7
772.5
2,328.1
911.5
1,365.9
11,481.0
10,902.1
578.9
5.0

12,955.3
8,219.7
6,617.1
1,602.7
1,106.5
67.3
1,039.2
396.9
1,802.3
1,015.9
786.4
2,347.3
917.4
1,396.2
11,559.2
11,002.6
556.5
4.8

13,056.8
8,338.3
6,724.3
1,614.0
1,113.7
67.5
1,046.2
406.3
1,794.2
994.8
799.4
2,336.6
932.4
1,409.1
11,647.7
11,114.6
533.1
4.6

13,158.8
8,441.3
6,814.4
1,626.9
1,119.3
62.7
1,056.6
426.1
1,786.7
974.4
812.4
2,329.9
944.6
1,437.6
11,721.3
11,199.3
522.0
4.5

8,969.7
9,882.7

9,083.0
10,061.6

9,371.2
10,190.9

9,166.7
10,152.0

9,329.8
10,183.2

9,332.9
10,169.7

9,377.3
10,188.6

9,444.8
10,223.1

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011.
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, current surplus of government enterprises, and wage accruals less disbursements, 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.

Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2009

2010 2011

r

2008
I

Gross domestic product (GDP) and related aggregates:
GDP.................................................................................... –3.5
Goods................................................................................. –5.9
Services.............................................................................. –0.5
Structures ........................................................................... –16.9
Motor vehicle output ........................................................... –24.5
GDP excluding motor vehicle output .................................. –3.0
Final sales of computers 1 ..................................................
1.3
GDP excluding final sales of computers............................. –3.5
Farm gross value added 2 .................................................. 15.1
Nonfarm business gross value added 3 .............................. –5.1
Gross domestic income 4 ................................................... –4.0
Price indexes:
GDP....................................................................................
1.1
GDP excluding food and energy 5 ......................................
0.8
GDP excluding final sales of computers.............................
1.2
Gross domestic purchases................................................. –0.1
5
Gross domestic purchases excluding food and energy ....
0.8
Gross domestic purchases excluding final sales of
computers to domestic purchasers.................................
0.0
Personal consumption expenditures (PCE)........................
0.2
PCE excluding food and energy 5 .......................................
1.6
Market-based PCE 6...........................................................
0.3
Market-based PCE excluding food and energy 6 ................
1.9

II

2009
III

IV

I

II

2010
III

IV

I

3.0
1.7 –1.8
1.3 –3.7 –8.9 –6.7 –0.7
1.7
3.8
3.9
11.7
4.4 –4.4
4.5 –8.2 –23.9 –10.6
3.7
7.9 18.3 20.9
1.1
1.0
1.1
0.2 –0.9 –0.7 –1.8
0.5
0.0
1.2
0.3
–8.8 –1.8 –12.0
0.1 –8.3 –17.4 –27.1 –20.6 –3.9 –17.8 –18.6
27.4 12.3 –14.1 –25.4 –26.0 –58.1 –55.3 18.8 128.2 10.1 40.1
2.6
1.5 –1.4
2.1 –3.0 –7.4 –5.5 –1.0
0.2
3.7
3.3
20.5 32.0
7.3 30.0 –2.8
1.1 17.1 –13.8 –11.7
2.5 37.0
2.9
1.6 –1.8
1.2 –3.7 –8.9 –6.8 –0.6
1.8
3.8
3.8
–0.5 –14.0 48.4 –11.5 –16.5 79.6 15.1
5.9 41.8 –36.7
0.3
4.0
2.6 –3.6
0.4 –5.2 –12.7 –8.7 –1.1
1.4
5.6
5.2
3.6 ..........
2.6 –1.1 –2.6 –9.8 –7.0 –2.1
1.3
4.8
6.3

2011

II

III

IV

I

3.8
4.0
2.6
15.0
15.7
3.5
12.7
3.7
17.7
4.6
3.8

2.5
2.3
0.4
7.9
5.9
4.9
1.5
1.0 –0.1
–8.0
1.0 –13.1
14.9 –17.4 59.2
2.2
2.9 –0.7
72.7 64.2 14.7
2.2
2.1
0.3
21.4 –29.8 –31.8
3.5
3.8
0.9
2.5
1.5
2.4

II

III r

IV r

1.3
–0.6
1.8
5.0
–4.1
1.5
13.0
1.3
–9.7
1.8
0.2

1.8
3.0
2.2 12.2
1.2 –0.6
5.8
0.7
5.1 18.4
1.7
2.6
42.1 21.3
1.6
2.9
–6.3
7.9
2.8
3.7
2.6 ..........

1.2
1.4
1.2
1.5
1.2

2.1
1.8
2.2
2.5
1.8

2.5
3.2
2.6
4.1
3.4

2.5
2.4
2.6
4.5
3.1

3.1
2.7
3.2
4.0
2.7

0.5
–0.5
0.6
–4.0
–0.1

1.7
0.3
1.8
–1.9
0.0

–0.4
0.6
–0.3
0.5
0.6

0.3
0.9
0.4
1.6
0.6

1.1
1.8
1.2
2.1
1.7

1.5
1.8
1.5
2.1
1.6

1.5
1.3
1.5
0.5
1.1

1.4
0.8
1.5
1.0
0.8

1.9
1.3
2.0
2.1
1.2

2.5
2.5
2.6
4.0
2.4

2.5
2.7
2.6
3.3
2.7

2.6
1.8
2.7
2.0
1.8

0.9
1.1
0.9
1.1
1.2

1.6
1.8
1.4
1.5
1.0

2.6
2.5
1.4
2.5
1.4

4.3
3.9
2.5
4.3
2.8

4.6
4.5
2.4
4.2
1.7

4.2
4.3
2.0
5.0
2.4

–3.9
–5.6
1.0
–5.9
1.7

–1.8
–1.7
1.0
–1.3
1.9

0.6
1.9
2.1
2.0
2.2

1.7
3.0
1.5
2.9
1.2

2.2
2.8
2.2
2.2
1.4

2.1
1.9
1.1
1.5
0.6

0.5
0.3
1.3
–0.1
0.9

1.0
1.0
0.8
1.2
1.0

2.2
1.9
0.7
1.8
0.3

4.1
3.9
1.6
4.0
1.3

3.5
3.3
2.3
3.5
2.4

2.1
2.3
2.1
2.6
2.3

1.2
1.2
1.3
1.2
1.4

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011.
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. Gross domestic income deflated by the implicit price deflator for gross domestic product.
5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
6. 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.

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 2005 -- 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 2007-08
annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual
percent change in GDP prices uses quantities for 2007 and 2008 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 (2005) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005
and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of
this component in 2006 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.