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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MARCH 29, 2012 BEA 12-11 Lisa Mataloni: (202) 606-5304 (GDP) Andrew Hodge: (202) 606-5564 (Profits) Recorded message: (202) 606-5306 gdpniwd@bea.gov cpniwd@bea.gov GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2011 (THIRD ESTIMATE) CORPORATE PROFITS: FOURTH QUARTER AND ANNUAL 2011 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 "third" 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 "second" estimate issued last month. In the second estimate, the increase in real GDP was also 3.0 percent (see "Revisions" on page 3). The increase in real GDP in the fourth quarter primarily reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), nonresidential fixed investment, exports, 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 deceleration in exports. Motor vehicle output added 0.47 percentage point to the fourth-quarter change in real GDP after adding 0.12 percentage point to the third-quarter change. 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. 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." - more - - 2The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.1 percent in the fourth quarter, the same increase as in the second 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 16.1 percent, compared with an increase of 5.7 percent. Nondurable goods increased 0.8 percent, in contrast to a decrease of 0.5 percent. Services increased 0.4 percent, compared with an increase of 1.9 percent. Real nonresidential fixed investment increased 5.2 percent, compared with an increase of 15.7 percent. Nonresidential structures decreased 0.9 percent, in contrast to an increase of 14.4 percent. Equipment and software increased 7.5 percent, compared with an increase of 16.2 percent. Real residential fixed investment increased 11.6 percent, compared with an increase of 1.3 percent. Real exports of goods and services increased 2.7 percent in the fourth quarter, compared with an increase of 4.7 percent in the third. Real imports of goods and services increased 3.7 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 4.5 percent, in contrast to a decrease of 3.8 percent. Real state and local government consumption expenditures and gross investment decreased 2.2 percent, compared with a decrease of 1.6 percent. The change in real private inventories added 1.81 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 $52.2 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 3.1 percent in the fourth quarter, compared with an increase of 1.3 percent in the third. Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 1.8 percent in the fourth quarter, compared with an increase of 1.9 percent in the third. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which decreased $36.7 billion in the fourth quarter after increasing $3.9 billion in the third; in the fourth quarter, receipts decreased $21.8 billion, and payments increased $15.0 billion. - more - - 3Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.8 percent, or $143.3 billion, in the fourth quarter to a level of $15,319.4 billion. In the third quarter, current-dollar GDP increased 4.4 percent, or $163.3 billion. Gross domestic income Real gross domestic income (GDI), which measures the output of the economy as the costs incurred and the incomes earned in the production of GDP, increased 4.4 percent in the fourth quarter, compared to an increase of 2.6 percent in the third. For a given quarter, the estimates of GDP and GDI may differ for a variety of reasons, including the incorporation of largely independent source data. However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of change. Revisions The "third" estimate of the fourth-quarter percent change in real GDP is the same as the "second" estimate issued last month, primarily reflecting a downward revision to exports that was offset by an upward revision to nonresidential fixed investment. Advance Estimate Second Estimate Third 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 3.0 3.8 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 personal consumption expenditures, 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. Real GDI increased 2.1 percent in 2011, compared with an increase of 3.6 percent in 2010. - more - - 4The 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 $567.5 billion, in 2011 to a level of $15,094.0 billion. In 2010, current-dollar GDP increased 4.2 percent, or $587.5 billion. 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. Corporate Profits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $16.8 billion in the fourth quarter, compared with an increase of $32.5 billion in the third quarter. Current-production cash flow (net cash flow with inventory valuation adjustment) -- the internal funds available to corporations for investment -- increased $44.8 billion in the fourth quarter, compared with an increase of $35.8 billion in the third. Taxes on corporate income decreased $0.7 billion in the fourth quarter, compared with a decrease of $9.1 billion in the third. Profits after tax with inventory valuation and capital consumption adjustments increased $17.5 billion in the fourth quarter, compared with an increase of $41.6 billion in the third. Dividends increased $10.3 billion, compared with an increase of $14.0 billion; currentproduction undistributed profits increased $7.2 billion, compared with an increase of $27.7 billion. Domestic profits of financial corporations increased $29.9 billion in the fourth quarter, compared with an increase of $9.2 billion in the third. Domestic profits of nonfinancial corporations increased $28.4 billion in the fourth quarter, compared with an increase of $17.9 billion in the third. In the fourth quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value added increased. The increase in unit profits reflected decreases in both unit labor and nonlabor costs that more than offset a decrease in unit prices. The rest-of-the-world component of profits decreased $41.5 billion in the fourth quarter, in contrast to an increase of $5.4 billion in the third. This measure is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The fourth-quarter decrease was accounted for by a decrease in receipts and an increase in payments. Profits before tax with inventory valuation adjustment is the best available measure of industry profits because estimates of the capital consumption adjustment by industry do not exist. This measure reflects depreciation-accounting practices used for federal income tax returns. According to this measure, domestic profits of both financial and nonfinancial corporations increased. The increase in nonfinancial corporations reflected increases in all the major subaggregates shown, except for “other” nonfinancial. The largest increases were in retail trade and in manufacturing. Within manufacturing, a large decrease in petroleum and coal products was more than offset by increases in the remaining industries shown. - more - - 5Profits before tax decreased $8.3 billion in the fourth quarter, in contrast to an increase of $22.3 billion in the third. The before-tax measure of profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments. These adjustments convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to the current-cost measures used in the national income and product accounts. The capital consumption adjustment decreased $1.8 billion in the fourth quarter (from $102.7 billion to $100.9 billion), compared with a decrease of $4.6 billion in the third. The inventory valuation adjustment increased $26.9 billion (from -$45.5 billion to -$18.6 billion), compared with an increase of $14.9 billion. Corporate Profits in 2011 Profits from current production increased 7.9 percent in 2011, compared with an increase of 32.2 percent in 2010. Domestic profits increased 6.7 percent, compared with an increase of 41.6 percent. The rest-of-the-world component of profits increased 12.4 percent, compared with an increase of 6.0 percent. Taxes on corporate income increased 1.3 percent in 2011, compared with an increase of 50.9 percent in 2010. Profits after tax with inventory valuation and capital consumption adjustments increased 9.9 percent, compared with an increase of 27.5 percent. Dividends increased 10.3 percent, compared with an increase of 18.9 percent; current-production undistributed profits increased 9.4 percent, compared with an increase of 38.8 percent. According to the measure of profits before tax with inventory valuation adjustment, domestic profits of financial corporations decreased in 2011, and domestic profits of nonfinancial corporations increased. The increase in nonfinancial corporations reflected increases in manufacturing, information, and “other” nonfinancial industries that were partly offset by decreases in utilities, retail trade, transportation and warehousing, and wholesale trade. Within manufacturing, the largest increase was in petroleum and coal products. * * * BEA’s national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- April 27, 2012, at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2012 (Advance Estimate) - more - 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 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 5.4 Durable goods .................................... –5.4 7.2 8.2 –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 16.1 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 0.8 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 0.4 Gross private domestic investment........ –25.0 17.9 4.8 –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 22.1 Fixed investment..................................... –18.8 2.6 6.8 –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 6.3 Nonresidential..................................... –17.8 4.4 8.8 –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 5.2 Structures........................................ –21.2 –15.8 4.6 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 –0.9 Equipment and software ................. –16.0 14.6 10.4 –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 7.5 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 11.6 Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Exports ................................................... –9.4 11.3 6.7 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 2.7 Goods ................................................. –12.0 14.4 7.4 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 3.6 Services.............................................. –3.5 5.0 4.9 –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 0.4 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 3.7 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 3.3 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 5.6 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 –4.2 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 4.5 State and local........................................ –0.9 –1.8 –2.2 –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 –2.2 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 3.1 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 1.3 Gross national product (GNP) ................ –3.6 3.3 2.1 –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 1.8 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 1.7 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 3.8 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 4.3 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 2.5 GNP .................................................... –2.6 4.4 4.2 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 2.7 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 2.9 r Revised 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 0.87 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 0.27 –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 0.66 0.67 0.03 0.12 0.02 0.15 –0.02 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 0.11 0.60 0.81 0.84 0.12 0.72 –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 0.23 0.10 0.11 0.02 0.15 0.22 0.13 –0.03 –0.21 –0.04 –0.17 0.05 0.86 0.67 0.19 –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 1.47 1.29 1.16 0.83 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 0.15 0.26 0.27 0.03 –0.09 –0.09 0.13 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 –0.07 –0.19 0.08 –0.04 –0.08 0.15 0.19 0.90 0.19 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 0.20 0.35 –0.41 –0.07 0.25 0.01 0.00 0.19 –0.04 0.12 0.25 0.19 –0.16 –0.05 0.31 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 –0.01 –0.02 0.24 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 0.25 0.17 2.59 1.52 0.78 1.49 0.53 0.37 –0.02 1.12 0.55 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 0.01 0.32 0.24 0.36 0.01 –0.12 0.08 0.00 0.17 –0.21 0.08 0.00 0.09 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 1.24 –1.23 1.14 –0.34 0.72 0.62 0.72 0.15 –1.59 –0.69 –0.12 –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 0.04 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 0.35 0.10 0.17 0.07 0.22 0.19 –0.21 0.25 1.81 0.01 1.80 –0.26 0.37 0.36 0.02 –0.63 –0.48 –0.15 –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 –0.84 –0.58 –0.70 –0.58 –0.12 0.12 0.14 –0.02 –0.26 –0.28 0.02 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 3.49 –0.67 0.14 0.47 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 2011 r 2010 Change from preceding period 2011 2011 2011 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 r 15,094.0 14,755.0 14,867.8 15,012.8 15,176.1 15,319.4 13,315.1 13,216.1 13,227.9 13,271.8 13,331.6 13,429.0 10,726.0 10,417.1 10,571.7 10,676.0 10,784.5 10,871.6 9,421.3 9,328.4 9,376.7 9,392.7 9,433.5 9,482.1 3,646.6 3,483.4 3,592.2 3,622.7 3,661.2 3,710.1 3,351.4 3,306.0 3,344.4 3,331.2 3,342.7 3,387.2 1,162.9 1,124.7 1,154.5 1,143.8 1,158.3 1,194.9 1,285.4 1,242.4 1,277.4 1,260.2 1,277.8 1,326.5 378.6 367.1 383.0 363.4 368.7 399.1 356.7 354.9 368.2 342.1 343.5 372.8 III IV r 227.1 200.4 120.7 97.1 26.6 59.8 40.8 11.5 17.6 1.4 97.4 48.6 44.5 48.7 29.3 253.4 344.6 186.3 2,483.7 246.1 334.5 176.9 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 2,503.0 259.1 349.6 187.1 2,515.2 274.3 515.1 163.0 2,075.8 267.0 478.5 158.1 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 2,073.7 281.2 536.8 162.0 2,077.6 14.2 55.5 8.1 34.5 3.7 14.7 1.1 –2.9 6.1 15.6 –2.9 3.9 808.6 350.3 428.2 896.6 7,079.4 778.2 341.3 374.1 865.2 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 7,123.2 819.9 356.1 426.8 912.5 7,161.5 683.0 351.3 269.0 782.4 6,076.1 680.8 350.1 278.4 764.5 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 6,096.1 681.7 350.3 265.7 790.9 6,102.1 9.9 10.3 –12.3 31.7 84.3 –0.2 –7.2 –1.0 4.9 29.1 –2.2 2.8 –1.8 6.4 6.0 6,794.9 1,921.3 1,730.4 305.1 400.5 680.1 804.8 952.7 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 6,873.5 1,932.6 1,749.3 308.3 408.2 697.0 808.7 969.4 5,799.7 1,670.6 1,472.8 251.4 351.6 572.5 678.0 802.7 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 5,823.0 1,667.0 1,480.2 251.4 355.8 580.6 677.7 810.0 85.7 1.4 29.9 1.2 10.2 21.5 10.2 11.0 23.4 11.3 –2.2 0.2 6.4 3.7 5.9 –1.7 6.4 –13.4 7.9 0.0 –1.2 7.8 –5.1 9.9 284.5 1,157.6 277.6 1,141.6 279.4 1,143.5 281.7 1,154.9 288.8 1,159.8 288.0 1,172.3 277.8 1,001.3 273.9 1,001.6 274.3 997.2 274.9 1,000.6 281.3 999.8 280.7 1,007.6 –2.2 12.1 6.4 –0.8 –0.6 7.8 873.2 1,916.2 1,870.0 1,532.5 409.5 1,123.0 864.0 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 1,143.9 884.3 2,010.1 1,941.4 1,594.8 428.3 1,166.5 723.7 1,797.3 1,761.0 1,435.5 323.2 1,125.7 727.3 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 1,145.7 727.2 1,875.7 1,817.9 1,484.2 332.1 1,166.6 13.4 82.4 112.6 116.3 14.1 106.3 –6.2 5.8 53.7 52.4 11.0 42.2 7.9 91.5 27.5 18.6 –0.8 20.9 567.9 103.1 273.2 191.6 195.7 157.8 201.6 337.5 46.3 –7.7 54.0 –578.7 2,085.5 1,473.4 612.1 2,664.2 2,237.9 426.3 559.3 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 2,251.9 429.7 578.7 639.7 624.5 625.0 638.4 640.2 655.1 37.1 1.8 14.9 107.8 .............. .............. ............. .............. .............. .............. .............. ............. .............. 281.8 271.8 262.4 263.7 268.9 274.1 280.6 15.7 5.2 6.5 189.2 209.6 214.4 215.2 211.5 204.3 207.3 2.3 –7.2 3.0 209.9 165.2 153.7 158.1 157.7 169.0 176.1 18.6 11.3 7.1 170.9 150.4 128.9 139.6 144.6 155.2 162.1 31.1 10.6 6.9 206.9 179.2 168.9 174.0 173.8 187.9 181.0 16.6 14.1 –6.9 346.5 326.3 323.1 321.1 324.4 325.4 334.5 –4.5 1.0 9.1 68.7 34.6 38.3 49.1 39.1 –2.0 52.2 –24.2 –41.1 54.2 –5.8 –7.0 –5.2 –7.8 –8.7 –6.0 –5.7 –5.6 2.7 0.3 74.5 44.3 44.7 59.7 51.0 5.5 60.8 –16.4 –45.5 55.3 –584.3 –413.6 –414.2 –424.4 –416.4 –402.8 –410.8 8.2 13.6 –8.0 2,113.2 1,774.2 1,716.8 1,749.6 1,765.0 1,785.2 1,797.0 111.0 20.2 11.8 1,492.5 1,251.7 1,204.9 1,235.6 1,243.2 1,258.3 1,269.6 86.8 15.1 11.3 620.7 523.1 512.4 514.6 522.4 527.5 528.0 24.3 5.1 0.5 2,697.4 2,187.7 2,131.0 2,173.9 2,181.4 2,187.9 2,207.7 102.7 6.5 19.8 2,266.3 1,828.6 1,777.4 1,818.4 1,825.4 1,827.9 1,842.8 99.3 2.5 14.9 431.1 361.2 355.6 357.5 357.9 362.2 367.1 3.8 4.3 4.9 3,030.6 3,020.2 3,014.4 3,038.6 3,047.3 3,021.9 1,232.9 1,234.3 1,219.9 1,237.1 1,248.9 1,225.5 824.9 823.9 809.0 830.6 844.0 816.1 716.9 702.7 701.0 723.4 733.2 709.9 108.1 121.2 108.0 107.3 110.9 106.1 407.9 410.3 410.9 406.5 404.9 409.4 355.2 356.9 358.1 354.1 351.7 357.0 52.7 53.5 52.8 52.4 53.1 52.4 1,797.7 1,786.0 1,794.4 1,801.5 1,798.5 1,796.5 1,475.2 1,450.1 1,471.7 1,482.9 1,476.1 1,470.1 322.5 335.9 322.8 318.6 322.3 326.4 .............. ............... ............... ............... .............. .............. 15,047.7 15,672.8 15,626.5 15,094.0 779.3 533.8 15,339.5 13,143.9 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 15,250.7 15,903.6 15,834.9 15,319.4 769.7 543.4 15,545.6 13,336.0 2,502.7 1,055.0 701.6 602.2 99.6 353.4 302.9 50.9 1,453.8 1,199.1 255.4 –91.4 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 13,284.6 13,720.1 13,688.7 13,315.1 686.8 468.9 13,533.2 11,522.7 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 2,481.2 –54.1 –0.6 –26.4 1,044.7 –20.9 5.4 –19.0 691.9 –16.7 8.7 –22.7 594.5 –6.8 6.0 –18.6 97.5 –10.6 2.8 –4.1 352.8 –4.3 –3.4 3.8 302.7 –4.6 –3.8 4.4 50.4 0.5 0.6 –0.8 1,442.4 –33.2 –5.7 –8.0 1,188.6 –13.9 –6.0 –8.6 254.4 –18.9 0.3 0.5 –108.3 .............. ............. .............. 13,378.3 13,830.9 13,779.4 13,429.0 673.6 474.4 13,628.5 11,619.5 255.7 219.7 248.0 227.1 52.6 7.5 272.2 189.4 104.7 45.4 90.0 59.8 –13.3 –17.2 63.7 48.8 37.4 105.6 46.0 97.4 –21.8 15.0 60.6 85.0 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 1.4 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 4.3 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 0.6 Residential .............................................. –3.4 –0.4 1.2 –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 –4.6 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 –1.6 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 –1.2 Goods ..................................................... –12.4 6.8 8.7 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 –4.0 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 2.1 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 0.9 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 0.8 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 2.1 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 0.9 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...................................................... 100.635 103.684 105.483 104.699 104.792 105.140 105.614 106.385 Personal consumption expenditures ................................................ 102.657 104.741 107.017 105.962 106.511 106.693 107.156 107.708 Goods................................................................................................ 100.693 105.006 108.927 107.452 108.700 108.272 108.646 110.091 Durable goods ............................................................................... 98.660 105.782 114.429 110.600 113.710 112.180 113.747 118.082 Nondurable goods ......................................................................... 101.536 104.501 106.269 105.839 106.249 106.306 106.160 106.359 Services............................................................................................. 103.644 104.628 106.099 105.250 105.453 105.941 106.449 106.553 Gross private domestic investment................................................... 66.944 78.945 82.738 79.848 80.600 81.869 82.135 86.346 Fixed investment................................................................................ 75.688 77.667 82.975 79.812 80.052 81.829 84.362 85.656 Nonresidential................................................................................ 93.755 97.913 106.543 101.822 102.342 104.889 108.782 110.160 Structures................................................................................... 104.426 87.883 91.884 90.399 86.974 91.511 94.631 94.419 Equipment and software ............................................................ 89.367 102.393 113.066 106.925 109.174 110.839 115.077 117.175 Residential ..................................................................................... 44.587 42.681 42.108 41.684 41.428 41.855 41.991 43.159 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... ......................... Exports of goods and services.......................................................... 114.479 127.444 135.946 131.551 134.061 135.240 136.789 137.694 Imports of goods and services .......................................................... 91.372 102.821 107.888 105.091 107.207 107.573 107.897 108.874 Government consumption expenditures and gross investment .... 107.161 107.886 105.605 107.691 106.076 105.837 105.812 104.696 Federal .............................................................................................. 117.479 122.782 120.393 123.197 120.195 120.769 121.385 119.221 State and local................................................................................... 101.378 99.557 97.336 99.020 98.177 97.488 97.107 96.571 Addenda: Final sales of domestic product......................................................... 102.224 103.626 105.659 104.841 104.850 105.275 106.108 106.405 Gross domestic purchases................................................................ 97.796 101.160 102.805 102.064 102.237 102.504 102.844 103.636 Final sales to domestic purchasers ................................................... 99.280 101.091 102.955 102.182 102.276 102.615 103.292 103.638 Gross national product ...................................................................... 100.968 104.253 106.392 105.218 105.598 106.164 106.665 107.141 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...................................................... 109.732 111.000 113.338 111.699 112.390 113.091 113.811 114.061 Personal consumption expenditures (PCE)...................................... 109.169 111.112 113.848 111.673 112.747 113.666 114.324 114.657 Goods................................................................................................ 103.209 104.837 108.807 105.367 107.412 108.752 109.530 109.535 Durable goods ............................................................................... 92.901 91.348 90.449 90.507 90.362 90.745 90.628 90.061 Nondurable goods ......................................................................... 109.301 112.748 119.655 114.092 117.463 119.383 120.707 121.069 Services............................................................................................. 112.353 114.465 116.513 115.037 115.574 116.260 116.852 117.365 Gross private domestic investment................................................... 106.401 104.743 106.440 105.199 105.755 106.342 106.646 107.018 Fixed investment................................................................................ 106.305 104.843 106.167 105.035 105.412 106.039 106.433 106.783 Nonresidential................................................................................ 107.106 105.373 106.735 105.536 105.909 106.560 107.027 107.444 Structures................................................................................... 122.490 121.117 126.571 122.475 123.982 125.835 127.565 128.901 Equipment and software ............................................................ 101.496 99.634 99.753 99.406 99.446 99.743 99.838 99.986 Residential ..................................................................................... 102.637 102.214 103.397 102.563 102.958 103.479 103.551 103.600 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... .......................... Exports of goods and services.......................................................... 105.959 110.617 117.571 112.757 115.725 118.182 118.747 117.629 Imports of goods and services .......................................................... 106.571 113.032 121.756 114.271 119.370 122.949 122.543 122.161 Government consumption expenditures and gross investment .... 114.883 117.445 121.094 118.341 119.910 121.146 121.523 121.796 Federal .............................................................................................. 111.000 113.653 116.861 114.331 115.827 116.902 117.413 117.303 State and local................................................................................... 117.214 119.704 123.660 120.757 122.372 123.721 123.997 124.548 Addenda: PCE excluding food and energy 1 ...................................................... 108.691 110.208 111.805 110.534 110.963 111.585 112.156 112.517 Market-based PCE 2.......................................................................... 109.201 110.857 113.681 111.394 112.498 113.478 114.200 114.547 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......................................................... 109.703 110.981 113.273 111.647 112.315 113.021 113.754 114.000 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 ...................................................................... 109.721 110.979 113.325 111.676 112.372 113.080 113.799 114.051 Implicit price deflators: Gross domestic product................................................................. 109.729 110.992 113.361 111.644 112.398 113.118 113.836 114.077 Final sales of domestic product ..................................................... 109.703 110.981 113.272 111.642 112.311 113.017 113.750 113.996 Gross domestic purchases ............................................................ 109.799 111.429 114.232 111.996 113.155 114.108 114.667 114.986 Final sales to domestic purchasers ............................................... 109.783 111.426 114.156 112.003 113.080 114.021 114.593 114.917 Gross national product................................................................... 109.717 110.971 113.347 111.623 112.379 113.106 113.823 114.067 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 8.2 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 4.8 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 6.8 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 8.8 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 4.6 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 10.4 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 6.7 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 7.4 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 4.9 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 –2.2 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 2.1 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 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 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 1.6 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 2.5 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 6.8 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 0.5 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 1.2 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 8.1 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 7.3 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 8.2 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 4.4 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 9.6 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 4.7 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 5.4 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 3.0 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 –2.5 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 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 0.8 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 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 II III 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 15,094.0 779.3 533.8 15,339.5 1,950.1 –47.9 13,437.3 8,292.7 6,683.2 1,609.5 1,108.9 403.9 1,942.8 535.1 1,035.1 134.1 –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 15,319.4 769.7 543.4 15,545.6 1,983.4 –90.9 13,653.1 8,440.3 6,813.4 1,626.9 1,119.7 427.2 1,986.9 522.7 1,038.9 134.1 –16.7 13,861.5 14,525.7 15,141.9 14,730.5 14,919.8 15,022.7 15,214.8 15,410.3 r Revised 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 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 13,005.3 8,292.7 6,683.2 1,609.5 1,108.9 65.9 1,043.0 403.9 1,790.0 998.1 791.9 2,336.2 926.4 1,400.3 11,604.9 11,055.1 549.8 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 13,162.1 8,440.3 6,813.4 1,626.9 1,119.7 62.7 1,057.0 427.2 1,786.3 976.8 809.5 2,333.1 944.5 1,430.2 11,731.9 11,201.0 530.8 4.5 8,969.7 9,882.7 9,083.0 10,061.6 9,371.3 10,193.4 9,166.7 10,152.0 9,329.8 10,183.2 9,332.9 10,169.7 9,377.3 10,188.6 9,445.0 10,232.4 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, 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. Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2009 2010 2011 2010 2010 Corporate profits with inventory valuation and capital consumption adjustments .......................... Less: Taxes on corporate income................................... Equals: Profits after tax with inventory valuation and capital consumption adjustments ................... Net dividends.............................................................. Undistributed profits with inventory valuation and 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 Quarterly rates 2011 2011 2011 IV I II III IV I 2011 II III IV IV 1,362.0 272.4 1,800.1 411.1 1,942.8 416.2 1,857.4 404.7 1,876.4 422.3 1,937.6 420.5 1,970.1 411.4 1,986.9 410.7 32.2 50.9 7.9 1.3 1.0 4.3 3.3 –0.4 1.7 –2.2 0.9 –0.2 7.0 1.5 1,089.6 620.0 1,389.1 737.3 1,526.5 813.6 1,452.7 774.8 1,454.1 793.8 1,517.1 807.4 1,558.7 821.4 1,576.2 831.7 27.5 18.9 9.9 10.3 0.1 2.5 4.3 1.7 2.7 1.7 1.1 1.3 8.5 7.4 469.6 651.7 712.9 677.9 660.3 709.6 737.3 744.5 38.8 9.4 –2.6 7.5 3.9 1.0 9.8 1,583.6 1,699.0 1,819.7 1,704.9 1,726.0 1,812.2 1,848.0 1,892.8 7.3 7.1 1.2 5.0 2.0 2.4 11.0 469.6 1,030.4 –83.6 651.7 1,027.1 –20.2 712.9 1,068.7 –38.1 677.9 1,038.3 11.3 660.3 1,048.0 –17.7 709.6 1,063.1 –39.4 737.3 1,076.2 –34.5 744.5 38.8 9.4 –2.6 7.5 3.9 1.0 9.8 1,087.6 –0.3 4.1 0.9 1.4 1.2 1.1 4.7 –60.8 ............. .............. .............. .............. .............. ............. .............. 1,455.7 1,819.5 1,896.3 1,742.5 1,877.1 1,890.6 1,912.9 1,904.6 1,183.3 0.6 –94.3 1,408.4 –39.1 19.7 1,480.1 –60.1 106.6 1,337.8 –90.3 205.2 1,454.8 –116.0 115.4 1,470.1 –60.4 107.3 1,501.5 –45.5 102.7 1,493.9 19.0 5.1 8.7 1.1 2.1 –0.5 11.7 –18.6 ............. .............. .............. .............. .............. ............. .............. 100.9 ............. .............. .............. .............. .............. ............. .............. 25.0 4.2 7.7 0.7 1.2 –0.4 9.3 Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2011 2009 2010 2011 2010 IV 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 .......................................................... 2011 I II 2010 III 2011 IV I II III IV 1,362.0 1,001.6 359.5 642.1 360.4 490.4 130.0 1,800.1 1,418.2 466.7 951.5 381.9 569.6 187.7 1,942.8 1,513.7 444.7 1,069.0 429.1 637.1 208.0 1,857.4 1,484.5 512.0 972.6 372.9 591.6 218.8 1,876.4 1,465.7 473.3 992.3 410.8 611.9 201.1 1,937.6 1,492.2 419.1 1,073.1 445.4 660.9 215.5 1,970.1 1,519.3 428.3 1,091.0 450.8 650.4 199.5 1,986.9 1,577.6 458.2 1,119.4 409.3 625.2 215.9 438.1 416.6 107.2 309.4 21.5 79.2 57.7 142.7 95.5 –22.0 117.5 47.2 67.5 20.3 19.0 –18.8 –38.7 19.7 37.9 20.3 –17.7 61.2 26.5 –54.2 80.8 34.6 49.0 14.4 32.5 27.1 9.2 17.9 5.4 –10.5 –16.0 16.8 58.3 29.9 28.4 –41.5 –25.2 16.4 1,456.3 1,095.9 401.8 47.3 354.5 694.1 22.2 125.2 20.5 10.5 7.8 15.4 1,780.4 1,398.5 494.7 71.6 423.2 903.7 25.0 217.1 95.0 11.7 15.3 39.5 1,836.2 1,407.1 464.5 76.8 387.7 942.6 15.2 253.8 109.9 17.0 23.3 36.0 1,652.2 1,279.3 520.8 69.5 451.3 758.5 7.1 187.7 84.5 13.5 16.9 41.9 1,761.1 1,350.3 491.5 72.7 418.8 858.8 14.9 217.6 90.8 14.6 20.0 29.0 1,830.2 1,384.9 438.9 80.7 358.3 945.9 15.2 249.9 97.1 15.6 20.3 34.5 1,867.4 1,416.6 448.7 77.6 371.0 967.9 10.7 268.2 113.6 17.5 24.5 35.4 1,886.0 1,476.7 478.8 76.2 402.5 998.0 19.9 279.2 138.2 20.5 28.3 45.1 324.1 302.6 92.9 24.3 68.7 209.6 2.8 91.9 74.5 1.2 7.5 24.1 55.8 8.6 –30.2 5.2 –35.5 38.9 –9.8 36.7 14.9 5.3 8.0 –3.5 108.9 71.0 –29.3 3.2 –32.5 100.3 7.8 29.9 6.3 1.1 3.1 –12.9 69.1 34.6 –52.6 8.0 –60.5 87.1 0.3 32.3 6.3 1.0 0.3 5.5 37.2 31.7 9.8 –3.1 12.7 22.0 –4.5 18.3 16.5 1.9 4.2 0.9 18.6 60.1 30.1 –1.4 31.5 30.1 9.2 11.0 24.6 3.0 3.8 9.7 8.4 –45.1 23.6 104.7 41.5 9.4 38.3 15.5 83.3 106.0 23.5 81.2 252.8 360.4 7.0 –12.7 34.1 122.1 37.8 36.0 34.7 13.7 85.8 122.6 34.4 87.7 331.2 381.9 2.6 –11.4 42.3 143.9 33.6 55.6 37.1 17.5 84.4 116.6 31.2 101.3 340.1 429.1 2.4 –19.1 28.8 103.2 29.6 28.4 35.0 10.2 49.5 117.3 28.2 79.1 289.6 372.9 4.3 –12.0 34.8 126.9 33.5 37.9 36.1 19.3 71.6 120.2 23.5 98.9 312.0 410.8 2.0 –12.2 36.8 152.9 34.7 71.3 32.4 14.4 90.8 112.7 26.8 103.6 346.9 445.4 1.9 –10.9 45.1 154.7 28.5 72.2 38.0 16.0 85.6 110.6 33.5 97.1 362.2 450.8 2.3 –10.3 52.3 141.0 37.8 41.1 41.9 20.2 89.7 122.8 41.2 105.7 339.4 409.3 –1.4 32.4 10.5 17.4 –3.7 26.6 –3.6 –1.8 2.5 16.6 10.9 6.5 78.4 21.5 –4.4 1.3 8.2 21.8 –4.2 19.6 2.4 3.8 –1.4 –6.0 –3.2 13.6 8.9 47.2 1.9 7.1 6.0 23.7 3.9 9.5 1.1 9.1 22.1 2.9 –4.7 19.8 22.4 37.9 –2.3 –0.2 2.0 26.0 1.2 33.4 –3.7 –4.9 19.2 –7.5 3.3 4.7 34.9 34.6 –0.1 1.3 8.3 1.8 –6.2 0.9 5.6 1.6 –5.2 –2.1 6.7 –6.5 15.3 5.4 0.4 0.6 7.2 –13.7 9.3 –31.1 3.9 4.2 4.1 12.2 7.7 8.6 –22.8 –41.5 NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates 2009 2010 2011 2010 IV 2011 I II III r IV Billions of dollars Gross value added of nonfinancial corporate business ........................................ Consumption of fixed capital ............................................................................................... Net value added................................................................................................................. Compensation of employees ........................................................................................... Wage and salary accruals ........................................................................................... Supplements to wages and salaries ............................................................................ Taxes on production and imports less subsidies ............................................................. Net operating surplus ...................................................................................................... Net interest and miscellaneous payments ................................................................... Business current transfer payments (net) .................................................................... Corporate profits with inventory valuation and capital consumption adjustments ....... Taxes on corporate income ...................................................................................... Profits after tax with inventory valuation and capital consumption adjustments ...... Net dividends ....................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ...................................................................................................... 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 ..................................................................................... 6,592.0 862.2 5,729.8 4,178.2 3,436.4 741.7 587.4 964.2 243.7 78.3 642.1 175.0 467.1 349.0 6,902.0 856.8 6,045.2 4,263.0 3,513.4 749.6 614.3 1,167.8 130.9 85.4 951.5 229.3 722.3 398.8 7,259.8 890.2 6,369.6 4,469.9 3,697.5 772.4 639.6 1,260.2 104.3 86.9 1,069.0 246.6 822.4 443.3 6,966.5 865.4 6,101.1 4,315.9 3,562.4 753.4 620.7 1,164.6 106.5 85.5 972.6 212.4 760.2 432.3 7,078.3 873.4 6,205.0 4,386.5 3,621.5 765.0 633.2 1,185.3 106.6 86.3 992.3 238.5 753.8 422.0 7,216.5 885.4 6,331.1 4,426.3 3,657.9 768.4 641.2 1,263.6 103.0 87.5 1,073.1 252.2 821.0 459.2 7,322.0 896.3 6,425.8 4,502.7 3,727.5 775.2 640.9 1,282.1 104.5 86.7 1,091.0 250.1 840.9 434.0 7,422.3 905.6 6,516.7 4,564.0 3,783.0 781.0 643.0 1,309.7 103.1 87.2 1,119.4 245.5 873.9 457.8 118.1 323.5 379.2 327.9 331.8 361.7 406.9 416.2 693.5 518.5 0.6 –52.0 942.8 713.5 –39.1 47.8 1,002.7 756.2 –60.1 126.3 848.9 636.5 –90.3 214.1 974.8 736.3 –116.0 133.6 1,006.3 754.1 –60.4 127.2 1,013.4 763.3 –45.5 123.1 1,016.5 771.0 –18.6 121.5 6,504.1 821.7 5,682.3 6,538.1 828.1 5,710.0 6,633.2 835.3 5,797.9 Billions of chained (2005) dollars 1 Gross value added of nonfinancial corporate business ..................................... Consumption of fixed capital 2............................................................................................. Net value added 3................................................................................................................ 6,036.5 805.4 5,231.1 6,329.5 805.4 5,524.1 6,520.8 825.4 5,695.5 6,338.4 811.3 5,527.1 6,407.9 816.3 5,591.6 Dollars; quarters seasonally adjusted 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 .......... 1.092 0.692 0.293 0.143 1.090 0.674 0.267 0.135 1.113 0.685 0.264 0.137 1.099 0.681 0.265 0.137 1.105 0.685 0.265 0.136 1.110 0.681 0.264 0.136 1.120 0.689 0.264 0.137 1.119 0.688 0.263 0.137 0.110 0.040 0.111 0.021 0.111 0.016 0.111 0.017 0.112 0.017 0.112 0.016 0.111 0.016 0.110 0.016 0.106 0.029 0.077 0.150 0.036 0.114 0.164 0.038 0.126 0.153 0.034 0.120 0.155 0.037 0.118 0.165 0.039 0.126 0.167 0.038 0.129 0.169 0.037 0.132 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2011. 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 2005 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). 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 4.5 –4.4 4.5 –8.2 –23.9 –10.6 3.7 7.9 18.3 20.9 1.1 0.9 1.1 0.2 –0.9 –0.7 –1.8 0.5 0.0 1.2 0.3 –8.8 –1.7 –12.0 0.1 –8.3 –17.4 –27.1 –20.6 –3.9 –17.8 –18.6 27.4 12.4 –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 2.1 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 r II III IV 1.3 –0.6 1.8 5.0 –4.1 1.5 13.0 1.3 –9.7 1.8 0.2 1.8 2.2 1.2 5.8 5.1 1.7 42.1 1.6 –6.3 2.8 2.6 3.0 13.0 –1.0 2.0 20.4 2.5 21.2 2.8 7.3 3.7 4.4 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 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.