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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 27, 2012
BEA 12-02
Lisa Mataloni:
(202) 606-5304 (GDP)
Recorded message: (202) 606-5306

gdpniwd@bea.gov

GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2011
(ADVANCE ESTIMATE)

Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.8 percent in the fourth quarter of 2011
(that is, from the third quarter to the fourth quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis. In the third quarter, real GDP increased 1.8 percent.
The Bureau emphasized that the fourth-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page
4). The "second" estimate for the fourth quarter, based on more complete data, will be released on
February 29, 2012.
The increase in real GDP in the fourth quarter reflected positive contributions from private
inventory investment, personal consumption expenditures (PCE), exports, residential fixed investment,
and nonresidential fixed investment that were partly offset by negative contributions from federal
government spending and state and local government spending. Imports, which are a subtraction in the
calculation of GDP, increased.
The acceleration in real GDP in the fourth quarter primarily reflected an upturn in private
inventory investment and accelerations in PCE and in residential fixed investment that were partly offset
by a deceleration in nonresidential fixed investment, a downturn in federal government spending, an
acceleration in imports, and a larger decrease in state and local government spending.

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.

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-2Final sales of computers added 0.18 percentage point to the fourth-quarter change in real GDP
after adding 0.22 percentage point to the third-quarter change. Motor vehicle output added 0.30
percentage point to the fourth-quarter change in real GDP after adding 0.12 percentage point to the
third-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.8 percent in the fourth quarter, compared with an increase of 2.0 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.0 percent in
the fourth quarter, compared with an increase of 1.8 percent in the third.
Real personal consumption expenditures increased 2.0 percent in the fourth quarter, compared
with an increase of 1.7 percent in the third. Durable goods increased 14.8 percent, compared with an
increase of 5.7 percent. Nondurable goods increased 1.7 percent, in contrast to a decrease of 0.5
percent. Services increased 0.2 percent, compared with an increase of 1.9 percent.
Real nonresidential fixed investment increased 1.7 percent in the fourth quarter, compared with
an increase of 15.7 percent in the third. Nonresidential structures decreased 7.2 percent, in contrast to an
increase of 14.4 percent. Equipment and software increased 5.2 percent, compared with an increase of
16.2 percent. Real residential fixed investment increased 10.9 percent, compared with an increase of 1.3
percent.
Real exports of goods and services increased 4.7 percent in the fourth quarter, the same increase
as in the third. Real imports of goods and services increased 4.4 percent in the fourth quarter, compared
with an increase of 1.2 percent in the third.
Real federal government consumption expenditures and gross investment decreased 7.3 percent
in the fourth quarter, in contrast to an increase of 2.1 percent in the third. National defense decreased
12.5 percent, in contrast to an increase of 5.0 percent. Nondefense increased 4.2 percent, in contrast to a
decrease of 3.8 percent. Real state and local government consumption expenditures and gross
investment decreased 2.6 percent, compared with a decrease of 1.6 percent.
The change in real private inventories added 1.94 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 $56.0 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 0.8
percent in the fourth quarter, compared with an increase of 3.2 percent in the third.

Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.8 percent in the fourth quarter, compared with an increase of 1.3 percent in the
third.

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-3Disposition of personal income
Current-dollar personal income increased $82.6 billion (2.6 percent) in the fourth quarter,
compared with an increase of $24.3 billion (0.8 percent) in the third.
Personal current taxes increased $40.0 billion in the fourth quarter, compared with an increase of
$12.3 billion in the third.
Disposable personal income increased $42.7 billion (1.5 percent) in the fourth quarter, compared
with an increase of $11.9 billion (0.4 percent) in the third. Real disposable personal income increased
0.8 percent, in contrast to a decrease of 1.9 percent.
Personal outlays increased $69.9 billion (2.5 percent) in the fourth quarter, compared with an
increase of $112.0 billion (4.1 percent) in the third. Personal saving -- disposable personal income less
personal outlays -- was $429.3 billion in the fourth quarter, compared with $456.5 billion in the third.
The personal saving rate -- saving as a percentage of disposable personal income -- was 3.7 percent in
the fourth quarter, compared with 3.9 percent in the third. For a comparison of personal saving in
BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow
of funds accounts and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.2 percent, or $118.2 billion, in the fourth quarter to a level of $15,294.3 billion. In the third quarter,
current-dollar GDP increased 4.4 percent, or $163.3 billion.

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 (PCE), exports, and nonresidential fixed investment that were partly offset by
negative contributions from state and local government spending, private inventory investment, and
federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in 2011 primarily reflected downturns in private inventory
investment and in federal government spending and a deceleration in exports that were partly offset by a
deceleration in imports and an acceleration in nonresidential fixed investment.
The price index for gross domestic purchases increased 2.5 percent in 2011, compared with an
increase of 1.5 percent in 2010.
Current-dollar GDP increased 3.9 percent, or $561.2 billion, in 2011, compared with an increase
of 4.2 percent, or $587.5 billion, in 2010.
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-4During 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 2.5 percent during 2011, compared with an increase of 1.4 percent during
2010.

Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimate of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy."

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 -- February 29, 2012, at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter and Annual 2011 (Second Estimate)

Release dates in 2012

Gross Domestic Product
2011: IV and 2011 annual

2012: I

2012: II

January 27
February 29
March 29

April 27
May 31
June 28

July 27
October 26
August 29
November 29
September 27 December 20

………..
March 29

May 31
June 28

August 29
November 29
September 27 December 20

Advance……
Second……..
Third……….

2012: III

Corporate Profits
Preliminary...
Revised…….

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-5Comparisons of Revisions to GDP

Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source
data that are incomplete or subject to further revision by the source agency, are released near the end of the first
month after the end of the quarter; as more detailed and more comprehensive data become available, "second" and
"third" estimates are released near the end of the second and third months, respectively. The "latest" estimates
reflect the results of both annual and comprehensive revisions.
Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried
out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.
The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.2 percentage point, which is larger than
the average revisions from the advance estimate to the second or to the third estimates. The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the
direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than four-fifths of the time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages
compared

Average

Average without
regard to sign

Standard deviation of
revisions without regard
to sign

Current-dollar GDP
Advance to second....
Advance to third........
Second to third...........

0.2
.2
.0

0.6
.7
.3

0.4
.4
.2

Advance to latest.......

.3

1.2

1.0

Real GDP
Advance to second.....
Advance to third.........
Second to third............

0.1
.1
.0

0.5
.6
.2

0.4
.5
.2

Advance to latest........

.2

1.3

1.0

NOTE. These comparisons are based on the period from 1983 through 2008.

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

2010

2011

2008
I

II

2009
III

IV

I

II

2010
III

IV

I

II

2011
III

IV

I

II

III

IV

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
2.8
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
2.0
Goods.....................................................
–3.0
4.3
3.8
–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
5.7
Durable goods ....................................
–5.4
7.2
8.1
–9.6
–2.9 –12.3 –25.4
2.4
–4.0
20.3
–4.8
9.9
7.8
8.8
17.2
11.7
–5.3
5.7
14.8
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
1.7
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
0.2
Gross private domestic investment........ –25.0
17.9
4.7 –12.2
–6.0 –16.5 –33.9 –46.7 –22.8
2.9
36.8
31.5
26.4
9.2
–7.1
3.8
6.4
1.3
20.0
Fixed investment..................................... –18.8
2.6
6.6
–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
3.3
Nonresidential..................................... –17.8
4.4
8.6
–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
1.7
Structures........................................ –21.2 –15.8
4.1
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
–7.2
Equipment and software ................. –16.0
14.6
10.3
–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
5.2
Residential .......................................... –22.2
–4.3
–1.4 –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
10.9
Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ...........
Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ...........
Exports ...................................................
–9.4
11.3
6.8
5.5
12.7
–3.5 –21.4 –29.0
–0.5
13.9
23.5
7.2
10.0
10.0
7.8
7.9
3.6
4.7
4.7
Goods ................................................. –12.0
14.4
7.5
9.3
14.1
–2.4 –27.4 –34.9
–2.9
21.3
28.4
12.1
11.8
8.9
9.2
10.6
2.5
5.0
5.0
Services..............................................
–3.5
5.0
5.1
–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
3.9
Imports ................................................... –13.6
12.5
5.0
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
4.4
Goods ................................................. –15.6
14.8
5.8
–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
4.1
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
–4.6
Federal ...................................................
6.0
4.5
–2.0
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
–7.3
National defense.................................
5.8
3.3
–2.4
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 –12.5
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
4.2
State and local........................................
–0.9
–1.8
–2.3
–0.6
–0.1
0.1
–2.8
–0.8
0.9
–1.5
–2.9
–3.9
0.4
–0.5
–2.7
–3.4
–2.8
–1.6
–2.6
Addenda:
Final sales of domestic product..............
–2.6
1.4
1.9
–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
0.8
Gross domestic purchases.....................
–4.4
3.4
1.6
–2.1
–0.7
–4.2
–8.3
–8.6
–2.8
2.2
3.5
4.8
5.6
3.1
0.9
0.7
1.0
1.3
2.8
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
0.9
Gross national product (GNP) ................
–3.6
3.3 ...........
–2.3
1.3
–3.2 –10.8
–6.2
–0.5
2.3
4.0
3.8
4.5
2.8
1.7
1.5
2.2
1.9 ...........
Disposable personal income ..................
–2.3
1.8
0.9
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
–1.9
0.8
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
3.2
Final sales of domestic product ..........
–1.6
2.6
4.0
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
1.2
Gross domestic purchases .................
–4.5
5.0
4.1
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
3.6
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
1.7
GNP ....................................................
–2.6
4.4 ...........
0.0
4.1
–0.1 –10.4
–4.8
–0.9
2.6
5.1
5.4
6.1
4.1
3.5
4.2
4.8
4.5 ...........
Disposable personal income...............
–2.1
3.6
3.4
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
0.4
1.5
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

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....................................
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
0.28

–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 0.25 –0.11
0.46 0.66 0.67

0.03
0.12

0.02
0.15

–0.01
0.09

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

0.10
0.58
0.79
0.82
0.11
0.71

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

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

0.22
0.11
0.10
0.01
0.15
0.22
0.13
–0.03
–0.20
–0.04
–0.16
0.05
0.88
0.68
0.20
–0.82
–0.79
–0.03

2010
III

II

III

IV

I

II

III

IV

2.5

2.3

0.4

1.3

1.8

2.8

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

1.45
1.34
1.07
0.81

0.08 0.13
0.34 0.33
0.04 –0.03
0.31 0.48

0.17
0.21
0.02
0.30

0.06
0.27
0.11
0.47

0.14
0.24
0.05
0.67

0.06
0.32
0.10
0.25

0.05
0.20
0.07
0.04

0.09 0.14
0.26 0.21
0.03 –0.09
–0.09 0.27

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 0.01
–0.19 0.07
–0.04 –0.01
0.15 0.21
0.90 0.10

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 0.01
0.35 –0.40
–0.07 0.13
0.01 0.01
0.19 0.07
0.12 0.28
0.19 –0.16
–0.05 0.09

0.14 0.05
0.17 –0.09

0.07
0.44

–0.14 –0.15 0.01
0.14 0.27 –0.13

0.01
0.10

0.18
–0.02

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

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

0.37
2.92
2.12
1.62
0.18
1.45

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

0.09
0.79
1.07
0.98
0.54
0.44

–0.20 0.08
0.17 2.35
1.52 0.41
1.49 0.18
0.37 –0.21
1.12 0.39

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

0.67 0.42
0.01 0.32
0.23 0.36
0.01 –0.12
0.08 0.00
0.17 –0.21
0.08 0.00
0.07 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 –0.45 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 –0.14 –1.25 0.02
–0.55 0.49 0.27 –0.40 –0.74
0.01 0.10 0.17 0.04 0.15

0.22
0.32
0.18
0.75

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

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

1.12
1.69
0.97
0.34
0.06

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

0.09
0.17

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

0.23
0.15
0.10
–0.02
0.25
0.08
–0.17
0.23
1.94
0.04
1.90
–0.11
0.64
0.48
0.16
–0.75
–0.60
–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

–0.93
–0.62
–0.73
–0.58
–0.15
0.11
0.16
–0.04
–0.32
–0.28
–0.03

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

–0.17
1.18
0.33
–0.10
0.07

0.62
0.81
0.38
0.12
0.22

3.48
–0.60
–0.12
0.30
0.18

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

2010

Seasonally adjusted at annual rates

2011

2011

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

IV

I

II

III

IV

15,087.7 14,755.0 14,867.8 15,012.8 15,176.1 15,294.3 13,313.4 13,216.1 13,227.9 13,271.8 13,331.6 13,422.4
10,722.6 10,417.1 10,571.7 10,676.0 10,784.5 10,858.1 9,421.1 9,328.4 9,376.7 9,392.7 9,433.5 9,481.3
3,645.2 3,483.4 3,592.2 3,622.7 3,661.2 3,704.5 3,351.9 3,306.0 3,344.4 3,331.2 3,342.7 3,389.2
1,161.9 1,124.7 1,154.5 1,143.8 1,158.3 1,190.9 1,284.5 1,242.4 1,277.4 1,260.2 1,277.8 1,322.7
378.3
367.1
383.0
363.4
368.7
397.9
356.5
354.9
368.2
342.1
343.5
372.1

III

IV

225.4
200.2
121.2
96.2
26.4

59.8
40.8
11.5
17.6
1.4

90.8
47.8
46.5
44.9
28.6

253.2
344.1
186.2
2,483.3

246.1
334.5
176.9
2,358.7

248.3
340.5
182.7
2,437.8

251.2
342.5
186.7
2,478.9

254.9
345.8
188.8
2,503.0

258.4
347.7
186.9
2,513.6

274.2
514.3
163.0
2,077.0

267.0
478.5
158.1
2,067.4

269.3
495.9
161.4
2,075.4

271.4
506.5
163.8
2,076.6

275.1
521.2
164.9
2,073.7

280.8
533.5
161.9
2,082.2

14.1
54.7
8.1
35.7

3.7
14.7
1.1
–2.9

5.7
12.3
–3.0
8.5

809.0
350.3
427.4
896.6
7,077.4

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

821.5
355.9
423.5
912.6
7,153.6

683.6
351.3
269.4
782.5
6,075.4

680.8
350.1
278.4
764.5
6,027.5

682.1
352.8
274.2
774.4
6,039.1

684.1
354.7
268.5
779.6
6,067.0

683.9
347.5
267.5
784.5
6,096.1

684.1
350.1
267.2
791.4
6,099.4

10.5
10.3
–11.9
31.8
83.6

–0.2
–7.2
–1.0
4.9
29.1

0.2
2.6
–0.3
6.9
3.3

6,791.9
1,921.2
1,728.8
305.2
401.5
680.0
804.6
950.6

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

6,861.5
1,932.0
1,743.2
308.4
412.2
696.9
807.6
961.2

5,798.1
1,670.7
1,471.9
251.4
352.5
572.8
678.0
800.9

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

5,816.9
1,667.2
1,476.4
251.7
359.2
581.7
677.7
803.0

84.1
1.5
29.0
1.2
11.1
21.8
10.2
9.2

23.4
11.3
–2.2
0.2
6.4
3.7
5.9
–1.7

0.3
–13.2
4.1
0.3
2.2
8.9
–5.1
2.9

285.5
1,156.7

277.6
1,141.6

279.4
1,143.5

281.7
1,154.9

288.8
1,159.8

292.0
1,168.7

278.8
1,000.7

273.9
1,001.6

274.3
997.2

274.9
1,000.6

281.3
999.8

284.7
1,005.3

–1.2
11.5

6.4
–0.8

3.4
5.5

871.2
1,913.6
1,866.4
1,529.2
407.8
1,121.4

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

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

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

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

876.7
1,999.7
1,927.1
1,581.5
421.7
1,159.9

722.4
1,795.2
1,757.8
1,432.4
321.8
1,124.1

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

721.7
1,867.4
1,805.0
1,471.9
326.7
1,160.3

12.1
80.3
109.4
113.2
12.7
104.7

–6.2
5.8
53.7
52.4
11.0
42.2

2.4
83.2
14.6
6.3
–6.2
14.6

566.7
103.6
272.5
190.7
195.9
156.8
202.0
337.2
47.2
–7.5
54.8
–578.2
2,087.6
1,474.4
613.2
2,665.8
2,239.5
426.2

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

573.9
638.4
624.5
625.0
638.4
640.2
650.0
35.8
1.8
9.8
109.7 .............. .............. ............. .............. .............. .............. .............. ............. ..............
279.0
271.2
262.4
263.7
268.9
274.1
277.9
15.1
5.2
3.8
185.2
208.6
214.4
215.2
211.5
204.3
203.2
1.3
–7.2
–1.1
211.0
165.4
153.7
158.1
157.7
169.0
177.0
18.8
11.3
8.0
166.7
149.4
128.9
139.6
144.6
155.2
158.1
30.1
10.6
2.9
208.2
179.5
168.9
174.0
173.8
187.9
182.2
16.9
14.1
–5.7
345.6
326.2
323.1
321.1
324.4
325.4
333.9
–4.6
1.0
8.5
72.6
35.6
38.3
49.1
39.1
–2.0
56.0
–23.2
–41.1
58.0
–5.3
–6.8
–5.2
–7.8
–8.7
–6.0
–4.9
–5.4
2.7
1.1
77.8
44.9
44.7
59.7
51.0
5.5
63.6
–15.8
–45.5
58.1
–582.1 –412.3 –414.2 –424.4 –416.4 –402.8 –405.8
9.5
13.6
–3.0
2,121.6 1,776.3 1,716.8 1,749.6 1,765.0 1,785.2 1,805.6
113.1
20.2
20.4
1,496.4 1,252.7 1,204.9 1,235.6 1,243.2 1,258.3 1,273.8
87.8
15.1
15.5
625.1
524.2
512.4
514.6
522.4
527.5
532.5
25.4
5.1
5.0
2,703.6 2,188.7 2,131.0 2,173.9 2,181.4 2,187.9 2,211.5
103.7
6.5
23.6
2,272.7 1,829.6 1,777.4 1,818.4 1,825.4 1,827.9 1,846.5
100.3
2.5
18.6
431.0
361.2
355.6
357.5
357.9
362.2
367.1
3.8
4.3
4.9

3,029.7 3,020.2 3,014.4 3,038.6 3,047.3 3,018.6
1,232.7 1,234.3 1,219.9 1,237.1 1,248.9 1,225.0
824.8
823.9
809.0
830.6
844.0
815.6
717.0
702.7
701.0
723.4
733.2
710.6
107.8
121.2
108.0
107.3
110.9
105.0
407.9
410.3
410.9
406.5
404.9
409.4
355.5
356.9
358.1
354.1
351.7
357.9
52.5
53.5
52.8
52.4
53.1
51.5
1,797.0 1,786.0 1,794.4 1,801.5 1,798.5 1,793.7
1,475.0 1,450.1 1,471.7 1,482.9 1,476.1 1,469.2
322.0
335.9
322.8
318.6
322.3
324.4
.............. ............... ............... ............... .............. ..............
15,040.5
15,665.9
15,618.7
15,087.7
..............
..............
..............
13,137.8

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

15,221.7
15,876.3
15,803.8
15,294.3
..............
..............
..............
13,311.3

2,502.0
1,054.7
701.4
602.2
99.3
353.3
303.0
50.7
1,453.4
1,199.0
255.0
–90.7

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

13,281.8
13,717.2
13,684.7
13,313.4
..............
..............
..............
11,521.2

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

2,478.5
–54.8
–0.6
–29.1
1,043.7
–21.2
5.4
–20.0
691.1
–16.9
8.7
–23.5
594.7
–6.8
6.0
–18.4
96.4
–10.9
2.8
–5.2
352.6
–4.4
–3.4
3.6
303.3
–4.5
–3.8
5.0
49.5
0.3
0.6
–1.7
1,440.7
–33.6
–5.7
–9.7
1,188.4
–14.0
–6.0
–8.8
252.9
–19.3
0.3
–1.0
–106.4 .............. ............. ..............
13,367.4
252.9
13,819.5
216.8
13,763.7
244.0
13,422.4
225.4
.............. ..............
.............. ..............
.............. ..............
11,613.1
187.9

104.7
26.5
45.4
94.2
90.0
30.3
59.8
90.8
–13.3 ..............
–17.2 ..............
63.7 ..............
48.8
78.6

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

2008
I

II

2009
III

IV

I

II

2010
III

IV

I

II

2011
III

IV

I

II

III

IV

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
0.4
Personal consumption expenditures .........
0.2
1.8
2.4
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
0.7
Goods.........................................................
–2.6
1.6
3.7
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
–0.8
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
–2.7
Nondurable goods ..................................
–2.9
3.2
6.0
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
0.1
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
1.5
Gross private domestic investment............
–1.0
–1.6
1.6
0.3
1.2
2.4
6.9
–2.2
–6.4
–5.8
–1.7
–1.2
0.0
0.9
1.7
2.1
2.2
1.1
1.3
Fixed investment.........................................
–1.2
–1.4
1.3
0.9
1.4
3.3
2.9
–2.3
–5.3
–4.4
–1.0
–1.3
–0.5
0.5
0.8
1.4
2.4
1.5
1.2
Nonresidential.........................................
–0.6
–1.6
1.3
1.9
2.2
5.1
5.3
–2.2
–5.2
–4.7
–2.0
–1.7
0.2
0.5
0.4
1.4
2.5
1.8
1.6
Structures............................................
–2.6
–1.1
4.5
5.2
3.9
7.7
8.2
–5.6 –12.0 –10.0
–1.5
1.3
2.4
2.5
3.6
5.0
6.1
5.6
4.6
Equipment and software .....................
0.5
–1.8
0.1
0.2
1.3
3.7
3.6
–0.2
–1.3
–2.2
–2.5
–3.1
–0.7
–0.3
–0.8
0.2
1.2
0.4
0.5
Residential ..............................................
–3.4
–0.4
1.1
–1.6
–1.1
–2.8
–5.2
–2.9
–5.9
–3.1
3.1
0.5
–3.0
0.6
2.5
1.5
2.0
0.3
–0.3
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
–4.0
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
–4.8
Services..................................................
–2.2
3.2
3.8
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
–2.2
Imports ....................................................... –10.6
6.1
7.7
16.8
21.0
10.6 –36.7 –29.2
6.6
14.4
11.5
8.3
–2.2
–2.2
8.4
19.1
12.5
–1.3
–1.0
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
–0.4
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
–4.1
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
–0.1
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
–0.4
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
0.4
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
1.6
Addenda:
Final sales of domestic product..................
1.0
1.2
2.0
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
0.4
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
0.8
Final sales to domestic purchasers ............
–0.1
1.5
2.4
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
0.8
Gross national product (GNP) ....................
1.1
1.1 ...........
2.5
2.5
3.1
0.4
1.7
–0.4
0.3
1.1
1.5
1.4
1.4
1.9
2.5
2.5
2.6 ...........
Implicit price deflators:
GDP ........................................................
1.1
1.2
2.1
2.4
2.7
3.2
0.5
1.5
–0.4
0.2
1.0
1.5
1.6
1.3
1.8
2.7
2.6
2.6
0.4
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
0.8
GNP ........................................................
1.0
1.1 ...........
2.4
2.7
3.2
0.4
1.5
–0.4
0.2
1.0
1.5
1.5
1.3
1.8
2.7
2.6
2.6 ...........
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

2010
IV

2011
I

II

III

IV

Gross domestic product......................................................
100.635
103.684
105.470
104.699
104.792
105.140
105.614
106.334
Personal consumption expenditures ................................................
102.657
104.741
107.015
105.962
106.511
106.693
107.156
107.699
Goods................................................................................................
100.693
105.006
108.944
107.452
108.700
108.272
108.646
110.157
Durable goods ...............................................................................
98.660
105.782
114.345
110.600
113.710
112.180
113.747
117.746
Nondurable goods .........................................................................
101.536
104.501
106.328
105.839
106.249
106.306
106.160
106.596
Services.............................................................................................
103.644
104.628
106.087
105.250
105.453
105.941
106.449
106.506
Gross private domestic investment...................................................
66.944
78.945
82.642
79.848
80.600
81.869
82.135
85.964
Fixed investment................................................................................
75.688
77.667
82.822
79.812
80.052
81.829
84.362
85.046
Nonresidential................................................................................
93.755
97.913
106.314
101.822
102.342
104.889
108.782
109.244
Structures...................................................................................
104.426
87.883
91.497
90.399
86.974
91.511
94.631
92.874
Equipment and software ............................................................
89.367
102.393
112.909
106.925
109.174
110.839
115.077
116.546
Residential .....................................................................................
44.587
42.681
42.091
41.684
41.428
41.855
41.991
43.090
Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... .........................
Exports of goods and services..........................................................
114.479
127.444
136.112
131.551
134.061
135.240
136.789
138.358
Imports of goods and services ..........................................................
91.372
102.821
107.934
105.091
107.207
107.573
107.897
109.058
Government consumption expenditures and gross investment ....
107.161
107.886
105.577
107.691
106.076
105.837
105.812
104.582
Federal ..............................................................................................
117.479
122.782
120.363
123.197
120.195
120.769
121.385
119.101
State and local...................................................................................
101.378
99.557
97.308
99.020
98.177
97.488
97.107
96.461
Addenda:
Final sales of domestic product.........................................................
102.224
103.626
105.638
104.841
104.850
105.275
106.108
106.318
Gross domestic purchases................................................................
97.796
101.160
102.784
102.064
102.237
102.504
102.844
103.550
Final sales to domestic purchasers ...................................................
99.280
101.091
102.926
102.182
102.276
102.615
103.292
103.520
Gross national product ......................................................................
100.968
104.253 .........................
105.218
105.598
106.164
106.665 .........................
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

2010
IV

2011
I

II

III

IV

Gross domestic product......................................................
109.732
111.000
113.307
111.699
112.390
113.091
113.811
113.935
Personal consumption expenditures (PCE)......................................
109.169
111.112
113.815
111.673
112.747
113.666
114.324
114.524
Goods................................................................................................
103.209
104.837
108.750
105.367
107.412
108.752
109.530
109.304
Durable goods ...............................................................................
92.901
91.348
90.437
90.507
90.362
90.745
90.628
90.015
Nondurable goods .........................................................................
109.301
112.748
119.569
114.092
117.463
119.383
120.707
120.723
Services.............................................................................................
112.353
114.465
116.493
115.037
115.574
116.260
116.852
117.286
Gross private domestic investment...................................................
106.401
104.743
106.432
105.199
105.755
106.342
106.646
106.983
Fixed investment................................................................................
106.305
104.843
106.161
105.035
105.412
106.039
106.433
106.759
Nonresidential................................................................................
107.106
105.373
106.734
105.536
105.909
106.560
107.027
107.442
Structures...................................................................................
122.490
121.117
126.597
122.475
123.982
125.835
127.565
129.008
Equipment and software ............................................................
101.496
99.634
99.745
99.406
99.446
99.743
99.838
99.953
Residential .....................................................................................
102.637
102.214
103.367
102.563
102.958
103.479
103.551
103.482
Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... ..........................
Exports of goods and services..........................................................
105.959
110.617
117.546
112.757
115.725
118.182
118.747
117.529
Imports of goods and services ..........................................................
106.571
113.032
121.774
114.271
119.370
122.949
122.543
122.236
Government consumption expenditures and gross investment ....
114.883
117.445
121.093
118.341
119.910
121.146
121.523
121.794
Federal ..............................................................................................
111.000
113.653
116.878
114.331
115.827
116.902
117.413
117.372
State and local...................................................................................
117.214
119.704
123.646
120.757
122.372
123.721
123.997
124.494
Addenda:
PCE excluding food and energy 1 ......................................................
108.691
110.208
111.790
110.534
110.963
111.585
112.156
112.454
Market-based PCE 2..........................................................................
109.201
110.857
113.646
111.394
112.498
113.478
114.200
114.408
2
Market-based PCE excluding food and energy ...............................
108.647
109.763
111.273
110.025
110.391
111.038
111.670
111.993
Final sales of domestic product.........................................................
109.703
110.981
113.242
111.647
112.315
113.021
113.754
113.876
Gross domestic purchases................................................................
109.803
111.438
114.186
112.048
113.147
114.081
114.642
114.873
Final sales to domestic purchasers ...................................................
109.783
111.426
114.132
112.006
113.084
114.024
114.597
114.826
Gross national product ......................................................................
109.721
110.979 .........................
111.676
112.372
113.080
113.799 ..........................
Implicit price deflators:
Gross domestic product.................................................................
109.729
110.992
113.327
111.644
112.398
113.118
113.836
113.946
Final sales of domestic product .....................................................
109.703
110.981
113.241
111.642
112.311
113.017
113.750
113.872
Gross domestic purchases ............................................................
109.799
111.429
114.206
111.996
113.155
114.108
114.667
114.884
Final sales to domestic purchasers ...............................................
109.783
111.426
114.132
112.003
113.080
114.021
114.593
114.822
Gross national product...................................................................
109.717
110.971 .........................
111.623
112.379
113.106
113.823 ..........................
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

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
3.8
Durable goods ...............................................................................
7.5
8.2
12.2
13.0
8.8
5.4
7.6
6.6
7.3
5.9
4.5
5.0
–4.9
–5.4
7.2
8.1
Nondurable goods .........................................................................
2.9
2.9
3.8
5.1
3.2
1.8
2.0
3.4
2.8
3.2
2.6
1.9
–1.2
–1.8
2.9
1.7
Services.............................................................................................
2.9
3.1
4.4
4.1
5.0
2.5
1.9
1.9
2.7
3.0
2.6
1.9
0.4
–1.4
0.9
1.4
Gross private domestic investment...................................................
8.8
12.4
10.0
8.8
6.8
–7.0
–1.4
3.9
10.1
5.5
2.7
–3.2 –10.2 –25.0
17.9
4.7
Fixed investment................................................................................
9.0
9.2
10.9
9.3
7.4
–1.9
–4.2
3.5
7.4
6.5
2.4
–1.9
–7.1 –18.8
2.6
6.6
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
8.6
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
4.1
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
10.3
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
–1.4
Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ...........
Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ...........
Exports ..............................................................................................
8.3
11.9
2.3
4.4
8.6
–5.6
–2.0
1.6
9.5
6.7
9.0
9.3
6.1
–9.4
11.3
6.8
Goods ............................................................................................
8.8
14.4
2.2
3.8
11.1
–6.2
–3.6
1.8
8.5
7.5
9.4
9.7
6.3 –12.0
14.4
7.5
Services.........................................................................................
7.0
5.9
2.4
5.7
2.7
–4.1
1.9
1.2
11.9
5.0
7.9
8.3
5.6
–3.5
5.0
5.1
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
5.0
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
5.8
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
–2.0
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
–2.4
Nondefense ...................................................................................
–0.8
2.7
0.8
2.1
2.4
4.6
7.2
2.8
1.0
0.9
3.2
–0.8
6.5
6.5
7.1
–1.2
State and local...................................................................................
2.3
3.6
3.9
4.5
2.8
3.7
3.3
–0.1
–0.2
–0.2
0.9
1.4
0.0
–0.9
–1.8
–2.3
Addenda:
Final sales of domestic product.........................................................
3.7
3.9
4.4
4.9
4.2
2.0
1.3
2.5
3.1
3.2
2.6
2.2
0.2
–2.6
1.4
1.9
Gross domestic purchases................................................................
3.8
4.7
5.5
5.7
4.8
1.2
2.4
2.9
3.9
3.2
2.6
1.2
–1.5
–4.4
3.4
1.6
Final sales to domestic purchasers ...................................................
3.8
4.2
5.6
5.8
4.9
2.1
1.9
2.8
3.5
3.3
2.5
1.4
–1.0
–3.6
1.8
1.8
Gross national product ......................................................................
3.7
4.3
4.3
4.9
4.2
1.2
1.8
2.7
3.6
3.1
2.4
2.3
0.0
–3.6
3.3 ...........
Real disposable personal income......................................................
3.3
3.5
6.0
3.0
5.1
2.4
3.3
2.5
3.4
1.4
4.0
2.4
2.4
–2.3
1.8
0.9
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
2.4
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

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
6.5
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
0.7
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
7.7
Fixed investment................................................................................
–2.9
–5.0
–7.7 –13.1 –19.4 –22.0 –19.3 –14.1
–5.0
4.0
4.4
7.4
7.4
5.0
7.6
6.6
Nonresidential................................................................................
6.0
2.8
–2.1
–9.4 –17.4 –20.4 –19.0 –14.4
–4.5
4.0
7.7
11.1
10.0
8.0
9.1
7.3
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
2.7
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
9.0
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
3.4
Change in private inventories ............................................................ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ...........
Net exports of goods and services ................................................... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ...........
Exports ..............................................................................................
9.8
11.3
6.4
–2.5 –11.7 –14.4 –10.8
–0.1
10.7
13.5
12.5
8.8
8.9
7.3
6.0
5.2
Goods ............................................................................................
9.9
11.5
7.5
–3.0 –14.8 –18.2 –13.6
–0.4
14.1
18.2
15.1
10.5
10.1
7.7
6.7
5.7
Services.........................................................................................
9.8
11.0
3.7
–1.4
–4.6
–5.7
–4.1
0.4
3.8
4.1
7.2
5.0
6.2
6.2
4.1
3.9
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
3.8
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
3.9
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
3.2
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
–2.9
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
–3.3
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
–3.7
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
–2.6
State and local...................................................................................
0.5
0.2
0.2
–0.9
–0.9
–0.6
–1.0
–1.1
–1.8
–2.0
–1.7
–1.7
–1.5
–2.3
–2.6
–2.6
Addenda:
Final sales of domestic product.........................................................
1.8
1.5
0.0
–2.6
–3.3
–3.7
–2.6
–0.8
0.5
1.3
1.3
2.4
2.2
1.9
2.3
1.4
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
1.3
Gross national product ......................................................................
2.4
1.7
–0.3
–3.8
–4.8
–5.2
–3.9
–0.2
2.4
3.7
3.8
3.2
2.6
2.0
1.8 ...........
Real disposable personal income......................................................
2.6
4.4
1.7
1.0
–1.4
–3.2
–2.3
–2.4
–0.3
1.0
3.0
3.5
2.6
1.1
0.1
–0.1
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
2.5
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
2.0
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
2.6
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
1.7
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
2.7
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
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

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

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

15,087.7
......................
......................
......................
1,950.0
......................
......................
8,242.4
6,636.3
1,606.1
1,107.8
404.2
......................
535.8
1,035.2
134.4
–14.6

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
49.6
13,430.9
8,250.0
6,641.9
1,608.1
1,113.7
406.3
1,970.1
535.7
1,035.8
133.7
–14.5

15,294.3
......................
......................
......................
1,983.0
......................
......................
8,327.4
6,708.0
1,619.4
1,115.5
428.6
......................
525.1
1,039.0
135.4
–13.9

13,861.5

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

14,730.5

14,919.8

15,022.7

15,126.5 ......................

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

2010

2011

2010

III

IV

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

12,961.0
8,242.4
6,636.3
1,606.1
1,107.8
64.9
1,042.9
404.2
1,790.7
997.8
792.9
2,336.0
920.1
1,404.8
11,556.2
11,050.9
505.3
4.4

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

12,979.6
8,250.0
6,641.9
1,608.1
1,113.7
67.5
1,046.2
406.3
1,794.2
994.8
799.4
2,336.6
921.2
1,408.5
11,571.1
11,114.6
456.5
3.9

13,062.2
8,327.4
6,708.0
1,619.4
1,115.5
58.7
1,056.8
428.6
1,789.1
975.7
813.4
2,331.9
930.2
1,448.5
11,613.8
11,184.5
429.3
3.7

8,969.7
9,882.7

9,083.0
10,061.6

9,335.4
10,153.5

9,166.7
10,152.0

9,329.8
10,183.2

9,332.9
10,169.7

9,309.7
10,121.6

9,369.8
10,141.2

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

1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts
on assets, and personal current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.

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

2010

2011

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 –2.0 –12.0
0.1 –8.3 –17.4 –27.1 –20.6 –3.9 –17.8 –18.6
27.4 11.9 –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 32.8
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 –14.7 48.4 –11.5 –16.5 79.6 15.1
5.9 41.8 –36.7
0.3
4.0
2.6 –3.6
0.4 –5.2 –12.7 –8.7 –1.1
1.4
5.6
5.2
3.6 ..........
2.6 –1.1 –2.6 –9.8 –7.0 –2.1
1.3
4.8
6.3

2011

II

III

IV

I

3.8
4.0
2.6
15.0
15.7
3.5
12.7
3.7
17.7
4.6
3.8

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

II

III

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
2.8
2.2 12.9
1.2 –0.9
5.8 –1.8
5.1 12.8
1.7
2.5
42.1 32.1
1.6
2.6
–6.3 –5.9
2.8
3.6
0.2 ..........

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

0.4
0.9
0.5
0.8
1.0

1.6
1.8
1.4
1.5
1.0

2.6
2.4
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

0.9
0.7
1.1
0.7
1.2

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.