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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, JANUARY 30, 2013 BEA 13-02 Lisa Mataloni: Recorded message: (202) 606-5304 (GDP) (202) 606-5306 gdpniwd@bea.gov GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2012 (ADVANCE ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 0.1 percent in the fourth quarter of 2012 (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 3.1 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 and the "Comparisons of Revisions to GDP" on page 5). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 28, 2013. The decrease in real GDP in the fourth quarter primarily reflected negative contributions from private inventory investment, federal government spending, and exports that were partly offset by positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased. The downturn in real GDP in the fourth quarter primarily reflected downturns in private inventory investment, in federal government spending, in exports, and in state and local government spending that were partly offset by an upturn in nonresidential fixed investment, a larger decrease in imports, and an acceleration in PCE. Final sales of computers added 0.15 percentage point to the fourth-quarter change in real GDP after adding 0.11 percentage point to the third-quarter change. Motor vehicle output added 0.04 percentage point to the fourth-quarter change in real GDP after subtracting 0.25 percentage point from 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. - more - -2- The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.3 percent in the fourth quarter, compared with an increase of 1.4 percent in the third. Excluding food and energy prices, the price index for gross domestic purchases increased 1.1 percent in the fourth quarter, compared with an increase of 1.2 percent in the third. Real personal consumption expenditures increased 2.2 percent in the fourth quarter, compared with an increase of 1.6 percent in the third. Durable goods increased 13.9 percent, compared with an increase of 8.9 percent. Nondurable goods increased 0.4 percent, compared with an increase of 1.2 percent. Services increased 0.9 percent, compared with an increase of 0.6 percent. Real nonresidential fixed investment increased 8.4 percent in the fourth quarter, in contrast to a decrease of 1.8 percent in the third. Nonresidential structures decreased 1.1 percent; it was unchanged in the third quarter. Equipment and software increased 12.4 percent in the fourth quarter, in contrast to a decrease of 2.6 percent in the third. Real residential fixed investment increased 15.3 percent, compared with an increase of 13.5 percent. Real exports of goods and services decreased 5.7 percent in the fourth quarter, in contrast to an increase of 1.9 percent in the third. Real imports of goods and services decreased 3.2 percent, compared with a decrease of 0.6 percent. Real federal government consumption expenditures and gross investment decreased 15.0 percent in the fourth quarter, in contrast to an increase of 9.5 percent in the third. National defense decreased 22.2 percent, in contrast to an increase of 12.9 percent. Nondefense increased 1.4 percent, compared with an increase of 3.0 percent. Real state and local government consumption expenditures and gross investment decreased 0.7 percent, in contrast to an increase of 0.3 percent. The change in real private inventories subtracted 1.27 percentage points from the fourth-quarter change in real GDP after adding 0.73 percentage point to the third-quarter change. Private businesses increased inventories $20.0 billion in the fourth quarter, following increases of $60.3 billion in the third and $41.4 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 2.4 percent in the third. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 0.1 percent in the fourth quarter, compared with an increase of 2.6 percent in the third. Disposition of personal income Current-dollar personal income increased $256.2 billion (7.9 percent) in the fourth quarter, compared with an increase of $72.7 billion (2.2 percent) in the third. The acceleration in personal income primarily reflected a sharp acceleration in personal dividend income, an upturn in personal - more - -3interest income, and an acceleration in wage and salary disbursements. The sharp acceleration in personal dividend income reflected accelerated and special dividends that were paid by many companies in the fourth quarter in anticipation of changes in individual income tax rates. The upturn in personal interest income primarily reflected an upturn in interest rates for Treasury Inflation Protected Securities. The acceleration in wages and salaries reflected the pattern of monthly Bureau of Labor Statistics employment, hours, and earnings data for the fourth quarter, as well as a judgmental estimate of accelerated compensation in the form of bonus payments and other irregular pay in the fourth quarter. Personal current taxes increased $21.0 billion in the fourth quarter, compared with an increase of $10.0 billion in the third. Disposable personal income increased $235.2 billion (8.1 percent) in the fourth quarter, compared with an increase of $62.7 billion (2.1 percent) in the third. Real disposable personal income increased 6.8 percent, compared with an increase of 0.5 percent. Personal outlays increased $95.0 billion (3.3 percent) in the fourth quarter, compared with an increase of $88.6 billion (3.1 percent) in the third. Personal saving -- disposable personal income less personal outlays -- was $570.0 billion in the fourth quarter, compared with $429.8 billion in the third. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.7 percent in the fourth quarter, compared with 3.6 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 0.5 percent, or $18.0 billion, in the fourth quarter to a level of $15,829.0 billion. In the third quarter, current-dollar GDP increased 5.9 percent, or $225.4 billion. 2012 GDP Real GDP increased 2.2 percent in 2012 (that is, from the 2011 annual level to the 2012 annual level), compared with an increase of 1.8 percent in 2011. The increase in real GDP in 2012 primarily reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, exports, residential fixed investment, and private inventory investment that were partly offset by negative contributions from federal government spending and from state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. The acceleration in real GDP in 2012 primarily reflected a deceleration in imports, upturns in residential fixed investment and in private inventory investment, and smaller decreases in state and local government spending and in federal government spending that were partly offset by decelerations in PCE, exports, and nonresidential fixed investment. - more - -4The price index for gross domestic purchases increased 1.7 percent in 2012, compared with an increase of 2.5 percent in 2011. Current-dollar GDP increased 4.0 percent, or $600.3 billion, in 2012, compared with an increase of 4.0 percent, or $576.8 billion, in 2011. During 2012 (that is, measured from the fourth quarter of 2011 to the fourth quarter of 2012) real GDP increased 1.5 percent. Real GDP increased 2.0 percent during 2011. The price index for gross domestic purchases increased 1.5 percent during 2012, compared with an increase of 2.5 percent during 2011. 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." For information on revisions, see "Revisions to GDP, GDI, and Their Major Components." 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 28, 2013, at 8:30 A.M. EST for: Gross Domestic Product: Fourth Quarter and Annual 2012 (Second Estimate) Release Dates in 2013 2012: IV and 2012 annual 2013: I 2013: II Gross Domestic Product Advance…… January 30 Second…….. February 28 Third………. March 28 April 26 May 30 June 26 July 31 October 30 August 29 November 26 September 26 December 20 Corporate Profits Preliminary... Revised……. May 30 June 26 August 29 November 26 September 26 December 20 ……….. March 28 - more - 2013: III -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 .1 .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 Advance to latest........ .2 1.3 NOTE. These comparisons are based on the period from 1983 through 2009. - more - 0.4 .5 .2 1.0 Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2010 2011 2012 2009 I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Gross domestic product (GDP) ..... 2.4 1.8 2.2 Personal consumption expenditures ....... 1.8 2.5 1.9 Goods....................................................... 3.6 3.8 3.1 Durable goods ...................................... 6.2 7.2 7.8 Nondurable goods ................................ 2.3 2.3 0.9 Services ................................................... 1.0 1.9 1.3 Gross private domestic investment ......... 13.7 5.2 9.6 Fixed investment ...................................... –0.2 6.6 8.5 Nonresidential ...................................... 0.7 8.6 7.7 Structures ......................................... –15.6 2.7 9.6 Equipment and software................... 8.9 11.0 6.9 Residential............................................ –3.7 –1.4 11.9 Change in private inventories................... .......... .......... .......... Net exports of goods and services .......... .......... .......... .......... Exports..................................................... 11.1 6.7 3.2 Goods................................................... 14.3 7.2 4.0 Services ............................................... 4.7 5.6 1.3 Imports ..................................................... 12.5 4.8 2.5 Goods................................................... 14.9 5.2 2.2 Services ............................................... 2.5 2.8 4.2 Government consumption expenditures and gross investment ............................ 0.6 –3.1 –1.7 Federal ..................................................... 4.5 –2.8 –2.2 National defense .................................. 3.0 –2.6 –3.1 Nondefense .......................................... 7.7 –3.1 –0.3 State and local ......................................... –1.8 –3.4 –1.3 Addenda: Final sales of domestic product................ 0.9 2.0 2.0 Gross domestic purchases....................... 2.8 1.7 2.1 Final sales to domestic purchasers.......... 1.3 1.8 1.9 Gross national product (GNP).................. 2.8 2.0 .......... Disposable personal income .................... 1.8 1.3 1.5 Current-dollar measures: GDP...................................................... 3.8 4.0 4.0 Final sales of domestic product............ 2.2 4.1 3.8 Gross domestic purchases................... 4.5 4.2 3.8 Final sales to domestic purchasers ...... 3.0 4.4 3.7 GNP...................................................... 4.2 4.2 .......... Disposable personal income ................ 3.8 3.8 3.3 See “Explanatory Note” at the end of the tables. –5.3 –1.6 0.2 1.3 –0.3 –2.5 –43.0 –30.2 –28.9 –30.5 –27.9 –35.1 .......... .......... –28.7 –35.3 –12.6 –33.9 –37.3 –17.2 II 2010 III IV I II 2011 III IV I II 2012 III IV I II Line III IV –0.3 1.4 4.0 2.3 2.2 2.6 2.4 0.1 2.5 1.3 4.1 2.0 1.3 3.1 –0.1 –1.8 2.1 0.0 2.5 2.6 2.5 4.1 3.1 1.0 1.7 2.0 2.4 1.5 1.6 2.2 –2.1 7.5 –0.5 5.2 3.3 3.8 7.9 5.4 –1.0 1.4 5.4 4.7 0.3 3.6 4.6 –2.0 20.9 –6.1 5.5 10.5 7.2 15.2 7.3 –2.3 5.4 13.9 11.5 –0.2 8.9 13.9 –2.1 1.7 2.3 5.1 0.1 2.2 4.5 4.6 –0.3 –0.4 1.8 1.6 0.6 1.2 0.4 –1.6 –0.4 0.2 1.2 2.3 1.9 2.3 2.0 1.9 1.8 0.3 1.3 2.1 0.6 0.9 –27.1 –1.7 41.4 19.8 14.6 16.4 –5.9 –5.3 12.5 5.9 33.9 6.1 0.7 6.6 –0.6 –18.5 –3.1 –6.0 –0.9 14.5 –1.0 7.6 –1.3 12.4 15.5 10.0 9.8 4.5 0.9 9.7 –17.5 –7.8 –6.4 2.1 12.3 7.7 9.2 –1.3 14.5 19.0 9.5 7.5 3.6 –1.8 8.4 –31.4 –26.7 –28.8 –23.0 13.1 –2.2 9.3 –28.2 35.2 20.7 11.5 12.9 0.6 0.0 –1.1 –8.6 3.6 6.0 14.7 12.0 11.9 9.2 11.1 7.8 18.3 8.8 5.4 4.8 –2.6 12.4 –22.2 17.2 –4.8 –11.4 23.1 –28.6 1.5 –1.4 4.1 1.4 12.1 20.5 8.5 13.5 15.3 .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ........... 0.6 13.8 24.0 5.9 9.6 9.7 10.0 5.7 4.1 6.1 1.4 4.4 5.3 1.9 –5.7 –2.6 21.1 30.4 9.9 11.9 9.0 11.2 5.7 3.7 6.2 6.0 4.0 7.0 1.1 –7.9 7.4 0.4 11.4 –2.2 4.5 11.1 7.4 5.8 5.1 6.1 –8.8 5.2 1.1 4.0 –0.1 –15.9 17.2 19.3 10.4 20.2 13.9 0.0 4.3 0.1 4.7 4.9 3.1 2.8 –0.6 –3.2 –18.5 21.1 23.7 12.2 24.7 14.1 1.1 5.2 –0.7 2.9 6.3 2.0 2.9 –1.2 –2.7 –4.7 2.8 2.4 2.4 1.2 12.9 –5.0 –0.6 4.2 13.8 –1.7 9.0 2.3 2.6 –5.4 1.8 –3.0 –7.0 6.1 4.9 9.6 13.7 16.1 8.8 7.2 3.7 6.3 7.6 3.5 2.2 1.1 4.2 1.3 10.5 –0.9 –3.1 0.6 –3.7 10.1 –5.5 2.8 9.7 7.3 14.6 –1.4 –0.3 3.7 7.2 –3.1 –2.9 –4.4 –7.0 –4.1 –10.3 –6.1 –14.3 0.0 –1.7 –4.6 –4.7 –0.8 –2.9 –2.2 2.8 –4.3 –4.4 8.3 2.6 –10.6 –7.5 –17.4 10.2 –3.2 –2.0 –0.7 –3.1 –7.3 –5.2 –5.2 –4.7 0.6 –2.7 –1.8 –0.4 –0.5 1.2 2.1 1.8 2.8 –6.1 –0.6 4.0 –0.5 4.4 –0.6 0.1 3.1 0.9 2.7 5.7 2.2 3.9 3.9 2.9 6.3 0.6 3.5 1.5 2.6 1.2 4.1 1.1 2.7 2.2 1.0 0.6 0.0 0.5 0.6 4.4 2.4 1.9 1.8 2.8 –1.5 2.3 1.2 2.2 1.4 –1.3 –4.4 –2.1 –9.6 –7.4 –4.4 –6.8 –1.1 –0.1 –2.5 –1.5 –1.1 1.1 1.9 1.8 3.8 3.7 3.3 –3.3 5.3 0.8 6.3 1.9 5.7 2.5 3.9 1.6 5.2 3.0 4.3 7.6 4.1 3.8 4.8 4.6 4.7 6.9 4.6 2.7 4.8 2.9 4.6 2.5 4.5 6.2 3.5 5.1 4.3 3.1 2.2 2.6 3.5 3.9 2.7 7.7 5.2 5.2 5.5 5.4 5.5 2.0 4.3 5.4 3.6 4.6 4.5 1.1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 –3.0 –4.2 –7.1 1.8 –2.2 –0.7 –0.2 –0.2 –0.4 –1.0 3.9 –6.6 9.5 –15.0 12.9 –22.2 3.0 1.4 0.3 –0.7 21 22 23 24 25 1.5 4.6 2.1 4.1 –0.2 2.4 1.8 2.2 0.6 3.7 1.7 1.0 1.4 2.1 2.2 2.4 1.1 2.6 0.1 1.9 1.3 2.9 ........... 0.5 6.8 26 27 28 29 30 4.2 1.9 5.3 3.0 4.3 0.9 4.2 4.4 4.6 4.8 2.8 6.3 2.8 3.3 1.7 2.2 3.6 2.9 5.9 0.5 5.2 1.7 4.2 1.4 3.5 2.7 5.7 ........... 2.1 8.1 31 32 33 34 35 36 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates Line 2010 2011 2012 2009 I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 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 off-premises consumption ................................................... Clothing and footwear......................................... Gasoline and other energy goods ...................... Other nondurable goods..................................... Services .................................................................... Household consumption expenditures (for services) ............................................................. Housing and utilities ........................................... Health care ......................................................... Transportation services ...................................... Recreation services............................................ Food services and accommodations .................. Financial services and insurance ....................... Other services .................................................... Final consumption expenditures of nonprofit institutions serving households .......................... Gross output of nonprofit institutions .................. Less: Receipts from sales of goods and services by nonprofit institutions..................... Gross private domestic investment ........................... Fixed investment ...................................................... Nonresidential ........................................................ Structures ........................................................... Equipment 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. II 2010 III 2.4 1.8 2.2 –5.3 –0.3 1.4 1.28 0.82 0.45 0.05 0.11 0.24 0.05 0.37 1.79 0.89 0.53 0.13 0.10 0.25 0.05 0.36 1.34 0.74 0.58 0.19 0.10 0.24 0.06 0.16 –1.06 0.06 0.11 0.25 –0.22 0.10 –0.03 –0.05 –1.21 –0.46 –0.14 0.03 –0.10 –0.11 0.05 –0.32 1.50 1.68 1.43 0.96 0.08 0.34 0.04 0.26 IV II III 2.3 2.2 2.6 –0.01 1.72 1.81 –0.10 1.18 0.76 –0.47 0.40 0.74 –0.89 –0.11 0.34 0.11 0.17 0.18 0.32 0.23 0.23 0.00 0.12 –0.01 0.37 0.79 0.02 1.75 0.86 0.52 0.20 0.04 0.21 0.07 0.35 0.52 0.00 0.22 0.03 0.03 0.15 0.03 0.05 –0.94 0.21 0.25 –0.27 –0.09 –0.31 –0.58 –0.15 I II III 2.4 0.1 2.5 1.3 2.84 1.78 1.07 0.55 0.14 0.28 0.10 0.71 2.22 1.27 0.53 0.14 0.07 0.31 0.03 0.73 2.0 1.3 3.1 –0.1 1 1.72 1.06 1.11 0.08 0.85 –0.02 0.31 –0.26 0.14 –0.01 0.28 0.16 0.11 0.10 0.26 0.10 1.12 0.85 0.66 0.25 0.09 0.25 0.07 0.19 1.52 1.08 1.02 0.62 0.07 0.25 0.08 0.06 2 3 4 5 6 7 8 9 0.02 0.00 –0.03 0.01 –0.03 0.08 0.13 –0.12 0.12 –0.01 0.02 –0.07 0.23 –0.08 –0.10 0.18 0.20 0.02 0.14 0.20 0.16 0.61 0.99 0.26 0.44 10 11 12 13 14 –0.08 0.60 0.96 0.95 1.07 0.90 0.76 0.52 0.26 0.64 0.69 0.35 0.40 0.12 0.11 0.08 0.24 0.04 –0.04 0.22 0.22 –0.45 –0.28 0.68 0.16 –0.47 –0.09 –0.20 0.35 0.51 0.59 0.48 0.33 –0.10 0.42 0.42 –0.15 0.31 0.26 –0.07 –0.02 0.05 0.07 0.04 0.03 0.06 0.06 –0.02 0.03 0.06 0.03 0.03 0.05 0.09 –0.06 0.12 0.13 –0.03 0.16 0.05 0.02 –0.02 0.07 0.02 0.01 –0.02 0.26 0.20 0.12 0.15 0.22 0.13 0.10 0.21 0.21 0.05 0.06 0.33 –0.13 0.35 0.25 –0.25 –0.06 0.02 –0.08 0.24 –0.11 0.20 –0.01 –0.26 0.22 0.05 0.01 0.10 0.14 0.18 0.22 –0.06 –0.06 0.19 0.07 –0.01 0.03 0.02 15 16 17 18 19 20 21 22 0.19 –0.20 0.09 0.33 0.21 0.13 0.05 0.28 0.29 –0.13 –0.02 –0.20 0.10 0.22 0.23 0.30 0.54 1.05 0.88 1.06 –0.62 0.05 0.34 –0.14 –0.10 –0.17 –0.30 –0.30 –0.24 0.07 0.20 –0.11 –0.09 –0.04 –0.25 –0.03 0.06 0.14 0.17 –0.07 0.03 –0.14 0.70 1.18 1.45 –0.22 0.33 1.29 –0.17 0.40 1.00 –0.53 0.05 0.63 0.07 0.10 0.16 0.20 0.23 0.25 0.08 0.02 –0.04 –0.05 –0.06 0.29 0.19 0.10 0.00 0.05 0.06 –0.14 0.18 –0.42 –0.09 0.31 0.20 0.16 0.95 0.92 0.85 0.05 0.14 4.1 0.33 –0.10 –0.02 0.07 0.24 0.31 0.07 –0.18 –0.13 0.22 0.05 0.09 0.08 1.50 –0.03 0.07 –0.50 0.56 0.13 0.62 0.76 0.80 0.07 0.72 0.14 1.18 1.02 0.75 0.26 0.49 0.24 –7.02 –4.73 –3.54 –1.39 –2.16 0.22 –3.52 –2.49 –1.86 –1.31 –0.54 0.09 –0.14 –0.32 –0.73 –0.98 0.25 –0.14 –0.08 3.85 2.13 –0.69 –0.10 –0.57 0.20 –0.98 –0.70 0.40 0.90 0.16 0.02 0.05 0.10 –0.01 0.38 0.04 –0.09 1.52 –0.04 1.56 –0.52 1.29 1.11 0.18 –1.81 –1.74 –0.07 0.18 0.06 0.12 –0.01 0.14 0.26 0.14 –0.03 –0.14 0.02 –0.17 0.07 0.87 0.65 0.22 –0.80 –0.72 –0.08 0.13 0.02 0.10 0.01 0.08 0.19 0.08 0.27 0.16 –0.06 0.22 0.00 0.44 0.39 0.05 –0.44 –0.32 –0.12 –0.17 0.04 –0.02 –0.20 –0.70 –0.93 –0.36 –1.18 –2.29 –0.07 –2.22 2.45 –3.78 –3.29 –0.49 6.24 5.68 0.56 0.10 0.05 0.09 –0.04 –0.24 –0.01 –0.39 –0.63 –1.03 –0.03 –1.00 2.47 0.10 –0.17 0.27 2.37 2.22 0.15 0.40 0.00 0.09 0.31 –0.11 0.11 –0.14 0.40 0.19 –0.10 0.29 –0.70 1.48 1.46 0.02 –2.18 –2.12 –0.06 0.28 0.13 0.11 0.04 –0.06 0.21 –0.03 –0.12 4.55 0.14 4.41 –0.05 2.55 2.14 0.42 –2.60 –2.55 –0.05 0.02 0.01 –0.04 0.04 0.25 0.44 0.06 0.51 0.07 –0.10 0.17 –1.81 1.14 0.97 0.17 –2.95 –2.92 –0.03 0.24 –0.04 0.12 0.16 –0.01 0.49 0.04 –0.80 1.97 –0.19 2.16 –0.95 1.18 0.76 0.41 –2.13 –1.79 –0.34 0.28 0.05 0.12 0.11 0.11 0.08 0.13 0.03 –1.61 0.03 –1.64 1.24 1.24 0.96 0.28 –0.01 –0.15 0.15 0.02 0.01 0.14 –0.13 0.18 0.26 0.27 –0.03 –0.54 0.11 –0.65 0.03 0.75 0.52 0.23 –0.72 –0.73 0.01 0.30 0.21 0.13 –0.04 0.01 0.13 0.09 0.09 0.01 –0.02 0.03 0.54 0.56 0.35 0.21 –0.02 0.10 –0.12 0.13 0.06 0.14 –0.07 0.38 0.40 0.30 0.03 –1.07 0.11 –1.18 0.02 0.83 0.59 0.25 –0.81 –0.43 –0.38 0.23 0.06 0.16 0.02 0.25 0.32 –0.17 0.26 2.53 0.05 2.48 –0.64 0.21 0.58 –0.38 –0.85 –0.90 0.05 0.21 0.07 0.04 0.10 –0.18 0.22 0.14 0.43 –0.39 –0.03 –0.37 0.06 0.60 0.39 0.21 –0.54 –0.29 –0.25 –0.09 –0.12 0.11 –0.08 0.16 0.19 0.09 0.19 –0.46 –0.17 –0.29 0.23 0.72 0.67 0.05 –0.49 –0.42 –0.07 0.50 0.31 0.15 0.04 0.10 0.20 0.06 0.36 –1.27 0.11 –1.37 –0.25 –0.81 –0.80 –0.01 0.56 0.40 0.16 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 0.14 0.37 0.17 0.15 0.02 0.20 0.15 0.05 –0.23 –0.14 –0.09 –0.67 –0.23 –0.15 –0.09 –0.06 –0.09 –0.08 –0.01 –0.43 –0.24 –0.19 –0.34 –0.18 –0.17 –0.14 –0.02 –0.01 0.01 –0.02 –0.16 –0.08 –0.08 0.37 1.94 0.79 0.23 –0.69 0.59 –0.23 1.04 0.51 0.34 0.04 0.78 –0.37 0.83 0.42 0.07 –0.22 0.40 –0.21 0.62 0.37 0.08 –0.10 0.25 –0.16 0.21 0.04 –0.01 –0.12 0.14 0.14 0.21 0.09 0.27 0.26 0.38 0.15 0.23 0.04 0.22 0.19 0.29 –0.01 –0.02 0.04 0.05 0.08 0.09 0.60 0.90 0.28 –0.12 –0.73 –0.19 0.63 0.74 0.31 0.16 –0.45 –0.43 –0.03 0.17 –0.03 –0.28 –0.28 0.24 –0.06 0.31 0.40 0.31 0.09 –0.09 –0.09 0.00 –0.37 –0.37 0.00 –0.94 –0.35 –0.35 –0.29 –0.05 0.00 0.01 –0.01 –0.59 –0.29 –0.30 –1.49 –0.89 –0.84 –0.56 –0.28 –0.05 –0.07 0.01 –0.60 –0.19 –0.40 –0.16 0.23 0.45 0.36 0.09 –0.22 –0.18 –0.04 –0.39 –0.20 –0.19 –0.60 –0.36 0.15 0.26 –0.11 –0.51 –0.47 –0.04 –0.24 –0.17 –0.08 –0.43 –0.35 –0.60 –0.66 0.05 0.25 0.28 –0.02 –0.08 –0.08 –0.01 –0.60 –0.34 –0.39 –0.22 –0.16 0.05 0.08 –0.03 –0.26 –0.05 –0.21 –0.14 0.75 –1.33 –0.02 0.71 –1.25 –0.01 0.64 –1.28 –0.10 0.64 –1.28 0.09 0.00 0.00 –0.01 0.08 0.04 –0.01 0.09 0.02 0.00 –0.02 0.01 –0.12 0.04 –0.08 –0.10 0.02 –0.11 –0.01 0.01 0.03 49 50 51 52 53 54 55 56 57 58 59 2.33 1.37 0.72 0.62 –0.65 –0.19 0.50 0.25 –0.06 0.12 1.49 0.31 0.38 0.30 0.05 –2.17 0.21 1.50 4.51 3.58 –0.26 2.65 1.57 0.99 –0.48 1.26 0.50 0.91 0.02 1.32 0.80 0.92 0.37 –2.59 –1.78 –0.56 –1.40 –1.27 1.19 –0.85 –0.09 –1.29 –1.38 0.35 1.41 0.34 0.51 0.48 0.34 –0.32 0.75 0.18 –0.08 –0.24 –0.19 0.01 –0.12 0.11 0.21 0.16 0.91 0.98 0.59 0.05 0.08 1.09 0.38 1.73 0.28 0.38 0.76 1.11 –0.78 0.50 0.12 0.27 0.36 0.72 0.20 –0.25 0.04 0.02 –0.10 0.11 0.15 60 61 62 63 64 0.05 –0.26 1.40 0.68 1.39 1.75 1.30 1.71 0.77 0.51 0.53 1.20 0.34 3.72 1.19 0.93 0.31 0.62 0.58 4.23 0.33 –0.62 0.37 0.49 0.03 0.55 0.12 0.12 0.29 –0.08 0.05 0.35 IV 0.07 0.20 0.23 0.35 0.29 0.09 1.65 1.87 –0.75 –0.68 1.58 –0.10 0.87 –0.14 1.07 0.70 0.83 –0.11 0.31 –0.06 0.23 –0.84 0.76 0.76 0.60 0.72 0.16 0.21 III 0.02 0.11 0.04 –0.04 –0.02 0.11 –0.10 0.73 0.23 –0.30 2.23 0.01 2.22 –0.83 0.70 0.79 –0.09 –1.53 –1.46 –0.06 0.09 –0.07 –0.01 0.32 0.28 0.28 IV Line II 4.0 IV 2012 I 0.11 0.13 0.00 –0.12 0.20 0.15 0.21 0.12 0.08 0.03 –0.10 –0.18 0.09 0.10 –0.01 –0.09 –0.03 0.26 –0.16 –0.09 –0.08 0.14 0.25 0.15 –0.09 –0.18 0.10 0.14 0.46 0.90 0.60 –1.12 –0.75 –0.18 0.09 0.44 0.82 0.11 0.07 0.15 0.39 –0.02 0.04 0.03 0.07 0.11 0.16 0.02 –0.02 0.04 0.11 2011 I 0.04 0.26 23 24 0.33 –0.24 0.43 0.22 0.78 0.09 0.85 –0.08 1.18 0.56 0.12 1.19 0.74 0.36 –0.19 0.83 0.35 0.02 0.00 –0.03 0.39 0.35 –0.19 0.86 25 26 27 28 29 30 –0.09 –0.19 0.07 0.04 0.00 –0.22 0.12 0.31 0.73 –0.38 1.11 0.38 0.27 0.11 0.16 0.11 0.18 –0.07 Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period—Continues Billions of current dollars Billions of chained (2005) dollars Seasonally adjusted at annual rates Change from preceding period Seasonally adjusted at annual rates Line 2012 2011 2012 2012 2011 2012 Line 2012 2012 IV 1 Gross domestic product....................................... 15,676.0 15,321.0 2 Personal consumption expenditures.......................... 11,119.5 10,873.8 3 Goods ........................................................................ 3,781.8 3,690.0 4 Durable goods......................................................... 1,218.8 1,175.1 5 Motor vehicles and parts ..................................... 407.6 390.3 6 Furnishings and durable household equipment 265.8 257.9 7 Recreational goods and vehicles ........................ 353.8 344.2 8 Other durable goods............................................ 191.6 182.7 9 Nondurable goods................................................... 2,563.0 2,515.0 10 Food and beverages purchased for off-premises 829.0 824.4 consumption .................................................... 11 Clothing and footwear.......................................... 366.1 355.9 12 Gasoline and other energy goods ....................... 439.2 427.6 13 Other nondurable goods...................................... 928.7 907.1 14 Services ..................................................................... 7,337.7 7,183.8 15 Household consumption expenditures (for services).............................................................. 7,035.4 6,888.5 16 Housing and utilities ............................................ 1,967.0 1,938.9 17 Health care.......................................................... 1,817.9 1,775.9 18 Transportation services ....................................... 313.0 306.1 19 Recreation services............................................. 410.5 400.3 20 Food services and accommodations................... 713.3 686.4 21 Financial services and insurance ........................ 828.6 812.5 22 Other services ..................................................... 985.0 968.4 23 Final consumption expenditures of nonprofit institutions serving households ........................... 302.3 295.3 24 Gross output of nonprofit institutions................... 1,218.4 1,180.5 25 Less: Receipts from sales of goods and services by nonprofit institutions.................................... 916.2 885.2 26 Gross private domestic investment ............................ 2,059.5 1,991.1 27 Fixed investment....................................................... 1,999.0 1,909.0 28 Nonresidential ......................................................... 1,616.6 1,560.1 29 Structures............................................................ 458.5 438.2 30 Equipment and software...................................... 1,158.1 1,122.0 31 Information processing equipment and software ....................................................... 555.2 548.5 32 Computers and peripheral equipment ......... 79.8 81.6 33 Software....................................................... 293.2 286.9 34 Other............................................................ 182.3 180.0 35 Industrial equipment ........................................ 197.3 196.6 36 Transportation equipment ................................ 197.8 183.1 37 Other equipment.............................................. 207.8 193.7 38 Residential .............................................................. 382.4 348.8 39 Change in private inventories.................................. 60.6 82.1 40 Farm........................................................................ –16.4 –3.1 41 Nonfarm .................................................................. 77.0 85.2 42 Net exports of goods and services............................. –566.7 –594.8 43 Exports ...................................................................... 2,179.7 2,120.3 44 Goods...................................................................... 1,539.6 1,501.9 45 Services .................................................................. 640.1 618.4 46 Imports....................................................................... 2,746.3 2,715.1 47 Goods...................................................................... 2,294.2 2,277.3 48 Services .................................................................. 452.1 437.8 I II III IV IV I II III IV 15,478.3 11,007.2 3,755.9 1,204.6 402.1 264.6 350.2 187.7 2,551.3 15,585.6 11,067.2 3,741.5 1,200.3 396.0 264.0 351.0 189.4 2,541.2 15,811.0 11,154.4 3,792.5 1,218.9 404.5 266.7 355.1 192.7 2,573.6 15,829.0 11,249.1 3,837.3 1,251.4 427.9 268.1 359.0 196.4 2,585.9 13,441.0 9,489.3 3,367.9 1,300.1 360.1 280.2 528.5 158.3 2,080.5 13,506.4 9,546.8 3,406.6 1,336.1 371.2 286.0 545.0 162.1 2,088.9 13,548.5 9,582.5 3,409.4 1,335.3 361.8 285.5 554.6 165.5 2,092.0 13,652.5 9,620.1 3,439.7 1,364.0 370.5 289.5 569.9 168.0 2,098.2 13,647.6 9,671.9 3,478.4 1,409.1 393.1 292.5 585.7 170.8 2,100.3 289.7 176.5 102.5 98.5 26.7 15.9 55.2 8.2 19.6 104.0 37.6 30.3 28.7 8.7 4.0 15.3 2.5 6.2 –4.9 51.8 38.7 45.1 22.6 3.0 15.8 2.8 2.1 1 2 3 4 5 6 7 8 9 827.0 827.5 829.2 832.4 685.7 686.4 686.4 685.4 685.9 685.0 363.1 363.0 368.9 369.4 354.1 350.2 355.3 350.8 355.4 355.0 440.5 428.5 443.1 444.5 269.0 268.2 266.5 272.0 270.0 267.6 920.6 922.3 932.4 939.5 797.4 786.2 792.9 793.5 798.2 805.0 7,251.3 7,325.7 7,361.9 7,411.8 6,178.0 6,126.0 6,145.9 6,178.2 6,186.7 6,201.3 0.4 4.1 –2.5 20.0 76.5 0.5 4.6 –2.0 4.7 8.5 –0.9 –0.4 –2.4 6.8 14.6 10 11 12 13 14 6,956.4 7,019.4 7,060.6 7,105.3 5,880.9 5,834.5 5,855.1 5,877.6 5,888.8 5,902.0 1,935.2 1,968.3 1,983.5 1,980.9 1,678.3 1,672.0 1,662.7 1,685.2 1,690.6 1,674.6 1,800.4 1,803.5 1,825.9 1,841.8 1,516.8 1,499.7 1,513.3 1,508.4 1,518.4 1,527.0 309.4 313.0 313.6 315.9 252.7 249.7 250.6 252.4 253.4 254.2 404.6 409.5 413.1 414.9 350.2 348.5 347.9 350.4 351.0 351.4 700.5 709.0 714.1 729.7 584.3 572.8 579.5 581.0 582.9 593.7 827.5 830.9 825.3 831.0 686.1 682.2 688.6 688.4 680.0 687.3 978.7 985.2 985.1 991.2 811.9 809.2 811.5 811.3 812.1 812.8 66.6 0.6 28.3 3.8 4.3 19.1 4.3 5.8 11.2 5.4 10.0 1.0 0.6 1.9 –8.4 0.8 13.2 –16.0 8.6 0.8 0.4 10.8 7.3 0.7 15 16 17 18 19 20 21 22 295.0 306.3 301.3 306.5 301.2 294.8 293.9 305.3 302.1 303.6 1,198.4 1,206.8 1,225.6 1,242.8 1,038.9 1,019.5 1,029.7 1,031.3 1,043.1 1,051.7 11.1 28.1 –3.2 11.8 1.5 8.6 23 24 17.5 168.1 144.0 105.6 30.6 74.2 13.7 30.4 4.2 –6.8 0.0 –7.4 6.9 –3.0 43.2 30.1 –1.0 33.8 25 26 27 28 29 30 636.9 22.8 –3.9 22.4 ............. ........... ........... ........... 299.9 15.7 2.7 6.1 199.0 1.2 1.5 1.6 166.9 10.6 0.1 3.2 187.7 27.9 –8.1 7.3 183.7 10.8 4.0 2.1 384.3 39.0 11.6 13.4 20.0 13.6 18.9 –40.3 –16.7 –7.8 –11.3 2.5 43.8 25.3 35.0 –44.4 –404.0 2.4 12.2 –8.8 1,824.0 57.0 8.8 –26.9 1,285.0 50.2 3.5 –26.8 539.5 6.8 5.2 –0.1 2,228.0 54.6 –3.5 –18.1 1,850.3 39.5 –5.8 –12.8 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 13,588.8 9,605.3 3,433.5 1,361.1 374.1 288.4 563.8 166.6 2,094.8 903.5 2,032.2 1,959.7 1,595.5 454.7 1,140.8 900.5 2,041.7 1,986.9 1,614.1 458.9 1,155.2 924.3 2,080.1 1,997.9 1,610.0 460.1 1,149.9 936.4 2,084.1 2,051.4 1,646.7 460.2 1,186.6 740.0 1,912.1 1,848.5 1,483.8 349.8 1,144.2 726.7 1,867.3 1,778.7 1,443.7 339.3 1,114.8 737.2 1,895.1 1,820.6 1,470.0 349.7 1,129.6 729.5 1,898.4 1,840.6 1,482.9 350.2 1,142.8 743.2 1,928.8 1,844.8 1,476.1 350.2 1,135.4 556.3 84.3 288.1 183.9 190.7 193.6 200.1 364.2 72.6 –4.1 76.7 –615.8 2,157.9 1,525.8 632.1 2,773.7 2,324.3 552.0 79.3 292.1 180.5 197.8 200.5 204.9 372.8 54.8 –12.7 67.5 –576.9 2,188.5 1,550.5 637.9 2,765.4 2,312.4 547.2 71.9 293.7 181.6 198.0 193.4 211.3 387.9 82.3 –26.5 108.7 –516.8 2,198.7 1,555.1 643.5 2,715.5 2,260.6 565.2 83.6 298.6 183.0 202.8 203.7 214.8 404.6 32.8 –22.3 55.0 –557.1 2,173.7 1,527.0 646.7 2,730.8 2,279.5 623.0 ............. 292.9 197.9 163.2 184.6 179.4 366.6 44.6 –11.6 61.8 –405.6 1,833.9 1,297.8 536.6 2,239.5 1,859.5 613.4 ............. 285.4 195.4 164.4 173.6 169.9 336.0 70.5 –1.6 74.4 –418.0 1,799.3 1,273.6 526.2 2,217.3 1,846.7 622.2 ............. 286.8 199.4 158.5 181.7 174.7 352.1 56.9 –2.6 62.0 –415.5 1,818.7 1,286.3 532.9 2,234.2 1,855.8 618.4 ............. 291.1 195.9 163.6 188.5 177.6 359.3 41.4 –7.9 53.2 –407.4 1,842.1 1,308.3 534.4 2,249.6 1,868.9 614.5 ............. 293.8 197.4 163.7 180.4 181.6 370.9 60.3 –19.2 88.2 –395.2 1,850.9 1,311.8 539.6 2,246.1 1,863.1 449.3 453.0 454.9 451.3 381.9 372.3 380.4 382.6 385.0 750.1 1,925.8 1,888.0 1,506.2 349.2 1,169.2 379.7 III 15.3 2.4 IV –5.3 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 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period—Table Ends Billions of current dollars Billions of chained (2005) dollars Seasonally adjusted at annual rates Change from preceding period Seasonally adjusted at annual rates Line 2012 2011 2012 2012 2011 2012 Line 2012 2012 49 Government consumption expenditures and gross investment ................................................................. 50 Federal ....................................................................... 51 National defense ..................................................... 52 Consumption expenditures.................................. 53 Gross investment................................................. 54 Nondefense............................................................. 55 Consumption expenditures.................................. 56 Gross investment................................................. 57 State and local .......................................................... 58 Consumption expenditures ..................................... 59 Gross investment .................................................... 60 Residual.......................................................................... Addenda: 61 Final sales of domestic product .................................. 62 Gross domestic purchases ......................................... 63 Final sales to domestic purchasers ............................ 64 Gross domestic product .......................................... 65 Plus: Income receipts from the rest of the world......... 66 Less: Income payments to the rest of the world ......... 67 Equals: Gross national product .............................. 68 Net domestic product.................................................. IV I II III IV 3,063.6 1,214.2 809.1 703.5 105.5 405.1 356.1 49.0 1,849.4 1,530.9 318.5 ............. 3,051.0 1,211.2 812.8 704.0 108.8 398.4 348.0 50.4 1,839.7 1,518.4 321.3 ............. 3,054.6 1,207.7 806.4 703.5 102.9 401.3 352.1 49.2 1,846.9 1,531.4 315.5 ............. 3,053.7 1,210.7 807.8 701.1 106.7 402.9 353.7 49.2 1,843.0 1,525.5 317.5 ............. 3,093.3 1,241.4 834.5 728.1 106.4 406.8 358.2 48.6 1,851.9 1,532.4 319.5 ............. 3,052.9 1,197.1 787.7 681.6 106.1 409.4 360.3 49.1 1,855.8 1,534.4 321.4 ............. 15,615.4 16,242.6 16,182.0 15,676.0 ............. ............. ............. 13,664.5 15,238.9 15,915.9 15,833.8 15,321.0 787.1 523.1 15,585.0 13,354.5 15,405.7 16,094.0 16,021.5 15,478.3 769.6 554.7 15,693.2 13,493.4 15,530.8 16,162.5 16,107.8 15,585.6 775.1 527.8 15,832.9 13,580.8 15,728.8 16,327.8 16,245.6 15,811.0 775.8 532.7 16,054.2 13,791.3 15,796.2 16,386.1 16,353.3 15,829.0 ............. ............. ............. 13,792.7 IV I II III 2,481.7 1,024.0 677.2 580.5 97.0 346.9 300.3 46.7 1,462.4 1,219.0 244.6 –91.1 2,502.7 1,034.2 690.1 590.0 100.6 344.1 296.1 48.2 1,473.3 1,223.5 250.8 –68.8 2,483.7 1,023.1 677.6 582.9 94.8 345.6 298.7 47.0 1,465.3 1,221.9 244.5 –83.5 2,479.4 1,022.5 677.3 579.8 97.9 345.3 298.6 46.8 1,461.6 1,218.7 244.0 –83.2 2,503.1 1,045.9 698.1 600.5 97.7 347.8 301.6 46.2 1,462.7 1,219.4 244.4 –85.5 13,532.8 13,986.3 13,929.7 13,588.8 ............. ............. ............. 11,774.5 13,361.4 13,851.4 13,771.3 13,441.0 686.5 455.1 13,672.9 11,650.7 13,440.1 13,914.4 13,847.5 13,506.4 667.0 479.7 13,693.8 11,706.6 13,497.9 13,948.5 13,897.1 13,548.5 670.5 455.7 13,763.6 11,739.2 13,577.4 14,039.3 13,963.6 13,652.5 668.5 458.4 13,862.9 11,833.6 IV III IV 2,460.6 –42.2 23.7 –42.5 1,004.4 –23.0 23.4 –41.5 655.7 –21.9 20.8 –42.4 558.7 –18.5 20.7 –41.8 97.7 –3.4 –0.2 0.0 349.0 –1.0 2.5 1.2 302.3 1.9 3.0 0.7 46.7 –3.2 –0.6 0.5 1,460.2 –19.6 1.1 –2.5 1,215.9 –10.4 0.7 –3.5 245.3 –9.0 0.4 0.9 –112.1 ............ ........... ........... 13,615.7 267.5 14,043.0 287.5 14,010.3 265.5 13,647.6 289.7 ............. ............ ............. ............ ............. ............ 11,818.8 252.1 79.5 38.3 90.8 3.7 66.5 46.7 104.0 –4.9 –2.0 ........... 2.7 ........... 99.3 ........... 94.4 –14.8 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 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 Line 2010 2011 2012 2009 I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Gross domestic product (GDP) 1.3 2.1 1.8 Personal consumption expenditures ... 1.9 2.4 1.7 Goods................................................... 1.7 3.8 1.2 Durable goods .................................. –1.3 –0.9 –1.4 Nondurable goods ............................ 3.2 6.0 2.4 Services ............................................... 2.0 1.8 2.0 Gross private domestic investment ..... –1.3 1.5 1.2 Fixed investment .................................. –1.2 1.6 1.4 Nonresidential .................................. –1.5 1.7 1.5 Structures ..................................... –1.1 4.7 3.4 Equipment and software............... –1.6 0.6 0.8 Residential........................................ –0.2 0.9 0.8 Change in private inventories............... .......... ........... ........... Net exports of goods and services ...... .......... ........... ........... Exports................................................. 4.5 6.4 0.8 Goods............................................... 5.1 7.6 0.4 Services ........................................... 3.4 3.8 2.0 Imports ................................................. 6.0 7.8 0.7 Goods............................................... 6.8 8.9 0.7 Services ........................................... 2.6 3.0 0.2 Government consumption expenditures and gross investment 2.4 3.3 1.8 Federal ................................................. 2.4 2.8 1.6 National defense .............................. 2.3 3.0 1.8 Nondefense ...................................... 2.4 2.2 1.2 State and local ..................................... 2.4 3.7 2.0 Addenda: Final sales of domestic product............ 1.3 2.1 1.8 Gross domestic purchases................... 1.6 2.5 1.7 Final sales to domestic purchasers...... 1.6 2.5 1.7 Gross national product (GNP).............. 1.3 2.1 ........... Implicit price deflators: GDP.................................................. 1.3 2.1 1.8 Gross domestic purchases............... 1.6 2.5 1.7 GNP.................................................. 1.3 2.1 ........... See “Explanatory Note” at the end of the tables. II 2010 III IV I II 2011 III IV I II 2012 III IV I II Line III IV 1.0 –0.8 0.5 1.3 1.5 1.7 2.0 2.1 2.0 2.6 3.0 0.4 2.0 1.6 2.7 0.6 –2.1 1.6 3.1 3.1 1.8 0.6 1.3 2.2 3.2 3.6 2.3 1.1 2.5 0.7 1.6 1.2 –7.0 4.3 5.7 3.1 1.3 –2.8 1.0 4.0 6.6 5.9 3.0 –0.2 2.5 –1.8 1.9 0.2 –2.4 –0.3 –2.6 1.0 –1.5 –2.0 –2.3 –2.1 –0.5 1.6 –0.6 –2.5 –1.0 –1.2 –2.3 –2.5 –9.2 6.5 9.9 4.1 2.6 –3.2 2.6 7.0 10.1 8.0 4.7 0.8 4.2 –2.2 4.0 1.5 0.3 0.4 1.8 3.0 2.1 2.3 1.4 1.3 1.6 2.4 2.0 1.7 2.5 2.0 1.4 1.8 –2.8 –6.4 –5.7 –1.3 –1.2 0.4 1.3 2.1 1.3 1.9 1.6 1.2 1.0 1.3 0.6 1.4 –2.3 –5.4 –4.3 –0.8 –1.6 –0.1 1.1 1.6 1.4 2.5 1.8 1.4 1.2 1.2 1.3 1.3 –2.2 –5.3 –4.6 –1.9 –2.0 0.4 1.1 1.5 1.9 2.6 1.9 1.5 1.8 1.2 0.8 1.0 –5.4 –12.1 –9.9 –1.4 1.2 2.4 2.6 3.7 5.1 6.7 5.7 4.5 2.7 3.2 1.0 1.2 –0.2 –1.4 –2.1 –2.3 –3.4 –0.4 0.4 0.6 0.8 1.2 0.5 0.4 1.4 0.4 0.7 0.9 –2.8 –5.9 –3.0 3.4 0.0 –2.0 1.4 2.4 –0.6 1.7 1.4 0.6 –1.4 1.2 3.3 2.7 .......... .......... ........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ........... .......... .......... ........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ........... –11.9 –0.1 5.0 5.7 4.9 5.0 0.9 9.6 11.1 8.4 1.7 –3.8 2.8 0.5 0.0 1.3 –14.4 2.1 5.1 5.4 5.5 5.5 1.0 12.6 13.3 9.4 1.2 –4.8 2.4 –0.4 0.1 1.0 –6.9 –4.5 4.7 6.4 3.8 3.9 0.8 3.0 5.9 5.9 2.9 –1.3 3.8 2.6 –0.4 2.1 –28.8 6.4 13.3 12.4 7.9 –2.1 –3.1 10.1 18.6 12.8 –1.9 0.0 5.6 –3.9 –6.5 5.6 –33.1 8.3 15.7 13.6 9.5 –2.8 –3.8 10.9 21.7 14.3 –2.0 0.6 6.4 –4.8 –7.5 6.3 –7.0 –0.9 3.9 7.2 1.0 0.8 0.8 6.0 4.5 5.1 –1.3 –3.1 1.7 1.0 –0.9 2.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 –2.6 0.8 –0.2 3.1 –4.7 –0.5 –1.7 –2.2 –0.6 0.2 1.5 1.5 1.2 2.3 1.5 2.1 2.2 2.3 2.1 2.0 4.7 5.5 5.9 4.9 4.2 1.2 1.1 1.0 1.5 1.3 1.7 1.2 0.9 1.7 2.0 3.6 2.3 2.8 1.2 4.6 5.2 4.9 6.1 2.8 5.3 4.1 3.6 3.3 4.2 4.4 2.4 2.2 2.3 2.1 2.6 0.0 –0.9 –0.9 –0.8 0.6 3.6 3.2 4.2 1.2 3.8 0.6 1.2 0.9 2.0 0.1 1.4 0.9 0.9 1.0 1.6 1.6 1.7 2.0 1.1 1.6 21 22 23 24 25 1.1 –2.4 –2.3 1.0 –0.7 0.2 0.3 –0.7 0.7 1.7 1.8 0.5 1.4 2.4 2.4 1.3 1.5 2.1 2.0 1.5 1.6 0.7 0.6 1.6 2.0 1.4 1.4 2.0 2.1 2.5 2.4 2.1 2.0 3.4 3.4 2.0 2.7 3.5 3.5 2.6 3.0 2.3 2.3 2.9 0.4 0.9 0.9 0.4 2.0 2.5 2.5 2.0 1.5 0.7 0.7 1.5 2.8 0.6 1.4 1.3 1.5 1.3 2.6 ........... 26 27 28 29 0.9 –2.5 0.9 –0.8 0.2 –0.8 0.5 1.7 0.5 1.2 2.3 1.2 1.6 2.1 1.5 1.8 0.8 1.8 1.9 1.3 1.9 2.0 2.3 2.0 2.1 3.5 2.1 2.6 3.5 2.7 3.0 2.3 3.0 0.1 0.6 0.2 2.2 2.7 2.2 1.5 0.7 1.5 2.7 0.6 1.5 1.3 2.7 ........... 30 31 32 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted Line 2010 2011 2012 2011 IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 2012 I II Line III IV Gross domestic product ..................................................... 103.486 105.356 107.651 106.481 106.999 107.333 108.156 108.117 Personal consumption expenditures ................................................ 104.460 107.103 109.108 107.790 108.443 108.849 109.276 109.864 Goods................................................................................................ 104.304 108.263 111.597 109.462 110.722 110.812 111.796 113.056 Durable goods ............................................................................... 104.887 112.395 121.167 115.736 118.937 118.866 121.423 125.441 Nondurable goods ......................................................................... 103.888 106.236 107.241 106.510 106.938 107.096 107.413 107.519 Services ............................................................................................ 104.554 106.543 107.879 106.970 107.318 107.882 108.031 108.286 Gross private domestic investment .................................................. 76.327 80.284 88.020 85.959 87.241 87.394 88.793 88.654 Fixed investment ............................................................................... 75.326 80.311 87.098 83.807 85.785 86.724 86.923 88.961 Nonresidential ............................................................................... 94.148 102.288 110.130 107.156 109.108 110.065 109.557 111.790 Structures .................................................................................. 88.308 90.733 99.453 96.449 99.421 99.560 99.558 99.273 Equipment and software............................................................ 96.822 107.473 114.933 111.972 113.460 114.790 114.049 117.435 Residential..................................................................................... 42.862 42.268 47.309 43.361 45.433 46.364 47.855 49.584 Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... Exports of goods and services ......................................................... 127.623 136.152 140.524 137.871 139.356 141.152 141.824 139.764 Imports of goods and services.......................................................... 102.832 107.746 110.439 109.345 110.179 110.936 110.766 109.875 Government consumption expenditures and gross investment .... 109.955 106.497 104.718 105.604 104.804 104.622 105.620 103.827 Federal .............................................................................................. 122.883 119.480 116.854 118.024 116.751 116.685 119.359 114.619 State and local .................................................................................. 102.711 99.224 97.914 98.643 98.103 97.858 97.932 97.763 Addenda: Final sales of domestic product......................................................... 103.478 105.506 107.634 106.271 106.897 107.356 107.988 108.293 Gross domestic purchases................................................................ 100.954 102.646 104.800 103.789 104.261 104.517 105.197 105.225 Final sales to domestic purchasers................................................... 100.932 102.771 104.768 103.577 104.150 104.523 105.023 105.375 Gross national product...................................................................... 104.193 106.304 ....................... 107.490 107.655 108.204 108.984 ....................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] Seasonally adjusted Line 2010 2011 2012 2011 IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 2012 I II Line III IV Gross domestic product ..................................................... 111.002 113.369 115.361 114.041 114.608 115.050 115.807 115.979 Personal consumption expenditures (PCE) ..................................... 111.087 113.790 115.764 114.593 115.300 115.496 115.952 116.310 Goods................................................................................................ 104.852 108.822 110.145 109.569 110.256 109.743 110.261 110.318 Durable goods ............................................................................... 91.611 90.799 89.552 90.381 90.157 89.888 89.358 88.804 Nondurable goods ......................................................................... 112.622 119.430 122.347 120.879 122.136 121.472 122.659 123.121 Services ............................................................................................ 114.418 116.435 118.771 117.270 117.989 118.576 118.997 119.522 Gross private domestic investment .................................................. 104.854 106.439 107.735 107.013 107.292 107.647 107.818 108.183 Fixed investment ............................................................................... 105.023 106.680 108.159 107.352 107.661 107.977 108.324 108.676 Nonresidential ............................................................................... 105.514 107.359 108.977 108.092 108.562 108.878 109.104 109.364 Structures .................................................................................. 121.158 126.850 131.212 129.302 130.167 131.198 131.540 131.942 Equipment and software............................................................ 99.806 100.445 101.218 100.656 101.001 101.094 101.282 101.497 Residential..................................................................................... 102.520 103.406 104.273 103.812 103.439 103.754 104.593 105.304 Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... Exports of goods and services ......................................................... 110.738 117.860 118.855 117.839 118.652 118.802 118.792 119.173 Imports of goods and services.......................................................... 112.989 121.851 122.646 122.463 124.156 122.942 120.907 122.577 Government consumption expenditures and gross investment .... 117.334 121.233 123.445 121.903 122.979 123.157 123.574 124.069 Federal .............................................................................................. 113.583 116.721 118.575 117.111 118.038 118.403 118.679 119.179 State and local .................................................................................. 119.579 124.001 126.457 124.866 126.042 126.089 126.605 127.094 Addenda: PCE excluding food and energy 1 ..................................................... 110.214 111.802 113.699 112.500 113.122 113.603 113.912 114.159 Market-based PCE 2 ......................................................................... 110.820 113.641 115.722 114.510 115.231 115.407 115.944 116.304 Market-based PCE excluding food and energy 2 .............................. 109.760 111.311 113.318 112.069 112.693 113.196 113.576 113.809 Final sales of domestic product......................................................... 110.993 113.371 115.390 114.056 114.628 115.065 115.849 116.019 Gross domestic purchases................................................................ 111.421 114.208 116.135 114.958 115.674 115.888 116.298 116.682 Final sales to domestic purchasers................................................... 111.420 114.219 116.172 114.981 115.703 115.911 116.346 116.728 Gross national product...................................................................... 110.986 113.363 ....................... 114.038 114.609 115.050 115.804 ....................... Implicit price deflators: Gross domestic product ................................................................ 110.993 113.359 115.360 113.987 114.599 115.035 115.810 115.984 Final sales of domestic product..................................................... 110.993 113.371 115.389 114.052 114.624 115.061 115.845 116.014 Gross domestic purchases............................................................ 111.412 114.198 116.133 114.905 115.665 115.873 116.301 116.686 Final sales to domestic purchasers ............................................... 111.420 114.219 116.170 114.977 115.699 115.907 116.342 116.724 Gross national product .................................................................. 110.977 113.353 ....................... 113.985 114.600 115.035 115.807 ....................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 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 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Line Gross domestic product (GDP) .............................................. 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.5 3.1 2.7 1.9 –0.3 –3.1 2.4 1.8 2.2 Personal consumption expenditures ................................................ 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 1.8 2.5 1.9 Goods................................................................................................ 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 3.6 3.8 3.1 Durable goods ............................................................................... 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 6.2 7.2 7.8 Nondurable goods ......................................................................... 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 2.3 2.3 0.9 Services ............................................................................................ 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 1.0 1.9 1.3 Gross private domestic investment .................................................. 12.4 10.0 8.8 6.8 –7.0 –1.4 3.9 10.1 5.5 2.7 –3.2 –10.2 –24.8 13.7 5.2 9.6 Fixed investment ............................................................................... 9.2 10.9 9.3 7.4 –1.9 –4.2 3.5 7.4 6.5 2.4 –1.9 –7.1 –19.0 –0.2 6.6 8.5 Nonresidential ............................................................................... 12.1 12.0 10.4 9.8 –2.8 –7.9 1.4 6.2 6.7 8.0 6.5 –0.8 –18.1 0.7 8.6 7.7 Structures .................................................................................. 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.1 6.4 –21.1 –15.6 2.7 9.6 Equipment and software............................................................ 13.8 14.5 14.1 10.5 –3.2 –4.2 3.1 7.9 8.5 7.6 3.3 –4.3 –16.4 8.9 11.0 6.9 Residential..................................................................................... 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.7 –23.9 –22.4 –3.7 –1.4 11.9 Change in private inventories............................................................ .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services ................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports.............................................................................................. 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 9.3 6.1 –9.1 11.1 6.7 3.2 Goods............................................................................................ 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 14.3 7.2 4.0 Services ........................................................................................ 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.6 –2.6 4.7 5.6 1.3 Imports .............................................................................................. 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.1 6.1 6.1 2.4 –2.7 –13.5 12.5 4.8 2.5 Goods............................................................................................ 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 14.9 5.2 2.2 Services ........................................................................................ 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 1.4 3.6 –3.3 2.5 2.8 4.2 Government consumption expenditures and gross investment .... 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.3 2.6 3.7 0.6 –3.1 –1.7 Federal .............................................................................................. –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.2 6.1 4.5 –2.8 –2.2 National defense ........................................................................... –2.8 –2.1 1.9 –0.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 6.0 3.0 –2.6 –3.1 Nondefense ................................................................................... 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 7.7 –3.1 –0.3 State and local .................................................................................. 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 1.4 0.0 2.2 –1.8 –3.4 –1.3 Addenda: Final sales of domestic product......................................................... 3.9 4.4 4.9 4.2 2.0 1.3 2.5 3.1 3.2 2.6 2.2 0.2 –2.3 0.9 2.0 2.0 Gross domestic purchases................................................................ 4.7 5.5 5.7 4.8 1.2 2.4 2.9 3.9 3.2 2.6 1.2 –1.5 –4.0 2.8 1.7 2.1 Final sales to domestic purchasers................................................... 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.5 3.3 2.5 1.4 –1.0 –3.3 1.3 1.8 1.9 Gross national product...................................................................... 4.3 4.3 4.9 4.2 1.2 1.8 2.7 3.6 3.1 2.4 2.3 0.0 –3.2 2.8 2.0 .......... Real disposable personal income ..................................................... 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.4 4.0 2.4 2.4 –2.8 1.8 1.3 1.5 Price indexes: Gross domestic purchases............................................................ 1.5 0.7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 –0.2 1.6 2.5 1.7 Gross domestic purchases excluding food and energy 1 .............. 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.1 2.7 2.6 0.6 1.4 1.9 1.7 GDP............................................................................................... 1.8 1.1 1.5 2.2 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 0.9 1.3 2.1 1.8 GDP excluding food and energy 1 ................................................. 1.8 1.2 1.6 2.2 2.0 1.8 2.0 2.8 3.5 3.3 2.8 2.4 0.7 1.6 2.0 1.7 Personal consumption expenditures.............................................. 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 0.1 1.9 2.4 1.7 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2009 2010 2011 2012 Line Line I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 II Gross domestic product (GDP) .............................................. –4.2 –4.6 Personal consumption expenditures (PCE) ..................................... –2.7 –3.1 Goods................................................................................................ –5.1 –5.7 Durable goods ............................................................................... –10.4 –10.2 Nondurable goods ......................................................................... –2.4 –3.4 Services ............................................................................................ –1.5 –1.8 Gross private domestic investment .................................................. –26.3 –30.8 Fixed investment ............................................................................... –18.8 –21.8 Nonresidential ............................................................................... –16.7 –20.1 Structures .................................................................................. –9.9 –19.9 Equipment and software............................................................ –20.1 –20.2 Residential..................................................................................... –26.2 –27.9 Change in private inventories............................................................ .......... .......... Net exports of goods and services ................................................... .......... .......... Exports.............................................................................................. –11.6 –14.1 Goods............................................................................................ –14.9 –18.2 Services ........................................................................................ –4.1 –4.5 Imports .............................................................................................. –15.4 –18.5 Goods............................................................................................ –17.9 –21.6 Services ........................................................................................ –2.4 –2.6 Government consumption expenditures and gross investment .... 2.3 4.3 Federal .............................................................................................. 5.5 7.6 National defense ........................................................................... 5.7 8.3 Nondefense ................................................................................... 5.1 6.3 State and local .................................................................................. 0.5 2.3 Addenda: Final sales of domestic product......................................................... –3.1 –3.3 Gross domestic purchases................................................................ –5.2 –5.7 Final sales to domestic purchasers................................................... –4.1 –4.4 Gross national product...................................................................... –4.6 –5.0 Real disposable personal income ..................................................... –1.6 –3.6 Price indexes: Gross domestic purchases............................................................ 0.4 –0.6 Gross domestic purchases excluding food and energy 1 .............. 1.3 0.6 GDP............................................................................................... 1.8 1.0 GDP excluding food and energy 1 ................................................. 1.1 0.6 PCE ............................................................................................... 0.2 –0.5 PCE excluding food and energy 1 ................................................. 1.5 1.3 Market-based PCE 2 ..................................................................... 0.4 –0.2 Market-based PCE excluding food and energy 2 .......................... 1.9 2.1 III –3.3 –1.6 –2.0 –2.8 –1.7 –1.4 –27.9 –19.9 –19.7 –25.2 –16.7 –20.7 .......... .......... –10.5 –13.7 –2.9 –13.7 –15.7 –3.8 4.1 6.3 5.9 7.3 2.8 IV I II III IV I II III IV I II III IV –0.1 1.9 2.5 2.8 2.4 1.8 1.9 1.6 2.0 2.4 2.1 2.6 1.5 –0.3 0.7 1.8 1.9 2.9 3.1 2.7 2.5 1.9 1.8 1.9 1.9 1.9 1.2 2.5 3.9 2.9 5.0 5.1 4.0 3.4 2.8 2.6 2.9 3.5 3.3 3.0 4.1 7.3 4.1 9.5 10.0 6.7 6.2 5.9 6.9 7.5 8.4 8.4 0.4 1.7 2.3 2.4 3.0 2.9 2.7 2.1 1.4 0.7 0.9 1.3 0.9 –1.1 –0.2 0.8 1.4 1.9 2.1 2.0 2.0 1.5 1.3 1.4 1.1 1.2 –12.8 5.0 17.5 22.6 10.7 4.4 3.9 1.5 10.9 14.1 10.9 11.1 3.1 –15.2 –7.4 0.8 1.4 4.9 4.8 4.3 8.4 9.0 11.9 9.9 6.2 6.1 –15.7 –7.7 –0.3 3.7 7.7 6.8 7.4 10.1 10.2 12.5 9.7 4.6 4.3 –29.4 –27.5 –17.9 –11.7 –1.8 –3.5 0.9 6.4 6.9 19.7 11.2 6.1 2.9 –7.8 3.6 9.0 11.1 11.9 11.0 10.0 11.5 11.4 10.0 9.2 4.0 4.9 –13.3 –6.3 5.0 –7.2 –5.7 –3.2 –7.1 1.4 3.9 9.3 10.4 13.6 14.4 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... 0.3 10.7 13.1 12.1 8.8 8.7 7.4 6.5 4.3 4.0 4.3 3.2 1.4 –0.1 14.0 18.1 15.0 10.5 9.4 7.4 6.7 5.4 5.0 5.8 4.5 0.9 1.2 4.1 3.4 6.1 5.1 7.2 7.3 6.1 1.8 1.7 0.7 0.2 2.5 –6.1 6.7 16.7 15.9 10.9 9.3 4.4 2.2 3.5 3.2 3.9 2.5 0.5 –6.5 8.2 20.3 18.6 12.7 10.9 4.8 2.1 3.4 2.6 3.5 2.4 0.2 –4.5 0.7 2.2 4.6 2.7 1.9 2.7 2.9 3.8 6.2 5.7 3.0 2.0 4.0 2.7 1.1 0.1 –1.3 –2.3 –3.2 –3.8 –3.3 –2.2 –2.2 –0.5 –1.7 5.1 6.1 5.1 4.5 2.3 –0.6 –2.2 –4.1 –4.2 –2.6 –3.3 0.0 –2.9 4.1 5.1 3.0 2.9 1.0 –1.9 –1.7 –2.8 –4.0 –2.0 –4.0 –1.6 –5.0 7.2 8.2 9.6 7.8 5.2 2.2 –3.1 –6.9 –4.6 –3.8 –2.0 3.6 1.4 3.3 0.7 –1.4 –2.7 –3.6 –3.4 –3.8 –3.6 –2.7 –2.0 –1.5 –0.9 –0.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 –2.2 –4.1 –3.1 –3.5 –2.9 –0.5 –1.1 –1.5 0.3 –3.0 0.3 1.6 0.1 2.4 –0.5 0.7 3.3 1.5 3.2 1.2 0.6 3.6 1.5 3.1 3.1 1.7 2.9 2.3 2.6 3.5 1.9 2.1 2.2 2.1 3.2 1.9 1.6 1.6 2.0 1.2 2.4 1.1 1.8 1.8 0.6 1.7 1.9 1.7 2.2 0.3 2.2 2.4 2.1 2.2 0.2 2.0 2.1 2.0 2.1 1.1 2.0 1.9 2.5 1.4 1.9 1.7 2.4 ........... 1.6 3.3 26 27 28 29 30 –1.1 0.1 0.3 0.1 –0.8 1.2 –0.7 1.7 0.5 0.6 0.5 0.8 1.4 1.6 1.4 1.7 1.6 1.2 0.6 1.3 2.4 1.8 2.1 1.4 1.7 1.4 1.3 1.6 2.1 1.7 1.6 1.0 1.6 1.5 1.6 1.7 1.7 1.6 1.2 1.0 1.6 1.4 1.8 1.6 1.5 1.2 1.1 0.7 2.0 1.5 2.0 1.7 1.8 1.1 1.7 0.9 2.7 1.9 2.2 2.0 2.6 1.3 2.7 1.3 2.9 2.1 2.4 2.2 2.8 1.6 3.0 1.6 2.5 2.0 2.0 2.0 2.5 1.7 2.8 1.9 2.3 2.0 2.0 2.0 2.4 1.9 2.5 2.0 1.6 1.7 1.7 1.7 1.6 1.8 1.7 1.9 1.4 1.5 1.6 1.5 1.5 1.6 1.5 1.7 31 32 33 34 35 36 37 38 1.5 1.5 1.7 1.6 1.5 1.5 1.6 1.6 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 Line 2010 2011 2012 2011 IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 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: 18 Gross domestic income................................................................................................... 2012 I II Line III IV 14,498.9 716.5 507.2 14,708.2 1,873.4 23.3 12,811.4 7,970.0 6,404.6 1,565.4 1,103.4 349.2 1,702.4 567.9 998.0 140.0 –19.5 15,075.7 783.7 531.8 15,327.5 1,936.8 31.9 13,358.9 8,295.2 6,661.3 1,633.9 1,157.3 409.7 1,827.0 527.4 1,036.2 132.6 –26.5 15,676.0 ................... ................... ................... 2,011.4 ................... .................... 8,559.8 6,875.1 1,684.6 1,203.0 463.5 .................... 504.1 1,069.6 127.9 –34.0 15,321.0 787.1 523.1 15,585.0 1,966.6 70.3 13,548.1 8,340.1 6,692.4 1,647.7 1,165.3 430.3 1,953.1 515.9 1,047.1 127.4 –31.1 15,478.3 769.6 554.7 15,693.2 1,984.9 1.1 13,707.2 8,495.7 6,825.9 1,669.8 1,184.3 445.3 1,900.1 515.6 1,067.7 130.5 –32.0 15,585.6 775.1 527.8 15,832.9 2,004.8 77.7 13,750.5 8,527.7 6,849.2 1,678.5 1,194.9 452.8 1,921.9 489.5 1,069.8 127.9 –34.1 15,811.0 775.8 532.7 16,054.2 2,019.8 145.8 13,888.6 8,570.3 6,881.7 1,688.6 1,205.4 471.0 1,967.6 518.2 1,067.8 123.8 –35.5 15,829.0 .................... .................... .................... 2,036.3 .................... .................... 8,645.4 6,943.7 1,701.7 1,227.4 484.9 .................... 493.0 1,073.1 129.3 –34.4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 14,475.6 15,043.8 .................... 15,250.7 15,477.1 15,507.9 15,665.2 .................... 18 Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2010 2011 2012 2011 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: 19 Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 20 Disposable personal income, billions of chained (2005) dollars 2 ................................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 2012 I II Line III IV 12,321.9 7,970.0 6,404.6 1,565.4 1,103.4 44.3 1,059.1 349.2 1,598.3 1,016.6 581.7 2,284.3 983.3 1,194.8 11,127.1 10,560.4 566.7 5.1 12,947.3 8,295.2 6,661.3 1,633.9 1,157.3 54.6 1,102.8 409.7 1,685.1 1,008.8 676.3 2,319.2 919.3 1,398.0 11,549.3 11,059.9 489.4 4.2 13,402.4 8,559.8 6,875.1 1,684.6 1,203.0 57.2 1,145.8 463.5 1,748.6 991.8 756.8 2,375.2 947.6 1,471.9 11,930.6 11,459.8 470.8 3.9 13,017.4 8,340.1 6,692.4 1,647.7 1,165.3 54.4 1,110.9 430.3 1,684.6 988.0 696.6 2,319.9 922.8 1,419.1 11,598.3 11,205.6 392.7 3.4 13,227.1 8,495.7 6,825.9 1,669.8 1,184.3 52.3 1,132.1 445.3 1,696.4 991.8 704.6 2,348.0 942.6 1,450.8 11,776.4 11,348.7 427.7 3.6 13,327.0 8,527.7 6,849.2 1,678.5 1,194.9 52.5 1,142.4 452.8 1,730.8 1,006.1 724.6 2,365.2 944.4 1,465.2 11,861.8 11,406.1 455.7 3.8 13,399.7 8,570.3 6,881.7 1,688.6 1,205.4 59.4 1,146.0 471.0 1,712.8 975.3 737.5 2,388.0 947.8 1,475.2 11,924.5 11,494.7 429.8 3.6 13,655.9 8,645.4 6,943.7 1,701.7 1,227.4 64.7 1,162.8 484.9 1,854.4 994.0 860.4 2,399.6 955.7 1,496.2 12,159.7 11,589.7 570.0 4.7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 9,035.8 10,016.5 9,340.0 10,149.7 9,525.7 10,306.0 9,335.4 10,121.5 9,435.7 10,213.9 9,491.3 10,270.6 9,497.0 10,284.2 9,678.2 10,454.8 19 20 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), 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 Line 2010 2011 2012 2009 I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 II 2010 III IV I II 2011 III IV I II Gross domestic product (GDP) and related aggregates: GDP ................................................................................... 2.4 1.8 2.2 –5.3 –0.3 1.4 4.0 2.3 2.2 2.6 2.4 0.1 2.5 Goods................................................................................. 9.1 5.1 5.4 –8.0 1.2 6.2 18.6 14.1 –1.1 10.2 5.9 3.8 3.4 Services ............................................................................. 1.1 0.9 0.5 –0.9 1.8 0.7 1.3 0.1 2.0 1.2 1.4 0.5 1.5 Structures........................................................................... –8.3 –2.7 5.5 –25.9 –19.6 –7.1 –16.9 –16.0 18.3 –11.2 –1.4 –17.4 9.1 Motor vehicle output........................................................... 27.5 11.0 12.0 –57.2 26.5 121.1 17.7 26.1 23.2 15.4 –12.9 37.8 2.1 GDP excluding motor vehicle output .................................. 1.9 1.6 1.9 –4.0 –0.7 0.0 3.8 1.9 1.8 2.3 2.8 –0.7 2.5 Final sales of computers 1 ................................................. –13.8 35.3 12.6 36.9 –14.0 –39.1 –37.2 1.3 –28.0 34.6 72.6 47.2 21.0 GDP excluding final sales of computers ............................ 2.5 1.7 2.1 –5.4 –0.2 1.7 4.2 2.3 2.4 2.5 2.2 –0.1 2.4 Farm gross value added 2 .................................................. –5.0 –17.7 –3.9 –5.7 23.8 53.3 –20.5 –16.0 13.0 –23.0 –28.9 –23.6 –28.0 Nonfarm business gross value added 3 ............................. 3.1 2.6 3.0 –5.0 –2.5 0.3 5.2 3.3 2.8 5.1 3.9 –0.1 3.4 Gross domestic income 4 ................................................... 3.1 1.8 ......... –6.0 –2.5 0.7 5.0 5.6 1.6 3.8 1.1 2.6 0.4 Price indexes: GDP ................................................................................... 1.3 2.1 1.8 1.0 –0.8 0.5 1.3 1.5 1.7 2.0 2.1 2.0 2.6 GDP excluding food and energy 5 ...................................... 1.6 2.0 1.7 –0.1 0.2 1.0 2.0 2.0 1.4 1.3 1.7 2.3 2.6 GDP excluding final sales of computers ............................ 1.4 2.2 1.8 1.1 –0.7 0.7 1.3 1.6 1.7 2.1 2.2 2.1 2.6 Gross domestic purchases................................................. 1.6 2.5 1.7 –2.4 0.2 1.7 2.4 2.1 0.7 1.4 2.5 3.4 3.5 Gross domestic purchases excluding food and energy 5 ... 1.4 1.9 1.7 –0.4 0.3 0.7 1.9 1.8 1.2 1.2 1.5 2.2 2.7 Gross domestic purchases excluding final sales of computers to domestic purchasers ................................ 1.7 2.6 1.8 –2.3 0.3 1.9 2.4 2.1 0.7 1.4 2.5 3.5 3.6 Personal consumption expenditures (PCE) ....................... 1.9 2.4 1.7 –2.1 1.6 3.1 3.1 1.8 0.6 1.3 2.2 3.2 3.6 PCE excluding food and energy 5 ...................................... 1.5 1.4 1.7 0.7 1.7 1.5 2.4 1.5 1.4 1.0 0.8 1.3 2.3 Market-based PCE 6 .......................................................... 1.5 2.5 1.8 –1.5 2.0 2.9 2.4 1.2 0.0 1.2 2.1 3.6 3.8 Market-based PCE excluding food and energy 6 ............... 1.0 1.4 1.8 2.0 2.1 1.1 1.6 0.7 0.8 0.8 0.5 1.5 2.3 2012 I II Line III IV III IV 1.3 2.1 0.5 5.5 1.5 1.3 31.5 1.2 11.4 1.6 –0.2 4.1 16.1 –1.0 7.2 24.0 3.6 31.1 4.0 18.8 5.3 4.5 3.0 2.1 3.0 2.3 2.0 0.4 0.9 0.4 0.9 1.0 2.0 2.6 2.0 2.5 2.4 1.6 1.4 1.6 0.7 1.4 2.7 1.3 2.7 1.4 1.2 0.6 1.1 0.7 1.3 1.1 12 13 14 15 16 2.4 2.3 1.9 2.6 2.1 0.9 1.1 1.3 1.2 1.5 2.6 2.5 2.2 2.5 2.2 0.8 0.7 1.7 0.6 1.8 1.5 1.6 1.1 1.9 1.3 1.4 1.2 0.9 1.2 0.8 17 18 19 20 21 2.0 1.3 3.1 –0.1 3.9 1.3 6.1 1.0 0.6 1.2 1.7 –1.2 7.4 1.7 3.9 5.2 30.9 7.3 –8.6 1.5 1.3 1.1 3.5 –0.2 4.5 –19.9 29.5 40.5 1.9 1.4 3.0 –0.3 3.5 –10.3 –31.8 –10.0 2.7 2.1 4.7 0.1 3.8 –0.7 1.4 ......... 1 2 3 4 5 6 7 8 9 10 11 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.
@FedFRASER