The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, FEBRUARY 28, 2013 BEA 13-06 Lisa Mataloni: Recorded message: (202) 606-5304 (GDP) (202) 606-5306 gdpniwd@bea.gov GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2012 (SECOND ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 0.1 percent in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, real GDP declined 0.1 percent. The upward revision to the percent change in real GDP is smaller than the average revision from the advance to second estimate of 0.5 percentage point. While today’s release has revised the direction of change in real GDP, the general picture of the economy for the fourth quarter remains largely the same as what was presented last month (for more information, see "Revisions" on page 3). The increase in real GDP in the fourth quarter primarily reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed investment that were partly offset by negative contributions from private inventory investment, federal government spending, exports, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased. The deceleration 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. NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. For information on revisions, see "Revisions to GDP, GDI, and Their Major Components." - more - -2- Final sales of computers added 0.10 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 0.19 percentage point to the fourth-quarter change in real GDP after subtracting 0.25 percentage point from the third-quarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.5 percent in the fourth quarter, 0.2 percentage point more than in the advance estimate; this index increased 1.4 percent in the third quarter. 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 2.1 percent in the fourth quarter, compared with an increase of 1.6 percent in the third. Durable goods increased 13.8 percent, compared with an increase of 8.9 percent. Nondurable goods increased 0.1 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 9.7 percent in the fourth quarter, in contrast to a decrease of 1.8 percent in the third. Nonresidential structures increased 5.8 percent; it was unchanged in the third quarter. Equipment and software increased 11.3 percent in the fourth quarter, in contrast to a decrease of 2.6 percent in the third. Real residential fixed investment increased 17.5 percent, compared with an increase of 13.5 percent. Real exports of goods and services decreased 3.9 percent in the fourth quarter, in contrast to an increase of 1.9 percent in the third. Real imports of goods and services decreased 4.5 percent, compared with a decrease of 0.6 percent. Real federal government consumption expenditures and gross investment decreased 14.8 percent in the fourth quarter, in contrast to an increase of 9.5 percent in the third. National defense decreased 22.0 percent, in contrast to an increase of 12.9 percent. Nondefense increased 1.8 percent, compared with an increase of 3.0 percent. Real state and local government consumption expenditures and gross investment decreased 1.3 percent, in contrast to an increase of 0.3 percent. The change in real private inventories subtracted 1.55 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 $12.0 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 1.7 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 -- decreased 0.1 percent in the fourth quarter, in contrast to an increase of 2.6 percent in the third. - more - -3- Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 1.0 percent, or $40.2 billion, in the fourth quarter to a level of $15,851.2 billion. In the third quarter, current-dollar GDP increased 5.9 percent, or $225.4 billion. Revisions The "second" estimate of the fourth-quarter percent change in GDP is 0.2 percentage point, or $9.2 billion, more than the advance estimate issued last month, primarily reflecting an upward revision to exports, a downward revision to imports, and an upward revision to nonresidential fixed investment that were partly offset by a downward revision to private inventory investment. Advance Estimate Second Estimate (Percent change from preceding quarter) Real GDP................................................ Current-dollar GDP................................ Gross domestic purchases price index... -0.1 0.5 1.3 0.1 1.0 1.5 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. The 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 $605.8 billion, in 2012 to a level of $15,681.5 billion, compared with an increase of 4.0 percent, or $576.8 billion, in 2011. - more - -4- During 2012 (that is, measured from the fourth quarter of 2011 to the fourth quarter of 2012), real GDP increased 1.6 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. * * * 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 -- March 28, 2013 at 8:30 A.M. EDT for: Gross Domestic Product: Fourth Quarter and Annual 2012 (Third Estimate) Corporate Profits: Fourth Quarter and Annual 2012 - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2010 2011 2012 r 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 10.1 Equipment and software................... 8.9 11.0 6.9 Residential............................................ –3.7 –1.4 12.1 Change in private inventories................... .......... .......... .......... Net exports of goods and services .......... .......... .......... .......... Exports..................................................... 11.1 6.7 3.3 Goods................................................... 14.3 7.2 4.2 Services ............................................... 4.7 5.6 1.3 Imports ..................................................... 12.5 4.8 2.4 Goods................................................... 14.9 5.2 2.1 Services ............................................... 2.5 2.8 4.1 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 –1.4 Addenda: Final sales of domestic product................ 0.9 2.0 2.1 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 3.9 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 –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 r IV r –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 2.1 –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 4.3 –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 13.8 –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 0.1 –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 –1.5 –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 11.2 –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 9.7 –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 5.8 –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 11.3 –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 17.5 .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ........... 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 –3.9 –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 –5.5 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 –4.5 –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 –4.1 –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 –6.6 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 –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 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. See “Explanatory Note” at the end of the tables. –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 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 –6.9 9.5 –14.8 12.9 –22.0 3.0 1.8 0.3 –1.3 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 1.7 2.6 –0.1 1.9 1.4 2.9 ........... 0.7 6.2 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 1.0 5.2 2.6 4.2 1.4 3.5 2.9 5.7 ........... 2.3 7.8 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 r 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 ........................................ r Revised 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 1.33 0.74 0.58 0.19 0.10 0.24 0.07 0.15 –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 Line 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 1.47 1.03 1.01 0.53 0.07 0.26 0.15 0.02 2 3 4 5 6 7 8 9 0.02 0.00 –0.03 0.01 0.00 0.08 0.13 –0.12 0.12 –0.02 0.02 –0.07 0.23 –0.08 –0.22 0.18 0.20 0.02 0.14 0.26 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 0.36 0.12 0.11 0.08 0.24 0.04 –0.04 0.22 0.22 –0.45 –0.28 0.68 0.16 –0.54 –0.09 –0.20 0.35 0.51 0.59 0.48 0.33 –0.10 0.42 0.42 –0.15 0.31 0.25 –0.07 –0.02 0.05 0.07 0.04 0.03 0.06 0.06 –0.02 0.03 0.06 0.03 0.02 0.05 0.09 –0.06 0.12 0.13 –0.03 0.16 0.05 0.02 –0.02 0.07 0.02 0.02 –0.02 0.26 0.20 0.12 0.15 0.22 0.13 0.10 0.21 0.21 0.05 0.06 0.36 –0.13 0.35 0.25 –0.25 –0.06 0.02 –0.08 0.24 –0.11 0.20 –0.01 –0.26 0.16 0.05 0.01 0.10 0.14 0.18 0.22 –0.06 –0.06 0.19 0.07 –0.01 0.03 0.09 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 0.07 0.20 0.08 –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 1.17 1.03 0.76 0.27 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 0.09 0.19 0.08 0.27 0.14 –0.06 0.20 0.03 0.46 0.41 0.05 –0.43 –0.31 –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 0.49 0.26 0.15 0.08 0.12 0.09 0.09 0.40 –1.55 0.15 –1.70 0.24 –0.55 –0.56 0.00 0.79 0.60 0.19 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 –0.15 –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 –1.38 –0.02 0.71 –1.23 –0.01 0.64 –1.28 –0.10 0.64 –1.28 0.09 0.00 0.01 –0.01 0.08 0.04 –0.01 0.09 0.02 0.00 –0.02 0.03 –0.12 0.04 –0.15 –0.10 0.02 –0.09 –0.01 0.01 –0.06 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 0.32 0.39 0.31 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 0.34 0.38 0.76 1.11 –0.72 0.50 0.12 0.27 0.51 0.72 0.20 –0.25 0.19 0.02 –0.10 0.11 0.10 60 61 62 63 64 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 0.33 –0.10 –0.02 0.07 0.24 0.31 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 IV r 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 0.16 –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 0.05 –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 0.07 0.28 23 24 0.33 –0.24 0.43 0.20 0.78 0.09 0.85 –0.20 1.18 0.56 0.12 1.36 0.74 0.36 –0.19 0.96 0.35 0.02 0.00 0.16 0.39 0.35 –0.19 0.79 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 Line Seasonally adjusted at annual rates Line 2012 r 2011 2012 r 2012 2011 2012 2012 2012 r IV 1 Gross domestic product....................................... 15,681.5 15,321.0 2 Personal consumption expenditures.......................... 11,120.9 10,873.8 3 Goods ........................................................................ 3,783.2 3,690.0 4 Durable goods......................................................... 1,219.1 1,175.1 5 Motor vehicles and parts ..................................... 407.0 390.3 6 Furnishings and durable household equipment 265.9 257.9 7 Recreational goods and vehicles ........................ 354.0 344.2 8 Other durable goods............................................ 192.1 182.7 9 Nondurable goods................................................... 2,564.2 2,515.0 10 Food and beverages purchased for off-premises 829.1 824.4 consumption .................................................... 11 Clothing and footwear.......................................... 366.0 355.9 12 Gasoline and other energy goods ....................... 439.8 427.6 13 Other nondurable goods...................................... 929.3 907.1 14 Services ..................................................................... 7,337.6 7,183.8 15 Household consumption expenditures (for services).............................................................. 7,035.2 6,888.5 16 Housing and utilities ............................................ 1,965.9 1,938.9 17 Health care.......................................................... 1,817.9 1,775.9 18 Transportation services ....................................... 312.9 306.1 19 Recreation services............................................. 410.7 400.3 20 Food services and accommodations................... 713.6 686.4 21 Financial services and insurance ........................ 828.6 812.5 22 Other services ..................................................... 985.5 968.4 23 Final consumption expenditures of nonprofit institutions serving households ........................... 302.4 295.3 24 Gross output of nonprofit institutions................... 1,218.5 1,180.5 25 Less: Receipts from sales of goods and services by nonprofit institutions.................................... 916.1 885.2 26 Gross private domestic investment ............................ 2,058.6 1,991.1 27 Fixed investment....................................................... 2,000.9 1,909.0 28 Nonresidential ......................................................... 1,618.0 1,560.1 29 Structures............................................................ 460.5 438.2 30 Equipment and software...................................... 1,157.6 1,122.0 31 Information processing equipment and software ....................................................... 555.2 548.5 32 Computers and peripheral equipment ......... 79.3 81.6 33 Software....................................................... 293.2 286.9 34 Other............................................................ 182.7 180.0 35 Industrial equipment ........................................ 197.4 196.6 36 Transportation equipment ................................ 196.9 183.1 37 Other equipment.............................................. 208.1 193.7 38 Residential .............................................................. 382.8 348.8 39 Change in private inventories.................................. 57.7 82.1 40 Farm........................................................................ –16.0 –3.1 41 Nonfarm .................................................................. 73.7 85.2 42 Net exports of goods and services............................. –560.8 –594.8 43 Exports ...................................................................... 2,182.6 2,120.3 44 Goods...................................................................... 1,542.3 1,501.9 45 Services .................................................................. 640.2 618.4 46 Imports....................................................................... 2,743.3 2,715.1 47 Goods...................................................................... 2,291.6 2,277.3 48 Services .................................................................. 451.8 437.8 I II III IV r IV I II III IV r 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 15,851.2 11,254.6 3,843.0 1,252.5 425.6 268.2 359.9 198.8 2,590.5 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 13,656.8 9,670.0 3,476.4 1,408.8 389.9 292.7 586.3 173.0 2,098.7 292.0 176.1 102.0 98.4 25.9 15.9 55.4 8.7 19.2 104.0 37.6 30.3 28.7 8.7 4.0 15.3 2.5 6.2 4.3 49.9 36.7 44.8 19.4 3.2 16.4 5.0 0.5 1 2 3 4 5 6 7 8 9 827.0 827.5 829.2 832.6 685.8 686.4 686.4 685.4 685.9 685.7 363.1 363.0 368.9 368.9 354.0 350.2 355.3 350.8 355.4 354.5 440.5 428.5 443.1 447.1 268.3 268.2 266.5 272.0 270.0 264.8 920.6 922.3 932.4 941.9 797.9 786.2 792.9 793.5 798.2 807.2 7,251.3 7,325.7 7,361.9 7,411.6 6,178.0 6,126.0 6,145.9 6,178.2 6,186.7 6,201.3 0.5 4.0 –3.2 20.5 76.5 0.5 4.6 –2.0 4.7 8.5 –0.2 –0.9 –5.2 9.0 14.6 10 11 12 13 14 6,956.4 7,019.4 7,060.6 7,104.5 5,880.6 5,834.5 5,855.1 5,877.6 5,888.8 5,900.8 1,935.2 1,968.3 1,983.5 1,976.5 1,677.7 1,672.0 1,662.7 1,685.2 1,690.6 1,672.5 1,800.4 1,803.5 1,825.9 1,841.9 1,516.6 1,499.7 1,513.3 1,508.4 1,518.4 1,526.5 309.4 313.0 313.6 315.6 252.7 249.7 250.6 252.4 253.4 254.2 404.6 409.5 413.1 415.6 350.3 348.5 347.9 350.4 351.0 351.8 700.5 709.0 714.1 730.9 584.4 572.8 579.5 581.0 582.9 594.3 827.5 830.9 825.3 831.0 685.6 682.2 688.6 688.4 680.0 685.3 978.7 985.2 985.1 993.0 812.5 809.2 811.5 811.3 812.1 815.0 66.3 0.0 28.1 3.8 4.4 19.2 3.8 6.4 11.2 5.4 10.0 1.0 0.6 1.9 –8.4 0.8 12.0 –18.1 8.1 0.8 0.8 11.4 5.3 2.9 15 16 17 18 19 20 21 22 295.0 306.3 301.3 307.1 301.6 294.8 293.9 305.3 302.1 305.0 1,198.4 1,206.8 1,225.6 1,243.1 1,039.1 1,019.5 1,029.7 1,031.3 1,043.1 1,052.4 11.5 28.3 –3.2 11.8 2.9 9.3 23 24 17.4 167.0 145.6 106.7 32.1 73.5 13.7 30.4 4.2 –6.8 0.0 –7.4 6.5 –7.2 49.5 34.6 4.9 30.9 25 26 27 28 29 30 636.3 22.7 –3.9 21.8 ............. ........... ........... ........... 299.6 15.6 2.7 5.8 200.9 1.7 1.5 3.5 167.5 10.7 0.1 3.8 183.7 26.9 –8.1 3.3 184.7 11.0 4.0 3.1 386.1 39.5 11.6 15.2 12.0 11.7 18.9 –48.3 –15.0 –7.3 –11.3 4.2 33.2 22.7 35.0 –55.0 –387.9 6.5 12.2 7.3 1,832.5 59.1 8.8 –18.4 1,293.2 52.3 3.5 –18.6 539.8 6.9 5.2 0.2 2,220.4 52.7 –3.5 –25.7 1,843.9 37.9 –5.8 –19.2 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 13,591.1 9,604.9 3,433.0 1,361.0 373.3 288.4 564.0 167.1 2,094.4 903.5 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 1,149.9 936.0 2,080.3 2,059.0 1,652.5 468.2 1,184.3 739.9 1,911.0 1,850.1 1,484.9 351.3 1,143.5 726.7 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 81.8 298.7 184.7 203.2 200.0 216.0 406.5 21.3 –20.6 41.9 –533.6 2,185.2 1,537.8 647.5 2,718.8 2,268.9 622.9 ............. 292.8 198.4 163.3 183.6 179.6 367.1 42.7 –11.1 59.2 –401.5 1,836.0 1,299.9 536.7 2,237.6 1,857.9 613.4 ............. 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 1,863.1 449.3 453.0 454.9 449.9 381.6 372.3 380.4 382.6 385.0 749.7 1,921.7 1,894.4 1,510.7 355.1 1,166.3 378.5 III 15.0 2.4 IV r –6.5 r Revised NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See “Explanatory Note” at the end of the tables. Table 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 Line Seasonally adjusted at annual rates Line 2012 r 2011 2012 r 2012 2011 2012 2012 2012 r 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.................................................. r IV I II III IV 3,062.9 1,214.3 809.2 703.5 105.7 405.1 355.9 49.2 1,848.6 1,530.9 317.7 ............. 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 ............. 3,049.9 1,197.4 787.9 681.4 106.6 409.4 359.8 49.7 1,852.5 1,534.4 318.1 ............. 15,623.8 16,242.3 16,184.6 15,681.5 ............. ............. ............. 13,669.8 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 15,829.9 16,384.8 16,363.5 15,851.2 ............. ............. ............. 13,813.6 IV I II III 2,481.3 1,024.1 677.3 580.4 97.1 347.0 300.2 46.8 1,461.9 1,219.1 243.9 –90.6 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 13,537.5 13,984.4 13,930.2 13,591.1 ............. ............. ............. 11,776.7 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 r III IV r 2,458.9 –42.6 23.7 –44.2 1,005.0 –22.9 23.4 –40.9 656.0 –21.8 20.8 –42.1 558.7 –18.6 20.7 –41.8 98.1 –3.3 –0.2 0.4 349.3 –0.9 2.5 1.5 302.1 1.8 3.0 0.5 47.3 –3.1 –0.6 1.1 1,458.0 –20.1 1.1 –4.7 1,216.5 –10.3 0.7 –2.9 242.7 –9.7 0.4 –1.7 –111.5 ............ ........... ........... 13,634.7 272.2 14,035.5 285.6 14,012.6 266.0 13,656.8 292.0 ............. ............ ............. ............ ............. ............ 11,827.3 254.3 79.5 57.3 90.8 –3.8 66.5 49.0 104.0 4.3 –2.0 ........... 2.7 ........... 99.3 ........... 94.4 –6.3 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 r Revised NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See “Explanatory Note” at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2010 2011 2012 r 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 1.8 Goods................................................... 1.7 3.8 1.3 Durable goods .................................. –1.3 –0.9 –1.3 Nondurable goods ............................ 3.2 6.0 2.5 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 0.9 Goods............................................... 5.1 7.6 0.4 Services ........................................... 3.4 3.8 2.0 Imports ................................................. 6.0 7.8 0.6 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 ........... r Revised 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 r 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 0.9 –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 1.5 –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 1.0 –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 –2.0 –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 2.5 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 1.5 –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 1.5 –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 1.2 –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 1.3 –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 1.1 –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 1.5 –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 1.2 –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 2.3 –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 5.2 –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 5.8 –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 1.5 1.5 1.9 0.8 1.4 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 0.9 1.4 1.5 1.5 1.5 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 0.9 1.5 1.5 2.7 ........... 30 31 32 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted Line 2010 2011 2012 r 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 r Gross domestic product ..................................................... 103.486 105.356 107.670 106.481 106.999 107.333 108.156 108.190 Personal consumption expenditures ................................................ 104.460 107.103 109.103 107.790 108.443 108.849 109.276 109.843 Goods................................................................................................ 104.304 108.263 111.580 109.462 110.722 110.812 111.796 112.992 Durable goods ............................................................................... 104.887 112.395 121.160 115.736 118.937 118.866 121.423 125.413 Nondurable goods ......................................................................... 103.888 106.236 107.222 106.510 106.938 107.096 107.413 107.441 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 87.973 85.959 87.241 87.394 88.793 88.463 Fixed investment ............................................................................... 75.326 80.311 87.173 83.807 85.785 86.724 86.923 89.258 Nonresidential ............................................................................... 94.148 102.288 110.214 107.156 109.108 110.065 109.557 112.124 Structures .................................................................................. 88.308 90.733 99.875 96.449 99.421 99.560 99.558 100.962 Equipment and software............................................................ 96.822 107.473 114.862 111.972 113.460 114.790 114.049 117.148 Residential..................................................................................... 42.862 42.268 47.368 43.361 45.433 46.364 47.855 49.819 Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... Exports of goods and services ......................................................... 127.623 136.152 140.687 137.871 139.356 141.152 141.824 140.415 Imports of goods and services.......................................................... 102.832 107.746 110.345 109.345 110.179 110.936 110.766 109.499 Government consumption expenditures and gross investment .... 109.955 106.497 104.701 105.604 104.804 104.622 105.620 103.756 Federal .............................................................................................. 122.883 119.480 116.871 118.024 116.751 116.685 119.359 114.688 State and local .................................................................................. 102.711 99.224 97.877 98.643 98.103 97.858 97.932 97.615 Addenda: Final sales of domestic product......................................................... 103.478 105.506 107.671 106.271 106.897 107.356 107.988 108.444 Gross domestic purchases................................................................ 100.954 102.646 104.786 103.789 104.261 104.517 105.197 105.169 Final sales to domestic purchasers................................................... 100.932 102.771 104.772 103.577 104.150 104.523 105.023 105.392 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 r Revised See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] Seasonally adjusted Line 2010 2011 2012 r 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 r Gross domestic product ..................................................... 111.002 113.369 115.382 114.041 114.608 115.050 115.807 116.063 Personal consumption expenditures (PCE) ..................................... 111.087 113.790 115.784 114.593 115.300 115.496 115.952 116.389 Goods................................................................................................ 104.852 108.822 110.202 109.569 110.256 109.743 110.261 110.546 Durable goods ............................................................................... 91.611 90.799 89.576 90.381 90.157 89.888 89.358 88.900 Nondurable goods ......................................................................... 112.622 119.430 122.425 120.879 122.136 121.472 122.659 123.433 Services ............................................................................................ 114.418 116.435 118.770 117.270 117.989 118.576 118.997 119.519 Gross private domestic investment .................................................. 104.854 106.439 107.743 107.013 107.292 107.647 107.818 108.214 Fixed investment ............................................................................... 105.023 106.680 108.170 107.352 107.661 107.977 108.324 108.718 Nonresidential ............................................................................... 105.514 107.359 108.990 108.092 108.562 108.878 109.104 109.417 Structures .................................................................................. 121.158 126.850 131.221 129.302 130.167 131.198 131.540 131.978 Equipment and software............................................................ 99.806 100.445 101.232 100.656 101.001 101.094 101.282 101.554 Residential..................................................................................... 102.520 103.406 104.272 103.812 103.439 103.754 104.593 105.302 Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... Exports of goods and services ......................................................... 110.738 117.860 118.874 117.839 118.652 118.802 118.792 119.249 Imports of goods and services.......................................................... 112.989 121.851 122.616 122.463 124.156 122.942 120.907 122.458 Government consumption expenditures and gross investment .... 117.334 121.233 123.435 121.903 122.979 123.157 123.574 124.031 Federal .............................................................................................. 113.583 116.721 118.564 117.111 118.038 118.403 118.679 119.135 State and local .................................................................................. 119.579 124.001 126.449 124.866 126.042 126.089 126.605 127.061 Addenda: PCE excluding food and energy 1 ..................................................... 110.214 111.802 113.704 112.500 113.122 113.603 113.912 114.181 Market-based PCE 2 ......................................................................... 110.820 113.641 115.741 114.510 115.231 115.407 115.944 116.383 Market-based PCE excluding food and energy 2 .............................. 109.760 111.311 113.322 112.069 112.693 113.196 113.576 113.822 Final sales of domestic product......................................................... 110.993 113.371 115.412 114.056 114.628 115.065 115.849 116.104 Gross domestic purchases................................................................ 111.421 114.208 116.149 114.958 115.674 115.888 116.298 116.734 Final sales to domestic purchasers................................................... 111.420 114.219 116.186 114.981 115.703 115.911 116.346 116.782 Gross national product...................................................................... 110.986 113.363 ....................... 114.038 114.609 115.050 115.804 ....................... Implicit price deflators: Gross domestic product ................................................................ 110.993 113.359 115.381 113.987 114.599 115.035 115.810 116.068 Final sales of domestic product..................................................... 110.993 113.371 115.411 114.052 114.624 115.061 115.845 116.100 Gross domestic purchases............................................................ 111.412 114.198 116.146 114.905 115.665 115.873 116.301 116.738 Final sales to domestic purchasers ............................................... 111.420 114.219 116.183 114.977 115.699 115.907 116.342 116.777 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 r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See “Explanatory Note” at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year 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 r 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 10.1 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 12.1 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 3.3 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 4.2 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 2.4 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 2.1 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 4.1 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 –1.4 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 2.1 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 1.8 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. 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 r IV r –0.1 1.9 2.5 2.8 2.4 1.8 1.9 1.6 2.0 2.4 2.1 2.6 1.6 –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 3.2 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 2.9 –15.2 –7.4 0.8 1.4 4.9 4.8 4.3 8.4 9.0 11.9 9.9 6.2 6.5 –15.7 –7.7 –0.3 3.7 7.7 6.8 7.4 10.1 10.2 12.5 9.7 4.6 4.6 –29.4 –27.5 –17.9 –11.7 –1.8 –3.5 0.9 6.4 6.9 19.7 11.2 6.1 4.7 –7.8 3.6 9.0 11.1 11.9 11.0 10.0 11.5 11.4 10.0 9.2 4.0 4.6 –13.3 –6.3 5.0 –7.2 –5.7 –3.2 –7.1 1.4 3.9 9.3 10.4 13.6 14.9 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... 0.3 10.7 13.1 12.1 8.8 8.7 7.4 6.5 4.3 4.0 4.3 3.2 1.8 –0.1 14.0 18.1 15.0 10.5 9.4 7.4 6.7 5.4 5.0 5.8 4.5 1.5 1.2 4.1 3.4 6.1 5.1 7.2 7.3 6.1 1.8 1.7 0.7 0.2 2.6 –6.1 6.7 16.7 15.9 10.9 9.3 4.4 2.2 3.5 3.2 3.9 2.5 0.1 –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 1.7 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 –2.8 4.1 5.1 3.0 2.9 1.0 –1.9 –1.7 –2.8 –4.0 –2.0 –4.0 –1.6 –4.9 7.2 8.2 9.6 7.8 5.2 2.2 –3.1 –6.9 –4.6 –3.8 –2.0 3.6 1.5 3.3 0.7 –1.4 –2.7 –3.6 –3.4 –3.8 –3.6 –2.7 –2.0 –1.5 –0.9 –1.0 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 2.0 2.5 1.3 1.9 1.8 2.4 ........... 1.6 3.2 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 1.8 1.6 1.6 1.5 1.6 1.6 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. 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 r 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 Line III r II IV r 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 15,681.5 ................... ................... ................... 2,011.8 ................... .................... 8,565.7 6,880.6 1,685.1 1,202.5 463.1 .................... 503.2 1,069.5 127.9 –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 2,019.8 138.5 13,895.9 8,577.6 6,888.5 1,689.1 1,205.4 471.0 1,967.6 518.2 1,067.8 123.8 –35.5 15,851.2 .................... .................... .................... 2,037.6 .................... .................... 8,661.8 6,959.0 1,702.8 1,225.1 483.5 .................... 489.6 1,072.7 129.3 –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 15,672.6 .................... 18 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2010 2011 2012 r 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 r IV r 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 13,405.9 8,565.7 6,880.6 1,685.1 1,202.5 56.3 1,146.2 463.1 1,747.3 990.9 756.3 2,375.6 948.3 1,474.7 11,931.2 11,461.2 470.1 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 13,406.2 8,577.6 6,888.5 1,689.1 1,205.4 59.4 1,146.0 471.0 1,712.8 975.3 737.5 2,388.0 948.7 1,476.5 11,929.7 11,494.7 435.1 3.6 13,663.2 8,661.8 6,959.0 1,702.8 1,225.1 61.0 1,164.1 483.5 1,849.1 990.5 858.7 2,401.3 957.6 1,506.2 12,157.0 11,595.1 561.9 4.6 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 9,526.7 10,304.8 9,335.4 10,121.5 9,435.7 10,213.9 9,491.3 10,270.6 9,502.6 10,288.8 9,676.3 10,445.4 19 20 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. 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 r 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 5.7 –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 12.4 –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 11.8 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 2.2 –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 –4.3 –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 3.1 –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 1.8 –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 r r 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 0.9 1.2 0.9 1.5 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 1.6 1.5 0.9 1.5 0.9 17 18 19 20 21 IV 2.0 1.3 3.1 0.1 3.9 1.3 6.1 1.2 0.6 1.2 1.7 –1.1 7.4 1.7 3.9 7.4 30.9 7.3 –8.6 7.2 1.3 1.1 3.5 –0.1 4.5 –19.9 29.5 25.6 1.9 1.4 3.0 0.0 3.5 –10.3 –31.8 –16.9 2.7 2.1 4.7 0.5 3.8 –0.7 1.6 ......... 1 2 3 4 5 6 7 8 9 10 11 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2012. 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