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March 28, 2013
2012:IV (Third Estimate) Comparisons
Percent Change From Preceding Period in Real Gross Domestic Product and Related Measures
[Percent]
2012:IV
% change
Gross domestic product (GDP)

Last quarter with
equal value

Last quarter with
larger value

Last quarter with
smaller value

0.4

II 1979

0.4

III 2012

3.1

I 2011

0.1

Personal consumption expenditures (PCE)
Goods
Durable goods
Nondurable goods
Services

1.8
4.3
13.6
0.1
0.6

III 2007
III 2000
II 1993
II 2010
III 2012

1.8
4.3
13.6
0.1
0.6

I 2012
I 2012
IV 2011
III 2012
II 2012

2.4
4.7
13.9
1.2
2.1

III 2012
III 2012
III 2012
III 2011
IV 2011

1.6
3.6
8.9
-0.4
0.3

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment and software
Residential

1.3
14.0
13.2
16.7
11.8
17.6

III 2012
III 2011
III 2011
III 2011
III 2011
I 2012

6.6
15.5
19.0
20.7
18.3
20.5

II 2012
III 2012
III 2012
III 2012
III 2012
III 2012

0.7
0.9
-1.8
0.0
-2.6
13.5

Exports of goods and services
Goods
Services
Imports of goods and services
Goods
Services

-2.8
-5.0
2.5
-4.2
-3.9
-5.6

III 2012
III 2012
III 2012
III 2012
III 2012
III 2012

1.9
1.1
4.0
-0.6
-1.2
2.6

I 2009
I 2009
II 2012
II 2009
II 2009
I 2009

-28.7
-35.3
1.1
-15.9
-18.5
-17.2

I 1968

13.2

III 1991

17.6

I 1976

-2.8

II 1995

2.5

II 1988
IV 1990

-3.9
-5.6

-7.0
-14.8
-22.1
1.7
-1.5

I 2011

-7.0

III 2012
III 2012
III 2012
III 2012
III 2012

3.9
9.5
12.9
3.0
0.3

III 1972
I 2000
III 1972
II 2012
I 2012

-8.0
-14.9
-25.4
-0.4
-2.2

1.9
0.0
1.5
0.9
6.2
1.3

I 1989
I 2011
III 2010
I 2000
II 2003

1.9
0.0
1.5
0.9
6.2

III 2012
III 2012
III 2012
III 2012
II 2010
III 2012

2.4
2.6
1.9
2.9
6.3
5.9

II 2012
II 2009
II 2012
I 2012
III 2012
II 2009

1.7
-2.7
1.4
0.6
0.7
-1.1

1.6

I 1999

1.6

I 2012

2.5

III 2012

1.4

1.2

III 2012

1.2

II 2012

1.4

IV 2011

1.0

GDP
GDP excluding food and energy
GDP implicit price deflator

1.0
1.3
1.0

I 2009
III 2012
II 1998

1.0
1.3
1.0

III 2012
II 2012
III 2012

2.7
1.4
2.7

IV 2011
IV 2011
IV 2011

0.4
0.9
0.1

PCE
PCE excluding food and energy

1.6
1.0

III 2012
III 2010

1.6
1.0

I 2012
III 2012

2.5
1.1

II 2012
IV 2010

0.7
0.8

Market-based PCE
Market-based PCE excluding food and energy

1.5
0.9

IV 1994
II 2000

1.5
0.9

III 2012
III 2012

1.9
1.3

II 2012
IV 2010

0.6
0.5

Government consumption expenditures
and gross investment
Federal
National defense
Nondefense
State and local
Addenda:
Final sales of domestic product
Gross domestic purchases
Final sales to domestic purchasers
Gross national product
Disposable personal income
Current-dollar GDP
Chain-type price measures:
Gross domestic purchases
Gross domestic purchases
excluding food and energy

1

2012:IV (Third Estimate) Comparisons
Contributions to Percent Change in Real Gross Domestic Product
2012:IV
contribution

Last quarter with
equal value

Last quarter with
larger value

Last quarter with
smaller value

Percent change at annual rate:
Gross domestic product

0.4

II 1979

0.4

III 2012

3.1

I 2011

0.1

I 2012
I 2012
IV 2010
III 2012
II 2012

1.72
1.11
1.07
0.19
0.99

III 2012
III 2012
III 2012
III 2011
III 2012

1.12
0.85
0.66
-0.06
0.26

III 2012
III 2011
III 2011
III 2011
III 2011
I 2012
III 2012

0.85
1.75
1.71
0.51
1.20
0.43
0.73

II 2012
III 2012
III 2012
III 2012
III 2012
III 2012
IV 2010

0.09
0.12
-0.19
0.00
-0.19
0.31
-1.61

III 2012
III 2012
III 2012
III 2012
II 2009
II 2009
I 2009

0.38
0.27
0.11
0.16
2.37
2.22
0.56

II 2012
I 2009
I 2009
II 2012
III 2012
III 2012
III 2012

0.23
-3.78
-3.29
0.05
0.11
0.18
-0.07

III 2012
III 2012
III 2012
III 2012
III 2012

0.75
0.71
0.64
0.08
0.04

I 2011
IV 1983
III 1973
II 2012
I 2012

-1.49
-1.34
-1.54
-0.01
-0.26

Percentage points at annual rates:
Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services

1.28
1.02
1.00
0.02
0.27

IV 2011
II 2010

1.00
0.02

III 2002

0.17

III 1964
I 1955
IV 1967

1.28
0.46
0.82

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment and software
Residential
Change in private inventories

0.17
1.69
1.28
0.46
0.82
0.41
-1.52

Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services

0.33
-0.40
-0.50
0.10
0.73
0.57
0.17

II 2001

0.33

I 1977
II 2002

-0.50
0.10

I 1965
I 1975

0.57
0.17

Government consumption expenditures
and gross investment
Federal
National defense
Nondefense
State and local

-1.41
-1.23
-1.28
0.04
-0.18

IV 1949
I 1963

-1.41
-1.23

III 1999
IV 1959

0.04
-0.18

2

2012:IV (Third Estimate) Comparisons
Corporate Profits: Level and Percent Change
2012:IV
change

Last quarter with
equal value

Last quarter with
larger value

Last quarter with
smaller value

Dollar change from preceding quarter
Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj
Net cash flow with IVA

Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj

45.4
49.8

-89.8

II 2012
III 2012

21.8
36.7

III 2012
III 2012

86.2
77.1

II 2012
II 2012

-16.3
-6.0

III 2012
32.5
I 2012
Percent change from preceding quarter (quarterly rates)

-169.8

2.3
3.3

IV 1973
IV 2005

2.3
3.3

III 2012
IV 2011

2.4
7.8

II 2012
III 2012

1.1
2.5

1.2
1.8

III 1979
IV 2007

1.2
1.8

III 2012
III 2012

4.1
4.6

II 2012
II 2012

-0.8
-0.4

III 2012
1.8
I 2012
Percent change from quarter one year ago

-8.5

-4.8

Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj

3.1
-1.1

Net cash flow with IVA

45.7
114.3

49.8

27.3
31.7

Net cash flow with IVA

Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj

III 2012
IV 2011

I 2005

IV 1990

3.1

II 2003

13.3

14.7
13.3
-11.0

IVA
Inventory valuation adjustment
CCAdj Capital consumption adjustment

3

III 2012
III 2012

7.5
3.2

II 2009
I 2009

-6.8
-2.1

III 2012
III 2012

19.3
17.9

II 2012
IV 2011

14.6
6.7

III 2012

0.4

IV 1953

-12.6

March 28, 2013
2012 (Third Estimate) Comparisons
Percent Change From Preceding Period in Real Gross Domestic Product and Related Measures
[Percent]
2012
% change
Gross domestic product (GDP)
Personal consumption expenditures (PCE)
Goods
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment and software
Residential
Exports of goods and services
Goods
Services
Imports of goods and services
Goods
Services
Government consumption expenditures
and gross investment
Federal
National defense
Nondefense
State and local
Addenda:
Final sales of domestic product
Gross domestic purchases
Final sales to domestic purchasers
Gross national product
Disposable personal income
Current-dollar GDP

Last year with
equal value

Last year with
larger value

2.2
1.9
3.1
7.8
0.9
1.2
9.8
8.7
8.0
10.8
6.9
12.1

1947
2001

1.9
3.1

1975

0.9

2006

3.4
4.2
1.5
2.4
2.1
4.2

2007
1981
1972

-1.7
-2.2
-3.1
-0.3
-1.4

8.0

2.4
2.1
4.2

1933

-3.1

Last year with
smaller value

2010

2.4

2011

1.8

2011
2011
2000
2011
2011

2.5
3.8
8.8
2.3
1.9

2010
2009
2011
2009
2010

1.8
-3.0
7.2
-1.8
1.0

2010
1999
2011
2007
2011
1992

13.7
9.3
8.6
14.1
11.0
13.8

2011
2011
2010
2011
2009
2011

5.2
6.6
0.7
2.7
-16.4
-1.4

2011
2011
2011
2011
2011
2006

6.7
7.2
5.6
4.8
5.2
7.1

2009
2009
2009
2009
2009
2011

-9.1
-12.0
-2.6
-13.5
-15.6
2.8

2010
2010
2011
2010
2009

0.6
4.5
-2.6
7.7
2.2

2011
2011
1995
2011
2011

-3.1
-2.8
-3.7
-3.1
-3.4

2.2
2.8
2.5
2.8
1.8
4.9

2011
2011
2011
2011
2011
2010

2.0
1.7
1.8
2.0
1.3
3.8

2.1
2.1
2.0
2.1
1.5
4.0

1990

2.1

2011

4.0

2007
2010
2006
2010
2010
2007

1.7

1965

1.7

2011

2.5

2010

1.6

1.7

2002

1.7

2011

1.9

2010

1.4

GDP
GDP excluding food and energy
GDP implicit price deflator

1.8
1.7
1.8

1997

1.8

1997

1.8

2011
2011
2011

2.1
2.0
2.1

2010
2010
2010

1.3
1.6
1.3

PCE
PCE excluding food and energy

1.8
1.7

2002

1.7

2011
2008

2.4
2.3

2009
2011

0.1
1.4

Market-based PCE
Market-based PCE excluding food and energy

1.8
1.8

2001

1.8

2011
2009

2.5
1.9

2010
2011

1.5
1.4

Chain-type price measures:
Gross domestic purchases
Gross domestic purchases
excluding food and energy

4

2012 (Third Estimate) Comparisons
Contributions to Percent Change in Real Gross Domestic Product
2012
contribution

Last year with
equal value

Last year with
larger value

Last year with
smaller value

Percent change at annual rate:
Gross domestic product

2.2

2010

2.4

2011

1.8

Personal consumption expenditures
Goods
Durable goods
Nondurable goods
Services

1.32
0.74
0.58
0.15
0.58

2011
2011
2004
2011
2011

1.79
0.89
0.65
0.36
0.90

2010
2009
2011
2009
2010

1.28
-0.69
0.53
-0.28
0.46

Gross private domestic investment
Fixed investment
Nonresidential
Structures
Equipment and software
Residential
Change in private inventories

1.19
1.05
0.78
0.29
0.49
0.27
0.14

2010
2004
2011
2007
2011
2005
2010

1.50
1.15
0.80
0.46
0.72
0.36
1.52

2011
2011
2010
2011
2009
2011
2011

0.62
0.76
0.07
0.07
-1.23
-0.03
-0.14

Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services

0.04
0.47
0.41
0.06
-0.43
-0.31
-0.12

2011
2011
2011
2011
2009
2009
2011

0.07
0.87
0.65
0.22
2.28
2.19
-0.08

2010
2009
2009
2009
2011
2011
2006

-0.52
-1.14
-1.05
-0.10
-0.80
-0.72
-0.18

Government consumption expenditures
and gross investment
Federal
National defense
Nondefense
State and local

-0.34
-0.18
-0.17
-0.01
-0.17

2010
2010
2011
2010
2009

0.14
0.37
-0.15
0.20
0.28

2011
2011
1995
2011
2011

-0.67
-0.23
-0.19
-0.09
-0.43

Percentage points at annual rates:

2000
2005
1969

1.19
1.05
0.78

1999

0.47

1979
1988
1955
1958

0.06
-0.43
-0.31
-0.12

1960
1995

5

-0.17
-0.01

2012 (Third Estimate) Comparisons
Corporate Profits: Level and Percent Change
2012
change

Last year with
equal value

Last year with
larger value

Last year with
smaller value

Dollar change from preceding year
Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj
Net cash flow with IVA

Corporate profits with IVA and CCAdj
Profits after tax with IVA and CCAdj
Profits before tax without IVA and CCAdj
Profits after tax without IVA and CCAdj
Net cash flow with IVA

123.6
53.4

2011
2011

124.6
118.8

2009
2008

93.9
-125.8

308.1
237.8

2010
2010

375.8
271.9

2011
2011

37.8
32.1

2007

-112.0

-16.6

2011
75.8
Percent change from preceding year

6.8
3.7
16.6
16.1

1983

-0.9

IVA
Inventory valuation adjustment
CCAdj Capital consumption adjustment

6

16.1

2011
2011

7.3
8.9

2008
2008

-17.4
-11.8

2010
2010

26.1
23.2

2011
2011

2.1
2.2

2011

4.3

2007

-8.3