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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MARCH 27, 2014 Lisa Mataloni: Kate Shoemaker: (202) 606-5304 (GDP) (202) 606-5564 (Profits) gdpniwd@bea.gov cpniwd@bea.gov BEA 14-13 GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2013 (THIRD ESTIMATE) CORPORATE PROFITS: FOURTH QUARTER AND ANNUAL 2013 Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.6 percent in the fourth quarter of 2013 (that is, from the third quarter to the fourth quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.1 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.4 percent. With this third estimate for the fourth quarter, the general picture of economic growth remains largely the same; personal consumption expenditures (PCE) was larger than previously estimated, while private investment in inventories and in intellectual property products were smaller than previously estimated (see "Revisions" on page 3). The increase in real GDP in the fourth quarter primarily reflected positive contributions from PCE, exports, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP growth in the fourth quarter reflected a downturn in private inventory investment, a larger decrease in federal government spending, a downturn in residential fixed investment, and a deceleration in state and local government spending that were partly offset by accelerations in PCE and in exports, a deceleration in imports, and an acceleration in nonresidential fixed investment. 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 (2009) 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." The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.5 percent in the fourth quarter, the same increase as in the second estimate; this index increased 1.8 percent in the third quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.8 percent in the fourth quarter, compared with an increase of 1.5 percent in the third. Real personal consumption expenditures increased 3.3 percent in the fourth quarter, compared with an increase of 2.0 percent in the third. Durable goods increased 2.8 percent, compared with an increase of 7.9 percent. Nondurable goods increased 2.9 percent, the same increase as in the third quarter. Services increased 3.5 percent in the fourth quarter, compared with an increase of 0.7 percent in the third. Real nonresidential fixed investment increased 5.7 percent in the fourth quarter, compared with an increase of 4.8 percent in the third. Nonresidential structures decreased 1.8 percent, in contrast to an increase of 13.4 percent. Equipment increased 10.9 percent, compared with an increase of 0.2 percent. Intellectual property products increased 4.0 percent, compared with an increase of 5.8 percent. Real residential fixed investment decreased 7.9 percent, in contrast to an increase of 10.3 percent. Real exports of goods and services increased 9.5 percent in the fourth quarter, compared with an increase of 3.9 percent in the third. Real imports of goods and services increased 1.5 percent, compared with an increase of 2.4 percent. Real federal government consumption expenditures and gross investment decreased 12.8 percent in the fourth quarter, compared with a decrease of 1.5 percent in the third. National defense decreased 14.4 percent, compared with a decrease of 0.5 percent. Nondefense decreased 10.0 percent, compared with a decrease of 3.1 percent. Real state and local government consumption expenditures and gross investment was unchanged in the fourth quarter, after increasing 1.7 percent in the third. The change in real private inventories subtracted 0.02 percentage point from the fourth-quarter change in real GDP, after adding 1.67 percentage points to the third-quarter change. Private businesses increased inventories $111.7 billion in the fourth quarter, following increases of $115.7 billion in the third quarter and $56.6 billion in the second. Real final sales of domestic product -- GDP less change in private inventories -- increased 2.7 percent in the fourth quarter, compared with an increase of 2.5 percent in the third. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 1.6 percent in the fourth quarter, compared with an increase of 3.9 percent in the third. Gross national product Real gross national product -- the goods and services produced by the labor and property supplied by U.S. residents -- increased 3.1 percent in the fourth quarter, compared with an increase of 4.4 percent in the third. GNP includes, and GDP excludes, net receipts of income from the rest of the -2- world, which increased $17.0 billion in the fourth quarter, compared with an increase of $12.7 billion in the third; in the fourth quarter, receipts increased $26.7 billion, and payments increased $9.7 billion. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 4.2 percent, or $176.7 billion, in the fourth quarter to a level of $17,089.6 billion. In the third quarter, current-dollar GDP increased 6.2 percent, or $251.9 billion. Gross domestic income Real gross domestic income (GDI), which measures the output of the economy as the costs incurred and the incomes earned in the production of GDP, increased 2.7 percent in the fourth quarter, compared with an increase of 1.8 percent in the third. For a given quarter, the estimates of GDP and GDI may differ for a variety of reasons, including the incorporation of largely independent source data. However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of change. Revisions The upward revision to the percent change in real GDP primarily reflected an upward revision to personal consumption expenditures that was partly offset by downward revisions to nonresidential fixed investment and to private inventory investment. Advance Estimate Second Estimate Third Estimate (Percent change from preceding quarter) Real GDP………………………….….. 3.2 2.4 2.6 Current-dollar GDP…………………… 4.6 4.0 4.2 Real GDI…………………………….... … … 2.7 Gross domestic purchases price index… 1.2 1.5 1.5 2013 GDP Real GDP increased 1.9 percent in 2013 (that is, from the 2012 annual level to the 2013 annual level), compared with an increase of 2.8 percent in 2012. The increase in real GDP in 2013 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, residential fixed investment, nonresidential fixed investment, and private inventory investment that were partly offset by a negative contribution from federal government spending. Imports, which are a subtraction in the calculation of GDP, increased. The deceleration in real GDP growth in 2013 primarily reflected a deceleration in nonresidential fixed investment, a larger decrease in federal government spending, and decelerations in PCE and in exports that were partly offset by a deceleration in imports and a smaller decrease in state and local government spending. -3- The price index for gross domestic purchases increased 1.2 percent in 2013, compared with an increase of 1.7 percent in 2012. Current-dollar GDP increased 3.4 percent, or $555.1 billion, in 2013 to a level of $16,799.7 billion, compared with an increase of 4.6 percent, or $710.8 billion, in 2012. During 2013 (that is, measured from the fourth quarter of 2012 to the fourth quarter of 2013), real GDP increased 2.6 percent. Real GDP increased 2.0 percent during 2012. The price index for gross domestic purchases increased 1.2 percent during 2013, compared with an increase of 1.5 percent during 2012. Corporate Profits Profits from current production (corporate profits with inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj)) increased $47.1 billion in the fourth quarter, compared with an increase of $39.2 billion in the third. Taxes on corporate income increased $13.3 billion, in contrast to a decrease of $0.4 billion. Profits after tax with IVA and CCAdj increased $33.8 billion, compared with an increase of $39.5 billion. Dividends increased $90.5 billion in the fourth quarter, in contrast to a decrease of $179.0 billion in the third. Undistributed profits decreased $56.7 billion, in contrast to an increase of $218.6 billion. Net cash flow with IVA -- the internal funds available to corporations for investment -- decreased $43.0 billion, in contrast to an increase of $231.1 billion. Profits from current production reflect the depreciation of fixed assets valued at current cost using consistent depreciation profiles. These profiles are based on used-asset prices and do not depend on the depreciation-accounting practices used for federal income tax returns. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Corporate profits by industry Domestic profits of financial corporations increased $6.1 billion in the fourth quarter, compared with an increase of $9.7 billion in the third. Domestic profits of nonfinancial corporations increased $18.1 billion, compared with an increase of $12.7 billion. According to the measure of profits before tax with inventory valuation adjustment, the increase in profits of financial corporations reflected an increase in Federal Reserve banks that was partly offset by a decrease in “other” financial industries. The increase in profits of nonfinancial corporations primarily reflected an increase in manufacturing that was partly offset by decreases in utilities and in “other” nonfinancial industries. Within manufacturing, the largest increase was in petroleum and coal products. -4- The rest-of-the-world component of profits increased $22.9 billion in the fourth quarter, compared with an increase of $16.7 billion in the third. This measure is calculated as the difference between receipts from rest of the world and payments to rest of the world. Gross value added of nonfinancial domestic corporate business In the fourth quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value added was unchanged, reflecting an increase in unit prices and a decrease in unit labor costs that were offset by an increase in unit nonlabor costs. 2013 Corporate Profits Profits from current production increased $92.6 billion in 2013, compared with an increase of $131.8 billion in 2012. Domestic profits increased $95.5 billion, compared with an increase of $149.3 billion. Domestic profits of financial corporations increased, and domestic profits of nonfinancial corporations increased. According to the measure of profits before tax with inventory valuation adjustment, the increase in nonfinancial corporations primarily reflected increases in wholesale trade, in information, and in retail trade that were partly offset by a decrease in manufacturing. Within manufacturing, the largest decrease was in petroleum and coal products. The rest-of-the-world component of profits decreased $2.9 billion, compared with a decrease of $17.7 billion. Taxes on corporate income decreased $15.9 billion in 2013, in contrast to an increase of $60.6 billion in 2012. Profits after tax with inventory valuation and capital consumption adjustments increased $108.5 billion, compared with an increase of $71.2 billion. Dividends increased $131.7 billion, compared with an increase of $68.7 billion. Current-production undistributed profits decreased $23.1 billion, in contrast to an increase of $2.4 billion. * * * BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- April 30, 2014 at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2014 (Advance Estimate) -5- Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2011 2012 2013 r 2010 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 II 2011 III IV I II 2012 III IV I II 2013 III IV Gross domestic product (GDP) ..... 1.8 2.8 1.9 1.6 3.9 2.8 2.8 –1.3 3.2 1.4 4.9 3.7 1.2 2.8 0.1 Personal consumption expenditures ....... 2.5 2.2 2.0 2.1 3.3 2.8 4.3 2.1 1.5 2.1 2.4 2.9 1.9 1.7 1.7 Goods....................................................... 3.4 3.3 3.5 4.0 5.2 3.8 7.6 2.7 0.2 1.2 5.0 4.6 2.2 3.7 3.7 Durable goods ...................................... 6.6 7.7 6.9 5.4 12.5 6.7 12.9 5.4 –0.8 5.2 13.5 9.8 2.9 8.3 10.5 Nondurable goods ................................ 1.9 1.4 2.0 3.4 1.9 2.5 5.2 1.4 0.7 –0.5 1.3 2.2 1.8 1.6 0.6 Services ................................................... 2.1 1.6 1.2 1.2 2.4 2.2 2.6 1.8 2.1 2.5 1.1 2.1 1.7 0.7 0.6 Gross private domestic investment ......... 4.9 9.5 5.4 13.6 22.3 13.7 –3.5 –7.5 14.2 2.5 31.9 10.5 –1.6 6.5 –2.4 Fixed investment ...................................... 6.2 8.3 4.5 0.8 13.6 –0.4 8.5 –0.5 8.6 14.8 10.0 8.6 4.7 2.7 11.6 Nonresidential....................................... 7.6 7.3 2.7 4.2 11.4 8.3 8.6 –0.9 9.9 16.7 9.5 5.8 4.5 0.3 9.8 Structures ......................................... 2.1 12.7 1.3 –25.0 11.8 –5.8 7.7 –29.8 33.7 28.4 14.4 7.0 6.9 5.9 17.6 Equipment......................................... 12.7 7.6 3.1 31.2 23.3 18.0 11.8 12.0 4.3 20.3 10.2 8.3 5.3 –3.9 8.9 Intellectual property products ........... 4.4 3.4 3.1 –1.6 –2.0 6.1 5.0 3.7 4.9 5.3 5.5 1.3 1.8 2.8 5.7 Residential............................................ 0.5 12.9 12.2 –12.2 23.2 –30.7 7.9 1.7 2.7 6.1 12.2 23.0 5.7 14.1 19.8 Change in private inventories................... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... Net exports of goods and services .......... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... Exports..................................................... 7.1 3.5 2.7 6.4 9.5 10.9 12.4 3.8 4.9 7.0 2.7 4.2 3.8 0.4 1.1 Goods................................................... 7.1 3.8 2.4 11.0 11.7 8.6 13.0 4.4 3.7 5.7 7.7 1.8 5.2 1.6 –3.0 Services................................................ 7.0 3.0 3.5 –3.1 4.6 16.3 11.0 2.4 7.7 10.0 –8.1 10.0 0.8 –2.6 11.3 Imports ..................................................... 4.9 2.2 1.4 11.9 20.2 14.5 0.9 2.8 0.7 4.9 5.9 0.7 2.5 0.5 –3.1 Goods................................................... 5.2 2.1 1.2 14.6 24.1 14.6 1.7 4.4 –0.7 3.5 6.7 0.9 2.5 0.4 –3.5 Services................................................ 3.1 2.7 2.5 0.4 3.8 14.0 –2.5 –5.0 7.8 11.9 1.8 –0.1 2.3 1.0 –1.0 Government consumption expenditures 2.9 –0.3 –4.1 –7.5 –1.3 –2.5 –1.5 –1.4 0.3 3.5 –6.5 and gross investment ............................ –3.2 –1.0 –2.2 –2.9 Federal ..................................................... –2.6 –1.4 –5.2 3.8 8.5 3.7 –2.7 –10.5 1.8 –3.4 –3.1 –2.5 –0.2 8.9 –13.9 National defense................................... –2.3 –3.2 –7.0 –1.8 6.4 7.6 –3.5 –14.2 6.8 2.4 –10.2 –6.7 –1.0 12.5 –21.6 Nondefense .......................................... –3.0 1.8 –1.9 14.8 12.3 –2.8 –1.2 –3.5 –6.5 –13.1 11.3 5.4 1.2 2.8 1.0 State and local.......................................... –3.6 –0.7 –0.2 –7.1 –0.8 –3.1 –5.0 –5.4 –3.4 –1.9 –0.4 –0.6 0.6 –0.2 –1.0 Addenda: Final sales of domestic product................ 2.0 2.6 1.7 0.0 2.8 0.9 4.5 –0.3 2.4 3.0 2.1 3.4 2.2 2.2 2.2 Gross domestic purchases....................... 1.7 2.6 1.7 2.5 5.5 3.5 1.4 –1.3 2.6 1.2 5.3 3.1 1.1 2.7 –0.5 Final sales to domestic purchasers.......... 1.8 2.4 1.6 0.9 4.5 1.7 3.0 –0.3 1.8 2.8 2.6 2.9 2.0 2.2 1.4 Gross domestic income (GDI) 1 ............... 2.5 2.5 2.6 0.5 2.8 5.2 1.6 2.0 2.3 2.2 2.6 5.4 –0.6 0.9 4.9 Gross national product (GNP).................. 2.1 2.7 1.9 1.7 3.9 2.6 3.2 –0.5 3.1 1.9 4.8 3.0 1.4 2.4 0.3 Disposable personal income .................... 2.4 2.0 0.7 0.3 5.4 1.9 2.7 5.0 –0.4 1.6 –0.6 4.6 1.8 –0.6 9.0 Current-dollar measures: GDP...................................................... 3.8 4.6 3.4 3.0 5.8 4.7 4.9 0.3 5.9 3.9 5.4 5.8 3.0 4.9 1.6 Final sales of domestic product ............ 4.0 4.4 3.2 1.3 4.7 2.7 6.6 1.4 5.2 5.5 2.6 5.5 3.9 4.6 3.3 Gross domestic purchases ................... 4.0 4.3 3.0 4.4 6.5 4.9 3.7 1.5 6.1 3.3 6.3 5.5 2.1 3.9 1.3 Final sales to domestic purchasers ...... 4.2 4.1 2.8 2.6 5.5 3.0 5.3 2.6 5.5 4.9 3.6 5.2 3.0 3.6 3.0 GDI ....................................................... 4.5 4.3 4.1 1.9 4.6 7.1 3.7 3.7 5.0 4.8 3.1 7.5 1.1 3.0 6.4 GNP...................................................... 4.2 4.4 3.4 3.6 5.7 4.5 5.3 1.1 5.8 4.4 5.3 5.0 3.2 4.6 1.8 Disposable personal income ................ 4.8 3.9 1.9 1.7 5.8 3.1 4.8 8.2 3.3 3.9 0.8 6.9 2.9 1.1 10.7 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See “Explanatory Note” at the end of the tables. -6- I II Line III IV r 1.1 2.5 4.1 2.6 2.3 1.8 2.0 3.3 3.7 3.1 4.5 2.9 5.8 6.2 7.9 2.8 2.7 1.6 2.9 2.9 1.5 1.2 0.7 3.5 4.7 9.2 17.2 2.5 –1.5 6.5 5.9 2.8 –4.6 4.7 4.8 5.7 –25.7 17.6 13.4 –1.8 1.6 3.3 0.2 10.9 3.7 –1.5 5.8 4.0 12.5 14.2 10.3 –7.9 .......... .......... .......... ........... .......... .......... .......... ........... –1.3 8.0 3.9 9.5 –2.8 9.4 5.6 11.8 2.2 4.8 0.1 4.2 0.6 6.9 2.4 1.5 –0.2 7.5 2.4 1.3 5.0 4.0 2.5 2.2 0.4 –5.2 –1.5 –12.8 –0.5 –14.4 –3.1 –10.0 1.7 0.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 –4.2 –8.4 –11.2 –3.6 –1.3 –0.4 –1.6 –0.6 –3.1 0.4 22 23 24 25 26 0.2 1.4 0.5 2.4 0.6 –7.9 2.1 2.5 2.1 3.2 2.7 4.1 2.5 3.9 2.3 1.8 4.4 3.0 2.7 1.6 1.6 2.7 3.1 0.8 27 28 29 30 31 32 2.8 1.6 2.9 1.7 4.2 2.3 –7.0 3.1 2.7 2.6 2.3 3.8 3.3 4.0 6.2 4.5 5.8 4.2 3.8 6.5 4.9 4.2 4.4 3.1 3.3 4.3 4.7 1.8 33 34 35 36 37 38 39 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2011 2012 2013 r 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 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 Percent change at annual rate: Gross domestic product ................................... Percentage points at annual rates: Personal consumption expenditures ...................... Goods..................................................................... Durable goods ..................................................... Motor vehicles and parts.................................. Furnishings and durable household equipment Recreational goods and vehicles..................... Other durable goods ........................................ Nondurable goods ............................................... Food and beverages purchased for offpremises consumption ................................. Clothing and footwear ...................................... Gasoline and other energy goods.................... Other nondurable goods .................................. Services ................................................................. Household consumption expenditures (for services) .......................................................... Housing and utilities......................................... Health care ...................................................... Transportation services.................................... Recreation services ......................................... Food services and accommodations ............... Financial services and insurance..................... Other services ................................................. Final consumption expenditures of nonprofit institutions serving households........................ Gross output of nonprofit institutions ............... Less: Receipts from sales of goods and services by nonprofit institutions .................. Gross private domestic investment ........................ Fixed investment ................................................... Nonresidential...................................................... Structures ........................................................ Equipment........................................................ Information processing equipment............... Computers and peripheral equipment...... Other ........................................................ Industrial equipment..................................... Transportation equipment ............................ Other equipment .......................................... Intellectual property products .......................... Software....................................................... Research and development ......................... Entertainment, literary, and artistic originals 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................................................. 1.8 2.8 1.74 0.76 0.46 0.11 0.09 0.20 0.06 0.30 1.52 0.77 0.56 0.17 0.10 0.22 0.07 0.22 0.08 0.07 0.08 0.03 –0.06 –0.04 0.19 0.16 0.98 0.74 2011 2010 I II 1.6 3.9 2.8 2.8 1.37 1.42 0.81 0.88 0.51 0.37 0.12 –0.10 0.10 0.17 0.20 0.21 0.08 0.08 0.31 0.51 2.21 1.14 0.84 0.39 0.20 0.25 0.01 0.29 1.87 0.85 0.46 0.17 0.03 0.18 0.08 0.38 2.86 1.66 0.88 0.46 0.13 0.18 0.11 0.78 1.9 0.07 0.03 0.01 0.20 0.55 0.19 –0.15 0.19 0.14 0.01 0.10 0.13 0.21 0.54 1.07 III 0.09 –0.04 0.00 0.21 0.10 –0.08 I –1.3 3.2 III 1.4 IV 4.9 1.42 1.03 1.42 1.65 0.60 0.05 0.29 1.14 0.38 –0.06 0.36 0.93 0.09 –0.43 0.04 0.56 0.04 0.09 0.09 0.17 0.21 0.18 0.20 0.25 0.04 0.09 0.04 –0.04 0.22 0.11 –0.08 0.21 1.27 0.84 0.28 0.06 0.43 0.24 0.04 0.02 0.08 –0.06 0.14 0.21 0.20 0.22 0.10 0.14 0.07 –0.11 –0.07 –0.03 0.32 0.18 0.17 –0.06 0.25 2.86 1.77 1.21 0.27 1.02 0.06 –0.03 0.09 0.22 0.55 0.19 –0.08 –0.14 –0.03 0.09 0.56 1.09 –0.09 1.18 –1.77 1.10 0.93 0.17 –2.87 –2.77 –0.10 II 2013 I II III IV 3.7 1.2 2.8 0.1 1.98 1.28 1.04 0.50 0.69 0.21 0.26 –0.11 0.13 0.02 0.22 0.19 0.09 0.12 0.35 0.28 1.15 0.84 0.59 0.19 0.09 0.22 0.08 0.25 1.13 0.85 0.74 0.33 0.07 0.21 0.13 0.10 0.09 0.31 0.07 0.08 –0.05 –0.02 0.15 0.12 0.09 0.05 0.02 0.27 0.05 0.10 –0.15 0.09 0.10 –0.09 0.11 –0.04 0.05 –0.04 –0.08 –0.25 –0.01 –0.02 –0.12 0.18 –0.08 –0.14 0.23 0.25 0.19 0.18 0.14 0.15 0.22 0.07 0.14 0.23 1.02 1.20 0.81 0.98 1.14 0.51 0.94 0.78 0.31 0.29 0.97 0.65 0.59 0.53 1.00 1.14 0.16 0.10 0.11 0.18 –0.02 0.27 0.30 0.30 0.27 –0.11 0.41 0.44 0.05 0.02 0.02 0.01 0.04 0.05 0.05 0.04 0.02 0.08 –0.06 0.15 0.17 0.15 0.12 0.15 0.13 0.10 0.15 –0.07 0.08 0.21 0.41 –0.02 0.09 0.10 –0.02 0.01 0.08 0.15 0.00 0.09 IV 2012 0.29 1.86 –0.04 0.90 –0.15 0.83 0.13 –0.09 0.22 0.04 0.54 0.12 0.22 0.06 0.11 0.05 –0.94 1.90 –0.11 2.01 –0.88 1.27 0.70 0.57 –2.15 –1.79 –0.36 0.94 0.84 0.66 0.87 0.52 0.25 0.17 0.32 –0.13 –0.12 0.55 0.16 0.30 –0.09 0.55 0.54 0.03 0.26 0.09 0.06 0.02 –0.01 0.04 0.02 0.15 0.07 0.02 0.05 0.01 0.03 0.20 0.14 0.18 0.18 0.10 0.05 0.02 0.31 –0.10 –0.05 –0.17 –0.35 0.00 0.03 0.12 0.28 –0.04 0.09 0.04 0.11 0.30 –0.15 0.00 0.26 0.06 0.39 0.26 0.09 0.06 0.31 –0.16 –0.23 0.68 0.53 0.18 0.29 –0.20 –0.10 –0.10 0.12 0.29 0.08 0.07 0.11 –0.03 0.00 0.15 –0.91 –0.14 –0.76 0.10 0.51 0.48 0.03 –0.41 –0.35 –0.06 0.25 0.99 0.39 0.04 0.15 –0.22 –0.08 –0.19 0.11 0.00 –0.25 0.10 0.11 0.06 0.04 0.00 0.35 0.60 –0.32 0.91 –0.03 0.05 0.16 –0.10 –0.08 –0.05 –0.03 Line III II 1.1 2.5 4.1 2.6 1 1.54 1.24 0.85 0.71 0.43 0.46 0.13 –0.02 0.07 0.15 0.16 0.23 0.07 0.10 0.43 0.26 1.36 1.03 0.58 0.12 0.21 0.24 0.00 0.46 2.22 0.66 0.21 0.00 0.04 0.07 0.11 0.45 2 3 4 5 6 7 8 9 0.11 –0.06 0.14 0.16 0.04 0.13 –0.09 0.09 0.11 –0.02 0.08 –0.01 0.17 0.21 0.33 0.21 0.69 0.53 0.32 1.57 10 11 12 13 14 0.13 1.04 0.60 0.24 –0.35 0.58 0.01 –0.31 0.26 0.14 0.40 0.31 –0.01 0.06 0.00 –0.04 –0.04 0.06 –0.02 0.10 0.27 0.11 0.03 0.02 –0.01 0.27 0.20 0.09 0.01 –0.17 –0.02 0.06 0.16 –0.35 –0.07 0.09 –0.22 0.25 1.61 0.20 0.62 0.04 0.01 0.32 0.30 0.10 15 16 17 18 19 20 21 22 0.08 –0.04 0.15 0.42 23 24 0.09 0.69 0.85 0.84 0.05 0.62 0.04 –0.01 0.05 0.16 0.27 0.14 0.17 0.10 0.05 0.01 0.01 –0.16 0.02 –0.18 0.10 0.89 0.63 0.27 –0.79 –0.70 –0.09 0.12 1.36 1.17 0.85 0.31 0.41 0.05 0.03 0.02 0.06 0.25 0.05 0.13 0.10 0.03 0.00 0.32 0.20 –0.03 0.22 0.10 0.48 0.36 0.12 –0.38 –0.30 –0.07 0.14 0.82 0.66 0.33 0.03 0.17 0.06 0.00 0.06 0.04 0.01 0.07 0.12 0.08 0.03 0.01 0.33 0.16 0.23 –0.06 0.12 0.36 0.22 0.14 –0.24 –0.17 –0.07 –0.08 1.77 0.11 0.46 –0.73 1.25 0.14 0.03 0.12 –0.09 0.87 0.34 –0.07 –0.15 0.01 0.08 –0.35 1.66 –0.06 1.72 –0.96 0.73 0.85 –0.12 –1.70 –1.68 –0.02 0.24 –0.51 1.13 0.94 0.18 0.57 0.19 –0.03 0.22 0.14 0.08 0.16 0.19 0.09 0.06 0.04 0.19 –1.64 0.02 –1.66 1.32 1.47 1.07 0.40 –0.15 –0.22 0.07 –0.02 –1.11 –0.05 –0.09 –0.82 0.59 –0.15 –0.09 –0.06 0.22 0.26 0.25 0.14 0.13 0.04 –0.03 0.04 –1.06 0.11 –1.17 0.01 0.48 0.38 0.09 –0.46 –0.61 0.14 0.06 1.88 1.16 1.09 0.68 0.23 0.14 0.14 0.00 0.00 0.04 0.05 0.18 0.13 0.06 –0.01 0.07 0.72 –0.02 0.74 0.53 0.64 0.34 0.30 –0.11 0.10 –0.21 –0.30 0.36 1.96 1.81 0.62 0.99 –0.01 0.03 –0.03 0.33 0.43 0.24 0.20 0.14 0.05 0.01 0.15 –1.60 0.08 –1.68 0.10 0.92 0.53 0.39 –0.82 –0.50 –0.32 0.41 4.13 1.39 1.10 0.35 0.54 0.05 0.06 –0.01 0.23 0.47 –0.20 0.21 0.16 0.03 0.02 0.29 2.73 0.05 2.68 –0.60 0.38 0.72 –0.35 –0.98 –0.93 –0.05 0.33 1.57 1.21 0.68 0.18 0.45 0.23 0.11 0.12 –0.19 0.30 0.11 0.05 0.03 0.03 –0.01 0.53 0.36 0.08 0.27 0.44 0.56 0.17 0.39 –0.12 –0.12 0.00 0.13 0.71 –0.23 –0.57 –0.80 0.09 –0.05 –0.08 0.04 0.00 –0.10 0.24 0.14 0.13 –0.01 0.02 0.34 0.93 0.88 0.06 –0.28 –0.18 –0.27 0.09 –0.10 0.03 –0.13 0.31 1.38 0.96 0.56 0.43 0.18 0.16 –0.08 0.23 –0.01 0.08 –0.04 –0.06 –0.11 0.04 0.01 0.40 0.41 0.12 0.30 –0.07 1.04 0.84 0.20 –1.10 –1.00 –0.11 0.07 2.56 0.89 0.58 0.35 0.02 0.03 0.01 0.03 0.18 0.04 –0.23 0.22 0.14 0.08 –0.01 0.31 1.67 0.12 1.55 0.14 0.52 0.52 0.01 –0.39 –0.32 –0.07 0.46 0.41 0.43 0.68 –0.05 0.58 –0.01 0.13 –0.14 –0.04 0.33 0.31 0.15 0.05 0.09 0.02 –0.26 –0.02 –0.05 0.03 0.99 1.23 1.06 0.17 –0.24 –0.18 –0.06 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 –0.68 –0.23 –0.13 –0.06 –0.07 –0.10 –0.09 0.00 –0.46 –0.30 –0.16 –0.20 –0.12 –0.17 –0.11 –0.06 0.05 0.08 –0.02 –0.08 0.00 –0.08 –0.43 –0.41 –0.35 –0.31 –0.05 –0.06 –0.04 –0.02 –0.02 0.03 –0.06 –0.63 0.61 –0.07 –0.87 0.32 0.71 0.32 –0.23 –0.11 0.34 0.41 –0.19 –0.05 0.23 0.37 –0.25 –0.06 0.11 0.04 0.06 0.43 0.37 –0.09 –0.04 0.34 0.28 –0.11 –0.05 0.09 0.09 0.02 0.01 –0.95 –0.10 –0.39 –0.63 –0.68 –0.35 –0.41 –0.35 –0.28 0.24 0.02 –0.28 –1.61 –0.94 –0.83 –0.47 –0.36 –0.11 –0.13 0.02 –0.67 –0.33 –0.34 –0.25 0.16 0.36 0.31 0.06 –0.21 –0.17 –0.04 –0.41 –0.26 –0.15 –0.52 –0.29 0.13 0.19 –0.06 –0.42 –0.39 –0.03 –0.23 –0.17 –0.06 –0.31 –0.25 –0.57 –0.58 0.00 0.32 0.38 –0.06 –0.05 –0.04 –0.01 –0.28 0.05 0.67 –1.31 –0.82 –0.20 –0.02 0.69 –1.19 –0.68 –0.36 –0.05 0.60 –1.22 –0.57 –0.11 –0.13 0.61 –1.14 –0.38 –0.25 0.08 –0.01 –0.08 –0.18 0.16 0.04 0.08 0.03 –0.11 0.18 0.03 0.08 0.05 –0.05 –0.02 0.00 0.00 –0.02 –0.05 –0.08 0.07 –0.02 –0.12 –0.14 0.10 0.03 0.12 –0.01 0.01 –0.18 0.04 –0.14 –0.11 –0.16 –0.07 –0.12 –0.03 –0.12 0.09 –0.09 –0.08 –0.02 0.05 0.04 0.01 0.08 –0.11 –0.02 –0.06 0.04 –0.09 –0.09 0.00 0.19 0.04 0.15 –0.99 –1.00 –0.70 –0.53 –0.17 –0.29 –0.26 –0.03 0.00 0.04 –0.04 52 53 54 55 56 57 58 59 60 61 62 r Revised See “Explanatory Note” at the end of the tables. -7- –0.07 –0.36 1.63 1.13 0.44 0.47 0.31 0.28 0.04 0.07 0.01 0.07 0.21 0.16 0.05 0.01 0.50 –2.00 0.10 –2.09 0.68 0.15 –0.28 0.43 0.53 0.50 0.03 IV r I Table 3. Gross Domestic Product: Level and Change From Preceding Period—Continues Billions of dollars Billions of chained (2009) dollars Seasonally adjusted at annual rates Change from preceding period Seasonally adjusted at annual rates Line 2013 r 2012 2013 r 2013 2012 2013 Line 2013 2013 r 1 Gross domestic product ................................... 2 Personal consumption expenditures ...................... 3 Goods..................................................................... 4 Durable goods ..................................................... 5 Motor vehicles and parts ................................. 6 Furnishings and durable household equipment .................................................... 7 Recreational goods and vehicles..................... 8 Other durable goods ........................................ 9 Nondurable goods ............................................... 10 Food and beverages purchased for offpremises consumption................................. 11 Clothing and footwear...................................... 12 Gasoline and other energy goods.................... 13 Other nondurable goods .................................. 14 Services ................................................................. 15 Household consumption expenditures (for services) .......................................................... 16 Housing and utilities......................................... 17 Health care ...................................................... 18 Transportation services.................................... 19 Recreation services......................................... 20 Food services and accommodations ............... 21 Financial services and insurance .................... 22 Other services ................................................. 23 Final consumption expenditures of nonprofit institutions serving households........................ 24 Gross output of nonprofit institutions ............... 25 Less: Receipts from sales of goods and services by nonprofit institutions.................. 26 Gross private domestic investment ........................ 27 Fixed investment ................................................... 28 Nonresidential ..................................................... 29 Structures ........................................................ 30 Equipment ....................................................... 31 Information processing equipment............... 32 Computers and peripheral equipment...... 33 Other ........................................................ 34 Industrial equipment .................................... 35 Transportation equipment ............................ 36 Other equipment .......................................... 37 Intellectual property products .......................... 38 Software....................................................... 39 Research and development ......................... 40 Entertainment, literary, and artistic originals 41 Residential........................................................... 42 Change in private inventories .............................. 43 Farm .................................................................... 44 Nonfarm............................................................... 45 Net exports of goods and services ......................... 46 Exports................................................................... 47 Goods.................................................................. 48 Services............................................................... 49 Imports................................................................... 50 Goods.................................................................. 51 Services............................................................... IV I II III IV r 15,539.6 10,584.8 3,579.2 1,285.2 375.8 15,583.9 10,644.0 3,611.9 1,303.5 380.6 15,679.7 10,691.9 3,639.6 1,323.2 379.7 15,839.3 10,744.2 3,680.0 1,348.6 384.3 15,942.3 10,831.5 3,706.1 1,357.8 384.2 290.6 210.3 125.3 86.6 18.2 159.6 52.3 40.4 25.4 4.6 103.0 87.3 26.1 9.2 –0.1 1 2 3 4 5 285.8 277.9 280.7 284.7 289.4 288.4 310.5 297.3 300.3 306.9 316.6 318.2 347.8 339.9 342.3 346.3 351.7 350.7 451.6 426.8 435.2 447.3 460.1 463.9 205.0 197.8 200.6 204.7 205.8 208.8 197.0 190.1 192.8 196.8 196.9 201.2 2,622.9 2,595.4 2,607.0 2,591.0 2,638.8 2,654.7 2,342.0 2,306.7 2,322.2 2,331.7 2,348.6 2,365.5 17.7 40.7 13.4 45.2 9.7 12.8 0.1 16.9 1.6 3.8 4.3 16.9 6 7 8 9 884.0 871.8 878.9 877.6 886.2 893.2 820.2 813.5 817.6 815.3 820.8 827.2 362.7 357.4 360.0 362.8 363.1 364.8 343.3 339.0 340.5 345.5 341.7 345.5 408.7 421.6 418.3 391.7 414.0 411.0 272.3 268.8 271.7 271.1 273.2 273.0 967.5 944.7 949.7 958.9 975.6 985.7 916.5 895.2 901.8 910.0 923.0 931.2 7,615.7 7,459.4 7,527.4 7,578.6 7,624.8 7,731.9 7,067.7 7,004.7 7,031.1 7,051.5 7,063.6 7,124.8 10.8 4.4 0.8 31.4 85.0 5.5 –3.8 2.1 13.0 12.1 6.4 3.8 –0.2 8.2 61.2 10 11 12 13 14 7,326.2 7,159.6 7,243.6 7,290.2 7,331.7 7,439.2 6,780.5 6,703.2 6,743.2 6,766.1 6,775.2 6,837.7 2,082.5 2,029.4 2,065.8 2,082.6 2,079.5 2,102.2 1,960.6 1,941.9 1,964.5 1,964.8 1,952.6 1,960.5 1,918.6 1,872.5 1,889.2 1,902.9 1,923.3 1,959.0 1,780.1 1,750.9 1,756.5 1,771.9 1,783.9 1,808.3 324.3 319.8 324.2 322.8 323.8 326.7 300.4 298.6 300.8 300.8 299.3 300.8 427.2 419.0 423.4 422.8 429.7 432.6 397.5 393.7 396.1 395.1 399.2 399.6 736.5 717.2 725.6 732.9 736.3 751.2 675.2 666.6 670.7 671.9 672.8 685.3 849.2 824.2 835.1 842.0 851.1 868.8 757.6 737.7 747.6 754.9 758.3 769.7 987.9 977.5 980.4 984.4 988.0 998.7 908.5 913.6 907.1 906.2 908.5 912.5 91.1 17.0 41.7 2.4 3.1 18.4 11.6 –3.4 9.1 –12.2 12.0 –1.5 4.1 0.9 3.4 2.3 62.5 7.9 24.4 1.5 0.4 12.5 11.4 4.0 15 16 17 18 19 20 21 22 289.5 299.8 283.8 288.4 293.2 292.7 286.7 302.3 287.6 284.8 288.0 286.4 1,235.2 1,212.5 1,209.9 1,227.2 1,239.5 1,264.1 1,146.8 1,141.4 1,132.7 1,142.2 1,148.1 1,164.3 –6.9 14.7 3.2 5.9 –1.6 16.2 23 24 876.8 20.6 2.7 17.5 2,643.3 130.4 102.3 16.1 2,511.2 105.6 35.6 17.2 2,022.5 52.6 23.4 27.8 436.4 5.3 13.6 –2.0 954.8 28.5 0.5 24.4 307.7 10.0 1.5 –0.6 ............. ............ ............ ............ 216.4 10.3 1.1 –6.3 192.7 6.0 6.9 –1.7 234.3 1.0 1.6 14.2 225.2 11.3 –9.5 12.5 633.2 19.0 8.7 6.2 302.3 12.9 6.1 2.1 255.1 5.1 3.1 3.2 76.5 1.2 –0.4 0.7 489.0 52.9 12.1 –10.2 111.7 23.9 59.1 –4.0 20.2 26.8 3.3 –2.6 88.9 –10.4 56.5 –0.3 –382.8 18.5 4.6 37.0 2,063.7 52.6 19.2 46.1 1,431.7 31.8 18.8 39.5 631.5 21.1 0.2 6.4 2,446.4 34.1 14.4 9.1 2,008.1 24.0 11.8 6.7 437.7 10.7 2.6 2.5 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 16,799.7 11,501.5 3,885.9 1,263.0 424.5 945.7 2,670.0 2,564.0 2,047.1 456.4 939.7 290.1 77.9 212.2 202.8 218.9 227.9 651.0 294.4 280.7 75.8 516.9 106.1 40.4 65.7 –497.3 2,259.9 1,567.0 692.9 2,757.2 2,296.0 461.2 IV I II III IV r 16,420.3 11,285.5 3,826.1 1,230.7 415.1 16,535.3 11,379.2 3,851.8 1,244.8 421.3 16,661.0 11,427.1 3,848.5 1,257.5 421.7 16,912.9 11,537.7 3,912.8 1,274.0 427.1 17,089.6 11,662.2 3,930.3 1,275.7 427.8 912.7 2,499.9 2,486.9 2,018.2 457.8 925.0 289.4 82.5 206.9 199.6 215.7 220.3 635.4 287.3 273.4 74.7 468.8 13.0 –15.6 28.6 –515.8 2,213.7 1,538.3 675.5 2,729.5 2,279.6 449.9 926.1 2,555.1 2,491.7 2,001.4 429.1 928.0 286.2 78.8 207.5 200.1 211.5 230.2 644.3 293.7 275.2 75.3 490.3 63.4 38.9 24.5 –523.1 2,214.2 1,531.6 682.6 2,737.3 2,281.9 455.3 938.8 2,621.0 2,543.8 2,030.6 452.6 934.6 291.4 75.7 215.7 199.3 214.7 229.2 643.5 290.4 277.4 75.6 513.2 77.2 40.4 36.9 –509.0 2,238.9 1,548.8 690.2 2,747.9 2,288.7 459.3 946.3 2,738.0 2,593.2 2,060.5 470.7 935.8 291.6 76.0 215.6 206.6 217.8 219.7 654.1 296.0 282.3 75.8 532.6 144.8 44.5 100.3 –500.2 2,265.8 1,572.1 693.7 2,766.0 2,304.5 461.5 971.4 2,766.0 2,627.2 2,095.7 473.4 960.4 291.0 81.1 209.9 205.0 231.8 232.5 662.0 297.5 288.0 76.6 531.5 138.8 37.8 101.0 –456.9 2,320.6 1,615.6 705.0 2,777.5 2,309.0 468.5 15,761.3 10,727.9 3,659.4 1,333.3 382.2 859.4 2,566.4 2,470.9 1,984.4 426.9 934.4 305.7 ............. 218.1 190.6 222.0 221.0 624.8 298.8 250.8 76.0 486.6 81.5 19.6 58.3 –412.3 2,010.0 1,385.0 624.8 2,422.3 1,988.3 433.5 839.9 2,441.8 2,429.1 1,971.9 439.4 918.8 302.1 ............. 210.3 187.8 219.4 214.5 614.9 293.1 247.6 74.9 457.5 7.3 –9.6 20.3 –412.1 1,967.0 1,352.6 614.2 2,379.1 1,955.1 423.1 844.8 2,470.1 2,420.0 1,949.0 407.9 922.5 300.0 .............. 211.8 188.0 215.1 224.0 620.6 298.6 247.4 75.7 471.2 42.2 16.0 22.2 –422.3 1,960.5 1,342.8 617.5 2,382.7 1,954.0 428.3 856.6 2,524.9 2,458.4 1,971.3 424.8 929.9 306.8 .............. 221.6 187.5 218.5 222.2 618.3 294.1 248.8 76.2 487.1 56.6 19.5 32.7 –424.4 1,998.4 1,373.4 624.9 2,422.9 1,989.6 432.6 859.3 2,627.2 2,494.0 1,994.7 438.4 930.4 308.3 .............. 222.7 194.4 220.1 212.7 627.0 300.2 251.9 75.8 499.2 115.7 22.8 89.2 –419.8 2,017.6 1,392.2 625.1 2,437.3 2,001.4 435.2 III IV r 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. -8- Table 3. Gross Domestic Product: Level and Change From Preceding Period—Table Ends Billions of dollars Billions of chained (2009) dollars Seasonally adjusted at annual rates Change from preceding period Seasonally adjusted at annual rates Line 2013 r 2012 2013 r 2013 2012 Line 2013 2013 2013 r 52 Government consumption expenditures and gross investment .................................................. 53 Federal................................................................... 54 National defense ................................................. 55 Consumption expenditures.............................. 56 Gross investment ............................................ 57 Nondefense......................................................... 58 Consumption expenditures.............................. 59 Gross investment ............................................ 60 State and local ...................................................... 61 Consumption expenditures ................................. 62 Gross investment ................................................ 63 Residual...................................................................... Addenda: 64 Final sales of domestic product .............................. 65 Gross domestic purchases ..................................... 66 Final sales to domestic purchasers ........................ 67 Gross domestic product ...................................... 68 Plus: Income receipts from the rest of the world..... 69 Less: Income payments to the rest of the world ..... 70 Equals: Gross national product .......................... 71 Net domestic product.............................................. 72 Gross domestic income 1........................................ IV I II III IV r 3,125.5 1,245.9 770.7 612.0 158.7 475.1 359.0 116.1 1,879.6 1,548.1 331.5 ............. 3,150.7 1,275.2 793.7 630.6 163.1 481.5 363.3 118.2 1,875.4 1,544.3 331.2 ............. 3,124.1 1,255.0 775.8 619.7 156.1 479.2 362.6 116.6 1,869.1 1,543.0 326.1 ............. 3,121.9 1,252.6 776.3 615.7 160.5 476.3 360.3 116.1 1,869.3 1,541.4 327.8 ............. 3,137.5 1,251.2 777.3 614.9 162.5 473.9 357.5 116.3 1,886.3 1,550.8 335.6 ............. 3,118.4 1,224.7 753.6 597.8 155.8 471.1 355.6 115.5 1,893.7 1,557.3 336.3 ............. 16,693.7 17,297.0 17,191.0 16,799.7 827.3 569.5 17,057.5 14,153.2 16,931.9 16,407.3 16,936.1 16,923.1 16,420.3 829.8 572.8 16,677.3 13,845.3 16,522.0 16,471.9 17,058.4 16,995.0 16,535.3 813.3 575.9 16,772.7 13,931.5 16,690.9 16,583.8 17,170.0 17,092.8 16,661.0 817.0 570.1 16,907.9 14,029.1 16,847.8 16,768.1 17,413.2 17,268.4 16,912.9 822.0 559.1 17,175.9 14,253.3 17,004.6 16,950.8 17,546.5 17,407.7 17,089.6 856.8 572.9 17,373.5 14,398.6 17,184.3 IV I II III 2,896.9 1,157.4 715.0 563.5 151.4 442.5 331.5 110.9 1,739.2 1,432.1 306.4 –39.4 2,938.8 1,198.9 745.0 588.1 156.8 453.9 340.2 113.7 1,739.8 1,429.5 309.6 –45.1 2,907.4 1,172.8 723.1 573.4 149.5 449.8 338.1 111.6 1,734.3 1,429.9 303.7 –38.0 2,904.5 1,168.2 722.0 568.8 153.1 446.2 335.1 111.0 1,736.0 1,431.3 304.0 –41.2 2,907.4 1,163.9 721.2 566.3 154.9 442.7 331.5 111.1 1,743.2 1,432.8 309.7 –40.2 15,669.7 16,172.7 16,081.6 15,761.3 704.4 484.7 15,985.0 13,258.2 15,885.4 15,528.3 15,950.8 15,939.7 15,539.6 711.5 490.7 15,764.8 13,067.9 15,636.0 15,536.4 16,005.8 15,958.6 15,583.9 695.2 491.9 15,789.7 13,099.9 15,730.6 15,616.2 16,104.1 16,041.0 15,679.7 697.9 486.9 15,893.9 13,183.0 15,855.4 15,711.1 16,258.5 16,130.9 15,839.3 698.9 475.2 16,067.4 13,330.0 15,925.2 IV r III IV r 2,868.5 –66.2 2.9 –38.9 1,124.8 –62.9 –4.3 –39.1 693.6 –54.1 –0.8 –27.6 545.6 –46.9 –2.5 –20.7 148.0 –7.1 1.8 –6.9 431.2 –8.7 –3.5 –11.5 321.4 –5.4 –3.6 –10.1 109.8 –3.3 0.1 –1.3 1,743.3 –3.6 7.2 0.1 1,434.3 5.0 1.5 1.5 308.3 –8.7 5.7 –1.4 –39.3 ............. ............ ............. 15,815.0 16,322.4 16,195.8 15,942.3 725.6 484.9 16,188.9 13,419.9 16,030.6 266.5 270.4 246.4 290.6 –1.1 –2.6 291.9 242.4 398.4 94.9 154.4 89.9 159.6 1.0 –11.7 173.5 147.0 69.8 103.9 63.9 64.9 103.0 26.7 9.7 121.5 89.9 105.4 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 r Revised 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. 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. -9- Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2011 2012 2013 r 2010 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 II 2011 III IV I II 2012 III IV I II 2013 III IV I II Line III IV r Gross domestic product (GDP) 2.0 1.7 1.4 1.3 1.9 1.8 2.1 1.6 2.6 2.5 0.5 2.0 1.8 2.3 1.1 1.3 0.6 2.0 1.6 Personal consumption expenditures ... 2.4 1.8 1.1 1.4 0.5 1.2 2.1 3.0 3.7 2.3 1.3 2.3 1.1 1.7 1.6 1.1 –0.1 1.9 1.1 Goods................................................... 3.6 1.3 –0.4 1.1 –2.5 0.6 4.0 6.0 6.3 2.6 0.2 2.2 –1.2 1.3 0.7 –1.0 –3.3 2.2 –1.0 Durable goods .................................. –1.0 –1.2 –1.8 –1.6 –2.4 –2.5 –1.9 –0.8 1.4 –0.6 –2.2 –0.7 –1.2 –2.2 –2.1 –1.1 –2.0 –2.3 –2.2 Nondurable goods ............................ 5.9 2.4 0.2 2.4 –2.5 2.2 6.9 9.3 8.6 4.1 1.3 3.5 –1.1 3.0 2.0 –0.9 –4.0 4.5 –0.5 Services ............................................... 1.8 2.2 2.0 1.5 1.9 1.5 1.2 1.5 2.4 2.2 2.0 2.3 2.2 1.9 2.1 2.1 1.6 1.8 2.2 Gross private domestic investment ..... 1.3 1.3 1.7 –0.8 0.5 0.7 2.1 1.1 1.7 1.0 0.7 1.4 1.6 1.3 1.5 2.1 1.9 1.7 1.5 Fixed investment .................................. 1.3 1.3 1.9 –1.1 0.1 0.5 1.8 1.4 2.2 1.1 0.7 1.5 1.5 1.4 1.3 2.3 2.0 2.0 2.5 Nonresidential................................... 1.5 1.4 1.2 –1.5 0.9 0.6 1.6 1.5 2.3 1.3 0.9 2.1 1.5 1.0 0.8 1.3 1.2 1.2 1.2 Structures ..................................... 2.9 1.9 3.0 1.5 2.1 2.1 2.5 2.7 4.2 3.7 2.7 0.9 1.9 0.6 1.2 4.0 5.2 3.1 4.3 Equipment..................................... 0.9 1.3 0.4 –4.2 –0.2 1.0 1.0 0.7 1.7 0.7 1.0 2.1 0.4 1.4 1.5 –0.3 –0.4 0.3 0.0 Intellectual property products ....... 1.2 1.4 1.0 –0.3 1.4 –1.0 1.9 2.0 2.2 0.5 –0.6 2.7 2.9 0.7 –0.6 1.9 1.0 1.0 0.9 Residential........................................ 0.7 0.9 4.9 0.6 –2.8 0.0 2.3 0.8 1.4 0.1 0.1 –0.8 1.4 3.4 4.0 6.3 5.1 5.2 7.6 Change in private inventories............... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... Net exports of goods and services ...... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... Exports................................................. 6.4 0.9 0.2 3.9 4.7 1.2 9.7 10.6 8.3 2.3 –4.0 2.9 0.6 0.0 1.5 1.4 –3.2 1.0 0.5 Goods............................................... 7.6 0.4 –0.3 4.2 5.4 1.4 12.7 12.7 9.5 1.9 –5.2 2.4 –0.1 0.0 1.1 1.2 –4.4 0.5 –0.3 Services............................................ 3.8 2.1 1.5 3.3 3.2 0.9 3.4 6.0 5.7 3.2 –1.0 4.0 2.4 –0.1 2.5 2.0 –0.3 1.9 2.4 Imports ................................................. 7.8 0.5 –0.9 6.4 –1.8 –2.2 9.6 17.4 12.8 –0.4 –0.8 4.3 –3.7 –5.0 4.1 0.5 –5.0 0.2 0.2 Goods............................................... 8.8 0.6 –1.2 7.5 –2.4 –2.9 10.4 20.4 14.6 –0.3 –0.3 4.8 –4.5 –5.9 4.5 0.6 –5.9 0.4 –0.6 Services............................................ 2.8 0.2 0.5 1.2 0.7 1.5 5.9 3.7 4.5 –0.7 –3.2 1.6 0.5 –0.3 2.3 –0.1 –0.5 –0.5 3.9 Government consumption 2.8 1.3 0.9 4.8 3.0 2.0 2.9 3.6 4.1 1.7 –0.5 2.9 0.3 0.3 1.4 0.9 0.1 1.6 3.0 expenditures and gross investment Federal ................................................. 2.7 0.8 1.4 5.5 2.9 1.6 2.3 4.2 3.8 1.3 –1.0 1.5 0.8 0.2 0.6 2.4 0.8 1.0 5.2 National defense............................... 2.8 1.0 1.5 5.6 2.4 0.8 2.2 5.2 4.2 1.2 –1.6 2.4 1.2 0.4 0.8 2.8 0.9 1.0 3.2 Nondefense ...................................... 2.5 0.4 1.2 5.4 3.9 2.9 2.3 2.5 3.2 1.7 0.0 0.0 0.2 –0.2 0.1 1.8 0.8 1.1 8.5 State and local...................................... 2.9 1.6 0.7 4.3 3.1 2.3 3.3 3.1 4.3 1.9 –0.1 3.8 –0.1 0.4 1.9 –0.1 –0.4 2.0 1.5 Addenda: Final sales of domestic product............ 2.0 1.8 1.4 1.3 1.8 1.8 2.0 1.7 2.7 2.5 0.5 2.0 1.7 2.3 1.1 1.4 0.7 2.0 1.7 Gross domestic purchases................... 2.3 1.7 1.2 1.8 1.0 1.3 2.3 2.8 3.5 2.0 0.9 2.3 1.0 1.4 1.6 1.2 0.2 1.8 1.5 Final sales to domestic purchasers...... 2.3 1.7 1.2 1.7 0.9 1.3 2.2 2.9 3.6 2.0 0.9 2.3 1.0 1.4 1.5 1.2 0.2 1.9 1.6 Gross national product (GNP).............. 2.0 1.7 1.4 1.8 1.8 1.8 2.1 1.6 2.7 2.4 0.5 2.0 1.7 2.3 1.1 1.3 0.6 2.0 1.6 Implicit price deflators: GDP.................................................. 2.0 1.7 1.5 1.4 1.8 1.8 2.1 1.6 2.6 2.5 0.5 2.0 1.8 2.1 1.4 1.7 0.6 2.0 1.6 Gross domestic purchases ............... 2.3 1.6 1.3 1.9 0.9 1.3 2.3 2.8 3.5 2.1 0.9 2.2 1.0 1.2 1.9 1.5 0.2 1.8 1.5 GNP.................................................. 2.0 1.7 1.5 1.9 1.7 1.8 2.1 1.6 2.6 2.5 0.5 2.0 1.8 2.1 1.4 1.7 0.6 2.0 1.6 r Revised See “Explanatory Note” at the end of the tables. - 10 - 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 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] Seasonally adjusted Line 2011 2012 2013 r 2012 IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 2013 I II Line III IV r Gross domestic product ..................................................... 104.400 107.302 109.317 107.780 108.087 108.751 109.859 110.572 Personal consumption expenditures................................................ 104.555 106.854 108.991 107.537 108.138 108.625 109.156 110.043 Goods ............................................................................................... 106.925 110.495 114.413 111.904 112.928 113.793 115.057 115.873 Durable goods............................................................................... 113.074 121.833 130.289 125.591 127.379 129.309 131.785 132.682 Nondurable goods......................................................................... 104.177 105.594 107.672 106.047 106.762 107.197 107.973 108.754 Services............................................................................................ 103.411 105.090 106.370 105.421 105.818 106.125 106.308 107.228 Gross private domestic investment .................................................. 118.449 129.705 136.647 130.012 131.521 134.440 139.883 140.743 Fixed investment............................................................................... 107.844 116.766 121.978 119.914 119.467 121.362 123.119 123.966 Nonresidential ............................................................................... 110.225 118.263 121.485 120.717 119.318 120.685 122.114 123.821 Structures.................................................................................. 85.360 96.212 97.416 100.282 93.090 96.943 100.042 99.588 Equipment ................................................................................. 130.639 140.604 145.024 142.609 143.175 144.326 144.401 148.192 Intellectual property products.................................................... 106.388 109.962 113.408 111.617 112.648 112.235 113.815 114.933 Residential .................................................................................... 97.964 110.581 124.060 116.635 120.123 124.180 127.267 124.671 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ................... Exports of goods and services ......................................................... 119.367 123.590 126.912 124.196 123.781 126.181 127.389 130.298 Imports of goods and services ......................................................... 118.239 120.860 122.588 120.398 120.584 122.615 123.347 123.807 Government consumption expenditures and gross investment.... 96.868 95.921 93.779 95.135 94.117 94.024 94.117 92.859 Federal.............................................................................................. 101.660 100.212 95.051 98.455 96.315 95.933 95.581 92.375 State and local .................................................................................. 93.751 93.128 92.934 92.966 92.672 92.765 93.147 93.153 Addenda: Final sales of domestic product ........................................................ 103.082 105.751 107.581 106.610 106.666 107.214 107.865 108.579 Gross domestic purchases ............................................................... 104.666 107.374 109.200 107.702 108.073 108.737 109.779 110.211 Final sales to domestic purchasers .................................................. 103.381 105.866 107.513 106.565 106.691 107.242 107.843 108.277 Gross national product...................................................................... 104.954 107.744 109.748 108.237 108.408 109.123 110.314 111.148 r Revised See “Explanatory Note” at the end of the tables. - 11 - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] Seasonally adjusted Line 2011 2012 2013 r 2012 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 31 2013 I II Line III IV r Gross domestic product ..................................................... 103.203 105.008 106.486 105.640 105.994 106.165 106.685 107.099 Personal consumption expenditures (PCE)..................................... 104.086 106.009 107.211 106.622 106.909 106.878 107.387 107.671 Goods ............................................................................................... 105.345 106.666 106.189 106.900 106.641 105.740 106.326 106.049 Durable goods............................................................................... 97.649 96.467 94.725 95.746 95.487 95.016 94.456 93.941 Nondurable goods......................................................................... 109.128 111.765 111.994 112.522 112.264 111.126 112.362 112.224 Services............................................................................................ 103.463 105.689 107.751 106.493 107.060 107.477 107.946 108.522 Gross private domestic investment .................................................. 100.364 101.646 103.401 102.196 102.726 103.206 103.641 104.031 Fixed investment............................................................................... 100.506 101.852 103.763 102.386 102.967 103.478 103.982 104.625 Nonresidential ............................................................................... 100.524 101.977 103.155 102.350 102.692 103.008 103.303 103.618 Structures.................................................................................. 101.748 103.732 106.882 104.164 105.189 106.521 107.347 108.471 Equipment ................................................................................. 98.928 100.187 100.565 100.673 100.601 100.500 100.578 100.580 Intellectual property products.................................................... 101.789 103.169 104.188 103.325 103.816 104.071 104.322 104.544 Residential .................................................................................... 100.392 101.246 106.235 102.500 104.088 105.396 106.739 108.717 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ................... Exports of goods and services ......................................................... 111.140 112.185 112.433 112.543 112.944 112.034 112.303 112.450 Imports of goods and services ......................................................... 114.273 114.862 113.823 114.725 114.873 113.411 113.480 113.528 Government consumption expenditures and gross investment.... 105.560 106.882 107.891 107.209 107.454 107.485 107.916 108.711 Federal.............................................................................................. 105.344 106.184 107.655 106.370 107.007 107.229 107.504 108.879 State and local .................................................................................. 105.710 107.371 108.073 107.798 107.775 107.676 108.213 108.627 Addenda: PCE excluding food and energy 1 ..................................................... 102.743 104.632 105.936 105.187 105.542 105.711 106.077 106.415 Market-based PCE 2 ......................................................................... 104.034 105.920 107.062 106.460 106.800 106.721 107.258 107.469 Market-based PCE excluding food and energy 2 .............................. 102.480 104.320 105.570 104.783 105.210 105.351 105.729 105.990 Final sales of domestic product ........................................................ 103.217 105.033 106.535 105.663 106.024 106.199 106.731 107.184 Gross domestic purchases ............................................................... 103.884 105.599 106.851 106.150 106.467 106.526 107.010 107.402 Final sales to domestic purchasers .................................................. 103.898 105.624 106.898 106.171 106.496 106.559 107.053 107.485 Gross national product...................................................................... 103.327 105.131 106.608 105.762 106.116 106.287 106.807 107.221 Implicit price deflators: Gross domestic product ................................................................ 103.199 105.002 106.588 105.667 106.105 106.259 106.778 107.197 Final sales of domestic product .................................................... 103.217 105.033 106.535 105.660 106.021 106.196 106.728 107.181 Gross domestic purchases ........................................................... 103.880 105.594 106.952 106.177 106.576 106.619 107.102 107.500 Final sales to domestic purchasers............................................... 103.898 105.624 106.899 106.170 106.494 106.557 107.052 107.483 Gross national product.................................................................. 103.322 105.126 106.710 105.788 106.225 106.380 106.899 107.318 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 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. - 12 - 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 36 37 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 r Line Gross domestic product (GDP) ............................................... 4.4 4.8 4.1 1.0 1.8 2.8 3.8 3.4 2.7 1.8 –0.3 –2.8 2.5 1.8 2.8 1.9 Personal consumption expenditures ................................................. 5.3 5.5 5.1 2.5 2.5 3.1 3.8 3.5 3.0 2.2 –0.4 –1.6 2.0 2.5 2.2 2.0 Goods................................................................................................. 6.7 7.9 5.2 3.0 3.9 4.8 5.1 4.1 3.6 2.7 –2.5 –3.0 3.4 3.4 3.3 3.5 Durable goods ................................................................................ 12.1 12.8 8.6 5.2 7.3 7.1 8.2 5.4 4.3 4.6 –5.1 –5.5 6.1 6.6 7.7 6.9 Nondurable goods .......................................................................... 3.7 5.0 3.2 1.7 1.9 3.5 3.3 3.3 3.3 1.7 –1.1 –1.8 2.2 1.9 1.4 2.0 Services ............................................................................................. 4.6 4.1 5.0 2.2 1.8 2.2 3.2 3.2 2.7 2.0 0.8 –0.8 1.2 2.1 1.6 1.2 Gross private domestic investment ................................................... 9.5 8.4 6.5 –6.1 –0.6 4.1 8.8 6.4 2.1 –3.1 –9.4 –21.6 12.9 4.9 9.5 5.4 Fixed investment ................................................................................ 10.2 8.8 6.9 –1.6 –3.5 4.0 6.7 6.8 2.0 –2.0 –6.8 –16.7 1.5 6.2 8.3 4.5 Nonresidential................................................................................. 10.8 9.7 9.1 –2.4 –6.9 1.9 5.2 7.0 7.1 5.9 –0.7 –15.6 2.5 7.6 7.3 2.7 Structures ................................................................................... 5.1 0.1 7.8 –1.5 –17.7 –3.9 –0.4 1.7 7.2 12.7 6.1 –18.9 –16.4 2.1 12.7 1.3 Equipment................................................................................... 13.1 12.5 9.7 –4.3 –5.4 3.2 7.7 9.6 8.6 3.2 –6.9 –22.9 15.9 12.7 7.6 3.1 Intellectual property products ..................................................... 10.8 12.4 8.9 0.5 –0.5 3.8 5.1 6.5 4.5 4.8 3.0 –1.4 1.9 4.4 3.4 3.1 Residential...................................................................................... 8.6 6.3 0.7 0.9 6.1 9.1 10.0 6.6 –7.6 –18.8 –24.0 –21.2 –2.5 0.5 12.9 12.2 Change in private inventories............................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services .................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports............................................................................................... 2.3 4.6 8.4 –5.7 –1.9 1.6 9.4 6.0 8.9 8.9 5.7 –9.1 11.5 7.1 3.5 2.7 Goods............................................................................................. 2.2 5.9 10.1 –6.2 –3.5 1.9 8.5 7.4 9.4 7.5 6.1 –12.0 14.3 7.1 3.8 2.4 Services.......................................................................................... 2.6 1.4 3.9 –4.3 2.3 1.0 11.6 3.0 7.7 12.3 4.8 –2.1 5.6 7.0 3.0 3.5 Imports ............................................................................................... 11.7 11.4 12.8 –2.9 3.4 4.3 11.0 6.1 6.1 2.3 –2.6 –13.7 12.8 4.9 2.2 1.4 Goods............................................................................................. 11.8 12.7 13.1 –3.2 3.7 4.9 11.1 6.7 5.9 1.8 –3.7 –15.8 15.2 5.2 2.1 1.2 Services.......................................................................................... 10.9 4.7 11.0 –0.9 1.8 1.3 10.5 3.1 7.4 4.7 3.1 –3.1 2.8 3.1 2.7 2.5 Government consumption expenditures and gross investment ..... 2.1 3.4 1.9 3.8 4.4 2.2 1.6 0.6 1.5 1.6 2.8 3.2 0.1 –3.2 –1.0 –2.2 Federal ............................................................................................... –0.9 2.0 0.3 3.9 7.2 6.8 4.5 1.7 2.5 1.7 6.8 5.7 4.4 –2.6 –1.4 –5.2 National defense............................................................................. –2.1 1.5 –0.9 3.5 7.0 8.5 6.0 2.0 2.0 2.5 7.5 5.4 3.2 –2.3 –3.2 –7.0 Nondefense .................................................................................... 1.3 2.7 2.3 4.7 7.4 4.1 2.0 1.3 3.5 0.3 5.5 6.2 6.4 –3.0 1.8 –1.9 State and local.................................................................................... 3.8 4.2 2.8 3.7 2.9 –0.4 –0.1 0.0 0.9 1.5 0.3 1.6 –2.7 –3.6 –0.7 –0.2 Addenda: Final sales of domestic product.......................................................... 4.5 4.9 4.2 1.9 1.2 2.8 3.4 3.4 2.6 2.0 0.2 –2.0 1.0 2.0 2.6 1.7 Gross domestic purchases................................................................. 5.5 5.7 4.8 1.1 2.3 3.1 4.2 3.5 2.6 1.1 –1.3 –3.8 2.9 1.7 2.6 1.7 Final sales to domestic purchasers.................................................... 5.6 5.7 4.8 2.0 1.8 3.1 3.9 3.5 2.6 1.4 –0.9 –3.0 1.5 1.8 2.4 1.6 Gross domestic income 1 ................................................................... 5.3 4.5 4.7 1.1 1.4 2.2 3.7 3.6 4.0 0.1 –0.8 –2.6 2.7 2.5 2.5 2.6 Gross national product ....................................................................... 4.4 4.9 4.2 1.1 1.7 2.9 3.9 3.3 2.4 2.2 0.0 –3.0 2.8 2.1 2.7 1.9 Real disposable personal income ...................................................... 5.9 3.3 5.0 2.8 3.1 2.7 3.6 1.5 4.0 2.1 1.5 –0.5 1.1 2.4 2.0 0.7 Price indexes: Gross domestic purchases ............................................................. 0.7 1.6 2.6 1.9 1.4 2.2 2.9 3.5 3.2 2.7 3.0 –0.2 1.5 2.3 1.7 1.2 Gross domestic purchases excluding food and energy 2 ............... 0.9 1.5 2.2 1.8 1.6 1.9 2.7 3.2 3.0 2.5 2.3 0.5 1.3 1.7 1.6 1.3 GDP................................................................................................ 1.1 1.4 2.3 2.3 1.5 2.0 2.7 3.2 3.1 2.7 1.9 0.8 1.2 2.0 1.7 1.4 GDP excluding food and energy 2 .................................................. 1.2 1.5 2.3 2.0 1.8 1.9 2.7 3.4 3.1 2.6 2.1 0.5 1.4 1.8 1.7 1.5 Personal consumption expenditures............................................... 0.8 1.5 2.5 1.9 1.3 2.0 2.4 2.9 2.7 2.5 3.1 –0.1 1.7 2.4 1.8 1.1 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. - 13 - 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 Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2010 2011 2012 2013 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 39 40 II III IV I II III IV I II III IV I II III IV r Gross domestic product (GDP) .............................................. 1.6 2.7 3.0 2.8 2.0 1.9 1.5 2.0 3.3 2.8 3.1 2.0 1.3 1.6 2.0 2.6 Personal consumption expenditures (PCE) ..................................... 0.7 2.0 2.0 3.1 3.1 2.6 2.5 2.0 2.2 2.3 2.2 2.0 1.9 1.9 1.9 2.3 Goods................................................................................................ 1.8 3.8 3.0 5.1 4.8 3.5 2.9 2.3 2.7 3.2 3.9 3.5 3.3 3.6 3.8 3.5 Durable goods ............................................................................... 3.6 7.4 4.1 9.3 9.3 5.9 5.5 5.7 6.8 7.8 8.6 7.8 6.9 7.7 7.6 5.6 Nondurable goods ......................................................................... 1.0 2.2 2.5 3.3 2.8 2.5 1.7 0.7 0.9 1.2 1.7 1.6 1.7 1.6 2.0 2.6 Services ............................................................................................ 0.2 1.1 1.6 2.1 2.2 2.2 2.3 1.9 2.0 1.9 1.4 1.3 1.1 1.0 1.0 1.7 Gross private domestic investment .................................................. 3.9 16.3 21.1 11.1 5.5 3.7 1.1 9.3 14.3 10.1 11.2 3.1 1.7 4.4 6.9 8.3 Fixed investment ............................................................................... –4.4 2.6 2.6 5.5 5.1 4.0 7.7 8.1 10.5 9.5 6.5 6.8 4.3 4.7 5.5 3.4 Nonresidential................................................................................ –4.3 1.5 4.9 8.1 6.8 6.4 8.4 8.6 10.4 9.0 5.0 5.0 2.4 2.4 3.5 2.6 Structures .................................................................................. –26.7 –18.4 –13.8 –4.0 –5.5 –1.2 6.7 8.3 20.4 13.9 8.5 9.3 –0.3 2.1 3.9 –0.7 Equipment.................................................................................. 6.7 16.4 19.7 20.9 16.2 11.4 12.0 11.6 10.7 10.9 4.8 4.5 2.9 2.4 3.4 3.9 Intellectual property products .................................................... 2.6 1.0 2.2 1.8 3.1 4.9 4.7 4.9 4.2 3.5 2.8 2.9 3.5 2.7 3.4 3.0 Residential..................................................................................... –4.5 7.0 –6.9 –5.2 –1.6 –6.0 4.6 5.6 10.7 11.6 13.6 15.5 12.9 15.1 14.2 6.9 Change in private inventories............................................................ .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services ................................................... .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports.............................................................................................. 10.8 13.1 12.4 9.8 9.1 7.9 6.9 4.6 4.7 4.4 2.8 2.4 1.0 2.0 2.9 4.9 Goods............................................................................................ 13.9 17.9 14.8 11.0 9.3 7.3 6.6 5.4 4.7 5.1 4.0 1.4 0.2 1.2 2.2 5.9 Services......................................................................................... 4.4 3.6 7.3 7.0 8.5 9.2 7.7 2.7 4.6 2.9 –0.2 4.7 2.8 3.8 4.5 2.8 Imports .............................................................................................. 6.7 16.7 16.3 11.7 9.3 4.6 2.3 3.5 3.0 3.4 2.4 0.1 0.1 1.2 1.6 2.8 Goods............................................................................................ 8.3 20.3 19.0 13.5 10.8 4.8 2.2 3.4 2.6 3.4 2.6 0.0 –0.2 1.0 1.5 2.7 Services......................................................................................... 0.1 2.2 5.0 3.7 2.3 3.3 2.8 3.9 5.2 3.9 1.2 0.5 1.8 2.2 2.6 3.4 Government consumption expenditures and gross investment .... 1.4 0.3 –0.3 –1.1 –2.3 –3.3 –3.9 –3.3 –1.7 –1.3 0.2 –1.1 –1.8 –2.0 –2.7 –2.4 Federal .............................................................................................. 5.7 4.5 4.0 3.2 –0.5 –2.1 –3.8 –3.9 –1.8 –2.3 0.7 –2.3 –3.8 –4.1 –6.5 –6.2 National defense............................................................................ 5.4 2.9 2.6 2.0 –1.4 –1.3 –2.5 –4.2 –2.2 –4.0 –1.7 –5.0 –6.2 –6.1 –8.9 –6.9 Nondefense ................................................................................... 6.3 7.4 6.6 5.5 1.0 –3.5 –6.2 –3.3 –1.2 0.8 5.1 2.6 0.3 –0.8 –2.2 –5.0 State and local................................................................................... –1.3 –2.4 –3.1 –4.0 –3.6 –4.2 –3.9 –2.8 –1.6 –0.6 –0.2 –0.3 –0.5 –0.5 –0.1 0.2 Addenda: Final sales of domestic product......................................................... 0.4 1.0 0.8 2.0 2.0 1.9 2.4 1.8 2.7 2.7 2.5 2.5 1.7 1.7 1.7 1.8 Gross domestic purchases................................................................ 1.3 3.4 3.8 3.2 2.3 1.6 1.0 1.9 3.1 2.7 3.1 1.6 1.2 1.5 1.8 2.3 Final sales to domestic purchasers................................................... 0.2 1.7 1.6 2.5 2.2 1.6 1.8 1.7 2.5 2.6 2.4 2.1 1.5 1.5 1.6 1.6 Gross domestic income 1 .................................................................. 2.0 2.8 3.6 2.5 2.9 2.8 2.0 2.3 3.1 2.4 2.0 2.6 1.9 2.8 3.1 2.5 Gross national product ...................................................................... 2.0 3.1 3.1 2.8 2.3 2.1 1.9 2.3 3.2 2.8 2.9 1.8 1.2 1.5 2.0 2.7 Real disposable personal income ..................................................... –0.2 0.3 1.8 2.5 3.7 2.3 2.2 1.4 1.3 1.8 1.3 3.6 0.4 0.9 1.8 –0.1 Price indexes: Gross domestic purchases ............................................................ 1.4 1.6 1.6 1.6 1.8 2.5 2.7 2.3 2.2 1.5 1.4 1.5 1.3 1.1 1.2 1.2 Gross domestic purchases excluding food and energy 2 .............. 1.0 1.2 1.4 1.4 1.4 1.8 1.9 1.8 1.9 1.6 1.5 1.5 1.3 1.2 1.3 1.4 GDP............................................................................................... 0.5 1.1 1.6 1.8 1.8 2.0 2.2 1.8 1.9 1.7 1.6 1.8 1.6 1.3 1.3 1.4 GDP excluding food and energy 2 ................................................. 1.1 1.4 1.6 1.6 1.6 1.9 2.0 1.8 1.9 1.7 1.5 1.6 1.5 1.3 1.5 1.6 PCE ............................................................................................... 2.1 1.8 1.4 1.3 1.7 2.5 2.8 2.6 2.4 1.7 1.6 1.7 1.4 1.1 1.1 1.0 PCE excluding food and energy 2.................................................. 1.6 1.3 1.3 1.0 1.0 1.3 1.6 1.8 2.0 1.9 1.8 1.7 1.5 1.2 1.2 1.2 Market-based PCE 3...................................................................... 2.1 1.6 1.2 1.1 1.7 2.6 3.0 2.7 2.5 1.7 1.5 1.5 1.3 1.0 1.1 0.9 Market-based PCE excluding food and energy 3 ........................... 1.4 1.1 1.0 0.7 0.9 1.3 1.6 1.9 2.0 1.9 1.7 1.5 1.4 1.1 1.1 1.2 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 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. 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. - 14 - Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2011 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 ........................................................................................... Wages and salaries...................................................................................................... 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 2013 r 2012 2013 Line IV I II III IV r 15,533.8 802.8 542.1 15,794.6 2,452.6 –53.7 13,395.7 8,278.5 6,638.7 1,639.8 1,155.1 484.4 1,877.7 456.9 1,037.2 129.6 –23.8 16,244.6 16,799.7 818.6 827.3 565.7 569.5 16,497.4 17,057.5 2,542.9 2,646.6 –17.0 –132.2 13,971.6 14,543.1 8,611.6 8,860.1 6,926.8 7,138.2 1,684.9 1,721.9 1,224.9 1,348.8 541.2 590.6 2,009.5 2,102.1 439.6 469.2 1,065.6 1,088.0 106.9 124.4 –27.7 –40.1 16,420.3 829.8 572.8 16,677.3 2,575.0 –101.7 14,204.0 8,787.4 7,086.6 1,700.9 1,247.5 555.4 2,047.2 430.3 1,068.6 99.5 –31.8 16,535.3 813.3 575.9 16,772.7 2,603.8 –155.6 14,324.5 8,748.3 7,040.4 1,707.9 1,334.6 574.9 2,020.6 477.0 1,082.7 121.9 –35.5 16,661.0 817.0 570.1 16,907.9 2,631.9 –186.8 14,462.7 8,835.5 7,117.6 1,717.8 1,341.5 587.7 2,087.4 444.0 1,079.9 125.8 –39.0 16,912.9 822.0 559.1 17,175.9 2,659.6 –91.7 14,607.9 8,888.3 7,162.8 1,725.5 1,360.7 596.6 2,126.6 467.2 1,089.9 120.1 –41.4 17,089.6 856.8 572.9 17,373.5 2,691.0 –94.7 14,777.3 8,968.3 7,231.9 1,736.4 1,358.5 603.2 2,173.7 488.6 1,099.6 129.9 –44.3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 15,587.5 16,261.6 16,522.0 16,690.9 16,847.8 17,004.6 17,184.3 18 16,931.9 r Revised Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2011 2012 2013 r 2012 IV Personal income 1 ............................................................................................................. Compensation of employees ........................................................................................... Wages and salaries...................................................................................................... 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 (2009) dollars 2 20 Disposable personal income, billions of chained (2009) dollars 2.................................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 2013 I Line II III IV r 13,191.3 8,278.5 6,638.7 1,639.8 1,155.1 72.6 1,082.6 484.4 1,884.6 1,204.1 680.5 2,306.9 918.2 1,404.0 11,787.4 11,119.1 668.2 5.7 13,743.8 8,611.6 6,926.8 1,684.9 1,224.9 75.4 1,149.6 541.2 1,958.5 1,211.6 746.9 2,358.3 950.7 1,498.0 12,245.8 11,558.4 687.4 5.6 14,135.3 14,073.1 13,925.9 8,860.1 8,787.4 8,748.3 7,138.2 7,086.6 7,040.4 1,721.9 1,700.9 1,707.9 1,348.8 1,247.5 1,334.6 127.6 74.5 137.0 1,221.2 1,173.0 1,197.6 590.6 555.4 574.9 1,997.7 2,062.8 1,935.8 1,229.2 1,218.4 1,215.8 768.5 844.3 720.0 2,444.3 2,388.0 2,426.0 1,106.1 967.9 1,093.7 1,658.6 1,552.8 1,629.0 12,476.7 12,520.4 12,296.9 11,914.9 11,696.2 11,794.9 561.8 824.1 502.0 4.5 6.6 4.1 14,086.2 8,835.5 7,117.6 1,717.8 1,341.5 129.0 1,212.5 587.7 1,994.0 1,225.6 768.4 2,430.9 1,103.3 1,668.8 12,417.4 11,837.0 580.4 4.7 14,225.3 8,888.3 7,162.8 1,725.5 1,360.7 131.7 1,229.0 596.6 2,030.7 1,234.2 796.5 2,458.0 1,109.0 1,657.6 12,567.7 11,950.4 617.3 4.9 14,303.8 8,968.3 7,231.9 1,736.4 1,358.5 112.9 1,245.6 603.2 2,030.1 1,241.1 789.0 2,462.3 1,118.5 1,679.0 12,624.8 12,077.4 547.4 4.3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 10,457.1 11,324.6 10,740.1 11,551.6 10,904.6 10,959.6 11,637.4 11,743.0 10,905.4 11,618.5 10,958.1 11,703.4 10,998.1 11,725.6 19 20 10,756.9 11,502.4 r Revised 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, 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. - 15 - Table 11. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates Quarter one year ago Line Quarterly rates Line 2011 2012 2013 2012 2012 IV 1 Corporate profits with inventory valuation and capital consumption adjustments .......................... 2 Less: Taxes on corporate income .................................. 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments................... 4 Net dividends.............................................................. 5 Undistributed profits with inventory valuation and capital consumption adjustments ........................... Addenda for corporate cash flow: 6 Net cash flow with inventory valuation adjustment 7 Undistributed profits with inventory valuation and capital consumption adjustments........................ 8 Consumption of fixed capital................................... 9 Less: Capital transfers paid (net)............................ Addenda: 10 Profits before tax (without inventory valuation and capital consumption adjustments) .......................... 11 Profits after tax (without inventory valuation and capital consumption adjustments) .......................... 12 Inventory valuation adjustment................................... 13 Capital consumption adjustment ................................ 2013 2013 I 2013 II III IV I 2013 II III IV IV 1,877.7 2,009.5 2,102.1 2,047.2 2,020.6 2,087.4 2,126.6 2,173.7 374.2 434.8 418.9 433.2 408.2 418.2 417.8 431.1 7.0 16.2 4.6 –3.7 –1.3 –5.8 3.3 2.4 1.9 –0.1 2.2 3.2 6.2 –0.5 1 2 1,503.5 1,574.7 1,683.2 1,614.0 1,612.3 1,669.2 1,708.7 1,742.5 701.6 770.3 902.0 867.6 763.8 1,037.3 858.3 948.8 4.7 9.8 6.9 17.1 –0.1 –12.0 3.5 35.8 2.4 –17.3 2.0 10.5 8.0 9.4 3 4 793.8 0.3 –2.9 13.7 –25.5 34.6 –6.7 6.3 5 2,146.7 2,177.1 2,209.5 2,117.9 2,258.6 2,053.3 2,284.4 2,241.4 1.4 1.5 6.6 –9.1 11.3 –1.9 5.8 6 801.9 804.3 781.2 746.4 848.5 631.9 850.5 793.8 0.3 –2.9 13.7 –25.5 34.6 –6.7 6.3 1,306.0 1,365.7 1,422.6 1,384.4 1,400.4 1,415.7 1,429.5 1,444.8 4.6 4.2 1.2 1.1 1.0 1.1 4.4 –38.8 –7.1 –5.7 12.9 –9.6 –5.7 –4.5 –2.8 ............ ............. ............ ............ ............. ............ ............ 7 8 9 801.9 804.3 781.2 746.4 848.5 631.9 850.5 1,847.4 2,190.0 2,263.7 2,229.5 2,193.1 2,239.7 2,286.6 2,335.6 18.5 3.4 –1.6 2.1 2.1 2.1 4.8 10 1,473.1 1,755.2 1,844.9 1,796.4 1,784.8 1,821.4 1,868.7 1,904.5 19.1 5.1 –0.6 2.1 2.6 1.9 6.0 –56.0 –10.0 –0.3 –8.4 –13.0 8.9 1.7 1.2 ............ ............. ............ ............ ............. ............ ............ 86.4 –170.5 –161.3 –173.9 –159.5 –161.1 –161.6 –163.1 ............ ............. ............ ............ ............. ............ ............ 11 12 13 Table 12. Corporate Profits by Industry: Level and Change From Preceding Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2013 Line 2011 2012 2013 2012 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 31 32 33 Corporate profits with inventory valuation and capital consumption adjustments................... Domestic industries..................................................... Financial..................................................................... Nonfinancial................................................................ Rest of the world .......................................................... Receipts from the rest of the world............................. Less: Payments to the rest of the world ..................... Corporate profits with inventory valuation adjustment......................................................... Domestic industries..................................................... Financial..................................................................... Federal Reserve banks........................................... Other financial ........................................................ Nonfinancial................................................................ Utilities .................................................................... Manufacturing......................................................... Durable goods..................................................... Fabricated metal products............................... Machinery ....................................................... Computer and electronic products .................. Electrical equipment, appliances, and components................................................. Motor vehicles, bodies and trailers, and parts Other durable goods ....................................... Nondurable goods............................................... Food and beverage and tobacco products...... Petroleum and coal products .......................... Chemical products .......................................... Other nondurable goods ................................. Wholesale trade...................................................... Retail trade ............................................................. Transportation and warehousing ............................ Information.............................................................. Other nonfinancial .................................................. Rest of the world .......................................................... 2012 2013 I II III IV Line 2013 I II III IV 1,877.7 1,441.2 355.6 1,085.6 436.6 653.7 217.2 2,009.5 1,590.5 422.0 1,168.5 418.9 665.9 247.0 2,102.1 1,686.0 456.5 1,229.6 416.0 670.4 254.3 2,047.2 1,629.1 435.8 1,193.4 418.1 677.2 259.1 2,020.6 2,087.4 1,622.1 1,684.3 431.7 456.2 1,190.3 1,228.1 398.5 403.1 657.5 658.7 259.0 255.6 2,126.6 1,706.8 465.9 1,240.8 419.8 667.0 247.2 2,173.7 1,730.9 472.0 1,258.9 442.7 698.2 255.4 131.8 149.3 66.4 82.9 –17.7 12.2 29.8 92.6 95.5 34.5 61.1 –2.9 4.5 7.3 –26.6 –7.0 –4.1 –3.1 –19.6 –19.7 –0.1 66.8 62.2 24.5 37.8 4.6 1.2 –3.4 39.2 22.5 9.7 12.7 16.7 8.3 –8.4 47.1 24.1 6.1 18.1 22.9 31.2 8.2 1 2 3 4 5 6 7 1,791.3 1,354.8 384.1 75.9 308.1 970.7 11.1 303.9 135.6 17.9 24.7 34.0 2,180.0 1,761.1 477.4 71.7 405.7 1,283.7 37.1 404.3 197.0 24.3 33.5 39.5 2,263.4 1,847.4 512.0 85.3 426.7 1,335.3 42.9 400.6 201.4 24.0 29.2 38.2 2,221.1 1,803.0 492.1 73.3 418.7 1,310.9 33.6 410.1 195.3 23.7 29.5 36.6 2,180.0 2,248.6 2,288.2 1,781.5 1,845.5 1,868.4 486.9 511.9 521.6 70.0 82.1 90.4 416.9 429.8 431.2 1,294.6 1,333.6 1,346.8 38.3 47.2 50.2 389.7 381.8 392.4 186.7 195.4 212.3 23.5 24.6 23.9 24.6 31.0 30.4 35.1 36.7 39.3 2,336.8 1,894.0 527.7 98.9 428.9 1,366.3 36.1 438.8 211.2 23.7 30.7 41.7 388.7 406.3 93.3 –4.2 97.6 313.0 26.0 100.4 61.4 6.4 8.8 5.5 83.4 86.3 34.6 13.6 21.0 51.6 5.8 –3.7 4.4 –0.3 –4.3 –1.3 –41.1 –21.5 –5.2 –3.3 –1.8 –16.3 4.7 –20.4 –8.6 –0.2 –4.9 –1.5 68.6 64.0 25.0 12.1 12.9 39.0 8.9 –7.9 8.7 1.1 6.4 1.6 39.6 22.9 9.7 8.3 1.4 13.2 3.0 10.6 16.9 –0.7 –0.6 2.6 48.6 25.6 6.1 8.5 –2.3 19.5 –14.1 46.4 –1.1 –0.2 0.3 2.4 8 9 10 11 12 13 14 15 16 17 18 19 5.2 –4.6 58.4 168.3 40.7 48.4 56.8 22.4 96.3 116.1 32.1 87.4 323.7 436.6 10.3 12.1 77.3 207.3 49.7 60.0 65.3 32.4 137.8 149.2 51.5 110.6 393.2 418.9 11.8 13.8 84.5 199.2 60.8 38.0 63.8 36.6 152.2 161.2 58.7 124.5 395.2 416.0 12.2 13.4 79.8 214.8 48.0 69.1 64.0 33.6 144.4 159.0 47.1 102.5 414.2 418.1 13.2 15.6 86.3 227.5 70.9 49.1 66.4 41.1 152.7 160.1 61.2 123.8 393.6 442.7 5.1 16.7 18.9 39.0 9.0 11.6 8.5 10.0 41.5 33.1 19.4 23.2 69.5 –17.7 1.5 1.7 7.2 –8.1 11.1 –22.0 –1.5 4.2 14.4 12.0 7.2 13.9 2.0 –2.9 –1.4 –3.5 2.9 –11.8 1.3 –11.7 –0.6 –0.7 5.8 –10.1 7.4 21.7 –25.3 –19.6 –1.2 4.6 –3.7 –16.6 7.9 –30.3 2.7 3.1 0.9 21.0 3.1 7.6 5.3 4.6 3.9 0.5 11.2 –6.4 8.6 –8.9 –6.7 0.5 3.6 –3.9 3.7 –13.5 9.7 16.7 –0.3 0.6 –3.9 47.5 5.1 30.9 7.0 4.6 –2.0 –5.9 –0.1 5.5 –10.3 22.9 20 21 22 23 24 25 26 27 28 29 30 31 32 33 10.8 9.9 82.7 203.0 49.3 57.4 63.4 32.9 150.2 148.9 54.5 124.2 388.9 398.5 NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). - 16 - 9.6 14.5 79.0 186.4 57.2 27.1 66.1 36.0 151.1 169.9 57.6 131.8 394.2 403.1 13.5 15.0 90.2 180.0 65.8 18.2 59.4 36.5 154.7 166.0 61.3 118.3 403.9 419.8 Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates Line 2011 2012 2013 2012 IV 2013 I II Line III r IV Billions of dollars 1 Gross value added of nonfinancial corporate business ................. 2 Consumption of fixed capital......................................................................... 3 Net value added .......................................................................................... 4 Compensation of employees .................................................................... 5 Wages and salaries............................................................................... 6 Supplements to wages and salaries ..................................................... 7 Taxes on production and imports less subsidies....................................... 8 Net operating surplus................................................................................ 9 Net interest and miscellaneous payments ............................................ 10 Business current transfer payments (net) ............................................. 11 Corporate profits with inventory valuation and capital consumption adjustments....................................................................................... 12 Taxes on corporate income ............................................................... 13 Profits after tax with inventory valuation and capital consumption adjustments ................................................................................... 14 Net dividends................................................................................. 15 Undistributed profits with inventory valuation and capital consumption adjustments.......................................................... Addenda: 16 Profits before tax (without inventory valuation and capital consumption adjustments) ......................................................................................... 17 Profits after tax (without inventory valuation and capital consumption adjustments) ......................................................................................... 18 Inventory valuation adjustment ................................................................. 19 Capital consumption adjustment............................................................... 7,636.4 1,135.8 6,500.6 4,374.3 3,624.7 749.6 664.2 1,462.1 287.2 89.3 8,030.8 1,188.2 6,842.7 4,600.8 3,824.8 776.0 685.3 1,556.5 295.5 92.5 8,295.4 1,237.8 7,057.6 4,729.8 3,936.5 793.3 701.1 1,626.7 316.3 80.8 8,163.8 1,204.7 6,959.1 4,694.5 3,901.7 792.8 687.6 1,577.0 299.3 84.3 8,163.4 1,218.5 6,944.9 4,654.7 3,869.1 785.6 697.3 1,593.0 322.5 80.1 8,256.5 1,231.6 7,024.9 4,715.6 3,924.6 791.1 696.2 1,613.1 302.2 82.7 8,333.0 1,243.8 7,089.1 4,751.5 3,956.0 795.5 702.6 1,635.0 314.6 79.6 8,428.8 1,257.4 7,171.3 4,797.2 3,996.3 800.9 708.4 1,665.8 326.0 80.9 1 2 3 4 5 6 7 8 9 10 1,085.6 222.3 1,168.5 256.9 1,229.6 266.9 1,193.4 268.4 1,190.3 266.6 1,228.1 264.1 1,240.8 263.7 1,258.9 273.2 11 12 863.3 440.3 911.6 478.8 962.7 501.6 925.0 540.4 923.7 483.3 964.0 463.3 977.1 577.2 985.7 482.6 13 14 423.0 432.8 461.1 384.6 440.5 500.8 399.9 503.2 15 1,026.7 1,293.7 1,335.7 1,319.4 1,307.7 1,324.7 1,345.2 1,365.1 16 804.4 –56.0 114.9 1,036.8 –10.0 –115.1 1,068.8 –0.3 –105.8 1,051.0 –8.4 –117.6 1,041.1 –13.0 –104.3 1,060.6 8.9 –105.4 1,081.4 1.7 –106.0 1,092.0 1.2 –107.4 17 18 19 7,821.0 1,147.1 6,673.9 7,795.6 1,156.0 6,639.6 7,889.9 1,164.7 6,725.2 7,921.2 1,173.1 6,748.1 8,004.5 1,182.0 6,822.5 20 21 22 Billions of chained (2009) dollars 20 Gross value added of nonfinancial corporate business 1 ............... 21 Consumption of fixed capital 2 ...................................................................... 22 Net value added 3 ......................................................................................... 7,464.6 1,110.1 6,354.5 7,743.2 1,136.0 6,607.1 7,902.8 1,168.9 6,733.9 Dollars; quarters seasonally adjusted 23 24 25 26 27 28 29 30 31 Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business 4 ............................................................................................ Compensation of employees (unit labor cost)........................................... Unit nonlabor cost..................................................................................... Consumption of fixed capital ................................................................. Taxes on production and imports less subsidies plus business current transfer payments (net) ..................................................................... Net interest and miscellaneous payments ............................................ Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) ................................ Taxes on corporate income ................................................................... Profits after tax with inventory valuation and capital consumption adjustments....................................................................................... 1.023 0.586 0.291 0.152 1.037 0.594 0.291 0.153 1.050 0.598 0.296 0.157 1.044 0.600 0.291 0.154 1.047 0.597 0.297 0.156 1.046 0.598 0.293 0.156 1.052 0.600 0.296 0.157 1.053 0.599 0.297 0.157 23 24 25 26 0.101 0.038 0.100 0.038 0.099 0.040 0.099 0.038 0.100 0.041 0.099 0.038 0.099 0.040 0.099 0.041 27 28 0.145 0.030 0.151 0.033 0.156 0.034 0.153 0.034 0.153 0.034 0.156 0.033 0.157 0.033 0.157 0.034 29 30 0.116 0.118 0.122 0.118 0.118 0.122 0.123 0.123 31 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2013. 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2009 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS). - 17 - Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates 2011 2012 2013 r Line 2011 2010 I II III IV I II 2012 III IV 1.4 –0.3 1.3 9.5 11.0 1.1 –2.8 1.4 1.1 1.4 6.6 1.7 4.9 15.5 –0.2 8.4 25.4 4.4 44.3 4.7 –0.3 5.0 43.0 5.9 I II 2013 III IV I II Line III IV r Percent change from preceding period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Gross domestic product (GDP) and related aggregates: GDP ................................................................................. Goods............................................................................... Services ........................................................................... Structures......................................................................... Motor vehicle output......................................................... GDP excluding motor vehicle output ................................ Final sales of computers 1 ............................................... GDP excluding final sales of computers .......................... Research and development ............................................. GDP excluding research and development...................... Farm gross value added 2 ................................................ Nonfarm business gross value added 3 ........................... Price indexes: GDP ................................................................................. GDP excluding food and energy 4 .................................... GDP excluding final sales of computers .......................... Gross domestic purchases............................................... Gross domestic purchases excluding food and energy 4 Gross domestic purchases excluding final sales of computers to domestic purchasers .............................. Personal consumption expenditures (PCE) ..................... PCE excluding food and energy 4 .................................... Market-based PCE 5 ........................................................ Market-based PCE excluding food and energy 5 ............. 1.8 4.3 1.1 –1.7 10.1 1.7 10.2 1.8 1.3 1.9 –5.1 2.5 2.8 5.1 1.2 7.3 13.2 2.5 12.9 2.7 –0.3 2.9 –1.1 3.7 1.9 1.6 3.9 2.8 2.8 –1.3 3.2 4.3 10.4 4.7 9.7 6.0 –0.9 5.9 0.5 0.1 2.0 1.7 1.6 0.2 1.5 3.8 –16.7 18.3 –13.8 0.5 –15.3 8.2 3.7 36.8 18.0 24.1 –13.2 31.5 –5.2 1.8 0.9 3.6 2.3 3.2 –2.0 3.4 11.6 27.5 –27.2 –8.0 34.6 22.6 0.5 1.8 1.5 4.1 2.8 2.7 –1.4 3.2 1.0 1.1 –1.0 5.7 2.2 –0.1 1.0 1.9 1.6 4.0 2.7 2.8 –1.3 3.2 19.9 –16.9 29.8 –1.2 –25.6 12.1 –31.3 2.2 2.0 4.7 4.2 4.2 –2.1 4.7 3.7 1.2 2.8 0.1 1.1 5.6 0.6 4.8 –1.2 5.5 2.4 1.1 1.6 –0.6 0.3 7.3 4.5 4.7 12.7 –9.2 28.4 6.3 0.2 –2.8 9.2 3.1 1.1 2.9 0.2 0.9 35.0 –21.7 0.9 50.3 17.5 3.6 1.3 2.8 0.0 1.1 –1.1 –2.2 1.7 0.4 –0.2 3.8 1.3 2.8 0.1 1.2 –3.0 5.1 –30.8 –27.0 179.6 5.0 1.6 4.2 0.7 –0.3 2.5 4.1 3.9 10.7 0.7 0.2 11.9 11.1 12.1 –12.9 2.2 4.7 15.4 –12.4 2.4 4.2 1.9 3.0 2.5 4.2 9.0 15.4 3.3 5.4 2.6 6.9 1.5 –5.3 19.0 2.2 –3.7 2.6 2.1 2.6 –8.9 3.8 1 2 3 4 5 6 7 8 9 10 11 12 2.0 1.8 2.0 2.3 1.7 1.7 1.7 1.8 1.7 1.6 1.4 1.5 1.5 1.2 1.3 1.3 1.7 1.4 1.8 1.5 1.9 1.6 1.9 1.0 1.4 1.8 1.3 1.9 1.3 1.1 2.1 1.7 2.1 2.3 1.4 1.6 1.9 1.7 2.8 1.8 2.6 2.6 2.7 3.5 2.6 2.5 1.9 2.5 2.0 1.8 0.5 0.9 0.5 0.9 1.0 2.0 2.4 2.0 2.3 2.2 1.8 1.5 1.8 1.0 1.5 2.3 1.3 2.3 1.4 1.2 1.1 1.4 1.2 1.6 1.3 1.3 1.6 1.4 1.2 1.4 0.6 0.9 0.7 0.2 0.8 2.0 1.9 2.0 1.8 1.5 1.6 1.9 1.6 1.5 1.8 13 14 15 16 17 2.4 2.4 1.4 2.5 1.4 1.7 1.8 1.8 1.8 1.8 1.2 1.1 1.2 1.1 1.2 1.8 1.4 1.0 1.1 0.7 1.0 0.5 1.1 0.2 0.8 1.3 1.2 1.0 1.1 0.8 2.3 2.1 0.8 2.1 0.6 3.0 3.0 1.3 3.4 1.5 3.6 3.7 2.2 4.0 2.3 2.1 2.3 2.0 2.4 2.1 0.9 1.3 1.6 1.3 1.6 2.3 2.3 2.2 2.3 2.2 1.0 1.1 1.8 0.9 1.7 1.4 1.7 1.4 1.6 1.3 1.6 1.6 1.3 1.4 0.9 1.3 1.1 1.4 1.3 1.6 0.3 –0.1 0.6 –0.3 0.5 1.9 1.9 1.4 2.0 1.4 1.5 1.1 1.3 0.8 1.0 18 19 20 21 22 4.9 3.7 1.2 2.8 0.1 1.1 2.5 4.1 2.6 23 1.20 3.19 2.11 0.46 0.14 0.92 0.82 0.80 –0.41 0.32 –0.38 0.47 0.06 –0.05 –0.01 0.05 0.08 0.05 24 25 26 27 28 29 Contributions to percent change in real gross domestic product 23 24 25 26 27 28 29 Percent change at annual rate: Gross domestic product ............................................ 1.8 2.8 Percentage points at annual rates: Goods .................................................................................. 1.26 1.53 Services ............................................................................... 0.70 0.76 Structures ............................................................................ –0.12 0.49 Motor vehicle output............................................................. 0.23 0.32 Final sales of computers...................................................... 0.04 0.05 Research and development ................................................. 0.04 –0.01 1.9 1.6 3.9 2.8 2.8 –1.3 3.2 1.4 1.29 2.90 1.40 2.74 1.74 –0.31 1.71 –0.10 4.43 1.72 0.22 0.31 0.02 1.30 1.09 1.03 0.13 0.95 0.85 –0.12 1.50 0.69 0.27 –1.33 1.20 –1.05 0.04 –1.11 0.53 0.62 0.56 0.49 0.30 0.10 0.67 0.38 0.50 –0.32 0.63 –0.13 0.25 0.57 0.66 0.17 0.05 0.11 –0.14 –0.03 0.12 0.09 0.01 –0.01 0.15 0.13 –0.11 0.03 0.03 –0.03 0.14 0.06 0.00 0.03 0.03 –0.01 –0.03 –0.06 1.46 –0.36 1.63 1.00 –0.35 0.21 0.32 0.85 –0.70 0.01 –0.07 0.24 0.00 0.16 0.07 0.04 0.01 0.00 r Revised 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 5. 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. - 18 - 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 2009 -- 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 2008-09 annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual percent change in GDP prices uses quantities for 2008 and 2009 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 (2009) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009 and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of this component in 2010 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. - 19 -