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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 30, 2015
BEA 15-04
Lisa Mataloni:
Jeannine Aversa:

(202) 606-5304 (GDP) gdpniwd@bea.gov
(202) 606-2649 (News Media)

GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2014
(ADVANCE ESTIMATE)
Real gross domestic product -- the value of the production of goods and services in the United
States, adjusted for price changes -- increased at an annual rate of 2.6 percent in the fourth quarter of
2014, according to the "advance" estimate released by the Bureau of Economic Analysis. In the third
quarter, real GDP increased 5.0 percent.
The Bureau emphasized that the fourth-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page 4
and "Comparisons of Revisions to GDP" on page 5). The "second" estimate for the fourth quarter, based
on more complete data, will be released on February 27, 2015.
The increase in real GDP in the fourth quarter reflected positive contributions from personal
consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed
investment, state and local government spending, and residential fixed 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 the fourth quarter primarily reflected an upturn in
imports, a downturn in federal government spending, and decelerations in nonresidential fixed
investment and in exports that were partly offset by an upturn in private inventory investment and an
acceleration in PCE.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
decreased 0.3 percent in the fourth quarter, in contrast to an increase of 1.4 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 0.7 percent,
compared with an increase of 1.6 percent.

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.

Real personal consumption expenditures increased 4.3 percent in the fourth quarter, compared
with an increase of 3.2 percent in the third. Durable goods increased 7.4 percent, compared with an
increase of 9.2 percent. Nondurable goods increased 4.4 percent, compared with an increase of 2.5
percent. Services increased 3.7 percent, compared with an increase of 2.5 percent.
Real nonresidential fixed investment increased 1.9 percent in the fourth quarter, compared with
an increase of 8.9 percent in the third. Investment in nonresidential structures increased 2.6 percent,
compared with an increase of 4.8 percent. Investment in equipment decreased 1.9 percent, in contrast to
an increase of 11.0 percent. Investment in intellectual property products increased 7.1 percent,
compared with an increase of 8.8 percent. Real residential fixed investment increased 4.1 percent,
compared with an increase of 3.2 percent.
Real exports of goods and services increased 2.8 percent in the fourth quarter, compared with an
increase of 4.5 percent in the third. Real imports of goods and services increased 8.9 percent, in contrast
to a decrease of 0.9 percent.
Real federal government consumption expenditures and gross investment decreased 7.5 percent
in the fourth quarter, in contrast to an increase of 9.9 percent in the third. National defense decreased
12.5 percent, in contrast to an increase of 16.0 percent. Nondefense increased 1.7 percent, compared
with an increase of 0.4 percent. Real state and local government consumption expenditures and gross
investment increased 1.3 percent, compared with an increase of 1.1 percent.
The change in real private inventories added 0.82 percentage point to the fourth-quarter change
in real GDP after subtracting 0.03 percentage point from the third-quarter change. Private businesses
increased inventories $113.1 billion in the fourth quarter, following increases of $82.2 billion in the third
quarter and $84.8 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- increased 1.8
percent in the fourth quarter, compared with an increase of 5.0 percent in the third.

Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.6 percent in the fourth quarter, compared with an increase of 4.1 percent in the
third.

Disposition of personal income
Current-dollar personal income increased $136.8 billion in the fourth quarter, compared with an
increase of $131.6 billion in the third. The acceleration in personal income primarily reflected
accelerations in wages and salaries and in proprietors’ income that were partly offset by a deceleration in
government social benefits to persons and a larger decrease in personal interest income.
Personal current taxes increased $32.0 billion in the fourth quarter, compared with an increase of
$26.5 billion in the third.

-2-

Disposable personal income increased $104.8 billion, or 3.3 percent, in the fourth quarter,
compared with an increase of $105.1 billion, or 3.3 percent, in the third. Real disposable personal
income increased 3.8 percent, compared with an increase of 2.0 percent.
Personal outlays increased $120.4 billion in the fourth quarter, compared with an increase of
$143.4 billion in the third.
Personal saving -- disposable personal income less personal outlays -- was $601.7 billion in the
fourth quarter, compared with $617.2 billion in the third.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was
4.6 percent in the fourth quarter, compared with 4.7 percent in the third. For a comparison of personal
saving in BEA's national income and product accounts with personal saving in the Federal Reserve
Board's financial accounts of the United States and data on changes in net worth, go to
www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Current-dollar GDP
Current-dollar GDP -- the market value of the production of goods and services in the United
States -- increased 2.5 percent, or $110.9 billion, in the fourth quarter to a level of $17,710.7 billion. In
the third quarter, current-dollar GDP increased 6.4 percent, or $271.6 billion.

2014 GDP
Real GDP increased 2.4 percent in 2014 (that is, from the 2013 annual level to the 2014 annual
level), compared with an increase of 2.2 percent in 2013.
The increase in real GDP in 2014 reflected positive contributions from personal consumption
expenditures (PCE), nonresidential fixed investment, exports, private inventory investment, state and
local government spending, and residential fixed 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 acceleration in real GDP growth in 2014 reflected an acceleration in nonresidential fixed
investment, a smaller decrease in federal government spending, and accelerations in private inventory
investment, in PCE, and in state and local government spending that were partly offset by an
acceleration in imports and a deceleration in residential fixed investment.
The price index for gross domestic purchases increased 1.4 percent in 2014, compared with an
increase of 1.3 percent in 2013.
Current-dollar GDP increased 3.9 percent, or $652.6 billion, in 2014 to a level of $17,420.7
billion, compared with an increase of 3.7 percent, or $604.9 billion, in 2013.
During 2014 (that is, measured from the fourth quarter of 2013 to the fourth quarter of 2014),
real GDP increased 2.5 percent, compared with an increase of 3.1 percent during 2013. The price index
for gross domestic purchases increased 1.1 percent during 2014, compared with an increase of 1.3
percent during 2013.
-3-

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

BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

*

*

*

Next release -- February 27, 2015 at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter and Annual 2014 (Second Estimate)

*

*

*

Release dates in 2015

Gross Domestic Product
2014: IV and 2014 annual

2015: I

2015: II

January 30
February 27
March 27

April 29
May 29
June 24

July 30
October 29
August 27
November 24
September 25 December 22

………..
March 27

May 29
June 24

August 27
November 24
September 25 December 22

Advance……
Second……..
Third……….

2015: III

Corporate Profits
Preliminary...
Revised…….

-4-

Comparisons of Revisions to GDP

Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source
data that are incomplete or subject to further revision by the source agency, are released near the end of the first
month following the end of the quarter; as more detailed and more comprehensive data become available,
"second" and "third" estimates are released near the end of the second and third months, respectively. The "latest"
estimates reflect the results of both annual and comprehensive revisions, which are typically released in late July.
Annual revisions generally cover at least the 3 most recent calendar years (and the associated quarters) and
incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at
about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and
methods that update the accounts to portray more accurately the evolving U.S. economy.
The table below presents the average revisions to the quarterly percent changes in real and current-dollar
GDP for the different estimate vintages. From the advance estimate to the second estimate (1 month later), the
average revision to real GDP growth without regard to sign is 0.5 percentage point, while from the advance
estimate to the third estimate (2 months later), it is 0.6 percentage point. From the advance estimate to the latest
estimate, the average revision without regard to sign is 1.2 percentage points. Larger average revisions for the
latest estimates reflect the fact that comprehensive revisions include major improvements to the accounts, such as
the incorporation of BEA's latest benchmark input-output accounts. The quarterly estimates correctly indicate the
direction of change in real GDP 96 percent of the time, correctly indicate whether GDP is accelerating or
decelerating about 75 percent of the time, and correctly indicate whether real GDP growth is above, near, or
below trend growth about 83 percent of the time.
Revisions to Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages
compared

Average

Average without
regard to sign

Standard deviation of
revisions without regard
to sign

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

0.1
0.1
0.0

0.5
0.6
0.2

0.4
0.4
0.2

Advance to latest........

-0.1

1.2

1.0

0.5
0.6
0.3

0.4
0.4
0.2

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

0.2
0.2
0.1

Advance to latest.......
0.1
1.3
NOTE. These comparisons are based on the period from 1993 through 2013.

-5-

1.0

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

2012

2013

2014

2011
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

Gross domestic product (GDP) .....
2.3
2.2
2.4
Personal consumption expenditures .......
1.8
2.4
2.5
Goods.......................................................
2.8
3.4
3.5
Durable goods ......................................
7.3
6.7
7.0
Nondurable goods ................................
0.7
1.9
1.8
Services ...................................................
1.3
1.9
2.0
Gross private domestic investment .........
9.2
4.9
6.0
Fixed investment ......................................
8.3
4.7
5.2
Nonresidential.......................................
7.2
3.0
6.1
Structures ......................................... 13.1 –0.5
8.0
Equipment.........................................
6.8
4.6
6.3
Intellectual property products ...........
3.9
3.4
4.6
Residential............................................ 13.5 11.9
1.6
Change in private inventories................... ........... .......... ..........
Net exports of goods and services .......... ........... .......... ..........
Exports.....................................................
3.3
3.0
3.1
Goods...................................................
3.7
2.8
4.0
Services................................................
2.4
3.6
1.1
Imports .....................................................
2.3
1.1
3.9
Goods...................................................
2.1
0.9
4.0
Services................................................
3.4
2.2
3.2
Government consumption expenditures
and gross investment ............................ –1.4 –2.0 –0.2
Federal ..................................................... –1.8 –5.7 –1.9
National defense................................... –3.3 –6.6 –2.2
Nondefense ..........................................
1.0 –4.1 –1.5
State and local.......................................... –1.2
0.5
0.9
Addenda:
Final sales of domestic product................
2.2
2.2
2.3
Gross domestic purchases.......................
2.2
1.9
2.6
Final sales to domestic purchasers..........
2.1
1.9
2.4
Gross domestic income (GDI) 1 ...............
3.4
2.2 ..........
Gross national product (GNP)..................
2.1
2.2 ..........
Disposable personal income ....................
3.0 –0.2
2.4
Current-dollar measures:
GDP......................................................
4.2
3.7
3.9
Final sales of domestic product ............
4.0
3.7
3.8
Gross domestic purchases ...................
3.9
3.3
4.0
Final sales to domestic purchasers ......
3.8
3.2
3.9
GDI .......................................................
5.2
3.7 ..........
GNP......................................................
4.0
3.7 ..........
Disposable personal income ................
4.9
1.0
3.8

II

2012
III

IV

I

II

2013
III

IV

I

II

2014
III

IV

I

II

Line
III

IV

–1.5
2.9
0.8
4.6
2.3
1.6
2.5
0.1
2.7
1.8
4.5
3.5 –2.1
4.6
5.0
2.6
2.0
0.8
1.8
1.4
2.8
1.3
1.9
1.9
3.6
1.8
2.0
3.7
1.2
2.5
3.2
4.3
2.9 –0.8
0.9
3.9
4.7
1.3
3.2
2.9
5.9
1.3
3.5
3.7
1.0
5.9
4.7
5.4
5.2 –2.6
5.2 12.0 10.7
2.3
8.0
9.1
8.5
4.5
4.9
5.7
3.2 14.1
9.2
7.4
1.9
0.1 –1.0
0.5
2.0
0.8
1.1
0.1
4.8 –0.2
2.8
2.7
0.0
2.2
2.5
4.4
1.6
1.6
2.2
0.1
1.8
1.3
1.3
1.4
2.4
2.0
1.3
3.7
1.3
0.9
2.5
3.7
–7.2 16.4
1.1 32.1
6.9
5.8
1.6 –5.3
7.6
6.9 16.8
3.8 –6.9 19.1
7.2
7.4
–0.9
8.2 17.3
9.9
9.1
4.4
3.1
6.6
2.7
4.9
6.6
6.3
0.2
9.5
7.7
2.3
–0.9
8.8 19.4
9.5
5.8
4.4
0.8
3.6
1.5
1.6
5.5 10.4
1.6
9.7
8.9
1.9
–27.1 30.6 25.6 13.8 18.7 10.5 –1.4 –6.7 –11.5
7.3 11.2 12.8
2.9 12.6
4.8
2.6
12.1
4.4 27.7
9.4
3.6
1.0
0.7
8.1
4.8
1.5
4.7 14.1 –1.0 11.2 11.0 –1.9
1.4
3.2
5.1
6.8
0.7
5.1
2.6
5.1
6.5 –2.0
2.8
3.6
4.6
5.5
8.8
7.1
–0.8
5.4
8.1 11.7 25.5
4.3 14.1 20.4
7.8 19.0 11.2 –8.5 –5.3
8.8
3.2
4.1
.......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... ...........
.......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... ...........
2.1
6.2
4.3
4.1
1.3
4.8
2.1
1.5 –0.8
6.3
5.1 10.0 –9.2 11.1
4.5
2.8
2.8
5.0
3.4
8.1
1.5
5.3
2.0 –3.1 –0.9
8.3
5.7 13.6 –11.9 14.3
7.5
1.9
0.6
9.3
6.2 –4.7
0.9
3.7
2.3 12.7 –0.8
2.0
3.6
2.3 –2.8
4.0 –1.9
4.7
3.1
3.0
3.3
4.5
1.7
4.0 –0.6 –3.5 –0.3
8.5
0.6
1.3
2.2 11.3 –0.9
8.9
5.3
0.8
2.2
5.5
2.0
4.0 –1.1 –4.8
0.5
8.5
0.1
0.9
2.5 12.5 –1.3
9.8
–7.4 15.3
8.7
0.0
0.8
4.0
2.4
3.4 –4.1
8.5
2.8
3.5
1.0
5.6
1.0
4.7
–7.5
–10.6
–14.0
–4.3
–5.3

–0.4 –2.5
1.6 –4.0
6.7
1.9
–6.9 –14.0
–1.8 –1.4

–1.6
–2.6
–9.5
11.4
–0.8

–2.7
–3.0
–7.4
5.3
–2.6

–0.4
–0.9
–1.3
–0.4
0.0

2.7 –6.0 –3.9
7.5 –13.0 –9.9
11.9 –20.1 –10.9
0.4
0.6 –8.2
–0.6 –0.8
0.3

0.2
–3.5
–2.1
–5.8
2.7

0.2 –3.8
–1.2 –10.4
0.4 –11.4
–3.9 –8.6
1.1
0.6

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

–0.8
–0.1
–4.0
6.6
–1.3

1.7
–0.9
0.9
–3.8
3.4

4.4 –2.2
9.9 –7.5
16.0 –12.5
0.4
1.7
1.1
1.3

22
23
24
25
26

–0.6
–1.2
–0.4
0.5
–1.2
5.0

1.9
2.5
1.5
1.9
2.9
–0.6

3.0
0.8
2.9
2.6
1.4
2.1

1.8
4.6
1.9
3.3
4.9
0.2

2.5
2.3
2.5
7.2
1.3
6.8

1.4
1.6
1.4
0.6
1.4
2.3

2.7
2.0
2.2
1.3
2.1
–0.4

1.9
2.0
–0.7
2.7
1.0
2.0
4.2
1.4
0.3
2.3
11.8 –12.6

1.5
2.2
1.9
2.7
1.9
3.8

3.0
3.8
2.3
1.9
4.8
2.0

3.9
2.3
2.7
1.8
3.7
0.2

–1.0
–0.4
0.7
–0.8
–2.8
3.4

3.2
4.8
3.4
4.0
4.6
3.1

5.0
1.8
4.1
3.6
4.1
2.8
4.7 ...........
5.3 ...........
2.0
3.8

27
28
29
30
31
32

0.2
1.2
1.7
2.7
2.3
0.5
8.2

6.0
5.0
6.4
5.4
4.9
6.0
3.5

3.3
5.4
2.8
4.8
5.1
3.9
4.3

5.2
2.3
5.7
2.9
3.9
5.5
1.6

4.4
4.7
4.7
5.0
9.5
3.5
9.1

3.5
3.2
2.7
2.5
2.5
3.2
3.7

4.4
4.9
3.1
3.5
3.2
4.0
0.9

1.6
4.2
3.2
3.4
1.2
4.1
2.8
3.3
5.7
2.9
1.8
3.8
13.8 –11.7

2.9
2.7
2.9
2.7
3.8
3.0
4.3

6.2
4.7
5.5
4.1
3.6
6.5
3.7

5.0
5.5
3.7
4.2
3.3
5.2
1.2

–0.8
0.4
0.9
2.1
0.6
–1.5
4.8

6.8
5.4
6.9
5.5
6.2
6.8
5.5

6.4
2.5
6.6
1.8
5.5
3.2
5.6
2.5
6.1 ...........
6.7 ...........
3.3
3.3

33
34
35
36
37
38
39

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See “Explanatory Note” at the end of the tables.

-6-

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
Line

2012 2013 2014

2011
I

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62

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.................................................

2.3

2.2

2.4

1.25
0.64
0.52
0.17
0.07
0.22
0.06
0.12

1.64
0.78
0.49
0.12
0.10
0.20
0.07
0.29

1.72
0.79
0.51
0.19
0.10
0.17
0.04
0.28

0.04
0.02
–0.05
0.11
0.61

–1.5

II

2.9

2012
III

0.8

IV

4.6

2013

I

II

III

IV

2.3

1.6

2.5

0.1

1.87 0.86
1.06 0.29
0.75 0.16
0.23 0.01
0.13 –0.07
0.29 0.15
0.10 0.08
0.31 0.13

1.32
0.74
0.57
0.21
0.04
0.21
0.10
0.17

I

II

2.7

1.8

2014
III

IV

I

II

4.5

3.5

–2.1

1.32
0.67
0.64
0.26
0.09
0.20
0.09
0.02

2.45 1.23 1.39
1.35 0.30 0.80
0.61 0.33 0.36
0.14 0.00 0.04
0.14 0.09 0.16
0.24 0.20 0.17
0.09 0.04 –0.01
0.74 –0.03 0.43

2.51
0.83
0.42
0.13
0.07
0.12
0.10
0.41

0.83
0.23
0.23
0.13
0.01
0.07
0.01
0.00

0.05
0.02
0.02
0.20
0.86

0.00 0.06 –0.01 –0.09 –0.05 0.15 0.09 0.06 0.04
0.02 0.08 0.08 –0.14 0.07 0.13 –0.15 0.12 –0.05
0.03 –0.09 –0.27 –0.02 –0.05 –0.16 0.16 –0.03 –0.16
0.23 0.25 0.21 0.07 0.11 0.19 0.03 0.02 0.20
0.93 0.72 0.75 1.00 0.04 0.81 0.57 0.58 0.65

0.14 –0.14 0.11
0.11 0.04 –0.08
0.15 0.00 0.09
0.34 0.08 0.31
1.11 0.93 0.59

0.13 –0.05 –0.07
0.05 –0.08 0.12
0.00 0.05 –0.08
0.23 0.08 0.37
1.69 0.60 0.42

0.52
0.08
0.37
0.04
0.04
0.11
–0.23
0.11

0.78
0.16
0.24
0.05
0.06
0.09
0.10
0.07

0.85 0.78 0.73 0.83 0.15 0.74 0.32 0.54 0.38 1.21 0.90 0.48
0.11 0.04 0.16 0.34 –0.14 –0.20 0.46 0.24 –0.22 0.62 –0.01 –0.18
0.29 0.20 0.22 –0.03 0.51 0.70 0.13 0.40 0.13 0.04 0.40 0.30
0.05 0.02 0.09 0.07 0.02 0.01 0.04 0.06 0.01 0.10 0.05 0.02
0.01 –0.03 0.16 0.06 0.01 0.06 0.02 0.02 0.04 0.16 0.00 0.09
0.13 0.16 0.03 0.09 0.08 0.18 0.06 0.10 0.18 0.13 –0.04 0.01
0.21 0.15 –0.03 0.17 –0.30 –0.34 –0.33 –0.39 0.09 0.25 0.33 0.11
0.06 0.26 0.10 0.13 –0.01 0.33 –0.06 0.11 0.15 –0.09 0.17 0.13

1.50 0.61 0.35 1.00
0.24 0.68 –0.42 –0.22
0.48 –0.16 0.45 0.52
0.06 0.04 0.07 0.05
0.02 –0.05 –0.05 0.02
0.30 –0.05 0.22 0.21
0.28 0.14 0.14 0.35
0.12 0.02 –0.07 0.06

0.09
0.23

0.07
0.13

0.08 –0.06
0.18 –0.10

0.19 –0.01
0.51 –0.31

0.14
1.33
1.17
0.84
0.32
0.37
0.06
0.02
0.03
0.05
0.21
0.05
0.15
0.10
0.03
0.02
0.33
0.15
–0.07
0.22
0.04
0.44
0.34
0.10
–0.40
–0.30
–0.10

0.06
0.76
0.70
0.37
–0.01
0.26
0.05
0.00
0.05
0.05
0.08
0.07
0.13
0.05
0.06
0.01
0.33
0.06
0.13
–0.07
0.22
0.41
0.26
0.15
–0.19
–0.13
–0.06

0.10
0.95
0.80
0.75
0.22
0.35
0.04
–0.01
0.06
0.16
0.15
–0.01
0.18
0.07
0.10
0.01
0.05
0.15
0.01
0.14
–0.22
0.41
0.37
0.05
–0.64
–0.55
–0.09

–0.04
–1.07
–0.11
–0.09
–0.73
0.59
–0.24
–0.11
–0.13
0.36
0.31
0.16
0.05
0.14
–0.03
–0.06
–0.02
–0.96
0.30
–1.27
–0.24
0.27
0.24
0.03
–0.51
–0.73
0.22

0.05
2.14
1.10
0.97
0.63
0.22
0.17
0.16
0.01
0.06
–0.03
0.02
0.12
0.16
–0.02
–0.02
0.13
1.04
–0.02
1.06
0.31
0.82
0.45
0.37
–0.51
–0.11
–0.40

–0.21
0.15
2.25
2.06
0.56
1.31
0.05
0.08
–0.03
0.38
0.52
0.36
0.19
0.17
0.00
0.01
0.19
–2.10
0.08
–2.18
0.01
0.57
0.32
0.25
–0.56
–0.32
–0.24

–0.30
–0.15
–0.18
–0.12
–0.06
0.03
0.05
–0.02
–0.15
–0.02
–0.12

–0.39
–0.45
–0.33
–0.24
–0.09
–0.12
–0.08
–0.04
0.06
0.12
–0.06

–0.03
–0.14
–0.10
–0.03
–0.07
–0.04
–0.01
–0.03
0.11
0.10
0.01

–1.60
–0.95
–0.81
–0.47
–0.35
–0.14
–0.16
0.02
–0.65
–0.38
–0.28

–0.08
0.14
0.36
0.28
0.08
–0.22
–0.18
–0.04
–0.22
–0.11
–0.11

–0.52
–0.35
0.11
0.16
–0.06
–0.45
–0.42
–0.03
–0.17
–0.10
–0.07

1.38 0.57 1.20 0.94
0.66 –0.18 0.20 0.90
0.37 –0.19 0.36 0.83
0.02 –0.52 0.03 0.50
0.07 0.10 0.07 0.14
0.23 0.16 0.20 0.23
0.05 0.07 0.07 –0.05
0.29 0.01 –0.17 0.08

0.02 0.18 –0.12
0.08 –0.04 0.27

See “Explanatory Note” at the end of the tables.

-7-

0.08
0.45

0.25
0.08

0.04
0.37

0.27 –0.10
0.05 –0.11

0.38
4.16
1.36
1.08
0.34
0.49
–0.04
–0.05
0.01
0.29
0.49
–0.25
0.26
0.15
0.07
0.03
0.28
2.80
0.05
2.75
–0.21
0.56
0.76
–0.20
–0.76
–0.76
0.00

0.37
1.04
1.24
0.66
0.46
0.17
0.18
0.09
0.09
–0.26
0.22
0.03
0.03
0.03
–0.02
0.02
0.59
–0.20
–0.06
–0.15
–0.11
0.19
0.15
0.03
–0.29
–0.27
–0.02

–0.16
0.88
0.61
0.50
0.27
0.03
–0.09
–0.03
–0.06
0.03
0.08
0.01
0.19
0.11
0.06
0.02
0.11
0.27
–0.14
0.41
–0.04
0.64
0.49
0.15
–0.68
–0.57
–0.11

0.32
0.26
0.45
0.09
–0.04
0.03
–0.13
–0.13
–0.01
–0.01
–0.15
0.32
0.10
0.04
0.05
0.01
0.36
–0.19
–0.29
0.10
0.39
0.28
0.19
0.09
0.10
0.17
–0.07

–0.21
–0.84
0.96
0.44
–0.19
0.44
0.25
0.18
0.07
0.07
0.09
0.03
0.19
0.06
0.11
0.02
0.52
–1.80
0.14
–1.95
0.79
0.19
–0.30
0.50
0.59
0.68
–0.09

–0.31
–0.21
–0.53
–0.53
0.00
0.32
0.35
–0.03
–0.10
–0.05
–0.05

–0.56
–0.25
–0.40
–0.18
–0.22
0.15
0.16
0.00
–0.31
–0.08
–0.23

–0.08
–0.08
–0.06
–0.14
0.08
–0.01
–0.01
–0.01
0.00
0.03
–0.04

0.52
0.59
0.58
0.62
–0.04
0.01
0.03
–0.02
–0.07
0.11
–0.18

–1.20
–1.10
–1.12
–0.97
–0.15
0.02
0.03
–0.01
–0.10
0.07
–0.17

4.6

Line
III

IV

5.0

2.6

1

1.75 2.21
1.33 1.06
0.99 0.67
0.45 0.28
0.20 0.10
0.26 0.31
0.08 –0.01
0.34 0.39

2.87
1.20
0.54
0.16
0.09
0.20
0.09
0.66

2
3
4
5
6
7
8
9

0.00 –0.08
0.03 0.26
0.02 0.25
0.34 0.21
1.15 1.67

10
11
12
13
14

0.07
0.34

1.75
0.32
0.51
0.06
0.15
0.25
0.32
0.14

15
16
17
18
19
20
21
22

0.15 –0.08
0.38 0.26

23
24

0.03
0.27

0.12
0.14

–0.01
1.12
0.42
0.20
–0.33
0.28
0.03
–0.06
0.09
0.03
0.08
0.15
0.24
0.16
0.07
0.01
0.22
0.70
0.36
0.35
–0.08
–0.12
–0.09
–0.03
0.04
–0.08
0.12

0.24
1.03
0.74
0.21
0.19
0.09
0.09
–0.06
0.15
0.00
0.12
–0.12
–0.08
–0.15
0.06
0.01
0.53
0.30
0.10
0.19
–0.54
0.82
0.74
0.09
–1.36
–1.13
–0.23

0.03
2.50
1.01
0.67
0.29
0.27
0.08
0.03
0.05
0.20
0.05
–0.07
0.11
0.12
–0.01
–0.01
0.34
1.49
0.17
1.32
0.59
0.67
0.52
0.15
–0.09
–0.01
–0.08

0.33
0.62
0.95
1.23
0.34
0.76
–0.07
0.11
–0.18
0.02
0.45
0.36
0.14
0.07
0.06
0.01
–0.28
–0.34
0.01
–0.35
1.08
1.30
1.20
0.10
–0.22
–0.12
–0.09

–0.30
–1.13
0.03
0.20
0.08
–0.06
–0.13
–0.22
0.09
0.17
0.00
–0.09
0.18
0.03
0.14
0.01
–0.17
–1.16
–0.23
–0.93
–1.66
–1.30
–1.18
–0.12
–0.36
–0.33
–0.03

0.27
2.87
1.45
1.18
0.35
0.63
0.40
0.10
0.30
0.32
0.04
–0.14
0.21
0.07
0.13
0.01
0.27
1.42
0.11
1.31
–0.34
1.43
1.26
0.17
–1.77
–1.62
–0.15

0.23
1.18
1.21
1.10
0.14
0.63
–0.12
0.05
–0.16
0.35
0.45
–0.05
0.34
0.15
0.17
0.01
0.10
–0.03
0.13
–0.16
0.78
0.61
0.69
–0.08
0.16
0.19
–0.03

0.34
1.20
0.37
0.24
0.08
–0.11
0.25
–0.02
0.27
–0.19
–0.17
0.00
0.27
0.16
0.10
0.01
0.13
0.82
–0.01
0.83
–1.02
0.37
0.18
0.19
–1.39
–1.27
–0.13

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

–0.75
–0.79
–0.55
–0.35
–0.20
–0.24
–0.17
–0.07
0.04
0.16
–0.12

0.04
–0.26
–0.09
–0.05
–0.05
–0.17
–0.12
–0.04
0.31
0.15
0.15

0.04
–0.08
0.03
0.02
0.00
–0.11
–0.08
–0.03
0.13
0.12
0.00

–0.71
–0.79
–0.55
–0.48
–0.06
–0.24
–0.20
–0.04
0.07
0.09
–0.02

–0.15
–0.01
–0.18
0.12
–0.30
0.17
0.21
–0.04
–0.14
0.08
–0.22

0.31 0.80
–0.06 0.68
0.04 0.66
–0.07 0.69
0.11 –0.03
–0.10 0.01
–0.08 0.02
–0.03 –0.01
0.38 0.13
0.11 0.08
0.26 0.04

–0.40
–0.54
–0.58
–0.61
0.03
0.04
0.00
0.04
0.14
0.10
0.04

52
53
54
55
56
57
58
59
60
61
62

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
2014

2013

2014

2014

2013

2014

Line

2014
2014

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

15,916.2
10,811.4
3,669.0
1,344.5
380.5

15,831.7
10,844.3
3,678.3
1,355.0
385.7

16,010.4
10,912.6
3,731.6
1,400.4
402.9

16,205.6
10,999.5
3,774.5
1,431.5
413.7

16,311.6
11,114.9
3,824.3
1,457.5
420.2

379.5
268.1
126.2
92.1
29.6

195.2
86.9
42.9
31.1
10.8

106.0
115.4
49.8
26.0
6.5

1
2
3
4
5

287.4
283.0
281.7
287.0
289.4
291.4
323.4
312.1
312.7
322.3
327.1
331.7
361.7
351.5
350.6
359.4
366.9
369.7
491.3
464.1
468.3
483.1
501.0
512.9
205.7
204.2
203.1
205.9
206.2
207.4
201.3
197.7
198.1
201.5
200.8
204.7
2,665.8 2,624.6 2,628.4 2,666.1 2,691.3 2,677.4 2,365.2 2,341.8 2,341.9 2,354.6 2,369.4 2,395.0

18.3
39.3
6.9
42.6

4.8
17.9
–0.7
14.8

4.6
11.9
3.9
25.6

6
7
8
9

888.0
878.6
879.4
886.0
892.6
893.8
809.0
814.0
811.9
809.2
809.0
806.0
365.9
361.0
357.8
365.0
367.3
373.5
345.0
341.5
338.3
342.9
343.9
354.9
398.3
407.1
407.1
410.1
406.3
369.8
275.0
272.9
274.4
272.1
272.7
280.7
1,013.6
977.9
984.0 1,005.0 1,025.1 1,040.2
947.1
923.5
926.8
941.7
955.6
964.3
7,959.3 7,767.2 7,837.8 7,906.2 7,990.4 8,102.9 7,216.1 7,141.9 7,165.4 7,181.4 7,225.9 7,292.0

–0.4
3.8
3.3
37.2
143.0

–0.2
1.0
0.6
13.9
44.5

–3.0
11.0
8.0
8.7
66.1

10
11
12
13
14

7,631.0
2,166.9
1,993.6
344.9
445.2
755.0
886.1
1,039.4

7,765.4 6,903.6 6,833.4 6,857.1 6,870.3 6,908.9 6,977.9
2,188.6 1,982.5 1,969.1 1,996.0 1,979.5 1,970.9 1,983.7
2,034.3 1,827.0 1,804.7 1,798.4 1,815.9 1,836.6 1,857.0
350.2
315.2
310.0
311.4
314.3
316.3
318.7
450.9
406.6
408.2
406.2
404.4
405.1
410.9
779.9
674.5
663.7
661.5
670.1
678.2
688.1
912.1
759.4
741.1
746.2
751.2
764.1
776.0
1,049.3
937.7
936.6
937.3
934.5
936.7
942.2

131.1
16.8
45.9
7.6
0.9
19.1
30.9
8.8

38.6
–8.6
20.7
2.0
0.7
8.1
12.9
2.2

69.0
12.8
20.4
2.4
5.8
9.9
11.9
5.5

15
16
17
18
19
20
21
22

328.4
315.5
319.4
324.3
332.2
337.5
313.6
309.5
309.1
312.1
318.3
315.0
1,299.8 1,273.2 1,267.3 1,289.2 1,310.8 1,332.0 1,179.3 1,171.7 1,159.4 1,172.7 1,187.4 1,197.7

12.4
27.9

6.2
14.7

–3.3
10.3

23
24

883.5
15.9
8.7
13.2
2,800.2 154.5
47.1
49.4
2,658.5 128.9
48.8
15.2
2,154.8 122.1
45.2
10.0
463.6
33.6
5.4
3.0
1,022.8
59.4
26.5
–4.8
322.2
7.8
–5.6
11.6
............. ............ ............ ............
235.4
9.8
–7.5
12.1
228.1
26.1
13.9
–7.8
261.8
26.0
19.5
–7.3
215.3
–1.0
–2.2
–0.1
670.7
28.9
13.8
11.5
316.7
11.5
6.5
7.0
273.9
15.6
6.7
4.0
80.1
1.4
0.5
0.5
504.6
7.9
4.0
5.0
113.1
15.3
–2.6
30.9
7.4
–1.9
3.5
–0.9
106.5
18.3
–7.0
32.8
–471.5 –32.2
29.0 –40.1
2,118.4
62.7
23.3
14.4
1,468.6
55.5
26.2
7.0
649.1
6.9
–3.1
7.5
2,589.9
94.8
–5.8
54.6
2,119.9
80.1
–6.8
48.9
469.1
14.5
1.2
5.4

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

17,420.7
11,928.4
3,969.0
1,303.2
448.5

971.4
2,855.8
2,765.4
2,206.4
506.1
1,015.6
293.4
75.6
217.8
239.1
256.6
226.5
684.7
305.7
298.9
80.1
559.0
90.4
8.1
82.3
–538.0
2,334.2
1,614.0
720.2
2,872.3
2,383.8
488.4

IV

I

II

III

IV

17,078.3
11,653.3
3,886.1
1,261.5
422.8

17,044.0
11,728.5
3,890.6
1,262.3
426.9

17,328.2
11,870.7
3,964.5
1,298.4
446.2

17,599.8
12,002.0
4,011.5
1,320.2
457.7

17,710.7
12,112.3
4,009.4
1,332.0
463.4

7,451.7
2,110.1
1,956.2
337.4
442.0
727.5
852.0
1,026.4

957.7
2,745.2
2,654.6
2,118.7
481.7
980.0
286.0
80.8
205.2
214.5
245.2
234.3
657.0
297.8
280.8
78.4
535.9
90.5
12.4
78.2
–462.9
2,324.6
1,614.0
710.7
2,787.5
2,309.7
477.8

7,518.4
2,160.3
1,951.7
339.2
442.7
730.8
861.0
1,032.8

947.9
2,714.4
2,674.3
2,134.6
487.9
979.5
280.3
71.4
209.0
222.7
245.3
231.1
667.2
298.9
289.1
79.3
539.7
40.1
3.1
37.0
–538.0
2,284.7
1,575.3
709.5
2,822.7
2,341.5
481.2

7,581.9
2,157.7
1,979.3
343.6
442.9
747.7
875.5
1,035.1

964.9
2,843.6
2,743.4
2,191.2
504.4
1,008.6
297.9
75.9
221.9
237.2
247.8
225.8
678.2
302.4
295.9
79.9
552.2
100.3
8.4
91.8
–549.2
2,344.3
1,623.3
721.1
2,893.5
2,405.6
487.9

7,658.2
2,160.9
2,008.9
346.5
444.5
761.5
895.8
1,040.2

978.5
2,905.1
2,810.6
2,244.3
513.3
1,038.2
292.5
77.9
214.6
252.6
269.0
224.1
692.7
308.6
303.6
80.5
566.4
94.5
11.1
83.4
–516.5
2,366.5
1,645.0
721.4
2,883.0
2,393.7
489.3

994.4
2,960.2
2,833.3
2,255.7
518.8
1,036.1
302.8
77.0
225.7
244.0
264.3
225.1
700.8
313.1
307.1
80.6
577.6
126.9
9.8
117.2
–548.5
2,341.3
1,612.5
728.8
2,889.8
2,394.6
495.2

16,089.8
10,967.8
3,752.2
1,411.1
405.6

866.7
2,710.7
2,608.1
2,112.7
455.3
1,006.6
311.8
.............
226.8
223.8
257.1
218.0
653.0
307.4
266.3
79.4
496.3
78.8
5.7
73.5
–452.6
2,082.5
1,438.4
643.5
2,535.1
2,071.6
462.9

863.0
2,634.7
2,535.0
2,043.3
438.8
977.2
304.1
.............
213.7
202.3
247.9
227.3
629.6
298.9
252.8
78.4
491.9
81.8
10.5
70.4
–384.0
2,076.5
1,433.0
642.9
2,460.5
2,005.3
455.1

851.3
2,588.2
2,536.1
2,051.5
441.9
974.8
298.1
..............
217.6
209.0
247.8
223.6
636.8
300.0
258.2
78.8
485.3
35.2
2.2
33.3
–447.2
2,026.9
1,388.1
638.4
2,474.1
2,017.7
456.3

861.6
2,703.7
2,594.5
2,099.6
455.2
1,001.1
316.2
..............
230.8
222.0
249.6
217.6
645.4
303.2
263.2
79.1
495.6
84.8
4.8
80.7
–460.4
2,080.7
1,435.4
644.7
2,541.1
2,077.8
462.5

870.3
2,750.8
2,643.3
2,144.8
460.6
1,027.6
310.6
..............
223.3
235.9
269.1
215.4
659.2
309.7
269.9
79.6
499.6
82.2
8.3
73.7
–431.4
2,104.0
1,461.6
641.6
2,535.3
2,071.0
463.7

III

IV

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
2014

2013

2014

2014

2013

2014

Line

2014
2014

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

3,174.5
1,219.0
761.4
618.7
142.7
457.6
346.3
111.4
1,955.5
1,620.3
335.2
.............

3,142.7
1,216.2
757.5
605.5
152.0
458.7
345.6
113.1
1,926.5
1,594.9
331.6
.............

3,139.1
1,208.1
749.9
610.5
139.4
458.2
346.7
111.6
1,931.0
1,607.4
323.6
.............

3,163.1
1,210.5
754.6
610.4
144.2
455.9
345.1
110.8
1,952.6
1,616.6
336.1
.............

3,209.3
1,241.3
784.0
641.1
142.9
457.3
346.6
110.7
1,968.0
1,628.5
339.4
.............

3,186.7
1,216.2
757.0
613.0
144.0
459.2
346.7
112.4
1,970.5
1,628.7
341.8
.............

17,330.3
17,958.7
17,868.3
17,420.7
.............
.............
.............
14,685.1
.............

16,987.8
17,541.2
17,450.6
17,078.3
831.8
588.9
17,321.2
14,407.8
17,197.8

17,003.9
17,582.0
17,541.8
17,044.0
822.6
611.6
17,255.0
14,345.3
17,221.5

17,228.0
17,877.5
17,777.2
17,328.2
828.5
615.0
17,541.7
14,606.0
17,481.7

17,505.3
18,116.3
18,021.8
17,599.8
847.2
617.3
17,829.6
14,849.3
17,743.5

17,583.8
18,259.2
18,132.2
17,710.7
.............
.............
.............
14,939.6
.............

IV

I

II

III

2,889.3
1,123.4
702.2
567.6
134.2
421.0
315.8
105.1
1,764.9
1,460.0
304.1
–51.6

2,874.5
1,117.8
701.0
557.4
143.4
416.7
309.7
107.0
1,755.7
1,451.1
303.7
–43.3

2,868.5
1,117.4
693.9
562.3
131.1
423.4
317.7
105.5
1,750.2
1,454.1
295.2
–45.6

2,880.6
1,114.9
695.4
559.5
135.5
419.4
314.7
104.5
1,764.7
1,458.4
305.4
–50.7

2,911.9
1,141.6
721.7
586.7
134.4
419.8
315.4
104.2
1,769.5
1,461.7
307.0
–53.1

15,991.7
16,544.1
16,446.5
16,089.8
.............
.............
.............
13,527.3
.............

15,820.7
16,298.6
16,203.6
15,916.2
704.4
498.5
16,124.3
13,389.0
16,027.6

15,782.6
16,280.4
16,231.7
15,831.7
694.2
515.6
16,009.8
13,291.4
15,996.4

15,905.9
16,473.2
16,369.1
16,010.4
695.9
516.0
16,189.8
13,456.2
16,152.2

16,102.8
16,637.7
16,535.4
16,205.6
709.1
516.0
16,399.3
13,635.6
16,337.9

IV

III

IV

2,896.0
–5.2
31.3
–15.9
1,119.7
–21.9
26.7
–21.9
697.9
–15.5
26.3
–23.8
561.9
–4.2
27.2
–24.8
135.6
–11.5
–1.1
1.2
421.6
–6.5
0.4
1.8
315.5
–2.4
0.7
0.1
105.9
–4.2
–0.3
1.7
1,775.2
16.5
4.8
5.7
1,465.7
15.3
3.3
4.0
308.7
1.3
1.6
1.7
–56.1 ............. ............ .............
16,175.6
16,785.1
16,649.7
16,311.6
.............
.............
.............
13,725.8
.............

355.0
413.1
388.6
379.5
.............
.............
.............
324.1
.............

196.9
164.5
166.3
195.2
13.2
0.0
209.5
179.4
185.7

72.8
147.4
114.3
106.0
.............
.............
.............
90.2
.............

52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72

1. Real gross domestic income is current-dollar 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

2012

2013

2014

2011
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

2012
III

IV

I

II

2013
III

IV

I

II

2014
III

IV

I

II

Line
III

IV

Gross domestic product (GDP)
1.8
1.5
1.5
1.8
3.0
2.3
0.6
2.1
1.8
2.1
1.3
1.3
1.2
1.7
1.5
1.3
2.1
1.4
0.0
Personal consumption expenditures ...
1.8
1.2
1.3
3.0
4.1
2.1
1.4
2.1
1.3
1.3
1.8
1.0
0.5
1.7
1.0
1.4
2.3
1.2 –0.5
Goods...................................................
1.2 –0.5 –0.4
5.9
7.1
2.0
0.3
1.8 –0.4
0.5
1.0 –1.2 –2.4
1.2 –1.4 –0.6
1.8
0.1 –5.3
Durable goods ..................................
–1.3 –1.8 –2.5 –0.5
1.6 –0.9 –2.1 –0.8 –1.5 –2.3 –1.8 –1.0 –1.9 –2.5 –2.6 –2.8 –1.9 –2.1 –3.6
Nondurable goods ............................
2.4
0.2
0.6
9.1
9.6
3.3
1.4
3.1
0.1
1.9
2.4 –1.3 –2.7
3.0 –0.9
0.6
3.6
1.3 –6.2
Services ...............................................
2.1
2.1
2.2
1.6
2.6
2.2
1.9
2.3
2.2
1.7
2.2
2.2
2.0
1.9
2.3
2.3
2.6
1.8
2.0
Gross private domestic investment .....
1.4
1.8
1.9
1.3
1.8
1.1
0.9
1.7
1.3
1.5
1.2
1.8
2.3
2.1
2.2
2.4
1.0
1.9
0.9
Fixed investment ..................................
1.4
1.8
2.1
1.5
2.0
1.1
1.0
1.9
1.3
1.5
1.2
1.9
2.4
2.0
2.6
2.8
1.1
2.3
0.9
Nonresidential...................................
1.5
1.1
1.2
1.7
2.2
1.3
1.2
2.5
1.2
1.1
0.5
0.9
1.7
1.2
1.3
1.4
1.2
1.1
0.2
Structures .....................................
3.5
2.8
2.6
1.6
5.1
4.2
4.7
3.5
3.9
1.1
1.4
2.8
5.1
2.2
3.9
2.3
1.4
2.4
1.7
Equipment.....................................
1.0
0.4
0.6
0.8
1.4
0.4
0.9
1.6
0.0
1.2
1.6 –0.3
0.1
0.4 –0.2
0.8
1.1
1.1
1.1
Intellectual property products .......
1.0
0.8
1.1
2.9
1.4
0.6 –0.7
2.9
1.0
1.0 –1.5
1.2
1.7
1.6
1.7
1.7
1.2
0.1 –2.2
Residential........................................
0.9
5.0
5.8
0.9
1.4
0.0
0.1 –0.6
1.5
3.5
4.1
6.5
5.1
5.5
7.6
8.6
0.7
7.2
3.9
Change in private inventories............... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ..........
Net exports of goods and services ...... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ..........
Exports.................................................
0.9
0.1
0.1 10.6
8.8
2.3 –4.2
2.7
0.8 –0.2
1.3
1.0 –3.0
0.7
0.3
2.8 –0.2 –0.7 –6.8
Goods...............................................
0.4 –0.5 –0.7 12.5
9.9
2.1 –5.5
2.3
0.3
0.0
0.7
0.6 –4.0
0.2 –0.6
3.1 –1.4 –1.9 –9.4
Services............................................
1.9
1.3
1.9
6.3
6.1
2.9 –1.4
3.7
2.2 –0.5
2.6
1.9 –0.8
1.9
2.2
2.2
2.6
2.1 –0.6
Imports .................................................
0.5 –0.8 –0.2 17.2 12.8 –0.3 –0.9
3.8 –3.3 –4.6
3.8
0.4 –5.0
0.8
0.0
2.8 –0.8 –0.5 –7.3
Goods...............................................
0.6 –1.1 –0.5 20.3 14.6 –0.1 –0.5
4.4 –4.1 –5.4
4.2
0.4 –5.6
1.0 –0.7
3.0 –0.9 –0.7 –8.8
Services............................................
–0.1
0.3
1.1
3.3
4.5 –1.1 –3.2
0.9
0.4 –0.3
2.2
0.1 –1.7
0.2
3.4
1.9
0.1
0.1
0.2
Government consumption
1.5
1.2
1.2
4.0
4.3
1.7 –0.5
3.6
0.0
0.8
1.9
1.3
0.6
1.4
2.4
0.4
1.4
1.5 –0.6
expenditures and gross investment
Federal .................................................
0.9
1.1
0.9
4.5
3.6
1.4 –0.8
1.9
0.5
0.2
0.2
1.5
1.0
1.2
5.3 –2.5
1.7
0.6 –0.4
National defense...............................
1.1
0.8
1.1
5.5
3.9
1.2 –1.2
3.1
0.5
0.3
0.2
1.2
0.6
1.0
3.1
0.1
1.7
0.4 –0.6
Nondefense ......................................
0.5
1.6
0.6
2.8
3.2
1.7
0.0 –0.1
0.5
0.1
0.3
2.0
1.7
1.5
9.0 –6.5
1.8
0.8
0.0
State and local......................................
1.9
1.3
1.3
3.7
4.8
1.9 –0.3
4.7 –0.3
1.2
3.1
1.2
0.4
1.5
0.6
2.2
1.2
2.1 –0.8
Addenda:
Final sales of domestic product............
1.8
1.5
1.5
1.8
3.0
2.3
0.6
2.2
1.8
2.1
1.3
1.3
1.2
1.7
1.6
1.4
2.1
1.5
0.0
Gross domestic purchases...................
1.7
1.3
1.4
3.0
3.8
1.9
0.9
2.3
1.1
1.2
1.7
1.2
0.8
1.7
1.4
1.4
2.0
1.4 –0.3
Final sales to domestic purchasers......
1.7
1.3
1.4
3.0
3.9
1.9
1.0
2.4
1.1
1.2
1.7
1.2
0.8
1.7
1.5
1.4
2.0
1.4 –0.3
Gross national product (GNP)..............
1.8
1.5 ..........
1.8
3.0
2.3
0.6
2.1
1.8
2.1
1.3
1.3
1.2
1.7
1.5
1.3
2.1
1.4 ..........
Implicit price deflators:
GDP..................................................
1.8
1.5
1.4
1.8
2.9
2.4
0.6
2.1
1.9
1.9
1.5
1.4
1.1
1.6
1.4
1.3
2.1
1.4 –0.1
Gross domestic purchases ...............
1.7
1.3
1.4
3.0
3.8
2.0
1.0
2.3
1.1
1.0
1.9
1.3
0.6
1.6
1.3
1.4
2.0
1.3 –0.4
GNP..................................................
1.8
1.5 ..........
1.8
3.0
2.4
0.6
2.1
1.8
1.9
1.5
1.4
1.1
1.6
1.4
1.3
2.1
1.4 ..........

See “Explanatory Note” at the end of the tables.

- 10 -

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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

2012

2013

2014

2013
IV

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

2014
I

II

Line
III

IV

Gross domestic product .....................................................
106.592
108.957
111.590
110.386
109.799
111.039
112.393
113.128
Personal consumption expenditures................................................
106.121
108.660
111.383
109.795
110.128
110.822
111.705
112.877
Goods ...............................................................................................
109.632
113.367
117.313
114.711
115.004
116.670
118.011
119.569
Durable goods...............................................................................
120.756
128.896
137.894
131.387
132.412
136.847
139.892
142.426
Nondurable goods.........................................................................
104.828
106.780
108.740
107.664
107.669
108.252
108.932
110.107
Services............................................................................................
104.420
106.385
108.538
107.421
107.774
108.014
108.685
109.678
Gross private domestic investment ..................................................
129.700
136.102
144.333
140.284
137.809
143.960
146.468
149.096
Fixed investment...............................................................................
116.899
122.387
128.751
125.141
125.198
128.079
130.487
131.238
Nonresidential ...............................................................................
118.263
121.865
129.338
125.090
125.591
128.538
131.308
131.916
Structures..................................................................................
96.703
96.227
103.906
100.134
100.840
103.880
105.113
105.788
Equipment .................................................................................
140.558
147.015
156.227
151.674
151.298
155.374
159.494
158.742
Intellectual property products....................................................
109.587
113.278
118.535
114.289
115.595
117.153
119.655
121.735
Residential ....................................................................................
111.276
124.521
126.522
125.412
123.725
126.348
127.360
128.655
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
123.453
127.213
131.162
130.784
127.660
131.050
132.513
133.425
Imports of goods and services .........................................................
121.653
123.048
127.832
124.067
124.756
128.135
127.841
130.596
Government consumption expenditures and gross investment....
95.625
93.699
93.532
93.052
92.860
93.252
94.265
93.750
Federal..............................................................................................
99.729
94.055
92.255
91.794
91.765
91.556
93.750
91.950
State and local ..................................................................................
92.953
93.429
94.309
93.818
93.522
94.297
94.557
94.861
Addenda:
Final sales of domestic product ........................................................
105.067
107.349
109.786
108.612
108.350
109.196
110.548
111.048
Gross domestic purchases ...............................................................
106.821
108.889
111.677
110.020
109.898
111.199
112.309
113.304
Final sales to domestic purchasers ..................................................
105.336
107.326
109.923
108.300
108.488
109.407
110.518
111.282
Gross national product......................................................................
106.846
109.147 ...................
110.669
109.883
111.119
112.557 ...................

See “Explanatory Note” at the end of the tables.

- 11 -

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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

2012

2013

2014

2013
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

2014
I

II

Line
III

IV

Gross domestic product .....................................................
105.174
106.739
108.309
107.347
107.694
108.261
108.643
108.638
Personal consumption expenditures (PCE).....................................
106.062
107.333
108.757
107.789
108.156
108.782
109.116
108.975
Goods ...............................................................................................
106.712
106.211
105.781
105.917
105.769
106.240
106.278
104.836
Durable goods...............................................................................
96.466
94.712
92.365
93.820
93.148
92.711
92.216
91.384
Nondurable goods.........................................................................
111.828
112.025
112.709
112.075
112.230
113.229
113.586
111.792
Services............................................................................................
105.745
107.919
110.299
108.759
109.390
110.097
110.584
111.125
Gross private domestic investment ..................................................
101.825
103.632
105.589
104.465
105.094
105.350
105.843
106.071
Fixed investment...............................................................................
101.955
103.822
106.037
104.734
105.461
105.752
106.344
106.589
Nonresidential ...............................................................................
102.082
103.186
104.441
103.701
104.059
104.370
104.643
104.691
Structures..................................................................................
105.464
108.416
111.185
109.829
110.452
110.843
111.489
111.955
Equipment .................................................................................
99.828
100.263
100.889
100.287
100.477
100.754
101.025
101.300
Intellectual property products....................................................
102.857
103.693
104.859
104.339
104.770
105.076
105.090
104.498
Residential ....................................................................................
101.342
106.448
112.646
108.968
111.244
111.450
113.400
114.490
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
111.940
112.001
112.093
111.945
112.716
112.665
112.473
110.517
Imports of goods and services .........................................................
114.501
113.529
113.306
113.286
114.082
113.862
113.709
111.572
Government consumption expenditures and gross investment....
107.286
108.618
109.870
109.330
109.431
109.805
110.210
110.034
Federal..............................................................................................
106.341
107.530
108.499
108.791
108.105
108.563
108.721
108.607
State and local ..................................................................................
107.947
109.377
110.800
109.729
110.332
110.653
111.216
111.001
Addenda:
PCE excluding food and energy 1 .....................................................
104.678
106.084
107.575
106.603
106.922
107.447
107.821
108.111
Market-based PCE 2 .........................................................................
105.918
107.043
108.292
107.420
107.754
108.353
108.676
108.384
Market-based PCE excluding food and energy 2 ..............................
104.300
105.557
106.857
105.995
106.269
106.747
107.117
107.294
Final sales of domestic product ........................................................
105.188
106.762
108.370
107.380
107.742
108.316
108.713
108.709
Gross domestic purchases ...............................................................
105.738
107.105
108.587
107.667
108.030
108.553
108.925
108.840
Final sales to domestic purchasers ..................................................
105.752
107.126
108.645
107.699
108.075
108.605
108.992
108.907
Gross national product......................................................................
105.296
106.860 ...................
107.468
107.815
108.380
108.762 ...................
Implicit price deflators:
Gross domestic product ................................................................
105.166
106.733
108.272
107.301
107.658
108.231
108.603
108.578
Final sales of domestic product ....................................................
105.188
106.762
108.370
107.377
107.738
108.312
108.710
108.706
Gross domestic purchases ...........................................................
105.730
107.099
108.551
107.624
107.995
108.525
108.887
108.782
Final sales to domestic purchasers...............................................
105.752
107.126
108.645
107.696
108.072
108.602
108.989
108.904
Gross national product..................................................................
105.288
106.854 ...................
107.423
107.778
108.350
108.722 ...................

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

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

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014 Line

Gross domestic product (GDP) ...............................................
4.7
4.1
1.0
1.8
2.8
3.8
3.3
2.7
1.8 –0.3 –2.8
2.5
1.6
2.3
2.2
2.4
Personal consumption expenditures .................................................
5.3
5.1
2.6
2.6
3.1
3.8
3.5
3.0
2.2 –0.3 –1.6
1.9
2.3
1.8
2.4
2.5
Goods.................................................................................................
7.9
5.2
3.0
3.9
4.8
5.1
4.1
3.6
2.7 –2.5 –3.0
3.4
3.1
2.8
3.4
3.5
Durable goods ................................................................................ 12.8
8.6
5.2
7.3
7.1
8.2
5.4
4.3
4.6 –5.1 –5.5
6.1
6.1
7.3
6.7
7.0
Nondurable goods ..........................................................................
5.0
3.2
1.7
1.9
3.5
3.3
3.3
3.3
1.7 –1.1 –1.8
2.2
1.8
0.7
1.9
1.8
Services .............................................................................................
3.9
5.0
2.4
1.9
2.2
3.2
3.2
2.7
2.0
0.8 –0.9
1.2
1.8
1.3
1.9
2.0
Gross private domestic investment ...................................................
8.4
6.5 –6.1 –0.6
4.1
8.8
6.4
2.1 –3.1 –9.4 –21.6 12.9
5.2
9.2
4.9
6.0
Fixed investment ................................................................................
8.8
6.9 –1.6 –3.5
4.0
6.7
6.8
2.0 –2.0 –6.8 –16.7
1.5
6.3
8.3
4.7
5.2
Nonresidential.................................................................................
9.7
9.1 –2.4 –6.9
1.9
5.2
7.0
7.1
5.9 –0.7 –15.6
2.5
7.7
7.2
3.0
6.1
Structures ...................................................................................
0.1
7.8 –1.5 –17.7 –3.9 –0.4
1.7
7.2 12.7
6.1 –18.9 –16.4
2.3 13.1 –0.5
8.0
Equipment................................................................................... 12.5
9.7 –4.3 –5.4
3.2
7.7
9.6
8.6
3.2 –6.9 –22.9 15.9 13.6
6.8
4.6
6.3
Intellectual property products ..................................................... 12.4
8.9
0.5 –0.5
3.8
5.1
6.5
4.5
4.8
3.0 –1.4
1.9
3.6
3.9
3.4
4.6
Residential......................................................................................
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 13.5 11.9
1.6
Change in private inventories............................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services .................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports...............................................................................................
2.6
8.6 –5.8 –1.7
1.8
9.8
6.3
9.0
9.3
5.7 –8.8 11.9
6.9
3.3
3.0
3.1
Goods.............................................................................................
4.2 10.1 –6.2 –3.4
1.9
8.6
7.3
9.4
7.5
6.1 –12.1 14.4
6.5
3.7
2.8
4.0
Services.......................................................................................... –1.4
4.7 –5.0
2.7
1.5 12.7
3.8
8.1 13.7
4.8 –1.1
6.8
7.6
2.4
3.6
1.1
Imports ............................................................................................... 10.1 13.0 –2.8
3.7
4.5 11.4
6.3
6.3
2.5 –2.6 –13.7 12.7
5.5
2.3
1.1
3.9
Goods............................................................................................. 12.8 13.1 –3.2
3.7
4.9 11.2
6.7
5.9
1.8 –3.7 –15.8 14.9
5.8
2.1
0.9
4.0
Services.......................................................................................... –3.0 12.6 –0.6
3.3
2.1 12.7
4.5
8.6
6.2
3.7 –3.8
3.8
4.0
3.4
2.2
3.2
Government consumption expenditures and gross investment .....
3.4
1.9
3.8
4.4
2.2
1.6
0.6
1.5
1.6
2.8
3.2
0.1 –3.0 –1.4 –2.0 –0.2
Federal ...............................................................................................
2.0
0.3
3.9
7.2
6.8
4.5
1.7
2.5
1.7
6.8
5.7
4.4 –2.7 –1.8 –5.7 –1.9
National defense.............................................................................
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 –3.3 –6.6 –2.2
Nondefense ....................................................................................
2.7
2.3
4.7
7.4
4.1
2.0
1.3
3.5
0.3
5.5
6.2
6.4 –3.4
1.0 –4.1 –1.5
State and local....................................................................................
4.2
2.8
3.7
2.9 –0.4 –0.1
0.0
0.9
1.5
0.3
1.6 –2.7 –3.3 –1.2
0.5
0.9
Addenda:
Final sales of domestic product..........................................................
4.7
4.2
1.9
1.3
2.8
3.4
3.4
2.6
2.0
0.2 –2.0
1.1
1.7
2.2
2.2
2.3
Gross domestic purchases.................................................................
5.5
4.8
1.2
2.3
3.1
4.3
3.5
2.6
1.1 –1.3 –3.8
2.9
1.6
2.2
1.9
2.6
Final sales to domestic purchasers....................................................
5.6
4.9
2.0
1.8
3.1
3.9
3.6
2.6
1.4 –0.9 –3.1
1.5
1.7
2.1
1.9
2.4
Gross domestic income 1 ...................................................................
4.4
4.7
1.1
1.4
2.3
3.7
3.6
4.0
0.1 –0.8 –2.6
2.7
2.2
3.4
2.2 ..........
Gross national product .......................................................................
4.8
4.2
1.1
1.7
2.9
3.9
3.3
2.4
2.2
0.0 –2.9
2.8
1.8
2.1
2.2 ..........
Real disposable personal income ......................................................
3.3
5.0
2.8
3.1
2.7
3.6
1.5
4.0
2.1
1.5 –0.4
1.0
2.5
3.0 –0.2
2.4
Price indexes:
Gross domestic purchases .............................................................
1.6
2.6
1.9
1.4
2.2
2.9
3.5
3.2
2.7
2.9 –0.2
1.5
2.4
1.7
1.3
1.4
Gross domestic purchases excluding food and energy 2 ...............
1.5
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
0.5
1.3
1.8
1.7
1.4
1.5
GDP................................................................................................
1.4
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
0.8
1.2
2.1
1.8
1.5
1.5
GDP excluding food and energy 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
1.9
1.7
1.6
1.6
Personal consumption expenditures...............................................
1.5
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1 –0.1
1.7
2.5
1.8
1.2
1.3

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
2011

2012

2013

2014

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

Gross domestic product (GDP) ..............................................
1.9
1.7
1.2
1.7
2.6
2.3
2.7
1.6
1.7
1.8
2.3
3.1
1.9
2.6
2.7
2.5
Personal consumption expenditures (PCE) .....................................
3.0
2.4
2.2
1.5
1.7
1.8
1.8
2.0
2.2
2.3
2.3
2.8
2.2
2.4
2.7
2.8
Goods................................................................................................
4.9
3.4
2.6
1.7
2.1
2.7
3.3
3.0
3.3
3.3
3.4
3.6
2.4
3.5
3.8
4.2
Durable goods ...............................................................................
9.2
5.4
5.0
4.8
6.2
7.5
8.2
7.5
6.9
7.5
6.7
5.9
4.6
6.9
8.0
8.4
Nondurable goods .........................................................................
2.9
2.4
1.5
0.4
0.4
0.5
1.1
1.0
1.7
1.4
1.9
2.5
1.3
1.9
1.8
2.3
Services ............................................................................................
2.1
1.9
2.0
1.4
1.4
1.3
1.1
1.5
1.6
1.8
1.8
2.4
2.1
1.8
2.1
2.1
Gross private domestic investment ..................................................
5.6
4.3
1.3
9.6 13.5 10.9 11.0
2.1
2.3
2.6
6.2
8.7
4.8
7.7
5.4
6.3
Fixed investment ...............................................................................
5.0
3.8
8.1
8.4 11.1 10.1
6.6
5.8
4.2
4.3
5.2
5.1
4.5
5.6
5.9
4.9
Nonresidential................................................................................
6.8
6.1
8.7
9.0 10.8
9.6
5.1
3.7
2.6
1.9
3.0
4.7
4.7
6.8
7.6
5.5
Structures .................................................................................. –4.6 –0.9
6.5
8.0 22.0 17.0 10.1
4.8 –2.6 –3.3 –0.4
4.4
8.5
9.8
8.2
5.6
Equipment.................................................................................. 16.2 11.4 13.7 13.1 10.9 10.0
3.6
3.3
3.6
3.8
4.8
6.2
4.7
7.1
8.7
4.7
Intellectual property products ....................................................
2.6
3.9
3.7
4.1
3.9
4.4
3.8
3.4
4.8
3.0
3.0
2.7
2.2
4.1
5.6
6.5
Residential..................................................................................... –2.2 –6.0
5.1
6.0 12.4 12.1 13.6 15.8 11.4 15.2 14.5
6.9
3.5
1.2 –0.7
2.6
Change in private inventories............................................................ .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services ................................................... .......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports..............................................................................................
9.0
8.2
6.3
4.2
4.0
3.6
3.1
2.4
1.9
2.2
3.0
5.1
2.8
3.9
3.8
2.0
Goods............................................................................................
8.5
7.1
5.7
4.8
4.5
4.6
4.2
1.4
0.8
1.5
2.4
6.6
3.4
4.9
5.3
2.5
Services......................................................................................... 10.1 10.6
7.6
2.7
2.8
1.4
0.5
4.8
4.3
3.9
4.3
1.8
1.3
1.8
0.4
1.0
Imports .............................................................................................. 10.0
5.8
3.0
3.5
3.1
3.4
2.4
0.4 –0.1
1.0
1.2
2.5
3.1
3.8
3.4
5.3
Goods............................................................................................ 11.5
5.9
2.7
3.4
2.6
3.4
2.6
0.0 –0.4
0.7
1.0
2.5
3.0
3.9
3.5
5.7
Services.........................................................................................
2.9
5.1
4.3
3.8
6.0
3.3
1.8
2.6
1.4
2.4
2.5
2.6
3.9
3.2
2.8
3.1
Government consumption expenditures and gross investment .... –2.3 –3.1 –3.7 –3.0 –1.8 –1.8 –0.5 –1.7 –2.0 –1.8 –2.4 –1.9 –1.1 –0.7
0.3
0.8
Federal .............................................................................................. –0.5 –2.2 –4.0 –4.0 –2.0 –2.6
0.2 –2.6 –4.4 –5.0 –7.0 –6.3 –3.9 –3.2 –0.6
0.2
National defense............................................................................ –1.3 –1.2 –2.5 –4.1 –2.3 –4.2 –1.9 –4.9 –5.8 –6.0 –8.5 –6.1 –4.4 –3.7 –0.1 –0.4
Nondefense ...................................................................................
0.8 –3.8 –6.7 –3.9 –1.6
0.1
4.1
1.4 –2.0 –3.3 –4.4 –6.6 –3.1 –2.6 –1.5
1.2
State and local................................................................................... –3.6 –3.8 –3.4 –2.3 –1.7 –1.2 –1.0 –1.0 –0.3
0.4
0.8
1.2
0.8
0.9
0.9
1.1
Addenda:
Final sales of domestic product.........................................................
1.8
1.6
2.1
1.5
2.3
2.2
2.1
2.1
2.0
2.0
2.1
2.6
1.8
2.3
2.8
2.2
Gross domestic purchases................................................................
2.3
1.5
0.9
1.7
2.6
2.3
2.6
1.3
1.4
1.6
2.0
2.8
2.0
2.6
2.7
3.0
Final sales to domestic purchasers...................................................
2.2
1.4
1.7
1.5
2.2
2.2
2.0
1.8
1.7
1.8
1.8
2.2
1.9
2.3
2.7
2.8
Gross domestic income 1 ..................................................................
2.6
2.4
1.7
2.1
3.8
3.4
3.1
3.3
1.9
2.4
2.5
2.0
1.4
1.7
2.4 ..........
Gross national product ......................................................................
2.0
1.8
1.5
2.0
2.6
2.3
2.4
1.3
1.5
1.6
2.3
3.2
1.9
2.5
2.6 ..........
Real disposable personal income .....................................................
3.8
2.3
2.3
1.7
2.1
2.8
2.2
5.0 –0.1
0.3
0.9 –1.9
2.4
2.2
2.2
3.1
Price indexes:
Gross domestic purchases ............................................................
1.9
2.6
2.7
2.4
2.2
1.6
1.4
1.6
1.3
1.2
1.3
1.3
1.3
1.6
1.5
1.1
Gross domestic purchases excluding food and energy 2 ..............
1.5
1.8
2.0
1.9
2.0
1.6
1.5
1.6
1.4
1.3
1.4
1.5
1.4
1.6
1.6
1.3
GDP...............................................................................................
1.9
2.2
2.3
1.9
2.0
1.7
1.6
1.8
1.6
1.5
1.4
1.4
1.4
1.7
1.6
1.2
GDP excluding food and energy 2 .................................................
1.7
2.0
2.1
1.9
2.0
1.7
1.5
1.7
1.5
1.5
1.6
1.7
1.6
1.7
1.6
1.4
PCE ...............................................................................................
1.7
2.6
2.9
2.7
2.4
1.7
1.5
1.6
1.4
1.1
1.2
1.0
1.1
1.6
1.5
1.1
PCE excluding food and energy 2..................................................
1.1
1.4
1.7
1.9
2.0
1.9
1.7
1.6
1.5
1.3
1.3
1.3
1.2
1.5
1.5
1.4
Market-based PCE 3......................................................................
1.6
2.7
2.9
2.8
2.5
1.7
1.5
1.5
1.3
1.0
1.1
0.9
0.9
1.5
1.4
0.9
Market-based PCE excluding food and energy 3 ...........................
0.9
1.3
1.6
1.9
2.0
1.9
1.7
1.5
1.4
1.1
1.2
1.2
1.0
1.3
1.3
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

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

2012

2013

2014

2013
IV

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

Gross domestic product ...................................................................................................
Plus: Income receipts from the rest of the world .................................................................
Less: Income payments to the rest of the world ..................................................................
Equals: Gross national product .......................................................................................
Less: Consumption of fixed capital......................................................................................
Less: Statistical discrepancy ...............................................................................................
Equals: National income...................................................................................................
Compensation of employees ...........................................................................................
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 ...................................................................................................

2014
I

II

Line
III

IV

16,163.2 16,768.1 17,420.7
793.8
810.4 ................
566.5
586.1 ................
16,390.5 16,992.4 ................
2,530.2 2,627.2 2,735.6
–209.2
–211.9 ................
14,069.5 14,577.1 ................
8,606.5 8,844.8 9,207.0
6,932.1 7,124.7 7,432.4
1,674.4 1,720.1 1,774.6
1,260.2 1,336.6 1,380.3
533.0
595.8
640.6
2,022.8 2,106.9 ................
491.7
499.8
485.2
1,074.0 1,102.3 1,145.9
106.7
120.6
141.0
–25.3
–29.6
–35.0

17,078.3
831.8
588.9
17,321.2
2,670.5
–119.5
14,770.2
8,946.8
7,208.5
1,738.3
1,342.7
613.3
2,143.8
511.2
1,116.8
126.6
–31.0

17,044.0 17,328.2 17,599.8 17,710.7
822.6
828.5
847.2 ................
611.6
615.0
617.3 ................
17,255.0 17,541.7 17,829.6 ................
2,698.7 2,722.3 2,750.4 2,771.2
–177.5
–153.5
–143.7 ................
14,733.7 14,972.9 15,222.9 ................
9,096.2 9,159.5 9,238.7 9,333.7
7,339.8 7,391.7 7,458.4 7,539.5
1,756.4 1,767.8 1,780.3 1,794.1
1,351.0 1,381.0 1,386.4 1,402.9
622.9
635.4
646.7
657.2
1,942.1 2,106.2 2,170.7 ................
506.5
461.0
479.3
494.0
1,126.8 1,140.5 1,155.0 1,161.5
119.2
123.0
182.4
139.1
–31.1
–33.6
–36.3
–39.0

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

16,372.3

17,197.8

17,221.5

18

16,980.0 ................

17,481.7

17,743.5 ................

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

2012

2013

2014

2013
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

2014
I

Line

II

III

IV

13,887.7
8,606.5
6,932.1
1,674.4
1,260.2
72.3
1,187.9
533.0
2,088.6
1,255.9
832.7
2,350.7
951.2
1,503.7
12,384.0
11,487.9
896.2
7.2

14,166.9
8,844.8
7,124.7
1,720.1
1,336.6
83.2
1,253.5
595.8
2,079.7
1,255.2
824.5
2,414.5
1,104.5
1,661.8
12,505.1
11,897.1
608.1
4.9

14,716.6 14,311.7 14,484.7
9,207.0 8,946.8 9,096.2
7,432.4 7,208.5 7,339.8
1,774.6 1,738.3 1,756.4
1,380.3 1,342.7 1,351.0
63.7
70.1
58.1
1,316.6 1,272.6 1,292.9
640.6
613.3
622.9
2,124.6 2,094.2 2,090.4
1,264.0 1,263.2 1,262.4
860.7
831.0
828.0
2,523.5 2,432.3 2,470.9
1,159.5 1,117.5 1,146.6
1,735.7 1,688.1 1,711.8
12,980.9 12,623.7 12,772.9
12,355.7 12,070.8 12,146.9
625.1
552.9
626.1
4.8
4.4
4.9

14,660.5
9,159.5
7,391.7
1,767.8
1,381.0
73.4
1,307.6
635.4
2,127.0
1,270.0
857.0
2,511.8
1,154.2
1,715.3
12,945.2
12,289.6
655.6
5.1

14,792.1
9,238.7
7,458.4
1,780.3
1,386.4
62.2
1,324.2
646.7
2,138.3
1,266.5
871.8
2,545.3
1,163.3
1,741.8
13,050.3
12,433.0
617.2
4.7

14,928.9
9,333.7
7,539.5
1,794.1
1,402.9
61.2
1,341.7
657.2
2,142.9
1,257.0
885.9
2,566.1
1,173.9
1,773.8
13,155.1
12,553.4
601.7
4.6

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

10,877.6
11,676.2

10,949.5
11,650.8

11,211.1 11,021.2
11,935.6 11,711.7

11,168.1
11,900.4

11,223.9
11,960.3

11,344.8
12,071.9

19
20

11,108.2
11,810.1

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 -

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
Line

2012 2013 2014

2011
I

II

2012
III

IV

I

II

2013
III

IV

I

II

2014
III

IV

I

Line

II

III

IV

4.6
11.4
0.6
11.7
21.3
4.1
14.6
4.6
3.4
4.6
24.2
5.5

5.0
2.6
9.5
3.9
3.0
2.0
3.4
3.1
27.2 –21.2
4.4
3.5
19.5 –46.2
4.9
2.9
6.6
5.2
4.9
2.6
10.4
9.6
6.3
3.2

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 .............

2.3
4.5
0.8
7.0
12.9
2.1
11.9
2.3
0.9
2.4
–5.7
3.2

2.2
4.2
1.2
2.9
4.8
2.1
12.9
2.2
0.9
2.3
14.3
2.6

2.4 –1.5
2.9
4.0 –1.7
5.7
1.5 –0.1
1.1
3.4 –13.6
9.1
8.6 32.8 –7.1
2.2 –2.2
3.2
6.9
9.0
8.2
2.4 –1.6
2.9
2.0 –3.0 –1.6
2.4 –1.5
3.1
–7.8 19.1 –31.5
3.1 –2.5
4.5

0.8
–1.4
1.0
9.2
12.0
0.6
10.2
0.8
–0.1
0.9
–0.1
1.1

4.6
2.3
1.6
2.5
0.1
15.7
2.4
2.7
3.4 –0.9
–0.7
1.2
0.8
2.2
0.3
7.5 11.5
4.2
1.2
2.2
23.1 28.4
6.1
2.6 –6.2
4.1
1.6
1.5
2.5
0.2
22.4 15.0 –10.9 21.9 35.5
4.5
2.2
1.7
2.4 –0.1
3.2 –1.1
1.9
1.0
3.8
4.6
2.3
1.6
2.5
0.0
26.7 –11.0
0.1 –28.3 –14.1
5.8
3.3
2.3
3.7
0.1

2.7
7.6
1.3
–4.4
17.9
2.4
8.7
2.7
1.2
2.8
82.6
2.4

1.8
4.5
0.6 10.8
1.2
1.1
12.2
8.3
7.6 –10.6
1.6
5.0
16.1 –4.0
1.7
4.6
0.2 –2.9
1.8
4.7
14.1 28.3
2.0
5.6

3.5 –2.1
8.1 –8.5
1.8
1.4
–0.4 –3.8
18.5
3.3
3.1 –2.3
6.2 17.8
3.5 –2.2
–0.8
2.9
3.6 –2.2
–3.2 –49.9
4.7 –2.4

1
2
3
4
5
6
7
8
9
10
11
12

1.8
1.7
1.8
1.7
1.7

1.5
1.6
1.5
1.3
1.4

1.5
1.6
1.5
1.4
1.5

1.8
2.1
1.8
3.0
2.0

3.0
2.8
3.0
3.8
2.8

2.3
1.9
2.4
1.9
1.8

0.6
0.9
0.6
0.9
1.0

2.1
2.6
2.1
2.3
2.4

1.8
1.4
1.9
1.1
1.4

2.1
1.3
2.1
1.2
1.2

1.3
1.6
1.4
1.7
1.5

1.3
1.7
1.4
1.2
1.5

1.2
1.3
1.3
0.8
1.2

1.7
1.9
1.7
1.7
1.5

1.5
1.8
1.5
1.4
1.7

1.3
1.2
1.3
1.4
1.3

2.1
1.8
2.1
2.0
1.7

1.4
1.7
1.5
1.4
1.6

0.0
0.7
0.0
–0.3
0.7

13
14
15
16
17

1.8
1.8
1.8
1.8
1.8

1.3
1.2
1.3
1.1
1.2

1.4
1.3
1.4
1.2
1.2

3.1
3.0
1.4
3.2
1.3

3.9
4.1
2.5
4.2
2.4

2.0
2.1
2.0
2.2
2.1

1.0
1.4
1.6
1.4
1.6

2.4
2.1
2.1
2.1
2.1

1.1
1.3
1.9
1.2
1.8

1.3
1.3
1.2
1.3
1.3

1.8
1.8
1.4
1.5
1.0

1.3
1.0
1.4
1.0
1.5

0.8
0.5
1.0
0.1
0.7

1.7
1.7
1.4
1.7
1.4

1.5
1.0
1.3
0.7
1.0

1.4
1.4
1.2
1.2
1.0

2.0
2.3
2.0
2.2
1.8

1.4
1.2
1.4
1.2
1.4

–0.3
–0.5
1.1
–1.1
0.7

18
19
20
21
22

0.1

2.7

1.8

4.5

3.5

–2.1

4.6

5.0

2.6

23

0.16 3.18 2.43 –2.69
0.76 0.74 1.10 0.86
0.84 0.60 –0.03 –0.29
0.20 –0.31 0.47 0.09
0.06 –0.02 0.03 0.07
0.01 –0.08 –0.02 0.07

3.34
0.40
0.85
0.55
0.06
0.09

2.87 1.18
1.84 1.22
0.26 0.24
0.71 –0.70
0.08 –0.23
0.16 0.13

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 ............................................
Percentage points at annual rates:
Goods ..................................................................................
Services ...............................................................................
Structures ............................................................................
Motor vehicle output.............................................................
Final sales of computers......................................................
Research and development .................................................

2.3

2.2

2.4

1.33
0.51
0.48
0.31
0.05
0.02

1.27
0.74
0.21
0.13
0.05
0.02

1.22
0.94
0.26
0.23
0.03
0.05

–1.5

2.9

0.8

4.6

2.3

1.6

–0.53 1.65 –0.42 4.47 0.76 0.84
–0.03 0.71 0.66 –0.40 0.73 0.49
–0.98 0.59 0.60 0.51 0.77 0.29
0.65 –0.18 0.27 0.52 0.66 0.16
0.04 0.04 0.04 0.08 0.06 –0.05
–0.07 –0.04 0.00 0.08 –0.03 0.05

2.5

1.03 –0.28 2.23
1.37 0.18 0.83
0.09 0.15 –0.32
0.07 –0.17 0.45
0.08 0.12 0.04
0.03 0.10 0.03

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.

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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.

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