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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, FEBRUARY 27, 2015
Lisa Mataloni:
(202) 606-5304 (GDP) gdpniwd@bea.gov
Jeannine Aversa: (202) 606-2649 (News Media)

BEA 15-07

GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2014
(SECOND 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 2.2 percent in the fourth quarter of
2014, according to the "second" estimate released by the Bureau of Economic Analysis. In the third
quarter, real GDP increased 5.0 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.6
percent. With the second estimate for the fourth quarter, private inventory investment increased less
than previously estimated, while nonresidential fixed investment increased more (see "Revisions" on
page 3).
The increase in real GDP in the fourth quarter reflected positive contributions from personal
consumption expenditures (PCE), nonresidential fixed investment, exports, state and local government
spending, private inventory investment, 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 acceleration in PCE, an upturn in private
inventory investment, and an acceleration in state and local government spending.

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 "The Revisions to GDP, GDI, and Their Major
Components."

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
decreased 0.1 percent in the fourth quarter, 0.2 percentage point less of a decrease than in the advance
estimate; this index increased 1.4 percent in the third quarter. Excluding food and energy prices, the
price index for gross domestic purchases increased 0.7 percent, compared with an increase of 1.6
percent.
Real personal consumption expenditures increased 4.2 percent in the fourth quarter, compared
with an increase of 3.2 percent in the third. Durable goods increased 6.0 percent, compared with an
increase of 9.2 percent. Nondurable goods increased 3.8 percent, compared with an increase of 2.5
percent. Services increased 4.1 percent, compared with an increase of 2.5 percent.
Real nonresidential fixed investment increased 4.8 percent in the fourth quarter, compared with
an increase of 8.9 percent in the third. Investment in nonresidential structures increased 5.0 percent,
compared with an increase of 4.8 percent. Investment in equipment increased 0.9 percent, compared
with an increase of 11.0 percent. Investment in intellectual property products increased 10.9 percent,
compared with an increase of 8.8 percent. Real residential fixed investment increased 3.4 percent,
compared with an increase of 3.2 percent.
Real exports of goods and services increased 3.2 percent in the fourth quarter, compared with an
increase of 4.5 percent in the third. Real imports of goods and services increased 10.1 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
12.4 percent, in contrast to an increase of 16.0 percent. Nondefense increased 1.4 percent, compared
with an increase of 0.4 percent. Real state and local government consumption expenditures and gross
investment increased 2.0 percent, compared with an increase of 1.1 percent.
The change in real private inventories added 0.12 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 $88.4 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 2.1
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 3.3 percent in the fourth quarter, compared with an increase of 4.1 percent in the
third.

Current-dollar GDP
Current-dollar GDP -- the market value of the production of goods and services in the United
States -- increased 2.3 percent, or $101.5 billion, in the fourth quarter to a level of $17,701.3 billion. In
the third quarter, current-dollar GDP increased 6.4 percent, or $271.6 billion.

-2-

Revisions
The "second" estimate of the fourth-quarter percent change in GDP is 0.4 percentage point, or
$17.9 billion, less than the advance estimate issued last month, primarily reflecting a downward revision
to private inventory investment and an upward revision to imports that were partly offset by upward
revisions to nonresidential fixed investment and to state and local government spending.

Real GDP………………………………….
Current-dollar GDP………………………..
Gross domestic purchases price index…….

Advance Estimate
Second Estimate
(Percent change from preceding quarter)
2.6
2.2
2.5
2.3
-0.3
-0.1

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, state and local government spending,
private inventory investment, 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 primarily reflected an acceleration in nonresidential
fixed investment, a smaller decrease in federal government spending, and accelerations in PCE, in state
and local government spending, and in private inventory investment 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 $650.2 billion, in 2014 to a level of $17,418.3
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 2.4 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-

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

*

*

*

Next release -- March 27, 2015 at 8:30 A.M. EDT for:
Gross Domestic Product: Fourth Quarter and Annual 2014 (Third Estimate)
Corporate Profits: Fourth Quarter and Annual 2014

-4-

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

2012

2013

2014 r

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
3.4
Durable goods ......................................
7.3
6.7
6.9
Nondurable goods ................................
0.7
1.9
1.8
Services ...................................................
1.3
1.9
2.0
Gross private domestic investment .........
9.2
4.9
5.9
Fixed investment ......................................
8.3
4.7
5.3
Nonresidential.......................................
7.2
3.0
6.3
Structures ......................................... 13.1 –0.5
8.1
Equipment.........................................
6.8
4.6
6.5
Intellectual property products ...........
3.9
3.4
4.9
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
4.0
Goods...................................................
2.1
0.9
4.1
Services................................................
3.4
2.2
3.3
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
1.0
Addenda:
Final sales of domestic product................
2.2
2.2
2.3
Gross domestic purchases.......................
2.2
1.9
2.5
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
2.5
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
3.9
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
3.9

II

2012
III

IV

I

II

2013
III

IV

I

II

2014
III

IV

I

II

Line
III

r

IV

r

–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
2.2
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
4.2
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
4.5
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
6.0
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
3.8
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
4.1
–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
5.1
–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
4.5
–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
4.8
–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
5.0
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
0.9
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 10.9
–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
3.4
.......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... ...........
.......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... ...........
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
3.2
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
2.3
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
5.1
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 10.1
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 11.1
–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
5.3
–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 –1.8
9.9 –7.5
16.0 –12.4
0.4
1.4
1.1
2.0

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
2.1
4.1
3.3
4.1
3.2
5.2 ...........
5.3 ...........
2.4
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
2.3
6.6
2.2
5.5
3.1
5.6
3.0
6.7 ...........
6.7 ...........
3.6
3.3

33
34
35
36
37
38
39

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2014.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See “Explanatory Note” at the end of the tables.

-5-

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

2012 2013 2014

r

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
0.78
0.50
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
0.02 –0.09 –0.27 –0.02 –0.05 –0.16 0.16 –0.03 –0.16
0.24 0.25 0.21 0.07 0.11 0.19 0.03 0.02 0.20
0.94 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

0.86 0.78 0.73 0.83 0.15 0.74 0.32 0.54 0.38 1.21 0.90 0.48
0.10 0.04 0.16 0.34 –0.14 –0.20 0.46 0.24 –0.22 0.62 –0.01 –0.18
0.30 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
0.00 –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
0.07 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

0.11
0.93
0.83
0.78
0.22
0.36
0.05
–0.01
0.06
0.16
0.16
0.00
0.19
0.07
0.11
0.01
0.05
0.10
0.00
0.10
–0.23
0.42
0.37
0.05
–0.65
–0.56
–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
–0.02
–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

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

-6-

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 r

5.0

2.2

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

2.83
1.01
0.44
0.09
0.11
0.18
0.06
0.57

2
3
4
5
6
7
8
9

0.00 –0.04
0.03 0.19
0.02 0.18
0.34 0.24
1.15 1.82

10
11
12
13
14

0.07
0.34

1.87
0.26
0.53
0.05
0.13
0.30
0.33
0.27

15
16
17
18
19
20
21
22

0.15 –0.05
0.38 0.29

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
0.84
0.71
0.61
0.14
0.05
0.31
–0.01
0.32
–0.23
–0.08
0.05
0.41
0.17
0.23
0.01
0.11
0.12
–0.04
0.17
–1.15
0.42
0.22
0.21
–1.58
–1.43
–0.14

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

–0.32
–0.54
–0.58
–0.61
0.03
0.04
0.00
0.04
0.22
0.10
0.13

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 r

2013

2014 r

2014

2013

2014

Line

2014
2014 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

15,916.2
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

16,293.7
11,113.6
3,816.6
1,452.6
417.3

375.0
267.8
124.3
90.9
28.9

195.2
86.9
42.9
31.1
10.8

88.1
114.1
42.1
21.1
3.6

1
2
3
4
5

287.5
283.0
281.7
287.0
289.4
292.0
323.6
312.1
312.7
322.3
327.1
332.3
361.6
351.5
350.6
359.4
366.9
369.4
491.1
464.1
468.3
483.1
501.0
512.1
205.5
204.2
203.1
205.9
206.2
206.8
201.0
197.7
198.1
201.5
200.8
203.5
2,665.8 2,624.6 2,628.4 2,666.1 2,691.3 2,677.4 2,364.4 2,341.8 2,341.9 2,354.6 2,369.4 2,391.6

18.5
39.1
6.6
41.8

4.8
17.9
–0.7
14.8

5.2
11.1
2.7
22.2

6
7
8
9

888.5
878.6
879.4
886.0
892.6
895.8
809.4
814.0
811.9
809.2
809.0
807.6
365.4
361.0
357.8
365.0
367.3
371.5
344.2
341.5
338.3
342.9
343.9
351.7
398.1
407.1
407.1
410.1
406.3
369.0
274.4
272.9
274.4
272.1
272.7
278.3
1,013.8
977.9
984.0 1,005.0 1,025.1 1,041.1
947.4
923.5
926.8
941.7
955.6
965.4
7,960.4 7,767.2 7,837.8 7,906.2 7,990.4 8,107.1 7,217.7 7,141.9 7,165.4 7,181.4 7,225.9 7,298.1

0.0
3.0
2.7
37.5
144.6

–0.2
1.0
0.6
13.9
44.5

–1.4
7.8
5.6
9.8
72.2

10
11
12
13
14

7,632.0
2,166.2
1,992.9
344.7
445.0
755.6
886.9
1,040.8

7,769.6 6,904.8 6,833.4 6,857.1 6,870.3 6,908.9 6,983.1
2,185.8 1,981.9 1,969.1 1,996.0 1,979.5 1,970.9 1,981.3
2,031.8 1,827.2 1,804.7 1,798.4 1,815.9 1,836.6 1,858.0
349.6
315.1
310.0
311.4
314.3
316.3
318.3
449.9
406.4
408.2
406.2
404.4
405.1
410.1
782.2
675.0
663.7
661.5
670.1
678.2
690.0
915.2
759.5
741.1
746.2
751.2
764.1
776.5
1,055.1
939.0
936.6
937.3
934.5
936.7
947.6

132.3
16.2
46.1
7.5
0.7
19.6
31.0
10.1

38.6
–8.6
20.7
2.0
0.7
8.1
12.9
2.2

74.2
10.4
21.4
2.0
5.0
11.8
12.4
10.9

15
16
17
18
19
20
21
22

328.4
315.5
319.4
324.3
332.2
337.5
313.9
309.5
309.1
312.1
318.3
316.0
1,299.3 1,273.2 1,267.3 1,289.2 1,310.8 1,330.0 1,179.6 1,171.7 1,159.4 1,172.7 1,187.4 1,198.9

12.7
28.2

6.2
14.7

–2.3
11.5

23
24

883.8
15.9
8.7
13.5
2,785.4 150.8
47.1
34.6
2,672.7 132.4
48.8
29.4
2,170.2 125.9
45.2
25.4
466.2
34.3
5.4
5.6
1,029.8
61.1
26.5
2.2
325.2
8.5
–5.6
14.6
............. ............ ............ ............
237.9
10.4
–7.5
14.6
226.5
25.7
13.9
–9.4
265.7
26.9
19.5
–3.4
217.3
–0.5
–2.2
1.9
676.5
30.4
13.8
17.3
317.2
11.6
6.5
7.5
278.8
16.8
6.7
8.9
80.1
1.4
0.5
0.5
503.7
7.6
4.0
4.1
88.4
9.1
–2.6
6.2
6.3
–2.2
3.5
–2.0
82.5
12.3
–7.0
8.8
–476.4 –33.5
29.0 –45.0
2,120.6
63.2
23.3
16.6
1,470.1
55.9
26.2
8.5
649.7
7.0
–3.1
8.1
2,597.0
96.6
–5.8
61.7
2,126.2
81.7
–6.8
55.2
469.8
14.7
1.2
6.1

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

17,418.3
11,928.6
3,968.2
1,302.4
447.8

971.0
2,853.8
2,769.5
2,210.6
506.7
1,017.4
294.2
75.7
218.5
238.7
257.5
227.0
686.5
305.8
300.7
80.1
558.9
84.3
7.7
76.6
–539.8
2,335.1
1,614.6
720.6
2,875.0
2,386.3
488.6

IV

I

II

III

IV r

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

17,701.3
12,113.2
4,006.1
1,328.8
460.6

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

992.5
2,952.1
2,849.6
2,272.2
521.1
1,043.2
305.9
77.6
228.3
242.2
267.9
227.2
707.9
313.2
314.1
80.6
577.3
102.5
8.3
94.2
–555.6
2,345.0
1,614.7
730.3
2,900.6
2,404.6
496.0

16,085.3
10,967.5
3,750.3
1,409.9
404.9

866.7
2,707.0
2,611.6
2,116.5
456.0
1,008.3
312.5
.............
227.4
223.4
258.0
218.5
654.5
307.5
267.5
79.4
496.0
72.6
5.4
67.5
–453.9
2,083.0
1,438.8
643.6
2,536.9
2,073.2
463.1

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 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.

-7-

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 r

2013

2014 r

2014

2013

Line

2014

2014
2014 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 r

IV r

3,175.8
1,219.1
761.4
618.8
142.7
457.6
346.3
111.4
1,956.7
1,620.5
336.2
.............

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

3,191.6
1,216.3
757.1
613.1
144.0
459.2
346.7
112.5
1,975.2
1,629.5
345.8
.............

17,334.0
17,958.2
17,873.8
17,418.3
.............
.............
.............
14,682.2
.............

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
17,765.5

17,598.8
18,256.9
18,154.4
17,701.3
.............
.............
.............
14,928.3
.............

IV

I

II

III r

2,890.0
1,123.3
702.3
567.7
134.2
421.0
315.8
105.0
1,765.7
1,459.9
304.9
–52.5

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

15,994.3
16,540.9
16,450.4
16,085.3
.............
.............
.............
13,522.8
.............

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
16,358.2

IV r

III r

IV r

2,899.0
–4.5
31.3
–12.9
1,119.5
–22.0
26.7
–22.1
698.1
–15.4
26.3
–23.6
562.2
–4.1
27.2
–24.5
135.6
–11.5
–1.1
1.2
421.3
–6.5
0.4
1.5
315.3
–2.4
0.7
–0.1
105.8
–4.3
–0.3
1.6
1,778.3
17.3
4.8
8.8
1,465.5
15.2
3.3
3.8
312.0
2.1
1.6
5.0
–60.4 ............. ............ .............
16,186.1
16,772.4
16,665.3
16,293.7
.............
.............
.............
13,707.8
.............

357.6
409.9
392.5
375.0
.............
.............
.............
319.6
.............

196.9
164.5
166.3
195.2
13.2
0.0
209.5
179.4
206.0

83.3
134.7
129.9
88.1
.............
.............
.............
72.2
.............

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

r Revised. Includes revisions due to the incorporation of revised wage and salary estimates for the third quarter of 2014.
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.

-8-

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 r

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

r

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
0.1
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 –0.4
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 –4.9
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 –3.2
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 –5.6
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
1.8
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
1.4
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
1.1
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
2.5
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
1.1
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
1.2
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 –1.6
Residential........................................
0.9
5.0
5.9
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
4.5
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 –6.6
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 –9.3
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 –0.1
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 –6.9
Goods...............................................
0.6 –1.1 –0.4 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 –8.3
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
0.3
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 –0.4
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 –0.3
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 –0.7
Nondefense ......................................
0.5
1.6
0.7
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
0.3
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 –0.5
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
0.1
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 –0.1
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 –0.2
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
1.5
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 –0.1
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 ..........

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

-9-

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
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

r

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 r

Gross domestic product .....................................................
106.592
108.957
111.559
110.386
109.799
111.039
112.393
113.004
Personal consumption expenditures................................................
106.121
108.660
111.379
109.795
110.128
110.822
111.705
112.863
Goods ...............................................................................................
109.632
113.367
117.253
114.711
115.004
116.670
118.011
119.326
Durable goods...............................................................................
120.756
128.896
137.776
131.387
132.412
136.847
139.892
141.954
Nondurable goods.........................................................................
104.828
106.780
108.702
107.664
107.669
108.252
108.932
109.953
Services............................................................................................
104.420
106.385
108.561
107.421
107.774
108.014
108.685
109.770
Gross private domestic investment ..................................................
129.700
136.102
144.136
140.284
137.809
143.960
146.468
148.306
Fixed investment...............................................................................
116.899
122.387
128.926
125.141
125.198
128.079
130.487
131.940
Nonresidential ...............................................................................
118.263
121.865
129.575
125.090
125.591
128.538
131.308
132.863
Structures..................................................................................
96.703
96.227
104.058
100.134
100.840
103.880
105.113
106.398
Equipment .................................................................................
140.558
147.015
156.499
151.674
151.298
155.374
159.494
159.832
Intellectual property products....................................................
109.587
113.278
118.798
114.289
115.595
117.153
119.655
122.789
Residential ....................................................................................
111.276
124.521
126.464
125.412
123.725
126.348
127.360
128.422
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
123.453
127.213
131.195
130.784
127.660
131.050
132.513
133.559
Imports of goods and services .........................................................
121.653
123.048
127.921
124.067
124.756
128.135
127.841
130.952
Government consumption expenditures and gross investment....
95.625
93.699
93.556
93.052
92.860
93.252
94.265
93.847
Federal..............................................................................................
99.729
94.055
92.253
91.794
91.765
91.556
93.750
91.940
State and local ..................................................................................
92.953
93.429
94.350
93.818
93.522
94.297
94.557
95.025
Addenda:
Final sales of domestic product ........................................................
105.067
107.349
109.804
108.612
108.350
109.196
110.548
111.120
Gross domestic purchases ...............................................................
106.821
108.889
111.656
110.020
109.898
111.199
112.309
113.219
Final sales to domestic purchasers ..................................................
105.336
107.326
109.950
108.300
108.488
109.407
110.518
111.386
Gross national product......................................................................
106.846
109.147 ...................
110.669
109.883
111.119
112.557 ...................

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

- 10 -

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23

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2009=100]
Seasonally adjusted
Line

2012

2013

2014

r

2013
IV

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
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19
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30
31

2014
I

II

Line
III

IV r

Gross domestic product .....................................................
105.174
106.739
108.318
107.347
107.694
108.261
108.643
108.675
Personal consumption expenditures (PCE).....................................
106.062
107.333
108.763
107.789
108.156
108.782
109.116
108.997
Goods ...............................................................................................
106.712
106.211
105.813
105.917
105.769
106.240
106.278
104.964
Durable goods...............................................................................
96.466
94.712
92.384
93.820
93.148
92.711
92.216
91.463
Nondurable goods.........................................................................
111.828
112.025
112.748
112.075
112.230
113.229
113.586
111.948
Services............................................................................................
105.745
107.919
110.290
108.759
109.390
110.097
110.584
111.090
Gross private domestic investment ..................................................
101.825
103.632
105.622
104.465
105.094
105.350
105.843
106.201
Fixed investment...............................................................................
101.955
103.822
106.047
104.734
105.461
105.752
106.344
106.632
Nonresidential ...............................................................................
102.082
103.186
104.445
103.701
104.059
104.370
104.643
104.708
Structures..................................................................................
105.464
108.416
111.147
109.829
110.452
110.843
111.489
111.804
Equipment .................................................................................
99.828
100.263
100.890
100.287
100.477
100.754
101.025
101.303
Intellectual property products....................................................
102.857
103.693
104.898
104.339
104.770
105.076
105.090
104.654
Residential ....................................................................................
101.342
106.448
112.684
108.968
111.244
111.450
113.400
114.643
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
111.940
112.001
112.108
111.945
112.716
112.665
112.473
110.578
Imports of goods and services .........................................................
114.501
113.529
113.334
113.286
114.082
113.862
113.709
111.684
Government consumption expenditures and gross investment....
107.286
108.618
109.883
109.330
109.431
109.805
110.210
110.089
Federal..............................................................................................
106.341
107.530
108.505
108.791
108.105
108.563
108.721
108.631
State and local ..................................................................................
107.947
109.377
110.819
109.729
110.332
110.653
111.216
111.076
Addenda:
PCE excluding food and energy 1 .....................................................
104.678
106.084
107.574
106.603
106.922
107.447
107.821
108.105
Market-based PCE 2 .........................................................................
105.918
107.043
108.296
107.420
107.754
108.353
108.676
108.401
Market-based PCE excluding food and energy 2 ..............................
104.300
105.557
106.853
105.995
106.269
106.747
107.117
107.280
Final sales of domestic product ........................................................
105.188
106.762
108.376
107.380
107.742
108.316
108.713
108.731
Gross domestic purchases ...............................................................
105.738
107.105
108.598
107.667
108.030
108.553
108.925
108.885
Final sales to domestic purchasers ..................................................
105.752
107.126
108.653
107.699
108.075
108.605
108.992
108.938
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
108.287
107.301
107.658
108.231
108.603
108.639
Final sales of domestic product ....................................................
105.188
106.762
108.376
107.377
107.738
108.312
108.710
108.728
Gross domestic purchases ...........................................................
105.730
107.099
108.568
107.624
107.995
108.525
108.887
108.850
Final sales to domestic purchasers...............................................
105.752
107.126
108.653
107.696
108.072
108.602
108.989
108.935
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

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.

- 11 -

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 r 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
3.4
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
6.9
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
5.9
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
5.3
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
6.3
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
8.1
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
6.5
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
4.9
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
4.0
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
4.1
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
3.3
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
1.0
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
2.5
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
2.5
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

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2014.
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.

- 12 -

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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 r

IV r

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
2.4
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
4.0
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
8.0
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
2.1
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
2.2
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
5.7
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
5.4
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
6.2
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
6.3
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
5.4
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
7.4
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
2.4
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
2.1
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
2.6
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
1.1
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
5.5
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
6.0
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
3.2
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
0.9
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
1.1
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
1.3
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
2.3
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
2.9
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
2.5 ..........
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
2.3
3.2
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

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2014.
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.

- 13 -

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

r

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

Line
III r

II

IV r

16,163.2 16,768.1 17,418.3
793.8
810.4 ................
566.5
586.1 ................
16,390.5 16,992.4 ................
2,530.2 2,627.2 2,736.1
–209.2
–211.9 ................
14,069.5 14,577.1 ................
8,606.5 8,844.8 9,221.5
6,932.1 7,124.7 7,445.9
1,674.4 1,720.1 1,775.6
1,260.2 1,336.6 1,380.4
533.0
595.8
640.5
2,022.8 2,106.9 ................
491.7
499.8
486.1
1,074.0 1,102.3 1,145.9
106.7
120.6
140.4
–25.3
–29.6
–34.2

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 17,701.3
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 2,773.0
–177.5
–153.5
–165.7 ................
14,733.7 14,972.9 15,244.9 ................
9,096.2 9,159.5 9,260.7 9,369.8
7,339.8 7,391.7 7,478.9 7,573.3
1,756.4 1,767.8 1,781.8 1,796.5
1,351.0 1,381.0 1,386.4 1,403.1
622.9
635.4
646.7
656.8
1,942.1 2,106.2 2,170.7 ................
506.5
461.0
479.3
497.5
1,126.8 1,140.5 1,155.0 1,161.2
119.2
123.0
182.4
136.9
–31.1
–33.6
–36.3
–35.6

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

17,765.5 ................

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2014.

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

2012

2013

2014 r

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

II

Line
III

r

IV

r

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

14,729.1 14,311.7 14,484.7
9,221.5 8,946.8 9,096.2
7,445.9 7,208.5 7,339.8
1,775.6 1,738.3 1,756.4
1,380.4 1,342.7 1,351.0
63.4
70.1
58.1
1,317.0 1,272.6 1,292.9
640.5
613.3
622.9
2,125.0 2,094.2 2,090.4
1,264.6 1,263.2 1,262.4
860.4
831.0
828.0
2,523.1 2,432.3 2,470.9
1,161.4 1,117.5 1,146.6
1,742.3 1,688.1 1,711.8
12,986.8 12,623.7 12,772.9
12,355.8 12,070.8 12,146.9
631.0
552.9
626.1
4.9
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

14,811.2
9,260.7
7,478.9
1,781.8
1,386.4
62.2
1,324.2
646.7
2,138.3
1,266.5
871.8
2,545.3
1,166.1
1,750.1
13,061.2
12,433.0
628.1
4.8

14,959.9
9,369.8
7,573.3
1,796.5
1,403.1
59.9
1,343.2
656.8
2,144.4
1,259.5
884.9
2,564.3
1,178.5
1,792.1
13,167.8
12,553.8
614.0
4.7

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

11,222.6 11,021.2
11,940.4 11,711.7

11,168.1
11,900.4

11,241.5
11,970.3

11,372.8
12,081.2

19
20

11,108.2
11,810.1

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2014.
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.

- 14 -

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
2012 2013 2014 r

Line

2011
I

II

2012
III

IV

I

II

2013
III

IV

I

II

2014
III

IV

I

Line
IV

r

II

III

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
2.2
9.5
1.5
3.0
2.2
3.4
4.7
27.2 –18.1
4.4
2.9
19.5 –40.9
4.9
2.4
6.6 10.1
4.9
2.0
10.4 10.0
6.3
2.6

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
3.9 –1.7
5.7
1.5 –0.1
1.1
3.5 –13.6
9.1
8.9 32.8 –7.1
2.2 –2.2
3.2
7.5
9.0
8.2
2.4 –1.6
2.9
2.3 –3.0 –1.6
2.4 –1.5
3.1
–7.7 19.1 –31.5
3.0 –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

0.1
0.7
0.2
–0.1
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

–0.1
–0.4
1.1
–1.0
0.6

18
19
20
21
22

0.1

2.7

1.8

4.5

3.5

–2.1

4.6

5.0

2.2

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 0.47
1.84 1.37
0.26 0.36
0.71 –0.59
0.08 –0.20
0.16 0.25

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

1.17
0.95
0.26
0.24
0.03
0.06

–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

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.

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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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