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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, MARCH 25, 2016
BEA 16-16
GDP:
Profits:
News Media:

Lisa Mataloni
(202) 606-5304
Kate Pinard
(202) 606-5564
Jeannine Aversa (202) 606-2649

gdpniwd@bea.gov
cpniwd@bea.gov

GROSS DOMESTIC PRODUCT: FOURTH QUARTER AND ANNUAL 2015 (THIRD ESTIMATE)
CORPORATE PROFITS: FOURTH QUARTER AND ANNUAL 2015
Real gross domestic product -- the value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production, adjusted for price
changes -- increased at an annual rate of 1.4 percent in the fourth quarter of 2015, according to the
"third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased
2.0 percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.0
percent. With this third estimate for the fourth quarter, the general picture of economic growth remains
largely the same; personal consumption expenditures (PCE) increased more than previously estimated
(see "Revisions" on page 2).
The increase in real GDP in the fourth quarter reflected positive contributions from PCE,
residential fixed investment, and federal government spending that were partly offset by negative
contributions from nonresidential fixed investment, exports, private inventory investment, and state and
local government spending. Imports, which are a subtraction in the calculation of GDP, decreased.
The deceleration in real GDP in the fourth quarter primarily reflected downturns in
nonresidential fixed investment and in state and local government spending, a deceleration in PCE, and
a downturn in exports that were partly offset by a smaller decrease in private inventory investment, a
downturn in imports, and an acceleration in federal government spending.
Real gross domestic income (GDI), which measures the value of the production of goods and
services in the United States as the costs incurred and the incomes earned in production, increased 0.9
percent in the fourth quarter, compared with an increase of 2.0 percent in the third. The average of real
GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and
GDI, increased 1.1 percent in the fourth quarter, compared with an increase of 2.0 percent in the third.
NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. 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.

Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.5 percent in the fourth quarter, compared with an increase of 2.2 percent in the
third.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.4 percent in the fourth quarter, compared with an increase of 1.3 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.0 percent,
compared with an increase of 1.3 percent.
Current-dollar GDP -- the market value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production -- increased 2.3 percent, or
$104.6 billion, in the fourth quarter to a level of $18,164.8 billion. In the third quarter, current-dollar
GDP increased 3.3 percent, or $146.5 billion.

Revisions
The upward revision to the percent change in real GDP primarily reflected upward revisions to
personal consumption expenditures (PCE) and to exports that were partly offset by a downward revision
to private inventory investment. For more information, see the Technical Note. For information on
revisions, see "The Revisions to GDP, GDI, and Their Major Components."

Real GDP………………………….…..
Current-dollar GDP…………………...
Real GDI……………………………....
Average of Real GDP and Real GDI.....
Gross domestic purchases price index...

Advance Estimate
Second Estimate
Third Estimate
(Percent change from preceding quarter)
0.7
1.0
1.4
1.5
2.0
2.3
--0.9
--1.1
0.2
0.4
0.4

2015 GDP
Real GDP increased 2.4 percent in 2015 (that is, from the 2014 annual level to the 2015 annual
level), the same rate as in 2014.
The increase in real GDP in 2015 primarily reflected positive contributions from PCE,
nonresidential fixed investment, residential fixed investment, private inventory investment, exports, and
state and local government spending. Imports, which are a subtraction in the calculation of GDP,
increased.
Comparing real GDP growth in 2015 with growth in 2014, real GDP increased 2.4 percent in
both years, though there were offsetting movements in the components. Decelerations in nonresidential
fixed investment and in exports and an acceleration in imports were offset by accelerations in PCE and

-2-

in residential fixed investment, a smaller decrease in federal government spending, and accelerations in
private inventory investment and in state and local government spending.
The price index for gross domestic purchases increased 0.4 percent in 2015, compared with an
increase of 1.5 percent in 2014.
Current-dollar GDP increased 3.5 percent, or $598.9 billion, in 2015 to a level of $17,947.0
billion, compared with an increase of 4.1 percent, or $684.9 billion, in 2014.
During 2015 (that is, measured from the fourth quarter of 2014 to the fourth quarter of 2015),
real GDP increased 2.0 percent, compared with an increase of 2.5 percent during 2014. The price index
for gross domestic purchases increased 0.4 percent during 2015, compared with an increase of 1.2
percent during 2014.

Corporate Profits
Profits from current production
Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) decreased $159.6 billion in the fourth quarter, compared with
a decrease of $33.0 billion in the third.
Profits of domestic financial corporations decreased $24.0 billion in the fourth quarter, in
contrast to an increase of $1.8 billion in the third. Profits of domestic nonfinancial corporations
decreased $129.2 billion, compared with a decrease of $11.8 billion. The rest-of-the-world component
of profits decreased $6.5 billion, compared with a decrease of $23.1 billion. This measure is calculated
as the difference between receipts from the rest of the world and payments to the rest of the world. In the
fourth quarter, receipts decreased $22.4 billion, and payments decreased $16.0 billion.
Taxes on corporate income decreased $32.2 billion in the fourth quarter, compared with a
decrease of $6.9 billion in the third. Profits after tax with IVA and CCAdj decreased $127.4 billion,
compared with a decrease of $26.2 billion.
Dividends decreased $15.1 billion in the fourth quarter, in contrast to an increase of $26.0 billion
in the third. Undistributed profits decreased $112.2 billion, compared with a decrease of $52.2 billion.
Net cash flow with IVA -- the internal funds available to corporations for investment -- decreased
$101.6 billion, compared with a decrease of $35.1 billion.
The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of
fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in
the national income and product accounts. The IVA increased $13.3 billion in the fourth quarter,
compared with an increase of $35.9 billion in the third. The CCAdj increased $3.6 billion, in contrast to
a decrease of $1.3 billion.

-3-

For the year 2015, profits from current production decreased $64.0 billion, in contrast to an
increase of $35.6 billion in 2014. Profits of domestic financial corporations decreased $2.3 billion and
profits of domestic nonfinancial corporations decreased $32.6 billion. The rest-of-the-world component
of profits decreased $29.1 billion in 2015.
For the year 2015, taxes on corporate income increased $15.9 billion, compared with an increase
of $45.0 billion in 2014. Profits after tax with IVA and CCAdj decreased $79.9 billion, compared with a
decrease of $9.4 billion. Dividends increased $28.5 billion, in contrast to a decrease of $64.0 billion.
Undistributed profits decreased $108.4 billion, in contrast to an increase of $54.6 billion.

Corporate profits with IVA
Profits of domestic financial corporations decreased $24.0 billion in the fourth quarter, in
contrast to an increase of $2.5 billion in the third. Profits of domestic nonfinancial corporations
decreased $132.7 billion, compared with a decrease of $11.1 billion. The fourth-quarter decrease in
profits of nonfinancial corporations primarily reflected a decrease in manufacturing of nondurable
goods, specifically petroleum and coal products.
For the year 2015, profits of domestic financial corporations increased $19.4 billion, in contrast
to a decrease of $0.2 billion in 2014. Profits of domestic nonfinancial corporations increased $146.8
billion in 2015, compared with an increase of $36.8 billion. The 2015 increase in profits of domestic
nonfinancial corporations was widespread across most industries. Notable offsets include decreases in
manufacturing of petroleum and coal products and in utilities.

Gross value added of nonfinancial domestic corporate business
Real gross value added of nonfinancial corporations increased in the fourth quarter. Units profits
from current production (profits per unit of real gross value added) decreased, reflecting increases in unit
labor and nonlabor costs; unit prices were unchanged in the fourth quarter.
*

*

*

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

*

*

*

Next release -- April 28, 2016 at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2016 (Advance Estimate)

-4-

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

1

2013

2014

2015

2012

r

I

II

2013
III

IV

I

II

2014
III

IV

I

II

2015
III

IV

I

II

Line
III

IV r

Gross domestic product (GDP) ....

1.5

2.4

2.4

2.7

1.9

0.5

0.1

1.9

1.1

3.0

3.8

–0.9

4.6

4.3

2.1

0.6

3.9

2.0

1.4

1

2 Personal consumption expenditures ......
3 Goods ......................................................
4
Durable goods......................................
5
Nondurable goods................................
6 Services ...................................................

1.7
3.1
5.8
1.9
1.0

2.7
3.3
5.9
2.1
2.4

3.1
3.7
6.0
2.6
2.8

2.4
4.9
11.4
2.0
1.2

0.7
1.1
2.8
0.4
0.5

1.1
2.7
6.8
0.9
0.2

1.1
2.3
8.1
–0.3
0.5

2.5
6.1
8.8
4.8
0.7

1.4
1.2
2.2
0.7
1.5

1.7
2.6
3.2
2.3
1.2

3.5
3.1
4.1
2.6
3.7

1.3
1.1
2.6
0.4
1.4

3.8
6.7
13.9
3.4
2.4

3.5
4.1
7.5
2.4
3.1

4.3
4.1
6.1
3.2
4.3

1.8
1.1
2.0
0.7
2.1

3.6
5.5
8.0
4.3
2.7

3.0
5.0
6.6
4.2
2.1

2.4
1.6
3.8
0.6
2.8

2
3
4
5
6

7 Gross private domestic investment.........
4.5
5.4
4.9
9.7 10.2 –1.1 –3.2
7.1
5.2 13.7
4.2 –2.5 12.6
7.4
2.1
8.6
5.0 –0.7 –1.0
8 Fixed investment......................................
4.2
5.3
4.0 14.7
6.9
0.1
6.9
4.9
2.6
3.8
5.1
6.0
5.6
7.9
2.5
3.3
5.2
3.7
0.4
9
Nonresidential ......................................
3.0
6.2
2.8 12.2
7.5 –2.1
3.7
4.0
1.0
3.5
8.7
8.3
4.4
9.0
0.7
1.6
4.1
2.6 –2.1
10
Structures.........................................
1.6
8.1 –1.5 19.9 10.3 –4.0 –7.3 –6.0 11.7 17.9
4.0 19.1 –0.2 –1.9
4.3 –7.4
6.2 –7.2 –5.1
11
Equipment ........................................
3.2
5.8
3.1 16.0
8.8 –3.3
7.3
6.3 –0.8 –3.8 14.7
3.5
6.5 16.4 –4.9
2.3
0.3
9.9 –2.1
12
Intellectual property products ...........
3.8
5.2
5.7
1.9
3.8
1.4
6.8
7.8 –3.2
5.2
3.5
7.8
4.8
6.6
6.9
7.4
8.3 –0.8 –0.2
13
Residential ...........................................
9.5
1.8
8.9 27.5
3.7 10.7 22.3
9.1
9.1
4.9 –8.1 –2.8 10.4
3.4 10.0 10.1
9.3
8.2 10.1
14 Change in private inventories .................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... ..........

7
8
9
10
11
12
13
14

15 Net exports of goods and services.......... .......... .......... .......... .......... .......... .......... ..........
16 Exports.....................................................
2.8
3.4
1.1
2.7
4.6
2.0 –0.5
17
Goods ..................................................
2.8
4.4 –0.2
1.8
4.7
2.2 –3.8
18
Services ...............................................
2.7
1.2
4.0
4.8
4.2
1.5
7.5
19 Imports.....................................................
1.1
3.8
4.9
2.4
2.0
0.6 –3.8
20
Goods ..................................................
1.0
4.3
4.8
2.5
1.7
0.6 –4.3
21
Services ...............................................
1.5
1.6
5.6
1.6
3.5
0.7 –0.9
22 Government consumption expenditures
0.7 –1.9 –1.9 –1.2 –3.8
and gross investment............................ –2.9 –0.6
23 Federal..................................................... –5.7 –2.4 –0.3 –0.4 –2.9
0.5 –5.5
24
National defense .................................. –6.7 –3.8 –1.2 –3.7 –4.4
0.8 –8.1
25
Nondefense.......................................... –4.0 –0.1
1.2
5.6 –0.4 –0.1 –1.1
26 State and local ......................................... –1.0
0.6
1.4 –3.0 –1.2 –2.3 –2.6
Addenda:
27 Gross domestic income (GDI) 1 ................
1.3
2.6
2.3
7.7
0.6 –0.1
3.5
28 Average of GDP and GDI ........................
1.4
2.5
2.4
5.2
1.2
0.2
1.8
29 Final sales of domestic product ...............
1.4
2.4
2.3
3.3
1.4
0.7
1.6
30 Gross domestic purchases ......................
1.2
2.5
3.0
2.6
1.5
0.3 –0.5
31 Final sales to domestic purchasers .........
1.2
2.5
2.8
3.2
1.1
0.5
1.0
32 Final sales to private domestic
purchasers ...........................................
2.2
3.2
3.3
4.5
1.8
0.9
2.2
33 Gross national product (GNP) .................
1.5
2.5
2.1
2.1
1.3
0.6 –0.1
34 Disposable personal income.................... –1.4
2.7
3.4
6.7
3.1 –0.2 10.9
Current-dollar measures:
35
GDP .....................................................
3.1
4.1
3.5
4.9
3.8
2.7
1.7
36
GDI.......................................................
2.9
4.3
3.3 10.0
2.4
2.0
5.2
37
Average of GDP and GDI ....................
3.0
4.2
3.4
7.4
3.1
2.3
3.4
38
Final sales of domestic product ...........
3.1
4.1
3.3
5.6
3.2
3.1
3.1
39
Gross domestic purchases ..................
2.7
4.1
3.3
5.1
2.8
1.5
1.6
40
Final sales to domestic purchasers......
2.6
4.1
3.2
5.8
2.2
1.8
2.9
41
Final sales to private domestic
purchasers .......................................
3.6
4.7
3.6
6.9
3.1
2.3
4.1
42
GNP .....................................................
3.2
4.1
3.1
4.2
3.2
2.8
1.5
43
Disposable personal income................ –0.1
4.2
3.7
9.2
4.4
1.1 13.3

15
16
17
18
19
20
21

.......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... ..........
1.0
4.9
4.2 10.9 –6.7
9.8
1.8
5.4 –6.0
5.1
0.7 –2.0
0.4
7.5
5.0 14.9 –9.4 12.2
6.0
3.9 –11.7
6.5 –0.9 –5.4
2.2 –0.6
2.4
2.6 –0.3
4.7 –7.1
8.9
7.3
2.3
3.9
5.0
0.8
5.5
2.4
1.0
2.8
9.6 –0.8 10.3
7.1
3.0
2.3 –0.7
1.1
5.3
2.6
0.7
4.7
9.9 –0.8
9.9
7.2
3.2
1.4 –1.3
–0.6
6.0
1.5
2.7 –6.0
8.2 –0.6 11.9
6.7
2.0
6.4
1.9
–4.5
–9.3
–10.3
–7.6
–1.1

–2.0
–5.6
–5.8
–5.4
0.4

–2.2
–5.8
–7.6
–2.6
0.2

–2.7
–6.6
–5.8
–7.9
–0.1

0.0
0.3
–4.6
8.9
–0.2

1.2
–1.2
–0.5
–2.2
2.6

–0.5
0.7
1.6
1.8
1.5

2.9
2.0
0.7
1.3
0.9

0.4
1.7
1.5
2.7
1.3

2.7
3.2
4.0
2.5
2.6

0.6
–0.2
0.4
0.5
1.8

3.0
1.6
–15.9

1.6
1.7
2.7

2.1
3.3
2.2

3.8
3.9
0.6

3.6
1.1
2.3
3.1
3.4
2.9

2.1
3.9
3.0
1.8
2.0
1.7

4.9
2.3
3.6
3.5
4.4
3.1

4.4
3.3
–14.7

2.4
2.7
3.1

3.8
5.3
3.9

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

-5-

1.8 –1.4
3.7 –5.7
4.5 –10.3
2.5
2.1
0.6
1.3

–0.1
1.1
1.0
1.2
–0.8

2.6
0.0
0.3
–0.5
4.3

1.8
0.2
–1.4
2.8
2.8

0.1
2.3
2.8
1.5
–1.2

22
23
24
25
26

4.8
4.7
3.5
4.7
3.6

5.1
4.7
4.3
3.8
3.8

2.9
2.5
2.1
2.9
3.0

0.4
0.5
–0.2
2.5
1.7

2.2
3.0
3.9
3.6
3.7

2.0
2.0
2.7
2.2
2.9

0.9
1.1
1.6
1.5
1.7

27
28
29
30
31

2.2
–1.2
4.0

4.2
4.4
3.0

4.3
4.5
2.7

3.9
1.9
4.7

2.0
–0.2
3.9

3.9
3.9
2.6

3.2
1.3
3.2

2.0
1.1
2.3

32
33
34

5.6
4.4
5.0
5.9
4.3
4.5

0.6
2.2
1.4
1.9
2.1
3.4

6.9
7.1
7.0
5.8
6.7
5.6

6.0
6.8
6.4
6.0
5.4
5.4

2.2
3.0
2.6
2.2
2.8
2.8

0.8
0.5
0.6
–0.1
0.9
0.0

6.1
4.4
5.2
6.2
5.2
5.2

3.3
3.4
3.3
4.1
3.5
4.2

2.3
1.9
2.1
2.5
1.9
2.1

35
36
37
38
39
40

5.4
5.7
2.0

4.0
0.4
5.6

6.2
6.8
5.2

5.8
6.2
3.9

3.8
2.0
4.2

0.4
–0.1
1.9

5.5
6.1
4.9

4.5
2.7
4.5

2.5
2.1
2.7

41
42
43

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

2013 2014 2015 r

2012
I

II

2.7

1.9

2013
III

IV

I

II

1.9

1.1

2014
III

IV

I

II

2015
III

IV

I

II

0.6

3.9

2.86 1.19
0.91 0.25
0.44 0.14
0.11 –0.09
0.10 0.08
0.17 0.13
0.06 0.02
0.47 0.10

Line
III

IV r

Percent change at annual rate:
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

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

1.5

2.4

2.4

1.16
0.71
0.42
0.11
0.09
0.18
0.04
0.29

1.84
0.75
0.43
0.14
0.11
0.14
0.04
0.32

2.11
0.83
0.43
0.09
0.10
0.19
0.05
0.39

3.0

3.8

–0.9

4.6

4.3

0.72 0.78
0.63 0.53
0.48 0.58
0.15 0.22
0.04 0.09
0.20 0.19
0.08 0.08
0.14 –0.05

1.74 0.96 1.17
1.39 0.28 0.60
0.64 0.17 0.24
0.23 –0.02 –0.04
0.13 0.07 0.16
0.25 0.12 0.12
0.03 0.00 0.00
0.75 0.11 0.36

2.36
0.70
0.30
0.06
0.07
0.08
0.09
0.40

0.85
0.25
0.19
0.10
0.03
0.04
0.01
0.06

2.60
1.49
0.96
0.41
0.21
0.26
0.08
0.52

2.34
0.91
0.54
0.19
0.10
0.25
0.01
0.37

0.05
0.03
0.04
0.17
0.45

0.03
0.03
0.02
0.25
1.09

0.00 0.07 0.02 0.02 0.03
0.07 0.14 –0.14 0.14 –0.08
0.07 –0.17 0.22 –0.02 –0.18
0.26 0.28 –0.04 0.00 0.18
1.28 0.52 0.20 0.10 0.25

0.15 –0.09 0.12
0.12 0.06 –0.05
0.17 0.08 0.05
0.30 0.07 0.25
0.36 0.68 0.57

0.42
0.06
0.11
0.06
0.05
0.07
0.05
0.02

1.06
0.14
0.31
0.10
0.07
0.13
0.06
0.24

1.27 0.37 –0.15 0.08
0.10 –0.42 0.45 0.15
0.53 0.59 –0.13 0.13
0.11 –0.08 0.16 0.05
0.06 0.01 0.12 0.02
0.20 0.19 0.08 0.09
0.06 –0.25 –0.69 –0.39
0.21 0.33 –0.14 0.04

0.03
0.09

0.04
0.10

0.01
0.18

0.15
0.44

0.35
0.08

0.02
0.27

0.06
0.70
0.64
0.38
0.04
0.19
0.07
0.02
0.05
–0.03
0.15
0.01
0.15
0.06
0.08
0.01
0.27
0.06
0.19
–0.13
0.20
0.38
0.26
0.11
–0.18
–0.14
–0.04

0.07
0.87
0.82
0.77
0.23
0.34
0.07
–0.02
0.08
0.09
0.17
0.01
0.20
0.11
0.08
0.01
0.05
0.05
–0.02
0.07
–0.18
0.46
0.41
0.05
–0.63
–0.59
–0.05

0.17
0.82
0.64
0.36
–0.04
0.18
0.08
0.00
0.09
0.06
0.11
–0.07
0.22
0.11
0.10
0.01
0.28
0.17
0.02
0.16
–0.64
0.15
–0.01
0.17
–0.79
–0.64
–0.15

0.30
1.47
2.00
1.37
0.48
0.81
0.37
0.14
0.22
–0.05
0.14
0.36
0.07
0.03
0.03
0.02
0.63
–0.53
–0.30
–0.23
–0.02
0.37
0.18
0.19
–0.40
–0.35
–0.05

–0.26
1.53
0.98
0.88
0.27
0.47
–0.08
–0.05
–0.03
0.16
0.17
0.22
0.14
0.10
0.04
0.00
0.10
0.56
–0.12
0.68
0.28
0.61
0.44
0.17
–0.33
–0.23
–0.10

0.25
–0.18
0.00
–0.27
–0.12
–0.21
–0.12
–0.13
0.01
–0.14
–0.07
0.13
0.05
0.00
0.05
0.00
0.27
–0.18
–0.29
0.11
0.16
0.27
0.20
0.06
–0.10
–0.09
–0.02

–0.58
–0.46
–0.34
–0.27
–0.07
–0.12
–0.08
–0.04

–0.11
–0.18
–0.18
–0.14
–0.04
0.00
0.01
–0.01

0.13
–0.02
–0.05
–0.03
–0.02
0.03
0.02
0.01

–0.40
–0.03
–0.20
0.00
–0.20
0.16
0.17
–0.01

–0.39 –0.22 –0.75 –0.88 –0.38 –0.42 –0.51 0.00
–0.24 0.04 –0.45 –0.75 –0.43 –0.44 –0.49 0.02
–0.23 0.04 –0.42 –0.53 –0.28 –0.36 –0.27 –0.21
–0.18 0.11 –0.28 –0.45 –0.18 –0.42 –0.24 –0.03
–0.05 –0.07 –0.14 –0.07 –0.10 0.06 –0.03 –0.18
–0.01 0.00 –0.03 –0.23 –0.16 –0.07 –0.23 0.23
0.00 0.02 –0.02 –0.15 –0.12 –0.06 –0.20 0.24
–0.01 –0.03 –0.01 –0.08 –0.04 –0.02 –0.03 –0.01

State and local ....................................................... –0.12
Consumption expenditures .................................. –0.04
Gross investment................................................. –0.08

0.07
0.06
0.01

1.63 0.45
1.11 0.26
0.79 0.20
0.28 0.05
0.13 –0.07
0.32 0.18
0.06 0.04
0.32 0.06

0.5

0.1

–0.01 0.54 0.73 0.48
–0.31 0.28 0.01 –0.15
–0.01 –0.13 0.44 0.24
–0.03 0.10 0.09 0.08
0.08 0.04 –0.08 0.16
0.12 0.13 –0.14 0.05
–0.03 0.39 0.24 0.00
0.16 –0.27 0.17 0.10
0.26 –0.19 –0.05
0.05 –0.15 0.27
–0.21
–0.51
1.03
0.46
–0.21
0.41
0.25
0.17
0.09
0.11
0.14
–0.09
0.26
0.12
0.12
0.01
0.57
–1.54
0.15
–1.69
0.58
–0.07
–0.37
0.30
0.65
0.62
0.03

0.03
1.05
0.77
0.51
–0.16
0.38
0.17
0.06
0.12
–0.08
0.12
0.16
0.30
0.13
0.16
0.01
0.26
0.28
0.53
–0.24
–0.01
0.12
0.03
0.09
–0.13
–0.15
0.02

0.15 –0.36 –0.14 –0.26 –0.30 –0.12
0.07 –0.11 –0.09 –0.05 –0.10 –0.07
0.09 –0.25 –0.05 –0.21 –0.20 –0.06

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

-6-

0.32
0.78
0.40
0.14
0.30
–0.04
–0.05
–0.08
0.03
–0.12
0.37
–0.25
–0.13
–0.15
0.01
0.01
0.27
0.38
0.15
0.23
–0.24
0.64
0.67
–0.02
–0.89
–0.72
–0.16

0.05
0.00
0.05

0.09
0.09
0.00
2.07
0.59
0.44
0.46
–0.22
0.10
0.05
0.05
0.02
–0.10
–0.24
0.20
0.14
0.06
0.00
0.15
1.48
0.13
1.35
0.16
0.55
0.45
0.10
–0.39
–0.35
–0.04

1.4

1

2.42
1.20
0.57
0.24
0.07
0.17
0.09
0.62

2.04 1.66
1.08 0.36
0.47 0.28
0.08 –0.15
0.14 0.09
0.20 0.26
0.06 0.08
0.61 0.09

2
3
4
5
6
7
8
9

0.10 0.03 –0.01 –0.04 –0.04 –0.04 0.14
0.03 –0.06 0.15 0.06 0.15 –0.02 0.14
0.03 –0.01 –0.05 0.01 0.18 0.11 –0.01
0.24 0.11 0.43 0.34 0.18 0.06 0.36
1.66 0.61 1.11 1.42 1.95 0.94 1.23

0.01 –0.02
0.03 0.00
0.09 –0.04
0.48 0.14
0.96 1.30

10
11
12
13
14

2.00 1.09 1.20 0.71 1.10
0.22 0.43 –0.10 0.10 –0.19
0.80 0.52 0.34 0.40 0.30
0.13 0.07 0.14 0.08 0.14
0.15 –0.05 0.06 0.00 0.35
0.26 0.12 0.31 0.08 0.19
0.05 0.00 0.12 –0.05 0.16
0.40 0.01 0.32 0.10 0.15

15
16
17
18
19
20
21
22

1.51 0.65 1.08 1.34
0.30 0.54 –0.17 –0.13
0.38 –0.25 0.63 0.57
0.00 0.16 0.08 0.14
0.10 0.08 –0.03 0.13
0.27 –0.05 0.28 0.17
0.23 –0.10 0.04 0.16
0.23 0.26 0.24 0.30
0.14 –0.04
0.31 –0.44
0.17
0.71
0.79
1.05
0.11
0.80
–0.10
0.05
–0.14
–0.07
0.49
0.47
0.13
0.09
0.03
0.02
–0.26
–0.08
0.04
–0.12
1.26
1.42
1.31
0.11
–0.16
–0.09
–0.07

–0.40
–0.38
0.91
1.00
0.50
0.20
0.08
–0.14
0.22
0.25
–0.05
–0.09
0.30
0.14
0.14
0.02
–0.09
–1.29
–0.26
–1.03
–1.39
–0.95
–0.94
–0.01
–0.44
–0.61
0.17

0.02 –0.01 –0.03
0.01 0.07 0.07
0.01 –0.08 –0.10

0.03
0.36
0.33
1.99
0.87
0.56
0.00
0.38
0.28
0.05
0.24
0.18
0.07
–0.16
0.19
0.13
0.04
0.01
0.31
1.12
0.09
1.03
–0.24
1.28
1.09
0.20
–1.52
–1.30
–0.22

0.09 –0.06 –0.15
0.28 0.39 0.05
0.20
1.22
1.23
1.12
–0.05
0.92
–0.14
0.02
–0.15
0.11
0.58
0.37
0.25
0.17
0.07
0.01
0.11
–0.01
0.08
–0.09
0.39
0.24
0.55
–0.31
0.15
0.13
0.02

0.21 0.33
–0.08 0.26
–0.02 0.19
–0.12 0.23
0.10 –0.04
–0.06 0.07
–0.05 0.07
–0.01 0.00
0.29
0.11
0.19

2.1

0.07
0.05
0.02

2.0

0.03
0.05

0.25
0.11

0.19
0.20

23
24

0.02
0.85
0.83
0.53
0.18
0.03
–0.08
0.11
–0.18
0.26
–0.07
–0.09
0.33
0.11
0.21
0.01
0.30
0.02
–0.09
0.11
0.18
0.64
0.55
0.10
–0.46
–0.41
–0.05

–0.14
–0.11
0.60
0.33
–0.21
0.57
0.43
0.08
0.35
–0.05
0.29
–0.10
–0.03
–0.02
–0.03
0.02
0.27
–0.71
0.08
–0.79
–0.26
0.09
–0.07
0.16
–0.35
–0.18
–0.17

0.01
–0.16
0.06
–0.27
–0.14
–0.12
0.04
–0.16
0.20
0.14
–0.18
–0.13
–0.01
0.03
–0.03
0.00
0.33
–0.22
–0.10
–0.12
–0.14
–0.25
–0.45
0.20
0.11
0.17
–0.05

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

–0.26 –0.01 0.46 0.32
–0.41 0.08 0.00 0.02
–0.47 0.04 0.01 –0.06
–0.43 0.13 –0.03 –0.02
–0.04 –0.09 0.05 –0.04
0.06 0.03 –0.01 0.08
0.02 0.04 –0.04 0.06
0.04 0.00 0.03 0.01

0.02
0.15
0.11
0.04
0.07
0.04
0.02
0.02

52
53
54
55
56
57
58
59

0.30 –0.13
0.14 0.03
0.17 –0.16

60
61
62

0.45
0.36
0.39
0.09
0.12
–0.30
0.32
–0.02
0.34
–0.07
–0.14
–0.41
0.27
0.10
0.15
0.02
0.31
–0.03
–0.05
0.02
–0.89
0.71
0.36
0.35
–1.60
–1.29
–0.31

0.20
1.39
0.52
0.20
–0.22
0.14
–0.07
–0.10
0.03
–0.02
0.18
0.05
0.29
0.16
0.12
0.01
0.32
0.87
0.10
0.77
–1.92
–0.81
–1.10
0.30
–1.12
–0.93
–0.18

0.15 –0.09
0.06 0.06
0.09 –0.14

0.46
0.04
0.42

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

Line

2015 r

2014
IV

2015 r

2015
I

II

III

Change from preceding
period

Seasonally adjusted at annual rates
2014
IV

IV r

2015
I

II

III

IV r

2015 r

Line

2015
III

IV r

Gross domestic product (GDP)......... 17,947.0 17,615.9 17,649.3 17,913.7 18,060.2 18,164.8 16,348.9 16,151.4 16,177.3 16,333.6 16,414.0 16,470.6

387.2

80.4

56.6

1

2 Personal consumption expenditures........... 12,271.9 12,061.4 12,055.5 12,228.4 12,359.0 12,444.7 11,213.3 11,033.3 11,081.2 11,178.9 11,262.4 11,330.7

337.6

83.5

68.3

2

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

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.......

3,978.8
1,328.7
456.6

3,980.1
1,303.5
451.6

3,901.5
1,301.8
447.8

3,978.1
1,326.4
460.4

4,024.1
1,339.6
462.8

4,011.5
1,346.9
455.3

3,869.6
1,466.5
411.3

3,793.2
1,423.5
407.7

3,803.7
1,430.4
404.1

3,855.0
1,458.3
413.6

3,902.0
1,481.7
416.7

3,917.9
1,495.5
410.6

138.5
82.4
14.5

47.0
23.4
3.1

16.0
13.8
–6.1

3
4
5

298.9
371.3
201.9
2,650.1

292.3
361.1
198.6
2,676.6

293.8
361.7
198.5
2,599.7

298.0
366.7
201.2
2,651.8

301.0
373.0
202.8
2,684.4

302.9
383.7
205.0
2,664.6

344.3
526.5
202.0
2,430.0

332.5
500.4
195.7
2,393.7

336.7
508.2
196.8
2,397.8

340.5
518.6
200.9
2,423.0

347.7
531.4
203.3
2,447.9

352.3
548.0
206.9
2,451.5

20.4
44.9
9.0
62.2

7.2
12.8
2.5
24.9

4.7
16.5
3.6
3.6

6
7
8
9

896.8
376.4
306.6
1,070.3

893.8
374.0
371.4
1,037.4

891.5
372.3
293.7
1,042.2

895.1
377.5
317.6
1,061.6

900.7
379.2
320.4
1,084.1

899.9
376.6
294.9
1,093.3

808.3
359.7
285.9
986.3

805.7
355.8
280.8
961.7

804.1
354.8
284.8
964.1

809.5
360.5
284.5
978.6

810.1
361.7
288.1
998.3

809.4
361.7
286.3
1,004.3

0.7
11.3
9.2
41.3

0.6
1.2
3.7
19.6

–0.7
0.1
–1.8
6.0

10
11
12
13

8,293.1

8,081.3

8,153.9

8,250.2

8,334.9

8,433.1

7,345.3

7,240.4

7,277.4

7,325.3

7,363.4

7,415.0

200.7

38.1

51.6

14

7,955.3
2,214.8
2,059.8
375.3
473.9
807.1
921.2
1,103.4

7,752.3
2,165.4
2,003.5
364.1
463.8
776.1
897.4
1,081.9

7,828.0
2,197.6
2,023.8
366.2
463.5
787.1
904.7
1,085.2

7,921.2
2,204.5
2,049.0
373.7
470.2
803.4
920.4
1,099.9

7,992.5
2,225.4
2,073.8
377.1
472.6
810.7
925.5
1,107.4

8,079.6
2,231.6
2,092.5
384.0
489.3
827.1
934.1
1,121.1

7,037.6
1,977.8
1,875.4
341.4
426.1
701.9
730.8
987.1

6,934.9
1,963.5
1,832.9
331.3
422.8
684.8
727.4
974.1

6,977.6
1,980.5
1,853.8
334.0
420.7
689.3
727.4
974.4

7,024.3
1,976.7
1,867.5
339.8
423.1
701.4
731.4
986.8

7,052.4
1,980.7
1,884.0
342.9
423.2
704.6
729.5
990.7

7,096.3
1,973.1
1,896.2
348.8
437.5
712.2
735.0
996.7

198.1
16.6
83.8
17.5
10.0
30.8
8.0
33.1

28.1
4.0
16.5
3.1
0.1
3.2
–1.8
3.8

43.9
–7.6
12.1
5.9
14.3
7.6
5.5
6.0

15
16
17
18
19
20
21
22

337.7
1,336.5

329.0
1,309.9

325.9
1,319.0

329.0
1,330.2

342.4
1,341.4

353.5
1,355.5

308.0
1,187.0

306.0
1,179.3

300.0
1,181.2

301.2
1,183.2

311.5
1,187.6

319.4
1,195.8

2.2
28.2

10.2
4.5

7.9
8.2

23
24

998.8

980.9

993.1

1,001.2

999.0

1,002.0

879.3

873.7

881.4

882.1

876.7

877.1

25.7

–5.4

0.5

25

26 Gross private domestic investment .............

3,020.6

2,937.2

2,995.9

3,025.5

3,030.6

3,030.6

2,851.9

2,772.5

2,830.2

2,864.8

2,859.7

2,852.7

134.2

–5.1

–7.0

26

2,911.4
2,301.9
497.2
1,076.1
322.7

2,848.7
2,274.1
512.0
1,055.0
318.4

2,868.6
2,280.7
499.3
1,063.5
316.4

2,897.9
2,297.9
503.8
1,064.6
312.1

2,935.3
2,319.4
496.0
1,090.9
330.5

2,943.7
2,309.5
489.5
1,085.3
331.6

2,740.2
2,209.3
457.7
1,057.8
342.2

2,679.7
2,180.0
467.1
1,040.0
337.6

2,701.4
2,188.6
458.2
1,046.0
334.2

2,735.5
2,210.6
465.2
1,046.9
330.5

2,760.7
2,224.9
456.6
1,072.0
351.0

2,763.2
2,213.0
450.7
1,066.4
352.9

106.4
61.0
–6.9
31.7
15.8

25.2
14.2
–8.6
25.1
20.5

2.5
–11.9
–5.9
–5.6
1.8

27
28
29
30
31

77.8
244.8
233.8
295.4
224.2
728.6
327.2
319.3

79.6
238.8
226.1
283.9
226.5
707.2
319.4
308.1

75.0
241.4
224.9
292.2
230.0
717.8
324.1
313.0

79.1
233.0
236.2
289.4
226.8
729.6
326.7
321.1

82.3
248.2
234.1
303.9
222.4
732.4
328.3
321.4

74.9
256.7
240.0
296.3
217.6
734.6
329.8
321.7

88.3
252.8
218.7
290.2
213.5
696.8
334.1
282.7

89.3
247.5
210.8
280.4
217.9
675.0
323.4
272.8

84.3
248.8
210.0
288.1
220.0
687.1
330.6
277.4

89.6
240.3
220.9
285.1
216.1
701.0
335.4
285.7

93.7
256.6
219.0
297.8
211.7
699.6
334.6
284.4

85.6
265.7
224.9
290.0
206.1
699.4
335.8
283.1

–0.7
16.0
9.8
18.5
–11.3
37.3
19.1
15.9

4.1
16.3
–1.9
12.7
–4.5
–1.3
–0.8
–1.3

–8.1
9.2
6.0
–7.8
–5.5
–0.3
1.2
–1.3

32
33
34
35
36
37
38
39

41

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

82.1
609.5

79.6
574.6

80.7
588.0

81.8
600.0

82.7
615.9

83.2
634.2

80.4
529.6

79.2
500.2

79.7
512.4

80.0
524.0

80.9
534.4

81.0
547.4

2.3
43.1

0.9
10.4

0.1
13.0

40
41

42
43
44

Change in private inventories...................
Farm .........................................................
Nonfarm....................................................

109.2
6.2
103.0

88.5
5.4
83.1

127.3
9.0
118.3

127.5
4.3
123.2

95.3
8.0
87.3

86.9
3.5
83.4

97.5
5.2
93.2

78.2
4.2
74.9

112.8
7.0
106.8

113.5
4.1
111.0

85.5
6.6
79.2

78.3
3.1
76.0

29.5
1.5
28.2

–28.0
2.4
–31.8

–7.2
–3.5
–3.2

42
43
44

27
28
29
30
31
32
33
34
35
36
37
38
39
40

45 Net exports of goods and services ..............

–528.9

–545.2

–551.6

–519.3

–530.4

–514.3

–543.4

–463.6

–541.2

–534.6

–546.1

–551.9 –100.9

–11.5

–5.8

45

46
47
48

Exports........................................................
Goods.......................................................
Services....................................................

2,253.4
1,504.9
748.5

2,349.5
1,616.5
732.9

2,257.3
1,517.5
739.8

2,280.0
1,535.5
744.5

2,259.8
1,508.9
750.9

2,216.6
1,457.8
758.8

2,110.1
1,439.7
668.7

2,123.9
1,474.3
649.1

2,091.4
1,429.3
660.6

2,117.5
1,452.0
664.4

2,121.1
1,448.8
670.7

2,110.3
1,428.9
678.9

23.7
–3.3
25.8

3.5
–3.1
6.3

–10.8
–19.9
8.2

47
48

49
50
51

Imports ........................................................
Goods.......................................................
Services....................................................

2,782.3
2,280.6
501.8

2,894.6
2,400.0
494.6

2,808.9
2,311.7
497.2

2,799.3
2,299.9
499.5

2,790.2
2,285.4
504.7

2,730.9
2,225.3
505.7

2,653.5
2,176.1
475.8

2,587.5
2,123.8
462.2

2,632.5
2,161.1
469.8

2,652.1
2,178.4
472.1

2,667.2
2,186.0
479.5

2,662.2
2,178.7
481.8

124.6
99.5
25.0

15.1
7.6
7.4

–5.0
–7.3
2.3

49
50
51

46

r Revised
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or
its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See Explanatory Note at the end of the tables.

-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

Line

2015 r

2014
IV

2015 r

2015
I

II

III

Change from preceding
period

Seasonally adjusted at annual rates

IV r

2014

2015

IV

I

II

III

IV r

2015 r

Line

2015
III

IV r

52 Government consumption expenditures
and gross investment.................................

3,183.4

3,162.5

3,149.5

3,179.2

3,201.0

3,203.9

2,858.9

2,839.0

2,838.5

2,856.9

2,869.7

2,870.6

20.7

12.8

0.9

52

53
54
55
56
57
58
59

1,224.6
740.8
595.9
144.8
483.9
364.7
119.2

1,214.7
738.2
590.4
147.8
476.5
358.6
117.8

1,218.2
739.0
595.2
143.9
479.2
361.5
117.7

1,220.7
740.1
595.2
144.9
480.6
362.0
118.6

1,224.3
738.2
594.8
143.4
486.1
366.5
119.6

1,235.2
745.7
598.6
147.2
489.5
368.7
120.8

1,113.2
680.6
543.8
136.6
432.2
322.2
110.0

1,108.3
678.6
539.3
139.1
429.4
320.4
109.0

1,111.3
680.3
544.7
135.3
430.7
321.9
108.8

1,111.3
680.8
543.4
137.1
430.2
320.4
109.8

1,112.0
678.4
542.7
135.4
433.2
322.8
110.4

1,118.3
683.1
544.4
138.5
434.8
323.8
111.0

–3.1
–8.4
–5.1
–3.4
5.2
3.1
2.2

0.7
–2.4
–0.7
–1.7
3.0
2.5
0.5

6.3
4.7
1.7
3.1
1.6
0.9
0.7

53
54
55
56
57
58
59

60 State and local ............................................ 1,958.8 1,947.8 1,931.3 1,958.4 1,976.6 1,968.7
61
Consumption expenditures ....................... 1,611.4 1,609.5 1,599.5 1,608.4 1,618.9 1,618.6
62
Gross investment ......................................
347.4
338.3
331.8
350.0
357.8
350.0
63 Residual............................................................ .............. ............... ............... .............. .............. ...............

1,744.3
1,431.1
312.4
–82.6

1,729.3
1,424.8
303.7
–72.6

1,725.9
1,427.0
298.1
–74.2

1,744.1
1,428.5
314.9
–78.4

1,756.2
1,433.9
321.6
–86.1

1,750.9
23.5
12.1
–5.2
1,435.1
10.2
5.4
1.2
315.1
13.4
6.7
–6.5
–91.8 ........... ........... ...........

60
61
62
63

16,526.7
16,437.8
16,241.9
16,894.7
16,788.3
13,940.8

16,391.5
16,271.5
16,062.9
16,617.2
16,529.2
13,700.8

16,408.6
16,293.0
16,053.8
16,720.8
16,597.7
13,770.1

16,498.0
16,415.8
16,209.7
16,870.7
16,747.2
13,901.6

16,581.5
16,497.7
16,319.3
16,962.4
16,868.3
14,010.1

64
65
66
67
68
69
70
71
72
73
74

Federal .........................................................
National defense .......................................
Consumption expenditures ...................
Gross investment ..................................
Nondefense...............................................
Consumption expenditures ...................
Gross investment ..................................

Addenda:
Gross domestic income (GDI) 1 .....................
Average of GDP and GDI .............................
Final sales of domestic product ....................
Gross domestic purchases ...........................
Final sales to domestic purchasers ..............
Final sales to private domestic purchasers...

18,142.2
18,044.6
17,837.7
18,475.9
18,366.6
15,183.3

17,877.8
17,746.8
17,527.4
18,161.1
18,072.6
14,910.1

17,901.6
17,775.4
17,522.0
18,200.9
18,073.6
14,924.1

18,094.0
18,003.9
17,786.2
18,433.0
18,305.5
15,126.3

18,244.5
18,152.3
17,964.9
18,590.6
18,495.3
15,294.3

18,328.7
18,246.8
18,077.9
18,679.1
18,592.3
15,388.4

16,619.2
16,544.9
16,385.0
17,025.0
16,940.0
14,081.2

369.9
378.6
360.2
488.9
462.0
443.0

83.5
82.0
109.6
91.7
121.0
108.5

37.7
47.1
65.8
62.6
71.8
71.1

64
65
66
67
68
69

Gross domestic product ............................ 17,947.0 17,615.9 17,649.3 17,913.7 18,060.2 18,164.8 16,348.9 16,151.4 16,177.3 16,333.6 16,414.0 16,470.6
Plus: Income receipts from the rest of the
world .........................................................
830.5
857.0
817.0
845.3
841.2
818.4
695.5
717.4
687.3
708.5
703.0
683.3
Less: Income payments to the rest of the
616.9
592.3
589.5
614.7
637.6
625.7
514.6
494.8
494.2
513.3
530.6
520.1
world .........................................................

387.2

80.4

56.6

70

–21.0

–5.5

–19.7

71

19.3

17.4

–10.5

72

Equals: Gross national product ................ 18,160.6 17,880.6 17,876.8 18,144.3 18,263.8 18,357.5 16,529.5 16,377.7 16,371.4 16,529.7 16,585.1 16,631.7
Net domestic product.................................... 15,125.7 14,831.7 14,856.6 15,109.3 15,227.6 15,309.2 13,721.9 13,561.3 13,573.0 13,714.4 13,779.5 13,820.9

342.8
327.8

55.4
65.2

46.6
41.4

73
74

r Revised
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance
or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See Explanatory Note at the end of the tables.

-8-

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

1

2013

2014

2015

2012

r

I

II

2013
III

IV

I

II

2014
III

IV

I

II

2015
III

IV

I

II

Line
III

IV r

Gross domestic product (GDP) ....

1.6

1.6

1.0

2.1

1.8

2.4

1.5

1.5

1.1

2.0

1.8

1.5

2.2

1.6

0.1

0.1

2.1

1.3

0.9

1

2 Personal consumption expenditures ......
3 Goods......................................................
4
Durable goods .....................................
5
Nondurable goods ...............................
6 Services...................................................

1.4
–0.5
–1.8
0.2
2.3

1.4
–0.4
–2.3
0.6
2.3

0.3
–2.8
–2.1
–3.2
1.9

2.3
2.1
–0.9
3.5
2.4

1.2
–0.8
–1.8
–0.4
2.3

1.3
0.2
–2.3
1.4
1.9

2.2
1.5
–1.5
2.9
2.5

1.4
–0.9
–1.1
–0.8
2.5

0.4
–3.0
–2.1
–3.4
2.2

1.7
0.9
–2.6
2.6
2.1

1.4
–0.9
–2.3
–0.2
2.6

1.6
–0.1
–2.5
1.0
2.5

2.1
1.4
–1.6
2.8
2.5

1.2
–0.4
–2.3
0.6
2.0

–0.4
–4.6
–3.3
–5.3
1.7

–1.9
–8.7
–2.4
–11.6
1.6

2.2
2.5
–0.2
3.8
2.1

1.3
–0.3
–2.4
0.8
2.0

0.3
–2.8
–1.5
–3.5
1.9

2
3
4
5
6

7 Gross private domestic investment ........
1.5
1.8
0.6
1.6
1.8
1.7
1.0
1.2
2.2
1.4
1.8
2.1
1.1
2.2
1.8 –0.4 –1.0
1.5
0.6
8 Fixed investment .....................................
1.6
1.9
0.6
2.1
1.7
1.6
0.9
1.4
2.2
1.6
2.3
2.4
1.1
2.4
1.4 –0.4 –1.0
1.5
0.8
9
Nonresidential......................................
0.8
1.0
0.2
2.7
1.7
1.2
0.2
0.2
1.4
0.7
0.9
0.9
1.1
1.2
0.6 –0.4 –1.0
1.2
0.4
10
Structures ........................................
1.6
1.5 –0.5
5.0
4.6
1.4 –0.4
1.3
3.1
1.2
2.2
1.2
0.7
1.7
1.0 –2.3 –2.4
1.3 –0.1
11
Equipment........................................
0.4
0.7
0.7
1.6
0.3
1.1
1.3 –0.3
0.4
0.3
0.0
0.9
1.5
0.9
1.1
1.0
0.0
0.3
0.0
12
Intellectual property products...........
0.7
0.9
0.0
2.6
1.7
1.1 –1.0
0.4
2.0
0.8
1.3
0.6
0.8
1.4 –0.5 –1.1 –1.5
2.3
1.4
13
Residential...........................................
5.1
6.1
2.0 –0.7
1.6
3.5
4.0
6.4
5.4
5.5
7.9
8.9
1.0
7.1
4.6 –0.4 –0.8
2.6
2.1
14 Change in private inventories.................. .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... ........... ........... .......... ..........

7
8
9
10
11
12
13
14

15 Net exports of goods and services ......... .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... ..........
16 Exports ....................................................
0.2
0.1 –4.9
2.7
1.1 –0.2
1.3
1.3 –2.8
0.7
0.1
3.0
0.0 –1.0 –6.9
17
Goods..................................................
–0.5 –0.7 –6.8
2.3
0.3 –0.2
0.6
0.8 –4.2
0.1 –1.0
3.4 –0.9 –2.4 –9.6
18
Services...............................................
1.7
1.9 –0.6
3.6
2.8 –0.4
2.9
2.4
0.3
1.8
2.6
2.1
2.2
2.2 –0.7
19 Imports ....................................................
–0.8 –0.2 –7.7
4.3 –2.4 –5.7
4.1
0.7 –3.8 –0.8
0.7
3.3 –1.3 –0.9 –6.8
20
Goods..................................................
–1.1 –0.5 –8.9
4.6 –3.1 –7.0
4.5
0.6 –4.6 –1.0 –0.1
3.7 –1.7 –1.0 –7.9
21
Services...............................................
1.1
1.2 –1.7
2.8
1.0
0.9
2.1
0.7
0.0
0.4
4.6
1.3
0.5 –0.1 –1.3
22 Government consumption expenditures
1.6
1.8
0.3
3.4
0.4
1.2
1.9
1.6
1.0
2.2
3.4
0.9
1.9
2.2 –0.4
and gross investment ...........................
23 Federal ....................................................
1.0
1.6
0.7
2.2
0.9
0.5
0.1
0.7
0.6
1.4
6.1 –1.2
1.9
1.7 –0.2
24
National defense..................................
0.6
1.4
0.2
3.0
0.8
0.5
0.1
0.4
0.0
1.1
4.1
0.2
1.4
1.5 –0.5
25
Nondefense .........................................
1.6
2.0
1.4
0.7
1.0
0.6
0.0
1.3
1.5
2.0
9.6 –3.5
2.7
2.0
0.3
26 State and local.........................................
2.0
1.9
0.0
4.3
0.1
1.6
3.1
2.2
1.2
2.7
1.7
2.3
2.0
2.5 –0.6
Addenda:
27 Final sales of domestic product...............
1.6
1.7
1.0
2.2
1.8
2.4
1.5
1.5
1.1
2.0
1.9
1.5
2.2
1.6
0.0
28 Gross domestic purchases......................
1.4
1.5
0.4
2.4
1.2
1.3
1.9
1.4
0.8
1.7
1.8
1.6
1.9
1.5 –0.1
29 Final sales to domestic purchasers.........
1.4
1.6
0.3
2.5
1.1
1.3
1.9
1.4
0.8
1.7
1.9
1.6
1.9
1.5 –0.2
30 Final sales to private domestic
purchasers...........................................
1.4
1.5
0.4
2.3
1.3
1.4
1.9
1.4
0.8
1.7
1.6
1.8
1.9
1.4 –0.1
31 Gross national product (GNP).................
1.6
1.6
1.0
2.2
1.8
2.4
1.5
1.5
1.1
2.0
1.8
1.5
2.2
1.6
0.1
Implicit price deflators:
32
GDP.....................................................
1.6
1.6
1.0
2.1
1.8
2.2
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
0.1
33
Gross domestic purchases ..................
1.4
1.5
0.4
2.4
1.2
1.1
2.1
1.5
0.7
1.6
1.8
1.7
1.9
1.6 –0.1
34
GNP.....................................................
1.6
1.6
1.0
2.1
1.8
2.1
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
0.1

15
16
17
18
19
20
21

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

-9-

........... ........... .......... ..........
–9.4 –1.0 –4.1 –5.5
–12.1 –1.6 –6.0 –7.9
–3.3
0.2 –0.4 –0.6
–17.2 –4.2 –3.5 –7.5
–19.7 –5.1 –3.8 –8.9
–4.3 –0.2 –2.0 –1.1
–1.6
0.1
–0.6
1.1
–2.6

1.2
0.8
0.3
1.6
1.4

0.9
0.9
0.4
1.8
1.0

0.2
1.3
1.3
1.3
–0.4

22
23
24
25
26

0.1
–1.6
–1.6

2.1
1.5
1.5

1.3
1.3
1.3

0.9
0.4
0.4

27
28
29

–1.6
0.1

1.6
2.1

1.3
1.3

0.4
0.9

30
31

0.1
–1.6
0.1

2.1
1.5
2.1

1.3
1.2
1.3

0.9
0.4
0.9

32
33
34

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2009=100]
Seasonally adjusted
Line

2013

2014

2015 r

2014
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

2015
I

II

Line
III

IV

r

Gross domestic product.........................................................
108.077
110.701
113.386
112.017
112.196
113.280
113.838
114.230
Personal consumption expenditures ...............................................
107.550
110.448
113.876
112.047
112.535
113.527
114.374
115.068
Goods ...............................................................................................
112.954
116.656
120.985
118.595
118.924
120.526
121.996
122.495
Durable goods...............................................................................
127.777
135.256
143.304
139.104
139.785
142.503
144.790
146.139
Nondurable goods.........................................................................
106.653
108.858
111.719
110.048
110.238
111.396
112.539
112.705
Services ............................................................................................
104.941
107.462
110.480
108.902
109.459
110.180
110.752
111.529
Gross private domestic investment..................................................
137.226
144.702
151.847
147.623
150.696
152.535
152.265
151.893
Fixed investment...............................................................................
123.507
130.018
135.273
132.288
133.355
135.040
136.285
136.410
Nonresidential ...............................................................................
123.895
131.517
135.253
133.460
133.986
135.336
136.208
135.482
Structures..................................................................................
98.052
106.027
104.444
106.602
104.567
106.157
104.201
102.851
Equipment .................................................................................
150.473
159.269
164.181
161.419
162.344
162.485
166.380
165.516
Intellectual property products ....................................................
113.791
119.708
126.472
122.525
124.718
127.235
126.992
126.944
Residential ....................................................................................
121.876
124.014
135.009
127.530
130.642
133.591
136.240
139.563
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
127.105
131.404
132.897
133.770
131.719
133.368
133.590
132.911
Imports of goods and services .........................................................
122.812
127.516
133.800
130.473
132.742
133.730
134.489
134.239
Government consumption expenditures and gross investment ...
92.418
91.880
92.550
91.904
91.889
92.483
92.898
92.928
Federal..............................................................................................
93.959
91.676
91.421
91.018
91.265
91.265
91.320
91.836
State and local ..................................................................................
91.383
91.953
93.207
92.408
92.226
93.198
93.843
93.562
Addenda:
Final sales of domestic product ........................................................
106.488
109.031
111.503
110.274
110.212
111.282
112.034
112.486
Gross domestic purchases ...............................................................
108.014
110.744
114.044
112.171
112.870
113.882
114.501
114.924
Final sales to domestic purchasers ..................................................
106.470
109.120
112.208
110.476
110.934
111.934
112.743
113.222
Final sales to private domestic purchasers.......................................
110.191
113.688
117.419
115.398
115.982
117.089
118.003
118.602
Gross national product......................................................................
108.439
111.098
113.450
112.408
112.365
113.452
113.832
114.152

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

- 10 -

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

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

2013

2014

2015 r

2014
IV

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32

2015
I

II

Line
III

IV

r

Gross domestic product ........................................................
106.935
108.694
109.782
109.081
109.112
109.685
110.045
110.287
Personal consumption expenditures (PCE) ....................................
107.572
109.105
109.440
109.322
108.795
109.391
109.740
109.834
Goods...............................................................................................
106.200
105.823
102.817
104.924
102.567
103.191
103.125
102.385
Durable goods ..............................................................................
94.665
92.494
90.595
91.558
90.993
90.939
90.396
90.051
Nondurable goods ........................................................................
112.031
112.688
109.053
111.818
108.417
109.441
109.663
108.691
Services............................................................................................
108.292
110.818
112.905
111.620
112.051
112.632
113.200
113.737
Gross private domestic investment .................................................
103.442
105.288
105.957
106.004
105.910
105.652
106.050
106.218
Fixed investment ..............................................................................
103.652
105.663
106.254
106.313
106.200
105.946
106.331
106.539
Nonresidential...............................................................................
102.993
103.977
104.195
104.322
104.211
103.953
104.251
104.364
Structures..................................................................................
107.541
109.120
108.617
109.597
108.951
108.286
108.623
108.609
Equipment.................................................................................
100.290
101.030
101.733
101.442
101.685
101.694
101.774
101.780
Intellectual property products....................................................
103.671
104.618
104.576
104.764
104.479
104.088
104.690
105.049
Residential ....................................................................................
106.458
112.903
115.121
114.896
114.773
114.538
115.286
115.888
Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... ....................
Exports of goods and services.........................................................
112.147
112.250
106.785
110.607
107.925
107.661
106.528
105.027
Imports of goods and services .........................................................
113.798
113.566
104.846
111.852
106.685
105.535
104.596
102.567
Government consumption expenditures and gross investment...
109.086
111.057
111.350
111.397
110.959
111.284
111.547
111.611
Federal .............................................................................................
107.562
109.274
110.011
109.600
109.623
109.850
110.108
110.461
State and local..................................................................................
110.143
112.287
112.296
112.637
111.901
112.290
112.556
112.437
Addenda:
PCE excluding food and energy 1 .....................................................
106.355
107.981
109.412
108.498
108.758
109.264
109.636
109.992
Market-based PCE 2 .........................................................................
107.031
108.255
108.255
108.348
107.652
108.240
108.541
108.588
Market-based PCE excluding food and energy 2 ..............................
105.543
106.826
108.026
107.242
107.418
107.903
108.222
108.560
Final sales of domestic product........................................................
106.963
108.747
109.826
109.121
109.150
109.730
110.088
110.336
Gross domestic purchases...............................................................
107.319
108.982
109.366
109.304
108.864
109.271
109.614
109.716
Final sales to domestic purchasers ..................................................
107.344
109.033
109.402
109.341
108.896
109.308
109.649
109.757
Final sales to private domestic purchasers ......................................
106.902
108.528
108.914
108.830
108.384
108.814
109.170
109.287
Gross national product .....................................................................
107.058
108.809
109.875
109.191
109.208
109.778
110.138
110.376
Implicit price deflators:
Gross domestic product................................................................
106.929
108.686
109.775
109.067
109.099
109.674
110.029
110.286
Final sales of domestic product ....................................................
106.963
108.747
109.825
109.117
109.146
109.726
110.084
110.332
Gross domestic purchases ...........................................................
107.313
108.974
109.359
109.291
108.852
109.260
109.599
109.716
Final sales to domestic purchasers ..............................................
107.344
109.033
109.401
109.338
108.892
109.304
109.645
109.753
Gross national product..................................................................
107.052
108.800
109.868
109.177
109.195
109.768
110.122
110.376

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

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

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015 r Line

Gross domestic product (GDP) ........................................

4.1

1.0

1.8

2.8

3.8

3.3

2.7

1.8

–0.3

–2.8

2.5

1.6

2.2

1.5

2.4

2.4

1

2 Personal consumption expenditures (PCE) ...............................
3 Goods..........................................................................................
4
Durable goods .........................................................................
5
Nondurable goods ...................................................................
6 Services.......................................................................................

5.1
5.2
8.6
3.2
5.0

2.6
3.0
5.2
1.7
2.4

2.6
3.9
7.3
1.9
1.9

3.1
4.8
7.1
3.5
2.2

3.8
5.1
8.2
3.3
3.2

3.5
4.1
5.4
3.3
3.2

3.0
3.6
4.3
3.3
2.7

2.2
2.7
4.6
1.7
2.0

–0.3
–2.5
–5.1
–1.1
0.8

–1.6
–3.0
–5.5
–1.8
–0.9

1.9
3.4
6.1
2.2
1.2

2.3
3.1
6.1
1.8
1.8

1.5
2.7
7.4
0.6
0.8

1.7
3.1
5.8
1.9
1.0

2.7
3.3
5.9
2.1
2.4

3.1
3.7
6.0
2.6
2.8

2
3
4
5
6

7 Gross private domestic investment ............................................
6.5 –6.1 –0.6
4.1
8.8
6.4
2.1 –3.1 –9.4
8 Fixed investment .........................................................................
6.9 –1.6 –3.5
4.0
6.7
6.8
2.0 –2.0 –6.8
9
Nonresidential..........................................................................
9.1 –2.4 –6.9
1.9
5.2
7.0
7.1
5.9 –0.7
10
Structures.............................................................................
7.8 –1.5 –17.7 –3.9 –0.4
1.7
7.2 12.7
6.1
11
Equipment............................................................................
9.7 –4.3 –5.4
3.2
7.7
9.6
8.6
3.2 –6.9
12
Intellectual property products...............................................
8.9
0.5 –0.5
3.8
5.1
6.5
4.5
4.8
3.0
13
Residential ...............................................................................
0.7
0.9
6.1
9.1 10.0
6.6 –7.6 –18.8 –24.0
14 Change in private inventories ...................................................... .......... ........... .......... .......... .......... ........... .......... .......... ...........

–21.6 12.9
5.2 10.6
4.5
5.4
4.9
–16.7
1.5
6.3
9.8
4.2
5.3
4.0
–15.6
2.5
7.7
9.0
3.0
6.2
2.8
–18.9 –16.4
2.3 12.9
1.6
8.1 –1.5
–22.9 15.9 13.6 10.8
3.2
5.8
3.1
–1.4
1.9
3.6
3.9
3.8
5.2
5.7
–21.2 –2.5
0.5 13.5
9.5
1.8
8.9
........... .......... .......... ........... .......... .......... ...........

7
8
9
10
11
12
13
14

15 Net exports of goods and services.............................................. .......... ........... .......... .......... .......... ........... .......... .......... ...........
16 Exports ........................................................................................
8.6 –5.8 –1.7
1.8
9.8
6.3
9.0
9.3
5.7
17
Goods ......................................................................................
10.1 –6.2 –3.4
1.9
8.6
7.3
9.4
7.5
6.1
18
Services ...................................................................................
4.7 –5.0
2.7
1.5 12.7
3.8
8.1 13.7
4.8
19 Imports.........................................................................................
13.0 –2.8
3.7
4.5
11.4
6.3
6.3
2.5 –2.6
20
Goods ......................................................................................
13.1 –3.2
3.7
4.9
11.2
6.7
5.9
1.8 –3.7
21
Services ...................................................................................
12.6 –0.6
3.3
2.1 12.7
4.5
8.6
6.2
3.7
22 Government consumption expenditures and gross
investment..................................................................................
1.9
3.8
4.4
2.2
1.6
0.6
1.5
1.6
2.8
23 Federal ........................................................................................
0.3
3.9
7.2
6.8
4.5
1.7
2.5
1.7
6.8
24
National defense......................................................................
–0.9
3.5
7.0
8.5
6.0
2.0
2.0
2.5
7.5
25
Nondefense .............................................................................
2.3
4.7
7.4
4.1
2.0
1.3
3.5
0.3
5.5
26 State and local.............................................................................
2.8
3.7
2.9 –0.4 –0.1
0.0
0.9
1.5
0.3
Addenda:
27 Gross domestic income (GDI) 1....................................................
4.7
1.1
1.4
2.3
3.7
3.6
4.0
0.1 –0.8
28 Average of GDP and GDI ............................................................
4.4
1.0
1.6
2.5
3.8
3.4
3.3
0.9 –0.6
29 Final sales of domestic product ...................................................
4.2
1.9
1.3
2.8
3.4
3.4
2.6
2.0
0.2
30 Gross domestic purchases ..........................................................
4.8
1.2
2.3
3.1
4.3
3.5
2.6
1.1 –1.3
31 Final sales to domestic purchasers .............................................
4.9
2.0
1.8
3.1
3.9
3.6
2.6
1.4 –0.9
32 Final sales to private domestic purchasers .................................
5.5
1.7
1.3
3.3
4.4
4.2
2.8
1.3 –1.7
33 Gross national product ................................................................
4.2
1.1
1.7
2.9
3.9
3.3
2.4
2.2
0.0
34 Real disposable personal income................................................
5.0
2.8
3.1
2.7
3.6
1.5
4.0
2.1
1.5
Price indexes:
35
Gross domestic purchases ......................................................
2.6
1.9
1.4
2.2
2.9
3.5
3.2
2.7
2.9
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
36
Gross domestic purchases excluding food and energy 2 .........
37
GDP.........................................................................................
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
38
GDP excluding food and energy 2 ............................................
2.3
2.0
1.8
1.9
2.7
3.4
3.1
2.6
2.1
39
PCE .........................................................................................
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1
1.7
1.8
1.7
1.5
1.9
2.2
2.2
2.2
2.1
40
PCE excluding food and energy 2.............................................
41
Market-based PCE 3 .................................................................
2.4
1.9
1.1
1.9
2.4
2.8
2.7
2.5
3.4
1.5
1.8
1.5
1.4
1.7
2.0
2.2
2.0
2.3
42
Market-based PCE excluding food and energy 3......................

........... .......... .......... ........... .......... .......... ...........
–8.8
11.9
6.9
3.4
2.8
3.4
1.1
–12.1 14.4
6.5
3.6
2.8
4.4 –0.2
–1.1
6.8
7.6
3.0
2.7
1.2
4.0
–13.7 12.7
5.5
2.2
1.1
3.8
4.9
–15.8 14.9
5.8
2.1
1.0
4.3
4.8
–3.8
3.8
4.0
3.0
1.5
1.6
5.6

15
16
17
18
19
20
21

1

3.2
5.7
5.4
6.2
1.6

0.1
4.4
3.2
6.4
–2.7

–3.0
–2.7
–2.3
–3.4
–3.3

–1.9
–1.9
–3.4
0.9
–1.9

–2.9
–5.7
–6.7
–4.0
–1.0

–0.6
–2.4
–3.8
–0.1
0.6

0.7
–0.3
–1.2
1.2
1.4

22
23
24
25
26

–2.6
–2.7
–2.0
–3.8
–3.1
–4.6
–2.9
–0.4

2.7
2.6
1.1
2.9
1.5
1.9
2.8
1.0

2.2
1.9
1.7
1.6
1.7
2.9
1.8
2.5

3.3
2.7
2.1
2.1
1.9
2.9
2.1
3.2

1.3
1.4
1.4
1.2
1.2
2.2
1.5
–1.4

2.6
2.5
2.4
2.5
2.5
3.2
2.5
2.7

2.3
2.4
2.3
3.0
2.8
3.3
2.1
3.4

27
28
29
30
31
32
33
34

–0.2
0.5
0.8
0.5
–0.1
1.2
0.4
1.9

1.5
1.3
1.2
1.4
1.7
1.3
1.5
1.0

2.4
1.8
2.1
1.9
2.5
1.5
2.5
1.4

1.8
1.8
1.8
1.8
1.9
1.9
1.8
1.8

1.4
1.5
1.6
1.7
1.4
1.5
1.1
1.2

1.5
1.6
1.6
1.7
1.4
1.5
1.1
1.2

0.4
1.0
1.0
1.1
0.3
1.3
0.0
1.1

35
36
37
38
39
40
41
42

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.
See Explanatory Note at the end of the tables.

- 12 -

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2012

Line
1

I

II

2013
III

IV

I

II

2014
III

IV

I

II

2015
III

IV

I

II

III

IV r

Line

Gross domestic product (GDP) ........................................

2.8

2.5

2.4

1.3

1.1

0.9

1.5

2.5

1.7

2.6

2.9

2.5

2.9

2.7

2.1

2.0

1

2 Personal consumption expenditures (PCE) ...............................
3 Goods..........................................................................................
4
Durable goods .........................................................................
5
Nondurable goods ...................................................................
6 Services.......................................................................................

1.6
2.2
6.3
0.4
1.3

1.6
2.7
7.7
0.5
1.0

1.4
3.2
8.2
0.9
0.5

1.3
2.8
7.2
0.8
0.6

1.3
3.0
6.6
1.4
0.5

1.5
3.1
6.4
1.5
0.7

1.7
3.0
5.6
1.9
1.0

2.3
3.2
4.6
2.6
1.8

2.0
2.0
3.1
1.5
1.9

2.6
3.4
5.9
2.2
2.2

3.0
3.7
7.0
2.2
2.7

3.2
4.0
7.5
2.3
2.8

3.3
4.0
7.3
2.4
3.0

3.3
3.7
5.9
2.6
3.0

3.1
3.9
5.6
3.1
2.8

2.7
3.3
5.1
2.4
2.4

2
3
4
5
6

7 Gross private domestic investment ............................................
14.3 12.7 12.1
3.7
3.1
1.9
5.5
7.5
5.0
6.8
5.3
4.7
7.6
5.7
3.7
2.9
8 Fixed investment .........................................................................
12.5 12.1
7.8
7.0
4.7
3.6
4.5
4.1
4.4
5.1
6.1
5.5
4.8
4.7
3.6
3.1
9
Nonresidential..........................................................................
12.4 12.1
6.7
5.2
3.2
1.6
3.0
4.2
5.3
6.2
7.6
5.5
3.9
3.8
2.2
1.5
10
Structures ............................................................................
22.3 17.2
9.6
4.1 –2.0 –1.7
3.5
6.5 13.0
9.9
5.0
5.0 –1.4
0.2 –1.2 –3.5
11
Equipment............................................................................
14.0 15.2
7.5
6.9
4.6
2.3
2.1
3.9
3.2
5.0 10.2
5.1
4.8
3.3
1.8
2.5
12
Intellectual property products...............................................
4.2
4.4
3.5
3.4
4.9
3.1
4.1
3.2
3.3
5.3
5.7
6.5
6.4
7.3
5.4
3.6
13
Residential...............................................................................
12.8 12.4 13.1 15.7 11.2 12.7 11.2
3.5
0.6
0.9
0.5
5.1
8.4
8.2
9.4
9.4
14 Change in private inventories...................................................... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........

7
8
9
10
11
12
13
14

15 Net exports of goods and services ............................................. ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........
16 Exports ........................................................................................
4.3
3.9
3.3
2.2
1.8
1.8
2.4
5.2
3.1
4.3
3.7
2.4
2.6
1.5
1.2 –0.6
17
Goods......................................................................................
4.6
4.5
4.2
1.2
0.8
1.5
2.2
6.8
4.1
5.2
5.5
2.9
2.2
0.9 –0.8 –3.1
18
Services...................................................................................
3.8
2.5
1.4
4.5
3.8
2.6
2.8
1.6
1.0
2.3 –0.1
1.4
3.3
2.7
5.6
4.6
19 Imports ........................................................................................
3.3
3.0
2.4
0.3 –0.1
0.7
1.2
2.4
2.9
3.9
3.1
5.4
6.5
4.8
5.6
2.9
20
Goods......................................................................................
2.7
3.0
2.6
0.1 –0.3
0.6
1.1
2.4
3.3
4.4
3.5
5.8
6.5
4.8
5.4
2.6
21
Services...................................................................................
6.2
3.4
1.4
1.2
0.7
1.3
1.5
2.4
1.0
1.5
0.9
3.1
6.5
4.9
6.7
4.2
22 Government consumption expenditures and gross
investment .................................................................................
–1.6 –2.0 –1.6 –2.2 –2.9 –2.9 –3.2 –2.9 –1.8 –1.0
0.0
0.4
0.4
0.7
0.7
1.1
23 Federal ........................................................................................
–1.4 –2.5 –1.4 –2.1 –4.4 –5.1 –6.6 –6.8 –4.5 –3.4 –1.0 –0.8 –0.6 –0.3 –1.1
0.9
24
National defense......................................................................
–1.3 –4.0 –4.3 –3.9 –5.6 –5.9 –8.0 –7.4 –6.0 –4.7 –1.7 –2.9 –1.5 –1.3 –2.7
0.7
25
Nondefense .............................................................................
–1.5
0.2
4.0
1.0 –2.3 –3.6 –4.2 –5.9 –2.0 –1.2
0.1
2.7
0.9
1.3
1.4
1.3
26 State and local.............................................................................
–1.8 –1.6 –1.8 –2.3 –1.8 –1.4 –0.8 –0.2
0.1
0.6
0.7
1.1
1.0
1.4
1.9
1.2
Addenda:
27 Gross domestic income (GDI) 1 ...................................................
3.9
3.5
2.8
2.8
0.8
1.4
1.6
1.4
1.6
2.1
3.3
3.3
3.3
2.6
1.9
1.4
28 Average of GDP and GDI............................................................
3.3
3.0
2.6
2.1
1.0
1.2
1.5
1.9
1.7
2.3
3.1
2.9
3.1
2.7
2.0
1.7
29 Final sales of domestic product...................................................
2.5
2.4
1.8
1.7
1.3
1.1
1.3
1.9
1.6
2.3
3.0
2.6
2.4
2.5
2.1
2.0
30 Gross domestic purchases..........................................................
2.6
2.4
2.3
1.0
0.8
0.7
1.3
2.1
1.7
2.6
2.8
2.9
3.5
3.2
2.8
2.5
31 Final sales to domestic purchasers.............................................
2.4
2.3
1.7
1.4
1.0
1.0
1.2
1.6
1.6
2.3
3.0
3.0
3.0
3.0
2.8
2.5
32 Final sales to private domestic purchasers .................................
3.4
3.3
2.5
2.3
1.9
1.9
2.2
2.6
2.4
3.0
3.6
3.6
3.6
3.5
3.2
2.8
33 Gross national product ................................................................
2.8
2.4
2.2
1.0
0.9
1.0
1.6
2.6
1.9
2.6
2.9
2.4
2.7
2.5
1.7
1.6
34 Real disposable personal income ...............................................
2.1
3.0
2.4
5.1 –1.0 –1.1 –0.5 –2.9
2.3
2.4
2.5
3.6
3.6
3.5
3.6
3.0
Price indexes:
35
Gross domestic purchases ......................................................
2.3
1.6
1.5
1.7
1.5
1.4
1.5
1.4
1.5
1.8
1.7
1.2
0.4
0.3
0.3
0.4
2.0
1.7
1.6
1.7
1.5
1.5
1.5
1.7
1.6
1.7
1.8
1.4
1.1
1.0
0.9
0.9
36
Gross domestic purchases excluding food and energy 2 .........
37
GDP.........................................................................................
2.0
1.7
1.7
1.9
1.8
1.6
1.5
1.6
1.6
1.9
1.8
1.3
1.0
1.0
0.9
1.1
2.0
1.7
1.6
1.8
1.6
1.6
1.8
1.9
1.8
1.9
1.8
1.5
1.2
1.1
1.1
1.1
38
GDP excluding food and energy 2 ............................................
39
PCE .........................................................................................
2.5
1.8
1.6
1.8
1.5
1.3
1.4
1.2
1.3
1.7
1.6
1.1
0.2
0.3
0.3
0.5
2.1
1.9
1.7
1.8
1.7
1.5
1.5
1.5
1.4
1.6
1.6
1.4
1.3
1.3
1.3
1.4
40
PCE excluding food and energy 2 ............................................
41
Market-based PCE 3.................................................................
2.5
1.7
1.5
1.6
1.3
1.0
1.1
0.9
0.9
1.5
1.3
0.9 –0.1 –0.1
0.0
0.2
42
Market-based PCE excluding food and energy 3 .....................
2.0
1.9
1.7
1.5
1.4
1.1
1.1
1.2
1.1
1.3
1.3
1.2
1.1
1.1
1.1
1.2

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

r Revised
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the
final consumption expenditures of nonprofit institutions serving households.
See Explanatory Note at the end of the tables.

- 13 -

Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2013

2014

2015 r

2014

2015

IV

I

II

Line
III

IV

r

1 Gross domestic product (GDP) .........................................................
2 Plus: Income receipts from the rest of the world...................................
3 Less: Income payments to the rest of the world ...................................

16,663.2
826.2
575.8

17,348.1
854.3
591.2

17,947.0
830.5
616.9

17,615.9
857.0
592.3

17,649.3
817.0
589.5

17,913.7
845.3
614.7

18,060.2
841.2
637.6

18,164.8
818.4
625.7

1
2
3

4 Equals: Gross national product ........................................................
5 Less: Consumption of fixed capital .......................................................
6 Less: Statistical discrepancy.................................................................

16,913.5
2,632.8
–177.6

17,611.2
2,746.7
–212.0

18,160.6
2,821.3
–195.2

17,880.6
2,784.2
–261.8

17,876.8
2,792.7
–252.3

18,144.3
2,804.3
–180.4

18,263.8
2,832.6
–184.4

18,357.5
2,855.7
–163.9

4
5
6

7 Equals: National income ....................................................................
8 Compensation of employees ............................................................
9
Wages and salaries.......................................................................
10
Supplements to wages and salaries..............................................
11 Proprietors’ income with inventory valuation and capital
consumption adjustments..............................................................
12 Rental income of persons with capital consumption adjustment ......
13 Corporate profits with inventory valuation and capital consumption
adjustments...................................................................................
14 Net interest and miscellaneous payments ........................................
15 Taxes on production and imports less subsidies...............................
16 Business current transfer payments (net) .........................................
17 Current surplus of government enterprises.......................................
Addenda:
18 Gross domestic income (GDI)...........................................................
19 Average of GDP and GDI..................................................................
20 Statistical discrepancy as a percentage of GDP...............................

14,458.3
8,839.7
7,114.4
1,725.3

15,076.5
9,248.9
7,477.8
1,771.2

15,534.5
9,654.9
7,824.0
1,830.9

15,358.2
9,424.9
7,632.6
1,792.3

15,336.4
9,487.9
7,682.4
1,805.5

15,520.3
9,615.2
7,791.8
1,823.4

15,615.6
9,709.5
7,870.0
1,839.5

15,665.7
9,806.9
7,951.7
1,855.2

7
8
9
10

1,285.1
563.4

1,346.7
610.8

1,388.3
656.6

1,377.9
628.4

1,369.4
637.0

1,377.0
654.1

1,400.1
663.6

1,406.7
671.7

11
12

2,037.4
513.5
1,118.6
119.4
–18.8

2,072.9
532.3
1,155.8
127.3
–18.3

2,008.9
523.8
1,177.3
141.2
–16.5

2,135.5
521.9
1,169.5
118.7
–18.6

2,012.5
561.3
1,169.2
115.6
–16.6

2,083.0
506.6
1,175.7
124.9
–16.1

2,049.9
508.3
1,179.0
121.2
–16.0

1,890.3
519.0
1,185.5
203.0
–17.4

13
14
15
16
17

16,840.8
16,752.0
–1.1

17,560.1
17,454.1
–1.2

18,142.2
18,044.6
–1.1

17,877.8
17,746.8
–1.5

17,901.6
17,775.4
–1.4

18,094.0
18,003.9
–1.0

18,244.5
18,152.3
–1.0

18,328.7
18,246.8
–0.9

18
19
20

r Revised

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

2013

1 Personal income 1 ..............................................................................................................
2 Compensation of employees...........................................................................................
3
Wages and salaries .....................................................................................................
4
Supplements to wages and salaries............................................................................
5 Proprietors’ income with inventory valuation and capital consumption adjustments.......
6
Farm ............................................................................................................................
7
Nonfarm.......................................................................................................................
8 Rental income of persons with capital consumption adjustment.....................................
9 Personal income receipts on assets................................................................................
10
Personal interest income .............................................................................................
11
Personal dividend income ...........................................................................................
12 Personal current transfer receipts ...................................................................................
13 Less: Contributions for government social insurance, domestic .....................................
14 Less: Personal current taxes ..............................................................................................
15 Equals: Disposable personal income .............................................................................
16 Less: Personal outlays........................................................................................................
17 Equals: Personal saving ..................................................................................................

2014

2015

r

2014

2015

Line

IV

I

II

III

IV r

14,068.4 14,694.2
8,839.7 9,248.9
7,114.4 7,477.8
1,725.3 1,771.2
1,285.1 1,346.7
88.8
78.1
1,196.3 1,268.6
563.4
610.8
2,060.4
2,117.5
1,271.3 1,302.0
789.0
815.5
2,426.6 2,529.2
1,106.8 1,159.0
1,672.8 1,780.2

15,340.4
9,654.9
7,824.0
1,830.9
1,388.3
59.9
1,328.4
656.6
2,180.5
1,312.3
868.2
2,662.7
1,202.5
1,945.4

14,955.7
9,424.9
7,632.6
1,792.3
1,377.9
74.8
1,303.0
628.4
2,130.6
1,289.8
840.8
2,571.0
1,177.2
1,838.8

15,079.8
9,487.9
7,682.4
1,805.5
1,369.4
60.5
1,308.9
637.0
2,145.5
1,282.6
863.0
2,625.8
1,185.8
1,900.1

15,277.0
9,615.2
7,791.8
1,823.4
1,377.0
56.9
1,320.1
654.1
2,178.3
1,313.4
864.9
2,651.3
1,198.9
1,938.7

15,443.7
9,709.5
7,870.0
1,839.5
1,400.1
65.2
1,334.9
663.6
2,202.8
1,335.0
867.8
2,675.7
1,207.9
1,957.3

15,561.1
9,806.9
7,951.7
1,855.2
1,406.7
57.1
1,349.7
671.7
2,195.3
1,318.3
876.9
2,698.0
1,217.6
1,985.7

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

12,395.6
11,805.7

12,913.9
12,293.7

13,395.0
12,717.5

13,116.8
12,502.5

13,179.8
12,492.2

13,338.3
12,674.5

13,486.4
12,806.2

13,575.4
12,897.1

15
16

18

Personal saving as a percentage of disposable personal income ..................................

589.9
4.8

620.2
4.8

677.5
5.1

614.3
4.7

687.6
5.2

663.9
5.0

680.2
5.0

678.3
5.0

17
18

19
20

Addenda:
Personal income excluding current transfer receipts, billions of chained (2009) dollars 2
Disposable personal income, billions of chained (2009) dollars 2 ....................................

10,822.3
11,523.1

11,149.8
11,836.3

11,584.1
12,239.5

11,329.0
11,998.7

11,447.6
12,114.7

11,542.2
12,193.6

11,635.1
12,289.8

11,711.7
12,360.2

19
20

r Revised
1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and
personal current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.

- 14 -

Table 11. Corporate Profits: Level and Percent Change
Billions of dollars

Percent change from preceding period

Seasonally adjusted at annual rates

Line

2013

2014

2015

2014

2014

2015

IV

I

II

III

6
7
8
9
10
11
12
13

2015

2015

IV

I

1 Corporate profits with inventory valuation and
capital consumption adjustments ........................... 2,037.4 2,072.9 2,008.9 2,135.5 2,012.5 2,083.0 2,049.9 1,890.3
2 Less: Taxes on corporate income ................................... 468.9 513.9 529.7 512.3 517.8 549.0 542.2 509.9
3 Equals: Profits after tax with inventory valuation
and capital consumption adjustments.................... 1,568.5 1,559.1 1,479.2 1,623.2 1,494.7 1,533.9 1,507.7 1,380.4
4 Net dividends .............................................................. 924.0 860.0 888.6 872.2 878.5 879.6 905.7 890.5
5 Undistributed profits with inventory valuation and
capital consumption adjustments ............................ 644.5 699.0 590.6 751.0 616.3 654.3 602.1 489.9
Addenda for corporate cash flow:
Net cash flow with inventory valuation
adjustment .............................................................
Undistributed profits with inventory valuation and
capital consumption adjustments ........................
Consumption of fixed capital ...................................
Less: Capital transfers paid (net) ............................
Addenda:
Profits before tax (without inventory valuation and
capital consumption adjustments) ...........................
Profits after tax (without inventory valuation and
capital consumption adjustments) ...........................
Inventory valuation adjustment ...................................
Capital consumption adjustment .................................

Quarter
one year
ago Line

Quarterly rates

2015

II

III

IV

IV

1.7
9.6

–3.1
3.1

–5.8
1.1

3.5
6.0

–1.6
–1.2

–7.8
–5.9

–11.5
–0.5

1
2

–0.6
–6.9

–5.1
3.3

–7.9
0.7

2.6
0.1

–1.7
3.0

–8.4
–1.7

–15.0
2.1

3
4

8.5

–15.5

–17.9

6.2

–8.0

–18.6

–34.8

5

5.2

–2.6

–6.0

2.3

–1.6

–4.8

–10.0

6

644.5 699.0 590.6 751.0 616.3 654.3 602.1 489.9
8.5 –15.5 –17.9
6.2
–8.0 –18.6 –34.8
1,405.0 1,467.3 1,512.3 1,489.4 1,493.7 1,502.5 1,520.3 1,532.7
4.4
3.1
0.3
0.6
1.2
0.8
2.9
–5.7
3.3
–3.2
–8.1
–3.0
–4.3
–3.7
–1.9 ............. ............. ............ ............. ............. ............ .............

7
8
9

2,055.2 2,163.0 2,106.2 2,248.5 2,113.0 2,161.1 2,126.1 2,024.5

2,161.6 2,207.8 2,280.4 2,212.8 2,252.3 2,393.7 2,326.0 2,149.5

2.1

3.3

1.8

6.3

–2.8

–7.6

–2.9

10

1,692.7 1,693.9 1,750.6 1,700.5 1,734.5 1,844.6 1,783.8 1,639.6
0.1
3.3
2.0
6.4
–3.3
–8.1
–3.6
3.2
–2.9
61.5
53.5
99.2
20.5
56.5
69.7 ............. ............. ............ ............. ............. ............ .............
–127.5 –131.9 –332.9 –130.8 –338.9 –331.3 –332.6 –329.0 ............. ............. ............ ............. ............. ............ .............

11
12
13

Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
Level

Change from preceding period

Seasonally adjusted at annual rates

Line

2013

2014

2015

2014

2015

IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33

Corporate profits with inventory valuation and
capital consumption adjustments ...................
Domestic industries .....................................................
Financial .....................................................................
Nonfinancial ................................................................
Rest of the world ..........................................................
Receipts from the rest of the world .............................
Less: Payments to the rest of the world......................
Corporate profits with inventory valuation
adjustment .........................................................
Domestic industries .....................................................
Financial .....................................................................
Federal Reserve banks...........................................
Other financial.........................................................
Nonfinancial ................................................................
Utilities ....................................................................
Manufacturing .........................................................
Durable goods.....................................................
Fabricated metal products...............................
Machinery........................................................
Computer and electronic products ..................
Electrical equipment, appliances, and
components .................................................
Motor vehicles, bodies and trailers, and parts.
Other durable goods........................................
Nondurable goods...............................................
Food and beverage and tobacco products......
Petroleum and coal products...........................
Chemical products...........................................
Other nondurable goods..................................
Wholesale trade ......................................................
Retail trade..............................................................
Transportation and warehousing.............................
Information ..............................................................
Other nonfinancial...................................................
Rest of the World..........................................................

I

II

2014
III

2015

2015

IV

I

Line

II

III

IV

2,037.4 2,072.9
1,622.6 1,654.7
385.8
383.6
1,236.8 1,271.1
414.8
418.2
668.7
690.3
253.9
272.1

2,008.9
1,619.9
381.3
1,238.5
389.1
661.3
272.2

2,135.5
1,712.8
383.8
1,329.0
422.7
690.0
267.4

2,012.5 2,083.0
1,618.9 1,677.9
360.4
395.1
1,258.5 1,282.8
393.6
405.1
650.0
674.9
256.4
269.8

2,049.9 1,890.3
1,667.9 1,514.8
396.9
372.9
1,271.0 1,141.8
382.0
375.6
671.4
648.9
289.3
273.4

35.6
32.1
–2.2
34.3
3.4
21.6
18.2

–64.0
–34.9
–2.3
–32.6
–29.1
–29.0
0.2

–123.0
–93.9
–23.4
–70.5
–29.0
–40.0
–11.0

70.4
59.0
34.6
24.3
11.4
24.9
13.4

–33.0
–10.0
1.8
–11.8
–23.1
–3.5
19.5

–159.6
–153.1
–24.0
–129.2
–6.5
–22.4
–16.0

1
2
3
4
5
6
7

2,164.9 2,204.9
1,750.1 1,786.6
423.6
423.4
79.6
103.4
344.1
320.0
1,326.4 1,363.2
26.4
27.7
426.4
439.8
213.8
223.3
23.1
23.8
33.8
31.9
51.1
52.6

2,341.9
1,952.8
442.8
102.9
339.9
1,510.0
19.0
499.5
279.7
28.8
31.0
74.6

2,266.3 2,351.5 2,414.2
1,843.6 1,957.8 2,009.1
424.9
421.9
456.2
104.8
100.5
103.2
320.1
321.4
352.9
1,418.7 1,536.0 1,553.0
16.9
24.9
28.4
466.1
534.6
537.0
238.4
276.4
296.2
24.1
28.5
28.5
30.7
36.8
33.3
60.0
72.7
78.4

2,382.5 2,219.3
2,000.4 1,843.7
458.6
434.6
106.4
101.4
352.2
333.1
1,541.8 1,409.1
13.2
9.5
532.9
393.6
280.6
265.6
28.1
29.9
28.1
25.9
75.2
72.2

40.0
36.6
–0.2
23.8
–24.0
36.8
1.3
13.4
9.5
0.8
–1.9
1.5

137.0
166.2
19.4
–0.5
19.9
146.8
–8.7
59.7
56.4
4.9
–0.8
22.0

85.2
114.2
–3.1
–4.3
1.3
117.3
8.0
68.5
38.0
4.3
6.1
12.7

62.7
51.3
34.3
2.7
31.6
17.0
3.5
2.3
19.9
0.0
–3.5
5.7

–31.7
–8.7
2.5
3.2
–0.8
–11.1
–15.3
–4.1
–15.6
–0.4
–5.3
–3.1

–163.2
–156.7
–24.0
–5.0
–19.1
–132.7
–3.7
–139.2
–15.0
1.7
–2.2
–3.0

8
9
10
11
12
13
14
15
16
17
18
19

2.3
2.8
4.0
4.0
0.5
5.1
0.3
–1.9
2.2
–1.0
12.3
–2.9
11.5
3.4

3.7
21.0
5.6
3.3
18.1
–40.6
13.3
12.5
22.4
22.7
26.7
21.8
2.2
–29.1

3.8
7.8
3.2
30.6
11.7
–15.1
21.1
12.8
8.5
10.6
22.7
22.0
–23.0
–29.0

0.4
17.0
0.3
–17.6
–5.8
–2.3
–8.6
–0.9
–5.6
–14.3
3.1
7.8
20.2
11.4

–0.7
–7.1
1.0
11.5
3.3
7.0
2.1
–0.9
4.8
5.5
11.0
–3.9
–9.2
–23.1

1.0
–4.6
–8.0
–124.2
2.9
–124.3
–8.4
5.5
11.3
–1.1
3.6
6.4
–9.9
–6.5

20
21
22
23
24
25
26
27
28
29
30
31
32
33

14.0
22.0
69.9
212.6
54.6
48.4
74.8
34.7
145.5
159.4
53.0
129.4
386.3
414.8

16.2
24.8
73.9
216.5
55.2
53.4
75.1
32.8
147.7
158.4
65.3
126.5
397.7
418.2

20.0
45.8
79.5
219.8
73.3
12.9
88.4
45.3
170.1
181.1
92.0
148.3
399.9
389.1

15.9
30.0
77.6
227.7
63.5
57.3
74.7
32.2
160.5
178.8
60.6
120.9
414.9
422.7

19.8
37.8
80.8
258.3
75.2
42.2
95.8
45.0
169.1
189.4
83.3
142.9
391.8
393.6

NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

- 15 -

20.1
54.8
81.1
240.7
69.5
39.8
87.3
44.2
163.5
175.1
86.3
150.6
412.0
405.1

19.5
47.6
82.1
252.2
72.7
46.9
89.4
43.3
168.2
180.6
97.4
146.7
402.9
382.0

20.5
43.1
74.1
128.0
75.7
–77.5
81.0
48.8
179.5
179.4
101.0
153.1
393.0
375.6

Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
Seasonally adjusted at annual rates
Line

2013

2014

2015

r

2014
IV

2015
I

II

Line
III

IV r

Billions of dollars
1
Gross value added of nonfinancial corporate business.................
2 Consumption of fixed capital ........................................................................

8,316.8
1,232.2

8,641.0
1,285.7

8,886.4
1,326.1

8,802.3
1,303.8

8,777.7
1,311.4

8,873.1
1,318.0

8,932.1
1,332.6

8,962.7
1,342.5

1
2

3 Net value added..........................................................................................
4 Compensation of employees....................................................................
5
Wages and salaries ..............................................................................
6
Supplements to wages and salaries.....................................................
7 Taxes on production and imports less subsidies ......................................
8 Net operating surplus ...............................................................................
9
Net interest and miscellaneous payments............................................
10
Business current transfer payments (net).............................................
11
Corporate profits with inventory valuation and capital consumption
adjustments ......................................................................................
12
Taxes on corporate income...............................................................
13
Profits after tax with inventory valuation and capital consumption
adjustments...................................................................................
14
Net dividends ................................................................................
Undistributed profits with inventory valuation and capital
15
consumption adjustments..........................................................

7,084.6
4,747.4
3,953.5
793.9
724.9
1,612.3
280.4
95.1

7,355.2
4,995.8
4,178.9
816.9
745.2
1,614.3
258.1
85.1

7,560.3
5,207.4
4,361.7
845.7
754.1
1,598.8
259.5
100.7

7,498.5
5,080.9
4,249.3
831.6
753.4
1,664.2
253.6
81.7

7,466.3
5,109.8
4,277.7
832.1
749.1
1,607.4
269.8
79.1

7,555.1
5,186.7
4,344.8
841.9
753.0
1,615.4
252.8
79.8

7,599.5
5,237.5
4,387.4
850.2
755.1
1,606.8
255.3
80.5

7,620.2
5,295.5
4,436.9
858.6
759.2
1,565.4
260.2
163.4

3
4
5
6
7
8
9
10

1,236.8
284.6

1,271.1
316.2

1,238.5
346.6

1,329.0
324.2

1,258.5
341.4

1,282.8
362.3

1,271.0
353.4

1,141.8
329.3

11
12

952.2
525.2

954.9
573.8

891.9
585.8

1,004.8
577.9

917.0
588.6

920.5
579.7

917.6
589.4

812.5
585.7

13
14

427.0

381.1

306.1

426.9

328.5

340.9

328.2

226.8

15

1,323.2

1,366.1

1,448.5

1,365.2

1,436.8

1,532.4

1,485.4

1,339.4

16

1,038.6
3.2
–89.6

1,049.9
–2.9
–92.1

1,101.9
61.5
–271.4

1,041.0
53.5
–89.7

1,095.3
99.2
–277.5

1,170.2
20.5
–270.2

1,132.0
56.5
–270.8

1,010.1
69.7
–267.3

17
18
19

8,401.6
1,228.1
7,173.4

8,394.6
1,238.8
7,155.8

8,436.4
1,249.8
7,186.6

8,482.5
1,260.8
7,221.7

8,510.4
1,271.1
7,239.3

20
21
22

16
17
18
19

Addenda:
Profits before tax (without inventory valuation and capital consumption
adjustments) .........................................................................................
Profits after tax (without inventory valuation and capital consumption
adjustments) .........................................................................................
Inventory valuation adjustment.................................................................
Capital consumption adjustment ..............................................................

Billions of chained (2009) dollars
20
Gross value added of nonfinancial corporate business ...............
21 Consumption of fixed capital 2 ......................................................................
22 Net value added 3 .........................................................................................
1

7,954.8
1,177.1
6,777.7

8,207.3
1,212.8
6,994.5

8,456.1
1,255.1
7,201.0

Dollars; quarters seasonally adjusted
23
24
25
26
27
28
29
30
31

Price, costs, and profits per unit of real gross value added of
nonfinancial corporate business:
Price per unit of real gross value added of nonfinancial corporate
business 4 ............................................................................................
Compensation of employees (unit labor cost) ..........................................
Unit nonlabor cost ....................................................................................
Consumption of fixed capital ................................................................
Taxes on production and imports less subsidies plus business current
transfer payments (net).....................................................................
Net interest and miscellaneous payments............................................
Corporate profits with inventory valuation and capital consumption
adjustments (unit profits from current production) ................................
Taxes on corporate income ..................................................................
Profits after tax with inventory valuation and capital consumption
adjustments ......................................................................................

1.046
0.597
0.293
0.155

1.053
0.609
0.289
0.157

1.051
0.616
0.289
0.157

1.048
0.605
0.285
0.155

1.046
0.609
0.287
0.156

1.052
0.615
0.285
0.156

1.053
0.617
0.286
0.157

1.053
0.622
0.297
0.158

23
24
25
26

0.103
0.035

0.101
0.031

0.101
0.031

0.099
0.030

0.099
0.032

0.099
0.030

0.099
0.030

0.108
0.031

27
28

0.155
0.036

0.155
0.039

0.146
0.041

0.158
0.039

0.150
0.041

0.152
0.043

0.150
0.042

0.134
0.039

29
30

0.120

0.116

0.105

0.120

0.109

0.109

0.108

0.095

31

r Revised
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not
available, the chain-type price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2009 current-dollar value of the corresponding series,
divided by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

- 16 -

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

2013 2014 2015

2012

r

I

II

2013
III

IV

I

II

2014
III

IV

I

2015

II

III

IV

4.6
10.3
1.7
6.3
16.5
4.2
8.2
4.6
0.7
4.7
28.6
5.4

4.3
2.1
9.1 –0.2
2.4
2.7
0.6
6.8
19.8 –11.3
3.8
2.5
4.3 –26.7
4.3
2.2
1.9
5.5
4.3
2.0
6.9
7.0
5.5
2.6

I

Line

II

III

IV r

0.6
–1.8
2.1
–0.9
1.4
0.6
29.8
0.5
5.2
0.5
9.8
0.5

3.9
5.9
2.0
12.2
14.5
3.6
41.5
3.8
9.7
3.8
–4.9
5.1

2.0
1.4
2.2 –0.7
1.8
2.5
2.5
0.6
19.2 –21.1
1.5
2.2
5.0
9.8
2.0
1.4
–0.7 –0.5
2.1
1.4
41.8
4.6
1.8
1.5

Percent change from preceding period
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Gross domestic product (GDP) and related aggregates:
GDP....................................................................................
Goods.................................................................................
Services..............................................................................
Structures...........................................................................
Motor vehicle output...........................................................
GDP excluding motor vehicle output ..................................
Final sales of computers 1 ...................................................
GDP excluding final sales of computers.............................
Research and development ...............................................
GDP excluding research and development........................
Farm gross value added 2 ...................................................
Nonfarm business gross value added 3 ..............................
Price indexes:
GDP....................................................................................
GDP excluding food and energy 4 .......................................
GDP excluding final sales of computers.............................
Gross domestic purchases.................................................
Gross domestic purchases excluding food and energy 4 ....
Gross domestic purchases excluding final sales of
computers to domestic purchasers.................................
Personal consumption expenditures (PCE) .......................
PCE excluding food and energy 4 .......................................
Market-based PCE 5 ...........................................................
Market-based PCE excluding food and energy 5 ................

1.5
3.9
0.2
2.5
4.9
1.4
14.7
1.4
2.5
1.5
22.7
1.7

2.4
3.7
1.7
3.6
7.2
2.3
2.1
2.4
1.8
2.4
2.3
3.0

2.4
2.7
2.5
3.6
2.2
1.2
4.0 12.6
4.7 27.5
2.4
2.1
9.9 19.4
2.4
2.6
4.3 –2.4
2.4
2.8
10.3 –27.0
2.9
3.9

1.9
0.5
5.4
1.2
0.0
0.4
3.6 –1.3
7.1
0.0
1.7
0.5
–2.1 18.8
1.9
0.4
–0.1
0.8
1.9
0.5
–9.4 –29.5
2.7
1.0

0.1
–0.7
0.3
2.2
–2.0
0.1
46.3
–0.1
4.7
0.0
–1.8
0.2

1.9
7.4
–0.4
–0.9
17.0
1.5
13.8
1.9
6.0
1.8
87.6
1.7

1.6
1.7
1.7
1.4
1.5

1.6
1.7
1.7
1.5
1.6

1.0
1.1
1.0
0.4
1.0

2.1
2.6
2.2
2.4
2.4

1.8
1.6
1.8
1.2
1.6

1.5
1.4
1.5
1.1
1.2

1.6
1.4
1.5
1.1
1.2

0.4
0.3
1.3
0.0
1.1

2.5
2.3
2.3
2.2
2.1

1.2
1.2
1.9
1.0
1.7

1.1
3.0
1.2
7.5
0.3
0.2
8.3
8.2
8.5 –13.7
0.9
3.5
11.5 –6.1
1.1
3.0
–0.6
1.4
1.2
3.0
38.4 35.4
1.1
3.5

3.8 –0.9
9.2 –7.3
2.1
1.7
–3.6
4.5
19.9
2.1
3.4 –1.0
4.4
5.1
3.8 –0.9
–0.5
4.3
3.9 –1.1
1.2 –31.8
5.2 –1.2

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

2.4
1.3
2.4
1.3
1.3

1.5
1.8
1.5
1.9
1.6

1.5
1.8
1.5
1.4
1.6

1.1
1.5
1.2
0.8
1.3

2.0
2.0
2.0
1.7
1.6

1.8
2.2
1.8
1.8
2.1

1.5
1.5
1.5
1.6
1.5

2.2
1.9
2.2
1.9
1.8

1.6
1.8
1.6
1.5
1.7

0.1
0.8
0.2
–0.1
0.8

0.1
0.5
0.2
–1.6
0.2

2.1
1.5
2.1
1.5
1.2

1.3
1.4
1.3
1.3
1.3

0.9
1.1
0.9
0.4
1.0

1.4
1.3
1.2
1.3
1.2

2.0
2.2
1.7
1.7
1.1

1.4
1.4
1.7
1.2
1.6

0.8
0.4
1.2
–0.2
0.6

1.8
1.7
1.4
1.6
1.3

1.9
1.4
1.7
0.9
1.2

1.6
1.6
1.4
1.4
1.1

2.0
2.1
2.0
1.9
1.7

1.6
1.2
1.4
1.1
1.3

0.0
–0.4
1.0
–0.9
0.7

–1.6
–1.9
1.0
–2.5
0.7

1.5
2.2
1.9
2.2
1.8

1.3
1.3
1.4
1.1
1.2

0.4 18
0.3 19
1.3 20
0.2 21
1.3 22

–0.9

4.6

4.3

2.1

0.6

3.9

2.0

1.4

0.77 1.12 1.64 0.36 –0.24 2.17 0.34 2.23 2.77 –2.30
1.35 0.73 –0.01 0.22 0.17 –0.20 0.20 0.16 1.32 1.04
0.31 0.83 0.25 –0.10 0.15 –0.06 0.58 0.59 –0.27 0.33
0.13 0.64 0.19 0.00 –0.05 0.43 0.23 –0.41 0.50 0.06
0.04 0.07 –0.01 0.07 0.16 0.06 0.05 –0.03 0.02 0.02
0.11 –0.06 0.00 0.02 0.12 0.15 –0.01 0.04 –0.01 0.11

3.07
1.03
0.47
0.44
0.03
0.02

13
14
15
16
17

Contributions to percent change in real gross domestic product
Percent change at annual rate:
23

Gross domestic product ..............................................

1.5

2.4

24
25
26
27
28
29

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

1.17
0.13
0.18
0.13
0.06
0.06

1.13
1.03
0.27
0.20
0.01
0.05

2.4

2.7

1.9

0.5

0.1

1.9

1.1

3.0

3.8

2.74 –0.06 –0.57
1.49 1.63 1.28
0.05 0.50 –0.07
0.53 –0.35 0.04
0.02 –0.12 0.10
0.05 0.14 0.13

23

1.79 0.67 –0.20 24
1.24 1.12 1.54 25
0.90 0.19 0.05 26
0.40 0.53 –0.71 27
0.13 0.02 0.04 28
0.25 –0.02 –0.01 29

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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