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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 27, 2017 Technical: Media: Lisa Mataloni (GDP) Jeannine Aversa (301) 278-9083 (301) 278-9003 BEA 17-03 gdpniwd@bea.gov Jeannine.Aversa@bea.gov Gross Domestic Product: Fourth Quarter and Annual 2016 (Advance Estimate) Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the fourth quarter of 2016 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.5 percent. The Bureau emphasized that the fourth-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see “Source Data for the Advance Estimate” on page 3). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 28, 2017. Real GDP: Percent change from preceding quarter 6 5 4 3 2 1 0 -1 -2 Q1 Q2 Q3 2013 U.S. Bureau of Economic Analysis Q4 Q1 Q2 Q3 2014 Q4 Q1 Q2 Q3 2015 Q4 Q1 Q2 Q3 Q4 2016 Seasonally adjusted annual rates The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, residential fixed investment, nonresidential fixed investment, and state and local government spending that were partly offset by negative contributions from exports and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2). The deceleration in real GDP in the fourth quarter reflected a downturn in exports, an acceleration in imports, a deceleration in PCE, and a downturn in federal government spending that were partly offset by an upturn in residential fixed investment, an acceleration in private inventory investment, an upturn in state and local government spending, and an acceleration in nonresidential fixed investment. Current-dollar GDP increased 4.0 percent, or $185.5 billion, in the fourth quarter to a level of $18,860.8 billion. In the third quarter, current dollar GDP increased 5.0 percent, or $225.2 billion (table 1 and table 3). The price index for gross domestic purchases increased 2.0 percent in the fourth quarter, compared with an increase of 1.5 percent in the third quarter (table 4). The PCE price index increased 2.2 percent, compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index increased 1.3 percent, compared with an increase of 1.7 percent (appendix table A). Personal Income (table 10) Current-dollar personal income increased $152.0 billion in the fourth quarter, compared with an increase of $172.3 billion in the third. The deceleration in personal income primarily reflected a deceleration in wages and salaries. Disposable personal income increased $130.2 billion, or 3.7 percent, in the fourth quarter, compared with an increase of $141.5 billion, or 4.1 percent, in the third. Real disposable personal income increased 1.5 percent, compared with an increase of 2.6 percent. Personal saving was $791.2 billion in the fourth quarter, compared with $818.1 billion in the third. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 5.6 percent in the fourth quarter, compared with 5.8 percent in the third. -2- 2016 GDP Real GDP increased 1.6 percent in 2016 (that is, from the 2015 annual level to the 2016 annual level), compared with an increase of 2.6 percent in 2015 (table 1). The increase in real GDP in 2016 reflected positive contributions from PCE, residential fixed investment, state and local government spending, exports, and federal government spending that were partly offset by negative contributions from private inventory investment and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased (table 2). The deceleration in real GDP from 2015 to 2016 reflected a downturn in private inventory investment, a deceleration in PCE, a downturn in nonresidential fixed investment, and decelerations in residential fixed investment and in state and local government spending that were offset by a deceleration in imports and accelerations in federal government spending and in exports. Current-dollar GDP increased 2.9 percent, or $530.3 billion, in 2016 to a level of $18,566.9 billion, compared with an increase of 3.7 percent, or $643.5 billion, in 2015 (table 1 and table 3). The price index for gross domestic purchases increased 1.0 percent in 2016, compared with an increase of 0.4 percent in 2015 (table 4). During 2016 (that is, measured from the fourth quarter of 2015 to the fourth quarter of 2016), real GDP increased 1.9 percent, the same rate as during 2015. The price index for gross domestic purchases increased 1.5 percent during 2016, compared with an increase of 0.4 percent during 2015 (table 7). Source Data for the Advance Estimate Information on the assumptions used for unavailable source data in the advance estimate is provided in a Technical Note that is posted with the news release on BEA’s Web site. Within a few days after the release, a detailed "Key Source Data and Assumptions" file is posted on the Web site. For information on updates to GDP, see the "Additional Information" section that follows. * * * Next release: February 28, 2017 at 8:30 A.M. EST Gross Domestic Product: Fourth Quarter and Annual 2016 (Second Estimate) * * -3- * Additional Information Resources Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Additional Resources available at www.bea.gov: Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s Interactive Data Application. Access BEA data by registering for BEA’s Data Application Programming Interface (API). For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. For more definitions, see the Glossary: National Income and Product Accounts. Definitions Statistical conventions Gross domestic product (GDP) is 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. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless otherwise specified. Dollar changes are calculated as the difference between these SAAR values. For detail, see the FAQ “Why does BEA publish estimates at annual rates?” Percent changes in quarterly series are calculated from unrounded data and are displayed at annual rates, unless otherwise specified. For details, see the FAQ “How is average annual growth calculated?” Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Quantities and prices. Quantities, or “real” volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences are due to rounding. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, “persons.” Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the rest of world. It does not include realized or unrealized capital gains or losses. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a “residual” line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. -4- Updates to GDP Vintage BEA releases three vintages of the current quarterly estimate for GDP: "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency; “second” and “third” estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 Second to third 0.2 Advance to latest 1.1 Note - Based on estimates from 1993 through 2015. For more information on GDP updates, see Revision Information on the BEA Web site. Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 3 most recent calendar years (and their associated quarters) and incorporate newly available major annual source data as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. The larger average revision from the advance to the latest estimate reflects the fact that periodic comprehensive updates include major statistical and methodological improvements. Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic profits and on net interest of domestic industries are not available. For fourth quarter estimates, these data are not available until the third estimate. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. List of GDP News Release Tables Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product Table 3. Gross Domestic Product: Level and Change From Preceding Period Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Table 5. Real Gross Domestic Product, Quantity Indexes Table 6. Price Indexes for Gross Domestic Product Table 7. Real Gross Domestic Product: Percent Change From Preceding Year Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income Table 10. Personal Income and Its Disposition Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change -5- Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2014 2015 2016 2013 I 1 II 2014 III IV I II 2015 III IV I II 2016 III IV I II Line III IV Gross domestic product (GDP) .... 2.4 2.6 1.6 2.8 0.8 3.1 4.0 –1.2 4.0 5.0 2.3 2.0 2.6 2.0 0.9 0.8 1.4 3.5 1.9 1 2 Personal consumption expenditures ...... 3 Goods ...................................................... 4 Durable goods...................................... 5 Nondurable goods................................ 6 Services ................................................... 2.9 3.9 6.7 2.6 2.3 3.2 4.0 6.9 2.6 2.8 2.7 3.6 5.7 2.4 2.3 1.9 5.7 10.0 3.7 0.0 0.8 1.3 2.1 0.9 0.6 1.9 2.9 4.1 2.4 1.3 3.4 4.0 4.9 3.6 3.1 1.9 2.4 4.6 1.4 1.7 3.8 6.7 13.0 3.8 2.3 3.7 4.3 8.7 2.3 3.4 4.6 5.1 8.5 3.5 4.3 2.4 2.7 4.1 1.9 2.3 2.9 4.3 7.6 2.7 2.2 2.7 4.2 6.2 3.2 2.0 2.3 2.1 4.0 1.2 2.3 1.6 1.2 –0.6 2.1 1.9 4.3 7.1 9.8 5.7 3.0 3.0 3.5 11.6 –0.5 2.7 2.5 5.2 10.9 2.3 1.3 2 3 4 5 6 7 Gross private domestic investment......... 4.5 5.0 –1.5 13.8 5.0 13.4 5.4 –6.6 11.2 8.9 2.6 9.9 1.0 2.0 –2.3 –3.3 –7.9 3.0 10.7 8 Fixed investment...................................... 5.5 4.0 0.7 7.0 4.3 2.9 6.6 5.3 7.2 7.4 1.3 3.7 4.3 5.7 –0.2 –0.9 –1.1 0.1 4.2 9 Nonresidential ...................................... 6.0 2.1 –0.4 5.2 2.5 2.1 9.5 7.0 6.1 8.3 –1.1 1.3 1.6 3.9 –3.3 –3.4 1.0 1.4 2.4 10 Structures......................................... 10.3 –4.4 –3.1 –5.1 10.4 17.1 2.1 25.1 7.4 –2.7 4.1 –12.3 –2.7 –4.3 –15.2 0.1 –2.1 12.0 –5.0 11 Equipment ........................................ 5.4 3.5 –2.8 8.7 2.8 –5.2 19.5 0.3 6.5 15.2 –8.9 9.3 –0.3 9.1 –2.6 –9.5 –2.9 –4.5 3.1 12 Intellectual property products ........... 3.9 4.8 5.0 7.6 –3.2 3.6 1.1 4.9 4.5 7.1 7.8 0.8 8.0 2.1 4.6 3.7 9.0 3.2 6.4 13 Residential ........................................... 3.5 11.7 4.9 14.7 12.0 6.0 –4.5 –1.4 11.7 3.6 11.4 13.3 14.9 12.6 11.5 7.8 –7.7 –4.1 10.2 14 Change in private inventories .................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.......... .......... .......... .......... 16 Exports..................................................... 4.3 0.1 0.4 17 Goods .................................................. 4.4 –0.6 0.6 18 Services ............................................... 3.9 1.6 0.0 19 Imports..................................................... 4.4 4.6 1.1 20 Goods .................................................. 4.8 4.9 0.7 21 Services ............................................... 2.6 2.9 2.8 22 Government consumption expenditures and gross investment............................ –0.9 1.8 0.9 23 Federal..................................................... –2.5 0.0 0.6 24 National defense .................................. –4.1 –2.1 –0.7 25 Nondefense.......................................... 0.1 3.3 2.6 26 State and local ......................................... 0.2 2.9 1.0 Addenda: 27 Gross domestic income (GDI) 1 ................ 3.0 2.5 .......... 28 Average of GDP and GDI ........................ 2.7 2.6 .......... 29 Final sales of domestic product ............... 2.5 2.4 2.0 30 Gross domestic purchases ...................... 2.4 3.2 1.7 31 Final sales to domestic purchasers ......... 2.6 3.1 2.1 32 Final sales to private domestic 3.4 3.3 2.3 purchasers ........................................... 33 Gross national product (GNP) ................. 2.3 2.3 .......... 34 Disposable personal income.................... 3.5 3.5 2.7 Current-dollar measures: 35 GDP ..................................................... 4.2 3.7 2.9 36 GDI....................................................... 4.9 3.6 .......... 37 Average of GDP and GDI .................... 4.5 3.7 .......... 38 Final sales of domestic product ........... 4.4 3.6 3.4 39 Gross domestic purchases .................. 4.2 3.7 2.7 40 Final sales to domestic purchasers...... 4.4 3.5 3.1 41 Final sales to private domestic 5.1 3.8 3.4 purchasers ....................................... 42 GNP ..................................................... 4.2 3.4 .......... 43 Disposable personal income................ 5.1 3.8 3.8 15 16 17 18 19 20 21 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... 4.0 5.0 3.1 11.8 –2.7 8.7 2.1 4.5 –5.8 2.9 –2.8 –2.7 –0.7 1.8 10.0 –4.3 2.6 6.6 3.5 15.7 –7.3 10.7 4.4 3.8 –10.1 4.6 –3.1 –4.6 0.1 1.7 14.4 –6.9 7.1 1.5 2.2 3.7 7.9 4.7 –2.8 6.0 3.8 –0.4 –2.3 1.0 –2.2 1.9 2.0 0.9 1.3 5.3 1.7 1.6 4.9 9.9 –1.2 11.2 5.6 2.9 1.1 0.7 –0.6 0.2 2.2 8.3 1.8 5.8 1.7 1.6 5.7 10.7 –1.4 11.7 6.8 3.4 –0.1 0.7 –1.3 0.0 0.5 10.9 –1.1 2.6 1.7 1.3 1.2 6.3 0.1 8.8 –0.2 0.2 6.9 0.7 2.5 1.1 9.8 –2.7 –4.3 –10.5 –12.0 –8.1 0.2 –2.0 –5.3 –5.3 –5.2 0.3 –2.0 –5.1 –6.6 –2.6 0.1 –2.8 –5.7 –4.2 –8.1 –1.0 –1.0 –0.2 –5.0 8.3 –1.5 0.1 –2.8 –3.2 –2.0 2.0 –0.2 1.3 1.8 2.4 1.5 2.0 1.4 0.6 0.9 0.8 0.8 2.0 1.5 2.9 1.3 2.5 3.2 4.1 2.6 2.7 2.1 0.4 0.8 0.0 1.9 5.4 4.7 3.3 4.3 3.7 4.5 4.7 4.7 4.3 4.1 2.8 2.7 –15.7 1.5 1.2 2.4 2.1 3.2 2.4 4.0 3.9 0.9 2.5 –1.2 4.5 4.4 3.7 5.3 4.4 1.4 2.9 3.3 4.0 2.9 1.6 2.8 2.2 1.6 1.4 1.4 5.1 2.8 3.9 3.6 4.4 3.0 6.1 4.7 5.4 6.4 4.7 5.0 0.6 3.9 2.2 2.5 2.1 4.1 4.3 4.3 –14.5 2.0 2.0 2.5 3.7 5.2 3.9 5.9 6.1 2.6 4.8 0.5 6.6 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. See Explanatory Note at the end of the tables. -6- 2.5 –0.4 3.9 –6.0 4.0 –11.6 3.9 3.5 1.6 3.3 2.6 1.9 –0.4 5.4 3.0 3.2 0.2 –0.5 1.1 5.1 1.9 1.0 –1.2 4.2 2.5 1.0 3.8 4.4 2.8 –0.6 1.6 –1.5 –3.2 0.9 3.5 –1.7 –0.4 –3.2 3.8 –2.5 4.0 3.1 2.1 3.4 3.2 1.6 1.8 1.0 3.6 2.7 0.6 1.6 3.2 2.6 3.2 2.5 2.2 2.6 2.4 3.0 1.5 1.2 1.2 1.3 1.7 0.8 0.8 1.2 0.8 1.2 4.4 5.3 4.1 4.0 1.7 4.3 2.7 1.6 2.0 3.2 2.3 3.9 3.3 1.7 3.3 1.8 1.3 3.0 6.3 7.7 7.0 5.5 6.2 5.6 6.7 6.3 6.5 6.5 5.8 5.6 2.8 4.5 3.7 2.6 3.7 3.5 2.1 1.6 1.8 1.1 2.2 1.3 4.9 2.8 3.9 5.5 4.2 4.8 3.2 3.7 3.5 3.9 3.5 4.1 6.3 5.9 7.3 5.8 7.1 5.2 4.3 2.2 4.3 1.4 1.6 0.3 4.6 4.5 5.8 4.5 2.9 4.4 0.8 2.4 2.0 3.0 –0.2 1.2 –1.2 –3.6 2.3 2.6 22 23 24 25 26 0.7 1.1 2.6 1.2 2.4 4.8 .......... 4.1 .......... 3.0 0.9 2.6 3.5 2.1 2.5 27 28 29 30 31 1.1 0.0 2.1 3.2 2.2 2.9 2.4 2.8 3.4 .......... 2.6 1.5 32 33 34 1.8 2.4 2.1 2.1 1.7 2.0 1.3 1.3 1.3 1.8 1.0 1.4 3.7 3.0 3.4 5.0 3.3 4.6 5.0 4.0 6.2 .......... 5.6 .......... 4.5 3.0 4.1 5.6 3.7 4.6 35 36 37 38 39 40 2.2 2.2 3.4 1.5 0.4 2.4 5.3 4.5 5.0 3.9 4.9 4.8 .......... 4.1 3.7 41 42 43 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2014 Line 2015 2016 2013 I II 2.8 0.8 2014 III IV I II 2015 III IV I II 2016 III IV Line I II III IV 0.8 1.4 3.5 1.9 1 1.81 1.53 1.11 0.92 0.47 0.25 0.45 0.30 –0.05 0.07 –0.04 –0.23 0.13 0.10 0.08 0.18 0.16 0.14 0.07 0.08 –0.04 0.47 0.17 0.30 2.88 1.51 0.70 0.22 0.15 0.29 0.05 0.80 2.03 0.77 0.84 0.47 0.10 0.20 0.07 –0.07 1.70 1.11 0.79 0.29 0.07 0.32 0.11 0.32 2 3 4 5 6 7 8 9 0.02 0.00 –0.02 –0.01 –0.03 –0.01 0.15 0.36 0.13 0.28 0.02 0.19 0.01 0.11 0.04 0.02 –0.02 0.10 –0.02 –0.01 0.02 0.13 0.14 –0.01 0.10 –0.02 0.08 0.00 –0.04 –0.15 0.29 0.21 0.16 0.29 0.35 0.18 0.08 0.35 –0.14 0.20 1.54 1.93 1.04 1.00 0.89 1.07 0.86 1.37 1.26 0.58 1.60 2.00 1.08 0.99 0.69 0.92 0.85 1.46 1.02 0.43 0.00 0.39 0.39 0.11 0.21 –0.22 0.09 0.54 0.32 –0.26 0.73 0.90 0.50 0.44 0.43 0.42 0.63 0.83 0.07 0.18 0.14 0.06 0.08 0.06 0.01 0.11 –0.03 –0.03 0.05 0.13 0.18 0.08 0.01 –0.05 0.03 0.24 –0.02 –0.18 0.14 0.10 0.19 0.25 0.12 0.29 0.07 0.17 0.11 0.12 0.10 0.01 0.21 –0.04 –0.05 0.02 –0.05 0.11 –0.12 –0.03 0.23 0.12 0.15 0.36 0.03 0.13 –0.01 0.10 0.18 0.19 0.11 0.14 10 11 12 13 14 15 16 17 18 19 20 21 22 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 off-premises consumption...................................................... Clothing and footwear ........................................... Gasoline and other energy goods......................... Other nondurable goods ....................................... Services....................................................................... Household consumption expenditures (for services) Housing and utilities.............................................. Health care............................................................ Transportation services......................................... Recreation services .............................................. Food services and accommodations .................... Financial services and insurance.......................... Other services....................................................... Final consumption expenditures of nonprofit institutions serving households ............................. Gross output of nonprofit institutions .................... Less: Receipts from sales of goods and services by nonprofit institutions ..................................... Gross private domestic investment ............................. Fixed investment ........................................................ Nonresidential........................................................... Structures.............................................................. Equipment............................................................. Information processing equipment .................... Computers and peripheral equipment ........... Other ............................................................. Industrial equipment.......................................... Transportation equipment ................................. Other equipment ............................................... Intellectual property products................................ Software ............................................................ Research and development .............................. Entertainment, literary, and artistic originals ..... Residential ................................................................ Change in private inventories ................................... Farm ......................................................................... Nonfarm .................................................................... Net exports of goods and services .............................. Exports ........................................................................ Goods ....................................................................... Services .................................................................... Imports ........................................................................ Goods ....................................................................... Services .................................................................... Government consumption expenditures and gross investment................................................................... Federal......................................................................... National defense....................................................... Consumption expenditures ................................... Gross investment .................................................. Nondefense .............................................................. Consumption expenditures ................................... Gross investment .................................................. State and local ............................................................ Consumption expenditures ....................................... 2.4 2.6 1.6 1.95 0.89 0.49 0.16 0.12 0.16 0.05 0.40 2.16 0.91 0.51 0.13 0.12 0.19 0.07 0.40 1.82 0.78 0.42 0.07 0.11 0.20 0.04 0.35 0.11 0.04 0.01 0.25 1.06 1.08 0.17 0.36 0.09 0.05 0.14 0.07 0.20 0.00 0.08 0.07 0.25 1.26 1.26 0.20 0.60 0.07 0.04 0.19 0.01 0.14 0.13 –0.01 –0.18 0.10 0.22 0.17 0.10 0.03 0.12 0.10 –0.03 0.04 –0.05 0.13 0.02 0.17 0.12 0.03 0.04 –0.04 –0.06 0.18 0.31 0.10 0.27 0.25 0.13 0.42 1.04 0.02 0.28 0.61 1.39 0.73 1.06 0.96 0.08 0.33 0.67 1.35 0.71 1.13 0.14 0.22 0.03 –0.11 0.34 0.42 –0.06 0.50 –0.26 0.34 0.18 0.37 –0.15 0.70 0.03 0.10 0.10 0.09 –0.04 0.19 0.05 0.03 0.05 –0.12 0.20 0.07 0.07 –0.12 0.12 0.16 –0.17 0.07 0.29 –0.01 0.27 0.02 0.30 0.11 0.03 0.19 –0.05 0.07 0.13 –0.48 0.05 0.21 0.13 0.23 0.22 –0.02 0.11 0.00 0.18 0.08 –0.06 –0.06 –0.06 0.26 –0.15 0.22 0.00 0.14 0.73 0.87 0.76 0.29 0.32 0.05 0.00 0.04 0.04 0.17 0.06 0.15 0.10 0.05 0.00 0.11 –0.14 –0.07 –0.07 –0.15 0.58 0.41 0.17 –0.72 –0.65 –0.07 0.18 0.82 0.65 0.27 –0.13 0.21 0.07 0.00 0.07 0.02 0.18 –0.06 0.19 0.11 0.06 0.02 0.39 0.17 0.00 0.17 –0.71 0.01 –0.06 0.07 –0.73 –0.65 –0.08 0.18 –0.25 0.12 –0.05 –0.08 –0.17 0.04 0.00 0.04 0.04 –0.10 –0.14 0.20 0.08 0.10 0.01 0.18 –0.37 –0.01 –0.36 –0.12 0.04 0.04 0.00 –0.17 –0.09 –0.08 3.1 4.0 –1.2 4.0 5.0 2.3 2.0 2.6 1.32 0.58 1.28 1.30 0.30 0.67 0.72 0.16 0.30 0.26 –0.07 –0.05 0.15 0.08 0.18 0.26 0.15 0.15 0.05 0.00 0.02 0.59 0.14 0.37 2.29 0.90 0.36 0.10 0.08 0.07 0.10 0.54 1.26 0.54 0.33 0.17 0.05 0.09 0.01 0.21 2.56 1.50 0.91 0.35 0.24 0.26 0.07 0.59 2.52 0.98 0.62 0.22 0.11 0.26 0.04 0.35 3.07 1.14 0.61 0.19 0.11 0.20 0.10 0.53 1.63 0.59 0.30 0.02 0.08 0.14 0.06 0.28 1.94 0.94 0.55 0.16 0.11 0.21 0.07 0.39 –0.08 2.04 1.12 0.72 –0.14 0.57 0.26 0.02 0.25 –0.02 0.13 0.19 0.29 0.11 0.17 0.01 0.41 0.92 0.47 0.45 0.30 0.52 0.23 0.29 –0.22 –0.25 0.03 0.27 0.78 0.70 0.35 0.27 0.21 0.08 –0.12 0.20 –0.10 0.38 –0.14 –0.13 –0.13 0.00 0.00 0.35 0.08 0.17 –0.09 –0.21 0.65 0.59 0.06 –0.86 –0.79 –0.07 0.06 2.08 0.48 0.29 0.44 –0.29 –0.02 0.02 –0.04 0.06 –0.14 –0.19 0.14 0.14 0.01 –0.01 0.18 1.60 0.14 1.46 0.13 0.41 0.32 0.09 –0.28 –0.23 –0.05 0.04 0.02 –0.07 –0.06 –0.07 –0.04 0.29 –0.33 0.36 0.29 0.39 0.01 0.25 0.91 1.01 1.16 0.06 1.05 –0.04 0.08 –0.11 –0.12 0.49 0.72 0.04 0.08 –0.04 0.00 –0.15 –0.11 0.06 –0.16 1.29 1.54 1.38 0.16 –0.24 –0.21 –0.03 –0.35 –1.10 0.79 0.84 0.66 0.00 0.05 –0.08 0.12 0.15 –0.03 –0.17 0.18 0.09 0.10 –0.01 –0.04 –1.89 –0.39 –1.50 –1.16 –0.39 –0.72 0.33 –0.77 –0.74 –0.03 –0.16 0.32 0.16 –0.83 –0.37 –0.37 –0.53 –0.19 –0.19 0.00 0.04 –0.86 –0.41 –0.39 –0.42 –0.01 –0.19 –0.09 –0.03 –0.62 –0.25 –0.31 –0.19 –0.23 –0.13 –0.06 –0.05 –0.54 –0.17 –0.36 –0.13 –0.03 –0.05 –0.03 0.02 –0.07 –0.08 0.05 –0.06 –0.20 0.00 0.09 0.07 –0.24 –0.15 –0.07 –0.23 0.22 0.00 0.08 0.06 –0.14 –0.10 –0.06 –0.21 0.21 0.00 0.01 0.01 –0.10 –0.05 –0.02 –0.02 0.01 0.03 0.32 0.11 0.02 0.03 0.01 –0.11 –0.17 0.02 0.22 0.10 0.06 –0.01 0.00 –0.03 –0.07 Gross investment...................................................... 0.00 0.10 0.01 –0.03 0.04 0.02 –0.08 –0.10 See Explanatory Note at the end of the tables. -7- 0.43 1.79 1.12 0.76 0.22 0.37 0.28 0.05 0.22 0.13 0.12 –0.16 0.17 0.14 0.04 0.00 0.36 0.67 0.03 0.64 –0.41 1.16 0.96 0.20 –1.57 –1.40 –0.17 0.35 1.49 1.16 1.05 –0.08 0.86 –0.25 0.02 –0.26 0.09 0.47 0.54 0.27 0.17 0.09 0.01 0.12 0.32 0.02 0.30 0.50 0.29 0.41 –0.13 0.21 0.21 0.00 0.02 0.46 –0.20 0.28 –0.14 0.17 –0.22 0.22 0.07 –0.05 –0.05 0.10 –0.07 0.10 0.01 0.01 0.22 0.18 0.06 0.15 0.16 0.03 2.0 0.9 0.00 0.07 0.20 0.10 0.15 0.25 0.06 0.18 0.70 0.21 –0.07 –0.02 –0.09 0.06 –0.15 0.15 –0.02 –0.06 0.31 0.11 0.18 0.02 0.49 –0.52 –0.05 –0.47 –0.08 0.37 0.39 –0.02 –0.44 –0.43 –0.01 –0.09 0.35 0.92 0.49 –0.12 0.53 0.40 0.05 0.35 –0.06 0.26 –0.07 0.08 –0.02 0.08 0.02 0.43 –0.57 0.01 –0.58 –0.52 –0.36 –0.26 –0.10 –0.16 0.02 –0.18 0.10 –0.39 –0.03 –0.43 –0.45 –0.16 0.02 –0.13 0.15 0.12 –0.11 –0.19 0.18 0.06 0.11 0.01 0.40 –0.36 –0.08 –0.28 –0.45 –0.34 –0.38 0.04 –0.11 –0.09 –0.02 0.27 –0.56 –0.15 –0.44 0.00 –0.59 –0.05 0.02 –0.07 –0.05 –0.23 –0.26 0.15 0.13 0.02 –0.01 0.29 –0.41 –0.05 –0.35 0.01 –0.09 0.01 –0.09 0.09 0.16 –0.07 0.49 –1.34 –0.18 0.12 –0.06 –0.17 –0.09 0.05 –0.13 0.11 –0.09 –0.11 0.35 0.08 0.28 –0.01 –0.31 –1.16 0.07 –1.23 0.18 0.21 0.13 0.08 –0.03 0.00 –0.03 0.03 0.50 0.02 0.18 0.30 –0.26 0.15 –0.02 0.17 –0.03 –0.29 –0.08 0.13 0.12 –0.03 0.04 –0.16 0.49 0.08 0.41 0.85 1.16 1.08 0.08 –0.31 –0.06 –0.26 0.11 1.67 0.67 0.30 –0.14 0.18 0.03 –0.03 0.06 0.10 0.04 0.01 0.26 0.07 0.11 0.08 0.37 1.00 –0.08 1.09 –1.70 –0.53 –0.57 0.04 –1.17 –1.25 0.08 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 –0.07 0.45 0.57 0.34 0.18 –0.43 0.13 0.01 0.06 0.25 –0.52 –0.02 –0.02 –0.05 0.17 –0.49 0.11 –0.05 –0.03 0.06 –0.03 –0.13 0.03 –0.01 0.11 0.09 0.15 0.03 0.11 0.08 0.06 0.15 0.02 0.11 0.05 0.04 0.00 0.01 0.00 0.02 0.36 0.32 0.56 0.27 –0.07 0.24 0.31 0.23 0.24 0.06 0.12 0.01 0.33 0.04 –0.13 0.28 –0.10 –0.13 –0.11 –0.02 0.03 0.04 –0.01 0.39 0.06 0.33 –0.30 –0.02 –0.13 –0.10 –0.02 0.10 0.10 0.01 –0.28 0.07 –0.34 0.14 0.16 0.08 0.06 0.02 0.08 0.07 0.02 –0.02 0.13 –0.16 0.21 –0.08 –0.14 –0.16 0.02 0.06 0.04 0.02 0.28 0.02 0.26 52 53 54 55 56 57 58 59 60 61 0.46 0.45 0.22 –0.14 0.13 –0.57 0.25 0.02 0.23 –0.14 –0.13 –0.54 0.29 0.13 0.14 0.02 0.36 0.23 –0.04 0.28 –1.14 0.60 0.35 0.25 –1.74 –1.50 –0.24 0.05 1.62 0.61 0.18 –0.39 0.54 0.00 –0.08 0.08 0.01 0.46 0.07 0.03 0.15 –0.13 0.02 0.43 1.01 0.09 0.92 –1.65 –0.78 –0.94 0.16 –0.87 –0.87 0.00 0.01 –0.08 0.24 0.16 0.28 0.40 0.27 0.27 23 24 62 Table 3. Gross Domestic Product: Level and Change From Preceding Period—Continues Billions of dollars Billions of chained (2009) dollars Seasonally adjusted at annual rates Line 2016 2015 IV 2016 2016 I II Change from preceding period Line Seasonally adjusted at annual rates III IV 2015 IV 2016 I II III IV 2016 2016 III IV Gross domestic product (GDP)......... 18,566.9 18,222.8 18,281.6 18,450.1 18,675.3 18,860.8 16,660.0 16,490.7 16,525.0 16,583.1 16,727.0 16,804.8 262.8 143.8 77.9 1 2 Personal consumption expenditures........... 12,750.8 12,438.8 12,498.0 12,692.7 12,832.2 12,980.4 11,514.9 11,319.3 11,365.2 11,484.9 11,569.0 11,640.4 300.1 84.2 71.3 2 3 4 5 6 1 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....................... 4,097.9 1,403.0 473.9 4,038.1 1,371.8 465.6 4,008.7 1,366.6 455.7 4,085.4 1,390.0 462.5 4,111.9 1,414.0 481.7 4,185.8 1,441.2 495.7 4,046.1 1,584.2 431.5 3,953.4 1,527.3 421.1 3,964.7 1,524.9 411.8 4,032.9 1,560.9 420.8 4,067.8 1,604.4 440.4 4,119.2 1,646.4 452.8 138.7 86.1 12.1 34.9 43.5 19.6 51.4 42.0 12.4 3 4 5 316.5 393.5 219.0 2,695.0 309.6 385.1 211.6 2,666.3 312.5 384.9 213.6 2,642.0 317.6 391.7 218.3 2,695.4 317.5 395.1 219.6 2,697.9 318.6 402.3 224.6 2,744.6 374.5 587.6 217.0 2,498.9 360.4 551.5 214.3 2,458.4 364.7 560.6 212.4 2,471.1 372.9 579.9 214.6 2,505.4 378.4 593.5 217.9 2,502.5 382.1 616.2 223.1 2,516.5 22.9 52.5 7.9 59.5 5.5 13.6 3.3 –3.0 3.8 22.7 5.2 14.0 6 7 8 9 916.5 383.3 272.5 1,122.7 901.1 379.5 292.1 1,093.6 904.3 381.7 254.4 1,101.7 916.5 385.5 271.5 1,121.9 917.4 384.4 268.9 1,127.2 927.8 381.6 295.2 1,140.0 833.6 368.1 289.0 1,018.5 810.5 366.0 287.7 1,005.1 816.8 365.4 291.8 1,008.3 831.6 369.7 291.6 1,023.0 836.9 368.9 289.8 1,017.1 848.9 368.6 282.8 1,025.4 22.2 4.7 2.8 29.4 5.2 –0.7 –1.8 –5.9 12.0 –0.4 –7.0 8.4 10 11 12 13 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....... 8,652.9 8,400.6 8,489.3 8,607.3 8,720.3 8,794.6 7,475.7 7,369.8 7,403.9 7,458.5 7,508.5 7,531.9 165.4 50.0 23.4 14 8,297.9 2,324.9 2,183.8 377.8 483.5 852.1 958.0 1,117.8 8,058.4 2,253.5 2,105.1 373.3 477.4 827.7 931.3 1,090.3 8,141.2 2,270.5 2,138.5 375.2 479.8 838.8 936.1 1,102.3 8,261.2 2,314.4 2,184.6 374.8 476.7 848.4 947.4 1,114.9 8,362.2 2,351.7 2,197.6 377.8 485.7 857.5 968.4 1,123.4 8,426.9 2,362.8 2,214.6 383.5 491.8 863.7 979.9 1,130.6 7,166.3 2,019.3 1,968.1 339.2 424.4 722.8 721.0 979.1 7,064.4 1,995.5 1,912.4 338.9 426.6 712.9 720.9 962.6 7,098.2 1,999.0 1,938.7 337.8 425.9 717.2 716.7 969.8 7,156.2 2,020.9 1,973.3 336.4 418.8 721.9 715.8 977.5 7,196.7 2,033.9 1,976.2 338.5 424.5 725.8 723.6 981.8 7,213.9 2,023.5 1,984.0 344.1 428.5 726.2 727.8 987.5 153.0 22.4 82.0 4.5 5.2 19.0 2.2 20.7 40.6 13.0 2.9 2.2 5.7 3.9 7.8 4.3 17.1 –10.4 7.8 5.5 4.1 0.3 4.2 5.7 15 16 17 18 19 20 21 22 355.0 1,412.2 342.2 1,357.3 348.1 1,378.3 346.1 1,403.6 358.1 1,423.0 367.7 1,443.7 309.6 1,226.4 305.5 1,195.0 305.7 1,206.2 302.4 1,222.4 311.9 1,233.1 318.2 1,243.9 12.6 41.5 9.5 10.8 6.3 10.8 23 24 1,057.2 1,015.1 1,030.3 1,057.5 1,064.8 1,076.0 916.8 889.5 900.4 919.9 921.2 925.7 29.1 1.3 4.5 25 26 Gross private domestic investment............. 3,037.0 3,059.9 3,036.8 2,987.5 3,017.2 3,106.5 2,826.8 2,865.4 2,841.5 2,783.8 2,804.7 2,877.0 –42.3 20.8 72.3 26 27 28 29 30 31 32 3,016.4 2,311.0 492.8 1,057.9 320.5 2,997.2 2,311.3 487.8 1,092.6 322.1 2,994.8 2,292.4 486.0 1,066.3 319.9 3,002.5 2,304.7 487.3 1,058.7 316.8 3,013.1 2,313.8 500.5 1,049.3 322.8 3,055.4 2,333.2 497.1 1,057.2 322.5 2,788.2 2,190.7 438.3 1,042.1 346.4 2,793.3 2,198.8 435.1 1,078.6 348.1 2,786.7 2,179.7 435.2 1,052.0 345.5 2,778.8 2,185.0 432.9 1,044.1 341.2 2,779.3 2,192.5 445.3 1,032.2 348.7 2,807.9 2,205.5 439.7 1,040.2 350.0 20.4 –9.5 –13.8 –30.3 7.6 0.5 7.5 12.4 –11.9 7.4 28.6 13.1 –5.6 8.0 1.4 27 28 29 30 31 76.4 244.0 226.6 293.8 217.0 760.4 341.1 336.5 75.4 246.6 224.7 310.7 235.1 730.9 330.1 320.3 76.0 243.9 222.2 301.3 222.9 740.1 336.0 323.0 78.2 238.6 227.3 297.6 217.0 758.7 339.4 337.9 77.0 245.8 226.1 286.7 213.7 763.9 342.6 338.8 74.7 247.8 230.6 289.5 214.6 778.9 346.4 346.4 87.7 257.6 213.4 284.5 206.0 714.1 348.7 286.4 85.9 261.1 211.5 304.0 222.5 690.7 336.0 276.6 86.9 257.6 209.4 293.7 211.3 697.1 342.2 277.5 89.3 251.2 214.2 289.7 206.6 712.2 346.0 288.6 88.3 259.3 212.8 276.5 202.8 717.9 351.6 287.6 86.4 262.4 217.1 278.1 203.5 729.1 355.0 291.9 –1.0 8.4 6.1 –17.6 –24.8 34.1 15.6 16.2 –1.0 8.1 –1.3 –13.2 –3.7 5.6 5.6 –1.0 –1.9 3.1 4.3 1.6 0.6 11.3 3.4 4.4 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 ............................................... 82.8 705.4 80.6 685.9 81.1 702.4 81.4 697.8 82.5 699.3 86.1 722.2 79.9 592.2 78.9 589.5 78.6 600.7 78.0 588.7 79.7 582.5 83.1 596.8 2.1 27.6 1.6 –6.2 3.4 14.3 40 41 42 43 44 Change in private inventories................... Farm......................................................... Nonfarm ................................................... 20.6 –5.7 26.2 62.7 –4.8 67.5 41.9 –8.3 50.3 –15.0 –5.5 –9.4 4.1 –2.7 6.7 51.1 –6.1 57.2 21.8 –2.8 25.2 56.9 –4.1 62.9 40.7 –5.1 47.5 –9.5 –2.6 –6.6 7.1 0.0 7.2 48.7 –3.6 52.6 –62.2 –1.2 –63.0 16.5 2.7 13.7 41.6 –3.6 45.4 42 43 44 33 34 35 36 37 38 39 40 45 Net exports of goods and services .............. –499.5 –520.9 –507.4 –492.4 –460.0 –538.3 –561.6 –566.6 –566.3 –558.5 –522.2 –599.6 –21.7 36.2 –77.3 45 46 47 48 Exports........................................................ Goods....................................................... Services ................................................... 2,232.2 1,454.3 777.9 2,211.7 1,448.3 763.4 2,179.0 1,410.9 768.1 2,209.7 1,437.2 772.5 2,276.3 1,495.4 780.9 2,263.7 1,473.5 790.1 2,128.4 1,446.6 681.8 2,105.8 1,423.8 681.1 2,102.0 1,424.1 677.3 2,111.3 1,430.1 680.5 2,162.0 1,479.2 683.9 2,138.4 1,452.8 685.4 7.9 8.5 –0.1 50.7 49.0 3.4 –23.6 –26.3 1.5 46 47 48 49 50 51 Imports........................................................ Goods....................................................... Services ................................................... 2,731.7 2,224.8 506.8 2,732.6 2,235.0 497.7 2,686.3 2,185.7 500.7 2,702.2 2,199.4 502.7 2,736.2 2,222.7 513.5 2,801.9 2,291.5 510.4 2,690.1 2,210.1 477.6 2,672.4 2,201.4 469.0 2,668.2 2,194.1 471.9 2,669.7 2,194.3 473.2 2,684.3 2,197.2 484.4 2,738.0 2,254.8 481.0 29.5 16.0 13.2 14.5 2.9 11.2 53.7 57.6 –3.4 49 50 51 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 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 2016 2015 IV 2016 2016 I II III Change from preceding period Seasonally adjusted at annual rates IV 2015 IV 2016 I II III IV 2016 Line 2016 III IV 52 Government consumption expenditures and gross investment................................. 3,278.7 3,245.0 3,254.3 3,262.3 3,285.9 3,312.1 2,908.8 2,901.7 2,913.2 2,900.9 2,906.4 2,914.9 25.1 5.5 8.5 52 53 54 55 56 57 58 59 1,244.5 732.2 587.6 144.6 512.3 390.4 121.9 1,234.0 735.6 590.4 145.2 498.4 377.7 120.8 1,233.8 731.4 587.0 144.3 502.4 382.0 120.5 1,239.2 729.3 585.8 143.5 509.9 388.8 121.1 1,251.8 736.0 591.3 144.7 515.8 393.7 122.2 1,253.2 732.0 586.2 145.8 521.2 397.3 123.9 1,120.5 667.0 531.7 135.2 452.6 341.1 111.4 1,123.0 676.3 539.9 136.1 446.2 334.9 111.1 1,118.7 670.9 535.3 135.3 447.2 336.4 110.6 1,117.7 665.5 531.0 134.3 451.4 340.4 110.8 1,124.4 668.9 533.5 135.1 454.7 343.0 111.5 1,121.1 662.8 526.8 135.8 457.3 344.6 112.5 6.6 –5.0 –7.6 2.8 11.4 10.2 1.1 6.7 3.3 2.5 0.8 3.3 2.7 0.6 –3.3 –6.0 –6.7 0.7 2.6 1.6 1.0 53 54 55 56 57 58 59 60 State and local ............................................ 2,034.2 2,011.0 2,020.5 2,023.1 2,034.1 2,058.9 61 Consumption expenditures ....................... 1,677.4 1,658.5 1,654.0 1,669.2 1,687.4 1,698.8 62 Gross investment ...................................... 356.8 352.6 366.5 353.9 346.7 360.1 63 Residual............................................................ .............. .............. ............... .............. .............. ............... 1,786.6 1,468.5 317.3 –106.0 1,777.1 1,461.3 315.0 –94.0 1,792.6 1,463.6 328.3 –98.2 1,781.4 1,466.3 314.3 –104.3 1,780.4 1,471.6 308.0 –110.0 1,792.0 18.4 –1.0 11.6 1,472.6 16.1 5.3 1.0 318.8 2.4 –6.4 10.8 –111.5 ........... .......... ........... 60 61 62 63 ............... ............... 16,624.0 17,222.4 17,187.1 14,290.3 16,730.3 16,610.5 16,422.4 17,057.2 16,989.4 14,099.1 16,763.9 16,644.5 16,473.5 17,091.5 17,040.5 14,138.7 16,793.4 16,688.3 16,579.5 17,142.6 17,139.9 14,251.0 16,990.2 16,858.6 16,703.6 17,252.6 17,230.0 14,335.9 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... .............. .............. 18,546.4 19,066.5 19,045.9 15,767.2 18,487.6 18,355.2 18,160.1 18,743.7 18,681.0 15,436.0 18,546.0 18,413.8 18,239.7 18,789.0 18,747.1 15,492.8 18,684.0 18,567.0 18,465.0 18,942.5 18,957.5 15,695.2 18,969.2 18,822.3 18,671.2 19,135.2 19,131.2 15,845.2 ............... ............... 18,809.6 19,399.0 19,347.9 16,035.8 .............. ........... .............. ........... 16,739.5 323.4 17,402.8 284.6 17,337.9 345.4 14,435.6 321.2 196.9 ........... 170.3 ........... 124.0 35.9 110.0 150.1 90.1 107.9 84.9 99.6 64 65 66 67 68 69 Gross domestic product ............................ 18,566.9 18,222.8 18,281.6 18,450.1 18,675.3 18,860.8 16,660.0 16,490.7 16,525.0 16,583.1 16,727.0 16,804.8 262.8 Plus: Income receipts from the rest of the 798.5 807.0 848.3 848.9 ............... ............... 664.9 671.0 701.8 699.6 .............. ........... world.......................................................... .............. Less: Income payments to the rest of the world.......................................................... .............. 587.1 634.5 640.5 644.9 ............... ............... 486.3 524.0 526.0 527.4 .............. ........... 143.8 77.9 70 –2.2 ........... 71 1.4 ........... 72 Equals: Gross national product ................ .............. 18,434.1 18,454.2 18,657.9 18,879.3 ............... ............... 16,668.4 16,668.3 16,757.6 16,897.4 .............. ........... Net domestic product.................................... 15,657.2 15,360.0 15,408.1 15,548.3 15,753.6 15,918.6 13,974.1 13,836.9 13,857.5 13,902.9 14,034.6 14,101.2 207.8 139.7 ........... 131.6 66.6 73 74 1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See Explanatory Note at the end of the tables. -9- Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2014 2015 2016 2013 I 1 II 2014 III IV I II 2015 III Gross domestic product (GDP).... 1.8 1.1 1.3 1.4 0.9 2.1 2.1 1.7 2.1 1.7 2 Personal consumption expenditures...... 3 Goods...................................................... 4 Durable goods..................................... 5 Nondurable goods............................... 6 Services .................................................. 1.5 –0.4 –2.3 0.6 2.5 0.3 –2.9 –2.1 –3.3 2.0 1.1 –1.4 –2.1 –1.0 2.3 1.4 –0.5 –1.2 –0.2 2.5 0.2 –3.7 –2.4 –4.3 2.2 1.5 0.3 –2.6 1.8 2.1 1.7 0.0 –2.1 1.0 2.7 2.0 0.6 –2.4 2.0 2.7 1.9 0.2 –1.9 1.3 2.7 1.1 –1.0 –2.3 –0.3 2.1 IV II 2016 III IV I II Line III IV –0.1 2.3 1.3 0.8 0.5 2.3 1.4 2.1 1 0.0 –1.6 –3.5 –8.0 –3.0 –2.2 –3.7 –10.8 1.8 1.7 1.8 1.2 –0.6 2.2 2.1 1.1 –0.9 –2.6 0.0 2.2 0.4 –2.6 –1.8 –2.9 1.8 0.3 –4.0 –0.9 –5.6 2.4 2.0 0.8 –2.5 2.5 2.6 1.5 –0.9 –4.1 0.8 2.6 2.2 2.1 –2.7 4.7 2.2 2 3 4 5 6 7 Gross private domestic investment ........ 2.1 0.8 0.9 1.3 1.9 1.9 1.9 3.0 1.4 2.4 1.8 –0.1 –0.1 1.2 0.3 0.6 1.8 1.1 1.4 8 Fixed investment..................................... 2.3 1.0 1.0 1.3 2.0 2.0 2.3 3.2 1.4 2.4 1.7 0.5 –0.3 1.3 0.4 0.6 2.2 1.4 1.5 9 Nonresidential ..................................... 1.4 0.6 0.4 0.2 1.2 1.2 1.0 1.8 1.5 1.2 0.9 0.6 –0.3 0.8 –0.1 0.2 1.2 0.2 1.0 10 Structures ........................................ 3.8 0.0 0.2 1.3 4.0 2.7 4.8 4.6 3.3 3.2 1.9 –2.3 –2.5 0.9 –0.2 –1.5 3.2 –0.6 2.4 11 Equipment ....................................... 0.4 0.8 0.2 –0.4 –0.3 0.5 –1.8 1.2 1.5 0.8 1.1 1.5 0.0 0.1 0.1 0.3 0.1 1.0 –0.1 12 Intellectual property products .......... 1.0 0.8 0.9 0.4 1.6 1.2 2.7 0.8 0.1 0.4 –0.2 1.6 0.8 1.8 –0.2 1.3 1.4 –0.4 1.6 13 Residential........................................... 6.0 2.4 3.2 6.3 5.3 5.4 7.6 8.7 1.3 7.1 4.9 0.2 –0.1 2.9 2.2 2.0 5.6 5.2 3.2 14 Change in private inventories.................. ........... ........... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services ......... ........... ........... .......... .......... .......... .......... .......... ........... ........... .......... .......... 16 Exports.................................................... 0.1 –4.8 –1.8 1.2 –2.9 0.7 –0.3 3.2 0.0 –1.0 –6.8 17 Goods.................................................. –0.9 –6.8 –3.5 0.6 –4.4 0.1 –1.7 3.5 –1.1 –2.4 –9.5 18 Services............................................... 2.1 –0.5 1.6 2.3 0.5 1.9 2.9 2.4 2.3 2.3 –0.6 19 Imports .................................................... –0.2 –7.6 –3.0 1.0 –4.2 –1.8 0.0 5.2 –1.6 –2.1 –7.0 20 Goods.................................................. –0.6 –8.9 –3.6 1.0 –5.0 –2.4 –0.9 5.9 –2.1 –2.7 –8.0 21 Services............................................... 1.7 –1.3 –0.5 1.4 –0.1 1.1 4.7 1.9 1.3 0.9 –1.6 22 Government consumption expenditures and gross investment ........................... 2.0 0.3 1.0 1.5 1.1 1.9 3.7 1.8 1.9 2.0 0.0 23 Federal.................................................... 1.7 0.5 1.0 0.5 0.9 1.6 6.3 –0.7 1.6 1.5 0.2 24 National defense ................................. 1.4 0.2 0.8 0.1 0.4 1.3 4.2 0.4 1.1 1.2 –0.1 25 Nondefense......................................... 2.2 1.0 1.3 1.0 1.7 2.1 9.8 –2.6 2.3 2.0 0.7 26 State and local ........................................ 2.2 0.2 1.0 2.1 1.2 2.0 2.0 3.4 2.1 2.3 –0.1 Addenda: 27 Final sales of domestic product............... 1.8 1.1 1.3 1.5 0.9 2.1 2.2 1.8 2.1 1.7 0.5 28 Gross domestic purchases...................... 1.7 0.4 1.0 1.4 0.6 1.6 2.1 2.1 1.8 1.5 0.3 29 Final sales to domestic purchasers......... 1.7 0.4 1.1 1.4 0.6 1.6 2.2 2.1 1.8 1.4 0.3 30 Final sales to private domestic 1.7 0.5 1.1 1.4 0.5 1.6 1.8 2.2 1.8 1.3 0.3 purchasers........................................... 31 Gross national product (GNP)................. 1.8 1.0 .......... 1.5 0.9 2.1 2.1 1.7 2.1 1.7 0.5 Implicit price deflators: 32 GDP..................................................... 1.8 1.1 1.3 1.6 0.8 1.9 2.1 1.8 2.2 1.7 0.5 33 Gross domestic purchases.................. 1.7 0.4 1.0 1.5 0.5 1.5 2.1 2.2 1.9 1.4 0.3 34 GNP..................................................... 1.8 1.0 .......... 1.6 0.8 1.9 2.1 1.8 2.2 1.7 0.5 15 16 17 18 19 20 21 See Explanatory Note at the end of the tables. - 10 - 0.5 I .......... .......... .......... ........... .......... .......... .......... .......... –9.2 –0.9 –4.0 –5.5 –5.1 3.9 2.4 2.2 –12.1 –1.8 –5.8 –7.8 –10.0 5.9 2.4 1.3 –3.2 0.8 –0.4 –1.1 4.8 0.4 2.4 3.9 –15.5 –4.8 –4.5 –7.6 –6.0 2.1 2.9 1.6 –17.8 –5.9 –5.0 –9.0 –7.3 2.5 3.7 1.9 –3.7 0.7 –2.2 –1.3 –0.1 0.6 –0.8 0.3 –2.1 0.2 –0.3 0.9 –3.5 2.2 0.9 0.8 1.1 3.0 0.5 0.0 –0.2 0.3 0.8 0.1 –0.8 –0.9 –0.6 0.6 –0.4 1.5 0.9 2.3 –1.6 2.7 2.1 2.1 2.2 3.1 2.1 1.7 1.6 1.7 2.4 2.0 1.6 1.5 1.8 2.3 22 23 24 25 26 0.0 –1.4 –1.4 2.3 1.6 1.5 1.3 1.0 1.0 0.9 0.3 0.3 0.5 0.2 0.2 2.4 2.1 2.2 1.5 1.5 1.6 2.1 2.0 2.0 27 28 29 –1.2 –0.1 1.4 2.3 1.2 1.3 0.4 0.8 0.3 0.5 2.0 2.3 1.4 2.0 1.4 .......... 30 31 0.0 –1.4 0.0 2.2 1.5 2.2 1.2 1.0 1.2 0.9 0.4 0.9 0.5 0.2 0.4 2.3 2.1 2.3 1.4 2.1 1.5 2.0 1.4 .......... 32 33 34 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2009=100] Seasonally adjusted Line 2014 2015 2016 2015 110.844 113.721 115.544 114.370 IV 1 Gross domestic product......................................................... 2016 I 114.608 II 115.011 Line III 116.009 IV 116.549 1 2 Personal consumption expenditures ............................................... 110.378 113.890 116.938 114.952 115.418 116.633 117.488 118.213 3 Goods ............................................................................................... 117.414 122.166 126.503 123.602 123.957 126.089 127.180 128.787 4 Durable goods............................................................................... 136.919 146.395 154.807 149.251 149.013 152.538 156.784 160.892 5 Nondurable goods......................................................................... 109.253 112.146 114.884 113.023 113.608 115.185 115.049 115.692 6 Services ............................................................................................ 107.004 109.954 112.442 110.849 111.361 112.184 112.935 113.287 7 Gross private domestic investment.................................................. 145.549 152.761 150.510 152.570 151.294 148.226 149.336 153.185 8 Fixed investment............................................................................... 131.342 136.633 137.641 137.895 137.570 137.179 137.202 138.614 9 Nonresidential ............................................................................... 131.967 134.697 134.114 134.611 133.442 133.766 134.223 135.024 10 Structures.................................................................................. 107.918 103.166 100.017 99.291 99.317 98.794 101.623 100.335 11 Equipment ................................................................................. 160.752 166.451 161.745 167.400 163.270 162.053 160.207 161.452 12 Intellectual property products .................................................... 117.733 123.422 129.616 125.376 126.532 129.279 130.303 132.350 13 Residential .................................................................................... 128.846 143.923 150.968 150.290 153.133 150.079 148.505 152.155 14 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ................... 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Exports of goods and services ......................................................... 133.414 133.560 134.054 132.629 132.389 132.974 136.170 134.684 15 16 Imports of goods and services ......................................................... 128.279 134.155 135.644 134.752 134.544 134.620 135.352 138.062 16 17 Government consumption expenditures and gross investment ... 18 Federal.............................................................................................. 19 State and local .................................................................................. 91.710 91.471 91.806 93.350 91.472 94.485 94.164 92.017 95.470 93.933 92.226 94.959 94.304 91.874 95.790 93.907 91.791 95.192 94.085 92.337 95.137 94.361 92.066 95.759 17 18 19 Addenda: Final sales of domestic product ........................................................ Gross domestic purchases ............................................................... Final sales to domestic purchasers .................................................. Final sales to private domestic purchasers....................................... Gross national product...................................................................... 109.245 110.765 109.212 113.849 111.138 111.906 114.127 114.335 116.256 112.565 114.874 117.658 120.363 113.731 ................... 112.743 115.141 113.552 118.753 114.404 113.093 115.373 113.894 119.086 114.403 113.821 115.718 114.558 120.032 115.016 114.673 114.919 116.460 117.474 115.161 115.881 120.747 121.587 115.975 ................... 20 21 22 23 24 20 21 22 23 24 See Explanatory Note at the end of the tables. - 11 - Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2009=100] Seasonally adjusted Line 2014 2015 2016 2015 III IV Gross domestic product ........................................................ 108.838 109.999 111.452 110.498 110.635 111.268 111.662 112.243 1 2 Personal consumption expenditures (PCE) .................................... 3 Goods............................................................................................... 4 Durable goods .............................................................................. 5 Nondurable goods ........................................................................ 6 Services............................................................................................ 109.150 105.727 92.411 112.595 110.946 109.532 102.680 90.463 108.920 113.149 110.731 101.277 88.581 107.844 115.744 109.892 102.144 89.813 108.459 113.990 109.969 101.109 89.619 106.917 114.663 110.519 101.301 89.045 107.582 115.405 110.921 101.083 88.128 107.809 116.142 111.515 101.617 87.530 109.067 116.768 2 3 4 5 6 7 Gross private domestic investment ................................................. 105.655 106.539 107.480 106.742 106.889 107.366 107.649 108.015 8 Fixed investment .............................................................................. 106.030 107.062 108.185 107.300 107.467 108.048 108.412 108.814 9 Nonresidential............................................................................... 104.423 105.051 105.492 105.116 105.172 105.476 105.532 105.788 10 Structures.................................................................................. 112.213 112.202 112.430 112.113 111.682 112.566 112.402 113.069 11 Equipment................................................................................. 100.482 101.277 101.509 101.299 101.366 101.392 101.655 101.625 12 Intellectual property products.................................................... 104.772 105.583 106.485 105.825 106.168 106.526 106.416 106.830 13 Residential .................................................................................... 112.795 115.479 119.149 116.371 116.952 118.553 120.070 121.021 14 Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... .................... 7 8 9 10 11 12 13 14 15 Exports of goods and services......................................................... 112.134 106.778 104.874 105.039 103.669 104.671 105.292 105.865 15 16 Imports of goods and services ......................................................... 113.368 104.726 101.537 102.252 100.675 101.211 101.933 102.331 16 17 Government consumption expenditures and gross investment... 18 Federal ............................................................................................. 19 State and local.................................................................................. 111.263 109.431 112.522 111.605 109.979 112.732 112.716 111.067 113.859 111.835 109.881 113.169 111.713 110.286 112.715 112.462 110.869 113.570 113.061 111.331 114.254 113.628 111.780 114.897 17 18 19 108.048 108.219 106.800 108.891 109.109 109.159 108.637 108.957 109.540 111.352 108.179 109.094 107.957 109.524 110.077 111.563 109.569 110.712 109.640 110.813 109.148 110.333 110.090 .................... 110.095 108.450 108.436 110.584 109.881 109.959 109.484 110.587 110.657 108.395 108.911 110.724 109.936 110.017 109.579 110.719 111.150 108.893 109.336 111.375 110.509 110.606 110.135 111.350 111.626 111.974 109.249 109.839 109.770 110.079 111.782 112.369 110.925 111.479 111.036 111.595 110.530 111.087 111.743 .................... 20 21 22 23 24 25 26 27 108.828 108.891 109.099 109.159 108.947 109.998 111.446 110.077 111.564 109.569 110.707 109.640 110.815 110.090 .................... 110.504 110.581 109.887 109.957 110.593 110.630 110.722 109.932 110.015 110.714 111.258 111.372 110.500 110.604 111.340 111.648 112.234 111.780 112.367 110.912 111.471 111.034 111.593 111.729 .................... 28 29 30 31 32 IV 1 20 21 22 23 24 25 26 27 28 29 30 31 32 Addenda: PCE excluding food and energy 1 ..................................................... Market-based PCE 2 ......................................................................... Market-based PCE excluding food and energy 2 .............................. Final sales of domestic product........................................................ Gross domestic purchases............................................................... Final sales to domestic purchasers .................................................. Final sales to private domestic purchasers ...................................... Gross national product ..................................................................... Implicit price deflators: Gross domestic product................................................................ Final sales of domestic product .................................................... Gross domestic purchases ........................................................... Final sales to domestic purchasers .............................................. Gross national product.................................................................. 2016 I II Line 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See Explanatory Note at the end of the tables. - 12 - Table 7. Real Gross Domestic Product: Annual Percent Change Percent change from preceding year Line 2009 2010 Gross domestic product (GDP)......................................... –2.8 2.5 2 Personal consumption expenditures (PCE)................................ 3 Goods .......................................................................................... 4 Durable goods.......................................................................... 5 Nondurable goods.................................................................... 6 Services ....................................................................................... –1.6 –3.0 –5.5 –1.8 –0.9 1.9 3.4 6.1 2.2 1.2 2013 2014 2015 2016 2009 2010 1.6 2.2 1.7 2.4 2.6 1.6 –0.2 2.7 1.7 1.3 2.7 2.5 1.9 1.9 1 2.3 3.1 6.1 1.8 1.8 1.5 2.7 7.4 0.6 0.8 1.5 3.1 6.2 1.7 0.6 2.9 3.9 6.7 2.6 2.3 3.2 4.0 6.9 2.6 2.8 2.7 3.6 5.7 2.4 2.3 –0.2 0.9 2.5 0.2 –0.8 3.1 5.1 9.3 3.3 2.0 1.5 1.7 4.8 0.4 1.4 1.3 2.8 7.2 0.8 0.6 2.0 3.5 5.2 2.6 1.3 3.5 4.6 8.6 2.8 2.9 2.6 3.3 5.5 2.3 2.2 2.8 4.2 7.8 2.4 2.2 2 3 4 5 6 –11.0 11.1 9.6 3.7 9.3 3.8 2.6 0.4 –11.9 5.5 8.4 7.0 5.2 5.3 3.4 0.5 –12.2 8.1 9.0 5.2 4.8 5.0 0.8 0.3 –27.1 –4.0 8.0 4.1 5.8 8.0 –8.8 1.1 –11.5 20.9 13.1 6.9 6.1 2.9 3.7 –3.6 1.3 1.8 4.1 3.4 2.2 6.1 3.8 5.6 –10.8 –5.2 6.0 15.7 6.8 6.2 13.1 1.2 .......... .......... .......... .......... .......... .......... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.............................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 16 Exports......................................................................................... –8.8 11.9 6.9 3.4 3.5 4.3 0.1 0.4 0.8 10.1 4.2 2.2 5.9 3.1 –2.2 1.5 17 Goods ...................................................................................... –12.1 14.4 6.5 3.6 3.1 4.4 –0.6 0.6 –0.2 10.9 4.8 1.2 7.0 2.7 –3.4 2.0 18 Services ................................................................................... –1.1 6.8 7.6 3.0 4.4 3.9 1.6 0.0 3.2 8.4 2.7 4.5 3.6 3.9 0.5 0.6 19 Imports......................................................................................... –13.7 12.7 5.5 2.2 1.1 4.4 4.6 1.1 –6.2 12.0 3.5 0.3 2.5 6.1 2.5 2.5 20 Goods ...................................................................................... –15.8 14.9 5.8 2.1 1.2 4.8 4.9 0.7 –6.7 13.6 3.4 0.1 2.7 6.5 2.7 2.4 21 Services ................................................................................... –3.8 3.8 4.0 3.0 0.6 2.6 2.9 2.8 –4.2 4.9 3.8 1.2 1.1 4.0 1.9 2.6 22 Government consumption expenditures and gross investment.................................................................................. 3.2 0.1 –3.0 –1.9 –2.9 –0.9 1.8 0.9 2.3 –1.1 –3.0 –2.2 –2.8 0.3 2.2 0.5 23 Federal......................................................................................... 5.7 4.4 –2.7 –1.9 –5.8 –2.5 0.0 0.6 3.9 3.2 –4.0 –2.1 –6.7 –1.3 1.7 –0.2 24 National defense ...................................................................... 5.4 3.2 –2.3 –3.4 –6.8 –4.1 –2.1 –0.7 3.6 2.0 –4.1 –3.9 –7.1 –4.1 0.6 –2.0 25 Nondefense.............................................................................. 6.2 6.4 –3.4 0.9 –4.1 0.1 3.3 2.6 4.6 5.5 –3.9 1.0 –6.0 3.4 3.4 2.5 26 State and local ............................................................................. 1.6 –2.7 –3.3 –1.9 –0.8 0.2 2.9 1.0 1.3 –4.0 –2.3 –2.3 –0.1 1.3 2.5 0.8 15 16 17 18 19 20 21 7 Gross private domestic investment............................................. –21.6 12.9 5.2 10.6 6.1 4.5 5.0 –1.5 8 Fixed investment.......................................................................... –16.7 1.5 6.3 9.8 5.0 5.5 4.0 0.7 9 Nonresidential .......................................................................... –15.6 2.5 7.7 9.0 3.5 6.0 2.1 –0.4 10 Structures............................................................................. –18.9 –16.4 2.3 12.9 1.4 10.3 –4.4 –3.1 11 Equipment ............................................................................ –22.9 15.9 13.6 10.8 4.6 5.4 3.5 –2.8 12 Intellectual property products ............................................... –1.4 1.9 3.6 3.9 3.4 3.9 4.8 5.0 13 Residential ............................................................................... –21.2 –2.5 0.5 13.5 11.9 3.5 11.7 4.9 14 Change in private inventories ...................................................... .......... .......... .......... .......... .......... .......... .......... .......... 27 28 29 30 31 32 33 34 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.................................. Gross national product................................................................. Real disposable personal income................................................ –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 1.2 1.5 1.5 1.3 1.2 2.1 1.7 –1.4 3.0 2.7 2.5 2.4 2.6 3.4 2.3 3.5 2.5 .......... 2.6 .......... 2.4 2.0 3.2 1.7 3.1 2.1 3.3 2.3 2.3 .......... 3.5 2.7 35 36 37 38 39 40 41 42 Price indexes: Gross domestic purchases....................................................... Gross domestic purchases excluding food and energy 2 .......... GDP ......................................................................................... GDP excluding food and energy 2 ............................................ PCE.......................................................................................... PCE excluding food and energy 2 ............................................. Market-based PCE 3 ................................................................. Market-based PCE excluding food and energy 3 ...................... –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 1.3 1.5 1.0 1.2 1.7 1.8 1.8 1.9 1.5 1.6 1.1 1.2 0.4 1.1 1.1 1.2 0.3 1.4 0.0 1.1 1.0 1.4 1.3 1.6 1.1 1.7 0.8 1.5 2011 2012 2013 2014 2015 2016 Line 2012 1 2011 Percent change fourth quarter to fourth quarter 22 23 24 25 26 0.3 0.0 –0.4 –1.3 –1.4 –2.4 0.1 –0.7 2.6 2.7 2.0 3.2 2.5 3.5 2.9 2.6 2.1 1.9 1.5 1.7 1.5 2.6 2.0 1.7 2.8 2.1 1.7 1.0 1.4 2.3 1.0 5.1 1.3 2.0 2.0 2.2 1.6 2.6 2.7 –2.8 4.0 3.2 2.7 3.0 3.2 3.8 2.3 4.5 1.5 .......... 1.7 .......... 2.0 1.9 2.5 2.0 2.6 2.1 2.7 2.4 1.7 .......... 3.0 2.3 27 28 29 30 31 32 33 34 0.3 0.5 0.4 0.6 1.2 1.4 1.5 1.8 1.6 1.4 1.8 1.6 1.3 1.0 1.1 0.7 2.4 1.9 1.9 1.9 2.7 1.9 2.8 1.9 1.7 1.7 1.9 1.8 1.8 1.8 1.6 1.5 1.4 1.7 1.6 1.9 1.2 1.5 0.9 1.1 1.4 1.6 1.5 1.7 1.2 1.6 0.9 1.2 0.4 1.0 1.1 1.2 0.4 1.4 0.1 1.1 35 36 37 38 39 40 41 42 1.5 1.6 1.6 1.8 1.5 1.7 1.3 1.5 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. NOTE. Estimates under the Percent change from the preceding year columns are calculated from annual data. Estimates under the Percent change fourth quarter to fourth quarter columns are calculated from fourth quarter values relative to the same quarter one year prior. See Explanatory Note at the end of the tables. - 13 - Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2013 Line 1 I II 2014 III IV I II 2015 III IV I II 2016 III IV I II III IV Line Gross domestic product (GDP)......................................... 1.3 1.0 1.7 2.7 1.6 2.4 2.9 2.5 3.3 3.0 2.2 1.9 1.6 1.3 1.7 1.9 1 2 Personal consumption expenditures (PCE)................................ 3 Goods .......................................................................................... 4 Durable goods.......................................................................... 5 Nondurable goods.................................................................... 6 Services ....................................................................................... 1.2 3.0 6.9 1.2 0.3 1.2 3.0 6.7 1.3 0.3 1.4 3.0 6.0 1.7 0.6 2.0 3.5 5.2 2.6 1.3 2.0 2.7 3.9 2.1 1.7 2.7 4.0 6.6 2.8 2.1 3.2 4.4 7.7 2.8 2.6 3.5 4.6 8.6 2.8 2.9 3.6 4.7 8.5 2.9 3.1 3.4 4.1 7.2 2.6 3.1 3.1 4.1 6.6 2.8 2.7 2.6 3.3 5.5 2.3 2.2 2.4 2.9 4.2 2.3 2.1 2.7 3.6 4.8 3.0 2.3 2.8 3.4 6.1 2.1 2.5 2.8 4.2 7.8 2.4 2.2 2 3 4 5 6 7 Gross private domestic investment............................................. 4.7 3.4 7.0 9.3 4.1 5.6 4.5 3.8 8.1 5.5 3.8 2.6 –0.7 –2.9 –2.7 0.4 8 Fixed investment.......................................................................... 5.2 4.5 5.3 5.2 4.7 5.5 6.6 5.3 4.9 4.2 3.8 3.4 2.2 0.8 –0.5 0.5 9 Nonresidential .......................................................................... 3.5 2.3 3.4 4.8 5.2 6.2 7.7 5.0 3.6 2.5 1.4 0.8 –0.4 –0.5 –1.1 0.3 10 Structures............................................................................. –1.8 –1.8 3.2 5.8 13.4 12.6 7.5 8.0 –1.2 –3.6 –4.0 –8.8 –5.7 –5.5 –1.8 1.1 11 Equipment ............................................................................ 5.2 3.8 3.3 6.1 4.0 4.9 10.1 2.9 5.1 3.4 2.0 3.7 –1.1 –1.7 –4.9 –3.6 12 Intellectual property products ............................................... 4.9 3.1 3.6 2.2 1.5 3.5 4.4 6.1 5.0 5.9 4.6 3.8 4.6 4.8 5.1 5.6 13 Residential ............................................................................... 12.6 14.8 13.6 6.8 2.8 2.8 2.2 6.2 9.9 10.7 13.0 13.1 11.7 5.7 1.5 1.2 14 Change in private inventories ...................................................... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... 7 8 9 10 11 12 13 14 15 Net exports of goods and services.............................................. .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... 16 Exports......................................................................................... 2.5 2.6 2.9 5.9 4.2 5.1 4.8 3.1 2.2 0.8 –0.4 –2.2 –0.9 –1.1 2.0 1.5 17 Goods ...................................................................................... 1.4 1.8 2.2 7.0 4.3 5.3 5.5 2.7 1.9 0.5 –1.4 –3.4 –0.8 –1.5 2.7 2.0 18 Services ................................................................................... 5.0 4.3 4.5 3.6 3.8 4.6 3.3 3.9 2.8 1.6 1.7 0.5 –1.0 –0.4 0.7 0.6 19 Imports......................................................................................... 0.0 0.8 1.1 2.5 3.4 4.5 3.7 6.1 6.3 4.5 5.1 2.5 1.0 0.3 0.6 2.5 20 Goods ...................................................................................... –0.1 0.9 1.2 2.7 3.7 4.9 4.0 6.5 6.8 5.0 5.4 2.7 0.7 –0.2 0.0 2.4 21 Services ................................................................................... 0.6 0.3 0.6 1.1 1.7 2.6 2.2 4.0 3.7 2.2 3.9 1.9 2.6 2.8 3.5 2.6 22 Government consumption expenditures and gross investment.................................................................................. –2.8 –2.8 –3.0 –2.8 –2.0 –1.4 –0.3 0.3 1.2 2.0 1.8 2.2 1.9 0.7 0.4 0.5 23 Federal......................................................................................... –4.7 –5.3 –6.6 –6.7 –4.1 –3.5 –1.2 –1.3 –0.8 –0.1 –0.8 1.7 0.8 0.7 1.0 –0.2 24 National defense ...................................................................... –6.0 –6.2 –8.0 –7.1 –5.3 –4.8 –2.2 –4.1 –3.0 –2.3 –3.5 0.6 –0.1 –0.8 0.0 –2.0 25 Nondefense.............................................................................. –2.5 –3.7 –4.3 –6.0 –2.1 –1.3 0.3 3.4 2.7 3.5 3.6 3.4 2.3 2.9 2.6 2.5 26 State and local ............................................................................. –1.5 –1.1 –0.5 –0.1 –0.5 –0.1 0.3 1.3 2.5 3.3 3.5 2.5 2.6 0.7 0.0 0.8 Addenda: 27 Gross domestic income (GDI) 1 .................................................... 0.9 1.3 1.5 1.3 1.9 2.7 3.6 4.0 3.8 2.6 2.1 1.5 1.3 1.4 1.9 .......... 28 Average of GDP and GDI ............................................................ 1.1 1.2 1.6 2.0 1.7 2.6 3.3 3.2 3.6 2.8 2.2 1.7 1.4 1.3 1.8 .......... 29 Final sales of domestic product ................................................... 1.4 1.2 1.4 2.0 1.7 2.4 3.2 2.7 2.8 2.7 2.2 2.0 2.1 1.9 2.0 1.9 30 Gross domestic purchases .......................................................... 0.9 0.8 1.4 2.2 1.6 2.4 2.8 3.0 3.9 3.5 3.0 2.5 1.8 1.4 1.5 2.0 31 Final sales to domestic purchasers ............................................. 1.0 0.9 1.1 1.6 1.7 2.4 3.1 3.2 3.4 3.3 3.0 2.6 2.3 2.1 1.8 2.1 32 Final sales to private domestic purchasers.................................. 1.9 1.8 2.1 2.6 2.5 3.3 3.8 3.8 3.9 3.5 3.3 2.7 2.3 2.3 2.1 2.4 33 Gross national product................................................................. 1.1 1.1 1.7 2.7 1.8 2.4 2.9 2.3 3.1 2.7 1.8 1.7 1.3 1.3 1.7 .......... 34 Real disposable personal income................................................ –1.0 –1.1 –0.5 –2.8 2.5 3.2 3.7 4.5 3.9 3.6 3.3 3.0 3.1 2.8 2.7 2.3 Price indexes: 35 Gross domestic purchases....................................................... 1.5 1.3 1.4 1.4 1.6 1.9 1.9 1.4 0.5 0.5 0.3 0.4 0.8 0.9 1.0 1.5 1.5 1.4 1.5 1.7 1.7 1.9 1.9 1.6 1.2 1.1 1.0 1.0 1.2 1.3 1.5 1.6 36 Gross domestic purchases excluding food and energy 2 .......... 37 GDP ......................................................................................... 1.8 1.6 1.5 1.6 1.7 2.0 1.9 1.5 1.1 1.1 1.0 1.1 1.2 1.2 1.3 1.6 1.6 1.6 1.7 1.9 1.9 2.0 2.0 1.7 1.3 1.3 1.2 1.2 1.4 1.5 1.6 1.8 38 GDP excluding food and energy 2 ............................................ 39 PCE.......................................................................................... 1.5 1.3 1.3 1.2 1.3 1.8 1.7 1.2 0.3 0.3 0.3 0.4 0.9 1.0 1.0 1.5 1.6 1.4 1.5 1.5 1.5 1.7 1.7 1.6 1.4 1.4 1.3 1.4 1.6 1.6 1.7 1.7 40 PCE excluding food and energy 2 ............................................. 41 Market-based PCE 3 ................................................................. 1.3 0.9 1.0 0.9 1.0 1.4 1.3 0.9 –0.1 –0.1 –0.1 0.1 0.6 0.7 0.8 1.3 42 Market-based PCE excluding food and energy 3 ...................... 1.4 1.1 1.1 1.1 1.1 1.3 1.3 1.2 1.1 1.1 1.1 1.1 1.4 1.4 1.5 1.5 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 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. - 14 - Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2016 2015 2016 IV I II Line III IV 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 ................................... 17,393.1 852.1 604.0 18,036.6 18,566.9 813.1 .................... 607.4 .................... 18,222.8 798.5 587.1 18,281.6 807.0 634.5 18,450.1 848.3 640.5 18,675.3 18,860.8 848.9 ................... 644.9 ................... 1 2 3 4 Equals: Gross national product ........................................................ 5 Less: Consumption of fixed capital....................................................... 6 Less: Statistical discrepancy................................................................. 17,641.2 2,745.2 –257.9 18,242.4 .................... 2,830.8 2,909.8 –253.7 .................... 18,434.1 2,862.8 –264.8 18,454.2 2,873.6 –264.3 18,657.9 2,901.8 –233.9 18,879.3 ................... 2,921.7 2,942.2 –293.9 ................... 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............................... 15,153.9 9,253.4 7,476.3 1,777.1 15,665.3 .................... 9,693.1 10,096.0 7,854.8 8,184.1 1,838.2 1,911.9 15,836.2 9,892.4 8,024.6 1,867.8 15,844.9 9,892.6 8,011.3 1,881.3 15,990.1 10,046.5 8,142.9 1,903.6 16,251.6 ................... 10,176.0 10,268.9 8,252.3 8,330.1 1,923.8 1,938.8 7 8 9 10 1,337.7 606.1 1,376.8 659.6 1,416.8 705.2 1,400.9 677.3 1,403.9 692.8 1,407.8 700.6 1,420.8 705.9 1,434.5 721.5 11 12 2,152.1 533.7 1,153.5 137.6 –20.2 2,088.1 .................... 524.1 486.1 1,181.0 1,196.8 161.4 161.1 –18.8 –22.4 1,967.5 503.7 1,190.0 224.5 –20.1 2,033.5 493.1 1,191.5 158.1 –20.5 2,021.0 485.5 1,187.4 164.6 –23.3 2,138.8 ................... 485.5 480.3 1,200.8 1,207.6 146.9 174.8 –23.2 –22.5 13 14 15 16 17 17,651.1 17,522.1 –1.5 18,290.3 .................... 18,163.5 .................... –1.4 .................... 18,487.6 18,355.2 –1.5 18,546.0 18,413.8 –1.4 18,684.0 18,567.0 –1.3 18,969.2 ................... 18,822.3 ................... –1.6 ................... 18 19 20 Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2014 2015 2016 2015 IV Line 2016 I II III IV 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 .............................................................................................. 14,809.7 9,253.4 7,476.3 1,777.1 1,337.7 68.5 1,269.2 606.1 2,227.0 1,300.9 926.1 2,540.4 1,154.9 1,787.0 15,458.5 16,006.2 15,690.2 15,740.1 9,693.1 10,096.0 9,892.4 9,892.6 7,854.8 8,184.1 8,024.6 8,011.3 1,838.2 1,911.9 1,867.8 1,881.3 1,376.8 1,416.8 1,400.9 1,403.9 39.9 28.5 38.1 32.3 1,336.8 1,388.3 1,362.8 1,371.6 659.6 705.2 677.3 692.8 2,253.8 2,262.9 2,235.5 2,235.9 1,302.7 1,314.5 1,293.0 1,296.1 951.1 948.4 942.5 939.8 2,678.6 2,775.0 2,708.2 2,744.0 1,203.5 1,249.6 1,224.1 1,229.0 1,938.7 1,968.1 1,963.8 1,932.7 15,929.4 10,046.5 8,142.9 1,903.6 1,407.8 29.8 1,378.0 700.6 2,255.8 1,310.2 945.5 2,763.6 1,244.8 1,952.1 16,101.7 10,176.0 8,252.3 1,923.8 1,420.8 28.3 1,392.4 705.9 2,270.3 1,317.8 952.5 2,786.5 1,257.8 1,982.9 16,253.7 10,268.9 8,330.1 1,938.8 1,434.5 23.5 1,411.1 721.5 2,289.8 1,333.9 955.9 2,805.9 1,266.9 2,004.7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Equals: Disposable personal income ............................................................................. 16 Less: Personal outlays........................................................................................................ 13,022.7 12,296.7 13,519.8 12,736.2 13,807.4 12,961.9 13,977.3 13,154.5 14,118.8 13,300.7 14,249.0 13,457.7 15 16 17 Equals: Personal saving .................................................................................................. 18 Personal saving as a percentage of disposable personal income .................................. 726.0 5.6 783.6 5.8 826.8 6.0 845.5 6.1 822.8 5.9 818.1 5.8 791.2 5.6 17 18 Addenda: Personal income excluding current transfer receipts, billions of chained (2009) dollars 2 Disposable personal income, billions of chained (2009) dollars 2 .................................... 11,240.8 11,931.0 11,667.7 12,343.3 11,948.7 11,813.7 12,677.4 12,491.0 11,818.2 12,556.0 11,912.9 12,647.2 12,004.5 12,729.0 12,059.5 12,777.9 19 20 19 20 14,038.1 13,726.4 13,218.7 12,899.6 819.4 5.8 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. - 15 - Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates Line 2014 2015 2016 2013 I II 2014 III IV I II 2015 III IV I 2016 II III IV 2.0 0.8 2.9 0.4 4.5 2.0 19.3 2.0 –5.2 2.2 –5.5 2.4 2.6 2.3 1.9 9.6 7.6 2.5 40.7 2.5 7.6 2.5 –3.0 3.1 2.0 0.9 2.5 –0.8 1.5 2.1 3.9 –1.9 16.5 –15.2 1.6 1.4 4.7 2.9 2.0 0.9 3.3 4.7 2.0 0.8 32.7 5.9 1.8 0.8 I Line II III IV 0.8 –1.4 1.1 7.4 2.2 0.8 54.3 0.7 0.6 0.8 6.6 0.7 1.4 2.2 2.4 –8.7 7.5 1.2 17.8 1.3 11.8 1.2 11.5 1.6 3.5 7.6 2.1 –0.6 3.2 3.5 –9.0 3.6 –0.1 3.6 26.5 4.2 1.9 2.5 1.0 6.8 0.9 1.9 1.8 1.9 5.9 1.8 1.4 2.2 1 2 3 4 5 6 7 8 9 10 11 12 Percent change from preceding period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Gross domestic product (GDP) and related aggregates: GDP................................................................................... Goods................................................................................ Services............................................................................. Structures .......................................................................... Motor vehicle output .......................................................... GDP excluding motor vehicle output ................................. Final sales of computers 1 .................................................. GDP excluding final sales of computers............................ Research and development............................................... GDP excluding research and development....................... Farm gross value added 2 .................................................. Nonfarm business gross value added 3 ............................. Price indexes: GDP................................................................................... GDP excluding food and energy 4 ...................................... GDP excluding final sales of computers............................ Gross domestic purchases................................................ Gross domestic purchases excluding food and energy 4 ... Gross domestic purchases excluding final sales of computers to domestic purchasers................................ Personal consumption expenditures (PCE)....................... PCE excluding food and energy 4 ...................................... Market-based PCE 5 .......................................................... Market-based PCE excluding food and energy 5 ............... 2.4 3.1 1.7 5.2 7.6 2.2 9.4 2.3 0.4 2.4 –1.9 3.0 2.6 2.5 2.4 4.3 5.0 2.5 9.8 2.6 2.2 2.6 3.1 3.1 1.6 1.5 1.7 1.1 1.6 1.6 17.4 1.5 4.4 1.5 11.7 1.7 2.8 10.2 –0.5 1.8 20.9 2.4 –4.0 2.9 6.9 2.7 90.5 2.8 0.8 3.1 0.6 7.5 0.0 0.4 8.7 8.6 4.1 –13.8 0.7 3.6 12.3 –4.7 0.7 3.2 –0.7 –1.0 0.8 3.2 37.3 28.2 0.6 3.8 4.0 –1.2 10.0 –8.9 1.8 1.9 –2.6 7.3 25.5 3.2 3.4 –1.3 12.7 15.0 3.9 –1.2 –3.7 2.0 4.2 –1.3 –9.2 –18.6 5.6 –1.8 4.0 7.9 1.4 9.3 14.2 3.7 19.4 3.9 0.5 4.1 2.1 5.1 5.0 2.3 10.0 –0.2 3.1 2.9 0.6 7.7 14.5 –5.2 4.7 2.5 11.4 –22.3 4.9 2.4 3.1 5.3 5.0 2.2 –6.9 10.5 6.5 2.7 1.8 1.9 1.8 1.7 1.8 1.1 1.2 1.1 0.4 1.1 1.3 1.6 1.4 1.0 1.4 1.4 1.8 1.5 1.4 1.6 0.9 1.4 1.0 0.6 1.3 2.1 2.0 2.1 1.6 1.6 2.1 2.3 2.1 2.1 2.2 1.7 1.9 1.8 2.1 1.9 2.1 2.0 2.2 1.8 1.9 1.7 1.8 1.8 1.5 1.7 0.5 1.0 0.6 0.3 1.0 –0.1 0.5 0.0 –1.4 0.4 2.3 1.8 2.3 1.6 1.5 1.3 1.4 1.3 1.0 1.2 0.8 0.9 0.9 0.3 0.8 0.5 1.5 0.6 0.2 1.4 2.3 2.1 2.4 2.1 2.0 1.4 1.9 1.5 1.5 1.7 2.1 1.7 2.1 2.0 1.4 13 14 15 16 17 1.7 1.5 1.6 1.1 1.2 0.5 0.3 1.4 0.0 1.1 1.1 1.1 1.7 0.8 1.5 1.5 1.4 1.7 1.3 1.5 0.6 0.2 1.1 –0.5 0.5 1.7 1.5 1.4 1.4 1.3 2.1 1.7 1.8 1.3 1.2 2.2 2.0 1.6 1.7 1.2 1.8 1.9 2.0 1.5 1.5 1.5 1.1 1.5 0.8 1.2 0.3 0.0 1.1 –0.4 0.8 –1.4 –1.6 1.1 –2.3 0.7 1.6 1.8 1.8 1.7 1.6 1.1 1.1 1.4 0.8 1.1 0.3 0.4 1.2 0.2 1.1 0.3 0.3 2.1 –0.2 1.8 2.1 2.0 1.8 1.9 1.6 1.5 1.5 1.7 1.3 1.6 2.0 2.2 1.3 2.2 1.1 18 19 20 21 22 2.0 2.6 2.0 0.9 0.8 1.4 3.5 1.9 23 3.02 –0.03 0.24 1.89 1.75 1.77 0.06 0.59 0.04 0.40 –0.15 0.13 0.05 –0.10 0.07 0.08 0.13 –0.13 0.71 1.17 0.74 0.22 0.14 0.19 0.75 –0.24 –0.42 0.66 2.22 0.92 1.26 0.68 1.48 1.34 0.31 –0.15 0.57 –0.73 –0.05 0.46 –0.49 0.06 0.21 0.09 0.02 0.01 0.18 0.07 –0.04 0.08 0.12 0.01 0.29 0.00 0.75 0.60 0.52 0.03 0.01 0.15 24 25 26 27 28 29 Contributions to percent change in real gross domestic product Percent change at annual rate: 23 Gross domestic product ............................................. 2.4 2.6 24 25 26 27 28 29 Percentage points at annual rates: Goods.................................................................................... Services ................................................................................ Structures.............................................................................. Motor vehicle output.............................................................. Final sales of computers ....................................................... Research and development .................................................. 0.94 1.04 0.39 0.21 0.04 0.01 0.77 1.49 0.34 0.14 0.04 0.05 1.6 2.8 0.8 3.1 4.0 –1.2 4.0 0.43 2.98 0.17 2.26 3.02 –2.85 1.08 –0.28 –0.01 0.24 1.14 1.13 0.09 0.13 0.61 0.62 –0.20 0.54 0.05 0.52 0.11 –0.41 0.63 0.09 0.07 –0.02 0.05 –0.02 0.05 0.06 0.11 0.17 –0.02 –0.03 –0.10 0.05 2.39 0.87 0.70 0.38 0.07 0.01 5.0 2.3 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. - 16 - 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. - 17 -
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