Full text of Bureau of Economic Analysis (BEA) News Releases : Gross Domestic Product: Fourth Quarter and Annual 2016 (Second Estimate), BEA 17-07 : Full Release

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, FEBRUARY 28, 2017
Technical:
Media:

Lisa Mataloni (GDP)
Jeannine Aversa

(301) 278-9083
(301) 278-9003

BEA 17-07

gdpniwd@bea.gov
Jeannine.Aversa@bea.gov

Gross Domestic Product:
Fourth Quarter and Annual 2016 (Second 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 "second" estimate released by the Bureau of Economic Analysis. In the
third quarter, real GDP increased 3.5 percent.
The GDP estimate released today is based on more complete source data than were available for the
"advance" estimate issued last month. In the advance estimate, the increase in real GDP was also 1.9
percent. With the second estimate for the fourth quarter, the general picture of economic growth
remains the same; the increase in personal consumption expenditures was larger and increases in state
and local government spending and in nonresidential fixed investment were smaller than previously
estimated (see "Updates to GDP" on page 2).

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. These increases 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 primarily reflected a downturn in exports, an
acceleration in imports, and a downturn in federal government spending that were partly offset by an
upturn in residential fixed investment, an acceleration in private inventory investment, and an upturn in
state and local government spending.
Current-dollar GDP increased 3.9 percent, or $180.2 billion, in the fourth quarter to a level of $18,855.5
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 1.9 percent in the fourth quarter, compared
with an increase of 1.5 percent in the third quarter (table 4). The PCE price index increased 1.9 percent,
compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index
increased 1.2 percent, compared with an increase of 1.7 percent (appendix table A).
Updates to GDP
The percent change in real GDP was the same as previously estimated. An upward revision to PCE was
offset by downward revisions to state and local government spending and to nonresidential fixed
investment. For more information, see the Technical Note. For information on updates to GDP, see the
“Additional Information” section that follows.
Advance Estimate
Second Estimate
(Percent change from preceding quarter)

1.9
4.0
2.0
2.2

Real GDP
Current-dollar GDP
Gross domestic purchases price index
PCE price index

1.9
3.9
1.9
1.9

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). Revisions to 2016 real GDP from the
advance estimate did not affect the 1.6 percent rate of increase.
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).

-2-

The deceleration in real GDP from 2015 to 2016 reflected downturns in private inventory investment
and in nonresidential fixed investment and decelerations in PCE, in residential fixed investment and in
state and local government spending that were partly offset by a deceleration in imports and
accelerations in federal government spending and in exports.
Current-dollar GDP increased 2.9 percent, or $529.0 billion, in 2016 to a level of $18,565.6 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 1.4 percent during 2016, compared with an increase of 0.4 percent during 2015 (table 7).

*

*

*

Next release: March 30, 2017 at 8:30 A.M. EDT
Gross Domestic Product: Fourth Quarter and Annual 2016 (Third Estimate)
Corporate Profits: Fourth Quarter and Annual 2016

*

*

-3-

*

Additional Information
Resources

The personal consumption expenditure price index
measures the prices paid for the goods and services
purchased by, or on the behalf of, "persons."
Profits from current production, referred to as corporate
profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj) in the NIPAs, is a
measure of the net income of corporations before
deducting income taxes that is consistent with the value of
goods and services measured in GDP. The IVA and CCAdj
are adjustments that convert inventory withdrawals and
depreciation of fixed assets reported on a tax-return,
historical-cost basis to the current-cost economic
measures used in the national income and product
accounts.

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

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?"

Gross domestic income (GDI) is the sum of incomes earned
and costs incurred in the production of GDP. In national
economic accounting, GDP and GDI are conceptually
equal. In practice, GDP and GDI differ because they are
constructed using largely independent source data. Real
GDI is calculated by deflating gross domestic income using
the GDP price index as the deflator, and is therefore
conceptually equivalent to real GDP.

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 currentdollar 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.

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."
Real values are inflation-adjusted estimates—that is,
estimates that exclude the effects of price changes.

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.

The gross domestic purchases price index measures the
prices of final goods and services purchased by U.S.
residents.

-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
Table 11. Corporate Profits: Level and Percent Change
Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
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

r

I
1

II

2014
III

IV

I

II

2015
III

IV

I

II

2016
III

IV

I

II

Line
III r

IV r

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
5.8
2.5
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

3.0
5.7
11.5
2.8
1.8

2
3
4
5
6

7 Gross private domestic investment.........
4.5
5.0 –1.6 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
9.2
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
3.2
9
Nonresidential ......................................
6.0
2.1 –0.5
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
1.3
10
Structures......................................... 10.3 –4.4 –3.0 –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 –4.5
11
Equipment ........................................
5.4
3.5 –2.9
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
1.9
12
Intellectual property products ...........
3.9
4.8
4.9
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
4.5
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
9.6
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
3.0
22 Government consumption expenditures
and gross investment............................ –0.9
1.8
0.8
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
2.8
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
3.9

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 –4.0
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 –6.6
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
1.0
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
8.5
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 10.6
–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 –0.4
–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

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

–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

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

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
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

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

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

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

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

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2016.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See Explanatory Note at the end of the tables.

-6-

0.8
2.4
2.0
3.0
–0.2

0.4
–1.2
–3.6
2.3
1.3

22
23
24
25
26

0.7
1.1
2.6
1.2
2.4

5.0 ..........
4.3 ..........
3.0
0.9
2.6
3.5
2.1
2.6

27
28
29
30
31

1.1
0.0
2.1

3.2
2.2
2.9

2.4
3.0
3.4 ..........
2.9
2.0

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
3.9
6.5 ..........
5.7 ..........
4.5
2.9
4.1
5.5
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
5.0
4.8 ..........
4.4
4.0

41
42
43

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
2014

Line

2015 2016

2013

r

I

II

2.8

0.8

2014
III

IV

I

II

2015
III

IV

I

II

2016
III

IV

Line

I

II

III

IV r

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

2.05
1.23
0.83
0.39
0.07
0.29
0.08
0.40

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 0.32
0.02 0.19 0.01 0.11 0.04 0.02 –0.02 0.10 –0.02 0.00
0.02 0.13 0.14 –0.01 0.10 –0.02 0.08 0.00 –0.04 –0.09
0.29 0.21 0.16 0.29 0.35 0.18 0.08 0.35 –0.14 0.18
1.54 1.93 1.04 1.00 0.89 1.07 0.86 1.37 1.26 0.81
1.60 2.00 1.08 0.99 0.69 0.92 0.85 1.46 1.02 0.87
0.00 0.39 0.39 0.11 0.21 –0.22 0.09 0.54 0.32 –0.14
0.73 0.90 0.50 0.44 0.43 0.42 0.63 0.83 0.07 0.66
0.14 0.06 0.08 0.06 0.01 0.11 –0.03 –0.03 0.05 0.05
0.18 0.08 0.01 –0.05 0.03 0.24 –0.02 –0.18 0.14 0.05
0.19 0.25 0.12 0.29 0.07 0.17 0.11 0.12 0.10 0.00
0.21 –0.04 –0.05 0.02 –0.05 0.11 –0.12 –0.03 0.23 0.08
0.15 0.36 0.03 0.13 –0.01 0.10 0.18 0.19 0.11 0.16

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 .......................................
Gross investment......................................................

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

1.84
0.78
0.42
0.08
0.11
0.20
0.04
0.36

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

0.14 –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
1.06 0.02 0.28 0.61 1.39 0.73 1.06
0.99 0.08 0.33 0.67 1.35 0.71 1.13
0.15 0.22 0.03 –0.11 0.34 0.42 –0.06
0.53 –0.26 0.34 0.18 0.37 –0.15 0.70
0.02 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
0.01 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

0.06 –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

0.20
–0.26
0.11
–0.06
–0.08
–0.17
0.04
–0.01
0.05
0.03
–0.10
–0.15
0.19
0.08
0.10
0.01
0.18
–0.37
–0.01
–0.36
–0.12
0.05
0.05
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 0.15 –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
0.00 0.10 0.01 –0.03 0.04 0.02 –0.08 –0.10

r Revised
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

0.33
1.45
0.51
0.17
–0.12
0.11
0.07
–0.04
0.11
0.05
–0.02
0.00
0.18
0.06
0.07
0.05
0.35
0.94
–0.13
1.06
–1.70
–0.50
–0.54
0.04
–1.20
–1.21
0.01

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

0.06
–0.08
–0.14
–0.15
0.01
0.06
0.04
0.02
0.14
0.00
0.14

52
53
54
55
56
57
58
59
60
61
62

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 –0.05
0.28 0.40 0.27 0.28

23
24

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 r

2015
IV

2016 r

2016
I

II

III

Change from preceding
period
Line

Seasonally adjusted at annual rates

IV

r

2015
IV

r

2016
I

II

III

IV

r

r

2016 r

2016
III

r

IV r

Gross domestic product (GDP)......... 18,565.6 18,222.8 18,281.6 18,450.1 18,675.3 18,855.5 16,659.8 16,490.7 16,525.0 16,583.1 16,727.0 16,804.1

262.6

143.8

77.1

1

2 Personal consumption expenditures........... 12,753.1 12,438.8 12,498.0 12,692.7 12,832.2 12,989.5 11,518.5 11,319.3 11,365.2 11,484.9 11,569.0 11,655.0

303.8

84.2

86.0

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

4,097.5
1,402.9
474.6

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

4,184.3
1,441.1
498.5

4,047.5
1,584.7
432.5

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

4,124.6
1,648.6
457.0

140.1
86.6
13.1

34.9
43.5
19.6

56.8
44.2
16.7

3
4
5

316.5
393.1
218.7
2,694.6

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

318.4
400.8
223.4
2,743.2

374.6
587.0
216.6
2,499.7

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

382.4
614.1
221.5
2,519.8

23.0
52.0
7.5
60.4

5.5
13.6
3.3
–3.0

4.0
20.6
3.6
17.3

6
7
8
9

916.9
383.6
271.6
1,122.6

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

929.5
382.7
291.5
1,139.5

833.9
368.2
289.7
1,018.2

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

850.4
369.0
285.4
1,024.5

22.6
4.8
3.4
29.1

5.2
–0.7
–1.8
–5.9

13.5
0.0
–4.4
7.4

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.......

8,655.5

8,400.6

8,489.3

8,607.3

8,720.3

8,805.3

7,478.0

7,369.8

7,403.9

7,458.5

7,508.5

7,541.2

167.7

50.0

32.7

14

8,302.9
2,326.2
2,189.5
377.5
482.8
851.9
956.9
1,118.1

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

8,446.9
2,368.2
2,237.2
382.1
489.2
862.8
975.5
1,132.0

7,170.7
2,020.5
1,973.1
338.4
423.9
722.7
720.7
979.4

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

7,231.5
2,028.1
2,004.1
340.8
426.4
725.7
726.5
988.5

157.4
23.5
87.0
3.7
4.7
18.9
1.9
21.0

40.6
13.0
2.9
2.2
5.7
3.9
7.8
4.3

34.7
–5.8
27.9
2.3
1.9
–0.1
2.9
6.7

15
16
17
18
19
20
21
22

352.7
1,412.3

342.2
1,357.3

348.1
1,378.3

346.1
1,403.6

358.1
1,423.0

358.3
1,444.4

307.5
1,226.5

305.5
1,195.0

305.7
1,206.2

302.4
1,222.4

311.9
1,233.1

309.8
1,244.4

10.5
41.6

9.5
10.8

–2.1
11.3

23
24

1,059.7

1,015.1

1,030.3

1,057.5

1,064.8

1,086.1

919.0

889.5

900.4

919.9

921.2

934.6

31.3

1.3

13.3

25

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

3,035.4

3,059.9

3,036.8

2,987.5

3,017.2

3,100.1

2,824.3

2,865.4

2,841.5

2,783.8

2,804.7

2,867.4

–44.7

20.8

62.7

26

27
28
29
30
31
32

3,015.4
2,309.4
493.0
1,056.9
321.0

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

3,051.3
2,326.8
498.1
1,053.4
324.4

2,786.5
2,189.2
438.4
1,041.3
346.9

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

2,801.3
2,199.7
440.3
1,037.0
352.3

18.8
–11.0
–13.7
–31.1
8.2

0.5
7.5
12.4
–11.9
7.4

22.1
7.2
–5.0
4.8
3.7

27
28
29
30
31

76.4
244.6
226.1
293.1
216.8
759.5
340.9
336.1

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

74.4
250.0
228.6
286.6
213.7
775.4
345.5
344.7

87.7
258.2
212.9
283.9
205.8
713.2
348.5
286.0

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

86.3
264.8
215.2
275.7
202.7
725.8
354.3
290.3

–1.1
9.0
5.6
–18.2
–25.0
33.3
15.4
15.8

–1.0
8.1
–1.3
–13.2
–3.7
5.6
5.6
–1.0

–2.0
5.4
2.4
–0.8
–0.2
7.9
2.7
2.8

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

82.5
706.0

80.6
685.9

81.1
702.4

81.4
697.8

82.5
699.3

85.1
724.5

79.6
592.0

78.9
589.5

78.6
600.7

78.0
588.7

79.7
582.5

82.1
596.0

1.8
27.4

1.6
–6.2

2.5
13.5

40
41

42
43
44

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

20.0
–6.2
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

48.8
–8.5
57.3

21.1
–3.3
25.0

56.9
–4.1
62.9

40.7
–5.1
47.5

–9.5
–2.6
–6.6

7.1
0.0
7.2

46.2
–5.3
51.8

–62.9
–1.7
–63.2

16.5
2.7
13.7

39.1
–5.3
44.7

42
43
44

33
34
35
36
37
38
39
40

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

–499.9

–520.9

–507.4

–492.4

–460.0

–539.8

–561.6

–566.6

–566.3

–558.5

–522.2

–599.6

–21.7

36.2

–77.4

45

46
47
48

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

2,233.0
1,455.0
778.0

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

2,267.1
1,476.6
790.5

2,128.8
1,446.9
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

2,139.9
1,454.2
685.5

8.2
8.8
–0.1

50.7
49.0
3.4

–22.2
–25.0
1.6

46
47
48

49
50
51

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

2,732.9
2,225.2
507.7

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

2,806.9
2,293.0
513.9

2,690.4
2,209.7
478.3

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

2,739.5
2,253.3
483.9

29.9
15.6
13.9

14.5
2.9
11.2

55.2
56.1
–0.5

49
50
51

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2016.
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 r

2015
IV

2016 r

2016
I

II

III r

Change from preceding
period
Line

Seasonally adjusted at annual rates

IV r

2015
IV

2016
I

II

III r

IV r

2016 r

2016
III r

IV r

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

3,277.1

3,245.0

3,254.3

3,262.3

3,285.9

3,305.7

2,907.3

2,901.7

2,913.2

2,900.9

2,906.4

2,908.9

23.7

5.5

2.6

52

53
54
55
56
57
58
59

1,244.5
732.2
587.6
144.5
512.3
390.5
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
586.3
145.6
521.2
397.5
123.7

1,120.5
667.0
531.7
135.1
452.6
341.1
111.3

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
526.9
135.7
457.3
344.8
112.4

6.6
–5.0
–7.6
2.7
11.4
10.3
1.0

6.7
3.3
2.5
0.8
3.3
2.7
0.6

–3.3
–6.0
–6.5
0.6
2.6
1.7
0.9

53
54
55
56
57
58
59

60 State and local ............................................ 2,032.6 2,011.0 2,020.5 2,023.1 2,034.1 2,052.5
61
Consumption expenditures ....................... 1,677.1 1,658.5 1,654.0 1,669.2 1,687.4 1,697.6
62
Gross investment ......................................
355.5
352.6
366.5
353.9
346.7
354.8
63 Residual............................................................ .............. .............. ............... .............. .............. ...............

1,785.2
1,468.3
316.1
–106.2

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

1,786.1
17.0
–1.0
5.7
1,471.6
15.8
5.3
0.0
313.8
1.1
–6.4
5.9
–112.2 ........... .......... ...........

60
61
62
63

...............
...............
16,624.6
17,222.2
17,187.6
14,292.4

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

16,999.8
16,863.4
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...

..............
..............
18,545.7
19,065.5
19,045.5
15,768.5

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

18,979.9
18,827.6
18,671.2
19,135.2
19,131.2
15,845.2

...............
...............
18,806.7
19,395.2
19,346.5
16,040.8

.............. ...........
.............. ...........
16,741.6 323.9
17,402.0 284.4
17,340.1 346.0
14,443.9 323.3

206.5 ...........
175.1 ...........
124.0
38.1
110.0 149.4
90.1 110.0
84.9 107.9

64
65
66
67
68
69

Gross domestic product ............................ 18,565.6 18,222.8 18,281.6 18,450.1 18,675.3 18,855.5 16,659.8 16,490.7 16,525.0 16,583.1 16,727.0 16,804.1 262.6
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

77.1

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.................................... 15,655.6 15,360.0 15,408.1 15,548.3 15,753.6 15,912.4 13,973.8 13,836.9 13,857.5 13,902.9 14,034.6 14,100.4 207.6

139.7 ...........
131.6
65.8

73
74

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2016.
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

r

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 r

–0.1

2.3

1.3

0.8

0.5

2.3

1.4

2.0

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

1.9
1.4
–3.2
4.0
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
1.9
8 Fixed investment.....................................
2.3
1.0
1.1
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
1.9
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
0.9
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
2.6
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 –0.3
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
3.3
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
5.1
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

r Revised
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
2.5
–12.1 –1.8 –5.8 –7.8 –10.0
5.9
2.4
1.8
–3.2
0.8 –0.4 –1.1
4.8
0.4
2.4
4.0
–15.5 –4.8 –4.5 –7.6 –6.0
2.1
2.9
2.1
–17.8 –5.9 –5.0 –9.0 –7.3
2.5
3.7
2.4
–3.7
0.7 –2.2 –1.3 –0.1
0.6 –0.8
0.7
–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

2.1
1.6
1.5
1.9
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

2.0
1.9
1.9

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
1.9
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
2.0
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 r

2015
IV

1

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

110.844

113.721

115.543

114.370

2016
I
114.608

II
115.011

Line
III
116.009

IV

r

116.543

1

2 Personal consumption expenditures ...............................................
110.378
113.890
116.975
114.952
115.418
116.633
117.488
118.361
3 Goods ...............................................................................................
117.414
122.166
126.546
123.602
123.957
126.089
127.180
128.957
4
Durable goods...............................................................................
136.919
146.395
154.859
149.251
149.013
152.538
156.784
161.100
5
Nondurable goods.........................................................................
109.253
112.146
114.922
113.023
113.608
115.185
115.049
115.847
6 Services ............................................................................................
107.004
109.954
112.477
110.849
111.361
112.184
112.935
113.427
7 Gross private domestic investment..................................................
145.549
152.761
150.382
152.570
151.294
148.226
149.336
152.672
8 Fixed investment...............................................................................
131.342
136.633
137.561
137.895
137.570
137.179
137.202
138.291
9
Nonresidential ...............................................................................
131.967
134.697
134.024
134.611
133.442
133.766
134.223
134.664
10
Structures..................................................................................
107.918
103.166
100.051
99.291
99.317
98.794
101.623
100.472
11
Equipment .................................................................................
160.752
166.451
161.621
167.400
163.270
162.053
160.207
160.953
12
Intellectual property products ....................................................
117.733
123.422
129.463
125.376
126.532
129.279
130.303
131.736
13
Residential ....................................................................................
128.846
143.923
150.918
150.290
153.133
150.079
148.505
151.955
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

134.077

132.629

132.389

132.974

136.170

134.775

15

16 Imports of goods and services .........................................................

128.279

134.155

135.663

134.752

134.544

134.620

135.352

138.136

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

94.116
92.017
95.391

93.933
92.226
94.959

94.304
91.874
95.790

93.907
91.791
95.192

94.085
92.337
95.137

94.168
92.066
95.444

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
114.130
114.335
116.255
112.565
114.877
117.658
120.381
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
114.934
116.460
117.469
115.161
115.896
120.747
121.657
115.975 ...................

20
21
22
23
24

20
21
22
23
24

r Revised
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 r

2015
IV

2016
III

IV

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

108.838

109.999

111.445

110.498

110.635

111.268

111.662

112.216

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

110.715
101.235
88.551
107.793
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

111.452
101.445
87.411
108.864
116.765

2
3
4
5
6

7 Gross private domestic investment .................................................
105.655
106.539
107.514
106.742
106.889
107.366
107.649
108.153
8 Fixed investment ..............................................................................
106.030
107.062
108.212
107.300
107.467
108.048
108.412
108.922
9
Nonresidential...............................................................................
104.423
105.051
105.489
105.116
105.172
105.476
105.532
105.778
10
Structures..................................................................................
112.213
112.202
112.444
112.113
111.682
112.566
112.402
113.127
11
Equipment.................................................................................
100.482
101.277
101.496
101.299
101.366
101.392
101.655
101.573
12
Intellectual property products....................................................
104.772
105.583
106.487
105.825
106.168
106.526
106.416
106.838
13
Residential ....................................................................................
112.795
115.479
119.286
116.371
116.952
118.553
120.070
121.568
14 Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... ....................

7
8
9
10
11
12
13
14

15 Exports of goods and services.........................................................

112.134

106.778

104.896

105.039

103.669

104.671

105.292

105.954

15

16 Imports of goods and services .........................................................

113.368

104.726

101.569

102.252

100.675

101.211

101.933

102.457

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

112.719
111.068
113.863

111.835
109.881
113.169

111.713
110.286
112.715

112.462
110.869
113.570

113.061
111.331
114.254

113.640
111.784
114.914

17
18
19

108.048
108.219
106.800
108.891
109.109
109.159
108.637
108.957

109.540
111.350
108.179
109.084
107.957
109.530
110.077
111.555
109.569
110.708
109.640
110.808
109.148
110.326
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
111.965
109.249
109.800
109.770
110.105
111.782
112.337
110.925
111.461
111.036
111.573
110.530
111.058
111.743 ....................

20
21
22
23
24
25
26
27

108.828
108.891
109.099
109.159
108.947

109.998
111.440
110.077
111.556
109.569
110.703
109.640
110.810
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
112.208
111.780
112.335
110.912
111.454
111.034
111.571
111.729 ....................

28
29
30
31
32

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

I

II

Line
r

r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished
without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A.
See Explanatory Note at the end of the tables.

- 12 -

Table 7. Real Gross Domestic Product: Annual Percent Change
Percent change from preceding year

Line

Percent change fourth quarter to fourth quarter
2010

1.6

–0.2

2.7

1.7

1.3

2.7

2.5

1.9

1.9

1

2.7
3.6
5.8
2.5
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

3.0
4.3
7.9
2.5
2.3

2
3
4
5
6

–11.0 11.1
9.6
3.7
9.3
3.8
2.6
0.1
–11.9
5.5
8.4
7.0
5.2
5.3
3.4
0.3
–12.2
8.1
9.0
5.2
4.8
5.0
0.8
0.0
–27.1 –4.0
8.0
4.1
5.8
8.0 –8.8
1.2
–11.5 20.9 13.1
6.9
6.1
2.9
3.7 –3.9
1.3
1.8
4.1
3.4
2.2
6.1
3.8
5.1
–10.8 –5.2
6.0 15.7
6.8
6.2 13.1
1.1
.......... .......... .......... .......... .......... .......... .......... ..........

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
1.6
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
2.1
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
0.7
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
3.0 –4.2
4.9
3.8
1.2
1.1
4.0
1.9
3.2
22 Government consumption expenditures and gross
investment..................................................................................
3.2
0.1 –3.0 –1.9 –2.9 –0.9
1.8
0.8
2.3 –1.1 –3.0 –2.2 –2.8
0.3
2.2
0.3
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
0.5

15
16
17
18
19
20
21

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

1

2011

2012

2013

2014

2015

1.6

2.2

1.7

2.4

2.6

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

2016

7 Gross private domestic investment............................................. –21.6 12.9
5.2 10.6
6.1
4.5
5.0 –1.6
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 –0.5
10
Structures............................................................................. –18.9 –16.4
2.3 12.9
1.4 10.3 –4.4 –3.0
11
Equipment ............................................................................ –22.9 15.9 13.6 10.8
4.6
5.4
3.5 –2.9
12
Intellectual property products ............................................... –1.4
1.9
3.6
3.9
3.4
3.9
4.8
4.9
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
2.8

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 r

Line

2009

2009

r

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
2.5

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

1.4
1.6
1.6
1.8
1.4
1.7
1.2
1.5

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

IV r

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

3.0
4.3
7.9
2.5
2.3

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
0.1
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
0.3
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
0.0
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
1.2
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 –3.9
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
5.1
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
1.1
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
1.6
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
2.1
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
0.7
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
3.2
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
0.3
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
0.5
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
2.0 ..........
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
2.5
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
1.4
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
1.4
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
1.2
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

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2016.
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

r

2015

2016

IV

I

II

Line
IV r

III r

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

17,393.1
852.1
604.0

18,036.6
18,565.6
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
18,855.5
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
2,910.0
–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
2,943.1
–304.7 ...................

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
10,101.6
7,854.8
8,189.4
1,838.2
1,912.2

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

16,262.3 ...................
10,186.8
10,280.5
8,262.3
8,341.1
1,924.5
1,939.4

7
8
9
10

1,337.7
606.1

1,376.8
659.6

1,417.7
705.1

1,400.9
677.3

1,403.9
692.8

1,407.8
700.6

1,420.8
705.9

1,438.1
721.3

11
12

2,152.1
533.7
1,153.5
137.6
–20.2

2,088.1 ....................
524.1
485.3
1,181.0
1,197.0
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
477.0
1,200.8
1,208.4
146.9
174.8
–23.2
–22.6

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

18,979.9 ...................
18,827.6 ...................
–1.6 ...................

18
19
20

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2016.

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

2014

2015

2016

r

2015
IV

2016
I

Line

II

III r

IV r

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
9,693.1
7,854.8
1,838.2
1,376.8
39.9
1,336.8
659.6
2,253.8
1,302.7
951.1
2,678.6
1,203.5
1,938.7

16,011.8 15,690.2 15,740.1
10,101.6 9,892.4 9,892.6
8,189.4 8,024.6
8,011.3
1,912.2 1,867.8 1,881.3
1,417.7 1,400.9 1,403.9
28.1
38.1
32.3
1,389.6 1,362.8 1,371.6
705.1
677.3
692.8
2,262.4 2,235.5 2,235.9
1,314.1 1,293.0 1,296.1
948.3
942.5
939.8
2,775.4 2,708.2 2,744.0
1,250.4 1,224.1 1,229.0
1,966.4 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

16,111.1
10,186.8
8,262.3
1,924.5
1,420.8
28.3
1,392.4
705.9
2,270.3
1,317.8
952.5
2,786.5
1,259.1
1,982.4

16,266.8
10,280.5
8,341.1
1,939.4
1,438.1
21.8
1,416.3
721.3
2,287.8
1,332.3
955.6
2,807.5
1,268.5
1,998.3

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

14,045.5 13,726.4
13,221.3 12,899.6

13,807.4
12,961.9

13,977.3
13,154.5

14,128.7
13,300.7

14,268.5
13,467.9

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

828.0
5.9

800.6
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

11,955.1 11,813.7
12,685.8 12,491.0

11,818.2
12,556.0

11,912.9
12,647.2

12,012.9
12,737.9

12,076.5
12,802.6

19
20

19
20

824.2
5.9

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2016.
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 r

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
1.9
7.6
2.3
2.1
1.2
–0.6
5.3
3.2
7.1
3.5
1.7
–9.0 –3.5
3.6
1.9
–0.1
4.1
3.6
1.8
26.5 –10.1
4.2
2.4

r

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

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

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
1.4
1.8
1.0
2.0
1.6
17.0
1.5
4.3
1.5
10.8
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
2
3
4
5
6
7
8
9
10
11
12

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

2.0
1.7
2.0
1.9
1.5

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
1.9
1.2
2.0
1.2

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 0.69
0.92 1.26 0.68 1.48 1.34 0.75
0.31 –0.15 0.57 –0.73 –0.05 0.41
0.46 –0.49 0.06 0.21 0.09 0.20
0.02 0.01 0.18 0.07 –0.04 –0.01
0.08 0.12 0.01 0.29 0.00 0.11

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
1.09 –0.28 –0.01 0.24 1.14 1.13
0.08 0.13 0.61 0.62 –0.20 0.54
0.06 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

r Revised
1. For some components of final sales of computers, includes computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
4. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
5. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final
consumption expenditures of nonprofit institutions serving households.
See Explanatory Note at the end of the tables.

- 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 -