Full text of Bureau of Economic Analysis (BEA) News Releases : Gross Domestic Product: Fourth Quarter and Annual 2017 (Advance Estimate), BEA 18-04 : Full Release

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 26, 2018
Technical:
Media:

Lisa Mataloni
Jeannine Aversa

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

BEA 18-04

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

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of
2017 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the
third quarter, real GDP increased 3.2 percent.
The Bureau emphasized that the fourth-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see "Source Data for the
Advance Estimate" on page 3). The "second" estimate for the fourth quarter, based on more complete
data, will be released on February 28, 2018.

Real GDP: Percent change from preceding quarter
6
5
4
3
2
1
0
-1
-2
Q1

Q2

Q3

2014
U.S. Bureau of Economic Analysis

Q4

Q1

Q2

Q3

2015

Q4

Q1

Q2

Q3

2016

Q4

Q1

Q2

Q3

Q4

2017
Seasonally adjusted at annual rates

The increase in real GDP in the fourth quarter reflected positive contributions from personal
consumption expenditures (PCE), nonresidential fixed investment, exports, residential fixed investment,
state and local government spending, and federal government spending that were partly offset by a
negative contribution from private inventory investment. Imports, which are a subtraction in the
calculation of GDP, increased (table 2).

The deceleration in real GDP growth in the fourth quarter reflected a downturn in private inventory
investment that was partly offset by accelerations in PCE, exports, nonresidential fixed investment, state
and local government spending, and federal government spending, and an upturn in residential fixed
investment. Imports, which are a subtraction in the calculation of GDP, turned up.
Current-dollar GDP increased 5.0 percent, or $238.3 billion, in the fourth quarter to a level of $19,738.9
billion. In the third quarter, current-dollar GDP increased 5.3 percent, or $250.6 billion (table 1 and table
3).
The price index for gross domestic purchases increased 2.5 percent in the fourth quarter, compared
with an increase of 1.7 percent in the third quarter (table 4). The PCE price index increased 2.8 percent,
compared with an increase of 1.5 percent. Excluding food and energy prices, the PCE price index
increased 1.9 percent, compared with an increase of 1.3 percent (appendix table A).

Personal Income (table 10)
Current-dollar personal income increased $178.9 billion in the fourth quarter, compared with an
increase of $112.3 billion in the third. The acceleration in personal income primarily reflected an upturn
in personal interest income and an acceleration in nonfarm proprietors’ income.
Disposable personal income increased $139.0 billion, or 3.9 percent, in the fourth quarter, compared
with an increase of $73.8 billion, or 2.1 percent, in the third. Real disposable personal income increased
1.1 percent, compared with an increase of 0.5 percent.
Personal saving was $384.4 billion in the fourth quarter, compared with $478.3 billion in the third. The
personal saving rate -- personal saving as a percentage of disposable personal income -- was 2.6 percent
in the fourth quarter, compared with 3.3 percent in the third.

2017 GDP
Real GDP increased 2.3 percent in 2017 (that is, from the 2016 annual level to the 2017 annual level),
compared with an increase of 1.5 percent in 2016 (table 1).
The increase in real GDP in 2017 primarily reflected positive contributions from PCE, nonresidential fixed
investment, and exports. Imports, which are a subtraction in the calculation of GDP, increased (table 2).
The acceleration in real GDP from 2016 to 2017 reflected upturns in nonresidential fixed investment and
in exports and a smaller decrease in private inventory investment. These movements were partly offset
by decelerations in residential fixed investment and in state and local government spending. Imports,
which are a subtraction in the calculation of GDP, accelerated.
Current-dollar GDP increased 4.1 percent, or $762.3 billion, in 2017 to a level of $19,386.8 billion,
compared with an increase of 2.8 percent, or $503.8 billion, in 2016 (table 1 and table 3).
The price index for gross domestic purchases increased 1.8 percent in 2017, compared with an increase
of 1.0 percent in 2016 (table 4). The PCE price index increased 1.7 percent, compared with an increase

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of 1.2 percent. Excluding food and energy prices, the PCE price index increased 1.5 percent, compared
with an increase of 1.8 percent (appendix table A).
During 2017 (measured from the fourth quarter of 2016 to the fourth quarter of 2017), real GDP
increased 2.5 percent, compared with an increase of 1.8 percent during 2016. The price index for gross
domestic purchases increased 1.9 percent during 2017, compared with an increase of 1.4 percent during
2016 (table 7).

Source Data for the Advance Estimate
Information on the assumptions used for unavailable source data in the advance estimate is provided in
a Technical Note that is posted with the news release on BEA’s Web site. A detailed "Key Source Data
and Assumptions" file is also posted for each release. For information on updates to GDP, see the
"Additional Information" section that follows.

*

*

*

Next release: February 28, 2018 at 8:30 A.M. EST
Gross Domestic Product: Fourth Quarter 2017 (Second Estimate)
*

*

*

Release Dates in 2018
Estimate

2017 Q4 and
2017 annual

2018 Q1

2018 Q2

2018 Q3

Gross Domestic Product
Advance

January 26

April 27

July 27

October 26

Second

February 28

May 30

August 29

November 28

Third

March 28

June 28

September 27

December 21

Corporate Profits
Preliminary

…

May 30

August 29

November 28

Revised

March 28

June 28

September 27

December 21

-3-

Additional Information
Resources

Disposable personal income is the income available to
persons for spending or saving. It is equal to personal
income less personal current taxes.

Additional resources available at www.bea.gov:








Stay informed about BEA developments by
reading the BEA blog, signing up for BEA’s email
subscription service, or following BEA on Twitter
@BEA_News.
Historical time series for these estimates can be
accessed in BEA’s interactive data application.
Access BEA data by registering for BEA’s data
application programming interface (API).
For more on BEA’s statistics, see our monthly
online journal, the Survey of Current Business.
BEA's news release schedule
NIPA Handbook: Concepts and Methods of the
U.S. National Income and Product Accounts

Personal outlays is the sum of personal consumption
expenditures, personal interest payments, and personal
current transfer payments.
Personal saving is personal income less personal outlays
and personal current taxes.
The personal saving rate is personal saving as a
percentage of disposable personal income.
For more definitions, see the Glossary: National Income
and Product Accounts.

Definitions

Statistical conventions

Gross domestic product (GDP) is the value of the goods
and services produced by the nation’s economy less the
value of the goods and services used up in production.
GDP is also equal to the sum of personal consumption
expenditures, gross private domestic investment, net
exports of goods and services, and government
consumption expenditures and gross investment.

Annual rates. Quarterly values are expressed at
seasonally-adjusted annual rates (SAAR), unless otherwise
specified. Dollar changes are calculated as the difference
between these SAAR values. For detail, see the FAQ "Why
does BEA publish estimates at annual rates?"
Percent changes in quarterly series are calculated from
unrounded data and are displayed at annual rates, unless
otherwise specified. For details, see the FAQ "How is
average annual growth calculated?"

Current-dollar estimates are valued in the prices of the
period when the transactions occurred—that is, at
"market value." Also referred to as "nominal estimates" or
as "current-price estimates."

Calendar years and quarters. Unless noted otherwise,
annual and quarterly data are presented on a calendar
basis.

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

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.

The gross domestic purchases price index measures the
prices of final goods and services purchased by U.S.
residents.
The personal consumption expenditure price index
measures the prices paid for the goods and services
purchased by, or on the behalf of, "persons."
Personal income is the income received by, or on behalf
of, all persons from all sources: from participation as
laborers in production, from owning a home or business,
from the ownership of financial assets, and from
government and business in the form of transfers. It
includes income from domestic sources as well as the rest
of world. It does not include realized or unrealized capital
gains or losses.

Chained-dollar values are not additive because the
relative weights for a given period differ from those of the

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The table below shows the average revisions to the
quarterly percent changes in real GDP between different
estimate vintages, without regard to sign.

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.

Vintage

Updates to GDP
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
1.3
Note - Based on estimates from 1993 through 2016. For
more information on GDP updates, see Revision
Information on the BEA Web site.
The larger average revision from the advance to the latest
estimate reflects the fact that periodic comprehensive
updates include major statistical and methodological
improvements.

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.

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.

List of GDP News Release Tables
Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Table 2. Contributions to Percent Change in Real Gross Domestic Product
Table 3. Gross Domestic Product: Level and Change From Preceding Period
Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Table 5. Real Gross Domestic Product, Quantity Indexes
Table 6. Price Indexes for Gross Domestic Product
Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
Table 10. Personal Income and Its Disposition
Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding
Period and Contributions to Percent Change

-5-

January 26, 2018

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

2015

2016

2017

2014
Q1

1

Q2

2015
Q3

Q4

Q1

Q2

2016
Q3

Q4

Q1

Q2

2017
Q3

Q4

Q1

Q2

Line
Q3

Q4

Gross domestic product (GDP) ....

2.9

1.5

2.3

–0.9

4.6

5.2

2.0

3.2

2.7

1.6

0.5

0.6

2.2

2.8

1.8

1.2

3.1

3.2

2.6

1

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

3.6
4.6
7.7
3.1
3.2

2.7
3.7
5.5
2.8
2.3

2.7
3.9
6.7
2.4
2.2

1.9
2.4
5.5
0.9
1.7

3.5
6.2
13.2
3.0
2.1

3.9
4.5
7.7
3.0
3.6

5.1
5.7
8.3
4.5
4.7

3.7
4.2
7.8
2.4
3.4

3.0
4.5
8.6
2.5
2.3

2.8
4.4
5.0
4.0
2.0

2.7
2.8
4.2
2.2
2.6

1.8
2.1
1.0
2.6
1.7

3.8
6.0
8.5
4.7
2.8

2.8
3.2
9.4
0.1
2.7

2.9
4.7
9.2
2.5
2.1

1.9
0.7
–0.1
1.1
2.5

3.3
5.4
7.6
4.2
2.3

2.2
4.5
8.6
2.3
1.1

3.8
8.2
14.2
5.2
1.8

2
3
4
5
6

7 Gross private domestic investment.........
5.2 –1.6
3.2 –5.7 15.6 11.5 –1.3 13.1
0.8
2.0 –6.2 –4.0 –2.7
2.4
8.5 –1.2
3.9
7.3
3.6
8 Fixed investment......................................
3.9
0.7
4.0
5.1 10.2
9.2
0.3
4.1
4.7
3.4 –2.4 –0.2
1.4
1.5
1.7
8.1
3.2
2.4
7.9
9
Nonresidential ......................................
2.3 –0.6
4.7
7.2
9.4 10.5 –2.3
2.2
2.9
1.5 –5.1 –4.0
3.3
3.4
0.2
7.2
6.7
4.7
6.8
10
Structures......................................... –1.8 –4.1
5.3 21.4 12.2 –1.8
4.7 –2.1
4.6 –15.2 –21.4
2.3
0.5 14.3 –2.2 14.8
7.0 –7.0
1.4
11
Equipment ........................................
3.5 –3.4
4.8
0.8 10.9 19.2 –11.8
8.2
0.8 10.0 –4.6 –13.1 –0.6 –2.1
1.8
4.4
8.8 10.8 11.4
12
Intellectual property products ...........
3.8
6.3
4.2
7.0
5.1
7.7
8.2 –2.9
4.9
2.9
8.0
6.3 11.1
4.2 –0.4
5.7
3.7
5.2
4.5
13
Residential ........................................... 10.2
5.5
1.7 –2.8 13.2
4.5 10.9 11.4 11.7 10.6
7.3 13.4 –4.7 –4.5
7.1 11.1 –7.3 –4.7 11.6
14 Change in private inventories .................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... ..........

7
8
9
10
11
12
13
14

15 Net exports of goods and services.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... ..........
16 Exports.....................................................
0.4 –0.3
3.4 –2.4
9.2
0.6
4.9 –4.5
3.7 –4.0 –2.3 –2.6
2.8
6.4 –3.8
7.3
3.5
2.1
6.9
17
Goods .................................................. –0.4
0.3
4.5 –6.0 10.7
2.2
4.6 –8.6
5.4 –4.9 –3.8
0.3
2.8
8.1 –3.4 10.8
2.2
1.8 12.6
18
Services ...............................................
2.1 –1.5
1.1
5.9
5.9 –2.7
5.8
4.6
0.5 –2.1
0.7 –7.8
2.7
3.2 –4.6
1.0
6.2
2.5 –3.3
19 Imports.....................................................
5.0
1.3
3.9
5.0 10.2 –1.0 10.8
6.7
3.3
1.7
0.0 –0.2
0.4
2.7
8.1
4.3
1.5 –0.7 13.9
20
Goods ..................................................
5.2
0.9
4.3
5.8 11.0 –1.1 11.3
7.9
3.1
0.7 –0.4 –0.5
0.3
1.2
9.2
4.7
1.3 –0.2 16.8
21
Services ...............................................
4.0
3.1
2.5
1.2
6.5 –0.5
8.6
1.4
4.4
6.5
1.6
1.1
1.0
9.0
3.2
2.5
2.2 –2.6
1.7
22 Government consumption expenditures
and gross investment............................
1.4
0.8
0.1 –0.6
1.1
2.1 –0.6
1.5
3.4
1.2
0.3
1.8 –0.9
0.5
0.2 –0.6 –0.2
0.7
3.0
23 Federal..................................................... –0.1
0.0
0.2 –0.3 –1.6
3.1 –5.6
1.5
1.8 –1.1
2.5 –1.5 –0.9
1.6 –0.5 –2.4
1.9
1.3
3.5
24
National defense .................................. –2.2 –0.7
0.3 –5.4 –1.6
2.4 –10.9 –1.0
2.1 –4.5
3.6 –2.7 –2.1
2.5 –3.2 –3.3
4.7
2.4
6.0
25
Nondefense..........................................
3.2
1.2
0.1
8.4 –1.5
4.1
3.3
5.5
1.3
4.2
0.9
0.2
0.8
0.3
3.6 –1.2 –1.9 –0.2
0.1
26 State and local .........................................
2.3
1.2
0.1 –0.8
2.8
1.5
2.6
1.5
4.5
2.6 –1.1
3.9 –1.0 –0.2
0.6
0.5 –1.5
0.2
2.6
Addenda:
27 Gross domestic income (GDI) 1 ................
3.0
0.9 ..........
1.6
5.7
4.8
4.8
1.9
2.5
0.6
1.5 –0.3
0.2
4.1 –1.7
2.7
2.3
2.0 ..........
28 Average of GDP and GDI ........................
2.9
1.2 ..........
0.3
5.2
5.0
3.4
2.6
2.6
1.1
1.0
0.1
1.2
3.4
0.0
2.0
2.7
2.6 ..........
29 Final sales of domestic product ...............
2.6
1.9
2.4
0.9
3.7
4.8
2.3
1.8
3.4
1.9
1.2
1.2
2.9
2.6
0.7
2.7
2.9
2.4
3.2
30 Gross domestic purchases ......................
3.5
1.7
2.4
0.2
4.9
4.8
3.0
4.8
2.7
2.4
0.7
0.8
1.9
2.4
3.3
1.0
2.8
2.7
3.6
31 Final sales to domestic purchasers .........
3.3
2.1
2.5
2.0
4.1
4.4
3.3
3.4
3.4
2.6
1.4
1.5
2.6
2.2
2.3
2.4
2.7
1.9
4.3
32 Final sales to private domestic
3.7
2.3
3.0
2.5
4.7
4.9
4.1
3.7
3.3
2.9
1.7
1.4
3.3
2.6
2.7
3.1
3.3
2.2
4.6
purchasers ...........................................
33 Gross national product (GNP) .................
2.7
1.4 .......... –1.2
4.3
5.5
1.4
3.2
2.1
1.6
1.0 –0.3
2.6
2.6
2.6
0.9
2.8
3.7 ..........
34 Disposable personal income....................
4.2
1.4
1.2
4.3
5.3
4.2
5.9
4.3
3.8
1.8
2.9
0.2
1.9
0.7 –1.8
2.9
2.7
0.5
1.1
Current-dollar measures:
35
GDP .....................................................
4.0
2.8
4.1
0.7
7.0
7.1
2.6
3.2
5.0
3.0
1.3
0.8
4.7
4.2
3.8
3.3
4.1
5.3
5.0
36
GDI.......................................................
4.1
2.1 ..........
3.3
8.1
6.8
5.4
1.9
4.7
2.0
2.4 –0.1
2.6
5.5
0.3
4.7
3.3
4.2 ..........
37
Average of GDP and GDI ....................
4.0
2.5 ..........
2.0
7.6
7.0
4.0
2.5
4.8
2.5
1.8
0.4
3.7
4.9
2.1
4.0
3.7
4.7 ..........
38
Final sales of domestic product ...........
3.8
3.2
4.2
2.5
6.0
6.8
2.9
1.8
5.7
3.3
2.0
1.6
5.4
4.1
2.7
4.8
4.0
4.5
5.7
39
Gross domestic purchases ..................
3.9
2.7
4.2
2.5
6.7
6.4
3.2
3.5
4.1
3.4
1.0
0.9
4.1
3.9
5.3
3.6
3.6
4.5
6.2
40
Final sales to domestic purchasers......
3.8
3.1
4.4
4.2
5.8
6.0
3.5
2.1
4.9
3.7
1.7
1.7
4.7
3.8
4.1
5.0
3.5
3.7
6.9
41
Final sales to private domestic
4.2
3.5
4.7
4.9
6.5
6.5
4.3
2.6
4.7
4.1
1.8
1.9
5.4
4.3
4.7
5.2
4.0
3.8
7.1
purchasers .......................................
42
GNP .....................................................
3.8
2.7 ..........
0.4
6.6
7.4
2.0
3.0
4.4
3.0
1.9 –0.1
5.1
4.0
4.7
2.9
3.8
5.8 ..........
43
Disposable personal income................
4.5
2.6
2.9
6.5
7.1
5.5
5.7
2.6
5.6
3.2
3.1
0.9
4.0
2.5
0.1
5.2
3.0
2.1
3.9

15
16
17
18
19
20
21

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See Explanatory Note at the end of the tables.
Source: U.S. Bureau of Economic Analysis

-6-

22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

January 26, 2018

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
2015

Line

2016

2014

2017
Q1

Q2

2015

Q3

Q4

Q1

Q2

2016

Q3

Q4

Q1

Q2

2017

Q3

Q4

Q1

Q2

Line
Q3

Q4

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

2.9

1.5

2.3

–0.9

4.6

5.2

2.0

3.2

2.47
1.03
0.57
0.17
0.14
0.18
0.08
0.47

1.86
0.81
0.41
0.08
0.12
0.18
0.03
0.40

1.88
0.85
0.50
0.12
0.12
0.20
0.06
0.36

1.27
0.52
0.39
0.19
0.06
0.09
0.05
0.13

2.33
1.38
0.93
0.35
0.28
0.22
0.08
0.45

2.65
1.01
0.56
0.14
0.13
0.25
0.04
0.45

3.36
1.26
0.60
0.16
0.14
0.20
0.09
0.67

2.48
0.93
0.57
0.23
0.11
0.14
0.10
0.36

0.03 0.13 0.13 0.10 –0.02 0.03
0.08 0.05 0.05 0.02 0.17 0.08
0.09 0.02 –0.02 –0.11 –0.13 0.00
0.27 0.20 0.20 0.12 0.43 0.35
1.44 1.05 1.03 0.74 0.96 1.64
1.42 0.95 1.02 0.84 0.87 1.68
0.21 0.16 0.12 0.58 –0.28 –0.03
0.57 0.43 0.35 –0.22 0.65 0.81
0.09 0.08 0.03 0.25 0.08 0.17
0.06 0.06 0.06 0.13 –0.12 0.12
0.19 0.11 0.06 –0.04 0.28 0.22
0.15 –0.09 0.17 –0.06 0.08 0.25
0.15 0.20 0.23 0.20 0.18 0.14

0.03
0.21
0.18
0.24
2.10
2.15
0.50
0.82
0.04
0.09
0.28
0.13
0.29

0.02
0.22

0.10
0.24

0.20
0.87
0.64
0.30
–0.06
0.21
0.07
–0.02
0.09
0.01
0.16
–0.04
0.15
0.10
0.02
0.02
0.34
0.23
0.03
0.20
–0.73
0.05
–0.03
0.09
–0.78
–0.67
–0.11

0.14
–0.28
0.12
–0.08
–0.12
–0.20
0.03
–0.01
0.05
0.03
–0.12
–0.14
0.25
0.13
0.11
0.01
0.20
–0.40
0.00
–0.39
–0.23
–0.04
0.02
–0.06
–0.19
–0.11
–0.09

0.01 –0.10
0.14 –0.43
0.13
0.53
0.65
0.58
0.15
0.26
0.12
0.03
0.09
0.08
0.00
0.06
0.17
0.11
0.05
0.01
0.07
–0.12
0.02
–0.14
–0.18
0.40
0.35
0.05
–0.58
–0.51
–0.07

–0.33
–0.93
0.76
0.85
0.57
0.02
0.07
–0.07
0.14
0.15
–0.03
–0.17
0.26
0.18
0.10
–0.02
–0.09
–1.69
–0.45
–1.25
–1.14
–0.35
–0.60
0.25
–0.79
–0.76
–0.03

1.2

3.1

3.2

2.6

1

1.99 1.32
1.03 0.15
0.67 –0.01
0.32 –0.26
0.09 0.08
0.22 0.21
0.04 –0.03
0.35 0.16

2.24
1.16
0.56
0.02
0.15
0.26
0.12
0.61

1.49
0.97
0.63
0.29
0.15
0.02
0.17
0.34

2.58
1.76
1.02
0.40
0.26
0.26
0.10
0.74

2
3
4
5
6
7
8
9

0.06 –0.02 0.04 0.04 0.16 0.30 0.09 0.21 0.06 0.01 0.16 0.36
0.00 0.07 0.05 0.05 0.02 0.11 0.03 0.03 –0.08 0.20 –0.01 0.26
0.15 0.04 0.11 0.01 0.10 –0.08 –0.05 –0.03 –0.10 0.12 –0.04 –0.04
0.15 0.27 0.38 0.22 0.10 0.34 –0.06 0.15 0.28 0.28 0.22 0.17
1.56 1.04 0.90 1.17 0.77 1.28 1.23 0.97 1.17 1.08 0.52 0.82
1.71 0.90 0.72 0.93 0.78 1.24 1.08 0.98 1.11 1.11 0.65 0.77
0.50 –0.10 0.24 –0.01 0.20 0.35 0.27 –0.11 –0.04 0.42 0.00 0.25
0.60 0.24 0.44 0.31 0.50 0.62 0.13 0.62 0.24 0.15 0.52 0.30
0.09 0.09 0.04 0.14 0.07 0.02 0.11 0.06 0.04 0.01 –0.04 –0.05
0.05 0.08 –0.01 0.20 –0.01 –0.02 0.12 0.07 0.12 0.04 0.01 0.00
0.05 0.29 0.07 0.17 0.02 0.18 0.07 0.00 0.12 –0.03 0.09 0.02
0.26 0.21 –0.09 0.01 –0.35 –0.12 0.13 0.07 0.40 0.14 0.13 0.05
0.17 0.08 0.02 0.10 0.35 0.20 0.25 0.27 0.23 0.38 –0.06 0.20

10
11
12
13
14
15
16
17
18
19
20
21
22

0.09 –0.04 –0.06 –0.15
0.37 0.36 0.43 0.10
0.29
2.47
1.56
1.16
0.36
0.61
0.25
0.09
0.16
0.17
0.22
–0.03
0.19
0.21
–0.01
–0.01
0.40
0.91
0.04
0.87
–0.40
1.22
0.97
0.25
–1.62
–1.44
–0.18

0.40
1.90
1.45
1.31
–0.05
1.07
–0.07
–0.02
–0.05
0.15
0.41
0.58
0.29
0.19
0.09
0.01
0.14
0.44
0.05
0.40
0.28
0.09
0.21
–0.12
0.18
0.17
0.02

0.25 0.13 0.02 –0.11 0.20 0.39
–0.01 0.00 0.01 –0.03 –0.11 0.22
–0.09 –0.03 0.01 –0.25 –0.07 0.11
–0.08 –0.03 –0.05 –0.03 –0.15 0.14
–0.02 0.00 0.06 –0.22 0.08 –0.03
0.09 0.03 0.00 0.22 –0.04 0.11
0.07 0.02 –0.01 0.19 –0.06 0.10
0.01 0.01 0.01 0.03 0.02 0.01
0.26 0.13 0.01 –0.09 0.31 0.17
0.20 0.15 0.07 0.02 0.16 0.14
0.06 –0.02 –0.07 –0.10 0.14 0.03

See Explanatory Note at the end of the tables.
Source: U.S. Bureau of Economic Analysis

-7-

2.7

1.6

0.6

2.2

2.8

2.03 1.86 1.80 1.23
0.99 0.95 0.63 0.46
0.63 0.37 0.31 0.08
0.29 –0.01 –0.11 –0.09
0.13 0.15 0.14 0.09
0.13 0.17 0.23 0.11
0.07 0.06 0.06 –0.03
0.36 0.58 0.32 0.38

2.57
1.30
0.62
0.18
0.15
0.25
0.04
0.68

1.92
0.69
0.68
0.36
0.10
0.16
0.06
0.01

0.14
0.05

0.19
0.16

0.25
2.12
0.67
0.30
–0.07
0.49
–0.02
–0.11
0.09
0.00
0.50
0.00
–0.11
0.11
–0.25
0.03
0.37
1.45
0.17
1.27
–1.64
–0.59
–0.78
0.19
–1.05
–1.01
–0.04

–0.09
0.14
0.77
0.38
0.14
0.06
0.08
0.02
0.06
0.12
–0.06
–0.08
0.19
0.07
0.09
0.02
0.39
–0.63
–0.06
–0.57
–0.03
0.47
0.45
0.02
–0.50
–0.38
–0.12

–0.03
0.33
0.55
0.19
–0.50
0.58
0.23
0.05
0.18
–0.02
0.37
0.00
0.11
0.05
0.04
0.03
0.36
–0.22
0.01
–0.23
–0.77
–0.51
–0.43
–0.09
–0.25
–0.08
–0.17

–0.11 0.27
–0.40 0.11
–0.48 –0.04
–0.47 0.07
–0.02 –0.11
0.09 0.15
0.04 0.15
0.04 0.00
0.28 0.17
0.21 0.22
0.08 –0.05

0.60
0.12
0.08
0.01
0.08
0.04
0.02
0.01
0.48
0.20
0.28

0.48
–0.21
0.04
–0.30
0.14
–0.76
0.14
0.03
0.12
–0.22
–0.25
–0.43
0.31
0.05
0.23
0.03
0.35
–0.26
–0.03
–0.23
–1.02
0.65
0.41
0.24
–1.67
–1.44
–0.23

0.5

0.24 –0.01
0.29 0.20

0.04
0.38

1.8

0.15 –0.01
0.19 0.36
0.04
0.40
0.25
0.42
0.37
–0.12
0.10
0.00
0.11
0.03
–0.23
–0.03
0.17
0.12
0.02
0.03
–0.18
0.16
–0.05
0.20
0.36
0.74
0.60
0.13
–0.37
–0.14
–0.24

0.38
1.34
0.28
0.02
–0.06
0.10
0.05
–0.01
0.06
0.07
–0.05
0.04
–0.02
0.04
–0.07
0.02
0.26
1.06
–0.09
1.15
–1.61
–0.47
–0.27
–0.19
–1.14
–1.05
–0.09

0.06 –0.04 –0.13 0.05
0.12 –0.23 0.21 0.20
0.06
–0.20
1.27
0.86
0.39
0.24
0.13
0.01
0.11
0.09
–0.04
0.06
0.23
0.09
0.13
0.01
0.41
–1.46
0.13
–1.59
0.22
0.85
0.81
0.04
–0.63
–0.56
–0.07

–0.19
0.64
0.53
0.82
0.20
0.48
0.17
0.15
0.02
0.14
0.02
0.15
0.15
0.13
0.02
0.00
–0.30
0.12
–0.04
0.15
0.21
0.42
0.18
0.25
–0.22
–0.16
–0.06

0.34
1.19
0.40
0.58
–0.21
0.58
0.17
0.10
0.07
0.09
0.21
0.11
0.21
0.15
0.05
0.00
–0.18
0.79
0.07
0.72
0.36
0.25
0.15
0.10
0.11
0.03
0.07

23
24

0.05
–1.08
–0.41
–0.67
–0.69
–0.28
0.04
–0.10
0.14
0.09
–0.24
–0.17
0.31
0.12
0.17
0.01
0.26
–0.68
–0.09
–0.59
–0.28
–0.29
–0.32
0.03
0.01
0.06
–0.05

0.21
–0.68
–0.05
–0.52
0.06
–0.82
–0.16
–0.02
–0.14
–0.07
–0.37
–0.23
0.24
0.17
0.08
0.00
0.47
–0.64
0.00
–0.63
–0.28
–0.33
0.01
–0.33
0.04
0.07
–0.03

0.34
–0.45
0.22
0.41
0.01
–0.04
0.08
0.01
0.06
0.08
0.01
–0.21
0.43
0.19
0.25
–0.01
–0.18
–0.67
0.14
–0.81
0.28
0.32
0.21
0.11
–0.04
–0.02
–0.03

0.15
0.60
1.27
0.84
0.04
0.62
0.15
–0.13
0.28
0.03
0.23
0.22
0.18
0.14
0.04
0.00
0.42
–0.67
0.04
–0.71
–1.13
0.82
0.96
–0.14
–1.96
–1.91
–0.05

25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

0.21 0.05
–0.07 0.17
–0.19 0.14
–0.14 0.07
–0.04 0.07
0.11 0.02
0.11 0.03
0.00 –0.01
0.28 –0.12
0.23 0.11
0.05 –0.23

0.32
–0.10
–0.11
–0.09
–0.01
0.00
–0.02
0.02
0.42
0.17
0.25

–0.16 0.09 0.03 –0.11 –0.03 0.12 0.50
–0.06 0.11 –0.03 –0.16 0.13 0.09 0.23
–0.08 0.10 –0.13 –0.13 0.18 0.09 0.22
–0.04 0.10 –0.16 –0.21 0.02 0.09 0.15
–0.04 0.00 0.03 0.08 0.16 0.00 0.08
0.02 0.01 0.10 –0.03 –0.05 –0.01 0.00
0.00 –0.01 0.06 –0.07 –0.05 0.06 0.01
0.02 0.01 0.03 0.04 0.00 –0.06 –0.01
–0.11 –0.02 0.06 0.05 –0.16 0.03 0.28
0.14 0.17 0.01 0.04 0.09 0.08 0.06
–0.24 –0.18 0.05 0.01 –0.25 –0.05 0.21

52
53
54
55
56
57
58
59
60
61
62

January 26, 2018

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

2017

2016
Q4

2017

2017

Q4
108.6

1

2 Personal consumption expenditures........... 13,393.7 13,056.9 13,191.6 13,307.0 13,429.1 13,647.1 11,888.9 11,702.1 11,758.0 11,853.0 11,916.6 12,028.1

316.8

63.6

111.5

2

3
4
5
6

16
17
18
19
20
21
22
23
24
25

Q4

Q1

Q2

Q3

Q4

2017
Q3

14
15

Q4

2017

132.8

11
12
13

Q3

2017

376.5

7
8
9
10

Q2

2016

Gross domestic product (GDP)......... 19,386.8 18,905.5 19,057.7 19,250.0 19,500.6 19,738.9 17,092.7 16,851.4 16,903.2 17,031.1 17,163.9 17,272.5

1

Q1

Change from preceding
period
Line

Seasonally adjusted at annual rates

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

4,297.0
1,474.5
498.1

4,195.9
1,440.2
500.0

4,230.8
1,443.2
489.1

4,247.2
1,456.6
486.3

4,301.4
1,477.6
497.8

4,408.5
1,520.5
519.0

4,230.5
1,702.1
458.7

4,138.4
1,647.9
458.4

4,145.4
1,647.3
447.0

4,199.9
1,677.8
447.9

4,246.0
1,712.9
461.0

4,330.6
1,770.6
479.1

158.3
107.1
20.3

46.1
35.1
13.1

84.6
57.7
18.1

3
4
5

339.0
405.8
231.6
2,822.5

328.2
389.2
222.8
2,755.7

332.9
397.9
223.2
2,787.6

335.9
405.8
228.6
2,790.6

339.1
406.2
234.5
2,823.8

348.2
413.1
240.2
2,888.0

412.6
633.8
229.0
2,575.7

393.4
598.6
220.9
2,533.2

397.8
613.8
219.3
2,540.2

406.6
633.1
225.1
2,566.6

415.3
634.4
233.3
2,581.5

430.6
654.1
238.3
2,614.4

27.9
56.7
11.3
61.4

8.7
1.3
8.1
14.9

15.3
19.7
5.1
33.0

6
7
8
9

938.0
400.5
304.2
1,179.8

922.3
395.3
294.0
1,144.1

925.8
396.0
306.3
1,159.6

930.8
399.5
286.5
1,173.7

939.1
399.8
296.0
1,188.8

956.3
406.6
328.0
1,197.0

854.3
387.7
284.4
1,060.4

844.1
381.6
285.8
1,032.9

846.6
378.0
281.5
1,044.8

846.9
387.0
287.1
1,056.7

854.0
386.7
285.4
1,066.2

869.8
398.9
283.5
1,073.8

21.9
9.0
–4.6
34.5

7.0
–0.2
–1.7
9.5

15.8
12.2
–1.9
7.6

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.......

9,096.7

8,861.0

8,960.7

9,059.8

9,127.7

9,238.6

7,672.5

7,573.8

7,621.0

7,664.4

7,685.5

7,719.1

165.2

21.0

33.7

14

8,721.6
2,433.3
2,260.1
404.9
518.2
878.1
1,053.1
1,173.8

8,493.5
2,369.9
2,208.0
398.4
501.5
860.4
1,007.1
1,148.1

8,584.9
2,387.2
2,226.6
403.6
512.9
870.9
1,025.9
1,157.8

8,683.1
2,425.8
2,241.9
406.1
515.7
873.8
1,047.1
1,172.7

8,755.2
2,443.2
2,271.7
404.4
520.8
879.5
1,060.2
1,175.3

8,863.2
2,477.0
2,300.3
405.6
523.4
888.3
1,079.1
1,189.6

7,353.9
2,044.2
2,007.3
358.0
442.9
728.9
751.8
1,028.4

7,254.6
2,030.7
1,977.9
357.4
436.9
723.1
731.8
1,005.7

7,299.2
2,028.9
1,988.1
359.1
441.6
727.8
745.5
1,015.5

7,344.1
2,045.9
1,994.6
359.4
443.1
726.7
750.3
1,031.4

7,370.4
2,045.8
2,016.8
357.8
443.5
730.2
754.8
1,029.0

7,401.9
2,056.2
2,029.5
355.7
443.4
730.9
756.5
1,037.7

162.9
19.0
58.1
5.0
10.5
9.1
23.1
38.2

26.3
–0.1
22.1
–1.6
0.4
3.6
4.5
–2.4

31.5
10.4
12.8
–2.1
–0.1
0.7
1.7
8.6

15
16
17
18
19
20
21
22

375.1
1,472.1

367.5
1,446.1

375.8
1,461.5

376.7
1,458.3

372.5
1,474.4

375.3
1,494.4

318.8
1,252.3

319.5
1,247.9

322.1
1,252.9

320.6
1,243.5

315.2
1,252.2

317.4
1,260.6

2.3
23.1

–5.3
8.7

2.2
8.4

23
24

1,097.1

1,078.6

1,085.7

1,081.6

1,101.9

1,119.1

933.5

928.5

930.8

923.0

937.0

943.3

20.7

14.0

6.2

25

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

3,210.7

3,126.2

3,128.7

3,178.1

3,249.2

3,286.5

2,950.3

2,905.7

2,897.0

2,924.7

2,976.5

3,003.0

92.0

51.9

26.5

26

27
28
29
30
31
32

3,196.8
2,449.6
558.6
1,098.0
323.1

3,056.7
2,333.7
525.8
1,044.3
307.1

3,128.9
2,383.4
548.4
1,057.6
310.8

3,173.3
2,433.6
563.0
1,082.3
319.3

3,207.3
2,468.4
559.0
1,111.0
327.7

3,277.8
2,513.0
563.9
1,141.1
334.6

2,915.5
2,314.2
470.1
1,098.0
376.8

2,820.3
2,224.9
452.1
1,048.0
355.9

2,875.7
2,263.6
468.0
1,059.4
362.9

2,898.5
2,300.6
476.0
1,082.0
372.2

2,915.8
2,326.9
467.4
1,110.1
381.9

2,971.9
2,365.7
469.0
1,140.4
390.3

112.0
103.8
23.7
50.2
26.6

17.3
26.3
–8.6
28.1
9.7

56.1
38.7
1.6
30.4
8.4

27
28
29
30
31

79.0
244.1
243.0
290.3
241.6
793.0
373.0
334.5

72.1
235.0
229.0
281.3
226.9
763.7
359.1
320.8

72.8
238.1
234.3
282.6
229.9
777.4
363.2
329.5

80.1
239.2
241.7
283.5
237.8
788.2
370.6
332.2

84.9
242.8
246.7
292.8
243.8
798.4
375.9
336.5

78.5
256.2
249.3
302.4
254.8
808.1
382.2
339.9

91.2
284.9
226.9
276.8
228.4
750.5
381.2
289.7

83.6
271.7
215.8
270.8
215.3
728.3
366.8
282.2

84.3
278.0
219.9
268.9
218.2
738.6
371.1
287.6

92.3
279.1
226.0
269.6
225.2
745.3
377.3
288.4

97.8
283.3
230.2
279.1
230.2
754.8
384.7
290.7

90.5
299.1
231.7
289.7
240.2
763.1
391.9
292.3

7.2
19.3
14.8
–0.7
11.5
30.0
20.8
8.2

5.5
4.2
4.2
9.5
5.0
9.5
7.5
2.2

–7.3
15.8
1.5
10.6
10.0
8.3
7.1
1.6

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

85.5
747.2

83.7
723.0

84.7
745.5

85.4
739.7

86.1
738.9

86.0
764.7

82.2
597.5

81.6
589.8

82.0
605.5

82.1
594.1

82.2
587.0

82.2
603.4

1.8
10.1

0.1
–7.1

0.0
16.3

40
41

42
43
44

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

13.8
2.9
10.9

69.5
–3.5
73.0

–0.1
2.5
–2.7

4.9
0.3
4.6

41.9
3.4
38.5

8.8
5.4
3.3

13.6
3.2
10.3

63.1
–2.9
66.8

1.2
2.7
–1.8

5.5
1.2
4.2

38.5
3.6
35.1

9.2
5.5
3.6

–19.8
3.8
–24.2

33.0
2.3
30.9

–29.3
2.0
–31.5

42
43
44

33
34
35
36
37
38
39
40

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

–570.9

–564.3

–582.8

–567.2

–534.1

–599.3

–621.5

–631.1

–622.2

–613.6

–597.5

–652.6

–35.3

16.1

–55.1

45

46
47
48

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

2,343.9
1,547.4
796.5

2,241.5
1,467.2
774.3

2,295.6
1,515.0
780.6

2,314.9
1,520.9
794.0

2,345.9
1,544.1
801.8

2,419.2
1,609.6
809.6

2,191.3
1,513.2
680.5

2,124.4
1,454.5
670.6

2,162.3
1,492.3
672.2

2,181.1
1,500.4
682.3

2,192.4
1,507.3
686.6

2,229.5
1,552.7
680.8

71.3
65.7
7.7

11.3
6.9
4.3

37.1
45.4
–5.8

46
47
48

49
50
51

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

2,914.8
2,380.8
534.0

2,805.8
2,285.1
520.7

2,878.4
2,353.0
525.5

2,882.1
2,350.3
531.9

2,880.1
2,345.2
534.8

3,018.5
2,474.8
543.8

2,812.8
2,314.4
496.3

2,755.5
2,260.7
492.4

2,784.5
2,286.7
495.5

2,794.8
2,294.3
498.2

2,790.0
2,292.9
494.8

2,882.1
2,383.6
496.9

106.5
94.4
12.3

–4.8
–1.4
–3.3

92.1
90.7
2.1

49
50
51

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

-8-

January 26, 2018

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

2017

2016
Q4

2017

2017
Q1

Q2

Q3

Change from preceding
period

Seasonally adjusted at annual rates

Q4

2016
Q4

2017
Q1

Q2

Q3

Q4

2017

Line

2017
Q3

Q4

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

3,353.3

3,286.8

3,320.2

3,332.1

3,356.5

3,404.6

2,903.2

2,901.2

2,896.6

2,895.2

2,900.0

2,921.1

3.1

4.7

21.2

52

53
54
55
56
57
58
59

1,260.7
744.5
588.8
155.7
516.2
389.3
127.0

1,235.4
727.6
583.2
144.4
507.8
382.7
125.1

1,244.3
730.2
581.6
148.6
514.1
386.3
127.8

1,255.8
741.4
584.7
156.6
514.5
386.1
128.4

1,263.5
746.7
590.1
156.5
516.9
391.0
125.9

1,279.1
759.7
598.8
160.8
519.5
393.8
125.7

1,116.7
668.8
523.7
145.3
447.3
332.1
115.2

1,115.2
664.1
528.3
135.7
450.3
335.4
115.0

1,108.4
658.6
519.5
139.1
449.0
332.5
116.7

1,113.7
666.2
520.3
146.2
446.9
330.3
116.7

1,117.4
670.2
524.3
146.2
446.6
332.6
114.0

1,127.2
680.1
530.7
149.7
446.7
333.2
113.4

2.0
1.8
–8.0
10.2
0.3
–1.4
1.7

3.7
4.0
4.0
–0.1
–0.3
2.3
–2.8

9.7
9.8
6.4
3.5
0.1
0.6
–0.5

53
54
55
56
57
58
59

60 State and local ............................................ 2,092.6 2,051.4 2,075.9 2,076.2 2,092.9 2,125.5
61
Consumption expenditures ....................... 1,754.3 1,712.2 1,733.4 1,743.7 1,759.8 1,780.4
62
Gross investment ......................................
338.3
339.2
342.5
332.5
333.1
345.1
63 Residual............................................................ .............. .............. ............... .............. .............. ...............

1,784.7
1,490.1
293.4
–133.7

1,784.1
1,483.4
299.6
–110.1

1,786.2
1,485.1
300.0
–113.8

1,779.6
1,488.8
289.6
–129.1

1,780.7
1,492.0
287.5
–139.3

1,792.2
1.0
1.1
11.5
1,494.6
11.9
3.1
2.7
296.5 –11.0
–2.1
9.0
–152.7 ........... .......... ...........

60
61
62
63

...............
...............
17,060.0
17,710.7
17,678.9
14,790.3

16,882.1
16,866.8
16,770.0
17,478.6
17,397.7
14,509.8

16,994.1
16,948.7
16,883.5
17,521.6
17,502.7
14,619.9

17,090.3
17,060.7
17,006.6
17,641.8
17,618.3
14,737.6

17,176.6
17,170.2
17,106.3
17,760.4
17,703.5
14,818.4

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...

..............
..............
19,373.0
19,957.7
19,943.8
16,590.5

18,939.9
18,922.7
18,836.1
19,469.9
19,400.4
16,113.6

19,160.1
19,108.9
19,057.8
19,640.5
19,640.7
16,320.4

19,317.0
19,283.5
19,245.2
19,817.2
19,812.4
16,480.3

19,515.0
19,507.8
19,458.7
20,034.8
19,992.9
16,636.4

...............
...............
19,730.1
20,338.2
20,329.4
16,924.8

.............. ...........
.............. ...........
17,243.5 395.9
17,919.1 409.1
17,891.0 428.6
14,985.2 427.6

86.2 ...........
109.5 ...........
99.6 137.2
118.6 158.7
85.2 187.5
80.9 166.8

64
65
66
67
68
69

Gross domestic product ............................ 19,386.8 18,905.5 19,057.7 19,250.0 19,500.6 19,738.9 17,092.7 16,851.4 16,903.2 17,031.1 17,163.9 17,272.5 376.5
Plus: Income receipts from the rest of the
882.1
895.9
914.8
952.1 ............... ...............
723.7
731.1
745.1
772.3 .............. ...........
world.......................................................... ..............
Less: Income payments to the rest of the
world.......................................................... ..............
653.1
681.7
712.4
723.9 ............... ...............
533.6
551.9
575.5
582.3 .............. ...........

132.8

108.6

70

27.2 ...........

71

6.8 ...........

72

Equals: Gross national product ................ .............. 19,134.5 19,272.0 19,452.4 19,728.9 ............... ............... 17,041.1 17,081.0 17,198.0 17,352.8 .............. ...........
Net domestic product.................................... 16,351.8 15,955.6 16,071.5 16,229.3 16,448.5 16,657.7 14,344.1 14,134.7 14,174.8 14,289.9 14,409.0 14,502.5 324.9

154.8 ...........
119.1
93.5

73
74

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

-9-

January 26, 2018

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

2015

2016

2017

2014
Q1

1

Q2

2015
Q3

Gross domestic product (GDP)....

1.1

1.3

1.8

1.6

2.2

1.9

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

0.3
–2.9
–2.1
–3.3
1.9

1.2
–1.4
–2.2
–1.1
2.5

1.7
0.4
–2.1
1.7
2.3

2.1
0.9
–2.4
2.6
2.7

1.8
0.1
–2.2
1.2
2.7

1.2
–0.7
–1.9
–0.2
2.2

Q4

Q1

0.6

Q2

2016
Q3

Q4

Q1

Q2

2017
Q3

Q4

Q1

Q2

Line
Q3

Q4

–0.1

2.2

1.4

0.8

0.3

2.4

1.4

2.0

2.0

1.0

2.1

2.4

1

–0.3 –1.6
–4.2 –7.6
–3.1 –2.5
–4.8 –10.0
1.8
1.5

1.7
1.0
–0.9
2.0
2.0

1.3
–0.5
–2.0
0.2
2.2

0.2
–3.4
–2.1
–4.0
1.9

0.6
–3.4
–1.3
–4.4
2.6

2.1
0.2
–2.8
1.8
3.0

1.7
–0.6
–3.5
1.0
2.9

2.0
1.3
–3.2
3.7
2.3

2.2
2.7
1.0
3.6
2.0

0.3
–3.6
–3.6
–3.6
2.2

1.5
0.7
–2.5
2.4
1.9

2.8
2.0
–1.8
4.0
3.1

2
3
4
5
6

7 Gross private domestic investment ........
0.8
0.5
1.8
2.9
1.2
2.6
2.1
0.0 –0.4
0.7 –0.2 –0.4
1.7
1.0
1.7
1.7
2.6
1.9
1.0
8 Fixed investment.....................................
1.1
0.6
1.7
3.1
1.2
2.6
2.2
0.8 –0.3
0.9
0.1 –0.2
1.5
1.2
1.6
1.6
2.5
1.9
1.1
9
Nonresidential .....................................
0.6 –0.3
1.0
1.7
1.2
1.4
1.4
0.8 –0.4
0.3 –0.6 –0.9
0.2 –0.3
0.6
1.5
1.9
1.1
0.6
10
Structures ........................................
1.8
0.1
2.8
5.7
5.0
5.7
4.8
0.3 –1.5
1.5 –0.4 –2.0
2.8 –0.3
2.3
3.1
3.8
4.5
2.1
11
Equipment .......................................
–0.1 –0.1
0.4
0.1
0.7
0.0
0.2
0.2 –0.7 –0.8 –0.3
0.1 –0.1
0.9 –0.4
0.7
0.8
0.2 –0.1
12
Intellectual property products ..........
0.9 –0.7
0.7
1.3 –0.8
0.2
0.7
2.3
1.1
1.1 –1.1 –1.5 –1.0 –1.9
1.0
1.6
1.9
0.1
0.4
13
Residential...........................................
2.7
3.7
4.1
8.7
1.1
7.5
5.3
0.5
0.1
3.3
2.6
2.4
5.9
6.4
4.8
1.7
4.6
4.4
2.8
14 Change in private inventories.................. ........... ........... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... ..........

7
8
9
10
11
12
13
14

15 Net exports of goods and services ......... ........... ........... .......... .......... .......... .......... ..........
16 Exports....................................................
–5.0 –1.9
2.4
3.0 –0.1 –1.0 –7.0
17
Goods..................................................
–7.1 –3.7
2.4
3.2 –1.3 –2.5 –9.7
18
Services...............................................
–0.5
1.7
2.5
2.5
2.6
2.3 –1.1
19 Imports ....................................................
–7.8 –3.1
2.5
6.4 –3.1 –2.6 –7.7
20
Goods..................................................
–9.1 –3.7
2.7
7.3 –3.9 –3.2 –8.9
21
Services...............................................
–1.6 –0.5
1.8
2.1
0.8
0.7 –1.8
22 Government consumption expenditures
and gross investment ...........................
0.6
0.8
2.5
1.8
1.5
1.9
0.4
23 Federal....................................................
0.6
0.6
2.2 –1.0
1.2
1.2
0.5
24
National defense .................................
0.3
0.4
1.9
0.1
0.9
0.9
0.3
25
Nondefense.........................................
1.0
0.8
2.6 –3.0
1.8
1.7
0.8
26 State and local ........................................
0.6
0.9
2.7
3.7
1.6
2.4
0.4
Addenda:
27 Final sales of domestic product...............
1.1
1.3
1.8
1.6
2.2
1.9
0.6
28 Gross domestic purchases......................
0.4
1.0
1.8
2.2
1.6
1.5
0.2
29 Final sales to domestic purchasers.........
0.5
1.0
1.8
2.2
1.6
1.5
0.2
30 Final sales to private domestic
0.4
1.1
1.7
2.3
1.7
1.4
0.2
purchasers...........................................
31 Gross national product (GNP).................
1.1
1.3 ..........
1.6
2.2
1.9
0.6
Implicit price deflators:
32
GDP.....................................................
1.1
1.3
1.8
1.7
2.3
1.8
0.6
33
Gross domestic purchases..................
0.4
1.0
1.8
2.3
1.7
1.5
0.2
34
GNP.....................................................
1.1
1.3 ..........
1.7
2.3
1.8
0.6

15
16
17
18
19
20
21

........... ........... .......... .......... .......... .......... .......... ........... .......... .......... .......... ..........
–9.6 –1.0 –4.1 –5.9 –5.2
3.8
2.2
2.7
2.5 –0.1
3.3
5.8
–12.6 –2.1 –6.1 –8.0 –10.2
5.3
2.4
1.9
2.6 –0.6
4.3
4.9
–3.2
1.1 –0.2 –1.6
5.0
1.1
2.0
4.2
2.3
0.8
1.4
7.6
–14.7 –5.4 –4.9 –8.0 –5.2
1.2
3.0
1.6
6.2 –1.0
0.4
6.0
–16.7 –6.5 –5.5 –9.3 –6.3
1.2
3.9
1.8
7.4 –1.8 –0.6
6.2
–4.1
0.2 –2.4 –1.9
0.0
1.0 –0.7
0.5
1.1
2.7
5.0
5.0

See Explanatory Note at the end of the tables.
Source: U.S. Bureau of Economic Analysis

- 10 -

–1.5
0.6
0.4
0.9
–2.8

2.1
0.3
–0.2
1.1
3.2

0.7
0.3
0.1
0.7
1.0

0.9
–0.1
–0.3
0.2
1.5

–1.3
0.9
0.6
1.4
–2.7

2.6
1.0
1.0
1.1
3.6

1.1
0.5
0.5
0.5
1.5

1.3
0.8
0.7
0.8
1.7

4.8
5.5
4.9
6.3
4.4

1.6
1.8
1.4
2.3
1.5

2.3
1.1
0.4
2.1
3.0

2.8
1.4
1.1
2.0
3.7

22
23
24
25
26

0.0
–1.3
–1.2

2.3
1.4
1.5

1.4
1.1
1.1

0.8
0.2
0.3

0.3
0.1
0.2

2.4
2.1
2.1

1.4
1.5
1.6

2.0
1.8
1.8

2.0
2.6
2.5

1.0
0.9
0.9

2.1
1.7
1.7

2.4
2.5
2.5

27
28
29

–1.1
–0.2

1.3
2.2

1.2
1.4

0.2
0.8

0.5
0.3

2.0
2.4

1.6
1.4

1.9
2.0

2.1
2.0

0.7
1.0

1.6
2.4
2.1 ..........

30
31

–0.1
–1.3
–0.1

2.2
1.4
2.2

1.4
1.1
1.4

0.8
0.3
0.8

0.2
0.1
0.2

2.4
2.1
2.4

1.4
1.5
1.4

2.0
1.9
2.0

2.0
2.5
1.9

1.0
0.8
1.0

2.1
2.4
1.7
2.5
2.1 ..........

32
33
34

January 26, 2018

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

2015

2016

2017

2016
Q4

Q1

Q2

Q3

Q4

114.237

115.934

118.545

116.872

117.231

118.118

119.039

119.792

1

2 Personal consumption expenditures ...............................................
114.393
117.520
120.737
118.840
119.408
120.372
121.018
122.150
3 Goods ...............................................................................................
122.789
127.318
132.267
129.387
129.607
131.311
132.752
135.397
4
Durable goods...............................................................................
147.737
155.873
166.335
161.032
160.977
163.956
167.383
173.024
5
Nondurable goods.........................................................................
112.488
115.593
118.415
116.462
116.783
117.996
118.682
120.198
6 Services ............................................................................................
110.402
112.917
115.402
113.917
114.628
115.280
115.597
116.103
7 Gross private domestic investment..................................................
154.695
152.188
157.088
154.715
154.250
155.724
158.485
159.894
8 Fixed investment...............................................................................
137.373
138.395
143.924
139.229
141.960
143.085
143.942
146.710
9
Nonresidential ...............................................................................
136.126
135.323
141.677
136.207
138.581
140.843
142.456
144.828
10
Structures..................................................................................
106.212
101.864
107.274
103.173
106.806
108.617
106.654
107.019
11
Equipment .................................................................................
168.324
162.618
170.411
162.649
164.423
167.930
172.290
177.001
12
Intellectual property products ....................................................
123.034
130.765
136.218
132.205
134.064
135.283
137.005
138.519
13
Residential ....................................................................................
141.987
149.766
152.328
150.358
154.371
151.463
149.655
153.822
14 Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................

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

1

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

2017

Line

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

133.967

133.527

138.016

133.799

136.187

137.374

138.084

140.419

15

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

134.751

136.463

141.835

138.942

140.407

140.924

140.682

145.327

16

17 Government consumption expenditures and gross investment ...
18 Federal..............................................................................................
19 State and local ..................................................................................

93.184
91.493
94.196

93.884
91.536
95.310

93.984
91.704
95.366

93.917
91.583
95.334

93.770
91.024
95.445

93.724
91.461
95.097

93.878
91.766
95.155

94.563
92.565
95.768

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

112.275
114.871
112.957
118.199
114.228

114.402
117.119
116.791
119.552
115.296
118.161
120.973
124.574
115.849 ...................

115.129
117.986
116.281
122.212
116.962

115.908
118.276
116.983
123.140
117.236

116.753
119.087
117.756
124.130
118.039

117.437
118.379
119.888
120.959
118.325
119.579
124.811
126.216
119.102 ...................

20
21
22
23
24

20
21
22
23
24

See Explanatory Note at the end of the tables.
Source: U.S. Bureau of Economic Analysis

- 11 -

January 26, 2018

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

2015

2016

2017

2016
Q4

Q1

Q2

Q3

Q4

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

110.012

111.419

113.427

112.190

112.752

113.037

113.626

114.291

1

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

109.481
102.695
90.430
108.961
113.065

110.789
101.209
88.460
107.800
115.878

112.659
101.574
86.619
109.585
118.566

111.583
101.392
87.376
108.788
117.002

112.198
102.062
87.587
109.746
117.585

112.273
101.127
86.793
108.735
118.213

112.699
101.307
86.244
109.392
118.773

113.466
101.800
85.854
110.467
119.691

2
3
4
5
6

7 Gross private domestic investment .................................................
106.477
106.978
108.852
107.569
108.014
108.697
109.207
109.489
8 Fixed investment ..............................................................................
107.148
107.801
109.647
108.385
108.808
109.485
109.999
110.295
9
Nonresidential...............................................................................
105.069
104.790
105.845
104.893
105.292
105.780
106.079
106.230
10
Structures..................................................................................
115.484
115.637
118.830
116.295
117.183
118.292
119.605
120.241
11
Equipment.................................................................................
99.761
99.634
100.002
99.651
99.832
100.032
100.084
100.060
12
Intellectual property products....................................................
105.753
104.966
105.665
104.844
105.248
105.754
105.775
105.885
13
Residential ....................................................................................
115.883
120.157
125.049
122.580
123.102
124.503
125.862
126.730
14 Change in private inventories........................................................... ................... ................... .................... .................... ................... ................... ................... ....................

7
8
9
10
11
12
13
14

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

106.481

104.458

106.956

105.516

106.168

106.136

107.006

108.515

15

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

104.364

101.090

103.624

101.835

103.381

103.134

103.238

104.742

16

17 Government consumption expenditures and gross investment...
18 Federal .............................................................................................
19 State and local..................................................................................

111.825
109.866
113.168

112.676
110.488
114.164

115.501
112.897
117.252

113.291
110.782
114.979

114.624
112.266
116.220

115.088
112.763
116.664

115.741
113.078
117.530

116.550
113.483
118.593

17
18
19

109.453
108.186
107.934
110.116
109.564
109.659
109.125
110.109

111.391
113.102
109.067
110.662
109.467
110.841
111.554
113.557
110.661
112.692
110.785
112.811
110.305
112.172
111.511 ....................

112.084
109.756
110.024
112.324
111.393
111.515
111.059
112.285

112.590
110.390
110.539
112.883
112.100
112.219
111.636
112.834

112.847
110.288
110.617
113.166
112.340
112.458
111.830
113.118

113.222
113.751
110.627
111.342
110.886
111.324
113.756
114.424
112.818
113.512
112.936
113.633
112.274
112.949
113.705 ....................

20
21
22
23
24
25
26
27

110.012
110.116
109.564
109.659
110.109

111.416
113.422
111.554
113.558
110.659
112.687
110.785
112.812
111.509 ....................

112.190
112.320
111.392
111.511
112.284

112.746
112.879
112.094
112.215
112.827

113.029
113.163
112.331
112.454
113.108

113.614
114.279
113.752
114.421
112.806
113.500
112.931
113.629
113.692 ....................

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

2017

Line

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

- 12 -

January 26, 2018

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

Line
1

2010

2011

Percent change fourth quarter to fourth quarter

2012

2013

2014

2015

2016

2017

2010

2011

2012

2013

2014

2015

2016

2017

Line

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

2.5

1.6

2.2

1.7

2.6

2.9

1.5

2.3

2.7

1.7

1.3

2.7

2.7

2.0

1.8

2.5

1

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

1.9
3.4
6.1
2.2
1.2

2.3
3.1
6.1
1.8
1.8

1.5
2.7
7.4
0.6
0.8

1.5
3.1
6.2
1.7
0.6

2.9
3.9
6.9
2.5
2.4

3.6
4.6
7.7
3.1
3.2

2.7
3.7
5.5
2.8
2.3

2.7
3.9
6.7
2.4
2.2

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

3.6
4.7
8.7
2.8
3.0

3.0
4.0
6.4
2.8
2.6

2.8
4.0
7.0
2.5
2.3

2.8
4.6
7.4
3.2
1.9

2
3
4
5
6

7 Gross private domestic investment............................................. 12.9
5.2 10.6
6.1
5.5
5.2 –1.6
3.2 11.1
9.6
3.7
9.3
4.7
2.2
0.9
3.3
8 Fixed investment..........................................................................
1.5
6.3
9.8
5.0
6.2
3.9
0.7
4.0
5.5
8.4
7.0
5.2
6.1
2.4
1.1
5.4
9
Nonresidential ..........................................................................
2.5
7.7
9.0
3.5
6.9
2.3 –0.6
4.7
8.1
9.0
5.2
4.8
6.1
0.3
0.7
6.3
10
Structures............................................................................. –16.4
2.3 12.9
1.4 10.5 –1.8 –4.1
5.3 –4.0
8.0
4.1
5.8
8.8 –9.1
3.5
3.7
11
Equipment ............................................................................ 15.9 13.6 10.8
4.6
6.6
3.5 –3.4
4.8 20.9 13.1
6.9
6.1
4.1
3.4 –3.7
8.8
12
Intellectual property products ...............................................
1.9
3.6
3.9
3.4
4.6
3.8
6.3
4.2
1.8
4.1
3.4
2.2
7.0
3.2
5.2
4.8
13
Residential ............................................................................... –2.5
0.5 13.5 11.9
3.5 10.2
5.5
1.7 –5.2
6.0 15.7
6.8
6.3 10.3
2.5
2.3
14 Change in private inventories ...................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........

7
8
9
10
11
12
13
14

15 Net exports of goods and services.............................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
16 Exports.........................................................................................
11.9
6.9
3.4
3.5
4.3
0.4 –0.3
3.4 10.1
4.2
2.2
5.9
3.0 –1.8
0.6
4.9
17
Goods ...................................................................................... 14.4
6.5
3.6
3.1
4.6 –0.4
0.3
4.5 10.9
4.8
1.2
7.0
2.7 –3.1
1.8
6.8
18
Services ...................................................................................
6.8
7.6
3.0
4.4
3.6
2.1 –1.5
1.1
8.4
2.7
4.5
3.6
3.7
0.9 –1.8
1.5
19 Imports......................................................................................... 12.7
5.5
2.2
1.1
4.5
5.0
1.3
3.9 12.0
3.5
0.3
2.5
6.2
2.9
2.7
4.6
20
Goods ...................................................................................... 14.9
5.8
2.1
1.2
4.9
5.2
0.9
4.3 13.6
3.4
0.1
2.7
6.6
2.8
2.5
5.4
21
Services ...................................................................................
3.8
4.0
3.0
0.6
2.6
4.0
3.1
2.5
4.9
3.8
1.2
1.1
3.9
3.5
3.5
0.9
22 Government consumption expenditures and gross
investment..................................................................................
0.1 –3.0 –1.9 –2.9 –0.6
1.4
0.8
0.1 –1.1 –3.0 –2.2 –2.8
0.5
1.6
0.4
0.7
23 Federal.........................................................................................
4.4 –2.7 –1.9 –5.8 –2.4 –0.1
0.0
0.2
3.2 –4.0 –2.1 –6.7 –1.2
1.2 –0.3
1.1
24
National defense ......................................................................
3.2 –2.3 –3.4 –6.8 –4.0 –2.2 –0.7
0.3
2.0 –4.1 –3.9 –7.1 –4.0
0.0 –1.4
2.4
25
Nondefense..............................................................................
6.4 –3.4
0.9 –4.1
0.2
3.2
1.2
0.1
5.5 –3.9
1.0 –6.0
3.5
2.9
1.2 –0.8
26 State and local ............................................................................. –2.7 –3.3 –1.9 –0.8
0.5
2.3
1.2
0.1 –4.0 –2.3 –2.3 –0.1
1.5
1.9
0.8
0.5

15
16
17
18
19
20
21

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

2.7
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

3.1
2.8
2.7
2.7
2.7
3.5
2.5
3.6

3.0
2.9
2.6
3.5
3.3
3.7
2.7
4.2

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

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
1.2
1.2

0.4
1.1
1.1
1.3
0.3
1.3
–0.1
1.1

22
23
24
25
26

0.9 ..........
1.2 ..........
1.9
2.4
1.7
2.4
2.1
2.5
2.3
3.0
1.4 ..........
1.4
1.2

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

4.2
3.5
2.9
3.2
3.4
4.1
2.5
4.9

1.6
1.8
2.0
2.6
2.7
2.9
2.0
3.2

0.5 ..........
1.2 ..........
1.9
2.8
2.1
2.5
2.1
2.8
2.5
3.3
1.9 ..........
0.2
1.8

27
28
29
30
31
32
33
34

1.0
1.4
1.3
1.6
1.2
1.8
0.8
1.4

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
1.6
1.7
1.2
1.5
0.8
1.2

0.4
1.0
1.0
1.2
0.4
1.3
0.1
1.1

1.4
1.5
1.5
1.7
1.6
1.9
1.3
1.5

35
36
37
38
39
40
41
42

1.8
1.7
1.8
1.8
1.7
1.5
1.5
1.3

1.9
1.8
1.9
1.8
1.7
1.5
1.4
1.2

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.
Source: U.S. Bureau of Economic Analysis

- 13 -

January 26, 2018

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2014

Line
1

Q1

Q2

2015
Q3

Q4

Q1

Q2

2016
Q3

Q4

Q1

Q2

2017
Q3

Q4

Q1

Q2

Q3

Q4

Line

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

1.7

2.7

3.2

2.7

3.8

3.3

2.4

2.0

1.4

1.2

1.5

1.8

2.0

2.2

2.3

2.5

1

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

2.0
2.7
4.1
1.9
1.7

2.7
3.9
6.9
2.5
2.1

3.2
4.3
7.8
2.6
2.6

3.6
4.7
8.7
2.8
3.0

4.0
5.1
9.2
3.2
3.5

3.9
4.7
8.1
3.1
3.5

3.6
4.7
7.4
3.4
3.1

3.0
4.0
6.4
2.8
2.6

2.6
3.4
4.7
2.8
2.1

2.8
3.8
4.6
3.4
2.3

2.8
3.5
5.7
2.4
2.4

2.8
4.0
7.0
2.5
2.3

2.9
3.6
6.7
2.1
2.5

2.7
3.5
6.4
1.9
2.4

2.6
3.8
6.3
2.5
2.0

2.8
4.6
7.4
3.2
1.9

2
3
4
5
6

7 Gross private domestic investment.............................................
4.3
6.8
6.4
4.7
9.5
5.8
3.5
2.2 –1.9 –2.8 –2.7
0.9
1.7
3.3
4.5
3.3
8 Fixed investment..........................................................................
4.7
6.1
7.7
6.1
5.9
4.5
3.1
2.4
1.3
0.5
0.1
1.1
3.2
3.6
3.8
5.4
9
Nonresidential ..........................................................................
5.3
7.0
9.1
6.1
4.8
3.2
1.1
0.3 –1.2 –1.1 –0.7
0.7
3.5
4.3
4.6
6.3
10
Structures.............................................................................
12.5 13.0
8.1
8.8
3.1
1.3 –2.3 –9.1 –8.1 –9.0 –2.0
3.5
6.6
8.3
2.8
3.7
11
Equipment ............................................................................
4.1
6.1 12.3
4.1
6.0
3.5
1.4
3.4 –2.1 –2.4 –5.3 –3.7
0.8
3.1
6.4
8.8
12
Intellectual property products ...............................................
2.0
4.1
5.2
7.0
4.4
4.4
3.2
3.2
5.5
7.0
7.4
5.2
5.1
3.3
3.5
4.8
13
Residential ...............................................................................
2.5
2.7
2.4
6.3
9.9
9.6
11.2 10.3 10.8
6.4
2.6
2.5
2.0
1.3
1.3
2.3
14 Change in private inventories ...................................................... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... ..........

7
8
9
10
11
12
13
14

15 Net exports of goods and services.............................................. .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... ..........
16 Exports.........................................................................................
4.3
5.3
4.6
3.0
2.4
1.1
0.0 –1.8 –1.3 –1.6
1.0
0.6
3.1
3.2
2.2
4.9
17
Goods ......................................................................................
4.7
5.7
5.3
2.7
2.0
0.7 –1.1 –3.1 –0.9 –1.5
1.7
1.8
4.4
4.3
2.7
6.8
18
Services ...................................................................................
3.3
4.4
3.2
3.7
3.3
2.0
2.1
0.9 –2.2 –1.7 –0.4 –1.8
0.5
1.3
1.2
1.5
19 Imports.........................................................................................
3.4
4.6
3.9
6.2
6.6
4.9
5.6
2.9
1.2
0.5
0.7
2.7
3.8
4.1
3.2
4.6
20
Goods ......................................................................................
3.7
5.0
4.2
6.6
7.2
5.2
5.7
2.8
0.7
0.0
0.2
2.5
3.8
4.1
3.7
5.4
21
Services ...................................................................................
1.7
2.6
2.1
3.9
3.9
3.4
5.2
3.5
3.4
2.5
3.1
3.5
3.9
4.2
1.3
0.9
22 Government consumption expenditures and gross
investment..................................................................................
–1.9 –1.1 –0.1
0.5
1.0
1.6
1.4
1.6
1.7
0.6
0.4
0.4 –0.2
0.0
0.0
0.7
23 Federal.........................................................................................
–4.1 –3.2 –1.2 –1.2 –0.7
0.1 –0.9
1.2
0.4 –0.3
0.4 –0.3 –0.6
0.1
0.1
1.1
24
National defense ......................................................................
–5.4 –4.5 –2.2 –4.0 –2.9 –2.0 –3.7
0.0 –0.4 –1.4
0.3 –1.4 –1.5
0.1
0.1
2.4
25
Nondefense..............................................................................
–2.0 –1.1
0.5
3.5
2.8
3.5
3.5
2.9
1.6
1.5
0.5
1.2
0.9
0.2
0.1 –0.8
26 State and local .............................................................................
–0.3
0.3
0.6
1.5
2.1
2.5
2.8
1.9
2.4
1.1
0.4
0.8
0.0 –0.1
0.0
0.5
Addenda:
27 Gross domestic income (GDI) 1 ....................................................
1.7
2.6
3.7
4.2
4.3
3.5
2.4
1.6
1.1
0.5
1.4
0.5
1.3
1.8
1.3 ..........
28 Average of GDP and GDI ............................................................
1.7
2.7
3.4
3.5
4.0
3.4
2.4
1.8
1.2
0.9
1.4
1.2
1.6
2.0
1.8 ..........
29 Final sales of domestic product ...................................................
1.8
2.5
3.4
2.9
3.2
3.1
2.3
2.0
1.9
1.8
2.0
1.9
2.2
2.2
2.2
2.8
30 Gross domestic purchases ..........................................................
1.7
2.6
3.1
3.2
4.4
3.8
3.2
2.6
1.7
1.5
1.5
2.1
2.1
2.4
2.4
2.5
31 Final sales to domestic purchasers .............................................
1.7
2.5
3.3
3.4
3.8
3.6
3.1
2.7
2.2
2.0
1.9
2.1
2.4
2.4
2.3
2.8
32 Final sales to private domestic purchasers..................................
2.5
3.3
4.0
4.1
4.4
4.0
3.5
2.9
2.3
2.3
2.2
2.5
2.9
2.9
2.8
3.3
33 Gross national product.................................................................
1.8
2.5
3.1
2.5
3.6
3.0
2.1
2.0
1.1
1.2
1.5
1.9
2.2
2.2
2.5 ..........
34 Real disposable personal income................................................
2.5
3.2
3.7
4.9
4.9
4.6
4.0
3.2
2.2
1.7
1.4
0.2
0.9
1.1
1.1
1.8
Price indexes:
35
Gross domestic purchases.......................................................
1.6
1.9
1.9
1.4
0.5
0.5
0.4
0.4
0.7
0.9
1.0
1.4
2.0
1.7
1.7
1.9
1.7
1.8
1.9
1.6
1.3
1.2
1.0
1.0
1.2
1.3
1.4
1.5
1.8
1.7
1.7
1.8
36
Gross domestic purchases excluding food and energy 2 ..........
37
GDP .........................................................................................
1.7
2.0
1.9
1.6
1.1
1.1
1.0
1.0
1.2
1.2
1.2
1.5
2.0
1.6
1.8
1.9
1.9
2.0
2.0
1.7
1.4
1.3
1.2
1.2
1.4
1.5
1.6
1.7
2.0
1.8
1.7
1.8
38
GDP excluding food and energy 2 ............................................
39
PCE..........................................................................................
1.4
1.8
1.7
1.2
0.3
0.3
0.3
0.4
1.0
1.0
1.2
1.6
2.0
1.6
1.5
1.7
1.5
1.7
1.7
1.5
1.4
1.3
1.3
1.3
1.6
1.7
1.8
1.9
1.8
1.5
1.4
1.5
40
PCE excluding food and energy 2 .............................................
41
Market-based PCE 3 .................................................................
1.0
1.5
1.3
0.8 –0.1 –0.1 –0.1
0.1
0.6
0.6
0.7
1.3
1.8
1.3
1.3
1.4
42
Market-based PCE excluding food and energy 3 ......................
1.0
1.3
1.3
1.2
1.1
1.1
1.0
1.1
1.4
1.4
1.5
1.5
1.5
1.2
1.1
1.2

15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

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.
Source: U.S. Bureau of Economic Analysis

- 14 -

January 26, 2018

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

2015

2016

2017

2016

2017

Q4

Q1

Q2

Line
Q3

Q4

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

18,120.7
812.9
608.4

18,624.5
19,386.8
844.3 ....................
647.2 ....................

18,905.5
882.1
653.1

19,057.7
895.9
681.7

19,250.0
914.8
712.4

19,500.6
19,738.9
952.1 ...................
723.9 ...................

1
2
3

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

18,325.2
2,841.5
–255.9

18,821.6 ....................
2,916.7
3,035.0
–147.2 ....................

19,134.5
2,950.0
–34.4

19,272.0
2,986.2
–102.4

19,452.4
3,020.7
–67.0

19,728.9 ...................
3,052.1
3,081.2
–14.4 ...................

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

15,739.6
9,708.3
7,858.9
1,849.4

16,052.0 ....................
9,978.6
10,294.7
8,085.2
8,339.6
1,893.4
1,955.1

16,218.9
10,014.9
8,107.8
1,907.1

16,388.2
10,166.3
8,232.1
1,934.2

16,498.7
10,243.0
8,295.2
1,947.9

16,691.2 ...................
10,336.5
10,432.8
8,374.3
8,456.7
1,962.2
1,976.0

7
8
9
10

1,318.8
662.5

1,341.9
707.3

1,385.7
744.5

1,354.6
718.9

1,380.2
730.8

1,378.6
740.3

1,381.9
747.2

1,401.9
759.7

11
12

2,117.5
583.4
1,198.5
165.0
–14.3

2,073.5 ....................
570.6
585.3
1,226.2
1,266.7
164.0
161.8
–10.1
–10.7

2,155.2
566.5
1,242.5
176.6
–10.2

2,109.0
588.2
1,248.2
176.5
–11.0

2,123.4
598.3
1,261.2
164.6
–10.7

2,213.7 ...................
599.8
554.8
1,270.1
1,287.3
152.7
153.5
–10.6
–10.4

13
14
15
16
17

18,376.6
18,248.7
–1.4

18,771.6 ....................
18,698.1 ....................
–0.8 ....................

18,939.9
18,922.7
–0.2

19,160.1
19,108.9
–0.5

19,317.0
19,283.5
–0.3

19,515.0 ...................
19,507.8 ...................
–0.1 ...................

18
19
20

Source: U.S. Bureau of Economic Analysis

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

2015

2016

2017

2016
Q4

2017
Q2

Q3

Q4

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

15,553.0
9,708.3
7,858.9
1,849.4
1,318.8
53.7
1,265.1
662.5
2,387.1
1,367.3
1,019.8
2,684.4
1,208.0
1,937.9

15,928.7 16,416.9 16,025.7 16,245.2
9,978.6 10,294.7 10,014.9 10,166.3
8,085.2 8,339.6 8,107.8 8,232.1
1,893.4 1,955.1 1,907.1 1,934.2
1,341.9 1,385.7 1,354.6 1,380.2
43.2
35.1
37.8
41.9
1,298.7 1,350.5 1,316.7 1,338.4
707.3
744.5
718.9
730.8
2,377.8 2,441.2 2,391.6 2,420.1
1,415.3 1,475.9 1,438.5 1,476.6
962.5
965.3
953.0
943.5
2,768.4 2,851.5 2,795.9 2,831.9
1,245.3 1,300.7 1,250.2 1,284.1
1,960.1 2,039.9 1,977.2 2,018.8

16,339.6
10,243.0
8,295.2
1,947.9
1,378.6
37.0
1,341.6
740.3
2,434.5
1,465.1
969.4
2,836.9
1,293.8
2,007.9

16,451.9
10,336.5
8,374.3
1,962.2
1,381.9
31.9
1,350.0
747.2
2,433.9
1,460.6
973.2
2,858.4
1,306.0
2,046.4

16,630.8
10,432.8
8,456.7
1,976.0
1,401.9
29.7
1,372.1
759.7
2,476.5
1,501.4
975.1
2,878.9
1,318.9
2,086.3

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

15 Equals: Disposable personal income .............................................................................
16 Less: Personal outlays........................................................................................................

13,615.0
12,786.7

13,968.6
13,288.0

14,226.4
13,671.8

14,331.6
13,805.9

14,405.5
13,927.2

14,544.4
14,160.0

15
16

17 Equals: Personal saving ..................................................................................................
18 Personal saving as a percentage of disposable personal income ..................................

828.4
6.1

680.6
4.9

511.5
3.6

554.6
3.9

525.7
3.7

478.3
3.3

384.4
2.6

17
18

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

11,754.2
12,436.0

11,878.7
12,608.2

12,041.3 11,857.1
12,761.7 12,590.8

11,955.7
12,680.4

12,027.2
12,765.6

12,062.4
12,783.0

12,120.4
12,819.0

19
20

19
20

14,377.0 14,048.5
13,891.2 13,537.0
485.8
3.4

Q1

Line

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.
Source: U.S. Bureau of Economic Analysis

- 15 -

January 26, 2018

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

2015 2016 2017

2014
Q1

Q2

2015

Q3

Q4

Q1

Q2

2016

Q3

Q4

2017
Q1

Q2

Line

Q1

Q2

Q3

Q4

Q3

0.6
–2.2
0.7
10.0
2.8
0.5
38.9
0.5
3.3
0.5
26.6
0.2

2.2
4.1
2.4
–5.2
9.4
2.0
12.3
2.2
11.2
2.0
14.4
2.5

2.8
4.7
2.2
0.1
2.7
2.8
–7.9
2.8
2.2
2.8
3.5
3.3

1.8
1.2
3.1
3.2
3.0 –1.6
7.3
9.6
1.0
1.5
2.1
1.5
3.4 10.3 –4.3 –6.2
–1.9 –7.3
0.8 –10.3
1.9
1.5
3.1
3.6
–7.8 23.3 22.3 –24.2
1.8
1.2
3.0
3.3
–1.1
7.1
1.3
0.9
1.8
1.1
3.1
3.2
–3.8 –32.4 –13.9 –5.7
2.2
1.8
3.9
4.0

Q4

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

2.9
3.1
2.6
4.0
5.4
2.8
6.3
2.8
1.2
2.9
7.8
3.4

1.5
2.3 –0.9
1.4
3.7 –7.8
1.7
1.6
1.9
0.4
1.7
5.5
1.6 –0.7
5.0
1.5
2.3 –1.1
13.0
4.6 15.7
1.4
2.2 –1.0
4.9
2.8
2.7
1.4
2.2 –1.0
12.4 –12.3 –21.3
1.5
2.9 –1.4

4.6
9.2
1.6
11.6
12.6
4.4
38.3
4.5
–1.0
4.8
3.9
5.8

5.2
2.0
10.6 –1.4
3.1
3.1
1.4
6.9
13.0 –4.7
5.0
2.2
0.2 –21.6
5.2
2.1
3.7 10.0
5.2
1.8
–1.6 18.2
6.9
2.3

3.2
2.8
3.5
3.1
5.4
3.2
11.8
3.2
–9.2
3.6
4.6
4.0

2.7
2.5
1.9
10.3
10.0
2.5
31.5
2.6
4.0
2.7
–0.2
3.3

1.6
0.5
3.1 –0.7
1.4
2.2
–1.7 –8.0
16.7 –17.1
1.2
1.1
1.2
8.5
1.6
0.5
1.8
7.4
1.6
0.3
29.8 –0.7
1.3
0.3

2.6
3.3
1.4
9.0
32.8
1.8
12.9
2.5
–1.2
2.7
–5.2
3.2

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

1.1
1.3
1.1
0.4
1.1

1.3
1.6
1.3
1.0
1.4

1.8
1.8
1.8
1.8
1.7

1.6
1.8
1.6
2.2
1.8

2.2
1.8
2.2
1.6
1.7

1.9
1.9
1.9
1.5
1.8

0.6
1.2
0.6
0.2
1.2

–0.1
0.6
–0.1
–1.3
0.4

2.2
1.7
2.2
1.4
1.4

1.4
1.5
1.4
1.1
1.3

0.8
1.1
0.8
0.2
1.0

0.3
1.3
0.3
0.1
1.1

2.4
2.2
2.5
2.1
2.0

1.4
1.9
1.4
1.5
1.7

2.0
1.6
2.0
1.8
1.4

2.0
2.4
2.1
2.6
2.3

1.0
1.1
1.1
0.9
1.3

2.1
1.6
2.1
1.7
1.6

2.4
2.1
2.4
2.5
1.9

13
14
15
16
17

0.5
0.3
1.3
–0.1
1.1

1.0
1.2
1.8
0.8
1.4

1.9
1.7
1.5
1.5
1.3

2.2
2.1
1.5
1.8
1.2

1.7
1.8
2.0
1.3
1.5

1.6
1.2
1.6
0.9
1.3

0.3
–0.3
1.1
–0.8
0.7

–1.3
–1.6
0.9
–2.0
0.7

1.5
1.7
1.7
1.6
1.5

1.1
1.3
1.5
1.0
1.2

0.3
0.2
1.2
–0.2
1.0

0.2
0.6
2.1
0.1
1.7

2.2
2.1
2.0
1.7
1.5

1.5
1.7
2.0
1.4
1.6

1.9
2.0
1.3
1.9
1.1

2.6
2.2
1.8
2.3
1.9

0.9
0.3
0.9
–0.4
0.3

1.7
1.5
1.3
1.2
1.0

2.5
2.8
1.9
2.6
1.6

18
19
20
21
22

0.6

2.2

2.8

1.8

1.2

3.1

3.2

2.6

23

0.77 0.93 –0.21 –0.64 1.21 1.39 0.88 –0.47 2.10 2.74 1.00
1.18 0.84 1.37 0.46 1.46 1.39 0.61 0.91 1.32 0.93 0.86
0.80 –0.15 –0.67 0.76 –0.43 0.01 0.27 0.80 –0.36 –0.51 0.69
0.28 0.47 –0.56 0.08 0.26 0.08 –0.06 –0.22 0.02 –0.30 0.78
0.11 0.01 0.03 0.13 0.05 –0.03 –0.03 0.08 0.08 –0.10 0.04
0.10 0.05 0.18 0.08 0.27 0.06 –0.03 0.18 0.03 0.02 –0.03

24
25
26
27
28
29

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

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

2.9

24
25
26
27
28
29

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

0.93
1.61
0.32
0.15
0.02
0.03

1.5

2.3

–0.9

4.6

0.41 1.09 –2.46 2.75
1.04 1.03 1.14 0.98
0.04 0.14 0.41 0.86
0.05 –0.02 0.14 0.34
0.05 0.02 0.06 0.14
0.12 0.07 0.07 –0.02

5.2

2.0

3.2

3.18 –0.41 0.85
1.92 1.90 2.14
0.11 0.53 0.25
0.36 –0.14 0.16
0.00 –0.10 0.04
0.09 0.24 –0.24

2.7

1.6

0.5

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.
Source: U.S. Bureau of Economic Analysis

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Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the
economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2009 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights
from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2008-09
annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual
percent change in GDP prices uses quantities for 2008 and 2009 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar
value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close
to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and appendix table A. Contributions by major components to the percent change in real GDP are
presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2009) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009
and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value
of this component in 2010 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be
small and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a “residual” line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close
to the reference year, when there usually has not been much change in the relative prices that are used
as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate
the contributions to growth and to aggregate the detailed estimates. For periods further from the
reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for
analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide
a better measure of the composition of GDP growth. In particular, for components for which relative
prices are changing rapidly, calculation of contributions using chained-dollar estimates may be
misleading even just a few years from the reference year.
Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November 2003
Survey, pp. 8-16.

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