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March 26, 2020 2019Q4 (Third Estimate) Comparisons -- Percent Change From Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Seasonally adjusted at annual rates Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross domestic income (GDI) Average of GDP and GDI Gross national product (GNP) Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis 2019Q4 % change 2.1 1.8 0.6 2.8 -0.6 2.4 -6.0 -0.6 -2.4 -7.2 -4.3 2.8 6.5 .......................... ........................ 2.1 -0.6 7.2 -8.4 -11.4 4.9 2.5 3.4 4.4 1.9 2.0 Last period with Last period with Last period with equal value larger value smaller value 2019Q3 2.1 2019Q1 3.1 2019Q2 2.0 2015Q4 1.8 2019Q3 3.2 2019Q1 1.1 2006Q2 0.6 2019Q3 5.3 2013Q2 0.3 2000Q4 2.8 2019Q3 8.1 2019Q1 0.3 ................. ................. 2019Q3 3.9 2011Q3 -1.4 2015Q3 2.4 2019Q2 2.8 2019Q3 2.2 2015Q4 -6.0 2019Q3 -1.0 2019Q2 -6.3 2002Q3 -0.6 2019Q1 3.2 2019Q3 -0.8 ................. ................. 2019Q3 -2.3 2015Q4 -4.4 ................. ................. 2019Q1 4.0 2019Q3 -9.9 1949Q4 -4.3 2019Q3 -3.8 2015Q4 -4.8 1969Q1 2.8 2019Q3 4.7 2017Q2 0.3 2003Q2 6.5 2017Q4 9.9 2019Q3 4.6 ................. ................. ................. ................. ................. ................. ................ ................ ................ ................ ................ ................ 2012Q3 2.1 2019Q1 4.1 2019Q3 1.0 1975Q1 -0.6 2019Q3 2.1 2019Q2 -5.9 1985Q1 7.2 2017Q3 8.8 2019Q3 -1.3 ................. ................. 2019Q3 1.8 2009Q2 -15.6 1990Q4 -11.4 2019Q3 1.1 2009Q2 -18.9 ................. ................. 2018Q4 8.9 2019Q3 4.8 2003Q4 2.5 2019Q2 4.8 2019Q3 1.7 1984Q1 3.4 2019Q2 8.3 2019Q3 3.3 1955Q3 4.4 2019Q1 7.7 2019Q3 2.2 2001Q3 1.9 2019Q3 5.0 2019Q1 -5.4 2008Q3 2.0 2019Q2 2.7 2019Q3 0.7 3.1 0.6 1.6 1.3 2.6 2.4 2.2 1.6 1993Q2 2012Q3 2010Q3 2011Q1 2017Q2 2017Q2 2019Q3 2013Q4 3.1 0.6 1.6 1.3 2.6 2.4 2.2 1.6 2018Q2 2019Q3 2019Q3 2019Q3 2019Q1 2019Q1 2019Q2 2019Q3 4.8 2.2 2.2 2.3 3.2 3.2 2.8 2.1 2019Q3 2015Q4 2018Q4 2015Q4 2019Q3 2019Q3 2018Q4 2019Q2 2.1 0.3 1.3 1.0 1.2 1.7 0.7 1.5 3.5 4.5 2.0 2.9 2.6 4.0 3.7 3.6 3.0 2017Q2 2006Q2 2014Q1 2011Q4 2006Q4 2017Q2 2016Q4 1975Q1 2009Q4 3.5 4.5 2.0 2.9 2.6 4.0 3.7 3.6 3.0 2019Q3 2019Q2 2019Q3 2019Q3 2019Q3 2019Q1 2019Q2 2019Q3 2019Q3 3.8 5.4 3.5 3.7 3.8 4.1 4.1 3.9 3.6 2018Q4 2019Q3 2016Q1 2019Q1 2019Q1 2019Q3 2019Q3 2018Q4 2016Q2 2.9 4.0 1.7 2.6 2.2 3.0 3.4 2.5 2.0 1.4 2019Q3 1.4 1.3 2013Q2 1.3 1.3 2017Q2 1.3 1.3 ................. ................. 1.4 2015Q3 1.4 1.4 2013Q1 1.4 1.3 2017Q2 1.3 1.3 2018Q3 1.3 1.1 2017Q3 1.1 2019Q2 2019Q3 2019Q3 2019Q3 2019Q3 2019Q3 2019Q3 2019Q2 2019Q3 2.2 1.8 1.8 1.9 1.7 1.5 2.1 2.1 1.8 2019Q1 2019Q1 2019Q1 2016Q1 2019Q1 2019Q1 2019Q1 2019Q3 2017Q2 0.8 1.2 1.1 0.6 0.8 0.4 1.1 1.1 0.5 March 26, 2020 2019Q4 (Third Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2019Q4 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value Last period with larger value Last period with smaller value 2.1 2019Q3 2.1 2019Q1 3.1 2019Q2 2.0 1.24 0.12 0.20 -0.08 1.12 -1.07 -0.09 -0.33 -0.21 -0.25 0.13 0.24 -0.98 1.51 0.24 -0.04 0.28 1.27 1.41 -0.14 0.44 0.22 0.17 0.05 0.22 ................ ................. ................. 1990Q1 1956Q3 2015Q4 2011Q1 ................. 1949Q1 ................. 2007Q1 2016Q4 1954Q2 ................ 1991Q1 1975Q1 1988Q3 ................. ................. 2016Q4 2018Q2 2019Q3 2017Q4 2004Q1 1973Q1 ................ ................. ................. -0.08 1.12 -1.07 -0.09 ................. -0.21 ................. 0.13 0.24 -0.98 ................ 0.24 -0.04 0.28 ................. ................. -0.14 0.44 0.22 0.17 0.05 0.22 2019Q3 2019Q3 2019Q3 2019Q3 2019Q2 2019Q3 2019Q1 2019Q3 2019Q1 2019Q3 2019Q3 2017Q4 2019Q3 2009Q2 2019Q1 2019Q3 2017Q3 2009Q2 2009Q2 2019Q3 2019Q2 2019Q2 2019Q1 2019Q3 2019Q2 2.12 1.09 0.56 0.53 1.29 -0.17 0.56 -0.31 0.12 -0.22 0.22 0.37 -0.03 2.39 0.49 0.17 0.36 2.24 2.19 -0.13 0.82 0.53 0.29 0.13 0.29 2019Q1 2013Q2 2019Q1 2011Q3 2019Q3 2019Q2 2019Q3 2015Q4 2019Q3 2015Q4 2017Q2 2019Q3 2018Q2 2019Q3 2019Q3 2019Q2 2019Q3 2019Q3 2019Q3 2018Q4 2019Q3 2019Q1 2019Q3 2019Q1 2019Q3 0.78 0.07 0.02 -0.21 1.02 -1.16 -0.14 -0.61 -0.30 -0.31 0.01 0.17 -1.20 -0.14 0.11 -0.48 -0.05 -0.26 -0.13 -0.24 0.30 0.14 0.09 -0.15 0.08 March 26, 2020 2019Q4 Comparisons -- Corporate Profits: Level Change and Percent Change Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis Last period with 2019Q4 change equal value Dollar change from preceding quarter 53.0 ................ ................ 39.6 ................. ................. 80.6 ................. ................. 67.1 ................. ................. 45.2 ................. ................. Percent change from preceding quarter (quarterly rates) Last period with larger value Last period with smaller value 2019Q2 2019Q2 2014Q2 2018Q1 2019Q2 75.8 66.1 119.6 171.3 72.9 2019Q3 2019Q3 2019Q3 2019Q3 2019Q3 -4.7 11.1 -39.0 -23.1 40.0 2.6 2.1 3.9 3.7 1.8 2019Q2 2019Q2 2014Q2 2018Q1 2019Q2 3.8 3.7 5.5 10.3 3.1 2019Q3 2019Q3 2019Q3 2019Q3 2019Q3 -0.2 0.6 -1.9 -1.2 1.7 2.2 ................ ................ 2.2 ................. ................. 3.9 2018Q4 3.9 4.1 ................. ................. 7.9 1969Q1 7.9 2018Q4 2018Q4 2017Q3 2018Q4 2018Q4 4.2 10.1 4.0 9.8 95.0 2019Q3 2019Q3 2019Q3 2019Q3 2019Q3 -1.2 -0.3 -2.0 -1.1 4.4 2.6 1996Q4 2.1 2008Q3 3.9 1996Q1 3.7 1993Q3 1.8 2005Q2 Percent change from quarter one year ago March 26, 2020 2019 (Third Estimate) Comparisons -- Percent Change From Preceding Period in Real Gross Domestic Product and Related Measures [Percent] 2019 Last period with Last period with Last period with % change equal value larger value smaller value Gross domestic product (GDP) 2.3 ................ ................ 2018 2.9 2016 1.6 Personal consumption expenditures 2.6 2017 2.6 2018 3.0 2013 1.5 Goods 3.7 2006 3.7 2018 4.1 2016 3.6 Durable goods 4.8 2007 4.8 2018 6.3 2009 -6.1 Nondurable goods 3.2 2000 3.2 2015 3.4 2018 3.0 Services 2.1 1982 2.1 2018 2.5 2017 2.0 Gross private domestic investment 1.8 ................ ................ 2018 5.1 2016 -1.3 Fixed investment 1.3 ................. ................. 2018 4.6 2009 -16.0 Nonresidential 2.1 ................. ................. 2018 6.4 2016 0.7 Structures -4.3 ................. ................. 2018 4.1 2016 -5.0 Equipment 1.3 ................. ................. 2018 6.8 2016 -1.3 Intellectual property products 7.5 1968 7.5 2016 7.9 2018 7.4 Residential -1.5 2018 -1.5 2017 3.5 2010 -3.1 Change in private inventories .......................... ................. ................. ................. ................. ................. ................. Net exports of goods and services ........................ ................ ................ ................ ................ ................ ................ Exports 0.0 2016 0.0 2018 3.0 2009 -8.4 Goods 0.2 ................. ................. 2018 4.3 2015 -0.4 Services -0.4 1972 -0.4 2018 0.7 2016 -1.1 Imports 1.0 ................. ................. 2018 4.4 2009 -13.1 Goods 0.3 ................. ................. 2018 5.0 2009 -15.3 Services 4.2 1972 4.2 2017 4.4 2018 1.6 Government consumption expenditures and gross investment 2.3 ................ ................ 2009 3.5 2018 1.7 Federal 3.5 ................. ................. 2010 4.1 2018 2.9 National defense 4.9 1987 4.9 2009 5.7 2018 3.3 Nondefense 1.6 1979 1.6 2018 2.4 2017 0.8 State and local 1.6 1952 1.6 2016 2.6 2018 1.0 Addenda: Final sales of domestic product 2.2 2016 2.2 2018 2.8 2013 1.6 Gross domestic purchases 2.4 ................. ................. 2018 3.1 2016 1.9 Final sales to domestic purchasers 2.3 ................. ................. 2018 3.0 2013 1.3 Final sales to private domestic purchasers 2.3 ................. ................. 2018 3.3 2013 2.2 Gross domestic income (GDI) 1.9 ................. ................. 2018 2.5 2016 0.8 Average of GDP and GDI 2.1 ................. ................. 2018 2.7 2016 1.2 Gross national product (GNP) 2.4 1981 2.4 2018 3.0 2016 1.6 Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis 2.9 2017 2.9 2018 4.0 2016 1.8 4.1 ................. ................. 4.1 2012 4.1 4.0 2012 4.0 3.9 2001 3.9 3.8 2007 3.8 3.7 2015 3.7 3.9 2015 3.9 4.2 ................. ................. 4.3 2015 4.3 2018 2018 2018 2018 2018 2018 2018 2018 2018 5.4 5.3 5.6 5.5 5.5 5.0 5.2 5.5 6.1 2016 2016 2016 2016 2016 2016 2016 2016 2016 2.7 3.3 2.6 3.2 3.4 1.9 2.3 2.6 2.8 1.5 2013 1.5 1.7 2014 1.7 1.8 2014 1.8 1.9 2017 1.9 1.7 1997 1.7 1.4 1965 1.4 1.6 2017 1.6 1.3 ................. ................. 1.6 2018 1.6 2018 2018 2018 2018 2018 2018 2018 2018 2012 2.4 2.3 2.4 2.5 2.4 2.1 1.9 1.8 1.8 2016 2016 2016 2016 2016 2016 2015 2016 2017 0.7 1.1 1.0 1.3 1.0 1.0 1.2 0.7 1.3 March 26, 2020 2019 (Third Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2019 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value 2.3 ................ ................ 1.76 0.78 0.34 0.45 0.98 0.32 0.22 0.28 -0.13 0.08 0.34 -0.06 0.09 -0.15 0.00 0.02 -0.02 -0.15 -0.04 -0.12 0.41 0.23 0.19 0.04 0.18 1967 ................. ................. 1997 2003 ................ ................. ................. ................. 1986 ................. 2018 2018 1996 2016 1967 1949 1944 1991 2017 2003 1978 ................. 2005 ................. 1.76 ................. ................. 0.45 0.98 ................ ................. ................. ................. 0.08 ................. -0.06 0.09 -0.15 0.00 0.02 -0.02 -0.15 -0.04 -0.12 0.41 0.23 ................. 0.04 ................. Last period with larger value Last period with smaller value 2018 2.9 2016 1.6 2018 2018 2018 2015 2018 2018 2018 2018 2018 2018 2000 2017 2015 2013 2018 2018 2018 2009 2009 2018 2009 2010 2009 2018 2016 2.05 0.86 0.44 0.49 1.18 0.87 0.78 0.84 0.12 0.39 0.36 0.13 0.28 0.22 0.37 0.34 0.03 2.14 2.08 -0.05 0.70 0.35 0.29 0.07 0.29 2013 2016 2009 2018 2017 2016 2009 2016 2016 2016 2018 2010 2017 2018 2009 2015 2016 2018 2018 2006 2018 2018 2018 2017 2018 0.99 0.77 -0.45 0.42 0.94 -0.23 -2.70 0.09 -0.16 -0.08 0.32 -0.08 0.04 -0.29 -1.01 -0.03 -0.05 -0.66 -0.61 -0.21 0.30 0.19 0.13 0.02 0.11 March 26, 2020 2019 Comparisons -- Corporate Profits: Level Change and Percent Change Last period with 2019 change equal value Dollar change from preceding year Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis 0.0 ................ 1.6 ................. 4.7 ................. 6.3 ................. 89.6 ................. Percent change from preceding year Last period with larger value Last period with smaller value ................ ................. ................. ................. ................. 2018 2018 2017 2018 2018 68.7 168.3 15.5 30.2 470.9 2017 2016 2018 2016 2017 -5.5 -31.0 -69.5 -0.5 -227.5 0.0 1989 0.0 0.1 ................. ................. 0.2 ................. ................. 0.3 1989 0.3 3.9 ................. ................. 2018 2018 2017 2018 2018 3.4 10.0 0.7 1.7 25.4 2017 2016 2018 2016 2017 -0.3 -1.9 -3.3 0.0 -10.9
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