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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, JANUARY 27, 2022 Technical: Media: Karl Rohrer Jeannine Aversa (301) 278-9083 (301) 278-9003 BEA 22-02 gdpniwd@bea.gov Jeannine.Aversa@bea.gov Gross Domestic Product, Fourth Quarter and Year 2021 (Advance Estimate) Real gross domestic product (GDP) increased at an annual rate of 6.9 percent in the fourth quarter of 2021 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.3 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (refer to “Source Data for the Advance Estimate” on page 4). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 24, 2022. Real GDP: Percent change from preceding quarter 35 25 15 5 -5 -15 -25 -35 Q1 Q2 Q3 Q4 2018 U.S. Bureau of Economic Analysis Q1 Q2 Q3 2019 Q4 Q1 Q2 Q3 2020 Q4 Q1 Q2 Q3 Q4 2021 Seasonally adjusted at annual rates The increase in real GDP primarily reflected increases in private inventory investment, exports, personal consumption expenditures (PCE), and nonresidential fixed investment that were partly offset by decreases in both federal and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2). COVID-19 Impact on the Fourth-Quarter 2021 GDP Estimate The increase in fourth quarter GDP reflected the continued economic impact of the COVID19 pandemic. In the fourth quarter, COVID-19 cases resulted in continued restrictions and disruptions in the operations of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased as provisions of several federal programs expired or tapered off. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the fourth quarter because the impacts are generally embedded in source data and cannot be separately identified. For more information, refer to the Technical Note and Federal Recovery Programs and BEA Statistics. The increase in private inventory investment was led by retail and wholesale trade industries . Within retail, inventory investment by motor vehicle dealers was the leading contributor. The increase in exports reflected increases in both goods and services. The increase in exports of goods was widespread, and the leading contributors were consumer goods, industrial supplies and materials, and foods, feeds, and beverages. The increase in exports of services was led by travel. The increase in PCE primarily reflected an increase in services, led by health care, recreation, and transportation. The increase in nonresidential fixed investment primarily reflected an increase in intellectual property products that was partly offset by a decrease in structures. The decrease in federal government spending primarily reflected a decrease in defense spending on intermediate goods and services. The decrease in state and local government spending reflected decreases in consumption expenditures (led by compensation of state and local government employees, notably education) and in gross investment (led by new educational structures ). The increase in imports primarily reflected an increase in goods (led by non-food and non-automotive consumer goods, as well as capital goods). Real GDP accelerated in the fourth quarter, increasing 6.9 percent after increasing 2.3 percent in the third quarter. The acceleration in real GDP in the fourth quarter primarily reflected an upturn in exports, accelerations in private inventory investment and PCE, and smaller decreases in residential fixed investment and federal government spending that were partly offset by a downturn in state and local government spending. Imports accelerated. Current-dollar GDP increased 14.3 percent at an annual rate, or $790.1 billion, in the fourth quarter to a level of $23.99 trillion. In the third quarter, GDP increased 8.4 percent, or $461.3 billion (table 1 and table 3). The price index for gross domestic purchases increased 6.9 percent in the fourth quarter, compared with an increase of 5.6 percent in the third quarter (table 4). The PCE price index increased 6.5 percent, compared with an increase of 5.3 percent. Excluding food and energy prices, the PCE price index increased 4.9 percent, compared with an increase of 4.6 percent. -2- Personal Income Current-dollar personal income increased $106.3 billion in the fourth quarter, compared with an increase of $127.9 billion in the third quarter. The increase primarily reflected increases in compensation (led by private wages and salaries), personal income receipts on assets, and rental income that were partly offset by a decrease in personal current transfer receipts (notably, government social benefits) (table 8). Within government social benefits, the decrease was more than accounted for by a decrease in unemployment insurance, following the expiration of pandemic-related unemployment programs. Disposable personal income increased $14.1 billion, or 0.3 percent, in the fourth quarter, compared with an increase of $36.7 billion, or 0.8 percent, in the third quarter. Real disposable personal income decreased 5.8 percent, compared with a decrease of 4.3 percent. Personal saving was $1.34 trillion in the fourth quarter, compared with $1.72 trillion in the third quarter. The personal saving rate—personal saving as a percentage of disposable personal income— was 7.4 percent in the fourth quarter, compared with 9.5 percent in the third quarter. GDP for 2021 Real GDP increased 5.7 percent in 2021 (from the 2020 annual level to the 2021 annual level), in contrast to a decrease of 3.4 percent in 2020 (table 1). The increase in real GDP in 2021 reflected increases in all major subcomponents, led by PCE, nonresidential fixed investment, exports, residential fixed investment, and private inventory investment. Imports increased (table 2). The increase in PCE reflected increases in both goods and services. Within goods, the leading contributors were "other" nondurable goods (including games and toys as well as pharmaceuticals), clothing and footwear, and recreational goods and vehicles. Within services, the leading contributors were food services and accommodations as well as health care. The increase in nonresidential fixed investment reflected increases in equipment (led by information processing equipment) and in intellectual property products (led by software as well as research and development) that were partly offset by a decrease in structures (widespread across most categories). The increase in exports reflected an increase in goods (mainly non-automotive capital goods) that was partly offset by a decrease in services (led by travel as well as royalties and license fees). The increase in residential fixed investment mainly reflected an increase in new single family construction. The increase in private inventory investment primarily reflected an increase in wholesale trade (mainly in durable goods industries). Current-dollar GDP increased 10.0 percent, or $2.10 trillion, in 2021 to a level of $22.99 trillion, in contrast to a decrease of 2.2 percent, or $478.9 billion, in 2020 (tables 1 and 3). The price index for gross domestic purchases increased 3.9 percent in 2021, compared with an increase of 1.2 percent in 2020 (table 4). Similarly, the PCE price index increased 3.9 percent, compared with an increase of 1.2 percent. Excluding food and energy prices, the PCE price index increased 3.3 percent, compared with an increase of 1.4 percent. -3- Measured from the fourth quarter of 2020 to the fourth quarter of 2021, real GDP increased 5.5 percent during the period (table 6), in contrast to a decrease of 2.3 percent from the fourth quarter of 2019 to the fourth quarter of 2020. The price index for gross domestic purchases, as measured from the fourth quarter of 2020 to the fourth quarter of 2021, increased 5.5 percent, compared with an increase of 1.4 percent from the fourth quarter of 2019 to the fourth quarter of 2020. The PCE price index increased 5.5 percent, compared with an increase of 1.2 percent. Excluding food and energy, the PCE price index increased 4.6 percent, compared with an increase of 1.4 percent. Source Data for the Advance Estimate Information on the source data and key assumptions used in the advance estimate is provided in a Technical Note that is posted with the news release on BEA’s website. A detailed "Key Source Data and Assumptions" file is also posted for each release. For information on updates to GDP, refer to the "Additional Information" section that follows. Annual Update of the National Economic Accounts BEA will release results from the 2022 annual update of the National Economic Accounts, which includes the National Income and Product Accounts as well as the Industry Economic Accounts, on September 29, 2022. This update will present revised statistics for GDP, GDP by Industry, and gross domestic income that cover the first quarter of 2017 through the first quarter of 2022. More information on the 2022 annual update will be included on BEA’s website as well as in a forthcoming Survey of Current Business article, “GDP and the Economy.” * * * Next release, February 24, 2022 at 8:30 A.M. EST Gross Domestic Product (Second Estimate) Fourth Quarter and Year 2021 * * -4- * Release Dates in 2022 Estimate 2021 Q4 and Year 2021 2022 Q1 Gross Domestic Product Advance Estimate Second Estimate Third Estimate January 27, 2022 February 24, 2022 March 30, 2022 April 28, 2022 May 26, 2022 June 29, 2022 July 28, 2022 October 27, 2022 August 25, 2022 November 30, 2022 September 29, 2022 December 22, 2022 Gross Domestic Product by Industry March 30, 2022 June 29, 2022 September 29, 2022 December 22, 2022 Corporate Profits Preliminary Estimate Revised Estimate --March 30, 2022 May 26, 2022 June 29, 2022 August 25, 2022 November 30, 2022 September 29, 2022 December 22, 2022 -5- 2022 Q2 2022 Q3 Additional Information Resources The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. Additional resources available at www.bea.gov: • • • • • • • The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Information on COVID-19 and recovery impacts is available on our website. 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, refer to 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 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. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Definitions Personal saving is personal income less personal outlays and personal current taxes. Gross domestic product (GDP), or value added, 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. The personal saving rate is personal saving as a percentage of disposable personal income. Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in the national income and product accounts. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-ofthe-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data. Gross output is the value of the goods and services produced by the nation’s economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs). 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." For more definitions, refer to the Glossary: National Income and Product Accounts. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. -6- Statistical conventions Updates to GDP Annual-vs-quarterly rates. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. This convention is used for BEA’s featured, seasonally adjusted measures to facilitate comparisons with related and historical data. For details, refer to the FAQ “Why does BEA publish estimates at annual rates?” 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. Quarterly not seasonally adjusted values are expressed only at quarterly rates. Percent changes. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For details, refer to the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?“ Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter one year ago. All published percent changes are calculated from unrounded data. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Vintage Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 Second to third 0.3 Note - Based on estimates from 1996 through 2020. For more information on GDP updates, refer to Revision Information on the BEA website. Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). 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). For details on the calculation of quantity and price indexes, refer to Chapter 4: Estimating Methods in the NIPA Handbook. Annual and comprehensive updates are typically released in late July. Annual updates generally cover at least the 5 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. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the reference year (2012) 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. Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. In tables that display chained-dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series and its corresponding aggregate. Unlike GDP, advance current quarterly estimates of GDI and corporate profits are 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. GDP by industry and gross output estimates are released with the third estimate of GDP. -7- 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 Pe riod Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 5. Real Gross Domestic Product: Annual Percent Change Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income Table 8. Personal Income and Its Disposition Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago -8- January 27, 2022 Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 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 2019 2020 2021 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: 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 (GNP) Disposable personal income Current-dollar measures: GDP GDI Average of GDP and GDI Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GNP Disposable personal income 2.3 2.2 3.4 4.3 2.9 1.7 3.4 3.2 4.3 2.0 3.3 7.2 -0.9 ......... ......... -0.1 -0.1 -0.1 1.2 0.5 3.9 -3.4 -3.8 4.6 7.7 3.1 -7.5 -5.5 -2.7 -5.3 -12.5 -8.3 2.8 6.8 ......... ......... -13.6 -10.2 -19.8 -8.9 -5.6 -22.6 5.7 7.9 12.1 18.0 9.0 5.9 9.5 7.7 7.3 -8.2 12.9 10.2 9.0 ......... ......... 4.6 7.6 -1.3 14.0 14.5 11.6 2018 Q1 3.1 2.4 1.4 3.6 0.3 2.9 8.5 6.7 10.2 20.2 5.6 9.6 -4.2 ......... ......... 1.8 1.6 2.2 2.6 4.3 -4.9 Q2 3.4 3.5 4.2 7.1 2.8 3.1 0.7 6.0 6.8 7.1 3.0 11.6 3.3 ......... ......... 5.0 11.3 -6.1 1.4 0.3 6.8 2019 Q3 1.9 2.7 2.9 3.8 2.4 2.6 9.7 0.8 2.8 -4.2 5.4 4.6 -5.8 ......... ......... -6.1 -8.7 -0.8 5.9 7.3 0.3 Q4 0.9 1.7 2.1 1.1 2.6 1.5 2.2 1.8 4.8 -12.8 10.3 11.0 -8.3 ......... ......... 0.5 1.7 -1.7 3.9 2.5 10.4 Q1 2.4 0.6 1.3 -0.7 2.4 0.3 6.4 3.7 4.7 4.4 4.4 5.4 0.1 ......... ......... 3.1 4.1 1.4 0.0 0.0 -0.1 2020 Q2 3.2 3.6 7.0 10.8 5.1 2.0 2.6 6.1 6.7 14.3 2.5 7.2 4.1 ......... ......... -2.2 -5.1 3.6 1.7 0.0 9.3 Q3 2.8 3.2 4.9 8.5 3.1 2.4 1.1 3.1 2.9 14.0 -5.1 6.0 3.6 ......... ......... -0.8 1.1 -4.5 -1.1 -1.5 0.9 Q4 1.9 1.7 1.8 5.0 0.3 1.7 -6.5 -1.1 -1.7 -8.0 -4.9 6.7 1.1 ......... ......... 1.2 -0.8 4.8 -8.5 -9.7 -3.8 Q1 -5.1 -6.9 0.3 -12.0 7.1 -10.0 -5.3 -2.3 -8.1 -0.9 -21.3 3.8 20.4 ......... ......... -16.3 -4.8 -34.8 -13.1 -7.5 -33.4 Q2 -31.2 -33.4 -10.0 -1.5 -13.9 -42.4 -48.8 -30.4 -30.3 -46.8 -36.2 -10.6 -30.7 ......... ......... -59.9 -65.0 -48.6 -53.1 -49.2 -67.6 Q3 33.8 41.4 49.5 89.0 31.8 37.5 82.1 27.5 18.7 -15.3 55.9 8.1 59.9 ......... ......... 54.5 99.0 -4.9 89.2 103.7 29.7 Line 2021 Q4 4.5 3.4 -0.3 1.1 -1.1 5.3 24.7 17.7 12.5 -8.2 26.4 10.2 34.4 ......... ......... 22.5 25.6 16.0 31.3 30.1 37.5 Q1 6.3 11.4 27.4 50.0 15.9 3.9 -2.3 13.0 12.9 5.4 14.1 15.6 13.3 ......... ......... -2.9 -1.4 -6.0 9.3 10.6 2.2 Q2 6.7 12.0 13.0 11.6 13.9 11.5 -3.9 3.3 9.2 -3.0 12.1 12.5 -11.7 ......... ......... 7.6 6.4 10.4 7.1 4.3 23.6 Q3 2.3 2.0 -8.8 -24.6 2.0 8.2 12.4 -0.9 1.7 -4.1 -2.3 9.1 -7.7 ......... ......... -5.3 -5.0 -5.9 4.7 -0.3 35.0 Q4 6.9 3.3 0.5 1.6 -0.1 4.7 32.0 1.3 2.0 -11.4 0.8 10.6 -0.8 ......... ......... 24.5 24.4 24.7 17.7 18.3 14.8 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 2.2 3.8 5.2 1.6 1.3 2.5 0.5 0.9 5.0 0.6 1.8 2.9 -0.9 -1.2 8.1 2.8 6.3 0.9 0.3 0.3 2.8 1.0 -0.8 2.7 5.0 5.1 3.4 1.9 1.4 8.9 7.9 3.5 6.8 5.2 4.2 1.1 3.4 -5.0 -3.9 16.2 1.5 -0.5 -2.4 3.5 2.7 2.1 3.6 4.5 2.2 1.1 3.0 3.7 3.9 -2.1 -0.5 4.2 -2.0 0.9 -2.9 22 3.5 2.4 20.6 -5.4 -3.1 11.3 -5.3 -5.1 -4.0 23 6.0 -0.7 3.2 1.7 5.3 -5.8 -1.1 -1.7 -5.7 24 0.0 7.4 50.1 -14.3 -14.1 40.8 -10.7 -9.5 -1.6 25 2.7 4.4 -5.5 0.1 1.2 -0.1 0.2 4.9 -2.2 26 2.0 2.1 2.2 2.4 2.4 -2.9 ......... -3.2 ......... -2.9 5.4 -3.0 6.9 -2.5 6.5 4.0 3.6 2.8 3.2 2.9 0.8 2.1 4.3 2.9 3.8 5.1 3.5 0.4 3.5 2.1 1.5 1.2 0.8 1.4 1.3 2.3 2.3 1.9 2.0 1.5 0.8 2.0 3.8 3.6 4.2 0.9 1.9 3.1 2.6 3.0 3.0 2.4 2.9 0.5 1.5 2.4 -3.6 7.9 2.1 -3.6 ......... 2.3 6.2 2.1 3.3 2.6 4.9 4.0 3.0 3.4 2.3 1.3 3.3 1.7 1.2 3.0 1.2 4.1 1.7 3.6 3.6 -1.4 3.2 2.7 2.3 1.1 -6.0 -32.8 38.4 6.2 11.8 10.1 1.4 2.8 32 1.6 -5.4 -31.9 34.8 4.9 5.9 6.5 2.9 ......... 33 2.4 3.1 48.5 -16.6 -8.3 54.7 -29.1 -4.3 -5.8 34 4.1 3.8 4.0 4.1 4.0 3.9 10.0 ......... ......... 9.9 11.0 10.8 5.3 6.3 5.8 5.3 5.9 5.8 7.1 4.4 5.8 7.6 6.1 6.5 3.3 6.5 4.9 2.2 4.9 3.8 3.0 3.7 3.4 2.8 3.3 3.1 3.7 3.5 3.6 3.1 2.9 2.3 5.6 3.2 4.4 6.2 5.9 6.6 4.1 2.3 3.2 4.6 3.7 4.1 3.6 4.7 4.1 4.5 2.0 2.8 3.9 -2.4 12.1 3.9 -2.4 ......... 3.8 7.5 6.1 5.9 4.8 7.7 6.5 6.7 5.8 3.8 2.7 4.7 3.3 3.3 4.7 2.0 2.9 4.1 6.7 6.0 1.3 4.3 4.1 3.4 2.5 -4.8 -33.5 43.1 7.9 16.0 16.8 3.3 -4.2 -33.0 39.8 7.0 10.4 13.1 4.1 4.3 46.1 -13.6 -6.9 60.6 -24.5 -2.2 -1.8 -2.0 -1.6 -1.9 -1.3 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis -9- -0.8 -3.0 -4.6 -4.9 -4.4 -3.9 0.5 -1.7 -3.1 -3.6 -2.9 -32.7 -32.0 -27.6 -30.8 -27.3 -32.4 -33.9 -33.1 -28.6 -31.8 -28.0 24.4 19.6 6.3 29.0 11.9 6.3 25.9 3.4 9.1 37.8 6.1 7.7 29.9 5.0 10.4 4.3 5.5 8.1 6.7 8.0 5.8 ......... 27 4.1 ......... 28 0.1 1.9 29 3.5 6.7 30 1.3 1.9 31 38.7 6.6 10.9 13.4 8.4 14.3 35 29.0 22.0 10.9 10.8 12.1 ......... 36 33.8 14.0 10.9 12.1 10.2 ......... 37 30.4 5.7 14.0 14.9 6.2 9.0 38 42.4 7.7 11.9 13.0 9.2 14.0 39 34.0 6.9 14.9 14.5 7.1 8.9 40 7.1 9.8 41 9.0 ......... 42 0.8 0.3 43 January 27, 2022 Table 2. Contributions to Percent Change in Real Gross Domestic Product Line 2019 2020 2021 Q1 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 Percent change at annual rate: 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 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 2.3 -3.4 3.1 3.4 1.48 -2.55 0.71 0.96 0.30 0.54 -0.03 0.08 5.30 1.64 2.68 0.30 1.38 0.26 0.36 -0.12 0.06 0.13 0.23 0.35 0.05 -0.01 0.40 0.42 0.27 0.43 0.32 1.30 0.10 0.37 0.06 -0.07 0.00 -0.20 0.25 0.33 0.78 -3.52 0.24 0.04 0.45 -0.01 0.13 -0.04 0.48 0.06 2.62 1.34 0.87 0.11 0.37 0.08 0.04 2.96 0.14 0.82 0.23 0.33 -3.85 0.13 -0.97 -0.59 -0.82 0.10 -1.04 -0.06 0.02 0.24 -0.57 5.7 2018 Q2 Q3 0.11 0.23 0.04 0.05 1.9 0.9 Q1 2.4 3.2 2.8 2.34 0.89 0.50 0.09 1.79 1.16 0.43 0.61 0.44 0.29 0.27 0.08 -0.05 0.01 -0.03 -0.37 2.37 1.42 0.73 0.19 0.11 0.20 0.09 0.40 0.10 -0.06 0.15 0.09 0.00 0.07 0.34 0.37 0.17 0.37 0.00 0.69 0.01 0.25 0.06 0.34 0.08 0.04 0.08 -0.04 0.06 0.16 -0.02 0.00 0.05 -0.04 0.02 0.00 0.20 0.17 0.28 0.38 1.45 1.18 0.72 0.14 0.19 0.12 1.9 -5.1 -31.2 Q1 6.3 2.12 0.99 0.58 0.12 1.13 -4.79 -24.10 25.51 2.26 0.35 0.04 -1.89 9.92 -0.07 0.34 -0.89 0.01 5.49 0.10 0.16 -0.80 0.12 1.89 0.06 0.09 0.28 0.08 0.41 0.07 -0.02 -0.08 0.10 0.10 0.73 0.02 -0.17 -0.76 0.01 0.93 -1.90 0.29 0.25 -0.06 1.40 0.14 0.01 0.16 -0.67 0.03 -0.04 -0.07 -0.40 0.24 0.19 -0.01 0.59 0.95 1.13 0.77 -4.83 0.86 0.14 0.33 0.02 0.10 -6.24 -0.16 -1.99 -0.67 -1.02 33.8 Q4 4.5 1.15 1.29 1.11 0.37 0.73 1.06 1.12 0.10 0.20 0.04 0.33 -0.01 -0.01 0.24 0.30 0.25 0.61 -0.18 0.64 0.57 0.18 0.21 -0.06 -0.09 0.04 0.12 0.17 0.18 0.24 0.00 0.09 0.02 -0.01 0.11 -0.02 0.88 0.19 0.17 0.12 0.38 -0.01 -0.09 0.33 -0.34 0.08 -0.20 0.05 Q4 Seasonally adjusted at annual rates 2019 2020 Q2 Q3 Q4 Q1 Q2 Q3 2021 Q2 Q3 6.9 1 7.44 5.69 3.50 1.36 7.92 1.35 2.25 2.99 -2.21 0.13 1.01 -2.52 0.14 0.48 -2.18 -0.20 2 3 4 5 1.11 -0.12 1.07 0.01 1.42 0.14 4.43 -0.17 0.82 0.84 0.48 2.19 0.00 -0.24 -0.12 0.29 -0.16 0.28 0.24 0.06 0.18 1.98 0.30 -0.02 6 7 8 9 -0.18 0.25 -0.18 -0.91 2.08 0.06 -0.81 0.74 -0.15 0.00 1.36 0.11 -22.21 15.59 2.34 0.92 0.59 0.07 0.61 1.75 0.18 -0.02 -0.07 10 0.66 -0.01 -0.05 11 0.45 0.17 0.01 12 0.69 0.16 0.09 13 4.93 3.57 2.12 14 -23.46 17.38 0.59 0.06 -7.68 7.42 -2.98 1.12 -4.27 2.18 2.50 2.06 0.04 0.24 1.50 -0.50 0.09 0.09 0.10 0.49 5.35 0.04 1.10 0.73 0.73 3.64 0.19 0.53 0.77 0.52 0.33 -0.07 0.04 0.18 0.00 -0.03 -0.16 -0.15 0.14 0.27 0.11 0.20 0.15 -0.01 -1.68 -5.59 0.00 0.11 -0.10 -0.02 0.39 0.18 -0.63 -3.50 0.16 0.54 0.06 0.35 -0.60 -0.11 0.39 -0.06 0.03 -0.01 0.01 -0.08 1.42 1.25 -1.78 -0.16 -0.31 -0.42 -0.07 0.00 0.02 -0.07 -1.58 0.84 0.66 -0.56 0.32 0.02 15 16 17 18 19 0.55 0.08 20 0.22 0.35 21 0.85 -0.06 22 0.12 23 0.37 24 -0.53 0.39 -0.07 0.38 0.33 -0.41 0.62 0.10 -0.99 1.67 1.45 0.14 1.64 0.39 1.13 0.48 -0.47 1.35 1.14 1.03 0.15 0.31 0.64 1.06 -0.73 0.97 1.31 0.90 0.38 0.65 0.63 0.90 -0.39 -0.24 0.57 0.22 -0.13 -0.42 0.13 0.42 -0.48 0.68 0.32 0.18 0.31 0.57 0.25 0.15 0.12 0.28 0.20 0.02 0.12 0.02 0.16 0.09 -0.06 0.16 0.08 0.03 0.05 0.11 -0.04 0.08 -0.52 0.14 -0.01 -0.06 0.13 0.33 0.13 -0.13 -0.02 0.10 0.06 0.18 0.01 0.11 0.00 0.12 0.14 0.52 0.42 0.51 0.21 0.49 0.25 0.34 0.15 0.29 0.24 0.26 0.12 0.19 0.05 0.11 0.02 0.21 0.16 0.23 0.07 0.28 0.21 0.22 0.01 -0.04 0.05 -0.04 0.09 -0.18 -0.01 0.00 0.00 -0.17 -0.07 -0.11 -0.03 0.26 -0.52 0.04 -0.56 -0.29 -1.57 -0.76 -0.81 1.28 0.65 0.63 -0.05 2.16 6.84 0.06 6.78 -3.25 4.64 4.75 -0.11 -7.89 -7.37 -0.52 0.02 1.34 1.10 -0.01 1.11 -1.65 2.07 1.59 0.49 -3.73 -3.04 -0.69 0.00 0.60 -2.62 -0.06 -2.56 -1.56 -0.30 -0.10 -0.20 -1.26 -1.21 -0.05 0.05 -0.60 -1.26 -0.07 -1.20 -0.18 0.80 0.48 0.32 -0.99 -0.51 -0.48 0.08 -0.38 2.20 -0.02 2.22 -1.26 -0.59 -0.39 -0.19 -0.68 0.04 -0.72 0.09 -0.03 4.90 -0.01 4.90 0.00 2.43 1.71 0.72 -2.43 -2.09 -0.34 38 39 40 41 42 43 44 45 46 47 48 49 0.38 0.25 0.20 0.15 0.05 0.04 0.03 0.02 0.14 0.10 0.03 0.43 0.08 0.15 0.49 0.17 -0.14 0.47 0.86 0.36 0.52 0.63 0.97 -0.19 0.33 0.05 0.12 0.32 0.22 0.12 0.09 0.57 0.23 0.23 0.16 1.42 -0.32 0.11 -0.04 -0.05 0.29 0.13 0.26 0.20 0.16 0.18 0.23 -0.03 0.16 0.11 0.06 -0.09 -0.04 0.29 0.07 0.13 0.21 0.19 0.06 0.09 0.01 0.04 0.11 0.05 0.05 -0.01 0.01 0.07 0.13 -0.01 -0.03 0.11 0.14 -0.04 0.12 0.00 0.21 0.08 0.16 0.03 0.09 -0.14 -0.11 0.40 0.06 0.00 0.20 1.26 -0.43 0.18 0.09 0.14 -0.01 0.05 -0.14 -0.10 0.36 0.05 -0.02 0.15 1.27 -0.60 0.03 0.00 0.02 0.04 0.03 0.00 0.00 0.04 0.01 0.03 0.05 -0.01 0.17 0.10 0.04 0.03 0.17 -0.05 -0.26 0.38 0.29 0.12 0.28 0.47 -0.45 0.13 0.04 0.15 0.03 0.08 0.07 0.03 0.07 0.12 0.21 0.26 0.18 -0.38 0.20 0.06 -0.11 0.00 0.09 -0.12 -0.29 0.31 0.17 -0.09 0.02 0.29 -0.06 -0.07 -0.09 -0.22 0.22 0.12 0.10 -0.44 -0.34 -0.10 0.14 -0.05 0.19 0.77 0.78 -0.25 -0.28 0.03 1.02 1.07 -0.05 -0.01 0.22 -0.23 -0.36 -0.38 -0.04 -0.09 0.05 -0.34 -0.35 0.01 0.02 0.28 -0.26 0.17 -0.35 -0.07 -0.16 0.09 -0.29 -0.33 0.04 0.52 0.60 -0.08 -0.51 -0.27 -0.22 -0.20 -0.02 -0.04 -0.08 0.04 -0.24 -0.12 -0.12 50 51 52 53 54 55 56 57 58 59 60 0.01 -0.17 0.31 0.00 0.31 -0.16 0.24 0.14 0.10 -0.40 -0.54 0.14 0.02 0.13 -0.89 -0.02 -0.87 0.40 0.62 0.89 -0.27 -0.22 -0.04 -0.18 0.01 -0.24 1.50 -0.05 1.55 -1.66 -0.78 -0.75 -0.03 -0.88 -0.87 -0.01 -1.48 -0.92 -0.41 -1.14 -0.02 -1.30 -0.19 -0.11 -0.90 -0.10 0.18 0.23 -0.01 2.01 0.03 0.79 0.38 0.43 0.17 0.60 0.55 0.59 0.06 0.19 0.07 0.03 0.04 0.05 0.33 0.14 0.19 0.02 0.38 0.32 -0.02 0.34 -1.39 0.48 0.52 -0.04 -1.87 -1.61 -0.26 0.10 -1.18 -0.19 -0.23 -0.26 -0.29 0.04 -0.16 -0.11 -0.06 0.32 0.21 0.10 1.13 2.25 0.27 -0.17 0.34 0.67 2.3 0.11 0.08 0.71 -0.01 0.22 0.54 0.40 0.42 -0.31 -0.07 0.02 -0.25 0.00 0.29 0.17 0.10 4.40 -0.19 0.43 0.33 1.77 0.62 6.7 Line Q4 0.03 0.00 0.00 0.01 0.01 -0.04 -0.34 0.00 0.15 0.14 0.04 0.73 0.08 0.49 -0.57 -0.32 -0.99 -0.51 -0.05 -0.14 0.04 0.03 0.08 0.03 0.13 0.63 -0.62 -0.35 -1.07 -0.54 -0.51 0.39 -0.50 0.07 1.43 -0.05 0.05 0.36 -0.26 -0.08 0.17 -1.95 0.13 0.31 -0.41 0.10 -0.04 -0.32 -0.08 0.05 0.15 -0.18 0.21 -1.63 -0.57 0.02 -0.24 0.15 1.26 1.90 -0.29 0.01 0.01 0.19 1.16 0.85 -0.27 0.01 -0.25 -0.03 0.10 1.05 Source: U.S. Bureau of Economic Analysis - 10 - -2.83 2.62 0.82 -0.25 0.74 0.09 0.25 25 -9.64 11.71 4.01 -0.37 -0.65 2.05 5.15 26 -5.63 4.88 2.92 2.25 0.61 -0.16 0.25 27 -4.28 2.72 1.57 1.65 1.21 0.22 0.28 28 -1.77 -0.46 -0.22 0.14 -0.08 -0.11 -0.30 29 -1.99 2.73 1.29 0.75 0.66 -0.13 0.05 30 0.38 0.75 0.31 0.49 -0.17 -0.03 0.45 31 -0.24 0.26 0.21 0.08 0.35 0.08 0.19 32 -1.77 1.03 0.61 0.08 0.43 -0.18 -0.43 33 -0.37 0.69 0.17 0.10 0.04 -0.01 -0.15 34 -0.51 0.45 0.50 0.76 0.62 0.46 0.53 35 -0.07 0.22 0.21 0.52 0.29 0.20 0.27 36 -0.34 0.28 0.27 0.25 0.28 0.18 0.17 37 -0.10 -1.36 -4.01 0.10 -4.11 1.53 -8.34 -6.24 -2.09 9.87 7.27 2.59 January 27, 2022 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues Billions of dollars Line 1 Gross domestic product (GDP) 2 Personal consumption expenditures 3 Goods 4 Durable goods 5 Motor vehicles and parts 6 Furnishings and durable household equipment Recreational goods and 7 vehicles 8 Other durable goods 9 Nondurable goods Food and beverages purchased 10 for off-premises consumption 11 Clothing and footwear 12 Gasoline and other energy goods 13 Other nondurable goods 14 Services Household consumption 15 expenditures (for services) 16 Housing and utilities 17 Health care 18 Transportation services 19 Recreation services Food services and 20 accommodations Financial services and 21 insurance 22 Other services Final consumption expenditures of 23 nonprofit institutions serving households Gross output of nonprofit 24 institutions 25 Less: Receipts from sales of goods and services by nonprofit institutions 26 Gross private domestic investment 27 Fixed investment 28 Nonresidential 29 Structures 30 Equipment 31 Information processing equipment 32 Industrial equipment 33 Transportation equipment 34 Other equipment 35 Intellectual property products 36 Software 37 Research and development 38 Entertainment, literary, and artistic originals 39 Residential 40 Change in private inventories 41 Farm 42 Nonfarm Billions of chained (2012) dollars Seasonally adjusted at annual rates 2021 22,993.5 15,750.0 5,481.0 2,024.5 699.0 Seasonally adjusted at annual rates 2021 2020 2021 2020 2021 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 21,477.6 22,038.2 22,741.0 23,202.3 23,992.4 19,427.2 18,767.8 19,055.7 19,368.3 19,478.9 19,806.0 14,467.6 15,005.4 15,681.7 15,964.9 16,347.8 13,630.8 12,927.9 13,282.7 13,665.6 13,732.4 13,842.7 4,867.3 5,245.0 5,529.8 5,500.1 5,649.2 5,541.7 5,155.0 5,476.6 5,646.7 5,518.3 5,525.1 1,759.2 1,957.8 2,092.2 1,995.2 2,052.9 2,223.8 2,036.4 2,253.5 2,316.2 2,158.5 2,167.1 602.1 674.9 758.1 667.9 695.2 622.4 589.7 661.2 686.1 576.0 566.2 Change from preceding period Line 2021 2021 Q3 Q4 1,042.5 110.6 327.1 1 1,000.9 66.8 110.3 2 599.2 -128.4 6.8 3 339.6 -157.7 8.5 4 80.4 -110.1 -9.8 5 469.3 415.4 461.9 473.7 468.7 473.1 507.9 467.4 517.0 517.1 502.3 495.1 63.5 -14.8 -7.2 6 577.0 279.2 3,456.5 508.7 233.1 3,108.1 559.4 261.7 3,287.2 580.8 279.6 3,437.6 575.0 283.6 3,505.0 592.6 292.1 3,596.3 808.2 333.8 3,358.4 727.7 285.7 3,151.1 792.2 317.0 3,269.3 814.7 332.6 3,377.2 801.7 336.7 3,394.0 824.3 348.9 3,392.9 129.8 82.0 277.9 -13.0 4.1 16.8 22.6 12.2 -1.1 7 8 9 1,234.7 468.7 361.1 1,392.1 10,268.9 1,150.0 395.6 247.9 1,314.6 9,600.4 1,201.5 1,223.4 1,245.3 1,268.5 436.8 477.0 479.7 481.2 300.3 345.5 376.2 422.3 1,348.5 1,391.9 1,403.7 1,424.3 9,760.4 10,151.9 10,464.8 10,698.6 1,108.5 494.2 423.4 1,291.7 8,265.6 1,057.9 431.8 388.3 1,229.0 7,917.0 1,103.3 466.2 393.7 1,259.6 7,993.4 1,112.1 505.2 425.5 1,294.9 8,214.3 1,111.2 504.3 437.1 1,303.6 8,378.5 1,107.6 501.2 437.5 1,308.6 8,476.0 46.6 104.0 37.1 95.3 457.1 -0.9 -0.9 11.6 8.7 164.3 -3.6 -3.1 0.5 5.0 97.5 10 11 12 13 14 9,785.6 2,777.4 2,550.7 433.6 504.1 9,109.0 2,699.7 2,457.2 352.8 415.0 9,281.7 2,727.2 2,464.2 356.8 442.5 9,684.8 2,753.4 2,534.4 417.3 490.5 9,984.4 10,191.6 2,792.6 2,836.3 2,574.5 2,629.8 467.8 492.5 525.9 557.3 7,910.3 2,148.2 2,203.4 381.5 413.4 7,531.9 2,132.5 2,164.4 325.8 349.0 7,622.4 2,142.4 2,140.7 330.1 371.1 7,863.1 2,143.9 2,193.6 366.5 404.6 8,031.4 2,152.5 2,219.8 405.2 428.9 8,124.2 2,153.8 2,259.6 424.3 449.0 516.8 23.9 151.6 44.4 59.8 168.3 8.6 26.2 38.7 24.3 92.8 1.3 39.7 19.1 20.1 15 16 17 18 19 1,026.4 826.1 888.3 1,028.7 1,083.1 1,105.2 814.7 676.1 725.9 826.4 851.6 855.1 151.6 25.2 3.5 20 1,270.1 1,223.4 1,222.0 1,136.1 1,244.9 1,157.8 1,256.4 1,204.0 1,276.3 1,264.1 1,302.8 1,267.6 877.5 1,076.8 864.7 1,015.5 874.7 1,031.8 867.9 1,064.4 876.6 1,107.2 890.6 1,103.9 25.9 72.9 8.7 42.8 14.0 21 -3.3 22 483.3 491.4 478.7 467.1 480.4 507.0 356.3 383.2 370.1 352.2 349.1 353.7 -55.1 -3.1 4.6 23 1,723.3 1,685.5 1,672.7 1,708.5 1,733.1 1,778.9 1,378.5 1,388.1 1,363.0 1,377.4 1,378.4 1,395.3 9.2 1.0 16.9 24 1,240.0 4,107.8 4,133.8 3,051.3 578.6 1,273.2 1,194.1 3,923.2 3,865.9 2,862.7 552.3 1,197.5 1,194.0 3,928.0 4,022.2 2,956.7 565.0 1,244.5 1,241.5 3,925.1 4,099.4 3,029.2 572.8 1,270.4 1,252.7 4,099.6 4,159.8 3,073.9 581.9 1,277.2 1,271.9 4,478.7 4,254.0 3,145.5 594.8 1,300.6 1,023.0 3,631.5 3,584.6 2,866.9 453.7 1,303.1 1,003.6 3,561.9 3,456.6 2,726.2 456.1 1,237.1 992.1 3,541.3 3,564.1 2,810.4 462.1 1,278.5 1,026.3 3,506.0 3,593.0 2,873.1 458.6 1,315.7 1,030.7 3,609.7 3,585.0 2,884.8 453.8 1,307.9 1,042.9 3,868.9 3,596.5 2,899.3 440.3 1,310.4 68.8 315.3 255.2 195.8 -40.5 149.1 4.5 103.7 -7.9 11.8 -4.8 -7.8 12.2 259.2 11.4 14.5 -13.5 2.5 25 26 27 28 29 30 470.9 287.8 220.6 293.8 1,199.6 506.0 599.8 447.3 253.4 217.1 279.7 1,112.9 466.0 561.3 472.1 260.8 225.4 286.3 1,147.2 484.2 576.3 461.9 284.7 231.2 292.6 1,186.0 501.3 594.5 461.4 294.9 222.3 298.6 1,214.9 511.7 607.2 488.5 310.8 203.6 297.7 1,250.2 526.9 621.1 598.4 260.9 218.7 260.3 1,136.1 571.7 496.1 566.5 238.8 208.7 256.1 1,053.0 516.1 469.0 600.1 243.0 212.6 260.8 1,091.9 547.1 480.1 588.1 260.9 236.1 262.9 1,124.6 565.5 493.0 586.1 265.1 225.8 262.5 1,149.3 578.2 501.6 619.4 274.7 200.2 254.8 1,178.5 595.8 509.8 75.4 32.2 27.4 20.1 104.7 69.4 37.3 -2.0 4.2 -10.3 -0.4 24.7 12.7 8.6 33.3 9.6 -25.6 -7.7 29.2 17.6 8.2 31 32 33 34 35 36 37 93.7 1,082.5 -26.0 -4.8 -21.2 85.6 1,003.2 57.3 -2.2 59.4 86.7 1,065.5 -94.2 -3.3 -90.9 90.2 1,070.2 -174.3 -4.6 -169.7 95.9 1,085.9 -60.2 -5.1 -55.1 102.2 1,108.5 224.7 -6.2 230.9 82.9 706.5 -37.5 -21.7 -19.8 78.0 708.2 88.8 -3.9 90.2 78.0 730.6 -88.3 -15.7 -74.4 80.3 708.2 -168.5 -22.7 -147.7 84.2 694.2 -66.8 -24.3 -46.5 88.9 692.8 173.5 -24.2 189.6 3.3 58.4 4.8 -14.0 15.5 3.9 -14.1 101.7 -1.6 101.2 4.7 -1.4 240.3 0.0 236.1 38 39 40 41 42 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. Source: U.S. Bureau of Economic Analysis - 11 - January 27, 2022 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends Billions of dollars Line 43 Net exports of goods and services 44 Exports 45 Goods 46 Services 47 Imports 48 Goods 49 Services 50 Government consumption expenditures and gross investment 51 Federal 52 National defense 53 Consumption expenditures 54 Gross investment Nondefense 55 56 Consumption expenditures 57 Gross investment 58 State and local 59 Consumption expenditures 60 Gross investment 61 Residual Addenda: 62 Gross domestic income (GDI) 1 63 Average of GDP and GDI 64 Final sales of domestic product 65 Gross domestic purchases 66 Final sales to domestic purchasers 67 Final sales to private domestic 68 Gross domestic product 69 Plus: Income receipts from the rest of the world 70 Less: Income payments to the rest of the world 71 Equals: Gross national product 72 Net domestic product Billions of chained (2012) dollars Seasonally adjusted at annual rates 2021 Seasonally adjusted at annual rates 2021 Line -916.0 2,480.4 1,741.0 739.4 3,396.4 2,850.0 546.3 2020 Q4 -798.4 2,220.7 1,520.8 699.9 3,019.1 2,540.8 478.3 Q1 -872.5 2,311.9 1,607.5 704.4 3,184.5 2,698.1 486.4 Q2 -881.7 2,461.5 1,726.8 734.8 3,343.2 2,819.0 524.2 Q3 -947.0 2,485.2 1,750.7 734.6 3,432.3 2,857.4 574.8 Q4 -962.6 -1,281.3 2,663.0 2,310.1 1,879.2 1,729.6 783.8 609.2 3,625.5 3,591.4 3,025.6 3,149.4 599.9 472.8 2020 2021 Q4 Q1 Q2 Q3 Q4 -1,132.8 -1,226.1 -1,244.5 -1,316.6 -1,338.0 2,279.0 2,262.3 2,304.2 2,273.0 2,400.9 1,703.1 1,696.9 1,723.5 1,701.3 1,796.7 603.4 594.1 609.0 599.8 633.9 3,411.8 3,488.4 3,548.7 3,589.6 3,738.9 3,015.4 3,092.7 3,125.5 3,122.8 3,256.8 430.7 433.0 456.6 492.2 509.5 4,051.6 1,565.0 905.3 708.8 196.5 3,885.3 1,512.3 900.8 713.5 187.3 3,977.3 1,568.6 897.1 707.4 189.7 4,015.9 1,563.3 904.1 710.0 194.1 4,084.9 1,562.0 910.9 710.3 200.6 4,128.4 1,566.1 909.1 707.4 201.7 3,375.8 1,349.2 793.7 614.8 179.9 3,356.0 1,338.8 812.0 637.9 174.7 3,390.9 1,375.2 799.9 624.6 176.1 3,373.8 1,356.7 797.8 620.1 178.6 3,381.6 1,339.1 794.3 612.4 183.1 3,356.8 1,325.6 782.8 602.2 181.9 -24.7 -13.6 -11.5 -10.2 -1.2 50 51 52 53 54 659.7 611.5 671.6 659.2 651.1 657.0 495.9 450.6 512.6 498.1 485.8 487.1 163.8 160.9 159.0 161.1 165.3 169.9 2,486.6 2,373.0 2,408.7 2,452.6 2,522.9 2,562.3 2,044.2 1,924.7 1,966.5 2,015.3 2,080.6 2,114.5 442.4 448.3 442.2 437.3 442.3 447.8 ............... ............... ............... ............... ............... ............... 554.2 410.0 144.2 2,026.9 1,668.9 358.0 -134.5 526.7 382.3 144.8 2,017.6 1,636.7 380.9 -123.8 573.7 431.0 142.2 2,017.1 1,646.7 370.3 -121.4 557.7 414.6 142.9 2,017.9 1,659.7 358.2 -148.2 543.9 399.2 144.9 2,042.1 1,687.5 354.6 -132.9 541.7 15.2 -13.8 -2.2 395.2 15.7 -15.4 -4.0 146.8 -0.8 2.0 1.9 2,030.7 7.0 24.3 -11.4 1,681.8 26.4 27.9 -5.7 349.0 -19.3 -3.5 -5.6 -135.3 .............. .............. .............. 55 56 57 58 59 60 61 ............... ............... 19,380.8 20,630.4 20,584.4 17,215.2 19,200.3 18,984.0 18,664.8 19,841.7 19,738.3 16,384.1 19,496.4 19,276.0 19,076.1 20,211.1 20,233.6 16,846.3 19,701.9 19,535.1 19,449.3 20,540.9 20,625.1 17,258.3 19,983.6 19,731.2 19,453.4 20,716.4 20,691.8 17,317.3 ............... ............... 23,019.5 23,909.4 23,935.4 19,883.8 21,972.6 21,725.1 21,420.3 22,276.0 22,218.8 18,333.5 2021 Change from preceding period 2021 2021 Q3 Q4 -338.6 -72.0 -21.4 102.5 -31.1 127.9 122.8 -22.1 95.4 -8.0 -9.2 34.0 441.1 40.9 149.3 399.2 -2.7 133.9 49.0 35.6 17.3 22,547.9 22,293.1 22,132.5 22,910.8 23,005.0 19,027.7 23,132.7 22,936.8 22,915.3 23,622.6 23,797.0 19,781.1 23,803.5 23,502.9 23,262.5 24,149.4 24,209.6 20,124.7 ............... ............... 23,767.6 24,954.9 24,730.2 20,601.8 ............... ............... 19,544.2 21,053.2 20,787.1 17,439.0 15.6 8.5 -7.2 -16.5 9.8 .............. .............. 984.8 1,323.8 1,264.6 1,256.2 22,993.5 21,477.6 22,038.2 22,741.0 23,202.3 23,992.4 19,427.2 18,767.8 19,055.7 19,368.3 19,478.9 19,806.0 1,042.5 ............... 1,043.2 1,081.6 1,112.4 1,184.1 ............... ............... 922.3 948.3 961.2 7.8 -17.6 -3.5 -7.7 4.5 43 44 45 46 47 48 49 281.7 .............. 62 196.1 .............. 63 4.2 90.8 64 175.5 336.7 65 66.6 95.3 66 59.0 121.7 67 110.6 327.1 68 1,009.1 ............... .............. 47.9 .............. 69 ............... 792.5 846.7 882.0 916.4 ............... ............... 702.5 742.4 762.1 781.0 ............... .............. ............... 21,728.2 22,273.1 22,971.4 23,470.0 ............... ............... 18,987.9 19,262.1 19,568.1 19,707.3 ............... .............. 19,146.7 17,838.2 18,342.3 18,953.1 19,306.5 19,985.1 16,109.6 15,520.3 15,780.6 16,063.6 16,147.0 16,447.0 941.4 18.9 .............. 70 139.2 .............. 71 83.4 300.0 72 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. Source: U.S. Bureau of Economic Analysis - 12 - January 27, 2022 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates 2019 2020 2021 Line 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 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 national product (GNP) 1.8 1.3 4.2 1.5 1.2 3.9 -0.5 -0.7 5.1 -1.2 -0.8 6.3 -0.1 -0.7 4.4 2.4 2.1 3.2 1.6 1.2 3.2 1.6 1.2 3.8 1.3 0.6 1.5 4.1 1.5 5.6 0.1 -0.4 0.3 0.9 1.4 1.0 2.9 3.3 10.8 ......... ......... ......... ......... ......... ......... -0.5 -2.5 11.8 -1.6 -4.0 14.4 1.7 0.4 6.0 -1.6 -2.2 7.4 -2.1 -2.8 7.9 0.9 0.5 5.2 2018 2019 2020 Line 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2.4 3.1 1.8 2.0 1.1 2.3 1.4 1.5 1.6 -1.5 3.6 2.2 4.3 6.1 6.0 2.7 2.4 1.3 1.6 0.4 2.7 1.1 1.7 1.3 -1.6 3.7 1.5 3.8 6.5 5.3 1.9 1.0 -1.1 -0.6 -1.9 2.0 -1.8 0.7 -1.1 -5.6 4.9 0.3 5.9 9.3 7.3 -1.2 -0.8 -1.8 -1.2 -0.5 -0.6 -2.2 -2.7 -1.5 -2.9 7.6 0.2 2.3 16.8 9.7 3.6 2.0 -0.8 -0.4 -2.5 3.4 -1.5 2.5 -0.9 -6.9 3.5 0.4 8.0 5.0 5.9 3.0 3.0 2.5 2.7 1.5 3.1 2.5 2.2 2.4 0.4 3.1 2.1 2.8 5.0 4.3 2.2 2.5 1.8 1.2 2.3 1.8 0.8 0.0 1.8 0.3 2.8 1.9 2.8 2.9 6.1 2.3 2.6 1.8 1.3 2.3 1.7 0.9 0.1 1.5 1.3 2.2 1.9 3.7 4.5 7.0 0.4 1.3 1.3 0.9 2.3 1.7 0.2 -0.6 1.3 1.5 0.1 0.4 0.8 0.9 4.3 -0.4 2.2 2.2 6.3 4.6 4.8 2.5 2.1 1.9 -0.6 1.0 0.5 3.9 8.9 11.1 -0.5 0.2 1.5 -0.4 0.9 -0.2 -1.2 -0.6 0.7 0.0 -1.7 -2.2 2.2 -3.2 4.6 1.9 2.0 0.3 -0.8 2.4 1.9 0.6 -2.3 1.6 4.3 1.6 3.2 -2.3 1.5 0.9 9.1 7.0 3.8 2.4 2.4 2.0 3.2 2.4 2.4 0.9 9.3 6.5 12.4 15.3 14.8 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 3.6 5.3 0.9 -1.6 -3.5 3.7 -2.4 -1.5 -2.1 -17.5 13.4 6.2 21.0 19.4 9.7 3.9 6.2 0.6 -3.1 -5.2 2.7 -4.2 -1.4 -4.2 -21.9 16.2 6.9 26.7 25.1 11.3 3.0 3.6 1.5 1.3 -0.2 5.5 1.1 -1.6 2.5 -8.7 8.5 4.7 9.2 7.2 6.1 6.5 1.6 0.6 -2.5 -4.6 2.8 -3.8 -2.0 -1.1 -11.9 8.0 2.2 13.3 13.4 6.1 7.0 1.5 0.3 -3.2 -5.7 3.0 -4.7 -2.7 -1.5 -13.4 8.7 1.8 14.9 14.2 5.9 4.2 2.3 2.0 0.3 0.3 1.7 0.0 1.0 0.6 -4.1 4.5 4.9 4.6 9.2 7.0 Q4 6.9 6.5 10.8 10.3 11.0 4.3 7.9 8.0 7.5 23.2 6.7 1.4 9.5 ......... ......... 5.9 6.7 4.0 5.8 6.3 3.3 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 1.7 1.8 1.6 2.2 1.4 1.1 1.1 1.2 4.5 3.6 3.7 3.4 4.5 3.9 3.9 3.8 3.9 3.0 3.1 2.8 3.2 2.3 2.3 2.4 2.7 3.2 1.8 5.3 0.9 4.3 1.3 8.8 0.8 -2.8 1.1 -8.3 1.0 1.3 1.3 1.4 1.3 1.4 1.4 1.5 2.8 1.2 0.9 1.7 -0.9 0.2 -1.3 2.2 2.4 3.0 3.6 2.2 3.0 2.5 2.5 2.5 5.4 4.0 4.4 3.3 6.1 4.1 4.3 3.9 6.1 5.0 4.9 5.2 7.4 5.3 5.2 5.4 1.7 1.6 5.1 4.8 4.5 3.7 2.4 -1.0 3.1 0.8 1.2 3.8 -1.5 2.0 3.3 6.3 7.3 6.7 8.8 26 1.8 1.5 1.5 1.3 1.2 1.2 4.3 3.9 4.0 2.4 2.9 2.9 3.1 2.6 2.7 1.8 1.7 1.7 2.0 1.7 1.7 1.1 0.8 0.8 2.3 2.2 2.2 1.4 1.0 1.1 1.5 1.3 1.4 1.5 1.6 1.6 -1.3 -1.2 -1.0 3.5 3.3 3.2 2.2 1.8 1.8 4.5 3.9 4.1 6.3 5.8 6.0 6.1 5.6 5.7 7.0 27 6.9 28 6.9 29 1.5 1.8 1.9 1.2 3.9 1.3 ......... 1.5 3.7 2.6 2.4 2.8 2.4 3.1 3.1 1.4 1.8 1.9 1.6 2.0 2.1 0.8 1.1 1.5 2.5 2.3 2.5 1.1 1.4 1.6 1.4 1.5 1.2 1.3 1.6 2.1 -1.0 -1.5 -0.8 3.4 3.6 3.2 1.6 2.2 1.9 3.8 4.3 3.4 6.0 6.1 5.8 5.7 6.8 30 6.0 ......... 31 5.3 6.1 32 food and energy 1 PCE excluding food and energy 1 Market-based PCE 2 Market-based PCE excluding food and 1.7 1.7 1.3 1.4 1.4 1.1 3.5 3.3 3.7 2.8 2.4 2.2 2.7 2.4 2.3 1.8 1.4 1.0 1.9 1.9 1.3 1.3 1.1 0.7 1.9 2.3 2.3 1.5 1.8 0.7 1.1 1.4 1.7 1.9 1.7 1.1 -0.4 -0.8 -1.0 3.1 3.5 2.8 1.7 1.2 1.3 3.2 2.7 3.9 5.6 6.1 5.8 5.1 4.6 5.3 5.9 33 4.9 34 6.2 35 energy 1,2 1.5 1.3 2.9 1.9 2.3 1.0 1.6 1.6 1.8 1.4 1.2 1.6 0.2 2.5 1.0 2.5 5.3 4.3 4.3 36 Implicit price deflators: GDP Gross domestic purchases GNP 1.8 1.6 1.8 1.2 4.1 1.1 3.9 1.2 ......... 2.2 2.6 2.2 3.6 3.1 3.6 1.3 1.3 1.3 2.1 1.9 2.1 1.2 0.9 1.2 2.3 2.2 2.3 1.3 1.0 1.3 1.6 1.5 1.6 1.3 1.3 1.3 -1.7 -1.4 -1.7 3.7 3.3 3.7 1.9 1.6 2.0 4.3 3.9 4.3 6.2 5.9 6.2 5.9 7.0 37 5.6 6.9 38 5.9 ......... 39 GDP excluding food and energy 1 Gross domestic purchases excluding 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. Source: U.S. Bureau of Economic Analysis - 13 - January 27, 2022 Table 5. Real Gross Domestic Product: Annual Percent Change Line 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 Gross domestic product (GDP) Personal consumption expenditures (PCE) 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: 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 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 2,3 2014 2.3 2.7 4.1 7.2 2.6 2.0 5.6 6.6 7.2 11.0 7.0 4.8 3.8 .......... .......... 3.9 4.5 2.7 5.2 5.6 3.2 Percent change from preceding year 2015 2016 2017 2018 2019 2020 2.7 1.7 2.3 2.9 2.3 -3.4 3.3 2.5 2.4 2.9 2.2 -3.8 4.8 3.4 3.9 4.0 3.4 4.6 7.6 5.4 6.3 7.0 4.3 7.7 3.4 2.5 2.7 2.5 2.9 3.1 2.6 2.0 1.8 2.4 1.7 -7.5 5.5 -1.0 4.0 5.7 3.4 -5.5 3.8 2.1 4.1 4.8 3.2 -2.7 2.3 0.9 4.1 6.4 4.3 -5.3 -0.9 -4.3 4.2 4.0 2.0 -12.5 3.0 -1.8 2.8 6.4 3.3 -8.3 3.8 8.8 5.7 8.1 7.2 2.8 10.2 6.6 4.0 -0.6 -0.9 6.8 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 0.3 0.4 4.1 2.8 -0.1 -13.6 -0.4 0.6 4.1 4.2 -0.1 -10.2 1.5 0.0 4.0 0.2 -0.1 -19.8 5.2 1.5 4.4 4.1 1.2 -8.9 5.8 1.1 4.5 5.1 0.5 -5.6 2.5 3.0 4.3 0.0 3.9 -22.6 2021 2014 5.7 2.6 7.9 3.5 12.1 5.0 18.0 9.2 9.0 3.2 5.9 2.7 9.5 5.3 7.7 7.0 7.3 6.9 -8.2 9.3 12.9 5.6 10.2 6.9 9.0 7.7 .......... .......... .......... .......... 4.6 2.4 7.6 2.7 -1.3 1.9 14.0 6.5 14.5 7.0 11.6 4.3 Percent change from fourth quarter to fourth quarter one year ago 2015 2016 2017 2018 2019 2020 1.9 2.0 2.7 2.3 2.6 -2.3 2.6 2.3 2.8 2.6 2.3 -2.4 3.8 3.4 5.1 2.7 3.7 7.7 6.0 6.3 7.9 3.9 5.8 13.5 2.8 2.0 3.7 2.0 2.7 4.7 2.1 1.8 1.8 2.5 1.6 -6.9 2.3 1.8 4.2 5.2 0.8 2.4 1.7 2.8 4.7 3.8 2.9 0.5 -0.1 2.5 4.7 6.1 3.1 -3.8 -7.3 3.6 0.0 1.8 5.8 -20.0 1.5 -2.2 6.4 6.0 -0.9 -0.3 3.3 8.4 5.8 9.2 6.3 2.5 9.2 4.0 4.5 -3.9 2.2 15.7 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... -1.5 1.3 5.9 0.2 0.3 -10.7 -2.8 2.4 6.0 1.2 -0.2 -4.5 1.2 -0.7 5.7 -1.6 1.3 -22.0 3.3 2.2 5.1 3.4 -2.0 0.3 3.3 2.6 5.5 3.5 -2.9 5.7 3.1 0.3 3.5 3.0 1.5 -21.3 Line 2021 5.5 7.1 7.2 6.4 7.7 7.1 8.6 4.0 6.4 -3.5 5.9 11.9 -2.2 .......... .......... 5.3 5.5 5.0 9.6 8.0 18.3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 0.0 -1.0 -3.6 2.8 0.6 22 23 24 25 26 -0.9 -2.6 -4.1 0.0 0.2 1.8 0.0 -2.1 3.3 3.0 2.0 0.5 -0.6 2.1 2.8 0.5 0.3 0.9 -0.5 0.6 1.4 3.0 3.4 2.5 0.4 2.2 3.8 5.2 1.6 1.3 2.5 5.0 2.9 8.1 0.9 0.5 0.6 -0.9 2.8 0.3 0.3 -1.0 -3.4 2.8 1.2 2.2 1.2 -0.4 3.7 2.8 1.6 0.1 -0.6 1.1 2.5 0.7 1.3 2.2 0.0 0.4 1.0 3.0 4.2 1.4 -0.3 3.2 4.3 5.0 3.4 2.5 1.2 3.1 2.3 4.4 0.0 3.1 2.7 2.4 2.5 2.7 3.5 2.3 3.8 2.5 2.6 2.4 3.4 3.1 3.4 2.6 4.0 0.9 1.3 2.2 1.8 2.3 2.4 1.7 1.8 2.4 2.3 2.3 2.4 2.4 2.8 2.5 2.8 2.9 2.9 2.8 3.1 3.0 3.3 2.8 3.4 2.0 2.1 2.2 2.4 2.4 2.4 2.1 2.3 -2.9 .......... -3.2 .......... -2.9 5.4 -3.0 6.9 -2.5 6.5 -3.6 7.9 -3.6 .......... 6.2 2.1 4.0 3.3 2.8 3.2 3.5 4.2 2.4 5.2 1.2 1.5 1.8 2.5 2.4 2.5 1.9 2.8 1.2 1.6 2.2 2.1 2.3 2.4 2.2 1.6 2.9 2.8 2.8 2.7 2.8 3.2 3.0 3.1 2.9 2.6 2.1 2.7 2.5 2.8 2.0 3.7 1.8 2.2 2.9 2.2 2.5 2.4 2.4 1.7 -0.2 .......... 27 -1.2 .......... 28 -2.6 4.7 29 -1.0 6.1 30 -1.3 5.3 31 -1.8 6.4 32 -2.3 .......... 33 4.0 -0.3 34 1.7 0.3 0.7 1.9 2.3 1.5 1.2 3.9 1.3 0.1 1.3 2.0 2.2 1.4 1.4 5.5 35 1.8 1.9 2.0 1.5 1.6 1.1 1.0 1.0 1.2 0.2 1.3 -0.1 1.1 1.0 1.3 1.0 1.6 0.7 1.8 1.9 1.9 1.8 1.7 1.5 2.3 2.4 2.4 2.1 2.0 1.8 1.7 1.8 1.9 1.5 1.7 1.3 1.4 1.3 1.5 1.2 1.4 1.1 3.5 4.2 3.7 3.9 3.3 3.7 1.6 1.5 1.7 1.2 1.5 0.7 0.7 0.8 1.0 0.2 1.1 0.0 1.5 1.5 1.7 1.5 1.8 1.2 1.9 2.1 2.0 1.9 1.7 1.5 2.3 2.3 2.5 2.0 2.0 1.7 1.4 1.6 1.7 1.5 1.6 1.3 1.5 1.5 1.6 1.2 1.4 1.0 5.0 5.8 5.2 5.5 4.6 5.3 1.1 1.0 1.3 1.2 1.6 1.5 1.3 2.9 1.1 1.1 1.4 1.2 1.7 1.5 1.3 4.1 42 36 37 38 39 40 41 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 from fourth quarter to fourth quarter columns are calculated from fourth quarter values relative to the same quarter one year prior. Source: U.S. Bureau of Economic Analysis - 14 - January 27, 2022 Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago Line 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 Gross domestic product (GDP) Personal consumption expenditures (PCE) 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: 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 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 2,3 Q1 3.0 2.7 4.6 8.1 2.8 1.9 6.6 4.8 5.9 2.9 7.3 6.3 0.8 ......... ......... 3.9 4.3 3.1 4.3 5.4 -0.6 2018 Q2 Q3 3.3 3.1 3.1 3.2 4.5 4.2 8.8 7.3 2.4 2.6 2.5 2.8 5.0 5.9 5.3 5.4 6.6 7.0 4.7 6.5 5.9 6.4 8.8 8.1 0.9 -0.1 ......... ......... ......... ......... 4.8 2.4 7.2 4.2 0.3 -0.8 3.6 5.1 4.6 6.7 -0.8 -1.7 Q4 2.3 2.6 2.7 3.9 2.0 2.5 5.2 3.8 6.1 1.8 6.0 9.2 -3.9 ......... ......... 0.2 1.2 -1.6 3.4 3.5 3.0 Q1 2.2 2.1 2.6 2.8 2.6 1.9 4.7 3.0 4.8 -1.7 5.7 8.1 -2.8 ......... ......... 0.5 1.8 -1.8 2.8 2.5 4.3 2019 Q2 Q3 2.1 2.3 2.1 2.3 3.3 3.8 3.7 4.8 3.1 3.3 1.6 1.6 5.2 3.1 3.1 3.6 4.7 4.8 -0.1 4.3 5.6 2.9 7.0 7.4 -2.6 -0.3 ......... ......... ......... ......... -1.2 0.1 -2.2 0.4 0.6 -0.3 2.8 1.1 2.4 0.2 4.9 5.0 Q4 2.6 2.3 3.7 5.8 2.7 1.6 0.8 2.9 3.1 5.8 -0.9 6.3 2.2 ......... ......... 0.3 -0.2 1.3 -2.0 -2.9 1.5 Q1 0.6 0.3 3.4 2.6 3.8 -1.1 -2.1 1.4 -0.2 4.4 -7.7 5.9 7.0 ......... ......... -4.8 -2.4 -9.3 -5.4 -4.8 -8.3 2020 Q2 Q3 -9.1 -2.9 -10.2 -2.8 -0.9 8.3 -0.3 14.5 -1.2 5.0 -14.3 -7.7 -17.7 -4.7 -8.8 -3.8 -10.3 -7.0 -13.7 -19.9 -18.0 -7.1 1.2 1.7 -3.3 7.7 ......... ......... ......... ......... -23.8 -14.9 -24.0 -9.9 -23.9 -24.0 -22.1 -8.3 -19.6 -3.6 -32.4 -28.0 Q4 -2.3 -2.4 7.7 13.5 4.7 -6.9 2.4 0.5 -3.8 -20.0 -0.3 2.5 15.7 ......... ......... -10.7 -4.5 -22.0 0.3 5.7 -21.3 Q1 0.5 2.1 14.3 29.6 6.8 -3.5 3.2 4.2 1.3 -18.7 9.4 5.3 13.9 ......... ......... -7.4 -3.6 -14.6 6.2 10.5 -12.4 2021 Q2 Q3 12.2 4.9 16.2 7.1 21.0 7.0 33.8 6.3 14.5 7.4 13.8 7.2 20.8 7.1 15.0 8.0 13.3 9.0 -5.6 -2.6 26.0 12.1 11.6 11.8 21.1 5.5 ......... ......... ......... ......... 18.6 4.9 27.2 5.8 3.4 3.2 30.6 12.6 32.3 10.6 22.5 23.7 Q4 5.5 7.1 7.2 6.4 7.7 7.1 8.6 4.0 6.4 -3.5 5.9 11.9 -2.2 ......... ......... 5.3 5.5 5.0 9.6 8.0 18.3 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 1.1 2.5 2.8 1.9 0.4 1.5 2.9 2.7 3.2 0.8 1.9 1.0 1.4 3.8 3.0 2.9 3.8 4.2 5.8 3.7 1.4 -1.2 0.8 -0.3 0.5 2.0 3.9 4.9 2.3 0.8 2.2 3.9 5.2 2.0 1.2 3.2 4.3 5.0 3.4 2.5 3.4 3.2 4.6 7.3 3.5 3.2 6.3 13.3 2.7 0.6 2.1 4.9 2.5 8.4 0.4 1.2 1.3 -0.1 0.6 0.0 22 3.1 5.3 -0.9 -0.8 -1.0 23 2.3 1.0 0.0 -0.9 -3.6 24 4.4 11.7 -1.9 -0.6 2.8 25 0.0 -1.1 0.3 1.5 0.6 26 3.1 3.0 2.7 3.1 2.8 3.1 3.2 3.3 2.5 2.9 3.3 3.2 3.2 3.6 3.4 3.2 3.3 3.2 3.0 3.4 3.3 3.6 2.8 3.4 2.9 2.6 2.1 2.7 2.5 2.8 2.0 3.7 2.4 2.3 1.9 2.4 2.1 2.3 1.8 3.3 2.4 2.3 1.7 2.6 2.3 2.3 1.9 2.1 1.4 1.9 2.4 2.4 2.5 2.5 2.3 1.9 1.8 2.2 2.9 2.2 2.5 2.4 2.4 1.7 1.0 0.8 1.3 0.4 1.0 0.5 0.5 1.6 -8.7 -8.9 -7.5 -9.2 -7.7 -9.9 -9.5 12.5 -3.8 -3.4 -2.7 -2.3 -2.2 -3.0 -3.1 6.9 -0.2 1.6 -1.2 1.1 -2.6 0.7 -1.0 2.1 -1.3 2.3 -1.8 2.5 -2.3 0.5 4.0 15.1 2.2 2.5 2.5 2.2 1.7 1.6 1.5 1.4 1.6 0.7 1.3 1.4 2.0 3.7 4.3 5.5 35 2.1 2.2 2.2 2.0 1.9 1.5 2.4 2.6 2.5 2.3 2.1 2.0 2.4 2.5 2.6 2.3 2.1 2.0 2.3 2.3 2.5 2.0 2.0 1.7 1.9 2.0 2.1 1.4 1.7 1.3 1.7 1.8 2.0 1.5 1.7 1.3 1.6 1.7 1.9 1.5 1.8 1.2 1.4 1.6 1.7 1.5 1.6 1.3 1.6 1.7 1.8 1.7 1.8 1.4 1.0 0.7 1.0 0.6 1.0 0.6 1.4 1.3 1.4 1.2 1.5 1.1 1.5 1.5 1.6 1.2 1.4 1.0 1.9 2.1 1.9 1.8 1.7 1.8 3.4 4.1 3.6 3.9 3.4 3.5 3.9 4.6 4.1 4.3 3.6 4.1 5.0 5.8 5.2 5.5 4.6 5.3 1.3 1.7 1.7 1.7 1.6 1.5 1.6 1.5 1.5 1.1 1.4 1.3 1.5 2.8 3.3 4.1 42 13.3 8.9 12.8 6.9 11.3 5.1 13.8 6.0 12.9 6.1 16.0 7.3 12.4 5.0 -4.3 -0.9 ......... ......... 4.7 6.1 5.3 6.4 ......... -0.3 27 28 29 30 31 32 33 34 36 37 38 39 40 41 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. Source: U.S. Bureau of Economic Analysis - 15 - January 27, 2022 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Gross domestic product (GDP) Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world Equals: Gross national product Less: Consumption of fixed capital Less: Statistical discrepancy Equals: National income Compensation of employees Wages and salaries Supplements to wages and salaries Proprietors' income with inventory valuation and capital consumption adjustments Rental income of persons with capital consumption adjustment Corporate profits with inventory valuation and capital consumption adjustments Net interest and miscellaneous payments Taxes on production and imports less subsidies Business current transfer payments (net) Current surplus of government enterprises Addenda: Gross domestic income (GDI) Average of GDP and GDI Statistical discrepancy as a percentage of GDP Seasonally adjusted at annual rates Line 2020 2021 Q4 Q1 Q2 Q3 Q4 21,477.6 22,038.2 22,741.0 23,202.3 23,992.4 1 1,043.2 1,081.6 1,112.4 1,184.1 ............... 2 792.5 846.7 882.0 916.4 ............... 3 21,728.2 22,273.1 22,971.4 23,470.0 ............... 4 3,639.4 3,696.0 3,787.9 3,895.8 4,007.2 5 -495.0 -509.7 -391.7 -601.2 ............... 6 18,583.8 19,086.8 19,575.1 20,175.4 ............... 7 11,964.2 12,088.9 12,416.6 12,726.8 13,001.7 8 9,783.0 9,879.2 10,180.4 10,459.5 10,706.9 9 2,181.1 2,209.7 2,236.2 2,267.3 2,294.8 10 2019 2020 2021 21,372.6 1,160.3 893.9 21,639.0 3,435.6 -69.7 18,273.1 11,447.7 9,323.5 2,124.2 20,893.7 992.9 770.6 21,116.1 3,575.9 -170.6 17,710.7 11,572.2 9,444.1 2,128.0 22,993.5 ............... ............... ............... 3,846.7 ............... ............... 12,558.5 10,306.5 2,252.0 1,598.9 1,650.0 1,819.9 1,730.0 1,714.0 1,848.2 1,867.0 1,850.7 11 692.1 711.6 728.0 710.0 716.9 716.3 729.0 749.9 12 2,243.8 ............... 618.8 684.8 773.3 1,148.6 158.6 164.0 -17.5 -12.6 2,427.5 666.1 937.8 166.3 -18.1 2,551.4 695.2 1,173.8 165.8 -19.3 2,819.2 693.6 930.7 166.0 -15.4 2,367.8 558.2 1,459.4 162.3 -13.3 2,916.1 ............... 13 680.3 670.0 14 1,099.6 1,390.5 15 162.5 161.9 16 -5.8 -9.8 17 21,442.2 21,064.3 ............... 21,972.6 22,547.9 23,132.7 23,803.5 ............... 18 21,407.4 20,979.0 ............... 21,725.1 22,293.1 22,936.8 23,502.9 ............... 19 -0.3 -0.8 ............... -2.3 -2.3 -1.7 -2.6 ............... 20 Source: U.S. Bureau of Economic Analysis - 16 - January 27, 2022 Table 8. Personal Income and Its Disposition [Billions of dollars] Line 1 Personal income 1 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries 5 Proprietors' income with inventory valuation and capital consumption adjustments 6 Farm 7 Nonfarm 8 Rental income of persons with capital consumption adjustment 9 Personal income receipts on assets 10 Personal interest income 11 Personal dividend income 12 Personal current transfer receipts 13 Less: Contributions for government social insurance, domestic 14 Less: Personal current taxes 15 Equals: Disposable personal income 16 Less: Personal outlays 17 Equals: Personal saving 18 Personal saving as a percentage of disposable personal income Addenda: 19 Personal income excluding current transfer receipts, billions of chained (2012) dollars 2 20 Disposable personal income, billions of chained (2012) dollars 2 2019 2020 2021 2020 Q4 Seasonally adjusted at annual rates 2021 Q1 Q2 Q3 Q4 18,424.4 19,627.6 21,059.8 19,542.0 21,867.3 20,669.9 20,797.8 20,904.1 11,447.7 11,572.2 12,558.5 11,964.2 12,088.9 12,416.6 12,726.8 13,001.7 9,323.5 9,444.1 10,306.5 9,783.0 9,879.2 10,180.4 10,459.5 10,706.9 2,124.2 2,128.0 2,252.0 2,181.1 2,209.7 2,236.2 2,267.3 2,294.8 Line 1 2 3 4 1,598.9 38.4 1,560.5 1,650.0 70.2 1,579.9 1,819.9 97.3 1,722.6 1,730.0 108.5 1,621.5 1,714.0 73.0 1,640.9 1,848.2 119.4 1,728.7 1,867.0 110.6 1,756.3 1,850.7 86.2 1,764.5 5 6 7 692.1 2,968.0 1,652.0 1,316.0 3,139.1 711.6 2,912.1 1,614.4 1,297.8 4,241.1 728.0 2,940.8 1,640.1 1,300.7 4,601.0 710.0 2,909.6 1,610.3 1,299.2 3,729.5 716.9 2,898.8 1,630.2 1,268.7 5,982.5 716.3 2,932.1 1,639.4 1,292.8 4,329.0 729.0 2,945.2 1,636.3 1,308.8 4,137.5 749.9 8 2,986.9 9 1,654.6 10 1,332.3 11 3,955.0 12 1,421.4 1,459.5 1,588.4 1,501.3 1,533.8 1,572.2 1,607.6 1,640.1 13 2,205.1 2,195.6 2,571.0 2,259.8 2,412.1 2,532.5 2,623.7 2,715.9 14 16,219.3 17,432.0 18,488.8 17,282.2 19,455.3 18,137.4 18,174.1 18,188.2 15 14,981.5 14,544.5 16,235.6 14,936.8 15,475.6 16,165.0 16,456.2 16,845.6 16 1,237.8 2,887.5 2,253.1 2,345.5 3,979.7 1,972.4 1,717.9 1,342.6 17 7.6 16.6 12.2 13.6 20.5 10.9 9.5 7.4 18 13,905.6 13,833.7 14,244.3 14,129.7 14,061.1 14,240.1 14,330.5 14,351.8 19 14,755.2 15,672.8 16,001.1 15,443.0 17,221.6 15,805.6 15,632.7 15,401.0 20 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 - 17 - January 27, 2022 Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change 2019 2020 2021 Line Q1 1 2 3 4 5 6 7 8 9 10 11 12 Gross domestic product (GDP) and related aggregates: GDP Goods Services Structures Motor vehicle output GDP excluding motor vehicle output Nonfarm business gross value added 1 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Goods Services Structures Motor vehicle output 2.3 -3.4 4.3 0.3 1.5 -5.5 0.8 -0.9 0.2 -12.7 Seasonally adjusted at annual rates 2018 2019 2020 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Percent change from preceding period 5.7 10.6 4.1 0.1 7.4 3.1 3.4 2.8 4.3 6.7 3.4 5.5 2.2 5.1 3.4 1.9 0.9 2.4 3.7 5.4 5.4 2.2 0.6 0.6 -5.2 -11.5 5.7 -1.8 10.5 -10.5 3.2 3.2 2.5 8.7 2.3 5.6 3.0 3.4 2.0 3.2 2.4 -3.1 2.7 -4.4 2.3 -3.4 5.7 3.1 1.27 0.08 0.95 -3.41 0.07 -0.07 0.00 -0.35 3.21 2.46 0.00 0.18 1.01 1.71 0.37 0.19 6.9 17.3 3.5 -5.2 29.7 1 2 3 4 5 5.1 6.4 7.4 3.7 6.3 6 7.4 3.6 3.9 2.2 1.1 3.4 3.6 3.2 1.8 -7.4 Contributions to percent change in real gross domestic product -36.9 44.6 6.2 8.4 8.5 2.0 9.2 7 -31.2 33.8 4.5 6.3 6.7 2.3 6.9 8 2.4 3.2 1.60 1.07 1.54 1.57 1.35 1.33 0.39 0.37 0.43 -0.46 -1.03 0.47 0.10 -0.05 0.29 -0.31 0.97 1.53 0.72 0.06 2.8 2.3 6.3 6.7 2.3 10.8 9.8 0.1 4.2 7.9 4.7 5.0 -10.0 -5.8 1.1 -14.1 -38.4 27.0 0.9 2.5 -31.2 33.8 4.5 -28.7 62.9 4.6 -32.3 23.8 3.1 -32.0 15.6 14.7 -87.1 1,236.8 -12.8 Line Q4 -28.8 1.9 2.8 2021 Q2 Q3 Q1 -4.3 3.4 0.6 2.8 1.9 -5.1 3.5 2.3 -3.7 2.0 2.3 -8.0 5.6 -2.4 12.2 11.7 -11.3 -30.7 Q4 1.9 -5.1 1.05 0.69 -1.06 -7.34 1.25 1.40 -5.07 -20.79 0.47 -0.20 1.01 -3.11 0.30 -0.34 -0.95 -3.93 17.63 1.46 14.68 1.86 1.47 1.22 5.97 -0.40 3.31 3.05 0.05 5.25 9 2.52 4.62 2.77 2.10 10 0.45 -0.94 -0.52 -0.46 11 0.03 -0.42 -1.26 0.68 12 1. Consists of GDP less gross value added of farm, of households and institutions, and of general government. Source: U.S. Bureau of Economic Analysis Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Line 2019 Q3 1 2 3 4 5 6 7 Gross domestic product (GDP) Personal consumption expenditures Gross private domestic investment Net exports of goods and services Exports Imports Government consumption expenditures and gross investment Addenda: Current dollar measures: (Billions of dollars) 8 GDP 9 Gross domestic income Q4 Billions of chained (2012) dollars at quarterly rates 2020 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Percent change from quarter one year ago Line 2019 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4,796.8 4,900.9 4,615.6 4,302.0 4,660.4 4,806.7 4,631.3 4,842.2 4,881.1 5,082.9 2.7 0.7 -9.4 -2.8 -1.9 0.3 12.6 4.7 5.7 1 3,288.8 3,414.9 3,164.5 2,932.4 3,191.3 3,341.8 3,226.6 3,411.7 3,421.7 3,572.9 2.5 0.4 -10.4 -3.0 -2.1 2.0 16.3 7.2 6.9 2 0.6 21.9 5.5 11.0 3 -253.6 -211.0 -190.2 -194.6 -273.6 -284.3 -272.1 -310.9 -351.3 -332.1 ........ ........ ........ ........ ........ ........ ........ ......... ......... 637.2 653.4 600.2 483.4 535.8 588.1 556.3 575.0 562.4 618.3 0.6 -3.5 -24.7 -15.9 -10.0 -7.3 18.9 5.0 5.1 890.8 864.4 790.4 678.1 809.4 872.4 828.4 885.8 913.7 950.3 -2.1 -4.2 -22.8 -9.1 0.9 4.8 30.6 12.9 8.9 4 5 6 830.2 1.1 -0.9 7 2.7 17.1 9.8 11.8 3.6 20.0 14.6 ......... 8 9 922.1 858.0 837.9 827.9 815.3 713.7 850.8 891.5 841.2 883.2 852.8 832.5 832.3 869.8 3.2 1.3 2.9 3.7 3.6 5,398.2 5,512.8 5,224.5 4,876.9 5,302.3 5,490.1 5,367.8 5,711.8 5,822.8 6,137.2 5,321.6 5,529.5 5,493.0 4,806.8 5,133.4 5,631.1 5,692.0 5,766.6 5,881.6 ............. 4.4 3.6 2.1 -8.8 -1.8 -0.4 2.9 -8.5 -3.5 1.8 - 18 - 850.7 980.3 -0.1 -2.2 -19.2 -3.3 845.4 Source: U.S. Bureau of Economic Analysis 855.4 940.7 1.8 2.1 0.5
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