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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EST, Thursday, February 23, 2023 Technical: Media: Lisa Mataloni (GDP) Connie O'Connell (301) 278-9083 (301) 278-9003 BEA 23–06 gdpniwd@bea.gov Connie.OConnell@bea.gov Gross Domestic Product, Fourth Quarter 2022 and Year 2022 (Second Estimate) Real gross domestic product (GDP) increased at an annual rate of 2.7 percent in the fourth quarter of 2022 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.9 percent. The updated estimates primarily reflected a downward revision to consumer spending that was partly offset by an upward revision to nonresidential fixed investment (refer to "Updates to GDP"). Imports, which are a subtraction in the calculation of GDP, were revised up. Real GDP: Percent change from preceding quarter 40 30 20 10 0 -10 -20 -30 -40 Q1 Q2 Q3 Q4 2019 U.S. Bureau of Economic Analysis Q1 Q2 Q3 2020 Q4 Q1 Q2 Q3 2021 Q4 Q1 Q2 Q3 Q4 2022 Seasonally adjusted annual rates The increase in real GDP in the fourth quarter reflected increases in private inventory investment, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending that were partly offset by decreases in residential fixed investment and exports. Imports decreased (table 2). The increase in private inventory investment was led by manufacturing (mainly petroleum and coal products) as well as mining, utilities, and construction industries (led by utilities). The increase in consumer spending reflected an increase in services that was partly offset by a decrease in goods. Within services, the increase was led by health care as well as housing and utilities. Within goods, the leading contributor to the decrease was "other" durable goods (mainly jewelry). Within nonresidential fixed investment, increases in intellectual property products (mainly software) and structures were partly offset by a decrease in equipment. Within federal government spending, the increase was led by nondefense spending. The increase in state and local government spending primarily reflected an increase in compensation of state and local government employees. Within residential fixed investment, the leading contributors to the decrease were new single-family construction and brokers’ commissions. Within exports, a decrease in goods (led by nondurable goods excluding petroleum) was partly offset by an increase in services (led by travel as well as transport). Within imports, a decrease in goods (led by durable consumer goods) was partly offset by an increase in services (led by travel). Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected a downturn in exports and decelerations in consumer spending, nonresidential fixed investment, and state and local government spending. These movements were partly offset by an upturn in private inventory investment, a smaller decrease in residential fixed investment, and an acceleration in federal government spending. Imports decreased less in the fourth quarter than in the third quarter. Current-dollar GDP increased 6.7 percent at an annual rate, or $421.1 billion, in the fourth quarter to a level of $26.15 trillion, an upward revision of 0.2 percentage point, or $12.5 billion, from the previous estimate. More information on the source data that underlie the estimates is available in the "Key Source Data and Assumptions" file. The price index for gross domestic purchases increased 3.6 percent in the fourth quarter, an upward revision of 0.4 percentage point from the previous estimate. The personal consumption expenditures (PCE) price index increased 3.7 percent, an upward revision of 0.5 percentage point. Excluding food and energy prices, the PCE price index increased 4.3 percent, an upward revision of 0.4 percentage point. Personal Income Current-dollar personal income increased $388.1 billion in the fourth quarter, an upward revision of $77.1 billion from the previous estimate. The increase primarily reflected increases in compensation (led by private wages and salaries) and government social benefits (table 8). Within government social benefits, the increase primarily reflected an increase in "other" benefits reflecting state stimulus payments to individuals in the form of one-time refundable tax credits. Disposable personal income increased $392.1 billion, or 8.6 percent, in the fourth quarter, an upward revision of $95.1 billion from the previous estimate. Real disposable personal income increased 4.8 percent, an upward revision of 1.5 percentage points from the previous estimate. Personal saving was $755.0 billion in the fourth quarter, an upward revision of $101.3 billion from the previous estimate. The personal saving rate—personal saving as a percentage of disposable personal income—was 3.9 percent in the fourth quarter, an upward revision of 0.5 percentage point from the previous estimate. -2- Updates to GDP With the second estimate, downward revisions to consumer spending and exports were partly offset by upward revisions to nonresidential and residential fixed investment. Imports were revised up. For more details, refer to the Technical Note. For information on updates to GDP, refer to the "Additional Information" section that follows. Real GDP Current-dollar GDP Gross domestic purchases price index PCE price index PCE price index excluding food and energy Advance Estimate Second Estimate (Percent change from preceding quarter) 2.9 2.7 6.5 6.7 3.2 3.6 3.2 3.7 3.9 4.3 Updates to Third-Quarter Wages and Salaries In addition to presenting updated estimates for the fourth quarter, today's release presents revised estimates of third-quarter wages and salaries, personal taxes, and contributions for government social insurance, based on updated data from the Bureau of Labor Statistics Quarterly Census of Employment and Wages program. Wages and salaries are now estimated to have increased $303.0 billion in the third quarter, an upward revision of $115.2 billion. Personal current taxes are now estimated to have increased $48.0 billion, an upward revision of $7.3 billion. Contributions for government social insurance are now estimated to have increased $41.2 billion, an upward revision of $14.8 billion. With the incorporation of these new data, real gross domestic income is now estimated to have increased 2.8 percent in the third quarter, an upward revision of 2.0 percentage points from the previously published estimate. GDP for 2022 Real GDP increased 2.1 percent in 2022 (from the 2021 annual level to the 2022 annual level), compared with an increase of 5.9 percent in 2021 (table 1). The increase in real GDP in 2022 primarily reflected increases in consumer spending, exports, private inventory investment, and nonresidential fixed investment that were partly offset by decreases in residential fixed investment and federal government spending. Imports increased (table 2). Current-dollar GDP increased 9.2 percent, or $2.15 trillion, in 2022 to a level of $25.46 trillion, compared with an increase of 10.7 percent, or $2.25 trillion, in 2021 (tables 1 and 3). The price index for gross domestic purchases increased 6.8 percent in 2022, compared with an increase of 4.2 percent in 2021 (table 4). The PCE price index increased 6.3 percent, compared with an increase of 4.0 percent. Excluding food and energy prices, the PCE price index increased 5.0 percent, compared with an increase of 3.5 percent. -3- Measured from the fourth quarter of 2021 to the fourth quarter of 2022, real GDP increased 0.9 percent during the period (table 5), compared with an increase of 5.7 percent from the fourth quarter of 2020 to the fourth quarter of 2021. The price index for gross domestic purchases, as measured from the fourth quarter of 2021 to the fourth quarter of 2022, increased 6.2 percent, compared with an increase of 5.8 percent from the fourth quarter of 2020 to the fourth quarter of 2021. The PCE price index increased 5.7 percent, the same increase as from the fourth quarter of 2020 to the fourth quarter of 2021. Excluding food and energy, the PCE price index increased 4.8 percent, compared with an increase of 4.7 percent. Advance Estimate Second Estimate (Percent change from 2021 annual level to 2022 annual level) 2.1 2.1 Real GDP 9.2 9.2 Current-dollar GDP 6.8 6.8 Gross domestic purchases price index 6.2 6.3 PCE price index 5.0 5.0 PCE price index excluding food and energy (Percent change from fourth quarter 2021 to fourth quarter 2022) 1.0 Real GDP 6.1 Gross domestic purchases price index 5.5 PCE price index 4.7 PCE price index excluding food and energy * * * Next release, March 30, 2023, at 8:30 a.m. EDT Gross Domestic Product (Third Estimate) Corporate Profits Gross Domestic Product by Industry Fourth Quarter 2022 and Year 2022 -4- 0.9 6.2 5.7 4.8 Additional Information Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Resources Additional resources available at www.bea.gov: • • • • • • • The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. The full economic effects of the COVID-19 pandemic cannot be quantified in these statistics because the impacts are generally embedded in source data and cannot be separately identified. For more Information about COVID-19 impacts, refer to Federal Recovery Programs and BEA Statistics 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 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. 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. -5- 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. Second to third 0.3 Note - Based on estimates from 1996 through 2021. For more information on GDP updates, refer to Revision Information on the BEA website. Vintage 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. Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 Annual and comprehensive updates are released in late September. 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 chaineddollar 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. -6- 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: 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 -7- February 23, 2023 Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates 2020 2021 2019 2020 2021 2022 r Line Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Line Q3 r Q4 r Gross domestic product (GDP) -2.8 5.9 2.1 2.2 2.7 3.6 1.8 -4.6 -29.9 35.3 3.9 7.0 2.7 7.0 -1.6 -0.6 3.2 2.7 2 Personal consumption expenditures -3.0 8.3 2.8 0.4 2.6 3.4 2.4 -6.2 -32.1 43.0 3.9 10.8 12.1 3.0 3.1 2.3 1.4 2 3 5.2 12.2 -0.5 0.0 5.5 5.8 2.8 55.2 0.3 25.3 11.6 -7.9 2.3 -0.1 -2.6 -0.4 -0.5 3 0.4 103.6 4 1 Goods 4 Durable goods 5 Nondurable goods 1.3 2.0 8.9 10.3 7.7 -11.3 0.6 44.7 10.6 -22.0 5.1 8.8 -0.5 1.7 3.8 3.6 0.4 6.2 -15.9 33.7 0.1 14.9 12.2 1.7 0.7 -4.4 -2.5 -0.1 0.2 5 -6.6 6.3 4.5 0.6 1.3 2.3 2.1 -8.9 -40.4 37.1 5.7 9.2 3.5 3.7 2.4 6 7 Gross private domestic investment -5.3 9.0 3.9 4.0 2.4 2.6 -8.0 -5.1 -48.8 91.8 18.0 -5.4 0.9 10.4 32.0 5.4 -14.1 -9.6 3.7 7 8 Fixed investment -2.3 7.4 -0.2 0.8 6.2 4.1 -1.3 -3.0 -28.9 29.2 16.8 9.7 5.8 -1.1 0.6 4.8 -5.0 -3.5 -4.6 8 -4.9 6.4 1.8 6.2 4.1 -1.6 -8.2 -29.4 20.2 11.5 8.9 9.9 1.1 7.9 9 Services 9 Nonresidential 10 Structures -10.1 -6.4 -6.9 11 Equipment -10.5 10.3 12 Intellectual property products 13 14 Residential 3.8 0.8 15.4 17.9 -5.8 -3.4 -42.9 -10.4 4.3 0.9 0.8 -5.5 -8.3 -23.9 -38.0 8.9 3.6 7.3 7.3 9.3 7.2 10.7 -10.7 -2.5 6.5 4.2 0.0 17.4 -27.4 4.8 9.7 7.9 -9.3 0.9 57.1 21.1 9.5 4.0 12.3 0.6 7.6 -2.8 -0.8 -1.8 1 2.7 6 10.0 18.5 -0.5 -3.5 0.0 -10.7 6.3 2022 2.1 4.6 0.1 6.2 1.9 -2.5 -6.7 -12.7 -4.3 -12.7 -3.6 6.1 14.0 -2.2 8.3 15.6 12.6 7.4 3.3 8.5 10 1.6 11.4 -2.0 10.6 -3.2 11 8.1 10.8 8.9 6.8 7.4 12 61.6 33.4 11.6 -4.9 -5.8 -1.1 -3.1 -17.8 -27.1 -25.9 13 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ........... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ........... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 16 17 18 19 20 Exports -13.2 6.1 7.2 4.8 -2.3 0.0 0.4 4.9 -1.1 23.5 -4.6 13.8 14.6 -1.6 16 Goods -10.1 7.4 6.3 5.5 -7.2 1.9 -0.2 -3.6 -66.2 103.2 25.5 -0.7 3.4 -3.7 23.4 -7.2 15.5 17.8 -7.4 17 Services -18.8 Imports Goods 21 Services 22 Government consumption expenditures and gross investment 23 24 Federal National defense 25 Nondefense 26 State and local 0.8 -15.3 -60.9 59.5 24.2 3.3 9.2 3.4 7.6 -3.4 2.5 -33.7 -49.1 1.4 21.2 2.5 7.7 4.7 23.6 -9.0 14.1 8.2 1.3 0.7 -1.7 -8.0 -12.2 -53.7 88.2 32.9 7.6 7.9 6.6 18.6 18.4 -5.8 14.5 6.9 0.4 -0.4 -1.6 -9.4 -7.8 -49.3 103.7 29.3 10.9 4.0 0.2 19.6 20.4 -0.4 -8.6 -5.5 20 -22.0 12.3 14.6 5.7 5.3 -2.3 -2.0 -28.9 -69.3 25.7 53.6 -8.8 31.9 45.3 14.0 -5.9 -0.1 2.6 0.6 -0.6 4.9 5.3 3.4 2.4 3.3 6.2 2.3 -2.5 2.9 6.3 4.9 1.8 3.7 31.5 -10.9 2.9 -1.2 -2.8 7.9 0.0 6.8 1.8 2.1 2.2 1.8 6.1 86.5 -24.7 -10.8 64.8 -11.9 -12.1 2.4 2.7 3.0 -5.5 11.2 7.3 -2.2 -4.1 16.6 0.4 -0.5 0.6 6.1 4.7 7.3 1.8 1.6 0.0 -5.3 -3.4 1.3 11.8 -9.0 -2.6 -3.2 -5.3 -8.5 0.1 -0.4 7.5 12.5 18 9.1 16.6 -0.8 6.5 -3.0 -0.2 -1.0 -2.3 -1.6 1.8 17.3 -6.9 -7.2 -2.5 -1.3 9.9 2.2 -7.3 -4.2 19 1.4 7.4 -1.1 -9.2 4.5 -1.6 -0.4 -0.6 3.7 2.1 21 3.6 22 3.7 5.9 23 4.7 2.2 24 2.5 10.8 25 3.7 2.3 26 Addenda: 27 Gross domestic income (GDI) 1 -2.3 5.5 ......... 2.0 1.2 1.6 3.6 -0.4 -30.6 23.8 17.2 2.0 3.1 4.6 6.7 0.8 -0.8 2.8 ......... 27 28 Average of GDP and GDI -2.5 5.7 ......... 2.1 2.0 2.6 2.7 -2.5 -30.3 29.4 10.4 4.1 5.0 3.6 6.8 -0.4 -0.7 3.0 ......... 28 29 Final sales of domestic product -2.2 5.7 1.3 1.6 3.4 3.9 3.1 -4.3 -25.9 26.6 3.7 9.1 7.9 0.7 1.9 -1.8 1.3 4.5 30 Gross domestic purchases -2.4 7.0 2.4 1.8 3.0 3.3 0.5 -4.4 -29.4 38.7 5.5 7.1 7.4 3.6 6.9 1.4 -1.6 0.3 2.1 30 31 32 Final sales to domestic purchasers -1.9 6.7 1.7 1.2 3.7 3.5 1.7 -4.1 -25.5 30.1 5.3 9.9 8.2 1.7 2.0 1.3 0.2 1.5 0.7 31 -2.8 8.1 2.1 0.5 3.3 3.6 1.6 -5.5 -31.4 40.0 6.5 10.6 10.7 2.1 2.6 2.1 0.5 1.1 0.1 32 33 Final sales to private domestic purchasers Gross national product (GNP) -3.1 5.7 ......... 2.3 2.7 3.4 1.3 -4.6 -30.8 35.7 3.1 3.0 7.1 -1.6 -0.3 34 Disposable personal income 6.2 1.8 -6.0 5.3 0.0 3.3 2.6 6.9 5.9 2.4 46.5 -15.3 -9.0 52.4 -28.8 -4.6 -4.9 -10.6 -2.3 1.2 29 2.4 ......... 33 3.2 4.8 34 6.7 35 Current-dollar measures: 35 GDP -1.5 10.7 9.2 3.8 5.0 5.0 3.3 -3.1 -30.9 40.1 9.0 14.3 6.6 8.5 7.7 36 GDI -1.0 10.2 ......... 3.6 3.5 2.9 5.1 1.3 -31.7 28.2 20.2 6.6 11.7 13.8 7.1 9.6 11.1 14.0 9.2 8.2 7.2 ......... 36 37 Average of GDP and GDI -1.2 10.4 ......... 3.7 4.3 3.9 4.2 -0.9 -31.3 34.0 13.2 9.4 11.7 10.0 14.1 7.9 8.4 38 Final sales of domestic product -0.9 10.5 8.4 3.1 5.7 5.3 4.4 -2.6 -26.8 31.0 6.3 14.8 14.9 7.1 39 Gross domestic purchases -1.2 11.5 9.4 3.0 5.2 4.2 1.9 -2.9 -30.2 43.2 7.8 12.1 13.8 40 41 Final sales to domestic purchasers -0.7 11.3 8.6 2.4 5.9 4.6 2.9 -2.4 -26.2 34.1 -1.7 12.5 42 Final sales to private domestic purchasers GNP 43 Disposable personal income 8.8 9.1 9.7 14.2 9.7 6.8 5.1 5.9 39 7.5 15.1 14.8 7.8 8.9 9.5 8.7 6.3 4.5 40 9.5 10.2 3.9 41 9.0 1.6 5.8 4.6 2.7 -4.1 -32.2 44.3 8.4 15.4 17.3 8.2 -1.9 10.5 ......... 3.9 5.0 4.7 2.8 -3.0 -31.8 40.5 5.8 12.3 12.7 9.4 14.4 7.4 6.1 2.4 4.4 4.1 5.9 -0.1 3.9 43.8 -12.4 -7.5 59.2 -24.2 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis -8- 7.5 ......... 37 6.4 10.5 0.8 5.2 38 8.5 6.1 6.7 8.7 6.9 ......... 42 1.0 -3.9 4.8 7.7 8.6 43 February 23, 2023 Table 2. Contributions to Percent Change in Real Gross Domestic Product 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 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 42 Nonfarm 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 55 Nondefense 56 Consumption expenditures 57 Gross investment 58 State and local 59 Consumption expenditures 60 Gross investment Seasonally adjusted at annual rates 2020 2021 2019 2020 2021 2022 r Line Q2 Q3 -2.8 5.9 2.1 2.2 2.7 3.6 -2.01 1.07 0.70 0.04 0.23 0.46 5.54 2.72 1.46 0.41 0.28 0.47 1.86 -0.12 -0.04 -0.19 -0.06 0.16 0.26 0.00 -0.25 -0.41 -0.06 0.18 1.73 1.11 0.60 0.13 0.14 0.33 2.27 1.18 0.70 0.10 0.18 0.32 Q1 Q2 1.8 -4.6 -29.9 1.55 0.57 0.53 0.21 0.15 0.19 0.28 -0.09 -0.19 0.38 -3.08 -3.35 0.11 -0.85 -0.57 -0.71 -0.99 0.08 -0.42 0.20 0.44 0.16 0.47 2.83 3.18 0.14 0.81 0.28 0.34 0.91 0.22 0.48 -0.21 0.02 0.00 0.11 1.99 1.93 0.13 0.33 0.20 0.24 0.44 0.12 0.46 -0.06 0.03 0.01 0.26 0.27 0.88 0.01 0.81 0.08 0.12 -0.01 -0.27 0.15 0.23 0.06 -0.01 0.23 0.61 0.60 -0.05 0.56 0.21 -0.09 0.17 -0.32 0.12 0.24 0.04 -0.04 0.24 1.09 1.17 0.27 0.16 0.19 0.01 0.14 -0.04 0.46 -0.06 0.11 -0.06 0.04 0.98 1.04 0.12 0.45 0.01 0.04 0.12 0.08 0.22 Q3 35.3 Q4 3.9 Q1 6.3 Q2 7.0 Q3 2.7 1.18 -0.65 -0.32 0.60 -4.23 -5.44 -0.21 -1.74 -0.72 -0.88 -1.69 0.14 -0.34 0.27 -0.35 0.06 -0.61 0.01 -0.09 -0.06 1.20 2022 Q4 Q1 Q2 7.0 -1.6 -0.6 Q3 Q4 r Line 3.2 2.7 1 1.54 -0.08 -0.07 -0.38 0.05 0.23 0.93 -0.13 -0.16 0.10 -0.02 -0.10 2 3 4 5 6 7 1.44 0.09 0.40 0.27 0.09 0.07 0.03 0.05 0.02 -0.14 4.63 0.02 2.05 1.74 0.26 0.12 -0.66 -0.37 -0.01 0.03 8 9 -4.25 -23.07 26.34 2.53 6.98 7.84 1.98 -0.02 -2.07 10.85 0.06 5.26 2.65 -1.96 -0.83 0.14 6.22 0.05 3.22 0.92 -2.22 -0.91 -0.08 2.07 0.05 1.34 0.38 -2.04 0.05 0.09 1.36 -0.13 0.73 -0.02 -0.21 0.21 0.89 1.36 0.03 0.75 0.29 -0.06 -0.02 0.30 0.05 0.04 0.01 0.10 -0.03 -0.18 -0.76 0.37 1.26 -0.08 0.25 0.51 0.48 0.04 0.81 -2.21 2.14 0.55 0.44 0.20 -0.13 0.29 0.91 -0.02 0.64 0.42 -0.07 0.26 1.38 -0.61 -0.24 -0.32 -0.01 0.04 -0.33 0.16 -0.08 0.79 0.13 -0.06 0.03 -0.39 -0.52 -0.15 -1.02 2.12 0.08 0.61 0.52 0.00 -0.07 -0.09 0.08 0.11 -0.89 0.75 -0.12 0.14 0.48 0.16 0.07 -0.19 -0.05 -0.06 0.03 1.59 0.14 0.50 0.61 0.15 0.09 0.02 0.12 0.08 -21.01 15.50 2.47 1.71 5.19 3.94 1.58 0.93 1.99 1.63 -22.00 17.00 2.64 2.09 5.73 3.96 1.49 0.73 1.82 1.63 0.55 0.11 0.07 0.22 0.03 0.18 -0.06 0.36 0.10 -0.03 -7.27 6.99 1.43 -0.37 1.19 0.57 0.42 -0.05 0.05 0.58 -2.83 1.07 0.11 0.11 0.84 0.83 0.13 -0.03 0.14 0.00 -3.66 1.95 0.06 0.48 0.71 0.53 0.35 0.05 0.21 0.09 -5.57 4.51 -0.12 1.05 2.11 0.85 0.17 0.01 0.72 0.25 0.02 0.56 0.40 0.16 0.06 0.20 0.33 -0.09 0.10 0.27 -3.25 1.81 0.68 0.44 0.79 0.81 0.14 0.48 0.50 0.48 -0.01 0.00 0.02 0.03 1.06 1.15 0.21 0.62 0.01 0.08 0.09 0.04 0.09 10 11 12 13 14 15 16 17 18 19 20 21 22 0.99 -1.50 -0.17 -0.37 -0.54 -0.02 0.09 0.20 0.18 -0.01 -0.09 23 0.86 0.61 -0.53 0.29 0.10 0.34 -0.13 -0.01 0.50 0.32 24 -0.13 0.07 0.14 0.13 0.04 0.03 0.08 0.00 -1.42 -0.40 -0.95 -0.40 -0.67 -0.32 -0.59 0.02 -0.10 -0.43 -0.08 0.23 0.17 0.08 -0.02 0.28 -0.55 0.04 0.42 1.55 1.30 0.83 -0.19 0.52 0.18 0.13 0.15 0.06 0.50 0.27 0.23 0.00 0.47 0.24 0.02 0.08 0.71 -0.04 0.50 -0.19 0.22 0.10 0.07 0.05 0.01 0.46 0.26 0.15 0.06 -0.53 0.74 -0.04 0.73 0.72 0.15 0.25 0.02 0.05 0.11 -0.01 -0.04 0.00 0.17 0.00 0.18 -0.01 -0.10 0.57 -0.14 0.02 0.44 1.07 0.83 0.45 0.04 0.14 0.09 -0.26 0.07 0.34 0.13 0.21 0.00 0.24 -0.62 0.05 0.12 0.48 0.71 0.55 0.53 -0.32 -0.11 0.03 -0.17 -0.08 0.35 0.16 0.16 0.02 0.16 -0.24 0.03 0.15 -1.48 -0.24 -0.24 -0.19 -0.49 -0.11 -0.20 -0.05 -0.12 0.44 0.24 0.18 0.02 0.00 -1.24 0.08 -1.21 -0.88 -0.54 -1.16 -0.11 -1.44 -0.39 -0.19 -0.71 -0.14 0.38 0.28 0.11 -0.02 0.63 -0.35 0.06 -2.41 2.36 0.78 -0.16 0.83 0.12 0.25 -0.33 -0.19 0.50 0.41 25 -9.65 12.69 3.07 -0.82 0.30 1.78 5.14 0.98 -2.83 -1.80 0.66 26 -5.30 5.12 2.76 1.70 1.05 -0.18 0.12 0.83 -0.92 -0.62 -0.81 27 -4.12 2.91 1.46 1.18 1.29 0.10 0.17 0.98 0.01 0.80 0.43 28 -1.60 -0.32 0.02 0.04 -0.08 -0.18 -0.35 -0.11 -0.34 -0.09 0.21 29 -2.05 2.69 1.02 0.36 0.73 -0.09 0.10 0.55 -0.11 0.53 -0.17 30 0.40 0.63 0.14 0.18 0.01 -0.07 0.34 0.29 -0.12 0.16 -0.47 31 -0.29 0.26 0.19 0.04 0.30 0.12 0.13 0.15 -0.08 -0.15 0.07 32 -1.70 1.22 0.56 0.10 0.42 -0.12 -0.34 -0.03 0.10 0.63 0.29 33 -0.46 0.58 0.14 0.04 0.00 -0.02 -0.03 0.14 0.00 -0.11 -0.07 34 -0.46 0.53 0.42 0.78 0.64 0.38 0.42 0.54 0.46 0.36 0.39 35 -0.04 0.24 0.21 0.50 0.28 0.18 0.10 0.38 0.22 0.32 0.31 36 -0.33 0.35 0.21 0.31 0.33 0.14 0.23 0.14 0.15 -0.03 0.05 37 -0.09 -0.05 0.01 -0.03 0.02 0.06 0.08 0.02 0.09 0.08 0.03 38 -1.18 2.21 1.30 0.52 -0.24 -0.29 -0.05 -0.15 -0.93 -1.42 -1.24 39 -4.35 7.57 0.30 -2.52 -0.75 1.96 5.01 0.15 -1.91 -1.19 1.47 40 0.09 0.03 -0.02 0.10 -0.05 0.01 -0.04 -0.05 -0.08 -0.04 0.07 41 -0.60 -0.26 -1.54 -0.76 -0.78 1.28 0.67 0.61 0.22 -1.25 0.64 0.52 0.12 -1.89 -1.61 -0.28 0.78 -0.40 0.80 0.49 0.31 -1.20 -0.86 -0.35 0.71 0.37 0.55 0.42 0.13 -0.19 -0.04 -0.15 -0.67 -0.37 -0.27 -0.59 0.31 -0.09 0.06 -0.15 -0.26 0.28 0.02 0.16 -0.14 0.26 0.20 0.06 -1.32 1.30 0.13 0.01 0.12 1.18 1.14 0.04 -0.41 -0.05 -1.82 -0.23 -1.59 1.77 0.89 0.88 -4.44 1.30 -8.66 -6.48 -2.18 9.95 7.23 2.73 7.54 -2.74 4.98 4.87 0.12 -7.72 -7.27 -0.45 0.32 -1.68 2.20 1.57 0.64 -3.88 -2.96 -0.92 -2.62 -1.02 0.03 -0.05 0.08 -1.06 -1.27 0.22 -0.71 -0.60 0.51 0.26 0.25 -1.11 -0.49 -0.61 1.95 -1.08 -0.13 -0.28 0.15 -0.95 -0.05 -0.90 5.05 -0.16 2.37 1.62 0.74 -2.53 -2.20 -0.33 0.21 -3.13 -0.53 -0.58 0.06 -2.60 -2.38 -0.22 -1.83 1.16 1.51 1.18 0.33 -0.35 0.05 -0.41 -1.14 2.86 1.65 1.38 0.26 1.21 1.19 0.02 1.39 0.46 -0.19 -0.62 0.43 0.65 0.71 -0.06 42 43 44 45 46 47 48 49 0.45 0.41 0.12 0.06 0.05 0.30 0.22 0.07 0.04 0.03 0.01 0.11 0.17 -0.05 -0.08 0.03 0.22 0.23 -0.01 -0.06 0.04 -0.10 -0.10 -0.17 -0.11 -0.08 -0.03 -0.07 -0.09 0.02 0.07 0.13 -0.06 0.83 0.19 0.30 0.10 0.21 -0.11 -0.09 -0.02 0.65 0.36 0.29 0.92 0.41 0.00 0.32 -0.32 0.41 0.35 0.06 0.51 0.35 0.16 0.58 0.32 0.26 0.05 0.21 0.06 0.02 0.04 0.26 0.37 -0.10 0.41 0.12 0.07 0.04 0.03 0.05 -0.02 0.07 0.29 0.33 -0.04 0.57 0.25 0.08 0.11 -0.03 0.16 0.04 0.12 0.32 0.04 0.28 1.57 2.07 0.11 -0.04 0.15 1.96 1.86 0.10 -0.50 -0.34 -0.16 -0.97 -0.77 0.09 0.01 0.08 -0.86 -0.98 0.12 -0.20 -0.03 -0.17 -0.01 0.13 0.47 0.27 0.20 -0.34 -0.19 -0.15 -0.14 -0.30 0.16 1.18 1.17 -0.38 -0.28 -0.11 1.55 1.58 -0.03 0.02 0.15 -0.13 -0.54 -0.50 -0.10 -0.09 -0.01 -0.40 -0.41 0.01 -0.04 0.22 -0.26 -0.02 -0.51 -0.12 -0.16 0.04 -0.39 -0.41 0.02 0.49 0.54 -0.05 -0.16 0.01 -0.20 -0.19 -0.01 0.21 0.21 0.00 -0.17 -0.10 -0.07 -0.40 -0.36 -0.33 -0.21 -0.11 -0.03 -0.06 0.03 -0.04 0.08 -0.13 -0.29 -0.22 0.05 0.09 -0.04 -0.28 -0.28 0.01 -0.06 0.10 -0.16 0.65 0.24 0.17 0.18 -0.01 0.07 0.04 0.03 0.41 0.17 0.23 0.63 0.37 0.08 0.05 0.03 0.29 0.23 0.07 0.25 0.17 0.09 50 51 52 53 54 55 56 57 58 59 60 r Revised Source: U.S. Bureau of Economic Analysis Q4 -9- February 23, 2023 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues Billions of dollars Billions of chained (2012) dollars Seasonally adjusted at annual rates Line 2022 r 2021 2022 2022 r Change from preceding period Seasonally adjusted at annual rates r 2021 2022 r r r Gross domestic product (GDP) Q3 Q4 Q3 Q4 Q4 Q1 Q2 Q4 Q1 Q2 25,464.5 24,349.1 24,740.5 25,248.5 25,723.9 26,145.0 20,015.4 20,006.2 19,924.1 19,895.3 20,054.7 20,187.5 2 Personal consumption expenditures 17,360.4 16,518.0 16,874.8 17,261.3 17,542.7 17,762.7 14,133.3 13,981.5 14,028.4 14,099.5 14,178.6 14,226.8 1 3 4 5 6 7 8 9 10 r r 405.6 Q3 159.4 Q4 132.8 1 379.2 79.1 48.3 2 5,939.6 5,673.7 5,843.2 5,953.6 5,988.6 5,972.9 5,534.2 5,566.7 5,565.7 5,529.6 5,524.5 5,516.9 -27.7 -5.1 -7.6 3 2,184.7 2,101.6 2,183.9 2,181.8 2,195.8 2,177.2 2,258.2 2,233.5 2,275.1 2,259.2 2,254.4 2,243.9 -10.6 -4.8 -10.5 4 Motor vehicles and parts 723.0 695.0 737.1 724.5 713.1 717.3 574.6 573.6 594.7 578.7 559.8 565.1 -39.4 -19.0 5.3 5 Furnishings and durable household equipment 525.5 499.5 516.8 525.1 532.8 527.4 519.2 522.5 518.4 517.6 521.0 519.9 -16.2 3.3 -1.1 6 645.2 291.0 623.6 283.5 641.4 288.6 640.5 291.7 655.4 294.5 643.5 289.0 900.4 340.9 867.9 338.0 890.1 340.2 893.2 343.8 913.7 345.2 904.7 334.3 54.1 14.3 20.5 1.4 -9.1 -10.9 7 8 3,754.9 3,572.1 3,659.3 3,771.9 3,792.7 3,795.6 3,318.7 3,371.7 3,334.1 3,313.5 3,312.7 3,314.4 -17.5 -0.8 1.7 9 1,277.4 491.2 1,239.0 472.8 1,248.5 480.5 1,260.4 488.6 1,289.9 498.9 1,310.6 496.8 1,038.1 492.2 1,083.3 490.9 1,062.7 485.1 1,035.3 489.9 1,027.6 496.9 1,026.9 496.8 -43.9 5.8 -7.6 7.0 -0.7 10 -0.2 11 1.2 12 Goods Durable goods Recreational goods and vehicles Other durable goods Nondurable goods Food and beverages purchased for off-premises consumption 11 Clothing and footwear 12 Gasoline and other energy goods 13 Other nondurable goods 14 15 2022 Line 2022 r Services Household consumption expenditures (for services) 492.8 430.6 474.5 541.0 492.3 463.3 435.3 450.2 438.4 436.0 432.9 434.1 2.3 -3.1 1,493.6 1,429.6 1,455.8 1,481.9 1,511.7 1,525.0 1,323.6 1,314.8 1,315.7 1,322.7 1,327.3 1,328.8 24.3 4.7 1.4 13 11,420.8 10,844.3 11,031.6 11,307.7 11,554.1 11,789.9 8,737.7 8,568.2 8,613.0 8,709.6 8,788.4 8,839.9 376.6 78.7 51.5 14 10,890.4 10,355.6 10,525.4 10,779.2 11,015.6 11,241.5 2,995.9 2,829.4 2,896.1 2,958.4 3,027.3 3,101.8 8,390.8 2,171.2 8,234.9 2,149.1 8,270.4 2,165.9 8,359.0 2,170.5 8,438.7 2,169.3 8,494.9 2,179.0 367.5 24.5 79.7 -1.2 56.2 15 9.6 16 16 Housing and utilities 17 Health care 2,724.7 2,650.9 2,673.4 2,684.8 2,742.8 2,797.6 2,299.2 2,276.1 2,273.5 2,276.0 2,307.0 2,340.3 67.7 30.9 33.3 17 18 Transportation services 548.5 497.0 506.6 551.6 560.6 575.0 437.2 433.1 431.5 439.0 438.8 439.4 42.0 -0.2 0.6 18 19 20 Recreation services 614.9 579.6 590.9 610.3 622.0 636.5 482.3 469.0 471.4 481.8 486.0 490.1 47.3 4.3 4.0 19 Food services and accommodations 1,253.3 1,159.2 1,178.0 1,247.0 1,277.4 1,310.7 911.5 879.4 879.7 913.1 924.5 928.8 81.3 11.4 4.3 20 21 Financial services and insurance 1,318.8 1,434.4 1,312.1 1,327.5 1,309.8 1,370.7 1,309.1 1,418.0 1,320.9 1,464.5 1,335.6 1,484.2 894.1 1,217.4 888.4 1,157.8 884.8 1,183.2 888.9 1,209.9 900.4 1,235.8 902.2 1,240.9 19.9 95.2 11.6 26.0 1.7 21 5.1 22 22 23 Other services Final consumption expenditures of nonprofit institutions serving households 24 Gross output of nonprofit institutions Less: Receipts from sales of 25 goods and services by nonprofit institutions 26 Gross private domestic investment 530.4 488.6 506.2 528.5 538.5 548.4 350.7 337.9 346.1 353.6 353.3 349.6 9.5 -0.3 -3.7 23 1,872.5 1,807.0 1,821.2 1,839.1 1,893.4 1,936.1 1,422.8 1,413.7 1,407.4 1,406.9 1,430.8 1,446.3 26.6 23.9 15.5 24 1,342.1 4,631.0 1,318.4 4,499.2 1,315.1 4,671.0 1,310.6 4,609.9 1,355.0 4,579.1 1,387.7 4,663.8 1,074.9 3,745.1 1,080.4 3,841.8 1,064.0 3,892.5 1,054.6 3,747.0 1,080.1 3,653.9 1,101.1 3,687.0 16.3 142.1 25.5 -93.1 21.0 25 33.1 26 27 Fixed investment 4,472.0 4,259.2 4,413.6 4,464.6 4,508.2 4,501.6 3,567.6 3,586.2 3,628.6 3,581.9 3,550.5 3,509.2 -7.1 -31.5 -41.2 27 28 Nonresidential 3,345.1 3,111.8 3,225.0 3,292.2 3,403.4 3,459.7 2,943.5 2,860.2 2,915.0 2,915.5 2,959.7 2,983.6 108.1 44.2 23.9 28 29 Structures 648.2 610.3 627.3 631.2 654.8 679.6 444.4 460.7 455.6 440.4 436.4 445.4 -33.1 -4.0 9.0 29 30 31 Equipment 1,322.5 1,221.2 1,277.8 1,299.5 1,352.0 1,360.8 1,274.2 1,232.0 1,265.7 1,259.1 1,291.3 1,280.7 52.4 32.1 -10.5 30 458.5 318.7 469.1 313.3 440.1 319.6 569.0 264.8 556.7 263.0 579.0 270.9 569.6 266.7 582.3 258.9 544.9 262.8 28.6 13.8 12.6 -7.8 -37.3 31 3.9 32 17.1 33 Information processing equipment 32 Industrial equipment 457.9 316.9 441.3 298.4 464.2 315.8 33 Transportation equipment 250.7 208.8 208.5 224.0 269.4 301.0 233.4 208.2 206.3 212.1 249.1 266.2 10.7 37.0 34 Other equipment 297.0 272.7 289.3 298.3 300.2 300.1 238.1 234.5 241.8 241.8 236.2 232.6 1.9 -5.6 -3.6 34 1,374.3 1,280.4 1,319.9 1,361.4 1,396.6 1,419.4 1,255.5 1,188.8 1,219.6 1,245.9 1,266.7 1,289.5 102.4 20.8 22.7 35 35 Intellectual property products 36 Software 567.6 526.5 545.1 558.9 579.3 587.2 644.1 589.7 615.7 630.9 653.5 676.3 69.9 22.6 22.8 36 37 38 Research and development 696.3 656.4 674.3 693.9 702.7 714.6 539.7 527.3 534.3 541.7 540.3 542.6 27.8 -1.5 2.4 37 110.4 1,126.9 97.5 1,147.3 100.6 1,188.6 108.7 1,172.4 114.6 1,104.8 117.7 1,041.9 92.1 642.7 84.9 710.3 86.1 704.7 90.9 671.0 94.8 620.0 96.5 575.3 12.0 -76.6 4.0 -51.0 1.6 38 -44.7 39 159.0 240.0 257.4 145.4 70.9 162.2 124.9 197.6 214.5 110.2 38.7 136.3 144.3 -71.5 97.6 40 -8.9 -4.9 -6.6 -9.5 -12.1 -7.2 -18.4 -9.8 -15.5 -19.5 -22.4 -16.2 -14.5 -2.9 6.2 41 167.9 244.9 264.1 154.9 83.0 169.4 137.5 202.2 223.6 123.6 55.5 147.4 153.5 -68.1 91.9 42 39 40 Entertainment, literary, and artistic originals Residential Change in private inventories 41 Farm 42 Nonfarm r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. 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 - 10 - February 23, 2023 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends Billions of dollars Billions of chained (2012) dollars Seasonally adjusted at annual rates Line 2022 r 2021 2022 2022 r 2021 2022 r r r 2022 r r r -123.2 44 Exports 2,979.6 2,733.0 2,811.2 3,038.8 3,065.0 3,003.2 2,537.8 2,465.7 2,436.9 2,516.9 2,604.1 2,593.4 171.1 87.2 -10.8 44 45 Goods 2,063.9 1,878.2 1,940.9 2,134.7 2,141.2 2,039.0 1,837.7 1,793.5 1,760.2 1,824.9 1,901.0 1,864.7 108.8 76.1 -36.3 45 46 Services 915.6 854.9 870.4 904.2 923.8 964.3 717.3 690.3 693.0 709.5 722.5 744.1 60.3 13.0 21.5 46 43 Net exports of goods and services -974.3 Q4 Q3 Q4 Q4 Q1 Q2 -854.1 -1,356.6 -1,297.6 -1,488.7 -1,430.5 -1,268.8 -1,238.4 Line 2022 Q3 161.8 Q4 Q1 Q2 -914.7 -1,116.7 -1,035.6 Q3 -890.8 Change from preceding period Seasonally adjusted at annual rates r Q4 30.4 43 47 Imports 3,953.9 3,647.7 3,927.9 4,074.4 3,955.8 3,857.4 3,894.4 3,763.3 3,925.6 3,947.5 3,872.9 3,831.7 294.3 -74.6 -41.2 47 48 Goods 3,277.6 3,029.0 3,289.3 3,394.8 3,269.7 3,156.6 3,360.5 3,258.2 3,412.7 3,409.5 3,333.4 3,286.6 217.5 -76.1 -46.8 48 676.3 618.7 638.6 679.6 686.1 700.8 555.0 527.5 539.0 560.1 559.0 562.0 70.9 -1.1 3.0 49 4,447.4 1,646.7 4,246.7 1,612.8 4,311.4 1,613.1 4,412.8 1,622.7 4,493.0 1,657.1 4,572.5 1,693.8 3,406.2 1,355.3 3,412.9 1,371.5 3,393.4 1,353.0 3,379.5 1,341.3 3,410.6 1,353.7 3,441.1 1,373.2 -20.1 -35.2 31.1 12.4 30.5 50 19.5 51 49 Services Government consumption 50 expenditures and gross investment 51 Federal 52 53 54 55 National defense 924.9 904.4 898.7 918.3 935.3 947.4 769.3 778.8 761.7 764.5 773.3 777.5 -22.1 8.9 4.2 52 Consumption expenditures 732.4 710.3 708.4 726.5 743.1 751.4 601.4 603.9 592.8 597.3 606.5 608.9 -15.2 9.2 2.4 53 Gross investment 192.6 194.1 190.4 191.8 192.2 196.0 168.6 176.0 169.9 167.9 167.4 169.3 -7.1 -0.5 1.8 54 721.7 708.4 714.4 704.4 721.8 746.4 583.8 590.5 588.9 574.8 578.3 593.4 -13.2 3.5 15.0 55 11.4 56 Nondefense 56 Consumption expenditures 536.6 533.4 535.2 521.8 535.1 554.3 426.4 436.2 433.2 418.9 421.0 432.4 -17.0 2.1 57 Gross investment 185.2 175.0 179.3 182.6 186.7 192.1 157.7 154.2 155.7 156.2 157.6 161.3 4.3 1.5 3.6 57 2,800.7 2,633.9 2,698.2 2,790.0 2,836.0 2,878.7 2,050.8 2,042.7 2,040.7 2,037.8 2,056.5 2,068.3 13.0 18.7 11.8 58 2,321.7 2,180.1 2,238.5 2,325.6 2,346.0 2,376.8 1,705.8 1,692.4 1,696.4 1,701.0 1,709.0 1,716.8 24.7 8.0 7.8 59 479.0 453.8 459.7 464.5 490.0 501.9 345.0 350.2 344.3 336.8 347.5 351.4 -11.8 10.6 3.9 60 ............... ............... ............... ............... ............... ............... -201.1 -159.1 -149.8 -166.2 -225.0 -263.5 .............. .............. .............. 61 58 State and local 59 Consumption expenditures 60 Gross investment 61 Residual Addenda: 62 63 Gross domestic income (GDI) Average of GDP and GDI 1 ............... 24,473.3 25,017.5 25,517.8 25,967.6 ............... ............... 20,108.2 20,147.2 20,107.5 20,244.6 ............... .............. 137.2 .............. 62 ............... 24,411.2 24,879.0 25,383.1 25,845.8 ............... ............... 20,057.2 20,035.6 20,001.4 20,149.6 ............... .............. 148.3 .............. 63 64 Final sales of domestic product 25,305.5 24,109.1 24,483.1 25,103.1 25,653.0 25,982.8 19,843.4 19,759.2 19,669.8 19,735.9 19,954.2 20,013.7 262.1 218.3 59.5 64 65 Gross domestic purchases 26,438.8 25,263.8 25,857.2 26,284.0 26,614.8 26,999.1 21,268.3 21,221.1 21,297.3 21,208.9 21,227.1 21,339.9 493.5 18.2 112.8 65 37.8 66 66 Final sales to domestic purchasers 26,279.8 25,023.8 25,599.7 26,138.7 26,543.9 26,836.9 21,094.0 20,970.1 21,038.4 21,047.3 21,126.2 21,164.0 346.8 78.9 67 Final sales to private domestic purchasers 21,832.4 20,777.1 21,288.4 21,725.9 22,050.8 22,264.4 17,699.4 17,567.4 17,656.9 17,680.5 17,727.2 17,733.1 371.0 46.7 5.9 67 68 69 GDP 25,464.5 24,349.1 24,740.5 25,248.5 25,723.9 26,145.0 20,015.4 20,006.2 19,924.1 19,895.3 20,054.7 20,187.5 405.6 159.4 132.8 68 Plus: Income receipts from the rest of the world ............... 1,120.9 1,147.1 1,231.3 1,292.1 ............... ............... 937.1 942.3 990.6 1,027.1 ............... .............. 70 Less: Income payments to the rest of the world ............... 939.5 958.4 1,023.3 1,130.6 ............... ............... 785.5 787.4 823.4 898.8 ............... .............. 75.4 .............. 70 71 Equals: Gross national product ............... 24,530.6 24,929.2 25,456.4 25,885.4 ............... ............... 20,159.3 20,080.4 20,063.7 20,184.9 ............... .............. 121.3 .............. 71 72 Net domestic product 21,180.0 20,364.3 20,626.9 21,006.4 21,365.8 21,721.0 16,602.7 16,659.7 16,551.0 16,495.3 16,628.5 16,735.8 133.2 299.8 36.5 .............. 69 107.3 72 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. 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 - February 23, 2023 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2020 2021 2022 r 2019 Q1 Q2 2020 Q3 Q4 Q1 Q2 2021 Q3 Q4 Q1 Q2 Line 2022 Q3 Q4 Q1 Q2 Q3 Q4 r Gross domestic product (GDP) 1.3 4.5 7.0 1.5 2.3 1.3 1.3 1.8 -1.3 3.5 2.5 5.2 6.3 6.2 6.8 8.3 9.0 4.4 3.9 2 Personal consumption expenditures 3 Goods 1.1 4.0 6.3 0.8 2.5 1.0 1.5 1.5 -1.8 3.4 1.6 4.5 6.4 5.6 6.2 7.5 7.3 4.3 3.7 2 -0.7 4.9 8.6 -1.3 0.2 -0.8 -5.4 4.0 0.5 5.8 9.0 7.6 9.3 12.6 10.6 2.7 -0.5 3 4 Durable goods -0.9 5.6 6.5 0.3 -1.1 -1.9 -2.6 -1.2 -2.7 4.8 2.1 1.3 14.7 10.0 8.2 3.5 -1.5 4 5 Nondurable goods -0.7 4.5 9.9 -2.1 3.3 -1.2 1.6 -0.6 -6.8 3.7 -0.4 8.6 5.6 6.1 9.9 15.2 15.7 2.3 0.1 5 2.0 3.6 5.0 1.8 2.8 2.2 2.1 2.5 0.0 3.1 2.3 3.9 5.1 4.6 4.6 4.9 5.6 5.2 5.9 6 7 Gross private domestic investment 8 Fixed investment 1.3 3.6 8.2 2.5 2.1 0.7 -0.2 1.8 1.0 2.4 2.7 3.3 2.8 6.8 8.8 9.9 9.9 7.6 3.5 7 1.4 4.0 8.5 2.5 2.0 0.8 1.6 1.7 2.1 2.6 3.5 4.2 7.3 8.8 10.0 10.3 7.7 4.2 8 2.0 -0.1 1.4 0.7 0.4 4.6 7.7 7.6 3.4 9 0.0 -1.6 1.3 8.1 10.2 22.8 16.7 17.5 20.1 1 6 Services 1.8 -1.4 0.0 8.3 9 Nonresidential 0.8 1.7 6.5 2.5 2.0 0.1 -0.8 1.3 10 Structures 1.3 4.1 16.4 4.1 5.7 2.9 2.0 -1.0 11 Equipment -0.5 0.4 6.2 1.4 -0.3 -1.6 -0.9 0.9 0.2 -2.4 -1.5 12 Intellectual property products 1.8 1.6 2.4 2.7 2.6 0.4 -2.3 1.4 5.7 2.1 5.8 -2.7 3.3 11.1 14.0 2.3 2.0 3.2 2.5 1.0 9.3 6.6 12.4 15.5 15.0 12.0 18.9 15.2 13 14 Residential 2.1 2.5 3.6 -4.4 1.3 6.9 2.4 8.5 1 6.9 10 4.3 6.5 7.6 9.2 5.9 2.3 2.1 1.9 3.9 3.7 -0.6 12 8.1 6.0 11 6.7 13 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services 16 Exports ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 17 18 19 Goods Services Imports -2.4 11.5 9.4 -3.3 3.5 -2.4 -1.3 -1.8 -17.6 13.2 6.2 20.5 18.6 9.3 6.2 17.3 20.0 -9.7 -6.3 16 -3.9 14.2 11.5 -5.2 2.6 -4.0 -1.2 -4.2 -21.9 16.0 7.0 26.1 24.4 11.1 7.0 22.9 26.7 -14.0 -11.2 17 0.4 6.0 5.1 3.0 -8.9 8.3 4.7 7.2 5.7 4.6 -2.2 7.4 7.5 -4.6 0.4 2.3 -4.1 -1.3 -1.2 -12.2 5.3 0.7 -1.5 8.1 2.8 12.9 12.7 9.7 6.1 6.3 13.5 13.2 -4.1 -5.6 19 5.8 6.0 1.3 5.5 18 20 Goods -2.8 7.8 7.8 -5.8 2.5 -4.8 -2.0 -1.8 -13.7 8.8 2.6 14.5 13.5 6.1 6.6 15.5 13.9 -5.8 -8.1 20 21 Services 0.7 5.1 6.1 1.2 1.0 -1.0 5.0 4.3 5.0 6.5 4.8 4.1 10.0 4.7 6.6 21 3.5 22 1.6 1.6 -4.4 8.8 22 Government consumption expenditures and gross investment 23 Federal 1.9 5.3 7.5 0.9 0.8 1.0 1.5 3.2 0.0 3.2 3.7 6.9 6.8 6.0 7.2 8.7 11.6 3.6 1.1 3.4 5.0 4.3 -2.6 1.0 1.6 1.4 0.3 2.6 2.4 4.1 4.1 4.4 4.3 5.7 6.0 4.8 3.1 23 24 National defense 1.1 3.7 5.2 1.3 1.3 1.2 1.8 1.0 -1.1 3.0 2.5 5.2 4.3 4.4 4.5 6.6 7.5 2.7 3.0 24 25 Nondefense 1.1 3.0 4.6 9.0 -8.3 0.7 1.4 2.0 2.3 2.1 2.4 2.6 3.8 4.4 4.2 4.5 4.1 7.6 3.2 25 26 State and local 2.4 6.5 9.1 -1.1 3.0 1.1 1.5 4.3 -0.2 3.6 4.6 8.8 8.5 7.0 9.0 10.6 15.0 2.9 3.8 26 Addenda: 27 Final sales of domestic product 1.4 4.6 7.0 1.4 2.3 1.4 1.3 1.8 -1.2 3.4 2.5 5.2 6.5 6.3 6.8 8.3 9.1 4.4 4.0 27 28 Gross domestic purchases 1.3 4.2 6.8 1.1 2.1 1.0 1.2 1.8 -1.0 3.2 2.2 4.7 5.9 5.9 6.8 8.1 8.5 4.8 3.6 28 29 Final sales to domestic purchasers 1.3 4.2 6.8 1.1 2.1 1.0 1.2 1.8 -0.9 3.1 2.2 4.8 6.1 5.9 6.8 8.1 8.5 4.8 3.7 29 30 Final sales to private domestic purchasers 1.2 4.0 6.7 1.2 2.4 1.0 1.1 1.5 -1.1 3.1 1.9 4.3 6.0 5.9 6.7 8.0 7.9 5.0 3.8 30 31 Gross national product (GNP) 1.3 4.5 ......... 1.5 2.3 1.3 1.3 1.8 -1.3 3.5 2.5 5.2 6.2 6.2 6.8 8.3 9.0 4.4 ......... 31 32 GDP excluding food and energy 1 Gross domestic purchases excluding 1.5 4.1 1.7 2.4 1.5 1.1 2.2 -0.6 3.1 2.3 4.3 5.9 5.6 6.2 6.6 7.3 5.2 4.2 32 33 1.4 3.9 6.1 1.5 1.8 1.3 1.1 2.1 -0.3 3.0 2.2 4.0 5.7 5.4 6.0 7.0 6.9 5.0 4.1 33 1.3 3.5 5.0 1.5 2.1 1.6 1.2 1.9 -1.0 3.2 1.5 3.2 6.0 4.8 4.8 5.6 4.7 4.7 4.3 34 Market-based PCE Market-based PCE excluding food and 1.1 3.6 6.5 0.9 2.1 0.8 1.5 1.3 -1.0 2.8 1.1 4.0 5.8 5.2 6.2 8.2 8.0 4.5 3.4 35 energy 1,2 1.3 2.9 5.1 1.7 1.7 1.4 1.3 1.8 0.1 2.4 0.9 2.5 5.2 4.3 4.6 6.1 5.0 5.0 4.1 36 food and energy 1 34 35 36 6.2 PCE excluding food and energy 2 1 Implicit price deflators: 37 GDP 1.3 4.5 7.0 1.6 2.2 1.3 1.5 1.6 -1.5 3.5 2.6 5.1 6.4 6.2 6.8 8.4 9.1 4.4 3.9 37 38 Gross domestic purchases 1.2 4.2 6.8 1.2 2.1 1.0 1.4 1.6 -1.2 3.2 2.2 4.6 6.0 5.9 6.8 8.2 8.6 4.8 3.7 38 39 GNP 1.3 4.5 ......... 1.5 2.2 1.3 1.5 1.6 -1.5 3.5 2.6 5.1 6.3 6.2 6.8 8.3 9.1 4.4 ......... 39 r Revised 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Source: U.S. Bureau of Economic Analysis - 12 - February 23, 2023 Table 5. Real Gross Domestic Product: Annual Percent Change Percent change from fourth quarter to fourth quarter one year ago Percent change from preceding year Line Line 2015 2016 2017 2018 2019 2020 2021 2022 r 2015 2016 2017 2018 2019 2020 2021 2022 r Gross domestic product (GDP) 2 Personal consumption expenditures (PCE) 3 Goods 2.7 1.7 2.2 2.9 2.3 -2.8 5.9 2.1 1.9 2.0 2.8 2.3 2.6 -1.5 5.7 0.9 3.3 2.5 2.4 2.9 2.0 -3.0 8.3 2.8 2.6 2.3 2.8 2.5 2.2 -1.4 7.2 1.8 2 4.8 3.4 3.9 3.9 3.1 5.2 12.2 -0.5 3.8 3.4 5.2 2.7 3.5 8.6 7.1 -0.9 3 4 Durable goods 7.6 5.4 6.4 6.8 3.8 10.0 18.5 -0.5 6.0 6.3 8.2 3.7 5.7 16.2 7.0 0.5 4 5 Nondurable goods 3.4 2.5 2.6 2.5 2.8 2.7 8.8 -0.5 2.8 2.0 3.7 2.2 2.4 4.6 7.2 -1.7 5 2.6 2.0 1.7 2.4 1.5 -6.6 6.3 4.5 2.1 1.8 1.7 2.4 1.6 -5.8 7.2 3.2 6 5.5 -1.0 4.1 5.7 2.8 -5.3 9.0 3.9 2.3 1.8 4.6 4.8 0.1 2.4 8.6 -4.0 7 3.8 2.1 4.1 4.9 2.5 -2.3 7.4 -0.2 1.7 2.8 5.0 3.5 2.4 1.0 3.7 -2.1 8 9 1 6 Services 7 Gross private domestic investment 8 Fixed investment 1 9 Nonresidential 2.3 0.9 4.1 6.5 3.6 -4.9 6.4 3.8 -0.1 2.5 5.2 5.7 2.6 -3.5 5.0 4.3 10 Structures -0.9 -4.3 4.4 4.1 2.3 -10.1 -6.4 -6.9 -7.3 3.6 0.8 1.7 6.6 -16.0 -5.2 -3.3 10 11 Equipment 3.0 -1.8 2.8 6.6 1.3 -10.5 10.3 4.3 1.5 -2.2 7.0 5.1 -3.1 -2.7 4.7 4.0 11 12 Intellectual property products 3.8 8.8 5.6 8.1 7.3 4.8 9.7 8.9 3.3 8.4 5.8 9.3 6.9 3.8 10.8 8.5 12 10.2 6.6 4.0 -0.6 -1.0 7.2 10.7 -10.7 9.2 4.0 4.6 -3.8 2.0 16.4 13 Residential 14 Change in private inventories 15 Net exports of goods and services 16 Exports -0.3 -19.0 13 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 14 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 15 0.3 0.4 4.3 2.8 0.5 -13.2 6.1 7.2 -1.5 1.3 6.2 0.2 0.8 -10.0 6.5 17 Goods -0.4 0.6 4.1 4.2 0.1 -10.1 7.4 6.3 -2.8 2.4 6.1 1.2 -0.1 -4.5 5.1 4.0 17 18 Services 1.5 0.0 4.5 0.2 1.2 -18.8 3.3 9.2 1.2 -0.7 6.4 -1.8 2.4 -19.7 9.3 7.8 18 1.8 19 19 5.2 16 5.2 1.5 4.5 4.2 1.1 -9.0 14.1 8.2 3.3 2.2 5.3 3.3 -2.0 0.4 10.1 20 Goods 5.8 1.1 4.5 5.1 0.5 -5.8 14.5 6.9 3.3 2.6 5.5 3.5 -2.9 5.3 8.4 0.9 20 21 Services 2.5 3.0 4.6 0.5 4.0 -22.0 12.3 14.6 3.1 0.3 4.7 2.4 1.6 -19.4 18.8 6.5 21 0.8 22 Imports 22 Government consumption expenditures and gross investment 23 Federal 1.8 2.0 0.4 1.7 3.3 2.6 0.6 -0.6 2.2 1.6 0.7 1.6 4.0 1.0 0.5 0.0 0.5 0.4 3.0 3.9 6.2 2.3 -2.5 1.2 0.1 1.3 3.2 4.0 5.4 0.4 0.1 23 24 National defense -2.1 -0.6 0.9 3.3 5.3 2.9 -1.2 -2.8 -0.4 -0.6 2.0 4.5 4.1 4.2 -5.0 -0.2 24 25 Nondefense 3.3 2.1 -0.3 2.5 1.9 11.2 7.3 -2.2 3.7 1.1 0.2 1.4 3.9 7.4 8.2 0.5 25 26 State and local 3.0 2.8 0.4 0.9 3.0 0.4 -0.5 0.6 2.8 2.5 0.3 0.6 4.0 -1.6 0.6 1.3 26 Addenda: 27 Gross domestic income (GDI) 1 2.5 0.9 2.3 2.9 2.2 -2.3 5.5 .......... 1.2 1.2 2.9 2.9 2.1 0.1 4.1 .......... 27 28 Average of GDP and GDI 2.6 1.3 2.3 2.9 2.3 -2.5 5.7 .......... 1.5 1.6 2.8 2.6 2.3 -0.7 4.9 .......... 28 29 Final sales of domestic product 2.4 2.2 2.2 2.8 2.3 -2.2 5.7 1.3 1.8 2.2 2.9 2.1 3.0 -1.8 4.8 1.3 29 30 Gross domestic purchases 3.4 1.8 2.3 3.1 2.3 -2.4 7.0 2.4 2.5 2.1 2.8 2.7 2.1 -0.3 6.2 0.6 30 31 Final sales to domestic purchasers 3.1 2.3 2.3 3.0 2.3 -1.9 6.7 1.7 2.4 2.3 2.8 2.5 2.5 -0.6 5.4 0.9 31 32 Final sales to private domestic purchasers 3.4 2.4 2.7 3.3 2.1 -2.8 8.1 2.1 2.5 2.4 3.3 2.7 2.2 -0.9 6.4 0.9 32 33 Gross national product 2.6 1.7 2.5 2.9 2.2 -3.1 5.7 .......... 1.9 2.2 3.0 2.0 2.4 -1.9 5.7 .......... 33 34 Real disposable personal income 4.0 1.8 2.7 3.3 3.5 6.2 1.8 -6.0 2.8 1.6 3.0 4.1 2.8 3.7 -0.4 -1.4 34 0.3 0.7 1.9 2.3 1.5 1.3 4.2 6.8 0.1 1.3 2.0 2.2 1.4 1.5 5.8 6.2 35 1.0 1.1 1.8 2.3 1.7 1.4 3.9 6.1 0.7 1.5 1.9 2.3 1.4 1.7 5.3 5.7 36 37 Gross domestic purchases Gross domestic purchases excluding food and energy 2 GDP 1.0 1.0 1.9 2.4 1.8 1.3 4.5 7.0 0.8 1.5 2.0 2.3 1.6 1.6 6.1 6.4 37 38 GDP excluding food and energy 2 1.2 1.3 1.9 2.5 1.9 1.5 4.1 6.2 1.0 1.7 2.0 2.5 1.7 1.7 5.5 5.8 38 39 PCE 0.2 1.0 1.8 2.1 1.5 1.1 4.0 6.3 0.2 1.5 1.9 2.0 1.5 1.2 5.7 5.7 39 40 PCE excluding food and energy 2 1.3 1.6 1.7 2.0 1.7 1.3 3.5 5.0 1.1 1.8 1.7 2.0 1.6 1.4 4.7 4.8 40 41 Market-based PCE 3 Market-based PCE excluding food and energy 2,3 -0.1 0.7 1.5 1.8 1.3 1.1 3.6 6.5 0.0 1.2 1.5 1.7 1.3 1.0 5.3 6.0 41 1.0 1.3 1.2 1.6 1.5 1.3 2.9 5.1 1.1 1.4 1.2 1.7 1.5 1.3 4.1 5.1 42 Price indexes: 35 36 42 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. 2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Note. Estimates under the Percent change from the preceding year columns are calculated from annual data. Estimates under the Percent change 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 - 13 - February 23, 2023 Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago 2019 Line Q1 2020 Q3 Q4 Q1 Q2 2021 Q3 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 Q3 r Q4 r Line 2.2 2.1 2.3 2.6 0.8 -8.4 -2.0 -1.5 1.2 12.5 5.0 5.7 3.7 1.8 1.9 0.9 2 Personal consumption expenditures (PCE) 1.9 1.8 2.0 2.2 0.5 -9.4 -1.7 -1.4 2.8 16.6 7.4 7.2 4.8 2.4 2.2 1.8 2 3 2.4 3.0 3.6 3.5 3.5 -0.7 8.6 14.9 21.5 6.6 7.1 1.3 -2.1 -0.2 -0.9 3 1.4 18.2 16.2 31.4 34.6 5.9 7.0 -0.6 -3.7 0.5 4 7.0 7.2 2.4 -1.1 -1.6 -1.7 5 6 1 Gross domestic product (GDP) Q2 Goods 4 Durable goods 2.1 2.9 4.2 5.7 3.5 5 Nondurable goods 2.6 3.1 3.3 2.4 3.5 -1.8 6 Services 9.2 4.6 4.6 6.6 14.6 2.2 1.7 1.3 1.3 1.6 -0.9 -13.2 -6.6 -5.8 -2.6 14.1 7.8 7.2 6.7 4.8 3.5 7 Gross private domestic investment 4.2 4.7 2.1 0.1 -2.1 -17.7 -3.8 2.4 2.3 21.2 5.6 8.6 11.6 7.2 1.9 -4.0 7 8 Fixed investment 2.4 2.4 3.0 2.4 1.0 4.1 15.0 7.6 3.7 2.5 -0.2 -0.9 -2.1 8 3.9 3.8 3.9 2.6 -0.1 -9.7 -6.4 -3.5 0.8 12.5 7.6 5.0 4.8 9 -1.8 -0.3 4.7 6.6 1.4 -8.3 -3.2 9 Nonresidential 10 Structures 11 Equipment 3.9 3.6 0.8 -3.1 -9.7 -20.0 -9.2 -2.7 5.8 23.2 4.7 6.0 2.0 5.2 4.0 11 12 Intellectual property products 8.0 6.9 7.3 6.9 8.0 5.6 11.4 10.9 10.8 9.7 8.8 8.6 8.5 12 -3.0 -2.6 -0.3 2.0 6.8 -2.9 13 14 Residential 2.4 3.8 3.2 1 4.3 5.5 -11.6 -17.4 -16.0 -14.8 -2.6 -1.7 -5.2 -6.6 -9.2 -8.4 -3.3 10 3.5 4.0 3.8 8.3 16.4 15.0 23.0 9.4 7.5 -0.3 -3.7 -7.2 -13.0 -19.0 13 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 16 0.7 -0.4 0.9 0.8 -4.5 -24.0 -14.6 -10.0 -6.1 20.2 6.6 6.5 5.2 7.3 11.3 17 Goods 2.0 -2.0 0.6 -0.1 -2.4 -24.1 -9.8 -4.5 -3.8 27.2 5.6 5.1 3.4 6.3 11.7 4.0 17 18 Services -1.8 1.4 8.8 9.3 9.1 9.6 10.4 7.8 18 19 Exports 2.4 -8.3 -24.0 -23.0 -19.7 -10.5 2.8 1.0 -2.0 -5.5 -22.1 -8.4 5.7 30.5 13.3 10.1 12.7 11.2 7.4 1.8 19 2.4 4.5 2.3 5.2 0.2 -2.9 -4.9 -19.7 -3.6 5.3 10.3 32.0 10.6 8.4 10.7 9.5 4.9 1.6 -8.0 -32.4 -28.0 -19.4 -14.2 23.4 28.0 18.8 24.2 20.5 7.0 9.5 0.9 20 6.5 21 2.6 3.2 3.4 4.0 3.6 4.1 1.6 1.0 1.8 -0.7 0.7 0.5 -1.6 -1.3 -0.3 0.8 22 3.4 4.2 4.1 4.0 4.2 9.8 5.4 5.4 8.7 -0.2 0.8 0.4 -4.9 -4.0 -1.3 0.1 23 National defense 6.6 5.3 5.3 4.1 2.6 3.1 1.7 4.2 1.2 25 Nondefense -1.1 2.5 2.3 3.9 6.5 19.8 11.0 26 State and local 2.2 2.7 3.0 4.0 3.2 Goods 21 Services 22 Government consumption expenditures and gross investment 23 Federal 24 0.4 7.9 2.8 20 Imports 2.7 5.2 16 0.1 -1.0 -5.0 -4.9 -3.9 -2.0 -0.2 24 7.4 19.9 -0.6 3.3 8.2 -4.8 -4.1 -0.3 0.5 25 0.6 -0.7 -1.6 -2.3 -1.0 0.7 0.6 1.3 26 0.5 0.5 0.3 Addenda: 27 Gross domestic income (GDI) 1 2.5 2.6 1.7 2.1 1.5 -7.7 -3.0 0.1 0.7 11.1 6.5 4.1 3.8 2.8 2.3 ......... 27 28 Average of GDP and GDI 2.4 2.4 2.0 2.3 1.2 -8.0 -2.5 -0.7 0.9 11.8 5.7 4.9 3.7 2.3 2.1 ......... 28 29 Final sales of domestic product 1.8 1.7 2.5 3.0 1.5 -6.7 -1.9 -1.8 1.5 11.5 5.3 4.8 2.1 0.5 1.5 1.3 29 30 Gross domestic purchases 2.4 2.5 2.3 2.1 0.5 -8.5 -1.5 -0.3 2.6 13.9 5.9 6.2 4.8 2.5 1.7 0.6 30 31 Final sales to domestic purchasers 2.1 2.2 2.4 2.5 1.2 -6.9 -1.4 -0.6 2.9 13.0 6.2 5.4 3.3 1.3 1.2 0.9 31 32 Final sales to private domestic purchasers 2.0 1.9 2.2 2.2 0.7 -9.1 -2.0 -0.9 3.1 16.2 7.4 6.4 4.3 1.8 1.6 0.9 32 33 Gross national product 2.0 2.0 2.3 2.4 0.7 -8.8 -2.4 -1.9 0.9 12.2 4.7 5.7 3.6 2.0 1.9 ......... 33 Real disposable personal income 4.4 3.5 3.2 2.8 2.1 12.3 6.9 3.7 14.5 -4.4 -1.5 -0.4 -12.8 -5.6 -3.8 -1.4 34 34 Price indexes: 35 36 Gross domestic purchases Gross domestic purchases excluding 1.7 1.6 1.5 1.4 1.5 0.7 1.3 1.5 2.2 4.0 4.7 5.8 6.7 7.3 7.0 6.2 35 1.9 1.7 1.6 1.4 1.6 1.0 1.4 1.7 2.2 3.7 4.3 5.3 6.0 6.3 6.2 5.7 36 37 food and energy 2 GDP 2.0 1.8 1.7 1.6 1.7 0.8 1.3 1.6 2.4 4.4 5.0 6.1 6.9 7.6 7.1 6.4 37 38 GDP excluding food and energy 2 2.2 2.0 1.9 1.7 1.8 1.0 1.4 1.7 2.3 3.9 4.5 5.5 6.1 6.4 6.3 5.8 38 39 PCE 1.5 1.6 1.5 1.5 1.6 0.5 1.1 1.2 1.9 4.0 4.5 5.7 6.4 6.6 6.3 5.7 39 40 PCE excluding food and energy 2 1.7 1.7 1.8 1.6 1.7 0.9 1.3 1.4 1.7 3.5 3.9 4.7 5.3 5.0 4.9 4.8 40 41 Market-based PCE 3 Market-based PCE excluding food and energy 2,3 1.3 1.3 1.2 1.3 1.4 0.6 1.1 1.0 1.7 3.4 4.0 5.3 6.3 6.9 6.7 6.0 41 1.6 1.5 1.6 1.5 1.5 1.1 1.4 1.3 1.5 2.7 3.2 4.1 5.0 5.0 5.2 5.1 42 42 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. 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 - 14 - February 23, 2023 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2020 2021 2022 r 2021 Q4 1 Gross domestic product (GDP) 2 Plus: Income receipts from the rest of the world Line 2022 Q1 Q2 Q3 r Q4 r 21,060.5 23,315.1 25,464.5 24,349.1 24,740.5 25,248.5 25,723.9 26,145.0 1 971.3 1,087.0 ............... 1,120.9 1,147.1 1,231.3 1,292.1 ............... 2 774.3 913.9 ............... 939.5 958.4 1,023.3 1,130.6 ............... 3 3 Less: Income payments to the rest of the world 4 Equals: Gross national product 5 Less: Consumption of fixed capital 21,257.4 23,488.2 ............... 24,530.6 24,929.2 25,456.4 25,885.4 ............... 6 Less: Statistical discrepancy 7 Equals: National income 8 Compensation of employees 17,894.6 19,785.5 ............... 20,669.9 21,092.6 21,483.6 21,771.0 ............... 7 11,592.7 12,538.5 13,601.5 13,044.4 13,259.7 13,415.2 13,755.0 13,975.9 8 9 Wages and salaries 9,457.4 10,290.1 11,224.3 10,748.4 10,925.5 11,058.0 11,361.0 11,552.5 9 10 11 Supplements to wages and salaries 2,135.4 2,248.4 2,377.2 2,296.0 2,334.2 2,357.1 2,394.0 2,423.4 10 1,643.1 1,753.6 1,848.5 1,789.8 1,811.4 1,835.4 1,863.5 1,883.5 11 719.8 723.8 781.3 739.6 744.9 775.9 794.9 809.4 12 2,771.1 ............... 12 13 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 3,577.8 -214.9 2,260.1 3,831.6 4,284.4 3,984.9 4,113.6 4,242.1 -128.9 ............... -124.2 -277.0 -269.3 4,358.1 4 4,423.9 5 -243.7 ............... 6 2,865.9 2,869.6 3,001.3 14 Net interest and miscellaneous payments 665.8 644.1 545.2 621.5 630.2 608.2 3,000.0 ............... 13 515.7 426.6 14 15 Taxes on production and imports less subsidies 869.0 1,181.5 1,650.4 1,424.3 1,604.9 1,652.0 1,670.6 1,674.0 15 16 Business current transfer payments (net) 144.1 171.0 183.3 178.8 170.1 198.7 177.7 186.9 16 17 Current surplus of government enterprises -0.1 2.1 -3.4 5.8 1.8 -3.0 -6.4 -6.0 17 Addenda: 18 Gross domestic income (GDI) 21,275.4 23,444.0 ............... 24,473.3 25,017.5 25,517.8 25,967.6 ............... 18 19 Average of GDP and GDI 21,167.9 23,379.6 ............... 24,411.2 24,879.0 25,383.1 25,845.8 ............... 19 20 Statistical discrepancy as a percentage of GDP -1.0 -0.6 ............... r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. Source: U.S. Bureau of Economic Analysis - 15 - -0.5 -1.1 -1.1 -0.9 ............... 20 February 23, 2023 Table 8. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2020 2021 2022 r 2021 Q4 1 1 Personal income 2 Compensation of employees Line 2022 Q1 Q2 Q3 r Q4 r 19,832.3 21,294.8 21,806.3 21,162.1 21,319.8 21,578.3 21,969.5 22,357.6 1 11,592.7 12,538.5 13,601.5 13,044.4 13,259.7 13,415.2 13,755.0 13,975.9 2 3 Wages and salaries 9,457.4 10,290.1 11,224.3 10,748.4 10,925.5 11,058.0 11,361.0 11,552.5 3 4 5 Supplements to wages and salaries 2,135.4 2,248.4 2,377.2 2,296.0 2,334.2 2,357.1 2,394.0 2,423.4 4 1,643.1 1,753.6 1,848.5 1,789.8 1,811.4 1,835.4 1,863.5 1,883.5 5 45.2 51.3 91.7 43.9 74.4 95.7 95.9 100.6 6 1,597.9 1,702.2 1,756.8 1,745.9 1,737.0 1,739.7 1,767.6 1,782.9 7 Proprietors' income with inventory valuation and capital consumption adjustments 6 Farm 7 8 Nonfarm 9 Rental income of persons with capital consumption adjustment Personal income receipts on assets 719.8 723.8 781.3 739.6 744.9 775.9 794.9 809.4 8 3,095.4 3,202.4 3,341.6 3,258.5 3,269.9 3,323.0 3,358.8 3,414.8 9 10 Personal interest income 1,647.3 1,658.6 1,724.8 1,657.5 1,670.8 1,708.6 1,738.1 1,781.7 10 11 Personal dividend income 1,448.1 1,543.9 1,616.8 1,601.0 1,599.1 1,614.4 1,620.7 1,633.1 11 4,231.2 4,617.3 3,910.0 3,925.7 3,868.7 3,883.2 3,892.8 3,995.4 12 12 13 Personal current transfer receipts 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 1,450.0 1,540.8 1,676.6 1,595.8 1,634.7 1,654.4 1,695.6 1,721.6 13 2,236.4 2,661.7 3,200.7 2,806.1 3,145.5 3,188.5 3,236.5 3,232.5 14 17,595.9 18,633.1 18,605.6 18,356.1 18,174.4 18,389.8 18,733.0 19,125.1 15 14,603.6 16,389.8 17,920.7 17,019.0 17,389.5 17,798.7 18,124.5 18,370.1 16 2,992.3 2,243.4 684.9 1,337.1 784.9 591.1 608.5 755.0 17 17.0 12.0 3.7 7.3 4.3 3.2 3.2 3.9 18 14,036.8 14,424.3 14,569.6 14,589.6 14,507.5 14,453.7 14,610.2 14,706.9 19 15,831.6 16,115.7 15,147.0 15,537.3 15,108.8 15,021.2 15,140.6 15,318.0 20 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. 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 - 16 - February 23, 2023 Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Seasonally adjusted at annual rates 2020 2021 2022 r Line 2019 Q1 Q2 2020 Q3 Q4 Q1 Q2 2021 Q3 Q4 Q1 Q2 Line 2022 Q3 Q4 Q1 Q2 Q3 Q4 r Percent change from preceding period Gross domestic product (GDP) and related aggregates: 1 GDP -2.8 5.9 2.1 2.2 2.7 3.6 1.8 -4.6 -29.9 35.3 3.9 6.3 7.0 2.7 7.0 -1.6 -0.6 3.2 2.7 1 2 Goods 0.7 9.8 3.0 4.5 0.3 5.4 1.7 -2.5 -30.1 72.5 1.4 7.8 9.5 -0.3 18.6 -5.4 -3.0 7.3 5.5 2 3 Services -4.7 4.7 3.2 1.0 2.9 2.3 2.4 -7.5 -29.8 22.6 3.3 5.9 7.7 5.4 3.2 1.0 3.1 3.9 3.1 3 4 Structures -0.4 1.6 -8.6 2.9 10.1 6.7 -2.6 9.9 -29.7 16.5 17.5 4.2 -5.8 -5.2 -5.2 -4.9 -15.3 -14.6 -10.7 4 5 6 Motor vehicle output -14.1 8.3 -1.1 -10.4 5.3 6.0 -14.5 -32.2 -87.0 1,300.5 -20.5 4.7 -7.8 -43.5 48.2 -3.6 -3.8 2.6 10.6 5 -2.4 5.9 2.1 2.6 2.6 3.5 2.3 -3.8 -27.4 28.5 4.7 6.3 7.4 4.2 6.1 -1.6 -0.5 3.3 2.5 6 -3.5 7.8 2.3 3.0 2.9 4.3 1.8 -6.7 -35.0 47.2 5.3 8.5 8.9 2.7 9.1 -2.5 -1.2 3.6 3.1 7 6.3 7.0 2.7 7.0 -1.6 -0.6 3.2 2.7 8 9 7 GDP excluding motor vehicle output Nonfarm business gross value added 1 Contributions to percent change in real gross domestic product Percent change at annual rate: 8 Gross domestic product -2.8 5.9 2.1 2.2 2.7 3.6 1.8 -4.6 -29.9 35.3 3.9 Percentage points at annual rates: 9 Goods 0.20 2.94 0.95 1.33 0.10 1.59 0.52 -0.70 -7.99 19.61 0.52 2.50 3.01 -0.02 5.52 -1.76 -0.96 2.28 1.74 10 Services -2.94 2.87 1.92 0.61 1.79 1.45 1.49 -4.75 -18.98 14.16 1.97 3.46 4.54 1.91 2.30 1.87 10 11 Structures -0.03 0.14 -0.80 0.24 0.83 0.57 -0.22 1.55 1.42 12 Motor vehicle output -0.39 0.20 -0.02 -0.31 0.14 0.16 -0.43 -0.98 -3.86 0.83 -2.88 r Revised 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 - 17 - 5.92 -0.64 3.16 0.57 1.83 0.35 -0.55 -0.49 -0.47 -0.44 -1.44 -1.34 -0.93 11 0.12 -0.22 -1.42 0.98 -0.10 -0.10 0.07 0.27 12 Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Billions of chained (2012) dollars at quarterly rates Line 2020 Q3 1 Gross domestic product (GDP) 2 Personal consumption expenditures Gross private domestic investment Net exports of goods and services 3 4 5 6 7 Exports Imports Government consumption expenditures and gross investment 2021 Q4 Q1 Q2 Percent change from quarter one year ago 2022 Q3 Q4 Q1 Q2 2020 Q3 r Q4 r Q4 2021 Q1 Q2 Line 2022 Q3 Q4 Q1 Q2 Q3 r Q4 r 4,701.1 4,843.7 4,691.6 4,890.8 4,916.4 5,111.0 4,855.9 4,985.8 5,018.1 5,165.1 -1.2 1.4 12.8 4.6 5.5 3.5 1.9 2.1 1.1 1 3,212.1 3,369.1 3,252.5 3,447.7 3,452.0 3,601.9 3,396.8 3,535.5 3,539.0 3,669.8 -1.1 2.7 16.8 7.5 6.9 4.4 2.5 2.5 1.9 2 1.5 21.2 5.1 10.0 10.7 7.9 1.8 -4.7 3 -266.9 -277.8 -260.9 -301.0 -343.8 -327.7 -337.4 -361.7 -348.2 -304.0 ......... ......... ......... ......... ......... ......... ......... ......... ......... 4 542.4 597.4 567.3 587.8 578.2 633.5 594.7 628.4 644.8 664.2 -9.1 -6.0 20.4 809.3 875.3 828.2 888.8 922.0 961.2 932.0 990.1 993.0 968.2 1.0 4.6 31.1 13.9 858.5 865.3 845.2 867.3 855.4 858.3 840.5 855.9 852.3 869.2 1.7 3.1 888.2 874.7 845.1 862.1 934.0 961.9 935.5 930.6 950.8 916.2 2.6 6.6 6.0 4.8 6.9 11.5 4.8 5 7.7 0.7 6 0.5 -0.4 -0.8 -0.6 -1.3 -0.4 1.3 7 9.8 12.5 11.4 Addenda: Current dollar measures: (Billions of dollars) 8 GDP 5,349.4 5,539.4 5,444.4 5,784.8 5,883.2 6,203.4 6,010.7 6,353.0 6,439.2 6,665.0 0.5 3.6 17.3 10.0 12.0 10.4 9 Gross domestic income 5,185.8 5,689.9 5,598.9 5,690.5 5,860.8 6,293.8 6,234.8 6,266.1 6,396.8 ............. 2.8 1.3 16.8 13.0 10.6 11.4 10.1 r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the third quarter of 2022. Source: U.S. Bureau of Economic Analysis - 18 - 9.8 9.5 7.4 8 9.1 ......... 9
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