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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Thursday, March 30, 2023 Technical: Media: Lisa Mataloni (GDP) Kate Pinard (Corporate Profits) Connie O'Connell (301) 278-9083 (301) 278-9417 (301) 278-9003 BEA 23–12 gdpniwd@bea.gov cpniwd@bea.gov Connie.OConnell@bea.gov Gross Domestic Product (Third Estimate), Corporate Profits, and GDP by Industry, Fourth Quarter and Year 2022 Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the fourth quarter of 2022 (table 1), according to the "third" 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 "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.7 percent. The revision primarily reflected downward revisions to exports and consumer spending (refer to "Updates to GDP"). Imports, which are a subtraction in the calculation of GDP, were revised down. 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 primarily 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 (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 structures and intellectual property products (mainly software) were partly offset by a decrease in equipment. The increase in federal government spending was led by nondefense spending. The increase in state and local government spending primarily reflected an increase in the 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, both goods (led by durable consumer goods) and services (led by transport) decreased. Real GDP decelerated in the fourth quarter, increasing 2.6 percent after increasing 3.2 percent in the third quarter. The deceleration 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 6.6 percent at an annual rate in the fourth quarter, or $414.1 billion, to a level of $26.14 trillion, a downward revision of 0.1 percentage point, or $7.0 billion, from the previous estimate (tables 1 and 3). More information on the source data that underlie the estimates is available in the "Key Source Data and Assumptions" file on BEA’s website. The price index for gross domestic purchases increased 3.6 percent in the fourth quarter, the same as previously estimated (table 4). The PCE price index increased 3.7 percent, the same as previously estimated. Excluding food and energy prices, the PCE price index increased 4.4 percent, an upward revision of 0.1 percentage point. Personal Income Current-dollar personal income increased $398.8 billion in the fourth quarter, an upward revision of $10.8 billion. 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 $403.0 billion, or 8.9 percent, an upward revision of $10.9 billion from the previous estimate. Real disposable personal income increased 5.0 percent, an upward revision of 0.2 percentage point from the previous estimate. Personal saving was $758.8 billion in the fourth quarter, an upward revision of $3.8 billion from the previous estimate. The personal saving rate—personal saving as a percentage of disposable personal income—was 4.0 percent, an upward revision of 0.1 percentage point from the previous estimate. -2- Gross Domestic Income and Corporate Profits Real gross domestic income (GDI) decreased 1.1 percent in the fourth quarter, in contrast to an increase of 2.8 percent in the third quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 0.7 percent in the fourth quarter, compared with an increase of 3.0 percent in the third quarter (table 1). Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) decreased $60.5 billion in the fourth quarter, compared with a decrease of $1.3 billion in the third quarter (table 10). Profits of domestic financial corporations decreased $59.0 billion in the fourth quarter, compared with a decrease of $1.8 billion in the third quarter. Profits of domestic nonfinancial corporations decreased $22.9 billion, in contrast to an increase of $16.1 billion. Rest-of-the-world profits increased $21.4 billion, in contrast to a decrease of $15.5 billion. In the fourth quarter, receipts increased $7.2 billion, and payments decreased $14.2 billion. Updates to GDP With the third estimate, downward revisions to exports and consumer spending were partly offset by upward revisions to nonresidential fixed investment, residential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, were revised down. 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 Real GDI Average of Real GDP and Real GDI Gross domestic purchases price index PCE price index PCE price index excluding food and energy Advance Estimate Second Estimate Third Estimate (Percent change from preceding quarter) 2.9 2.7 2.6 6.5 6.7 6.6 … … -1.1 … … 0.7 3.2 3.6 3.6 3.2 3.7 3.7 3.9 4.3 4.4 -3- Real GDP by Industry Today’s release includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. In the fourth quarter, private goods-producing industries increased 4.0 percent, private services-producing industries increased 2.3 percent, and government increased 2.1 percent (table 12). Overall, 17 of 22 industry groups contributed to the fourth-quarter increase in real GDP. • • • Within private goods-producing industries, the increase was led by durable goods manufacturing and mining. Partly offsetting these increases was a decrease in construction. Percent Change Within private services-producing industries, the leading contributors to the increase were professional, scientific, and technical services; retail trade; health care and social assistance; and information. Notable offsets include decreases in finance and insurance as well as real estate and rental and leasing. Real GDP by Industry 10 8 6 4 2 0 -2 -4 -6 -8 -10 -12 GDP Private Goods Private Services Government 2021:Q4 2022:Q1 U.S. Bureau of Economic Analysis 2022:Q2 2022:Q3 2022:Q4 Seasonally adjusted annual rates The increase in government reflected increases in both federal government as well as state and local government. Contributions to Percent Change in Real GDP by Industry Group, 2022:Q4 Real GDP increased 2.6 percent Private goods Professional, scientific, and technical services Retail trade Durable goods manufacturing Mining Health care and social assistance Information Management of companies and enterprises Wholesale trade Transportation and warehousing State and local government Federal government Arts, entertainment, and recreation Educational services Nondurable goods manufacturing Utilities Agriculture, forestry, fishing, and hunting Other services, except government Administrative and waste management services Accommodation and food services Construction Real estate and rental and leasing Finance and insurance Private services Government 0.62 0.46 0.44 0.36 0.34 0.34 0.20 0.20 0.16 0.12 0.11 0.06 0.06 0.04 0.03 0.02 0.00 -0.02 -0.08 -0.14 -0.29 -0.46 Percentage points Seasonally adjusted annual rates U.S. Bureau of Economic Analysis -4- Gross Output by Industry Real gross output—principally a measure of an industry’s sales or receipts, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased 1.0 percent. In the fourth quarter, private goods-producing industries increased 2.4 percent, private servicesproducing industries increased 0.1 percent, and government increased 3.4 percent (table 16). Overall, 11 of 22 industry groups contributed to the increase in real gross output. 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. 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. -5- Gross Domestic Income and Corporate Profits for 2022 Real GDI increased 2.3 percent in 2022, compared with an increase of 5.5 percent in 2021 (table 1). The average of real GDP and real GDI increased 2.2 percent in 2022, compared with an increase of 5.7 percent in 2021. In 2022, profits from current production increased $181.5 billion, compared with an increase of $511.0 billion in 2021. Profits of domestic financial corporations decreased $52.0 billion, in contrast to an increase of $69.0 billion (table 10). Profits of domestic nonfinancial corporations increased $192.3 billion, compared with an increase of $459.2 billion. Rest-of-the-world profits increased $41.2 billion, in contrast to a decrease of $17.3 billion. Advance Estimate Second Estimate (Percent change from 2021 annual level to 2022 annual level) Real GDP 2.1 2.1 Current-dollar GDP 9.2 9.2 Real GDI … … Average of Real GDP and Real GDI … … Gross domestic purchases price index 6.8 6.8 PCE price index 6.2 6.3 PCE price index excluding food and energy 5.0 5.0 (Percent change from fourth quarter 2021 to fourth quarter 2022) Real GDP 1.0 0.9 Real GDI … … Average of Real GDP and Real GDI … … Gross domestic purchases price index 6.1 6.2 PCE price index 5.5 5.7 PCE price index excluding food and energy 4.7 4.8 Third Estimate 2.1 9.2 2.3 2.2 6.8 6.3 5.0 0.9 0.4 0.6 6.2 5.7 4.8 Real GDP by Industry for 2022 In 2022, private goods-producing industries decreased 2.8 percent, private services-producing industries increased 3.4 percent, and government increased 1.3 percent. Overall, 15 of 22 industry groups contributed to the increase in real GDP (table 13). -6- • • • Within private goods-producing industries the leading contributor to the decrease was construction. Real GDP by Industry Percent Change Within private services-producing industries, an increase in professional, scientific, and technical services was partly offset by a decrease in retail trade. The increase in government reflected an increase in state and local government. 10 8 6 4 2 0 -2 -4 -6 -8 -10 -12 GDP Private Goods Private Services Government 2018 2019 2020 2021 2022 U.S. Bureau of Economic Analysis Contributions to Percent Change in Real GDP by Industry Group, 2022 Real GDP increased 2.1 percent Private goods Professional, scientific, and technical services Information Real estate and rental and leasing Administrative and waste management services Health care and social assistance Arts, entertainment, and recreation State and local government Accommodation and food services Durable goods manufacturing Management of companies and enterprises Other services, except government Transportation and warehousing Finance and insurance Educational services Wholesale trade Federal government Agriculture, forestry, fishing, and hunting Utilities Nondurable goods manufacturing Mining Retail trade Construction Private services Government 0.00 -0.03 -0.04 -0.11 -0.18 -0.22 -0.43 0.20 0.16 0.16 0.15 0.14 0.08 0.07 0.06 0.05 0.02 0.30 0.29 0.43 0.42 Percentage points U.S. Bureau of Economic Analysis Real gross output increased 2.8 percent. In 2022, private goods-producing industries decreased 0.6 percent, private services-producing industries increased 4.3 percent, and government increased 1.0 percent (table 16). Overall, 17 of 22 industry groups contributed to the increase in real gross output. * * * Next release: April 27, 2023, at 8:30 a.m. EDT Gross Domestic Product (Advance Estimate) -7- 0.55 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 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. -8- 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. 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. Vintage 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 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. -9- 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 Table 9. Corporate Profits: Level and Percent Change Table 10. Corporate Profits by Industry: Level and Change from Preceding Period Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Table 12. Real Gross Domestic Product by Industry Group: Percent Change from Preceding Period Table 13. Contributions to Percent Change in Real Gross Domestic Product by Industry Group Table 14. Gross Domestic Product by Industry Group: Level and Change from Preceding Period Table 15. Price Indexes for Gross Domestic Product by Industry Group: Percent Change from Preceding Period Table 16. Real Gross Output by Industry Group: Percent Change from Preceding Period Table 17. Gross Output by Industry Group: Level and Change from Preceding Period Table 18. Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period 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 - 10 - March 30, 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 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 2.6 2 Personal consumption expenditures -3.0 8.3 2.7 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 1.0 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 -0.1 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 0.6 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 1.6 6 7 Gross private domestic investment -5.3 9.0 4.0 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 4.5 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 -3.8 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 -6.6 11 Equipment -10.5 10.3 12 Intellectual property products 13 14 Residential 3.9 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 8.8 3.6 7.3 7.3 9.3 7.2 10.7 -10.6 -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 -1.3 1 2.7 6 10.0 18.5 -0.4 -3.5 0.0 -10.7 6.3 2022 2.1 4.6 0.1 6.2 4.0 1.9 -2.5 -6.7 -12.7 -4.3 -12.7 -3.6 15.8 10 6.1 14.0 -2.2 8.3 15.6 12.6 7.4 1.6 11.4 -2.0 10.6 -3.5 11 8.1 10.8 8.9 6.8 6.2 12 61.6 33.4 11.6 -4.9 -5.8 -1.1 -3.1 -17.8 -27.1 -25.1 13 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ........... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ........... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 16 17 18 19 20 Exports -13.2 6.1 7.1 4.8 -2.3 0.0 0.4 4.9 -1.1 23.5 -4.6 13.8 14.6 -3.7 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 8.7 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 8.1 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 -5.9 20 -22.0 12.3 14.2 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 0.7 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 5.0 18 9.1 16.6 -0.8 -3.7 21 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 -5.5 19 1.4 7.4 -1.1 -9.2 4.5 -1.6 -0.4 -0.6 3.7 3.8 22 3.7 5.8 23 4.7 2.3 24 2.5 10.6 25 3.7 2.6 26 Addenda: 27 Gross domestic income (GDI) 1 -2.3 5.5 2.3 2.0 1.2 1.6 3.6 -0.4 -30.6 23.8 17.2 2.0 3.1 4.6 6.7 28 Average of GDP and GDI -2.5 5.7 2.2 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 0.7 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 4.5 1.1 29 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 0.0 32 33 Final sales to private domestic purchasers Gross national product (GNP) -3.1 5.7 2.0 2.3 2.7 3.4 1.3 -4.6 -30.8 35.7 3.1 3.0 7.1 -1.6 -0.3 2.4 2.4 33 34 Disposable personal income 6.2 1.8 -6.0 5.3 0.0 3.3 2.6 2.4 46.5 -15.3 -9.0 52.4 -28.8 -4.6 -4.9 -10.6 -2.3 3.2 5.0 34 6.9 5.9 0.8 -0.8 1.3 2.8 -1.1 27 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 6.6 35 36 GDI -1.0 10.2 9.5 3.6 3.5 2.9 5.1 28.2 20.2 7.1 9.6 11.1 14.0 9.2 8.2 7.2 2.7 36 37 Average of GDP and GDI -1.2 10.4 9.3 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 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 1.3 -31.7 6.6 11.7 13.8 6.3 14.8 14.9 7.1 8.8 8.4 7.5 4.6 37 6.4 10.5 9.1 5.1 38 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 9.7 14.2 9.7 6.8 5.1 5.8 39 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 7.5 15.1 14.8 7.8 8.9 9.5 8.7 6.3 4.4 40 -1.7 12.5 9.0 1.6 5.8 4.6 2.7 -4.1 -32.2 44.3 8.4 15.4 17.3 8.2 9.5 10.2 3.8 41 42 Final sales to private domestic purchasers GNP -1.9 10.5 9.2 3.9 5.0 4.7 2.8 -3.0 -31.8 40.5 5.8 12.3 12.7 9.4 14.4 43 Disposable personal income 5.9 -0.1 6.1 2.4 4.4 4.1 7.4 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis - 11 - 3.9 43.8 -12.4 -7.5 59.2 -24.2 0.8 8.5 6.1 6.7 8.7 6.9 6.4 42 1.0 -3.9 4.8 7.7 8.9 43 March 30, 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 1.85 -0.11 -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 1.96 1.92 0.14 0.34 0.19 0.25 0.44 0.11 0.45 -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 0.04 -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 2.6 1 1.54 -0.08 -0.07 -0.38 0.05 0.23 0.70 -0.01 -0.11 0.11 -0.01 -0.08 2 3 4 5 6 7 1.44 0.09 0.40 0.27 0.09 0.07 0.03 0.05 0.02 -0.13 4.63 0.02 2.05 1.74 0.26 0.12 -0.66 -0.37 -0.01 0.09 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 0.00 0.01 0.03 0.06 0.72 1.01 0.25 0.70 -0.06 0.11 0.11 -0.11 0.01 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 -0.30 23 0.86 0.61 -0.53 0.29 0.10 0.34 -0.13 -0.01 0.50 0.19 24 -0.13 0.07 0.13 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 0.09 0.72 -0.03 0.50 -0.17 0.22 0.10 0.07 0.05 0.01 0.46 0.25 0.14 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 0.48 25 -9.65 12.69 3.07 -0.82 0.30 1.78 5.14 0.98 -2.83 -1.80 0.79 26 -5.30 5.12 2.76 1.70 1.05 -0.18 0.12 0.83 -0.92 -0.62 -0.68 27 -4.12 2.91 1.46 1.18 1.29 0.10 0.17 0.98 0.01 0.80 0.52 28 -1.60 -0.32 0.02 0.04 -0.08 -0.18 -0.35 -0.11 -0.34 -0.09 0.38 29 -2.05 2.69 1.02 0.36 0.73 -0.09 0.10 0.55 -0.11 0.53 -0.18 30 0.40 0.63 0.14 0.18 0.01 -0.07 0.34 0.29 -0.12 0.16 -0.48 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 0.33 35 -0.04 0.24 0.21 0.50 0.28 0.18 0.10 0.38 0.22 0.32 0.29 36 -0.33 0.35 0.21 0.31 0.33 0.14 0.23 0.14 0.15 -0.03 0.03 37 -0.09 -0.05 0.01 -0.03 0.02 0.06 0.08 0.02 0.09 0.08 0.01 38 -1.18 2.21 1.30 0.52 -0.24 -0.29 -0.05 -0.15 -0.93 -1.42 -1.20 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 0.79 0.49 0.30 -1.19 -0.85 -0.34 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 1.40 0.42 -0.44 -0.62 0.18 0.86 0.76 0.10 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 0.65 0.37 0.08 0.05 0.03 0.29 0.22 0.06 0.29 0.17 0.11 50 51 52 53 54 55 56 57 58 59 60 r Revised Source: U.S. Bureau of Economic Analysis Q4 - 12 - March 30, 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 Change from preceding period Seasonally adjusted at annual rates 2022 2022 r 2021 2022 r r Gross domestic product (GDP) Q4 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 25,462.7 24,349.1 24,740.5 25,248.5 25,723.9 26,138.0 20,014.1 20,006.2 19,924.1 19,895.3 20,054.7 20,182.5 2 Personal consumption expenditures 17,357.2 16,518.0 16,874.8 17,261.3 17,542.7 17,749.9 14,130.3 13,981.5 14,028.4 14,099.5 14,178.6 14,214.9 1 3 4 9 10 Q4 127.8 1 376.2 79.1 36.3 2 5,953.6 5,988.6 5,980.0 5,535.9 5,566.7 5,565.7 5,529.6 5,524.5 5,523.6 -26.1 -5.1 -0.9 3 2,185.5 2,101.6 2,183.9 2,181.8 2,195.8 2,180.4 2,259.0 2,233.5 2,275.1 2,259.2 2,254.4 2,247.3 -9.8 -4.8 -7.2 4 Motor vehicles and parts 723.2 695.0 737.1 724.5 713.1 717.8 574.7 573.6 594.7 578.7 559.8 565.5 -39.3 -19.0 5.8 5 Furnishings and durable household equipment 525.7 499.5 516.8 525.1 532.8 528.0 519.4 522.5 518.4 517.6 521.0 520.5 -16.1 3.3 -0.4 6 645.5 291.1 623.6 283.5 641.4 288.6 640.5 291.7 655.4 294.5 644.8 289.7 900.9 341.1 867.9 338.0 890.1 340.2 893.2 343.8 913.7 345.2 906.6 335.1 54.5 14.5 20.5 1.4 -7.2 -10.2 7 8 3,755.9 3,572.1 3,659.3 3,771.9 3,792.7 3,799.6 3,319.6 3,371.7 3,334.1 3,313.5 3,312.7 3,317.9 -16.6 -0.8 5.2 9 1,277.6 491.4 1,239.0 472.8 1,248.5 480.5 1,260.4 488.6 1,289.9 498.9 1,311.5 497.8 1,038.3 492.4 1,083.3 490.9 1,062.7 485.1 1,035.3 489.9 1,027.6 496.9 1,027.6 497.7 -43.7 6.0 -7.6 7.0 0.0 10 0.8 11 1.5 12 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 Q3 159.4 5,843.2 Recreational goods and vehicles 8 r 404.3 5,673.7 Durable goods 7 Line 2022 5,941.3 Goods 5 6 2022 r Services Household consumption expenditures (for services) 492.8 430.6 474.5 541.0 492.3 463.6 435.4 450.2 438.4 436.0 432.9 434.3 2.4 -3.1 1,494.1 1,429.6 1,455.8 1,481.9 1,511.7 1,526.8 1,324.0 1,314.8 1,315.7 1,322.7 1,327.3 1,330.4 24.7 4.7 3.1 13 11,415.8 10,844.3 11,031.6 11,307.7 11,554.1 11,769.9 8,733.5 8,568.2 8,613.0 8,709.6 8,788.4 8,823.2 372.4 78.7 34.8 14 10,888.7 10,355.6 10,525.4 10,779.2 11,015.6 11,234.5 2,996.6 2,829.4 2,896.1 2,958.4 3,027.3 3,104.5 8,389.1 2,171.7 8,234.9 2,149.1 8,270.4 2,165.9 8,359.0 2,170.5 8,438.7 2,169.3 8,488.4 2,180.9 365.9 24.9 79.7 -1.2 49.7 15 11.5 16 16 Housing and utilities 17 Health care 2,725.9 2,650.9 2,673.4 2,684.8 2,742.8 2,802.6 2,300.3 2,276.1 2,273.5 2,276.0 2,307.0 2,344.8 68.8 30.9 37.8 17 18 Transportation services 547.3 497.0 506.6 551.6 560.6 570.5 436.3 433.1 431.5 439.0 438.8 435.8 41.1 -0.2 -2.9 18 19 20 Recreation services 615.4 579.6 590.9 610.3 622.0 638.3 482.7 469.0 471.4 481.8 486.0 491.5 47.7 4.3 5.5 19 Food services and accommodations 1,253.6 1,159.2 1,178.0 1,247.0 1,277.4 1,312.1 911.8 879.4 879.7 913.1 924.5 929.7 81.5 11.4 5.2 20 21 Financial services and insurance 1,316.9 1,433.0 1,312.1 1,327.5 1,309.8 1,370.7 1,309.1 1,418.0 1,320.9 1,464.5 1,327.7 1,478.7 892.4 1,216.3 888.4 1,157.8 884.8 1,183.2 888.9 1,209.9 900.4 1,235.8 895.6 1,236.3 18.3 94.1 11.6 26.0 -4.9 21 0.5 22 527.1 1,870.3 488.6 1,807.0 506.2 1,821.2 528.5 1,839.1 538.5 1,893.4 535.4 1,927.4 348.5 1,421.2 337.9 1,413.7 346.1 1,407.4 353.6 1,406.9 353.3 1,430.8 340.9 1,439.9 7.4 25.0 -0.3 23.9 -12.4 23 9.1 24 1,343.2 4,632.5 1,318.4 4,499.2 1,315.1 4,671.0 1,310.6 4,609.9 1,355.0 4,579.1 1,392.0 4,669.8 1,075.9 3,746.9 1,080.4 3,841.8 1,064.0 3,892.5 1,054.6 3,747.0 1,080.1 3,653.9 1,105.0 3,694.1 17.3 143.9 25.5 -93.1 24.9 25 40.3 26 -34.5 27 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 27 Fixed investment 4,473.6 4,259.2 4,413.6 4,464.6 4,508.2 4,508.0 3,569.2 3,586.2 3,628.6 3,581.9 3,550.5 3,516.0 -5.4 -31.5 28 Nonresidential 3,347.0 3,111.8 3,225.0 3,292.2 3,403.4 3,467.5 2,944.8 2,860.2 2,915.0 2,915.5 2,959.7 2,988.8 109.4 44.2 29.1 28 29 Structures 651.3 610.3 627.3 631.2 654.8 691.9 446.2 460.7 455.6 440.4 436.4 452.6 -31.3 -4.0 16.3 29 30 31 Equipment 1,322.3 1,221.2 1,277.8 1,299.5 1,352.0 1,360.1 1,274.0 1,232.0 1,265.7 1,259.1 1,291.3 1,279.8 52.1 32.1 -11.4 30 441.3 298.4 464.2 315.8 458.5 318.7 469.1 313.3 439.1 319.5 568.7 264.8 556.7 263.0 579.0 270.9 569.6 266.7 582.3 258.9 543.8 262.6 28.3 13.8 12.6 -7.8 -38.5 31 3.7 32 17.2 33 Information processing equipment 32 Industrial equipment 457.7 316.8 33 Transportation equipment 250.8 208.8 208.5 224.0 269.4 301.1 233.5 208.2 206.3 212.1 249.1 266.3 10.7 37.0 34 Other equipment 297.1 272.7 289.3 298.3 300.2 300.5 238.1 234.5 241.8 241.8 236.2 232.7 1.9 -5.6 -3.5 34 1,373.4 1,280.4 1,319.9 1,361.4 1,396.6 1,415.5 1,254.5 1,188.8 1,219.6 1,245.9 1,266.7 1,285.8 101.5 20.8 19.1 35 35 Intellectual property products 36 Software 567.2 526.5 545.1 558.9 579.3 585.6 643.7 589.7 615.7 630.9 653.5 674.5 69.4 22.6 21.0 36 37 38 Research and development 696.0 656.4 674.3 693.9 702.7 713.4 539.5 527.3 534.3 541.7 540.3 541.7 27.6 -1.5 1.5 37 110.1 1,126.6 97.5 1,147.3 100.6 1,188.6 108.7 1,172.4 114.6 1,104.8 116.4 1,040.5 91.8 643.1 84.9 710.3 86.1 704.7 90.9 671.0 94.8 620.0 95.4 576.7 11.7 -76.3 4.0 -51.0 0.6 38 -43.3 39 158.9 240.0 257.4 145.4 70.9 161.8 125.0 197.6 214.5 110.2 38.7 136.5 144.4 -71.5 97.9 40 -8.9 -4.9 -6.6 -9.5 -12.1 -7.4 -18.4 -9.8 -15.5 -19.5 -22.4 -16.3 -14.5 -2.9 6.1 41 167.8 244.9 264.1 154.9 83.0 169.2 137.6 202.2 223.6 123.6 55.5 147.7 153.6 -68.1 92.2 42 39 40 Entertainment, literary, and artistic originals Residential Change in private inventories 41 Farm 42 Nonfarm r Revised 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 - 13 - March 30, 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 2022 r r Q4 Q4 Q4 Q1 Q2 Q3 -857.1 -1,356.7 -1,297.6 -1,488.7 -1,430.5 -1,268.8 -1,238.6 2022 r Line 2022 r Q4 30.2 43 -123.3 44 Exports 2,975.8 2,733.0 2,811.2 3,038.8 3,065.0 2,988.3 2,534.4 2,465.7 2,436.9 2,516.9 2,604.1 2,579.6 167.6 87.2 -24.6 44 45 Goods 2,064.2 1,878.2 1,940.9 2,134.7 2,141.2 2,040.0 1,837.7 1,793.5 1,760.2 1,824.9 1,901.0 1,864.8 108.8 76.1 -36.2 45 46 Services 911.6 854.9 870.4 904.2 923.8 948.3 714.1 690.3 693.0 709.5 722.5 731.4 57.2 13.0 8.9 46 -975.0 Q3 -890.8 2021 Q3 161.8 43 Net exports of goods and services Q4 Q1 Q2 -914.7 -1,116.7 -1,035.6 Change from preceding period Seasonally adjusted at annual rates r 47 Imports 3,950.9 3,647.7 3,927.9 4,074.4 3,955.8 3,845.4 3,891.0 3,763.3 3,925.6 3,947.5 3,872.9 3,818.2 290.9 -74.6 -54.7 47 48 Goods 3,277.2 3,029.0 3,289.3 3,394.8 3,269.7 3,155.0 3,359.6 3,258.2 3,412.7 3,409.5 3,333.4 3,283.0 216.6 -76.1 -50.4 48 673.7 618.7 638.6 679.6 686.1 690.4 553.0 527.5 539.0 560.1 559.0 553.7 68.8 -1.1 -5.3 49 4,448.1 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 4,575.4 1,693.8 3,406.5 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 3,442.5 1,373.0 -19.8 -35.3 31.1 12.4 31.8 50 19.3 51 49 Services 50 Government consumption expenditures and gross investment 51 Federal 52 National defense 53 54 55 924.9 904.4 898.7 918.3 935.3 947.4 769.3 778.8 761.7 764.5 773.3 777.6 -22.1 8.9 4.3 52 Consumption expenditures 732.4 710.3 708.4 726.5 743.1 751.4 601.4 603.9 592.8 597.3 606.5 609.1 -15.1 9.2 2.6 53 Gross investment 192.6 194.1 190.4 191.8 192.2 196.0 168.6 176.0 169.9 167.9 167.4 169.2 -7.1 -0.5 1.8 54 721.7 708.4 714.4 704.4 721.8 746.4 583.8 590.5 588.9 574.8 578.3 593.0 -13.3 3.5 14.7 55 11.2 56 Nondefense 56 Consumption expenditures 536.6 533.4 535.2 521.8 535.1 554.5 426.3 436.2 433.2 418.9 421.0 432.2 -17.0 2.1 57 Gross investment 185.1 175.0 179.3 182.6 186.7 191.9 157.6 154.2 155.7 156.2 157.6 161.1 4.3 1.5 3.5 57 2,801.4 2,633.9 2,698.2 2,790.0 2,836.0 2,881.6 2,051.2 2,042.7 2,040.7 2,037.8 2,056.5 2,069.8 13.3 18.7 13.3 58 2,322.1 2,180.1 2,238.5 2,325.6 2,346.0 2,378.2 1,705.9 1,692.4 1,696.4 1,701.0 1,709.0 1,717.1 24.8 8.0 8.2 59 479.4 453.8 459.7 464.5 490.0 503.4 345.3 350.2 344.3 336.8 347.5 352.5 -11.5 10.6 5.1 60 ............... ............... ............... ............... ............... ............... -201.3 -159.1 -149.8 -166.2 -225.0 -264.1 .............. .............. .............. 61 58 State and local 59 Consumption expenditures 60 Gross investment 61 Residual Addenda: 62 1 63 Gross domestic income (GDI) Average of GDP and GDI 64 Final sales of domestic product 25,661.5 24,473.3 25,017.5 25,517.8 25,967.6 26143 20,170.3 20,108.2 20,147.2 20,107.5 20,244.6 20186.4 452.1 137.2 25,562.1 24,411.2 24,879.0 25,383.1 25,845.8 26140.5 20,092.2 20,057.2 20,035.6 20,001.4 20,149.6 20184.4 428.2 148.3 -58.3 62 34.8 63 25,303.8 24,109.1 24,483.1 25,103.1 25,653.0 25,976.2 19,842.1 19,759.2 19,669.8 19,735.9 19,954.2 20,008.4 260.8 218.3 54.2 64 65 Gross domestic purchases 26,437.8 25,263.8 25,857.2 26,284.0 26,614.8 26,995.1 21,267.5 21,221.1 21,297.3 21,208.9 21,227.1 21,336.6 492.7 18.2 109.5 65 66 Final sales to domestic purchasers 26,278.9 25,023.8 25,599.7 26,138.7 26,543.9 26,833.3 21,093.1 20,970.1 21,038.4 21,047.3 21,126.2 21,160.5 345.9 78.9 34.2 66 67 369.7 46.7 0.9 67 404.3 159.4 127.8 68 77.2 36.5 39.7 69 71 Final sales to private domestic purchasers 21,830.8 20,777.1 21,288.4 21,725.9 22,050.8 22,257.9 17,698.2 17,567.4 17,656.9 17,680.5 17,727.2 17,728.1 GDP 25,462.7 24,349.1 24,740.5 25,248.5 25,723.9 26,138.0 20,014.1 20,006.2 19,924.1 19,895.3 20,054.7 20,182.5 Plus: Income receipts from the rest of the world 1,256.2 1,120.9 1,147.1 1,231.3 1,292.1 1354.6 1,006.7 937.1 942.3 990.6 1,027.1 1066.7 Less: Income payments to the rest of the world 1,078.8 939.5 958.4 1,023.3 1,130.6 1203.1 864.3 785.5 787.4 823.4 898.8 947.5 25,640.1 24,530.6 24,929.2 25,456.4 25,885.4 26289.5 20,158.2 20,159.3 20,080.4 20,063.7 20,184.9 20303.9 Equals: Gross national product 82.8 398.9 75.4 121.3 48.7 70 119.0 71 72 Net domestic product 298.6 133.2 102.5 72 68 69 70 21,178.0 20,364.3 20,626.9 21,006.4 21,365.8 21,712.9 16,601.4 16,659.7 16,551.0 16,495.3 16,628.5 16,731.0 r Revised 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 - 14 - March 30, 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 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 0.3 -1.1 -1.9 -2.6 -1.2 -2.7 4.8 2.1 1 3 Goods 1.8 -1.4 1 4 Durable goods -0.9 5.6 6.5 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 6.0 6 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 3.3 7 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 4.0 8 2.0 -0.1 1.4 0.7 0.4 4.6 7.7 7.6 3.6 9 0.0 -1.6 1.3 8.1 10.2 22.8 16.7 17.5 20.1 6 Services 7 Gross private domestic investment 8 Fixed investment 1.4 4.0 8.4 0.0 8.3 2.4 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 13.9 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 Residential 2.1 2.5 3.6 -4.4 1.3 6.9 8.5 7.7 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 6.1 11 5.1 13 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 15 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 14 16 17 18 19 20 Exports -2.4 11.5 Goods Services Imports Goods Services 21 22 Government consumption expenditures and gross investment 23 Federal 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 -6.1 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 -11.0 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 -5.5 19 5.8 6.0 1.3 5.7 18 -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 -7.9 20 0.7 5.1 6.1 1.2 1.0 -1.0 1.6 1.6 -4.4 5.0 4.3 5.0 8.8 6.5 4.8 4.1 10.0 4.7 6.6 21 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 3.6 22 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 3.2 23 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 3.4 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 3.9 26 24 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 3.8 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 7.0 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 3.9 31 32 33 GDP excluding food and energy 1 Gross domestic purchases excluding 1.5 4.1 6.2 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 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 4.4 34 Market-based PCE 2 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 PCE excluding food and energy 35 36 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 7.0 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 3.9 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 - 15 - March 30, 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) 1 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 2.7 2.6 2.3 2.8 2.5 2.2 -1.4 7.2 1.7 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 -0.8 3 1 4 Durable goods 7.6 5.4 6.4 6.8 3.8 10.0 18.5 -0.4 6.0 6.3 8.2 3.7 5.7 16.2 7.0 0.6 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 -1.6 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 3.0 6 5.5 -1.0 4.1 5.7 2.8 -5.3 9.0 4.0 2.3 1.8 4.6 4.8 0.1 2.4 8.6 -3.8 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 -2.0 8 9 6 Services 7 Gross private domestic investment 8 Fixed investment 9 Nonresidential 2.3 0.9 4.1 6.5 3.6 -4.9 6.4 3.9 -0.1 2.5 5.2 5.7 2.6 -3.5 5.0 4.5 10 Structures -0.9 -4.3 4.4 4.1 2.3 -10.1 -6.4 -6.6 -7.3 3.6 0.8 1.7 6.6 -16.0 -5.2 -1.7 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 3.9 11 12 Intellectual property products 3.8 8.8 5.6 8.1 7.3 4.8 9.7 8.8 3.3 8.4 5.8 9.3 6.9 3.8 10.8 8.2 12 10.2 6.6 4.0 -0.6 -1.0 7.2 10.7 -10.6 9.2 4.0 4.6 -3.8 2.0 16.4 13 Residential -0.3 -18.8 13 Change in private inventories .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 14 15 Net exports of goods and services .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 15 14 16 Exports 0.3 0.4 4.3 2.8 0.5 -13.2 6.1 7.1 -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 8.7 1.2 -0.7 6.4 -1.8 2.4 -19.7 9.3 6.0 18 5.2 1.5 4.5 4.2 1.1 -9.0 14.1 8.1 3.3 2.2 5.3 3.3 -2.0 0.4 10.1 1.5 19 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 0.8 20 2.5 3.0 4.6 0.5 4.0 -22.0 12.3 14.2 3.1 0.3 4.7 2.4 1.6 -19.4 18.8 5.0 21 19 20 Imports Goods Services 21 22 Government consumption expenditures and gross investment 23 Federal 4.6 16 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 0.9 22 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 0.4 25 26 State and local 3.0 2.8 0.4 0.9 3.0 0.4 -0.5 0.7 2.8 2.5 0.3 0.6 4.0 -1.6 0.6 1.3 26 Addenda: 1 27 Gross domestic income (GDI) 28 Average of GDP and GDI 2.5 0.9 2.3 2.9 2.2 -2.3 5.5 2.3 1.2 1.2 2.9 2.9 2.1 0.1 4.1 0.4 27 2.6 1.3 2.3 2.9 2.3 -2.5 5.7 2.2 1.5 1.6 2.8 2.6 2.3 -0.7 4.9 0.6 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 0.5 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 34 Gross national product 2.6 1.7 2.5 2.9 2.2 -3.1 5.7 2.0 1.9 2.2 3.0 2.0 2.4 -1.9 5.7 0.7 33 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 Price indexes: 35 36 Gross domestic purchases Gross domestic purchases excluding food and energy 2 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 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 -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 5.0 42 41 42 3 Market-based PCE Market-based PCE excluding food and energy 2,3 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 - 16 - March 30, 2023 Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago 2019 Line Q1 Gross domestic product (GDP) Q2 2020 Q3 Q4 Q1 Q2 2021 Q3 Q4 Q1 Q2 2022 Q3 Q4 Q1 Q2 Q3 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 1.7 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 -0.8 3 1.4 18.2 16.2 31.4 34.6 5.9 7.0 -0.6 -3.7 0.6 4 7.0 7.2 2.4 -1.1 -1.6 -1.6 5 6 1 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 -3.8 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 -2.0 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 3.9 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 8.2 12 -3.0 -2.6 -0.3 2.0 6.8 -2.9 13 14 Residential 2.4 3.8 3.0 1 4.5 5.5 -11.6 -17.4 -16.0 -14.8 -2.6 -1.7 -5.2 -6.6 -9.2 -8.4 -1.7 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 -18.8 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 6.0 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 1.5 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 0.8 20 5.0 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 0.9 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 27 Addenda: Gross domestic income (GDI) 1 0.4 7.9 2.8 20 Imports 2.7 4.6 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 0.4 25 0.6 -0.7 -1.6 -2.3 -1.0 0.7 0.6 1.3 26 0.5 0.5 0.3 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 0.4 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 0.6 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 0.5 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 0.7 33 34 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 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 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 42 Market-based PCE excluding food and energy 2,3 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 5.0 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. Source: U.S. Bureau of Economic Analysis - 17 - March 30, 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 Line 2022 r 1 Gross domestic product (GDP) 2 Plus: Income receipts from the rest of the world 3 Less: Income payments to the rest of the world 4 Equals: Gross national product 5 Less: Consumption of fixed capital 6 Less: Statistical discrepancy Q4 Q4 Q1 Q2 Q3 21,060.5 23,315.1 25,462.7 24,349.1 24,740.5 25,248.5 25,723.9 26,138.0 1 971.3 1,087.0 1,256.2 1,120.9 1,147.1 1,231.3 1,292.1 1,354.6 2 774.3 913.9 1,078.8 939.5 958.4 1,023.3 1,130.6 1,203.1 3 21,257.4 23,488.2 25,640.1 24,530.6 24,929.2 25,456.4 25,885.4 26,289.5 4 3,577.8 3,831.6 4,284.7 3,984.9 4,113.6 4,242.1 4,358.1 4,425.1 5 -214.9 -128.9 -198.8 -124.2 -277.0 -269.3 -243.7 -5.0 6 7 Equals: National income 17,894.6 19,785.5 21,554.1 20,669.9 21,092.6 21,483.6 21,771.0 21,869.4 7 8 11,592.7 12,538.5 13,600.6 13,044.4 13,259.7 13,415.2 13,755.0 13,972.6 8 9 Compensation of employees 9 Wages and salaries 9,457.4 10,290.1 11,223.5 10,748.4 10,925.5 11,058.0 11,361.0 11,549.3 10 11 Supplements to wages and salaries 2,135.4 2,248.4 2,377.1 2,296.0 2,334.2 2,357.1 2,394.0 2,423.2 10 1,643.1 719.8 1,753.6 723.8 1,848.3 781.9 1,789.8 739.6 1,811.4 744.9 1,835.4 775.9 1,863.5 794.9 1,882.9 11 811.8 12 2,260.1 665.8 2,771.1 644.1 2,952.6 542.1 2,865.9 621.5 2,869.6 630.2 3,001.3 608.2 3,000.0 515.7 2,939.5 13 414.5 14 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 14 Net interest and miscellaneous payments 15 Taxes on production and imports less subsidies 869.0 1,181.5 1,648.7 1,424.3 1,604.9 1,652.0 1,670.6 1,667.5 15 16 Business current transfer payments (net) 144.1 171.0 183.3 178.8 170.1 198.7 177.7 186.7 16 -0.1 2.1 -3.4 5.8 1.8 -3.0 -6.4 -6.1 17 17 Current surplus of government enterprises Addenda: 18 Gross domestic income (GDI) 21,275.4 23,444.0 25,661.5 24,473.3 25,017.5 25,517.8 25,967.6 26,143.0 18 19 Average of GDP and GDI 21,167.9 23,379.6 25,562.1 24,411.2 24,879.0 25,383.1 25,845.8 26,140.5 19 20 Statistical discrepancy as a percentage of GDP -1.0 r Revised Source: U.S. Bureau of Economic Analysis - 18 - -0.6 -0.8 -0.5 -1.1 -1.1 -0.9 0.0 20 March 30, 2023 Table 8. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2020 2021 2022 r 2021 Q4 Line 2022 Q1 Q2 Q3 Q4 r 1 Personal income 1 19,832.3 21,294.8 21,809.0 21,162.1 21,319.8 21,578.3 21,969.5 22,368.3 1 2 11,592.7 12,538.5 13,600.6 13,044.4 13,259.7 13,415.2 13,755.0 13,972.6 2 Compensation of employees 3 Wages and salaries 9,457.4 10,290.1 11,223.5 10,748.4 10,925.5 11,058.0 11,361.0 11,549.3 3 4 5 Supplements to wages and salaries 2,135.4 2,248.4 2,377.1 2,296.0 2,334.2 2,357.1 2,394.0 2,423.2 4 Farm 1,643.1 45.2 1,753.6 51.3 1,848.3 91.7 1,789.8 43.9 1,811.4 74.4 1,835.4 95.7 1,863.5 95.9 1,882.9 100.9 5 6 Nonfarm 1,597.9 1,702.2 1,756.6 1,745.9 1,737.0 1,739.7 1,767.6 1,782.0 7 719.8 723.8 781.9 739.6 744.9 775.9 794.9 811.8 8 9 6 7 Proprietors' income with inventory valuation and capital consumption adjustments 8 Rental income of persons with capital consumption adjustment 9 Personal income receipts on assets 10 11 12 13 Personal interest income Personal dividend income Personal current transfer receipts Less: Contributions for government social insurance, domestic 14 Less: Personal current taxes 3,095.4 3,202.4 3,343.9 3,258.5 3,269.9 3,323.0 3,358.8 3,424.0 1,647.3 1,658.6 1,726.6 1,657.5 1,670.8 1,708.6 1,738.1 1,789.0 10 1,448.1 1,543.9 1,617.3 1,601.0 1,599.1 1,614.4 1,620.7 1,635.0 11 4,231.2 4,617.3 3,910.7 3,925.7 3,868.7 3,883.2 3,892.8 3,998.2 12 1,450.0 2,236.4 1,540.8 2,661.7 1,676.5 3,200.7 1,595.8 2,806.1 1,634.7 3,145.5 1,654.4 3,188.5 1,695.6 3,236.5 1,721.1 13 3,232.3 14 15 Equals: Disposable personal income 17,595.9 18,633.1 18,608.3 18,356.1 18,174.4 18,389.8 18,733.0 19,136.0 15 16 Less: Personal outlays 14,603.6 16,389.8 17,922.5 17,019.0 17,389.5 17,798.7 18,124.5 18,377.2 16 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 2,992.3 2,243.4 685.8 1,337.1 784.9 591.1 608.5 758.8 17 17.0 12.0 3.7 7.3 4.3 3.2 3.2 4.0 18 14,036.8 14,424.3 14,570.8 14,589.6 14,507.5 14,453.7 14,610.2 14,711.6 19 15,831.6 16,115.7 15,148.9 15,537.3 15,108.8 15,021.2 15,140.6 15,324.9 20 r Revised 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 - 19 - March 30, 2023 Table 9. Corporate Profits: Level and Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates Line 2020 2021 2022 2021 2022 2022 2021 Q4 1 Corporate profits with inventory valuation and capital consumption adjustments 2 Less: Taxes on corporate income 3 Equals: Profits after tax with inventory valuation and capital consumption adjustments 4 5 6 Net dividends Undistributed profits with inventory valuation and capital consumption adjustments Addenda for corporate cash flow: Net cash flow with inventory valuation adjustment 7 Undistributed profits with inventory valuation and capital consumption adjustments 8 Consumption of fixed capital 9 Less: Capital transfers paid (net) Quarter one year ago Line Quarterly rates Q1 Q2 2022 Q3 Q4 2,260.1 2,771.1 2,952.6 2,865.9 2,869.6 3,001.3 3,000.0 2,939.5 Q1 Q2 2022 Q3 Q4 Q4 22.6 6.6 0.1 4.6 0.0 -2.0 2.6 1 464.3 34.4 22.0 15.1 -3.3 -4.5 1.6 8.0 2 1,971.2 2,382.8 2,478.8 2,435.9 2,374.6 2,522.6 2,543.0 2,475.2 20.9 4.0 -2.5 6.2 0.8 -2.7 1.6 3 1,541.3 1,659.3 1,705.4 1,730.2 1,743.6 1,740.4 1,683.9 1,653.8 7.7 2.8 0.8 -0.2 -3.2 -1.8 -4.4 4 24.0 9.8 -4.4 16.4 5 -0.5 4.1 6.1 0.3 10.3 6 6.9 -10.6 24.0 9.8 -4.4 16.4 7 3.1 3.0 1.8 11.2 8 61.1 .......... .......... .......... .......... .......... .......... ............... 9 288.9 429.9 388.2 17.0 8.6 821.4 68.3 5.6 12.8 57.8 -0.3 -0.4 782.2 859.0 1,958.5 2,068.2 2,302.7 2,146.1 2,206.2 2,275.6 2,343.3 2,385.6 13.6 631.0 782.2 457.0 2,374.7 2,778.9 3,018.3 2,852.1 2,837.6 2,954.0 3,135.6 3,146.0 705.7 631.0 478.7 6.9 -10.6 773.4 705.7 495.1 68.3 723.6 773.4 430.0 821.4 429.9 723.6 473.8 103.7 859.0 66.8 11.3 2.8 Addenda: 10 11 Profits before tax (without inventory valuation and capital consumption adjustments) Profits after tax (without inventory valuation and capital consumption adjustments) 2,399.8 3,138.1 3,345.9 3,190.7 3,328.5 3,521.8 3,347.8 3,185.6 30.8 6.6 4.3 5.8 -4.9 -4.8 -0.2 10 2,110.9 2,749.8 2,872.2 2,760.8 2,833.4 3,043.1 2,890.8 2,721.3 30.3 4.4 2.6 7.4 -5.0 -5.9 -1.4 11 12 Inventory valuation adjustment -26.4 -256.9 -130.8 -189.4 -246.9 -269.1 -59.8 52.5 .......... .......... .......... .......... .......... .......... ............... 12 13 Capital consumption adjustment -113.4 -110.1 -262.5 -135.5 -212.0 -251.4 -288.0 -298.6 .......... .......... .......... .......... .......... .......... ............... 13 Source: U.S. Bureau of Economic Analysis - 20 - March 30, 2023 Table 10. Corporate Profits by Industry: Level and Change from Preceding Period [Billions of dollars] Level Line 2020 2021 2022 2022 2021 Q4 1 Corporate profits with inventory valuation and capital consumption adjustments 2 Domestic industries 3 Financial 4 Nonfinancial 5 Rest of the world 6 Receipts from the rest of the world 7 Less: Payments to the rest of the world Corporate profits with inventory valuation adjustment 8 9 Domestic industries 10 Financial 11 Federal Reserve banks 12 Other financial 13 Nonfinancial 14 Utilities 15 Manufacturing 16 Change from preceding period Seasonally adjusted at annual rates Durable goods Q1 Q2 Q3 Q4 2021 2022 Line 2022 Q1 Q2 Q3 Q4 2,260.1 2,771.1 2,952.6 2,865.9 2,869.6 3,001.3 3,000.0 2,939.5 511.0 181.5 3.7 131.6 -1.3 -60.5 1,830.5 2,358.7 2,499.1 2,443.2 2,432.7 2,538.9 2,553.2 2,471.3 528.2 140.3 -10.4 106.2 14.3 -81.9 2 -26.8 -1.8 -59.0 3 4 443.2 512.2 460.2 537.1 510.3 464.3 462.5 403.6 69.0 -52.0 1,387.3 1,846.5 2,038.9 1,906.0 1,922.4 2,074.6 2,090.7 2,067.8 459.2 192.3 -46.0 1 16.4 152.2 16.1 -22.9 429.6 412.4 453.6 422.7 436.9 462.3 446.8 468.2 -17.3 41.2 14.2 25.5 -15.5 21.4 5 744.6 869.4 956.4 895.0 912.1 968.2 969.1 976.3 124.8 87.0 17.1 56.1 1.0 7.2 6 315.0 457.0 502.9 472.3 475.2 505.8 522.3 508.1 142.1 45.8 2.9 30.6 16.5 -14.2 7 2,373.5 2,881.2 3,215.1 3,001.4 3,081.6 3,252.7 3,288.0 3,238.2 507.7 333.9 80.2 171.1 35.3 -49.8 8 1,943.8 2,468.8 2,761.6 2,578.6 2,644.7 2,790.4 2,841.2 2,770.0 525.0 292.7 66.1 145.6 50.8 -71.2 9 514.6 585.0 549.8 613.6 593.4 552.4 555.8 89.7 113.1 63.9 128.5 142.7 130.7 42.5 424.9 471.8 485.9 485.1 450.7 421.8 513.3 497.6 70.4 -35.1 -60.2 23.4 -49.2 14.1 -12.0 557.7 47.0 14.1 -34.3 -29.0 91.5 44.4 12 86.3 186.6 47.4 -12.9 13 1,429.2 1,883.9 2,211.7 1,965.0 2,051.3 2,237.9 2,285.3 2,272.4 454.6 327.9 27.8 -2.0 -20.2 -41.0 3.4 -58.3 10 -88.1 -102.7 11 25.6 23.6 29.5 23.6 26.2 27.9 36.0 5.9 2.6 1.7 8.1 -8.2 14 329.5 447.0 616.3 514.9 548.1 616.9 635.7 664.4 117.5 169.3 33.2 68.7 18.9 28.6 15 207.6 275.2 358.2 292.9 332.7 359.9 358.3 381.9 67.6 83.0 39.8 27.1 -1.5 23.6 16 17 Fabricated metal products 26.9 27.6 47.6 30.9 42.0 44.0 48.1 56.3 0.7 20.0 11.1 2.0 4.1 8.2 17 18 Machinery Computer and electronic products Electrical equipment, appliances, and components 30.5 30.5 50.7 29.7 38.7 46.1 53.3 64.8 0.0 20.2 9.0 7.3 7.2 11.6 18 78.6 104.0 102.3 102.0 112.0 108.8 97.1 91.3 25.4 -1.7 10.1 -3.2 -11.7 -5.8 19 8.2 6.7 9.5 5.0 7.7 8.7 10.1 11.7 -1.5 2.8 2.7 1.0 1.4 1.6 20 19 20 21 Motor vehicles, bodies and trailers, and parts 22 Other durable goods 23 Nondurable goods 0.5 4.4 29.4 12.4 19.1 26.7 32.3 39.5 3.9 25.0 6.7 7.6 5.6 7.2 21 63.0 102.0 118.6 112.9 113.2 125.5 117.4 118.2 39.0 16.6 0.3 12.4 -8.1 0.8 22 258.1 222.0 215.4 257.0 277.4 282.5 49.9 86.3 -6.6 41.6 20.4 5.1 23 121.9 171.8 24 Food and beverage and tobacco products 69.0 68.2 62.9 67.1 55.2 58.6 65.8 72.0 -0.8 -5.3 -11.8 3.4 7.2 6.3 24 25 Petroleum and coal products -48.6 -6.7 46.8 10.1 11.3 49.7 67.1 59.0 41.9 53.5 1.2 38.4 17.4 -8.1 25 26 Chemical products 66.7 76.8 101.6 106.2 102.3 99.4 98.2 106.6 10.1 24.8 -3.8 -3.0 -1.2 8.5 26 27 Other nondurable goods 34.7 33.5 46.7 38.6 46.5 49.3 46.3 44.8 -1.2 13.3 7.9 2.8 -3.0 -1.5 27 28 Wholesale trade 142.2 159.3 209.8 176.0 190.3 184.9 229.8 234.1 17.1 50.5 14.3 -5.4 44.9 4.3 28 29 Retail trade 230.2 311.3 309.6 298.5 297.3 307.4 312.0 321.8 81.2 -1.7 -1.2 10.2 4.6 9.8 29 30 Transportation and warehousing 38.0 93.8 112.5 96.8 89.4 124.4 121.6 114.5 55.8 18.7 -7.4 35.0 -2.7 -7.2 30 31 Information 138.7 159.2 156.8 159.4 161.7 151.8 152.4 161.5 20.4 -2.3 2.2 -9.9 0.6 9.1 31 32 Other nonfinancial 525.1 689.7 777.3 695.8 738.3 824.6 797.8 748.4 164.6 87.6 42.5 86.3 -26.8 -49.4 32 429.6 412.4 453.6 422.7 436.9 462.3 446.8 468.2 41.2 14.2 25.5 -15.5 21.4 33 33 Rest of the world Note. Estimates in this table are based on the 2012 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis - 21 - -17.3 March 30, 2023 Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Seasonally adjusted at annual rates Line 2020 2021 2022 2022 2021 Q4 Q1 Q2 Line Q3 r Q4 Billions of dollars 1 Gross value added of nonfinancial corporate business 10,351.0 11,774.6 13,125.8 12,362.0 12,684.9 13,046.1 13,322.9 13,449.2 2 Consumption of fixed capital 1,709.3 1,801.3 3 Net value added 8,641.7 9,973.3 11,120.2 10,494.7 10,763.3 11,064.0 11,282.4 11,371.1 3 4 6,327.8 6,955.6 4 Compensation of employees 5 Wages and salaries 6 Supplements to wages and salaries 7 Taxes on production and imports less subsidies 8 Net operating surplus 9 Net interest and miscellaneous payments 10 11 Business current transfer payments (net) Corporate profits with inventory valuation and capital consumption adjustments 12 Taxes on corporate income 13 Profits after tax with inventory valuation and capital consumption adjustments 14 15 Net dividends Undistributed profits with inventory valuation and capital consumption adjustments 2,005.6 7,660.3 1,867.2 7,295.2 1,921.6 7,432.5 1,982.0 7,550.8 2,040.5 7,761.5 2,078.2 1 7,896.4 2 5,329.1 5,888.2 6,519.4 6,202.2 6,314.4 6,420.1 6,611.3 6,731.7 5 998.7 1,067.4 1,140.9 1,093.0 1,118.1 1,130.7 1,150.2 1,164.6 6 7 550.3 789.2 1,056.0 914.7 1,024.1 1,060.0 1,071.4 1,068.3 1,763.5 2,228.6 2,403.9 2,284.8 2,306.7 2,453.2 2,449.5 2,406.4 8 287.9 285.4 273.5 287.2 292.4 287.7 268.3 245.5 9 88.3 96.6 91.6 91.5 92.0 90.9 90.5 93.0 10 1,387.3 1,846.5 2,038.9 1,906.0 1,922.4 2,074.6 2,090.7 2,067.8 11 204.0 280.9 377.6 314.9 395.9 399.7 358.9 355.8 12 1,183.3 1,565.6 1,661.3 1,591.2 1,526.5 1,674.9 1,731.8 1,712.0 13 850.2 1,042.2 902.5 1,126.5 960.4 939.8 831.1 878.9 14 333.1 523.5 758.8 464.7 566.1 735.1 900.7 833.1 15 Addenda: 16 Profits before tax (without inventory valuation and capital consumption adjustments) 1,455.6 2,140.7 2,342.6 2,154.4 2,298.2 2,507.0 2,345.2 2,219.9 16 17 Profits after tax (without inventory valuation and capital consumption adjustments) 1,251.6 1,859.8 1,965.0 1,839.6 1,902.3 2,107.3 1,986.3 1,864.1 17 18 Inventory valuation adjustment -26.4 -256.9 -130.8 -189.4 -246.9 -269.1 -59.8 52.5 18 19 Capital consumption adjustment -41.9 -37.3 -172.9 -59.0 -128.9 -163.3 -194.7 -204.6 19 Billions of chained (2012) dollars 20 Gross value added of nonfinancial corporate business 21 Consumption of fixed capital 22 Net value added 1 2 3 9,210.3 9,976.6 10,189.8 10,165.8 10,134.7 10,119.7 10,226.4 10,275.3 20 1,622.4 1,668.5 1,762.4 1,695.1 1,719.4 1,748.3 1,777.0 1,804.9 21 7,587.8 8,308.2 8,427.5 8,470.8 8,415.3 8,371.4 8,449.4 8,470.4 22 Dollars; quarters seasonally adjusted Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: 23 Price per unit of real gross value added of nonfinancial 4 corporate business 1.124 1.180 1.288 1.216 1.252 1.289 1.303 1.309 23 24 Compensation of employees (unit labor cost) 0.687 0.697 0.752 0.718 0.733 0.746 0.759 0.768 24 25 Unit nonlabor cost 0.286 0.298 0.336 0.311 0.329 0.338 0.339 0.339 25 0.186 0.181 0.197 0.184 0.190 0.196 0.200 0.202 26 0.069 0.089 0.113 0.099 0.110 0.114 0.114 0.113 27 0.031 0.029 0.027 0.028 0.029 0.028 0.026 0.024 28 0.201 29 26 27 28 29 Consumption of fixed capital Taxes on production and imports less subsidies plus business current transfer payments (net) Net interest and miscellaneous payments Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) 0.151 0.185 0.200 0.187 0.190 0.205 0.204 30 Taxes on corporate income 0.022 0.028 0.037 0.031 0.039 0.039 0.035 0.035 30 31 Profits after tax with inventory valuation and capital consumption adjustments 0.128 0.157 0.163 0.157 0.151 0.166 0.169 0.167 31 r Revised 1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type price index for GDP goods and structures is used. 2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2012 current-dollar value of the corresponding series, divided by 100. 3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital. 4. The deflator for gross value added of nonfinancial corporate business divided by 100. Note. Estimates in this table are based on the 2012 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis - 22 - March 30, 2023 Table 12. Real Gross Domestic Product by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2020 2021 2022 2019 Q1 Q2 2020 Q3 Q4 Q1 Q2 2021 Q3 Q4 Q1 Q2 Line 2022 Q3 Q4 Q1 Q2 Q3 Q4 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 6.3 7.0 2.7 7.0 -1.6 -0.6 3.2 2.6 1 2 Private industries 3 Agriculture, forestry, fishing, and hunting -3.1 6.7 2.2 2.9 2.6 3.8 1.4 -5.4 -32.1 40.2 4.4 7.4 7.5 2.4 7.9 -2.0 -0.6 3.6 2.6 2 2.8 -8.5 -3.2 -23.8 2.2 -5.1 -4.2 44.3 -40.3 42.5 1.3 -25.9 -12.0 -4.7 4.4 0.1 -12.8 -1.7 1.7 3 4 Mining -1.1 -16.3 -6.5 29.0 9.3 15.4 -2.5 26.9 -34.6 -3.8 -9.5 -9.4 -33.4 -13.7 -13.4 -13.7 -0.2 27.0 21.0 4 5 Utilities 3.6 -4.1 -2.2 -6.9 21.1 -10.6 22.5 6 Construction -3.8 2.5 -10.4 7 Manufacturing -4.5 1 3.3 -10.9 -8.3 8.6 1.8 5 5.9 0.2 1.4 -2.2 -4.0 -28.9 27.6 10.2 0.7 0.8 5.9 4.1 -11.9 -13.2 -1.6 -19.2 -17.8 -3.6 -9.9 -7.9 8.2 1.0 -16.0 6 6.7 0.2 -4.2 4.6 5.5 -1.6 -8.8 -38.5 60.9 0.6 9.0 6.3 -4.4 14.2 -3.1 -8.5 2.2 -0.5 0.3 -0.3 -2.1 -6.6 -42.4 79.5 0.5 4.5 7 1.2 -4.1 -0.5 7.5 8 0.8 9 8 Durable goods -4.5 9.7 4.9 13.9 8.5 -7.7 15.8 9 Nondurable goods -4.5 3.0 -2.1 -8.7 10.2 13.5 -1.0 -11.4 -33.0 39.5 -4.7 3.3 3.8 0.0 12.3 -8.0 -13.4 8.5 5.5 -6.7 10 Wholesale trade 0.0 5.5 11 Retail trade -2.9 2.6 -3.8 12 Transportation and warehousing 13 14 15 16 17 18 19 20 21 -12.0 7.5 0.3 1.6 6.3 -30.3 47.7 1.6 2.4 -7.7 3.2 6.1 3.2 10 6.3 1.1 5.8 -0.3 -6.9 -31.3 51.0 -0.8 16.8 -12.3 -13.8 7.0 -14.8 1.4 6.8 8.1 11 2.3 -0.9 1.1 4.0 -5.1 -8.9 -61.3 73.5 8.5 16.2 -6.4 8.0 -10.7 2.4 10.9 5.1 12 7.6 4.9 9.1 6.4 4.6 -1.2 -5.3 25.9 2.0 16.9 24.4 9.5 16.3 -2.3 1.5 17.3 6.4 13 4.5 -7.8 -4.7 10.6 18.0 6.6 0.2 -6.8 1.6 Information 3.9 13.9 Finance, insurance, real estate, rental, and leasing -0.1 4.8 2.2 5.8 2.7 2.5 4.9 4.2 4.5 3.8 8.1 -1.1 1.9 2.7 7.2 0.5 12.6 3.8 1.0 14.0 -16.7 12.1 11.2 16.0 1.0 6.2 2.0 9.2 -5.7 2.1 -2.7 -5.8 15 -1.8 6.3 3.3 5.0 Finance and insurance Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 3.2 3.3 1.9 2.0 3.4 -0.9 -1.8 -14.0 10.2 -1.8 7.5 2.0 1.8 3.5 -2.4 16 -1.2 11.7 7.5 5.0 3.0 4.5 1.5 -0.5 -27.4 28.7 11.9 12.6 14.8 12.1 13.6 3.3 4.2 5.7 6.3 17 -0.1 11.1 6.9 5.2 3.6 6.4 1.8 5.8 11.8 17.5 14.7 10.3 0.4 3.3 7.8 8.2 18 1.7 10.9 7.2 13.2 3.3 0.4 3.0 -1.8 -7.5 7.6 33.2 3.8 16.3 -3.2 20.7 0.9 8.1 4.6 11.3 19 -5.6 13.6 9.4 -0.3 1.3 2.3 -0.1 -3.0 -46.1 50.5 15.9 20.6 7.4 15.6 17.5 12.0 4.1 1.4 -0.6 20 -2.9 4.6 3.9 3.7 3.0 2.7 -3.1 3.2 3.0 2.7 5.5 11.4 5.3 5.1 -4.1 5.6 4.9 22 1.8 5.6 2.8 5.4 4.8 23 0.8 -23.4 26.9 1.7 -2.0 -42.7 71.1 4.8 22 Educational services -9.9 3.3 4.5 2.8 3.4 0.2 -4.8 -8.2 -38.6 19.9 -11.8 12.1 11.0 23 24 Health care and social assistance -1.7 4.8 3.8 3.9 3.0 3.2 -5.1 Arts, entertainment, recreation, accommodation, and food services 1.1 -3.7 14 7.5 2.1 3.1 3.8 8.8 -0.8 2.0 6.8 -4.3 -33.6 -90.2 346.4 8.3 29.8 76.8 28.5 Arts, entertainment, and recreation -36.0 35.2 20.9 -2.0 0.1 9.6 1.6 -40.6 -95.3 295.7 70.1 65.5 29.2 61.6 33.7 -0.8 19.2 26.1 26 Accommodation and food services -24.6 26.2 2.6 5.8 -6.4 -30.9 -87.6 361.9 -5.1 20.2 95.0 19.7 2.6 -11.4 7.9 1.4 -2.4 26 10.9 3.2 1.2 2.5 0.1 27 1.8 -0.2 0.6 2.1 28 Other services, except government 28 Government 5.1 -0.4 -9.9 5.4 4.0 -3.3 -0.3 5.5 1.0 -11.7 -56.6 74.2 4.6 -6.1 17.8 -0.4 0.5 1.3 -2.5 1.7 5.2 0.3 -1.1 3.5 1.7 -14.4 3.8 6.1 2.4 9.5 -8.8 10.6 4.8 21 25 27 -27.6 28.3 2.8 -0.9 -43.4 81.2 5.5 4.4 -0.2 2.0 7.3 -0.4 24 5.4 25 29 Federal 3.1 1.0 -0.2 -3.8 7.6 2.3 2.2 2.7 5.3 -1.4 1.2 0.8 0.0 -1.2 0.4 -0.5 -1.5 3.2 29 30 State and local -1.9 0.3 1.9 -1.8 1.6 1.4 6.6 1.2 -21.5 6.5 1.1 -2.1 3.2 6.4 0.3 2.5 -0.1 1.6 1.5 30 -3.8 3.1 -2.8 -0.4 3.7 4.7 -2.1 -3.4 -36.1 46.3 1.9 4.8 1.4 -6.6 4.4 -3.7 -10.4 -1.3 4.0 31 -3.0 7.6 2.4 3.6 5.1 8.0 9.0 4.7 8.7 -1.6 2.3 32 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 3.4 3.8 2.3 -5.9 -31.1 38.8 2.0 4.9 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 23 - March 30, 2023 Table 13. Contributions to Percent Change in Real Gross Domestic Product by Industry Group Seasonally adjusted at annual rates Line 2020 2021 2022 2019 Q1 Q2 2020 Q3 Q4 Q1 2021 Q4 Q1 Q2 Line 2022 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q4 -29.9 35.3 3.9 6.3 7.0 2.7 7.0 -1.6 -0.6 3.2 2.6 1 6.90 -1.80 -0.57 3.17 2.34 2 Percent change at annual rate: 1 Gross domestic product -2.8 5.9 2.1 2.2 2.7 3.6 1.8 -4.6 -2.76 5.83 1.89 2.55 2.27 3.29 1.13 -4.80 -28.34 34.25 3.88 6.47 6.59 2.14 Percentage points at annual rates: 2 Private industries 3 Agriculture, forestry, fishing, and hunting 0.02 -0.08 -0.03 -0.21 0.03 -0.02 0.00 0.37 -0.31 0.30 -0.01 -0.29 -0.14 -0.07 0.03 0.00 -0.15 -0.02 0.02 3 4 Mining -0.02 -0.21 -0.18 0.47 0.16 0.19 -0.12 0.17 -0.33 0.09 0.14 0.34 -0.11 0.12 -0.03 -0.25 0.00 0.50 0.36 4 5 Utilities 0.06 -0.07 -0.04 -0.11 0.32 -0.15 0.37 0.03 0.04 0.10 -0.15 -0.10 0.17 -0.15 -0.12 0.13 0.02 -0.31 0.03 5 6 Construction -0.16 0.10 -0.43 0.24 -0.01 0.05 -0.09 -0.16 -1.24 1.20 0.40 0.22 0.15 -0.53 -0.57 -0.06 -0.84 -0.77 -0.14 6 7 Manufacturing 7 -0.50 0.71 0.04 -0.63 0.33 0.46 -0.34 -1.14 -4.47 5.77 0.04 0.96 0.69 -0.47 1.47 -0.34 -0.97 0.06 0.49 8 Durable goods -0.28 0.57 0.15 -0.06 0.00 -0.01 -0.09 -0.38 -2.80 4.04 0.20 0.67 0.40 -0.54 0.86 0.07 -0.25 -0.03 0.44 8 9 Nondurable goods -0.22 0.14 -0.11 -0.58 0.32 0.47 -0.25 -0.76 -1.68 1.74 -0.16 0.29 0.29 0.07 0.61 -0.41 -0.72 0.08 0.04 9 10 Wholesale trade 0.00 0.34 0.02 0.28 -0.40 0.16 -0.03 0.17 -1.93 2.61 0.04 0.48 0.32 -0.45 0.40 0.01 -0.45 0.38 0.20 10 11 Retail trade -0.16 0.15 -0.22 0.34 0.04 0.30 -0.06 -0.40 -1.77 2.81 0.00 1.00 -0.74 -0.86 0.43 -0.93 0.08 0.39 0.46 11 12 Transportation and warehousing -0.38 0.21 0.07 -0.01 0.06 0.14 -0.16 -0.27 -2.29 1.68 0.18 0.36 -0.23 0.45 0.23 -0.35 0.07 0.33 0.16 12 13 Information 0.21 0.75 0.43 0.25 0.48 0.34 0.24 -0.04 -0.24 1.50 0.10 0.87 1.23 0.50 0.86 -0.13 0.08 0.88 0.34 13 14 Finance, insurance, real estate, rental, and leasing -0.75 14 -0.01 1.02 0.48 1.15 0.60 0.62 1.15 -1.46 -0.61 2.64 0.95 0.70 0.81 0.69 1.62 -0.23 0.39 0.22 15 Finance and insurance 0.22 0.61 0.06 0.93 0.36 0.15 1.25 -1.27 1.12 1.16 1.25 0.01 0.46 0.13 0.73 -0.48 0.17 -0.21 -0.46 15 16 Real estate and rental and leasing -0.23 0.42 0.42 0.21 0.24 0.47 -0.10 -0.20 -1.73 1.48 -0.30 0.69 0.35 0.56 0.89 0.25 0.22 0.43 -0.29 16 -0.15 1.47 0.99 0.60 0.36 0.58 0.19 -0.06 -3.51 3.78 1.43 1.49 1.77 1.45 1.68 0.43 0.54 0.72 0.80 17 -0.01 0.85 0.55 0.38 0.27 0.51 0.15 0.08 -1.79 2.17 0.40 0.81 1.22 1.04 0.78 0.03 0.26 0.59 0.62 18 0.03 0.21 0.14 0.24 0.06 0.00 0.06 -0.04 -0.13 0.16 0.56 0.07 0.29 -0.07 0.36 0.02 0.15 0.08 0.20 19 -0.18 0.41 0.30 -0.02 0.03 0.06 -0.02 -0.10 -1.58 1.45 0.48 0.62 0.25 0.47 0.54 0.38 0.14 0.05 -0.02 20 17 Professional and business services 18 Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 19 20 21 22 23 24 Educational services Health care and social assistance Arts, entertainment, recreation, accommodation, and food services -0.25 0.40 0.34 0.33 0.27 0.23 0.14 -0.19 -4.10 5.54 0.43 -0.28 0.29 0.26 0.47 0.26 0.23 0.45 0.40 21 -0.13 0.04 0.05 0.04 0.04 0.00 -0.06 -0.10 -0.51 0.25 -0.15 0.13 0.12 0.12 0.06 0.06 -0.05 0.06 0.06 22 -0.13 0.36 0.29 0.29 0.22 0.23 0.20 -0.09 -3.59 5.28 0.58 -0.40 0.17 0.14 0.41 0.20 0.27 0.39 0.34 23 -0.02 24 -1.19 0.91 0.35 -0.05 0.07 0.28 -0.19 -1.56 -6.15 4.96 0.25 0.86 2.06 0.98 0.38 -0.38 0.41 0.29 25 Arts, entertainment, and recreation -0.41 0.26 0.20 -0.03 0.00 0.12 0.03 -0.50 -1.96 1.01 0.40 0.41 0.23 0.45 0.30 -0.01 0.18 0.25 0.06 25 26 Accommodation and food services -0.78 0.65 0.16 -0.02 0.07 0.16 -0.23 -1.06 -4.19 3.95 -0.15 0.45 1.83 0.53 0.08 -0.37 0.23 0.04 -0.08 26 -0.21 0.11 0.08 -0.09 -0.02 0.11 0.01 -0.25 -1.43 1.28 0.08 -0.14 0.32 0.20 0.06 0.04 0.03 0.05 0.00 27 -0.04 0.07 0.16 -0.30 0.45 0.25 0.71 0.24 -1.66 0.92 0.05 -0.13 0.30 0.51 -0.02 0.21 -0.03 0.08 0.24 28 27 Other services, except government 28 Government 29 Federal 0.12 0.04 0.00 -0.14 0.31 0.10 0.09 0.11 0.17 0.26 -0.05 0.05 0.03 0.00 -0.04 0.01 -0.02 -0.05 0.11 29 30 State and local -0.16 0.03 0.16 -0.16 0.15 0.15 0.62 0.12 -1.82 0.67 0.10 -0.18 0.27 0.51 0.02 0.20 -0.01 0.13 0.12 30 -0.66 0.53 -0.61 -0.13 0.51 0.69 -0.55 -0.76 -6.35 7.36 0.57 1.23 0.59 -0.95 0.90 -0.65 -1.96 -0.23 0.72 31 -2.10 5.30 2.50 2.68 1.77 2.60 1.67 -4.04 -21.99 26.89 3.31 5.24 6.00 3.08 6.01 -1.15 1.40 3.40 1.62 32 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Note. Percentage-point contributions do not sum to the percent change in real gross domestic product because the industry details are calculated using source data and methodologies that differ from those used to calculate growth in the top-line, expenditure-based measure of real GDP. Source: U.S. Bureau of Economic Analysis - 24 - March 30, 2023 Table 14. Gross Domestic Product by Industry Group: Level and Change from Preceding Period Billions of dollars Seasonally adjusted at annual rates Line 2022 Gross domestic product 2 Private industries Q1 Q2 2022 Q3 Change from preceding period Seasonally adjusted at annual rates 2022 2021 Q4 1 Billions of chained (2012) dollars Q4 2022 2021 Q4 Q1 Q2 Q3 Q4 2022 Line 2022 Q3 Q4 25,462.7 24,349.1 24,740.5 25,248.5 25,723.9 26,138.0 20,014.1 20,006.2 19,924.1 19,895.3 20,054.7 20,182.5 404.3 159.4 127.8 1 22,502.4 21,480.5 21,837.5 22,313.7 22,743.7 23,114.5 17,688.9 17,694.1 17,603.3 17,575.0 17,730.6 17,846.7 372.9 155.6 116.1 2 3 Agriculture, forestry, fishing, and hunting 288.9 219.1 264.9 291.9 296.3 302.6 202.5 208.0 208.0 201.0 200.1 201.0 -6.7 -0.9 0.8 3 4 Mining 483.5 399.4 432.6 538.7 520.1 442.7 382.3 380.2 366.4 366.2 388.8 407.8 -26.6 22.5 19.0 4 5 Utilities 440.2 399.1 390.4 450.0 469.4 451.0 275.9 275.6 281.1 281.8 269.8 271.0 -6.3 -12.0 1.2 5 6 Construction 1,007.0 969.3 986.3 987.9 1,008.9 1,045.0 594.9 638.1 635.5 602.4 573.5 568.4 -69.3 -28.9 -5.2 6 7 Manufacturing 2,793.7 2,644.7 2,703.2 2,768.0 2,808.9 2,894.5 2,276.1 2,324.5 2,306.4 2,256.0 2,258.6 2,283.4 4.4 2.7 24.8 7 8 Durable goods 1,532.0 1,452.1 1,486.5 1,503.0 1,543.6 1,595.0 1,323.1 1,324.5 1,328.4 1,314.4 1,312.8 1,336.8 28.1 -1.7 24.1 8 9 Nondurable goods 1,261.6 1,192.6 1,216.8 1,265.0 1,265.3 1,299.4 956.0 1,000.2 979.5 944.9 948.7 950.7 -20.6 3.9 1.9 9 Wholesale trade 1,613.3 1,513.0 1,575.0 1,602.4 1,626.9 1,649.0 1,167.3 1,171.1 1,171.7 1,151.3 1,168.4 1,177.7 4.0 17.1 9.3 10 11 Retail trade 1,471.5 1,436.9 1,438.6 1,452.8 1,478.2 1,516.5 1,071.2 1,097.3 1,054.3 1,057.9 1,075.5 1,096.8 -42.0 17.6 21.2 11 12 Transportation and warehousing 13 Information 14 Finance, insurance, real estate, rental, and leasing 5,141.0 5,029.3 5,059.8 5,101.7 5,169.0 5,233.6 3,826.2 3,827.1 3,816.5 3,834.7 15 Finance and insurance 1,999.6 2,019.7 1,998.1 1,999.6 1,999.1 2,001.3 1,374.5 1,399.3 1,378.9 1,386.2 3,141.5 3,009.6 3,061.7 3,102.1 3,169.9 3,232.2 2,445.2 2,417.9 2,430.1 2,440.9 3,330.4 3,181.7 3,253.0 3,292.7 3,357.5 3,418.3 3,007.8 2,928.8 2,952.7 2,007.0 1,927.9 1,956.3 1,978.6 2,023.9 2,069.1 1,812.2 1,773.5 472.1 461.4 466.8 466.5 473.7 481.3 523.4 851.3 792.4 830.0 847.6 859.9 867.9 2,139.2 2,058.3 2,084.7 2,104.7 2,155.2 290.5 280.9 285.5 284.4 292.4 1,848.7 1,777.4 1,799.3 1,820.3 1,062.4 1,016.0 1,009.2 271.8 254.3 790.6 761.7 10 16 17 18 19 20 21 22 23 24 25 26 27 Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance Educational services Health care and social assistance Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and recreation Accommodation and food services Other services, except government 28 Government 29 Federal 30 State and local 31 754.1 779.1 811.2 829.9 839.6 544.3 548.5 533.2 536.4 550.4 557.3 12.3 14.0 6.9 12 1,367.5 1,357.0 1,365.5 1,416.5 1,439.4 1,582.8 1,549.7 1,540.7 1,546.5 1,609.5 1,634.5 112.1 62.9 25.0 13 3,844.7 3,808.7 82.2 10.0 -36.1 14 1,376.7 1,356.2 6.5 -9.5 -20.4 15 2,462.2 2,447.5 78.9 21.3 -14.7 16 2,983.2 3,024.5 3,070.9 211.0 41.3 46.4 17 1,775.4 1,789.9 1,823.8 1,859.9 116.8 33.9 36.1 18 508.2 509.4 519.4 525.3 539.5 35.3 5.9 14.2 19 677.6 652.8 671.6 678.4 680.7 679.7 58.0 2.3 -1.0 20 2,212.0 1,758.6 1,719.6 1,732.9 1,744.7 1,768.0 1,788.8 65.9 23.4 20.7 21 299.5 222.2 219.0 221.7 219.4 222.4 225.1 9.6 3.0 2.7 22 1,862.8 1,912.5 1,539.0 1,503.0 1,513.6 1,527.9 1,548.3 1,566.3 56.3 20.4 18.1 23 1,036.3 1,080.5 1,123.6 741.0 737.8 720.9 739.3 752.4 751.6 60.1 13.1 -0.8 24 254.2 260.2 281.8 290.8 211.0 197.9 197.5 206.3 218.6 221.5 36.5 12.3 2.9 25 755.0 776.1 798.7 832.8 531.7 540.1 524.1 534.1 536.0 532.7 25.7 1.9 -3.2 26 521.7 491.9 503.6 509.9 526.5 546.7 363.2 359.4 361.2 362.3 364.5 364.6 13.9 2.3 0.1 27 2,960.4 2,868.6 2,903.0 2,934.8 2,980.2 3,023.5 2,247.9 2,234.2 2,244.2 2,242.9 2,246.5 2,258.0 28.1 3.6 11.5 28 920.2 899.4 908.0 913.7 923.7 935.5 742.5 742.3 743.1 742.2 739.5 745.3 -1.1 -2.8 5.9 29 2,040.1 1,969.2 1,995.0 2,021.0 2,056.5 2,088.0 1,506.1 1,492.9 1,502.0 1,501.5 1,507.5 1,513.3 28.4 6.1 5.8 30 4,573.1 4,232.5 4,387.0 4,586.4 4,634.2 4,684.7 3,495.2 3,597.9 3,564.5 3,468.3 3,456.8 3,491.1 -101.1 -11.5 34.3 31 17,929.3 17,248.0 17,450.5 17,727.3 18,109.5 18,429.8 14,168.6 14,069.2 14,011.5 14,081.2 14,250.3 14,331.4 469.0 169.1 81.1 32 Addenda: Private goods-producing 1 32 815.0 1,394.6 industries Private services-producing industries 2 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 25 - March 30, 2023 Table 15. Price Indexes for Gross Domestic Product by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2020 2021 2022 2019 Q1 Q2 2020 Q3 Q4 Q1 Q2 2021 Q3 Q4 Q1 Q2 Line 2022 Q3 Q4 Q1 Q2 Q3 Q4 Gross domestic product 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 1 2 Private industries 3 Agriculture, forestry, fishing, and hunting 1.0 4.7 7.5 1.2 2.7 1.1 1.6 1.0 -2.5 4.1 2.5 5.1 7.0 6.6 7.3 9.0 9.7 4.2 3.9 2 -8.9 113.3 69.0 8.1 7.0 3 59.6 140.9 -31.5 -56.7 4 1 -1.1 39.1 44.1 -6.0 -2.9 19.3 16.2 -6.2 -48.2 46.2 61.3 4 Mining 5 Utilities -1.4 16.7 19.0 8.3 -12.8 23.5 -15.5 -15.4 10.2 17.1 6 Construction 2.9 3.2 19.1 5.7 7 Manufacturing -0.9 4.4 11.7 -0.5 -0.3 -3.4 7.5 4.4 Durable goods 0.5 -0.2 9 Nondurable goods -2.6 10.6 17.1 -5.9 -1.1 -6.8 10 Wholesale trade -1.0 11 Retail trade 6.4 12.5 12 Transportation and warehousing -2.1 8.8 15.8 Information 15 16 17 18 19 20 21 22 23 24 25 26 27 Finance, insurance, real estate, rental, and leasing 8.2 11.3 4.1 5.8 8 13 14 15.6 152.6 -31.9 98.3 51.7 -38.5 -5.2 -31.7 -1.5 -59.0 -83.9 293.8 105.6 174.4 107.8 0.4 -0.7 29.5 34.4 -15.4 74.8 40.8 -16.3 3.2 -3.3 -2.0 2.5 -1.9 15.1 29.5 8.9 24.6 32.4 19.4 2.4 -1.4 -0.7 -2.8 -0.1 5.9 7.8 10.4 10.2 12.6 20.1 5.6 7.9 11.8 6.0 8 -1.5 10.3 9 4.1 4.8 2.1 -0.1 4.9 2.7 -0.7 -3.9 49.3 -15.7 24.2 62.0 108.5 5 6 7 -3.1 2.0 4.3 6.3 8.5 9.0 2.7 -3.2 -4.9 -5.7 5.2 19.0 15.5 18.4 15.3 17.8 34.9 1.3 8.6 13.7 16.0 7.5 17.2 14.9 0.2 2.3 10 9.6 14.9 -0.8 7.5 38.0 10.0 8.0 17.9 2.6 0.3 2.4 11 8.4 3.2 29.9 14.6 17.1 27.6 14.8 3.8 -2.9 -4.8 -4.1 -2.1 -0.7 1.0 4.6 8.7 3.4 -1.2 -5.4 -9.0 11.7 9.8 -0.2 5.0 2.2 0.2 6.6 2.5 0.3 2.6 -2.9 -7.6 -8.1 0.1 -1.6 -1.4 0.5 1.5 -1.2 -1.3 3.2 -4.9 2.4 -1.2 -0.3 12 -1.3 0.2 13 2.5 1.5 3.0 1.2 4.7 2.5 6.3 -1.1 1.8 1.3 0.6 3.6 1.7 1.5 3.6 1.4 4.3 9.1 14 Finance and insurance 1.9 1.8 1.6 -2.8 5.5 2.2 -0.9 10.1 -5.1 0.1 1.0 3.0 4.8 1.6 1.7 1.6 -1.8 2.7 6.6 15 Real estate and rental and leasing 2.9 1.4 3.9 3.7 4.2 2.7 3.1 3.9 1.4 2.9 1.5 -0.9 2.8 1.8 1.3 5.0 3.5 5.3 10.7 16 1.0 0.1 1.9 2.9 1.0 0.6 0.8 1.1 1.4 0.8 0.5 1.1 -2.4 -0.7 1.4 5.8 0.7 2.3 1.1 17 1.1 -0.1 1.8 3.2 0.5 0.5 1.0 1.9 0.8 0.7 2.4 0.6 -4.1 -1.3 2.1 5.6 1.3 1.6 1.0 18 -1.7 -1.8 -1.8 -1.2 -0.2 -2.3 -1.4 -0.7 -2.9 -1.4 -4.2 0.6 -1.5 -2.1 -4.3 3.8 -7.8 1.7 -4.2 19 2.3 2.8 1.7 1.6 3.1 7.4 4.4 4.5 Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 1.9 4.4 4.9 2.9 1.6 8.8 2.7 1.8 0.2 6.0 2.8 -1.2 4.3 20 2.7 2.6 2.7 1.7 2.0 2.7 3.1 2.9 2.5 3.5 0.6 4.9 0.3 3.0 3.5 2.0 1.1 4.2 5.9 21 Educational services 2.7 2.8 3.1 2.6 1.9 2.1 3.5 3.2 2.1 2.9 2.4 2.5 3.3 3.3 3.1 1.4 2.7 5.7 5.0 22 3.6 0.4 4.0 6.1 23 Health care and social assistance 2.7 2.5 2.6 1.6 2.0 2.8 3.0 2.8 2.5 5.3 -0.2 3.0 3.6 2.1 0.9 Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and recreation 3.6 5.9 3.1 0.0 8.0 2.9 4.5 1.1 3.9 4.1 1.8 7.0 2.0 10.0 4.1 8.8 3.9 -1.4 4.2 -1.4 7.7 0.4 -1.5 -13.9 2.0 15.0 12.4 2.8 12.3 8.2 6.8 0.7 0.5 -7.9 10.2 17.4 24 9.1 7.6 25 Accommodation and food services 2.8 4.1 9.8 5.8 3.9 1.7 6.0 2.5 2.7 -1.9 5.9 3.0 -1.7 15.6 13.7 8.9 3.5 10.6 21.1 26 4.9 4.0 6.8 4.6 4.1 1.8 7.0 7.6 2.5 4.5 2.9 7.0 0.3 4.0 7.0 7.6 3.9 10.8 16.2 27 Other services, except government 28 Government 3.5 3.6 3.9 3.6 -0.9 3.5 0.4 5.8 7.1 0.9 2.9 5.1 3.0 3.6 3.8 3.0 4.7 5.7 3.8 28 29 Federal 1.7 3.5 3.8 6.7 -5.3 1.1 1.2 2.9 2.5 2.4 3.2 3.8 3.6 3.9 4.4 3.5 3.0 6.0 1.9 29 30 State and local 4.3 3.7 4.0 2.2 4.6 0.0 7.1 9.2 0.2 2.8 5.6 2.7 3.5 3.5 2.8 5.5 5.5 4.7 30 1.1 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 -2.5 10.4 18.2 -3.4 0.7 -3.2 3.3 -6.0 -11.8 6.2 6.4 12.7 15.5 15.7 19.8 19.8 33.3 5.6 0.4 31 1.9 3.2 1.2 3.6 1.6 3.3 5.0 4.5 4.5 6.5 4.4 3.8 4.9 32 3.4 5.0 2.4 2.2 2.8 -0.2 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 26 - March 30, 2023 Table 16. Real Gross Output by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2020 2021 2022 2019 Q1 1 All Industries 2 Private industries 3 Agriculture, forestry, fishing, and hunting Q2 2020 Q3 Q4 Q1 Q2 2021 Q3 Q4 8.8 5.7 3.8 3.9 2.4 1.7 2.5 1.0 1 -4.0 6.8 3.1 1.7 3.0 2.4 -0.7 -4.6 -32.6 33.2 8.3 9.0 6.2 4.3 4.3 2.5 1.8 2.6 0.7 2 4.5 -2.7 -2.0 -10.2 1.3 1.0 2.5 -10.6 -3.9 -2.9 -1.9 -1.6 -3.7 1.1 -2.0 3 3.6 2.7 23.7 -4.2 9.4 -4.0 4 2.3 6.9 7.1 -5.3 -4.5 5 3.5 19.4 -13.6 14.7 -2.7 2.2 1.6 2.5 0.2 -2.9 -4.4 -8.3 -0.3 4.6 1.8 1.0 -8.2 2.9 6.2 3.7 13.1 7 Manufacturing -7.1 2.0 1.2 -0.4 -0.4 -2.0 -9.2 -5.4 -37.4 44.7 2.5 5.7 -5.3 13.0 13.1 -3.9 6.1 4.5 -3.3 8 Durable goods -8.6 9 Nondurable goods -5.6 -2.0 -1.9 10 Wholesale trade -4.1 11.2 11 Retail trade 1.1 12 Transportation and warehousing 19 20 21 22 23 24 Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 6.4 1.8 8.2 -65.3 -2.0 8.2 -14.3 0.4 -6.8 -10.5 -5.7 -48.4 77.8 4.1 6.9 6.3 -7.5 -2.9 10.9 6.2 6.3 -5.6 -6.3 -7.7 -6.3 -13.6 -10.8 -1.7 6 3.4 -5.5 -1.1 5.3 0.5 -0.8 2.9 3.9 4.9 7 7.6 7.8 -4.0 1.1 7.3 5.9 7.2 8.0 8 3.1 -8.0 -5.1 -23.6 16.9 -2.5 -0.9 -6.9 -3.3 3.3 -2.0 -7.1 0.6 1.7 9 4.1 -2.4 -3.5 -0.6 -2.6 -1.5 -40.4 59.3 12.1 2.6 -1.2 6.5 -0.5 -0.3 1.6 4.0 15.6 12.0 0.1 5.4 13.8 -2.2 -1.5 -5.2 10 4.1 -6.3 -17.8 49.3 -0.8 21.9 -5.7 -9.7 1.9 16.6 14.5 -13.1 14.4 7.6 5.1 1.3 -2.7 -8.0 -11.8 -60.5 70.1 24.0 18.7 10.2 1.6 13.4 7.8 2.8 7.1 18.3 17.0 4.1 2.5 -2.6 -10.3 18.2 13.6 0.0 4.3 1.9 5.0 2.7 2.7 2.0 -2.6 -8.6 9.7 4.7 2.7 4.7 0.7 1.2 0.4 4.1 3.9 -2.6 5.6 5.6 -2.1 4.0 5.5 6.8 0.8 12.7 -5.4 0.8 1.9 -1.7 11 5.4 -3.3 12 9.6 8.1 10.8 6.5 2.8 5.8 2.8 -0.2 13 0.6 0.1 3.7 -0.5 14 5.8 -1.5 -4.1 3.1 8.8 0.8 15 4.0 2.9 8.0 4.4 1.6 0.5 -2.6 -18.3 13.1 6.0 7.1 6.3 4.2 -2.0 0.0 -1.5 16 -0.3 11.3 7.1 1.7 10.1 7.5 3.5 0.2 -29.1 24.2 20.7 9.4 14.7 10.7 9.6 5.5 6.2 3.4 3.3 17 1.6 10.1 7.4 0.7 14.2 9.7 3.1 6.2 -29.3 27.6 17.2 7.2 13.0 11.2 7.4 5.7 5.4 7.7 7.2 18 1.9 7.9 4.4 14.6 3.3 -1.6 5.2 -1.3 -6.0 0.7 14.6 -10.1 17.8 1.2 3.5 2.5 8.3 19 -5.6 16.0 8.0 -2.9 6.0 3.3 -10.8 -39.5 28.8 23.5 7.3 9.1 -4.3 -6.6 20 8.2 6.0 29.9 20.1 18.3 -1.5 22.3 9.9 -4.8 4.7 2.8 3.9 3.7 1.0 1.6 -5.6 -37.4 38.3 8.3 4.3 3.1 1.4 1.5 3.4 Educational services -7.6 4.1 5.2 1.1 -1.2 1.3 1.2 -4.4 -40.5 25.8 -5.7 11.1 11.1 6.3 4.7 6.7 2.5 6.4 -1.6 22 Health care and social assistance -4.3 4.8 2.4 4.3 4.5 0.9 1.6 -5.8 -37.0 40.2 12.0 -3.1 4.0 2.8 0.7 1.4 3.0 2.0 23 -27.3 31.9 12.3 3.4 0.9 3.3 1.9 -34.1 -89.5 310.7 3.0 -1.2 19.1 6.5 6.1 24 Arts, entertainment, recreation, accommodation, and food services 9.7 2.4 2.8 0.2 10.1 7.9 5.3 50.2 77.0 34.1 25 Arts, entertainment, and recreation -38.1 35.5 22.8 13.7 -7.4 1.6 -3.8 -41.7 -94.9 284.6 40.7 84.1 27.7 88.0 16.4 26 Accommodation and food services -23.9 31.0 23.2 -0.3 -2.9 18.2 27 Q4 7.3 Construction 17 18 Q3 2.3 -0.3 -4.3 -29.8 28.8 Utilities 16 Q2 3.3 6 Finance and insurance Q1 1.7 5 15 Q4 2.8 -14.5 -2.3 Information Q3 6.2 Mining Finance, insurance, real estate, rental, and leasing Q2 -3.6 4 13 14 Q1 Line 2022 Other services, except government 28 Government 9.6 0.3 3.7 3.8 3.7 -31.7 -87.2 317.1 -1.9 42.5 91.9 -8.2 13.0 2.7 0.1 7.0 -0.1 0.3 -8.8 1.6 2.3 -3.1 0.5 8.5 5.6 -11.4 -54.6 65.2 -0.3 1.6 1.0 5.9 1.7 2.2 -1.7 -4.4 1.3 0.2 0.1 -0.1 29 Federal 5.1 2.8 -1.3 -1.4 13.1 1.4 1.1 30 State and local -2.6 1.0 2.5 3.0 1.8 2.7 -3.2 -17.5 -5.2 1.3 -0.6 -0.6 1.7 0.6 -6.3 -0.9 -33.8 30.0 4.6 2.9 -3.9 -3.6 8.8 3.5 3.0 9.6 11.2 10.0 2.1 1.7 31.4 -13.4 1.7 0.9 7.3 -0.9 23.0 -7.0 -10.2 0.1 4.9 1.5 21 5.3 22.7 26.3 10.5 25 1.6 4.8 26 2.1 -3.1 8.7 4.0 27 1.1 2.3 3.4 28 1.4 -3.1 0.8 2.4 3.6 1.8 29 0.2 1.8 4.1 30 -2.5 2.3 -0.6 -3.0 1.2 2.4 31 6.7 5.0 3.0 0.1 32 4.9 -0.2 2.9 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 4.3 2.6 1.4 -5.9 -32.2 34.3 3.7 3.6 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 27 - March 30, 2023 Table 17. Gross Output by Industry Group: Level and Change from Preceding Period Billions of dollars Seasonally adjusted at annual rates Line 2022 2021 Q4 1 Billions of chained (2012) dollars All Industries 2 Private industries 2022 2022 Q1 Q2 Q3 Change from preceding period Seasonally adjusted at annual rates Q4 2021 Q4 2022 Q1 Q2 Q3 Q4 2022 Line 2022 Q3 Q4 45,962.8 43,293.0 44,579.4 45,972.9 46,562.9 46,736.2 36,111.8 35,653.0 35,862.8 36,013.3 36,239.8 36,331.3 994.7 226.5 91.5 1 41,130.9 38,717.6 39,908.4 41,156.8 41,675.7 41,782.7 32,432.3 32,006.8 32,207.5 32,350.4 32,555.8 32,615.7 960.0 205.4 59.9 2 3 Agriculture, forestry, fishing, and hunting 637.1 546.2 598.1 640.4 653.4 656.4 517.6 523.2 521.1 516.3 517.8 515.1 -10.8 1.5 -2.7 3 4 Mining 891.3 753.0 823.0 976.8 951.7 813.5 668.1 644.9 654.8 664.8 679.9 673.0 36.1 15.0 -6.8 4 5 Utilities 773.4 687.9 694.3 796.6 829.1 773.7 506.4 491.9 504.8 513.5 506.5 500.7 8.1 -7.0 -5.8 5 6 Construction 2,082.2 2,016.7 2,067.3 2,078.2 2,078.5 2,104.9 1,322.2 1,402.2 1,379.5 1,330.1 1,292.5 1,286.9 -118.2 -37.6 -5.7 6 7 Manufacturing 7,245.3 6,692.3 6,971.6 7,312.5 7,338.5 7,358.6 5,842.8 5,800.4 5,807.0 5,794.6 5,849.9 5,919.6 69.6 55.3 69.7 7 3,651.7 3,383.7 3,498.0 3,629.6 3,706.5 3,772.5 2,936.5 2,845.2 2,865.8 2,907.1 2,957.9 3,015.4 125.2 50.9 57.5 8 9 8 9 Durable goods 3,593.6 3,308.6 3,473.5 3,682.9 3,632.0 3,586.1 2,899.1 2,948.8 2,934.1 2,880.3 2,884.9 2,897.1 -57.2 4.6 12.1 Wholesale trade 2,756.3 2,551.8 2,719.0 2,778.7 2,779.0 2,748.4 2,069.5 2,022.5 2,088.9 2,077.2 2,069.6 2,042.2 81.0 -7.6 -27.4 10 11 Retail trade 2,555.8 2,424.3 2,507.7 2,557.1 2,580.7 2,577.9 1,918.8 1,902.5 1,906.4 1,919.5 1,928.6 1,920.6 -8.9 9.1 -8.0 11 12 Transportation and warehousing 1,779.8 1,615.3 1,696.1 1,803.7 1,823.8 1,795.6 1,305.8 1,275.9 1,276.7 1,307.8 1,325.0 1,313.8 92.0 17.3 -11.2 12 13 Information 2,457.4 2,334.0 2,411.5 2,458.8 2,478.2 2,481.0 2,457.9 2,362.9 2,424.1 2,458.4 2,475.3 2,473.9 177.0 17.0 -1.4 13 14 Finance, insurance, real estate, rental, and leasing 8,288.0 8,034.4 8,124.9 8,201.8 8,360.3 8,465.0 6,196.1 6,160.4 6,168.9 6,170.7 6,226.6 6,218.3 118.2 55.9 -8.3 14 15 Finance and insurance 3,546.9 3,494.7 3,472.7 3,496.2 3,586.5 3,632.0 2,614.0 2,597.4 2,570.6 2,589.9 2,645.1 2,650.6 18.6 55.2 5.4 15 4,741.1 4,539.8 4,652.1 4,705.6 4,773.8 4,833.0 3,584.4 3,564.7 3,601.7 3,583.3 3,583.3 3,569.4 102.3 0.1 -13.9 16 5,491.8 5,197.2 5,345.4 5,463.7 5,549.9 5,608.2 4,766.5 4,622.0 4,684.2 4,754.6 4,794.3 4,833.0 316.3 39.7 38.7 17 3,160.1 2,975.8 3,059.4 3,120.9 3,198.0 3,262.2 2,745.5 2,644.7 2,681.5 2,716.8 2,767.5 2,816.0 189.0 50.7 48.5 18 771.4 751.3 761.4 764.0 774.7 785.4 767.7 754.3 756.6 763.1 767.9 783.2 32.6 4.7 15.4 19 1,560.3 1,470.1 1,524.5 1,578.7 1,577.2 1,560.6 1,250.1 1,220.2 1,241.9 1,269.2 1,255.3 1,234.0 92.3 -14.0 -21.2 20 3,386.3 3,276.0 3,315.8 3,351.8 3,415.9 3,461.6 2,752.9 2,721.5 2,731.0 2,741.4 2,764.6 2,774.8 74.1 23.1 10.3 21 428.5 407.0 416.5 423.6 436.0 438.0 334.1 325.0 330.3 332.4 337.6 336.2 16.4 5.2 -1.4 22 2,957.8 2,869.0 2,899.3 2,928.2 2,979.8 3,023.6 2,420.2 2,398.2 2,402.1 2,410.5 2,428.3 2,440.1 57.4 17.8 11.8 23 1,961.0 1,807.8 1,834.3 1,934.3 2,001.7 2,073.6 1,445.2 1,385.9 1,381.9 1,443.8 1,466.6 1,488.3 158.0 22.8 21.7 24 424.7 385.9 392.7 407.9 440.5 457.8 334.1 305.9 309.9 326.2 345.8 354.5 62.0 19.6 8.7 25 1,536.3 1,421.9 1,441.6 1,526.4 1,561.2 1,615.9 1,112.2 1,080.1 1,072.3 1,118.0 1,122.5 1,135.8 97.5 4.5 13.4 26 10 16 17 18 19 20 21 22 23 24 25 26 27 Nondurable goods Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance Educational services Health care and social assistance Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and recreation Accommodation and food services Other services, except government 28 Government 825.3 780.6 799.5 802.6 835.0 864.2 607.2 599.8 603.0 598.2 610.7 616.8 13.9 12.6 6.1 27 4,832.0 4,575.5 4,671.0 4,816.0 4,887.2 4,953.6 3,689.4 3,655.6 3,665.3 3,673.0 3,694.3 3,725.2 37.1 21.3 30.8 28 29 Federal 1,462.7 1,411.8 1,420.4 1,451.7 1,482.4 1,496.3 1,188.0 1,185.3 1,176.1 1,183.2 1,193.6 1,199.0 -15.9 10.5 5.3 29 30 State and local 3,369.3 3,163.6 3,250.6 3,364.4 3,404.8 3,457.2 2,500.9 2,470.3 2,488.2 2,489.3 2,500.5 2,525.6 51.4 11.2 25.1 30 1 10,855.8 10,008.2 10,459.9 11,007.9 11,022.0 10,933.4 8,400.9 8,437.3 8,424.3 8,359.5 8,384.9 8,435.1 -48.6 25.4 50.2 31 2 30,275.1 28,709.4 29,448.5 30,149.0 30,653.6 30,849.3 23,887.8 23,427.0 23,638.7 23,848.0 24,027.7 24,036.5 994.1 179.8 8.8 32 31 32 Addenda: Private goods-producing industries Private services-producing industries 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 28 - March 30, 2023 Table 18. Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 2020 2021 2022 2019 Q1 1 All Industries 2 Private industries 3 Agriculture, forestry, fishing, and hunting Q2 2020 Q3 Q4 Q1 Q2 2021 Q3 Q4 5.4 4.8 7.6 10.0 8.2 7.9 9.8 11.2 2.6 0.5 1 0.4 6.7 8.1 -0.3 2.2 0.6 0.5 -0.1 -4.4 5.6 4.9 7.5 10.5 8.5 8.0 10.1 11.1 2.5 0.3 2 -2.4 20.8 23.5 -2.2 -0.5 3.9 4.1 -7.0 -26.0 19.1 28.4 14.2 57.3 17.0 0.2 46.2 36.4 7.2 4.0 3 -18.1 54.5 34.1 -25.4 -4.8 -18.5 0.2 -37.6 -61.3 107.4 56.3 91.7 50.7 45.9 65.9 34.2 86.8 -17.6 -44.4 4 46.2 -7.0 29.6 31.8 -6.4 61.8 24.0 -20.6 5 2.4 7 Manufacturing -2.2 12.6 13.3 -4.1 8.4 15.5 7.7 8.6 2.7 8 Durable goods 0.3 9 Nondurable goods -4.6 17.9 18.1 -9.4 4.0 2.7 1.3 -3.8 2.0 2.5 -0.1 5.4 2.4 8.4 13.3 1.0 -3.5 -12.7 8.3 7.7 17.7 20.4 2.5 3.3 8.3 13.9 2.3 -6.9 -24.2 14.5 12.5 28.4 27.6 1.3 -0.4 -1.0 -0.4 -0.2 3.2 -6.7 0.1 10 Wholesale trade -0.2 7.2 9.2 2.9 5.7 2.8 -0.8 -3.4 -5.6 11 Retail trade 4.2 9.6 8.4 0.1 3.4 2.4 -0.2 12 Transportation and warehousing -1.9 9.7 13.8 1.0 3.5 0.5 Information 0.4 0.5 21 22 23 24 Q4 0.2 -3.9 -2.5 18.7 18.1 -1.7 -10.0 11.4 -9.7 -14.1 -0.5 16.4 11.8 20 Q3 0.6 Construction 19 Q2 0.7 Utilities 17 18 Q1 2.0 6 16 Q4 8.0 -0.1 5 15 Q3 6.6 Mining Finance, insurance, real estate, rental, and leasing Q2 0.6 4 13 14 Q1 Line 2022 1.2 -0.1 12.6 17.6 17.8 18.2 12.2 7.0 6 16.6 12.8 17.2 22.1 -2.4 -3.6 7 12.2 1.5 -0.6 8 21.3 16.7 23.9 36.1 -6.0 -6.5 9.1 11.0 9.5 9 8.3 3.0 6.6 12.6 12.2 5.8 10.3 2.0 6.0 25.2 8.5 0.3 -2.4 -9.3 -2.5 8.2 7.8 24.6 15.2 14.7 21.3 16.2 -0.8 -2.8 12 5.6 -2.5 -0.7 1.0 -0.2 -0.6 5.1 2.8 -5.2 3.2 0.6 6.9 13.3 11.5 1.5 0.9 10 7.1 13.6 1.8 1.2 11 0.2 5.2 2.9 2.2 0.4 0.7 13 1.7 3.0 3.9 0.8 3.7 2.5 -0.4 3.9 -1.3 2.8 2.9 2.6 5.1 3.4 3.2 4.0 3.7 4.1 5.7 14 Finance and insurance 1.1 3.0 1.9 -1.8 4.7 2.1 -3.3 6.2 -4.3 2.3 2.7 4.0 5.8 2.6 2.0 1.6 -0.3 1.8 4.3 15 Real estate and rental and leasing 2.2 3.0 5.5 2.9 3.0 2.8 1.8 2.2 1.1 3.1 3.1 1.6 4.5 4.1 4.1 5.8 6.8 5.9 6.7 16 0.9 1.7 3.3 2.2 1.1 0.9 0.5 0.7 0.6 1.5 2.0 1.7 1.7 1.7 2.7 6.1 2.8 3.0 1.0 17 1.0 1.4 3.0 2.6 0.8 0.8 0.6 1.2 0.6 1.2 3.2 1.2 0.2 1.0 3.0 5.7 2.8 2.4 1.0 18 -0.8 0.2 0.8 -0.5 0.1 -0.7 -1.6 0.2 -2.7 0.4 -0.9 1.1 1.2 0.3 -1.3 4.3 -2.1 3.1 -2.4 19 1.6 3.2 5.2 3.0 2.4 0.0 2.8 2.8 1.0 3.0 5.2 3.8 4.3 7.8 5.4 4.1 Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance 2.1 1.3 2.6 20 2.3 3.4 3.7 1.4 1.9 2.3 2.0 1.8 2.5 3.2 2.2 4.3 3.3 3.9 4.3 3.5 2.8 4.3 3.9 21 Educational services 2.3 3.4 4.1 2.1 1.5 2.0 2.2 2.2 2.0 2.8 3.4 2.3 5.0 4.4 4.3 2.7 4.4 5.5 3.4 22 Health care and social assistance 2.3 3.4 3.6 1.3 1.9 2.4 2.0 1.7 2.6 3.2 2.1 4.6 3.1 3.9 4.3 3.6 2.6 4.1 4.0 23 0.7 Arts, entertainment, recreation, accommodation, and food services 2.7 4.0 7.3 2.7 2.7 1.9 3.8 2.7 2.8 0.7 4.4 5.4 9.5 9.2 7.2 3.8 7.7 8.6 24 25 Arts, entertainment, and recreation 4.4 1.3 3.5 0.8 3.4 1.5 6.9 5.9 5.6 1.3 0.2 -11.0 15.3 3.8 7.9 1.8 -5.1 7.7 5.5 25 26 Accommodation and food services 2.2 4.8 8.3 3.3 2.4 2.0 3.0 1.8 2.0 0.6 5.5 4.0 3.1 11.0 9.6 8.8 6.3 7.7 9.5 26 3.2 4.7 6.7 2.9 3.3 1.9 2.7 4.6 1.8 4.3 3.5 5.9 4.2 5.2 6.8 7.8 4.9 1.8 5.5 7.1 1.0 0.3 1.7 1.1 2.5 0.3 3.7 3.7 8.5 5.4 6.2 6.8 7.5 12.1 4.6 -2.8 27 Other services, except government 28 Government 29 Federal 1.1 3.7 5.2 30 State and local 2.1 6.4 7.9 -0.6 1.7 7.8 10.3 27 3.6 2.1 28 1.0 1.4 1.9 -0.2 2.9 2.3 4.8 4.2 4.9 4.8 5.7 6.5 5.0 2.0 29 2.0 1.0 2.8 4.1 4.3 10.3 6.0 6.8 7.6 8.3 14.6 3.0 2.1 30 18.7 22.4 0.5 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 -2.3 14.2 15.7 -4.5 1.3 -3.2 1.4 -5.0 -14.5 11.6 9.8 1.4 2.5 0.2 3.3 4.3 5.5 1.3 2.0 1.6 -0.8 3.7 3.9 6.7 17.5 16.1 20.1 26.5 -0.7 -5.5 31 5.5 5.3 6.8 6.1 3.7 2.4 32 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 29 - March 30, 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 2.6 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 5.9 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 2.4 3 4 Structures 6.7 -2.6 9.9 -29.7 16.5 5 6 Motor vehicle output 7 GDP excluding motor vehicle output Nonfarm business gross value added 1 -0.4 1.6 -8.5 2.9 10.1 17.5 4.2 -5.8 -5.2 -5.2 -4.9 -15.3 -14.6 -8.1 4 -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 10.4 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 2.4 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 2.9 7 6.3 7.0 2.7 7.0 -1.6 -0.6 3.2 2.6 8 9 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 1.83 10 Services -2.94 2.87 1.89 0.61 1.79 1.45 1.49 -4.75 -18.98 14.16 1.97 3.46 4.54 1.91 2.30 1.44 10 11 Structures -0.03 0.14 -0.79 0.24 0.83 0.57 -0.22 1.55 1.42 0.35 -0.55 -0.49 -0.47 -0.44 -1.44 -1.34 -0.70 11 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 - 30 - 5.92 -0.64 3.16 0.12 -0.22 -1.42 0.57 1.83 0.98 -0.10 -0.10 0.07 0.26 12 March 30, 2023 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 2 3 4 Gross domestic product (GDP) Personal consumption expenditures Gross private domestic investment Net exports of goods and services 2021 Q4 Q1 Q2 Percent change from quarter one year ago 2022 Q3 Q4 Q1 Q2 2020 Q3 Q4 r Q4 2021 Q1 Q2 Line 2022 Q3 Q4 Q1 Q2 Q3 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 5,157.2 -1.2 1.4 12.8 4.6 5.5 3.5 1.9 2.1 0.9 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 3,662.2 -1.1 2.7 16.8 7.5 6.9 4.4 2.5 2.5 1.7 2 1.5 21.2 5.1 10.0 10.7 7.9 1.8 -4.8 3 888.2 874.7 845.1 862.1 934.0 961.9 935.5 930.6 950.8 915.6 2.6 -266.9 -277.8 -260.9 -301.0 -343.8 -327.7 -337.4 -361.7 -348.2 -304.0 ......... ......... ......... ......... ......... ......... ......... ......... ......... 4 5 Exports 542.4 597.4 567.3 587.8 578.2 633.5 594.7 628.4 644.8 660.7 -9.1 -6.0 20.4 4.3 5 6 7 Imports 809.3 875.3 828.2 888.8 922.0 961.2 932.0 990.1 993.0 964.8 1.0 4.6 31.1 13.9 7.7 0.4 6 858.5 865.3 845.2 867.3 855.4 858.3 840.5 855.9 852.3 869.7 1.7 3.1 0.5 -0.4 -0.8 -0.6 -1.3 -0.4 1.3 7 Government consumption expenditures and gross investment 6.6 6.0 4.8 6.9 11.5 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 6,655.0 0.5 3.6 17.3 10.0 12.0 10.4 9.8 9.5 7.3 8 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 6,667.9 2.8 1.3 16.8 13.0 10.6 11.4 10.1 9.1 5.9 9 r Revised Source: U.S. Bureau of Economic Analysis - 31 -
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