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February 28, 2024 2023Q4 (Second Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Seasonally adjusted at annual rates Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross domestic income (GDI) Average of GDP and GDI Gross national product (GNP) Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis 2023Q4 % change 3.2 3.0 3.2 3.2 3.3 2.8 0.9 2.5 2.4 7.5 -1.7 3.3 2.9 ..................... ..................... 6.4 4.8 9.6 2.7 1.3 9.1 4.2 2.3 0.4 4.7 5.4 Last period with equal value 2017Q3 3.2 1988Q2 3.0 2020Q4 3.2 1978Q4 3.2 2003Q1 3.3 2022Q3 2.8 2015Q3 0.9 ............... ............... ............... ............... ............... ............... 1970Q2 -1.7 1972Q3 3.3 2004Q3 2.9 ............... ............... ............... ............... ............... ............... 2004Q3 4.8 1994Q4 9.6 ............... ............... 1967Q1 1.3 ............... ............... ............... ............... ............... ............... 1979Q1 0.4 ............... ............... 1987Q4 5.4 3.5 2.8 3.1 2.9 ..................... ..................... ..................... 2.2 2005Q3 3.5 2023Q3 3.6 2023Q2 2.1 2015Q2 2.8 2023Q3 4.7 2023Q2 2.0 1995Q3 3.1 2023Q3 3.5 2023Q2 2.0 1991Q2 2.9 2023Q3 3.0 2023Q2 1.7 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 2022Q4 2.2 2023Q2 3.3 2023Q3 0.5 4.9 5.2 4.8 5.1 4.8 ..................... ..................... ..................... 4.0 2015Q2 4.9 2023Q3 8.3 2023Q2 3.8 2017Q1 5.2 2023Q3 7.0 2023Q2 3.9 1954Q3 4.8 2023Q3 7.7 2023Q2 3.4 2017Q1 5.1 2023Q3 6.4 2023Q2 3.4 2013Q1 4.8 2023Q3 5.5 2023Q2 3.7 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 2010Q1 4.0 2023Q2 5.8 2023Q3 3.1 1.9 2.1 1.6 2.4 1.7 1.8 2.1 2.0 2.3 2016Q4 2023Q2 2018Q4 2017Q4 2023Q2 2016Q4 2008Q3 2019Q2 1995Q2 1.9 2.1 1.6 2.4 1.7 1.8 2.1 2.0 2.3 Last period with larger value 2023Q3 4.9 2023Q3 3.1 2023Q3 4.9 2023Q3 6.7 2023Q3 3.9 2023Q1 3.1 2023Q3 10.0 2023Q3 2.6 2023Q2 7.4 2023Q3 11.2 2023Q2 7.7 2023Q1 3.8 2023Q3 6.7 ............... ............... ............... ............... 2023Q1 6.8 2023Q3 7.7 2022Q2 13.9 2023Q3 4.2 2023Q3 5.9 2022Q2 14.2 2023Q3 5.8 2023Q3 7.1 2023Q3 8.4 2023Q3 5.5 2019Q2 6.5 2023Q3 2023Q3 2023Q3 2023Q3 2023Q3 2023Q3 2023Q2 2023Q3 2023Q2 2.9 2.5 3.3 3.0 3.3 2.6 3.7 2.5 3.7 Last period with smaller value 2023Q2 2.1 2023Q2 0.8 2023Q2 0.5 2023Q2 -0.3 2023Q2 0.9 2023Q3 2.2 2023Q1 -9.0 2022Q4 -5.4 2023Q3 1.4 2022Q4 6.5 2023Q3 -4.4 2023Q3 1.8 2023Q2 -2.2 ............... ............... ............... ............... 2023Q3 5.4 2023Q2 -16.0 2023Q3 1.0 2023Q2 -7.6 2023Q2 -6.5 2023Q3 -2.8 2023Q2 3.3 2023Q2 1.1 2022Q3 -0.3 2023Q2 -0.4 2023Q3 5.0 2023Q2 2020Q2 2020Q2 2023Q2 2020Q2 2020Q2 2023Q3 2020Q4 2023Q3 1.4 -0.3 -1.4 2.3 -1.6 -1.7 2.0 1.4 1.9 February 28, 2024 2023Q4 (Second Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2023Q4 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value 3.2 2017Q3 2.00 0.72 0.25 0.47 1.28 0.17 0.43 0.32 0.23 -0.08 0.18 0.11 -0.27 0.32 0.69 0.35 0.34 -0.37 -0.15 -0.22 0.73 0.15 0.02 0.13 0.58 ............... 2013Q3 2011Q3 2005Q2 2006Q4 2012Q3 ............... 2010Q1 2006Q3 2001Q4 2006Q1 2018Q2 ............... ............... 2007Q2 2019Q1 ............... 2007Q3 ............... 2008Q3 2000Q2 2001Q3 1991Q2 2017Q4 2001Q1 Last period with larger value 3.2 2023Q3 ............... 0.72 0.25 0.47 1.28 0.17 ............... 0.32 0.23 -0.08 0.18 0.11 ............... ............... 0.69 0.35 ............... -0.37 ............... -0.22 0.73 0.15 0.02 0.13 0.58 2023Q3 2023Q3 2023Q3 2023Q3 2023Q1 2023Q3 2023Q3 2023Q2 2023Q3 2023Q2 2023Q1 2023Q3 2023Q3 2023Q1 2023Q1 2023Q3 2022Q2 2023Q2 2023Q2 2023Q3 2023Q3 2023Q3 2023Q3 2023Q3 2019Q2 Last period with smaller value 4.9 2023Q2 2.11 1.09 0.53 0.56 1.40 1.74 0.46 0.98 0.33 0.38 0.20 0.26 1.27 0.58 0.76 0.55 0.46 1.13 0.78 0.08 0.99 0.45 0.30 0.15 0.70 2023Q2 2023Q2 2023Q2 2023Q2 2023Q3 2023Q1 2022Q4 2023Q3 2022Q4 2023Q3 2023Q3 2023Q2 2023Q1 2023Q3 2023Q3 2023Q2 2023Q3 2023Q3 2023Q3 2022Q2 2023Q2 2023Q2 2022Q3 2023Q2 2023Q3 2.1 0.55 0.11 -0.03 0.14 1.02 -1.69 -0.99 0.21 0.17 -0.22 0.10 -0.09 -2.22 0.03 0.59 -1.31 0.04 -0.56 -0.64 -0.35 0.57 0.07 -0.01 -0.01 0.53 February 28, 2024 2023 (Second Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] 2023 % change Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross domestic income (GDI) Average of GDP and GDI Gross national product (GNP) Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis Last period with equal value 2.5 Last period with larger value 2021 2.5 2019 2.2 2.0 4.2 0.9 2.3 -1.2 0.6 4.4 13.0 -0.3 4.4 -10.6 ..................... ..................... 2.7 2.6 3.0 -1.6 -1.6 -1.5 4.0 4.2 3.4 5.2 3.9 ............... 1967 ............... 2011 ............... ............... 1987 ............... ............... ............... ............... ............... ............... ............... ............... 1941 ............... ............... 1960 ............... ............... 1980 ............... ............... 1989 ............... 2022 2.5 2020 -2.5 2.0 2021 11.3 2022 0.3 ............... 2021 16.7 2022 -0.3 0.9 2021 8.5 2022 0.6 ............... 2022 3.7 2020 -5.9 ............... 2022 4.8 2020 -4.7 0.6 2022 1.3 2020 -2.1 ............... 2022 5.2 2020 -4.7 ............... 2012 13.3 2022 -2.1 ............... 2022 5.2 2020 -10.1 ............... 2022 9.1 2010 2.7 ............... 2022 -9.0 2009 -21.7 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 2022 7.0 2020 -13.1 2.6 2022 5.8 2020 -10.0 ............... 2022 9.6 2020 -18.7 ............... 2022 8.6 2020 -9.0 -1.6 2022 6.8 2020 -5.9 ............... 2022 17.5 2020 -21.9 ............... 2002 4.5 2022 -0.9 4.2 2020 6.1 2022 -2.8 ............... 2019 5.3 2022 -2.8 ............... 2021 5.9 2022 -2.9 3.9 2019 4.0 2022 0.2 2.9 1.9 2.2 1.9 ..................... ..................... ..................... 4.2 2018 2016 1949 ............... ............... ............... ............... ............... 2.9 2021 5.5 2022 1.3 1.9 2022 2.3 2020 -1.9 2.2 2021 6.6 2022 1.7 ............... 2022 2.3 2020 -2.4 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 2020 6.4 2022 -5.9 6.3 6.7 5.4 5.8 5.6 ..................... ..................... ..................... 8.1 1999 ............... 2018 1997 ............... ............... ............... ............... 1969 6.3 2022 9.1 2020 -0.9 ............... 2022 8.5 2020 -0.4 5.4 2022 9.3 2020 -0.7 5.8 2022 8.7 2020 -0.2 ............... 2022 9.2 2020 -1.3 ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... ............... 8.1 1988 9.2 2022 0.2 3.4 3.6 3.6 4.0 3.6 3.7 4.1 3.6 4.0 1984 ............... 1984 ............... 1984 ............... 1990 2021 ............... 3.4 ............... 3.6 ............... 3.6 ............... 4.1 3.6 ............... 2022 2022 2022 2022 2022 2022 2022 2022 2022 5.8 Last period with smaller value 6.8 6.1 7.1 6.2 7.0 6.5 5.2 6.5 5.0 2022 2020 2020 2020 2020 2020 2020 2021 2020 2021 1.9 1.3 1.5 1.3 1.5 1.3 1.1 3.6 1.0 2.9 February 28, 2024 2023 (Second Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2023 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value Last period with larger value Last period with smaller value 2.5 2019 2.5 2021 5.8 2022 1.9 1.49 0.46 0.34 0.12 1.03 -0.23 0.10 0.59 0.36 -0.02 0.24 -0.48 -0.33 0.57 0.32 0.22 0.11 0.25 0.21 0.04 0.69 0.27 0.12 0.14 0.43 ............... ............... ............... ............... 1953 ............... 1961 1963 ............... ............... 2011 ............... ............... ............... ............... 1993 1979 ............... ............... 1971 ............... ............... ............... 2008 2019 ............... ............... ............... ............... 1.03 ............... 0.10 0.59 ............... ............... 0.24 ............... ............... ............... ............... 0.22 0.11 ............... ............... 0.04 ............... ............... ............... 0.14 0.43 2022 2021 2021 2021 2022 2022 2022 2022 2007 2022 2022 2022 2022 2009 2022 2022 2022 2020 2020 2020 2009 2020 2019 2021 1999 1.72 2.51 1.28 1.22 1.65 0.86 0.24 0.68 0.42 0.26 0.48 -0.44 0.62 1.07 0.76 0.44 0.33 1.28 0.67 0.61 0.72 0.40 0.21 0.17 0.47 2020 2022 2022 2022 2020 2020 2020 2020 2022 2020 2020 2009 2020 2022 2020 2020 2020 2022 2022 2022 2022 2022 2022 2022 2022 -1.69 0.07 -0.02 0.09 -2.70 -0.85 -0.37 -0.66 -0.06 -0.58 0.22 -0.74 -0.48 -0.48 -1.52 -0.75 -0.77 -1.24 -0.82 -0.42 -0.16 -0.19 -0.11 -0.08 0.03