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March 28, 2024 2023Q4 (Third Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Seasonally adjusted at annual rates Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross domestic income (GDI) Average of GDP and GDI Gross national product (GNP) Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis 2023Q4 % change 3.4 3.3 3.0 3.2 2.9 3.4 0.7 3.5 3.7 10.9 -1.1 4.3 2.8 ............................ ............................ 5.1 6.2 2.8 2.2 1.3 6.2 4.6 2.4 0.5 4.8 6.0 Last period with Last period with Last period with equal value larger value smaller value 2019Q2 3.4 2023Q3 4.9 2023Q2 2.1 1978Q4 3.3 2023Q1 3.8 2023Q3 3.1 2014Q1 3.0 2023Q3 4.9 2023Q2 0.5 1978Q4 3.2 2023Q3 6.7 2023Q2 -0.3 2004Q3 2.9 2023Q3 3.9 2023Q2 0.9 2013Q4 3.4 2021Q3 9.3 2023Q3 2.2 2004Q1 0.7 2023Q3 10.0 2023Q1 -9.0 1964Q4 3.5 2023Q2 5.2 2023Q3 2.6 2018Q4 3.7 2023Q2 7.4 2023Q3 1.4 1972Q1 10.9 2023Q3 11.2 2022Q4 6.5 ................. ................. 2023Q2 7.7 2023Q3 -4.4 1969Q4 4.3 2022Q4 6.1 2023Q3 1.8 2018Q2 2.8 2023Q3 6.7 2023Q2 -2.2 .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. .................. 1999Q2 5.1 2023Q3 5.4 2023Q2 -9.3 2011Q2 6.2 2023Q3 7.7 2023Q2 -16.0 1970Q1 2.8 2023Q2 6.2 2023Q3 1.0 2012Q3 2.2 2023Q3 4.2 2023Q2 -7.6 1967Q1 1.3 2023Q3 5.9 2023Q2 -6.5 2015Q3 6.2 2022Q3 8.1 2023Q3 -2.8 2009Q1 4.6 2023Q3 5.8 2023Q2 3.3 2004Q2 2.4 2023Q3 7.1 2023Q2 1.1 1976Q3 0.5 2023Q3 8.4 2022Q3 -0.3 2009Q3 4.8 2023Q3 5.5 2023Q2 -0.4 ................. ................. 2019Q2 6.5 2023Q3 5.0 3.9 3.1 3.5 3.3 4.8 4.1 3.3 2.0 2012Q1 2018Q1 2023Q3 1963Q1 1962Q4 2003Q4 2019Q2 2007Q2 3.9 3.1 3.5 3.3 4.8 4.1 3.3 2.0 2023Q1 2023Q3 2023Q1 2023Q1 2021Q4 2021Q4 2023Q3 2023Q2 4.6 4.7 3.8 3.6 6.2 6.6 4.7 3.3 2023Q3 2023Q2 2023Q2 2023Q3 2023Q3 2023Q3 2023Q2 2023Q3 3.6 2.0 2.0 3.0 1.9 3.4 2.3 0.5 5.1 5.6 5.0 5.5 5.3 6.6 5.8 5.0 3.8 2018Q2 1993Q2 2005Q2 2022Q3 2007Q1 1996Q1 2018Q1 1991Q3 2019Q3 5.1 5.6 5.0 5.5 5.3 6.6 5.8 5.0 3.8 2023Q3 2023Q3 2023Q3 2023Q3 2023Q3 2022Q3 2023Q3 2023Q3 2023Q2 8.3 7.0 7.7 6.4 5.5 7.3 6.8 8.1 5.8 2023Q2 2023Q2 2023Q2 2023Q2 2023Q2 2023Q3 2023Q2 2023Q2 2023Q3 3.8 3.9 3.4 3.4 3.7 5.3 3.0 4.0 3.1 1.9 2.1 1.6 2.4 1.7 1.8 2.0 2.0 2.3 2016Q4 2023Q2 2018Q4 2017Q4 2023Q2 2016Q4 2023Q3 2019Q2 1995Q2 1.9 2.1 1.6 2.4 1.7 1.8 2.0 2.0 2.3 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 2023Q2 2020Q2 2020Q2 2023Q2 2020Q2 2020Q2 2020Q4 2020Q4 2023Q3 1.4 -0.3 -1.4 2.3 -1.6 -1.7 1.8 1.4 1.9 March 28, 2024 2023Q4 (Third 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 Last period with larger value Last period with smaller value 2019Q2 3.4 2023Q3 4.9 2023Q2 2.1 2.20 ................ ................ 0.67 2007Q1 0.67 0.25 2011Q3 0.25 0.41 1979Q4 0.41 1.54 2019Q3 1.54 0.15 2015Q3 0.15 0.61 ................. ................. 0.50 2018Q4 0.50 0.32 1950Q4 0.32 -0.05 1974Q2 -0.05 0.23 2000Q4 0.23 0.11 2018Q2 0.11 -0.47 2016Q3 -0.47 0.25 1990Q1 0.25 0.55 1960Q2 0.55 0.45 1976Q4 0.45 0.10 1967Q3 0.10 -0.30 1977Q2 -0.30 -0.14 1966Q4 -0.14 -0.15 2004Q3 -0.15 0.79 1955Q3 0.79 0.15 2001Q3 0.15 0.02 1991Q2 0.02 0.14 2012Q1 0.14 0.64 1975Q3 0.64 2023Q1 2023Q3 2023Q3 2023Q3 2021Q3 2023Q3 2023Q2 2023Q2 2023Q3 2023Q2 2022Q4 2023Q3 2023Q3 2023Q1 2023Q3 2023Q3 2023Q2 2023Q2 2023Q2 2023Q3 2023Q3 2023Q3 2023Q3 2023Q3 2019Q2 2.54 1.09 0.53 0.56 3.99 1.74 0.90 0.98 0.33 0.38 0.32 0.26 1.27 0.58 0.59 0.55 0.22 1.13 0.78 0.08 0.99 0.45 0.30 0.15 0.70 2023Q3 2023Q2 2023Q2 2023Q2 2023Q3 2023Q1 2023Q3 2023Q3 2022Q4 2023Q3 2023Q3 2023Q2 2023Q1 2023Q3 2023Q2 2023Q2 2023Q3 2023Q3 2023Q3 2022Q3 2023Q2 2023Q2 2022Q3 2023Q2 2023Q3 2.11 0.11 -0.03 0.14 1.02 -1.69 0.46 0.21 0.17 -0.22 0.10 -0.09 -2.22 0.03 -1.09 -1.31 0.04 -0.56 -0.64 -0.21 0.57 0.07 -0.01 -0.01 0.53 3.4 March 28, 2024 2023Q4 Comparisons -- Corporate Profits: Level Change and Percent Change Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis Last period with 2023Q4 change equal value Dollar change from preceding quarter 133.5 ................ ................ 105.2 ................. ................. 106.8 ................. ................. 78.5 ................. ................. 118.2 ................. ................. Percent change from preceding quarter (quarterly rates) Last period with larger value Last period with smaller value 2022Q2 2022Q2 2023Q3 2023Q3 2023Q3 232.9 214.6 127.5 114.9 142.1 2023Q3 2023Q3 2023Q2 2023Q2 2023Q2 108.7 96.1 15.5 21.8 32.3 4.1 3.9 3.0 2.6 3.5 2022Q2 2022Q2 2023Q3 2023Q3 2023Q3 7.7 8.6 3.7 4.0 4.4 2023Q3 2023Q3 2023Q2 2023Q2 2023Q2 3.4 3.7 0.4 0.8 1.0 5.1 1977Q1 5.1 3.8 1990Q1 3.8 9.1 ................. ................. 8.6 ................. ................. 9.5 ................. ................. 2022Q4 2022Q4 2022Q2 2022Q1 2023Q1 8.6 7.1 10.6 8.9 14.6 2023Q3 2023Q3 2023Q3 2023Q3 2023Q3 -0.6 -2.1 1.2 0.1 6.1 4.1 1968Q2 3.9 1983Q3 3.0 1995Q2 2.6 1974Q2 3.5 2019Q3 Percent change from quarter one year ago March 28, 2024 2023 (Third Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Last period with Last period with Last period with 2023 % change equal value larger value smaller value Gross domestic product (GDP) 2.5 2019 2.5 2021 5.8 2022 1.9 Personal consumption expenditures 2.2 ................ ................ 2022 2.5 2020 -2.5 Goods 2.0 1967 2.0 2021 11.3 2022 0.3 Durable goods 4.2 ................. ................. 2021 16.7 2022 -0.3 Nondurable goods 0.8 ................. ................. 2021 8.5 2022 0.6 Services 2.3 ................. ................. 2022 3.7 2020 -5.9 Gross private domestic investment -1.2 ................ ................ 2022 4.8 2020 -4.7 Fixed investment 0.6 1987 0.6 2022 1.3 2020 -2.1 Nonresidential 4.5 2010 4.5 2022 5.2 2020 -4.7 Structures 13.2 ................. ................. 2012 13.3 2022 -2.1 Equipment -0.3 ................. ................. 2022 5.2 2020 -10.1 Intellectual property products 4.5 2020 4.5 2022 9.1 2010 2.7 Residential -10.6 ................. ................. 2022 -9.0 2009 -21.7 Change in private inventories ............................ .................. .................. .................. .................. .................. .................. Net exports of goods and services ............................ .................. .................. .................. .................. .................. .................. Exports 2.6 ................. ................. 2022 7.0 2020 -13.1 Goods 2.6 1941 2.6 2022 5.8 2020 -10.0 Services 2.5 ................. ................. 2022 9.6 2020 -18.7 Imports -1.7 ................. ................. 2022 8.6 2020 -9.0 Goods -1.6 1960 -1.6 2022 6.8 2020 -5.9 Services -1.7 1961 -1.7 2022 17.5 2020 -21.9 Government consumption expenditures and gross investment 4.1 1931 4.1 2002 4.5 2022 -0.9 Federal 4.2 1980 4.2 2020 6.1 2022 -2.8 National defense 3.4 ................. ................. 2019 5.3 2022 -2.8 Nondefense 5.2 ................. ................. 2021 5.9 2022 -2.9 State and local 4.0 2019 4.0 1999 4.1 2022 0.2 Addenda: Final sales of domestic product 2.9 2018 2.9 2021 5.5 2022 1.3 Gross domestic purchases 1.9 2016 1.9 2022 2.3 2020 -1.9 Final sales to domestic purchasers 2.3 ................. ................. 2021 6.6 2022 1.7 Final sales to private domestic purchasers 1.9 ................. ................. 2022 2.3 2020 -2.4 Gross domestic income (GDI) 0.5 ................. ................. 2022 2.1 2020 -2.3 Average of GDP and GDI 1.5 2002 1.5 2022 2.0 2020 -2.3 Gross national product (GNP) 2.4 2019 2.4 2021 5.6 2022 1.9 Disposable personal income 4.2 ................. ................. 2020 6.4 2022 -5.9 Current-dollar measures: GDP 6.3 1999 6.3 2022 9.1 2020 -0.9 Final sales of domestic product 6.7 ................. ................. 2022 8.5 2020 -0.4 Gross domestic purchases 5.4 2018 5.4 2022 9.3 2020 -0.7 Final sales to domestic purchasers 5.8 1997 5.8 2022 8.7 2020 -0.2 Final sales to private domestic purchasers 5.7 1995 5.7 2022 9.2 2020 -1.3 GDI 4.2 2017 4.2 2022 9.3 2020 -1.0 Average of GDP and GDI 5.2 1995 5.2 2022 9.2 2020 -1.0 GNP 6.2 ................. ................. 2022 9.0 2020 -1.2 Disposable personal income 8.1 1969 8.1 1988 9.2 2022 0.2 Chain-type price measures: Gross domestic purchases 3.4 1984 3.4 2022 6.8 2020 1.3 Gross domestic purchases excluding food and energy 3.6 ................. ................. 2022 6.1 2020 1.5 GDP 3.6 1984 3.6 2022 7.1 2020 1.3 GDP excluding food and energy 4.0 ................. ................. 2022 6.2 2020 1.5 GDP implicit price deflator 3.6 1984 3.6 2022 7.0 2020 1.3 PCE 3.7 ................. ................. 2022 6.5 2020 1.1 PCE excluding food and energy 4.1 1990 4.1 2022 5.2 2021 3.6 Market-based PCE 3.6 2021 3.6 2022 6.5 2020 1.0 Market-based PCE excluding food and energy 4.0 ................. ................. 2022 5.0 2021 2.9 Source: U.S. Bureau of Economic Analysis March 28, 2024 2023 (Third 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 1.51 0.46 0.34 0.12 1.05 -0.23 0.11 0.60 0.37 -0.01 0.24 -0.48 -0.34 0.57 0.31 0.22 0.09 0.25 0.21 0.05 0.70 0.27 0.12 0.14 0.43 ................ ................. ................. ................. 1961 ................ 1987 ................. 1945 ................. 2011 ................. ................. ................ 1993 1993 1993 ................. ................. 1992 ................ ................. ................. 2008 2019 ................ ................. ................. ................. 1.05 ................ 0.11 ................. 0.37 ................. 0.24 ................. ................. ................ 0.31 0.22 0.09 ................. ................. 0.05 ................ ................. ................. 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 March 28, 2024 2023 Comparisons -- Corporate Profits: Level Change and Percent Change Last period with 2023 change equal value Dollar change from preceding year Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis 49.3 ................ 6.6 ................. 36.7 ................. -6.0 ................. 287.0 ................. Percent change from preceding year 1.5 0.2 1.0 -0.2 9.5 ................ ................. 2018 ................. ................. Last period with larger value Last period with smaller value ................ ................. ................. ................. ................. 2022 2022 2022 2022 2018 285.9 148.2 273.8 136.0 424.6 2020 2020 2018 2015 2022 -87.0 -97.1 22.4 -105.9 244.6 ................ ................. 1.0 ................. ................. 2022 2022 2022 2022 2018 9.8 5.9 8.4 4.8 20.2 2020 2020 2016 2015 2022 -3.5 -4.5 0.1 -5.4 8.8
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