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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, AUGUST 29, 2012
BEA 12-35
Lisa Mataloni:
Greg Key:
Recorded message:

(202) 606-5304 (GDP)
(202) 606-5564 (Profits)
(202) 606-5306

gdpniwd@bea.gov
cpniwd@bea.gov

GROSS DOMESTIC PRODUCT: SECOND QUARTER 2012 (SECOND ESTIMATE)
CORPORATE PROFITS: SECOND QUARTER 2012 (PRELIMINARY)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.7 percent in the second quarter of 2012
(that is, from the first quarter to the second quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 1.5
percent (see "Revisions" on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, nonresidential fixed investment, and residential
fixed investment that were partly offset by negative contributions from private inventory investment and
from state and local government spending. Imports, which are a subtraction in the calculation of GDP,
increased.
The deceleration in real GDP in the second quarter primarily reflected decelerations in PCE, in
nonresidential fixed investment, and in residential fixed investment that were partly offset by a smaller
decrease in federal government spending, an acceleration in exports, and a smaller decrease in private
inventory investment.

NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005)
dollars. Price indexes are chain-type measures.
This news release is available on BEA’s Web site along with the Technical Note and Highlights
related to this release. For information on revisions, see "Revisions to GDP, GDI, and Their Major
Components."

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-2-

Motor vehicle output added 0.18 percentage point to the second-quarter change in real GDP after
adding 0.72 percentage point to the first-quarter change. Final sales of computers subtracted 0.09
percentage point from the second-quarter change in real GDP after adding 0.02 percentage point to the
first-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.8 percent in the second quarter, 0.1 percentage point more than in the advance estimate; this
index increased 2.5 percent in the first quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 1.4 percent in the second quarter, compared with an increase of 2.4
percent in the first.
Real personal consumption expenditures increased 1.7 percent in the second quarter, compared
with an increase of 2.4 percent in the first. Durable goods were unchanged, in contrast to an increase of
11.5 percent. Nondurable goods increased 0.5 percent, compared with an increase of 1.6 percent.
Services increased 2.4 percent, compared with an increase of 1.3 percent.
Real nonresidential fixed investment increased 4.2 percent, compared with an increase of 7.5
percent. Nonresidential structures increased 2.8 percent, compared with an increase of 12.9 percent.
Equipment and software increased 4.7 percent, compared with an increase of 5.4 percent. Real
residential fixed investment increased 8.9 percent, compared with an increase of 20.5 percent.
Real exports of goods and services increased 6.0 percent in the second quarter, compared with an
increase of 4.4 percent in the first. Real imports of goods and services increased 2.9 percent, compared
with an increase of 3.1 percent.
Real federal government consumption expenditures and gross investment decreased 0.1 percent
in the second quarter, compared with a decrease of 4.2 percent in the first. National defense decreased
0.1 percent, compared with a decrease of 7.1 percent. Nondefense decreased 0.3 percent, in contrast to
an increase of 1.8 percent. Real state and local government consumption expenditures and gross
investment decreased 1.4 percent, compared with a decrease of 2.2 percent.
The change in real private inventories subtracted 0.23 percentage point from the second-quarter
change in real GDP, after subtracting 0.39 percentage point from the first-quarter change. Private
businesses increased inventories $49.9 billion in the second quarter, following increases of $56.9 billion
in the first quarter and $70.5 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.0
percent in the second quarter, compared with an increase of 2.4 percent in the first.

Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.4 percent in the second quarter, compared with an increase of 1.8 percent in the
first.

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Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 2.2 percent in the second quarter, compared with an increase of
0.6 percent in the first. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which increased $16.6 billion in the second quarter after decreasing $44.1 billion in the first; in
the second quarter, receipts increased $0.9 billion, and payments decreased $15.6 billion.

Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.3 percent, or $127.8 billion, in the second quarter to a level of $15,606.1 billion. In the first quarter,
current-dollar GDP increased 4.2 percent, or $157.3 billion.

Gross domestic income
Real gross domestic income (GDI), which measures the output of the economy as the costs
incurred and the incomes earned in the production of GDP, increased 0.6 percent in the second quarter,
compared with an increase of 3.8 percent in the first. For a given quarter, the estimates of GDP and GDI
may differ for a variety of reasons, including the incorporation of largely independent source data.
However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of
change.

Revisions
The “second” estimate of the first-quarter percent change in GDP is 0.2 percentage point, or $6.5
billion, more than the advance estimate issued last month, primarily reflecting a downward revision to
imports and upward revisions to personal consumption expenditures, to exports, and to state and local
government spending that were partly offset by downward revisions to private inventory investment and
to nonresidential fixed investment.

Advance Estimate
Second Estimate
(Percent change from preceding quarter)
Real GDP................................................
Current-dollar GDP................................
Gross domestic purchases price index...

1.5
3.1
0.7

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1.7
3.3
0.8

-4-

Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $10.4 billion in the second quarter, in contrast to a decrease of
$53.0 billion in the first quarter. Current-production cash flow (net cash flow with inventory valuation
adjustment) -- the internal funds available to corporations for investment -- decreased $11.3 billion in
the second quarter, compared with a decrease of $169.8 billion in the first.
Taxes on corporate income decreased $5.4 billion in the second quarter, in contrast to an
increase of $83.2 billion in the first. Profits after tax with inventory valuation and capital consumption
adjustments increased $15.6 billion in the second quarter, in contrast to a decrease of $136.2 billion in
the first. Dividends increased $20.9 billion compared with an increase of $9.2 billion; currentproduction undistributed profits decreased $5.2 billion, compared with a decrease of $145.5 billion.
Domestic profits of financial corporations decreased $39.2 billion in the second quarter,
compared with a decrease of $12.3 billion in the first. Domestic profits of nonfinancial corporations
increased $30.4 billion in the second quarter, compared with an increase of $7.3 billion in the first. In
the second quarter, real gross value added of nonfinancial corporations increased, and profits per unit of
real value added increased. The increase in unit profits reflected an increase in unit prices and a
decrease in unit nonlabor costs that was partly offset by an increase in labor costs.
The rest-of-the-world component of profits increased $19.2 billion in the second quarter, in
contrast to a decrease of $48.0 billion in the first. This measure is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by U.S. residents from
unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign
parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The second-quarter
increase was accounted for by an increase in receipts and a decrease in payments.
Profits before tax decreased $28.0 billion in the second quarter, in contrast to an increase of
$188.1 billion in the first. The before-tax measure of profits does not reflect, as does profits from
current production, the capital consumption and inventory valuation adjustments. These adjustments
convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost
basis to the current-cost measures used in the national income and product accounts. The capital
consumption adjustment decreased $1.3 billion in the second quarter (from -$200.7 billion to -$202.0
billion), compared with a decrease of $230.3 billion in the first. The large decrease in the first-quarter
capital consumption adjustment mainly reflected the expiration of bonus depreciation claimed under the
Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The inventory
valuation adjustment increased $39.7 billion (from -$23.7 billion to $16.0 billion) in the second quarter,
in contrast to a decrease of $10.8 billion in the first.

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-5-

BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

*

*

*

Next release – September 27, 2012, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2012 (Third Estimate)
Corporate Profits: Second Quarter (Revised Estimate)

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Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2009

2010

2011

2008
III

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

Gross domestic product (GDP) .....
Personal consumption expenditures .......
Goods.......................................................
Durable goods ......................................
Nondurable goods ................................
Services ...................................................
Gross private domestic investment .........
Fixed investment ......................................
Nonresidential ......................................
Structures .........................................
Equipment and software...................
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..........
Gross national product (GNP)..................
Disposable personal income ....................
Current-dollar measures:
GDP......................................................
Final sales of domestic product............
Gross domestic purchases...................
Final sales to domestic purchasers ......
GNP......................................................
Disposable personal income ................

–3.1
2.4
1.8 –3.7
–1.9
1.8
2.5 –3.8
–3.0
3.6
3.8 –7.7
–5.4
6.2
7.2 –12.3
–1.8
2.3
2.3 –5.4
–1.4
1.0
1.9 –1.7
–24.8 13.7
5.2 –16.5
–19.0 –0.2
6.6 –12.3
–18.1
0.7
8.6 –9.9
–21.1 –15.6
2.7 –3.7
–16.4
8.9 11.0 –13.1
–22.4 –3.7 –1.4 –20.0
.......... .......... .......... ..........
.......... .......... .......... ..........
–9.1 11.1
6.7 –3.5
–12.0 14.3
7.2 –2.4
–2.6
4.7
5.6 –6.2
–13.5 12.5
4.8 –6.6
–15.6 14.9
5.2 –9.1
–3.3
2.5
2.8
8.2
4.3
11.7
17.6
–0.1
0.1

2009
II

2010
III

IV

I

II

2011

IV

I

III

–8.9
–5.1
–12.6
–25.4
–5.8
–1.2
–33.9
–25.2
–22.9
–10.2
–29.3
–33.2
..........
..........
–21.4
–27.4
–5.6
–14.9
–18.5
5.6

–5.3
–1.6
0.2
1.3
–0.3
–2.5
–43.0
–30.2
–28.9
–30.5
–27.9
–35.1
..........
..........
–28.7
–35.3
–12.6
–33.9
–37.3
–17.2

1.6
9.1
8.3
10.9
–2.8

1.8
–3.0
–7.0
6.1
4.9

9.6
13.7
16.1
8.8
7.2

3.7
6.3
7.6
3.5
2.2

1.1
4.2
1.3
10.5
–0.9

–3.1
0.6
–3.7
10.1
–5.5

2.8
9.7
7.3
14.6
–1.4

–0.3
3.7
7.2
–3.1
–2.9

IV

I

II

2012
III

IV

I

r

Line
II

r

–0.3
1.4
4.0
2.3
2.2
2.6
2.4
0.1
2.5
1.3
4.1
2.0
1.7
–1.8
2.1
0.0
2.5
2.6
2.5
4.1
3.1
1.0
1.7
2.0
2.4
1.7
–2.1
7.5 –0.5
5.2
3.3
3.8
7.9
5.4 –1.0
1.4
5.4
4.7
0.4
–2.0 20.9 –6.1
5.5 10.5
7.2 15.2
7.3 –2.3
5.4 13.9 11.5
0.0
–2.1
1.7
2.3
5.1
0.1
2.2
4.5
4.6 –0.3 –0.4
1.8
1.6
0.5
–1.6 –0.4
0.2
1.2
2.3
1.9
2.3
2.0
1.9
1.8
0.3
1.3
2.4
–27.1 –1.7 41.4 19.8 14.6 16.4 –5.9 –5.3 12.5
5.9 33.9
6.1
3.0
–18.5 –3.1 –6.0 –0.9 14.5 –1.0
7.6 –1.3 12.4 15.5 10.0
9.8
5.1
–17.5 –7.8 –6.4
2.1 12.3
7.7
9.2 –1.3 14.5 19.0
9.5
7.5
4.2
–31.4 –26.7 –28.8 –23.0 13.1 –2.2
9.3 –28.2 35.2 20.7 11.5 12.9
2.8
–8.6
3.6
6.0 14.7 12.0 11.9
9.2 11.1
7.8 18.3
8.8
5.4
4.7
–22.2 17.2 –4.8 –11.4 23.1 –28.6
1.5 –1.4
4.1
1.4 12.1 20.5
8.9
.......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ...........
.......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ...........
0.6 13.8 24.0
5.9
9.6
9.7 10.0
5.7
4.1
6.1
1.4
4.4
6.0
–2.6 21.1 30.4
9.9 11.9
9.0 11.2
5.7
3.7
6.2
6.0
4.0
7.3
7.4
0.4 11.4 –2.2
4.5 11.1
7.4
5.8
5.1
6.1 –8.8
5.2
3.0
–15.9 17.2 19.3 10.4 20.2 13.9
0.0
4.3
0.1
4.7
4.9
3.1
2.9
–18.5 21.1 23.7 12.2 24.7 14.1
1.1
5.2 –0.7
2.9
6.3
2.0
2.5
–4.7
2.8
2.4
2.4
1.2 12.9 –5.0 –0.6
4.2 13.8 –1.7
9.0
4.6

3.7
6.1
6.0
6.5
2.2

0.6
4.5
3.0
7.7
–1.8

–3.1
–2.8
–2.6
–3.1
–3.4

–2.3
–4.0
–3.3
–3.2
–2.8

0.9
2.8
1.3
2.8
1.8

2.0
1.7
1.8
2.0
1.3

–3.0 –7.4
–4.2 –8.3
–3.6 –6.9
–3.2 –10.8
–8.8 –0.2

–3.1
–7.3
–5.2
–5.2
–4.7

0.6
–2.7
–1.8
–0.4
–0.5

1.2
2.1
1.8
2.8
–6.1

–0.6
4.0
–0.5
4.4
–0.6

0.1
3.1
0.9
2.7
5.7

2.2
3.9
3.9
2.9
6.3

0.6
3.5
1.5
2.6
1.2

4.1
1.1
2.7
2.2
1.0

0.6
0.0
0.5
0.6
4.4

2.4
1.9
1.8
2.8
–1.5

2.3
1.2
2.2
1.4
–1.3

–2.2
–1.4
–4.3
–3.5
–2.4
–2.7

3.8
2.2
4.5
3.0
4.2
3.8

4.0
4.1
4.2
4.4
4.2
3.8

–0.6 –8.4
0.2 –7.4
–0.3 –12.0
0.4 –11.0
–0.1 –10.4
–4.9 –5.8

–4.4
–2.1
–9.6
–7.4
–4.4
–6.8

–1.1
–0.1
–2.5
–1.5
–1.1
1.1

1.9
1.8
3.8
3.7
3.3
–3.3

5.3
0.8
6.3
1.9
5.7
2.5

3.9
1.6
5.2
3.0
4.3
7.6

4.1
3.8
4.8
4.6
4.7
6.9

4.6
2.7
4.8
2.9
4.6
2.5

4.5
6.2
3.5
5.1
4.3
3.1

2.2
2.6
3.5
3.9
2.7
7.7

5.2
5.2
5.5
5.4
5.5
2.0

4.3
5.4
3.6
4.6
4.5
1.1

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012.
See “Explanatory Note” at the end of the tables.

–4.4 –7.0
–4.1 –10.3
–6.1 –14.3
0.0 –1.7
–4.6 –4.7

–0.8 –2.9 –2.2
2.8 –4.3 –4.4
8.3
2.6 –10.6
–7.5 –17.4 10.2
–3.2 –2.0 –0.7

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

–3.0
–4.2
–7.1
1.8
–2.2

–0.9
–0.1
–0.1
–0.3
–1.4

21
22
23
24
25

1.5
4.6
2.1
4.1
–0.2

2.4
1.8
2.2
0.6
3.7

2.0
1.4
1.6
2.2
3.1

26
27
28
29
30

4.2
1.9
5.3
3.0
4.3
0.9

4.2
4.4
4.6
4.8
2.8
6.3

3.3
3.6
2.1
2.4
3.8
3.8

31
32
33
34
35
36

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
Line

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64

2009 2010 2011

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 and software .................................
Information processing equipment and
software...................................................
Computers and peripheral equipment.....
Software ..................................................
Other .......................................................
Industrial equipment....................................
Transportation equipment ...........................
Other equipment .........................................
Residential..........................................................
Change in private inventories .............................
Farm ...................................................................
Nonfarm..............................................................
Net exports of goods and services ........................
Exports..................................................................
Goods .................................................................
Services..............................................................
Imports ..................................................................
Goods .................................................................
Services..............................................................
Government consumption expenditures and
gross investment..................................................
Federal...................................................................
National defense.................................................
Consumption expenditures .............................
Gross investment ............................................
Nondefense ........................................................
Consumption expenditures .............................
Gross investment ............................................
State and local......................................................
Consumption expenditures .............................
Gross investment ............................................
Addenda:
Goods.....................................................................
Services .................................................................
Structures...............................................................
Motor vehicle output ...............................................
Final sales of computers ........................................

r Revised
See “Explanatory Note” at the end of the tables.

2008

2009

III

IV

I

II

2010
III

IV

II

III

2.3

2.2

2.6

–0.01 1.72 1.81
–0.10 1.18 0.76
–0.47 0.40 0.74
–0.89 –0.11 0.34
0.11 0.17 0.18
0.32 0.23 0.23
0.00 0.12 –0.01
0.37 0.79 0.02

1.75
0.86
0.52
0.20
0.04
0.21
0.07
0.35

II

III

2.4

0.1

2.5

1.3

2.84
1.78
1.07
0.55
0.14
0.28
0.10
0.71

2.22
1.27
0.53
0.14
0.07
0.31
0.03
0.73

IV

I

Line
II r

1.72 1.20
1.11 0.09
0.85 0.00
0.31 –0.25
0.14 –0.01
0.28 0.16
0.11 0.10
0.26 0.09

2
3
4
5
6
7
8
9

0.02 0.00 –0.03
0.08 0.13 –0.12
0.02 –0.07 0.19
0.18 0.20 0.05
0.16 0.61 1.11

10
11
12
13
14

–0.08 0.60 0.96 0.95 1.07 0.90 0.76 0.52 0.26 0.64 1.05
0.12 0.11 0.08 0.24 0.04 –0.04 0.22 0.22 –0.45 –0.28 0.67
–0.09 –0.20 0.35 0.51 0.59 0.48 0.33 –0.10 0.42 0.42 0.17
–0.07 –0.02 0.05 0.07 0.04 0.03 0.06 0.06 –0.02 0.03 0.01
0.05 0.09 –0.06 0.12 0.13 –0.03 0.16 0.05 0.02 –0.02 0.01
–0.02 0.26 0.20 0.12 0.15 0.22 0.13 0.10 0.21 0.21 0.06
–0.13 0.35 0.25 –0.25 –0.06 0.02 –0.08 0.24 –0.11 0.20 0.14
0.05 0.01 0.10 0.14 0.18 0.22 –0.06 –0.06 0.19 0.07 –0.01

15
16
17
18
19
20
21
22

1.8

–3.7

–8.9

–5.3

–0.3

1.4

–1.36
–0.69
–0.41
–0.16
–0.15
–0.03
–0.06
–0.28

1.28
0.82
0.45
0.05
0.11
0.24
0.05
0.37

1.79
0.89
0.53
0.13
0.10
0.25
0.05
0.36

–2.67
–1.89
–1.01
–0.53
–0.25
–0.15
–0.08
–0.89

–3.53
–3.04
–2.12
–0.98
–0.35
–0.51
–0.29
–0.92

–1.06
0.06
0.11
0.25
–0.22
0.10
–0.03
–0.05

–1.21
–0.46
–0.14
0.03
–0.10
–0.11
0.05
–0.32

1.50
1.68
1.43
0.96
0.08
0.34
0.04
0.26

–0.09 0.11 0.13 –0.25
–0.12 0.12 0.08 –0.23
0.02 –0.01 –0.09 –0.41
–0.09 0.14 0.25 0.00
–0.67 0.46 0.90 –0.78

–0.51
–0.32
0.27
–0.36
–0.49

–0.12
–0.10
0.26
–0.09
–1.12

0.20 0.15 0.21
–0.18 0.09 0.10
–0.16 –0.09 –0.08
–0.18 0.10 0.14
–0.75 –0.18 0.09

–0.70 0.44 0.82 –0.92
0.14 0.11 0.07 –0.18
0.19 0.15 0.39 0.19
–0.21 –0.02 0.04 –0.20
–0.11 0.03 0.07 –0.19
–0.17 0.11 0.16 –0.17
–0.39 0.02 –0.02 –0.17
–0.13 0.04 0.11 –0.18

–0.80
0.48
0.02
–0.33
–0.18
–0.23
–0.59
0.02

–0.94
0.21
0.25
–0.27
–0.09
–0.31
–0.58
–0.15

–0.62
0.05
0.34
–0.14
–0.10
–0.17
–0.30
–0.30

–0.24
0.07
0.20
–0.11
–0.09
–0.04
–0.25
–0.03

4.0

0.31 –0.18 –0.13
0.22 0.05 0.09

0.06
0.14

0.17 –0.07
0.03 –0.14

0.19 –0.20 0.09 0.33
0.21 0.13 0.05 0.28
0.29 –0.13 –0.02 –0.20
0.10 0.22 0.23 0.30
0.54 1.05 0.88 1.06

0.02
0.11

0.07
0.20

0.14
0.22

0.10 0.08
–3.59 1.50
–2.80 –0.03
–2.08 0.07
–0.85 –0.50
–1.23 0.56

0.13
0.62
0.76
0.80
0.07
0.72

0.08
–2.63
–1.91
–1.18
–0.14
–1.04

–0.09
–5.59
–4.05
–2.84
–0.41
–2.43

0.24
–7.02
–4.73
–3.54
–1.39
–2.16

0.22
–3.52
–2.49
–1.86
–1.31
–0.54

0.09
–0.14
–0.32
–0.73
–0.98
0.25

–0.14 –0.08
3.85 2.13
–0.69 –0.10
–0.57 0.20
–0.98 –0.70
0.40 0.90

0.18
0.06
0.12
–0.01
0.14
0.26
0.14
–0.03
–0.14
0.02
–0.17
0.07
0.87
0.65
0.22
–0.80
–0.72
–0.08

–0.30
–0.14
0.02
–0.18
–0.08
–0.68
0.03
–0.73
–0.73
0.06
–0.79
0.79
–0.47
–0.22
–0.24
1.25
1.47
–0.21

–0.80
–0.22
–0.09
–0.49
–0.23
–0.99
–0.41
–1.21
–1.54
–0.08
–1.46
–0.12
–2.97
–2.75
–0.21
2.84
2.98
–0.14

–0.17
0.04
–0.02
–0.20
–0.70
–0.93
–0.36
–1.18
–2.29
–0.07
–2.22
2.45
–3.78
–3.29
–0.49
6.24
5.68
0.56

0.10
0.05
0.09
–0.04
–0.24
–0.01
–0.39
–0.63
–1.03
–0.03
–1.00
2.47
0.10
–0.17
0.27
2.37
2.22
0.15

0.40
0.00
0.09
0.31
–0.11
0.11
–0.14
0.40
0.19
–0.10
0.29
–0.70
1.48
1.46
0.02
–2.18
–2.12
–0.06

0.28
0.13
0.11
0.04
–0.06
0.21
–0.03
–0.12
4.55
0.14
4.41
–0.05
2.55
2.14
0.42
–2.60
–2.55
–0.05

0.16
0.02
0.05
0.10
–0.01
0.38
0.04
–0.09
1.52
–0.04
1.56
–0.52
1.29
1.11
0.18
–1.81
–1.74
–0.07

2012

I

1

2.4

–0.15
–0.03
0.01
–0.13
–0.29
–0.54
–0.25
–0.73
–0.78
–0.02
–0.76
1.14
–1.14
–1.05
–0.10
2.28
2.19
0.09

IV

1.7

–3.1

0.03
0.13

2011

I

0.70 1.18 1.45
–0.22 0.33 1.29
–0.17 0.40 1.00
–0.53 0.05 0.63
0.07 0.10 0.16
0.20 0.23 0.25
0.08 0.02 –0.04
–0.05 –0.06 0.29

0.19 0.10 0.00
0.05 0.06 –0.14
0.18 –0.42 –0.09
0.31 0.20 0.16
0.95 0.92 0.85

0.05
0.14

0.23 0.35 0.29 0.09
1.65 1.87 –0.75 –0.68
1.58 –0.10 0.87 –0.14
1.07 0.70 0.83 –0.11
0.31 –0.06 0.23 –0.84
0.76 0.76 0.60 0.72

0.16
0.21

2.0

0.33 –0.10 –0.02
0.07 0.24 0.31

0.05 –0.26
1.40 0.68
1.39 1.75
1.30 1.71
0.77 0.51
0.53 1.20

0.06
0.16

23
24

0.34
3.72
1.19
0.93
0.31
0.62

0.33
0.78
1.18
0.74
0.35
0.39

0.11
0.40
0.63
0.43
0.08
0.34

25
26
27
28
29
30

0.02
0.01
–0.04
0.04
0.25
0.44
0.06
0.51
0.07
–0.10
0.17
–1.81
1.14
0.97
0.17
–2.95
–2.92
–0.03

0.24
–0.04
0.12
0.16
–0.01
0.49
0.04
–0.80
1.97
–0.19
2.16
–0.95
1.18
0.76
0.41
–2.13
–1.79
–0.34

0.28
0.05
0.12
0.11
0.11
0.08
0.13
0.03
–1.61
0.03
–1.64
1.24
1.24
0.96
0.28
–0.01
–0.15
0.15

0.02
0.01
0.14
–0.13
0.18
0.26
0.27
–0.03
–0.54
0.11
–0.65
0.03
0.75
0.52
0.23
–0.72
–0.73
0.01

0.30
0.21
0.13
–0.04
0.01
0.13
0.09
0.09
0.01
–0.02
0.03
0.54
0.56
0.35
0.21
–0.02
0.10
–0.12

0.13
0.06
0.14
–0.07
0.38
0.40
0.30
0.03
–1.07
0.11
–1.18
0.02
0.83
0.59
0.25
–0.81
–0.43
–0.38

0.23
0.06
0.16
0.02
0.25
0.32
–0.17
0.26
2.53
0.05
2.48
–0.64
0.21
0.58
–0.38
–0.85
–0.90
0.05

0.21
0.07
0.04
0.10
–0.18
0.22
0.14
0.43
–0.39
–0.03
–0.37
0.06
0.60
0.39
0.21
–0.54
–0.29
–0.25

–0.10
–0.11
0.10
–0.08
0.16
0.19
0.09
0.20
–0.23
0.02
–0.25
0.32
0.82
0.70
0.12
–0.51
–0.37
–0.13

31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

0.74 0.14 –0.67 0.85 0.35 0.37 1.94 0.79 0.23 –0.69 0.59
0.46 0.37 –0.23 0.84 0.69 –0.23 1.04 0.51 0.34 0.04 0.78
0.31 0.17 –0.15 0.85 0.44 –0.37 0.83 0.42 0.07 –0.22 0.40
0.25 0.15 –0.09 0.69 0.37 –0.21 0.62 0.37 0.08 –0.10 0.25
0.05 0.02 –0.06 0.15 0.07 –0.16 0.21 0.04 –0.01 –0.12 0.14
0.16 0.20 –0.09 –0.01 0.25 0.14 0.21 0.09 0.27 0.26 0.38
0.15 0.15 –0.08 –0.03 0.23 0.15 0.23 0.04 0.22 0.19 0.29
0.01 0.05 –0.01 0.02 0.02 –0.01 –0.02 0.04 0.05 0.08 0.09
0.28 –0.23 –0.43 0.01 –0.34 0.60 0.90 0.28 –0.12 –0.73 –0.19
0.31 –0.14 –0.24 0.02 –0.10 0.63 0.74 0.31 0.16 –0.45 –0.43
–0.04 –0.09 –0.19 –0.01 –0.24 –0.03 0.17 –0.03 –0.28 –0.28 0.24

–0.06
0.31
0.40
0.31
0.09
–0.09
–0.09
0.00
–0.37
–0.37
0.00

–0.94
–0.35
–0.35
–0.29
–0.05
0.00
0.01
–0.01
–0.59
–0.29
–0.30

–1.49
–0.89
–0.84
–0.56
–0.28
–0.05
–0.07
0.01
–0.60
–0.19
–0.40

–0.16
0.23
0.45
0.36
0.09
–0.22
–0.18
–0.04
–0.39
–0.20
–0.19

–0.60
–0.36
0.15
0.26
–0.11
–0.51
–0.47
–0.04
–0.24
–0.17
–0.08

–0.43
–0.35
–0.60
–0.66
0.05
0.25
0.28
–0.02
–0.08
–0.08
–0.01

–0.60
–0.34
–0.39
–0.22
–0.16
0.05
0.08
–0.03
–0.26
–0.05
–0.21

–0.18
–0.01
0.00
–0.09
0.09
–0.01
0.00
–0.01
–0.17
–0.10
–0.06

49
50
51
52
53
54
55
56
57
58
59

–2.17 0.21 1.50 4.51 3.58 –0.26 2.65 1.57 0.99
–0.48 1.26 0.50 0.91 0.02 1.32 0.80 0.92 0.37
–2.59 –1.78 –0.56 –1.40 –1.27 1.19 –0.85 –0.09 –1.29
–1.38 0.35 1.41 0.34 0.51 0.48 0.34 –0.32 0.75
0.18 –0.08 –0.24 –0.19 0.01 –0.12 0.11 0.21 0.16

0.91
0.98
0.59
0.05
0.08

1.09 0.68
0.38 0.91
0.50 0.15
0.72 0.18
0.02 –0.09

60
61
62
63
64

–1.54 2.33 1.37 –2.32
0.04 0.72 0.62 –0.55
–1.57 –0.65 –0.19 –0.79
–0.55 0.50 0.25 –0.70
–0.01 –0.06 0.12 –0.01

–6.83
–0.35
–1.72
–1.73
0.02

0.04
–0.04
–0.02
0.11
–0.10
0.73
0.23
–0.30
2.23
0.01
2.22
–0.83
0.70
0.79
–0.09
–1.53
–1.46
–0.06

0.09 –0.07 –0.01
0.32 0.28 0.28

4.1

0.58 4.23
0.33 –0.62
0.37 0.49
0.03 0.55
0.12 0.12

Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period—Continues
Billions of current dollars

Billions of chained (2005) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2011

2011

2011

2012

2011

2012

Line

2012
2011

II
1
Gross domestic product....................................... 15,075.7 15,003.6
2 Personal consumption expenditures.......................... 10,729.0 10,684.9
3 Goods ........................................................................ 3,624.8 3,604.3
4
Durable goods......................................................... 1,146.4 1,131.8
5
Motor vehicles and parts .....................................
373.6
362.2
6
Furnishings and durable household equipment
251.7
249.6
7
Recreational goods and vehicles ........................
340.1
338.7
8
Other durable goods............................................
181.0
181.3
9
Nondurable goods................................................... 2,478.4 2,472.4
10
Food and beverages purchased for off-premises
810.2
807.3
consumption ....................................................
11
Clothing and footwear..........................................
349.2
347.5
12
Gasoline and other energy goods .......................
428.3
431.4
13
Other nondurable goods......................................
890.7
886.3
14 Services ..................................................................... 7,104.2 7,080.6
15
Household consumption expenditures (for
services).............................................................. 6,812.3 6,790.5
16
Housing and utilities ............................................ 1,929.9 1,926.0
17
Health care.......................................................... 1,751.6 1,749.6
18
Transportation services .......................................
302.0
301.1
19
Recreation services.............................................
394.5
394.3
20
Food services and accommodations...................
670.9
666.3
21
Financial services and insurance ........................
807.1
800.6
22
Other services .....................................................
956.2
952.6
23
Final consumption expenditures of nonprofit
institutions serving households ...........................
291.9
290.1
24
Gross output of nonprofit institutions................... 1,164.5 1,162.8
25
Less: Receipts from sales of goods and services
by nonprofit institutions....................................
872.5
872.7
26 Gross private domestic investment ............................ 1,854.9 1,819.0
27 Fixed investment....................................................... 1,818.3 1,784.2
28
Nonresidential ......................................................... 1,479.6 1,448.0
29
Structures............................................................
404.8
397.0
30
Equipment and software...................................... 1,074.7 1,051.0
31
Information processing equipment and
software .......................................................
539.6
538.6
32
Computers and peripheral equipment .........
78.3
79.0
33
Software.......................................................
278.7
275.8
34
Other............................................................
182.6
183.8
35
Industrial equipment ........................................
181.2
171.6
36
Transportation equipment ................................
164.7
155.6
37
Other equipment..............................................
189.2
185.2
38
Residential ..............................................................
338.7
336.2
39 Change in private inventories..................................
36.6
34.8
40
Farm........................................................................
–6.1
–8.6
41
Nonfarm ..................................................................
42.7
43.5
42 Net exports of goods and services............................. –568.1 –572.5
43 Exports ...................................................................... 2,094.2 2,092.8
44
Goods...................................................................... 1,474.5 1,471.8
45
Services ..................................................................
619.7
621.0
46 Imports....................................................................... 2,662.3 2,665.3
47
Goods...................................................................... 2,229.2 2,234.9
48
Services ..................................................................
433.0
430.4

III

IV

I

II r

15,163.2
10,791.2
3,643.6
1,144.8
367.4
253.5
341.0
182.9
2,498.7

15,321.0
10,873.8
3,690.0
1,175.1
390.3
257.9
344.2
182.7
2,515.0

15,478.3
11,007.2
3,755.9
1,204.6
402.1
264.6
350.2
187.7
2,551.3

15,606.1
11,073.7
3,741.9
1,201.0
396.4
264.1
351.1
189.3
2,540.9

I

II r

236.1
232.6
121.9
84.3
17.9
15.0
53.1
6.3
45.9

65.4
57.5
38.7
36.0
11.1
5.8
16.5
3.8
8.4

58.1
40.1
3.0
–0.2
–9.1
–0.3
9.8
3.3
2.8

1
2
3
4
5
6
7
8
9

817.3
824.4
827.0
827.4
685.3
686.0
685.9
686.4
686.4
685.4
351.1
355.9
363.1
362.9
350.0
352.4
347.3
350.2
355.3
350.8
435.0
427.6
440.5
427.1
271.5
269.9
267.9
268.2
266.5
271.1
895.3
907.1
920.6
923.5
777.4
775.0
780.3
786.2
792.9
794.5
7,147.6 7,183.8 7,251.3 7,331.8 6,101.5 6,094.0 6,121.1 6,126.0 6,145.9 6,182.2

16.5
11.9
–9.8
31.8
113.9

0.0
5.1
–1.7
6.7
19.9

–1.0
–4.5
4.6
1.6
36.3

10
11
12
13
14

6,848.1 6,888.5 6,956.4 7,033.4 5,814.3 5,810.1 5,826.6 5,834.5 5,855.1 5,889.3
1,945.2 1,938.9 1,935.2 1,968.2 1,677.7 1,679.6 1,686.7 1,672.0 1,662.7 1,685.0
1,754.2 1,775.9 1,800.4 1,814.5 1,488.5 1,489.3 1,486.2 1,499.7 1,513.3 1,518.9
304.4
306.1
309.4
311.4
248.9
248.6
250.4
249.7
250.6
251.1
397.6
400.3
404.6
407.1
345.9
346.2
347.9
348.5
347.9
348.4
676.3
686.4
700.5
709.3
565.2
563.0
566.2
572.8
579.5
581.2
815.0
812.5
827.5
837.7
681.8
678.3
685.8
682.2
688.6
693.0
955.3
968.4
978.7
985.1
806.1
805.0
803.2
809.2
811.5
811.1

104.1
9.0
49.5
5.4
8.5
20.1
–1.9
13.1

20.6
–9.3
13.6
0.9
–0.6
6.7
6.4
2.3

34.2
22.3
5.6
0.5
0.5
1.7
4.4
–0.4

15
16
17
18
19
20
21
22

299.6
295.3
295.0
298.4
290.1
286.3
298.6
294.8
293.9
296.1
1,167.8 1,180.5 1,198.4 1,211.5 1,010.8 1,009.3 1,011.6 1,019.5 1,029.7 1,035.2

10.6
26.2

–0.9
10.2

2.2
5.5

23
24

16.2
86.0
105.8
109.7
8.6
106.1

10.5
27.8
41.9
26.3
10.4
14.8

3.4
14.1
22.6
15.2
2.5
13.1

25
26
27
28
29
30

618.1
28.5
8.8
–4.1
............. ........... ........... ...........
290.5
17.8
1.4
3.7
196.2
–0.9
4.0
–3.2
163.7
18.0
–5.9
5.2
188.6
37.1
8.1
6.9
177.6
18.7
4.8
2.9
359.7
–4.6
16.1
7.6
49.9 –19.9 –13.6
–7.0
–2.2
2.4
–1.0
0.4
54.4 –21.5 –12.4
–7.6
–404.7
11.7
2.5
10.8
1,845.5 111.3
19.4
26.8
1,309.1
83.5
12.7
22.8
536.9
27.9
6.7
4.0
2,250.1
99.7
16.9
15.9
1,867.5
89.7
9.1
11.7
384.8
10.0
8.1
4.4

31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48

13,299.1
9,428.8
3,331.0
1,262.6
347.4
272.5
508.6
158.4
2,075.2

II

III

IV

I

II r

13,264.7
9,403.2
3,312.2
1,242.3
336.6
269.6
501.3
159.1
2,073.5

13,306.9
9,441.9
3,323.5
1,258.6
338.1
273.7
514.0
159.8
2,071.4

13,441.0
9,489.3
3,367.9
1,300.1
360.1
280.2
528.5
158.3
2,080.5

13,506.4
9,546.8
3,406.6
1,336.1
371.2
286.0
545.0
162.1
2,088.9

13,564.5
9,586.9
3,409.6
1,335.9
362.1
285.7
554.8
165.4
2,091.7

868.2
1,853.8
1,857.8
1,519.4
421.8
1,097.6

885.2
1,991.1
1,909.0
1,560.1
438.2
1,122.0

903.5
2,032.2
1,959.7
1,595.5
454.7
1,140.8

913.1
2,053.0
1,989.0
1,616.1
461.5
1,154.5

722.5
1,744.0
1,704.5
1,378.2
319.2
1,070.0

724.2
1,711.3
1,675.4
1,351.3
315.0
1,046.5

716.2
1,735.8
1,736.8
1,411.3
330.2
1,091.5

726.7
1,867.3
1,778.7
1,443.7
339.3
1,114.8

737.2
1,895.1
1,820.6
1,470.0
349.7
1,129.6

541.6
80.3
281.1
180.3
187.0
170.7
198.2
338.5
–4.1
–4.8
0.7
–549.5
2,133.3
1,498.5
634.8
2,682.8
2,239.6
443.2

548.5
81.6
286.9
180.0
196.6
183.1
193.7
348.8
82.1
–3.1
85.2
–594.8
2,120.3
1,501.9
618.4
2,715.1
2,277.3
437.8

556.3
84.3
288.1
183.9
190.7
193.6
200.1
364.2
72.6
–4.1
76.7
–615.8
2,157.9
1,525.8
632.1
2,773.7
2,324.3
449.3

551.3
79.4
291.2
180.7
197.9
200.5
204.9
372.9
64.0
–4.9
68.8
–573.1
2,192.9
1,551.8
641.0
2,766.0
2,310.5
455.5

600.2
.............
277.2
196.7
152.6
156.7
168.6
327.6
31.0
–3.8
36.5
–408.0
1,776.9
1,247.6
529.8
2,184.9
1,820.0
366.6

598.2
.............
274.3
197.5
144.7
147.9
165.8
325.5
27.5
–5.9
35.6
–399.6
1,766.4
1,236.5
530.5
2,166.0
1,805.7
362.0

603.5
.............
279.5
194.6
156.6
162.3
175.7
326.6
–4.3
–2.8
–0.9
–397.9
1,792.9
1,255.1
538.4
2,190.8
1,818.8
373.9

613.4
.............
285.4
195.4
164.4
173.6
169.9
336.0
70.5
–1.6
74.4
–418.0
1,799.3
1,273.6
526.2
2,217.3
1,846.7
372.3

622.2
.............
286.8
199.4
158.5
181.7
174.7
352.1
56.9
–2.6
62.0
–415.5
1,818.7
1,286.3
532.9
2,234.2
1,855.8
380.4

740.6
1,909.2
1,843.2
1,485.2
352.2
1,142.7

r Revised
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.

See “Explanatory Note” at the end of the tables.

Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period—Table Ends
Billions of current dollars

Billions of chained (2005) dollars

Seasonally adjusted at annual rates

Change from
preceding period

Seasonally adjusted at annual rates

Line
2011

2011

2011

2012

2011

2012

Line

2012
2011

49 Government consumption expenditures and gross
investment .................................................................
50 Federal .......................................................................
51
National defense .....................................................
52
Consumption expenditures..................................
53
Gross investment.................................................
54
Nondefense.............................................................
55
Consumption expenditures..................................
56
Gross investment.................................................
57 State and local ..........................................................
58
Consumption expenditures .....................................
59
Gross investment ....................................................
60 Residual..........................................................................
Addenda:
61 Final sales of domestic product ..................................
62 Gross domestic purchases .........................................
63 Final sales to domestic purchasers ............................
64 Gross domestic product ..........................................
65 Plus: Income receipts from the rest of the world.........
66 Less: Income payments to the rest of the world .........
67 Equals: Gross national product ..............................
68 Net domestic product..................................................

II

III

IV

I

II r

3,059.8
1,222.1
820.8
712.1
108.7
401.3
349.4
51.8
1,837.7
1,518.0
319.7
.............

3,072.2
1,234.3
827.7
716.7
111.0
406.6
354.3
52.3
1,837.9
1,520.3
317.7
.............

3,067.7
1,227.5
837.8
730.5
107.3
389.7
338.5
51.2
1,840.2
1,522.0
318.3
.............

3,051.0
1,211.2
812.8
704.0
108.8
398.4
348.0
50.4
1,839.7
1,518.4
321.3
.............

3,054.6
1,207.7
806.4
703.5
102.9
401.3
352.1
49.2
1,846.9
1,531.4
315.5
.............

3,052.5
1,210.7
807.8
701.1
106.7
402.9
353.9
49.0
1,841.8
1,526.1
315.7
.............

15,039.0
15,643.7
15,607.1
15,075.7
783.7
531.8
15,327.5
13,138.9

14,968.7
15,576.1
15,541.3
15,003.6
797.4
547.4
15,253.6
13,076.2

15,167.3
15,712.7
15,716.8
15,163.2
788.9
530.6
15,421.5
13,214.3

15,238.9
15,915.9
15,833.8
15,321.0
787.1
523.1
15,585.0
13,354.5

15,405.7
16,094.0
16,021.5
15,478.3
769.6
554.7
15,693.2
13,493.4

15,542.1
16,179.2
16,115.2
15,606.1
772.0
537.4
15,840.6
13,602.7

II

III

IV

I

2,523.9
1,047.0
699.1
599.0
100.4
347.9
298.4
49.9
1,482.0
1,229.4
253.6
–57.4

2,535.4
1,057.5
705.2
602.9
102.7
352.3
302.4
50.3
1,483.4
1,231.0
253.4
–53.4

2,516.6
1,045.9
709.8
611.0
98.8
335.9
287.3
49.1
1,475.9
1,225.8
251.1
–61.9

2,502.7
1,034.2
690.1
590.0
100.6
344.1
296.1
48.2
1,473.3
1,223.5
250.8
–68.8

2,483.7
1,023.1
677.6
582.9
94.8
345.6
298.7
47.0
1,465.3
1,221.9
244.5
–83.5

13,265.3
13,698.8
13,664.2
13,299.1
688.2
465.7
13,522.0
11,522.4

13,234.1
13,655.2
13,623.8
13,264.7
701.0
479.9
13,486.1
11,493.1

13,311.2
13,696.4
13,699.6
13,306.9
690.2
462.8
13,534.7
11,527.0

13,361.4
13,851.4
13,771.3
13,441.0
686.5
455.1
13,672.9
11,650.7

13,440.1
13,914.4
13,847.5
13,506.4
667.0
479.7
13,693.8
11,706.6

II r

I

II r

2,478.2 –81.9 –19.0
–5.5
1,022.7 –29.8 –11.1
–0.4
677.5 –18.5 –12.5
–0.1
580.0 –11.0
–7.1
–2.9
97.8
–8.0
–5.8
3.0
345.4 –11.3
1.5
–0.2
298.7 –10.4
2.6
0.0
46.7
–0.8
–1.2
–0.3
1,460.2 –52.1
–8.0
–5.1
1,218.7 –29.5
–1.6
–3.2
242.7 –22.2
–6.3
–1.8
–82.8 ............ ........... ...........
13,506.2
13,961.5
13,902.6
13,564.5
667.9
464.1
13,768.7
11,755.1

255.0
225.8
244.5
236.1
43.4
11.1
268.6
209.1

78.7
63.0
76.2
65.4
–19.5
24.6
20.9
55.9

66.1
47.1
55.1
58.1
0.9
–15.6
74.9
48.5

49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68

r Revised
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.

See “Explanatory Note” at the end of the tables.

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2009

2010

2011

2008
III

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

Gross domestic product (GDP)
0.9
1.3
2.1
3.1
Personal consumption expenditures ...
0.1
1.9
2.4
4.3
Goods...................................................
–2.7
1.7
3.8
7.0
Durable goods ..................................
–1.9 –1.3 –0.9 –1.1
Nondurable goods ............................
–3.0
3.2
6.0 11.1
Services ...............................................
1.4
2.0
1.8
3.0
Gross private domestic investment .....
–1.1 –1.3
1.5
2.4
Fixed investment ..................................
–1.2 –1.2
1.6
3.3
Nonresidential ..................................
–0.6 –1.5
1.7
5.1
Structures .....................................
–2.5 –1.1
4.7
7.7
Equipment and software...............
0.5 –1.6
0.6
3.7
Residential........................................
–3.4 –0.2
0.9 –2.8
Change in private inventories............... .......... ........... ........... ..........
Net exports of goods and services ...... .......... ........... ........... ..........
Exports.................................................
–5.4
4.5
6.4
6.0
Goods...............................................
–6.8
5.1
7.6
5.7
Services ...........................................
–2.3
3.4
3.8
6.7
Imports ................................................. –10.6
6.0
7.8 10.6
Goods............................................... –12.4
6.8
8.9 11.6
Services ...........................................
–2.0
2.6
3.0
5.5
Government consumption
expenditures and gross investment
–0.6
2.4
3.3
4.2
Federal .................................................
–0.2
2.4
2.8
1.7
National defense ..............................
–0.7
2.3
3.0
2.0
Nondefense ......................................
0.9
2.4
2.2
1.1
State and local .....................................
–0.8
2.4
3.7
5.7
Addenda:
Final sales of domestic product............
0.9
1.3
2.1
3.2
Gross domestic purchases...................
–0.2
1.6
2.5
4.0
Final sales to domestic purchasers......
–0.2
1.6
2.5
4.1
Gross national product (GNP)..............
0.9
1.3
2.1
3.1
Implicit price deflators:
GDP..................................................
0.9
1.3
2.1
3.2
Gross domestic purchases...............
–0.2
1.6
2.5
4.1
GNP..................................................
0.9
1.3
2.1
3.2

r Revised
See “Explanatory Note” at the end of the tables.

2009
IV

0.5
–5.6
–17.8
–3.5
–23.8
1.2
6.9
2.9
5.3
8.2
3.6
–5.2
..........
..........
–22.0
–27.1
–8.9
–36.7
–40.8
–11.6

I

II

2010
III

IV

I

II

2011
III

IV

I

II

2012
III

IV

I

Line
II

r

1.0 –0.8
0.5
1.3
1.5
1.7
2.0
2.1
2.0
2.6
3.0
0.4
2.0
1.6
–2.1
1.6
3.1
3.1
1.8
0.6
1.3
2.2
3.2
3.6
2.3
1.1
2.5
0.7
–7.0
4.3
5.7
3.1
1.3 –2.8
1.0
4.0
6.6
5.9
3.0 –0.2
2.5 –1.8
–2.4 –0.3 –2.6
1.0 –1.5 –2.0 –2.3 –2.1 –0.5
1.6 –0.6 –2.5 –1.0 –1.2
–9.2
6.5
9.9
4.1
2.6 –3.2
2.6
7.0 10.1
8.0
4.7
0.8
4.2 –2.1
0.3
0.4
1.8
3.0
2.1
2.3
1.4
1.3
1.6
2.4
2.0
1.7
2.5
2.1
–2.8 –6.4 –5.7 –1.3 –1.2
0.4
1.3
2.1
1.3
1.9
1.6
1.2
1.0
1.2
–2.3 –5.4 –4.3 –0.8 –1.6 –0.1
1.1
1.6
1.4
2.5
1.8
1.4
1.2
1.0
–2.2 –5.3 –4.6 –1.9 –2.0
0.4
1.1
1.5
1.9
2.6
1.9
1.5
1.8
1.0
–5.4 –12.1 –9.9 –1.4
1.2
2.4
2.6
3.7
5.1
6.7
5.7
4.5
2.7
3.3
–0.2 –1.4 –2.1 –2.3 –3.4 –0.4
0.4
0.6
0.8
1.2
0.5
0.4
1.4
0.2
–2.8 –5.9 –3.0
3.4
0.0 –2.0
1.4
2.4 –0.6
1.7
1.4
0.6 –1.4
0.9
........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ...........
........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ...........
–11.9 –0.1
5.0
5.7
4.9
5.0
0.9
9.6 11.1
8.4
1.7 –3.8
2.8
0.6
–14.4
2.1
5.1
5.4
5.5
5.5
1.0 12.6 13.3
9.4
1.2 –4.8
2.4 –0.3
–6.9 –4.5
4.7
6.4
3.8
3.9
0.8
3.0
5.9
5.9
2.9 –1.3
3.8
2.7
–28.8
6.4 13.3 12.4
7.9 –2.1 –3.1 10.1 18.6 12.8 –1.9
0.0
5.6 –3.9
–33.1
8.3 15.7 13.6
9.5 –2.8 –3.8 10.9 21.7 14.3 –2.0
0.6
6.4 –4.8
–7.0 –0.9
3.9
7.2
1.0
0.8
0.8
6.0
4.5
5.1 –1.3 –3.1
1.7
0.9

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

–5.4
–4.7
–5.8
–2.3
–5.7

–2.6
0.8
–0.2
3.1
–4.7

–0.5
–1.7
–2.2
–0.6
0.2

1.5
1.5
1.2
2.3
1.5

2.1
2.2
2.3
2.1
2.0

4.7
5.5
5.9
4.9
4.2

1.2
1.1
1.0
1.5
1.3

1.7
1.2
0.9
1.7
2.0

3.6
2.3
2.8
1.2
4.6

5.2
4.9
6.1
2.8
5.3

4.1
3.6
3.3
4.2
4.4

2.4
2.2
2.3
2.1
2.6

0.0
–0.9
–0.9
–0.8
0.6

3.6
3.2
4.2
1.2
3.8

0.6
1.1
0.8
1.9
0.3

21
22
23
24
25

0.0
–4.0
–4.4
0.4

1.1
–2.4
–2.3
1.0

–0.7
0.2
0.3
–0.7

0.7
1.7
1.8
0.5

1.4
2.4
2.4
1.3

1.5
2.1
2.0
1.5

1.6
0.7
0.6
1.6

2.0
1.4
1.4
2.0

2.1
2.5
2.4
2.1

2.0
3.4
3.4
2.0

2.7
3.5
3.5
2.6

3.0
2.3
2.3
2.9

0.4
0.9
0.9
0.4

2.0
2.5
2.5
2.0

1.6
0.8
0.7
1.6

26
27
28
29

0.5
–4.0
0.4

0.9
–2.5
0.9

–0.8
0.2
–0.8

0.5
1.7
0.5

1.2
2.3
1.2

1.6
2.1
1.5

1.8
0.8
1.8

1.9
1.3
1.9

2.0
2.3
2.0

2.1
3.5
2.1

2.6
3.5
2.7

3.0
2.3
3.0

0.1
0.6
0.2

2.2
2.7
2.2

1.6
0.8
1.6

30
31
32

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2005=100]
Seasonally adjusted
Line

2009

2010

2011

2011
II

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

III

2012
IV

Line
II r

I

Gross domestic product .....................................................
101.069
103.486
105.356
105.084
105.418
106.481
106.999
107.459
Personal consumption expenditures ................................................
102.602
104.460
107.103
106.812
107.251
107.790
108.443
108.898
Goods................................................................................................
100.697
104.304
108.263
107.655
108.021
109.462
110.722
110.819
Durable goods ...............................................................................
98.732
104.887
112.395
110.587
112.038
115.736
118.937
118.925
Nondurable goods .........................................................................
101.507
103.888
106.236
106.150
106.045
106.510
106.938
107.081
Services ............................................................................................
103.558
104.554
106.543
106.412
106.886
106.970
107.318
107.953
Gross private domestic investment ..................................................
67.124
76.327
80.284
78.778
79.906
85.959
87.241
87.891
Fixed investment ...............................................................................
75.494
75.326
80.311
78.942
81.835
83.807
85.785
86.849
Nonresidential ...............................................................................
93.507
94.148
102.288
100.297
104.746
107.156
109.108
110.233
Structures ..................................................................................
104.659
88.308
90.733
89.561
93.866
96.449
99.421
100.115
Equipment and software............................................................
88.911
96.822
107.473
105.120
109.637
111.972
113.460
114.780
Residential.....................................................................................
44.489
42.862
42.268
41.994
42.139
43.361
45.433
46.415
Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... .......................
Exports of goods and services .........................................................
114.835
127.623
136.152
135.352
137.379
137.871
139.356
141.409
Imports of goods and services..........................................................
91.422
102.832
107.746
106.816
108.037
109.345
110.179
110.965
Government consumption expenditures and gross investment ....
109.262
109.955
106.497
106.985
106.189
105.604
104.804
104.570
Federal ..............................................................................................
117.613
122.883
119.480
120.681
119.351
118.024
116.751
116.711
State and local ..................................................................................
104.568
102.711
99.224
99.317
98.818
98.643
98.103
97.763
Addenda:
Final sales of domestic product.........................................................
102.598
103.478
105.506
105.258
105.871
106.271
106.897
107.422
Gross domestic purchases................................................................
98.177
100.954
102.646
102.319
102.628
103.789
104.261
104.615
Final sales to domestic purchasers...................................................
99.603
100.932
102.771
102.468
103.038
103.577
104.150
104.564
Gross national product......................................................................
101.328
104.193
106.304
106.022
106.404
107.490
107.655
108.243

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

r Revised
See “Explanatory Note” at the end of the tables.

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2005=100]
Seasonally adjusted
Line

2009

2010

2011

2011
II

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

III

2012
IV

I

Line
II r

Gross domestic product .....................................................
109.532
111.002
113.369
113.109
113.937
114.041
114.608
115.063
Personal consumption expenditures (PCE) .....................................
109.004
111.087
113.790
113.633
114.293
114.593
115.300
115.512
Goods................................................................................................
103.105
104.852
108.822
108.820
109.633
109.569
110.256
109.749
Durable goods ...............................................................................
92.830
91.611
90.799
91.104
90.960
90.381
90.157
89.896
Nondurable goods .........................................................................
109.177
112.622
119.430
119.240
120.626
120.879
122.136
121.476
Services ............................................................................................
112.157
114.418
116.435
116.193
116.772
117.270
117.989
118.597
Gross private domestic investment ..................................................
106.274
104.854
106.439
106.272
106.686
107.013
107.292
107.609
Fixed investment ...............................................................................
106.318
105.023
106.680
106.509
106.992
107.352
107.661
107.933
Nonresidential ...............................................................................
107.102
105.514
107.359
107.174
107.687
108.092
108.562
108.843
Structures ..................................................................................
122.527
121.158
126.850
126.118
127.882
129.302
130.167
131.215
Equipment and software............................................................
101.477
99.806
100.445
100.430
100.562
100.656
101.001
101.042
Residential.....................................................................................
102.713
102.520
103.406
103.300
103.650
103.812
103.439
103.676
Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... .......................
Exports of goods and services .........................................................
105.924
110.738
117.860
118.485
118.992
117.839
118.652
118.825
Imports of goods and services..........................................................
106.598
112.989
121.851
123.057
122.466
122.463
124.156
122.936
Government consumption expenditures and gross investment ....
114.592
117.334
121.233
121.168
121.898
121.903
122.979
123.171
Federal ..............................................................................................
110.959
113.583
116.721
116.714
117.365
117.111
118.038
118.373
State and local ..................................................................................
116.763
119.579
124.001
123.895
124.678
124.866
126.042
126.134
Addenda:
PCE excluding food and energy 1 .....................................................
108.536
110.214
111.802
111.599
112.138
112.500
113.122
113.619
Market-based PCE 2 .........................................................................
109.163
110.820
113.641
113.462
114.182
114.510
115.231
115.391
Market-based PCE excluding food and energy 2 ..............................
108.641
109.760
111.311
111.075
111.664
112.069
112.693
113.175
Final sales of domestic product.........................................................
109.521
110.993
113.371
113.111
113.948
114.056
114.628
115.078
Gross domestic purchases................................................................
109.620
111.421
114.208
114.067
114.709
114.958
115.674
115.896
Final sales to domestic purchasers...................................................
109.617
111.420
114.219
114.078
114.728
114.981
115.703
115.919
Gross national product......................................................................
109.532
110.986
113.363
113.105
113.928
114.038
114.609
115.061
Implicit price deflators:
Gross domestic product ................................................................
109.529
110.993
113.359
113.109
113.950
113.987
114.599
115.051
Final sales of domestic product.....................................................
109.521
110.993
113.371
113.107
113.944
114.052
114.624
115.074
Gross domestic purchases............................................................
109.617
111.412
114.198
114.068
114.721
114.905
115.665
115.884
Final sales to domestic purchasers ...............................................
109.617
111.420
114.219
114.074
114.724
114.977
115.699
115.915
Gross national product ..................................................................
109.529
110.977
113.353
113.106
113.940
113.985
114.600
115.049

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

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. Percentage changes for these series are included in the addenda to table 8 and appendix table A.
See “Explanatory Note” at the end of the tables.

Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011 Line

Gross domestic product (GDP) ..............................................
3.7
4.5
4.4
4.8
4.1
1.1
1.8
2.5
3.5
3.1
2.7
1.9 –0.3 –3.1
2.4
1.8
Personal consumption expenditures ................................................
3.5
3.7
5.2
5.5
5.1
2.7
2.7
2.8
3.3
3.4
2.9
2.3 –0.6 –1.9
1.8
2.5
Goods................................................................................................
4.5
4.8
6.8
8.0
5.3
3.1
4.1
4.6
4.5
4.2
3.3
3.0 –2.5 –3.0
3.6
3.8
Durable goods ...............................................................................
7.5
8.2 12.2 13.0
8.8
5.4
7.6
6.6
7.3
5.9
4.5
5.0 –4.9 –5.4
6.2
7.2
Nondurable goods .........................................................................
2.9
2.9
3.8
5.1
3.2
1.8
2.0
3.4
2.8
3.2
2.6
1.9 –1.2 –1.8
2.3
2.3
Services ............................................................................................
2.9
3.1
4.4
4.1
5.0
2.5
1.9
1.9
2.7
3.0
2.6
1.9
0.4 –1.4
1.0
1.9
Gross private domestic investment ..................................................
8.8 12.4 10.0
8.8
6.8 –7.0 –1.4
3.9 10.1
5.5
2.7 –3.2 –10.2 –24.8 13.7
5.2
Fixed investment ...............................................................................
9.0
9.2 10.9
9.3
7.4 –1.9 –4.2
3.5
7.4
6.5
2.4 –1.9 –7.1 –19.0 –0.2
6.6
Nonresidential ...............................................................................
9.3 12.1 12.0 10.4
9.8 –2.8 –7.9
1.4
6.2
6.7
8.0
6.5 –0.8 –18.1
0.7
8.6
Structures ..................................................................................
5.7
7.3
5.1
0.1
7.8 –1.5 –17.7 –3.8
1.1
1.4
9.2 14.1
6.4 –21.1 –15.6
2.7
Equipment and software............................................................
10.6 13.8 14.5 14.1 10.5 –3.2 –4.2
3.1
7.9
8.5
7.6
3.3 –4.3 –16.4
8.9 11.0
Residential.....................................................................................
8.0
1.9
7.7
6.3
1.0
0.6
5.2
8.2
9.8
6.2 –7.3 –18.7 –23.9 –22.4 –3.7 –1.4
Change in private inventories............................................................ .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services ................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports..............................................................................................
8.3 11.9
2.3
4.4
8.6 –5.6 –2.0
1.6
9.5
6.7
9.0
9.3
6.1 –9.1 11.1
6.7
Goods............................................................................................
8.8 14.4
2.2
3.8 11.1 –6.2 –3.6
1.8
8.5
7.5
9.4
9.7
6.3 –12.0 14.3
7.2
Services ........................................................................................
7.0
5.9
2.4
5.7
2.7 –4.1
1.9
1.2 11.9
5.0
7.9
8.3
5.6 –2.6
4.7
5.6
Imports ..............................................................................................
8.7 13.5 11.7 11.5 13.0 –2.8
3.4
4.4 11.1
6.1
6.1
2.4 –2.7 –13.5 12.5
4.8
Goods............................................................................................
9.4 14.4 11.8 12.5 13.4 –3.2
3.7
4.9 11.1
6.8
5.9
2.6 –3.8 –15.6 14.9
5.2
Services ........................................................................................
5.2
8.7 10.9
6.8 11.0 –0.8
1.8
1.9 11.2
2.8
7.1
1.4
3.6 –3.3
2.5
2.8
Government consumption expenditures and gross investment ....
1.0
1.9
2.1
3.6
2.0
3.8
4.7
2.2
1.4
0.3
1.4
1.3
2.6
3.7
0.6 –3.1
Federal ..............................................................................................
–1.2 –1.0 –1.1
1.9
0.5
4.1
7.3
6.6
4.1
1.3
2.1
1.2
7.2
6.1
4.5 –2.8
National defense ...........................................................................
–1.3 –2.8 –2.1
1.9 –0.5
3.8
7.4
8.7
5.7
1.5
1.6
2.2
7.5
6.0
3.0 –2.6
Nondefense ...................................................................................
–0.8
2.7
0.8
2.1
2.4
4.6
7.2
2.8
1.0
0.9
3.2 –0.8
6.5
6.5
7.7 –3.1
State and local ..................................................................................
2.3
3.6
3.9
4.5
2.8
3.7
3.3 –0.1 –0.2 –0.2
0.9
1.4
0.0
2.2 –1.8 –3.4
Addenda:
Final sales of domestic product.........................................................
3.7
3.9
4.4
4.9
4.2
2.0
1.3
2.5
3.1
3.2
2.6
2.2
0.2 –2.3
0.9
2.0
Gross domestic purchases................................................................
3.8
4.7
5.5
5.7
4.8
1.2
2.4
2.9
3.9
3.2
2.6
1.2 –1.5 –4.0
2.8
1.7
Final sales to domestic purchasers...................................................
3.8
4.2
5.6
5.8
4.9
2.1
1.9
2.8
3.5
3.3
2.5
1.4 –1.0 –3.3
1.3
1.8
Gross national product......................................................................
3.7
4.3
4.3
4.9
4.2
1.2
1.8
2.7
3.6
3.1
2.4
2.3
0.0 –3.2
2.8
2.0
Real disposable personal income .....................................................
3.3
3.5
6.0
3.0
5.1
2.4
3.3
2.5
3.4
1.4
4.0
2.4
2.4 –2.8
1.8
1.3
Price indexes:
Gross domestic purchases............................................................
1.8
1.5
0.7
1.6
2.5
1.9
1.4
2.3
3.0
3.7
3.4
2.9
3.2 –0.2
1.6
2.5
Gross domestic purchases excluding food and energy 1 ..............
1.6
1.5
1.0
1.5
2.0
1.8
1.7
2.0
2.7
3.3
3.1
2.7
2.6
0.6
1.4
1.9
GDP...............................................................................................
1.9
1.8
1.1
1.5
2.2
2.3
1.6
2.1
2.8
3.3
3.2
2.9
2.2
0.9
1.3
2.1
GDP excluding food and energy 1 .................................................
1.8
1.8
1.2
1.6
2.2
2.0
1.8
2.0
2.8
3.5
3.3
2.8
2.4
0.7
1.6
2.0
Personal consumption expenditures..............................................
2.2
1.9
1.0
1.6
2.5
1.9
1.4
2.0
2.6
3.0
2.7
2.7
3.3
0.1
1.9
2.4

1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.

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

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2008

2009

2010

2011

2012

Line

Line
III

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

IV

Gross domestic product (GDP) ..............................................
–0.6 –3.3
Personal consumption expenditures (PCE) .....................................
–1.0 –2.5
Goods................................................................................................
–3.0 –6.5
Durable goods ...............................................................................
–5.8 –13.0
Nondurable goods .........................................................................
–1.5 –3.1
Services ............................................................................................
0.1 –0.5
Gross private domestic investment .................................................. –11.1 –17.8
Fixed investment ...............................................................................
–7.7 –13.1
Nonresidential ...............................................................................
–2.1 –9.4
Structures ..................................................................................
3.4 –1.2
Equipment and software............................................................
–4.8 –13.6
Residential..................................................................................... –23.3 –24.4
Change in private inventories............................................................ .......... ..........
Net exports of goods and services ................................................... .......... ..........
Exports..............................................................................................
6.4 –2.5
Goods............................................................................................
7.5 –3.0
Services ........................................................................................
3.7 –1.4
Imports ..............................................................................................
–3.3 –5.9
Goods............................................................................................
–4.4 –7.9
Services ........................................................................................
3.0
5.5
Government consumption expenditures and gross investment ....
2.6
2.7
Federal ..............................................................................................
6.8
8.8
National defense ...........................................................................
7.6
9.8
Nondefense ...................................................................................
4.9
6.8
State and local ..................................................................................
0.2 –0.9
Addenda:
Final sales of domestic product.........................................................
0.0 –2.6
Gross domestic purchases................................................................
–1.9 –3.9
Final sales to domestic purchasers...................................................
–1.3 –3.1
Gross national product......................................................................
–0.3 –3.8
Real disposable personal income .....................................................
1.7
1.0
Price indexes:
Gross domestic purchases............................................................
4.1
2.1
Gross domestic purchases excluding food and energy 1 ..............
3.0
2.2
GDP...............................................................................................
2.5
2.1
GDP excluding food and energy 1 .................................................
2.8
2.0
PCE ...............................................................................................
4.2
1.7
PCE excluding food and energy 1 .................................................
2.4
2.0
Market-based PCE 2 .....................................................................
4.5
1.8
Market-based PCE excluding food and energy 2 ..........................
2.4
2.2

IV

I

II

III

IV

I

II

III

IV

Ir

II r

I

II

III

–4.2
–2.7
–5.1
–10.4
–2.4
–1.5
–26.3
–18.8
–16.7
–9.9
–20.1
–26.2
..........
..........
–11.6
–14.9
–4.1
–15.4
–17.9
–2.4
2.3
5.5
5.7
5.1
0.5

–4.6
–3.1
–5.7
–10.2
–3.4
–1.8
–30.8
–21.8
–20.1
–19.9
–20.2
–27.9
..........
..........
–14.1
–18.2
–4.5
–18.5
–21.6
–2.6
4.3
7.6
8.3
6.3
2.3

–3.3
–1.6
–2.0
–2.8
–1.7
–1.4
–27.9
–19.9
–19.7
–25.2
–16.7
–20.7
..........
..........
–10.5
–13.7
–2.9
–13.7
–15.7
–3.8
4.1
6.3
5.9
7.3
2.8

–3.1
–5.2
–4.1
–4.6
–1.6

–3.3
–5.7
–4.4
–5.0
–3.6

–2.2
–4.1
–3.1
–3.5
–2.9

–0.5
–1.1
–1.5
0.3
–3.0

0.3
1.6
0.1
2.4
–0.5

0.7
3.3
1.5
3.2
1.2

0.6
3.6
1.5
3.1
3.1

1.7
2.9
2.3
2.6
3.5

1.9
2.1
2.2
2.1
3.2

1.9
1.6
1.6
2.0
1.2

2.4
1.1
1.8
1.8
0.6

1.7
1.9
1.7
2.2
0.3

2.2
2.4
2.1
2.2
0.2

2.1
2.2
2.0
2.1
1.3

26
27
28
29
30

0.4
1.3
1.8
1.1
0.2
1.5
0.4
1.9

–0.6
0.6
1.0
0.6
–0.5
1.3
–0.2
2.1

–1.1
0.1
0.3
0.1
–0.8
1.2
–0.7
1.7

0.5
0.6
0.5
0.8
1.4
1.6
1.4
1.7

1.6
1.2
0.6
1.3
2.4
1.8
2.1
1.4

1.7
1.4
1.3
1.6
2.1
1.7
1.6
1.0

1.6
1.5
1.6
1.7
1.7
1.6
1.2
1.0

1.6
1.4
1.8
1.6
1.5
1.2
1.1
0.7

2.0
1.5
2.0
1.7
1.8
1.1
1.7
0.9

2.7
1.9
2.2
2.0
2.6
1.3
2.7
1.3

2.9
2.1
2.4
2.2
2.8
1.6
3.0
1.6

2.5
2.0
2.0
2.0
2.5
1.7
2.8
1.9

2.3
2.0
2.0
2.0
2.4
1.9
2.5
2.0

1.6
1.7
1.7
1.7
1.7
1.8
1.7
1.9

31
32
33
34
35
36
37
38

–0.1
1.9
2.5
2.8
2.4
1.8
1.9
1.6
2.0
2.4
2.3
–0.3
0.7
1.8
1.9
2.9
3.1
2.7
2.5
1.9
1.8
2.0
1.2
2.5
3.9
2.9
5.0
5.1
4.0
3.4
2.8
2.6
2.9
3.0
4.1
7.3
4.1
9.5 10.0
6.7
6.2
5.9
6.9
7.5
0.4
1.7
2.3
2.4
3.0
2.9
2.7
2.1
1.4
0.7
0.9
–1.1 –0.2
0.8
1.4
1.9
2.1
2.0
2.0
1.5
1.3
1.4
–12.8
5.0 17.5 22.6 10.7
4.4
3.9
1.5 10.9 14.1 11.6
–15.2 –7.4
0.8
1.4
4.9
4.8
4.3
8.4
9.0 11.9 10.0
–15.7 –7.7 –0.3
3.7
7.7
6.8
7.4 10.1 10.2 12.5
9.9
–29.4 –27.5 –17.9 –11.7 –1.8 –3.5
0.9
6.4
6.9 19.7 11.8
–7.8
3.6
9.0 11.1 11.9 11.0 10.0 11.5 11.4 10.0
9.2
–13.3 –6.3
5.0 –7.2 –5.7 –3.2 –7.1
1.4
3.9
9.3 10.5
.......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ...........
.......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ...........
0.3 10.7 13.1 12.1
8.8
8.7
7.4
6.5
4.3
4.0
4.5
–0.1 14.0 18.1 15.0 10.5
9.4
7.4
6.7
5.4
5.0
5.9
1.2
4.1
3.4
6.1
5.1
7.2
7.3
6.1
1.8
1.7
1.2
–6.1
6.7 16.7 15.9 10.9
9.3
4.4
2.2
3.5
3.2
3.9
–6.5
8.2 20.3 18.6 12.7 10.9
4.8
2.1
3.4
2.6
3.4
–4.5
0.7
2.2
4.6
2.7
1.9
2.7
2.9
3.8
6.2
6.3
4.0
2.7
1.1
0.1 –1.3 –2.3 –3.2 –3.8 –3.3 –2.2 –2.3
5.1
6.1
5.1
4.5
2.3 –0.6 –2.2 –4.1 –4.2 –2.6 –3.3
4.1
5.1
3.0
2.9
1.0 –1.9 –1.7 –2.8 –4.0 –2.0 –3.9
7.2
8.2
9.6
7.8
5.2
2.2 –3.1 –6.9 –4.6 –3.8 –2.0
3.3
0.7 –1.4 –2.7 –3.6 –3.4 –3.8 –3.6 –2.7 –2.0 –1.6

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

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012.
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.

Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2009

2010

2011

2011
II

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

Gross domestic product ..................................................................................................
Plus: Income receipts from the rest of the world.................................................................
Less: Income payments to the rest of the world .................................................................
Equals: Gross national product ......................................................................................
Less: Consumption of fixed capital .....................................................................................
Less: Statistical discrepancy...............................................................................................
Equals: National income ..................................................................................................
Compensation of employees...........................................................................................
Wage and salary accruals ...........................................................................................
Supplements to wages and salaries............................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments.......
Rental income of persons with capital consumption adjustment.....................................
Corporate profits with inventory valuation and capital consumption adjustments...........
Net interest and miscellaneous payments ......................................................................
Taxes on production and imports less subsidies.............................................................
Business current transfer payments (net) .......................................................................
Current surplus of government enterprises ....................................................................
Addendum:
18 Gross domestic income...................................................................................................

III

2012
IV

Ir

Line
II r

13,973.7
642.4
498.9
14,117.2
1,866.3
118.3
12,132.6
7,799.4
6,275.3
1,524.0
979.4
289.7
1,342.3
640.5
963.5
133.4
–15.6

14,498.9
716.5
507.2
14,708.2
1,873.4
23.3
12,811.4
7,970.0
6,404.6
1,565.4
1,103.4
349.2
1,702.4
567.9
998.0
140.0
–19.5

15,075.7
783.7
531.8
15,327.5
1,936.8
31.9
13,358.9
8,295.2
6,661.3
1,633.9
1,157.3
409.7
1,827.0
527.4
1,036.2
132.6
–26.5

15,003.6
797.4
547.4
15,253.6
1,927.4
25.1
13,301.1
8,286.4
6,656.2
1,630.2
1,154.7
404.7
1,800.9
513.8
1,037.1
127.9
–24.4

15,163.2
788.9
530.6
15,421.5
1,948.9
82.5
13,390.1
8,318.1
6,678.1
1,640.0
1,161.4
413.8
1,830.5
528.4
1,035.7
129.5
–27.5

15,321.0
787.1
523.1
15,585.0
1,966.6
70.3
13,548.1
8,340.1
6,692.4
1,647.7
1,165.3
430.3
1,953.1
515.9
1,047.1
127.4
–31.1

15,478.3
769.6
554.7
15,693.2
1,984.9
1.1
13,707.2
8,495.7
6,825.9
1,669.8
1,184.3
445.3
1,900.1
515.6
1,067.7
130.5
–32.0

15,606.1
772.0
537.4
15,840.6
2,003.4
46.1
13,791.2
8,562.9
6,882.0
1,680.9
1,197.2
453.4
1,910.5
492.7
1,074.5
134.1
–34.1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17

13,855.4

14,475.6

15,043.8

14,978.5

15,080.7

15,250.7

15,477.1

15,560.0

18

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012.

Table 10. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2009

2010

2011

2011
II

Personal income 1 .............................................................................................................
Compensation of employees, received ...........................................................................
Wage and salary disbursements .................................................................................
Supplements to wages and salaries............................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments.......
Farm ............................................................................................................................
Nonfarm.......................................................................................................................
Rental income of persons with capital consumption adjustment.....................................
Personal income receipts on assets................................................................................
Personal interest income .............................................................................................
Personal dividend income ...........................................................................................
Personal current transfer receipts ...................................................................................
Less: Contributions for government social insurance, domestic .....................................
Less: Personal current taxes...............................................................................................
Equals: Disposable personal income .............................................................................
Less: Personal outlays ........................................................................................................
Equals: Personal saving...................................................................................................
Personal saving as a percentage of disposable personal income...................................
Addenda:
19 Personal income excluding current transfer receipts, billions of chained (2005) dollars 2
20 Disposable personal income, billions of chained (2005) dollars 2 ...................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

III

2012
IV

Ir

Line
II r

11,867.0
7,794.4
6,270.3
1,524.0
979.4
39.9
939.5
289.7
1,626.5
1,093.3
533.2
2,140.1
963.1
1,144.6
10,722.4
10,214.3
508.2
4.7

12,321.9
7,970.0
6,404.6
1,565.4
1,103.4
44.3
1,059.1
349.2
1,598.3
1,016.6
581.7
2,284.3
983.3
1,194.8
11,127.1
10,560.4
566.7
5.1

12,947.3
8,295.2
6,661.3
1,633.9
1,157.3
54.6
1,102.8
409.7
1,685.1
1,008.8
676.3
2,319.2
919.3
1,398.0
11,549.3
11,059.9
489.4
4.2

12,938.9
8,286.4
6,656.2
1,630.2
1,154.7
52.6
1,102.1
404.7
1,692.4
1,025.3
667.1
2,319.9
919.2
1,396.6
11,542.3
11,015.1
527.2
4.6

12,976.3
8,318.1
6,678.1
1,640.0
1,161.4
55.3
1,106.1
413.8
1,689.1
1,004.4
684.7
2,314.7
920.8
1,403.8
11,572.6
11,120.9
451.6
3.9

13,017.4
8,340.1
6,692.4
1,647.7
1,165.3
54.4
1,110.9
430.3
1,684.6
988.0
696.6
2,319.9
922.8
1,419.1
11,598.3
11,205.6
392.7
3.4

13,227.1
8,495.7
6,825.9
1,669.8
1,184.3
52.3
1,132.1
445.3
1,696.4
991.8
704.6
2,348.0
942.6
1,450.8
11,776.4
11,348.7
427.7
3.6

13,362.4
8,562.9
6,882.0
1,680.9
1,197.2
55.2
1,142.0
453.4
1,735.4
1,010.4
725.0
2,362.0
948.4
1,474.7
11,887.7
11,414.9
472.9
4.0

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

8,923.4
9,836.7

9,035.8
10,016.5

9,340.0
10,149.7

9,345.2
10,157.8

9,328.6
10,125.6

9,335.4
10,121.5

9,435.7
10,213.9

9,523.4
10,291.6

19
20

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012.
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), current surplus of government enterprises, and wage accruals less disbursements, 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.

Table 11. Corporate Profits: Level and Percent Change
[Billions of dollars]
Billions of dollars

Percent change from preceding period

Seasonally adjusted at annual rates

Quarter
one year
ago Line

Quarterly rates

Line
2009

2010

2011

2010
2011
II

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 Net dividends ..............................................................
5 Undistributed profits with inventory valuation and
capital consumption adjustments ............................
Addenda for corporate cash flow:
6 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).............................
Addenda:
10 Profits before tax (without inventory valuation and
capital consumption adjustments) ...........................
11 Profits after tax (without inventory valuation and
capital consumption adjustments) ...........................
12 Inventory valuation adjustment ...................................
13 Capital consumption adjustment.................................

III

2011

2012
IV

2011

I

II

III

2012
IV

2012

I

II

II

1,342.3 1,702.4 1,827.0 1,800.9 1,830.5 1,953.1 1,900.1 1,910.5
269.4 373.3 379.0 385.1 362.0 370.4 453.6 448.2

26.8
38.6

7.3
1.5

1.6
–6.0

6.7
2.3

–2.7
22.5

0.5
–1.2

6.1
16.4

1
2

1,073.0 1,329.1 1,447.9 1,415.8 1,468.5 1,582.8 1,446.6 1,462.2
554.1 600.9 697.2 687.5 705.9 717.9 727.1 748.0

23.9
8.4

8.9
16.0

3.7
2.7

7.8
1.7

–8.6
1.3

1.1
2.9

3.3
8.8

3
4

714.2

40.3

3.1

4.7

13.4

–16.8

–0.7

–1.9

5

1,632.8 1,774.9 1,850.7 1,824.3 1,866.2 2,005.6 1,835.8 1,824.5

8.7

4.3

2.3

7.5

–8.5

–0.6

0.0

6

518.8 728.2 750.7 728.4 762.6 864.9 719.4 714.2
40.3
3.1
4.7
13.4 –16.8
–0.7
–1.9
1,030.4 1,026.5 1,061.9 1,056.5 1,069.1 1,079.9 1,092.6 1,103.8
–0.4
3.5
1.2
1.0
1.2
1.0
4.5
–83.6 –20.2 –38.1 –39.4 –34.5 –60.8 –23.8
–6.5 ............ ............. ............ ............ ............. ............ ............

7
8
9

518.8

728.2

750.7

728.4

762.6

864.9

719.4

1,440.5 1,816.3 1,854.1 1,839.7 1,839.3 1,936.4 2,124.5 2,096.5

26.1

2.1

0.0

5.3

9.7

–1.3

14.0

10

1,171.1 1,443.0 1,475.1 1,454.5 1,477.3 1,566.1 1,670.9 1,648.3
23.2
2.2
1.6
6.0
6.7
–1.4
13.3
3.2 –38.7 –62.6 –75.0 –40.6 –12.9 –23.7
16.0 ............ ............. ............ ............ ............. ............ ............
–101.3 –75.2
35.4
36.3
31.7
29.6 –200.7 –202.0 ............ ............. ............ ............ ............. ............ ............

11
12
13

Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
Level

Change from preceding period

Seasonally adjusted at annual rates
Line

2011
2009

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

Corporate profits with inventory valuation and
capital consumption adjustments ...................
Domestic industries .....................................................
Financial......................................................................
Nonfinancial ................................................................
Rest of the world...........................................................
Receipts from the rest of the world .............................
Less: Payments to the rest of the world ......................
Corporate profits with inventory valuation
adjustment .........................................................
Domestic industries .....................................................
Financial......................................................................
Federal Reserve banks ...........................................
Other financial .........................................................
Nonfinancial ................................................................
Utilities.....................................................................
Manufacturing..........................................................
Durable goods .....................................................
Fabricated metal products ...............................
Machinery ........................................................
Computer and electronic products...................
Electrical equipment, appliances, and
components .................................................
Motor vehicles, bodies and trailers, and parts
Other durable goods ........................................
Nondurable goods ...............................................
Food and beverage and tobacco products.......
Petroleum and coal products ...........................
Chemical products ...........................................
Other nondurable goods ..................................
Wholesale trade ......................................................
Retail trade ..............................................................
Transportation and warehousing .............................
Information ..............................................................
Other nonfinancial ...................................................
Rest of the world...........................................................

2010

2011

2011

2012

2010

II

III

IV

I

II

1,953.1
1,502.2
441.2
1,061.0
450.9
645.2
194.2

1,900.1
1,497.2
428.9
1,068.3
402.9
631.5
228.6

2012

Line

2011
III

IV

I

II

1,342.3
989.5
328.9
660.6
352.8
493.7
140.9

1,702.4
1,300.9
383.7
917.1
401.6
584.4
182.9

1,827.0
1,388.1
381.0
1,007.1
438.9
645.2
206.3

1,800.9
1,364.7
338.3
1,026.4
436.3
658.5
222.3

1,830.5
1,382.7
353.2
1,029.6
447.8
650.2
202.4

1,910.5
1,488.3
389.7
1,098.7
422.1
637.7
215.5

360.1
311.4
54.8
256.5
48.8
90.7
42.0

124.6
87.2
–2.7
90.0
37.3
60.8
23.4

29.6
18.0
14.9
3.2
11.5
–8.3
–19.9

122.6
119.5
88.0
31.4
3.1
–5.0
–8.2

–53.0
–5.0
–12.3
7.3
–48.0
–13.7
34.4

10.4
–8.9
–39.2
30.4
19.2
6.2
–13.1

1
2
3
4
5
6
7

1,443.6
1,090.8
374.8
47.3
327.5
716.0
23.1
131.0
21.1
11.3
7.3
19.1

1,777.7 1,791.6
1,376.1 1,352.7
424.3
408.3
71.6
75.9
352.7
332.3
951.8
944.4
27.9
17.7
233.5
244.9
103.1
100.3
15.0
16.4
17.5
21.5
35.2
27.6

1,764.6
1,328.4
365.6
79.8
285.8
962.8
36.5
229.2
87.1
15.3
19.4
25.3

1,798.8 1,923.5 2,100.8 2,112.4
1,351.0 1,472.5 1,697.9 1,690.3
380.8
469.1
481.2
442.2
76.6
75.2
74.5
74.2
304.1
393.9
406.6
368.0
970.2 1,003.4 1,216.8 1,248.1
10.2
15.1
38.3 ..............
248.9
285.9
363.5 ..............
98.6
133.2
174.9 ..............
16.1
19.4
23.6 ..............
22.1
25.6
30.2 ..............
26.4
36.4
42.2 ..............

334.1
285.3
49.5
24.3
25.2
235.8
4.8
102.5
82.0
3.7
10.2
16.1

13.9
–23.4
–16.0
4.3
–20.4
–7.4
–10.2
11.4
–2.8
1.4
4.0
–7.6

34.2
22.6
15.2
–3.2
18.3
7.4
–26.3
19.7
11.5
0.8
2.7
1.1

124.7
121.5
88.3
–1.4
89.8
33.2
4.9
37.0
34.6
3.3
3.5
10.0

177.3
225.4
12.1
–0.7
12.7
213.4
23.2
77.6
41.7
4.2
4.6
5.8

11.6
–7.6
–39.0
–0.3
–38.6
31.3
..............
..............
..............
..............
..............
..............

8
9
10
11
12
13
14
15
16
17
18
19

–1.4
38.0
15.3
20.5
–2.1
11.6
7.4
3.6
11.6
14.6
23.3
13.2
65.7
48.8

–2.6
–1.0
3.1
14.2
–6.6
17.3
4.2
–0.7
–1.9
–13.7
–2.6
–0.5
10.3
37.3

0.1
–1.9
8.7
8.2
–5.4
3.0
9.0
1.5
10.6
1.9
–0.2
–2.7
4.4
11.5

0.9
11.6
5.3
2.4
8.9
–19.6
7.4
5.7
0.7
17.1
3.9
–2.1
–28.3
3.1

4.8
8.1
14.2
35.9
9.2
13.2
4.2
9.4
28.6
17.7
7.2
24.4
34.7
–48.0

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
19.2

20
21
22
23
24
25
26
27
28
29
30
31
32
33

9.1
–49.7
24.0
109.9
43.3
11.9
38.5
16.2
86.6
108.0
24.8
72.8
269.7
352.8

7.7
–11.7
39.3
130.4
41.2
23.5
45.9
19.8
98.2
122.6
48.1
86.0
335.4
401.6

5.1
–12.7
42.4
144.6
34.6
40.8
50.1
19.1
96.3
108.9
45.5
85.5
345.7
438.9

4.4
–14.5
37.2
142.1
34.8
48.8
42.7
15.8
94.7
101.9
45.8
90.2
364.5
436.3

NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

4.5
–16.4
45.9
150.3
29.4
51.8
51.7
17.3
105.3
103.8
45.6
87.5
368.9
447.8

5.4
–4.8
51.2
152.7
38.3
32.2
59.1
23.0
106.0
120.9
49.5
85.4
340.6
450.9

10.2
3.3
65.4
188.6
47.5
45.4
63.3
32.4
134.6
138.6
56.7
109.8
375.3
402.9

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
422.1

Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
Seasonally adjusted at annual rates
Line

2009

2010

2011

2011
II

2012

III

IV

I

r

Line
II

Billions of dollars
1
Gross value added of nonfinancial corporate business............................................
2 Consumption of fixed capital...................................................................................................
3 Net value added ....................................................................................................................
4 Compensation of employees...............................................................................................
5
Wage and salary accruals ...............................................................................................
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
Business current transfer payments (net)........................................................................
11
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
Net dividends ...........................................................................................................
15
Undistributed profits with inventory valuation and capital consumption adjustments
Addenda:
16 Profits before tax (without inventory valuation and capital consumption adjustments) .......
17 Profits after tax (without inventory valuation and capital consumption adjustments) ..........
18 Inventory valuation adjustment ...........................................................................................
19 Capital consumption adjustment.........................................................................................

6,590.8
862.5
5,728.3
4,173.7
3,435.3
738.5
589.2
965.4
227.4
77.4
660.6
177.8
482.8
351.7
131.1

6,952.4
860.1
6,092.3
4,252.0
3,508.4
743.6
612.2
1,228.2
221.7
89.3
917.1
222.9
694.3
385.7
308.5

7,366.7
893.7
6,473.0
4,472.7
3,687.5
785.2
645.8
1,354.5
255.9
91.5
1,007.1
246.8
760.3
425.3
334.9

7,367.0
888.8
6,478.2
4,465.0
3,681.5
783.5
646.3
1,367.0
248.9
91.7
1,026.4
253.9
772.5
435.8
336.7

7,418.6
900.3
6,518.4
4,487.9
3,699.6
788.3
646.0
1,384.4
263.7
91.2
1,029.6
248.1
781.4
428.6
352.9

7,480.5
909.7
6,570.8
4,502.9
3,710.8
792.1
653.1
1,414.8
262.5
91.3
1,061.0
241.2
819.8
429.7
390.2

7,605.5
920.8
6,684.7
4,607.1
3,803.0
804.1
656.1
1,421.6
263.2
90.0
1,068.3
304.3
764.0
432.8
331.2

7,679.5
930.4
6,749.1
4,645.1
3,835.9
809.2
660.5
1,443.4
255.2
89.6
1,098.7
303.8
794.9
453.4
341.4

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

712.9
535.1
3.2

990.5
767.6
–38.7

1,007.0
760.2
–62.6

1,037.8
783.9
–75.0

1,010.8
762.7
–40.6

1,016.3
775.2
–12.9

1,240.4
936.1
–23.7

1,232.1
928.3
16.0

–55.4

–34.7

62.7

63.6

59.3

57.6

–148.4

–149.4

16
17
18
19

Billions of chained (2005) dollars
20
Gross value added of nonfinancial corporate business 1 .........................................
21 Consumption of fixed capital 2 ................................................................................................
22 Net value added 3 ...................................................................................................................

6,035.4
805.3

6,397.8
805.9

6,656.7
819.7

6,671.3
816.4

6,650.9
821.7

6,753.3
828.2

6,837.0
834.5

6,880.1
840.6

5,230.1

5,591.9

5,837.1

5,854.9

5,829.2

5,925.1

6,002.6

6,039.5

20
21
22

Dollars; quarters seasonally adjusted

23
24
25
26
27
28
29
30
31

Price, costs, and profits per unit of real gross value added of nonfinancial corporate
business:
Price per unit of real gross value added of nonfinancial corporate business 4..........
Compensation of employees (unit labor cost) .....................................................................
Unit nonlabor cost ...............................................................................................................
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) .......................................................................................
Taxes on corporate income .............................................................................................
Profits after tax with inventory valuation and capital consumption adjustments..............

1.092
0.692
0.291
0.143

1.087
0.665
0.279
0.134

1.107
0.672
0.283
0.134

1.104
0.669
0.281
0.133

1.115
0.675
0.286
0.135

1.108
0.667
0.284
0.135

1.112
0.674
0.283
0.135

1.116
0.675
0.281
0.135

23
24
25
26

0.110
0.038

0.110
0.035

0.111
0.038

0.111
0.037

0.111
0.040

0.110
0.039

0.109
0.039

0.109
0.037

27
28

0.109
0.029
0.080

0.143
0.035
0.109

0.151
0.037
0.114

0.154
0.038
0.116

0.155
0.037
0.117

0.157
0.036
0.121

0.156
0.045
0.112

0.160
0.044
0.116

29
30
31

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2012.
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 2005 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 2002 North American Industry Classification System (NAICS).

Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2009 2010 2011

2008
III

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

2009
IV

I

II

2010
III

IV

I

II

2011
III

IV

I

II

Gross domestic product (GDP) and related aggregates:
GDP ................................................................................... –3.1
2.4
1.8 –3.7 –8.9 –5.3 –0.3
1.4
4.0
2.3
2.2
2.6
2.4
0.1
2.5
Goods................................................................................. –5.8
9.1
5.1 –8.2 –23.9 –8.0
1.2
6.2 18.6 14.1 –1.1 10.2
5.9
3.8
3.4
Services .............................................................................
0.1
1.1
0.9 –0.9 –0.7 –0.9
1.8
0.7
1.3
0.1
2.0
1.2
1.4
0.5
1.5
Structures........................................................................... –16.7 –8.3 –2.7 –8.3 –17.4 –25.9 –19.6 –7.1 –16.9 –16.0 18.3 –11.2 –1.4 –17.4
9.1
Motor vehicle output........................................................... –24.3 27.5 11.0 –26.0 –58.1 –57.2 26.5 121.1 17.7 26.1 23.2 15.4 –12.9 37.8
2.1
GDP excluding motor vehicle output .................................. –2.6
1.9
1.6 –3.0 –7.4 –4.0 –0.7
0.0
3.8
1.9
1.8
2.3
2.8 –0.7
2.5
Final sales of computers 1 ................................................. –2.0 –13.8 35.3 –2.8
1.1 36.9 –14.0 –39.1 –37.2
1.3 –28.0 34.6 72.6 47.2 21.0
GDP excluding final sales of computers ............................ –3.1
2.5
1.7 –3.7 –8.9 –5.4 –0.2
1.7
4.2
2.3
2.4
2.5
2.2 –0.1
2.4
Farm gross value added 2 .................................................. 15.5 –5.0 –17.7 –16.5 79.6 –5.7 23.8 53.3 –20.5 –16.0 13.0 –23.0 –28.9 –23.6 –28.0
Nonfarm business gross value added 3 ............................. –4.5
3.1
2.6 –5.2 –12.7 –5.0 –2.5
0.3
5.2
3.3
2.8
5.1
3.9 –0.1
3.4
Gross domestic income 4 ................................................... –3.9
3.1
1.8 –2.6 –9.8 –6.0 –2.5
0.7
5.0
5.6
1.6
3.8
1.1
2.6
0.4
Price indexes:
GDP ...................................................................................
0.9
1.3
2.1
3.1
0.5
1.0 –0.8
0.5
1.3
1.5
1.7
2.0
2.1
2.0
2.6
GDP excluding food and energy 5 ......................................
0.7
1.6
2.0
2.7 –0.5 –0.1
0.2
1.0
2.0
2.0
1.4
1.3
1.7
2.3
2.6
GDP excluding final sales of computers ............................
1.0
1.4
2.2
3.2
0.6
1.1 –0.7
0.7
1.3
1.6
1.7
2.1
2.2
2.1
2.6
Gross domestic purchases................................................. –0.2
1.6
2.5
4.0 –4.0 –2.4
0.2
1.7
2.4
2.1
0.7
1.4
2.5
3.4
3.5
Gross domestic purchases excluding food and energy 5 ...
0.6
1.4
1.9
2.7 –0.1 –0.4
0.3
0.7
1.9
1.8
1.2
1.2
1.5
2.2
2.7
Gross domestic purchases excluding final sales of
computers to domestic purchasers ................................ –0.1
1.7
2.6
4.2 –3.9 –2.3
0.3
1.9
2.4
2.1
0.7
1.4
2.5
3.5
3.6
Personal consumption expenditures (PCE) .......................
0.1
1.9
2.4
4.3 –5.6 –2.1
1.6
3.1
3.1
1.8
0.6
1.3
2.2
3.2
3.6
PCE excluding food and energy 5 ......................................
1.4
1.5
1.4
2.0
1.0
0.7
1.7
1.5
2.4
1.5
1.4
1.0
0.8
1.3
2.3
Market-based PCE 6 ..........................................................
0.2
1.5
2.5
5.0 –5.9 –1.5
2.0
2.9
2.4
1.2
0.0
1.2
2.1
3.6
3.8
Market-based PCE excluding food and energy 6 ...............
1.9
1.0
1.4
2.4
1.7
2.0
2.1
1.1
1.6
0.7
0.8
0.8
0.5
1.5
2.3

2012
I

Line
II

r

III

IV

1.3
2.1
0.5
5.5
1.5
1.3
31.5
1.2
11.4
1.6
–0.2

4.1
16.1
–1.0
7.2
24.0
3.6
31.1
4.0
18.8
5.3
4.5

3.0
2.1
3.0
2.3
2.0

0.4
0.9
0.4
0.9
1.0

2.0
2.6
2.0
2.5
2.4

1.6
1.4
1.6
0.8
1.4

12
13
14
15
16

2.4
2.3
1.9
2.6
2.1

0.9
1.1
1.3
1.2
1.5

2.6
2.5
2.2
2.5
2.2

0.8
0.7
1.8
0.6
1.7

17
18
19
20
21

2.0
1.7
3.9
2.4
0.6
1.4
7.4
2.1
30.9
6.6
1.3
1.6
4.5 –19.5
1.9
1.8
3.5 23.1
2.7
2.4
3.8
0.6

1
2
3
4
5
6
7
8
9
10
11

r Revised
1. For some components of final sales of computers, includes computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
4. Gross domestic income deflated by the implicit price deflator for gross domestic product. Includes changes due to the incorporation of revised wage and salary estimates for the first quarter of 2012.
5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
6. 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.
See “Explanatory Note” at the end of the tables.

Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced
in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity
and price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2005 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2007-08
annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual
percent change in GDP prices uses quantities for 2007 and 2008 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar
value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close
to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in
this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and appendix table A. Contributions by major components to the percent change in real GDP are
presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005
and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of
this component in 2006 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a “residual” line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.