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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, AUGUST 27, 2015
Lisa Mataloni:
(202) 606-5304 (GDP)
gdpniwd@bea.gov
Kate Pinard:
(202) 606-5564 (Profits) cpniwd@bea.gov
Jeannine Aversa: (202) 606-2649 (News Media)

BEA 15-38

GROSS DOMESTIC PRODUCT: SECOND QUARTER 2015 (SECOND ESTIMATE)
CORPORATE PROFITS: SECOND QUARTER 2015 (PRELIMINARY ESTIMATE)
Real gross domestic product -- the value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production, adjusted for price
changes -- increased at an annual rate of 3.7 percent in the second quarter of 2015, according to the
"second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased
0.6 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.3
percent. With the second estimate for the second quarter, nonresidential fixed investment and private
inventory investment increased. With the advance estimate, both of these components were estimated to
have slightly decreased (see "Revisions" on page 2).
The increase in real GDP in the second quarter reflected positive contributions from personal
consumption expenditures (PCE), exports, state and local government spending, nonresidential fixed
investment, residential fixed investment, and private inventory investment. Imports, which are a
subtraction in the calculation of GDP, increased.
The acceleration in real GDP in the second quarter reflected an upturn in exports, an acceleration
in PCE, a deceleration in imports, an upturn in state and local government spending, and an acceleration
in nonresidential fixed investment that were partly offset by decelerations in private inventory
investment, in federal government spending, and in residential fixed investment.
Real gross domestic income (GDI) -- the value of the costs incurred and the incomes earned in
the production of goods and services in the nation’s economy -- increased 0.6 percent in the second
quarter, compared with an increase of 0.4 percent (revised) in the first. The average of real GDP and
real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI,
increased 2.1 percent in the second quarter, compared with an increase of 0.5 percent in the first quarter.

NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are
in chained (2009) dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site.

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.5 percent in the second quarter, in contrast to a decrease of 1.6 percent in the first quarter.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.2 percent,
compared with an increase of 0.2 percent.
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.4 percent in the second quarter, compared with an increase of 2.5 percent in the
first.
Current-dollar GDP -- the market value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production -- increased 5.9 percent, or
$252.7 billion, in the second quarter to a level of $17,902.0 billion. In the first quarter, current-dollar
GDP increased 0.8 percent, or $33.3 billion.

Revisions
The upward revision to the percent change in real GDP primarily reflected upward revisions to
nonresidential fixed investment, to private inventory investment, to state and local government
spending, and to PCE and a downward revision to imports. For information on revisions, see "The
Revisions to GDP, GDI, and Their Major Components."

Real GDP………………………………….
Current-dollar GDP………………………..
Real GDI…………………………………..
Average of GDP and GDI………………....
Gross domestic purchases price index…….

Advance Estimate
Second Estimate
(Percent change from preceding quarter)
2.3
3.7
4.4
5.9
…
0.6
…
2.1
1.4
1.5

For the first quarter of 2015, real GDI was revised up 0.1 percentage point, from 0.3 percent to
0.4 percent.

-2-

Corporate Profits

Profits from current production
Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) increased $47.5 billion in the second quarter, in contrast to a
decrease of $123.0 billion in the first.
Profits of domestic financial corporations increased $33.9 billion in the second quarter, in
contrast to a decrease of $23.4 billion in the first. Profits of domestic nonfinancial corporations
increased $16.5 billion, in contrast to a decrease of $70.5 billion. The rest-of-the-world component of
profits decreased $2.9 billion, compared with a decrease of $29.0 billion. This measure is calculated as
the difference between receipts from the rest of the world and payments to the rest of the world. In the
second quarter, receipts increased $6.0 billion, and payments increased $8.9 billion.
Taxes on corporate income increased $28.3 billion in the second quarter, compared with an
increase of $5.5 billion in the first. Profits after tax with IVA and CCAdj increased $19.2 billion, in
contrast to a decrease of $128.4 billion.
Dividends increased $1.0 billion in the second quarter, compared with an increase of $6.3 billion
in the first. Undistributed profits increased $18.2 billion, in contrast to a decrease of $134.7 billion. Net
cash flow with IVA -- the internal funds available to corporations for investment -- increased $28.0
billion, in contrast to a decrease of $135.5 billion.
The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of
fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in
the national income and product accounts. The IVA decreased $78.1 billion in the second quarter, in
contrast to an increase of $45.7 billion. The CCAdj increased $8.0 billion, in contrast to a decrease of
$208.1 billion.

Gross value added of nonfinancial domestic corporate business
Real gross value added of nonfinancial corporations decreased in the second quarter. Profits per
unit of real value added increased, reflecting an increase in unit prices that was partly offset by an
increase in unit labor costs; unit nonlabor costs were unchanged.
*

*

*

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 25, 2015 at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2015 (Third Estimate)
Corporate Profits: Second Quarter 2015 (Revised Estimate)

-3-

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

2012

2013

2014

2011
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
39
40
41
42
43

2012
IV

I

II

2013
III

IV

I

II

2014
III

IV

I

II

Line

2015
III

IV

I

r

II

r

Gross domestic product (GDP) .....
2.2
1.5
2.4
0.8
4.6
2.7
1.9
0.5
0.1
1.9
1.1
3.0
3.8 –0.9
4.6
4.3
2.1
0.6
3.7
Personal consumption expenditures .......
1.5
1.7
2.7
1.8
1.4
2.4
0.7
1.1
1.1
2.5
1.4
1.7
3.5
1.3
3.8
3.5
4.3
1.8
3.1
Goods.......................................................
2.7
3.1
3.3
0.9
3.9
4.9
1.1
2.7
2.3
6.1
1.2
2.6
3.1
1.1
6.7
4.1
4.1
1.1
5.5
Durable goods ......................................
7.4
5.8
5.9
5.2 12.0 11.4
2.8
6.8
8.1
8.8
2.2
3.2
4.1
2.6 13.9
7.5
6.1
2.0
8.2
Nondurable goods ................................
0.6
1.9
2.1 –1.0
0.5
2.0
0.4
0.9 –0.3
4.8
0.7
2.3
2.6
0.4
3.4
2.4
3.2
0.7
4.1
Services ...................................................
0.8
1.0
2.4
2.2
0.1
1.2
0.5
0.2
0.5
0.7
1.5
1.2
3.7
1.4
2.4
3.1
4.3
2.1
2.0
Gross private domestic investment ......... 10.6
4.5
5.4
1.1 32.1
9.7 10.2 –1.1 –3.2
7.1
5.2 13.7
4.2 –2.5 12.6
7.4
2.1
8.6
5.2
Fixed investment ......................................
9.8
4.2
5.3 17.3
9.9 14.7
6.9
0.1
6.9
4.9
2.6
3.8
5.1
6.0
5.6
7.9
2.5
3.3
4.1
Nonresidential.......................................
9.0
3.0
6.2 19.4
9.5 12.2
7.5 –2.1
3.7
4.0
1.0
3.5
8.7
8.3
4.4
9.0
0.7
1.6
3.2
Structures ......................................... 12.9
1.6
8.1 25.6 13.8 19.9 10.3 –4.0 –7.3 –6.0 11.7 17.9
4.0 19.1 –0.2 –1.9
4.3 –7.4
3.1
Equipment......................................... 10.8
3.2
5.8 27.7
9.4 16.0
8.8 –3.3
7.3
6.3 –0.8 –3.8 14.7
3.5
6.5 16.4 –4.9
2.3 –0.4
Intellectual property products ...........
3.9
3.8
5.2
5.1
6.8
1.9
3.8
1.4
6.8
7.8 –3.2
5.2
3.5
7.8
4.8
6.6
6.9
7.4
8.6
Residential............................................ 13.5
9.5
1.8
8.1 11.7 27.5
3.7 10.7 22.3
9.1
9.1
4.9 –8.1 –2.8 10.4
3.4 10.0 10.1
7.8
Change in private inventories................... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... ...........
Net exports of goods and services .......... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... ...........
Exports.....................................................
3.4
2.8
3.4
4.3
4.1
2.7
4.6
2.0 –0.5
1.0
4.9
4.2 10.9 –6.7
9.8
1.8
5.4 –6.0
5.2
Goods...................................................
3.6
2.8
4.4
3.4
8.1
1.8
4.7
2.2 –3.8
0.4
7.5
5.0 14.9 –9.4 12.2
6.0
3.9 –11.7
6.5
Services................................................
3.0
2.7
1.2
6.2 –4.7
4.8
4.2
1.5
7.5
2.2 –0.6
2.4
2.6 –0.3
4.7 –7.1
8.9
7.3
2.5
Imports .....................................................
2.2
1.1
3.8
3.3
4.5
2.4
2.0
0.6 –3.8
0.8
5.5
2.4
1.0
2.8
9.6 –0.8 10.3
7.1
2.8
Goods...................................................
2.1
1.0
4.3
2.2
5.5
2.5
1.7
0.6 –4.3
1.1
5.3
2.6
0.7
4.7
9.9 –0.8
9.9
7.2
2.7
Services................................................
3.0
1.5
1.6
8.7
0.0
1.6
3.5
0.7 –0.9 –0.6
6.0
1.5
2.7 –6.0
8.2 –0.6 11.9
6.7
3.2
Government consumption expenditures
0.0
1.2
1.8 –1.4 –0.1
2.6
and gross investment ............................ –1.9 –2.9 –0.6 –2.5 –1.6 –1.9 –1.9 –1.2 –3.8 –4.5 –2.0 –2.2 –2.7
Federal ..................................................... –1.9 –5.7 –2.4 –4.0 –2.6 –0.4 –2.9
0.5 –5.5 –9.3 –5.6 –5.8 –6.6
0.3 –1.2
3.7 –5.7
1.1
0.0
National defense................................... –3.4 –6.7 –3.8
1.9 –9.5 –3.7 –4.4
0.8 –8.1 –10.3 –5.8 –7.6 –5.8 –4.6 –0.5
4.5 –10.3
1.0
0.3
Nondefense ..........................................
0.9 –4.0 –0.1 –14.0 11.4
5.6 –0.4 –0.1 –1.1 –7.6 –5.4 –2.6 –7.9
8.9 –2.2
2.5
2.1
1.2 –0.4
State and local.......................................... –1.9 –1.0
0.6 –1.4 –0.8 –3.0 –1.2 –2.3 –2.6 –1.1
0.4
0.2 –0.1 –0.2
2.6
0.6
1.3 –0.8
4.3
Addenda:
Gross domestic income (GDI) 1 ................
3.3
1.3
2.6
2.6
3.3
7.7
0.6 –0.1
3.5 –0.5
2.9
0.4
2.7
0.6
4.8
5.1
2.9
0.4
0.6
Average of GDP and GDI .........................
2.7
1.4
2.5
1.7
3.9
5.2
1.2
0.2
1.8
0.7
2.0
1.7
3.2 –0.2
4.7
4.7
2.5
0.5
2.1
Final sales of domestic product................
2.1
1.4
2.4
3.0
1.8
3.3
1.4
0.7
1.6
1.6
0.7
1.5
4.0
0.4
3.5
4.3
2.1 –0.2
3.5
Gross domestic purchases.......................
2.1
1.2
2.5
0.8
4.6
2.6
1.5
0.3 –0.5
1.8
1.3
2.7
2.5
0.5
4.7
3.8
2.9
2.5
3.4
Final sales to domestic purchasers..........
1.9
1.2
2.5
2.9
1.9
3.2
1.1
0.5
1.0
1.5
0.9
1.3
2.6
1.8
3.6
3.8
3.0
1.7
3.2
Final sales to private domestic
purchasers............................................
2.9
2.2
3.2
4.3
2.8
4.5
1.8
0.9
2.2
3.0
1.6
2.1
3.8
2.2
4.2
4.3
3.9
2.0
3.3
Gross national product (GNP)..................
2.1
1.5
2.5
1.4
4.9
2.1
1.3
0.6 –0.1
1.6
1.7
3.3
3.9 –1.2
4.4
4.5
1.9 –0.2
3.4
Disposable personal income ....................
3.2 –1.4
2.7
2.1
0.2
6.7
3.1 –0.2 10.9 –15.9
2.7
2.2
0.6
4.0
3.0
2.7
4.7
3.9
1.3
Current-dollar measures:
GDP......................................................
4.1
3.1
4.1
3.3
5.2
4.9
3.8
2.7
1.7
3.6
2.1
4.9
5.6
0.6
6.9
6.0
2.2
0.8
5.9
GDI .......................................................
5.2
2.9
4.3
5.1
3.9 10.0
2.4
2.0
5.2
1.1
3.9
2.3
4.4
2.2
7.1
6.8
3.0
0.5
2.7
Average of GDP and GDI .....................
4.6
3.0
4.2
4.2
4.5
7.4
3.1
2.3
3.4
2.3
3.0
3.6
5.0
1.4
7.0
6.4
2.6
0.6
4.3
Final sales of domestic product ............
4.0
3.1
4.1
5.4
2.3
5.6
3.2
3.1
3.1
3.1
1.8
3.5
5.9
1.9
5.8
6.0
2.2 –0.1
5.7
Gross domestic purchases ...................
3.9
2.7
4.1
2.8
5.7
5.1
2.8
1.5
1.6
3.4
2.0
4.4
4.3
2.1
6.7
5.4
2.8
0.9
4.9
Final sales to domestic purchasers ......
3.8
2.6
4.1
4.8
2.9
5.8
2.2
1.8
2.9
2.9
1.7
3.1
4.5
3.4
5.6
5.4
2.8
0.0
4.7
Final sales to private domestic
purchasers ........................................
4.8
3.6
4.7
6.3
4.1
6.9
3.1
2.3
4.1
4.4
2.4
3.8
5.4
4.0
6.2
5.8
3.8
0.4
4.9
GNP......................................................
4.0
3.2
4.1
3.9
5.5
4.2
3.2
2.8
1.5
3.3
2.7
5.3
5.7
0.4
6.8
6.2
2.0 –0.1
5.6
Disposable personal income ................
5.1 –0.1
4.2
4.3
1.6
9.2
4.4
1.1 13.3 –14.7
3.1
3.9
2.0
5.6
5.2
3.9
4.2
1.9
3.5

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2015.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See Explanatory Note at the end of the tables.

-4-

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

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

2012 2013 2014

2011
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
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62

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 offpremises consumption .................................
Clothing and footwear ......................................
Gasoline and other energy goods....................
Other nondurable goods ..................................
Services .................................................................
Household consumption expenditures (for
services) ..........................................................
Housing and utilities.........................................
Health care ......................................................
Transportation services....................................
Recreation services .........................................
Food services and accommodations ...............
Financial services and insurance.....................
Other services .................................................
Final consumption expenditures of nonprofit
institutions serving households........................
Gross output of nonprofit institutions ...............
Less: Receipts from sales of goods and
services by nonprofit institutions ..................
Gross private domestic investment ........................
Fixed investment ...................................................
Nonresidential......................................................
Structures ........................................................
Equipment........................................................
Information processing equipment...............
Computers and peripheral equipment......
Other ........................................................
Industrial equipment.....................................
Transportation equipment ............................
Other equipment ..........................................
Intellectual property products ..........................
Software.......................................................
Research and development .........................
Entertainment, literary, and artistic originals
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.................................................

2.2

1.5

0.8

4.6

1.01
0.63
0.53
0.18
0.07
0.23
0.04
0.10

1.16
0.71
0.42
0.11
0.09
0.18
0.04
0.29

1.84 1.20 0.94
0.75 0.20 0.90
0.43 0.36 0.83
0.14 0.03 0.50
0.11 0.07 0.14
0.14 0.20 0.23
0.04 0.07 –0.05
0.32 –0.17 0.08

0.00
0.02
–0.04
0.12
0.38

I

II

2.7

1.9

2013
III

0.1

I

II

1.9

1.1

2014
III

IV

I

II

2015
III

3.8

–0.9

4.6

4.3

0.72 0.78
0.63 0.53
0.48 0.58
0.15 0.22
0.04 0.09
0.20 0.19
0.08 0.08
0.14 –0.05

1.74 0.96 1.17
1.39 0.28 0.60
0.64 0.17 0.24
0.23 –0.02 –0.04
0.13 0.07 0.16
0.25 0.12 0.12
0.03 0.00 0.00
0.75 0.11 0.36

2.36
0.70
0.30
0.06
0.07
0.08
0.09
0.40

0.85
0.25
0.19
0.10
0.03
0.04
0.01
0.06

2.60
1.49
0.96
0.41
0.21
0.26
0.08
0.52

2.34
0.91
0.54
0.19
0.10
0.25
0.01
0.37

0.05
0.03
0.04
0.17
0.45

0.03 –0.09 –0.05 0.07 0.02 0.02 0.03
0.03 –0.14 0.07 0.14 –0.14 0.14 –0.08
0.02 –0.02 –0.05 –0.17 0.22 –0.02 –0.18
0.25 0.07 0.11 0.28 –0.04 0.00 0.18
1.09 1.00 0.04 0.52 0.20 0.10 0.25

0.15 –0.09 0.12
0.12 0.06 –0.05
0.17 0.08 0.05
0.30 0.07 0.25
0.36 0.68 0.57

0.26
0.01
0.25
0.03
0.05
0.11
–0.28
0.09

0.42
0.06
0.11
0.06
0.05
0.07
0.05
0.02

1.06 0.83 0.15 0.37 –0.15 0.08
0.14 0.34 –0.14 –0.42 0.45 0.15
0.31 –0.03 0.51 0.59 –0.13 0.13
0.10 0.07 0.02 –0.08 0.16 0.05
0.07 0.06 0.01 0.01 0.12 0.02
0.13 0.09 0.08 0.19 0.08 0.09
0.06 0.17 –0.30 –0.25 –0.69 –0.39
0.24 0.13 –0.01 0.33 –0.14 0.04

0.12
0.21

0.03
0.09

0.04 0.18 –0.12
0.10 –0.04 0.27

0.09
1.52
1.38
1.05
0.32
0.58
0.11
0.03
0.07
0.11
0.22
0.14
0.15
0.09
0.04
0.01
0.33
0.14
–0.13
0.27
0.08
0.46
0.34
0.12
–0.38
–0.30
–0.09

0.06
0.70
0.64
0.38
0.04
0.19
0.07
0.02
0.05
–0.03
0.15
0.01
0.15
0.06
0.08
0.01
0.27
0.06
0.19
–0.13
0.20
0.38
0.26
0.11
–0.18
–0.14
–0.04

0.07
0.87
0.82
0.77
0.23
0.34
0.07
–0.02
0.08
0.09
0.17
0.01
0.20
0.11
0.08
0.01
0.05
0.05
–0.02
0.07
–0.18
0.46
0.41
0.05
–0.63
–0.59
–0.05

–0.21
0.15
2.25
2.06
0.56
1.31
0.05
0.08
–0.03
0.38
0.52
0.36
0.19
0.17
0.00
0.01
0.19
–2.10
0.08
–2.18
0.01
0.57
0.32
0.25
–0.56
–0.32
–0.24

–0.38
–0.15
–0.18
–0.10
–0.08
0.03
0.05
–0.02
–0.22
–0.09

–0.58
–0.46
–0.34
–0.27
–0.07
–0.12
–0.08
–0.04
–0.12
–0.04

–0.11
–0.18
–0.18
–0.14
–0.04
0.00
0.01
–0.01
0.07
0.06

–0.52
–0.35
0.11
0.16
–0.06
–0.45
–0.42
–0.03
–0.17
–0.10

1.63 0.45
1.11 0.26
0.79 0.20
0.28 0.05
0.13 –0.07
0.32 0.18
0.06 0.04
0.32 0.06

0.5

IV

3.0

–0.14 –0.08

2.4

2012
IV

–0.01 0.54 0.73 0.48
–0.31 0.28 0.01 –0.15
–0.01 –0.13 0.44 0.24
–0.03 0.10 0.09 0.08
0.08 0.04 –0.08 0.16
0.12 0.13 –0.14 0.05
–0.03 0.39 0.24 0.00
0.16 –0.27 0.17 0.10

1

2.86 1.19
0.91 0.25
0.44 0.14
0.11 –0.09
0.10 0.08
0.17 0.13
0.06 0.02
0.47 0.10

2.11
1.19
0.59
0.26
0.07
0.16
0.09
0.60

2
3
4
5
6
7
8
9

0.10 0.03 –0.01 –0.04 –0.04 –0.04
0.03 –0.06 0.15 0.06 0.15 –0.02
0.03 –0.01 –0.05 0.01 0.18 0.11
0.24 0.11 0.43 0.34 0.18 0.06
1.66 0.61 1.11 1.42 1.95 0.94

0.13
0.13
0.00
0.34
0.93

10
11
12
13
14

2.00 1.09 0.95
0.22 0.43 –0.12
0.80 0.52 0.28
0.13 0.07 0.06
0.15 –0.05 0.04
0.26 0.12 0.32
0.05 0.00 0.13
0.40 0.01 0.23

15
16
17
18
19
20
21
22

0.09 –0.06 –0.15 –0.03
0.28 0.39 0.05 0.11

23
24

0.35
0.08

0.02
0.27

0.38
4.16
1.36
1.08
0.34
0.49
–0.04
–0.05
0.01
0.29
0.49
–0.25
0.26
0.15
0.07
0.03
0.28
2.80
0.05
2.75
–0.21
0.56
0.76
–0.20
–0.76
–0.76
0.00

0.30
1.47
2.00
1.37
0.48
0.81
0.37
0.14
0.22
–0.05
0.14
0.36
0.07
0.03
0.03
0.02
0.63
–0.53
–0.30
–0.23
–0.02
0.37
0.18
0.19
–0.40
–0.35
–0.05

–0.26
1.53
0.98
0.88
0.27
0.47
–0.08
–0.05
–0.03
0.16
0.17
0.22
0.14
0.10
0.04
0.00
0.10
0.56
–0.12
0.68
0.28
0.61
0.44
0.17
–0.33
–0.23
–0.10

0.25
–0.18
0.00
–0.27
–0.12
–0.21
–0.12
–0.13
0.01
–0.14
–0.07
0.13
0.05
0.00
0.05
0.00
0.27
–0.18
–0.29
0.11
0.16
0.27
0.20
0.06
–0.10
–0.09
–0.02

–0.21
–0.51
1.03
0.46
–0.21
0.41
0.25
0.17
0.09
0.11
0.14
–0.09
0.26
0.12
0.12
0.01
0.57
–1.54
0.15
–1.69
0.58
–0.07
–0.37
0.30
0.65
0.62
0.03

0.03
1.05
0.77
0.51
–0.16
0.38
0.17
0.06
0.12
–0.08
0.12
0.16
0.30
0.13
0.16
0.01
0.26
0.28
0.53
–0.24
–0.01
0.12
0.03
0.09
–0.13
–0.15
0.02

0.32
0.78
0.40
0.14
0.30
–0.04
–0.05
–0.08
0.03
–0.12
0.37
–0.25
–0.13
–0.15
0.01
0.01
0.27
0.38
0.15
0.23
–0.24
0.64
0.67
–0.02
–0.89
–0.72
–0.16

0.00
2.07
0.59
0.44
0.46
–0.22
0.10
0.05
0.05
0.02
–0.10
–0.24
0.20
0.14
0.06
0.00
0.15
1.48
0.13
1.35
0.16
0.55
0.45
0.10
–0.39
–0.35
–0.04

0.17
0.71
0.79
1.05
0.11
0.80
–0.10
0.05
–0.14
–0.07
0.49
0.47
0.13
0.09
0.03
0.02
–0.26
–0.08
0.04
–0.12
1.26
1.42
1.31
0.11
–0.16
–0.09
–0.07

–0.40
–0.38
0.91
1.00
0.50
0.20
0.08
–0.14
0.22
0.25
–0.05
–0.09
0.30
0.14
0.14
0.02
–0.09
–1.29
–0.26
–1.03
–1.39
–0.95
–0.94
–0.01
–0.44
–0.61
0.17

0.33
1.99
0.87
0.56
0.00
0.38
0.28
0.05
0.24
0.18
0.07
–0.16
0.19
0.13
0.04
0.01
0.31
1.12
0.09
1.03
–0.24
1.28
1.09
0.20
–1.52
–1.30
–0.22

–0.31
–0.21
–0.53
–0.53
0.00
0.32
0.35
–0.03
–0.10
–0.05

–0.40
–0.03
–0.20
0.00
–0.20
0.16
0.17
–0.01
–0.36
–0.11

–0.39
–0.24
–0.23
–0.18
–0.05
–0.01
0.00
–0.01
–0.14
–0.09

–0.22
0.04
0.04
0.11
–0.07
0.00
0.02
–0.03
–0.26
–0.05

–0.75
–0.45
–0.42
–0.28
–0.14
–0.03
–0.02
–0.01
–0.30
–0.10

–0.88
–0.75
–0.53
–0.45
–0.07
–0.23
–0.15
–0.08
–0.12
–0.07

–0.38
–0.43
–0.28
–0.18
–0.10
–0.16
–0.12
–0.04
0.05
0.00

–0.42
–0.44
–0.36
–0.42
0.06
–0.07
–0.06
–0.02
0.02
0.01

–0.51
–0.49
–0.27
–0.24
–0.03
–0.23
–0.20
–0.03
–0.01
0.07

0.00
0.02
–0.21
–0.03
–0.18
0.23
0.24
–0.01
–0.03
0.07

0.21 0.33
–0.08 0.26
–0.02 0.19
–0.12 0.23
0.10 –0.04
–0.06 0.07
–0.05 0.07
–0.01 0.00
0.29 0.07
0.11 0.05

0.01 –0.07 –0.05 –0.25 –0.05 –0.21 –0.20 –0.06

0.05

-5-

0.09
0.09

Line
II r

3.7

1.51 0.65 1.08 1.34
0.30 0.54 –0.17 –0.13
0.38 –0.25 0.63 0.57
0.00 0.16 0.08 0.14
0.10 0.08 –0.03 0.13
0.27 –0.05 0.28 0.17
0.23 –0.10 0.04 0.16
0.23 0.26 0.24 0.30
0.14 –0.04
0.31 –0.44

0.01 –0.08 –0.10

0.03
0.36

0.19

0.20
1.22
1.23
1.12
–0.05
0.92
–0.14
0.02
–0.15
0.11
0.58
0.37
0.25
0.17
0.07
0.01
0.11
–0.01
0.08
–0.09
0.39
0.24
0.55
–0.31
0.15
0.13
0.02

0.02

2.1

I

0.6

0.15
0.44

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

0.26 –0.19 –0.05
0.05 –0.15 0.27

IV

0.45
0.36
0.39
0.09
0.12
–0.30
0.32
–0.02
0.34
–0.07
–0.14
–0.41
0.27
0.10
0.15
0.02
0.31
–0.03
–0.05
0.02
–0.89
0.71
0.36
0.35
–1.60
–1.29
–0.31

0.20
1.39
0.52
0.20
–0.22
0.14
–0.07
–0.10
0.03
–0.02
0.18
0.05
0.29
0.16
0.12
0.01
0.32
0.87
0.10
0.77
–1.92
–0.81
–1.10
0.30
–1.12
–0.93
–0.18

0.14
0.88
0.66
0.41
0.09
–0.02
–0.09
0.10
–0.19
0.26
–0.09
–0.09
0.34
0.15
0.21
–0.01
0.25
0.22
–0.08
0.30
0.23
0.65
0.55
0.10
–0.42
–0.34
–0.09

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

–0.26 –0.01 0.47
–0.41 0.08 0.00
–0.47 0.04 0.01
–0.43 0.13 –0.03
–0.04 –0.09 0.04
0.06 0.03 –0.01
0.02 0.04 –0.04
0.04 0.00 0.02
0.15 –0.09 0.46
0.06 0.06 0.03

52
53
54
55
56
57
58
59
60
61
62

0.09 –0.14

0.43

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

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2014

2014

2014

2015

2014

2015

Line

2015
2014

1
Gross domestic product ...................................
2 Personal consumption expenditures ......................
3 Goods.....................................................................
4
Durable goods .....................................................
5
Motor vehicles and parts .................................
6
Furnishings and durable household
equipment ....................................................
7
Recreational goods and vehicles.....................
8
Other durable goods ........................................
9
Nondurable goods ...............................................
10
Food and beverages purchased for offpremises consumption.................................
11
Clothing and footwear......................................
12
Gasoline and other energy goods....................
13
Other nondurable goods ..................................
14 Services .................................................................
15
Household consumption expenditures (for
services) ..........................................................
16
Housing and utilities.........................................
17
Health care ......................................................
18
Transportation services....................................
19
Recreation services.........................................
20
Food services and accommodations ...............
21
Financial services and insurance ....................
22
Other services .................................................
23
Final consumption expenditures of nonprofit
institutions serving households........................
24
Gross output of nonprofit institutions ...............
25
Less: Receipts from sales of goods and
services by nonprofit institutions..................
26 Gross private domestic investment ........................
27 Fixed investment ...................................................
28
Nonresidential .....................................................
29
Structures ........................................................
30
Equipment .......................................................
31
Information processing equipment...............
32
Computers and peripheral equipment......
33
Other ........................................................
34
Industrial equipment ....................................
35
Transportation equipment ............................
36
Other equipment ..........................................
37
Intellectual property products ..........................
38
Software.......................................................
39
Research and development .........................
40
Entertainment, literary, and artistic originals
41
Residential...........................................................
42 Change in private inventories ..............................
43
Farm ....................................................................
44
Nonfarm...............................................................
45 Net exports of goods and services .........................
46 Exports...................................................................
47
Goods..................................................................
48
Services...............................................................
49 Imports...................................................................
50
Goods..................................................................
51
Services...............................................................

II

III

IV

Ir

II r

15,901.5
10,826.3
3,718.0
1,377.2
395.9

16,068.8
10,918.6
3,755.2
1,402.5
403.2

16,151.4
11,033.3
3,793.2
1,423.5
407.7

16,177.3
11,081.2
3,803.7
1,430.4
404.1

16,324.3
11,166.4
3,854.5
1,458.9
414.3

378.3
285.3
118.4
76.5
20.9

25.9
48.0
10.5
7.0
–3.6

147.0
85.2
50.8
28.4
10.2

1
2
3
4
5

287.9
287.8
290.2
292.3
293.8
298.0
323.9
322.9
327.6
332.5
336.7
340.5
354.6
353.5
359.1
361.1
361.7
366.6
481.6
475.4
490.1
500.4
508.2
518.4
197.5
197.9
198.2
198.6
198.5
201.0
192.9
192.9
193.3
195.7
196.8
200.7
2,668.2 2,672.4 2,692.2 2,676.6 2,599.7 2,650.8 2,367.8 2,361.0 2,375.2 2,393.7 2,397.8 2,422.1

19.7
31.9
6.4
48.0

4.2
7.7
1.1
4.1

3.8
10.2
3.9
24.3

6
7
8
9

886.5
885.3
890.3
893.8
891.5
894.8
807.5
808.5
807.1
805.7
804.1
809.3
368.9
368.8
371.2
374.0
372.3
377.2
348.4
347.2
349.5
355.8
354.8
360.2
401.1
413.4
406.6
371.4
293.7
317.8
276.8
274.9
275.1
280.8
284.8
284.7
1,011.7 1,004.9 1,024.0 1,037.4 1,042.2 1,060.9
945.0
940.6
954.4
961.7
964.1
978.0
7,917.5 7,861.5 7,961.7 8,081.3 8,153.9 8,236.0 7,144.6 7,108.5 7,163.8 7,240.4 7,277.4 7,313.6

4.1
5.0
2.0
38.7
167.6

–1.6
–0.9
4.0
2.4
37.0

5.2
5.4
–0.1
14.0
36.2

10
11
12
13
14

7,595.2
2,142.6
1,954.0
354.5
455.5
750.9
882.7
1,055.0

7,908.6 6,839.5 6,804.2 6,856.2 6,934.9 6,977.6 7,014.8
2,203.7 1,961.2 1,960.0 1,954.8 1,963.5 1,980.5 1,975.9
2,044.7 1,791.6 1,778.5 1,801.0 1,832.9 1,853.8 1,864.9
370.2
323.9
320.6
326.2
331.3
334.0
336.6
469.4
416.2
411.9
417.0
422.8
420.7
422.4
803.9
671.1
667.9
674.6
684.8
689.3
701.8
920.2
722.9
719.9
725.6
727.4
727.4
731.8
1,096.4
954.1
946.7
958.2
974.1
974.4
983.6

161.6
22.3
47.7
15.2
11.6
19.6
8.9
36.7

42.7
17.1
20.8
2.7
–2.1
4.5
0.0
0.3

37.2
–4.6
11.2
2.6
1.7
12.5
4.4
9.2

15
16
17
18
19
20
21
22

322.3
319.5
325.6
329.0
325.9
327.4
305.8
305.0
308.4
306.0
300.0
298.9
1,278.3 1,269.4 1,287.2 1,309.9 1,319.0 1,333.0 1,158.7 1,152.9 1,163.8 1,179.3 1,181.2 1,185.6

5.9
15.9

–5.9
2.0

–1.1
4.4

23
24

10.1
140.4
131.9
124.5
34.9
56.7
12.0
–3.0
14.5
14.2
28.6
2.0
32.6
19.2
11.5
2.2
8.4
6.6
–3.0
10.8
–25.0
68.2
60.7
7.4
93.3
85.2
7.3

7.7
57.7
21.6
8.6
–8.9
6.0
–3.3
–4.9
1.3
–0.8
7.7
2.1
12.1
7.1
4.6
0.4
12.2
34.6
2.8
31.9
–77.5
–32.5
–45.0
11.6
45.0
37.4
7.6

5.4
35.9
27.3
17.1
3.6
–1.0
–4.4
5.0
–8.8
10.7
–4.0
–4.0
14.3
6.6
8.1
–0.6
9.7
8.3
–2.6
11.7
8.5
26.5
22.6
4.1
18.0
14.3
3.7

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

17,348.1
11,865.9
3,948.4
1,280.2
440.2

956.0
2,860.0
2,782.9
2,233.7
507.0
1,036.7
308.0
79.3
228.7
223.8
272.4
232.6
690.0
313.0
298.3
78.6
549.2
77.1
5.9
71.2
–530.0
2,341.9
1,618.0
723.9
2,871.9
2,388.5
483.4

II

III

IV

Ir

II r

17,270.0
11,813.0
3,951.5
1,279.1
439.9

17,522.1
11,949.1
3,987.4
1,295.1
447.7

17,615.9
12,061.4
3,980.1
1,303.5
451.6

17,649.3
12,055.5
3,901.5
1,301.8
447.8

17,902.0
12,213.9
3,977.9
1,327.1
461.5

7,542.0
2,134.5
1,938.7
350.9
450.8
744.5
876.9
1,045.7

949.9
2,841.6
2,752.7
2,211.7
505.7
1,023.2
310.7
79.7
231.0
224.1
261.3
227.1
682.8
310.4
294.0
78.4
540.9
88.9
7.7
81.3
–530.9
2,356.2
1,628.0
728.2
2,887.0
2,403.8
483.3

7,636.1
2,143.0
1,968.6
357.4
457.5
757.2
890.9
1,061.5

961.6
2,910.2
2,821.8
2,267.0
505.4
1,065.3
304.7
80.4
224.3
229.2
287.6
243.8
696.3
317.7
299.5
79.0
554.8
88.3
8.0
80.3
–514.6
2,360.6
1,641.9
718.7
2,875.2
2,392.7
482.5

7,752.3
2,165.4
2,003.5
364.1
463.8
776.1
897.4
1,081.9

980.9
2,937.2
2,848.7
2,274.1
512.0
1,055.0
318.4
79.6
238.8
226.1
283.9
226.5
707.2
319.4
308.1
79.6
574.6
88.5
5.4
83.1
–545.2
2,349.5
1,616.5
732.9
2,894.6
2,400.0
494.6

7,828.0
2,197.6
2,023.8
366.2
463.5
787.1
904.7
1,085.2

993.1
2,995.9
2,868.6
2,280.7
499.3
1,063.5
316.4
75.0
241.4
224.9
292.2
230.0
717.8
324.1
313.0
80.7
588.0
127.3
9.0
118.3
–551.6
2,257.3
1,517.5
739.8
2,808.9
2,311.7
497.2

1,005.5
3,026.3
2,890.2
2,292.2
500.0
1,062.2
311.4
78.8
232.6
235.9
288.3
226.6
730.0
328.4
320.8
80.8
597.9
136.2
4.5
131.6
–517.5
2,280.3
1,535.6
744.7
2,797.7
2,297.0
500.8

15,961.7
10,875.7
3,731.2
1,384.1
396.7

853.6
2,717.7
2,633.8
2,148.3
464.6
1,026.2
326.4
89.0
236.8
208.9
271.8
224.8
659.5
315.0
266.8
78.2
486.4
68.0
3.7
65.0
–442.5
2,086.4
1,443.0
642.9
2,528.9
2,076.5
450.8

848.6
2,709.5
2,613.4
2,129.8
464.4
1,013.7
329.0
89.3
239.0
209.2
261.7
219.8
653.4
311.6
264.5
77.8
484.4
77.1
3.6
74.5
–443.3
2,086.8
1,439.1
647.3
2,530.1
2,078.4
450.1

856.1
2,758.1
2,663.5
2,176.3
462.3
1,053.1
322.8
90.1
232.2
213.5
286.5
235.4
663.8
319.1
267.1
78.3
488.5
79.9
5.8
74.5
–429.1
2,096.0
1,460.1
635.4
2,525.1
2,074.1
449.4

873.7
2,772.5
2,679.7
2,180.0
467.1
1,040.0
337.6
89.3
247.5
210.8
280.4
217.9
675.0
323.4
272.8
79.2
500.2
78.2
4.2
74.9
–463.6
2,123.9
1,474.3
649.1
2,587.5
2,123.8
462.2

881.4
2,830.2
2,701.4
2,188.6
458.2
1,046.0
334.2
84.3
248.8
210.0
288.1
220.0
687.1
330.6
277.4
79.7
512.4
112.8
7.0
106.8
–541.2
2,091.4
1,429.3
660.6
2,632.5
2,161.1
469.8

886.8
2,866.1
2,728.6
2,205.7
461.8
1,045.0
329.8
89.3
239.9
220.7
284.1
216.0
701.4
337.1
285.5
79.1
522.1
121.1
4.3
118.5
–532.7
2,117.9
1,452.0
664.7
2,650.5
2,175.4
473.5

Ir

II r

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2015.
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance
or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See Explanatory Note at the end of the tables.

-6-

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

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2014

2014

2014

2015

2014

2015

Line

2015
2014

52 Government consumption expenditures and
gross investment .................................................. 3,152.1
53 Federal................................................................... 1,219.9
54
National defense .................................................
748.2
55
Consumption expenditures..............................
599.8
56
Gross investment ............................................
148.5
57
Nondefense.........................................................
471.6
58
Consumption expenditures..............................
355.5
59
Gross investment ............................................
116.1
60 State and local ...................................................... 1,932.3
61
Consumption expenditures ................................. 1,601.0
62
Gross investment ................................................
331.3
63 Residual...................................................................... .............
64
65
66
67
68
69
70
71
72
73
74

Addenda:
Gross domestic income (GDI) 1 ..............................
Average of GDP and GDI .......................................
Final sales of domestic product ..............................
Gross domestic purchases .....................................
Final sales to domestic purchasers ........................
Final sales to private domestic purchasers.............
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 ..........................
Net domestic product..............................................

17,560.1
17,454.1
17,270.9
17,878.1
17,800.9
14,648.8
17,348.1
854.3
17,611.2
17,611.2
14,601.4

II

III

IV

Ir

II r

3,146.3
1,216.9
748.4
597.9
150.6
468.4
353.0
115.4
1,929.4
1,598.2
331.3
.............

3,177.4
1,233.1
759.5
610.4
149.1
473.6
357.8
115.8
1,944.3
1,610.5
333.8
.............

3,162.5
1,214.7
738.2
590.4
147.8
476.5
358.6
117.8
1,947.8
1,609.5
338.3
.............

3,149.5
1,218.2
739.0
595.2
143.9
479.2
361.5
117.7
1,931.3
1,599.5
331.8
.............

3,179.2
1,220.7
740.1
595.2
144.9
480.6
362.1
118.5
1,958.5
1,608.1
350.5
.............

17,457.0
17,363.5
17,181.0
17,800.9
17,711.9
14,565.7
17,270.0
850.4
593.3
17,527.0
14,537.2

17,746.1
17,634.1
17,433.8
18,036.6
17,948.3
14,770.9
17,522.1
869.7
597.8
17,794.0
14,760.6

17,877.8
17,746.8
17,527.4
18,161.1
18,072.6
14,910.1
17,615.9
857.0
592.3
17,880.6
14,831.7

17,901.6
17,775.4
17,522.0
18,200.9
18,073.6
14,924.1
17,649.3
817.0
589.5
17,876.8
14,856.6

18,022.9
17,962.4
17,765.8
18,419.5
18,283.3
15,104.1
17,902.0
826.3
608.0
18,120.3
15,098.2

II

III

IV

Ir

2,838.3
1,116.3
689.1
548.9
140.0
427.0
319.1
107.8
1,720.8
1,420.9
299.0
–62.6

2,836.5
1,114.5
689.8
547.6
142.1
424.6
317.1
107.4
1,720.8
1,420.3
299.6
–58.4

2,849.2
1,124.7
697.3
556.6
140.5
427.1
319.7
107.3
1,723.5
1,422.4
300.3
–68.4

2,839.0
1,108.3
678.6
539.3
139.1
429.4
320.4
109.0
1,729.3
1,424.8
303.7
–72.6

2,838.5
1,111.3
680.3
544.7
135.3
430.7
321.9
108.8
1,725.9
1,427.0
298.1
–74.2

16,156.8
16,059.2
15,881.7
16,405.8
16,326.3
13,497.7
15,961.7
716.6
495.3
16,186.7
13,394.1

16,073.6
15,987.5
15,809.7
16,346.6
16,255.4
13,428.3
15,901.5
713.5
497.3
16,120.9
13,341.9

16,274.3
16,171.6
15,978.6
16,498.9
16,409.2
13,569.8
16,068.8
727.3
499.3
16,301.1
13,494.0

16,391.5
16,271.5
16,062.9
16,617.2
16,529.2
13,700.8
16,151.4
717.4
494.8
16,377.7
13,561.3

16,408.6
16,293.0
16,053.8
16,720.8
16,597.7
13,770.1
16,177.3
687.3
494.2
16,371.4
13,573.0

II r

Ir

II r

2,857.0
–16.6
–0.5
18.4
1,111.4
–27.8
3.0
0.1
680.8
–27.5
1.7
0.5
543.5
–21.6
5.4
–1.2
137.1
–5.9
–3.8
1.8
430.3
–0.4
1.3
–0.4
320.5
1.2
1.5
–1.4
109.8
–1.6
–0.2
1.0
1,744.1
10.7
–3.4
18.2
1,428.1
9.5
2.2
1.1
315.3
1.1
–5.7
17.2
–78.1 ............. ............ .............
16,434.6
16,379.5
16,192.5
16,859.6
16,728.1
13,882.4
16,324.3
692.6
507.7
16,509.3
13,705.2

407.3
392.8
370.4
404.4
396.4
415.1
378.3
14.2
5.6
387.4
322.5

17.1
21.5
–9.1
103.5
68.5
69.3
25.9
–30.1
–0.6
–6.3
11.6

26.0
86.5
138.7
138.8
130.5
112.2
147.0
5.3
13.5
137.9
132.3

52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2015.
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance
or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See Explanatory Note at the end of the tables.

-7-

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

2012

2013

2014

2011
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

2012
IV

I

II

2013
III

IV

I

II

2014
III

IV

I

II

2015
III

IV

I

Line
II

r

Gross domestic product (GDP)
1.8
1.6
1.6
2.3
0.6
2.1
1.8
2.4
1.5
1.5
1.1
2.0
1.8
1.5
2.2
1.6
0.1
0.1
2.1
Personal consumption expenditures ...
1.9
1.4
1.4
2.1
1.4
2.3
1.2
1.3
2.2
1.4
0.4
1.7
1.4
1.6
2.1
1.2 –0.4 –1.9
2.2
Goods...................................................
1.2 –0.5 –0.4
1.9
0.3
2.1 –0.8
0.2
1.5 –0.9 –3.0
0.9 –0.9 –0.1
1.4 –0.4 –4.6 –8.7
2.5
Durable goods ..................................
–1.3 –1.8 –2.3 –0.9 –2.1 –0.9 –1.8 –2.3 –1.5 –1.1 –2.1 –2.6 –2.3 –2.5 –1.6 –2.3 –3.3 –2.4 –0.2
Nondurable goods ............................
2.4
0.2
0.6
3.3
1.4
3.5 –0.4
1.4
2.9 –0.8 –3.4
2.6 –0.2
1.0
2.8
0.6 –5.3 –11.6
3.8
Services ...............................................
2.2
2.3
2.3
2.2
1.9
2.4
2.3
1.9
2.5
2.5
2.2
2.1
2.6
2.5
2.5
2.0
1.7
1.6
2.0
Gross private domestic investment .....
1.4
1.5
1.8
1.1
0.9
1.6
1.8
1.7
1.0
1.2
2.2
1.4
1.8
2.1
1.1
2.2
1.8 –0.4 –1.0
Fixed investment ..................................
1.5
1.6
1.9
1.1
1.0
2.1
1.7
1.6
0.9
1.4
2.2
1.6
2.3
2.4
1.1
2.4
1.4 –0.4 –1.0
Nonresidential...................................
1.7
0.8
1.0
1.3
1.2
2.7
1.7
1.2
0.2
0.2
1.4
0.7
0.9
0.9
1.1
1.2
0.6 –0.4 –1.1
Structures .....................................
4.0
1.6
1.5
4.2
4.7
5.0
4.6
1.4 –0.4
1.3
3.1
1.2
2.2
1.2
0.7
1.7
1.0 –2.3 –2.5
Equipment.....................................
1.0
0.4
0.7
0.4
0.9
1.6
0.3
1.1
1.3 –0.3
0.4
0.3
0.0
0.9
1.5
0.9
1.1
1.0 –0.1
Intellectual property products .......
1.1
0.7
0.9
0.6 –0.7
2.6
1.7
1.1 –1.0
0.4
2.0
0.8
1.3
0.6
0.8
1.4 –0.5 –1.1 –1.5
Residential........................................
0.9
5.1
6.1
0.0
0.1 –0.7
1.6
3.5
4.0
6.4
5.4
5.5
7.9
8.9
1.0
7.1
4.6 –0.4 –0.8
Change in private inventories............... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ..........
Net exports of goods and services ...... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ..........
Exports.................................................
0.9
0.2
0.1
2.3 –4.2
2.7
1.1 –0.2
1.3
1.3 –2.8
0.7
0.1
3.0
0.0 –1.0 –6.9 –9.4 –1.0
Goods...............................................
0.4 –0.5 –0.7
2.1 –5.5
2.3
0.3 –0.2
0.6
0.8 –4.2
0.1 –1.0
3.4 –0.9 –2.4 –9.6 –12.1 –1.5
Services............................................
2.0
1.7
1.9
2.9 –1.4
3.6
2.8 –0.4
2.9
2.4
0.3
1.8
2.6
2.1
2.2
2.2 –0.7 –3.3
0.1
Imports .................................................
0.6 –0.8 –0.2 –0.3 –0.9
4.3 –2.4 –5.7
4.1
0.7 –3.8 –0.8
0.7
3.3 –1.3 –0.9 –6.8 –17.2 –4.2
Goods...............................................
0.6 –1.1 –0.5 –0.1 –0.5
4.6 –3.1 –7.0
4.5
0.6 –4.6 –1.0 –0.1
3.7 –1.7 –1.0 –7.9 –19.7 –5.1
Services............................................
0.7
1.1
1.2 –1.1 –3.2
2.8
1.0
0.9
2.1
0.7
0.0
0.4
4.6
1.3
0.5 –0.1 –1.3 –4.3 –0.3
Government consumption
expenditures and gross investment
1.6
1.6
1.8
1.7 –0.5
3.4
0.4
1.2
1.9
1.6
1.0
2.2
3.4
0.9
1.9
2.2 –0.4 –1.6
1.2
Federal .................................................
1.0
1.0
1.6
1.4 –0.8
2.2
0.9
0.5
0.1
0.7
0.6
1.4
6.1 –1.2
1.9
1.7 –0.2
0.1
0.8
National defense...............................
1.1
0.6
1.4
1.2 –1.2
3.0
0.8
0.5
0.1
0.4
0.0
1.1
4.1
0.2
1.4
1.5 –0.5 –0.6
0.3
Nondefense ......................................
0.9
1.6
2.0
1.7
0.0
0.7
1.0
0.6
0.0
1.3
1.5
2.0
9.6 –3.5
2.7
2.0
0.3
1.1
1.6
State and local......................................
1.9
2.0
1.9
1.9 –0.3
4.3
0.1
1.6
3.1
2.2
1.2
2.7
1.7
2.3
2.0
2.5 –0.6 –2.6
1.4
Addenda:
Final sales of domestic product............
1.9
1.6
1.7
2.3
0.6
2.2
1.8
2.4
1.5
1.5
1.1
2.0
1.9
1.5
2.2
1.6
0.0
0.1
2.1
Gross domestic purchases...................
1.8
1.4
1.5
1.9
0.9
2.4
1.2
1.3
1.9
1.4
0.8
1.7
1.8
1.6
1.9
1.5 –0.1 –1.6
1.5
Final sales to domestic purchasers......
1.8
1.4
1.6
1.9
1.0
2.5
1.1
1.3
1.9
1.4
0.8
1.7
1.9
1.6
1.9
1.5 –0.2 –1.6
1.5
Final sales to private domestic
purchasers........................................
1.8
1.4
1.5
1.9
1.3
2.3
1.3
1.4
1.9
1.4
0.8
1.7
1.6
1.8
1.9
1.4 –0.1 –1.6
1.6
Gross national product (GNP)..............
1.8
1.6
1.6
2.3
0.6
2.2
1.8
2.4
1.5
1.5
1.1
2.0
1.8
1.5
2.2
1.6
0.1
0.1
2.1
Implicit price deflators:
GDP..................................................
1.8
1.6
1.6
2.4
0.6
2.1
1.8
2.2
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
0.1
0.1
2.1
Gross domestic purchases ...............
1.8
1.4
1.5
2.0
1.0
2.4
1.2
1.1
2.1
1.5
0.7
1.6
1.8
1.7
1.9
1.6 –0.1 –1.6
1.5
GNP..................................................
1.8
1.6
1.6
2.4
0.6
2.1
1.8
2.1
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
0.1
0.1
2.1

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

-8-

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

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2009=100]
Seasonally adjusted
Line

2012

2013

2014

2014
II

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

III

2015
IV

I

Line
II r

Gross domestic product .....................................................
106.491
108.077
110.701
110.283
111.444
112.017
112.196
113.216
Personal consumption expenditures................................................
105.751
107.550
110.448
109.946
110.883
112.047
112.535
113.400
Goods ...............................................................................................
109.562
112.954
116.656
116.244
117.406
118.595
118.924
120.513
Durable goods...............................................................................
120.804
127.777
135.256
134.586
137.050
139.104
139.785
142.561
Nondurable goods.........................................................................
104.709
106.653
108.858
108.546
109.198
110.048
110.238
111.354
Services............................................................................................
103.905
104.941
107.462
106.919
107.751
108.902
109.459
110.003
Gross private domestic investment ..................................................
131.288
137.226
144.702
144.269
146.854
147.623
150.696
152.607
Fixed investment...............................................................................
118.499
123.507
130.018
129.015
131.487
132.288
133.355
134.701
Nonresidential ...............................................................................
120.246
123.895
131.517
130.389
133.235
133.460
133.986
135.034
Structures..................................................................................
96.550
98.052
106.027
105.985
105.491
106.602
104.567
105.379
Equipment .................................................................................
145.776
150.473
159.269
157.339
163.443
161.419
162.344
162.194
Intellectual property products....................................................
109.603
113.791
119.708
118.599
120.498
122.525
124.718
127.316
Residential ....................................................................................
111.276
121.876
124.014
123.500
124.538
127.530
130.642
133.115
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
123.646
127.105
131.404
131.435
132.011
133.770
131.719
133.388
Imports of goods and services .........................................................
121.534
122.812
127.516
127.579
127.327
130.473
132.742
133.650
Government consumption expenditures and gross investment....
95.224
92.418
91.880
91.823
92.235
91.904
91.889
92.486
Federal..............................................................................................
99.657
93.959
91.676
91.529
92.360
91.018
91.265
91.272
State and local ..................................................................................
92.341
91.383
91.953
91.952
92.099
92.408
92.226
93.198
Addenda:
20 Final sales of domestic product ........................................................
104.984
106.488
109.031
108.536
109.696
110.274
110.212
111.164
21 Gross domestic purchases ...............................................................
106.684
108.014
110.744
110.345
111.373
112.171
112.870
113.807
22 Final sales to domestic purchasers ..................................................
105.217
106.470
109.120
108.646
109.674
110.476
110.934
111.806
23 Final sales to private domestic purchasers.......................................
107.861
110.191
113.688
113.103
114.294
115.398
115.982
116.927
24 Gross national product......................................................................
106.811
108.439
111.098
110.646
111.883
112.408
112.365
113.312
r Revised
See Explanatory Note at the end of the tables.

-9-

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2009=100]
Seasonally adjusted
Line

2012

2013

2014

2014
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
31
32

III

2015
IV

I

Line
II r

Gross domestic product .....................................................
105.220
106.935
108.694
108.621
109.049
109.081
109.112
109.675
Personal consumption expenditures (PCE).....................................
106.121
107.572
109.105
109.117
109.441
109.322
108.795
109.384
Goods ...............................................................................................
106.701
106.200
105.823
106.276
106.179
104.924
102.567
103.197
Durable goods...............................................................................
96.413
94.665
92.494
92.860
92.331
91.558
90.993
90.953
Nondurable goods.........................................................................
111.840
112.031
112.688
113.187
113.346
111.818
108.417
109.442
Services............................................................................................
105.840
108.292
110.818
110.598
111.143
111.620
112.051
112.618
Gross private domestic investment ..................................................
101.900
103.442
105.288
104.948
105.528
106.004
105.910
105.634
Fixed investment...............................................................................
102.062
103.652
105.663
105.335
105.951
106.313
106.200
105.928
Nonresidential ...............................................................................
102.216
102.993
103.977
103.849
104.170
104.322
104.211
103.928
Structures..................................................................................
105.884
107.541
109.120
108.875
109.332
109.597
108.951
108.274
Equipment .................................................................................
99.861
100.290
101.030
100.941
101.167
101.442
101.685
101.649
Intellectual property products....................................................
102.967
103.671
104.618
104.512
104.885
104.764
104.479
104.085
Residential ....................................................................................
101.324
106.458
112.903
111.692
113.612
114.896
114.773
114.546
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
111.970
112.147
112.250
112.895
112.615
110.607
107.925
107.656
Imports of goods and services .........................................................
114.671
113.798
113.566
114.092
113.847
111.852
106.685
105.538
Government consumption expenditures and gross investment....
107.378
109.086
111.057
110.922
111.521
111.397
110.959
111.283
Federal..............................................................................................
106.512
107.562
109.274
109.179
109.649
109.600
109.623
109.836
State and local ..................................................................................
107.985
110.143
112.287
112.125
112.809
112.637
111.901
112.297
Addenda:
PCE excluding food and energy 1 .....................................................
104.741
106.355
107.981
107.860
108.232
108.498
108.758
109.255
Market-based PCE 2 .........................................................................
105.909
107.031
108.255
108.297
108.586
108.348
107.652
108.228
Market-based PCE excluding food and energy 2 ..............................
104.287
105.543
106.826
106.720
107.058
107.242
107.418
107.887
Final sales of domestic product ........................................................
105.239
106.963
108.747
108.678
109.111
109.121
109.150
109.720
Gross domestic purchases ...............................................................
105.805
107.319
108.982
108.910
109.325
109.304
108.864
109.263
Final sales to domestic purchasers ..................................................
105.824
107.344
109.033
108.964
109.383
109.341
108.896
109.300
Final sales to private domestic purchasers.......................................
105.423
106.902
108.528
108.474
108.855
108.830
108.384
108.804
Gross national product......................................................................
105.344
107.058
108.809
108.737
109.163
109.191
109.208
109.769
Implicit price deflators:
Gross domestic product ................................................................
105.214
106.929
108.686
108.606
109.044
109.067
109.099
109.664
Final sales of domestic product ....................................................
105.239
106.963
108.747
108.674
109.107
109.117
109.146
109.716
Gross domestic purchases ...........................................................
105.800
107.313
108.974
108.896
109.320
109.291
108.852
109.252
Final sales to domestic purchasers...............................................
105.824
107.344
109.033
108.961
109.380
109.338
108.892
109.297
Gross national product..................................................................
105.338
107.052
108.800
108.722
109.158
109.177
109.195
109.758

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

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.

- 10 -

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
36
37
38
39
40
41
42

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014 Line

Gross domestic product (GDP)............................................
4.7
4.1
1.0
1.8
2.8
3.8
3.3
2.7
1.8 –0.3 –2.8
2.5
1.6
2.2
1.5
2.4
Personal consumption expenditures (PCE)...................................
5.3
5.1
2.6
2.6
3.1
3.8
3.5
3.0
2.2 –0.3 –1.6
1.9
2.3
1.5
1.7
2.7
Goods .............................................................................................
7.9
5.2
3.0
3.9
4.8
5.1
4.1
3.6
2.7 –2.5 –3.0
3.4
3.1
2.7
3.1
3.3
Durable goods.............................................................................
12.8
8.6
5.2
7.3
7.1
8.2
5.4
4.3
4.6 –5.1 –5.5
6.1
6.1
7.4
5.8
5.9
Nondurable goods.......................................................................
5.0
3.2
1.7
1.9
3.5
3.3
3.3
3.3
1.7 –1.1 –1.8
2.2
1.8
0.6
1.9
2.1
Services..........................................................................................
3.9
5.0
2.4
1.9
2.2
3.2
3.2
2.7
2.0
0.8 –0.9
1.2
1.8
0.8
1.0
2.4
Gross private domestic investment................................................
8.4
6.5 –6.1 –0.6
4.1
8.8
6.4
2.1 –3.1 –9.4 –21.6 12.9
5.2 10.6
4.5
5.4
Fixed investment.............................................................................
8.8
6.9 –1.6 –3.5
4.0
6.7
6.8
2.0 –2.0 –6.8 –16.7
1.5
6.3
9.8
4.2
5.3
Nonresidential .............................................................................
9.7
9.1 –2.4 –6.9
1.9
5.2
7.0
7.1
5.9 –0.7 –15.6
2.5
7.7
9.0
3.0
6.2
Structures................................................................................
0.1
7.8 –1.5 –17.7 –3.9 –0.4
1.7
7.2 12.7
6.1 –18.9 –16.4
2.3 12.9
1.6
8.1
Equipment ...............................................................................
12.5
9.7 –4.3 –5.4
3.2
7.7
9.6
8.6
3.2 –6.9 –22.9 15.9 13.6 10.8
3.2
5.8
Intellectual property products..................................................
12.4
8.9
0.5 –0.5
3.8
5.1
6.5
4.5
4.8
3.0 –1.4
1.9
3.6
3.9
3.8
5.2
Residential ..................................................................................
6.3
0.7
0.9
6.1
9.1 10.0
6.6 –7.6 –18.8 –24.0 –21.2 –2.5
0.5 13.5
9.5
1.8
Change in private inventories ......................................................... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... ..........
Net exports of goods and services................................................. .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... ..........
Exports ...........................................................................................
2.6
8.6 –5.8 –1.7
1.8
9.8
6.3
9.0
9.3
5.7 –8.8 11.9
6.9
3.4
2.8
3.4
Goods .........................................................................................
4.2 10.1 –6.2 –3.4
1.9
8.6
7.3
9.4
7.5
6.1 –12.1 14.4
6.5
3.6
2.8
4.4
Services ......................................................................................
–1.4
4.7 –5.0
2.7
1.5 12.7
3.8
8.1 13.7
4.8 –1.1
6.8
7.6
3.0
2.7
1.2
Imports............................................................................................
10.1 13.0 –2.8
3.7
4.5 11.4
6.3
6.3
2.5 –2.6 –13.7 12.7
5.5
2.2
1.1
3.8
Goods .........................................................................................
12.8 13.1 –3.2
3.7
4.9 11.2
6.7
5.9
1.8 –3.7 –15.8 14.9
5.8
2.1
1.0
4.3
Services ......................................................................................
–3.0 12.6 –0.6
3.3
2.1 12.7
4.5
8.6
6.2
3.7 –3.8
3.8
4.0
3.0
1.5
1.6
Government consumption expenditures and gross investment
3.4
1.9
3.8
4.4
2.2
1.6
0.6
1.5
1.6
2.8
3.2
0.1 –3.0 –1.9 –2.9 –0.6
Federal............................................................................................
2.0
0.3
3.9
7.2
6.8
4.5
1.7
2.5
1.7
6.8
5.7
4.4 –2.7 –1.9 –5.7 –2.4
National defense .........................................................................
1.5 –0.9
3.5
7.0
8.5
6.0
2.0
2.0
2.5
7.5
5.4
3.2 –2.3 –3.4 –6.7 –3.8
Nondefense.................................................................................
2.7
2.3
4.7
7.4
4.1
2.0
1.3
3.5
0.3
5.5
6.2
6.4 –3.4
0.9 –4.0 –0.1
State and local................................................................................
4.2
2.8
3.7
2.9 –0.4 –0.1
0.0
0.9
1.5
0.3
1.6 –2.7 –3.3 –1.9 –1.0
0.6
Addenda:
Gross domestic income (GDI) 1 .......................................................
4.4
4.7
1.1
1.4
2.3
3.7
3.6
4.0
0.1 –0.8 –2.6
2.7
2.2
3.3
1.3
2.6
Average of GDP and GDI ...............................................................
4.5
4.4
1.0
1.6
2.5
3.8
3.4
3.3
0.9 –0.6 –2.7
2.6
1.9
2.7
1.4
2.5
Final sales of domestic product ......................................................
4.7
4.2
1.9
1.3
2.8
3.4
3.4
2.6
2.0
0.2 –2.0
1.1
1.7
2.1
1.4
2.4
Gross domestic purchases .............................................................
5.5
4.8
1.2
2.3
3.1
4.3
3.5
2.6
1.1 –1.3 –3.8
2.9
1.6
2.1
1.2
2.5
Final sales to domestic purchasers ................................................
5.6
4.9
2.0
1.8
3.1
3.9
3.6
2.6
1.4 –0.9 –3.1
1.5
1.7
1.9
1.2
2.5
Final sales to private domestic purchasers.....................................
6.1
5.5
1.7
1.3
3.3
4.4
4.2
2.8
1.3 –1.7 –4.6
1.9
2.9
2.9
2.2
3.2
Gross national product....................................................................
4.8
4.2
1.1
1.7
2.9
3.9
3.3
2.4
2.2
0.0 –2.9
2.8
1.8
2.1
1.5
2.5
Real disposable personal income...................................................
3.3
5.0
2.8
3.1
2.7
3.6
1.5
4.0
2.1
1.5 –0.4
1.0
2.5
3.2 –1.4
2.7
Price indexes:
Gross domestic purchases .........................................................
1.6
2.6
1.9
1.4
2.2
2.9
3.5
3.2
2.7
2.9 –0.2
1.5
2.4
1.8
1.4
1.5
Gross domestic purchases excluding food and energy 2 ............
1.5
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
0.5
1.3
1.8
1.8
1.5
1.6
GDP ............................................................................................
1.4
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
0.8
1.2
2.1
1.8
1.6
1.6
1.5
2.3
2.0
1.8
1.9
2.7
3.4
3.1
2.6
2.1
0.5
1.4
1.9
1.8
1.7
1.7
GDP excluding food and energy 2 ...............................................
PCE.............................................................................................
1.5
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1 –0.1
1.7
2.5
1.9
1.4
1.4
1.3
1.7
1.8
1.7
1.5
1.9
2.2
2.2
2.2
2.1
1.2
1.3
1.5
1.9
1.5
1.5
PCE excluding food and energy 2 ...............................................
Market-based PCE 3 ...................................................................
1.4
2.4
1.9
1.1
1.9
2.4
2.8
2.7
2.5
3.4
0.4
1.5
2.5
1.8
1.1
1.1
3 .........................
1.2
1.5
1.8
1.5
1.4
1.7
2.0
2.2
2.0
2.3
1.9
1.0
1.4
1.8
1.2
1.2
Market-based PCE excluding food and energy

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

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the
final consumption expenditures of nonprofit institutions serving households.
See Explanatory Note at the end of the tables.

- 11 -

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2011

2012

2013

2014

2015

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
39
40
41
42

IV

I

II

III

IV

I

II

III

IV

I

II

III

IV

Ir

II r

Gross domestic product (GDP) ........................................
1.2
1.7
2.8
2.5
2.4
1.3
1.1
0.9
1.5
2.5
1.7
2.6
2.9
2.5
2.9
2.7
Personal consumption expenditures (PCE) ...............................
2.2
1.5
1.6
1.6
1.4
1.3
1.3
1.5
1.7
2.3
2.0
2.6
3.0
3.2
3.3
3.1
Goods..........................................................................................
2.6
1.7
2.2
2.7
3.2
2.8
3.0
3.1
3.0
3.2
2.0
3.4
3.7
4.0
4.0
3.7
Durable goods .........................................................................
5.0
4.8
6.3
7.7
8.2
7.2
6.6
6.4
5.6
4.6
3.1
5.9
7.0
7.5
7.3
5.9
Nondurable goods ...................................................................
1.5
0.4
0.4
0.5
0.9
0.8
1.4
1.5
1.9
2.6
1.5
2.2
2.2
2.3
2.4
2.6
Services ......................................................................................
2.0
1.4
1.3
1.0
0.5
0.6
0.5
0.7
1.0
1.8
1.9
2.2
2.7
2.8
3.0
2.9
Gross private domestic investment ............................................
1.3
9.6 14.3 12.7 12.1
3.7
3.1
1.9
5.5
7.5
5.0
6.8
5.3
4.7
7.6
5.8
Fixed investment .........................................................................
8.1
8.4 12.5 12.1
7.8
7.0
4.7
3.6
4.5
4.1
4.4
5.1
6.1
5.5
4.8
4.4
Nonresidential..........................................................................
8.7
9.0 12.4 12.1
6.7
5.2
3.2
1.6
3.0
4.2
5.3
6.2
7.6
5.5
3.9
3.6
Structures ............................................................................
6.5
8.0 22.3 17.2
9.6
4.1 –2.0 –1.7
3.5
6.5 13.0
9.9
5.0
5.0 –1.4 –0.6
Equipment............................................................................
13.7 13.1 14.0 15.2
7.5
6.9
4.6
2.3
2.1
3.9
3.2
5.0 10.2
5.1
4.8
3.1
Intellectual property products ..............................................
3.7
4.1
4.2
4.4
3.5
3.4
4.9
3.1
4.1
3.2
3.3
5.3
5.7
6.5
6.4
7.3
Residential...............................................................................
5.1
6.0 12.8 12.4 13.1 15.7 11.2 12.7 11.2
3.5
0.6
0.9
0.5
5.1
8.4
7.8
Change in private inventories...................................................... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........
Net exports of goods and services ............................................. ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........
Exports........................................................................................
6.3
4.2
4.3
3.9
3.3
2.2
1.8
1.8
2.4
5.2
3.1
4.3
3.7
2.4
2.6
1.5
Goods......................................................................................
5.7
4.8
4.6
4.5
4.2
1.2
0.8
1.5
2.2
6.8
4.1
5.2
5.5
2.9
2.2
0.9
Services...................................................................................
7.6
2.7
3.8
2.5
1.4
4.5
3.8
2.6
2.8
1.6
1.0
2.3 –0.1
1.4
3.3
2.7
Imports ........................................................................................
3.0
3.5
3.3
3.0
2.4
0.3 –0.1
0.7
1.2
2.4
2.9
3.9
3.1
5.4
6.5
4.8
Goods......................................................................................
2.7
3.4
2.7
3.0
2.6
0.1 –0.3
0.6
1.1
2.4
3.3
4.4
3.5
5.8
6.5
4.7
Services...................................................................................
4.3
3.8
6.2
3.4
1.4
1.2
0.7
1.3
1.5
2.4
1.0
1.5
0.9
3.1
6.5
5.2
Government consumption expenditures and gross investment –3.7 –3.0 –1.6 –2.0 –1.6 –2.2 –2.9 –2.9 –3.2 –2.9 –1.8 –1.0
0.0
0.4
0.4
0.7
Federal ........................................................................................
–4.0 –4.0 –1.4 –2.5 –1.4 –2.1 –4.4 –5.1 –6.6 –6.8 –4.5 –3.4 –1.0 –0.8 –0.6 –0.3
National defense......................................................................
–2.5 –4.1 –1.3 –4.0 –4.3 –3.9 –5.6 –5.9 –8.0 –7.4 –6.0 –4.7 –1.7 –2.9 –1.5 –1.3
Nondefense .............................................................................
–6.7 –3.9 –1.5
0.2
4.0
1.0 –2.3 –3.6 –4.2 –5.9 –2.0 –1.2
0.1
2.7
0.9
1.3
State and local.............................................................................
–3.4 –2.3 –1.8 –1.6 –1.8 –2.3 –1.8 –1.4 –0.8 –0.2
0.1
0.6
0.7
1.1
1.0
1.4
Addenda:
Gross domestic income (GDI) 1....................................................
1.7
2.1
3.9
3.5
2.8
2.8
0.8
1.4
1.6
1.4
1.6
2.1
3.3
3.3
3.3
2.2
Average of GDP and GDI ............................................................
1.4
1.9
3.3
3.0
2.6
2.1
1.0
1.2
1.5
1.9
1.7
2.3
3.1
2.9
3.1
2.5
Final sales of domestic product...................................................
2.1
1.5
2.5
2.4
1.8
1.7
1.3
1.1
1.3
1.9
1.6
2.3
3.0
2.6
2.4
2.4
Gross domestic purchases..........................................................
0.9
1.7
2.6
2.4
2.3
1.0
0.8
0.7
1.3
2.1
1.7
2.6
2.8
2.9
3.5
3.1
Final sales to domestic purchasers.............................................
1.7
1.5
2.4
2.3
1.7
1.4
1.0
1.0
1.2
1.6
1.6
2.3
3.0
3.0
3.0
2.9
Final sales to private domestic purchasers .................................
3.2
2.6
3.4
3.3
2.5
2.3
1.9
1.9
2.2
2.6
2.4
3.0
3.6
3.6
3.6
3.4
Gross national product ................................................................
1.5
2.0
2.8
2.4
2.2
1.0
0.9
1.0
1.6
2.6
1.9
2.6
2.9
2.4
2.7
2.4
Real disposable personal income ...............................................
2.3
1.7
2.1
3.0
2.4
5.1 –1.0 –1.1 –0.5 –2.9
2.3
2.4
2.5
3.6
3.6
3.1
Price indexes:
Gross domestic purchases ......................................................
2.7
2.4
2.3
1.6
1.5
1.7
1.5
1.4
1.5
1.4
1.5
1.8
1.7
1.2
0.4
0.3
Gross domestic purchases excluding food and energy 2 .........
2.0
1.9
2.0
1.7
1.6
1.7
1.5
1.5
1.5
1.7
1.6
1.7
1.8
1.4
1.1
1.0
GDP.........................................................................................
2.3
1.9
2.0
1.7
1.7
1.9
1.8
1.6
1.5
1.6
1.6
1.9
1.8
1.3
1.0
1.0
GDP excluding food and energy 2............................................
2.1
1.9
2.0
1.7
1.6
1.8
1.6
1.6
1.8
1.9
1.8
1.9
1.8
1.5
1.2
1.1
PCE .........................................................................................
2.9
2.7
2.5
1.8
1.6
1.8
1.5
1.3
1.4
1.2
1.3
1.7
1.6
1.1
0.2
0.2
PCE excluding food and energy 2 ............................................
1.7
1.9
2.1
1.9
1.7
1.8
1.7
1.5
1.5
1.5
1.4
1.6
1.6
1.4
1.3
1.3
Market-based PCE 3 ................................................................
2.9
2.8
2.5
1.7
1.5
1.6
1.3
1.0
1.1
0.9
0.9
1.5
1.3
0.9 –0.1 –0.1
Market-based PCE excluding food and energy 3 .....................
1.6
1.9
2.0
1.9
1.7
1.5
1.4
1.1
1.1
1.2
1.1
1.3
1.3
1.2
1.1
1.1

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

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2015.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the
final consumption expenditures of nonprofit institutions serving households.
See Explanatory Note at the end of the tables.

- 12 -

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

2012

2013

2014

2014
II

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

Gross domestic product (GDP) .........................................................
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.............................................................
Wages and salaries.......................................................................
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 ......................................
Addenda:

2015

III

Line

Ir

IV

II r

16,155.3
801.5
563.9
16,392.8
2,534.2
–203.3
14,061.9
8,609.9
6,930.3
1,679.6

16,663.2
826.2
575.8
16,913.5
2,632.8
–177.6
14,458.3
8,839.7
7,114.4
1,725.3

17,348.1
854.3
591.2
17,611.2
2,746.7
–212.0
15,076.5
9,248.9
7,477.8
1,771.2

17,270.0
850.4
593.3
17,527.0
2,732.8
–187.0
14,981.3
9,177.3
7,414.5
1,762.7

17,522.1
869.7
597.8
17,794.0
2,761.5
–224.0
15,256.5
9,289.9
7,513.9
1,776.0

17,615.9
857.0
592.3
17,880.6
2,784.2
–261.8
15,358.2
9,424.9
7,632.6
1,792.3

17,649.3
817.0
589.5
17,876.8
2,792.7
–252.3
15,336.4
9,487.9
7,682.4
1,805.5

17,902.0
826.3
608.0
18,120.3
2,803.8
–120.9
15,437.4
9,549.0
7,730.1
1,818.9

1
2
3
4
5
6
7
8
9
10

1,241.4
525.3

1,285.1
563.4

1,346.7
610.8

1,346.3
605.5

1,357.8
618.4

1,377.9
628.4

1,369.4
637.0

1,376.8
655.2

11
12

1,998.2
527.7
1,074.0
104.7
–19.3

2,037.4
513.5
1,118.6
119.4
–18.8

2,072.9
532.3
1,155.8
127.3
–18.3

2,070.5
535.9
1,152.3
112.0
–18.4

2,161.0
515.8
1,163.5
168.5
–18.4

2,135.5
521.9
1,169.5
118.7
–18.6

2,012.5
561.3
1,169.2
115.6
–16.6

2,060.0
507.2
1,181.1
124.1
–16.1

13
14
15
16
17
18

18

Gross domestic income (GDI)...........................................................

16,358.5

16,840.8

17,560.1

17,457.0

17,746.1

17,877.8

17,901.6

18,022.9

19

Average of GDP and GDI..................................................................

16,256.9

16,752.0

17,454.1

17,363.5

17,634.1

17,746.8

17,775.4

17,962.4

19

20

Statistical discrepancy as a percentage of GDP...............................

–1.3

–1.1

–1.2

–1.1

–1.3

–1.5

–1.4

–0.7

20

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2015.

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

Personal income 1 .............................................................................................................
Compensation of employees ...........................................................................................
Wages and salaries .....................................................................................................
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 (2009) dollars 2
20 Disposable personal income, billions of chained (2009) dollars 2 ...................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

2012

2013

2014

2014

2015

Line

II

III

IV

Ir

II r

13,915.1 14,068.4
8,609.9 8,839.7
6,930.3 7,114.4
1,679.6 1,725.3
1,241.4 1,285.1
61.6
88.8
1,179.8 1,196.3
525.3
563.4
2,123.8 2,060.4
1,288.8 1,271.3
834.9
789.0
2,366.3 2,426.6
951.6 1,106.8
1,511.4 1,672.8
12,403.7 12,395.6
11,457.0 11,805.7
946.7
589.9
7.6
4.8

14,694.2
9,248.9
7,477.8
1,771.2
1,346.7
78.1
1,268.6
610.8
2,117.5
1,302.0
815.5
2,529.2
1,159.0
1,780.2
12,913.9
12,293.7
620.2
4.8

14,612.8
9,177.3
7,414.5
1,762.7
1,346.3
88.8
1,257.5
605.5
2,121.8
1,310.0
811.9
2,513.1
1,151.2
1,754.1
12,858.7
12,235.2
623.5
4.8

14,774.8
9,289.9
7,513.9
1,776.0
1,357.8
77.2
1,280.6
618.4
2,115.0
1,288.1
826.8
2,556.5
1,162.9
1,792.0
12,982.7
12,377.0
605.7
4.7

14,955.7
9,424.9
7,632.6
1,792.3
1,377.9
74.8
1,303.0
628.4
2,130.6
1,289.8
840.8
2,571.0
1,177.2
1,838.8
13,116.8
12,502.5
614.3
4.7

15,079.8
9,487.9
7,682.4
1,805.5
1,369.4
60.5
1,308.9
637.0
2,145.5
1,282.6
863.0
2,625.8
1,185.8
1,900.1
13,179.8
12,492.2
687.6
5.2

15,221.3
9,549.0
7,730.1
1,818.9
1,376.8
57.9
1,318.9
655.2
2,177.6
1,312.9
864.6
2,653.2
1,190.6
1,927.1
13,294.1
12,660.2
633.9
4.8

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

10,882.7
11,688.3

11,149.8
11,836.3

11,089.0
11,784.7

11,164.6
11,863.1

11,329.0
11,998.7

11,447.6
12,114.7

11,490.2
12,154.0

19
20

10,822.3
11,523.1

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2015.
1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and personal
current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.

- 13 -

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

Percent change from preceding period

Seasonally adjusted at annual rates

Quarter
one year
ago Line

Quarterly rates

Line
2012

2013

2014

2013
2014
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
Undistributed profits with inventory valuation and
7
capital consumption adjustments ........................
8
Consumption of fixed capital...................................
9
Less: Capital transfers paid (net) ............................

III

2014

2015
IV

I

2014
II

2015

III

IV

I

2015
II

II

1,998.2 2,037.4 2,072.9 2,070.5 2,161.0 2,135.5 2,012.5 2,060.0
447.6 468.9 513.9 527.4 518.4 512.3 517.8 546.1

2.0
4.8

1.7
9.6

4.4
–1.7

–1.2
–1.2

–5.8
1.1

2.4
5.5

–0.5
3.5

1
2

1,550.5 1,568.5 1,559.1 1,543.1 1,642.7 1,623.2 1,494.7 1,513.9
859.4 924.0 860.0 857.1 853.6 872.2 878.5 879.5

1.2
7.5

–0.6
–6.9

6.5
–0.4

–1.2
2.2

–7.9
0.7

1.3
0.1

–1.9
2.6

3
4

634.4

–6.8

8.5

15.0

–4.8

–17.9

2.9

–7.5

5

2,049.6 2,055.2 2,163.0 2,153.1 2,229.8 2,248.5 2,113.0 2,141.1

0.3

5.2

3.6

0.8

–6.0

1.3

–0.6

6

691.2 644.5 699.0 686.0 789.1 751.0 616.3 634.4
–6.8
8.5
15.0
–4.8 –17.9
2.9
–7.5
1,351.0 1,405.0 1,467.3 1,460.3 1,476.4 1,489.4 1,493.7 1,502.3
4.0
4.4
1.1
0.9
0.3
0.6
2.9
–7.4
–5.7
3.3
–6.9
35.6
–8.1
–3.0
–4.3 ............ ............ ............. ............ ............ ............. ............

7
8
9

691.2

644.5

699.0

686.0

789.1

751.0

616.3

Addenda:
Profits before tax (without inventory valuation and
1.4
2.1
2.3
–2.9
1.8
5.2
6.4
capital consumption adjustments)........................... 2,130.8 2,161.6 2,207.8 2,227.6 2,279.5 2,212.8 2,252.3 2,369.9
11 Profits after tax (without inventory valuation and
0.6
0.1
3.6
–3.4
2.0
5.1
7.3
capital consumption adjustments)........................... 1,683.2 1,692.7 1,693.9 1,700.2 1,761.1 1,700.5 1,734.5 1,823.7
12 Inventory valuation adjustment ...................................
–14.2
3.2
–2.9 –24.0
15.5
53.5
99.2
21.1 ............ ............ ............. ............ ............ ............. ............
13 Capital consumption adjustment ................................ –118.5 –127.5 –131.9 –133.2 –134.0 –130.8 –338.9 –330.9 ............ ............ ............. ............ ............ ............. ............
10

10
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

2014
2012

2013

2014

2014
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
31
32

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 ...................................................

33 Rest of the world ...........................................................

2015

III

IV

2,161.0
1,733.9
406.5
1,327.5
427.1
703.6
276.5

2,135.5
1,712.8
383.8
1,329.0
422.7
690.0
267.4

I

2013

2015

Line

2014

II

III

IV

I

II

1,998.2
1,587.8
438.2
1,149.7
410.3
650.3
239.9

2,037.4
1,622.6
385.8
1,236.8
414.8
668.7
253.9

2,012.5 2,060.0
1,618.9 1,669.3
360.4
394.3
1,258.5 1,274.9
393.6
390.8
650.0
656.1
256.4
265.3

39.2
34.8
–52.4
87.2
4.5
18.4
14.0

35.6
32.1
–2.2
34.3
3.4
21.6
18.2

90.5
72.1
4.4
67.7
18.5
16.1
–2.4

–25.5
–21.1
–22.6
1.5
–4.4
–13.5
–9.1

–123.0
–93.9
–23.4
–70.5
–29.0
–40.0
–11.0

47.5
50.4
33.9
16.5
–2.9
6.0
8.9

1
2
3
4
5
6
7

2,116.6
1,706.3
479.0
71.7
407.3
1,227.2
12.5
395.7
201.2
23.4
32.1
47.4

2,164.9 2,204.9 2,203.7 2,295.0 2,266.3 2,351.5 2,390.9
1,750.1 1,786.6 1,795.0 1,867.9 1,843.6 1,957.8 2,000.2
423.6
423.4
441.7
447.3
424.9
421.9
455.4
79.6
103.4
104.6
106.8
104.8
100.5
103.2
344.1
320.0
337.0
340.5
320.1
321.4
352.2
1,326.4 1,363.2 1,353.3 1,420.7 1,418.7 1,536.0 1,544.7
26.4
27.7
32.0
23.1
16.9
24.9 ..............
426.4
439.8
454.7
458.0
466.1
534.6 ..............
213.8
223.3
218.7
234.1
238.4
276.4 ..............
23.1
23.8
23.4
25.7
24.1
28.5 ..............
33.8
31.9
33.3
33.0
30.7
36.8 ..............
51.1
52.6
49.8
52.8
60.0
72.7 ..............

48.2
43.8
–55.4
7.9
–63.3
99.2
13.9
30.6
12.6
–0.4
1.7
3.8

40.0
36.6
–0.2
23.8
–24.0
36.8
1.3
13.4
9.5
0.8
–1.9
1.5

91.4
72.9
5.6
2.2
3.5
67.3
–8.9
3.4
15.4
2.2
–0.3
3.0

–28.7
–24.3
–22.4
–2.0
–20.4
–2.0
–6.2
8.1
4.4
–1.5
–2.3
7.2

85.2
114.2
–3.1
–4.3
1.3
117.3
8.0
68.5
38.0
4.3
6.1
12.7

39.5
42.3
33.6
2.7
30.9
8.8
.............
.............
.............
.............
.............
.............

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

2.4
0.1
5.0
18.0
10.4
–1.8
5.2
4.3
10.3
5.3
–0.8
28.9
11.0
4.5

2.3
2.8
4.0
4.0
0.5
5.1
0.3
–1.9
2.2
–1.0
12.3
–2.9
11.5
3.4

0.0
0.8
9.6
–12.0
6.7
–4.8
–15.6
1.8
35.6
2.9
2.3
–8.0
40.0
18.5

–0.6
4.5
–2.8
3.7
2.1
3.5
2.6
–4.6
–9.6
21.1
–11.7
–2.3
–1.5
–4.4

3.8
7.8
3.2
30.6
11.7
–15.1
21.1
12.8
8.5
10.6
22.7
22.0
–23.0
–29.0

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
–2.9

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

11.6
21.9
64.9
194.5
44.3
50.2
69.6
30.4
135.3
154.1
53.8
100.6
375.2
410.3

14.0
22.0
69.9
212.6
54.6
48.4
74.8
34.7
145.5
159.4
53.0
129.4
386.3
414.8

2,072.9 2,070.5
1,654.7 1,661.9
383.6
402.1
1,271.1 1,259.8
418.2
408.6
690.3
687.5
272.1
278.8

16.2
24.8
73.9
216.5
55.2
53.4
75.1
32.8
147.7
158.4
65.3
126.5
397.7
418.2

16.5
24.7
70.9
236.0
54.6
58.6
87.7
35.0
134.5
154.7
70.0
131.1
376.4
408.6

16.6
25.5
80.4
224.0
61.4
53.8
72.1
36.8
170.1
157.7
72.2
123.2
416.3
427.1

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

- 14 -

15.9
30.0
77.6
227.7
63.5
57.3
74.7
32.2
160.5
178.8
60.6
120.9
414.9
422.7

19.8
37.8
80.8
258.3
75.2
42.2
95.8
45.0
169.1
189.4
83.3
142.9
391.8
393.6

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
390.8

33

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

2012

2013

2014

2014
II

1
Gross value added of nonfinancial corporate business .................
2 Consumption of fixed capital.........................................................................
3 Net value added ..........................................................................................
4 Compensation of employees ....................................................................
5
Wages and salaries...............................................................................
6
Supplements to wages and salaries .....................................................
7 Taxes on production and imports less subsidies.......................................
8 Net operating surplus................................................................................
9
Net interest and miscellaneous payments ............................................
10
Business current transfer payments (net) .............................................
Corporate profits with inventory valuation and capital consumption
11
adjustments.......................................................................................
12
Taxes on corporate income ...............................................................
Profits after tax with inventory valuation and capital consumption
13
adjustments ...................................................................................
14
Net dividends.................................................................................
15
Undistributed profits with inventory valuation and capital
consumption adjustments ..........................................................
16
17
18
19

Addenda:
Profits before tax (without inventory valuation and capital consumption
adjustments) .........................................................................................
Profits after tax (without inventory valuation and capital consumption
adjustments) .........................................................................................
Inventory valuation adjustment .................................................................
Capital consumption adjustment...............................................................

2015

Line
II

III

IV

8,585.1
1,279.8
7,305.3
4,960.3
4,149.6
810.7
743.0
1,602.0
258.9
83.2

8,729.9
1,292.8
7,437.1
5,013.7
4,193.7
820.0
750.1
1,673.4
256.0
89.9

8,802.3
1,303.8
7,498.5
5,080.9
4,249.3
831.6
753.4
1,664.2
253.6
81.7

8,777.7
1,311.4
7,466.3
5,109.8
4,277.7
832.1
749.1
1,607.4
269.8
79.1

8,823.5
1,317.8
7,505.7
5,142.2
4,303.3
838.9
756.4
1,607.1
252.3
79.8

1
2
3
4
5
6
7
8
9
10

1,271.1
316.2

1,259.8
315.5

1,327.5
321.8

1,329.0
324.2

1,258.5
341.4

1,274.9
361.0

11
12

952.2
525.2

954.9
573.8

944.3
585.8

1,005.7
542.7

1,004.8
577.9

917.0
588.6

914.0
581.9

13
14

365.0

427.0

381.1

358.5

463.0

426.9

328.5

332.1

15

1,241.4

1,323.2

1,366.1

1,377.3

1,405.1

1,365.2

1,436.8

1,523.7

16

974.7
–14.2
–77.6

1,038.6
3.2
–89.6

1,049.9
–2.9
–92.1

1,061.8
–24.0
–93.5

1,083.3
15.5
–93.2

1,041.0
53.5
–89.7

1,095.3
99.2
–277.5

1,162.7
21.1
–269.8

17
18
19

8,148.2
1,207.4
6,940.8

8,252.3
1,217.5
7,034.9

8,401.6
1,228.1
7,173.4

8,394.6
1,238.8
7,155.8

8,389.9
1,249.9
7,139.9

20
21
22

Billions of dollars
8,011.9
8,316.8
1,186.2
1,232.2
6,825.7
7,084.6
4,593.3
4,747.4
3,826.4
3,953.5
766.9
793.9
690.4
724.9
1,542.0
1,612.3
298.5
280.4
93.9
95.1

8,641.0
1,285.7
7,355.2
4,995.8
4,178.9
816.9
745.2
1,614.3
258.1
85.1

1,149.7
266.7

1,236.8
284.6

883.0
517.9

I

r

Billions of chained (2009) dollars
1

20
Gross value added of nonfinancial corporate business ................
21 Consumption of fixed capital 2 .......................................................................
22 Net value added 3 ..........................................................................................

7,720.9
1,144.7
6,576.2

7,954.8
1,177.1
6,777.7

8,207.3
1,212.8
6,994.5

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.......................................................................................

1.038
0.595
0.294
0.154

1.046
0.597
0.293
0.155

1.053
0.609
0.289
0.157

1.054
0.609
0.290
0.157

1.058
0.608
0.289
0.157

1.048
0.605
0.285
0.155

1.046
0.609
0.287
0.156

1.052
0.613
0.287
0.157

23
24
25
26

0.102
0.039

0.103
0.035

0.101
0.031

0.101
0.032

0.102
0.031

0.099
0.030

0.099
0.032

0.100
0.030

27
28

0.149
0.035

0.155
0.036

0.155
0.039

0.155
0.039

0.161
0.039

0.158
0.039

0.150
0.041

0.152
0.043

29
30

0.114

0.120

0.116

0.116

0.122

0.120

0.109

0.109

31

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the first quarter of 2015.
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 2009 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).

- 15 -

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

2012 2013 2014

2011
III

2012
IV

I

II

2013
III

IV

I

II

2014
III

IV

I

2015

II

III

IV

4.6
10.3
1.7
6.3
16.5
4.2
8.2
4.6
0.7
4.7
28.6
5.4

4.3
2.1
9.1 –0.2
2.4
2.7
0.6
6.8
19.8 –11.3
3.8
2.5
4.3 –26.7
4.3
2.2
1.9
5.5
4.3
2.0
6.9
7.0
5.5
2.6

I

Line
II

r

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

Gross domestic product (GDP) and related aggregates:
GDP .................................................................................
2.2
Goods...............................................................................
5.0
Services ...........................................................................
0.4
Structures.........................................................................
6.8
Motor vehicle output......................................................... 12.8
GDP excluding motor vehicle output ................................
2.0
Final sales of computers 1 ............................................... 15.2
GDP excluding final sales of computers ..........................
2.2
Research and development .............................................
0.2
GDP excluding research and development......................
2.3
Farm gross value added 2 ................................................ –11.4
Nonfarm business gross value added 3 ...........................
3.1
Price indexes:
GDP .................................................................................
1.8
GDP excluding food and energy 4 ....................................
1.8
GDP excluding final sales of computers ..........................
1.9
Gross domestic purchases...............................................
1.8
Gross domestic purchases excluding food and energy 4
1.8
Gross domestic purchases excluding final sales of
computers to domestic purchasers ..............................
1.8
Personal consumption expenditures (PCE) .....................
1.9
PCE excluding food and energy 4 ....................................
1.9
Market-based PCE 5 ........................................................
1.8
Market-based PCE excluding food and energy 5 .............
1.8

1.5
3.9
0.2
2.5
4.9
1.4
14.7
1.4
2.5
1.5
22.7
1.7

2.4
3.7
1.7
3.6
7.2
2.3
2.1
2.4
1.8
2.4
2.3
3.0

0.8
–1.4
1.0
9.2
12.0
0.6
10.2
0.8
–0.1
0.9
–0.1
1.1

4.6
2.7
15.7
3.6
–0.7
1.2
7.5 12.6
23.1 27.5
4.1
2.1
22.4 19.4
4.5
2.6
3.2 –2.4
4.6
2.8
26.7 –27.0
5.8
3.9

1.9
0.5
5.4
1.2
0.0
0.4
3.6 –1.3
7.1
0.0
1.7
0.5
–2.1 18.8
1.9
0.4
–0.1
0.8
1.9
0.5
–9.4 –29.5
2.7
1.0

0.1
–0.7
0.3
2.2
–2.0
0.1
46.3
–0.1
4.7
0.0
–1.8
0.2

1.9
7.4
–0.4
–0.9
17.0
1.5
13.8
1.9
6.0
1.8
87.6
1.7

1.6
1.7
1.7
1.4
1.5

1.6
1.7
1.7
1.5
1.6

2.3
1.9
2.4
1.9
1.8

0.6
0.9
0.6
0.9
1.0

2.1
2.6
2.2
2.4
2.4

1.8
1.6
1.8
1.2
1.6

1.5
1.4
1.5
1.1
1.2

1.6
1.4
1.5
1.1
1.2

2.0
2.1
2.0
2.2
2.1

1.0
1.4
1.6
1.4
1.6

2.5
2.3
2.3
2.2
2.1

1.2
1.2
1.9
1.0
1.7

1.1
3.0
1.2
7.5
0.3
0.2
8.3
8.2
8.5 –13.7
0.9
3.5
11.5 –6.1
1.1
3.0
–0.6
1.4
1.2
3.0
38.4 35.4
1.1
3.5

3.8 –0.9
9.2 –7.3
2.1
1.7
–3.6
4.5
19.9
2.1
3.4 –1.0
4.4
5.1
3.8 –0.9
–0.5
4.3
3.9 –1.1
1.2 –31.8
5.2 –1.2

0.6
–1.8
2.1
–0.9
1.4
0.6
29.8
0.5
5.2
0.5
9.8
0.5

3.7
6.7
1.5
10.4
13.4
3.4
39.8
3.6
9.5
3.5
–1.3
4.7

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

2.4
1.3
2.4
1.3
1.3

1.5
1.8
1.5
1.9
1.6

1.5
1.8
1.5
1.4
1.6

1.1
1.5
1.2
0.8
1.3

2.0
2.0
2.0
1.7
1.6

1.8
2.2
1.8
1.8
2.1

1.5
1.5
1.5
1.6
1.5

2.2
1.9
2.2
1.9
1.8

1.6
1.8
1.6
1.5
1.7

0.1
0.8
0.2
–0.1
0.8

0.1
0.5
0.2
–1.6
0.2

2.1
1.5
2.1
1.5
1.2

13
14
15
16
17

1.4
1.3
1.2
1.3
1.2

2.0
2.2
1.7
1.7
1.1

1.4
1.4
1.7
1.2
1.6

0.8
0.4
1.2
–0.2
0.6

1.8
1.7
1.4
1.6
1.3

1.9
1.4
1.7
0.9
1.2

1.6
1.6
1.4
1.4
1.1

2.0
2.1
2.0
1.9
1.7

1.6
1.2
1.4
1.1
1.3

0.0
–0.4
1.0
–0.9
0.7

–1.6
–1.9
1.0
–2.5
0.7

1.5
2.2
1.8
2.2
1.8

18
19
20
21
22

1.1

3.0

3.8

–0.9

4.6

4.3

2.1

0.6

3.7

23

1.13 –0.42 4.47 1.12 1.64 0.36 –0.24 2.17 0.34 2.23 2.77 –2.30
1.03 0.66 –0.40 0.73 –0.01 0.22 0.17 –0.20 0.20 0.16 1.32 1.04
0.27 0.60 0.51 0.83 0.25 –0.10 0.15 –0.06 0.58 0.59 –0.27 0.33
0.20 0.27 0.52 0.64 0.19 0.00 –0.05 0.43 0.23 –0.41 0.50 0.06
0.01 0.04 0.08 0.07 –0.01 0.07 0.16 0.06 0.05 –0.03 0.02 0.02
0.05 0.00 0.08 –0.06 0.00 0.02 0.12 0.15 –0.01 0.04 –0.01 0.11

3.07
1.03
0.47
0.44
0.03
0.02

2.74 –0.06 –0.57
1.49 1.63 1.28
0.05 0.50 –0.07
0.53 –0.35 0.04
0.02 –0.12 0.10
0.05 0.14 0.13

2.01
0.91
0.77
0.37
0.13
0.24

24
25
26
27
28
29

Contributions to percent change in real gross domestic product

23
24
25
26
27
28
29

Percent change at annual rate:
Gross domestic product ............................................
Percentage points at annual rates:
Goods ..................................................................................
Services ...............................................................................
Structures ............................................................................
Motor vehicle output.............................................................
Final sales of computers......................................................
Research and development .................................................

2.2

1.5

1.48
0.27
0.47
0.31
0.06
0.01

1.17
0.13
0.18
0.13
0.06
0.06

2.4

0.8

4.6

2.7

1.9

0.5

0.1

1.9

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. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
5. 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.

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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 2009 -- 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 2008-09
annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual
percent change in GDP prices uses quantities for 2008 and 2009 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 (2009) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009
and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of
this component in 2010 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.

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