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March 25, 2021 2020Q4 (Third Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Seasonally adjusted at annual rates Gross domestic product (GDP) Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Addenda: Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers Gross domestic income (GDI) Average of GDP and GDI Gross national product (GNP) Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis 2020Q4 % change 4.3 2.3 -1.4 -1.1 -1.6 4.3 27.8 18.6 13.1 -6.2 25.4 10.5 36.6 .......................... ........................ 22.3 31.1 5.2 29.8 31.0 23.8 -0.8 -0.9 4.8 -8.9 -0.8 Last period with Last period with Last period with equal value larger value smaller value 1952Q1 4.3 2020Q3 33.4 2020Q2 -31.4 2017Q3 2.3 2020Q3 41.0 2020Q2 -33.2 1957Q2 -1.4 2020Q3 47.2 2020Q2 -10.8 1969Q3 -1.1 2020Q3 82.7 2020Q2 -1.7 1973Q4 -1.6 2020Q3 31.1 2020Q2 -15.0 1992Q3 4.3 2020Q3 38.0 2020Q2 -41.8 ................ ................ 2020Q3 86.3 2020Q2 -46.6 ................. ................. 2020Q3 31.3 2020Q2 -29.2 2000Q2 13.1 2020Q3 22.9 2020Q2 -27.2 ................. ................. 2020Q1 -3.7 2020Q3 -17.4 ................. ................. 2020Q3 68.2 2020Q2 -35.9 1998Q4 10.5 2018Q4 12.1 2020Q3 8.4 ................. ................. 2020Q3 63.0 2020Q2 -35.6 ................. ................. ................. ................. ................. ................. ................ ................ ................ ................ ................ ................ ................. ................. 2020Q3 59.6 2020Q2 -64.4 ................. ................. 2020Q3 104.3 2020Q2 -66.8 ................. ................. 2018Q1 5.4 2020Q3 -0.5 ................. ................. 2020Q3 93.1 2020Q2 -54.1 ................. ................. 2020Q3 110.2 2020Q2 -49.6 ................. ................. 2020Q3 24.9 2020Q2 -69.9 1992Q2 -0.8 2020Q2 2.5 2020Q3 -4.8 ................. ................. 2020Q2 16.4 2020Q3 -6.2 1996Q2 4.8 2019Q4 6.6 2020Q3 3.2 1968Q2 -8.9 2020Q2 37.6 2020Q3 -18.3 1983Q2 -0.8 2020Q1 1.1 2020Q3 -3.9 2.9 1998Q1 2.9 5.7 1998Q1 5.7 4.4 2010Q2 4.4 5.5 1994Q4 5.5 15.7 ................. ................. 9.9 ................. ................. 4.2 2017Q4 4.2 -10.1 ................. ................. 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q2 25.9 37.3 29.8 39.0 24.1 28.7 34.6 48.6 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q3 -28.1 -30.3 -27.1 -32.4 -32.6 -32.0 -32.3 -17.4 6.3 2018Q2 6.3 5.1 1987Q4 5.1 7.4 1998Q3 7.4 6.2 2014Q3 6.2 7.1 1984Q3 7.1 17.9 ................. ................. 11.9 1965Q1 11.9 6.2 1990Q2 6.2 -8.8 ................. ................. 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q2 38.3 30.2 42.1 33.9 43.7 28.6 33.4 39.6 46.2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q3 -32.8 -29.3 -31.5 -28.0 -33.1 -34.0 -33.4 -33.7 -14.4 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 3.3 3.0 3.5 3.1 3.7 3.7 3.4 2.9 2.6 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 -1.4 -0.8 -1.8 -1.2 -2.1 -1.6 -0.8 -1.0 0.1 1.7 1.6 2.0 1.8 1.9 1.5 1.3 1.3 1.0 2014Q2 2020Q1 2017Q1 2015Q2 2018Q4 2019Q4 2019Q4 2020Q1 2017Q3 1.7 1.6 2.0 1.8 1.9 1.5 1.3 1.3 1.0 March 25, 2021 2020Q4 (Third Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2020Q4 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value Last period with larger value Last period with smaller value 4.3 1952Q1 4.3 2020Q3 33.4 2020Q2 -31.4 1.58 -0.32 -0.09 -0.23 1.90 4.41 3.04 1.65 -0.17 1.32 0.49 1.39 1.37 -1.53 2.04 1.88 0.16 -3.57 -3.12 -0.45 -0.14 -0.06 0.20 -0.26 -0.08 1996Q3 ................. 1948Q1 ................. 2014Q3 1958Q3 ................. ................. 1993Q2 2011Q3 ................. 1948Q2 1950Q3 2000Q1 ................. ................. 1987Q1 ................. ................. ................. 1992Q2 ................. 2018Q3 1963Q4 2013Q4 1.58 ................. -0.09 ................. 1.90 4.41 ................. ................. -0.17 1.32 ................. 1.39 1.37 -1.53 ................. ................. 0.16 ................. ................. ................. -0.14 ................. 0.20 -0.26 -0.08 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 2020Q1 2020Q3 2018Q4 2020Q3 2020Q3 2020Q2 2020Q3 2020Q3 2019Q4 2020Q2 2020Q2 2020Q3 2020Q2 2020Q2 2019Q4 2020Q2 2020Q1 25.44 9.55 5.20 4.35 15.89 11.96 5.39 3.20 -0.11 3.26 0.52 2.19 6.57 0.62 4.89 4.87 0.20 10.13 7.32 -0.43 0.77 1.17 0.26 0.98 0.12 2020Q2 2020Q2 2020Q1 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 2020Q3 2020Q2 2020Q3 2020Q2 2020Q2 2020Q3 2020Q2 2020Q2 2020Q3 2020Q3 2020Q3 2006Q4 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 -24.01 -2.06 -0.93 -2.05 -21.95 -8.77 -5.27 -3.67 -0.53 -2.03 0.46 -1.60 -3.50 -3.21 -9.51 -6.56 0.03 -8.10 -7.67 -0.49 -0.75 -0.38 0.17 -0.55 -0.37 March 25, 2021 2020Q4 Comparisons -- Corporate Profits: Level Change and Percent Change Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Last period with 2020Q4 change equal value Dollar change from preceding quarter -31.4 ................ ................ -67.0 ................. ................. -0.8 ................. ................. -36.4 ................. ................. -75.6 ................. ................. Percent change from preceding quarter (quarterly rates) Last period with larger value Last period with smaller value 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 499.6 429.1 632.3 561.8 518.5 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 -208.9 -190.1 -200.8 -182.0 -219.4 Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA -1.4 2001Q1 -1.4 -3.3 1999Q3 -3.3 0.0 2001Q1 0.0 -1.7 1956Q1 -1.7 -2.9 ................. ................. Percent change from quarter one year ago 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 27.4 27.0 35.2 36.1 24.7 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 -10.3 -10.7 -10.1 -10.5 -9.5 Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis -0.7 1960Q3 -0.7 -2.4 ................. ................. 4.9 ................. ................. 4.1 ................. ................. 0.1 2013Q3 0.1 2020Q3 2020Q3 2020Q3 2020Q3 2020Q3 3.5 2.8 10.1 10.3 4.9 2020Q2 2020Q2 2020Q2 2020Q2 2020Q2 -19.3 -18.8 -20.1 -19.7 -14.2 March 25, 2021 2020 (Third Estimate) Comparisons -- Percent Change from Preceding Period in Real Gross Domestic Product and Related Measures [Percent] Last period with Last period with Last period with 2020 % change equal value larger value smaller value Gross domestic product (GDP) -3.5 ................ ................ 2019 2.2 1946 -11.6 Personal consumption expenditures -3.9 ................ ................ 2019 2.4 1932 -9.0 Goods 3.9 2002 3.9 2018 4.1 2019 3.7 Durable goods 6.3 ................. ................. 2018 6.8 2019 4.8 Nondurable goods 2.6 2017 2.6 2019 3.1 2016 2.5 Services -7.3 ................. ................. 2019 1.8 ................. ................. Gross private domestic investment -5.2 ................ ................ 2019 1.7 2009 -21.2 Fixed investment -1.8 ................. ................. 2019 1.9 2009 -16.0 Nonresidential -4.0 ................. ................. 2019 2.9 2009 -14.5 Structures -11.0 1986 -11.0 2019 -0.6 2010 -16.1 Equipment -5.0 ................. ................. 2019 2.1 2009 -21.2 Intellectual property products 1.7 ................. ................. 2019 6.4 2009 -0.5 Residential 6.1 2002 6.1 2016 6.6 2019 -1.7 Change in private inventories .......................... ................. ................. ................. ................. ................. ................. Net exports of goods and services ........................ ................ ................ ................ ................ ................ ................ Exports -12.9 ................. ................. 2019 -0.1 1958 -13.5 Goods -9.5 ................. ................. 2019 -0.1 2009 -11.9 Services -19.2 ................. ................. 2019 -0.1 ................. ................. Imports -9.3 ................. ................. 2019 1.1 2009 -13.1 Goods -6.0 ................. ................. 2019 0.5 2009 -15.3 Services -22.5 ................. ................. 2019 3.7 1946 -52.2 Government consumption expenditures and gross investment 1.1 ................ ................ 2019 2.3 2017 0.9 Federal 4.3 2004 4.3 2009 6.1 2019 4.0 National defense 3.5 1949 3.5 2019 5.6 2018 3.3 Nondefense 5.6 ................. ................. 2010 6.2 2019 1.8 State and local -0.8 ................. ................. 2019 1.3 2012 -2.2 Addenda: Final sales of domestic product -2.9 ................. ................. 2019 2.2 1946 -14.3 Gross domestic purchases -3.3 ................. ................. 2019 2.3 2009 -3.5 Final sales to domestic purchasers -2.7 2009 -2.7 2019 2.3 1946 -17.9 Final sales to private domestic purchasers -3.5 ................. ................. 2019 2.3 2009 -4.2 Gross domestic income (GDI) -3.5 ................. ................. 2019 1.8 1946 -10.6 Average of GDP and GDI -3.5 ................. ................. 2019 2.0 1946 -11.1 Gross national product (GNP) -3.8 ................. ................. 2019 2.0 1946 -11.5 Disposable personal income Current-dollar measures: GDP Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GDI Average of GDP and GDI GNP Disposable personal income Chain-type price measures: Gross domestic purchases Gross domestic purchases excluding food and energy GDP GDP excluding food and energy GDP implicit price deflator PCE PCE excluding food and energy Market-based PCE Market-based PCE excluding food and energy Source: U.S. Bureau of Economic Analysis 5.8 ................. ................. 1998 5.9 2019 2.2 ................. ................. ................. ................. ................. ................. ................. ................. 7.0 2019 2019 2019 2019 2019 2019 2019 2019 2000 4.0 4.0 3.9 3.9 3.9 3.6 3.8 3.9 7.6 1938 1946 2009 2009 2009 1938 1938 1938 2019 -6.1 -3.5 -3.8 -3.0 -4.5 -6.9 -6.5 -6.0 3.7 1.2 1963 1.2 1.3 ................. ................. 1.2 2010 1.2 1.3 2016 1.3 1.2 2010 1.2 1.2 1963 1.2 1.4 2010 1.4 1.1 2014 1.1 1.4 2011 1.4 2019 2019 2019 2019 2019 2019 2019 2019 2019 1.6 1.7 1.8 2.0 1.8 1.5 1.7 1.3 1.5 2016 2016 2016 2015 2016 2016 2015 2016 2017 0.7 1.1 1.0 1.2 1.0 1.0 1.2 0.7 1.3 -2.3 -1.8 -2.1 -1.5 -2.3 -2.3 -2.3 -2.6 7.0 ................. ................. ................. ................. ................. ................. ................. ................. 1967 March 25, 2021 2020 (Third Estimate) Comparisons -- Contributions to Percent Change in Real Gross Domestic Product 2020 contribution Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Nondurable goods Services Gross private domestic investment Fixed investment Nonresidential Structures Equipment Intellectual property products Residential Change in private inventories Net exports of goods and services Exports Goods Services Imports Goods Services Government consumption expenditures and gross investment Federal National defense Nondefense State and local Source: U.S. Bureau of Economic Analysis Last period with equal value -3.5 ................ ................ -2.63 0.80 0.45 0.35 -3.43 -0.92 -0.31 -0.54 -0.33 -0.29 0.08 0.23 -0.61 -0.14 -1.47 -0.69 -0.77 1.33 0.71 0.62 0.20 0.29 0.14 0.15 -0.09 ................ ................. ................. ................. ................. ................ ................. ................. ................. 2008 1973 2016 ................. ................ ................. ................. ................. ................. ................. ................. 1981 ................. ................. 1977 ................. ................ ................. ................. ................. ................. ................ ................. ................. ................. -0.29 0.08 0.23 ................. ................ ................. ................. ................. ................. ................. ................. 0.20 ................. ................. 0.15 ................. Last period with larger value 2019 2019 2018 2018 2019 2019 2019 2019 2019 2019 2019 2019 2015 2019 2013 2019 2019 2019 2009 2009 1946 2019 2010 2019 2010 2019 2.2 Last period with smaller value 1946 -11.6 1.64 1932 -7.00 0.86 2019 0.78 0.48 2019 0.34 0.44 2013 0.28 0.86 ................. ................. 0.30 2009 -3.52 0.32 2009 -2.70 0.39 2009 -1.95 -0.02 2010 -0.50 0.12 2009 -1.22 0.29 2009 -0.02 0.33 2019 -0.07 -0.02 2009 -0.83 0.22 2019 -0.18 -0.01 1948 -1.59 -0.01 2009 -1.00 -0.01 ................. ................. 2.14 2019 -0.16 2.08 2019 -0.06 0.82 2019 -0.10 0.40 2017 0.16 0.35 2019 0.26 0.21 2018 0.13 0.19 2019 0.05 0.14 2012 -0.26 March 25, 2021 2020 Comparisons -- Corporate Profits: Level Change and Percent Change Last period with 2020 change equal value Dollar change from preceding year Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA Corporate profits with IVA and CCAdj Profits after tax with IVA and CCAdj Profits before tax without IVA and CCAdj Profits after tax without IVA and CCAdj Net cash flow with IVA IVA Inventory valuation adjustment CCAdj Capital consumption adjustment Source: U.S. Bureau of Economic Analysis -130.2 ................ -117.1 ................. -77.3 ................. -64.2 ................. -62.9 ................. Percent change from preceding year -5.8 -6.0 -3.5 -3.3 -2.6 2000 ................. ................. ................. ................. Last period with larger value ................ ................. ................. ................. ................. 2019 2019 2019 2019 2019 -5.8 ................. ................. ................. ................. 2019 2019 2019 2019 2019 Last period with smaller value 7.6 2008 -247.3 -8.3 ................. ................. 50.6 2015 -136.2 34.8 2015 -125.4 127.1 2017 -145.5 0.3 -0.4 2.3 1.8 5.4 2008 2008 2015 2015 2017 -16.1 -9.8 -6.0 -6.8 -7.0