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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 22, 2021 Technical: Media: Karl Rohrer (GDP) Kate Pinard (Corporate Profits) Jeannine Aversa (301) 278-9083 (301) 278-9417 (301) 278-9003 BEA 21-67 gdpniwd@bea.gov cpniwd@bea.gov Jeannine.Aversa@bea.gov Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Third Quarter 2021 Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the third quarter of 2021 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 percent. The “third” estimate of GDP released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.1 percent. The update primarily reflects upward revisions to personal consumption expenditures (PCE) and private inventory investment that were partly offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down (refer to "Updates to GDP"). Real GDP: Percent change from preceding quarter 35 25 15 5 -5 -15 -25 -35 Q4 2017 Q1 Q2 Q3 2018 U.S. Bureau of Economic Analysis Q4 Q1 Q2 Q3 2019 Q4 Q1 Q2 Q3 2020 Q4 Q1 Q2 Q3 2021 Seasonally adjusted at annual rates COVID-19 Impact on the Third-Quarter 2021 GDP Estimate The increase in third quarter GDP reflected the continued economic impact of the COVID-19 pandemic. A resurgence of COVID-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country. Government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the third quarter because the impacts are generally embedded in source data and cannot be separately identified. For more information, refer to the Technical Note and Federal Recovery Programs and BEA Statistics. The increase in real GDP in the third quarter reflected increases in private inventory investment, PCE, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in exports, residential fixed investment, and federal government spending. Imports increased (table 2). The increase in private inventory investment reflected increases in wholesale trade (led by nondurable goods industries) and in retail trade (led by motor vehicles and parts dealers). The increase in PCE reflected an increase in services that was partly offset by a decrease in goods. Within services, increases were widespread with the largest contributions coming from “other” services (mainly international travel) and transportation services. The decrease in goods primarily reflected a decrease in spending on motor vehicles and parts. The increase in state and local government spending was led by employee compensation (notably, education). The increase in nonresidential fixed investment reflected an increase in intellectual property products (led by software and research and development) that was partly offset by decreases in equipment and structures. The decrease in residential fixed investment primarily reflected decreases in improvements and in new single-family structures. The decrease in federal government spending primarily reflected a decrease in nondefense spending on intermediate goods and services after the processing and administration of Paycheck Protection Program loan applications by banks on behalf of the federal government ended in the second quarter. The decrease in exports reflected decreases in both goods and services. The increase in imports primarily reflected an increase in services (led by travel and transport). The deceleration in real GDP in the third quarter was more than accounted for by a slowdown in PCE. From the second quarter to the third quarter, spending for goods turned down (led by motor vehicles and parts) and services decelerated (led by food services and accommodations). Current-dollar GDP increased 8.4 percent at an annual rate, or $461.3 billion, in the third quarter to a level of $23.20 trillion. In the second quarter, GDP increased 13.4 percent, or $702.8 billion (table 1 and table 3). More information on the source data that underlie the estimates is available in the "Key Source Data and Assumptions" file on BEA’s website. The price index for gross domestic purchases increased 5.6 percent in the third quarter, compared with an increase of 5.8 percent in the second quarter (table 4). The PCE price index increased 5.3 percent, compared with an increase of 6.5 percent. Excluding food and energy prices, the PCE price index increased 4.6 percent, compared with an increase of 6.1 percent. -2- Gross Domestic Income and Corporate Profits Real gross domestic income (GDI) increased 5.8 percent in the third quarter, compared with an increase of 4.3 percent in the second quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 4.1 percent in the third quarter, compared with an increase of 5.5 percent in the second quarter (table 1). Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $96.9 billion in the third quarter, compared with an increase of $267.8 billion in the second quarter (table 10). Profits of domestic financial corporations increased $14.2 billion in the third quarter, compared with an increase of $52.8 billion in the second quarter. Profits of domestic nonfinancial corporations increased $31.6 billion, compared with an increase of $221.3 billion. Rest-of-the-world profits increased $51.1 billion, in contrast to a decrease of $6.2 billion. In the third quarter, receipts increased $65.2 billion, and payments increased $14.1 billion. Updates to GDP In the third estimate of the third quarter, real GDP increased 2.3 percent, 0.2 percentage point higher than in the second estimate. Upward revisions to PCE (specifically, an upward revision to services), private inventory investment (both farm and nonfarm), residential fixed investment, state and local government spending, and nonresidential fixed investment were partly offset by downward revisions to exports and federal government spending. Imports were revised down. For more information, refer to the Technical Note and the "Additional Information" section that follows. Real GDP Current-dollar GDP Real GDI Average of Real GDP and Real GDI Gross domestic purchases price index PCE price index PCE price index excluding food and energy Advance Estimate Second Estimate Third Estimate (Percent change from preceding quarter) 2.0 2.1 2.3 7.8 8.1 8.4 … 6.7 5.8 … 4.4 4.1 5.4 5.5 5.6 5.3 5.3 5.3 4.5 4.5 4.6 -3- Real GDP by Industry Today’s release includes estimates of GDP by industry, or value added—a measure of an industry’s contribution to GDP. In the third quarter, private services-producing industries increased 3.9 percent, government increased 5.1 percent, and private goods-producing industries decreased 5.5 percent (table 12). Overall, 14 of 22 industry groups contributed to the third-quarter increase in real GDP. Real GDP by Sector: Percent change from preceding period 50 40 30 20 10 0 -10 2020:Q3 GDP 2020:Q4 Private Goods 2021:Q1 2021:Q2 Private Services Government 2021:Q3 Seasonally adjusted at annual rates U.S. Bureau of Economic Analysis The increase in private services-producing industries primarily reflected increases in professional, scientific, and technical services; finance and insurance (led by securities, commodity contracts, and investments); accommodation and food services; administrative and waste management services (led by administrative and support services); and information (led by motion picture and sound recording industries). These increases were partly offset by decreases in retail trade (led by motor vehicle and parts dealers) and wholesale trade. The decrease in private goods-producing industries was widespread, led by construction. The increase in government primarily reflected an increase in state and local government. -4- Contributions to Percent Change in Real GDP by Industry Group, 2021:Q3 Real GDP increased 2.3 percent Professional, scientific, and technical services Finance and insurance State and local government Accommodation and food services Administrative and waste management services Information Transportation and warehousing Arts, entertainment, and recreation Real estate and rental and leasing Health care and social assistance Management of companies and enterprises Other services, except government Educational services Federal government Nondurable goods manufacturing Mining Agriculture, forestry, fishing, and hunting Durable goods manufacturing Utilities Wholesale trade Construction Retail trade 0.90 0.64 0.59 0.49 0.49 0.44 0.32 0.31 0.28 0.19 0.15 0.12 0.09 0.01 -0.02 -0.10 -0.11 -0.15 -0.29 -0.51 -0.62 -0.91 Percentage points U.S. Bureau of Economic Analysis Seasonally adjusted at annual rates Gross Output by Industry Real gross output—principally a measure of an industry’s sales or receipts, adjusted for price change, which includes sales to final users in the economy (GDP) and sales to other industries (intermediate inputs)—increased 4.4 percent in the third quarter. Private services-producing industries increased 7.6 percent, government increased 0.3 percent, and private goods-producing industries decreased 2.5 percent (table 16). Overall, 14 of 22 industry groups contributed to the increase in real gross output. * * * Next release, January 27, 2022 at 8:30 A.M. EST Gross Domestic Product, Fourth Quarter 2021 (Advance Estimate) and Year 2021 * * -5- * Release Dates in 2022 2021 Q4 and Year 2021 2022 Q1 2022 Q2 2022 Q3 Gross Domestic Product Advance Estimate Second Estimate Third Estimate January 27, 2022 February 24, 2022 March 30, 2022 April 28, 2022 May 26, 2022 June 29, 2022 July 28, 2022 August 25, 2022 September 29, 2022 October 27, 2022 November 30, 2022 December 22, 2022 Gross Domestic Product by Industry March 30, 2022 June 29, 2022 September 29, 2022 December 22, 2022 Corporate Profits Preliminary Estimate Revised Estimate --March 30, 2022 May 26, 2022 June 29, 2022 August 25, 2022 September 29, 2022 November 30, 2022 December 22, 2022 Estimate -6- Additional Information Resources The gross domestic purchases price index measures the prices of final goods and services purchased by U.S. residents. Additional resources available at www.bea.gov: • • • • • • • The personal consumption expenditure price index measures the prices paid for the goods and services purchased by, or on the behalf of, "persons." Information on COVID-19 and recovery impacts is available on our website. Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. Historical time series for these estimates can be accessed in BEA’s interactive data application. Access BEA data by registering for BEA’s data application programming interface (API). For more on BEA’s statistics, refer to our monthly online journal, the Survey of Current Business. BEA's news release schedule NIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts Personal income is the income received by, or on behalf of, all persons from all sources: from participation as laborers in production, from owning a home or business, from the ownership of financial assets, and from government and business in the form of transfers. It includes income from domestic sources as well as the r e st of world. It does not include realized or unrealized cap i t al gains or losses. Disposable personal income is the income available to persons for spending or saving. It is equal to personal income less personal current taxes. Personal outlays is the sum of personal consumption expenditures, personal interest payments, and personal current transfer payments. Definitions Gross domestic product (GDP), or value added, is the value of the goods and services produced by the nation’s economy less the value of the goods and services use d u p in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. Personal saving is personal income less personal outlays and personal current taxes. The personal saving rate is personal saving as a percentage of disposable personal income. Profits from current production, referred to as corporate profits with inventory valuation adjustment (IVA) and capital consumption (CCAdj) adjustment in the National Income and Product Accounts (NIPAs), is a measure of the net income of corporations before deducting income taxes that is consistent with the value of goods and services measured in GDP. 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. Profits for domestic industries reflect profits for all corporations located within the geographic borders of the United States. The rest-ofthe-world (ROW) component of profits is measured as the difference between profits received from ROW and profits paid to ROW. Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP. In national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ because they are constructed using largely independent source data. Gross output is the value of the goods and services produced by the nation’s economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs). Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at "market value." Also referred to as "nominal estimates" o r as "current-price estimates." For more definitions, refer to the Glossary: National Income and Product Accounts. Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. -7- Statistical conventions Updates to GDP Annual-vs-quarterly rates. Quarterly seasonally adjusted values are expressed at annual rates, unless otherwise specified. This convention is used for BEA’s featured, seasonally adjusted measures to facilitate comparisons with related and historical data. For details, refer to the FAQ “Why does BEA publish estimates at annual rates?” BEA releases three vintages of the current quarterly estimate for GDP. "Advance" estimates are released near the end of the first month following the end of the quarter and are based on source data that are incomplete or subject to further revision by the source agency. "Sec o n d " and "third" estimates are released near the end of the second and third months, respectively, and are based on more detailed and more comprehensive data as they become available. Quarterly not seasonally adjusted values are expressed only at quarterly rates. Percent changes. Percent changes in quarterly seasonally adjusted series are displayed at annual rates, unless otherwise specified. For details, refer to the FAQ “How is average annual growth calculated?” and “Why does BEA publish percent changes in quarterly series at annual rates?“ Percent changes in quarterly not seasonally adjusted values are calculated from the same quarter o n e year ago. All published percent changes are calculated from unrounded data. The table below shows the average revisions to the quarterly percent changes in real GDP between different estimate vintages, without regard to sign. Vintage Calendar years and quarters. Unless noted otherwise, annual and quarterly data are presented on a calendar basis. Average Revision Without Regard to Sign (percentage points, annual rates) Advance to second 0.5 Advance to third 0.6 Second to third 0.3 Note - Based on estimates from 1996 through 2020. For more information on GDP updates, refer to Revision Information on the BEA website. Quantities and prices. Quantities, or "real" volume measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2012). Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights fr o m two adjacent periods (quarters for quarterly data and annuals for annual data). For details on the calculation of quantity and price indexes, refer to Chapter 4: Esti m at i n g Methods in the NIPA Handbook. Annual and comprehensive updates are typically release d in late July. Annual updates generally cover at least the 5 most recent calendar years (and their associated quarter s) and incorporate newly available major annual source d at a as well as some changes in methods and definitions to improve the accounts. Comprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major periodic source data, as well as major conceptual improvements. Chained-dollar values are calculated by multiplying the quantity index by the current dollar value in the referenc e year (2012) and then dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels are conceptually the same; any differences ar e d u e to rounding. Chained-dollar values are not additive because the relative weights for a given period differ fr o m those of the reference year. In tables that display chaine d dollar values, a "residual" line shows the difference between the sum of detailed chained-dollar series an d i t s corresponding aggregate. Unlike GDP, advance current quarterly estimates of GDI and corporate profits are not released because data on domestic profits and on net interest of domestic industries are not available. For fourth quarter estimates, these d at a are not available until the third estimate. GDP by industry and gross output estimates are released with the third estimate of GDP. -8- List of GDP News Release Tables Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 2. Contributions to Percent Change in Real Gross Domestic Product Table 3. Gross Domestic Product: Level and Change from Preceding Period Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Table 5. Real Gross Domestic Product: Annual Percent Change Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income Table 8. Personal Income and Its Disposition Table 9. Corporate Profits: Level and Percent Change Table 10. Corporate Profits by Industry: Level and Change from Preceding Period Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Table 12. Real Gross Domestic Product by Industry Group: Percent Chan ge from Preceding Period Table 13. Contributions to Percent Change in Real Gross Domestic Product by Industry Group Table 14. Gross Domestic Product by Industry Group: Level and Change from Preceding Period Table 15. Price Indexes for Gross Domestic Product by Industry Group: Percent Change from Preceding Period Table 16. Real Gross Output by Industry Group: Percent Change from Preceding Period Table 17. Gross Output by Industry Group: Level and Change from Preceding Period Table 18. Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago -9- December 22, 2021 Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 2018 2019 2020 2017 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: 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 national product (GNP) Disposable personal income Current-dollar measures: GDP GDI Average of GDP and GDI Final sales of domestic product Gross domestic purchases Final sales to domestic purchasers Final sales to private domestic purchasers GNP Disposable personal income Q4 3.8 4.3 8.2 15.3 4.8 2.5 4.7 8.1 8.4 4.3 12.0 6.7 7.0 ......... ......... 9.7 14.4 1.5 10.7 15.6 -8.1 2018 Q1 3.1 2.4 1.4 3.6 0.3 2.9 8.5 6.7 10.2 20.2 5.6 9.6 -4.2 ......... ......... 1.8 1.6 2.2 2.6 4.3 -4.9 Q2 3.4 3.5 4.2 7.1 2.8 3.1 0.7 6.0 6.8 7.1 3.0 11.6 3.3 ......... ......... 5.0 11.3 -6.1 1.4 0.3 6.8 2019 Q3 1.9 2.7 2.9 3.8 2.4 2.6 9.7 0.8 2.8 -4.2 5.4 4.6 -5.8 ......... ......... -6.1 -8.7 -0.8 5.9 7.3 0.3 Q4 0.9 1.7 2.1 1.1 2.6 1.5 2.2 1.8 4.8 -12.8 10.3 11.0 -8.3 ......... ......... 0.5 1.7 -1.7 3.9 2.5 10.4 Q1 2.4 0.6 1.3 -0.7 2.4 0.3 6.4 3.7 4.7 4.4 4.4 5.4 0.1 ......... ......... 3.1 4.1 1.4 0.0 0.0 -0.1 2020 Q2 3.2 3.6 7.0 10.8 5.1 2.0 2.6 6.1 6.7 14.3 2.5 7.2 4.1 ......... ......... -2.2 -5.1 3.6 1.7 0.0 9.3 Q3 2.8 3.2 4.9 8.5 3.1 2.4 1.1 3.1 2.9 14.0 -5.1 6.0 3.6 ......... ......... -0.8 1.1 -4.5 -1.1 -1.5 0.9 Q4 1.9 1.7 1.8 5.0 0.3 1.7 -6.5 -1.1 -1.7 -8.0 -4.9 6.7 1.1 ......... ......... 1.2 -0.8 4.8 -8.5 -9.7 -3.8 Q1 -5.1 -6.9 0.3 -12.0 7.1 -10.0 -5.3 -2.3 -8.1 -0.9 -21.3 3.8 20.4 ......... ......... -16.3 -4.8 -34.8 -13.1 -7.5 -33.4 Q2 -31.2 -33.4 -10.0 -1.5 -13.9 -42.4 -48.8 -30.4 -30.3 -46.8 -36.2 -10.6 -30.7 ......... ......... -59.9 -65.0 -48.6 -53.1 -49.2 -67.6 Q3 33.8 41.4 49.5 89.0 31.8 37.5 82.1 27.5 18.7 -15.3 55.9 8.1 59.9 ......... ......... 54.5 99.0 -4.9 89.2 103.7 29.7 Line 2021 Q4 4.5 3.4 -0.3 1.1 -1.1 5.3 24.7 17.7 12.5 -8.2 26.4 10.2 34.4 ......... ......... 22.5 25.6 16.0 31.3 30.1 37.5 Q1 6.3 11.4 27.4 50.0 15.9 3.9 -2.3 13.0 12.9 5.4 14.1 15.6 13.3 ......... ......... -2.9 -1.4 -6.0 9.3 10.6 2.2 Q2 6.7 12.0 13.0 11.6 13.9 11.5 -3.9 3.3 9.2 -3.0 12.1 12.5 -11.7 ......... ......... 7.6 6.4 10.4 7.1 4.3 23.6 Q3 r 2.3 2.0 -8.8 -24.6 2.0 8.2 12.4 -0.9 1.7 -4.1 -2.3 9.1 -7.7 ......... ......... -5.3 -5.0 -5.9 4.7 -0.3 35.0 2.9 2.9 4.0 7.0 2.5 2.4 5.7 4.8 6.4 4.0 6.4 8.1 -0.6 ......... ......... 2.8 4.2 0.2 4.1 5.1 0.0 2.3 2.2 3.4 4.3 2.9 1.7 3.4 3.2 4.3 2.0 3.3 7.2 -0.9 ......... ......... -0.1 -0.1 -0.1 1.2 0.5 3.9 -3.4 -3.8 4.6 7.7 3.1 -7.5 -5.5 -2.7 -5.3 -12.5 -8.3 2.8 6.8 ......... ......... -13.6 -10.2 -19.8 -8.9 -5.6 -22.6 1.4 3.0 3.4 2.5 0.4 2.2 3.8 5.2 1.6 1.3 2.5 5.0 2.9 8.1 0.9 2.8 0.9 4.9 1.8 5.4 -1.2 4.1 6.3 1.7 0.3 2.8 1.0 -0.8 2.7 5.0 5.1 3.4 1.9 1.4 8.9 7.9 3.5 6.8 5.2 4.2 1.1 3.4 -5.0 -3.9 16.2 1.5 -0.5 -2.4 3.5 2.7 2.1 3.6 4.5 2.2 1.1 3.0 3.7 3.9 -2.1 -0.5 4.2 -2.0 0.9 22 3.5 2.4 20.6 -5.4 -3.1 11.3 -5.3 -5.1 23 6.0 -0.7 3.2 1.7 5.3 -5.8 -1.1 -1.7 24 0.0 7.4 50.1 -14.3 -14.1 40.8 -10.7 -9.5 25 2.7 4.4 -5.5 0.1 1.2 -0.1 0.2 4.9 26 2.9 2.9 2.8 3.1 3.0 2.0 2.1 2.2 2.4 2.4 -2.9 -3.2 -2.9 -3.0 -2.5 3.2 3.5 4.4 4.1 4.7 4.0 3.6 2.8 3.2 2.9 0.8 2.1 4.3 2.9 3.8 5.1 3.5 0.4 3.5 2.1 1.5 1.2 0.8 1.4 1.3 2.3 2.3 1.9 2.0 1.5 0.8 2.0 3.8 3.6 4.2 0.9 1.9 3.1 2.6 3.0 3.0 2.4 2.9 0.5 1.5 3.3 2.8 3.4 2.4 -3.6 2.1 -3.6 2.3 6.2 5.0 4.4 2.0 3.3 2.6 4.9 4.0 3.0 3.4 2.3 1.3 3.3 1.7 1.2 3.0 1.2 4.1 1.7 3.6 3.6 -1.4 3.2 2.7 2.3 1.1 -6.0 -32.8 38.4 6.2 11.8 10.1 1.4 32 1.6 -5.4 -31.9 34.8 4.9 5.9 6.5 2.9 33 2.4 3.1 48.5 -16.6 -8.3 54.7 -29.1 -4.3 34 5.4 5.4 5.4 5.2 5.5 5.4 4.1 3.8 4.0 4.1 4.0 3.9 -2.2 -1.8 -2.0 -1.6 -1.9 -1.3 6.8 6.1 6.5 7.2 7.1 7.5 5.3 6.3 5.8 5.3 5.9 5.8 7.1 4.4 5.8 7.6 6.1 6.5 3.3 6.5 4.9 2.2 4.9 3.8 3.0 3.7 3.4 2.8 3.3 3.1 3.7 3.5 3.6 3.1 2.9 2.3 5.6 3.2 4.4 6.2 5.9 6.6 4.1 2.3 3.2 4.6 3.7 4.1 3.6 4.7 4.1 4.5 2.0 2.8 5.4 5.3 5.6 3.9 -2.4 3.9 -2.4 3.8 7.5 7.5 7.4 4.7 5.9 4.8 7.7 6.5 6.7 5.8 3.8 2.7 4.7 3.3 3.3 4.7 2.0 2.9 4.1 6.7 6.0 1.3 4.3 4.1 3.4 2.5 -4.8 -33.5 43.1 7.9 16.0 16.8 3.3 -4.2 -33.0 39.8 7.0 10.4 13.1 4.1 4.3 46.1 -13.6 -6.9 60.6 -24.5 r Revised 1. Gross domestic income deflated by the implicit price deflator for gross domestic product. Source: U.S. Bureau of Economic Analysis - 10 - -0.8 -3.0 -4.6 -4.9 -4.4 -3.9 0.5 -1.7 -3.1 -3.6 -2.9 -32.7 -32.0 -27.6 -30.8 -27.3 -32.4 -33.9 -33.1 -28.6 -31.8 -28.0 24.4 19.6 6.3 29.0 11.9 6.3 25.9 3.4 9.1 37.8 6.1 7.7 29.9 5.0 10.4 4.3 5.5 8.1 6.7 8.0 5.8 4.1 0.1 3.5 1.3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 27 28 29 30 31 38.7 6.6 10.9 13.4 8.4 35 29.0 22.0 10.9 10.8 12.1 36 33.8 14.0 10.9 12.1 10.2 37 30.4 5.7 14.0 14.9 6.2 38 42.4 7.7 11.9 13.0 9.2 39 34.0 6.9 14.9 14.5 7.1 40 7.1 41 9.0 42 0.8 43 December 22, 2021 Table 2. Contributions to Percent Change in Real Gross Domestic Product 2018 2019 2020 2017 Q4 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Personal consumption expenditures Goods Durable goods Motor vehicles and parts Furnishings and durable household equipment Recreational goods and vehicles Other durable goods Nondurable goods Food and beverages purchased for off-premises consumption Clothing and footwear Gasoline and other energy goods Other nondurable goods Services Household consumption expenditures (for services) Housing and utilities Health care Transportation services Recreation services Food services and accommodations Financial services and insurance Other services Final consumption expenditures of nonprofit institutions serving households Gross output of nonprofit institutions Less: Receipts from sales of goods and services by nonprofit institutions Gross private domestic investment Fixed investment Nonresidential Structures Equipment Information processing equipment 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 2.9 2.3 -3.4 3.8 Q1 2018 Q2 Q3 3.1 3.4 1.96 1.48 -2.55 0.84 0.71 0.96 0.49 0.30 0.54 0.10 -0.03 0.08 2.88 1.64 1.70 0.30 1.03 0.26 0.43 -0.12 0.13 0.20 0.05 0.35 0.06 0.13 0.23 0.35 0.05 -0.01 0.40 0.42 0.26 0.30 0.04 0.67 0.11 0.05 -0.01 0.19 1.13 0.10 0.37 0.26 0.04 0.06 -0.07 0.11 -0.01 0.00 -0.20 -0.05 -0.04 0.25 0.33 0.35 0.06 0.78 -3.52 1.18 1.34 1.04 0.18 0.30 0.10 0.06 0.87 0.11 0.37 0.08 0.04 -3.85 1.14 0.13 0.36 -0.97 0.25 -0.59 0.20 -0.82 -0.05 0.11 0.23 0.04 0.05 1.9 Q4 0.9 Seasonally adjusted at annual rates 2019 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2.4 3.2 2.8 2.34 0.89 0.50 0.09 1.79 1.16 0.43 0.61 0.44 0.29 0.27 0.08 -0.05 0.01 -0.03 -0.37 2.37 1.42 0.73 0.19 0.11 0.20 0.09 0.40 0.10 -0.06 0.15 0.09 0.00 0.07 0.34 0.37 0.17 0.37 0.00 0.69 0.01 0.25 0.06 0.34 0.08 0.04 0.08 -0.04 0.06 0.16 -0.02 0.00 0.05 -0.04 0.02 0.00 0.20 0.17 0.28 0.38 1.45 1.18 0.72 0.14 1.9 -5.1 -31.2 Q1 4.5 6.3 2.12 0.99 0.58 0.12 1.13 -4.79 -24.10 25.51 2.26 0.35 0.04 -1.89 9.92 -0.07 0.34 -0.89 0.01 5.49 0.10 0.16 -0.80 0.12 1.89 0.06 0.09 0.28 0.08 0.41 0.07 -0.02 -0.08 0.10 0.10 0.73 0.02 -0.17 -0.76 0.01 0.93 -1.90 0.29 0.25 -0.06 1.40 0.14 0.01 0.16 -0.67 0.03 -0.04 -0.07 -0.40 0.24 0.19 -0.01 0.59 0.95 1.13 0.77 -4.83 1.15 1.29 1.11 0.37 0.73 1.06 1.12 0.10 0.20 0.04 0.33 -0.01 -0.01 0.24 0.30 0.25 0.61 -0.18 0.64 0.57 0.18 0.21 -0.06 -0.09 0.04 0.12 0.17 0.18 0.24 0.00 0.09 0.02 -0.01 0.11 -0.02 0.86 0.14 0.33 0.02 0.10 -6.24 -0.16 -1.99 -0.67 -1.02 33.8 Q4 2021 Q2 Line 2.3 1 7.44 5.69 3.50 1.36 7.92 1.35 2.99 -2.21 1.01 -2.52 0.48 -2.18 2 3 4 5 1.11 -0.12 1.07 0.01 1.42 0.14 4.43 -0.17 0.82 0.84 0.48 2.19 0.00 -0.24 0.29 -0.16 0.24 0.06 1.98 0.30 6 7 8 9 -0.18 0.25 -0.18 -0.91 2.08 0.06 -0.81 0.74 -0.15 0.00 1.36 0.11 -22.21 15.59 2.34 0.92 0.59 0.07 0.61 1.75 0.18 -0.02 10 0.66 -0.01 11 0.45 0.17 12 0.69 0.16 13 4.93 3.57 14 -23.46 17.38 0.59 0.06 -7.68 7.42 -2.98 1.12 -4.27 2.18 2.50 2.06 0.04 0.24 1.50 -0.50 0.09 0.09 0.10 0.49 5.35 0.04 1.10 0.73 0.73 15 16 17 18 19 0.12 0.19 0.11 0.12 0.16 -0.01 0.11 0.08 0.71 0.33 -0.07 0.04 0.18 0.00 -0.03 -0.16 -0.15 0.14 0.27 0.11 0.20 0.15 -0.01 -1.68 -5.59 0.00 0.11 -0.10 -0.02 0.39 0.18 -0.63 -3.50 0.09 -0.09 0.33 0.21 0.08 -0.20 0.03 0.14 0.16 0.54 0.06 0.35 -0.60 -0.11 0.39 -0.06 0.03 -0.01 0.01 -0.08 1.42 1.25 -1.78 -0.16 -0.31 -0.42 -0.07 23 0.00 0.02 -0.07 -1.58 0.84 0.66 -0.56 0.32 0.02 24 0.12 0.98 0.82 0.85 0.12 0.36 0.14 0.07 0.07 0.08 0.36 0.21 0.14 0.17 0.60 0.55 0.59 0.06 0.19 0.07 0.03 0.04 0.05 0.33 0.14 0.19 -0.53 -0.99 -0.47 -0.73 -0.39 -0.48 0.12 -0.06 -0.52 -0.02 0.14 0.15 0.02 0.10 -0.07 0.38 0.33 -0.41 0.62 0.10 0.81 1.45 0.14 1.64 0.39 1.13 0.48 1.36 1.14 1.03 0.15 0.31 0.64 1.06 1.09 1.31 0.90 0.38 0.65 0.63 0.90 0.13 0.57 0.22 -0.13 -0.42 0.13 0.42 0.67 0.32 0.18 0.31 0.57 0.25 0.15 0.28 0.20 0.02 0.12 0.02 0.16 0.09 0.10 0.08 0.03 0.05 0.11 -0.04 0.08 0.17 -0.01 -0.06 0.13 0.33 0.13 -0.13 0.12 0.06 0.18 0.01 0.11 0.00 0.12 0.29 0.42 0.51 0.21 0.49 0.25 0.34 0.17 0.24 0.26 0.12 0.19 0.05 0.11 0.11 0.16 0.23 0.07 0.28 0.21 0.22 0.01 -0.02 0.16 -0.01 0.17 -0.27 0.35 0.34 0.01 -0.62 -0.62 0.00 0.01 -0.04 0.05 -0.04 0.09 -0.18 -0.01 0.00 0.00 -0.17 -0.07 -0.11 -0.03 0.26 -0.52 0.04 -0.56 -0.29 -1.57 -0.76 -0.81 1.28 0.65 0.63 0.02 0.27 -0.54 0.01 -0.56 -0.37 1.17 1.10 0.07 -1.53 -1.78 0.24 -0.05 2.16 6.84 0.06 6.78 -3.25 4.64 4.75 -0.11 -7.89 -7.37 -0.52 0.02 1.34 1.10 -0.01 1.11 -1.65 2.07 1.59 0.49 -3.73 -3.04 -0.69 0.00 0.60 -2.62 -0.06 -2.56 -1.56 -0.30 -0.10 -0.20 -1.26 -1.21 -0.05 0.05 -0.60 -1.26 -0.07 -1.20 -0.18 0.80 0.48 0.32 -0.99 -0.51 -0.48 0.08 -0.38 2.20 -0.02 2.22 -1.26 -0.59 -0.39 -0.19 -0.68 0.04 -0.72 38 39 40 41 42 43 44 45 46 47 48 49 0.24 0.20 0.13 0.09 0.04 0.07 0.04 0.03 0.04 0.04 0.00 0.38 0.25 0.20 0.15 0.05 0.04 0.03 0.02 0.14 0.10 0.03 0.43 0.33 0.11 0.06 0.05 0.21 0.18 0.03 0.10 0.04 0.06 0.49 0.15 0.49 0.17 -0.14 0.47 0.86 0.36 0.52 0.63 0.97 -0.19 0.31 0.12 0.32 0.22 0.12 0.09 0.57 0.23 0.23 0.16 1.42 -0.32 0.20 -0.05 0.29 0.13 0.26 0.20 0.16 0.18 0.23 -0.03 0.16 0.11 0.10 -0.04 0.29 0.07 0.13 0.21 0.19 0.06 0.09 0.01 0.04 0.11 0.11 -0.01 0.01 0.07 0.13 -0.01 -0.03 0.11 0.14 -0.04 0.12 0.00 0.11 0.16 0.03 0.09 -0.14 -0.11 0.40 0.06 0.00 0.20 1.26 -0.43 0.06 0.14 -0.01 0.05 -0.14 -0.10 0.36 0.05 -0.02 0.15 1.27 -0.60 0.05 0.02 0.04 0.03 0.00 0.00 0.04 0.01 0.03 0.05 -0.01 0.17 0.18 0.03 0.17 -0.05 -0.26 0.38 0.29 0.12 0.28 0.47 -0.45 0.13 0.04 0.03 0.08 0.07 0.03 0.07 0.12 0.21 0.26 0.18 -0.38 0.20 0.15 0.00 0.09 -0.12 -0.29 0.31 0.17 -0.09 0.02 0.29 -0.06 -0.07 -0.09 -0.22 0.22 0.12 0.10 -0.44 -0.34 -0.10 0.14 -0.05 0.19 0.77 0.78 -0.25 -0.28 0.03 1.02 1.07 -0.05 -0.01 0.22 -0.23 -0.36 -0.38 -0.04 -0.09 0.05 -0.34 -0.35 0.01 0.02 0.28 -0.26 0.17 -0.35 -0.07 -0.16 0.09 -0.29 -0.33 0.04 0.52 0.60 -0.08 50 51 52 53 54 55 56 57 58 59 60 0.01 -0.17 0.31 0.00 0.31 -0.16 0.24 0.14 0.10 -0.40 -0.54 0.14 0.02 0.13 -0.89 -0.02 -0.87 0.40 0.62 0.89 -0.27 -0.22 -0.04 -0.18 0.01 -0.24 1.50 -0.05 1.55 -1.66 -0.78 -0.75 -0.03 -0.88 -0.87 -0.01 r Revised Source: U.S. Bureau of Economic Analysis - 11 - -0.01 0.22 0.54 0.40 0.42 -0.31 -0.07 0.02 -0.25 0.00 0.29 0.17 0.10 0.10 -1.18 -0.19 -0.23 -0.26 -0.29 0.04 -0.16 -0.11 -0.06 0.32 0.21 0.10 -1.48 -0.92 -0.41 -1.14 -0.02 -1.30 -0.19 -0.11 -0.90 -0.10 0.18 0.23 -0.01 0.03 0.00 0.00 0.01 0.01 -0.04 -0.34 0.00 0.15 0.14 0.04 0.73 0.08 0.49 -0.57 -0.32 -0.99 -0.51 -0.05 -0.14 0.04 0.03 0.08 0.03 0.13 0.63 -0.62 -0.35 -1.07 -0.54 -0.51 0.39 -0.50 0.07 1.43 -0.05 0.05 0.36 -0.26 -0.08 0.17 -1.95 0.13 0.31 -0.41 0.10 -0.04 -0.32 -0.08 0.05 0.15 -0.18 0.21 -1.63 -0.57 0.02 -0.24 0.15 1.26 1.90 -0.29 0.01 0.01 0.19 1.16 0.85 -0.27 0.01 -0.25 -0.03 0.10 1.05 1.13 2.25 0.27 -0.17 0.34 0.67 3.64 0.19 0.53 0.77 0.52 0.13 0.10 -1.04 0.08 -0.06 0.02 0.20 0.24 -0.57 0.19 0.12 4.40 -0.19 0.43 0.33 1.77 0.62 6.7 Q3 r 0.55 20 0.22 21 0.85 22 -2.83 2.62 0.82 -0.25 0.74 0.09 25 -9.64 11.71 4.01 -0.37 -0.65 2.05 26 -5.63 4.88 2.92 2.25 0.61 -0.16 27 -4.28 2.72 1.57 1.65 1.21 0.22 28 -1.77 -0.46 -0.22 0.14 -0.08 -0.11 29 -1.99 2.73 1.29 0.75 0.66 -0.13 30 0.38 0.75 0.31 0.49 -0.17 -0.03 31 -0.24 0.26 0.21 0.08 0.35 0.08 32 -1.77 1.03 0.61 0.08 0.43 -0.18 33 -0.37 0.69 0.17 0.10 0.04 -0.01 34 -0.51 0.45 0.50 0.76 0.62 0.46 35 -0.07 0.22 0.21 0.52 0.29 0.20 36 -0.34 0.28 0.27 0.25 0.28 0.18 37 -0.10 -1.36 -4.01 0.10 -4.11 1.53 -8.34 -6.24 -2.09 9.87 7.27 2.59 December 22, 2021 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues Billions of dollars Line Gross domestic product (GDP) 1 2 Personal consumption expenditures Goods 3 Durable goods 4 Motor vehicles and parts 5 6 Furnishings and durable household equipment Recreational goods and 7 vehicles Other durable goods 8 Nondurable goods 9 Food and beverages purchased 10 for off-premises consumption Clothing and footwear 11 12 Gasoline and other energy goods Other nondurable goods 13 14 Services Household consumption 15 expenditures (for services) Housing and utilities 16 Health care 17 Transportation services 18 Recreation services 19 Food services and 20 accommodations Financial services and 21 insurance Other services 22 Final consumption expenditures of 23 nonprofit institutions serving households Gross output of nonprofit 24 institutions 25 Less: Receipts from sales of goods and services by nonprofit institutions 26 Gross private domestic investment 27 Fixed investment Nonresidential 28 Structures 29 Equipment 30 31 Information processing equipment Industrial equipment 32 Transportation equipment 33 Other equipment 34 Intellectual property products 35 Software 36 Research and development 37 38 Entertainment, literary, and artistic originals Residential 39 40 Change in private inventories Farm 41 Nonfarm 42 Billions of chained (2012) dollars Seasonally adjusted at annual rates 2020 20,893.7 14,047.6 4,653.8 1,616.4 541.3 Seasonally adjusted at annual rates 2020 2020 2021 2020 2021 Q3 r Q3 r Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 21,138.6 21,477.6 22,038.2 22,741.0 23,202.3 18,384.7 18,560.8 18,767.8 19,055.7 19,368.3 19,478.9 14,293.8 14,467.6 15,005.4 15,681.7 15,964.9 12,629.9 12,820.8 12,927.9 13,282.7 13,665.6 13,732.4 4,867.2 4,867.3 5,245.0 5,529.8 5,500.1 4,942.5 5,158.9 5,155.0 5,476.6 5,646.7 5,518.3 1,753.3 1,759.2 1,957.8 2,092.2 1,995.2 1,884.3 2,030.6 2,036.4 2,253.5 2,316.2 2,158.5 595.8 602.1 674.9 758.1 667.9 542.0 586.8 589.7 661.2 686.1 576.0 390.4 419.3 415.4 461.9 473.7 468.7 444.4 474.3 467.4 517.0 517.1 476.2 208.5 3,037.4 509.5 228.8 3,113.9 508.7 233.1 3,108.1 559.4 261.7 3,287.2 580.8 279.6 3,437.6 575.0 283.6 3,505.0 678.5 251.8 3,080.5 726.8 276.6 3,159.9 727.7 285.7 3,151.1 792.2 317.0 3,269.3 1,146.7 362.4 246.8 1,281.5 9,393.7 1,159.5 394.2 245.4 1,314.7 9,426.6 1,150.0 395.6 247.9 1,314.6 9,600.4 1,201.5 1,223.4 1,245.3 436.8 477.0 479.7 300.3 345.5 376.2 1,348.5 1,391.9 1,403.7 9,760.4 10,151.9 10,464.8 1,062.0 390.2 386.3 1,196.4 7,808.5 1,066.8 428.6 401.2 1,223.8 7,815.2 1,057.9 431.8 388.3 1,229.0 7,917.0 8,872.9 2,668.1 2,308.4 363.4 416.5 8,932.1 2,682.6 2,369.2 342.5 405.7 9,109.0 2,699.7 2,457.2 352.8 415.0 9,281.7 2,727.2 2,464.2 356.8 442.5 9,684.8 2,753.4 2,534.4 417.3 490.5 9,984.4 2,792.6 2,574.5 467.8 525.9 7,393.5 2,124.3 2,051.8 337.1 353.6 7,422.8 2,130.7 2,094.5 321.2 344.3 801.5 829.8 826.1 888.3 1,028.7 1,083.1 663.2 1,196.3 1,118.5 1,200.5 1,102.0 1,222.0 1,136.1 1,244.9 1,157.8 1,256.4 1,204.0 1,276.3 1,264.1 520.9 494.6 491.4 478.7 467.1 1,644.8 1,640.2 1,685.5 1,672.7 1,123.9 3,637.8 3,697.4 2,799.6 597.2 1,123.9 1,145.6 3,708.8 3,693.8 2,776.6 563.5 1,135.5 1,194.1 3,923.2 3,865.9 2,862.7 552.3 1,197.5 413.9 241.7 206.0 262.3 1,078.5 453.4 537.7 432.2 241.5 191.2 270.7 1,077.6 453.6 539.9 87.4 897.8 -59.6 -6.0 -53.6 84.1 917.2 15.0 -3.6 18.6 502.3 Change from preceding period Line 2021 2020 Q3 r Q2 -648.0 312.7 110.6 1 -496.4 382.9 66.8 2 219.5 170.1 -128.4 3 134.6 62.7 -157.7 4 17.1 24.9 -110.1 5 31.2 0.1 -14.8 6 814.7 332.6 3,377.2 801.7 104.3 336.7 -3.7 3,394.0 92.4 22.5 15.6 107.9 -13.0 4.1 16.8 7 8 9 1,103.3 466.2 393.7 1,259.6 7,993.4 1,112.1 505.2 425.5 1,294.9 8,214.3 1,111.2 74.9 504.3 -16.5 437.1 -61.3 1,303.6 65.8 8,378.5 -635.2 8.8 39.0 31.7 35.3 220.8 -0.9 -0.9 11.6 8.7 164.3 10 11 12 13 14 7,531.9 2,132.5 2,164.4 325.8 349.0 7,622.4 2,142.4 2,140.7 330.1 371.1 7,863.1 2,143.9 2,193.6 366.5 404.6 8,031.4 2,152.5 2,219.8 405.2 428.9 -697.3 22.0 -188.5 -117.3 -152.1 240.7 1.5 52.9 36.4 33.5 168.3 8.6 26.2 38.7 24.3 15 16 17 18 19 684.3 676.1 725.9 826.4 851.6 -186.5 100.6 25.2 20 851.6 1,004.0 852.4 986.3 864.7 1,015.5 874.7 1,031.8 867.9 1,064.4 876.6 2.3 1,107.2 -110.3 -6.8 32.6 8.7 21 42.8 22 480.4 411.4 389.8 383.2 370.1 352.2 57.3 -18.0 -3.1 23 1,708.5 1,733.1 1,369.3 1,359.3 1,388.1 1,363.0 1,377.4 1,378.4 -36.1 14.4 1.0 24 1,194.0 3,928.0 4,022.2 2,956.7 565.0 1,244.5 1,241.5 3,925.1 4,099.4 3,029.2 572.8 1,270.4 1,252.7 4,099.6 4,159.8 3,073.9 581.9 1,277.2 954.2 3,316.2 3,329.4 2,671.1 494.2 1,154.0 967.0 3,371.0 3,318.5 2,646.9 466.0 1,166.6 1,003.6 3,561.9 3,456.6 2,726.2 456.1 1,237.1 992.1 3,541.3 3,564.1 2,810.4 462.1 1,278.5 1,026.3 3,506.0 3,593.0 2,873.1 458.6 1,315.7 1,030.7 3,609.7 3,585.0 2,884.8 453.8 1,307.9 -98.8 -194.4 -91.9 -150.9 -70.8 -104.8 34.2 -35.3 28.9 62.7 -3.5 37.2 4.5 103.7 -7.9 11.8 -4.8 -7.8 25 26 27 28 29 30 447.3 253.4 217.1 279.7 1,112.9 466.0 561.3 472.1 260.8 225.4 286.3 1,147.2 484.2 576.3 461.9 284.7 231.2 292.6 1,186.0 501.3 594.5 461.4 294.9 222.3 298.6 1,214.9 511.7 607.2 523.0 228.8 191.3 240.2 1,031.3 502.3 458.8 545.9 228.5 178.5 247.7 1,027.7 503.5 457.1 566.5 238.8 208.7 256.1 1,053.0 516.1 469.0 600.1 243.0 212.6 260.8 1,091.9 547.1 480.1 588.1 260.9 236.1 262.9 1,124.6 565.5 493.0 586.1 33.4 265.1 -11.8 225.8 -103.7 262.5 -3.9 1,149.3 28.4 578.2 34.5 501.6 4.0 -12.0 17.9 23.5 2.1 32.7 18.4 12.9 -2.0 4.2 -10.3 -0.4 24.7 12.7 8.6 31 32 33 34 35 36 37 85.6 1,003.2 57.3 -2.2 59.4 86.7 1,065.5 -94.2 -3.3 -90.9 90.2 1,070.2 -174.3 -4.6 -169.7 95.9 1,085.9 -60.2 -5.1 -55.1 79.6 648.0 -42.3 -7.7 -35.3 77.0 657.8 25.3 -2.1 26.4 78.0 708.2 88.8 -3.9 90.2 78.0 730.6 -88.3 -15.7 -74.4 80.3 708.2 -168.5 -22.7 -147.7 84.2 -5.9 694.2 41.3 -66.8 -117.4 -24.3 9.5 -46.5 -124.3 2.3 -22.4 -80.2 -7.0 -73.3 3.9 -14.1 101.7 -1.6 101.2 38 39 40 41 42 349.1 r Revised 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. Source: U.S. Bureau of Economic Analysis - 12 - December 22, 2021 Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends Billions of dollars Line 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 Billions of chained (2012) dollars Seasonally adjusted at annual rates 2020 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 Residual 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 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 -651.2 2,123.4 1,416.6 706.8 2,774.6 2,309.2 465.4 Q3 -725.7 2,079.6 1,413.0 666.6 2,805.3 2,368.8 436.5 Q4 -798.4 2,220.7 1,520.8 699.9 3,019.1 2,540.8 478.3 Q1 -872.5 2,311.9 1,607.5 704.4 3,184.5 2,698.1 486.4 2021 Q2 -881.7 2,461.5 1,726.8 734.8 3,343.2 2,819.0 524.2 3,859.5 1,501.8 881.3 700.5 180.9 3,861.7 1,515.1 883.9 703.0 180.8 3,885.3 1,512.3 900.8 713.5 187.3 3,977.3 1,568.6 897.1 707.4 189.7 4,015.9 1,563.3 904.1 710.0 194.1 2020 Line Q3 r -947.0 2,485.2 1,750.7 734.6 3,432.3 2,857.4 574.8 Q3 Q4 Q1 -942.7 -1,021.3 -1,132.8 -1,226.1 2,207.6 2,166.3 2,279.0 2,262.3 1,606.8 1,608.7 1,703.1 1,696.9 617.2 581.4 603.4 594.1 3,150.3 3,187.5 3,411.8 3,488.4 2,750.2 2,823.3 3,015.4 3,092.7 423.8 397.7 430.7 433.0 4,084.9 1,562.0 910.9 710.3 200.6 3,360.2 1,340.7 800.9 631.3 170.1 3,360.2 1,349.6 801.6 632.2 169.9 3,356.0 1,338.8 812.0 637.9 174.7 3,390.9 1,375.2 799.9 624.6 176.1 3,373.8 1,356.7 797.8 620.1 178.6 3,381.6 1,339.1 794.3 612.4 183.1 7.8 -17.6 -3.5 -7.7 4.5 50 51 52 53 54 620.5 631.3 611.5 671.6 659.2 651.1 461.0 466.4 450.6 512.6 498.1 485.8 159.5 164.8 160.9 159.0 161.1 165.3 2,357.8 2,346.5 2,373.0 2,408.7 2,452.6 2,522.9 1,916.5 1,909.9 1,924.7 1,966.5 2,015.3 2,080.6 441.2 436.6 448.3 442.2 437.3 442.3 ............... ............... ............... ............... ............... ............... 539.0 394.3 145.0 2,019.9 1,642.5 377.4 -101.2 547.0 397.9 149.5 2,011.4 1,639.2 372.2 -146.6 526.7 382.3 144.8 2,017.6 1,636.7 380.9 -123.8 573.7 431.0 142.2 2,017.1 1,646.7 370.3 -121.4 557.7 414.6 142.9 2,017.9 1,659.7 358.2 -148.2 543.9 40.3 -16.0 -13.8 399.2 34.1 -16.4 -15.4 144.9 5.9 0.7 2.0 2,042.1 18.4 0.8 24.3 1,687.5 7.0 12.9 27.9 354.6 11.4 -12.1 -3.5 -132.9 .......... .............. .............. 55 56 57 58 59 60 61 18,534.8 18,459.7 18,395.9 19,306.6 19,319.8 15,959.0 18,358.8 18,459.8 18,508.0 19,551.0 19,498.9 16,139.0 19,200.3 18,984.0 18,664.8 19,841.7 19,738.3 16,384.1 19,496.4 19,276.0 19,076.1 20,211.1 20,233.6 16,846.3 19,701.9 19,535.1 19,449.3 20,540.9 20,625.1 17,258.3 281.7 196.1 4.2 175.5 66.6 59.0 20,893.7 21,138.6 21,477.6 22,038.2 22,741.0 23,202.3 18,384.7 18,560.8 18,767.8 19,055.7 19,368.3 19,478.9 -648.0 312.7 110.6 68 1,009.1 -161.5 12.9 47.9 69 770.6 769.2 792.5 846.7 882.0 916.4 686.7 683.9 702.5 742.4 762.1 781 -119.5 21,116.1 21,365.4 21,728.2 22,273.1 22,971.4 23,470 18,582.3 18,762.5 18,987.9 19,262.1 19,568.1 19,707.3 -689.6 17,317.8 17,547.5 17,838.2 18,342.3 18,953.1 19,306.5 15,168.1 15,337.3 15,520.3 15,780.6 16,063.6 16,147.0 -728.8 19.7 306.0 283.0 18.9 70 139.2 71 83.4 72 1,043.2 22,547.9 22,293.1 22,132.5 22,910.8 23,005.0 19,027.7 1,081.6 23,132.7 22,936.8 22,915.3 23,622.6 23,797.0 19,781.1 -17.2 -18.5 -2.1 -4.5 2.5 205.6 259.1 373.2 329.8 391.6 412.0 996.1 21,972.6 21,725.1 21,420.3 22,276.0 22,218.8 18,333.5 80.7 63.4 22.4 11.7 11.0 43 44 45 46 47 48 49 -559.9 -604.0 -548.5 -603.4 -502.3 -588.3 992.9 20,908.5 21,023.6 21,123.6 21,864.3 21,849.3 17,987.6 2020 Change from preceding period 2021 2020 Q3 r Q2 -37.4 -18.4 -72.0 -346.4 41.8 -31.1 -181.7 26.6 -22.1 -152.4 14.9 -9.2 -309.0 60.3 40.9 -164.4 32.8 -2.7 -123.6 23.6 35.6 2021 Q3 r Q2 -1,244.5 -1,316.6 2,304.2 2,273.0 1,723.5 1,701.3 609.0 599.8 3,548.7 3,589.6 3,125.5 3,122.8 456.6 492.2 21,064.3 20,979.0 20,953.3 21,544.9 21,604.5 17,745.0 2020 Seasonally adjusted at annual rates 23,803.5 23,502.9 23,262.5 24,149.4 24,209.6 20,124.7 1,112.4 1,184.1 883.7 885.0 922.3 948.3 961.2 19,983.6 19,731.2 19,453.4 20,716.4 20,691.8 17,317.3 62 63 64 65 66 67 r Revised 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. Source: U.S. Bureau of Economic Analysis - 13 - December 22, 2021 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period Seasonally adjusted at annual rates 2018 2019 2020 2017 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 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 national product (GNP) 2.4 1.8 1.3 2.1 1.5 1.2 0.7 -0.5 -0.7 -1.7 -1.2 -0.8 1.9 -0.1 -0.7 2.8 2.4 2.1 1.9 1.6 1.2 1.9 1.6 1.2 0.8 1.3 0.6 1.6 4.1 1.5 0.1 0.1 -0.4 1.1 0.9 1.4 5.6 2.9 3.3 ......... ......... ......... ......... ......... ......... 3.4 -0.5 -2.5 3.6 -1.6 -4.0 3.0 1.7 0.4 2.8 -1.6 -2.2 2.8 -2.1 -2.8 3.1 0.9 0.5 2018 2019 2020 Line 2021 r Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2.7 2.4 3.1 1.8 2.0 1.1 2.3 1.4 1.5 1.6 -1.5 3.6 2.2 4.3 6.1 6.0 1 2.7 2.7 2.4 1.3 1.6 0.4 2.7 1.1 1.7 1.3 -1.6 3.7 1.5 3.8 6.5 5.3 2 1.9 1.9 1.0 -1.1 -0.6 -1.9 2.0 -1.8 0.7 -1.1 -5.6 4.9 0.3 5.9 9.3 7.3 3 -2.0 -1.2 -0.8 -1.8 -1.2 -0.5 -0.6 -2.2 -2.7 -1.5 -2.9 7.6 0.2 2.3 16.8 9.7 4 4.0 3.6 2.0 -0.8 -0.4 -2.5 3.4 -1.5 2.5 -0.9 -6.9 3.5 0.4 8.0 5.0 5.9 5 3.1 3.0 3.0 2.5 2.7 1.5 3.1 2.5 2.2 2.4 0.4 3.1 2.1 2.8 5.0 4.3 6 1.1 2.2 2.5 1.8 1.2 2.3 1.8 0.8 0.0 1.8 0.3 2.8 1.9 2.8 2.9 6.1 7 1.0 2.3 2.6 1.8 1.3 2.3 1.7 0.9 0.1 1.5 1.3 2.2 1.9 3.7 4.5 7.0 8 0.5 0.4 1.3 1.3 0.9 2.3 1.7 0.2 -0.6 1.3 1.5 0.1 0.4 0.8 0.9 4.3 9 0.1 -0.4 2.2 2.2 6.3 4.6 4.8 2.5 2.1 1.9 -0.6 1.0 0.5 3.9 8.9 11.1 10 0.5 -0.5 0.2 1.5 -0.4 0.9 -0.2 -1.2 -0.6 0.7 0.0 -1.7 -2.2 2.2 -3.2 4.6 11 0.7 1.9 2.0 0.3 -0.8 2.4 1.9 0.6 -2.3 1.6 4.3 1.6 3.2 -2.3 1.5 0.9 12 3.0 9.1 7.0 3.8 2.4 2.4 2.0 3.2 2.4 2.4 0.9 9.3 6.5 12.4 15.3 14.8 13 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14 ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15 5.4 3.6 5.3 0.9 -1.6 -3.5 3.7 -2.4 -1.5 -2.1 -17.5 13.4 6.2 21.0 19.4 9.7 16 5.5 3.9 6.2 0.6 -3.1 -5.2 2.7 -4.2 -1.4 -4.2 -21.9 16.2 6.9 26.7 25.1 11.3 17 5.2 3.0 3.6 1.5 1.3 -0.2 5.5 1.1 -1.6 2.5 -8.7 8.5 4.7 9.2 7.2 6.1 18 4.9 6.5 1.6 0.6 -2.5 -4.6 2.8 -3.8 -2.0 -1.1 -11.9 8.0 2.2 13.3 13.4 6.1 19 5.4 7.0 1.5 0.3 -3.2 -5.7 3.0 -4.7 -2.7 -1.5 -13.4 8.7 1.8 14.9 14.2 5.9 20 2.7 4.2 2.3 2.0 0.3 0.3 1.7 0.0 1.0 0.6 -4.1 4.5 4.9 4.6 9.2 7.0 21 3.7 2.9 2.7 3.2 1.7 1.8 1.6 2.2 1.4 1.1 1.1 1.2 4.2 3.0 2.8 3.2 4.5 3.9 3.9 3.8 3.9 3.0 3.1 2.8 3.2 2.3 2.3 2.4 2.7 3.2 1.8 5.3 0.9 4.3 1.3 8.8 0.8 -2.8 1.1 -8.3 1.0 1.3 1.3 1.4 1.3 1.4 1.4 1.5 2.8 1.2 0.9 1.7 -0.9 0.2 -1.3 2.2 2.4 3.0 3.6 2.2 3.0 2.5 2.5 2.5 5.4 4.0 4.4 3.3 6.1 4.1 4.3 3.9 6.1 5.0 4.9 5.2 4.1 1.7 1.6 4.9 4.8 4.5 3.7 2.4 -1.0 3.1 0.8 1.2 3.8 -1.5 2.0 3.3 6.3 7.3 6.7 26 2.4 2.3 2.4 1.8 1.5 1.5 1.3 1.2 1.2 2.7 2.7 2.7 2.4 2.9 2.9 3.1 2.6 2.7 1.8 1.7 1.7 2.0 1.7 1.7 1.1 0.8 0.8 2.3 2.2 2.2 1.4 1.0 1.1 1.5 1.3 1.4 1.5 1.6 1.6 -1.3 -1.2 -1.0 3.5 3.3 3.2 2.2 1.8 1.8 4.5 3.9 4.1 6.3 5.8 6.0 6.1 27 5.6 28 5.7 29 2.1 2.4 2.4 1.5 1.8 1.9 1.2 1.3 1.5 2.4 2.7 2.5 2.6 2.4 2.8 2.4 3.1 3.1 1.4 1.8 1.9 1.6 2.0 2.1 0.8 1.1 1.5 2.5 2.3 2.5 1.1 1.4 1.6 1.4 1.5 1.2 1.3 1.6 2.1 -1.0 -1.5 -0.8 3.4 3.6 3.2 1.6 2.2 1.9 3.8 4.3 3.4 6.0 6.1 5.8 5.7 30 6.0 31 5.3 32 food and energy 1 PCE excluding food and energy 1 Market-based PCE 2 Market-based PCE excluding food and 2.3 2.0 1.8 1.7 1.7 1.3 1.4 1.4 1.1 2.2 2.0 2.5 2.8 2.4 2.2 2.7 2.4 2.3 1.8 1.4 1.0 1.9 1.9 1.3 1.3 1.1 0.7 1.9 2.3 2.3 1.5 1.8 0.7 1.1 1.4 1.7 1.9 1.7 1.1 -0.4 -0.8 -1.0 3.1 3.5 2.8 1.7 1.2 1.3 3.2 2.7 3.9 5.6 6.1 5.8 5.1 33 4.6 34 5.3 35 energy 1,2 1.6 1.5 1.3 1.7 1.9 2.3 1.0 1.6 1.6 1.8 1.4 1.2 1.6 0.2 2.5 1.0 2.5 5.3 4.3 36 Implicit price deflators: GDP Gross domestic purchases GNP 2.4 2.3 2.4 1.8 1.6 1.8 1.2 1.1 1.2 2.9 2.9 2.9 2.2 2.6 2.2 3.6 3.1 3.6 1.3 1.3 1.3 2.1 1.9 2.1 1.2 0.9 1.2 2.3 2.2 2.3 1.3 1.0 1.3 1.6 1.5 1.6 1.3 1.3 1.3 -1.7 -1.4 -1.7 3.7 3.3 3.7 1.9 1.6 2.0 4.3 3.9 4.3 6.2 5.9 6.2 5.9 37 5.6 38 5.9 39 GDP excluding food and energy 1 Gross domestic purchases excluding 22 23 24 25 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. Source: U.S. Bureau of Economic Analysis - 14 - December 22, 2021 Table 5. Real Gross Domestic Product: Annual Percent Change 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 Gross domestic product (GDP) Personal consumption expenditures (PCE) 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: 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 national product Real disposable personal income Price indexes: Gross domestic purchases Gross domestic purchases excluding food and energy 2 GDP GDP excluding food and energy 2 PCE PCE excluding food and energy 2 Market-based PCE 3 Market-based PCE excluding food and energy 2,3 2013 1.8 1.5 3.1 6.1 1.8 0.7 6.9 5.6 4.1 1.3 4.7 5.4 12.4 .......... .......... 3.0 2.9 3.0 1.2 2.0 -2.5 Percent change from preceding year 2014 2015 2016 2017 2018 2019 2.3 2.7 1.7 2.3 2.9 2.3 2.7 3.3 2.5 2.4 2.9 2.2 4.1 4.8 3.4 3.9 4.0 3.4 7.2 7.6 5.4 6.3 7.0 4.3 2.6 3.4 2.5 2.7 2.5 2.9 2.0 2.6 2.0 1.8 2.4 1.7 5.6 5.5 -1.0 4.0 5.7 3.4 6.6 3.8 2.1 4.1 4.8 3.2 7.2 2.3 0.9 4.1 6.4 4.3 11.0 -0.9 -4.3 4.2 4.0 2.0 7.0 3.0 -1.8 2.8 6.4 3.3 4.8 3.8 8.8 5.7 8.1 7.2 3.8 10.2 6.6 4.0 -0.6 -0.9 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 3.9 0.3 0.4 4.1 2.8 -0.1 4.5 -0.4 0.6 4.1 4.2 -0.1 2.7 1.5 0.0 4.0 0.2 -0.1 5.2 5.2 1.5 4.4 4.1 1.2 5.6 5.8 1.1 4.5 5.1 0.5 3.2 2.5 3.0 4.3 0.0 3.9 2020 2013 -3.4 2.5 -3.8 1.9 4.6 3.5 7.7 5.0 3.1 2.8 -7.5 1.1 -5.5 9.3 -2.7 5.7 -5.3 5.4 -12.5 6.7 -8.3 5.4 2.8 4.5 6.8 7.1 .......... .......... .......... .......... -13.6 5.2 -10.2 6.8 -19.8 1.9 -8.9 2.9 -5.6 3.7 -22.6 -1.1 Percent change from fourth quarter to fourth quarter one year ago 2014 2015 2016 2017 2018 2019 2.6 1.9 2.0 2.7 2.3 2.6 3.5 2.6 2.3 2.8 2.6 2.3 5.0 3.8 3.4 5.1 2.7 3.7 9.2 6.0 6.3 7.9 3.9 5.8 3.2 2.8 2.0 3.7 2.0 2.7 2.7 2.1 1.8 1.8 2.5 1.6 5.3 2.3 1.8 4.2 5.2 0.8 7.0 1.7 2.8 4.7 3.8 2.9 6.9 -0.1 2.5 4.7 6.1 3.1 9.3 -7.3 3.6 0.0 1.8 5.8 5.6 1.5 -2.2 6.4 6.0 -0.9 6.9 3.3 8.4 5.8 9.2 6.3 7.7 9.2 4.0 4.5 -3.9 2.2 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 2.4 -1.5 1.3 5.9 0.2 0.3 2.7 -2.8 2.4 6.0 1.2 -0.2 1.9 1.2 -0.7 5.7 -1.6 1.3 6.5 3.3 2.2 5.1 3.4 -2.0 7.0 3.3 2.6 5.5 3.5 -2.9 4.3 3.1 0.3 3.5 3.0 1.5 Line 2020 -2.3 -2.4 7.7 13.5 4.7 -6.9 2.4 0.5 -3.8 -20.0 -0.3 2.5 15.7 .......... .......... -10.7 -4.5 -22.0 0.3 5.7 -21.3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 -2.4 -5.5 -6.7 -3.5 -0.3 -0.9 -2.6 -4.1 0.0 0.2 1.8 0.0 -2.1 3.3 3.0 2.0 0.5 -0.6 2.1 2.8 0.5 0.3 0.9 -0.5 0.6 1.4 3.0 3.4 2.5 0.4 2.2 3.8 5.2 1.6 1.3 2.5 5.0 2.9 8.1 0.9 -2.4 -6.1 -6.5 -5.4 0.2 0.3 -1.0 -3.4 2.8 1.2 2.2 1.2 -0.4 3.7 2.8 1.6 0.1 -0.6 1.1 2.5 0.7 1.3 2.2 0.0 0.4 1.0 3.0 4.2 1.4 -0.3 3.2 4.3 5.0 3.4 2.5 1.2 3.1 2.3 4.4 0.0 22 23 24 25 26 1.4 1.6 1.6 1.6 1.4 2.2 1.8 -1.2 3.1 2.7 2.4 2.5 2.7 3.5 2.3 3.8 2.5 2.6 2.4 3.4 3.1 3.4 2.6 4.0 0.9 1.3 2.2 1.8 2.3 2.4 1.7 1.8 2.4 2.3 2.3 2.4 2.4 2.8 2.5 2.8 2.9 2.9 2.8 3.1 3.0 3.3 2.8 3.4 2.0 2.1 2.2 2.4 2.4 2.4 2.1 2.3 -2.9 -3.2 -2.9 -3.0 -2.5 -3.6 -3.6 6.2 1.3 1.9 1.9 2.2 1.7 2.6 2.5 -2.6 4.0 3.3 2.8 3.2 3.5 4.2 2.4 5.2 1.2 1.5 1.8 2.5 2.4 2.5 1.9 2.8 1.2 1.6 2.2 2.1 2.3 2.4 2.2 1.6 2.9 2.8 2.8 2.7 2.8 3.2 3.0 3.1 2.9 2.6 2.1 2.7 2.5 2.8 2.0 3.7 1.8 2.2 2.9 2.2 2.5 2.4 2.4 1.7 -0.2 -1.2 -2.6 -1.0 -1.3 -1.8 -2.3 4.0 27 28 29 30 31 32 33 34 1.5 1.7 0.3 0.7 1.9 2.3 1.5 1.2 1.5 1.3 0.1 1.3 2.0 2.2 1.4 1.4 35 1.6 1.8 1.8 1.4 1.5 1.0 1.8 1.9 2.0 1.5 1.6 1.1 1.0 1.0 1.2 0.2 1.3 -0.1 1.1 1.0 1.3 1.0 1.6 0.7 1.8 1.9 1.9 1.8 1.7 1.5 2.3 2.4 2.4 2.1 2.0 1.8 1.7 1.8 1.9 1.5 1.7 1.3 1.4 1.3 1.5 1.2 1.4 1.1 1.7 1.8 2.0 1.3 1.6 0.8 1.6 1.5 1.7 1.2 1.5 0.7 0.7 0.8 1.0 0.2 1.1 0.0 1.5 1.5 1.7 1.5 1.8 1.2 1.9 2.1 2.0 1.9 1.7 1.5 2.3 2.3 2.5 2.0 2.0 1.7 1.4 1.6 1.7 1.5 1.6 1.3 1.5 1.5 1.6 1.2 1.4 1.0 1.2 1.1 1.0 1.3 1.2 1.6 1.5 1.3 1.1 1.1 1.1 1.4 1.2 1.7 1.5 1.3 42 36 37 38 39 40 41 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. Note. Estimates under the Percent change from the preceding year columns are calculated from annual data. Estimates under the Percent change from fourth quarter to fourth quarter columns are calculated from fourth quarter values relative to the same quarter one year prior. Source: U.S. Bureau of Economic Analysis - 15 - December 22, 2021 Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago 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 Gross domestic product (GDP) Personal consumption expenditures (PCE) 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: 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 national product Real disposable personal income Price indexes: Gross domestic purchases Gross domestic purchases excluding food and energy 2 GDP GDP excluding food and energy 2 PCE PCE excluding food and energy 2 Market-based PCE 3 Market-based PCE excluding food and energy 2,3 2017 Q4 2.7 2.8 5.1 7.9 3.7 1.8 4.2 4.7 4.7 0.0 6.4 5.8 4.5 ......... ......... 5.9 6.0 5.7 5.1 5.5 3.5 Q1 3.0 2.7 4.6 8.1 2.8 1.9 6.6 4.8 5.9 2.9 7.3 6.3 0.8 ......... ......... 3.9 4.3 3.1 4.3 5.4 -0.6 2018 Q2 Q3 3.3 3.1 3.1 3.2 4.5 4.2 8.8 7.3 2.4 2.6 2.5 2.8 5.0 5.9 5.3 5.4 6.6 7.0 4.7 6.5 5.9 6.4 8.8 8.1 0.9 -0.1 ......... ......... ......... ......... 4.8 2.4 7.2 4.2 0.3 -0.8 3.6 5.1 4.6 6.7 -0.8 -1.7 0.7 1.3 2.2 0.0 0.4 1.1 2.5 2.8 1.9 0.4 1.5 2.9 2.7 3.2 0.8 1.9 1.0 1.4 3.8 3.0 2.9 3.8 4.2 5.8 3.7 1.4 -1.2 0.8 -0.3 0.5 2.0 3.9 4.9 2.3 0.8 2.2 3.9 5.2 2.0 1.2 3.2 4.3 5.0 3.4 2.5 3.4 3.2 4.6 7.3 3.5 3.2 6.3 13.3 2.7 0.6 2.1 4.9 2.5 8.4 0.4 1.2 1.3 -0.1 0.6 22 3.1 5.3 -0.9 -0.8 23 2.3 1.0 0.0 -0.9 24 4.4 11.7 -1.9 -0.6 25 0.0 -1.1 0.3 1.5 26 2.9 2.8 2.8 2.7 2.8 3.2 3.0 3.1 3.1 3.0 2.7 3.1 2.8 3.1 3.2 3.3 2.5 2.9 3.3 3.2 3.2 3.6 3.4 3.2 3.3 3.2 3.0 3.4 3.3 3.6 2.8 3.4 2.9 2.6 2.1 2.7 2.5 2.8 2.0 3.7 2.4 2.3 1.9 2.4 2.1 2.3 1.8 3.3 2.4 2.3 1.7 2.6 2.3 2.3 1.9 2.1 1.4 1.9 2.4 2.4 2.5 2.5 2.3 1.9 1.8 2.2 2.9 2.2 2.5 2.4 2.4 1.7 1.0 0.8 1.3 0.4 1.0 0.5 0.5 1.6 -8.7 -8.9 -7.5 -9.2 -7.7 -9.9 -9.5 12.5 -3.8 -3.4 -2.7 -2.3 -2.2 -3.0 -3.1 6.9 -0.2 1.6 -1.2 1.1 -2.6 0.7 -1.0 2.1 -1.3 2.3 -1.8 2.5 -2.3 0.5 4.0 15.1 2.0 2.2 2.5 2.5 2.2 1.7 1.6 1.5 1.4 1.6 0.7 1.3 1.4 2.0 3.7 4.3 35 1.9 2.1 2.0 1.9 1.7 1.5 2.1 2.2 2.2 2.0 1.9 1.5 2.4 2.6 2.5 2.3 2.1 2.0 2.4 2.5 2.6 2.3 2.1 2.0 2.3 2.3 2.5 2.0 2.0 1.7 1.9 2.0 2.1 1.4 1.7 1.3 1.7 1.8 2.0 1.5 1.7 1.3 1.6 1.7 1.9 1.5 1.8 1.2 1.4 1.6 1.7 1.5 1.6 1.3 1.6 1.7 1.8 1.7 1.8 1.4 1.0 0.7 1.0 0.6 1.0 0.6 1.4 1.3 1.4 1.2 1.5 1.1 1.5 1.5 1.6 1.2 1.4 1.0 1.9 2.1 1.9 1.8 1.7 1.8 3.4 4.1 3.6 3.9 3.4 3.5 3.9 4.6 4.1 4.3 3.6 4.1 1.2 1.3 1.7 1.7 1.7 1.6 1.5 1.6 1.5 1.5 1.1 1.4 1.3 1.5 2.8 3.3 42 Q4 2.3 2.6 2.7 3.9 2.0 2.5 5.2 3.8 6.1 1.8 6.0 9.2 -3.9 ......... ......... 0.2 1.2 -1.6 3.4 3.5 3.0 Q1 2.2 2.1 2.6 2.8 2.6 1.9 4.7 3.0 4.8 -1.7 5.7 8.1 -2.8 ......... ......... 0.5 1.8 -1.8 2.8 2.5 4.3 2019 Q2 Q3 2.1 2.3 2.1 2.3 3.3 3.8 3.7 4.8 3.1 3.3 1.6 1.6 5.2 3.1 3.1 3.6 4.7 4.8 -0.1 4.3 5.6 2.9 7.0 7.4 -2.6 -0.3 ......... ......... ......... ......... -1.2 0.1 -2.2 0.4 0.6 -0.3 2.8 1.1 2.4 0.2 4.9 5.0 Q4 2.6 2.3 3.7 5.8 2.7 1.6 0.8 2.9 3.1 5.8 -0.9 6.3 2.2 ......... ......... 0.3 -0.2 1.3 -2.0 -2.9 1.5 Q1 0.6 0.3 3.4 2.6 3.8 -1.1 -2.1 1.4 -0.2 4.4 -7.7 5.9 7.0 ......... ......... -4.8 -2.4 -9.3 -5.4 -4.8 -8.3 2020 Q2 Q3 -9.1 -2.9 -10.2 -2.8 -0.9 8.3 -0.3 14.5 -1.2 5.0 -14.3 -7.7 -17.7 -4.7 -8.8 -3.8 -10.3 -7.0 -13.7 -19.9 -18.0 -7.1 1.2 1.7 -3.3 7.7 ......... ......... ......... ......... -23.8 -14.9 -24.0 -9.9 -23.9 -24.0 -22.1 -8.3 -19.6 -3.6 -32.4 -28.0 Q4 -2.3 -2.4 7.7 13.5 4.7 -6.9 2.4 0.5 -3.8 -20.0 -0.3 2.5 15.7 ......... ......... -10.7 -4.5 -22.0 0.3 5.7 -21.3 Q1 0.5 2.1 14.3 29.6 6.8 -3.5 3.2 4.2 1.3 -18.7 9.4 5.3 13.9 ......... ......... -7.4 -3.6 -14.6 6.2 10.5 -12.4 2021 Q2 12.2 16.2 21.0 33.8 14.5 13.8 20.8 15.0 13.3 -5.6 26.0 11.6 21.1 ......... ......... 18.6 27.2 3.4 30.6 32.3 22.5 Q3 r 4.9 7.1 7.0 6.3 7.4 7.2 7.1 8.0 9.0 -2.6 12.1 11.8 5.5 ......... ......... 4.9 5.8 3.2 12.6 10.6 23.7 13.3 8.9 12.8 6.9 11.3 5.1 13.8 6.0 12.9 6.1 16.0 7.3 12.4 5.0 -4.3 -0.9 Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 27 28 29 30 31 32 33 34 36 37 38 39 40 41 r Revised 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. Source: U.S. Bureau of Economic Analysis - 16 - December 22, 2021 Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 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: Gross domestic income (GDI) Average of GDP and GDI Statistical discrepancy as a percentage of GDP Seasonally adjusted at annual rates Line 2020 2021 Q3 r Q3 Q4 Q1 Q2 21,138.6 21,477.6 22,038.2 22,741.0 23,202.3 1 996.1 1,043.2 1,081.6 1,112.4 1,184.1 2 769.2 792.5 846.7 882.0 916.4 3 21,365.4 21,728.2 22,273.1 22,971.4 23,470.0 4 3,591.0 3,639.4 3,696.0 3,787.9 3,895.8 5 230.0 -495.0 -509.7 -391.7 -601.2 6 17,544.3 18,583.8 19,086.8 19,575.1 20,175.4 7 11,539.7 11,964.2 12,088.9 12,416.6 12,726.8 8 9,410.3 9,783.0 9,879.2 10,180.4 10,459.5 9 2,129.4 2,181.1 2,209.7 2,236.2 2,267.3 10 2018 2019 2020 20,527.2 1,142.1 847.9 20,821.3 3,273.4 -125.5 17,673.3 10,959.5 8,900.5 2,059.0 21,372.6 1,160.3 893.9 21,639.0 3,435.6 -69.7 18,273.1 11,447.7 9,323.5 2,124.2 20,893.7 992.9 770.6 21,116.1 3,575.9 -170.6 17,710.7 11,572.2 9,444.1 2,128.0 1,580.4 1,598.9 1,650.0 1,760.7 1,730.0 1,714.0 1,848.2 1,867.0 11 681.9 692.1 711.6 714.5 710.0 716.9 716.3 729.0 12 2,305.0 598.7 1,398.4 158.0 -8.6 2,367.8 558.2 1,459.4 162.3 -13.3 2,243.8 618.8 773.3 158.6 -17.5 2,435.4 623.0 322.9 165.8 -17.7 2,427.5 666.1 937.8 166.3 -18.1 2,551.4 695.2 1,173.8 165.8 -19.3 2,819.2 693.6 930.7 166.0 -15.4 2,916.1 680.3 1,099.6 162.5 -5.8 13 14 15 16 17 20,652.6 21,442.2 21,064.3 20,908.5 21,972.6 22,547.9 23,132.7 23,803.5 18 20,589.9 21,407.4 20,979.0 21,023.6 21,725.1 22,293.1 22,936.8 23,502.9 19 -0.6 -0.3 -0.8 1.1 -2.3 -2.3 -1.7 -2.6 20 r Revised Source: U.S. Bureau of Economic Analysis - 17 - December 22, 2021 Table 8. Personal Income and Its Disposition [Billions of dollars] Line 1 Personal income 1 2 Compensation of employees 3 Wages and salaries 4 Supplements to wages and salaries 5 Proprietors' income with inventory valuation and capital consumption adjustments 6 Farm 7 Nonfarm 8 Rental income of persons with capital consumption adjustment 9 Personal income receipts on assets 10 Personal interest income 11 Personal dividend income 12 Personal current transfer receipts 13 Less: Contributions for government social insurance, domestic 14 Less: Personal current taxes 15 Equals: Disposable personal income 16 Less: Personal outlays 17 Equals: Personal saving 18 Personal saving as a percentage of disposable personal income Addenda: 19 Personal income excluding current transfer receipts, billions of chained (2012) dollars 2 20 Disposable personal income, billions of chained (2012) dollars 2 2018 2019 2020 Seasonally adjusted at annual rates 2020 2021 Q3 r Q3 Q4 Q1 Q2 17,706.0 18,424.4 19,627.6 19,777.4 19,542.0 21,867.3 20,669.9 20,797.8 10,959.5 11,447.7 11,572.2 11,539.7 11,964.2 12,088.9 12,416.6 12,726.8 8,900.5 9,323.5 9,444.1 9,410.3 9,783.0 9,879.2 10,180.4 10,459.5 2,059.0 2,124.2 2,128.0 2,129.4 2,181.1 2,209.7 2,236.2 2,267.3 Line 1 2 3 4 1,580.4 38.9 1,541.5 1,598.9 38.4 1,560.5 1,650.0 70.2 1,579.9 1,760.7 69.2 1,691.5 1,730.0 108.5 1,621.5 1,714.0 73.0 1,640.9 1,848.2 119.4 1,728.7 1,867.0 110.6 1,756.3 5 6 7 681.9 2,868.3 1,615.0 1,253.3 2,976.3 692.1 2,968.0 1,652.0 1,316.0 3,139.1 711.6 2,912.1 1,614.4 1,297.8 4,241.1 714.5 2,851.7 1,597.6 1,254.2 4,369.4 710.0 2,909.6 1,610.3 1,299.2 3,729.5 716.9 2,898.8 1,630.2 1,268.7 5,982.5 716.3 2,932.1 1,639.4 1,292.8 4,329.0 729.0 8 2,945.2 9 1,636.3 10 1,308.8 11 4,137.5 12 1,360.5 1,421.4 1,459.5 1,458.7 1,501.3 1,533.8 1,572.2 1,607.6 13 2,076.3 2,205.1 2,195.6 2,181.8 2,259.8 2,412.1 2,532.5 2,623.7 14 15,629.7 16,219.3 17,432.0 17,595.7 17,282.2 19,455.3 18,137.4 18,174.1 15 14,438.8 14,981.5 14,544.5 14,774.3 14,936.8 15,475.6 16,165.0 16,456.2 16 1,190.9 1,237.8 2,887.5 2,821.3 2,345.5 3,979.7 1,972.4 1,717.9 17 7.6 7.6 16.6 16.0 13.6 20.5 10.9 9.5 18 13,598.5 13,905.6 13,833.7 13,820.2 14,129.7 14,061.1 14,240.1 14,330.5 19 14,429.4 14,755.2 15,672.8 15,782.4 15,443.0 17,221.6 15,805.6 15,632.7 20 r Revised 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. Source: U.S. Bureau of Economic Analysis - 18 - December 22, 2021 Table 9. Corporate Profits: Level and Percent Change Billions of dollars Seasonally adjusted at annual rates Line 2018 2019 2020 2020 Q3 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 2021 Q4 Q1 Q2 Q3 r Percent change from preceding period Quarter Quarterly rates one year Line ago 2019 2020 2021 2020 2021 Q3 r Q3 r Q4 Q1 Q2 2,305.0 2,367.8 2,243.8 2,435.4 2,427.5 2,551.4 2,819.2 2,916.1 281.5 302.2 275.6 300.3 315.6 343.7 378.6 393.3 2.7 7.3 -5.2 -8.8 -0.3 5.1 5.1 8.9 10.5 10.1 3.4 3.9 19.7 31.0 1 2 2,023.4 2,065.6 1,968.1 2,135.1 2,111.9 2,207.7 2,440.6 2,522.7 1,338.4 1,386.4 1,394.9 1,368.6 1,397.5 1,359.7 1,411.0 1,438.7 2.1 3.6 -4.7 0.6 -1.1 2.1 4.5 -2.7 10.5 3.8 3.4 2.0 18.2 5.1 3 4 -0.8 -15.6 -6.8 18.7 21.4 5.3 41.4 5 2,454.9 2,571.8 2,516.6 2,729.6 2,699.4 2,853.9 3,078.6 3,135.1 4.8 -2.1 -1.1 5.7 7.9 1.8 14.9 Undistributed profits with inventory valuation and capital consumption 685.0 679.2 573.3 766.5 714.4 848.0 1,029.6 1,084.0 -0.8 -15.6 -6.8 18.7 21.4 5.3 41.4 adjustments Consumption of fixed capital 8 1,780.5 1,880.2 1,957.0 1,962.2 1,984.3 2,005.3 2,048.5 2,103.9 5.6 4.1 1.1 1.1 2.2 2.7 7.2 Less: Capital transfers paid (net) 9 10.7 -12.4 13.6 -0.8 -0.7 -0.6 -0.5 52.8 .......... .......... .......... .......... .......... .......... ............... Addenda: 6 Undistributed profits with inventory valuation and capital consumption adjustments Addenda for corporate cash flow: 6 Net cash flow with inventory valuation adjustment 5 685.0 679.2 573.3 766.5 714.4 848.0 1,029.6 1,084.0 7 10 11 12 13 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 2,259.0 2,254.6 2,184.1 2,448.4 2,480.1 2,711.3 3,069.0 3,114.9 -0.2 -3.1 1.3 9.3 13.2 1.5 7 8 9 27.2 10 1,977.5 1,952.4 1,908.4 2,148.2 2,164.5 2,367.6 2,690.4 2,721.6 -1.3 -2.3 0.8 9.4 13.6 1.2 26.7 11 -47.7 0.0 -18.2 -88.0 -122.9 -249.5 -321.2 -241.1 .......... .......... .......... .......... .......... .......... ............... 12 93.6 113.2 77.9 74.9 70.4 89.6 71.4 42.2 .......... .......... .......... .......... .......... .......... ............... 13 r Revised Source: U.S. Bureau of Economic Analysis - 19 - December 22, 2021 Table 10. Corporate Profits by Industry: Level and Change from Preceding Period Line 2018 2019 2020 [Billions of dollars] Level Seasonally adjusted at annual rates 2020 2021 Q3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 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 25 26 27 28 29 30 31 32 33 Rest of the world Q4 Q1 Q2 Change from preceding period Q3 r 2,305.0 2,367.8 2,243.8 2,435.4 2,427.5 2,551.4 2,819.2 2,916.1 1,783.3 1,854.4 1,789.0 1,981.0 1,950.5 2,085.0 2,359.0 2,404.8 449.6 506.9 467.0 466.7 483.7 485.0 537.8 551.9 1,333.7 1,347.5 1,322.0 1,514.3 1,466.8 1,600.0 1,821.3 1,852.9 521.7 513.4 454.7 454.5 477.0 466.4 460.2 511.3 866.1 864.7 765.9 783.3 831.1 865.3 892.7 957.9 344.4 351.3 311.2 328.8 354.1 398.9 432.5 2019 2020 62.8 -124.0 71.1 -65.3 57.3 -39.9 13.8 -25.5 -8.3 -58.7 -1.4 -98.8 Q4 Line 2021 2020 Q1 Q2 Q3 r -7.9 123.9 267.8 -30.5 134.5 274.0 17.0 1.3 52.8 -47.5 133.2 221.3 22.6 -10.6 -6.2 47.8 34.2 27.4 96.9 45.8 14.2 31.6 51.1 65.2 1 2 3 4 5 6 14.1 7 446.6 6.9 -40.1 25.3 44.8 33.6 2,211.3 2,254.6 2,165.9 2,360.5 2,357.2 2,461.8 2,747.7 2,873.9 1,689.6 1,741.2 1,711.2 1,906.0 1,880.1 1,995.4 2,287.6 2,362.6 450.3 533.2 502.5 502.4 521.0 519.9 576.9 597.5 68.0 64.1 92.9 106.1 94.4 83.9 114.4 128.7 382.3 469.0 409.6 396.4 426.6 436.0 462.5 468.8 1,239.3 1,208.0 1,208.7 1,403.6 1,359.1 1,475.6 1,710.7 1,765.1 22.0 7.7 10.4 10.4 19.6 20.9 11.9 20.4 346.7 355.7 328.8 362.3 365.3 401.9 450.5 500.4 178.4 183.4 188.5 222.3 218.0 234.7 248.1 240.0 19.5 21.9 22.7 27.2 27.7 26.6 25.3 13.4 15.7 25.8 27.9 36.4 32.3 32.5 33.1 20.2 43.3 51.6 82.9 -3.9 86.8 -31.3 -14.3 9.1 5.0 2.4 10.2 -88.7 -30.0 -30.7 28.8 -59.5 0.7 2.7 -26.9 5.1 0.7 2.0 -3.3 104.7 285.9 126.1 8 -25.9 115.3 292.1 75.0 9 18.5 -1.1 57.0 20.6 10 -11.7 -10.5 30.5 14.4 11 30.2 9.4 26.5 6.2 12 -44.4 116.4 235.1 54.4 13 9.2 1.3 -9.1 8.5 14 3.0 36.6 48.6 49.9 15 -4.3 16.7 13.4 -8.1 16 0.5 -1.1 -1.3 -11.9 17 -4.1 0.2 0.6 -12.9 18 65.1 61.9 67.0 63.0 77.0 93.1 97.8 111.7 -3.2 5.1 14.1 16.1 4.7 13.9 19 11.3 4.3 6.6 10.4 7.2 7.1 4.0 5.3 -7.0 2.2 -3.2 -0.1 -3.1 1.3 20 -2.3 69.1 168.3 4.5 65.0 172.3 5.6 58.9 140.4 8.9 76.4 140.0 -1.1 74.8 147.3 -3.0 78.4 167.2 -10.7 98.6 202.3 -14.3 103.7 260.4 6.8 -4.2 4.1 1.1 -6.1 -32.0 -10.0 -1.6 7.3 -1.9 3.6 19.9 -7.7 20.2 35.2 -3.6 21 5.2 22 58.0 23 50.6 31.5 55.0 31.2 114.5 148.1 48.6 140.3 419.1 521.7 55.2 16.7 68.0 32.4 117.8 159.1 37.6 127.8 402.3 513.4 74.8 -37.9 74.6 29.0 123.7 218.5 19.2 134.9 373.1 454.7 78.7 -55.6 78.6 38.3 125.4 250.2 22.7 143.4 489.2 454.5 78.7 -51.7 79.6 40.7 136.2 242.9 24.8 157.7 412.5 477.0 79.3 -21.0 72.9 36.0 112.6 280.2 34.5 161.0 464.4 466.4 75.1 2.7 90.7 33.8 137.6 307.6 64.4 175.5 563.3 460.2 101.3 11.2 107.7 40.1 155.4 270.2 47.4 176.8 594.5 511.3 4.6 -14.8 12.9 1.3 3.3 11.1 -11.1 -12.6 -16.8 -8.3 19.5 -54.6 6.6 -3.5 5.9 59.4 -18.3 7.1 -29.2 -58.7 0.0 3.9 1.0 2.4 10.8 -7.3 2.1 14.4 -76.7 22.6 0.5 30.7 -6.7 -4.7 -23.6 37.3 9.7 3.3 51.9 -10.6 -4.2 23.7 17.9 -2.3 25.0 27.4 29.8 14.5 98.8 -6.2 26.2 8.5 16.9 6.4 17.8 -37.4 -17.0 1.3 31.3 51.1 r Revised Note. Estimates in this table are based on the 2012 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis - 20 - 24 25 26 27 28 29 30 31 32 33 December 22, 2021 Table 11. Gross Value Added of Nonfinancial Domestic Corporate Business Line 2018 2019 Seasonally adjusted at annual rates 2020 2021 2020 Q3 Q4 Q1 Q2 Line Q3 r Billions of dollars 1 18 19 Gross value added of nonfinancial corporate business Consumption of fixed capital Net value added Compensation of employees Wages and salaries Supplements to wages and salaries Taxes on production and imports less subsidies Net operating surplus Net interest and miscellaneous payments Business current transfer payments (net) Corporate profits with inventory valuation and capital consumption adjustments Taxes on corporate income Profits after tax with inventory valuation and capital consumption adjustments Net dividends Undistributed profits with inventory valuation and capital consumption adjustments 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 20 Gross value added of nonfinancial corporate business 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 10,179.9 10,604.0 10,168.8 10,062.5 10,706.1 11,075.5 11,444.9 11,810.0 1 1,561.2 1,644.8 1,707.6 1,711.6 1,729.6 1,748.4 1,783.7 1,829.1 2 8,618.7 8,959.1 8,461.2 8,350.9 8,976.5 9,327.1 9,661.2 9,981.0 3 6,023.8 6,315.2 6,327.5 6,311.2 6,589.9 6,650.1 6,868.0 7,060.5 4 5,049.9 5,300.3 5,319.3 5,305.1 5,550.1 5,590.3 5,794.1 5,972.0 5 974.0 1,014.9 1,008.2 1,006.1 1,039.8 1,059.8 1,073.8 1,088.5 6 882.8 931.3 463.3 181.0 578.0 719.6 592.1 703.0 7 1,712.1 1,712.6 1,670.4 1,858.8 1,808.6 1,957.4 2,201.1 2,217.5 8 279.9 273.5 254.2 250.5 248.9 258.0 277.3 267.5 9 98.5 91.6 94.1 94.0 92.9 99.5 102.5 97.1 10 1,333.7 200.5 1,347.5 203.6 1,322.0 189.6 1,514.3 214.1 1,466.8 222.7 1,600.0 244.8 1,821.3 276.1 1,852.9 11 276.4 12 1,133.1 226.0 1,143.9 695.7 1,132.4 796.2 1,300.2 766.3 1,244.0 872.5 1,355.2 759.1 1,545.2 874.8 1,576.5 13 808.5 14 907.1 448.2 336.2 533.9 371.5 596.1 670.4 768.0 15 1,287.0 1,208.0 1,226.8 1,491.5 1,482.1 1,725.1 2,031.9 2,006.2 16 1,086.5 -47.7 94.4 1,004.4 0.0 139.5 1,037.2 -18.2 113.4 1,277.4 -88.0 110.7 1,259.4 -122.9 107.6 1,480.3 -249.5 124.4 1,755.9 -321.2 110.6 1,729.8 17 -241.1 18 87.8 19 9,969.8 10,096.3 20 Billions of chained (2012) dollars 21 Consumption of fixed capital 2 22 Net value added 3 23 24 25 26 27 28 29 30 31 9,355.0 9,567.6 9,164.2 9,041.9 9,624.3 9,832.4 1,517.4 1,577.4 1,624.7 1,627.9 1,643.9 1,666.3 1,691.5 1,716.1 21 7,837.5 7,990.2 7,539.5 Dollars; quarters seasonally adjusted 7,414.0 7,980.4 8,166.1 8,278.3 8,380.3 22 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 1.088 0.644 0.302 0.167 1.108 0.660 0.307 0.172 1.110 0.690 0.275 0.186 1.113 0.698 0.247 0.189 1.112 0.685 0.275 0.180 1.126 0.676 0.287 0.178 1.148 0.689 0.276 0.179 1.170 0.699 0.287 0.181 0.105 0.030 0.107 0.029 0.061 0.028 0.030 0.028 0.070 0.026 0.083 0.026 0.070 0.028 0.079 27 0.026 28 0.143 0.021 0.141 0.021 0.144 0.021 0.167 0.024 0.152 0.023 0.163 0.025 0.183 0.028 0.184 29 0.027 30 0.121 0.120 0.124 0.144 0.129 0.138 0.155 0.156 31 23 24 25 26 r Revised 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 2012 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 2012 North American Industry Classification System (NAICS). Source: U.S. Bureau of Economic Analysis - 21 - December 22, 2021 Table 12. Real Gross Domestic Product by Industry Group: Percent Change from Preceding Period Seasonally adjusted at annual rates 2018 2019 2020 2017 Line 2018 2019 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2.9 2.3 -3.4 3.8 3.1 3.4 1.9 0.9 2.4 3.2 2.8 1.9 -5.1 -31.2 33.8 4.5 6.3 6.7 2.3 1 3.2 2.5 -3.8 4.1 3.4 3.7 2.1 1.0 3.1 3.2 3.0 1.6 -5.9 -33.4 38.4 5.0 7.1 7.1 1.9 2 Line 1 Gross domestic product 2 Private industries 3 Agriculture, forestry, fishing, and hunting 4 Mining 5 Utilities 6 Construction 7 Manufacturing 8 Durable goods 9 Nondurable goods 10 Wholesale trade 11 Retail trade 12 Transportation and warehousing 13 Information 14 Finance, insurance, real estate, rental, and leasing 15 Finance and insurance 16 Real estate and rental and leasing 17 Professional and business services Professional, scientific, 18 and technical services Management of companies 19 and enterprises Administrative and waste 20 management services 21 Educational services, health care, and social assistance 22 Educational services 23 Health care and social assistance 24 Arts, entertainment, recreation, accommodation, and food services 25 Arts, entertainment, and recreation 26 Accommodation and food services 27 Other services, except government 28 Government 29 Federal 30 State and local 3.0 -6.1 14.0 1.8 13.7 13.6 -6.6 -1.6 -24.8 1.8 0.2 11.8 -10.2 -3.9 -14.8 10.4 -5.2 11.3 30.1 9.5 -0.3 1.2 4.2 9.2 -9.3 13.5 -15.6 1.6 -6.4 24.4 2.3 1.4 -3.6 8.3 4.2 -1.8 1.0 -0.4 5.8 0.8 4.1 1.8 -3.0 7.5 3.7 3.5 1.4 3.7 -4.1 6.3 4.8 0.8 -4.9 9.9 4.8 1.8 0.6 3.9 -0.7 0.6 3.2 3.0 -0.4 4.5 2.4 5.7 2.3 3.4 -8.3 13.9 1.1 -0.5 -1.9 2.1 3.2 -2.4 2.8 -1.7 2.1 -6.9 3.2 2.5 -2.9 1.1 6.9 -1.7 6.2 -4.4 6.8 1.8 3.6 1.8 -13.4 3.4 9.9 -0.8 1.6 2.9 0.1 3.7 7.7 7.0 3.5 8.6 4.7 14.7 4.2 3.4 6.5 12.0 1.7 11.5 -11.7 0.3 5.4 -0.8 13.8 3.1 4.8 4.3 5.8 10.8 -6.9 23.7 -2.7 -0.9 0.7 -2.7 1.5 1.6 -2.7 5.1 66.9 3.6 0.3 -4.2 -4.8 -7.1 -1.7 3.3 -7.0 -9.2 -1.7 -31.5 -41.6 2.7 -27.1 -39.1 -45.0 -30.7 -32.9 -31.5 -64.6 -6.4 50.8 -17.4 4.0 27.8 64.8 79.9 47.6 43.9 48.1 68.7 23.3 -0.6 -0.1 -11.0 10.9 4.0 6.6 0.8 -1.3 0.2 4.7 2.0 -13.9 -3.4 -8.5 5.9 8.7 13.0 3.5 3.4 17.0 8.9 14.7 -13.1 7.3 3.8 6.6 5.5 4.3 7.0 3.7 -14.7 -9.7 25.2 -9.0 -7.9 -16.1 -13.9 -1.5 -2.5 -0.4 -8.1 -14.0 12.2 8.0 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1.7 -0.1 2.8 5.7 2.0 0.3 1.7 3.0 2.1 -1.3 4.6 -2.4 1.7 2.4 0.5 -1.2 2.5 4.8 8.4 4.4 3.5 3.5 3.5 5.5 2.0 -3.1 5.6 4.4 -12.8 11.8 0.5 3.3 1.9 5.4 4.4 5.3 2.3 0.4 3.9 -5.4 -4.3 10.0 6.5 6.1 4.3 4.4 1.9 -2.3 10.3 -12.4 11.1 12.6 18.9 7.4 3.4 7.8 2.6 2.0 0.3 -0.8 -12.8 8.3 -0.9 5.2 4.9 2.2 3.5 5.0 2.1 -2.9 -29.7 26.8 12.4 12.4 11.8 12.6 6.0 4.3 -1.9 6.3 7.0 3.1 5.3 3.8 6.7 2.3 -2.2 -26.8 23.5 7.2 7.1 4.0 14.9 5.0 13.0 3.3 1.1 3.3 -1.1 -9.1 4.2 3.5 -5.7 5.4 1.4 3.0 5.5 8.1 0.8 2.8 3.4 0.7 -5.7 -46.3 51.5 20.3 21.4 2.8 2.5 2.8 2.8 -6.4 2.0 2.8 -11.3 -0.3 2.8 -5.5 2.4 5.6 5.4 5.6 1.3 2.4 1.1 2.4 3.4 2.2 3.2 5.6 2.8 4.5 3.7 4.6 2.7 1.6 0.5 -8.1 -46.6 66.0 5.5 -1.1 4.1 -1.5 -5.1 -8.3 -41.3 16.2 -13.7 8.1 2.4 2.2 1.4 -8.1 -47.5 76.1 8.8 -2.5 1.8 3.9 1.0 3.3 0.8 0.6 0.9 2.0 2.4 1.9 0.0 0.6 0.7 0.6 3.3 2.1 -2.9 6.4 2.6 3.3 0.3 3.2 -0.3 4.9 4.3 -1.5 -1.8 -36.1 48.9 5.2 5.9 4.7 -5.5 31 3.2 2.6 -4.0 3.6 3.6 3.8 2.6 0.5 2.8 2.7 4.9 7.4 7.8 7.9 1.5 21.9 -4.1 2.8 -29.8 -0.3 -1.9 8.5 -0.1 5.0 -1.9 2.0 7.6 -3.5 -35.8 -90.9 -35.4 -1.9 -0.9 16.0 -2.2 -0.1 -0.8 2.0 11.7 3.5 -35.4 -95.5 -27.8 0.3 -2.2 5.9 0.7 7.0 -2.2 1.9 6.1 -6.0 -36.1 -88.5 -12.4 3.5 4.2 4.1 0.7 1.9 -3.0 -1.5 3.1 -0.3 -14.1 -58.7 -0.9 1.3 0.6 1.4 0.5 -0.3 -1.9 3.3 1.0 4.1 0.4 -14.7 2.8 1.0 0.5 1.1 0.8 -1.5 -3.8 7.6 2.2 2.0 2.4 3.5 -2.6 1.4 0.6 1.5 0.4 0.3 -1.0 1.5 0.4 5.1 -0.5 -21.9 5.4 10.0 15.3 12.3 18 6.9 30.3 8.0 2.2 7.9 19 9.7 16.0 20 6.1 9.2 5.7 3.3 21 8.4 22 2.6 23 326.3 0.6 17.0 68.4 23.6 24 291.0 50.4 36.3 16.0 43.1 25 337.3 -10.9 11.4 88.7 18.4 26 67.4 2.4 -8.8 17.5 6.4 27 6.5 0.9 1.0 3.4 5.1 28 4.8 -2.1 -0.4 0.5 0.3 29 7.3 2.4 1.6 4.8 7.4 30 Addenda: 31 32 Private goods-producing industries 1 Private services-producing industries 2 4.0 2.4 -6.9 -32.7 36.0 3.9 32 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 22 - December 22, 2021 Table 13. Contributions to Percent Change in Real Gross Domestic Product by Industry Group Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 2018 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Private industries Agriculture, forestry, fishing, and hunting Mining Utilities Construction Manufacturing Durable goods Nondurable goods Wholesale trade Retail trade Transportation and warehousing Information Finance, insurance, real estate, rental, and leasing Finance and insurance Real estate and rental and leasing Professional and business services Professional, scientific, and technical services Management of companies and enterprises Administrative and waste management services Educational services, health care, and social assistance Educational services Health care and social assistance Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and recreation Accommodation and food services Other services, except government Government Federal State and local 2.9 2019 2017 Q4 Q1 2018 Q2 Q3 Q4 Q1 2019 Q2 Q3 -3.4 3.8 3.1 3.4 1.9 0.9 2.4 3.2 2.8 2.22 -3.30 3.62 2.96 3.21 1.85 0.91 2.69 2.77 2.60 Q4 2020 Q2 Q3 Q1 2021 Q2 Line Q3 6.3 6.7 2.3 1 1.30 -5.24 -29.54 32.78 4.32 6.18 6.26 1.70 2 0.03 -0.05 0.10 0.03 0.13 0.13 -0.05 -0.02 -0.23 0.01 0.02 0.11 0.49 -0.23 0.38 0.00 -0.14 -0.14 0.00 0.17 -0.12 -0.02 -0.19 0.19 -0.05 0.22 0.46 0.17 0.19 -0.11 0.01 -0.40 -0.13 -0.01 -0.03 0.08 -0.01 0.02 0.06 0.14 -0.15 0.21 -0.25 0.02 -0.10 0.37 -0.16 0.41 0.04 0.07 0.10 -0.18 -0.15 0.06 0.10 0.06 -0.15 0.34 0.15 -0.09 0.02 -0.04 0.23 0.02 0.00 -0.11 -0.16 -1.14 1.24 0.46 0.25 0.28 0.46 0.20 -0.32 0.84 0.40 0.36 0.06 0.27 -0.63 0.50 0.42 -0.28 -0.75 -4.63 6.13 0.38 0.95 0.63 0.30 0.05 -0.30 0.60 0.27 0.10 0.01 0.21 -0.08 0.01 -0.03 0.07 -0.41 -2.98 4.13 0.41 0.77 0.27 0.16 0.15 -0.02 0.23 0.12 0.27 0.05 0.06 -0.55 0.49 0.46 -0.35 -0.34 -1.65 2.00 -0.03 0.18 0.35 0.07 -0.03 -0.11 0.13 0.21 -0.10 0.25 0.00 0.26 -0.36 0.15 -0.04 -0.02 -2.09 2.40 -0.13 0.20 0.23 0.17 0.14 -0.16 0.04 0.37 -0.11 0.32 -0.25 0.36 0.07 0.26 0.08 -0.39 -1.78 2.66 0.01 0.96 -0.97 0.11 0.06 -0.42 0.09 0.29 -0.03 0.06 0.10 0.02 0.13 0.13 -0.11 -0.32 -2.46 1.57 0.12 0.24 -0.27 0.39 0.36 0.18 0.45 0.25 0.75 0.23 0.18 0.33 0.63 0.31 0.29 -0.07 -0.31 1.37 0.12 0.79 1.30 -0.11 -0.10 -0.29 -0.62 -0.17 -0.15 -0.02 -0.51 -0.91 0.32 0.44 3 4 5 6 7 8 9 10 11 12 13 0.36 0.00 0.37 0.71 0.41 0.06 0.13 0.24 0.28 -0.18 0.57 -0.30 0.35 0.51 0.04 -0.10 0.30 0.61 1.05 0.52 0.71 0.26 0.45 0.67 0.39 -0.63 0.33 -1.05 0.06 0.42 0.66 0.54 1.12 0.89 0.23 0.64 0.54 0.12 0.20 -0.15 0.33 0.26 0.43 0.67 0.93 0.89 0.04 0.28 14 15 16 17 0.45 0.33 -0.15 0.48 0.60 0.53 0.23 0.20 0.39 0.28 0.54 0.13 0.13 0.39 -0.11 0.05 0.27 0.08 0.24 0.06 0.13 0.11 -0.18 0.17 0.04 0.09 0.17 0.25 0.02 0.09 0.24 0.03 0.21 0.25 -0.56 0.15 0.04 -0.15 -0.01 0.21 -0.41 0.15 0.48 0.07 0.41 0.09 0.03 0.06 0.19 0.04 0.15 0.27 0.07 0.20 0.38 0.05 0.33 0.22 0.12 0.01 -0.70 -4.46 0.05 -0.02 -0.06 -0.10 -0.56 0.16 0.14 0.08 -0.60 -3.90 0.08 0.04 0.03 0.07 0.11 0.02 0.08 0.09 0.03 0.06 0.00 0.07 0.03 0.05 -1.29 -0.03 -0.09 -0.41 -0.02 -0.01 -0.89 -0.01 -0.08 -0.27 0.07 0.08 -0.12 0.17 0.07 0.11 0.04 0.02 -0.22 0.13 0.05 -5.1 -31.2 Q4 4.5 0.03 1.9 Q1 33.8 2.79 2.3 2020 -1.04 -0.54 -0.94 1.01 -0.09 -1.55 -0.35 -3.81 2.55 1.43 1.28 1.55 1.27 -0.12 3.56 1.55 1.32 0.64 0.68 1.55 0.93 0.30 0.63 1.48 0.92 0.64 0.28 1.54 0.19 -0.16 -2.06 1.92 0.41 0.76 1.13 0.90 18 0.02 0.07 -0.02 -0.16 0.15 0.54 0.15 0.04 0.15 19 0.11 0.02 -0.17 -1.59 1.49 0.60 0.64 0.31 0.49 20 5.04 0.48 -0.09 0.21 -0.17 0.09 4.83 0.65 -0.18 0.52 0.10 0.42 0.28 21 0.09 22 0.19 23 1.83 0.12 1.70 0.32 0.42 0.02 0.40 0.79 0.31 0.49 0.12 0.60 0.01 0.59 0.36 0.00 0.21 -0.09 0.07 0.18 -0.03 0.00 -0.01 0.02 0.18 0.03 0.22 -0.07 0.04 0.08 0.01 0.04 -0.07 -0.04 0.18 0.07 -0.04 -0.23 0.45 0.05 0.03 -0.06 -0.14 0.31 0.14 0.03 0.02 -0.08 0.14 0.32 -0.16 -1.67 -6.28 0.14 0.05 -0.42 -2.03 0.17 -0.21 -1.25 -4.25 0.07 -0.01 -0.29 -1.48 0.18 0.59 0.08 -1.67 0.09 0.09 0.10 0.15 0.09 0.50 -0.02 -1.83 4.75 0.03 0.52 1.02 0.32 0.25 3.74 -0.29 0.27 1.17 0.05 -0.18 0.98 0.15 0.12 0.23 -0.08 -0.01 0.75 0.23 0.14 24 25 26 27 28 29 30 7.62 0.83 1.03 0.84 -1.00 31 1.68 -4.82 -23.14 25.17 3.49 5.16 5.42 Addenda: 31 Private goods-producing industries 1 0.59 0.37 -0.49 1.18 0.49 0.58 -0.02 0.44 -0.17 0.71 0.63 -0.38 -0.42 -6.40 32 Private services-producing industries 2 2.20 1.85 -2.81 2.43 2.47 2.63 0.47 2.06 1.97 1.87 2.86 2.70 32 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Note. Percentage-point contributions do not sum to the percent change in real gross domestic product because the industry details are calculated using source data and methodologies that differ from those used to calculate growth in the top-line, expenditure-based measure of real GDP. Source: U.S. Bureau of Economic Analysis - 23 - December 22, 2021 Table 14. Gross Domestic Product by Industry Group: Level and Change from Preceding Period Billions of dollars Line 1 Gross domestic product 2 Private industries 3 Agriculture, forestry, fishing, and hunting 4 Mining 5 Utilities 6 Construction 7 Manufacturing 8 Durable goods 9 Nondurable goods 10 Wholesale trade 11 Retail trade 12 Transportation and warehousing 13 Information 14 Finance, insurance, real estate, rental, and leasing 15 Finance and insurance Real estate and rental and 16 leasing 17 Professional and business services Professional, scientific, 18 and technical services Management of companies 19 and enterprises Administrative and waste 20 management services 21 Educational services, health care, and social assistance 22 Educational services Health care and social 23 assistance 24 Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and 25 recreation Accommodation and food 26 services 27 Other services, except government 28 Government 29 Federal 30 State and local Addenda: Private goods-producing industries 1 32 Private services-producing industries 2 Billions of chained (2012) dollars Change from preceding Line period 2020 2021 2020 2021 2021 2020 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q2 Q3 20,893.7 21,138.6 21,477.6 22,038.2 22,741.0 23,202.3 18,384.7 18,560.8 18,767.8 19,055.7 19,368.3 19,478.9 -648.0 312.7 110.6 1 18,223.1 18,469.7 18,792.2 19,332.8 19,998.2 20,396.4 16,142.3 16,327.1 16,526.9 16,812.2 17,104.6 17,186.5 -631.3 292.5 81.9 2 Seasonally adjusted at annual rates Seasonally adjusted at annual rates 2020 2020 174.5 182.1 341.7 895.9 2,272.0 1,268.8 1,003.1 1,243.3 1,202.2 172.9 170.7 353.4 898.2 2,332.7 1,314.0 1,018.8 1,275.8 1,262.0 201.2 194.5 348.0 919.3 2,344.8 1,318.9 1,025.9 1,279.9 1,259.6 214.4 243.7 374.6 941.2 2,443.5 1,346.9 1,096.7 1,319.4 1,331.5 254.7 265.5 366.4 951.0 2,524.7 1,375.2 1,149.5 1,377.3 1,397.5 261.7 289.4 379.9 951.1 2,570.8 1,380.7 1,190.2 1,390.6 1,379.1 254.7 438.6 298.6 650.4 2,167.8 1,178.3 989.9 1,083.9 1,090.5 261.7 412.9 302.7 653.0 2,228.3 1,214.0 1,014.4 1,106.4 1,117.5 261.3 412.8 294.0 670.0 2,250.4 1,233.6 1,016.3 1,102.8 1,118.0 251.7 409.2 287.5 679.7 2,298.1 1,272.0 1,025.2 1,112.0 1,162.8 243.0 416.5 290.2 690.7 2,329.2 1,285.5 1,042.8 1,122.2 1,117.5 237.4 408.0 277.7 665.3 2,320.2 1,277.4 1,041.7 1,098.8 1,076.1 31.3 -49.7 12.0 -24.3 -66.1 -60.9 -4.1 -20.8 -32.4 -8.7 7.3 2.7 11.0 31.1 13.5 17.6 10.2 -45.3 -5.7 3 -8.4 4 -12.5 5 -25.4 6 -9.0 7 -8.1 8 -1.1 9 -23.4 10 -41.4 11 572.0 1,167.9 555.0 1,186.6 573.4 1,205.5 594.2 1,240.0 619.8 1,296.6 658.3 1,305.5 490.3 1,296.5 487.0 1,323.4 492.7 1,330.0 503.4 1,376.4 490.7 1,456.0 505.0 -75.9 1,484.3 43.7 -12.7 79.6 14.4 12 28.2 13 4,592.1 1,787.7 4,627.2 1,802.9 4,706.8 1,881.9 4,749.9 1,892.6 4,844.8 1,936.3 4,920.7 1,965.7 3,568.6 1,259.5 3,586.9 1,272.1 3,643.5 1,328.3 3,697.9 1,352.3 3,737.3 1,363.8 3,777.9 1,389.8 10.5 36.5 39.5 11.5 40.6 14 26.0 15 2,804.4 2,824.3 2,824.8 2,857.3 2,908.6 2,955.0 2,306.8 2,311.3 2,306.0 2,335.6 2,363.9 2,376.7 -31.5 28.3 12.8 16 2,689.8 2,692.0 2,772.8 2,854.4 2,925.1 3,005.1 2,483.9 2,483.1 2,557.0 2,633.0 2,707.7 2,789.1 -59.9 74.7 81.4 17 1,627.8 1,632.1 1,661.3 1,702.9 1,754.4 1,798.7 1,501.2 1,505.9 1,525.9 1,562.8 1,619.4 1,667.2 -29.2 56.7 47.7 18 410.5 403.7 427.0 431.1 431.7 438.3 439.8 433.4 463.1 472.0 474.6 483.7 6.3 2.6 9.1 19 651.6 656.2 684.5 720.3 739.0 768.1 549.8 549.6 575.5 604.1 618.2 641.5 -33.3 14.2 23.3 20 1,798.6 251.3 1,842.6 250.7 1,869.3 242.5 1,884.2 247.7 1,911.0 254.3 1,942.2 261.4 1,560.5 203.0 1,590.1 201.6 1,611.7 194.3 1,607.1 198.2 1,631.2 202.6 1,644.7 -106.0 206.7 -25.8 24.1 4.4 13.5 21 4.1 22 1,547.3 1,591.9 1,626.8 1,636.5 1,656.7 1,680.7 1,359.3 1,390.9 1,420.6 1,411.8 1,431.5 1,440.7 -79.2 19.7 9.2 23 672.1 677.3 688.1 716.1 820.5 887.1 516.2 520.7 521.5 542.4 617.9 651.5 -218.7 75.5 33.7 24 163.4 150.8 166.0 172.9 185.4 204.0 132.1 121.0 134.0 144.8 150.3 164.4 -72.2 5.5 14.1 25 508.7 526.5 522.2 543.2 635.1 683.0 383.6 398.4 387.1 397.7 466.1 486.2 -147.3 68.4 20.1 26 419.0 2,670.6 848.4 1,822.3 423.3 2,668.9 858.5 1,810.4 429.0 2,685.4 860.7 1,824.7 425.8 2,705.4 866.5 1,838.9 443.2 2,742.7 875.1 1,867.6 454.9 2,806.0 886.4 1,919.5 323.0 2,195.5 734.3 1,462.4 324.5 2,189.5 741.2 1,450.3 326.4 2,194.6 737.3 1,458.8 318.9 2,199.9 736.5 1,464.7 332.0 2,218.3 737.4 1,482.0 337.2 -45.9 2,245.9 -20.8 737.9 20.3 1,508.6 -39.3 13.1 18.4 0.8 17.3 5.2 27.6 0.5 26.6 3,524.4 3,574.5 3,659.8 3,842.8 3,995.9 4,073.1 3,523.4 3,585.8 3,631.3 3,683.7 3,726.2 3,673.7 -104.3 42.4 -52.5 31 14,698.7 14,895.2 15,132.4 15,490.0 16,002.4 16,323.3 12,619.5 12,745.2 12,899.8 13,131.3 13,379.1 13,507.0 -522.9 247.8 127.9 32 27 28 29 30 31 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 24 - December 22, 2021 Table 15. Price Indexes for Gross Domestic Product by Industry Group: Percent Change from Preceding Period Line 1 Gross domestic product 2 Private industries 3 Agriculture, forestry, fishing, and hunting 4 Mining 5 Utilities 6 Construction 7 Manufacturing 8 Durable goods 9 Nondurable goods 10 Wholesale trade 11 Retail trade 12 Transportation and warehousing 13 Information 14 Finance, insurance, real estate, rental, and leasing 15 Finance and insurance 16 Real estate and rental and leasing 17 Professional and business services Professional, scientific, 18 and technical services Management of companies 19 and enterprises Administrative and waste 20 management services 21 Educational services, health care, and social assistance 22 Educational services 23 Health care and social assistance 24 Arts, entertainment, recreation, accommodation, and food services 25 Arts, entertainment, and recreation 26 Accommodation and food services 27 Other services, except government 28 Government 29 Federal 30 State and local Seasonally adjusted at annual rates 2018 2019 2020 2017 Line 2018 2019 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2.4 1.8 1.3 2.7 2.4 3.1 1.8 2.0 1.1 2.3 1.4 1.5 1.6 -1.5 3.6 2.2 4.3 6.1 6.0 1 2.3 1.7 1.0 2.9 2.0 3.7 1.0 2.0 0.8 2.8 1.0 1.9 0.9 -2.9 4.4 2.1 4.6 6.9 6.2 2 -3.1 15.4 2.7 3.4 1.9 0.3 4.1 3.3 0.3 2.7 -1.7 -1.4 -17.4 3.2 5.2 -0.2 1.4 -2.2 5.2 1.7 4.0 -0.4 -5.8 -31.4 -1.6 2.8 -1.3 0.5 -3.4 -0.6 6.1 -3.7 -0.5 5.2 50.9 -2.0 -0.8 3.5 -1.0 9.6 4.5 2.8 1.9 -1.5 4.1 7.6 2.0 0.5 2.5 1.8 3.0 1.0 2.9 4.6 4.7 3.2 7.9 12.0 2.7 2.7 0.5 0.9 -0.5 1.0 0.9 1.1 0.9 0.3 -1.7 -2.8 -19.4 4.6 0.2 28.2 8.7 13.6 -18.3 -39.9 13.5 -8.8 8.9 9.1 8.6 2.6 7.2 2.5 6.2 5.9 0.4 3.0 0.5 1.7 -0.9 -1.1 3.0 2.4 -0.5 3.8 2.4 2.9 -1.8 4.4 -6.7 -1.3 9.1 -0.4 9.1 4.6 -2.2 6.6 -4.7 5.1 -0.8 -1.1 7.2 2.8 7.2 6.1 -3.4 1.1 -0.6 -2.3 0.1 0.8 -3.9 -4.5 -13.3 5.6 -0.7 0.9 -2.7 9.2 4.8 1.2 1.4 10.2 -29.0 24.1 4.4 -4.3 -0.7 -8.6 1.7 1.8 0.2 -1.1 4.2 3.4 1.9 0.2 8.1 3.8 2.5 -5.0 1.9 3.2 1.6 3.5 1.9 -0.8 -0.5 2.9 4.7 5.9 3.9 1.4 3.6 3.3 3.7 0.1 2.6 -0.2 -0.1 1.1 -0.2 3.1 2.4 6.2 -15.5 4.3 2.8 0.3 6.0 -0.5 -0.1 1.6 -0.6 -14.6 -55.0 -14.9 4.2 -0.2 1.0 -1.8 -4.7 8.3 -7.3 1.6 -50.4 -85.9 8.7 3.2 -6.2 2.9 -16.3 -7.7 8.8 -7.9 -6.5 53.6 300.4 16.0 -3.2 1.5 0.0 3.2 10.4 16.3 -9.4 1.9 84.9 68.7 5.6 -1.0 -1.9 -4.8 2.0 2.6 -0.9 8.8 4.4 49.7 155.3 46.8 3.7 8.5 -3.8 26.1 9.3 6.7 5.9 -2.4 129.1 31.2 -11.8 -2.3 8.0 4.2 12.8 14.5 42.3 31.2 -4.5 22.5 53.4 37.8 16.3 9.2 4.2 15.4 13.1 10.3 13.3 -4.8 3 4 5 6 7 8 9 10 11 12 13 2.2 5.7 -0.2 2.4 0.6 -2.2 3.7 1.9 14 2.2 10.1 -2.3 -0.2 -0.1 -4.8 5.9 -1.5 15 2.2 3.0 1.2 4.1 1.0 -0.5 2.3 4.3 16 1.0 0.9 1.7 0.1 0.1 -0.1 -1.4 -1.1 17 0.9 1.4 1.1 0.0 1.8 0.3 -2.3 -1.6 18 -1.8 -2.0 -1.8 -5.3 2.3 -2.5 -2.8 -4.2 -1.2 -0.1 -2.7 -1.1 -0.4 -3.2 -2.1 -4.0 -3.8 -1.6 -1.6 19 1.1 2.6 2.5 0.6 0.8 2.9 -0.8 0.7 5.2 3.3 2.5 2.5 0.5 6.7 1.8 -1.5 1.1 0.9 0.7 20 1.5 2.3 1.3 2.0 2.5 1.9 2.6 3.0 2.6 1.7 3.2 1.4 0.3 1.6 0.1 3.1 3.3 3.1 0.5 1.7 0.3 2.6 2.6 2.6 1.2 2.1 1.0 2.4 2.0 2.5 2.6 3.6 2.4 3.0 3.3 2.9 2.5 3.0 2.4 3.2 3.7 3.1 2.9 2.2 3.0 4.4 -0.3 0.5 1.9 5.0 -0.6 3.2 21 3.1 22 3.3 23 3.1 2.0 3.5 2.2 3.2 3.0 3.3 3.1 2.3 3.3 4.1 2.3 2.1 2.5 4.7 2.0 4.9 -0.7 4.6 3.0 5.3 1.6 2.8 2.9 1.7 2.9 3.4 2.9 6.8 1.0 4.2 4.2 7.8 -0.2 1.7 3.1 4.0 2.9 3.7 2.9 4.2 2.9 2.5 2.5 2.5 2.5 3.8 2.7 4.3 0.0 0.1 0.0 2.4 2.8 4.0 2.2 5.0 4.6 1.2 4.3 6.4 4.7 4.7 5.9 3.6 -0.8 6.7 -5.4 2.2 1.3 0.8 7.8 0.1 9.4 1.1 7.3 3.1 7.3 3.6 0.1 1.5 1.3 4.6 -0.5 6.2 6.2 6.3 7.4 5.1 2.5 6.3 6.4 9.8 5.2 3.3 6.1 2.4 7.9 -2.0 5.9 0.3 2.3 10.5 24 -2.4 -2.5 -13.6 14.1 2.4 25 -2.0 8.5 5.2 -1.0 13.0 26 4.5 3.0 6.4 0.0 4.3 27 -0.6 1.6 2.0 2.2 4.3 28 2.6 3.2 3.1 3.6 5.0 29 -2.1 0.8 1.5 1.5 3.9 30 0.4 1.5 0.2 Addenda: 31 Private goods-producing industries 1 3.1 -0.6 -2.8 5.8 2.9 4.1 1.0 0.8 -3.5 0.4 -3.8 3.6 -5.0 -15.1 8.7 4.5 14.8 11.7 14.3 31 32 Private services-producing industries 2 2.1 2.2 1.8 3.6 1.0 2.4 3.4 1.5 3.4 1.5 2.3 1.9 2.0 2.2 2.4 0.3 2.3 5.7 4.2 32 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 25 - December 22, 2021 Table 16. Real Gross Output by Industry Group: Percent Change from Preceding Period Line 1 All Industries 2 Private industries 3 Agriculture, forestry, fishing, and hunting 4 Mining 5 Utilities 6 Construction 7 Manufacturing 8 Durable goods 9 Nondurable goods 10 Wholesale trade 11 Retail trade 12 Transportation and warehousing 13 Information 14 Finance, insurance, real estate, rental, and leasing 15 Finance and insurance 16 Real estate and rental and leasing 17 Professional and business services Professional, scientific, 18 and technical services Management of companies 19 and enterprises Administrative and waste 20 management services 21 Educational services, health care, and social assistance 22 Educational services 23 Health care and social assistance 24 Arts, entertainment, recreation, accommodation, and food services 25 Arts, entertainment, and recreation 26 Accommodation and food services 27 Other services, except government 28 Government 29 Federal 30 State and local Seasonally adjusted at annual rates 2018 2019 2020 2017 Line 2018 2019 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2.7 1.7 -3.5 4.7 2.1 4.0 2.1 -0.1 1.3 3.1 2.3 0.2 -4.8 -29.5 28.9 7.2 9.1 5.7 4.4 1 2.8 1.7 -4.0 5.1 2.3 4.2 2.3 -0.2 1.4 3.0 2.5 0.0 -5.3 -32.1 32.7 8.2 9.6 6.3 4.9 2 -0.5 12.3 4.7 0.4 0.7 2.2 -0.7 2.6 4.1 4.5 6.6 -0.9 4.7 -0.5 1.1 -1.2 -1.7 -0.8 -0.9 1.9 1.9 4.7 4.4 -1.3 -1.3 3.1 -14.7 21.8 9.2 19.4 -3.3 10.3 0.5 11.2 1.5 3.7 2.8 5.6 -4.6 5.0 -0.6 -0.4 -7.0 7.9 1.3 -1.7 -2.1 2.1 -2.4 1.0 -2.5 9.9 -1.9 4.3 0.0 7.6 4.9 2.2 -13.3 0.4 10.4 8.2 2.8 6.1 9.2 8.2 -3.5 16.7 -0.2 -4.0 1.3 2.4 0.1 2.6 3.3 2.6 4.2 0.4 -2.0 -0.2 -9.7 -0.3 3.1 -3.7 -3.1 -2.2 -2.5 1.9 -5.8 -4.3 -8.3 6.3 -2.8 -4.4 -1.3 -2.7 2.6 5.2 2.9 1.6 15.4 -1.5 5.2 -1.3 -1.4 -1.2 -1.3 3.5 3.4 7.9 1.5 7.8 12.3 5.2 -0.8 -6.2 5.1 0.6 2.2 -1.1 5.9 4.3 -7.9 -1.7 1.9 -4.0 -4.2 -3.8 -1.1 3.0 -4.0 5.3 2.5 1.5 3.3 9.2 2.1 4.3 0.4 5.7 1.8 2.6 1.2 0.5 1.7 0.9 2.3 5.2 2.6 0.1 1.9 2.3 3.1 -1.5 4.5 -2.7 2.7 3.9 1.8 8.7 1.8 1.5 0.6 0.2 -1.1 -0.3 3.2 3.5 1.4 3.5 7.6 4.9 2.1 1.9 2.2 2.7 4.7 2.6 6.3 1.8 4.6 4.4 -3.4 7.5 5.1 2.3 1.8 12.9 5.6 6.3 6.5 3.6 -4.0 3.9 2.4 0.7 2.7 2.4 -5.9 0.2 -10.7 2.7 -5.2 3.0 1.2 0.2 -0.9 3.4 1.5 2.8 3.8 2.5 4.6 1.1 2.1 0.7 2.1 1.8 2.3 0.4 1.5 3.1 0.8 2.0 22.0 -6.4 6.7 0.6 1.1 14.4 6.5 13.5 3.0 0.7 3.3 -27.6 1.4 0.4 11.1 -35.3 -8.6 2.0 14.6 -25.2 4.7 -0.1 10.0 -12.7 5.3 2.9 11.1 0.2 1.5 0.5 2.6 4.1 3.0 1.0 5.0 -1.5 0.8 0.3 1.5 9.0 17.5 5.8 -22.2 11.3 -4.6 -7.9 -1.0 0.3 -7.9 -11.0 0.5 -13.2 -63.9 -4.1 -16.2 -33.3 -44.7 -19.1 -38.3 -17.9 -62.4 -12.7 15.4 1.4 22.7 1.7 44.8 74.3 19.3 59.5 44.2 62.6 18.7 1.3 11.9 1.0 9.1 4.9 7.8 1.9 11.3 0.4 20.5 13.9 -5.5 4.1 7.2 5.7 -0.7 3.2 -4.7 10.9 28.8 20.2 19.9 -3.6 -0.1 -0.9 -8.2 -0.9 -1.7 -0.2 0.2 -11.5 19.7 12.6 3 4 5 6 7 8 9 10 11 12 13 -2.9 -7.7 10.5 6.0 10.5 1.5 6.7 -5.2 5.8 7.7 8.1 20.0 -1.2 10.2 -1.0 -17.3 12.8 4.3 3.3 3.7 3.9 -3.5 -30.0 21.1 17.8 14.5 9.2 13.1 14 15 16 17 6.6 -2.1 -1.6 -33.3 21.5 14.8 14.4 9.4 11.3 18 1.3 14.4 3.5 -1.5 5.2 -1.1 -5.6 4.3 -4.7 4.9 3.3 -8.7 -34.9 30.1 17.7 22.3 14.3 19.0 20 4.9 -0.1 3.5 -1.0 5.1 0.1 8.0 6.0 29.3 -4.1 13.7 6.9 -8.3 -1.7 -2.1 -1.3 9.7 -4.4 4.3 19.4 2.6 -0.5 3.9 2.8 0.8 0.4 -7.0 -38.7 37.6 7.2 -4.1 9.9 2.7 -2.6 -0.5 -2.4 -10.2 -40.4 19.2 -9.0 8.0 15.4 4.1 3.6 1.0 0.9 -6.5 -38.4 40.4 9.6 -5.6 9.2 1.6 -1.3 1.7 2.6 4.2 -4.4 12.5 -7.7 0.8 -0.2 -1.5 6.1 3.8 0.5 -3.0 -2.2 0.6 0.5 0.4 4.4 1.7 1.1 0.0 10.7 0.2 0.2 0.6 1.7 4.5 0.7 -35.3 -89.3 1.3 -5.7 -37.2 -93.7 5.5 2.7 -34.8 -87.6 3.9 -1.7 -19.1 -54.4 0.8 2.1 0.2 -5.3 2.2 1.8 0.9 21.1 0.2 2.3 -0.1 -15.5 306.0 274.0 314.4 61.3 3.9 -6.4 9.2 2.6 35.8 -4.5 2.5 -0.5 -3.1 0.8 0.1 -31.1 30.0 5.9 41.1 76.4 32.8 -4.8 5.2 15.5 0.6 81.4 25.3 99.8 20.1 0.6 -6.4 4.1 9.2 19 4.1 21 6.7 22 3.8 23 36.9 64.8 30.6 3.5 0.3 -8.1 4.3 24 25 26 27 28 29 30 Addenda: 31 Private goods-producing industries 1 1.3 -0.4 -3.5 5.4 0.6 2.2 1.0 -2.2 -1.4 1.1 0.9 -2.8 32 Private services-producing industries 2 3.4 5.0 2.9 5.0 2.8 3.6 3.0 2.5 -4.1 0.5 2.4 0.9 -7.2 -32.5 33.6 0.6 -2.5 -2.5 31 9.0 12.9 9.5 7.6 32 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 26 - December 22, 2021 Table 17. Gross Output by Industry Group: Level and Change from Preceding Period Billions of dollars Line 1 All Industries 2 Private industries 3 Agriculture, forestry, fishing, and hunting 4 Mining 5 Utilities 6 Construction 7 Manufacturing 8 Durable goods 9 Nondurable goods 10 Wholesale trade 11 Retail trade 12 Transportation and warehousing 13 Information 14 Finance, insurance, real estate, rental, and leasing 15 Finance and insurance Real estate and rental and 16 leasing 17 Professional and business services Professional, scientific, 18 and technical services Management of companies 19 and enterprises Administrative and waste 20 management services 21 Educational services, health care, and social assistance 22 Educational services Health care and social 23 assistance 24 Arts, entertainment, recreation, accommodation, and food services Arts, entertainment, and 25 recreation Accommodation and food 26 services 27 Other services, except government 28 Government 29 Federal 30 State and local 31 32 Billions of chained (2012) dollars Change from preceding Line period 2020 2020 2020 2021 2020 2021 2021 2020 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 Q2 Q3 36,478.1 36,695.5 37,717.0 39,195.4 40,634.9 41,846.9 32,983.8 33,149.2 33,730.1 34,476.2 34,958.4 35,340.0 -1,206.0 482.2 381.7 1 32,353.8 32,558.6 33,554.4 34,910.2 36,291.4 37,432.8 29,415.9 29,576.1 30,164.9 30,867.5 31,346.0 31,726.8 -1,221.2 478.4 380.8 2 Seasonally adjusted at annual rates Seasonally adjusted at annual rates 455.7 412.3 531.4 1,783.6 5,538.2 2,838.3 2,699.9 2,077.4 2,016.3 452.9 379.9 548.5 1,766.2 5,612.6 2,916.5 2,696.1 2,125.1 2,113.9 484.4 425.8 565.3 1,816.5 5,758.8 2,986.6 2,772.2 2,203.0 2,125.2 502.6 498.6 629.0 1,879.8 5,987.4 3,061.0 2,926.4 2,298.6 2,294.0 554.6 538.5 632.7 1,894.5 6,233.8 3,143.6 3,090.2 2,420.9 2,405.0 570.3 584.6 676.2 1,907.7 6,441.3 3,217.6 3,223.7 2,483.1 2,383.9 551.3 635.4 488.2 1,417.4 5,712.6 2,669.4 3,054.0 1,823.7 1,806.7 555.8 589.7 499.1 1,397.1 5,810.4 2,738.8 3,076.6 1,860.4 1,866.2 557.6 606.5 500.3 1,427.7 5,880.9 2,790.9 3,091.2 1,910.9 1,868.2 549.7 612.7 509.1 1,447.5 5,870.1 2,812.9 3,054.0 1,961.1 1,990.1 544.0 632.7 517.7 1,416.4 5,844.5 2,798.0 3,043.8 2,007.1 1,967.7 539.1 632.6 516.5 1,386.5 5,831.0 2,786.4 3,042.3 2,008.1 1,908.5 23.4 -109.8 -16.8 20.3 -276.0 -200.3 -64.1 -46.7 -0.8 -5.7 19.9 8.5 -31.2 -25.6 -14.9 -10.3 46.0 -22.4 -5.0 3 -0.1 4 -1.2 5 -29.8 6 -13.5 7 -11.6 8 -1.4 9 1.0 10 -59.2 11 1,166.8 2,007.6 1,130.8 2,008.5 1,209.2 2,103.2 1,295.3 2,189.6 1,378.9 2,291.6 1,487.8 2,355.5 1,071.0 2,048.5 1,054.0 2,057.6 1,104.2 2,125.6 1,156.1 2,224.1 1,168.3 2,325.0 1,222.0 2,395.2 -165.0 55.0 12.2 100.9 53.7 12 70.2 13 7,321.3 3,263.9 7,363.4 3,289.1 7,514.2 3,370.3 7,711.0 3,518.9 7,829.3 3,556.4 8,021.8 3,651.2 5,845.9 2,510.2 5,867.6 2,529.6 5,953.4 2,579.5 6,104.4 2,700.0 6,126.8 2,692.2 6,227.4 2,758.4 8.0 55.8 22.4 -7.8 100.6 14 66.2 15 4,057.4 4,074.3 4,143.9 4,192.1 4,272.9 4,370.6 3,334.0 3,335.4 3,370.4 3,397.6 3,428.8 3,461.9 -51.7 31.2 33.2 16 4,256.2 4,220.1 4,413.7 4,578.1 4,700.2 4,865.5 3,881.1 3,845.3 4,006.2 4,144.3 4,236.3 4,369.1 -109.4 91.9 132.9 17 2,419.1 2,393.5 2,493.6 2,585.4 2,649.3 2,726.2 2,198.6 2,176.0 2,252.5 2,329.4 2,382.3 2,447.2 -77.6 53.0 64.8 18 679.0 669.6 712.6 714.7 715.3 733.1 682.2 673.5 718.2 722.8 722.0 738.0 13.5 -0.8 16.1 19 1,158.1 1,156.9 1,207.5 1,278.0 1,335.6 1,406.3 1,004.2 999.1 1,040.6 1,094.3 1,131.6 1,181.9 -42.0 37.3 50.3 20 2,902.4 351.4 2,926.0 350.6 2,991.0 344.5 2,986.5 352.0 3,076.0 368.1 3,137.6 378.1 2,528.4 294.0 2,538.3 292.4 2,583.0 285.5 2,555.8 291.1 2,616.8 301.7 2,643.5 306.7 -158.7 -35.4 61.0 10.6 26.7 21 5.0 22 2,551.0 2,575.5 2,646.5 2,634.5 2,708.0 2,759.5 2,236.2 2,248.0 2,300.1 2,266.9 2,317.2 2,338.9 -122.7 50.3 21.7 23 1,186.8 1,205.3 1,228.2 1,343.4 1,579.1 1,744.5 968.7 983.0 989.4 1,078.3 1,251.5 1,353.8 -369.2 173.1 102.3 24 251.5 239.0 257.7 288.4 315.8 361.3 208.6 197.0 212.7 245.1 259.4 293.9 -113.8 14.2 34.5 25 935.3 966.3 970.5 1,055.0 1,263.3 1,383.2 759.6 785.3 776.2 833.3 990.8 1,059.2 -255.9 157.5 68.4 26 697.8 4,124.2 1,310.7 2,813.5 705.3 4,136.9 1,320.8 2,816.0 715.8 4,162.5 1,318.4 2,844.2 716.1 4,285.1 1,381.9 2,903.2 756.3 4,343.5 1,373.6 2,969.9 772.9 4,414.1 1,363.3 3,050.8 571.9 3,568.4 1,160.2 2,408.2 575.7 3,574.5 1,166.6 2,408.0 579.3 3,570.1 1,157.4 2,412.5 572.2 3,615.3 1,199.9 2,416.4 599.1 3,620.8 1,180.2 2,440.6 604.3 3,623.2 1,155.5 2,466.7 -83.5 8.7 46.0 -35.9 26.9 5.5 -19.6 24.3 5.2 2.4 -24.8 26.0 8,189.8 8,211.6 8,485.6 8,868.4 9,221.3 9,503.9 8,383.0 8,427.3 8,548.6 8,560.7 8,507.4 8,452.7 -308.3 -53.3 -54.7 31 24,164.0 24,347.0 25,068.9 26,041.8 27,070.0 27,928.9 20,969.0 21,084.1 21,543.1 22,207.3 22,718.4 23,139.7 -904.5 511.1 421.3 32 27 28 29 30 Addenda: Private goods-producing industries 1 Private services-producing industries 2 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 27 - December 22, 2021 Table 18. Price Indexes for Gross Output by Industry Group: Percent Change from Preceding Period Line 1 All Industries 2 Private industries 3 Agriculture, forestry, fishing, and hunting 4 Mining 5 Utilities 6 Construction 7 Manufacturing 8 Durable goods 9 Nondurable goods 10 Wholesale trade 11 Retail trade 12 Transportation and warehousing 13 Information 14 Finance, insurance, real estate, rental, and leasing 15 Finance and insurance 16 Real estate and rental and leasing 17 Professional and business services Professional, scientific, 18 and technical services Management of companies 19 and enterprises Administrative and waste 20 management services 21 Educational services, health care, and social assistance 22 Educational services 23 Health care and social assistance 24 Arts, entertainment, recreation, accommodation, and food services 25 Arts, entertainment, and recreation 26 Accommodation and food services 27 Other services, except government 28 Government 29 Federal 30 State and local Seasonally adjusted at annual rates 2018 2019 2020 2017 Line 2018 2019 2020 2021 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 3.2 1.4 0.6 4.0 4.3 3.2 2.5 2.3 -0.3 1.9 0.8 0.7 0.4 -4.1 5.2 4.1 6.8 9.3 7.7 1 3.1 1.3 0.5 3.9 4.3 3.2 2.4 2.2 -0.5 2.1 0.7 0.7 0.2 -4.6 5.6 4.3 6.9 9.8 7.9 2 0.3 10.6 4.0 4.2 4.5 2.6 6.5 3.1 1.3 4.3 0.0 -0.3 -9.7 1.0 3.5 -0.8 1.0 -2.6 3.8 1.7 2.5 0.3 -2.1 5.0 1.1 -0.2 -6.2 2.7 -1.8 -0.6 3.2 3.1 -4.9 -26.0 -17.4 29.8 19.2 4.4 10.0 -5.3 -26.7 -4.7 -17.0 4.5 -34.3 -61.7 -2.4 2.5 12.8 -6.1 8.6 11.7 -1.7 -10.5 11.8 -9.5 -13.3 -1.1 2.3 2.2 5.1 6.2 3.4 4.4 2.9 3.7 2.6 2.2 2.5 -0.4 -2.5 7.2 6.8 4.3 2.6 -0.2 -4.2 1.2 -4.4 0.9 -2.9 -13.9 0.3 1.4 3.1 4.9 2.4 1.4 1.5 -0.3 -0.8 -1.0 0.9 -0.2 -5.3 13.4 10.8 3.8 2.7 -1.8 -9.8 2.9 -8.0 2.8 -6.7 -26.2 0.0 3.7 1.1 5.7 1.4 6.6 2.9 5.6 2.1 -0.3 -2.6 -5.0 4.1 2.9 0.4 4.1 -1.1 4.6 -0.3 2.9 2.5 -0.5 5.0 5.0 -2.2 5.6 4.2 5.2 3.9 4.6 0.7 2.8 1.1 0.6 -3.8 -9.6 0.1 -0.5 0.1 1.1 0.9 0.3 -0.3 0.8 -0.1 -0.2 2.2 -6.2 4.1 5.8 2.8 1.3 2.3 1.7 2.8 1.2 2.0 1.8 2.2 0.8 4.4 6.0 3.2 0.5 5.4 9.1 2.6 2.3 3.5 5.1 2.2 1.6 3.8 4.0 3.7 0.8 2.8 0.1 2.9 -2.9 2.7 2.6 0.6 2.2 3.6 4.7 2.7 1.2 3.4 -0.1 3.0 -2.2 3.6 1.5 0.8 0.6 4.1 -0.7 6.8 -2.7 2.0 0.9 0.8 0.6 3.3 2.4 3.9 1.1 2.3 0.3 2.0 -1.0 2.6 1.4 1.6 1.1 4.7 5.5 4.1 1.8 3.3 0.8 5.3 1.5 1.4 1.3 0.9 1.0 1.9 2.1 1.0 0.8 2.5 1.0 0.6 1.2 0.8 2.6 1.0 0.8 0.7 18 -0.1 -0.7 -0.9 -2.3 3.2 -1.1 -0.1 -1.6 -0.5 0.0 -0.8 -1.4 0.4 -3.0 0.2 -0.8 -1.4 0.8 1.0 19 1.8 2.1 1.7 1.3 2.5 2.0 0.9 1.5 3.2 2.4 2.1 1.7 0.4 2.7 2.4 0.8 2.6 4.3 3.3 20 1.9 2.3 1.8 2.0 2.2 1.9 2.3 2.5 2.3 1.9 2.7 1.8 1.8 2.4 1.7 2.4 2.4 2.4 1.6 2.1 1.5 2.6 2.9 2.6 1.2 1.8 1.1 2.1 1.5 2.1 2.5 3.2 2.4 2.1 2.2 2.1 1.9 2.3 1.9 2.7 2.9 2.7 3.0 2.4 3.0 1.8 2.6 1.7 3.7 0.9 4.1 2.4 3.5 2.3 3.9 21 4.3 22 3.9 23 2.8 2.3 3.0 2.5 3.6 3.1 3.9 2.4 2.1 2.6 3.1 1.8 1.9 1.7 3.3 3.8 3.1 3.4 1.4 1.1 1.6 1.8 0.2 2.3 2.1 4.4 3.3 4.9 5.9 0.6 4.6 3.1 6.3 -0.2 2.9 2.4 4.7 3.2 4.1 3.0 4.9 3.3 3.1 3.0 3.1 2.8 3.6 2.5 4.1 1.6 3.0 2.7 1.1 0.9 3.4 1.7 3.6 2.5 2.8 3.0 4.0 2.9 1.0 0.4 3.3 4.5 -2.9 2.7 -0.5 1.8 1.6 0.4 1.9 2.8 1.7 1.2 2.0 4.3 6.6 3.6 3.0 1.0 1.5 0.8 4.0 3.8 4.4 6.7 3.9 3.0 4.7 1.8 2.2 -0.5 1.6 -0.3 2.5 -0.6 0.6 0.7 19.2 29.2 22.7 54.5 16.0 3 98.5 41.3 80.6 19.7 39.0 4 15.7 11.7 43.0 -4.2 31.7 5 5.4 2.6 8.5 12.5 11.9 6 8.2 5.6 17.7 19.6 15.1 7 2.5 2.0 6.9 13.6 11.6 8 14.5 9.7 30.3 26.0 18.7 9 7.3 3.8 6.9 12.1 10.5 10 11.5 1.7 5.4 26.4 9.1 11 -2.2 8.6 9.6 23.1 13.3 12 2.9 5.6 -2.0 0.5 -0.9 13 14 15 16 17 0.8 5.1 1.4 5.2 8.8 24 0.0 -0.5 -11.1 14.6 3.9 25 1.0 6.6 5.1 2.9 10.1 26 4.2 3.5 5.2 3.6 5.3 27 2.9 3.0 6.8 4.9 6.4 28 3.1 2.4 4.5 4.3 5.6 29 2.8 3.3 7.9 5.2 6.7 30 Addenda: 31 Private goods-producing industries 1 4.6 -0.6 -2.4 7.4 7.0 4.5 2.8 0.4 -4.6 1.2 -3.5 1.6 -4.2 -15.3 11.2 7.7 18.6 19.9 15.8 31 32 Private services-producing industries 2 2.6 2.6 3.3 2.7 2.2 2.9 2.4 0.4 3.1 2.0 1.5 1.0 2.3 1.7 -0.7 3.7 3.1 6.6 5.3 32 1. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing. 2. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance, real estate, rental, and leasing; professional and business services; educational services, health care, and social assistance; arts, entertainment, recreation, accommodation, and food services; and other services, except government. Source: U.S. Bureau of Economic Analysis - 28 - December 22, 2021 Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and Contributions to Percent Change 2018 2019 2020 2017 Q4 Line 1 2 3 4 5 6 7 8 9 10 11 12 Gross domestic product (GDP) and related aggregates: GDP Goods Services Structures Motor vehicle output GDP excluding motor vehicle output Nonfarm business gross value added 1 Percent change at annual rate: Gross domestic product Percentage points at annual rates: Goods Services Structures Motor vehicle output Seasonally adjusted at annual rates 2018 2019 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Percent change from preceding period 3.1 3.4 2.8 4.3 6.7 3.4 5.5 2.2 5.1 3.4 1.9 0.9 2.4 3.7 5.4 5.4 2.2 0.6 0.6 -5.2 -11.5 5.7 -1.8 10.5 -10.5 3.2 3.2 2.5 8.7 2.3 3.0 3.0 3.4 2.0 3.2 Line Q3 r 2.8 2.4 -3.1 2.3 -4.3 -28.8 27.0 5.1 6.4 7.4 3.7 6 3.5 2.7 -4.4 4.7 3.6 3.9 2.2 1.1 3.4 3.6 3.2 1.8 Contributions to percent change in real gross domestic product -7.4 -36.9 44.6 6.2 8.4 8.5 2.0 7 2.9 2.3 -3.4 3.8 3.1 -5.1 -31.2 33.8 4.5 6.3 6.7 2.3 8 1.27 0.08 0.95 -3.41 0.07 -0.07 0.00 -0.35 1.59 1.68 0.55 0.84 1.01 1.71 0.37 0.19 3.4 1.9 0.9 2.8 2.4 3.2 1.60 1.07 1.54 1.57 1.35 1.33 0.39 0.37 0.43 -0.46 -1.03 0.47 0.10 -0.05 0.29 -0.31 0.97 1.53 0.72 0.06 2.5 2.8 1.9 1.05 0.69 -1.06 1.25 1.40 -5.07 0.47 -0.20 1.01 0.30 -0.34 -0.95 -31.2 33.8 4.5 -28.7 62.9 4.6 -32.3 23.8 3.1 -32.0 15.6 14.7 -87.1 1,236.8 -12.8 2021 Q2 2.3 -3.4 4.3 0.3 1.5 -5.5 0.8 -0.9 0.2 -12.7 0.6 2.8 1.9 -5.1 3.5 2.3 -3.7 2.0 2.3 -8.0 5.6 -2.4 12.2 11.7 -11.3 -30.7 Q1 2.9 5.2 2.1 1.1 7.9 1.53 1.30 0.09 0.22 3.8 5.4 2.7 6.6 35.3 Q4 -7.34 -20.79 -3.11 -3.93 17.63 1.46 14.68 1.86 1.47 1.22 5.97 -0.40 6.3 6.7 2.3 10.8 9.8 0.1 4.2 7.9 4.7 5.0 -10.0 -5.8 1.1 -14.1 -38.4 1 2 3 4 5 3.31 3.05 0.05 9 2.52 4.62 2.77 10 0.45 -0.94 -0.52 11 0.03 -0.42 -1.26 12 r Revised 1. Consists of GDP less gross value added of farm, of households and institutions, and of general government. Source: U.S. Bureau of Economic Analysis Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago Line Q2 1 2 3 4 5 6 7 Gross domestic product (GDP) Personal consumption expenditures Gross private domestic investment Net exports of goods and services Exports Imports Government consumption expenditures and gross investment Addenda: Current dollar measures: (Billions of dollars) 8 GDP 9 Gross domestic income 2019 Q3 Billions of chained (2012) dollars at quarterly rates 2020 Q4 Q1 Q2 Q3 Q4 Q1 2021 Q2 Q3 r Percent change from quarter one year ago Line 2019 2020 2021 r Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 4,750.3 4,796.8 4,900.9 4,615.6 4,302.0 4,660.4 4,806.7 4,631.3 4,842.2 4,881.1 2.3 2.7 0.7 -9.4 -2.8 -1.9 0.3 12.6 4.7 1 3,271.3 3,288.8 3,414.9 3,164.5 2,932.4 3,191.3 3,341.8 3,226.6 3,411.7 3,421.7 2.3 2.5 0.4 -10.4 -3.0 -2.1 2.0 16.3 7.2 2 0.6 21.9 5.5 3 -237.2 -253.6 -211.0 -190.2 -194.6 -273.6 -284.3 -272.1 -310.9 -351.3 ........ ........ ........ ........ ........ ........ ......... ......... ......... 641.6 637.2 653.4 600.2 483.4 535.8 588.1 556.3 575.0 562.4 0.1 0.6 -3.5 -24.7 -15.9 -10.0 -7.3 18.9 5.0 878.9 890.8 864.4 790.4 678.1 809.4 872.4 828.4 885.8 913.7 1.9 -2.1 -4.2 -22.8 -9.1 0.9 4.8 30.6 12.9 4 5 6 824.5 1.1 7 2.7 17.1 9.8 3.6 20.0 14.6 8 9 883.7 922.1 830.2 858.0 837.9 827.9 815.3 713.7 850.8 891.5 841.2 883.2 852.8 832.5 3.1 -0.1 -2.2 -19.2 -3.3 3.7 3.6 5,344.9 5,398.2 5,512.8 5,224.5 4,876.9 5,302.3 5,490.1 5,367.8 5,711.8 5,822.8 5,252.3 5,321.6 5,529.5 5,493.0 4,806.8 5,133.4 5,631.1 5,692.0 5,766.6 5,881.6 4.0 4.0 4.4 3.6 2.1 -8.8 -1.8 -0.4 2.9 -8.5 -3.5 1.8 - 29 - 3.2 1.3 2.9 2.4 Source: U.S. Bureau of Economic Analysis 855.4 940.7 850.7 r Revised 832.3 869.8 1.8 2.1 0.5
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