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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, OCTOBER 27, 2011 BEA 11-52 Lisa Mataloni: (202) 606-5304 (GDP) Recorded message: (202) 606-5306 gdpniwd@bea.gov GROSS DOMESTIC PRODUCT: THIRD QUARTER 2011 (ADVANCE ESTIMATE) Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.5 percent in the third quarter of 2011 (that is, from the second quarter to the third quarter) according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.3 percent. The Bureau emphasized that the third-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see the box on page 3). The "second" estimate for the third quarter, based on more complete data, will be released on November 22, 2011. The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, exports, and federal government spending that were partly offset by negative contributions from private inventory investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. The acceleration in real GDP in the third quarter primarily reflected accelerations in PCE and in nonresidential fixed investment and a smaller decrease in state and local government spending that were partly offset by a larger decrease in private inventory investment. NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005) dollars. Price indexes are chain-type measures. This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release. - more - -2Final sales of computers added 0.21 percentage point to the third-quarter change in real GDP after adding 0.07 percentage point to the second-quarter change. Motor vehicle output added 0.07 percentage point to the third-quarter change in real GDP after subtracting 0.10 percentage point from the second-quarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 2.0 percent in the third quarter, compared with an increase of 3.3 percent in the second. Excluding food and energy prices, the price index for gross domestic purchases increased 1.8 percent in the third quarter, compared with an increase of 2.7 percent in the second. Real personal consumption expenditures increased 2.4 percent in the third quarter, compared with an increase of 0.7 percent in the second. Durable goods increased 4.1 percent, in contrast to a decrease of 5.3 percent. Nondurable goods increased 0.2 percent, the same increase as in the second. Services increased 3.0 percent, compared with an increase of 1.9 percent. Real nonresidential fixed investment increased 16.3 percent in the third quarter, compared with an increase of 10.3 percent in the second. Nonresidential structures increased 13.3 percent, compared with an increase of 22.6 percent. Equipment and software increased 17.4 percent, compared with an increase of 6.2 percent. Real residential fixed investment increased 2.4 percent, compared with an increase of 4.2 percent. Real exports of goods and services increased 4.0 percent in the third quarter, compared with an increase of 3.6 percent in the second. Real imports of goods and services increased 1.9 percent, compared with an increase of 1.4 percent. Real federal government consumption expenditures and gross investment increased 2.0 percent in the third quarter, compared with an increase of 1.9 percent in the second. National defense increased 4.8 percent, compared with an increase of 7.0 percent. Nondefense decreased 3.7 percent, compared with a decrease of 7.6 percent. Real state and local government consumption expenditures and gross investment decreased 1.3 percent, compared with a decrease of 2.8 percent. The change in real private inventories subtracted 1.08 percentage points from the third-quarter change in real GDP after subtracting 0.28 percentage point from the second-quarter change. Private businesses increased inventories $5.4 billion in the third quarter, following increases of $39.1 billion in the second quarter and $49.1 billion in the first. Real final sales of domestic product -- GDP less change in private inventories -- increased 3.6 percent in the third quarter, compared with an increase of 1.6 percent in the second. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.2 percent in the third quarter, compared with an increase of 1.0 percent in the second. - more - -3Disposition of personal income Current-dollar personal income increased $29.5 billion (0.9 percent) in the third quarter, compared with an increase of $145.7 billion (4.6 percent) in the second. Personal current taxes increased $12.5 billion in the third quarter, compared with an increase of $35.2 billion in the second. Disposable personal income increased $17.0 billion (0.6 percent) in the third quarter, compared with an increase of $110.5 billion (3.9 percent) in the second. Real disposable personal income decreased 1.7 percent, in contrast to an increase of 0.6 percent. Personal outlays increased $133.1 billion (4.9 percent) in the third quarter, compared with an increase of $100.5 billion (3.7 percent) in the second. Personal saving -- disposable personal income less personal outlays -- was $472.7 billion in the third quarter, compared with $588.9 billion in the second. The personal saving rate -- saving as a percentage of disposable personal income -- was 4.1 percent in the third quarter, compared with 5.1 percent in the second. For a comparison of personal saving in BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp. Current-dollar GDP Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 5.0 percent, or $185.8 billion, in the third quarter to a level of $15,198.6 billion. In the second quarter, current-dollar GDP increased 4.0 percent, or $145.0 billion. Information on the assumptions used for unavailable source data is provided in a technical note that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed "Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an analysis of the current quarterly estimate of GDP and related series is made available on the Web site; click on Survey of Current Business, "GDP and the Economy." - more - -4BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- November 22, 2011, at 8:30 A.M. EST for: Gross Domestic Product: Third Quarter 2011 (Second Estimate) Corporate Profits: Third Quarter 2011 (Preliminary Estimate) * * * Release dates in 2012 Gross Domestic Product 2011: IV and 2011 annual 2012: I 2012: II January 27 February 29 March 29 April 27 May 31 June 28 July 27 October 26 August 29 November 29 September 27 December 20 ……….. March 29 May 31 June 28 August 29 November 29 September 27 December 20 Advance…… Second…….. Third………. 2012: III Corporate Profits Preliminary... Revised……. - more - -5Comparisons of Revisions to GDP Quarterly estimates of GDP are released on the following schedule: “Advance” estimates, based on source data that are incomplete or subject to further revision by the source agency, are released near the end of the first month after the end of the quarter; as more detailed and more comprehensive data become available, “second” and “third” estimates are released near the end of the second and third months, respectively. The “latest” estimates reflect the results of both annual and comprehensive revisions. Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.2 percentage point, which is larger than the average revisions from the advance estimate to the second or to the third estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than four-fifths of the time. Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons [Annual rates] Vintages compared Average Average without regard to sign Standard deviation of revisions without regard to sign Current-dollar GDP Advance to second.... Advance to third........ Second to third........... 0.2 .2 .0 0.6 .7 .3 0.4 .4 .2 Advance to latest....... .3 1.2 1.0 Real GDP Advance to second..... Advance to third......... Second to third............ 0.1 .1 .0 0.5 .6 .2 0.4 .5 .2 Advance to latest........ .2 1.3 1.0 NOTE.--These comparisons are based on the period from 1983 through 2008. - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 IV 2008 I II 2009 III IV I II 2010 III IV I II 2011 III IV I II III Gross domestic product (GDP) ... –0.3 –3.5 3.0 1.7 –1.8 1.3 –3.7 –8.9 –6.7 –0.7 1.7 3.8 3.9 3.8 2.5 2.3 0.4 1.3 2.5 Personal consumption expenditures ..... –0.6 –1.9 2.0 1.2 –1.0 –0.1 –3.8 –5.1 –1.5 –1.9 2.3 0.4 2.7 2.9 2.6 3.6 2.1 0.7 2.4 Goods..................................................... –2.5 –3.0 4.3 1.0 –5.6 0.5 –7.7 –12.6 0.1 –2.3 7.6 0.5 6.4 3.8 4.8 8.3 4.7 –1.6 1.4 Durable goods .................................... –4.9 –5.4 7.2 2.3 –9.6 –2.9 –12.3 –25.4 2.4 –4.0 20.3 –4.8 9.9 7.8 8.8 17.2 11.7 –5.3 4.1 Nondurable goods .............................. –1.2 –1.8 2.9 0.4 –3.3 2.3 –5.4 –5.8 –1.0 –1.5 2.0 3.1 4.8 1.9 3.0 4.3 1.6 0.2 0.2 Services.................................................. 0.4 –1.4 0.9 1.3 1.5 –0.5 –1.7 –1.2 –2.3 –1.7 –0.1 0.4 1.0 2.5 1.6 1.3 0.8 1.9 3.0 Gross private domestic investment........ –10.2 –25.0 17.9 –9.3 –12.2 –6.0 –16.5 –33.9 –46.7 –22.8 2.9 36.8 31.5 26.4 9.2 –7.1 3.8 6.4 4.1 Fixed investment..................................... –7.1 –18.8 2.6 –4.9 –8.3 –5.2 –12.3 –25.2 –32.2 –17.0 0.7 –3.8 1.2 19.5 2.3 7.5 1.2 9.2 13.7 Nonresidential..................................... –0.8 –17.8 4.4 5.4 –0.8 –2.3 –9.9 –22.9 –31.3 –15.8 –3.3 –3.7 6.0 18.6 11.3 8.7 2.1 10.3 16.3 Structures........................................ 6.4 –21.2 –15.8 7.4 0.8 9.4 –3.7 –10.2 –32.1 –33.3 –20.1 –30.8 –24.7 7.5 4.2 10.5 –14.3 22.6 13.3 Equipment and software ................. –4.3 –16.0 14.6 4.4 –1.7 –7.9 –13.1 –29.3 –30.8 –4.2 6.4 11.7 21.7 23.2 14.1 8.1 8.7 6.2 17.4 Residential .......................................... –23.9 –22.2 –4.3 –29.3 –28.5 –14.5 –20.0 –33.2 –35.4 –21.3 17.8 –3.8 –15.3 22.8 –27.7 2.5 –2.4 4.2 2.4 Change in private inventories ................. ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Net exports of goods and services ........ ............ ............ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... Exports ................................................... 6.1 –9.4 11.3 11.6 5.5 12.7 –3.5 –21.4 –29.0 –0.5 13.9 23.5 7.2 10.0 10.0 7.8 7.9 3.6 4.0 Goods ................................................. 6.3 –12.0 14.4 9.9 9.3 14.1 –2.4 –27.4 –34.9 –2.9 21.3 28.4 12.1 11.8 8.9 9.2 10.6 2.5 4.7 Services.............................................. 5.6 –3.5 5.0 15.7 –2.7 9.5 –6.2 –5.6 –14.7 4.7 0.1 13.7 –2.7 6.1 12.6 4.7 1.7 6.2 2.4 Imports ................................................... –2.7 –13.6 12.5 –5.2 1.4 –2.5 –6.6 –14.9 –34.0 –15.0 16.3 17.4 12.5 21.6 12.3 –2.3 8.3 1.4 1.9 Goods ................................................. –3.8 –15.6 14.8 –5.5 –0.6 –2.2 –9.1 –18.5 –37.1 –17.9 19.6 21.8 14.4 26.0 12.4 –0.5 9.5 1.6 1.8 Services.............................................. 3.6 –3.5 2.9 –4.0 13.0 –4.2 8.2 5.6 –19.3 –2.5 4.2 0.4 4.6 3.3 11.6 –10.4 2.2 0.4 2.4 Government consumption expenditures and gross investment........................... 2.6 1.7 0.7 1.2 3.1 1.7 4.3 1.6 –1.7 5.9 1.3 –0.9 –1.2 3.7 1.0 –2.8 –5.9 –0.9 0.0 Federal ................................................... 7.2 6.0 4.5 1.1 9.7 4.9 11.7 9.1 –3.3 14.4 5.9 2.2 2.8 8.8 3.2 –3.0 –9.4 1.9 2.0 National defense................................. 7.5 5.8 3.3 0.0 8.2 5.4 17.6 8.3 –7.5 16.3 8.2 –1.3 0.5 6.0 5.7 –5.9 –12.6 7.0 4.8 Nondefense ........................................ 6.5 6.5 7.1 3.4 13.0 3.9 –0.1 10.9 6.5 10.4 1.0 9.9 7.8 14.7 –1.8 3.1 –2.7 –7.6 –3.7 State and local........................................ 0.0 –0.9 –1.8 1.3 –0.6 –0.1 0.1 –2.8 –0.8 0.9 –1.5 –2.9 –3.9 0.4 –0.5 –2.7 –3.4 –2.8 –1.3 Addenda: Final sales of domestic product.............. 0.2 –2.6 1.4 2.5 –1.1 1.5 –3.0 –7.4 –4.2 –0.2 1.4 –0.2 0.8 3.0 1.7 4.2 0.0 1.6 3.6 Gross domestic purchases..................... –1.5 –4.4 3.4 –0.5 –2.1 –0.7 –4.2 –8.3 –8.6 –2.8 2.2 3.5 4.8 5.6 3.1 0.9 0.7 1.0 2.2 Final sales to domestic purchasers ........ –1.0 –3.6 1.8 0.2 –1.4 –0.5 –3.6 –6.9 –6.2 –2.3 1.9 –0.3 1.7 4.9 2.3 2.7 0.4 1.3 3.2 Gross national product (GNP) ................ 0.0 –3.6 3.3 3.2 –2.3 1.3 –3.2 –10.8 –6.2 –0.5 2.3 4.0 3.8 4.5 2.8 1.7 1.5 2.2 ........... Disposable personal income .................. 2.4 –2.3 1.8 2.2 5.9 8.2 –8.8 –0.2 –3.8 0.3 –5.4 –0.6 4.9 5.6 2.3 1.5 1.2 0.6 –1.7 Current-dollar measures: GDP .................................................... 1.9 –2.5 4.2 3.6 0.6 4.0 –0.6 –8.4 –5.2 –1.1 1.9 4.9 5.5 5.4 3.9 4.2 3.1 4.0 5.0 Final sales of domestic product .......... 2.4 –1.6 2.6 4.4 1.5 4.0 0.2 –7.4 –2.5 –0.5 1.8 1.0 2.3 4.5 3.1 6.1 2.5 4.2 6.2 Gross domestic purchases ................. 1.8 –4.5 5.0 3.2 1.9 3.9 –0.3 –12.0 –10.4 –2.4 3.9 5.6 7.0 6.2 4.0 2.9 4.9 4.5 4.2 Final sales to domestic purchasers .... 2.2 –3.7 3.3 4.0 2.7 3.9 0.4 –11.0 –7.9 –1.8 3.7 1.9 3.8 5.3 3.2 4.8 4.3 4.7 5.3 GNP .................................................... 2.2 –2.6 4.4 5.2 0.0 4.1 –0.1 –10.4 –4.8 –0.9 2.6 5.1 5.4 6.1 4.1 3.5 4.2 4.8 ........... Disposable personal income............... 5.8 –2.1 3.6 6.5 10.0 13.1 –4.9 –5.8 –5.4 2.2 –2.6 2.2 6.8 5.9 3.3 3.5 5.2 3.9 0.6 See “Explanatory Note” at the end of the tables. Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2008 2009 2010 2007 IV Percent change at annual rate: Gross domestic product ................................. Percentage points at annual rates: Personal consumption expenditures .................... Goods ................................................................... Durable goods ................................................... Motor vehicles and parts................................ Furnishings and durable household equipment .................................................. Recreational goods and vehicles ................... Other durable goods ...................................... Nondurable goods ............................................. Food and beverages purchased for offpremises consumption ............................... Clothing and footwear .................................... Gasoline and other energy goods.................. Other nondurable goods ................................ Services................................................................ Household consumption expenditures (for services) ........................................................ Housing and utilities....................................... Health care..................................................... Transportation services.................................. Recreation services ....................................... Food services and accommodations ............. Financial services and insurance................... Other services................................................ Final consumption expenditures of nonprofit institutions serving households...................... Gross output of nonprofit institutions ............. Less: Receipts from sales of goods and services by nonprofit institutions ................ Gross private domestic investment................... Fixed investment.............................................. Nonresidential ................................................ Structures................................................... Equipment and software ............................ Information processing equipment and software .............................................. Computers and peripheral equipment Software.............................................. Other................................................... Industrial equipment ............................... Transportation equipment....................... Other equipment..................................... Residential ..................................................... Change in private inventories......................... Farm............................................................... Nonfarm ......................................................... Net exports of goods and services.................... Exports ............................................................. Goods ............................................................ Services ......................................................... Imports ............................................................. Goods ............................................................ Services ......................................................... Government consumption expenditures and gross investment ............................................. Federal.............................................................. National defense ............................................ Consumption expenditures......................... Gross investment ....................................... Nondefense.................................................... Consumption expenditures......................... Gross investment ....................................... State and local ................................................. Consumption expenditures......................... Gross investment ....................................... Addenda: Goods ................................................................ Services............................................................. Structures .......................................................... Motor vehicle output .......................................... Final sales of computers.................................... See “Explanatory Note” at the end of the tables. –0.3 –3.5 –0.39 –0.59 –0.41 –0.38 –1.32 –0.69 –0.41 –0.17 2008 III IV I II –3.7 –8.9 –6.7 –0.7 1.44 0.83 –0.70 –0.08 –2.67 –3.53 0.99 0.25 –1.37 0.12 –1.89 –3.04 0.53 0.19 –0.84 –0.23 –1.01 –2.12 0.05 –0.07 –0.48 –0.58 –0.53 –0.98 –1.02 0.05 0.19 0.35 3.0 1.7 I –1.8 II 2009 1.3 2010 III 1.7 IV –1.28 –0.52 –0.29 –0.10 1.66 0.33 1.70 0.12 1.39 –0.36 0.92 –0.79 1.92 1.45 0.70 –0.02 2.05 0.87 0.56 0.16 1.85 1.09 0.63 0.19 2.48 1.87 1.20 0.76 1.47 1.10 0.85 0.37 0.08 0.13 0.34 0.33 0.04 –0.03 0.31 0.48 0.22 0.32 0.18 0.75 0.17 0.21 0.02 0.30 0.06 0.27 0.11 0.47 0.14 0.24 0.05 0.67 0.06 0.32 0.10 0.25 0.15 –0.14 0.26 0.15 0.09 0.01 0.24 0.29 0.47 1.18 0.18 0.01 0.02 0.26 0.75 0.25 0.27 –0.15 0.30 0.61 0.04 0.07 –0.17 0.30 0.36 1.11 0.89 0.76 0.07 0.30 –0.10 0.45 0.28 0.49 0.08 0.05 0.00 0.11 0.20 –0.03 0.18 0.13 0.16 0.12 –0.16 0.05 0.10 0.09 0.19 0.35 –0.19 0.06 –0.01 –0.05 0.30 0.23 0.02 0.85 0.09 0.32 0.00 0.23 0.05 0.07 0.09 1.43 0.37 0.61 –0.01 0.08 0.11 0.17 0.09 0.26 0.20 0.20 –0.17 0.09 0.10 –0.10 –0.06 –0.01 –0.22 0.08 0.19 –0.76 –0.04 0.21 –0.32 –0.01 0.31 –0.16 –0.05 0.08 –0.24 –0.24 –0.92 –0.18 0.19 –0.20 –0.19 –0.17 –0.17 –0.18 –0.59 0.05 0.41 –0.11 –0.09 –0.17 –0.41 –0.27 0.12 0.22 0.14 0.22 0.20 0.22 0.03 0.12 0.02 0.15 0.28 0.27 0.25 0.31 0.49 1.72 –0.38 0.35 –0.42 0.31 –0.74 –0.08 0.05 0.20 0.07 0.04 0.08 0.26 0.05 0.04 0.06 0.01 0.05 –0.20 –0.24 0.09 0.16 0.14 0.87 1.38 0.05 –0.09 0.07 –0.14 –0.15 0.44 0.14 0.27 0.01 –0.13 0.01 0.10 –0.05 0.37 0.02 –1.66 –1.15 –0.09 0.24 –0.34 0.09 0.13 –0.01 0.05 0.10 0.08 –0.09 0.15 0.23 0.08 0.02 –3.61 1.96 –1.58 –2.02 –0.94 –2.63 –5.59 –7.76 –2.84 0.35 3.51 –2.77 0.32 –0.81 –1.36 –0.80 –1.91 –4.05 –5.09 –2.26 0.13 –0.42 –2.05 0.42 0.62 –0.10 –0.25 –1.18 –2.84 –3.90 –1.66 –0.29 –0.33 –0.85 –0.51 0.28 0.03 0.37 –0.14 –0.41 –1.47 –1.41 –0.71 –1.07 –1.20 0.93 0.34 –0.13 –0.63 –1.04 –2.43 –2.43 –0.25 0.42 0.74 –0.14 3.25 0.15 0.56 –0.76 1.32 0.37 2.92 2.12 1.62 0.18 1.45 0.43 –0.91 0.88 0.82 0.26 0.56 –0.15 0.47 0.15 0.20 –0.40 0.60 0.09 0.79 1.07 0.98 0.54 0.44 0.42 0.52 1.60 1.54 0.34 1.20 0.08 0.05 0.07 –0.04 –0.05 –0.31 –0.05 –1.05 –0.51 0.01 –0.52 1.21 0.73 0.53 0.20 0.47 0.57 –0.10 –0.14 0.35 0.57 –0.02 0.16 0.15 –0.01 0.05 0.09 –0.11 0.14 0.34 –0.28 0.08 –0.27 –0.53 0.36 0.04 –0.25 0.14 0.00 –0.72 –0.11 –1.43 –0.84 1.64 –0.77 –0.02 0.00 0.06 –0.82 1.64 –0.83 1.11 –0.51 2.22 –1.18 1.31 1.32 –1.04 1.12 0.78 –0.13 0.19 0.54 2.29 –1.82 0.90 2.19 –1.74 0.79 0.10 –0.08 0.11 0.31 0.39 0.06 0.14 0.12 0.14 0.13 0.11 0.09 0.11 0.34 0.00 0.20 0.05 –0.76 0.06 0.86 –1.79 –0.20 0.01 1.06 –1.80 –0.68 1.37 1.21 0.98 0.75 0.79 0.46 0.18 –1.89 0.39 –1.58 0.08 –0.31 0.31 0.01 –0.05 0.04 0.02 0.14 0.30 0.15 –0.06 0.32 –0.09 0.41 –0.34 1.01 0.94 0.07 –1.35 –1.29 –0.06 0.32 0.27 0.14 –0.09 –0.01 0.14 –0.01 0.09 –0.28 –0.02 –0.26 0.24 0.48 0.24 0.24 –0.24 –0.23 –0.01 0.07 0.10 0.12 –0.15 0.37 0.34 0.42 0.05 –1.08 –0.07 –1.01 0.22 0.55 0.45 0.10 –0.34 –0.27 –0.07 0.20 0.26 0.31 0.26 0.05 –0.05 –0.06 0.01 –0.06 –0.13 0.07 –1.23 –0.18 0.00 –0.82 0.16 0.16 –0.74 0.37 0.26 –0.36 0.42 0.19 –0.38 –0.04 0.07 –0.08 –0.22 –0.10 –0.06 –0.20 –0.11 –0.02 –0.02 0.01 –0.41 –0.34 –0.16 0.00 –0.14 –0.23 –0.41 –0.20 0.07 0.01 0.05 0.01 –0.06 –0.04 –0.63 0.03 –0.55 –0.14 0.32 –0.46 2.00 1.56 1.21 0.35 0.44 0.31 0.13 –0.30 –0.14 0.02 –0.18 –0.08 –0.68 0.03 –0.73 –0.73 0.06 –0.79 0.79 –0.47 –0.22 –0.24 1.25 1.47 –0.21 –0.80 –0.22 –0.09 –0.49 –0.23 –0.99 –0.41 –1.21 –1.54 –0.08 –1.46 –0.12 –2.97 –2.75 –0.21 2.84 2.98 –0.14 –0.28 –0.04 –0.11 –0.13 –0.73 –0.97 –0.44 –1.19 –2.66 –0.06 –2.60 2.44 –3.82 –3.25 –0.57 6.26 5.63 0.63 0.15 0.06 0.09 0.00 –0.20 0.15 –0.35 –0.60 –0.58 –0.03 –0.55 2.21 –0.02 –0.20 0.18 2.24 2.15 0.09 0.06 0.14 2.5 0.14 0.17 0.09 0.13 0.19 –0.24 0.01 –0.06 –0.17 –1.26 –0.66 –0.17 –0.49 0.38 0.65 0.75 –0.10 –0.28 0.05 –0.33 0.31 –0.13 –0.17 0.22 0.02 0.06 –0.10 0.06 0.42 0.17 0.16 0.07 0.25 0.12 –0.28 –0.08 –0.01 0.06 –0.09 0.05 0.07 –0.03 0.01 0.35 –0.28 –0.30 0.20 –0.03 0.03 –0.04 1.3 III 0.4 –0.25 –0.51 –0.10 –0.23 –0.32 –0.07 –0.41 0.27 0.14 0.00 –0.36 –0.12 –0.78 –0.49 –1.07 –0.94 0.13 0.21 –0.25 –0.07 –0.24 –0.59 –0.13 II 2.3 0.13 0.16 0.13 –0.01 0.00 –0.13 0.20 0.04 0.46 0.58 –0.80 0.48 0.02 –0.33 –0.18 –0.23 –0.59 0.02 I 2.5 –0.05 –0.07 –0.01 –0.11 –0.13 0.01 0.02 –0.10 0.21 –0.63 0.30 0.42 –0.09 0.32 0.28 0.36 –0.07 –0.12 –0.02 0.00 0.16 –0.21 0.09 0.00 –0.04 0.08 IV 3.8 –0.25 –0.35 –0.21 –0.12 –0.15 –0.51 0.07 –0.11 –0.08 –0.29 –0.01 0.04 –0.89 –0.92 –0.15 –0.23 –0.66 0.43 0.13 0.12 0.21 0.16 –0.19 0.02 –0.11 0.05 –0.15 0.14 –0.43 –0.07 –0.12 0.02 III 3.9 0.13 0.02 –0.17 0.07 0.27 0.25 –0.09 0.30 0.07 –0.01 –0.09 –0.02 0.46 0.06 –0.53 0.35 0.00 0.09 0.25 –0.12 –0.03 –0.04 –0.06 –0.08 II 3.8 –0.08 –0.15 0.09 –0.04 –0.04 –0.06 –0.18 –0.28 –0.14 0.05 –0.08 0.25 –0.20 –0.15 –0.11 0.21 0.67 –0.20 I 2011 0.48 0.54 0.18 0.38 0.13 0.34 0.07 0.23 0.06 0.12 –0.06 0.03 0.30 0.08 0.17 0.12 –0.07 0.00 0.02 0.39 0.04 0.21 0.75 0.47 –0.04 0.00 0.36 0.21 0.42 –0.10 –0.41 0.50 0.21 3.93 3.10 0.79 –0.12 0.13 0.17 –0.11 0.33 3.80 2.92 0.90 –0.59 0.15 –0.97 –1.94 1.49 2.51 0.86 1.19 1.48 2.01 0.96 0.97 0.01 0.49 –0.10 0.23 –2.08 –2.36 –1.83 –3.13 –1.98 –2.36 –1.71 –3.05 –0.10 0.00 –0.12 –0.08 0.50 0.34 0.14 0.23 0.58 0.34 0.85 0.35 0.50 0.45 0.37 0.08 0.66 0.35 0.84 0.69 0.36 0.30 0.18 0.01 0.38 0.27 0.85 0.44 0.25 0.25 0.14 0.01 0.32 –0.05 0.69 0.37 0.11 0.05 0.04 0.00 0.06 0.32 0.15 0.07 0.15 0.16 0.19 0.07 0.28 0.09 –0.01 0.25 0.12 0.14 0.14 0.08 0.25 0.06 –0.03 0.23 0.02 0.01 0.05 –0.01 0.03 0.03 0.02 0.02 0.00 –0.11 –0.23 0.16 –0.08 –0.01 0.01 –0.34 –0.02 –0.07 –0.13 0.09 –0.09 –0.13 0.02 –0.10 0.02 –0.05 –0.10 0.07 0.01 0.12 –0.01 –0.24 –0.33 1.21 0.28 –0.25 1.09 0.48 –0.40 0.84 0.45 –0.23 0.64 0.38 –0.17 0.20 0.07 0.15 0.25 0.03 0.17 0.26 –0.03 –0.02 0.00 0.05 –0.08 0.12 –0.19 –0.04 –0.03 –0.15 –0.05 0.15 –0.04 –0.21 0.66 –0.78 –0.53 0.11 –2.82 0.82 –1.11 0.37 –2.73 –1.88 –1.32 0.26 0.09 –0.08 –1.56 3.01 1.46 –1.23 1.14 –0.34 0.72 1.40 0.72 0.15 –1.59 –0.69 –1.16 –1.25 0.02 –0.55 0.49 –0.45 –0.40 –0.74 0.01 0.10 0.20 0.04 0.15 –2.32 –6.83 –0.55 –0.35 –0.79 –1.72 –0.70 –1.73 –0.01 0.02 –0.18 –0.26 0.77 0.18 0.23 0.71 –0.07 0.03 0.33 0.04 –0.01 0.23 –0.11 0.04 0.10 0.25 0.21 0.38 0.20 0.17 0.29 0.05 0.04 0.09 –0.37 –0.49 0.05 –0.09 –0.18 –0.14 –0.27 –0.32 0.20 1.91 4.44 0.07 0.84 –0.29 –1.48 1.48 0.20 –0.06 0.02 5.19 0.23 –1.48 0.73 0.16 0.28 1.14 0.28 1.04 0.10 0.94 –0.58 –0.26 –0.34 –0.40 0.06 0.09 0.06 0.02 –0.33 –0.11 –0.22 1.12 2.12 1.63 1.69 0.98 0.65 0.97 –0.59 0.07 0.34 0.33 –0.43 0.06 0.29 0.29 1.36 –0.05 –0.95 1.08 0.08 –0.17 1.18 0.33 –0.10 0.07 0.76 1.26 0.45 0.07 0.21 Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period Billions of current dollars Billions of chained (2005) dollars Seasonally adjusted at annual rates 2010 2010 Seasonally adjusted at annual rates 2011 2010 2010 Change from preceding period 2011 2011 2010 III Gross domestic product ................................. Personal consumption expenditures .................... Goods ................................................................... Durable goods ................................................... Motor vehicles and parts................................ Furnishings and durable household equipment .................................................. Recreational goods and vehicles ................... Other durable goods ...................................... Nondurable goods ............................................. Food and beverages purchased for offpremises consumption ............................... Clothing and footwear .................................... Gasoline and other energy goods.................. Other nondurable goods ................................ Services................................................................ Household consumption expenditures (for services) ........................................................ Housing and utilities....................................... Health care..................................................... Transportation services.................................. Recreation services ....................................... Food services and accommodations ............. Financial services and insurance................... Other services................................................ Final consumption expenditures of nonprofit institutions serving households...................... Gross output of nonprofit institutions ............. Less: Receipts from sales of goods and services by nonprofit institutions ................ Gross private domestic investment....................... Fixed investment ................................................. Nonresidential.................................................... Structures....................................................... Equipment and software ................................ Information processing equipment and software .................................................. Computers and peripheral equipment .... Software ................................................. Other ...................................................... Industrial equipment................................... Transportation equipment........................... Other equipment ........................................ Residential ......................................................... Change in private inventories ............................ Farm .................................................................. Nonfarm ............................................................. Net exports of goods and services ....................... Exports ................................................................. Goods ................................................................ Services............................................................. Imports ................................................................. Goods ................................................................ Services............................................................. Government consumption expenditures and gross investment ................................................. Federal.................................................................. National defense................................................ Consumption expenditures ............................ Gross investment ........................................... Nondefense ....................................................... Consumption expenditures ............................ Gross investment ........................................... State and local ..................................................... Consumption expenditures ................................ Gross investment............................................... Residual .................................................................... Addenda: Final sales of domestic product............................. Gross domestic purchases.................................... Final sales to domestic purchasers ....................... Gross domestic product ..................................... Plus: Income receipts from the rest of the world ... Less: Income payments to the rest of the world .... Equals: Gross national product ......................... Net domestic product............................................. IV I II III III IV I II III 14,526.5 14,605.5 14,755.0 14,867.8 15,012.8 15,198.6 13,088.0 13,139.6 13,216.1 13,227.9 13,271.8 13,352.8 10,245.5 10,276.6 10,417.1 10,571.7 10,676.0 10,803.4 9,220.9 9,247.1 9,328.4 9,376.7 9,392.7 9,449.5 3,387.0 3,386.5 3,483.4 3,592.2 3,622.7 3,661.7 3,230.7 3,240.8 3,306.0 3,344.4 3,331.2 3,343.1 1,085.5 1,087.5 1,124.7 1,154.5 1,143.8 1,153.9 1,188.3 1,194.1 1,242.4 1,277.4 1,260.2 1,273.0 340.1 339.6 367.1 383.0 363.4 364.2 330.1 328.0 354.9 368.2 342.1 339.3 II III 384.9 183.4 132.7 80.0 7.6 43.9 16.0 –13.2 –17.2 –26.1 81.0 56.8 11.9 12.8 –2.8 243.8 329.8 171.8 2,301.5 243.4 331.2 173.3 2,299.0 246.1 334.5 176.9 2,358.7 248.3 340.5 182.7 2,437.8 251.2 342.5 186.7 2,478.9 254.3 345.8 189.6 2,507.8 260.1 459.6 154.9 2,041.3 261.4 465.8 156.4 2,045.8 267.0 478.5 158.1 2,067.4 269.3 495.9 161.4 2,075.4 271.4 506.5 163.8 2,076.6 274.4 521.2 165.6 2,077.7 19.5 50.4 8.9 57.9 2.1 10.6 2.4 1.2 3.0 14.7 1.8 1.1 766.4 334.3 354.1 846.7 6,858.5 766.4 333.9 345.9 852.8 6,890.1 778.2 341.3 374.1 865.2 6,933.7 792.0 344.5 420.2 881.1 6,979.4 806.7 348.6 431.5 892.1 7,053.3 816.3 351.7 439.7 900.2 7,141.7 673.1 341.0 281.3 750.7 5,991.8 672.8 340.0 282.7 754.8 6,008.1 680.8 350.1 278.4 764.5 6,027.5 682.1 352.8 274.2 774.4 6,039.1 684.1 354.7 268.5 779.6 6,067.0 684.3 347.0 270.7 784.2 6,111.4 15.8 18.6 0.2 24.9 56.3 2.0 1.9 –5.7 5.2 27.9 0.2 –7.7 2.2 4.6 44.4 6,578.3 1,893.2 1,667.4 295.5 382.6 638.0 780.2 921.4 6,610.9 1,900.8 1,677.1 297.0 388.6 642.8 779.2 925.4 6,656.0 1,901.1 1,700.4 298.5 387.7 650.1 782.7 935.5 6,700.0 1,901.7 1,708.1 302.1 387.9 663.7 795.7 940.7 6,771.6 1,913.3 1,729.5 304.6 398.6 673.9 803.1 948.5 6,859.4 1,938.5 1,760.7 305.0 403.2 685.4 809.8 956.9 5,714.0 1,669.2 1,442.9 250.2 341.4 551.0 667.8 791.7 5,730.6 1,675.3 1,446.9 251.6 345.8 553.2 665.9 792.4 5,754.7 1,672.2 1,462.3 251.6 344.7 558.2 667.6 798.3 5,765.9 1,666.0 1,464.3 251.4 343.0 567.6 674.7 798.8 5,793.2 1,669.1 1,474.5 251.2 350.6 569.1 676.9 801.8 5,838.9 1,681.2 1,494.0 251.0 353.4 572.6 682.4 804.5 53.5 14.3 19.8 2.1 6.6 16.7 –8.3 2.2 27.3 3.1 10.2 –0.2 7.6 1.5 2.2 3.0 45.7 12.1 19.5 –0.2 2.8 3.5 5.5 2.7 280.2 1,118.9 279.2 1,125.3 277.6 1,141.6 279.4 1,143.5 281.7 1,154.9 282.3 1,176.2 280.0 989.2 279.5 992.8 273.9 1,001.6 274.3 997.2 274.9 1,000.6 273.1 1,012.6 2.9 18.5 0.6 3.4 –1.8 12.0 838.6 1,795.1 1,728.2 1,390.1 374.4 1,015.7 846.1 1,850.5 1,743.8 1,416.5 376.6 1,039.9 864.0 1,818.0 1,779.3 1,447.9 389.6 1,058.3 864.0 1,853.1 1,791.1 1,460.5 379.5 1,081.0 873.2 1,895.3 1,841.7 1,506.0 405.2 1,100.8 893.8 1,918.1 1,907.0 1,569.9 423.0 1,146.9 710.3 1,714.9 1,648.4 1,319.2 309.1 1,019.4 714.1 1,766.8 1,663.5 1,343.6 310.1 1,044.1 727.3 1,734.5 1,693.9 1,371.9 318.0 1,064.5 722.8 1,750.9 1,699.0 1,378.9 305.9 1,086.9 725.5 1,778.4 1,736.7 1,413.2 321.9 1,103.5 738.5 1,796.6 1,793.2 1,467.5 332.1 1,148.7 15.3 260.7 42.1 56.0 –58.2 129.7 2.7 27.5 37.7 34.3 16.0 16.6 13.0 18.2 56.5 54.3 10.2 45.2 543.8 93.8 257.9 192.1 168.6 122.7 180.5 338.1 66.9 –1.6 68.6 –516.9 1,839.8 1,277.8 562.0 2,356.7 1,947.3 409.4 548.0 95.3 258.6 194.0 172.9 132.8 186.3 327.3 106.7 –6.2 112.9 –540.3 1,860.6 1,288.9 571.6 2,400.9 1,982.7 418.2 559.3 99.3 263.2 196.8 178.0 133.1 187.9 331.3 38.7 –6.5 45.2 –500.2 1,935.3 1,353.8 581.5 2,435.5 2,022.8 412.7 557.9 95.6 265.1 197.3 185.0 145.4 192.7 330.6 62.0 –9.4 71.4 –571.3 2,024.1 1,431.0 593.2 2,595.4 2,176.2 419.3 567.6 103.9 270.4 193.3 186.5 152.0 194.6 335.7 53.6 –9.9 63.5 –597.1 2,085.3 1,473.5 611.7 2,682.4 2,257.3 425.1 568.4 602.6 608.5 624.5 625.0 638.4 641.6 54.3 13.4 3.2 106.1 .............. .............. ............. .............. .............. .............. .............. ............. .............. 274.8 256.1 257.2 262.4 263.7 268.9 273.4 7.0 5.2 4.5 187.6 207.3 209.9 214.4 215.2 211.5 205.3 21.2 –3.7 –6.2 201.8 146.6 150.1 153.7 158.1 157.7 169.4 9.5 –0.4 11.7 164.5 119.3 129.1 128.9 139.6 144.6 156.7 48.6 5.0 12.1 212.2 162.6 167.1 168.9 174.0 173.8 187.7 17.0 –0.2 13.9 337.1 330.8 321.1 323.1 321.1 324.4 326.3 –14.8 3.3 1.9 11.1 58.8 92.3 38.3 49.1 39.1 5.4 203.7 –10.0 –33.7 –12.6 –1.4 –5.7 –5.2 –7.8 –8.7 –10.7 0.1 –0.9 –2.0 23.7 60.7 98.8 44.7 59.7 51.0 19.0 204.5 –8.7 –32.0 –572.8 –421.8 –458.7 –414.2 –424.4 –416.4 –409.4 –63.0 8.0 7.0 2,116.9 1,663.2 1,684.8 1,716.8 1,749.6 1,765.0 1,782.4 169.2 15.4 17.4 1,496.7 1,164.9 1,178.8 1,204.9 1,235.6 1,243.2 1,257.5 146.3 7.6 14.3 620.2 498.8 506.5 512.4 514.6 522.4 525.5 23.9 7.8 3.1 2,689.7 2,085.0 2,143.5 2,131.0 2,173.9 2,181.4 2,191.8 232.2 7.5 10.4 2,262.3 1,729.3 1,779.8 1,777.4 1,818.4 1,825.4 1,833.7 223.3 7.0 8.3 427.4 357.4 365.5 355.6 357.5 357.9 360.1 10.2 0.4 2.2 3,002.8 3,018.7 3,020.2 3,014.4 3,038.6 3,049.8 1,222.8 1,237.5 1,234.3 1,219.9 1,237.1 1,248.7 819.2 831.3 823.9 809.0 830.6 843.9 702.1 713.1 702.7 701.0 723.4 733.3 117.1 118.2 121.2 108.0 107.3 110.5 403.6 406.2 410.3 410.9 406.5 404.9 351.9 353.6 356.9 358.1 354.1 351.9 51.7 52.6 53.5 52.8 52.4 53.0 1,780.0 1,781.2 1,786.0 1,794.4 1,801.5 1,801.1 1,443.5 1,438.9 1,450.1 1,471.7 1,482.9 1,476.5 336.5 342.3 335.9 322.8 318.6 324.6 .............. ............... ............... ............... .............. .............. 14,459.6 15,043.4 14,976.5 14,526.5 702.9 513.5 14,715.9 12,651.6 14,498.8 15,145.8 15,039.1 14,605.5 708.9 501.6 14,812.8 12,727.3 14,716.3 15,255.2 15,216.6 14,755.0 729.4 545.0 14,939.4 12,858.9 14,805.8 15,439.1 15,377.1 14,867.8 752.1 525.0 15,094.9 12,953.5 14,959.2 15,609.9 15,556.3 15,012.8 803.2 542.0 15,274.0 13,072.9 15,187.4 15,771.4 15,760.2 15,198.6 .............. .............. .............. 13,237.0 2,556.8 1,075.9 718.3 609.0 110.2 357.7 307.5 50.4 1,487.0 1,213.0 274.3 –39.3 2,570.3 1,087.8 728.6 618.1 111.4 359.2 308.3 51.2 1,488.9 1,210.8 278.4 –42.0 2,552.1 1,079.6 717.7 605.3 113.6 361.9 310.3 52.0 1,478.9 1,207.4 271.9 –61.2 2,513.9 1,053.3 694.0 594.0 100.3 359.4 308.4 51.3 1,466.4 1,207.4 259.6 –74.8 2,508.2 1,058.3 705.9 607.1 98.8 352.4 302.1 50.6 1,456.1 1,203.2 253.6 –86.5 13,028.9 13,500.4 13,440.7 13,088.0 634.2 461.4 13,261.0 11,333.3 13,046.0 13,589.6 13,495.4 13,139.6 639.9 450.9 13,328.9 11,381.6 13,181.6 13,621.2 13,585.9 13,216.1 655.2 487.7 13,383.9 11,448.2 13,182.8 13,644.2 13,598.4 13,227.9 669.3 465.2 13,432.2 11,451.3 13,236.2 13,679.9 13,643.4 13,271.8 708.7 476.6 13,504.2 11,485.7 2,508.2 17.2 –5.7 0.0 1,063.5 46.4 5.0 5.2 714.3 22.7 11.9 8.4 613.1 17.5 13.1 6.0 101.3 5.4 –1.5 2.5 349.1 23.9 –7.0 –3.3 298.6 17.8 –6.3 –3.5 51.0 6.3 –0.7 0.4 1,451.2 –27.2 –10.3 –4.9 1,196.1 –15.9 –4.2 –7.1 255.7 –11.0 –6.0 2.1 –94.5 .............. ............. .............. 13,353.2 13,753.4 13,752.6 13,352.8 .............. .............. .............. 11,555.5 176.2 448.8 240.7 384.9 49.6 16.5 417.8 366.3 53.4 117.0 35.7 73.5 45.0 109.2 43.9 81.0 39.4 .............. 11.4 .............. 72.0 .............. 34.4 69.8 NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See “Explanatory Note” at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 IV 2008 I II 2009 III IV I II 2010 III IV I II 2011 III IV I II III Gross domestic product (GDP) ....... 2.2 1.1 1.2 1.9 2.5 2.5 3.1 0.5 1.7 –0.4 0.3 1.1 1.5 1.5 1.4 1.9 2.5 2.5 2.5 Personal consumption expenditures ......... 3.3 0.2 1.8 4.2 3.9 4.5 4.3 –5.6 –1.7 1.9 3.0 2.8 1.9 0.3 1.0 1.9 3.9 3.3 2.4 Goods......................................................... 3.1 –2.6 1.6 5.3 4.8 4.8 7.0 –17.8 –6.3 4.1 5.6 2.5 2.1 –3.4 0.8 3.4 8.0 5.1 2.9 Durable goods ........................................ –1.9 –1.8 –1.7 –1.5 –1.3 –2.7 –1.1 –3.5 –2.1 –0.1 –2.7 0.5 –2.1 –2.4 –2.5 –2.4 –0.6 1.7 –0.5 Nondurable goods .................................. 5.7 –2.9 3.2 9.1 8.1 8.8 11.1 –23.8 –8.3 6.1 9.8 3.5 4.1 –3.9 2.4 6.2 12.4 6.7 4.5 Services...................................................... 3.4 1.6 1.9 3.7 3.4 4.4 3.0 1.2 0.6 0.9 1.8 2.9 1.7 2.2 1.1 1.2 1.9 2.4 2.1 Gross private domestic investment............ 1.1 –1.0 –1.6 0.4 0.3 1.2 2.4 6.9 –2.2 –6.4 –5.8 –1.7 –1.2 0.0 0.9 1.7 2.1 2.2 0.8 Fixed investment......................................... 1.2 –1.2 –1.4 0.4 0.9 1.4 3.3 2.9 –2.3 –5.3 –4.4 –1.0 –1.3 –0.5 0.5 0.8 1.4 2.4 1.1 Nonresidential......................................... 2.0 –0.6 –1.6 0.4 1.9 2.2 5.1 5.3 –2.2 –5.2 –4.7 –2.0 –1.7 0.2 0.5 0.4 1.4 2.5 1.5 Structures............................................ 4.9 –2.6 –1.1 4.8 5.2 3.9 7.7 8.2 –5.6 –12.0 –10.0 –1.5 1.3 2.4 2.5 3.6 5.0 6.1 4.8 Equipment and software ..................... 0.5 0.5 –1.8 –1.8 0.2 1.3 3.7 3.6 –0.2 –1.3 –2.2 –2.5 –3.1 –0.7 –0.3 –0.8 0.2 1.2 0.4 Residential .............................................. –1.2 –3.4 –0.4 0.7 –1.6 –1.1 –2.8 –5.2 –2.9 –5.9 –3.1 3.1 0.5 –3.0 0.6 2.5 1.5 2.0 –0.7 Change in private inventories ..................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Net exports of goods and services ............ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... Exports ....................................................... 4.7 –5.4 4.4 5.8 7.8 10.7 6.0 –22.0 –11.9 0.1 5.0 5.5 4.8 5.0 0.6 8.6 11.0 8.8 2.1 Goods ..................................................... 5.0 –6.8 4.9 6.1 8.9 13.3 5.7 –27.1 –14.4 2.1 5.1 5.3 5.5 5.5 0.6 11.5 12.9 9.7 1.7 Services.................................................. 4.1 –2.2 3.2 5.1 5.4 4.7 6.7 –8.9 –6.7 –3.8 4.6 5.8 3.5 3.9 0.6 2.2 6.5 6.5 3.1 Imports ....................................................... 10.6 –10.6 6.1 17.0 16.8 21.0 10.6 –36.7 –29.2 6.6 14.4 11.5 8.3 –2.2 –2.2 8.4 19.1 12.5 –0.8 Goods ..................................................... 11.6 –12.4 6.8 19.3 19.2 22.7 11.6 –40.8 –33.4 8.5 17.1 12.5 9.9 –2.9 –3.0 8.9 22.3 14.0 –0.9 Services.................................................. 5.8 –2.2 2.7 5.9 5.1 12.6 5.5 –11.6 –7.9 –0.8 4.0 7.1 1.0 0.8 1.6 5.8 4.2 5.2 –0.2 Government consumption expenditures and gross investment............................... 4.9 –0.3 2.2 4.7 7.9 6.6 4.2 –5.4 –1.8 0.0 1.2 2.0 4.7 1.3 0.9 3.1 5.4 4.2 1.5 Federal ....................................................... 3.2 –0.2 2.4 2.3 7.5 4.1 1.7 –4.7 1.2 –2.0 1.4 2.3 5.6 1.3 1.1 2.0 5.3 3.8 1.8 National defense..................................... 3.6 –0.7 2.4 3.1 7.5 5.3 2.0 –5.8 0.2 –2.5 1.1 2.5 5.7 1.3 0.9 2.5 6.3 3.8 1.6 Nondefense ............................................ 2.3 0.9 2.4 0.8 7.6 1.5 1.1 –2.3 3.5 –1.0 2.2 1.9 5.5 1.2 1.5 1.1 3.4 3.7 2.1 State and local............................................ 5.9 –0.4 2.1 6.2 8.2 8.1 5.7 –5.7 –3.6 1.3 1.0 1.7 4.1 1.3 0.7 3.8 5.5 4.5 1.3 Addenda: Final sales of domestic product.................. 2.2 1.0 1.2 1.9 2.6 2.5 3.2 0.0 1.7 –0.3 0.4 1.2 1.4 1.4 1.4 1.8 2.4 2.5 2.6 Gross domestic purchases......................... 3.2 –0.1 1.5 3.7 4.1 4.5 4.0 –4.0 –1.9 0.5 1.6 2.1 2.1 0.5 1.0 2.1 4.0 3.3 2.0 Final sales to domestic purchasers ............ 3.3 –0.1 1.5 3.7 4.2 4.5 4.1 –4.4 –1.8 0.6 1.7 2.2 2.1 0.4 0.9 2.0 3.9 3.4 2.0 Gross national product (GNP) .................... 2.2 1.1 1.1 1.9 2.5 2.5 3.1 0.4 1.7 –0.4 0.3 1.1 1.5 1.4 1.4 1.9 2.5 2.5 ........... Implicit price deflators: GDP ........................................................ 2.2 1.1 1.2 1.9 2.4 2.7 3.2 0.5 1.5 –0.4 0.2 1.0 1.5 1.6 1.3 1.8 2.7 2.6 2.5 Gross domestic purchases ..................... 3.3 –0.1 1.5 3.8 4.0 4.6 4.1 –4.0 –2.0 0.5 1.6 2.0 2.1 0.6 0.9 2.0 4.2 3.4 2.0 GNP ........................................................ 2.2 1.0 1.1 1.9 2.4 2.7 3.2 0.4 1.5 –0.4 0.2 1.0 1.5 1.5 1.3 1.8 2.7 2.6 ........... See “Explanatory Note” at the end of the tables. Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted 2008 2009 2010 2010 III 2011 IV I II III Gross domestic product...................................................... 104.270 100.635 103.684 104.093 104.699 104.792 105.140 105.782 Personal consumption expenditures ................................................ 104.637 102.657 104.741 105.038 105.962 106.511 106.693 107.338 Goods................................................................................................ 103.776 100.693 105.006 105.333 107.452 108.700 108.272 108.657 Durable goods ............................................................................... 104.314 98.660 105.782 106.294 110.600 113.710 112.180 113.320 Nondurable goods ......................................................................... 103.363 101.536 104.501 104.733 105.839 106.249 106.306 106.362 Services............................................................................................. 105.067 103.644 104.628 104.912 105.250 105.453 105.941 106.716 Gross private domestic investment................................................... 89.296 66.944 78.945 81.333 79.848 80.600 81.869 82.705 Fixed investment................................................................................ 93.228 75.688 77.667 78.380 79.812 80.052 81.829 84.494 Nonresidential................................................................................ 114.125 93.755 97.913 99.725 101.822 102.342 104.889 108.923 Structures................................................................................... 132.595 104.426 87.883 88.169 90.399 86.974 91.511 94.409 Equipment and software ............................................................ 106.411 89.367 102.393 104.873 106.925 109.174 110.839 115.380 Residential ..................................................................................... 57.345 44.587 42.681 41.427 41.684 41.428 41.855 42.108 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... .......................... ......................... ......................... Exports of goods and services.......................................................... 126.376 114.479 127.444 129.101 131.551 134.061 135.240 136.575 Imports of goods and services .......................................................... 105.733 91.372 102.821 105.708 105.091 107.207 107.573 108.087 Government consumption expenditures and gross investment .... 105.381 107.161 107.886 108.457 107.691 106.076 105.837 105.838 Federal .............................................................................................. 110.819 117.479 122.782 124.138 123.197 120.195 120.769 121.359 State and local................................................................................... 102.310 101.378 99.557 99.689 99.020 98.177 97.488 97.161 Addenda: Final sales of domestic product......................................................... 104.991 102.224 103.626 103.762 104.841 104.850 105.275 106.206 Gross domestic purchases................................................................ 102.303 97.796 101.160 101.828 102.064 102.237 102.504 103.055 Final sales to domestic purchasers ................................................... 102.974 99.280 101.091 101.502 102.182 102.276 102.615 103.436 Gross national product ...................................................................... 104.692 100.968 104.253 104.786 105.218 105.598 106.164 ......................... See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] Seasonally adjusted 2008 2009 2010 2010 III 2011 IV I II III Gross domestic product...................................................... 108.565 109.732 111.000 111.162 111.699 112.390 113.091 113.797 Personal consumption expenditures (PCE)...................................... 108.943 109.169 111.112 111.136 111.673 112.747 113.666 114.331 Goods................................................................................................ 105.912 103.209 104.837 104.497 105.367 107.412 108.752 109.533 Durable goods ............................................................................... 94.628 92.901 91.348 91.058 90.507 90.362 90.745 90.626 Nondurable goods ......................................................................... 112.567 109.301 112.748 112.379 114.092 117.463 119.383 120.710 Services............................................................................................. 110.584 112.353 114.465 114.682 115.037 115.574 116.260 116.861 Gross private domestic investment................................................... 107.501 106.401 104.743 104.755 105.199 105.755 106.342 106.550 Fixed investment................................................................................ 107.587 106.305 104.843 104.826 105.035 105.412 106.039 106.338 Nonresidential................................................................................ 107.717 107.106 105.373 105.424 105.536 105.909 106.560 106.969 Structures................................................................................... 125.706 122.490 121.117 121.399 122.475 123.982 125.835 127.326 Equipment and software ............................................................ 101.000 101.496 99.634 99.595 99.406 99.446 99.743 99.834 Residential ..................................................................................... 106.296 102.637 102.214 101.941 102.563 102.958 103.479 103.290 Change in private inventories ............................................................ ......................... .......................... ......................... ......................... ......................... ......................... .......................... .......................... Exports of goods and services.......................................................... 111.975 105.959 110.617 110.461 112.757 115.725 118.182 118.799 Imports of goods and services .......................................................... 119.237 106.571 113.032 111.994 114.271 119.370 122.949 122.697 Government consumption expenditures and gross investment .... 115.245 114.883 117.445 117.444 118.341 119.910 121.146 121.591 Federal .............................................................................................. 111.225 111.000 113.653 113.759 114.331 115.827 116.902 117.422 State and local................................................................................... 117.666 117.214 119.704 119.627 120.757 122.372 123.721 124.108 Addenda: PCE excluding food and energy 1 ...................................................... 107.020 108.691 110.208 110.353 110.534 110.963 111.585 112.163 Market-based PCE 2.......................................................................... 108.909 109.201 110.857 110.894 111.394 112.498 113.478 114.209 2 Market-based PCE excluding food and energy ............................... 106.666 108.647 109.763 109.943 110.025 110.391 111.038 111.679 Final sales of domestic product......................................................... 108.576 109.703 110.981 111.140 111.647 112.315 113.021 113.740 Gross domestic purchases................................................................ 109.858 109.803 111.438 111.456 112.048 113.147 114.081 114.647 Final sales to domestic purchasers ................................................... 109.869 109.783 111.426 111.441 112.006 113.084 114.024 114.602 Gross national product ...................................................................... 108.571 109.721 110.979 111.139 111.676 112.372 113.080 .......................... Implicit price deflators: Gross domestic product................................................................. 108.582 109.729 110.992 111.156 111.644 112.398 113.118 113.823 Final sales of domestic product ..................................................... 108.576 109.703 110.981 111.136 111.642 112.311 113.017 113.736 Gross domestic purchases ............................................................ 109.875 109.799 111.429 111.451 111.996 113.155 114.108 114.672 Final sales to domestic purchasers ............................................... 109.869 109.783 111.426 111.438 112.003 113.080 114.021 114.598 Gross national product................................................................... 108.589 109.717 110.971 111.133 111.623 112.379 113.106 .......................... 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See “Explanatory Note” at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Gross domestic product (GDP) .............................................. 2.5 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.5 3.1 2.7 1.9 –0.3 –3.5 3.0 Personal consumption expenditures ................................................ 2.7 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.3 3.4 2.9 2.3 –0.6 –1.9 2.0 Goods................................................................................................ 3.0 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.5 4.2 3.3 3.0 –2.5 –3.0 4.3 Durable goods ............................................................................... 3.9 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.6 7.3 5.9 4.5 5.0 –4.9 –5.4 7.2 Nondurable goods ......................................................................... 2.5 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.4 2.8 3.2 2.6 1.9 –1.2 –1.8 2.9 Services............................................................................................. 2.5 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.7 3.0 2.6 1.9 0.4 –1.4 0.9 Gross private domestic investment................................................... 3.1 8.8 12.4 10.0 8.8 6.8 –7.0 –1.4 3.9 10.1 5.5 2.7 –3.2 –10.2 –25.0 17.9 Fixed investment................................................................................ 6.4 9.0 9.2 10.9 9.3 7.4 –1.9 –4.2 3.5 7.4 6.5 2.4 –1.9 –7.1 –18.8 2.6 Nonresidential................................................................................ 10.5 9.3 12.1 12.0 10.4 9.8 –2.8 –7.9 1.4 6.2 6.7 8.0 6.5 –0.8 –17.8 4.4 Structures................................................................................... 6.4 5.7 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.1 6.4 –21.2 –15.8 Equipment and software ............................................................ 12.0 10.6 13.8 14.5 14.1 10.5 –3.2 –4.2 3.1 7.9 8.5 7.6 3.3 –4.3 –16.0 14.6 Residential ..................................................................................... –3.3 8.0 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.7 –23.9 –22.2 –4.3 Change in private inventories ............................................................ ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Net exports of goods and services ................................................... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... ........... ........... ........... ............ ............ ........... Exports .............................................................................................. 10.1 8.3 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 9.3 6.1 –9.4 11.3 Goods ............................................................................................ 11.7 8.8 14.4 2.2 3.8 11.1 –6.2 –3.6 1.8 8.5 7.5 9.4 9.7 6.3 –12.0 14.4 Services......................................................................................... 6.3 7.0 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.6 –3.5 5.0 Imports .............................................................................................. 8.0 8.7 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.1 6.1 6.1 2.4 –2.7 –13.6 12.5 Goods ............................................................................................ 9.0 9.4 14.4 11.8 12.5 13.4 –3.2 3.7 4.9 11.1 6.8 5.9 2.6 –3.8 –15.6 14.8 Services......................................................................................... 3.0 5.2 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 1.4 3.6 –3.5 2.9 Government consumption expenditures and gross investment .... 0.6 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.3 2.6 1.7 0.7 Federal .............................................................................................. –2.7 –1.2 –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.2 6.0 4.5 National defense............................................................................ –3.7 –1.3 –2.8 –2.1 1.9 –0.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 5.8 3.3 Nondefense ................................................................................... –0.4 –0.8 2.7 0.8 2.1 2.4 4.6 7.2 2.8 1.0 0.9 3.2 –0.8 6.5 6.5 7.1 State and local................................................................................... 2.7 2.3 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 1.4 0.0 –0.9 –1.8 Addenda: Final sales of domestic product......................................................... 3.0 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.5 3.1 3.2 2.6 2.2 0.2 –2.6 1.4 Gross domestic purchases................................................................ 2.4 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.9 3.9 3.2 2.6 1.2 –1.5 –4.4 3.4 Final sales to domestic purchasers ................................................... 2.8 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.5 3.3 2.5 1.4 –1.0 –3.6 1.8 Gross national product ...................................................................... 2.6 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.7 3.6 3.1 2.4 2.3 0.0 –3.6 3.3 Real disposable personal income...................................................... 3.0 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.4 4.0 2.4 2.4 –2.3 1.8 Price indexes: Gross domestic purchases ............................................................ 2.1 1.8 1.5 0.7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 –0.1 1.5 Gross domestic purchases excluding food and energy 1 ............... 2.2 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.1 2.7 2.6 0.8 1.2 GDP ............................................................................................... 2.1 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 1.1 1.2 GDP excluding food and energy 1.................................................. 2.1 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.0 2.8 3.5 3.3 2.8 2.4 0.8 1.4 Personal consumption expenditures.............................................. 2.2 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 0.2 1.8 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2007 IV 2008 I II 2009 III IV I II 2010 III IV I II 2011 III IV I II III Gross domestic product (GDP) .............................................. 2.2 1.6 1.0 –0.6 –3.3 –4.5 –5.0 –3.7 –0.5 2.2 3.3 3.5 3.1 2.2 1.6 1.6 Personal consumption expenditures (PCE)...................................... 1.7 0.9 0.4 –1.0 –2.5 –2.7 –3.1 –1.6 –0.2 0.9 2.1 2.2 3.0 2.8 2.2 2.2 Goods................................................................................................ 2.1 0.0 –0.3 –3.0 –6.5 –5.1 –5.8 –2.1 1.4 2.9 4.5 3.8 5.8 5.4 4.0 3.2 Durable goods ............................................................................... 4.6 0.7 –1.4 –5.8 –13.0 –10.2 –10.4 –3.1 3.0 4.8 7.9 5.2 10.9 11.3 7.8 6.6 Nondurable goods ......................................................................... 0.8 –0.3 0.3 –1.5 –3.1 –2.5 –3.5 –1.6 0.6 2.1 2.9 3.2 3.5 2.7 2.3 1.6 Services............................................................................................. 1.4 1.3 0.8 0.1 –0.5 –1.4 –1.7 –1.3 –0.9 –0.1 0.9 1.4 1.6 1.5 1.4 1.7 Gross private domestic investment................................................... –2.0 –4.2 –7.7 –11.1 –17.8 –27.5 –31.0 –27.3 –12.8 9.4 23.7 25.5 14.0 7.4 2.9 1.7 Fixed investment................................................................................ –1.0 –2.9 –5.0 –7.7 –13.1 –19.4 –22.0 –19.3 –14.1 –5.0 4.0 4.4 7.4 7.4 5.0 7.8 Nonresidential................................................................................ 7.9 6.0 2.8 –2.1 –9.4 –17.4 –20.4 –19.0 –14.4 –4.5 4.0 7.7 11.1 10.0 8.0 9.2 Structures................................................................................... 17.3 14.6 10.2 3.4 –1.2 –10.5 –20.9 –24.5 –29.3 –27.4 –18.2 –12.6 –1.8 1.5 4.9 7.1 Equipment and software ............................................................ 3.9 2.3 –0.8 –4.8 –13.6 –20.9 –20.1 –16.0 –5.8 8.5 15.5 17.6 16.6 13.4 9.2 10.0 Residential ..................................................................................... –20.7 –23.8 –24.3 –23.3 –24.4 –26.3 –27.8 –20.5 –12.9 –6.8 4.2 –7.8 –6.3 –2.9 –6.9 1.6 Change in private inventories ............................................................ ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Net exports of goods and services ................................................... ........... ........... ........... ............ ............ ........... ........... ........... ........... ........... ........... ............ ........... ........... ........... ........... Exports .............................................................................................. 10.1 9.8 11.3 6.4 –2.5 –11.7 –14.4 –10.8 –0.1 10.7 13.5 12.5 8.8 8.9 7.3 5.8 Goods ............................................................................................ 10.7 9.9 11.5 7.5 –3.0 –14.8 –18.2 –13.6 –0.4 14.1 18.2 15.1 10.5 10.1 7.7 6.7 Services......................................................................................... 8.6 9.8 11.0 3.7 –1.4 –4.6 –5.7 –4.1 0.4 3.8 4.1 7.2 5.0 6.2 6.2 3.7 Imports .............................................................................................. 0.8 –0.3 –1.4 –3.3 –5.9 –15.4 –18.3 –13.7 –6.5 6.9 16.9 15.9 10.7 9.6 4.7 2.3 Goods ............................................................................................ 1.1 –1.1 –2.0 –4.4 –7.9 –17.8 –21.4 –15.8 –6.9 8.1 20.4 18.5 12.7 11.5 5.6 3.0 Services......................................................................................... –0.7 4.1 2.1 3.0 5.5 –3.0 –2.6 –3.5 –4.7 1.7 3.1 4.9 1.9 1.4 0.6 –1.5 Government consumption expenditures and gross investment .... 1.9 2.8 2.4 2.6 2.7 1.4 2.5 1.7 1.1 1.2 0.7 0.6 0.1 –1.1 –2.2 –2.4 Federal .............................................................................................. 3.1 6.8 6.3 6.8 8.8 5.4 7.8 6.3 4.6 6.2 4.9 4.2 2.9 –0.3 –2.0 –2.2 National defense............................................................................ 2.6 6.6 5.9 7.6 9.8 5.5 8.2 5.9 3.5 5.7 3.3 2.7 1.5 –2.0 –1.8 –2.0 Nondefense ................................................................................... 4.2 7.3 7.0 4.9 6.8 5.2 6.8 7.1 6.9 7.2 8.2 7.5 5.7 3.1 –2.4 –2.8 State and local................................................................................... 1.2 0.5 0.2 0.2 –0.9 –0.9 –0.6 –1.0 –1.1 –1.8 –2.0 –1.7 –1.7 –1.5 –2.3 –2.5 Addenda: Final sales of domestic product......................................................... 2.4 1.8 1.5 0.0 –2.6 –3.3 –3.7 –2.6 –0.8 0.5 1.3 1.3 2.4 2.2 1.9 2.4 Gross domestic purchases................................................................ 1.1 0.4 –0.5 –1.9 –3.9 –5.5 –6.0 –4.5 –1.5 1.9 4.0 4.2 3.6 2.6 1.4 1.2 Final sales to domestic purchasers ................................................... 1.3 0.6 0.0 –1.3 –3.1 –4.3 –4.8 –3.4 –1.8 0.3 2.0 2.1 2.9 2.5 1.7 1.9 Gross national product ...................................................................... 3.1 2.4 1.7 –0.3 –3.8 –4.8 –5.2 –3.9 –0.2 2.4 3.7 3.8 3.2 2.6 2.0 ........... Real disposable personal income...................................................... 1.6 2.6 4.4 1.7 1.0 –1.4 –3.2 –2.3 –2.4 –0.3 1.0 3.0 3.5 2.6 1.4 0.4 Price indexes: Gross domestic purchases ............................................................ 3.3 3.3 3.6 4.1 2.1 0.6 –0.4 –1.0 0.6 1.6 1.6 1.4 1.4 1.9 2.6 2.9 Gross domestic purchases excluding food and energy 1 ............... 2.6 2.5 2.8 3.0 2.2 1.4 0.8 0.3 0.7 1.1 1.2 1.3 1.2 1.4 1.8 2.0 GDP ............................................................................................... 2.6 2.1 2.0 2.5 2.1 1.9 1.2 0.5 0.7 0.6 1.1 1.4 1.6 1.8 2.1 2.4 1 GDP excluding food and energy .................................................. 2.6 2.4 2.5 2.8 2.0 1.2 0.8 0.3 0.9 1.3 1.4 1.4 1.3 1.5 1.8 2.1 PCE ............................................................................................... 3.5 3.4 3.7 4.2 1.7 0.3 –0.3 –0.6 1.5 2.4 2.0 1.5 1.3 1.8 2.5 2.9 PCE excluding food and energy 1 .................................................. 2.4 2.3 2.5 2.4 2.0 1.6 1.5 1.4 1.7 1.7 1.5 1.3 1.0 1.1 1.3 1.6 Market-based PCE 2 ...................................................................... 3.4 3.6 3.7 4.5 1.8 0.4 –0.1 –0.6 1.4 2.1 1.6 1.2 1.1 1.7 2.6 3.0 2 Market-based PCE excluding food and energy ........................... 2.1 2.2 2.2 2.4 2.2 1.9 2.1 1.8 1.7 1.4 1.0 1.0 0.7 0.9 1.3 1.6 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates 2008 Gross domestic product................................................................................................ Plus: Income receipts from the rest of the world .............................................................. Less: Income payments to the rest of the world............................................................... Equals: Gross national product.................................................................................... Less: Consumption of fixed capital................................................................................... Less: Statistical discrepancy ............................................................................................ Equals: National income................................................................................................ Compensation of employees ........................................................................................ Wage and salary accruals ........................................................................................ Supplements to wages and salaries ......................................................................... Proprietors’ income with inventory valuation and capital consumption adjustments .... Rental income of persons with capital consumption adjustment.................................. Corporate profits with inventory valuation and capital consumption adjustments ........ Net interest and miscellaneous payments.................................................................... Taxes on production and imports less subsidies .......................................................... Business current transfer payments (net)..................................................................... Current surplus of government enterprises.................................................................. Addendum: Gross domestic income ................................................................................................ 2009 2010 2010 2011 III IV I II III 14,291.5 856.1 686.9 14,460.7 1,854.1 –2.4 12,609.1 8,068.3 6,545.9 1,522.5 1,097.9 231.6 1,248.4 870.1 985.7 123.0 –16.0 13,939.0 639.8 487.5 14,091.2 1,866.2 77.4 12,147.6 7,806.4 6,275.3 1,531.1 941.2 305.9 1,362.0 656.7 958.2 132.0 –14.9 14,526.5 702.9 513.5 14,715.9 1,874.9 0.8 12,840.1 7,971.4 6,408.2 1,563.1 1,036.4 350.2 1,800.1 564.3 996.7 136.7 –15.7 14,605.5 708.9 501.6 14,812.8 1,878.2 –7.4 12,942.1 8,022.2 6,454.5 1,567.7 1,057.0 352.8 1,833.1 550.1 1,002.0 140.9 –16.0 14,755.0 729.4 545.0 14,939.4 1,896.1 24.5 13,018.8 8,050.8 6,477.0 1,573.7 1,081.5 354.8 1,857.4 548.7 1,006.4 135.7 –16.5 14,867.8 752.1 525.0 15,094.9 1,914.3 –52.0 13,232.6 8,172.5 6,578.2 1,594.4 1,095.6 385.0 1,876.4 556.6 1,027.3 134.7 –15.6 15,012.8 803.2 542.0 15,274.0 1,939.9 –52.6 13,386.8 8,262.4 6,656.9 1,605.5 1,106.5 396.9 1,937.6 525.6 1,038.5 133.9 –14.6 15,198.6 ...................... ...................... ...................... 1,961.5 ...................... ...................... 8,302.0 6,690.4 1,611.6 1,117.1 406.8 ...................... 532.5 1,032.2 133.7 –14.4 14,294.0 13,861.5 14,525.7 14,612.9 14,730.5 14,919.8 15,065.4 ...................... Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Personal income 1 ......................................................................................................... Compensation of employees, received........................................................................ Wage and salary disbursements.............................................................................. Supplements to wages and salaries ........................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments ... Farm ........................................................................................................................ Nonfarm ................................................................................................................... Rental income of persons with capital consumption adjustment................................. Personal income receipts on assets ............................................................................ Personal interest income ......................................................................................... Personal dividend income........................................................................................ Personal current transfer receipts................................................................................ Less: Contributions for government social insurance, domestic.................................. Less: Personal current taxes ........................................................................................... Equals: Disposable personal income.......................................................................... Less: Personal outlays .................................................................................................... Equals: Personal saving ............................................................................................... Personal saving as a percentage of disposable personal income ............................... Addenda: Personal income excluding current transfer receipts, billions of chained (2005) dollars 2.................................................................................................................... Disposable personal income, billions of chained (2005) dollars 2 ............................... 2008 2009 2010 2010 2011 III IV 12,460.2 8,073.3 6,550.9 1,522.5 1,097.9 51.8 1,046.1 231.6 2,165.4 1,382.0 783.4 1,879.2 987.3 1,435.7 11,024.5 10,432.2 592.3 5.4 11,930.2 7,801.4 6,270.3 1,531.1 941.2 39.2 902.0 305.9 1,707.7 1,108.9 598.8 2,138.1 964.1 1,141.4 10,788.8 10,236.3 552.6 5.1 12,373.5 7,971.4 6,408.2 1,563.1 1,036.4 52.2 984.2 350.2 1,721.2 1,003.4 717.7 2,281.2 986.8 1,193.9 11,179.7 10,586.9 592.8 5.3 12,453.2 8,022.2 6,454.5 1,567.7 1,057.0 58.3 998.7 352.8 1,723.4 983.9 739.4 2,289.4 991.5 1,212.8 11,240.4 10,614.8 625.6 5.6 12,577.6 8,050.8 6,477.0 1,573.7 1,081.5 60.1 1,021.4 354.8 1,743.5 989.6 753.9 2,341.2 994.1 1,240.9 11,336.7 10,748.6 588.1 5.2 12,846.9 8,172.5 6,578.2 1,594.4 1,095.6 66.1 1,029.5 385.0 1,777.2 1,004.7 772.5 2,328.1 911.5 1,365.9 11,481.0 10,902.1 578.9 5.0 12,992.6 8,262.4 6,656.9 1,605.5 1,106.5 67.3 1,039.2 396.9 1,802.3 1,015.9 786.4 2,347.3 922.8 1,401.1 11,591.5 11,002.6 588.9 5.1 13,022.1 8,302.0 6,690.4 1,611.6 1,117.1 68.9 1,048.2 406.8 1,794.3 993.8 800.5 2,329.7 927.8 1,413.6 11,608.5 11,135.7 472.7 4.1 9,712.3 10,119.5 8,969.7 9,882.7 9,083.0 10,061.6 9,145.7 10,114.4 9,166.7 10,152.0 9,329.8 10,183.2 9,365.7 10,198.1 9,352.4 10,153.7 I II III 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, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates 2008 2009 2010 2007 IV Gross domestic product (GDP) and related aggregates: GDP.................................................................................... –0.3 –3.5 Goods................................................................................. –0.8 –5.9 Services.............................................................................. 1.0 –0.5 Structures ........................................................................... –7.7 –16.9 Motor vehicle output ........................................................... –18.6 –24.5 GDP excluding motor vehicle output .................................. 0.2 –3.0 Final sales of computers 1 .................................................. 20.1 1.3 GDP excluding final sales of computers............................. –0.4 –3.5 Farm gross value added 2 .................................................. 12.6 15.1 Nonfarm business gross value added 3 .............................. –1.5 –5.1 Gross domestic income 4 ................................................... –0.4 –4.0 Price indexes: GDP.................................................................................... 2.2 1.1 GDP excluding food and energy 5 ...................................... 2.4 0.8 GDP excluding final sales of computers............................. 2.3 1.2 Gross domestic purchases................................................. 3.2 –0.1 5 Gross domestic purchases excluding food and energy .... 2.6 0.8 Gross domestic purchases excluding final sales of computers to domestic purchasers................................. 3.4 0.0 Personal consumption expenditures (PCE)........................ 3.3 0.2 PCE excluding food and energy 5 ....................................... 2.3 1.6 Market-based PCE 6........................................................... 3.4 0.3 Market-based PCE excluding food and energy 6 ................ 2.3 1.9 2008 I II 2009 III IV I II 2010 III IV I 3.0 1.7 –1.8 1.3 –3.7 –8.9 –6.7 –0.7 1.7 3.8 3.9 11.7 5.5 –4.4 4.5 –8.2 –23.9 –10.6 3.7 7.9 18.3 20.9 1.1 2.3 1.1 0.2 –0.9 –0.7 –1.8 0.5 0.0 1.2 0.3 –8.8 –10.9 –12.0 0.1 –8.3 –17.4 –27.1 –20.6 –3.9 –17.8 –18.6 27.4 –14.6 –14.1 –25.4 –26.0 –58.1 –55.3 18.8 128.2 10.1 40.1 2.6 2.2 –1.4 2.1 –3.0 –7.4 –5.5 –1.0 0.2 3.7 3.3 20.5 39.3 7.3 30.0 –2.8 1.1 17.1 –13.8 –11.7 2.5 37.0 2.9 1.5 –1.8 1.2 –3.7 –8.9 –6.8 –0.6 1.8 3.8 3.8 –0.5 41.9 48.4 –11.5 –16.5 79.6 15.1 5.9 41.8 –36.7 0.3 4.0 0.9 –3.6 0.4 –5.2 –12.7 –8.7 –1.1 1.4 5.6 5.2 3.6 1.4 2.6 –1.1 –2.6 –9.8 –7.0 –2.1 1.3 4.8 6.3 2011 II III IV I 3.8 4.0 2.6 15.0 15.7 3.5 12.7 3.7 17.7 4.6 3.8 2.5 2.3 0.4 7.9 5.9 4.9 1.5 1.0 –0.1 –8.0 1.0 –13.1 14.9 –17.4 59.2 2.2 2.9 –0.7 72.7 64.2 14.7 2.2 2.1 0.3 21.4 –29.8 –31.8 3.5 3.8 0.9 2.5 1.5 2.4 II III 1.3 2.5 –0.6 2.7 1.8 1.9 5.0 6.7 –4.1 2.7 1.5 2.5 13.0 40.7 1.3 2.3 –9.7 –7.4 1.8 3.8 1.3 .......... 1.2 1.4 1.2 1.5 1.2 1.9 2.7 2.0 3.7 2.8 2.5 3.2 2.6 4.1 3.4 2.5 2.4 2.6 4.5 3.1 3.1 2.7 3.2 4.0 2.7 0.5 –0.5 0.6 –4.0 –0.1 1.7 0.3 1.8 –1.9 0.0 –0.4 0.6 –0.3 0.5 0.6 0.3 0.9 0.4 1.6 0.6 1.1 1.8 1.2 2.1 1.7 1.5 1.8 1.5 2.1 1.6 1.5 1.3 1.5 0.5 1.1 1.4 0.8 1.5 1.0 0.8 1.9 1.3 2.0 2.1 1.2 2.5 2.5 2.6 4.0 2.4 2.5 2.7 2.6 3.3 2.7 2.5 1.8 2.6 2.0 1.8 1.6 1.8 1.4 1.5 1.0 3.9 4.2 2.8 4.4 2.8 4.3 3.9 2.5 4.3 2.8 4.6 4.5 2.4 4.2 1.7 4.2 4.3 2.0 5.0 2.4 –3.9 –5.6 1.0 –5.9 1.7 –1.8 –1.7 1.0 –1.3 1.9 0.6 1.9 2.1 2.0 2.2 1.7 3.0 1.5 2.9 1.2 2.2 2.8 2.2 2.2 1.4 2.1 1.9 1.1 1.5 0.6 0.5 0.3 1.3 –0.1 0.9 1.0 1.0 0.8 1.2 1.0 2.2 1.9 0.7 1.8 0.3 4.1 3.9 1.6 4.0 1.3 3.5 3.3 2.3 3.5 2.4 2.1 2.4 2.1 2.6 2.3 1. For some components of final sales of computers, includes computer parts. 2. Farm output less intermediate goods and services purchased. 3. Consists of GDP less gross value added of farm, of households and institutions, and of general government. 4. Gross domestic income deflated by the implicit price deflator for gross domestic product. 5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 6. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. See “Explanatory Note” at the end of the tables. Explanatory Note: NIPA Measures of Quantities and Prices Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year -- at present, the year 2005 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2007-08 annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual percent change in GDP prices uses quantities for 2007 and 2008 as weights. These annual changes are “chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers of quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and appendix table A. Contributions by major components to the percent change in real GDP are presented in table 2. Measures of real GDP and its major components are also presented in dollar-denominated form, designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005 and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of this component in 2006 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure of the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum of the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition of GDP growth. In particular, for components for which relative prices are changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a few years from the reference year. Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 Survey, pp. 8-16.
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