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NEWS RELEASE EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 26, 2012 BEA 12-48 Lisa Mataloni: (202) 606-5304 (GDP) Recorded message: (202) 606-5306 gdpniwd@bea.gov GROSS DOMESTIC PRODUCT: THIRD QUARTER 2012 (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 2.0 percent in the third quarter of 2012 (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 box below). The "second" estimate for the third quarter, based on more complete data, will be released on November 29, 2012. The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), federal government spending, and residential fixed investment that were partly offset by negative contributions from exports, nonresidential fixed investment, and private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased. The acceleration in real GDP in the third quarter primarily reflected an upturn in federal government spending, a downturn in imports, an acceleration in PCE, a smaller decrease in private inventory investment, an acceleration in residential fixed investment, and a smaller decrease in state and local government spending that were partly offset by downturns in exports and in nonresidential fixed 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 - Final sales of computers added 0.17 percentage point to the third-quarter change in real GDP after subtracting 0.10 percentage point from the second-quarter change. Motor vehicle output subtracted 0.47 percentage point from the third-quarter change in real GDP after adding 0.20 percentage point to the second-quarter change. The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.5 percent in the third quarter, compared with an increase of 0.7 percent in the second. Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in the third quarter, compared with an increase of 1.4 percent in the second. Real personal consumption expenditures increased 2.0 percent in the third quarter, compared with an increase of 1.5 percent in the second. Durable goods increased 8.5 percent, in contrast to a decrease of 0.2 percent. Nondurable goods increased 2.4 percent, compared with an increase of 0.6 percent. Services increased 0.8 percent, compared with an increase of 2.1 percent. Real nonresidential fixed investment decreased 1.3 percent in the third quarter, in contrast to an increase of 3.6 percent in the second. Nonresidential structures decreased 4.4 percent, in contrast to an increase of 0.6 percent. Equipment and software decreased less than 0.1 percent, in contrast to an increase of 4.8 percent. Real residential fixed investment increased 14.4 percent, compared with an increase of 8.5 percent. Real exports of goods and services decreased 1.6 percent in the third quarter, in contrast to an increase of 5.3 percent in the second. Real imports of goods and services decreased 0.2 percent, in contrast to an increase of 2.8 percent. Real federal government consumption expenditures and gross investment increased 9.6 percent in the third quarter, in contrast to a decrease of 0.2 percent in the second. National defense increased 13.0 percent, in contrast to a decrease of 0.2 percent. Nondefense increased 3.0 percent, in contrast to a decrease of 0.4 percent. Real state and local government consumption expenditures and gross investment decreased 0.1 percent, compared with a decrease of 1.0 percent. The change in real private inventories subtracted 0.12 percentage point from the third-quarter change in real GDP after subtracting 0.46 percentage point from the second-quarter change. Farm inventories subtracted 0.42 percentage point from the third-quarter change after subtracting 0.17 percentage point from the second-quarter change. Nonfarm inventories added 0.30 percentage point to the third-quarter change after subtracting 0.29 percentage point from the second-quarter change. Real final sales of domestic product -- GDP less change in private inventories -- increased 2.1 percent in the third quarter, compared with an increase of 1.7 percent in the second. Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.1 percent in the third quarter, compared with an increase of 1.0 percent in the second. - more - Disposition of personal income Current-dollar personal income increased $89.3 billion (2.7 percent) in the third quarter, compared with an increase of $130.3 billion (4.0 percent) in the second. Personal current taxes increased $13.2 billion in the third quarter, compared with an increase of $20.2 billion in the second. Disposable personal income increased $76.1 billion (2.6 percent) in the third quarter, compared with an increase of $110.0 billion (3.8 percent) in the second. Real disposable personal income increased 0.8 percent, compared with an increase of 3.1 percent. Personal outlays increased $111.4 billion (4.0 percent) in the third quarter, compared with an increase of $57.4 billion (2.0 percent) in the second. Personal saving -- disposable personal income less personal outlays -- was $445.0 billion in the third quarter, compared with $480.3 billion in the second. The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.7 percent in the third quarter, compared with 4.0 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 $190.1 billion, in the third quarter to a level of $15,775.7 billion. In the second quarter, current-dollar GDP increased 2.8 percent, or $107.3 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." For information on revisions, see "Revisions to GDP, GDI, and Their Major Components." BEA's national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. * * * Next release -- November 29, 2012, at 8:30 A.M. EST for: Gross Domestic Product: Third Quarter 2012 (Second Estimate) Corporate Profits: Third Quarter (Preliminary Estimate) - more - Release Dates in 2013 2012: IV and 2012 annual 2013: I 2013: II Gross Domestic Product Advance…… January 30 Second…….. February 28 Third………. March 28 April 26 May 30 June 26 July 31 October 30 August 29 November 26 September 26 December 20 Corporate Profits Preliminary... Revised……. May 30 June 26 August 29 November 26 September 26 December 20 ……….. March 28 - more - 2013: III Comparisons 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 .1 .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 2009. - more - Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2009 2010 2011 2008 IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 Gross domestic product (GDP) ..... Personal consumption expenditures ....... Goods....................................................... Durable goods ...................................... Nondurable goods ................................ Services ................................................... Gross private domestic investment ......... Fixed investment ...................................... Nonresidential ...................................... Structures ......................................... Equipment and software................... Residential............................................ Change in private inventories................... Net exports of goods and services .......... Exports..................................................... Goods................................................... Services ............................................... Imports ..................................................... Goods................................................... Services ............................................... Government consumption expenditures and gross investment ............................ Federal ..................................................... National defense .................................. Nondefense .......................................... State and local ......................................... Addenda: Final sales of domestic product................ Gross domestic purchases....................... Final sales to domestic purchasers.......... Gross national product (GNP).................. Disposable personal income .................... Current-dollar measures: GDP...................................................... Final sales of domestic product............ Gross domestic purchases................... Final sales to domestic purchasers ...... GNP...................................................... Disposable personal income ................ See “Explanatory Note” at the end of the tables. –3.1 2.4 1.8 –8.9 –1.9 1.8 2.5 –5.1 –3.0 3.6 3.8 –12.6 –5.4 6.2 7.2 –25.4 –1.8 2.3 2.3 –5.8 –1.4 1.0 1.9 –1.2 –24.8 13.7 5.2 –33.9 –19.0 –0.2 6.6 –25.2 –18.1 0.7 8.6 –22.9 –21.1 –15.6 2.7 –10.2 –16.4 8.9 11.0 –29.3 –22.4 –3.7 –1.4 –33.2 .......... .......... .......... .......... .......... .......... .......... .......... –9.1 11.1 6.7 –21.4 –12.0 14.3 7.2 –27.4 –2.6 4.7 5.6 –5.6 –13.5 12.5 4.8 –14.9 –15.6 14.9 5.2 –18.5 –3.3 2.5 2.8 5.6 3.7 6.1 6.0 6.5 2.2 0.6 4.5 3.0 7.7 –1.8 –2.3 –4.0 –3.3 –3.2 –2.8 –2.2 –1.4 –4.3 –3.5 –2.4 –2.7 –3.1 –2.8 –2.6 –3.1 –3.4 2009 I –5.3 –1.6 0.2 1.3 –0.3 –2.5 –43.0 –30.2 –28.9 –30.5 –27.9 –35.1 .......... .......... –28.7 –35.3 –12.6 –33.9 –37.3 –17.2 II 2010 III IV I II 2011 III IV I II 2012 III IV I II Line III –0.3 1.4 4.0 2.3 2.2 2.6 2.4 0.1 2.5 1.3 4.1 2.0 1.3 2.0 –1.8 2.1 0.0 2.5 2.6 2.5 4.1 3.1 1.0 1.7 2.0 2.4 1.5 2.0 –2.1 7.5 –0.5 5.2 3.3 3.8 7.9 5.4 –1.0 1.4 5.4 4.7 0.3 4.4 –2.0 20.9 –6.1 5.5 10.5 7.2 15.2 7.3 –2.3 5.4 13.9 11.5 –0.2 8.5 –2.1 1.7 2.3 5.1 0.1 2.2 4.5 4.6 –0.3 –0.4 1.8 1.6 0.6 2.4 –1.6 –0.4 0.2 1.2 2.3 1.9 2.3 2.0 1.9 1.8 0.3 1.3 2.1 0.8 –27.1 –1.7 41.4 19.8 14.6 16.4 –5.9 –5.3 12.5 5.9 33.9 6.1 0.7 0.5 –18.5 –3.1 –6.0 –0.9 14.5 –1.0 7.6 –1.3 12.4 15.5 10.0 9.8 4.5 1.5 –17.5 –7.8 –6.4 2.1 12.3 7.7 9.2 –1.3 14.5 19.0 9.5 7.5 3.6 –1.3 –31.4 –26.7 –28.8 –23.0 13.1 –2.2 9.3 –28.2 35.2 20.7 11.5 12.9 0.6 –4.4 –8.6 3.6 6.0 14.7 12.0 11.9 9.2 11.1 7.8 18.3 8.8 5.4 4.8 0.0 –22.2 17.2 –4.8 –11.4 23.1 –28.6 1.5 –1.4 4.1 1.4 12.1 20.5 8.5 14.4 .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ........... .......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ........... 0.6 13.8 24.0 5.9 9.6 9.7 10.0 5.7 4.1 6.1 1.4 4.4 5.3 –1.6 –2.6 21.1 30.4 9.9 11.9 9.0 11.2 5.7 3.7 6.2 6.0 4.0 7.0 –3.5 7.4 0.4 11.4 –2.2 4.5 11.1 7.4 5.8 5.1 6.1 –8.8 5.2 1.1 3.1 –15.9 17.2 19.3 10.4 20.2 13.9 0.0 4.3 0.1 4.7 4.9 3.1 2.8 –0.2 –18.5 21.1 23.7 12.2 24.7 14.1 1.1 5.2 –0.7 2.9 6.3 2.0 2.9 –1.3 –4.7 2.8 2.4 2.4 1.2 12.9 –5.0 –0.6 4.2 13.8 –1.7 9.0 2.3 5.5 1.6 9.1 8.3 10.9 –2.8 1.8 –3.0 –7.0 6.1 4.9 9.6 13.7 16.1 8.8 7.2 3.7 6.3 7.6 3.5 2.2 1.1 4.2 1.3 10.5 –0.9 –3.1 0.6 –3.7 10.1 –5.5 2.8 9.7 7.3 14.6 –1.4 –0.3 3.7 7.2 –3.1 –2.9 –4.4 –7.0 –4.1 –10.3 –6.1 –14.3 0.0 –1.7 –4.6 –4.7 –0.8 –2.9 –2.2 2.8 –4.3 –4.4 8.3 2.6 –10.6 –7.5 –17.4 10.2 –3.2 –2.0 –0.7 0.9 2.8 1.3 2.8 1.8 2.0 –7.4 1.7 –8.3 1.8 –6.9 2.0 –10.8 1.3 –0.2 –3.1 –7.3 –5.2 –5.2 –4.7 0.6 –2.7 –1.8 –0.4 –0.5 1.2 2.1 1.8 2.8 –6.1 –0.6 4.0 –0.5 4.4 –0.6 0.1 3.1 0.9 2.7 5.7 2.2 3.9 3.9 2.9 6.3 0.6 3.5 1.5 2.6 1.2 4.1 1.1 2.7 2.2 1.0 0.6 0.0 0.5 0.6 4.4 2.4 1.9 1.8 2.8 –1.5 2.3 1.2 2.2 1.4 –1.3 1.5 4.6 2.1 4.1 –0.2 3.8 2.2 4.5 3.0 4.2 3.8 4.0 –8.4 4.1 –7.4 4.2 –12.0 4.4 –11.0 4.2 –10.4 3.8 –5.8 –4.4 –2.1 –9.6 –7.4 –4.4 –6.8 –1.1 –0.1 –2.5 –1.5 –1.1 1.1 1.9 1.8 3.8 3.7 3.3 –3.3 5.3 0.8 6.3 1.9 5.7 2.5 3.9 1.6 5.2 3.0 4.3 7.6 4.1 3.8 4.8 4.6 4.7 6.9 4.6 2.7 4.8 2.9 4.6 2.5 4.5 6.2 3.5 5.1 4.3 3.1 2.2 2.6 3.5 3.9 2.7 7.7 5.2 5.2 5.5 5.4 5.5 2.0 4.3 5.4 3.6 4.6 4.5 1.1 4.2 1.9 5.3 3.0 4.3 0.9 –3.0 –4.2 –7.1 1.8 –2.2 –0.7 –0.2 –0.2 –0.4 –1.0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 3.7 9.6 13.0 3.0 –0.1 21 22 23 24 25 2.4 1.8 2.2 0.6 3.7 1.7 2.1 1.0 2.1 1.4 2.3 2.1 ........... 3.1 0.8 26 27 28 29 30 4.2 4.4 4.6 4.8 2.8 6.3 2.8 5.0 3.3 5.1 1.7 3.8 2.2 3.9 3.6 ........... 3.8 2.6 31 32 33 34 35 36 Table 2. Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 2009 2010 2011 2008 Percent change at annual rate: Gross domestic product ...................................... Percentage points at annual rates: Personal consumption expenditures ......................... Goods........................................................................ Durable goods ........................................................ Motor vehicles and parts .................................... Furnishings and durable household equipment Recreational goods and vehicles........................ Other durable goods........................................... Nondurable goods .................................................. Food and beverages purchased for off-premises consumption ................................................... Clothing and footwear......................................... Gasoline and other energy goods ...................... Other nondurable goods..................................... Services .................................................................... Household consumption expenditures (for services) ............................................................. Housing and utilities ........................................... Health care ......................................................... Transportation services ...................................... Recreation services............................................ Food services and accommodations .................. Financial services and insurance ....................... Other services .................................................... Final consumption expenditures of nonprofit institutions serving households .......................... Gross output of nonprofit institutions .................. Less: Receipts from sales of goods and services by nonprofit institutions..................... Gross private domestic investment ....................... Fixed investment .................................................. Nonresidential..................................................... Structures ....................................................... Equipment and software ................................. Information processing equipment and software................................................... Computers and peripheral equipment..... Software .................................................. Other ....................................................... Industrial equipment.................................... Transportation equipment ........................... Other equipment ......................................... Residential.......................................................... Change in private inventories ............................. Farm ................................................................... Nonfarm.............................................................. Net exports of goods and services ........................ Exports.................................................................. Goods ................................................................. Services.............................................................. Imports .................................................................. Goods ................................................................. Services.............................................................. Government consumption expenditures and gross investment.................................................. Federal................................................................... National defense................................................. Consumption expenditures ............................. Gross investment ............................................ Nondefense ........................................................ Consumption expenditures ............................. Gross investment ............................................ State and local...................................................... Consumption expenditures ............................. Gross investment ............................................ Addenda: Goods..................................................................... Services ................................................................. Structures............................................................... Motor vehicle output ............................................... Final sales of computers ........................................ See “Explanatory Note” at the end of the tables. 2009 IV I II 2010 III –3.1 2.4 1.8 –8.9 –5.3 –0.3 1.4 –1.36 –0.69 –0.41 –0.16 –0.15 –0.03 –0.06 –0.28 1.28 0.82 0.45 0.05 0.11 0.24 0.05 0.37 1.79 0.89 0.53 0.13 0.10 0.25 0.05 0.36 –3.53 –3.04 –2.12 –0.98 –0.35 –0.51 –0.29 –0.92 –1.06 0.06 0.11 0.25 –0.22 0.10 –0.03 –0.05 –1.21 –0.46 –0.14 0.03 –0.10 –0.11 0.05 –0.32 1.50 1.68 1.43 0.96 0.08 0.34 0.04 0.26 IV II III 2.3 2.2 2.6 –0.01 1.72 1.81 –0.10 1.18 0.76 –0.47 0.40 0.74 –0.89 –0.11 0.34 0.11 0.17 0.18 0.32 0.23 0.23 0.00 0.12 –0.01 0.37 0.79 0.02 1.75 0.86 0.52 0.20 0.04 0.21 0.07 0.35 2.0 1.3 2.0 1 1.72 1.06 1.11 0.08 0.85 –0.02 0.31 –0.26 0.14 –0.01 0.28 0.16 0.11 0.10 0.26 0.10 1.42 1.03 0.63 0.18 0.13 0.28 0.04 0.40 2 3 4 5 6 7 8 9 0.02 0.00 –0.03 0.08 0.13 –0.12 0.02 –0.07 0.23 0.18 0.20 0.02 0.16 0.61 0.99 0.07 0.14 0.01 0.18 0.39 10 11 12 13 14 –0.08 0.60 0.96 0.95 1.07 0.90 0.76 0.52 0.26 0.64 0.69 0.20 0.12 0.11 0.08 0.24 0.04 –0.04 0.22 0.22 –0.45 –0.28 0.68 0.28 –0.09 –0.20 0.35 0.51 0.59 0.48 0.33 –0.10 0.42 0.42 –0.15 –0.17 –0.07 –0.02 0.05 0.07 0.04 0.03 0.06 0.06 –0.02 0.03 0.06 0.01 0.05 0.09 –0.06 0.12 0.13 –0.03 0.16 0.05 0.02 –0.02 0.07 0.12 –0.02 0.26 0.20 0.12 0.15 0.22 0.13 0.10 0.21 0.21 0.05 0.04 –0.13 0.35 0.25 –0.25 –0.06 0.02 –0.08 0.24 –0.11 0.20 –0.01 –0.10 0.05 0.01 0.10 0.14 0.18 0.22 –0.06 –0.06 0.19 0.07 –0.01 0.02 15 16 17 18 19 20 21 22 0.20 0.15 0.21 –0.18 0.09 0.10 –0.16 –0.09 –0.08 –0.18 0.10 0.14 –0.75 –0.18 0.09 –0.70 0.44 0.82 0.14 0.11 0.07 0.19 0.15 0.39 –0.21 –0.02 0.04 –0.11 0.03 0.07 –0.17 0.11 0.16 –0.39 0.02 –0.02 –0.13 0.04 0.11 –0.62 0.05 0.34 –0.14 –0.10 –0.17 –0.30 –0.30 –0.24 0.07 0.20 –0.11 –0.09 –0.04 –0.25 –0.03 0.31 –0.18 –0.13 0.22 0.05 0.09 0.06 0.14 0.17 –0.07 0.03 –0.14 0.03 0.13 –0.94 0.21 0.25 –0.27 –0.09 –0.31 –0.58 –0.15 0.07 0.20 0.10 0.08 –3.59 1.50 –2.80 –0.03 –2.08 0.07 –0.85 –0.50 –1.23 0.56 0.13 0.62 0.76 0.80 0.07 0.72 –0.09 –5.59 –4.05 –2.84 –0.41 –2.43 0.24 –7.02 –4.73 –3.54 –1.39 –2.16 0.22 –3.52 –2.49 –1.86 –1.31 –0.54 0.09 –0.14 –0.32 –0.73 –0.98 0.25 –0.14 –0.08 3.85 2.13 –0.69 –0.10 –0.57 0.20 –0.98 –0.70 0.40 0.90 0.18 0.06 0.12 –0.01 0.14 0.26 0.14 –0.03 –0.14 0.02 –0.17 0.07 0.87 0.65 0.22 –0.80 –0.72 –0.08 –0.80 –0.22 –0.09 –0.49 –0.23 –0.99 –0.41 –1.21 –1.54 –0.08 –1.46 –0.12 –2.97 –2.75 –0.21 2.84 2.98 –0.14 –0.17 0.04 –0.02 –0.20 –0.70 –0.93 –0.36 –1.18 –2.29 –0.07 –2.22 2.45 –3.78 –3.29 –0.49 6.24 5.68 0.56 0.10 0.05 0.09 –0.04 –0.24 –0.01 –0.39 –0.63 –1.03 –0.03 –1.00 2.47 0.10 –0.17 0.27 2.37 2.22 0.15 0.40 0.00 0.09 0.31 –0.11 0.11 –0.14 0.40 0.19 –0.10 0.29 –0.70 1.48 1.46 0.02 –2.18 –2.12 –0.06 0.28 0.13 0.11 0.04 –0.06 0.21 –0.03 –0.12 4.55 0.14 4.41 –0.05 2.55 2.14 0.42 –2.60 –2.55 –0.05 0.16 0.02 0.05 0.10 –0.01 0.38 0.04 –0.09 1.52 –0.04 1.56 –0.52 1.29 1.11 0.18 –1.81 –1.74 –0.07 II III 2.4 0.1 2.5 1.3 2.84 1.78 1.07 0.55 0.14 0.28 0.10 0.71 2.22 1.27 0.53 0.14 0.07 0.31 0.03 0.73 0.19 –0.20 0.09 0.33 0.21 0.13 0.05 0.28 0.29 –0.13 –0.02 –0.20 0.10 0.22 0.23 0.30 0.54 1.05 0.88 1.06 0.02 0.11 –0.15 –0.03 0.01 –0.13 –0.29 –0.54 –0.25 –0.73 –0.78 –0.02 –0.76 1.14 –1.14 –1.05 –0.10 2.28 2.19 0.09 I 0.04 –0.04 –0.02 0.11 –0.10 0.73 0.23 –0.30 2.23 0.01 2.22 –0.83 0.70 0.79 –0.09 –1.53 –1.46 –0.06 0.09 –0.07 –0.01 0.32 0.28 0.28 0.23 0.35 0.29 0.09 1.65 1.87 –0.75 –0.68 1.58 –0.10 0.87 –0.14 1.07 0.70 0.83 –0.11 0.31 –0.06 0.23 –0.84 0.76 0.76 0.60 0.72 4.1 0.70 1.18 1.45 –0.22 0.33 1.29 –0.17 0.40 1.00 –0.53 0.05 0.63 0.07 0.10 0.16 0.20 0.23 0.25 0.08 0.02 –0.04 –0.05 –0.06 0.29 0.19 0.10 0.00 0.05 0.06 –0.14 0.18 –0.42 –0.09 0.31 0.20 0.16 0.95 0.92 0.85 0.05 0.14 IV Line II 4.0 IV 2012 I –0.09 0.11 0.13 –0.51 –0.12 –0.12 0.12 0.08 –0.32 –0.10 0.02 –0.01 –0.09 0.27 0.26 –0.09 0.14 0.25 –0.36 –0.09 –0.67 0.46 0.90 –0.49 –1.12 –0.80 0.48 0.02 –0.33 –0.18 –0.23 –0.59 0.02 2011 I 0.16 0.21 0.33 –0.10 –0.02 0.07 0.24 0.31 0.05 –0.26 1.40 0.68 1.39 1.75 1.30 1.71 0.77 0.51 0.53 1.20 0.34 3.72 1.19 0.93 0.31 0.62 0.29 0.05 III 0.19 0.02 23 24 0.33 –0.24 –0.16 0.78 0.09 0.07 1.18 0.56 0.20 0.74 0.36 –0.13 0.35 0.02 –0.13 0.39 0.35 0.00 25 26 27 28 29 30 0.02 0.01 –0.04 0.04 0.25 0.44 0.06 0.51 0.07 –0.10 0.17 –1.81 1.14 0.97 0.17 –2.95 –2.92 –0.03 0.24 –0.04 0.12 0.16 –0.01 0.49 0.04 –0.80 1.97 –0.19 2.16 –0.95 1.18 0.76 0.41 –2.13 –1.79 –0.34 0.28 0.05 0.12 0.11 0.11 0.08 0.13 0.03 –1.61 0.03 –1.64 1.24 1.24 0.96 0.28 –0.01 –0.15 0.15 0.02 0.01 0.14 –0.13 0.18 0.26 0.27 –0.03 –0.54 0.11 –0.65 0.03 0.75 0.52 0.23 –0.72 –0.73 0.01 0.30 0.21 0.13 –0.04 0.01 0.13 0.09 0.09 0.01 –0.02 0.03 0.54 0.56 0.35 0.21 –0.02 0.10 –0.12 0.13 0.06 0.14 –0.07 0.38 0.40 0.30 0.03 –1.07 0.11 –1.18 0.02 0.83 0.59 0.25 –0.81 –0.43 –0.38 0.23 0.06 0.16 0.02 0.25 0.32 –0.17 0.26 2.53 0.05 2.48 –0.64 0.21 0.58 –0.38 –0.85 –0.90 0.05 0.21 0.07 0.04 0.10 –0.18 0.22 0.14 0.43 –0.39 –0.03 –0.37 0.06 0.60 0.39 0.21 –0.54 –0.29 –0.25 –0.09 –0.12 0.11 –0.08 0.16 0.19 0.09 0.19 –0.46 –0.17 –0.29 0.23 0.72 0.67 0.05 –0.49 –0.42 –0.07 –0.04 –0.13 0.12 –0.03 0.00 –0.10 0.14 0.33 –0.12 –0.42 0.30 –0.18 –0.23 –0.35 0.12 0.04 0.20 –0.16 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 0.74 0.14 –0.67 0.35 0.46 0.37 –0.23 0.69 0.31 0.17 –0.15 0.44 0.25 0.15 –0.09 0.37 0.05 0.02 –0.06 0.07 0.16 0.20 –0.09 0.25 0.15 0.15 –0.08 0.23 0.01 0.05 –0.01 0.02 0.28 –0.23 –0.43 –0.34 0.31 –0.14 –0.24 –0.10 –0.04 –0.09 –0.19 –0.24 0.37 1.94 0.79 0.23 –0.69 0.59 –0.23 1.04 0.51 0.34 0.04 0.78 –0.37 0.83 0.42 0.07 –0.22 0.40 –0.21 0.62 0.37 0.08 –0.10 0.25 –0.16 0.21 0.04 –0.01 –0.12 0.14 0.14 0.21 0.09 0.27 0.26 0.38 0.15 0.23 0.04 0.22 0.19 0.29 –0.01 –0.02 0.04 0.05 0.08 0.09 0.60 0.90 0.28 –0.12 –0.73 –0.19 0.63 0.74 0.31 0.16 –0.45 –0.43 –0.03 0.17 –0.03 –0.28 –0.28 0.24 –0.06 0.31 0.40 0.31 0.09 –0.09 –0.09 0.00 –0.37 –0.37 0.00 –0.94 –0.35 –0.35 –0.29 –0.05 0.00 0.01 –0.01 –0.59 –0.29 –0.30 –1.49 –0.89 –0.84 –0.56 –0.28 –0.05 –0.07 0.01 –0.60 –0.19 –0.40 –0.16 0.23 0.45 0.36 0.09 –0.22 –0.18 –0.04 –0.39 –0.20 –0.19 –0.60 –0.36 0.15 0.26 –0.11 –0.51 –0.47 –0.04 –0.24 –0.17 –0.08 –0.43 –0.35 –0.60 –0.66 0.05 0.25 0.28 –0.02 –0.08 –0.08 –0.01 –0.60 –0.34 –0.39 –0.22 –0.16 0.05 0.08 –0.03 –0.26 –0.05 –0.21 –0.14 0.71 –0.02 0.72 –0.01 0.64 –0.10 0.65 0.09 0.00 –0.01 0.08 –0.01 0.08 0.00 0.00 –0.12 –0.01 –0.10 –0.01 –0.01 0.00 49 50 51 52 53 54 55 56 57 58 59 –1.54 2.33 1.37 –6.83 0.04 0.72 0.62 –0.35 –1.57 –0.65 –0.19 –1.72 –0.55 0.50 0.25 –1.73 –0.01 –0.06 0.12 0.02 –2.17 0.21 1.50 4.51 3.58 –0.26 2.65 1.57 0.99 –0.48 1.26 0.50 0.91 0.02 1.32 0.80 0.92 0.37 –2.59 –1.78 –0.56 –1.40 –1.27 1.19 –0.85 –0.09 –1.29 –1.38 0.35 1.41 0.34 0.51 0.48 0.34 –0.32 0.75 0.18 –0.08 –0.24 –0.19 0.01 –0.12 0.11 0.21 0.16 0.91 0.98 0.59 0.05 0.08 1.09 0.38 0.80 0.38 0.76 1.07 0.50 0.12 0.14 0.72 0.20 –0.47 0.02 –0.10 0.17 60 61 62 63 64 0.58 4.23 0.33 –0.62 0.37 0.49 0.03 0.55 0.12 0.12 Table 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period—Continues Billions of current dollars Billions of chained (2005) dollars Seasonally adjusted at annual rates Change from preceding period Seasonally adjusted at annual rates Line 2011 2011 2011 2012 2011 2012 Line 2012 2011 III 1 Gross domestic product....................................... 15,075.7 15,163.2 2 Personal consumption expenditures.......................... 10,729.0 10,791.2 3 Goods ........................................................................ 3,624.8 3,643.6 4 Durable goods......................................................... 1,146.4 1,144.8 5 Motor vehicles and parts ..................................... 373.6 367.4 6 Furnishings and durable household equipment 251.7 253.5 7 Recreational goods and vehicles ........................ 340.1 341.0 8 Other durable goods............................................ 181.0 182.9 9 Nondurable goods................................................... 2,478.4 2,498.7 10 Food and beverages purchased for off-premises 810.2 817.3 consumption .................................................... 11 Clothing and footwear.......................................... 349.2 351.1 12 Gasoline and other energy goods ....................... 428.3 435.0 13 Other nondurable goods...................................... 890.7 895.3 14 Services ..................................................................... 7,104.2 7,147.6 15 Household consumption expenditures (for services).............................................................. 6,812.3 6,848.1 16 Housing and utilities ............................................ 1,929.9 1,945.2 17 Health care.......................................................... 1,751.6 1,754.2 18 Transportation services ....................................... 302.0 304.4 19 Recreation services............................................. 394.5 397.6 20 Food services and accommodations................... 670.9 676.3 21 Financial services and insurance ........................ 807.1 815.0 22 Other services ..................................................... 956.2 955.3 23 Final consumption expenditures of nonprofit institutions serving households ........................... 291.9 299.6 24 Gross output of nonprofit institutions................... 1,164.5 1,167.8 25 Less: Receipts from sales of goods and services by nonprofit institutions.................................... 872.5 868.2 26 Gross private domestic investment ............................ 1,854.9 1,853.8 27 Fixed investment....................................................... 1,818.3 1,857.8 28 Nonresidential ......................................................... 1,479.6 1,519.4 29 Structures............................................................ 404.8 421.8 30 Equipment and software...................................... 1,074.7 1,097.6 31 Information processing equipment and software ....................................................... 539.6 541.6 32 Computers and peripheral equipment ......... 78.3 80.3 33 Software....................................................... 278.7 281.1 34 Other............................................................ 182.6 180.3 35 Industrial equipment ........................................ 181.2 187.0 36 Transportation equipment ................................ 164.7 170.7 37 Other equipment.............................................. 189.2 198.2 38 Residential .............................................................. 338.7 338.5 39 Change in private inventories.................................. 36.6 –4.1 40 Farm........................................................................ –6.1 –4.8 41 Nonfarm .................................................................. 42.7 0.7 42 Net exports of goods and services............................. –568.1 –549.5 43 Exports ...................................................................... 2,094.2 2,133.3 44 Goods...................................................................... 1,474.5 1,498.5 45 Services .................................................................. 619.7 634.8 46 Imports....................................................................... 2,662.3 2,682.8 47 Goods...................................................................... 2,229.2 2,239.6 48 Services .................................................................. 433.0 443.2 IV I II III 15,321.0 10,873.8 3,690.0 1,175.1 390.3 257.9 344.2 182.7 2,515.0 15,478.3 11,007.2 3,755.9 1,204.6 402.1 264.6 350.2 187.7 2,551.3 15,585.6 11,067.2 3,741.5 1,200.3 396.0 264.0 351.0 189.4 2,541.2 15,775.7 11,171.9 3,799.5 1,217.8 401.8 268.3 356.5 191.2 2,581.7 II III 236.1 232.6 121.9 84.3 17.9 15.0 53.1 6.3 45.9 42.1 35.7 2.8 –0.8 –9.4 –0.5 9.6 3.4 3.1 67.7 47.8 36.5 27.6 6.4 5.7 17.7 1.2 12.6 1 2 3 4 5 6 7 8 9 824.4 827.0 827.5 831.3 685.3 685.9 686.4 686.4 685.4 687.6 355.9 363.1 363.0 369.6 350.0 347.3 350.2 355.3 350.8 356.1 427.6 440.5 428.5 446.8 271.5 267.9 268.2 266.5 272.0 272.1 907.1 920.6 922.3 934.1 777.4 780.3 786.2 792.9 793.5 799.6 7,183.8 7,251.3 7,325.7 7,372.4 6,101.5 6,121.1 6,126.0 6,145.9 6,178.2 6,190.9 16.5 11.9 –9.8 31.8 113.9 –1.0 –4.5 5.5 0.6 32.3 2.2 5.3 0.1 6.1 12.7 10 11 12 13 14 6,888.5 6,956.4 7,019.4 7,059.4 5,814.3 5,826.6 5,834.5 5,855.1 5,877.6 5,884.1 1,938.9 1,935.2 1,968.3 1,988.4 1,677.7 1,686.7 1,672.0 1,662.7 1,685.2 1,694.7 1,775.9 1,800.4 1,803.5 1,805.6 1,488.5 1,486.2 1,499.7 1,513.3 1,508.4 1,502.9 306.1 309.4 313.0 312.8 248.9 250.4 249.7 250.6 252.4 252.8 400.3 404.6 409.5 416.9 345.9 347.9 348.5 347.9 350.4 354.3 686.4 700.5 709.0 713.4 565.2 566.2 572.8 579.5 581.0 582.3 812.5 827.5 830.9 836.9 681.8 685.8 682.2 688.6 688.4 685.2 968.4 978.7 985.2 985.4 806.1 803.2 809.2 811.5 811.3 811.8 104.1 9.0 49.5 5.4 8.5 20.1 –1.9 13.1 22.5 22.5 –4.9 1.8 2.5 1.5 –0.2 –0.2 6.5 9.5 –5.5 0.4 3.9 1.3 –3.2 0.5 15 16 17 18 19 20 21 22 295.3 295.0 306.3 313.0 290.1 298.6 294.8 293.9 305.3 312.5 1,180.5 1,198.4 1,206.8 1,212.8 1,010.8 1,011.6 1,019.5 1,029.7 1,031.3 1,032.0 10.6 26.2 11.4 1.6 7.2 0.7 23 24 16.2 86.0 105.8 109.7 8.6 106.1 –7.7 3.3 20.0 12.9 0.5 13.2 –5.2 2.5 7.0 –4.7 –3.9 0.0 25 26 27 28 29 30 616.7 28.5 –3.8 –1.7 ............. ........... ........... ........... 295.8 17.8 4.3 4.7 194.6 –0.9 –3.5 –1.3 163.8 18.0 5.1 0.2 184.7 37.1 6.8 –3.8 182.2 18.7 2.9 4.6 371.6 –4.6 7.2 12.3 34.1 –19.9 –15.5 –7.3 –20.2 2.4 –5.3 –12.3 62.8 –21.5 –8.8 9.6 –413.7 11.7 8.1 –6.3 1,834.6 111.3 23.4 –7.5 1,296.7 83.5 22.0 –11.6 538.4 27.9 1.5 4.0 2,248.3 99.7 15.4 –1.3 1,862.6 89.7 13.1 –6.3 387.8 10.0 2.2 5.2 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 13,299.1 9,428.8 3,331.0 1,262.6 347.4 272.5 508.6 158.4 2,075.2 III IV I II III 13,306.9 9,441.9 3,323.5 1,258.6 338.1 273.7 514.0 159.8 2,071.4 13,441.0 9,489.3 3,367.9 1,300.1 360.1 280.2 528.5 158.3 2,080.5 13,506.4 9,546.8 3,406.6 1,336.1 371.2 286.0 545.0 162.1 2,088.9 13,548.5 9,582.5 3,409.4 1,335.3 361.8 285.5 554.6 165.5 2,092.0 13,616.2 9,630.3 3,445.9 1,362.9 368.2 291.2 572.3 166.7 2,104.6 885.2 1,991.1 1,909.0 1,560.1 438.2 1,122.0 903.5 2,032.2 1,959.7 1,595.5 454.7 1,140.8 900.5 2,041.7 1,986.9 1,614.1 458.9 1,155.2 899.8 2,048.6 1,999.9 1,611.9 454.9 1,157.0 722.5 1,744.0 1,704.5 1,378.2 319.2 1,070.0 716.2 1,735.8 1,736.8 1,411.3 330.2 1,091.5 726.7 1,867.3 1,778.7 1,443.7 339.3 1,114.8 737.2 1,895.1 1,820.6 1,470.0 349.7 1,129.6 729.5 1,898.4 1,840.6 1,482.9 350.2 1,142.8 548.5 81.6 286.9 180.0 196.6 183.1 193.7 348.8 82.1 –3.1 85.2 –594.8 2,120.3 1,501.9 618.4 2,715.1 2,277.3 437.8 556.3 84.3 288.1 183.9 190.7 193.6 200.1 364.2 72.6 –4.1 76.7 –615.8 2,157.9 1,525.8 632.1 2,773.7 2,324.3 449.3 552.0 79.3 292.1 180.5 197.8 200.5 204.9 372.8 54.8 –12.7 67.5 –576.9 2,188.5 1,550.5 637.9 2,765.4 2,312.4 453.0 549.3 74.5 295.8 179.0 197.9 198.0 211.8 388.0 48.7 –27.4 76.1 –536.5 2,180.6 1,537.4 643.3 2,717.1 2,259.0 458.1 600.2 ............. 277.2 196.7 152.6 156.7 168.6 327.6 31.0 –3.8 36.5 –408.0 1,776.9 1,247.6 529.8 2,184.9 1,820.0 366.6 603.5 ............. 279.5 194.6 156.6 162.3 175.7 326.6 –4.3 –2.8 –0.9 –397.9 1,792.9 1,255.1 538.4 2,190.8 1,818.8 373.9 613.4 ............. 285.4 195.4 164.4 173.6 169.9 336.0 70.5 –1.6 74.4 –418.0 1,799.3 1,273.6 526.2 2,217.3 1,846.7 372.3 622.2 ............. 286.8 199.4 158.5 181.7 174.7 352.1 56.9 –2.6 62.0 –415.5 1,818.7 1,286.3 532.9 2,234.2 1,855.8 380.4 618.4 ............. 291.1 195.9 163.6 188.5 177.6 359.3 41.4 –7.9 53.2 –407.4 1,842.1 1,308.3 534.4 2,249.6 1,868.9 382.6 724.3 1,900.9 1,847.6 1,478.2 346.3 1,142.8 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 3. Gross Domestic Product and Related Measures: Level and Change From Preceding Period—Table Ends Billions of current dollars Billions of chained (2005) dollars Seasonally adjusted at annual rates Change from preceding period Seasonally adjusted at annual rates Line 2011 2011 2011 2012 2011 2012 Line 2012 2011 49 Government consumption expenditures and gross investment ................................................................. 50 Federal ....................................................................... 51 National defense ..................................................... 52 Consumption expenditures.................................. 53 Gross investment................................................. 54 Nondefense............................................................. 55 Consumption expenditures.................................. 56 Gross investment................................................. 57 State and local .......................................................... 58 Consumption expenditures ..................................... 59 Gross investment .................................................... 60 Residual.......................................................................... Addenda: 61 Final sales of domestic product .................................. 62 Gross domestic purchases ......................................... 63 Final sales to domestic purchasers ............................ 64 Gross domestic product .......................................... 65 Plus: Income receipts from the rest of the world......... 66 Less: Income payments to the rest of the world ......... 67 Equals: Gross national product .............................. 68 Net domestic product.................................................. III IV I II III 3,059.8 1,222.1 820.8 712.1 108.7 401.3 349.4 51.8 1,837.7 1,518.0 319.7 ............. 3,067.7 1,227.5 837.8 730.5 107.3 389.7 338.5 51.2 1,840.2 1,522.0 318.3 ............. 3,051.0 1,211.2 812.8 704.0 108.8 398.4 348.0 50.4 1,839.7 1,518.4 321.3 ............. 3,054.6 1,207.7 806.4 703.5 102.9 401.3 352.1 49.2 1,846.9 1,531.4 315.5 ............. 3,053.7 1,210.7 807.8 701.1 106.7 402.9 353.7 49.2 1,843.0 1,525.5 317.5 ............. 3,091.7 1,241.4 834.6 728.2 106.5 406.8 357.8 49.0 1,850.2 1,531.5 318.8 ............. 15,039.0 15,643.7 15,607.1 15,075.7 783.7 531.8 15,327.5 13,138.9 15,167.3 15,712.7 15,716.8 15,163.2 788.9 530.6 15,421.5 13,214.3 15,238.9 15,915.9 15,833.8 15,321.0 787.1 523.1 15,585.0 13,354.5 15,405.7 16,094.0 16,021.5 15,478.3 769.6 554.7 15,693.2 13,493.4 15,530.8 16,162.5 16,107.8 15,585.6 775.1 527.8 15,832.9 13,580.8 15,727.0 16,312.2 16,263.5 15,775.7 .............. .............. .............. 13,755.4 III IV I II 2,523.9 1,047.0 699.1 599.0 100.4 347.9 298.4 49.9 1,482.0 1,229.4 253.6 –57.4 2,516.6 1,045.9 709.8 611.0 98.8 335.9 287.3 49.1 1,475.9 1,225.8 251.1 –61.9 2,502.7 1,034.2 690.1 590.0 100.6 344.1 296.1 48.2 1,473.3 1,223.5 250.8 –68.8 2,483.7 1,023.1 677.6 582.9 94.8 345.6 298.7 47.0 1,465.3 1,221.9 244.5 –83.5 2,479.4 1,022.5 677.3 579.8 97.9 345.3 298.6 46.8 1,461.6 1,218.7 244.0 –83.2 13,265.3 13,698.8 13,664.2 13,299.1 688.2 465.7 13,522.0 11,522.4 13,311.2 13,696.4 13,699.6 13,306.9 690.2 462.8 13,534.7 11,527.0 13,361.4 13,851.4 13,771.3 13,441.0 686.5 455.1 13,672.9 11,650.7 13,440.1 13,914.4 13,847.5 13,506.4 667.0 479.7 13,693.8 11,706.6 13,497.9 13,948.5 13,897.1 13,548.5 670.5 455.7 13,763.6 11,739.2 III II III 2,501.8 –81.9 –4.3 22.4 1,046.2 –29.8 –0.6 23.7 698.4 –18.5 –0.3 21.1 600.7 –11.0 –3.1 20.9 97.8 –8.0 3.1 –0.1 347.8 –11.3 –0.3 2.5 301.2 –10.4 –0.1 2.6 46.6 –0.8 –0.2 –0.2 1,461.2 –52.1 –3.7 –0.4 1,218.4 –29.5 –3.2 –0.3 243.9 –22.2 –0.5 –0.1 –90.8 ............ ........... ........... 13,569.8 14,022.1 13,975.0 13,616.2 ............. ............. ............. 11,797.2 255.0 225.8 244.5 236.1 43.4 11.1 268.6 209.1 57.8 71.9 34.1 73.6 49.6 77.9 42.1 67.7 3.5 ........... –24.0 ........... 69.8 ........... 32.6 58.0 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2. See “Explanatory Note” at the end of the tables. Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2009 2010 2011 2008 IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Gross domestic product (GDP) 0.9 1.3 2.1 0.5 Personal consumption expenditures ... 0.1 1.9 2.4 –5.6 Goods................................................... –2.7 1.7 3.8 –17.8 Durable goods .................................. –1.9 –1.3 –0.9 –3.5 Nondurable goods ............................ –3.0 3.2 6.0 –23.8 Services ............................................... 1.4 2.0 1.8 1.2 Gross private domestic investment ..... –1.1 –1.3 1.5 6.9 Fixed investment .................................. –1.2 –1.2 1.6 2.9 Nonresidential .................................. –0.6 –1.5 1.7 5.3 Structures ..................................... –2.5 –1.1 4.7 8.2 Equipment and software............... 0.5 –1.6 0.6 3.6 Residential........................................ –3.4 –0.2 0.9 –5.2 Change in private inventories............... .......... ........... ........... .......... Net exports of goods and services ...... .......... ........... ........... .......... Exports................................................. –5.4 4.5 6.4 –22.0 Goods............................................... –6.8 5.1 7.6 –27.1 Services ........................................... –2.3 3.4 3.8 –8.9 Imports ................................................. –10.6 6.0 7.8 –36.7 Goods............................................... –12.4 6.8 8.9 –40.8 Services ........................................... –2.0 2.6 3.0 –11.6 Government consumption expenditures and gross investment –0.6 2.4 3.3 –5.4 Federal ................................................. –0.2 2.4 2.8 –4.7 National defense .............................. –0.7 2.3 3.0 –5.8 Nondefense ...................................... 0.9 2.4 2.2 –2.3 State and local ..................................... –0.8 2.4 3.7 –5.7 Addenda: Final sales of domestic product............ 0.9 1.3 2.1 0.0 Gross domestic purchases................... –0.2 1.6 2.5 –4.0 Final sales to domestic purchasers...... –0.2 1.6 2.5 –4.4 Gross national product (GNP).............. 0.9 1.3 2.1 0.4 Implicit price deflators: GDP.................................................. 0.9 1.3 2.1 0.5 Gross domestic purchases............... –0.2 1.6 2.5 –4.0 GNP.................................................. 0.9 1.3 2.1 0.4 See “Explanatory Note” at the end of the tables. 2009 I II 2010 III IV I II 2011 III IV I II 2012 III IV I II Line III 1.0 –0.8 0.5 1.3 1.5 1.7 2.0 2.1 2.0 2.6 3.0 0.4 2.0 1.6 2.8 –2.1 1.6 3.1 3.1 1.8 0.6 1.3 2.2 3.2 3.6 2.3 1.1 2.5 0.7 1.8 –7.0 4.3 5.7 3.1 1.3 –2.8 1.0 4.0 6.6 5.9 3.0 –0.2 2.5 –1.8 1.9 –2.4 –0.3 –2.6 1.0 –1.5 –2.0 –2.3 –2.1 –0.5 1.6 –0.6 –2.5 –1.0 –1.2 –2.3 –9.2 6.5 9.9 4.1 2.6 –3.2 2.6 7.0 10.1 8.0 4.7 0.8 4.2 –2.2 4.0 0.3 0.4 1.8 3.0 2.1 2.3 1.4 1.3 1.6 2.4 2.0 1.7 2.5 2.0 1.7 –2.8 –6.4 –5.7 –1.3 –1.2 0.4 1.3 2.1 1.3 1.9 1.6 1.2 1.0 1.3 0.3 –2.3 –5.4 –4.3 –0.8 –1.6 –0.1 1.1 1.6 1.4 2.5 1.8 1.4 1.2 1.2 1.1 –2.2 –5.3 –4.6 –1.9 –2.0 0.4 1.1 1.5 1.9 2.6 1.9 1.5 1.8 1.2 0.7 –5.4 –12.1 –9.9 –1.4 1.2 2.4 2.6 3.7 5.1 6.7 5.7 4.5 2.7 3.2 1.0 –0.2 –1.4 –2.1 –2.3 –3.4 –0.4 0.4 0.6 0.8 1.2 0.5 0.4 1.4 0.4 0.6 –2.8 –5.9 –3.0 3.4 0.0 –2.0 1.4 2.4 –0.6 1.7 1.4 0.6 –1.4 1.2 2.6 .......... ........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ........... .......... ........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ........... –11.9 –0.1 5.0 5.7 4.9 5.0 0.9 9.6 11.1 8.4 1.7 –3.8 2.8 0.5 0.2 –14.4 2.1 5.1 5.4 5.5 5.5 1.0 12.6 13.3 9.4 1.2 –4.8 2.4 –0.4 0.1 –6.9 –4.5 4.7 6.4 3.8 3.9 0.8 3.0 5.9 5.9 2.9 –1.3 3.8 2.6 0.3 –28.8 6.4 13.3 12.4 7.9 –2.1 –3.1 10.1 18.6 12.8 –1.9 0.0 5.6 –3.9 –6.6 –33.1 8.3 15.7 13.6 9.5 –2.8 –3.8 10.9 21.7 14.3 –2.0 0.6 6.4 –4.8 –7.7 –7.0 –0.9 3.9 7.2 1.0 0.8 0.8 6.0 4.5 5.1 –1.3 –3.1 1.7 1.0 –0.9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 –2.6 0.8 –0.2 3.1 –4.7 –0.5 –1.7 –2.2 –0.6 0.2 1.5 1.5 1.2 2.3 1.5 2.1 2.2 2.3 2.1 2.0 4.7 5.5 5.9 4.9 4.2 1.2 1.1 1.0 1.5 1.3 1.7 1.2 0.9 1.7 2.0 3.6 2.3 2.8 1.2 4.6 5.2 4.9 6.1 2.8 5.3 4.1 3.6 3.3 4.2 4.4 2.4 2.2 2.3 2.1 2.6 0.0 –0.9 –0.9 –0.8 0.6 3.6 3.2 4.2 1.2 3.8 0.6 1.2 0.9 2.0 0.1 1.4 0.8 0.8 0.9 1.7 21 22 23 24 25 1.1 –2.4 –2.3 1.0 –0.7 0.2 0.3 –0.7 0.7 1.7 1.8 0.5 1.4 2.4 2.4 1.3 1.5 2.1 2.0 1.5 1.6 0.7 0.6 1.6 2.0 1.4 1.4 2.0 2.1 2.5 2.4 2.1 2.0 3.4 3.4 2.0 2.7 3.5 3.5 2.6 3.0 2.3 2.3 2.9 0.4 0.9 0.9 0.4 2.0 2.5 2.5 2.0 1.5 2.9 0.7 1.5 0.7 1.6 1.5 ........... 26 27 28 29 0.9 –2.5 0.9 –0.8 0.2 –0.8 0.5 1.7 0.5 1.2 2.3 1.2 1.6 2.1 1.5 1.8 0.8 1.8 1.9 1.3 1.9 2.0 2.3 2.0 2.1 3.5 2.1 2.6 3.5 2.7 3.0 2.3 3.0 0.1 0.6 0.2 2.2 2.7 2.2 1.5 2.9 0.7 1.6 1.5 ........... 30 31 32 Table 5. Real Gross Domestic Product, Quantity Indexes [Index numbers, 2005=100] Seasonally adjusted Line 2009 2010 2011 2011 III 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 2012 IV I II Line III Gross domestic product ..................................................... 101.069 103.486 105.356 105.418 106.481 106.999 107.333 107.869 Personal consumption expenditures ................................................ 102.602 104.460 107.103 107.251 107.790 108.443 108.849 109.391 Goods................................................................................................ 100.697 104.304 108.263 108.021 109.462 110.722 110.812 111.998 Durable goods ............................................................................... 98.732 104.887 112.395 112.038 115.736 118.937 118.866 121.320 Nondurable goods ......................................................................... 101.507 103.888 106.236 106.045 106.510 106.938 107.096 107.743 Services ............................................................................................ 103.558 104.554 106.543 106.886 106.970 107.318 107.882 108.104 Gross private domestic investment .................................................. 67.124 76.327 80.284 79.906 85.959 87.241 87.394 87.506 Fixed investment ............................................................................... 75.494 75.326 80.311 81.835 83.807 85.785 86.724 87.055 Nonresidential ............................................................................... 93.507 94.148 102.288 104.746 107.156 109.108 110.065 109.712 Structures .................................................................................. 104.659 88.308 90.733 93.866 96.449 99.421 99.560 98.444 Equipment and software............................................................ 88.911 96.822 107.473 109.637 111.972 113.460 114.790 114.786 Residential..................................................................................... 44.489 42.862 42.268 42.139 43.361 45.433 46.364 47.948 Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... Exports of goods and services ......................................................... 114.835 127.623 136.152 137.379 137.871 139.356 141.152 140.579 Imports of goods and services.......................................................... 91.422 102.832 107.746 108.037 109.345 110.179 110.936 110.875 Government consumption expenditures and gross investment .... 109.262 109.955 106.497 106.189 105.604 104.804 104.622 105.566 Federal .............................................................................................. 117.613 122.883 119.480 119.351 118.024 116.751 116.685 119.393 State and local .................................................................................. 104.568 102.711 99.224 98.818 98.643 98.103 97.858 97.831 Addenda: Final sales of domestic product......................................................... 102.598 103.478 105.506 105.871 106.271 106.897 107.356 107.928 Gross domestic purchases................................................................ 98.177 100.954 102.646 102.628 103.789 104.261 104.517 105.069 Final sales to domestic purchasers................................................... 99.603 100.932 102.771 103.038 103.577 104.150 104.523 105.109 Gross national product...................................................................... 101.328 104.193 106.304 106.404 107.490 107.655 108.204 ....................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 See “Explanatory Note” at the end of the tables. Table 6. Price Indexes for Gross Domestic Product [Index numbers, 2005=100] Seasonally adjusted Line 2009 2010 2011 2011 III 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 2012 IV I II Line III Gross domestic product ..................................................... 109.532 111.002 113.369 113.937 114.041 114.608 115.050 115.856 Personal consumption expenditures (PCE) ..................................... 109.004 111.087 113.790 114.293 114.593 115.300 115.496 116.011 Goods................................................................................................ 103.105 104.852 108.822 109.633 109.569 110.256 109.743 110.265 Durable goods ............................................................................... 92.830 91.611 90.799 90.960 90.381 90.157 89.888 89.356 Nondurable goods ......................................................................... 109.177 112.622 119.430 120.626 120.879 122.136 121.472 122.666 Services ............................................................................................ 112.157 114.418 116.435 116.772 117.270 117.989 118.576 119.087 Gross private domestic investment .................................................. 106.274 104.854 106.439 106.686 107.013 107.292 107.647 107.738 Fixed investment ............................................................................... 106.318 105.023 106.680 106.992 107.352 107.661 107.977 108.269 Nonresidential ............................................................................... 107.102 105.514 107.359 107.687 108.092 108.562 108.878 109.076 Structures .................................................................................. 122.527 121.158 126.850 127.882 129.302 130.167 131.198 131.515 Equipment and software............................................................ 101.477 99.806 100.445 100.562 100.656 101.001 101.094 101.254 Residential..................................................................................... 102.713 102.520 103.406 103.650 103.812 103.439 103.754 104.425 Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... ....................... Exports of goods and services ......................................................... 105.924 110.738 117.860 118.992 117.839 118.652 118.802 118.859 Imports of goods and services.......................................................... 106.598 112.989 121.851 122.466 122.463 124.156 122.942 120.862 Government consumption expenditures and gross investment .... 114.592 117.334 121.233 121.898 121.903 122.979 123.157 123.574 Federal .............................................................................................. 110.959 113.583 116.721 117.365 117.111 118.038 118.403 118.653 State and local .................................................................................. 116.763 119.579 124.001 124.678 124.866 126.042 126.089 126.622 Addenda: PCE excluding food and energy 1 ..................................................... 108.536 110.214 111.802 112.138 112.500 113.122 113.603 113.976 Market-based PCE 2 ......................................................................... 109.163 110.820 113.641 114.182 114.510 115.231 115.407 115.926 Market-based PCE excluding food and energy 2 .............................. 108.641 109.760 111.311 111.664 112.069 112.693 113.196 113.551 Final sales of domestic product......................................................... 109.521 110.993 113.371 113.948 114.056 114.628 115.065 115.901 Gross domestic purchases................................................................ 109.620 111.421 114.208 114.709 114.958 115.674 115.888 116.329 Final sales to domestic purchasers................................................... 109.617 111.420 114.219 114.728 114.981 115.703 115.911 116.380 Gross national product...................................................................... 109.532 110.986 113.363 113.928 114.038 114.609 115.050 ....................... Implicit price deflators: Gross domestic product ................................................................ 109.529 110.993 113.359 113.950 113.987 114.599 115.035 115.860 Final sales of domestic product..................................................... 109.521 110.993 113.371 113.944 114.052 114.624 115.061 115.897 Gross domestic purchases............................................................ 109.617 111.412 114.198 114.721 114.905 115.665 115.873 116.332 Final sales to domestic purchasers ............................................... 109.617 111.420 114.219 114.724 114.977 115.699 115.907 116.376 Gross national product .................................................................. 109.529 110.977 113.353 113.940 113.985 114.600 115.035 ....................... 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 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A. See “Explanatory Note” at the end of the tables. Table 7. Real Gross Domestic Product: Percent Change From Preceding Year Line 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Line Gross domestic product (GDP) .............................................. 3.7 4.5 4.4 4.8 4.1 1.1 1.8 2.5 3.5 3.1 2.7 1.9 –0.3 –3.1 2.4 1.8 Personal consumption expenditures ................................................ 3.5 3.7 5.2 5.5 5.1 2.7 2.7 2.8 3.3 3.4 2.9 2.3 –0.6 –1.9 1.8 2.5 Goods................................................................................................ 4.5 4.8 6.8 8.0 5.3 3.1 4.1 4.6 4.5 4.2 3.3 3.0 –2.5 –3.0 3.6 3.8 Durable goods ............................................................................... 7.5 8.2 12.2 13.0 8.8 5.4 7.6 6.6 7.3 5.9 4.5 5.0 –4.9 –5.4 6.2 7.2 Nondurable goods ......................................................................... 2.9 2.9 3.8 5.1 3.2 1.8 2.0 3.4 2.8 3.2 2.6 1.9 –1.2 –1.8 2.3 2.3 Services ............................................................................................ 2.9 3.1 4.4 4.1 5.0 2.5 1.9 1.9 2.7 3.0 2.6 1.9 0.4 –1.4 1.0 1.9 Gross private domestic investment .................................................. 8.8 12.4 10.0 8.8 6.8 –7.0 –1.4 3.9 10.1 5.5 2.7 –3.2 –10.2 –24.8 13.7 5.2 Fixed investment ............................................................................... 9.0 9.2 10.9 9.3 7.4 –1.9 –4.2 3.5 7.4 6.5 2.4 –1.9 –7.1 –19.0 –0.2 6.6 Nonresidential ............................................................................... 9.3 12.1 12.0 10.4 9.8 –2.8 –7.9 1.4 6.2 6.7 8.0 6.5 –0.8 –18.1 0.7 8.6 Structures .................................................................................. 5.7 7.3 5.1 0.1 7.8 –1.5 –17.7 –3.8 1.1 1.4 9.2 14.1 6.4 –21.1 –15.6 2.7 Equipment and software............................................................ 10.6 13.8 14.5 14.1 10.5 –3.2 –4.2 3.1 7.9 8.5 7.6 3.3 –4.3 –16.4 8.9 11.0 Residential..................................................................................... 8.0 1.9 7.7 6.3 1.0 0.6 5.2 8.2 9.8 6.2 –7.3 –18.7 –23.9 –22.4 –3.7 –1.4 Change in private inventories............................................................ .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Net exports of goods and services ................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... Exports.............................................................................................. 8.3 11.9 2.3 4.4 8.6 –5.6 –2.0 1.6 9.5 6.7 9.0 9.3 6.1 –9.1 11.1 6.7 Goods............................................................................................ 8.8 14.4 2.2 3.8 11.1 –6.2 –3.6 1.8 8.5 7.5 9.4 9.7 6.3 –12.0 14.3 7.2 Services ........................................................................................ 7.0 5.9 2.4 5.7 2.7 –4.1 1.9 1.2 11.9 5.0 7.9 8.3 5.6 –2.6 4.7 5.6 Imports .............................................................................................. 8.7 13.5 11.7 11.5 13.0 –2.8 3.4 4.4 11.1 6.1 6.1 2.4 –2.7 –13.5 12.5 4.8 Goods............................................................................................ 9.4 14.4 11.8 12.5 13.4 –3.2 3.7 4.9 11.1 6.8 5.9 2.6 –3.8 –15.6 14.9 5.2 Services ........................................................................................ 5.2 8.7 10.9 6.8 11.0 –0.8 1.8 1.9 11.2 2.8 7.1 1.4 3.6 –3.3 2.5 2.8 Government consumption expenditures and gross investment .... 1.0 1.9 2.1 3.6 2.0 3.8 4.7 2.2 1.4 0.3 1.4 1.3 2.6 3.7 0.6 –3.1 Federal .............................................................................................. –1.2 –1.0 –1.1 1.9 0.5 4.1 7.3 6.6 4.1 1.3 2.1 1.2 7.2 6.1 4.5 –2.8 National defense ........................................................................... –1.3 –2.8 –2.1 1.9 –0.5 3.8 7.4 8.7 5.7 1.5 1.6 2.2 7.5 6.0 3.0 –2.6 Nondefense ................................................................................... –0.8 2.7 0.8 2.1 2.4 4.6 7.2 2.8 1.0 0.9 3.2 –0.8 6.5 6.5 7.7 –3.1 State and local .................................................................................. 2.3 3.6 3.9 4.5 2.8 3.7 3.3 –0.1 –0.2 –0.2 0.9 1.4 0.0 2.2 –1.8 –3.4 Addenda: Final sales of domestic product......................................................... 3.7 3.9 4.4 4.9 4.2 2.0 1.3 2.5 3.1 3.2 2.6 2.2 0.2 –2.3 0.9 2.0 Gross domestic purchases................................................................ 3.8 4.7 5.5 5.7 4.8 1.2 2.4 2.9 3.9 3.2 2.6 1.2 –1.5 –4.0 2.8 1.7 Final sales to domestic purchasers................................................... 3.8 4.2 5.6 5.8 4.9 2.1 1.9 2.8 3.5 3.3 2.5 1.4 –1.0 –3.3 1.3 1.8 Gross national product...................................................................... 3.7 4.3 4.3 4.9 4.2 1.2 1.8 2.7 3.6 3.1 2.4 2.3 0.0 –3.2 2.8 2.0 Real disposable personal income ..................................................... 3.3 3.5 6.0 3.0 5.1 2.4 3.3 2.5 3.4 1.4 4.0 2.4 2.4 –2.8 1.8 1.3 Price indexes: Gross domestic purchases............................................................ 1.8 1.5 0.7 1.6 2.5 1.9 1.4 2.3 3.0 3.7 3.4 2.9 3.2 –0.2 1.6 2.5 Gross domestic purchases excluding food and energy 1 .............. 1.6 1.5 1.0 1.5 2.0 1.8 1.7 2.0 2.7 3.3 3.1 2.7 2.6 0.6 1.4 1.9 GDP............................................................................................... 1.9 1.8 1.1 1.5 2.2 2.3 1.6 2.1 2.8 3.3 3.2 2.9 2.2 0.9 1.3 2.1 GDP excluding food and energy 1 ................................................. 1.8 1.8 1.2 1.6 2.2 2.0 1.8 2.0 2.8 3.5 3.3 2.8 2.4 0.7 1.6 2.0 Personal consumption expenditures.............................................. 2.2 1.9 1.0 1.6 2.5 1.9 1.4 2.0 2.6 3.0 2.7 2.7 3.3 0.1 1.9 2.4 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2008 2009 2010 2011 2012 Line Line IV 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 I Gross domestic product (GDP) .............................................. –3.3 –4.2 Personal consumption expenditures (PCE) ..................................... –2.5 –2.7 Goods................................................................................................ –6.5 –5.1 Durable goods ............................................................................... –13.0 –10.4 Nondurable goods ......................................................................... –3.1 –2.4 Services ............................................................................................ –0.5 –1.5 Gross private domestic investment .................................................. –17.8 –26.3 Fixed investment ............................................................................... –13.1 –18.8 Nonresidential ............................................................................... –9.4 –16.7 Structures .................................................................................. –1.2 –9.9 Equipment and software............................................................ –13.6 –20.1 Residential..................................................................................... –24.4 –26.2 Change in private inventories............................................................ .......... .......... Net exports of goods and services ................................................... .......... .......... Exports.............................................................................................. –2.5 –11.6 Goods............................................................................................ –3.0 –14.9 Services ........................................................................................ –1.4 –4.1 Imports .............................................................................................. –5.9 –15.4 Goods............................................................................................ –7.9 –17.9 Services ........................................................................................ 5.5 –2.4 Government consumption expenditures and gross investment .... 2.7 2.3 Federal .............................................................................................. 8.8 5.5 National defense ........................................................................... 9.8 5.7 Nondefense ................................................................................... 6.8 5.1 State and local .................................................................................. –0.9 0.5 Addenda: Final sales of domestic product......................................................... –2.6 –3.1 Gross domestic purchases................................................................ –3.9 –5.2 Final sales to domestic purchasers................................................... –3.1 –4.1 Gross national product...................................................................... –3.8 –4.6 Real disposable personal income ..................................................... 1.0 –1.6 Price indexes: Gross domestic purchases............................................................ 2.1 0.4 Gross domestic purchases excluding food and energy 1 .............. 2.2 1.3 GDP............................................................................................... 2.1 1.8 GDP excluding food and energy 1 ................................................. 2.0 1.1 PCE ............................................................................................... 1.7 0.2 PCE excluding food and energy 1 ................................................. 2.0 1.5 Market-based PCE 2 ..................................................................... 1.8 0.4 Market-based PCE excluding food and energy 2 .......................... 2.2 1.9 II III IV I II III IV I II III IV I II III –4.6 –3.1 –5.7 –10.2 –3.4 –1.8 –30.8 –21.8 –20.1 –19.9 –20.2 –27.9 .......... .......... –14.1 –18.2 –4.5 –18.5 –21.6 –2.6 4.3 7.6 8.3 6.3 2.3 –3.3 –1.6 –2.0 –2.8 –1.7 –1.4 –27.9 –19.9 –19.7 –25.2 –16.7 –20.7 .......... .......... –10.5 –13.7 –2.9 –13.7 –15.7 –3.8 4.1 6.3 5.9 7.3 2.8 –3.3 –5.7 –4.4 –5.0 –3.6 –2.2 –4.1 –3.1 –3.5 –2.9 –0.5 –1.1 –1.5 0.3 –3.0 0.3 1.6 0.1 2.4 –0.5 0.7 3.3 1.5 3.2 1.2 0.6 3.6 1.5 3.1 3.1 1.7 2.9 2.3 2.6 3.5 1.9 2.1 2.2 2.1 3.2 1.9 1.6 1.6 2.0 1.2 2.4 1.1 1.8 1.8 0.6 1.7 1.9 1.7 2.2 0.3 2.2 2.4 2.1 2.2 0.2 2.0 1.9 2.1 2.4 2.0 2.0 2.1 ........... 1.3 1.8 26 27 28 29 30 –0.6 0.6 1.0 0.6 –0.5 1.3 –0.2 2.1 –1.1 0.1 0.3 0.1 –0.8 1.2 –0.7 1.7 0.5 0.6 0.5 0.8 1.4 1.6 1.4 1.7 1.6 1.2 0.6 1.3 2.4 1.8 2.1 1.4 1.7 1.4 1.3 1.6 2.1 1.7 1.6 1.0 1.6 1.5 1.6 1.7 1.7 1.6 1.2 1.0 1.6 1.4 1.8 1.6 1.5 1.2 1.1 0.7 2.0 1.5 2.0 1.7 1.8 1.1 1.7 0.9 2.7 1.9 2.2 2.0 2.6 1.3 2.7 1.3 2.9 2.1 2.4 2.2 2.8 1.6 3.0 1.6 2.5 2.0 2.0 2.0 2.5 1.7 2.8 1.9 2.3 2.0 2.0 2.0 2.4 1.9 2.5 2.0 1.6 1.7 1.7 1.7 1.6 1.8 1.7 1.9 31 32 33 34 35 36 37 38 –0.1 1.9 2.5 2.8 2.4 1.8 1.9 1.6 2.0 2.4 2.1 2.3 –0.3 0.7 1.8 1.9 2.9 3.1 2.7 2.5 1.9 1.8 1.9 2.0 1.2 2.5 3.9 2.9 5.0 5.1 4.0 3.4 2.8 2.6 2.9 3.7 3.0 4.1 7.3 4.1 9.5 10.0 6.7 6.2 5.9 6.9 7.5 8.3 0.4 1.7 2.3 2.4 3.0 2.9 2.7 2.1 1.4 0.7 0.9 1.6 –1.1 –0.2 0.8 1.4 1.9 2.1 2.0 2.0 1.5 1.3 1.4 1.1 –12.8 5.0 17.5 22.6 10.7 4.4 3.9 1.5 10.9 14.1 10.9 9.5 –15.2 –7.4 0.8 1.4 4.9 4.8 4.3 8.4 9.0 11.9 9.9 6.4 –15.7 –7.7 –0.3 3.7 7.7 6.8 7.4 10.1 10.2 12.5 9.7 4.7 –29.4 –27.5 –17.9 –11.7 –1.8 –3.5 0.9 6.4 6.9 19.7 11.2 4.9 –7.8 3.6 9.0 11.1 11.9 11.0 10.0 11.5 11.4 10.0 9.2 4.7 –13.3 –6.3 5.0 –7.2 –5.7 –3.2 –7.1 1.4 3.9 9.3 10.4 13.8 .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... 0.3 10.7 13.1 12.1 8.8 8.7 7.4 6.5 4.3 4.0 4.3 2.3 –0.1 14.0 18.1 15.0 10.5 9.4 7.4 6.7 5.4 5.0 5.8 3.3 1.2 4.1 3.4 6.1 5.1 7.2 7.3 6.1 1.8 1.7 0.7 0.0 –6.1 6.7 16.7 15.9 10.9 9.3 4.4 2.2 3.5 3.2 3.9 2.6 –6.5 8.2 20.3 18.6 12.7 10.9 4.8 2.1 3.4 2.6 3.5 2.4 –4.5 0.7 2.2 4.6 2.7 1.9 2.7 2.9 3.8 6.2 5.7 3.7 4.0 2.7 1.1 0.1 –1.3 –2.3 –3.2 –3.8 –3.3 –2.2 –2.2 –0.6 5.1 6.1 5.1 4.5 2.3 –0.6 –2.2 –4.1 –4.2 –2.6 –3.3 0.0 4.1 5.1 3.0 2.9 1.0 –1.9 –1.7 –2.8 –4.0 –2.0 –4.0 –1.6 7.2 8.2 9.6 7.8 5.2 2.2 –3.1 –6.9 –4.6 –3.8 –2.0 3.6 3.3 0.7 –1.4 –2.7 –3.6 –3.4 –3.8 –3.6 –2.7 –2.0 –1.5 –1.0 1.4 1.5 1.7 1.6 1.5 1.6 1.5 1.7 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 1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services. 2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the final consumption expenditures of nonprofit institutions serving households. Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates Line 2009 2010 2011 2011 III 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Gross domestic product .................................................................................................. Plus: Income receipts from the rest of the world................................................................. Less: Income payments to the rest of the world ................................................................. Equals: Gross national product ...................................................................................... Less: Consumption of fixed capital ..................................................................................... Less: Statistical discrepancy............................................................................................... Equals: National income .................................................................................................. Compensation of employees........................................................................................... Wage and salary accruals ........................................................................................... Supplements to wages and salaries............................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments....... Rental income of persons with capital consumption adjustment..................................... Corporate profits with inventory valuation and capital consumption adjustments........... Net interest and miscellaneous payments ...................................................................... Taxes on production and imports less subsidies............................................................. Business current transfer payments (net) ....................................................................... Current surplus of government enterprises .................................................................... Addendum: 18 Gross domestic income................................................................................................... 2012 IV I II Line III 13,973.7 642.4 498.9 14,117.2 1,866.3 118.3 12,132.6 7,799.4 6,275.3 1,524.0 979.4 289.7 1,342.3 640.5 963.5 133.4 –15.6 14,498.9 716.5 507.2 14,708.2 1,873.4 23.3 12,811.4 7,970.0 6,404.6 1,565.4 1,103.4 349.2 1,702.4 567.9 998.0 140.0 –19.5 15,075.7 783.7 531.8 15,327.5 1,936.8 31.9 13,358.9 8,295.2 6,661.3 1,633.9 1,157.3 409.7 1,827.0 527.4 1,036.2 132.6 –26.5 15,163.2 788.9 530.6 15,421.5 1,948.9 82.5 13,390.1 8,318.1 6,678.1 1,640.0 1,161.4 413.8 1,830.5 528.4 1,035.7 129.5 –27.5 15,321.0 787.1 523.1 15,585.0 1,966.6 70.3 13,548.1 8,340.1 6,692.4 1,647.7 1,165.3 430.3 1,953.1 515.9 1,047.1 127.4 –31.1 15,478.3 769.6 554.7 15,693.2 1,984.9 1.1 13,707.2 8,495.7 6,825.9 1,669.8 1,184.3 445.3 1,900.1 515.6 1,067.7 130.5 –32.0 15,585.6 775.1 527.8 15,832.9 2,004.8 43.4 13,784.7 8,561.9 6,881.1 1,680.8 1,194.9 452.8 1,921.9 489.5 1,069.8 127.9 –34.1 15,775.7 .................... .................... .................... 2,020.3 .................... .................... 8,616.2 6,924.4 1,691.9 1,212.9 463.7 .................... 525.4 1,071.3 123.9 –35.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 13,855.4 14,475.6 15,043.8 15,080.7 15,250.7 15,477.1 15,542.2 .................... 18 Table 10. Personal Income and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates Line 2009 2010 2011 2011 III Personal income 1 ............................................................................................................. Compensation of employees, received ........................................................................... Wage and salary disbursements ................................................................................. Supplements to wages and salaries............................................................................ Proprietors’ income with inventory valuation and capital consumption adjustments....... Farm ............................................................................................................................ Nonfarm....................................................................................................................... Rental income of persons with capital consumption adjustment..................................... Personal income receipts on assets................................................................................ Personal interest income ............................................................................................. Personal dividend income ........................................................................................... Personal current transfer receipts ................................................................................... Less: Contributions for government social insurance, domestic ..................................... Less: Personal current taxes............................................................................................... Equals: Disposable personal income ............................................................................. Less: Personal outlays ........................................................................................................ Equals: Personal saving................................................................................................... Personal saving as a percentage of disposable personal income................................... Addenda: 19 Personal income excluding current transfer receipts, billions of chained (2005) dollars 2 20 Disposable personal income, billions of chained (2005) dollars 2 ................................... 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 2012 IV I II Line III 11,867.0 7,794.4 6,270.3 1,524.0 979.4 39.9 939.5 289.7 1,626.5 1,093.3 533.2 2,140.1 963.1 1,144.6 10,722.4 10,214.3 508.2 4.7 12,321.9 7,970.0 6,404.6 1,565.4 1,103.4 44.3 1,059.1 349.2 1,598.3 1,016.6 581.7 2,284.3 983.3 1,194.8 11,127.1 10,560.4 566.7 5.1 12,947.3 8,295.2 6,661.3 1,633.9 1,157.3 54.6 1,102.8 409.7 1,685.1 1,008.8 676.3 2,319.2 919.3 1,398.0 11,549.3 11,059.9 489.4 4.2 12,976.3 8,318.1 6,678.1 1,640.0 1,161.4 55.3 1,106.1 413.8 1,689.1 1,004.4 684.7 2,314.7 920.8 1,403.8 11,572.6 11,120.9 451.6 3.9 13,017.4 8,340.1 6,692.4 1,647.7 1,165.3 54.4 1,110.9 430.3 1,684.6 988.0 696.6 2,319.9 922.8 1,419.1 11,598.3 11,205.6 392.7 3.4 13,227.1 8,495.7 6,825.9 1,669.8 1,184.3 52.3 1,132.1 445.3 1,696.4 991.8 704.6 2,348.0 942.6 1,450.8 11,776.4 11,348.7 427.7 3.6 13,357.4 8,561.9 6,881.1 1,680.8 1,194.9 52.5 1,142.4 452.8 1,730.8 1,006.1 724.6 2,365.2 948.3 1,471.0 11,886.4 11,406.1 480.3 4.0 13,446.7 8,616.2 6,924.4 1,691.9 1,212.9 60.8 1,152.1 463.7 1,724.1 987.6 736.5 2,382.7 953.1 1,484.2 11,962.5 11,517.5 445.0 3.7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 8,923.4 9,836.7 9,035.8 10,016.5 9,340.0 10,149.7 9,328.6 10,125.6 9,335.4 10,121.5 9,435.7 10,213.9 9,517.6 10,291.9 9,537.2 10,311.8 19 20 1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current transfer receipts. 2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures. Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates Line 2009 2010 2011 2008 IV 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 2009 I II 2010 III IV I II 2011 III IV I II Gross domestic product (GDP) and related aggregates: GDP ................................................................................... –3.1 2.4 1.8 –8.9 –5.3 –0.3 1.4 4.0 2.3 2.2 2.6 2.4 0.1 2.5 Goods................................................................................. –5.8 9.1 5.1 –23.9 –8.0 1.2 6.2 18.6 14.1 –1.1 10.2 5.9 3.8 3.4 Services ............................................................................. 0.1 1.1 0.9 –0.7 –0.9 1.8 0.7 1.3 0.1 2.0 1.2 1.4 0.5 1.5 Structures........................................................................... –16.7 –8.3 –2.7 –17.4 –25.9 –19.6 –7.1 –16.9 –16.0 18.3 –11.2 –1.4 –17.4 9.1 Motor vehicle output........................................................... –24.3 27.5 11.0 –58.1 –57.2 26.5 121.1 17.7 26.1 23.2 15.4 –12.9 37.8 2.1 GDP excluding motor vehicle output .................................. –2.6 1.9 1.6 –7.4 –4.0 –0.7 0.0 3.8 1.9 1.8 2.3 2.8 –0.7 2.5 Final sales of computers 1 ................................................. –2.0 –13.8 35.3 1.1 36.9 –14.0 –39.1 –37.2 1.3 –28.0 34.6 72.6 47.2 21.0 GDP excluding final sales of computers ............................ –3.1 2.5 1.7 –8.9 –5.4 –0.2 1.7 4.2 2.3 2.4 2.5 2.2 –0.1 2.4 Farm gross value added 2 .................................................. 15.5 –5.0 –17.7 79.6 –5.7 23.8 53.3 –20.5 –16.0 13.0 –23.0 –28.9 –23.6 –28.0 Nonfarm business gross value added 3 ............................. –4.5 3.1 2.6 –12.7 –5.0 –2.5 0.3 5.2 3.3 2.8 5.1 3.9 –0.1 3.4 Gross domestic income 4 ................................................... –3.9 3.1 1.8 –9.8 –6.0 –2.5 0.7 5.0 5.6 1.6 3.8 1.1 2.6 0.4 Price indexes: GDP ................................................................................... 0.9 1.3 2.1 0.5 1.0 –0.8 0.5 1.3 1.5 1.7 2.0 2.1 2.0 2.6 GDP excluding food and energy 5 ...................................... 0.7 1.6 2.0 –0.5 –0.1 0.2 1.0 2.0 2.0 1.4 1.3 1.7 2.3 2.6 GDP excluding final sales of computers ............................ 1.0 1.4 2.2 0.6 1.1 –0.7 0.7 1.3 1.6 1.7 2.1 2.2 2.1 2.6 Gross domestic purchases................................................. –0.2 1.6 2.5 –4.0 –2.4 0.2 1.7 2.4 2.1 0.7 1.4 2.5 3.4 3.5 Gross domestic purchases excluding food and energy 5 ... 0.6 1.4 1.9 –0.1 –0.4 0.3 0.7 1.9 1.8 1.2 1.2 1.5 2.2 2.7 Gross domestic purchases excluding final sales of computers to domestic purchasers ................................ –0.1 1.7 2.6 –3.9 –2.3 0.3 1.9 2.4 2.1 0.7 1.4 2.5 3.5 3.6 Personal consumption expenditures (PCE) ....................... 0.1 1.9 2.4 –5.6 –2.1 1.6 3.1 3.1 1.8 0.6 1.3 2.2 3.2 3.6 PCE excluding food and energy 5 ...................................... 1.4 1.5 1.4 1.0 0.7 1.7 1.5 2.4 1.5 1.4 1.0 0.8 1.3 2.3 Market-based PCE 6 .......................................................... 0.2 1.5 2.5 –5.9 –1.5 2.0 2.9 2.4 1.2 0.0 1.2 2.1 3.6 3.8 Market-based PCE excluding food and energy 6 ............... 1.9 1.0 1.4 1.7 2.0 2.1 1.1 1.6 0.7 0.8 0.8 0.5 1.5 2.3 2012 I II Line III IV III 1.3 2.1 0.5 5.5 1.5 1.3 31.5 1.2 11.4 1.6 –0.2 4.1 16.1 –1.0 7.2 24.0 3.6 31.1 4.0 18.8 5.3 4.5 3.0 2.1 3.0 2.3 2.0 0.4 0.9 0.4 0.9 1.0 2.0 2.6 2.0 2.5 2.4 1.6 1.4 1.6 0.7 1.4 2.8 1.5 2.9 1.5 1.3 12 13 14 15 16 2.4 2.3 1.9 2.6 2.1 0.9 1.1 1.3 1.2 1.5 2.6 2.5 2.2 2.5 2.2 0.8 0.7 1.7 0.6 1.8 1.6 1.8 1.3 1.8 1.3 17 18 19 20 21 2.0 1.3 2.0 3.9 1.3 2.8 0.6 1.2 1.7 7.4 1.7 1.9 30.9 7.3 –15.7 1.3 1.1 2.6 4.5 –19.9 47.1 1.9 1.4 1.8 3.5 –10.3 –36.8 2.7 2.1 3.2 3.8 0.2 ......... 1 2 3 4 5 6 7 8 9 10 11 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.