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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, NOVEMBER 29, 2012
BEA 12-53
Lisa Mataloni:
Kate Shoemaker:
Recorded message:

(202) 606-5304 (GDP)
(202) 606-5564 (Profits)
(202) 606-5306

gdpniwd@bea.gov
cpniwd@bea.gov

GROSS DOMESTIC PRODUCT: THIRD QUARTER 2012 (SECOND ESTIMATE)
CORPORATE PROFITS: THIRD QUARTER 2012 (PRELIMINARY)
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 2.7 percent in the third quarter of 2012 (that
is, from the second quarter to the third quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the second quarter, real GDP increased 1.3 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.0
percent (see "Revisions" on page 3).
The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), private inventory investment, federal government spending,
residential fixed investment, and exports that were partly offset by negative contributions from
nonresidential fixed investment and state and local government spending. Imports, which are a
subtraction in the calculation of GDP, increased slightly.
The acceleration in real GDP in the third quarter primarily reflected upturns in private inventory
investment and in federal government spending, a deceleration in imports, an acceleration in residential
fixed investment, and a smaller decrease in state and local government spending that were partly offset
by a downturn in nonresidential fixed investment and decelerations in exports and in PCE.

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. For information on revisions, see "Revisions to GDP, GDI, and Their Major
Components."

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-2-

Final sales of computers added 0.12 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
0.24 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 1.4 percent in the third quarter, 0.1 percentage point less than in the advance estimate; this
index increased 0.7 percent in the second quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 1.1 percent in the third quarter, compared with an increase of 1.4
percent in the second.
Real personal consumption expenditures increased 1.4 percent in the third quarter, compared
with an increase of 1.5 percent in the second. Durable goods increased 8.7 percent, in contrast to a
decrease of 0.2 percent. Nondurable goods increased 1.1 percent, compared with an increase of 0.6
percent. Services increased 0.3 percent, compared with an increase of 2.1 percent.
Real nonresidential fixed investment decreased 2.2 percent, in contrast to an increase of 3.6
percent. Nonresidential structures decreased 1.1 percent, in contrast to an increase of 0.6 percent.
Equipment and software decreased 2.7 percent, in contrast to an increase of 4.8 percent. Real residential
fixed investment increased 14.2 percent, compared with an increase of 8.5 percent.
Real exports of goods and services increased 1.1 percent in the third quarter, compared with an
increase of 5.3 percent in the second. Real imports of goods and services increased 0.1 percent,
compared with an increase of 2.8 percent.
Real federal government consumption expenditures and gross investment increased 9.5 percent
in the third quarter, in contrast to a decrease of 0.2 percent in the second. National defense increased
12.9 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 0.4 percent, compared with a decrease of 1.0 percent.
The change in real private inventories added 0.77 percentage point to the third-quarter change in
real GDP, after subtracting 0.46 percentage point from the second-quarter change. Private businesses
increased inventories $61.3 billion in the third quarter, following increases of $41.4 billion in the second
quarter and $56.9 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 1.9
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 2.4 percent in the third quarter, compared with an increase of 1.0 percent in the
second.

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-3-

Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 2.7 percent in the third quarter, compared with an increase of 2.1
percent in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which increased $1.3 billion in the third quarter after increasing $27.4 billion in the second; in the
third quarter, receipts decreased $1.6 billion, and payments decreased $2.8 billion.

Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.5 percent, or $211.8 billion, in the third quarter to a level of $15,797.4 billion. In the second quarter,
current-dollar GDP increased 2.8 percent, or $107.3 billion.

Gross domestic income
Real gross domestic income (GDI), which measures the output of the economy as the costs
incurred and the incomes earned in the production of GDP, increased 1.7 percent in the third quarter, in
contrast to a decrease of 0.7 (revised) percent in the second. For a given quarter, the estimates of GDP
and GDI may differ for a variety of reasons, including the incorporation of largely independent source
data. However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of
change.

Revisions
The "second" estimate of the third-quarter percent change in GDP is 0.7 percentage point, or
$21.9 billion, more than the advance estimate issued last month, primarily reflecting upward revisions to
private inventory investment and to exports that were partly offset by downward revisions to personal
consumption expenditures (PCE) and to nonresidential fixed investment.

Advance Estimate
Second Estimate
(Percent change from preceding quarter)
Real GDP................................................
Current-dollar GDP................................
Gross domestic purchases price index...

2.0
5.0
1.5

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2.7
5.5
1.4

-4-

Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $67.3 billion in the third quarter, compared with an increase of
$21.8 billion in the second quarter. Current-production cash flow (net cash flow with inventory
valuation adjustment) -- the internal funds available to corporations for investment -- increased $45.0
billion in the third quarter, compared with an increase of $6.0 billion in the second.
Taxes on corporate income increased $19.3 billion in the third quarter, in contrast to a decrease
of $10.3 billion in the second. Profits after tax with inventory valuation and capital consumption
adjustments increased $48.1 billion in the third quarter, compared with an increase of $31.9 billion in
the second. Dividends increased $11.3 billion compared with an increase of $20.4 billion; currentproduction undistributed profits increased $36.8 billion, compared with an increase of $11.6 billion.
Domestic profits of financial corporations increased $71.3 billion in the third quarter, in contrast
to a decrease of $39.7 billion in the second. Domestic profits of nonfinancial corporations decreased
$1.0 billion in the third quarter, in contrast to an increase of $27.8 billion in the second. In the third
quarter, real gross value added of nonfinancial corporations decreased, and profits per unit of real value
added increased. The increase in unit profits reflected an increase in unit prices that was partly offset by
increases in both the unit labor and nonlabor costs corporations incurred.
The rest-of-the-world component of profits decreased $2.8 billion in the third quarter, in contrast
to an increase of $33.6 billion in the second. This measure is calculated as (1) receipts by U.S. residents
of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated
foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus
dividends paid by U.S. corporations to unaffiliated foreign residents. The third-quarter decrease was
accounted for by a larger increase in payments than in receipts.
Profits before tax increased $106.6 billion in the third quarter, in contrast to a decrease of $16.3
billion in the second. The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments. These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts. The capital consumption
adjustment increased $2.9 billion in the third quarter (from -$202.4 billion to -$199.5 billion), in contrast
to a decrease of $1.7 billion in the second. The inventory valuation adjustment decreased $42.1 billion
(from $16.0 billion to -$26.1 billion), in contrast to an increase of $39.7 billion.
Effective with this release, chained-dollar gross value added of nonfinancial corporate business
was revised beginning with 2009. Chained-dollar gross value added is derived by deflating currentdollar gross value added by a revised chain-type price index for nonfinancial industries from BEA’s
annual industry accounts released earlier this month.

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-5-

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 -- December 20, 2012, at 8:30 A.M. EST for:
Gross Domestic Product: Third Quarter 2012 (Third Estimate)
Corporate Profits: Third Quarter (Revised Estimate)

*

*

*

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

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2013: III

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

–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

r

Line
III

r

–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
2.7
–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
1.4
–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
3.5
–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
8.7
–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
1.1
–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
0.3
–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
6.7
–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
0.7
–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 –2.2
–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 –1.1
–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 –2.7
–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 14.2
.......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ...........
.......... .......... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... ...........
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
1.1
–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
0.2
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
3.2
–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
0.1
–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 –1.0
–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
5.9

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

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

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

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.
See “Explanatory Note” at the end of the tables.

–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

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

–3.0
–4.2
–7.1
1.8
–2.2

–0.7
–0.2
–0.2
–0.4
–1.0

3.5
9.5
12.9
3.0
–0.4

22
23
24
25

1.5
4.6
2.1
4.1
–0.2

2.4
1.8
2.2
0.6
3.7

1.7
1.0
1.4
2.1
2.2

1.9
2.4
1.7
2.7
0.5

26
27
28
29
30

4.2
1.9
5.3
3.0
4.3
0.9

4.2
4.4
4.6
4.8
2.8
6.3

2.8
3.3
1.7
2.2
3.6
2.9

5.5
4.8
4.0
3.2
5.5
2.1

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

r Revised
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

4.0

–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

0.20 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

–0.80
0.48
0.02
–0.33
–0.18
–0.23
–0.59
0.02

–0.94
0.21
0.25
–0.27
–0.09
–0.31
–0.58
–0.15

2012

I

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

IV

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

Line
III r

I

II

2.0

1.3

2.7

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

0.99
0.83
0.64
0.25
0.10
0.24
0.06
0.18

2
3
4
5
6
7
8
9
10

0.02 0.00 –0.03 0.04
0.08 0.13 –0.12 0.12
0.02 –0.07 0.23 –0.11
0.18 0.20 0.02 0.12
0.16 0.61 0.99 0.16

–0.08 0.60 0.96 0.95 1.07 0.90 0.76 0.52 0.26 0.64 0.69 –0.04
0.12 0.11 0.08 0.24 0.04 –0.04 0.22 0.22 –0.45 –0.28 0.68 0.17
–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 0.05
–0.13 0.35 0.25 –0.25 –0.06 0.02 –0.08 0.24 –0.11 0.20 –0.01 –0.26
0.05 0.01 0.10 0.14 0.18 0.22 –0.06 –0.06 0.19 0.07 –0.01 0.05

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

IV

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

2011

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

0.05
0.14

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

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

0.20
0.03

0.33 –0.24 –0.17
0.78 0.09 0.86
1.18 0.56 0.10
0.74 0.36 –0.23
0.35 0.02 –0.03
0.39 0.35 –0.20

16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

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

0.74 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 0.67
–0.02 0.71
–0.01 0.64
–0.10 0.64
0.09 0.00
–0.01 0.08
–0.01 0.09
0.00 –0.01
–0.12 –0.04
–0.10 0.03
–0.01 –0.07

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 1.62
0.38 0.76 0.89
0.50 0.12 0.16
0.72 0.20 –0.24
0.02 –0.10 0.12

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

–0.10
–0.19
0.05
0.04
0.00
–0.22
0.12
0.32
0.77
–0.39
1.16
0.14
0.16
0.03
0.13
–0.02
0.15
–0.17

11
12
13
14
15

32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49

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 r

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

15,797.4
11,149.8
3,791.4
1,218.3
404.6
266.8
354.9
192.0
2,573.1

II

III r

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

89.6
33.4
29.4
28.1
8.9
4.2
15.0
1.8
5.9

824.4
827.0
827.5
830.4
685.3
685.9
686.4
686.4
685.4
686.9
355.9
363.1
363.0
368.9
350.0
347.3
350.2
355.3
350.8
355.4
427.6
440.5
428.5
442.0
271.5
267.9
268.2
266.5
272.0
269.4
907.1
920.6
922.3
931.7
777.4
780.3
786.2
792.9
793.5
797.6
7,183.8 7,251.3 7,325.7 7,358.3 6,101.5 6,121.1 6,126.0 6,145.9 6,178.2 6,183.5

16.5
11.9
–9.8
31.8
113.9

–1.0
–4.5
5.5
0.6
32.3

1.5
4.6
–2.6
4.1
5.3

6,888.5 6,956.4 7,019.4 7,045.3 5,814.3 5,826.6 5,834.5 5,855.1 5,877.6 5,876.3
1,938.9 1,935.2 1,968.3 1,983.9 1,677.7 1,686.7 1,672.0 1,662.7 1,685.2 1,690.8
1,775.9 1,800.4 1,803.5 1,806.3 1,488.5 1,486.2 1,499.7 1,513.3 1,508.4 1,502.7
306.1
309.4
313.0
312.7
248.9
250.4
249.7
250.6
252.4
252.7
400.3
404.6
409.5
417.0
345.9
347.9
348.5
347.9
350.4
354.4
686.4
700.5
709.0
713.7
565.2
566.2
572.8
579.5
581.0
582.6
812.5
827.5
830.9
825.5
681.8
685.8
682.2
688.6
688.4
679.9
968.4
978.7
985.2
986.1
806.1
803.2
809.2
811.5
811.3
812.9

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

–1.3
5.6
–5.7
0.3
4.0
1.6
–8.5
1.6

295.3
295.0
306.3
313.0
290.1
298.6
294.8
293.9
305.3
313.2
1,180.5 1,198.4 1,206.8 1,213.2 1,010.8 1,011.6 1,019.5 1,029.7 1,031.3 1,032.4

10.6
26.2

11.4
1.6

7.9
1.1

16.2
86.0
105.8
109.7
8.6
106.1

–7.7
3.3
20.0
12.9
0.5
13.2

–5.4
30.9
3.3
–8.3
–0.9
–7.7

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 r

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

13,638.1
9,615.9
3,438.8
1,363.4
370.7
289.7
569.6
167.3
2,097.9

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

900.1
2,080.4
1,996.3
1,608.2
458.8
1,149.3

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

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

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

546.7
72.2
292.9
181.6
197.9
193.2
211.5
388.1
84.1
–26.3
110.4
–522.9
2,197.3
1,554.9
642.3
2,720.1
2,261.7

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

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

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

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

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

437.8

449.3

453.0

458.5

366.6

373.9

372.3

380.4

382.6

724.1
1,929.3
1,843.9
1,474.6
349.3
1,135.1

614.0
28.5
–3.8
–4.4
............. ........... ........... ...........
293.0
17.8
4.3
1.9
197.4
–0.9
–3.5
1.5
163.7
18.0
5.1
0.1
180.3
37.1
6.8
–8.2
181.8
18.7
2.9
4.2
371.5
–4.6
7.2
12.2
61.3 –19.9 –15.5
19.9
–19.4
2.4
–5.3 –11.5
89.7 –21.5
–8.8
36.5
–403.0
11.7
8.1
4.4
1,847.2 111.3
23.4
5.1
1,309.1
83.5
22.0
0.8
538.7
27.9
1.5
4.3
2,250.2
99.7
15.4
0.6
1,864.2
89.7
13.1
–4.7
388.1

10.0

2.2

5.5

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

r Revised
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 r

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

3,090.1
1,241.3
834.5
728.0
106.5
406.8
358.1
48.7
1,848.8
1,532.7
316.1
.............

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

15,713.3
16,320.3
16,236.2
15,797.4
776.5
526.4
16,047.5
13,778.5

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 r

II

III r
49

2,500.7 –81.9
–4.3
21.3
1,046.0 –29.8
–0.6
23.5
698.2 –18.5
–0.3
20.9
600.4 –11.0
–3.1
20.6
97.8
–8.0
3.1
–0.1
347.8 –11.3
–0.3
2.5
301.5 –10.4
–0.1
2.9
46.3
–0.8
–0.2
–0.5
1,460.3 –52.1
–3.7
–1.3
1,219.7 –29.5
–3.2
1.0
241.8 –22.2
–0.5
–2.2
–85.9 ............ ........... ...........
13,561.7
14,033.0
13,956.0
13,638.1
668.9
452.9
13,854.4
11,819.1

255.0
225.8
244.5
236.1
43.4
11.1
268.6
209.1

57.8
34.1
49.6
42.1
3.5
–24.0
69.8
32.6

63.8
84.5
58.9
89.6
–1.6
–2.8
90.8
79.9

50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68

r Revised
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

r Revised
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

r

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
2.7
–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
1.6
–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
3.9
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
1.4
–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
0.5
–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
1.2
–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
0.8
–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
0.7
–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
2.9
.......... ........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ...........
.......... ........... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ...........
–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
0.5
–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
0.9
–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 –0.4
–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 –6.5
–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 –7.6
–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
21

–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

1.3
0.9
0.9
1.0
1.6

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
0.7
0.7
1.5

2.8
1.4
1.5
2.7

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
0.7
1.5

2.8
1.5
2.8

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 r

Gross domestic product .....................................................
101.069
103.486
105.356
105.418
106.481
106.999
107.333
108.042
Personal consumption expenditures ................................................
102.602
104.460
107.103
107.251
107.790
108.443
108.849
109.228
Goods................................................................................................
100.697
104.304
108.263
108.021
109.462
110.722
110.812
111.768
Durable goods ...............................................................................
98.732
104.887
112.395
112.038
115.736
118.937
118.866
121.366
Nondurable goods .........................................................................
101.507
103.888
106.236
106.045
106.510
106.938
107.096
107.397
Services ............................................................................................
103.558
104.554
106.543
106.886
106.970
107.318
107.882
107.975
Gross private domestic investment ..................................................
67.124
76.327
80.284
79.906
85.959
87.241
87.394
88.813
Fixed investment ...............................................................................
75.494
75.326
80.311
81.835
83.807
85.785
86.724
86.879
Nonresidential ...............................................................................
93.507
94.148
102.288
104.746
107.156
109.108
110.065
109.446
Structures ..................................................................................
104.659
88.308
90.733
93.866
96.449
99.421
99.560
99.290
Equipment and software............................................................
88.911
96.822
107.473
109.637
111.972
113.460
114.790
114.011
Residential.....................................................................................
44.489
42.862
42.268
42.139
43.361
45.433
46.364
47.931
Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... .......................
Exports of goods and services .........................................................
114.835
127.623
136.152
137.379
137.871
139.356
141.152
141.540
Imports of goods and services..........................................................
91.422
102.832
107.746
108.037
109.345
110.179
110.936
110.966
Government consumption expenditures and gross investment ....
109.262
109.955
106.497
106.189
105.604
104.804
104.622
105.519
Federal ..............................................................................................
117.613
122.883
119.480
119.351
118.024
116.751
116.685
119.366
State and local ..................................................................................
104.568
102.711
99.224
98.818
98.643
98.103
97.858
97.772
Addenda:
Final sales of domestic product.........................................................
102.598
103.478
105.506
105.871
106.271
106.897
107.356
107.864
Gross domestic purchases................................................................
98.177
100.954
102.646
102.628
103.789
104.261
104.517
105.150
Final sales to domestic purchasers...................................................
99.603
100.932
102.771
103.038
103.577
104.150
104.523
104.966
Gross national product......................................................................
101.328
104.193
106.304
106.404
107.490
107.655
108.204
108.917

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

r Revised
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 r

Gross domestic product .....................................................
109.532
111.002
113.369
113.937
114.041
114.608
115.050
115.827
Personal consumption expenditures (PCE) .....................................
109.004
111.087
113.790
114.293
114.593
115.300
115.496
115.954
Goods................................................................................................
103.105
104.852
108.822
109.633
109.569
110.256
109.743
110.258
Durable goods ...............................................................................
92.830
91.611
90.799
90.960
90.381
90.157
89.888
89.358
Nondurable goods .........................................................................
109.177
112.622
119.430
120.626
120.879
122.136
121.472
122.654
Services ............................................................................................
112.157
114.418
116.435
116.772
117.270
117.989
118.576
119.002
Gross private domestic investment ..................................................
106.274
104.854
106.439
106.686
107.013
107.292
107.647
107.783
Fixed investment ...............................................................................
106.318
105.023
106.680
106.992
107.352
107.661
107.977
108.293
Nonresidential ...............................................................................
107.102
105.514
107.359
107.687
108.092
108.562
108.878
109.089
Structures ..................................................................................
122.527
121.158
126.850
127.882
129.302
130.167
131.198
131.533
Equipment and software............................................................
101.477
99.806
100.445
100.562
100.656
101.001
101.094
101.265
Residential.....................................................................................
102.713
102.520
103.406
103.650
103.812
103.439
103.754
104.492
Change in private inventories............................................................ ....................... ....................... ....................... ....................... ....................... ....................... ....................... .......................
Exports of goods and services .........................................................
105.924
110.738
117.860
118.992
117.839
118.652
118.802
118.953
Imports of goods and services..........................................................
106.598
112.989
121.851
122.466
122.463
124.156
122.942
120.897
Government consumption expenditures and gross investment ....
114.592
117.334
121.233
121.898
121.903
122.979
123.157
123.568
Federal ..............................................................................................
110.959
113.583
116.721
117.365
117.111
118.038
118.403
118.670
State and local ..................................................................................
116.763
119.579
124.001
124.678
124.866
126.042
126.089
126.601
Addenda:
PCE excluding food and energy 1 .....................................................
108.536
110.214
111.802
112.138
112.500
113.122
113.603
113.914
Market-based PCE 2 .........................................................................
109.163
110.820
113.641
114.182
114.510
115.231
115.407
115.936
Market-based PCE excluding food and energy 2 ..............................
108.641
109.760
111.311
111.664
112.069
112.693
113.196
113.566
Final sales of domestic product.........................................................
109.521
110.993
113.371
113.948
114.056
114.628
115.065
115.870
Gross domestic purchases................................................................
109.620
111.421
114.208
114.709
114.958
115.674
115.888
116.294
Final sales to domestic purchasers...................................................
109.617
111.420
114.219
114.728
114.981
115.703
115.911
116.342
Gross national product......................................................................
109.532
110.986
113.363
113.928
114.038
114.609
115.050
115.824
Implicit price deflators:
Gross domestic product ................................................................
109.529
110.993
113.359
113.950
113.987
114.599
115.035
115.833
Final sales of domestic product.....................................................
109.521
110.993
113.371
113.944
114.052
114.624
115.061
115.865
Gross domestic purchases............................................................
109.617
111.412
114.198
114.721
114.905
115.665
115.873
116.300
Final sales to domestic purchasers ...............................................
109.617
111.420
114.219
114.724
114.977
115.699
115.907
116.338
Gross national product ..................................................................
109.529
110.977
113.353
113.940
113.985
114.600
115.035
115.830

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

r Revised
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the
final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A.
See “Explanatory Note” at the end of the tables.

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

IV

I

II

III

IV

I

II

III

IV

I

II r

III r

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
2.1
2.0
2.1
1.1

1.9
2.5
1.9
2.4
1.6

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

1.4
1.5
1.7
1.5
1.5
1.6
1.5
1.7

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
2.5
–0.3
0.7
1.8
1.9
2.9
3.1
2.7
2.5
1.9
1.8
1.9
1.8
1.2
2.5
3.9
2.9
5.0
5.1
4.0
3.4
2.8
2.6
2.9
3.5
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
1.3
–1.1 –0.2
0.8
1.4
1.9
2.1
2.0
2.0
1.5
1.3
1.4
1.0
–12.8
5.0 17.5 22.6 10.7
4.4
3.9
1.5 10.9 14.1 10.9 11.1
–15.2 –7.4
0.8
1.4
4.9
4.8
4.3
8.4
9.0 11.9
9.9
6.2
–15.7 –7.7 –0.3
3.7
7.7
6.8
7.4 10.1 10.2 12.5
9.7
4.5
–29.4 –27.5 –17.9 –11.7 –1.8 –3.5
0.9
6.4
6.9 19.7 11.2
5.8
–7.8
3.6
9.0 11.1 11.9 11.0 10.0 11.5 11.4 10.0
9.2
4.0
–13.3 –6.3
5.0 –7.2 –5.7 –3.2 –7.1
1.4
3.9
9.3 10.4 13.7
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ...........
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ...........
0.3 10.7 13.1 12.1
8.8
8.7
7.4
6.5
4.3
4.0
4.3
3.0
–0.1 14.0 18.1 15.0 10.5
9.4
7.4
6.7
5.4
5.0
5.8
4.3
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
2.7
–6.5
8.2 20.3 18.6 12.7 10.9
4.8
2.1
3.4
2.6
3.5
2.5
–4.5
0.7
2.2
4.6
2.7
1.9
2.7
2.9
3.8
6.2
5.7
3.8
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 –1.1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

r Revised. Revisions include series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.
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 r

Line
III r

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
77.7
13,750.5
8,527.7
6,849.2
1,678.5
1,194.9
452.8
1,921.9
489.5
1,069.8
127.9
–34.1

15,797.4
776.5
526.4
16,047.5
2,019.0
116.8
13,911.8
8,568.1
6,879.6
1,688.5
1,205.9
471.1
1,989.2
518.5
1,070.5
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

15,507.9

15,680.6

18

r Revised. Revisions include series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.

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 r

Line
III r

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

13,327.0
8,527.7
6,849.2
1,678.5
1,194.9
52.5
1,142.4
452.8
1,730.8
1,006.1
724.6
2,365.2
944.4
1,465.2
11,861.8
11,406.1
455.7
3.8

13,398.4
8,568.1
6,879.6
1,688.5
1,205.9
59.5
1,146.5
471.1
1,713.0
976.9
736.0
2,387.9
947.6
1,475.5
11,922.9
11,491.6
431.3
3.6

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

9,491.3
10,270.6

9,495.8
10,282.7

19
20

r Revised. Revisions include series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.
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.

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

Percent change from preceding period

Seasonally adjusted at annual rates

Quarter
one year
ago Line

Quarterly rates

Line
2009

2010

2011

2010
2011
III

1 Corporate profits with inventory valuation and
capital consumption adjustments...........................
2 Less: Taxes on corporate income ...................................
3 Equals: Profits after tax with inventory valuation
and capital consumption adjustments....................
4 Net dividends ..............................................................
5 Undistributed profits with inventory valuation and
capital consumption adjustments ............................
Addenda for corporate cash flow:
6 Net cash flow with inventory valuation adjustment
7
Undistributed profits with inventory valuation and
capital consumption adjustments ........................
8
Consumption of fixed capital ...................................
9
Less: Capital transfers paid (net).............................
Addenda:
10 Profits before tax (without inventory valuation and
capital consumption adjustments) ...........................
11 Profits after tax (without inventory valuation and
capital consumption adjustments) ...........................
12 Inventory valuation adjustment ...................................
13 Capital consumption adjustment.................................

2011

2012
IV

I

2011

II

III

2012

IV

I

II

2012
III

III
1

1,342.3 1,702.4 1,827.0 1,830.5 1,953.1 1,900.1 1,921.9 1,989.2
269.4 373.3 379.0 362.0 370.4 453.6 443.3 462.6

26.8
38.6

7.3
1.5

6.7
2.3

–2.7
22.5

1.1
–2.3

3.5
4.4

8.7
27.8

1,073.0 1,329.1 1,447.9 1,468.5 1,582.8 1,446.6 1,478.5 1,526.6
554.1 600.9 697.2 705.9 717.9 727.1 747.5 758.8

23.9
8.4

8.9
16.0

7.8
1.7

–8.6
1.3

2.2
2.8

3.3
1.5

4.0
7.5

767.8

40.3

3.1

13.4

–16.8

1.6

5.0

0.7

1,632.8 1,774.9 1,850.7 1,866.2 2,005.6 1,835.8 1,841.8 1,886.8

8.7

4.3

7.5

–8.5

0.3

2.4

1.1

518.8

728.2

750.7

762.6

864.9

719.4

731.0

518.8 728.2 750.7 762.6 864.9 719.4 731.0 767.8
40.3
3.1
13.4 –16.8
1.6
5.0
0.7
1,030.4 1,026.5 1,061.9 1,069.1 1,079.9 1,092.6 1,104.3 1,111.1
–0.4
3.5
1.0
1.2
1.1
0.6
3.9
–83.6 –20.2 –38.1 –34.5 –60.8 –23.8
–6.5
–7.9 ............ ............. ............ ............ ............. ............ ............

2
3
4
5

6
7
8
9
10

1,440.5 1,816.3 1,854.1 1,839.3 1,936.4 2,124.5 2,108.2 2,214.8

26.1

2.1

5.3

9.7

–0.8

5.1

20.4
11

1,171.1 1,443.0 1,475.1 1,477.3 1,566.1 1,670.9 1,664.9 1,752.2
23.2
2.2
6.0
6.7
–0.4
5.2
18.6
3.2 –38.7 –62.6 –40.6 –12.9 –23.7
16.0 –26.1 ............ ............. ............ ............ ............. ............ ............
–101.3 –75.2
35.4
31.7
29.6 –200.7 –202.4 –199.5 ............ ............. ............ ............ ............. ............ ............

12
13

Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
Level

Change from preceding period

Seasonally adjusted at annual rates

Change from preceding period

Line

Line
2009

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

Corporate profits with inventory valuation and
capital consumption adjustments ...................
Domestic industries .....................................................
Financial......................................................................
Nonfinancial ................................................................
Rest of the world...........................................................
Receipts from the rest of the world .............................
Less: Payments to the rest of the world ......................
Corporate profits with inventory valuation
adjustment .........................................................
Domestic industries .....................................................
Financial......................................................................
Federal Reserve banks ...........................................
Other financial .........................................................
Nonfinancial ................................................................
Utilities.....................................................................
Manufacturing..........................................................
Durable goods .....................................................
Fabricated metal products ...............................
Machinery ........................................................
Computer and electronic products...................
Electrical equipment, appliances, and
components .................................................
Motor vehicles, bodies and trailers, and parts
Other durable goods ........................................
Nondurable goods ...............................................
Food and beverage and tobacco products.......
Petroleum and coal products ...........................
Chemical products ...........................................
Other nondurable goods ..................................
Wholesale trade ......................................................
Retail trade ..............................................................
Transportation and warehousing .............................
Information ..............................................................
Other nonfinancial ...................................................
Rest of the world...........................................................

2010

2011

2011

2012

2010

III

IV

I

II

III

1,900.1
1,497.2
428.9
1,068.3
402.9
631.5
228.6

1,921.9
1,485.3
389.2
1,096.1
436.5
641.5
205.0

2011

2011
IV

2012
I

II

III
1

1,342.3
989.5
328.9
660.6
352.8
493.7
140.9

1,702.4
1,300.9
383.7
917.1
401.6
584.4
182.9

1,827.0
1,388.1
381.0
1,007.1
438.9
645.2
206.3

1,830.5
1,382.7
353.2
1,029.6
447.8
650.2
202.4

1,953.1
1,502.2
441.2
1,061.0
450.9
645.2
194.2

1,989.2
1,555.6
460.5
1,095.1
433.7
646.0
212.3

360.1
311.4
54.8
256.5
48.8
90.7
42.0

124.6
87.2
–2.7
90.0
37.3
60.8
23.4

122.6
119.5
88.0
31.4
3.1
–5.0
–8.2

–53.0
–5.0
–12.3
7.3
–48.0
–13.7
34.4

21.8
–11.9
–39.7
27.8
33.6
10.0
–23.6

67.3
70.3
71.3
–1.0
–2.8
4.5
7.3

1,443.6
1,090.8
374.8
47.3
327.5
716.0
23.1
131.0
21.1
11.3
7.3
19.1

1,777.7 1,791.6
1,376.1 1,352.7
424.3
408.3
71.6
75.9
352.7
332.3
951.8
944.4
27.9
17.7
233.5
244.9
103.1
100.3
15.0
16.4
17.5
21.5
35.2
27.6

1,798.8
1,351.0
380.8
76.6
304.1
970.2
10.2
248.9
98.6
16.1
22.1
26.4

1,923.5 2,100.8 2,124.3 2,188.7
1,472.5 1,697.9 1,687.7 1,755.0
469.1
481.2
441.9
512.7
75.2
74.5
74.2
69.4
393.9
406.6
367.6
443.2
1,003.4 1,216.8 1,245.8 1,242.3
15.1
38.3
41.3 ..............
285.9
363.5
372.8 ..............
133.2
174.9
185.7 ..............
19.4
23.6
24.4 ..............
25.6
30.2
33.3 ..............
36.4
42.2
46.2 ..............

334.1
285.3
49.5
24.3
25.2
235.8
4.8
102.5
82.0
3.7
10.2
16.1

13.9
–23.4
–16.0
4.3
–20.4
–7.4
–10.2
11.4
–2.8
1.4
4.0
–7.6

124.7
121.5
88.3
–1.4
89.8
33.2
4.9
37.0
34.6
3.3
3.5
10.0

177.3
225.4
12.1
–0.7
12.7
213.4
23.2
77.6
41.7
4.2
4.6
5.8

23.5
–10.2
–39.3
–0.3
–39.0
29.0
3.0
9.3
10.8
0.8
3.1
4.0

64.4
67.3
70.8
–4.8
75.6
–3.5
..............
..............
..............
..............
..............
..............

–1.4
38.0
15.3
20.5
–2.1
11.6
7.4
3.6
11.6
14.6
23.3
13.2
65.7
48.8

–2.6
–1.0
3.1
14.2
–6.6
17.3
4.2
–0.7
–1.9
–13.7
–2.6
–0.5
10.3
37.3

0.9
11.6
5.3
2.4
8.9
–19.6
7.4
5.7
0.7
17.1
3.9
–2.1
–28.3
3.1

4.8
8.1
14.2
35.9
9.2
13.2
4.2
9.4
28.6
17.7
7.2
24.4
34.7
–48.0

–2.6
1.7
3.8
–1.5
–2.7
0.8
1.7
–1.3
15.0
–2.2
–1.7
8.8
–3.1
33.6

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
–2.8

9.1
–49.7
24.0
109.9
43.3
11.9
38.5
16.2
86.6
108.0
24.8
72.8
269.7
352.8

7.7
–11.7
39.3
130.4
41.2
23.5
45.9
19.8
98.2
122.6
48.1
86.0
335.4
401.6

5.1
–12.7
42.4
144.6
34.6
40.8
50.1
19.1
96.3
108.9
45.5
85.5
345.7
438.9

4.5
–16.4
45.9
150.3
29.4
51.8
51.7
17.3
105.3
103.8
45.6
87.5
368.9
447.8

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

5.4
–4.8
51.2
152.7
38.3
32.2
59.1
23.0
106.0
120.9
49.5
85.4
340.6
450.9

10.2
3.3
65.4
188.6
47.5
45.4
63.3
32.4
134.6
138.6
56.7
109.8
375.3
402.9

7.6
5.0
69.2
187.1
44.8
46.2
65.0
31.1
149.6
136.4
55.0
118.6
372.2
436.5

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
.............
433.7

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

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

2009

2010

2011

2011

2012

III

IV

I

II

r

Line
III

Billions of dollars
1

Gross value added of nonfinancial corporate business............................................
2 Consumption of fixed capital...................................................................................................
3 Net value added ....................................................................................................................
4 Compensation of employees...............................................................................................
5
Wage and salary accruals ...............................................................................................
6
Supplements to wages and salaries................................................................................
7 Taxes on production and imports less subsidies.................................................................
8 Net operating surplus..........................................................................................................
9
Net interest and miscellaneous payments.......................................................................
10
Business current transfer payments (net)........................................................................
11
Corporate profits with inventory valuation and capital consumption adjustments ...........
12
Taxes on corporate income..........................................................................................
13
Profits after tax with inventory valuation and capital consumption adjustments ..........
14
Net dividends ...........................................................................................................
15
Undistributed profits with inventory valuation and capital consumption adjustments
Addenda:
16 Profits before tax (without inventory valuation and capital consumption adjustments) .......
17 Profits after tax (without inventory valuation and capital consumption adjustments) ..........
18 Inventory valuation adjustment ...........................................................................................
19 Capital consumption adjustment.........................................................................................

1

6,590.8
862.5
5,728.3
4,173.7
3,435.3
738.5
589.2
965.4
227.4
77.4
660.6
177.8
482.8
351.7
131.1

6,952.4
860.1
6,092.3
4,252.0
3,508.4
743.6
612.2
1,228.2
221.7
89.3
917.1
222.9
694.3
385.7
308.5

7,366.7
893.7
6,473.0
4,472.7
3,687.5
785.2
645.8
1,354.5
255.9
91.5
1,007.1
246.8
760.3
425.3
334.9

7,418.6
900.3
6,518.4
4,487.9
3,699.6
788.3
646.0
1,384.4
263.7
91.2
1,029.6
248.1
781.4
428.6
352.9

7,480.5
909.7
6,570.8
4,502.9
3,710.8
792.1
653.1
1,414.8
262.5
91.3
1,061.0
241.2
819.8
429.7
390.2

7,605.5
920.8
6,684.7
4,607.1
3,803.0
804.1
656.1
1,421.6
263.2
90.0
1,068.3
304.3
764.0
432.8
331.2

7,670.8
930.8
6,740.1
4,644.8
3,837.2
807.6
657.8
1,437.5
254.2
87.1
1,096.1
304.6
791.6
454.9
336.7

7,705.5
936.8
6,768.7
4,671.6
3,859.7
812.0
658.5
1,438.5
262.9
80.5
1,095.1
310.8
784.3
453.0
331.3

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

712.9
535.1
3.2
–55.4

990.5
767.6
–38.7
–34.7

1,007.0
760.2
–62.6
62.7

1,010.8
762.7
–40.6
59.3

1,016.3
775.2
–12.9
57.6

1,240.4
936.1
–23.7
–148.4

1,229.8
925.3
16.0
–149.7

1,268.4
957.6
–26.1
–147.2

16
17
18
19

6,595.6
819.7
5,776.0

6,586.5
821.7
5,764.8

6,685.6
828.2
5,857.4

6,768.5
834.5
5,934.0

6,803.6
840.7
5,963.0

6,745.3
846.5
5,898.8

21
22

Billions of chained (2005) dollars
20

Gross value added of nonfinancial corporate business 1 .........................................
21 Consumption of fixed capital 2 ................................................................................................
22 Net value added 3 ...................................................................................................................

6,036.8
805.3
5,231.5

6,369.1
805.9
5,563.2

20

Dollars; quarters seasonally adjusted

23
24
25
26
27
28
29
30
31

Price, costs, and profits per unit of real gross value added of nonfinancial corporate
business:
Price per unit of real gross value added of nonfinancial corporate business 4..........
Compensation of employees (unit labor cost) .....................................................................
Unit nonlabor cost ...............................................................................................................
Consumption of fixed capital ...........................................................................................
Taxes on production and imports less subsidies plus business current transfer
payments (net)
Net interest and miscellaneous payments.......................................................................
Corporate profits with inventory valuation and capital consumption adjustments (unit
profits from current production) .......................................................................................
Taxes on corporate income .............................................................................................
Profits after tax with inventory valuation and capital consumption adjustments..............

1.092
0.691
0.291
0.143

1.092
0.668
0.280
0.135

1.117
0.678
0.286
0.135

1.126
0.681
0.289
0.137

1.119
0.674
0.286
0.136

1.124
0.681
0.285
0.136

1.127
0.683
0.283
0.137

1.142
0.693
0.288
0.139

0.110
0.038

0.110
0.035

0.112
0.039

0.112
0.040

0.111
0.039

0.110
0.039

0.109
0.037

0.110
0.039

0.109
0.029
0.080

0.144
0.035
0.109

0.153
0.037
0.115

0.156
0.038
0.119

0.159
0.036
0.123

0.158
0.045
0.113

0.161
0.045
0.116

0.162
0.046
0.116

23
24
25
26
27
28
29
30
31

r Revised. Revisions include series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the chain-type
price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the corresponding series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).

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

r

Line
III

r

III

IV

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

2.7
1.3
2.8
1.4
1.1

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

1.4
1.6
1.1
1.8
1.3

2.0
1.3
2.7
3.9
1.3
5.8
0.6
1.2
1.4
7.4
1.7
2.3
30.9
7.3 –8.4
1.3
1.1
3.0
4.5 –19.9 31.7
1.9
1.4
2.6
3.5 –10.3 –35.3
2.7
2.1
4.2
3.8 –0.7
1.7

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

r Revised. Revisions include series affected by the incorporation of revised wage and salary estimates for the second quarter of 2012.
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. Includes changes due to the incorporation of revised wage and salary estimates for the second quarter of 2012.
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.