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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, DECEMBER 5, 2013
BEA 13-57
Lisa Mataloni:
Howard Krakower:
Recorded message:

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

gdpniwd@bea.gov
cpniwd@bea.gov

GROSS DOMESTIC PRODUCT: THIRD QUARTER 2013 (SECOND ESTIMATE)
CORPORATE PROFITS: THIRD QUARTER 2013 (PRELIMINARY ESTIMATE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.6 percent in the third quarter of 2013 (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 2.5 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 2.8
percent (see "Revisions" on page 3). With this second estimate for the third quarter, the increase in
private inventory investment was larger than previously estimated.
The increase in real GDP in the third quarter primarily reflected positive contributions from
private inventory investment, personal consumption expenditures (PCE), exports, nonresidential fixed
investment, residential fixed investment, and state and local government spending that were partly offset
by a negative contribution from federal government spending. Imports, which are a subtraction in the
calculation of GDP, increased.
The acceleration in real GDP growth in the third quarter primarily reflected an acceleration in
private inventory investment, a deceleration in imports, and an acceleration in state and local
government spending that were partly offset by decelerations in exports, in PCE, and in nonresidential
fixed investment.

NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2009)
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."

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.8 percent in the third quarter, the same increase as in the advance estimate; this index
increased 0.2 percent in the second quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 1.5 percent in the third quarter, compared with an increase of 0.8 percent
in the second.
Real personal consumption expenditures increased 1.4 percent in the third quarter, compared
with an increase of 1.8 percent in the second. Durable goods increased 7.7 percent, compared with an
increase of 6.2 percent. Nondurable goods increased 2.4 percent, compared with an increase of 1.6
percent. Services was unchanged in the third quarter; in the second quarter, services increased 1.2
percent.
Real nonresidential fixed investment increased 3.5 percent in the third quarter, compared with an
increase of 4.7 percent in the second. Nonresidential structures increased 13.8 percent, compared with
an increase of 17.6 percent. Equipment was unchanged in the third quarter; in the second quarter,
equipment increased 3.3 percent. Intellectual property products increased 1.7 percent, in contrast to a
decrease of 1.5 percent. Real residential fixed investment increased 13.0 percent, compared with an
increase of 14.2 percent.
Real exports of goods and services increased 3.7 percent in the third quarter, compared with an
increase of 8.0 percent in the second. Real imports of goods and services increased 2.7 percent,
compared with an increase of 6.9 percent.
Real federal government consumption expenditures and gross investment decreased 1.4 percent
in the third quarter, compared with a decrease of 1.6 percent in the second. National defense decreased
0.3 percent, compared with a decrease of 0.6 percent. Nondefense decreased 3.1 percent, the same
decrease as in the second quarter. Real state and local government consumption expenditures and gross
investment increased 1.7 percent, compared with an increase of 0.4 percent.
The change in real private inventories added 1.68 percentage points to the third-quarter change in
real GDP, after adding 0.41 percentage point to the second-quarter change. Private businesses increased
inventories $116.5 billion in the third quarter, following increases of $56.6 billion in the second quarter
and $42.2 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 2.1 percent in the second.

Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.4 percent in the third quarter, compared with an increase of 2.5 percent in the
second.

-2-

Gross national product
Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 3.9 percent in the third quarter, compared with an increase of 2.7
percent in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which increased $13.7 billion in the third quarter after increasing $7.7 billion in the second; in the
third quarter, receipts increased $1.7 billion, and payments decreased $12.1billion.

Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.6 percent, or $229.8 billion, in the third quarter to a level of $16,890.8 billion. In the second quarter,
current-dollar GDP increased 3.1 percent, or $125.7 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 1.4 percent in the third quarter,
compared with an increase of 3.2 percent (revised) 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 upward revision to the percent change in real GDP primarily reflected upward revisions to
private inventory investment and to nonresidential fixed investment that were partly offset by an upward
revision to imports and a downward revision to exports.

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

2.8
4.8
1.8

-3-

3.6
5.6
1.8

Corporate Profits
Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) increased $38.3 billion in the third quarter, compared with an
increase of $66.8 billion in the second. Taxes on corporate income decreased $4.8 billion, in contrast to
an increase of $10.0 billion. Profits after tax with IVA and CCAdj increased $43.0 billion, compared
with an increase of $56.9 billion.
Dividends decreased $179.7 billion in the third quarter, in contrast to an increase of $273.5
billion in the second. The large third-quarter decrease primarily reflected dividends paid by Fannie Mae
to the federal government in the second quarter. Undistributed profits increased $222.8 billion, in
contrast to a decrease of $216.6 billion. Net cash flow with IVA -- the internal funds available to
corporations for investment -- increased $234.5 billion, in contrast to a decrease of $205.3 billion.

Profits from current production reflect the depreciation of fixed assets valued at current cost using
consistent depreciation profiles. These profiles are based on used-asset prices and do not depend on the
depreciation-accounting practices used for federal income tax returns. The IVA and CCAdj are
adjustments that convert inventory withdrawals and depreciation of fixed assets reported on a tax-return,
historical-cost basis to the current-cost economic measures used in the national income and product
accounts.

Corporate profits by industry
Domestic profits of financial corporations increased $8.6 billion in the third quarter, compared to
an increase of $24.5 billion in the second. Domestic profits of nonfinancial corporations increased $13.0
billion, compared to an increase of $37.8 billion.
The rest-of-the-world component of profits increased $16.7 billion in the third quarter, compared
with an increase of $4.6 billion in the second. This measure is calculated as the difference between
receipts from rest of the world and payments to rest of the world.

Gross value added of nonfinancial domestic corporate business
In the third quarter, real gross value added of nonfinancial corporations increased, 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 unit labor costs and nonlabor costs incurred by corporations.

-4-

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, 2013, at 8:30 A.M. EST for:
Gross Domestic Product: Third Quarter 2013 (Third Estimate)
Corporate Profits: Third Quarter (Revised Estimate)

*

*

*

Release dates in 2014

Gross Domestic Product
2013: IV and 2013 annual

2014: I

2014: II

January 30
February 28
March 27

April 30
May 29
June 25

July 30
October 30
August 28
November 25
September 26 December 23

………..
March 27

May 29
June 25

August 28
November 25
September 26 December 23

Advance……
Second……..
Third……….

2014: III

Corporate Profits
Preliminary...
Revised…….

-5-

Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2010

2011

2012

2009
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
39

2010
I

II

2011
III

IV

I

II

2012
III

IV

I

II

2013
III

IV

Gross domestic product (GDP) .....
2.5
1.8
2.8
3.9
1.6
3.9
2.8
2.8 –1.3
3.2
1.4
4.9
3.7
1.2
2.8
0.1
Personal consumption expenditures .......
2.0
2.5
2.2
0.0
2.1
3.3
2.8
4.3
2.1
1.5
2.1
2.4
2.9
1.9
1.7
1.7
Goods.......................................................
3.4
3.4
3.3 –0.9
4.0
5.2
3.8
7.6
2.7
0.2
1.2
5.0
4.6
2.2
3.7
3.7
Durable goods ......................................
6.1
6.6
7.7 –7.0
5.4 12.5
6.7 12.9
5.4 –0.8
5.2 13.5
9.8
2.9
8.3 10.5
Nondurable goods ................................
2.2
1.9
1.4
2.0
3.4
1.9
2.5
5.2
1.4
0.7 –0.5
1.3
2.2
1.8
1.6
0.6
Services ...................................................
1.2
2.1
1.6
0.5
1.2
2.4
2.2
2.6
1.8
2.1
2.5
1.1
2.1
1.7
0.7
0.6
Gross private domestic investment ......... 12.9
4.9
9.5 36.2 13.6 22.3 13.7 –3.5 –7.5 14.2
2.5 31.9 10.5 –1.6
6.5 –2.4
Fixed investment ......................................
1.5
6.2
8.3 –2.8
0.8 13.6 –0.4
8.5 –0.5
8.6 14.8 10.0
8.6
4.7
2.7 11.6
Nonresidential.......................................
2.5
7.6
7.3 –3.6
4.2 11.4
8.3
8.6 –0.9
9.9 16.7
9.5
5.8
4.5
0.3
9.8
Structures ......................................... –16.4
2.1 12.7 –30.0 –25.0 11.8 –5.8
7.7 –29.8 33.7 28.4 14.4
7.0
6.9
5.9 17.6
Equipment......................................... 15.9 12.7
7.6
7.7 31.2 23.3 18.0 11.8 12.0
4.3 20.3 10.2
8.3
5.3 –3.9
8.9
Intellectual property products ...........
1.9
4.4
3.4
6.6 –1.6 –2.0
6.1
5.0
3.7
4.9
5.3
5.5
1.3
1.8
2.8
5.7
Residential............................................ –2.5
0.5 12.9
0.3 –12.2 23.2 –30.7
7.9
1.7
2.7
6.1 12.2 23.0
5.7 14.1 19.8
Change in private inventories ................... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... ..........
Net exports of goods and services .......... ........... .......... .......... .......... .......... .......... .......... .......... ........... ........... ........... .......... .......... .......... .......... ..........
Exports ..................................................... 11.5
7.1
3.5 23.4
6.4
9.5 10.9 12.4
3.8
4.9
7.0
2.7
4.2
3.8
0.4
1.1
Goods ................................................... 14.3
7.1
3.8 28.9 11.0 11.7
8.6 13.0
4.4
3.7
5.7
7.7
1.8
5.2
1.6 –3.0
Services................................................
5.6
7.0
3.0 12.4 –3.1
4.6 16.3 11.0
2.4
7.7 10.0 –8.1 10.0
0.8 –2.6 11.3
Imports ..................................................... 12.8
4.9
2.2 18.7 11.9 20.2 14.5
0.9
2.8
0.7
4.9
5.9
0.7
2.5
0.5 –3.1
Goods ................................................... 15.2
5.2
2.1 23.0 14.6 24.1 14.6
1.7
4.4 –0.7
3.5
6.7
0.9
2.5
0.4 –3.5
Services................................................
2.8
3.1
2.7
2.2
0.4
3.8 14.0 –2.5 –5.0
7.8 11.9
1.8 –0.1
2.3
1.0 –1.0
Government consumption expenditures
and gross investment ............................
0.1 –3.2 –1.0 –0.8 –2.9
2.9 –0.3 –4.1 –7.5 –1.3 –2.5 –1.5 –1.4
0.3
3.5 –6.5
Federal .....................................................
4.4 –2.6 –1.4
0.2
3.8
8.5
3.7 –2.7 –10.5
1.8 –3.4 –3.1 –2.5 –0.2
8.9 –13.9
National defense...................................
3.2 –2.3 –3.2 –1.3 –1.8
6.4
7.6 –3.5 –14.2
6.8
2.4 –10.2 –6.7 –1.0 12.5 –21.6
Nondefense ..........................................
6.4 –3.0
1.8
3.0 14.8 12.3 –2.8 –1.2 –3.5 –6.5 –13.1 11.3
5.4
1.2
2.8
1.0
State and local.......................................... –2.7 –3.6 –0.7 –1.4 –7.1 –0.8 –3.1 –5.0 –5.4 –3.4 –1.9 –0.4 –0.6
0.6 –0.2 –1.0
Addenda:
Final sales of domestic product................
1.0
2.0
2.6 –0.5
0.0
2.8
0.9
4.5 –0.3
2.4
3.0
2.1
3.4
2.2
2.2
2.2
Gross domestic purchases.......................
2.9
1.7
2.6
3.8
2.5
5.5
3.5
1.4 –1.3
2.6
1.2
5.3
3.1
1.1
2.7 –0.5
Final sales to domestic purchasers ..........
1.5
1.8
2.4 –0.5
0.9
4.5
1.7
3.0 –0.3
1.8
2.8
2.6
2.9
2.0
2.2
1.4
Gross domestic income (GDI) 1 ...............
2.7
2.5
2.5
5.9
0.5
2.8
5.2
1.6
2.0
2.3
2.2
2.6
5.4 –0.6
0.9
4.9
Gross national product (GNP) ..................
2.8
2.1
2.7
4.2
1.7
3.9
2.6
3.2 –0.5
3.1
1.9
4.8
3.0
1.4
2.4
0.3
Disposable personal income ....................
1.1
2.4
2.0 –0.1
0.3
5.4
1.9
2.7
5.0 –0.4
1.6 –0.6
4.6
1.8 –0.6
9.0
Current-dollar measures:
GDP......................................................
3.7
3.8
4.6
5.1
3.0
5.8
4.7
4.9
0.3
5.9
3.9
5.4
5.8
3.0
4.9
1.6
Final sales of domestic product ............
2.3
4.0
4.4
0.7
1.3
4.7
2.7
6.6
1.4
5.2
5.5
2.6
5.5
3.9
4.6
3.3
Gross domestic purchases ...................
4.5
4.0
4.3
6.1
4.4
6.5
4.9
3.7
1.5
6.1
3.3
6.3
5.5
2.1
3.9
1.3
Final sales to domestic purchasers ......
3.1
4.2
4.1
1.7
2.6
5.5
3.0
5.3
2.6
5.5
4.9
3.6
5.2
3.0
3.6
3.0
GDI .......................................................
4.0
4.5
4.3
7.1
1.9
4.6
7.1
3.7
3.7
5.0
4.8
3.1
7.5
1.1
3.0
6.4
GNP......................................................
4.1
4.2
4.4
5.4
3.6
5.7
4.5
5.3
1.1
5.8
4.4
5.3
5.0
3.2
4.6
1.8
Disposable personal income ................
2.8
4.8
3.9
2.6
1.7
5.8
3.1
4.8
8.2
3.3
3.9
0.8
6.9
2.9
1.1 10.7

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2013.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See “Explanatory Note” at the end of the tables.

-6-

I

II

r

Line
III

r

1.1
2.5
3.6
2.3
1.8
1.4
3.7
3.1
4.1
5.8
6.2
7.7
2.7
1.6
2.4
1.5
1.2
0.0
4.7
9.2 16.7
–1.5
6.5
5.4
–4.6
4.7
3.5
–25.7 17.6 13.8
1.6
3.3
0.0
3.7 –1.5
1.7
12.5 14.2 13.0
.......... .......... ...........
.......... .......... ...........
–1.3
8.0
3.7
–2.8
9.4
5.4
2.2
4.8
0.1
0.6
6.9
2.7
–0.2
7.5
2.7
5.0
4.0
2.5

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

–4.2
–8.4
–11.2
–3.6
–1.3

–0.4
–1.6
–0.6
–3.1
0.4

0.4
–1.4
–0.3
–3.1
1.7

22
23
24
25
26

0.2
1.4
0.5
2.4
0.6
–7.9

2.1
2.5
2.1
3.2
2.7
4.1

1.9
3.4
1.8
1.4
3.9
2.9

27
28
29
30
31
32

2.8
1.6
2.9
1.7
4.2
2.3
–7.0

3.1
2.7
2.6
2.3
3.8
3.3
4.0

5.6
3.9
5.3
3.7
3.4
6.0
5.0

33
34
35
36
37
38
39

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
Line

2010 2011 2012 2009
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
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62

Percent change at annual rate:
Gross domestic product ...................................
Percentage points at annual rates:
Personal consumption expenditures ......................
Goods.....................................................................
Durable goods .....................................................
Motor vehicles and parts..................................
Furnishings and durable household equipment
Recreational goods and vehicles .....................
Other durable goods ........................................
Nondurable goods ...............................................
Food and beverages purchased for offpremises consumption .................................
Clothing and footwear ......................................
Gasoline and other energy goods....................
Other nondurable goods ..................................
Services .................................................................
Household consumption expenditures (for
services) ..........................................................
Housing and utilities.........................................
Health care ......................................................
Transportation services....................................
Recreation services .........................................
Food services and accommodations ...............
Financial services and insurance.....................
Other services .................................................
Final consumption expenditures of nonprofit
institutions serving households........................
Gross output of nonprofit institutions ...............
Less: Receipts from sales of goods and
services by nonprofit institutions ..................
Gross private domestic investment ........................
Fixed investment ...................................................
Nonresidential......................................................
Structures ........................................................
Equipment........................................................
Information processing equipment...............
Computers and peripheral equipment......
Other ........................................................
Industrial equipment.....................................
Transportation equipment ............................
Other equipment ..........................................
Intellectual property products ..........................
Software.......................................................
Research and development .........................
Entertainment, literary, and artistic originals
Residential...........................................................
Change in private inventories ..............................
Farm ....................................................................
Nonfarm...............................................................
Net exports of goods and services .........................
Exports...................................................................
Goods ..................................................................
Services...............................................................
Imports ...................................................................
Goods ..................................................................
Services...............................................................
Government consumption expenditures and
gross investment...................................................
Federal....................................................................
National defense..................................................
Consumption expenditures ..............................
Gross investment .............................................
Nondefense .........................................................
Consumption expenditures ..............................
Gross investment .............................................
State and local.......................................................
Consumption expenditures..................................
Gross investment.................................................

2.5

1.8

1.34
0.77
0.43
0.04
0.12
0.22
0.05
0.34

1.74
0.76
0.46
0.11
0.09
0.20
0.06
0.30

2011

II

1.6

3.9

2.8

2.8

1.52 0.05 1.42
0.77 –0.21 0.88
0.56 –0.52 0.37
0.17 –0.92 –0.10
0.10 0.11 0.17
0.22 0.28 0.21
0.07 0.01 0.08
0.22 0.31 0.51

2.21
1.14
0.84
0.39
0.20
0.25
0.01
0.29

1.87
0.85
0.46
0.17
0.03
0.18
0.08
0.38

2.86
1.66
0.88
0.46
0.13
0.18
0.11
0.78

2.8

3.9

0.11 0.08 0.07 0.21
0.11 0.08 0.03 0.08
–0.02 –0.06 –0.04 –0.10
0.13 0.19 0.16 0.13
0.57 0.98 0.74 0.26
0.56
0.16
0.15
–0.02
0.03
0.06
0.11
0.06

2010
I

0.97 0.65
0.16 0.10
0.30 0.30
0.05 0.02
0.05 0.04
0.17 0.15
0.15 –0.07
0.09 0.10

0.19 –0.15
0.19 0.14
0.01 0.10
0.13 0.21
0.54 1.07

III

I

–1.3

II

3.2

2012
III

1.4

1.27 0.84
0.28 0.06
0.43 0.24
0.04 0.02
0.08 –0.06
0.14 0.21
0.20 0.22
0.10 0.14

0.09
0.21

0.07 –0.11 –0.07 –0.03
0.32 0.18 0.17 –0.06

0.08
1.66
0.21
0.28
–0.49
0.70
0.17
0.05
0.12
–0.01
0.43
0.10
0.07
–0.02
0.04
0.05
–0.07
1.45
–0.04
1.49
–0.51
1.28
1.08
0.20
–1.79
–1.72
–0.07

0.09
0.69
0.85
0.84
0.05
0.62
0.04
–0.01
0.05
0.16
0.27
0.14
0.17
0.10
0.05
0.01
0.01
–0.16
0.02
–0.18
0.10
0.89
0.63
0.27
–0.79
–0.70
–0.09

0.12
1.36
1.17
0.85
0.31
0.41
0.05
0.03
0.02
0.06
0.25
0.05
0.13
0.10
0.03
0.00
0.32
0.20
–0.03
0.22
0.10
0.48
0.36
0.12
–0.38
–0.30
–0.07

–0.15
4.05
–0.36
–0.37
–0.98
0.36
0.27
0.25
0.02
–0.06
0.20
–0.05
0.25
0.10
0.11
0.04
0.01
4.40
0.10
4.30
–0.05
2.42
1.99
0.43
–2.47
–2.41
–0.06

–0.08
1.77
0.11
0.46
–0.73
1.25
0.14
0.03
0.12
–0.09
0.87
0.34
–0.07
–0.15
0.01
0.08
–0.35
1.66
–0.06
1.72
–0.96
0.73
0.85
–0.12
–1.70
–1.68
–0.02

0.24
–0.51
1.13
0.94
0.18
0.57
0.19
–0.03
0.22
0.14
0.08
0.16
0.19
0.09
0.06
0.04
0.19
–1.64
0.02
–1.66
1.32
1.47
1.07
0.40
–0.15
–0.22
0.07

–0.02
–1.11
–0.05
–0.09
–0.82
0.59
–0.15
–0.09
–0.06
0.22
0.26
0.25
0.14
0.13
0.04
–0.03
0.04
–1.06
0.11
–1.17
0.01
0.48
0.38
0.09
–0.46
–0.61
0.14

0.06
1.88
1.16
1.09
0.68
0.23
0.14
0.14
0.00
0.00
0.04
0.05
0.18
0.13
0.06
–0.01
0.07
0.72
–0.02
0.74
0.53
0.64
0.34
0.30
–0.11
0.10
–0.21

–0.30
0.36
1.96
1.81
0.62
0.99
–0.01
0.03
–0.03
0.33
0.43
0.24
0.20
0.14
0.05
0.01
0.15
–1.60
0.08
–1.68
0.10
0.92
0.53
0.39
–0.82
–0.50
–0.32

0.02
0.37
0.18
0.16
0.02
0.19
0.13
0.06
–0.35
–0.27
–0.08

–0.68
–0.23
–0.13
–0.06
–0.07
–0.10
–0.09
0.00
–0.46
–0.30
–0.16

–0.20
–0.12
–0.17
–0.11
–0.06
0.05
0.08
–0.02
–0.08
0.00
–0.08

–0.17
0.02
–0.07
0.01
–0.08
0.09
0.04
0.06
–0.19
0.07
–0.26

–0.63 0.61 –0.07 –0.87
0.32 0.71 0.32 –0.23
–0.11 0.34 0.41 –0.19
–0.05 0.23 0.37 –0.25
–0.06 0.11 0.04 0.06
0.43 0.37 –0.09 –0.04
0.34 0.28 –0.11 –0.05
0.09 0.09 0.02 0.01
–0.95 –0.10 –0.39 –0.63
–0.68 –0.35 –0.41 –0.35
–0.28 0.24 0.02 –0.28

–1.61
–0.94
–0.83
–0.47
–0.36
–0.11
–0.13
0.02
–0.67
–0.33
–0.34

–0.25
0.16
0.36
0.31
0.06
–0.21
–0.17
–0.04
–0.41
–0.26
–0.15

–0.52
–0.29
0.13
0.19
–0.06
–0.42
–0.39
–0.03
–0.23
–0.17
–0.06

-7-

2013

I

II

III

3.7

1.2

2.8

0.1

1.98 1.28
1.04 0.50
0.69 0.21
0.26 –0.11
0.13 0.02
0.22 0.19
0.09 0.12
0.35 0.28

1.15
0.84
0.59
0.19
0.09
0.22
0.08
0.25

1.13
0.85
0.74
0.33
0.07
0.21
0.13
0.10

0.94 0.84 0.66 0.87 0.52 0.25
0.17 0.32 –0.13 –0.12 0.55 0.16
0.30 –0.09 0.55 0.54 0.03 0.26
0.09 0.06 0.02 –0.01 0.04 0.02
0.15 0.07 0.02 0.05 0.01 0.03
0.20 0.14 0.18 0.18 0.10 0.05
0.02 0.31 –0.10 –0.05 –0.17 –0.35
0.00 0.03 0.12 0.28 –0.04 0.09

0.00
0.09

r Revised
See “Explanatory Note” at the end of the tables.

4.9

1.42 1.03 1.42 1.65
0.60 0.05 0.29 1.14
0.38 –0.06 0.36 0.93
0.09 –0.43 0.04 0.56
0.04 0.09 0.09 0.17
0.21 0.18 0.20 0.25
0.04 0.09 0.04 –0.04
0.22 0.11 –0.08 0.21

0.02
0.09

0.25
2.86
1.77
1.21
0.27
1.02
0.06
–0.03
0.09
0.22
0.55
0.19
–0.08
–0.14
–0.03
0.09
0.56
1.09
–0.09
1.18
–1.77
1.10
0.93
0.17
–2.87
–2.77
–0.10

IV

IV

0.29
1.86
–0.04
0.90
–0.15
0.83
0.13
–0.09
0.22
0.04
0.54
0.12
0.22
0.06
0.11
0.05
–0.94
1.90
–0.11
2.01
–0.88
1.27
0.70
0.57
–2.15
–1.79
–0.36

0.04
0.11

0.30 –0.15
0.00 0.26

Line
III r

I

II

1.1

2.5

3.6

1

1.54 1.24
0.85 0.71
0.43 0.46
0.13 –0.02
0.07 0.15
0.16 0.23
0.07 0.10
0.43 0.26

0.96
0.93
0.56
0.13
0.20
0.23
0.00
0.37

2
3
4
5
6
7
8
9

0.11 –0.06 0.15
0.04 0.13 –0.08
0.11 –0.02 –0.02
0.17 0.21 0.32
0.69 0.53 0.02

10
11
12
13
14

0.13 1.04 0.60 –0.01
–0.35 0.58 0.01 –0.28
0.26 0.14 0.40 0.10
–0.01 0.06 0.00 0.02
–0.04 0.06 –0.02 0.02
0.27 0.11 0.03 0.00
–0.01 0.27 0.20 0.04
0.01 –0.17 –0.02 0.08

15
16
17
18
19
20
21
22

0.09 0.31 0.07 0.08 –0.05 –0.02 0.15 0.12 0.09 0.05
0.02 0.27 0.05 0.10 –0.15 0.09 0.10 –0.09 0.11 –0.04
0.05 –0.04 –0.08 –0.25 –0.01 –0.02 –0.12 0.18 –0.08 –0.14
0.23 0.25 0.19 0.18 0.14 0.15 0.22 0.07 0.14 0.23
1.02 1.20 0.81 0.98 1.14 0.51 0.94 0.78 0.31 0.29

0.10 0.53 1.00 1.14
0.26 0.18 –0.02 0.27
–0.14 –0.11 0.41 0.44
–0.08 0.01 0.04 0.05
0.07 0.08 –0.06 0.15
–0.02 0.15 0.13 0.10
–0.15 0.21 0.41 –0.02
0.15 0.01 0.08 0.15
0.16 0.00
0.02 –0.08

IV

0.06
0.39

0.26
0.09

0.06
0.31

0.16 –0.35 –0.07
0.09 –0.22 0.25

0.41
4.13
1.39
1.10
0.35
0.54
0.05
0.06
–0.01
0.23
0.47
–0.20
0.21
0.16
0.03
0.02
0.29
2.73
0.05
2.68
–0.60
0.38
0.72
–0.35
–0.98
–0.93
–0.05

0.33
1.57
1.21
0.68
0.18
0.45
0.23
0.11
0.12
–0.19
0.30
0.11
0.05
0.03
0.03
–0.01
0.53
0.36
0.08
0.27
0.44
0.56
0.17
0.39
–0.12
–0.12
0.00

–0.16
–0.23
0.68
0.53
0.18
0.29
–0.20
–0.10
–0.10
0.12
0.29
0.08
0.07
0.11
–0.03
0.00
0.15
–0.91
–0.14
–0.76
0.10
0.51
0.48
0.03
–0.41
–0.35
–0.06

0.25
0.99
0.39
0.04
0.15
–0.22
–0.08
–0.19
0.11
0.00
–0.25
0.10
0.11
0.06
0.04
0.00
0.35
0.60
–0.32
0.91
–0.03
0.05
0.16
–0.10
–0.08
–0.05
–0.03

0.13
0.71
–0.23
–0.57
–0.80
0.09
–0.05
–0.08
0.04
0.00
–0.10
0.24
0.14
0.13
–0.01
0.02
0.34
0.93
0.88
0.06
–0.28
–0.18
–0.27
0.09
–0.10
0.03
–0.13

–0.31
–0.25
–0.57
–0.58
0.00
0.32
0.38
–0.06
–0.05
–0.04
–0.01

–0.28 0.05 0.67 –1.31 –0.82
–0.20 –0.02 0.69 –1.19 –0.68
–0.36 –0.05 0.60 –1.22 –0.57
–0.11 –0.13 0.61 –1.14 –0.38
–0.25 0.08 –0.01 –0.08 –0.18
0.16 0.04 0.08 0.03 –0.11
0.18 0.03 0.08 0.05 –0.05
–0.02 0.00 0.00 –0.02 –0.05
–0.08 0.07 –0.02 –0.12 –0.14
0.10 0.03 0.12 –0.01 0.01
–0.18 0.04 –0.14 –0.11 –0.16

–0.07
–0.36
1.63
1.13
0.44
0.47
0.31
0.28
0.04
0.07
0.01
0.07
0.21
0.16
0.05
0.01
0.50
–2.00
0.10
–2.09
0.68
0.15
–0.28
0.43
0.53
0.50
0.03

0.04
0.06

23
24

0.31
1.38
0.96
0.56
0.43
0.18
0.16
–0.08
0.23
–0.01
0.08
–0.04
–0.06
–0.11
0.04
0.01
0.40
0.41
0.12
0.30
–0.07
1.04
0.84
0.20
–1.10
–1.00
–0.11

0.02
2.49
0.81
0.42
0.36
0.00
0.03
0.01
0.02
0.17
0.03
–0.23
0.07
0.03
0.04
–0.01
0.38
1.68
0.11
1.58
0.07
0.50
0.49
0.00
–0.43
–0.36
–0.07

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

–0.07
–0.12
–0.03
–0.12
0.09
–0.09
–0.08
–0.02
0.05
0.04
0.01

0.09
–0.10
–0.01
–0.06
0.04
–0.09
–0.09
0.00
0.19
0.04
0.14

52
53
54
55
56
57
58
59
60
61
62

Table 3. Gross Domestic Product: Level and Change From Preceding Period—Continues
Billions of dollars

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2012

2012

2012

2013

2012

2013

Line

2013
2012

1
Gross domestic product ...................................
2 Personal consumption expenditures ......................
3 Goods.....................................................................
4
Durable goods .....................................................
5
Motor vehicles and parts .................................
6
Furnishings and durable household
equipment ....................................................
7
Recreational goods and vehicles.....................
8
Other durable goods ........................................
9
Nondurable goods ...............................................
10
Food and beverages purchased for offpremises consumption .................................
11
Clothing and footwear......................................
12
Gasoline and other energy goods....................
13
Other nondurable goods ..................................
14 Services .................................................................
15
Household consumption expenditures (for
services) ..........................................................
16
Housing and utilities.........................................
17
Health care ......................................................
18
Transportation services....................................
19
Recreation services .........................................
20
Food services and accommodations ...............
21
Financial services and insurance ....................
22
Other services .................................................
23
Final consumption expenditures of nonprofit
institutions serving households........................
24
Gross output of nonprofit institutions ...............
25
Less: Receipts from sales of goods and
services by nonprofit institutions..................
26 Gross private domestic investment ........................
27 Fixed investment ...................................................
28
Nonresidential .....................................................
29
Structures ........................................................
30
Equipment .......................................................
31
Information processing equipment...............
32
Computers and peripheral equipment......
33
Other ........................................................
34
Industrial equipment ....................................
35
Transportation equipment ............................
36
Other equipment ..........................................
37
Intellectual property products ..........................
38
Software.......................................................
39
Research and development .........................
40
Entertainment, literary, and artistic originals
41
Residential...........................................................
42 Change in private inventories ..............................
43
Farm ....................................................................
44
Nonfarm...............................................................
45 Net exports of goods and services .........................
46 Exports...................................................................
47
Goods..................................................................
48
Services...............................................................
49 Imports...................................................................
50
Goods..................................................................
51
Services...............................................................

II

III r

418.3
226.3
114.2
89.6
24.6

95.8
47.9
27.7
19.7
–0.9

139.3
36.8
36.4
24.7
5.1

1
2
3
4
5

275.1
276.2
277.9
280.7
284.7
288.7
292.8
294.1
297.3
300.3
306.9
315.8
334.5
336.1
339.9
342.3
346.3
351.5
410.9
416.1
426.8
435.2
447.3
459.8
191.3
192.4
197.8
200.6
204.7
205.7
183.6
185.0
190.1
192.8
196.8
196.8
2,567.0 2,578.4 2,595.4 2,607.0 2,591.0 2,635.1 2,296.8 2,303.0 2,306.7 2,322.2 2,331.7 2,345.3

16.8
40.4
9.9
30.8

6.6
12.1
4.0
9.5

8.9
12.5
0.0
13.6

6
7
8
9

863.3
866.0
871.8
878.9
877.6
886.5
809.4
811.7
813.5
817.6
815.3
821.1
354.6
357.1
357.4
360.0
362.8
363.6
338.9
340.5
339.0
340.5
345.5
342.2
417.0
419.5
421.6
418.3
391.7
409.9
271.5
272.5
268.8
271.7
271.1
270.6
932.1
935.9
944.7
949.7
958.9
975.0
885.1
886.1
895.2
901.8
910.0
922.5
7,379.9 7,408.7 7,459.4 7,527.4 7,578.6 7,614.3 6,982.7 6,993.4 7,004.7 7,031.1 7,051.5 7,052.2

10.6
3.9
–3.7
23.5
111.6

–2.3
5.0
–0.6
8.2
20.4

5.8
–3.3
–0.5
12.5
0.7

10
11
12
13
14

7,089.4 7,117.2 7,159.6 7,243.6 7,290.2 7,322.6 6,689.4 6,698.0 6,703.2 6,743.2 6,766.1 6,765.5
2,013.9 2,029.5 2,029.4 2,065.8 2,082.6 2,080.7 1,943.6 1,955.5 1,941.9 1,964.5 1,964.8 1,953.7
1,847.6 1,855.9 1,872.5 1,889.2 1,902.9 1,914.3 1,738.4 1,741.1 1,750.9 1,756.5 1,771.9 1,775.9
318.1
318.9
319.8
324.2
322.8
326.5
298.0
298.8
298.6
300.8
300.8
301.8
416.6
419.2
419.0
423.4
422.8
426.4
394.4
395.4
393.7
396.1
395.1
396.1
701.7
703.4
717.2
725.6
732.9
735.2
656.8
656.2
666.6
670.7
671.9
671.9
821.0
817.9
824.2
835.1
842.0
850.7
746.0
738.1
737.7
747.6
754.9
756.4
970.4
972.4
977.5
980.4
984.4
988.8
911.9
913.2
913.6
907.1
906.2
909.2

97.4
15.2
45.1
3.7
5.6
22.8
–10.0
15.2

22.9
0.3
15.4
0.0
–1.0
1.2
7.3
–0.9

–0.6
–11.1
4.0
1.0
1.0
0.0
1.5
3.0

15
16
17
18
19
20
21
22

290.5
291.5
299.8
283.8
288.4
291.7
293.6
295.8
302.3
287.6
284.8
286.2
1,194.1 1,202.7 1,212.5 1,209.9 1,227.2 1,235.6 1,132.1 1,138.1 1,141.4 1,132.7 1,142.2 1,144.4

14.7
32.1

–2.8
9.5

1.4
2.2

23
24

857.4
17.9
11.8
0.8
2,624.6 211.4
54.8
99.7
2,490.7 180.7
38.4
32.3
1,988.3 131.3
22.3
17.0
438.7
47.5
16.9
13.9
929.8
64.2
7.4
–0.1
308.2
7.8
6.8
1.4
............. ............ ............ ............
222.6
3.5
9.8
1.0
194.3
9.6
–0.5
6.8
219.7
40.0
3.4
1.2
212.7
7.9
–1.8
–9.5
620.9
19.7
–2.3
2.6
295.5
16.1
–4.5
1.4
250.3
3.9
1.4
1.5
75.8
0.2
0.5
–0.4
502.2
49.4
15.9
15.1
116.5
24.0
14.4
59.9
22.4
–2.7
3.5
2.9
90.6
29.0
10.5
57.9
–422.1
15.1
–2.1
2.3
2,016.7
66.9
37.9
18.3
1,391.4
49.3
30.6
18.0
625.0
17.4
7.4
0.1
2,438.8
51.8
40.2
15.9
2,002.8
40.9
35.6
13.2
435.3
11.0
4.3
2.7

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

16,244.6
11,149.6
3,769.7
1,202.7
401.7

903.6
2,475.2
2,409.1
1,970.0
437.3
907.6
284.5
79.2
205.4
195.3
214.4
213.4
625.0
281.6
269.1
74.3
439.2
66.1
–11.7
77.8
–547.2
2,195.9
1,536.0
659.9
2,743.1
2,295.4
447.7

III

IV

I

II

III r

16,356.0
11,193.6
3,784.9
1,206.5
401.8

16,420.3
11,285.5
3,826.1
1,230.7
415.1

16,535.3
11,379.2
3,851.8
1,244.8
421.3

16,661.0
11,427.1
3,848.5
1,257.5
421.7

16,890.8
11,522.8
3,908.4
1,273.4
427.6

911.2
2,493.3
2,411.7
1,968.0
438.3
902.2
277.5
71.5
206.0
195.9
212.3
216.5
627.5
281.9
271.3
74.4
443.7
81.6
–23.9
105.5
–524.4
2,199.2
1,545.6
653.6
2,723.5
2,275.0
448.6

912.7
2,499.9
2,486.9
2,018.2
457.8
925.0
289.4
82.5
206.9
199.6
215.7
220.3
635.4
287.3
273.4
74.7
468.8
13.0
–15.6
28.6
–515.8
2,213.7
1,538.3
675.5
2,729.5
2,279.6
449.9

926.1
2,555.1
2,491.7
2,001.4
429.1
928.0
286.2
78.8
207.5
200.1
211.5
230.2
644.3
293.7
275.2
75.3
490.3
63.4
38.9
24.5
–523.1
2,214.2
1,531.6
682.6
2,737.3
2,281.9
455.3

938.8
2,621.0
2,543.8
2,030.6
452.6
934.6
291.4
75.7
215.7
199.3
214.7
229.2
643.5
290.4
277.4
75.6
513.2
77.2
40.4
36.9
–509.0
2,238.9
1,548.8
690.2
2,747.9
2,288.7
459.3

943.8
2,732.6
2,586.5
2,053.2
470.7
935.1
291.5
76.0
215.6
206.5
217.5
219.6
647.5
291.5
280.2
75.8
533.3
146.0
43.9
102.1
–501.9
2,265.9
1,572.1
693.8
2,767.8
2,306.3
461.5

15,470.7
10,517.6
3,534.1
1,246.7
364.0

838.8
2,436.0
2,365.3
1,931.8
421.6
905.9
295.7
.............
207.8
184.6
221.0
209.7
605.8
285.9
245.7
74.8
433.7
57.6
–7.2
68.7
–430.8
1,957.4
1,353.2
603.7
2,388.2
1,964.3
422.8

III

IV

I

II

III r

15,534.0
10,541.0
3,546.7
1,253.4
363.5

15,539.6
10,584.8
3,579.2
1,285.2
375.8

15,583.9
10,644.0
3,611.9
1,303.5
380.6

15,679.7
10,691.9
3,639.6
1,323.2
379.7

15,819.0
10,728.7
3,676.0
1,347.9
384.8

842.5
2,456.5
2,363.5
1,926.4
422.0
899.5
288.6
.............
208.7
185.0
218.8
211.6
606.4
286.6
245.7
74.6
437.3
77.2
–13.6
97.3
–436.5
1,961.6
1,362.8
598.0
2,398.0
1,972.7
424.2

839.9
2,441.8
2,429.1
1,971.9
439.4
918.8
302.1
..............
210.3
187.8
219.4
214.5
614.9
293.1
247.6
74.9
457.5
7.3
–9.6
20.3
–412.1
1,967.0
1,352.6
614.2
2,379.1
1,955.1
423.1

844.8
2,470.1
2,420.0
1,949.0
407.9
922.5
300.0
..............
211.8
188.0
215.1
224.0
620.6
298.6
247.4
75.7
471.2
42.2
16.0
22.2
–422.3
1,960.5
1,342.8
617.5
2,382.7
1,954.0
428.3

856.6
2,524.9
2,458.4
1,971.3
424.8
929.9
306.8
..............
221.6
187.5
218.5
222.2
618.3
294.1
248.8
76.2
487.1
56.6
19.5
32.7
–424.4
1,998.4
1,373.4
624.9
2,422.9
1,989.6
432.6

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.

-8-

Table 3. Gross Domestic Product: Level and Change From Preceding Period—Table Ends
Billions of dollars

Billions of chained (2009) dollars

Seasonally adjusted at annual rates

Change from preceding
period

Seasonally adjusted at annual rates

Line
2012

2012

2012

2013

2012

2013

Line

2013
2012

52 Government consumption expenditures and
gross investment ..................................................
53 Federal ...................................................................
54
National defense .................................................
55
Consumption expenditures..............................
56
Gross investment ............................................
57
Nondefense.........................................................
58
Consumption expenditures..............................
59
Gross investment ............................................
60 State and local ......................................................
61
Consumption expenditures .................................
62
Gross investment ................................................
63 Residual......................................................................
Addenda:
64 Final sales of domestic product ..............................
65 Gross domestic purchases .....................................
66 Final sales to domestic purchasers ........................
67 Gross domestic product ......................................
68 Plus: Income receipts from the rest of the world.....
69 Less: Income payments to the rest of the world .....
70 Equals: Gross national product ..........................
71 Net domestic product..............................................
72 Gross domestic income 1........................................

III

IV

I

II

III r

3,167.0
1,295.7
817.1
652.0
165.1
478.6
359.7
118.9
1,871.3
1,536.4
334.9
.............

3,193.5
1,322.1
841.9
675.0
166.9
480.2
361.1
119.2
1,871.4
1,536.8
334.6
.............

3,150.7
1,275.2
793.7
630.6
163.1
481.5
363.3
118.2
1,875.4
1,544.3
331.2
.............

3,124.1
1,255.0
775.8
619.7
156.1
479.2
362.6
116.6
1,869.1
1,543.0
326.1
.............

3,121.9
1,252.6
776.3
615.7
160.5
476.3
360.3
116.1
1,869.3
1,541.4
327.8
.............

3,137.4
1,251.2
777.3
615.0
162.4
473.9
357.8
116.1
1,886.2
1,550.9
335.3
.............

16,178.5
16,791.8
16,725.7
16,244.6
818.6
565.7
16,497.4
13,701.7
16,261.6

16,274.4
16,880.4
16,798.8
16,356.0
812.0
564.4
16,603.7
13,800.9
16,269.6

16,407.3
16,936.1
16,923.1
16,420.3
829.8
572.8
16,677.3
13,845.3
16,522.0

16,471.9
17,058.4
16,995.0
16,535.3
813.3
575.9
16,772.7
13,931.5
16,690.9

16,583.8
17,170.0
17,092.8
16,661.0
817.0
570.1
16,907.9
14,029.1
16,847.8

16,744.8
17,392.8
17,246.8
16,890.8
822.7
558.6
17,154.9
14,235.1
16,988.3

III

IV

I

II

2,963.1
1,220.3
769.1
610.4
158.5
451.2
336.9
114.2
1,742.8
1,427.1
315.1
–34.1

2,988.8
1,244.6
791.8
631.7
159.8
452.8
338.3
114.4
1,744.3
1,429.9
313.8
–34.6

2,938.8
1,198.9
745.0
588.1
156.8
453.9
340.2
113.7
1,739.8
1,429.5
309.6
–45.1

2,907.4
1,172.8
723.1
573.4
149.5
449.8
338.1
111.6
1,734.3
1,429.9
303.7
–38.0

2,904.5
1,168.2
722.0
568.8
153.1
446.2
335.1
111.0
1,736.0
1,431.3
304.0
–41.2

15,403.2
15,902.3
15,835.2
15,470.7
705.5
487.3
15,693.1
13,015.8
15,487.0

15,444.9
15,971.4
15,882.8
15,534.0
698.9
485.5
15,751.1
13,073.6
15,451.9

15,528.3
15,950.8
15,939.7
15,539.6
711.5
490.7
15,764.8
13,067.9
15,636.0

15,536.4
16,005.8
15,958.6
15,583.9
695.2
491.9
15,789.7
13,099.9
15,730.6

15,616.2
16,104.1
16,041.0
15,679.7
697.9
486.9
15,893.9
13,183.0
15,855.4

III r

II

III r

2,907.6
–29.2
–2.9
3.1
1,164.1
–17.6
–4.6
–4.1
721.4
–25.5
–1.1
–0.6
566.5
–16.7
–4.6
–2.3
154.8
–8.8
3.6
1.7
442.7
7.9
–3.6
–3.5
331.7
11.3
–3.0
–3.4
110.9
–3.6
–0.6
–0.1
1,743.2
–11.7
1.7
7.2
1,433.0
0.3
1.4
1.7
309.6
–12.2
0.3
5.6
–41.2 ............. ............ .............
15,690.1
16,240.7
16,112.4
15,819.0
699.6
474.8
16,048.2
13,309.6
15,910.4

388.8
401.2
371.8
418.3
1.7
12.1
406.4
376.0
382.7

79.8
98.3
82.4
95.8
2.7
–5.0
104.2
83.1
124.8

73.9
136.6
71.4
139.3
1.7
–12.1
154.3
126.6
55.0

52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72

r Revised
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product. Includes revisions due to the incorporation of revised wage and salary estimates for the second quarter of
2013.
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.

-9-

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
Line

2010

2011

2012

2009
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

2010
I

II

2011
III

IV

I

II

2012
III

IV

I

II

2013
III

IV

I

II

Line
III

r

Gross domestic product (GDP)
1.2
2.0
1.7
1.2
1.3
1.9
1.8
2.1
1.6
2.6
2.5
0.5
2.0
1.8
2.3
1.1
1.3
0.6
2.0
Personal consumption expenditures ...
1.7
2.4
1.8
2.8
1.4
0.5
1.2
2.1
3.0
3.7
2.3
1.3
2.3
1.1
1.7
1.6
1.1 –0.1
2.0
Goods...................................................
1.6
3.6
1.3
3.3
1.1 –2.5
0.6
4.0
6.0
6.3
2.6
0.2
2.2 –1.2
1.3
0.7 –1.0 –3.3
2.2
Durable goods ..................................
–1.4 –1.0 –1.2
1.5 –1.6 –2.4 –2.5 –1.9 –0.8
1.4 –0.6 –2.2 –0.7 –1.2 –2.2 –2.1 –1.1 –2.0 –2.3
Nondurable goods ............................
3.1
5.9
2.4
4.2
2.4 –2.5
2.2
6.9
9.3
8.6
4.1
1.3
3.5 –1.1
3.0
2.0 –0.9 –4.0
4.5
Services ...............................................
1.7
1.8
2.2
2.5
1.5
1.9
1.5
1.2
1.5
2.4
2.2
2.0
2.3
2.2
1.9
2.1
2.1
1.6
1.9
Gross private domestic investment .....
–0.9
1.3
1.3 –0.3 –0.8
0.5
0.7
2.1
1.1
1.7
1.0
0.7
1.4
1.6
1.3
1.5
2.1
1.9
1.3
Fixed investment ..................................
–0.8
1.3
1.3
0.1 –1.1
0.1
0.5
1.8
1.4
2.2
1.1
0.7
1.5
1.5
1.4
1.3
2.3
2.0
1.5
Nonresidential...................................
–0.9
1.5
1.4 –0.5 –1.5
0.9
0.6
1.6
1.5
2.3
1.3
0.9
2.1
1.5
1.0
0.8
1.3
1.2
1.0
Structures .....................................
–1.2
2.9
1.9 –0.8
1.5
2.1
2.1
2.5
2.7
4.2
3.7
2.7
0.9
1.9
0.6
1.2
4.0
5.2
2.9
Equipment.....................................
–2.0
0.9
1.3 –3.8 –4.2 –0.2
1.0
1.0
0.7
1.7
0.7
1.0
2.1
0.4
1.4
1.5 –0.3 –0.4
0.3
Intellectual property products .......
0.5
1.2
1.4
3.3 –0.3
1.4 –1.0
1.9
2.0
2.2
0.5 –0.6
2.7
2.9
0.7 –0.6
1.9
1.0
0.8
Residential........................................
–0.4
0.7
0.9
3.0
0.6 –2.8
0.0
2.3
0.8
1.4
0.1
0.1 –0.8
1.4
3.4
4.0
6.3
5.1
3.2
Change in private inventories ............... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ..........
Net exports of goods and services ...... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ..........
Exports .................................................
4.4
6.4
0.9
6.5
3.9
4.7
1.2
9.7 10.6
8.3
2.3 –4.0
2.9
0.6
0.0
1.5
1.4 –3.2
1.2
Goods ...............................................
5.0
7.6
0.4
6.6
4.2
5.4
1.4 12.7 12.7
9.5
1.9 –5.2
2.4 –0.1
0.0
1.1
1.2 –4.4
0.8
Services............................................
3.1
3.8
2.1
6.1
3.3
3.2
0.9
3.4
6.0
5.7
3.2 –1.0
4.0
2.4 –0.1
2.5
2.0 –0.3
2.1
Imports .................................................
6.0
7.8
0.5 13.0
6.4 –1.8 –2.2
9.6 17.4 12.8 –0.4 –0.8
4.3 –3.7 –5.0
4.1
0.5 –5.0
0.3
Goods ...............................................
6.7
8.8
0.6 14.2
7.5 –2.4 –2.9 10.4 20.4 14.6 –0.3 –0.3
4.8 –4.5 –5.9
4.5
0.6 –5.9
0.4
Services............................................
2.8
2.8
0.2
7.5
1.2
0.7
1.5
5.9
3.7
4.5 –0.7 –3.2
1.6
0.5 –0.3
2.3 –0.1 –0.5 –0.5
Government consumption
expenditures and gross investment
2.7
2.8
1.3
2.0
4.8
3.0
2.0
2.9
3.6
4.1
1.7 –0.5
2.9
0.3
0.3
1.4
0.9
0.1
1.6
Federal .................................................
2.6
2.7
0.8
2.2
5.5
2.9
1.6
2.3
4.2
3.8
1.3 –1.0
1.5
0.8
0.2
0.6
2.4
0.8
1.0
National defense...............................
2.4
2.8
1.0
2.3
5.6
2.4
0.8
2.2
5.2
4.2
1.2 –1.6
2.4
1.2
0.4
0.8
2.8
0.9
0.9
Nondefense ......................................
3.1
2.5
0.4
2.2
5.4
3.9
2.9
2.3
2.5
3.2
1.7
0.0
0.0
0.2 –0.2
0.1
1.8
0.8
1.0
State and local......................................
2.7
2.9
1.6
1.9
4.3
3.1
2.3
3.3
3.1
4.3
1.9 –0.1
3.8 –0.1
0.4
1.9 –0.1 –0.4
2.0
Addenda:
Final sales of domestic product............
1.2
2.0
1.8
1.2
1.3
1.8
1.8
2.0
1.7
2.7
2.5
0.5
2.0
1.7
2.3
1.1
1.4
0.7
2.0
Gross domestic purchases...................
1.5
2.3
1.7
2.2
1.8
1.0
1.3
2.3
2.8
3.5
2.0
0.9
2.3
1.0
1.4
1.6
1.2
0.2
1.8
Final sales to domestic purchasers ......
1.5
2.3
1.7
2.3
1.7
0.9
1.3
2.2
2.9
3.6
2.0
0.9
2.3
1.0
1.4
1.5
1.2
0.2
1.8
Gross national product (GNP) ..............
1.3
2.0
1.7
1.2
1.8
1.8
1.8
2.1
1.6
2.7
2.4
0.5
2.0
1.7
2.3
1.1
1.3
0.6
2.0
Implicit price deflators:
GDP..................................................
1.2
2.0
1.7
1.2
1.4
1.8
1.8
2.1
1.6
2.6
2.5
0.5
2.0
1.8
2.1
1.4
1.7
0.6
2.0
Gross domestic purchases ...............
1.5
2.3
1.6
2.2
1.9
0.9
1.3
2.3
2.8
3.5
2.1
0.9
2.2
1.0
1.2
1.9
1.5
0.2
1.8
GNP..................................................
1.3
2.0
1.7
1.2
1.9
1.7
1.8
2.1
1.6
2.6
2.5
0.5
2.0
1.8
2.1
1.4
1.7
0.6
2.0

r Revised
See “Explanatory Note” at the end of the tables.

- 10 -

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

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2009=100]
Seasonally adjusted
Line

2010

2011

2012

2012
III

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

2013
IV

I

II

Line
III r

Gross domestic product .....................................................
102.507
104.400
107.302
107.741
107.780
108.087
108.751
109.718
Personal consumption expenditures................................................
101.960
104.555
106.854
107.092
107.537
108.138
108.625
108.999
Goods ...............................................................................................
103.446
106.925
110.495
110.888
111.904
112.928
113.793
114.931
Durable goods...............................................................................
106.092
113.074
121.833
122.484
125.591
127.379
129.309
131.720
Nondurable goods.........................................................................
102.226
104.177
105.594
105.877
106.047
106.762
107.197
107.824
Services............................................................................................
101.244
103.411
105.090
105.252
105.421
105.818
106.125
106.136
Gross private domestic investment ..................................................
112.901
118.449
129.705
130.795
130.012
131.521
134.440
139.747
Fixed investment ...............................................................................
101.504
107.844
116.766
116.675
119.914
119.467
121.362
122.954
Nonresidential ...............................................................................
102.471
110.225
118.263
117.938
120.717
119.318
120.685
121.723
Structures..................................................................................
83.585
85.360
96.212
96.299
100.282
93.090
96.943
100.119
Equipment .................................................................................
115.892
130.639
140.604
139.602
142.609
143.175
144.326
144.309
Intellectual property products....................................................
101.887
106.388
109.962
110.072
111.617
112.648
112.235
112.707
Residential ....................................................................................
97.496
97.964
110.581
111.476
116.635
120.123
124.180
128.026
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
111.476
119.367
123.590
123.851
124.196
123.781
126.181
127.333
Imports of goods and services .........................................................
112.759
118.239
120.860
121.358
120.398
120.584
122.615
123.422
Government consumption expenditures and gross investment....
100.074
96.868
95.921
96.752
95.135
94.117
94.024
94.126
Federal..............................................................................................
104.350
101.660
100.212
102.212
98.455
96.315
95.933
95.598
State and local ..................................................................................
97.293
93.751
93.128
93.207
92.966
92.672
92.765
93.150
Addenda:
Final sales of domestic product ........................................................
101.045
103.082
105.751
106.038
106.610
106.666
107.214
107.721
Gross domestic purchases ...............................................................
102.933
104.666
107.374
107.841
107.702
108.073
108.737
109.660
Final sales to domestic purchasers ..................................................
101.507
103.381
105.866
106.185
106.565
106.691
107.242
107.720
Gross national product......................................................................
102.756
104.954
107.744
108.143
108.237
108.408
109.123
110.183

r Revised
See “Explanatory Note” at the end of the tables.

- 11 -

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5
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7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2009=100]
Seasonally adjusted
Line

2010

2011

2012

2012
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
31

2013
IV

I

II

Line
III r

Gross domestic product .....................................................
101.215
103.203
105.008
105.345
105.640
105.994
106.165
106.681
Personal consumption expenditures (PCE) .....................................
101.654
104.086
106.009
106.193
106.622
106.909
106.878
107.403
Goods ...............................................................................................
101.637
105.345
106.666
106.718
106.900
106.641
105.740
106.323
Durable goods...............................................................................
98.622
97.649
96.467
96.246
95.746
95.487
95.016
94.456
Nondurable goods.........................................................................
103.085
109.128
111.765
111.964
112.522
112.264
111.126
112.358
Services............................................................................................
101.663
103.463
105.689
105.939
106.493
107.060
107.477
107.972
Gross private domestic investment ..................................................
99.109
100.364
101.646
101.820
102.196
102.726
103.206
103.528
Fixed investment ...............................................................................
99.180
100.506
101.852
102.045
102.386
102.967
103.478
103.854
Nonresidential ...............................................................................
99.070
100.524
101.977
102.157
102.350
102.692
103.008
103.268
Structures..................................................................................
98.844
101.748
103.732
103.856
104.164
105.189
106.521
107.275
Equipment .................................................................................
98.009
98.928
100.187
100.300
100.673
100.601
100.500
100.568
Intellectual property products....................................................
100.541
101.789
103.169
103.486
103.325
103.816
104.071
104.275
Residential ....................................................................................
99.645
100.392
101.246
101.505
102.500
104.088
105.396
106.238
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
104.415
111.140
112.185
112.114
112.543
112.944
112.034
112.357
Imports of goods and services .........................................................
106.008
114.273
114.862
113.570
114.725
114.873
113.411
113.486
Government consumption expenditures and gross investment....
102.673
105.560
106.882
106.850
107.209
107.454
107.485
107.903
Federal..............................................................................................
102.614
105.344
106.184
106.224
106.370
107.007
107.229
107.485
State and local ..................................................................................
102.714
105.710
107.371
107.288
107.798
107.775
107.676
108.205
Addenda:
PCE excluding food and energy 1 .....................................................
101.287
102.743
104.632
104.849
105.187
105.542
105.711
106.096
Market-based PCE 2 .........................................................................
101.497
104.034
105.920
106.101
106.460
106.800
106.721
107.254
Market-based PCE excluding food and energy 2 ..............................
101.047
102.480
104.320
104.538
104.783
105.210
105.351
105.725
Final sales of domestic product ........................................................
101.217
103.217
105.033
105.374
105.663
106.024
106.199
106.725
Gross domestic purchases ...............................................................
101.528
103.884
105.599
105.742
106.150
106.467
106.526
107.001
Final sales to domestic purchasers ..................................................
101.528
103.898
105.624
105.769
106.171
106.496
106.559
107.042
Gross national product......................................................................
101.326
103.327
105.131
105.465
105.762
106.116
106.287
106.803
Implicit price deflators:
Gross domestic product ................................................................
101.211
103.199
105.002
105.292
105.667
106.105
106.259
106.775
Final sales of domestic product ....................................................
101.216
103.217
105.033
105.371
105.660
106.021
106.196
106.722
Gross domestic purchases ...........................................................
101.523
103.880
105.594
105.691
106.177
106.576
106.619
107.093
Final sales to domestic purchasers...............................................
101.528
103.898
105.624
105.767
106.170
106.494
106.557
107.040
Gross national product..................................................................
101.321
103.322
105.126
105.413
105.788
106.225
106.380
106.896

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

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.

- 12 -

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
36
37

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012 Line

Gross domestic product (GDP) ...............................................
4.5
4.4
4.8
4.1
1.0
1.8
2.8
3.8
3.4
2.7
1.8 –0.3 –2.8
2.5
1.8
2.8
Personal consumption expenditures .................................................
3.8
5.3
5.5
5.1
2.5
2.5
3.1
3.8
3.5
3.0
2.2 –0.4 –1.6
2.0
2.5
2.2
Goods.................................................................................................
4.8
6.7
7.9
5.2
3.0
3.9
4.8
5.1
4.1
3.6
2.7 –2.5 –3.0
3.4
3.4
3.3
Durable goods ................................................................................
8.2 12.1 12.8
8.6
5.2
7.3
7.1
8.2
5.4
4.3
4.6 –5.1 –5.5
6.1
6.6
7.7
Nondurable goods ..........................................................................
2.9
3.7
5.0
3.2
1.7
1.9
3.5
3.3
3.3
3.3
1.7 –1.1 –1.8
2.2
1.9
1.4
Services .............................................................................................
3.2
4.6
4.1
5.0
2.2
1.8
2.2
3.2
3.2
2.7
2.0
0.8 –0.8
1.2
2.1
1.6
Gross private domestic investment ................................................... 11.4
9.5
8.4
6.5 –6.1 –0.6
4.1
8.8
6.4
2.1 –3.1 –9.4 –21.6 12.9
4.9
9.5
Fixed investment ................................................................................
8.6 10.2
8.8
6.9 –1.6 –3.5
4.0
6.7
6.8
2.0 –2.0 –6.8 –16.7
1.5
6.2
8.3
Nonresidential................................................................................. 10.8 10.8
9.7
9.1 –2.4 –6.9
1.9
5.2
7.0
7.1
5.9 –0.7 –15.6
2.5
7.6
7.3
Structures ...................................................................................
7.3
5.1
0.1
7.8 –1.5 –17.7 –3.9 –0.4
1.7
7.2 12.7
6.1 –18.9 –16.4
2.1 12.7
Equipment................................................................................... 11.1 13.1 12.5
9.7 –4.3 –5.4
3.2
7.7
9.6
8.6
3.2 –6.9 –22.9 15.9 12.7
7.6
Intellectual property products ..................................................... 13.0 10.8 12.4
8.9
0.5 –0.5
3.8
5.1
6.5
4.5
4.8
3.0 –1.4
1.9
4.4
3.4
Residential......................................................................................
2.4
8.6
6.3
0.7
0.9
6.1
9.1 10.0
6.6 –7.6 –18.8 –24.0 –21.2 –2.5
0.5 12.9
Change in private inventories ............................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services .................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports ............................................................................................... 11.9
2.3
4.6
8.4 –5.7 –1.9
1.6
9.4
6.0
8.9
8.9
5.7 –9.1 11.5
7.1
3.5
Goods ............................................................................................. 14.4
2.2
5.9 10.1 –6.2 –3.5
1.9
8.5
7.4
9.4
7.5
6.1 –12.0 14.3
7.1
3.8
Services..........................................................................................
5.9
2.6
1.4
3.9 –4.3
2.3
1.0 11.6
3.0
7.7 12.3
4.8 –2.1
5.6
7.0
3.0
Imports ............................................................................................... 13.5 11.7 11.4 12.8 –2.9
3.4
4.3 11.0
6.1
6.1
2.3 –2.6 –13.7 12.8
4.9
2.2
Goods ............................................................................................. 14.4 11.8 12.7 13.1 –3.2
3.7
4.9 11.1
6.7
5.9
1.8 –3.7 –15.8 15.2
5.2
2.1
Services..........................................................................................
8.7 10.9
4.7 11.0 –0.9
1.8
1.3 10.5
3.1
7.4
4.7
3.1 –3.1
2.8
3.1
2.7
Government consumption expenditures and gross investment .....
1.9
2.1
3.4
1.9
3.8
4.4
2.2
1.6
0.6
1.5
1.6
2.8
3.2
0.1 –3.2 –1.0
Federal ............................................................................................... –0.8 –0.9
2.0
0.3
3.9
7.2
6.8
4.5
1.7
2.5
1.7
6.8
5.7
4.4 –2.6 –1.4
National defense............................................................................. –2.7 –2.1
1.5 –0.9
3.5
7.0
8.5
6.0
2.0
2.0
2.5
7.5
5.4
3.2 –2.3 –3.2
Nondefense ....................................................................................
2.8
1.3
2.7
2.3
4.7
7.4
4.1
2.0
1.3
3.5
0.3
5.5
6.2
6.4 –3.0
1.8
State and local....................................................................................
3.6
3.8
4.2
2.8
3.7
2.9 –0.4 –0.1
0.0
0.9
1.5
0.3
1.6 –2.7 –3.6 –0.7
Addenda:
Final sales of domestic product..........................................................
4.0
4.5
4.9
4.2
1.9
1.2
2.8
3.4
3.4
2.6
2.0
0.2 –2.0
1.0
2.0
2.6
Gross domestic purchases.................................................................
4.7
5.5
5.7
4.8
1.1
2.3
3.1
4.2
3.5
2.6
1.1 –1.3 –3.8
2.9
1.7
2.6
Final sales to domestic purchasers ....................................................
4.2
5.6
5.7
4.8
2.0
1.8
3.1
3.9
3.5
2.6
1.4 –0.9 –3.0
1.5
1.8
2.4
Gross domestic income 1 ...................................................................
5.1
5.3
4.5
4.7
1.1
1.4
2.2
3.7
3.6
4.0
0.1 –0.8 –2.6
2.7
2.5
2.5
Gross national product .......................................................................
4.4
4.4
4.9
4.2
1.1
1.7
2.9
3.9
3.3
2.4
2.2
0.0 –3.0
2.8
2.1
2.7
Real disposable personal income ......................................................
3.7
5.9
3.3
5.0
2.8
3.1
2.7
3.6
1.5
4.0
2.1
1.5 –0.5
1.1
2.4
2.0
Price indexes:
Gross domestic purchases .............................................................
1.5
0.7
1.6
2.6
1.9
1.4
2.2
2.9
3.5
3.2
2.7
3.0 –0.2
1.5
2.3
1.7
Gross domestic purchases excluding food and energy 2 ...............
1.5
0.9
1.5
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
0.5
1.3
1.7
1.6
GDP................................................................................................
1.7
1.1
1.4
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
0.8
1.2
2.0
1.7
GDP excluding food and energy 2 ..................................................
1.8
1.2
1.5
2.3
2.0
1.8
1.9
2.7
3.4
3.1
2.6
2.1
0.5
1.4
1.8
1.7
Personal consumption expenditures...............................................
1.7
0.8
1.5
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1 –0.1
1.7
2.4
1.8

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.

- 13 -

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

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2009

2010

2011

2012

2013

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
39
40

Gross domestic product (GDP) ..............................................
Personal consumption expenditures (PCE) .....................................
Goods................................................................................................
Durable goods ...............................................................................
Nondurable goods .........................................................................
Services ............................................................................................
Gross private domestic investment ..................................................
Fixed investment ...............................................................................
Nonresidential................................................................................
Structures ..................................................................................
Equipment..................................................................................
Intellectual property products ....................................................
Residential.....................................................................................
Change in private inventories ............................................................
Net exports of goods and services ...................................................
Exports ..............................................................................................
Goods ............................................................................................
Services.........................................................................................
Imports ..............................................................................................
Goods ............................................................................................
Services.........................................................................................
Government consumption expenditures and gross investment ....
Federal ..............................................................................................
National defense............................................................................
Nondefense ...................................................................................
State and local...................................................................................
Addenda:
Final sales of domestic product.........................................................
Gross domestic purchases................................................................
Final sales to domestic purchasers ...................................................
Gross domestic income 1 ..................................................................
Gross national product ......................................................................
Real disposable personal income .....................................................
Price indexes:
Gross domestic purchases ............................................................
Gross domestic purchases excluding food and energy 2 ..............
GDP...............................................................................................
GDP excluding food and energy 2 .................................................
PCE ...............................................................................................
PCE excluding food and energy 2..................................................
Market-based PCE 3......................................................................
Market-based PCE excluding food and energy 3 ...........................

I

II

III

IV

I

II

III

IV

I

II

III

IV

I

II r

III r

–0.2
1.6
2.7
3.0
2.8
2.0
1.9
1.5
2.0
3.3
2.8
3.1
2.0
1.3
1.6
1.8
–0.1
0.7
2.0
2.0
3.1
3.1
2.6
2.5
2.0
2.2
2.3
2.2
2.0
1.9
1.9
1.8
0.9
1.8
3.8
3.0
5.1
4.8
3.5
2.9
2.3
2.7
3.2
3.9
3.5
3.3
3.6
3.6
2.5
3.6
7.4
4.1
9.3
9.3
5.9
5.5
5.7
6.8
7.8
8.6
7.8
6.9
7.7
7.5
0.2
1.0
2.2
2.5
3.3
2.8
2.5
1.7
0.7
0.9
1.2
1.7
1.6
1.7
1.6
1.8
–0.6
0.2
1.1
1.6
2.1
2.2
2.2
2.3
1.9
2.0
1.9
1.4
1.3
1.1
1.0
0.8
–11.0
3.9 16.3 21.1 11.1
5.5
3.7
1.1
9.3 14.3 10.1 11.2
3.1
1.7
4.4
6.8
–11.9 –4.4
2.6
2.6
5.5
5.1
4.0
7.7
8.1 10.5
9.5
6.5
6.8
4.3
4.7
5.4
–12.2 –4.3
1.5
4.9
8.1
6.8
6.4
8.4
8.6 10.4
9.0
5.0
5.0
2.4
2.4
3.2
–27.1 –26.7 –18.4 –13.8 –4.0 –5.5 –1.2
6.7
8.3 20.4 13.9
8.5
9.3 –0.3
2.1
4.0
–11.5
6.7 16.4 19.7 20.9 16.2 11.4 12.0 11.6 10.7 10.9
4.8
4.5
2.9
2.4
3.4
1.3
2.6
1.0
2.2
1.8
3.1
4.9
4.7
4.9
4.2
3.5
2.8
2.9
3.5
2.7
2.4
–10.8 –4.5
7.0 –6.9 –5.2 –1.6 –6.0
4.6
5.6 10.7 11.6 13.6 15.5 12.9 15.1 14.8
.......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... ..........
.......... .......... .......... .......... .......... .......... ........... .......... .......... .......... .......... .......... .......... .......... .......... ..........
0.4 10.8 13.1 12.4
9.8
9.1
7.9
6.9
4.6
4.7
4.4
2.8
2.4
1.0
2.0
2.8
–0.2 13.9 17.9 14.8 11.0
9.3
7.3
6.6
5.4
4.7
5.1
4.0
1.4
0.2
1.2
2.1
1.9
4.4
3.6
7.3
7.0
8.5
9.2
7.7
2.7
4.6
2.9 –0.2
4.7
2.8
3.8
4.5
–6.2
6.7 16.7 16.3 11.7
9.3
4.6
2.3
3.5
3.0
3.4
2.4
0.1
0.1
1.2
1.7
–6.6
8.3 20.3 19.0 13.5 10.8
4.8
2.2
3.4
2.6
3.4
2.6
0.0 –0.2
1.0
1.5
–4.3
0.1
2.2
5.0
3.7
2.3
3.3
2.8
3.9
5.2
3.9
1.2
0.5
1.8
2.2
2.6
2.3
1.4
0.3 –0.3 –1.1 –2.3 –3.3 –3.9 –3.3 –1.7 –1.3
0.2 –1.1 –1.8 –2.0 –2.7
3.9
5.7
4.5
4.0
3.2 –0.5 –2.1 –3.8 –3.9 –1.8 –2.3
0.7 –2.3 –3.8 –4.1 –6.5
3.6
5.4
2.9
2.6
2.0 –1.4 –1.3 –2.5 –4.2 –2.2 –4.0 –1.7 –5.0 –6.2 –6.1 –8.9
4.6
6.3
7.4
6.6
5.5
1.0 –3.5 –6.2 –3.3 –1.2
0.8
5.1
2.6
0.3 –0.8 –2.2
1.3 –1.3 –2.4 –3.1 –4.0 –3.6 –4.2 –3.9 –2.8 –1.6 –0.6 –0.2 –0.3 –0.5 –0.5 –0.1

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
26

–0.4
–1.2
–1.4
0.3
0.1
–0.6

0.4
1.3
0.2
2.0
2.0
–0.2

1.0
3.4
1.7
2.8
3.1
0.3

0.8
3.8
1.6
3.6
3.1
1.8

2.0
3.2
2.5
2.5
2.8
2.5

2.0
2.3
2.2
2.9
2.3
3.7

1.9
1.6
1.6
2.8
2.1
2.3

2.4
1.0
1.8
2.0
1.9
2.2

1.8
1.9
1.7
2.3
2.3
1.4

2.7
3.1
2.5
3.1
3.2
1.3

2.7
2.7
2.6
2.4
2.8
1.8

2.5
3.1
2.4
2.0
2.9
1.3

2.5
1.6
2.1
2.6
1.8
3.6

1.7
1.2
1.5
1.9
1.2
0.4

1.7
1.5
1.5
2.8
1.5
0.9

1.6
1.7
1.4
3.0
1.9
1.8

27
28
29
30
31
32

0.3
0.5
0.4
0.6
1.2
1.4
1.5
1.8

1.4
1.0
0.5
1.1
2.1
1.6
2.1
1.4

1.6
1.2
1.1
1.4
1.8
1.3
1.6
1.1

1.6
1.4
1.6
1.6
1.4
1.3
1.2
1.0

1.6
1.4
1.8
1.6
1.3
1.0
1.1
0.7

1.8
1.4
1.8
1.6
1.7
1.0
1.7
0.9

2.5
1.8
2.0
1.9
2.5
1.3
2.6
1.3

2.7
1.9
2.2
2.0
2.8
1.6
3.0
1.6

2.3
1.8
1.8
1.8
2.6
1.8
2.7
1.9

2.2
1.9
1.9
1.9
2.4
2.0
2.5
2.0

1.5
1.6
1.7
1.7
1.7
1.9
1.7
1.9

1.4
1.5
1.6
1.5
1.6
1.8
1.5
1.7

1.5
1.5
1.8
1.6
1.7
1.7
1.5
1.5

1.3
1.3
1.6
1.5
1.4
1.5
1.3
1.4

1.1
1.2
1.3
1.3
1.1
1.2
1.0
1.1

1.2
1.2
1.3
1.5
1.1
1.2
1.1
1.1

33
34
35
36
37
38
39
40

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2013.
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the
final consumption expenditures of nonprofit institutions serving households.

- 14 -

Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2010

2011

2012

2012
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 ...........................................................................................
Wages and salaries......................................................................................................
Supplements to wages and salaries ............................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments .......
Rental income of persons with capital consumption adjustment .....................................
Corporate profits with inventory valuation and capital consumption adjustments............
Net interest and miscellaneous payments .......................................................................
Taxes on production and imports less subsidies..............................................................
Business current transfer payments (net) ........................................................................
Current surplus of government enterprises .....................................................................
Addendum:
18 Gross domestic income ...................................................................................................

2013
IV

Line

I

II r

III r

14,958.3
720.0
514.1
15,164.2
2,381.6
43.1
12,739.5
7,967.3
6,377.5
1,589.8
1,032.7
402.8
1,740.6
489.4
1,001.2
128.5
–22.9

15,533.8
802.8
542.1
15,794.6
2,452.6
–53.7
13,395.7
8,278.5
6,638.7
1,639.8
1,155.1
484.4
1,877.7
456.9
1,037.2
129.6
–23.8

16,244.6 16,356.0 16,420.3
818.6
812.0
829.8
565.7
564.4
572.8
16,497.4 16,603.7 16,677.3
2,542.9 2,555.1 2,575.0
–17.0
86.4
–101.7
13,971.6 13,962.1 14,204.0
8,611.6 8,591.0 8,787.4
6,926.8 6,904.7 7,086.6
1,684.9 1,686.2 1,700.9
1,224.9 1,220.0 1,247.5
541.2
546.7
555.4
2,009.5 2,012.3 2,047.2
439.6
455.3
430.3
1,065.6 1,062.8 1,068.6
106.9
102.6
99.5
–27.7
–28.5
–31.8

16,535.3
813.3
575.9
16,772.7
2,603.8
–155.6
14,324.5
8,748.3
7,040.4
1,707.9
1,334.6
574.9
2,020.6
477.0
1,082.7
121.9
–35.5

16,661.0
817.0
570.1
16,907.9
2,631.9
–186.8
14,462.7
8,835.5
7,117.6
1,717.8
1,341.5
587.7
2,087.4
444.0
1,079.9
125.8
–39.0

16,890.8
822.7
558.6
17,154.9
2,655.7
–97.5
14,596.7
8,889.1
7,163.5
1,725.6
1,357.0
600.1
2,125.7
462.7
1,083.6
120.1
–41.5

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

14,915.2

15,587.5

16,261.6

16,690.9

16,847.8

16,988.3

18

16,269.6

16,522.0

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2013.

Table 10. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
Line

2010

2011

2012

2012
III

2013
IV

I

II

r

Line
III

r

Personal income 1 ............................................................................................................. 12,435.2 13,191.3 13,743.8 13,701.6 14,073.1 13,925.9 14,086.2 14,233.3
Compensation of employees ...........................................................................................
7,967.3 8,278.5 8,611.6 8,591.0 8,787.4 8,748.3 8,835.5 8,889.1
Wages and salaries...................................................................................................... 6,377.5 6,638.7 6,926.8 6,904.7 7,086.6 7,040.4 7,117.6 7,163.5
Supplements to wages and salaries ............................................................................ 1,589.8 1,639.8 1,684.9 1,686.2 1,700.9 1,707.9 1,717.8 1,725.6
Proprietors’ income with inventory valuation and capital consumption adjustments ....... 1,032.7 1,155.1 1,224.9 1,220.0 1,247.5 1,334.6 1,341.5 1,357.0
Farm.............................................................................................................................
46.0
72.6
75.4
75.3
74.5
137.0
129.0
131.3
Nonfarm .......................................................................................................................
986.7 1,082.6 1,149.6 1,144.7 1,173.0 1,197.6 1,212.5 1,225.7
Rental income of persons with capital consumption adjustment .....................................
402.8
484.4
541.2
546.7
555.4
574.9
587.7
600.1
Personal income receipts on assets ................................................................................ 1,739.6 1,884.6 1,958.5 1,926.9 2,062.8 1,935.8 1,994.0 2,030.2
Personal interest income..............................................................................................
1,195.0 1,204.1 1,211.6 1,203.7 1,218.4 1,215.8 1,225.6 1,234.4
Personal dividend income ............................................................................................
544.6
680.5
746.9
723.2
844.3
720.0
768.4
795.9
Personal current transfer receipts ....................................................................................
2,276.9 2,306.9 2,358.3 2,364.4 2,388.0 2,426.0 2,430.9 2,466.0
Less: Contributions for government social insurance, domestic ......................................
984.1
918.2
950.7
947.4
967.9 1,093.7 1,103.3 1,109.1
1,191.5 1,404.0 1,498.0 1,496.4 1,552.8 1,629.0 1,668.8 1,664.6
Less: Personal current taxes ...............................................................................................
Equals: Disposable personal income.............................................................................. 11,243.7 11,787.4 12,245.8 12,205.1 12,520.4 12,296.9 12,417.4 12,568.7
Less: Personal outlays......................................................................................................... 10,609.5 11,119.1 11,558.4 11,601.0 11,696.2 11,794.9 11,837.0 11,939.6
Equals: Personal saving ...................................................................................................
634.2
668.2
687.4
604.1
824.1
502.0
580.4
629.1
Personal saving as a percentage of disposable personal income ...................................
5.6
5.7
5.6
4.9
6.6
4.1
4.7
5.0
Addenda:
19 Personal income excluding current transfer receipts, billions of chained (2009) dollars 2 9,993.0 10,457.1 10,740.1 10,676.2 10,959.6 10,756.9 10,905.4 10,956.4
20 Disposable personal income, billions of chained (2009) dollars 2.................................... 11,060.8 11,324.6 11,551.6 11,493.6 11,743.0 11,502.4 11,618.5 11,702.6
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

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

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2013.
1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets, and personal
current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.

- 15 -

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

Percent change from preceding period

Seasonally adjusted at annual rates

Quarter
one year
ago Line

Quarterly rates

Line
2010

2011

2012

2011
2012
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 ................................

2012

2013
IV

I

2012

II

III

2013

IV

I

2013

II

III

III

1,740.6 1,877.7 2,009.5 2,012.3 2,047.2 2,020.6 2,087.4 2,125.7
370.6 374.2 434.8 439.1 433.2 408.2 418.2 413.4

7.9
1.0

7.0
16.2

1.7
–1.3

–1.3
–5.8

3.3
2.4

1.8
–1.1

5.6
–5.8

1
2

1,370.0 1,503.5 1,574.7 1,573.2 1,614.0 1,612.3 1,669.2 1,712.2
563.9 701.6 770.3 746.7 867.6 763.8 1,037.3 857.6

9.7
24.4

4.7
9.8

2.6
16.2

–0.1
–12.0

3.5
35.8

2.6
–17.3

8.8
14.8

3
4

854.7

–0.5

0.3

–9.7

13.7

–25.5

35.2

3.4

5

2,089.1 2,146.7 2,177.1 2,209.1 2,117.9 2,258.6 2,053.3 2,287.8

2.8

1.4

–4.1

6.6

–9.1

11.4

3.6

6

806.0 801.9 804.3 826.5 746.4 848.5 631.9 854.7
–0.5
0.3
–9.7
13.7 –25.5
35.2
3.4
1,262.5 1,306.0 1,365.7 1,373.6 1,384.4 1,400.4 1,415.7 1,428.7
3.4
4.6
0.8
1.2
1.1
0.9
4.0
–20.6 –38.8
–7.1
–9.0
12.9
–9.6
–5.7
–4.5 ............ ............. ............ ............ ............. ............ ............

7
8
9

806.0

801.9

804.3

826.5

746.4

848.5

631.9

1,834.8 1,847.4 2,190.0 2,208.5 2,229.5 2,193.1 2,239.7 2,285.1

0.7

18.5

1.0

–1.6

2.1

2.0

3.5

10

1,464.3 1,473.1 1,755.2 1,769.4 1,796.4 1,784.8 1,821.4 1,871.7
0.6
19.1
1.5
–0.6
2.1
2.8
5.8
–41.0 –56.0 –10.0 –22.0
–8.4 –13.0
8.9
1.7 ............ ............. ............ ............ ............. ............ ............
–53.3
86.4 –170.5 –174.2 –173.9 –159.5 –161.1 –161.1 ............ ............. ............ ............ ............. ............ ............

11
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
Line

2012
2010

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

2011

1,740.6 1,877.7
1,345.4 1,441.2
367.2
355.6
978.2 1,085.6
395.2
436.6
584.6
653.7
189.4
217.2

2012

2,009.5
1,590.5
422.0
1,168.5
418.9
665.9
247.0

2012

2013

III

IV

2,012.3
1,599.8
451.4
1,148.4
412.5
661.1
248.6

2,047.2
1,629.1
435.8
1,193.4
418.1
677.2
259.1

1,793.8 1,791.3 2,180.0 2,186.6 2,221.1
1,398.6 1,354.8 1,761.1 1,774.0 1,803.0
405.3
384.1
477.4
507.2
492.1
71.6
75.9
71.7
67.5
73.3
333.8
308.1
405.7
439.8
418.7
993.3
970.7 1,283.7 1,266.8 1,310.9
29.8
11.1
37.1
40.8
33.6
284.9
303.9
404.3
387.8
410.1
126.3
135.6
197.0
192.6
195.3
15.2
17.9
24.3
24.5
23.7
17.3
24.7
33.5
37.1
29.5
46.7
34.0
39.5
38.7
36.6
10.2
–10.3
47.2
158.6
45.8
24.7
64.4
23.7
102.2
118.3
44.6
94.7
318.7
395.2

5.2
–4.6
58.4
168.3
40.7
48.4
56.8
22.4
96.3
116.1
32.1
87.4
323.7
436.6

10.3
12.1
77.3
207.3
49.7
60.0
65.3
32.4
137.8
149.2
51.5
110.6
393.2
418.9

9.5
8.7
74.1
195.2
52.9
53.0
56.1
33.2
131.6
142.5
52.2
112.9
399.0
412.5

12.2
13.4
79.8
214.8
48.0
69.1
64.0
33.6
144.4
159.0
47.1
102.5
414.2
418.1

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

- 16 -

I

II

2011

2013

Line

2012

III

IV

I

II

III

2,125.7
1,705.9
464.8
1,241.1
419.8
667.8
248.0

137.1
95.8
–11.6
107.4
41.4
69.1
27.8

131.8
149.3
66.4
82.9
–17.7
12.2
29.8

34.9
29.3
–15.6
45.0
5.6
16.1
10.5

–26.6
–7.0
–4.1
–3.1
–19.6
–19.7
–0.1

66.8
62.2
24.5
37.8
4.6
1.2
–3.4

38.3
21.6
8.6
13.0
16.7
9.1
–7.6

1
2
3
4
5
6
7

2,180.0 2,248.6 2,286.8
1,781.5 1,845.5 1,867.0
486.9
511.9
520.4
70.0
82.1
90.4
416.9
429.8
430.0
1,294.6 1,333.6 1,346.6
38.3
47.2 ..............
389.7
381.8 ..............
186.7
195.4 ..............
23.5
24.6 ..............
24.6
31.0 ..............
35.1
36.7 ..............

–2.5
–43.8
–21.2
4.3
–25.7
–22.6
–18.7
19.0
9.3
2.7
7.4
–12.7

388.7
406.3
93.3
–4.2
97.6
313.0
26.0
100.4
61.4
6.4
8.8
5.5

34.5
29.0
–15.1
5.8
–21.1
44.1
–7.2
22.3
2.7
–0.8
–7.6
–2.1

–41.1
–21.5
–5.2
–3.3
–1.8
–16.3
4.7
–20.4
–8.6
–0.2
–4.9
–1.5

68.6
64.0
25.0
12.1
12.9
39.0
8.9
–7.9
8.7
1.1
6.4
1.6

38.2
21.5
8.5
8.3
0.2
13.0
.............
.............
.............
.............
.............
.............

8
9
10
11
12
13
14
15
16
17
18
19

–5.0
5.7
11.2
9.7
–5.1
23.7
–7.6
–1.3
–5.9
–2.2
–12.5
–7.3
5.0
41.4

5.1
16.7
18.9
39.0
9.0
11.6
8.5
10.0
41.5
33.1
19.4
23.2
69.5
–17.7

2.7
4.7
5.7
19.6
–4.9
16.1
7.9
0.4
12.8
16.5
–5.1
–10.4
15.2
5.6

–1.4
–3.5
2.9
–11.8
1.3
–11.7
–0.6
–0.7
5.8
–10.1
7.4
21.7
–25.3
–19.6

–1.2
4.6
–3.7
–16.6
7.9
–30.3
2.7
3.1
0.9
21.0
3.1
7.6
5.3
4.6

.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
.............
16.7

20
21
22
23
24
25
26
27
28
29
30
31
32
33

2,020.6 2,087.4
1,622.1 1,684.3
431.7
456.2
1,190.3 1,228.1
398.5
403.1
657.5
658.7
259.0
255.6

10.8
9.9
82.7
203.0
49.3
57.4
63.4
32.9
150.2
148.9
54.5
124.2
388.9
398.5

9.6
14.5
79.0
186.4
57.2
27.1
66.1
36.0
151.1
169.9
57.6
131.8
394.2
403.1

..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
..............
419.8

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

2010

2011

2012

2012

2013

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
Wages and salaries...............................................................................
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...............................................................

7,243.1
1,094.6
6,148.6
4,168.0
3,446.1
721.9
633.0
1,347.5
286.2
83.2

7,636.4
1,135.8
6,500.6
4,374.3
3,624.7
749.6
664.2
1,462.1
287.2
89.3

8,030.8
1,188.2
6,842.7
4,600.8
3,824.8
776.0
685.3
1,556.5
295.5
92.5

8,002.9
1,195.2
6,807.7
4,589.1
3,815.2
773.9
683.2
1,535.3
297.2
89.7

8,163.8
1,204.7
6,959.1
4,694.5
3,901.7
792.8
687.6
1,577.0
299.3
84.3

8,163.4
1,218.5
6,944.9
4,654.7
3,869.1
785.6
697.3
1,593.0
322.5
80.1

8,256.5
1,231.6
7,024.9
4,715.6
3,924.6
791.1
696.2
1,613.1
302.2
82.7

8,328.7
1,243.1
7,085.6
4,754.5
3,958.9
795.5
698.7
1,632.4
311.7
79.6

1
2
3
4
5
6
7
8
9
10

978.2
220.6

1,085.6
222.3

1,168.5
256.9

1,148.4
249.1

1,193.4
268.4

1,190.3
266.6

1,228.1
264.1

1,241.1
263.8

11
12

757.6
375.5

863.3
440.3

911.6
478.8

899.4
461.2

925.0
540.4

923.7
483.3

964.0
463.3

977.4
570.4

13
14

382.1

423.0

432.8

438.1

384.6

440.5

500.8

407.0

15

1,034.3

1,026.7

1,293.7

1,288.8

1,319.4

1,307.7

1,324.7

1,344.9

16

813.8
–41.0
–15.2

804.4
–56.0
114.9

1,036.8
–10.0
–115.1

1,039.7
–22.0
–118.4

1,051.0
–8.4
–117.6

1,041.1
–13.0
–104.3

1,060.6
8.9
–105.4

1,081.2
1.7
–105.5

17
18
19

7,701.5
1,139.4
6,562.2

7,821.0
1,147.1
6,673.9

7,795.6
1,156.0
6,639.6

7,889.9
1,164.7
6,725.2

7,919.9
1,172.8
6,747.1

20
21
22

Billions of chained (2009) dollars
20
Gross value added of nonfinancial corporate business 1 ...............
21 Consumption of fixed capital 2 ......................................................................
22 Net value added 3 .........................................................................................

7,244.4
1,093.5
6,151.0

7,464.6
1,110.1
6,354.5

7,743.2
1,136.0
6,607.1

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

1.000
0.575
0.290
0.151

1.023
0.586
0.291
0.152

1.037
0.594
0.291
0.153

1.039
0.596
0.294
0.155

1.044
0.600
0.291
0.154

1.047
0.597
0.297
0.156

1.046
0.598
0.293
0.156

1.052
0.600
0.294
0.157

23
24
25
26

0.099
0.040

0.101
0.038

0.100
0.038

0.100
0.039

0.099
0.038

0.100
0.041

0.099
0.038

0.098
0.039

27
28

0.135
0.030

0.145
0.030

0.151
0.033

0.149
0.032

0.153
0.034

0.153
0.034

0.156
0.033

0.157
0.033

29
30

0.105

0.116

0.118

0.117

0.118

0.118

0.122

0.123

31

r Revised. Revisions include changes to series affected by the incorporation of revised wage and salary estimates for the second quarter of 2013.
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 2009 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).

- 17 -

Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period and Contributions to Percent Change
Seasonally adjusted at annual rates
Line

2010 2011 2012 2009
IV

2010
I

II

2011
III

IV

I

II

2012
III

IV

1.4
–0.3
1.3
9.5
11.0
1.1
–2.8
1.4
1.1
1.4
6.6
1.7

4.9
15.5
–0.2
8.4
25.4
4.4
44.3
4.7
–0.3
5.0
43.0
5.9

I

II

2013
III

IV

I

II

Line
III

r

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

Gross domestic product (GDP) and related aggregates:
GDP .................................................................................
Goods...............................................................................
Services ...........................................................................
Structures.........................................................................
Motor vehicle output.........................................................
GDP excluding motor vehicle output ................................
Final sales of computers 1 ...............................................
GDP excluding final sales of computers ..........................
Research and development .............................................
GDP excluding research and development......................
Farm gross value added 2 ................................................
Nonfarm business gross value added 3 ...........................
Price indexes:
GDP .................................................................................
GDP excluding food and energy 4 ....................................
GDP excluding final sales of computers ..........................
Gross domestic purchases...............................................
Gross domestic purchases excluding food and energy 4
Gross domestic purchases excluding final sales of
computers to domestic purchasers ..............................
Personal consumption expenditures (PCE) .....................
PCE excluding food and energy 4 ....................................
Market-based PCE 5 ........................................................
Market-based PCE excluding food and energy 5 .............

2.5
8.6
1.1
–7.8
30.2
2.0
–4.5
2.5
1.9
2.5
1.5
3.2

1.8
4.3
1.1
–1.7
10.1
1.7
10.2
1.8
1.3
1.9
–5.1
2.5

2.8
3.9
1.6
3.9
2.8
2.8 –1.3
3.2
5.1 16.4 10.4
4.7
9.7
6.0 –0.9
5.9
1.2
1.2
0.1
2.0
1.7
1.6
0.2
1.5
7.3 –15.2 –16.7 18.3 –13.8
0.5 –15.3
8.2
13.2 16.3 36.8 18.0 24.1 –13.2 31.5 –5.2
2.5
3.7
0.9
3.6
2.3
3.2 –2.0
3.4
12.9 –13.1 27.5 –27.2 –8.0 34.6 22.6
0.5
2.7
4.0
1.5
4.1
2.8
2.7 –1.4
3.2
–0.3
3.9
1.1 –1.0
5.7
2.2 –0.1
1.0
2.9
3.9
1.6
4.0
2.7
2.8 –1.3
3.2
–1.1 –16.8 –16.9 29.8 –1.2 –25.6 12.1 –31.3
3.7
5.1
2.0
4.7
4.2
4.2 –2.1
4.7

3.7
1.2
2.8
0.1
1.1
5.6
0.6
4.8 –1.2
5.5
2.4
1.1
1.6 –0.6
0.3
7.3
4.5
4.7 12.7 –9.2
28.4
6.3
0.2 –2.8
9.2
3.1
1.1
2.9
0.2
0.9
35.0 –21.7
0.9 50.3 17.5
3.6
1.3
2.8
0.0
1.1
–1.1 –2.2
1.7
0.4 –0.2
3.8
1.3
2.8
0.1
1.2
–3.0
5.1 –30.8 –27.0 179.6
5.0
1.6
4.2
0.7 –0.3

2.5
3.6
3.9
9.6
0.7 –0.2
11.9 12.4
12.1 –12.7
2.2
4.1
15.4 –11.7
2.4
3.7
1.9
1.3
2.5
3.7
9.0 14.2
3.3
4.7

1
2
3
4
5
6
7
8
9
10
11
12

1.2
1.4
1.3
1.5
1.3

2.0
1.8
2.0
2.3
1.7

1.7
1.7
1.8
1.7
1.6

1.2
1.9
1.2
2.2
1.8

1.3
1.7
1.4
1.8
1.5

1.9
1.6
1.9
1.0
1.4

1.8
1.3
1.9
1.3
1.1

2.1
1.7
2.1
2.3
1.4

1.6
1.9
1.7
2.8
1.8

2.6
2.6
2.7
3.5
2.6

2.5
1.9
2.5
2.0
1.8

0.5
0.9
0.5
0.9
1.0

2.0
2.4
2.0
2.3
2.2

1.8
1.5
1.8
1.0
1.5

2.3
1.3
2.3
1.4
1.2

1.1
1.4
1.2
1.6
1.3

1.3
1.6
1.4
1.2
1.4

0.6
0.9
0.7
0.2
0.8

2.0
1.9
2.0
1.8
1.5

13
14
15
16
17

1.6
1.7
1.3
1.5
1.0

2.4
2.4
1.4
2.5
1.4

1.7
1.8
1.8
1.8
1.8

2.3
2.8
2.1
2.4
1.6

1.8
1.4
1.0
1.1
0.7

1.0
0.5
1.1
0.2
0.8

1.3
1.2
1.0
1.1
0.8

2.3
2.1
0.8
2.1
0.6

3.0
3.0
1.3
3.4
1.5

3.6
3.7
2.2
4.0
2.3

2.1
2.3
2.0
2.4
2.1

0.9
1.3
1.6
1.3
1.6

2.3
2.3
2.2
2.3
2.2

1.0
1.1
1.8
0.9
1.7

1.4
1.7
1.4
1.6
1.3

1.6
1.6
1.3
1.4
0.9

1.3
1.1
1.4
1.3
1.6

0.3
–0.1
0.6
–0.3
0.5

1.8
2.0
1.5
2.0
1.4

18
19
20
21
22

2.8

0.1

1.1

2.5

3.6

23

1.20 2.86
0.46 –0.14
0.82 0.88
0.32 –0.37
0.06 –0.05
0.05 0.03

24
25
26
27
28
29

Contributions to percent change in real gross domestic product

23
24
25
26
27
28
29

Percent change at annual rate:
Gross domestic product ............................................
2.5
1.8
2.8
3.9
1.6
3.9
2.8
2.8 –1.3
3.2
1.4
4.9
3.7
1.2
Percentage points at annual rates:
Goods .................................................................................. 2.39 1.26 1.53 4.37 2.90 1.40 2.74 1.74 –0.31 1.71 –0.10 4.43 1.72 0.22
Services ............................................................................... 0.72 0.70 0.76 0.75 0.02 1.30 1.09 1.03 0.13 0.95 0.85 –0.12 1.50 0.69
Structures ............................................................................ –0.61 –0.12 0.49 –1.24 –1.33 1.20 –1.05 0.04 –1.11 0.53 0.62 0.56 0.49 0.30
Motor vehicle output............................................................. 0.53 0.23 0.32 0.30 0.67 0.38 0.50 –0.32 0.63 –0.13 0.25 0.57 0.66 0.17
Final sales of computers...................................................... –0.02 0.04 0.05 –0.06 0.11 –0.14 –0.03 0.12 0.09 0.01 –0.01 0.15 0.13 –0.11
Research and development ................................................. 0.05 0.04 –0.01 0.10 0.03 –0.03 0.14 0.06 0.00 0.03 0.03 –0.01 –0.03 –0.06

1.46 –0.36 1.63
1.00 –0.35 0.21
0.32 0.85 –0.70
0.01 –0.07 0.24
0.00 0.16 0.07
0.04 0.01 0.00

r Revised
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. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
5. 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.

- 18 -

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 2009 -- 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 2008-09
annual percent change in real GDP uses prices for 2008 and 2009 as weights, and the 2008-09 annual
percent change in GDP prices uses quantities for 2008 and 2009 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 (2009) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2009 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2009
and if real output for this component increased 10 percent in 2010, then the chained (2009) dollar value of
this component in 2010 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights for
any period other than the reference year differ from those of the reference year. A measure of the extent of
such differences is provided by a “residual” line, which indicates the difference between GDP (or other
major aggregate) and the sum of the most detailed components in the table. For periods close to the
reference year, when there usually has not been much change in the relative prices that are used as weights,
the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just a
few years from the reference year.
Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November 2003
Survey, pp. 8-16.

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