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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, DECEMBER 22, 2015
BEA 15-66
GDP:
Profits:
News Media:

Lisa Mataloni
(202) 606-5304
Kate Pinard
(202) 606-5564
Jeannine Aversa (202) 606-2649

gdpniwd@bea.gov
cpniwd@bea.gov

GROSS DOMESTIC PRODUCT: THIRD QUARTER 2015 (THIRD ESTIMATE)
CORPORATE PROFITS: THIRD QUARTER 2015 (REVISED ESTIMATE)
Real gross domestic product -- the value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production, adjusted for price
changes -- increased at an annual rate of 2.0 percent in the third quarter of 2015, according to the "third"
estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.9
percent.
The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.1
percent. With the third estimate for the third quarter, the general picture of economic growth remains
the same; private inventory investment decreased more than previously estimated (see "Revisions" on
page 2).
The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), nonresidential fixed investment, state and local government
spending, residential fixed investment, and exports that were partly offset by a negative contribution
from private inventory investment. Imports, which are a subtraction in the calculation of GDP,
increased.
The deceleration in real GDP in the third quarter primarily reflected a downturn in private
inventory investment and decelerations in exports, in PCE, in nonresidential fixed investment, and in
state and local government spending that were partly offset by a deceleration in imports.
Real gross domestic income (GDI), which measures the value of the production of goods and
services in the United States as the costs incurred and the incomes earned in production, increased 2.7
percent in the third quarter, compared with an increase of 2.2 percent in the second. The average of
real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP
and GDI, increased 2.3 percent in the third quarter, compared with an increase of 3.0 percent in the
second.
NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. 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.

Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.2 percent in the third quarter, compared with an increase of 3.6 percent in the
second.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.3 percent in the third quarter, compared with an increase of 1.5 percent in the second.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent,
compared with an increase of 1.2 percent.
Current-dollar GDP -- the market value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production -- increased 3.3 percent, or
$146.5 billion, in the third quarter to a level of $18,060.2 billion. In the second quarter, current-dollar
GDP increased 6.1 percent, or $264.4 billion.
Revisions
The small downward revision to the percent change in real GDP primarily reflected a downward
revision to private inventory investment, based primarily on revised Census inventory data. For more
information, see the Technical Note. For information on revisions, see "The Revisions to GDP, GDI,
and Their Major Components."

Real GDP………………………….…..
Current-dollar GDP…………………...
Real GDI……………………………....
Average of Real GDP and Real GDI.....
Gross domestic purchases price index...

Advance Estimate
Second Estimate
Third Estimate
(Percent change from preceding quarter)
1.5
2.1
2.0
2.7
3.4
3.3
-3.1
2.7
-2.6
2.3
1.3
1.3
1.3

-2-

Corporate Profits
Profits from current production
Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) decreased $33.0 billion in the third quarter, in contrast to an
increase of $70.4 billion in the second.
Profits of domestic financial corporations increased $1.8 billion in the third quarter, compared
with an increase of $34.6 billion in the second. Profits of domestic nonfinancial corporations decreased
$11.8 billion, in contrast to an increase of $24.3 billion. The rest-of-the-world component of profits
decreased $23.1 billion, in contrast to an increase of $11.4 billion. This measure is calculated as the
difference between receipts from the rest of the world and payments to the rest of the world. In the third
quarter, receipts decreased $3.5 billion, and payments increased $19.5 billion.
Taxes on corporate income decreased $6.9 billion in the third quarter, in contrast to an increase
of $31.3 billion in the second. Profits after tax with IVA and CCAdj decreased $26.2 billion, in contrast
to an increase of $39.2 billion.
Dividends increased $26.0 billion in the third quarter, compared with an increase of $1.2 billion
in the second. Undistributed profits decreased $52.2 billion, in contrast to an increase of $38.0 billion.
Net cash flow with IVA -- the internal funds available to corporations for investment -- decreased $35.1
billion, in contrast to an increase of $48.1 billion.
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. The IVA increased $35.9 billion in the third quarter, in
contrast to a decrease of $78.7 billion in the second. The CCAdj decreased $1.3 billion, in contrast to an
increase of $7.7 billion.
Corporate profits with IVA
Profits of domestic financial corporations increased $2.5 billion in the third quarter, compared
with an increase of $34.3 billion in the second. Profits of domestic nonfinancial corporations decreased
$11.1 billion, in contrast to an increase of $17.0 billion. The third-quarter decrease in profits of
nonfinancial corporations primarily reflected a decrease in manufacturing of durable goods, specifically
motor vehicles and machinery, and a decrease in utilities.
Gross value added of nonfinancial domestic corporate business
Real gross value added of nonfinancial corporations increased in the third quarter. Unit profits
from current production (profits per unit of real value added) decreased, reflecting an increase in unit
labor costs that was partly offset by an increase in unit prices; unit nonlabor costs were unchanged in the
third quarter.

-3-

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 -- January 29, 2016 at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter and Annual 2015 (Advance Estimate)

*

*

*

Release Dates in 2016
Estimate

2015: IV | 2015 annual

2016: I

2016: II

2016: III

Gross Domestic Product
Advance
Second
Third

January 29

April 28

July 29

October 28

February 26

May 27

August 26

November 29

March 25

June 28

September 29

December 22

Corporate Profits
Preliminary
Revised

…

May 27

August 26

November 29

March 25

June 28

September 29

December 22

-4-

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

2012

2013

2014

2011
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

2012
I

II

2013
III

IV

Gross domestic product (GDP) .....
2.2
1.5
2.4
4.6
2.7
1.9
0.5
0.1
Personal consumption expenditures .......
1.5
1.7
2.7
1.4
2.4
0.7
1.1
1.1
Goods.......................................................
2.7
3.1
3.3
3.9
4.9
1.1
2.7
2.3
Durable goods ......................................
7.4
5.8
5.9 12.0 11.4
2.8
6.8
8.1
Nondurable goods ................................
0.6
1.9
2.1
0.5
2.0
0.4
0.9 –0.3
Services ...................................................
0.8
1.0
2.4
0.1
1.2
0.5
0.2
0.5
Gross private domestic investment ......... 10.6
4.5
5.4 32.1
9.7 10.2 –1.1 –3.2
Fixed investment ......................................
9.8
4.2
5.3
9.9 14.7
6.9
0.1
6.9
Nonresidential.......................................
9.0
3.0
6.2
9.5 12.2
7.5 –2.1
3.7
Structures ......................................... 12.9
1.6
8.1 13.8 19.9 10.3 –4.0 –7.3
Equipment......................................... 10.8
3.2
5.8
9.4 16.0
8.8 –3.3
7.3
Intellectual property products ...........
3.9
3.8
5.2
6.8
1.9
3.8
1.4
6.8
Residential............................................ 13.5
9.5
1.8 11.7 27.5
3.7 10.7 22.3
Change in private inventories................... ........... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services .......... ........... .......... .......... .......... .......... .......... .......... ..........
Exports.....................................................
3.4
2.8
3.4
4.1
2.7
4.6
2.0 –0.5
Goods...................................................
3.6
2.8
4.4
8.1
1.8
4.7
2.2 –3.8
Services................................................
3.0
2.7
1.2 –4.7
4.8
4.2
1.5
7.5
Imports .....................................................
2.2
1.1
3.8
4.5
2.4
2.0
0.6 –3.8
Goods...................................................
2.1
1.0
4.3
5.5
2.5
1.7
0.6 –4.3
Services................................................
3.0
1.5
1.6
0.0
1.6
3.5
0.7 –0.9
Government consumption expenditures
and gross investment ............................ –1.9 –2.9 –0.6 –1.6 –1.9 –1.9 –1.2 –3.8
Federal ..................................................... –1.9 –5.7 –2.4 –2.6 –0.4 –2.9
0.5 –5.5
National defense................................... –3.4 –6.7 –3.8 –9.5 –3.7 –4.4
0.8 –8.1
Nondefense ..........................................
0.9 –4.0 –0.1 11.4
5.6 –0.4 –0.1 –1.1
State and local.......................................... –1.9 –1.0
0.6 –0.8 –3.0 –1.2 –2.3 –2.6
Addenda:
Gross domestic income (GDI) 1 ................
3.3
1.3
2.6
3.3
7.7
0.6 –0.1
3.5
Average of GDP and GDI .........................
2.7
1.4
2.5
3.9
5.2
1.2
0.2
1.8
Final sales of domestic product................
2.1
1.4
2.4
1.8
3.3
1.4
0.7
1.6
Gross domestic purchases.......................
2.1
1.2
2.5
4.6
2.6
1.5
0.3 –0.5
Final sales to domestic purchasers..........
1.9
1.2
2.5
1.9
3.2
1.1
0.5
1.0
Final sales to private domestic
purchasers............................................
2.9
2.2
3.2
2.8
4.5
1.8
0.9
2.2
Gross national product (GNP)..................
2.1
1.5
2.5
4.9
2.1
1.3
0.6 –0.1
Disposable personal income ....................
3.2 –1.4
2.7
0.2
6.7
3.1 –0.2 10.9
Current-dollar measures:
GDP......................................................
4.1
3.1
4.1
5.2
4.9
3.8
2.7
1.7
GDI .......................................................
5.2
2.9
4.3
3.9 10.0
2.4
2.0
5.2
Average of GDP and GDI .....................
4.6
3.0
4.2
4.5
7.4
3.1
2.3
3.4
Final sales of domestic product ............
4.0
3.1
4.1
2.3
5.6
3.2
3.1
3.1
Gross domestic purchases ...................
3.9
2.7
4.1
5.7
5.1
2.8
1.5
1.6
Final sales to domestic purchasers ......
3.8
2.6
4.1
2.9
5.8
2.2
1.8
2.9
Final sales to private domestic
purchasers ........................................
4.8
3.6
4.7
4.1
6.9
3.1
2.3
4.1
GNP......................................................
4.0
3.2
4.1
5.5
4.2
3.2
2.8
1.5
Disposable personal income ................
5.1 –0.1
4.2
1.6
9.2
4.4
1.1 13.3

r Revised
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
See Explanatory Note at the end of the tables.

-5-

I

II

2014
III

IV

I

II

Line

2015
III

IV

I

II

III

r

1.9
1.1
3.0
3.8 –0.9
4.6
4.3
2.1
0.6
3.9
2.0
2.5
1.4
1.7
3.5
1.3
3.8
3.5
4.3
1.8
3.6
3.0
6.1
1.2
2.6
3.1
1.1
6.7
4.1
4.1
1.1
5.5
5.0
8.8
2.2
3.2
4.1
2.6 13.9
7.5
6.1
2.0
8.0
6.6
4.8
0.7
2.3
2.6
0.4
3.4
2.4
3.2
0.7
4.3
4.2
0.7
1.5
1.2
3.7
1.4
2.4
3.1
4.3
2.1
2.7
2.1
7.1
5.2 13.7
4.2 –2.5 12.6
7.4
2.1
8.6
5.0 –0.7
4.9
2.6
3.8
5.1
6.0
5.6
7.9
2.5
3.3
5.2
3.7
4.0
1.0
3.5
8.7
8.3
4.4
9.0
0.7
1.6
4.1
2.6
–6.0 11.7 17.9
4.0 19.1 –0.2 –1.9
4.3 –7.4
6.2 –7.2
6.3 –0.8 –3.8 14.7
3.5
6.5 16.4 –4.9
2.3
0.3
9.9
7.8 –3.2
5.2
3.5
7.8
4.8
6.6
6.9
7.4
8.3 –0.8
9.1
9.1
4.9 –8.1 –2.8 10.4
3.4 10.0 10.1
9.3
8.2
........... ........... ........... .......... .......... .......... .......... .......... .......... .......... ...........
........... ........... ........... .......... .......... .......... .......... .......... .......... .......... ...........
1.0
4.9
4.2 10.9 –6.7
9.8
1.8
5.4 –6.0
5.1
0.7
0.4
7.5
5.0 14.9 –9.4 12.2
6.0
3.9 –11.7
6.5 –0.9
2.2 –0.6
2.4
2.6 –0.3
4.7 –7.1
8.9
7.3
2.3
3.9
0.8
5.5
2.4
1.0
2.8
9.6 –0.8 10.3
7.1
3.0
2.3
1.1
5.3
2.6
0.7
4.7
9.9 –0.8
9.9
7.2
3.2
1.4
–0.6
6.0
1.5
2.7 –6.0
8.2 –0.6 11.9
6.7
2.0
6.4
–4.5
–9.3
–10.3
–7.6
–1.1

–2.0
–5.6
–5.8
–5.4
0.4

–2.2
–5.8
–7.6
–2.6
0.2

–2.7
–6.6
–5.8
–7.9
–0.1

0.0
0.3
–4.6
8.9
–0.2

1.2
–1.2
–0.5
–2.2
2.6

–0.5
0.7
1.6
1.8
1.5

2.9
2.0
0.7
1.3
0.9

0.4
1.7
1.5
2.7
1.3

2.7
3.2
4.0
2.5
2.6

0.6
–0.2
0.4
0.5
1.8

3.0
1.6
–15.9

1.6
1.7
2.7

2.1
3.3
2.2

3.8
3.9
0.6

3.6
1.1
2.3
3.1
3.4
2.9

2.1
3.9
3.0
1.8
2.0
1.7

4.9
2.3
3.6
3.5
4.4
3.1

4.4
3.3
–14.7

2.4
2.7
3.1

3.8
5.3
3.9

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

1.8 –1.4
3.7 –5.7
4.5 –10.3
2.5
2.1
0.6
1.3

–0.1
1.1
1.0
1.2
–0.8

2.6
0.0
0.3
–0.5
4.3

1.8
0.2
–1.4
2.8
2.8

22
23
24
25
26

4.8
4.7
3.5
4.7
3.6

5.1
4.7
4.3
3.8
3.8

2.9
2.5
2.1
2.9
3.0

0.4
0.5
–0.2
2.5
1.7

2.2
3.0
3.9
3.6
3.7

2.7
2.3
2.7
2.2
2.9

27
28
29
30
31

2.2
–1.2
4.0

4.2
4.4
3.0

4.3
4.5
2.7

3.9
1.9
4.7

2.0
–0.2
3.9

3.9
3.9
2.6

3.2
1.3
3.8

32
33
34

5.6
4.4
5.0
5.9
4.3
4.5

0.6
2.2
1.4
1.9
2.1
3.4

6.9
7.1
7.0
5.8
6.7
5.6

6.0
6.8
6.4
6.0
5.4
5.4

2.2
3.0
2.6
2.2
2.8
2.8

0.8
0.5
0.6
–0.1
0.9
0.0

6.1
4.4
5.2
6.2
5.2
5.2

3.3
4.0
3.7
4.1
3.5
4.2

35
36
37
38
39
40

5.4
5.7
2.0

4.0
0.4
5.6

6.2
6.8
5.2

5.8
6.2
3.9

3.8
2.0
4.2

0.4
–0.1
1.9

5.5
6.1
4.9

4.5
2.7
5.1

41
42
43

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

2012 2013 2014 2011
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.................................................

2.2

1.5

2.4

4.6

1.01
0.63
0.53
0.18
0.07
0.23
0.04
0.10

1.16
0.71
0.42
0.11
0.09
0.18
0.04
0.29

1.84 0.94
0.75 0.90
0.43 0.83
0.14 0.50
0.11 0.14
0.14 0.23
0.04 –0.05
0.32 0.08

0.00
0.02
–0.04
0.12
0.38

2012
I

II

2.7

1.9

2013
III

0.1

I

II

1.9

1.1

2014
III

IV

I

II

2015
III

IV

Line
III r

I

II

0.6

3.9

2.0

1

2.86 1.19
0.91 0.25
0.44 0.14
0.11 –0.09
0.10 0.08
0.17 0.13
0.06 0.02
0.47 0.10

3.0

3.8

–0.9

4.6

4.3

0.72 0.78
0.63 0.53
0.48 0.58
0.15 0.22
0.04 0.09
0.20 0.19
0.08 0.08
0.14 –0.05

1.74 0.96 1.17
1.39 0.28 0.60
0.64 0.17 0.24
0.23 –0.02 –0.04
0.13 0.07 0.16
0.25 0.12 0.12
0.03 0.00 0.00
0.75 0.11 0.36

2.36
0.70
0.30
0.06
0.07
0.08
0.09
0.40

0.85
0.25
0.19
0.10
0.03
0.04
0.01
0.06

2.60
1.49
0.96
0.41
0.21
0.26
0.08
0.52

2.34
0.91
0.54
0.19
0.10
0.25
0.01
0.37

2.42
1.20
0.57
0.24
0.07
0.17
0.09
0.62

2.04
1.08
0.47
0.08
0.14
0.20
0.06
0.61

2
3
4
5
6
7
8
9

0.05
0.03
0.04
0.17
0.45

0.03 –0.05 0.07 0.02 0.02 0.03
0.03 0.07 0.14 –0.14 0.14 –0.08
0.02 –0.05 –0.17 0.22 –0.02 –0.18
0.25 0.11 0.28 –0.04 0.00 0.18
1.09 0.04 0.52 0.20 0.10 0.25

0.15 –0.09 0.12
0.12 0.06 –0.05
0.17 0.08 0.05
0.30 0.07 0.25
0.36 0.68 0.57

0.10 0.03 –0.01 –0.04 –0.04 –0.04 0.14
0.03 –0.06 0.15 0.06 0.15 –0.02 0.14
0.03 –0.01 –0.05 0.01 0.18 0.11 –0.01
0.24 0.11 0.43 0.34 0.18 0.06 0.36
1.66 0.61 1.11 1.42 1.95 0.94 1.23

0.01
0.03
0.09
0.48
0.96

10
11
12
13
14

0.26
0.01
0.25
0.03
0.05
0.11
–0.28
0.09

0.42
0.06
0.11
0.06
0.05
0.07
0.05
0.02

1.06 0.15 0.37 –0.15 0.08
0.14 –0.14 –0.42 0.45 0.15
0.31 0.51 0.59 –0.13 0.13
0.10 0.02 –0.08 0.16 0.05
0.07 0.01 0.01 0.12 0.02
0.13 0.08 0.19 0.08 0.09
0.06 –0.30 –0.25 –0.69 –0.39
0.24 –0.01 0.33 –0.14 0.04

2.00 1.09 1.20 0.71
0.22 0.43 –0.10 0.10
0.80 0.52 0.34 0.40
0.13 0.07 0.14 0.08
0.15 –0.05 0.06 0.00
0.26 0.12 0.31 0.08
0.05 0.00 0.12 –0.05
0.40 0.01 0.32 0.10

15
16
17
18
19
20
21
22

0.12
0.21

0.03
0.09

0.04 –0.12
0.10 0.27

0.09
1.52
1.38
1.05
0.32
0.58
0.11
0.03
0.07
0.11
0.22
0.14
0.15
0.09
0.04
0.01
0.33
0.14
–0.13
0.27
0.08
0.46
0.34
0.12
–0.38
–0.30
–0.09

0.06
0.70
0.64
0.38
0.04
0.19
0.07
0.02
0.05
–0.03
0.15
0.01
0.15
0.06
0.08
0.01
0.27
0.06
0.19
–0.13
0.20
0.38
0.26
0.11
–0.18
–0.14
–0.04

0.07
0.87
0.82
0.77
0.23
0.34
0.07
–0.02
0.08
0.09
0.17
0.01
0.20
0.11
0.08
0.01
0.05
0.05
–0.02
0.07
–0.18
0.46
0.41
0.05
–0.63
–0.59
–0.05

–0.38
–0.15
–0.18
–0.10
–0.08
0.03
0.05
–0.02
–0.22
–0.09
–0.14

–0.58
–0.46
–0.34
–0.27
–0.07
–0.12
–0.08
–0.04
–0.12
–0.04
–0.08

–0.11
–0.18
–0.18
–0.14
–0.04
0.00
0.01
–0.01
0.07
0.06
0.01

1.63 0.45
1.11 0.26
0.79 0.20
0.28 0.05
0.13 –0.07
0.32 0.18
0.06 0.04
0.32 0.06

0.5

IV

–0.01 0.54 0.73 0.48
–0.31 0.28 0.01 –0.15
–0.01 –0.13 0.44 0.24
–0.03 0.10 0.09 0.08
0.08 0.04 –0.08 0.16
0.12 0.13 –0.14 0.05
–0.03 0.39 0.24 0.00
0.16 –0.27 0.17 0.10

0.15
0.44

0.35
0.08

0.02
0.27

0.38
4.16
1.36
1.08
0.34
0.49
–0.04
–0.05
0.01
0.29
0.49
–0.25
0.26
0.15
0.07
0.03
0.28
2.80
0.05
2.75
–0.21
0.56
0.76
–0.20
–0.76
–0.76
0.00

0.30
1.47
2.00
1.37
0.48
0.81
0.37
0.14
0.22
–0.05
0.14
0.36
0.07
0.03
0.03
0.02
0.63
–0.53
–0.30
–0.23
–0.02
0.37
0.18
0.19
–0.40
–0.35
–0.05

–0.26
1.53
0.98
0.88
0.27
0.47
–0.08
–0.05
–0.03
0.16
0.17
0.22
0.14
0.10
0.04
0.00
0.10
0.56
–0.12
0.68
0.28
0.61
0.44
0.17
–0.33
–0.23
–0.10

0.25
–0.18
0.00
–0.27
–0.12
–0.21
–0.12
–0.13
0.01
–0.14
–0.07
0.13
0.05
0.00
0.05
0.00
0.27
–0.18
–0.29
0.11
0.16
0.27
0.20
0.06
–0.10
–0.09
–0.02

–0.21
–0.51
1.03
0.46
–0.21
0.41
0.25
0.17
0.09
0.11
0.14
–0.09
0.26
0.12
0.12
0.01
0.57
–1.54
0.15
–1.69
0.58
–0.07
–0.37
0.30
0.65
0.62
0.03

0.03
1.05
0.77
0.51
–0.16
0.38
0.17
0.06
0.12
–0.08
0.12
0.16
0.30
0.13
0.16
0.01
0.26
0.28
0.53
–0.24
–0.01
0.12
0.03
0.09
–0.13
–0.15
0.02

0.32
0.78
0.40
0.14
0.30
–0.04
–0.05
–0.08
0.03
–0.12
0.37
–0.25
–0.13
–0.15
0.01
0.01
0.27
0.38
0.15
0.23
–0.24
0.64
0.67
–0.02
–0.89
–0.72
–0.16

0.00
2.07
0.59
0.44
0.46
–0.22
0.10
0.05
0.05
0.02
–0.10
–0.24
0.20
0.14
0.06
0.00
0.15
1.48
0.13
1.35
0.16
0.55
0.45
0.10
–0.39
–0.35
–0.04

0.17
0.71
0.79
1.05
0.11
0.80
–0.10
0.05
–0.14
–0.07
0.49
0.47
0.13
0.09
0.03
0.02
–0.26
–0.08
0.04
–0.12
1.26
1.42
1.31
0.11
–0.16
–0.09
–0.07

–0.40
–0.38
0.91
1.00
0.50
0.20
0.08
–0.14
0.22
0.25
–0.05
–0.09
0.30
0.14
0.14
0.02
–0.09
–1.29
–0.26
–1.03
–1.39
–0.95
–0.94
–0.01
–0.44
–0.61
0.17

0.33
1.99
0.87
0.56
0.00
0.38
0.28
0.05
0.24
0.18
0.07
–0.16
0.19
0.13
0.04
0.01
0.31
1.12
0.09
1.03
–0.24
1.28
1.09
0.20
–1.52
–1.30
–0.22

0.20
1.22
1.23
1.12
–0.05
0.92
–0.14
0.02
–0.15
0.11
0.58
0.37
0.25
0.17
0.07
0.01
0.11
–0.01
0.08
–0.09
0.39
0.24
0.55
–0.31
0.15
0.13
0.02

0.45
0.36
0.39
0.09
0.12
–0.30
0.32
–0.02
0.34
–0.07
–0.14
–0.41
0.27
0.10
0.15
0.02
0.31
–0.03
–0.05
0.02
–0.89
0.71
0.36
0.35
–1.60
–1.29
–0.31

0.20
1.39
0.52
0.20
–0.22
0.14
–0.07
–0.10
0.03
–0.02
0.18
0.05
0.29
0.16
0.12
0.01
0.32
0.87
0.10
0.77
–1.92
–0.81
–1.10
0.30
–1.12
–0.93
–0.18

–0.31
–0.21
–0.53
–0.53
0.00
0.32
0.35
–0.03
–0.10
–0.05
–0.05

–0.40
–0.03
–0.20
0.00
–0.20
0.16
0.17
–0.01
–0.36
–0.11
–0.25

–0.39
–0.24
–0.23
–0.18
–0.05
–0.01
0.00
–0.01
–0.14
–0.09
–0.05

–0.22
0.04
0.04
0.11
–0.07
0.00
0.02
–0.03
–0.26
–0.05
–0.21

–0.75
–0.45
–0.42
–0.28
–0.14
–0.03
–0.02
–0.01
–0.30
–0.10
–0.20

–0.88
–0.75
–0.53
–0.45
–0.07
–0.23
–0.15
–0.08
–0.12
–0.07
–0.06

–0.38
–0.43
–0.28
–0.18
–0.10
–0.16
–0.12
–0.04
0.05
0.00
0.05

–0.42
–0.44
–0.36
–0.42
0.06
–0.07
–0.06
–0.02
0.02
0.01
0.01

–0.51
–0.49
–0.27
–0.24
–0.03
–0.23
–0.20
–0.03
–0.01
0.07
–0.08

0.00
0.02
–0.21
–0.03
–0.18
0.23
0.24
–0.01
–0.03
0.07
–0.10

0.21 0.33
–0.08 0.26
–0.02 0.19
–0.12 0.23
0.10 –0.04
–0.06 0.07
–0.05 0.07
–0.01 0.00
0.29 0.07
0.11 0.05
0.19 0.02

–0.26
–0.41
–0.47
–0.43
–0.04
0.06
0.02
0.04
0.15
0.06
0.09

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

-6-

0.26 –0.19 –0.05
0.05 –0.15 0.27

0.09
0.09

1.51 0.65 1.08 1.34
0.30 0.54 –0.17 –0.13
0.38 –0.25 0.63 0.57
0.00 0.16 0.08 0.14
0.10 0.08 –0.03 0.13
0.27 –0.05 0.28 0.17
0.23 –0.10 0.04 0.16
0.23 0.26 0.24 0.30
0.14 –0.04
0.31 –0.44

0.03
0.36

2.1

0.09 –0.06 –0.15
0.28 0.39 0.05

0.03
0.05

0.25
0.11

23
24

0.02
0.85
0.83
0.53
0.18
0.03
–0.08
0.11
–0.18
0.26
–0.07
–0.09
0.33
0.11
0.21
0.01
0.30
0.02
–0.09
0.11
0.18
0.64
0.55
0.10
–0.46
–0.41
–0.05

–0.14
–0.11
0.60
0.33
–0.21
0.57
0.43
0.08
0.35
–0.05
0.29
–0.10
–0.03
–0.02
–0.03
0.02
0.27
–0.71
0.08
–0.79
–0.26
0.09
–0.07
0.16
–0.35
–0.18
–0.17

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

–0.01 0.46 0.32
0.08 0.00 0.02
0.04 0.01 –0.06
0.13 –0.03 –0.02
–0.09 0.05 –0.04
0.03 –0.01 0.08
0.04 –0.04 0.06
0.00 0.03 0.01
–0.09 0.46 0.30
0.06 0.04 0.14
–0.14 0.42 0.17

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
2014

2014

2014

2015

2014

2015

Line

2015
2014

1
Gross domestic product (GDP) ....................
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...............................................................

III

IV

I

II

III r

16,068.8
10,918.6
3,755.2
1,402.5
403.2

16,151.4
11,033.3
3,793.2
1,423.5
407.7

16,177.3
11,081.2
3,803.7
1,430.4
404.1

16,333.6
11,178.9
3,855.0
1,458.3
413.6

16,414.0
11,262.4
3,902.0
1,481.7
416.7

378.3
285.3
118.4
76.5
20.9

156.2
97.7
51.3
27.8
9.5

80.4
83.5
47.0
23.4
3.1

1
2
3
4
5

287.9
290.2
292.3
293.8
298.0
301.0
323.9
327.6
332.5
336.7
340.5
347.7
354.6
359.1
361.1
361.7
366.7
373.0
481.6
490.1
500.4
508.2
518.6
531.4
197.5
198.2
198.6
198.5
201.2
202.8
192.9
193.3
195.7
196.8
200.9
203.3
2,668.2 2,692.2 2,676.6 2,599.7 2,651.8 2,684.4 2,367.8 2,375.2 2,393.7 2,397.8 2,423.0 2,447.9

19.7
31.9
6.4
48.0

3.8
10.5
4.1
25.2

7.2
12.8
2.5
24.9

6
7
8
9

886.5
890.3
893.8
891.5
895.1
900.7
807.5
807.1
805.7
804.1
809.5
810.1
368.9
371.2
374.0
372.3
377.5
379.2
348.4
349.5
355.8
354.8
360.5
361.7
401.1
406.6
371.4
293.7
317.6
320.4
276.8
275.1
280.8
284.8
284.5
288.1
1,011.7 1,024.0 1,037.4 1,042.2 1,061.6 1,084.1
945.0
954.4
961.7
964.1
978.6
998.3
7,917.5 7,961.7 8,081.3 8,153.9 8,250.2 8,334.9 7,144.6 7,163.8 7,240.4 7,277.4 7,325.3 7,363.4

4.1
5.0
2.0
38.7
167.6

5.4
5.7
–0.3
14.6
47.9

0.6
1.2
3.7
19.6
38.1

10
11
12
13
14

7,595.2
2,142.6
1,954.0
354.5
455.5
750.9
882.7
1,055.0

7,992.5 6,839.5 6,856.2 6,934.9 6,977.6 7,024.3 7,052.4
2,225.4 1,961.2 1,954.8 1,963.5 1,980.5 1,976.7 1,980.7
2,073.8 1,791.6 1,801.0 1,832.9 1,853.8 1,867.5 1,884.0
377.1
323.9
326.2
331.3
334.0
339.8
342.9
472.6
416.2
417.0
422.8
420.7
423.1
423.2
810.7
671.1
674.6
684.8
689.3
701.4
704.6
925.5
722.9
725.6
727.4
727.4
731.4
729.5
1,107.4
954.1
958.2
974.1
974.4
986.8
990.7

161.6
22.3
47.7
15.2
11.6
19.6
8.9
36.7

46.7
–3.8
13.8
5.8
2.4
12.1
4.0
12.5

28.1
4.0
16.5
3.1
0.1
3.2
–1.8
3.8

15
16
17
18
19
20
21
22

322.3
325.6
329.0
325.9
329.0
342.4
305.8
308.4
306.0
300.0
301.2
311.5
1,278.3 1,287.2 1,309.9 1,319.0 1,330.2 1,341.4 1,158.7 1,163.8 1,179.3 1,181.2 1,183.2 1,187.6

5.9
15.9

1.2
1.9

10.2
4.5

23
24

10.1
140.4
131.9
124.5
34.9
56.7
12.0
–3.0
14.5
14.2
28.6
2.0
32.6
19.2
11.5
2.2
8.4
6.6
–3.0
10.8
–25.0
68.2
60.7
7.4
93.3
85.2
7.3

0.7
34.5
34.1
22.1
7.0
0.9
–3.8
5.2
–8.4
10.9
–3.0
–3.9
13.9
4.8
8.3
0.4
11.6
0.7
–2.8
4.2
6.6
26.2
22.6
3.8
19.6
17.3
2.3

–5.4
–5.1
25.2
14.2
–8.6
25.1
20.5
4.1
16.3
–1.9
12.7
–4.5
–1.3
–0.8
–1.3
0.9
10.4
–28.0
2.4
–31.8
–11.5
3.5
–3.1
6.3
15.1
7.6
7.4

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

17,348.1
11,865.9
3,948.4
1,280.2
440.2

956.0
2,860.0
2,782.9
2,233.7
507.0
1,036.7
308.0
79.3
228.7
223.8
272.4
232.6
690.0
313.0
298.3
78.6
549.2
77.1
5.9
71.2
–530.0
2,341.9
1,618.0
723.9
2,871.9
2,388.5
483.4

III

IV

I

II

III r

17,522.1
11,949.1
3,987.4
1,295.1
447.7

17,615.9
12,061.4
3,980.1
1,303.5
451.6

17,649.3
12,055.5
3,901.5
1,301.8
447.8

17,913.7
12,228.4
3,978.1
1,326.4
460.4

18,060.2
12,359.0
4,024.1
1,339.6
462.8

7,636.1
2,143.0
1,968.6
357.4
457.5
757.2
890.9
1,061.5

961.6
2,910.2
2,821.8
2,267.0
505.4
1,065.3
304.7
80.4
224.3
229.2
287.6
243.8
696.3
317.7
299.5
79.0
554.8
88.3
8.0
80.3
–514.6
2,360.6
1,641.9
718.7
2,875.2
2,392.7
482.5

7,752.3
2,165.4
2,003.5
364.1
463.8
776.1
897.4
1,081.9

980.9
2,937.2
2,848.7
2,274.1
512.0
1,055.0
318.4
79.6
238.8
226.1
283.9
226.5
707.2
319.4
308.1
79.6
574.6
88.5
5.4
83.1
–545.2
2,349.5
1,616.5
732.9
2,894.6
2,400.0
494.6

7,828.0
2,197.6
2,023.8
366.2
463.5
787.1
904.7
1,085.2

993.1
2,995.9
2,868.6
2,280.7
499.3
1,063.5
316.4
75.0
241.4
224.9
292.2
230.0
717.8
324.1
313.0
80.7
588.0
127.3
9.0
118.3
–551.6
2,257.3
1,517.5
739.8
2,808.9
2,311.7
497.2

7,921.2
2,204.5
2,049.0
373.7
470.2
803.4
920.4
1,099.9

1,001.2
3,025.5
2,897.9
2,297.9
503.8
1,064.6
312.1
79.1
233.0
236.2
289.4
226.8
729.6
326.7
321.1
81.8
600.0
127.5
4.3
123.2
–519.3
2,280.0
1,535.5
744.5
2,799.3
2,299.9
499.5

999.0
3,030.6
2,935.3
2,319.4
496.0
1,090.9
330.5
82.3
248.2
234.1
303.9
222.4
732.4
328.3
321.4
82.7
615.9
95.3
8.0
87.3
–530.4
2,259.8
1,508.9
750.9
2,790.2
2,285.4
504.7

15,961.7
10,875.7
3,731.2
1,384.1
396.7

853.6
2,717.7
2,633.8
2,148.3
464.6
1,026.2
326.4
89.0
236.8
208.9
271.8
224.8
659.5
315.0
266.8
78.2
486.4
68.0
3.7
65.0
–442.5
2,086.4
1,443.0
642.9
2,528.9
2,076.5
450.8

856.1
2,758.1
2,663.5
2,176.3
462.3
1,053.1
322.8
90.1
232.2
213.5
286.5
235.4
663.8
319.1
267.1
78.3
488.5
79.9
5.8
74.5
–429.1
2,096.0
1,460.1
635.4
2,525.1
2,074.1
449.4

873.7
2,772.5
2,679.7
2,180.0
467.1
1,040.0
337.6
89.3
247.5
210.8
280.4
217.9
675.0
323.4
272.8
79.2
500.2
78.2
4.2
74.9
–463.6
2,123.9
1,474.3
649.1
2,587.5
2,123.8
462.2

881.4
2,830.2
2,701.4
2,188.6
458.2
1,046.0
334.2
84.3
248.8
210.0
288.1
220.0
687.1
330.6
277.4
79.7
512.4
112.8
7.0
106.8
–541.2
2,091.4
1,429.3
660.6
2,632.5
2,161.1
469.8

882.1
2,864.8
2,735.5
2,210.6
465.2
1,046.9
330.5
89.6
240.3
220.9
285.1
216.1
701.0
335.4
285.7
80.0
524.0
113.5
4.1
111.0
–534.6
2,117.5
1,452.0
664.4
2,652.1
2,178.4
472.1

876.7
2,859.7
2,760.7
2,224.9
456.6
1,072.0
351.0
93.7
256.6
219.0
297.8
211.7
699.6
334.6
284.4
80.9
534.4
85.5
6.6
79.2
–546.1
2,121.1
1,448.8
670.7
2,667.2
2,186.0
479.5

III r

II

r Revised
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance
or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See Explanatory Note at the end of the tables.

-7-

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
2014

2014

2014

2015

2014

2015

Line

2015
2014

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 Gross domestic income (GDI) 1 ...............................
65 Average of GDP and GDI .......................................
66 Final sales of domestic product ..............................
67 Gross domestic purchases .....................................
68 Final sales to domestic purchasers ........................
69 Final sales to private domestic purchasers.............
70 Gross domestic product ......................................
71 Plus: Income receipts from the rest of the world.....
72 Less: Income payments to the rest of the world .....
73 Equals: Gross national product ..........................
74 Net domestic product..............................................

III

IV

I

II

III r

3,152.1
1,219.9
748.2
599.8
148.5
471.6
355.5
116.1
1,932.3
1,601.0
331.3
.............

3,177.4
1,233.1
759.5
610.4
149.1
473.6
357.8
115.8
1,944.3
1,610.5
333.8
.............

3,162.5
1,214.7
738.2
590.4
147.8
476.5
358.6
117.8
1,947.8
1,609.5
338.3
.............

3,149.5
1,218.2
739.0
595.2
143.9
479.2
361.5
117.7
1,931.3
1,599.5
331.8
.............

3,179.2
1,220.7
740.1
595.2
144.9
480.6
362.0
118.6
1,958.4
1,608.4
350.0
.............

3,201.0
1,224.3
738.2
594.8
143.4
486.1
366.5
119.6
1,976.6
1,618.9
357.8
.............

17,560.1
17,454.1
17,270.9
17,878.1
17,800.9
14,648.8
17,348.1
854.3
591.2
17,611.2
14,601.4

17,746.1
17,634.1
17,433.8
18,036.6
17,948.3
14,770.9
17,522.1
869.7
597.8
17,794.0
14,760.6

17,877.8
17,746.8
17,527.4
18,161.1
18,072.6
14,910.1
17,615.9
857.0
592.3
17,880.6
14,831.7

17,901.6
17,775.4
17,522.0
18,200.9
18,073.6
14,924.1
17,649.3
817.0
589.5
17,876.8
14,856.6

18,094.0
18,003.9
17,786.2
18,433.0
18,305.5
15,126.3
17,913.7
845.3
614.7
18,144.3
15,109.3

18,272.1
18,166.1
17,964.9
18,590.6
18,495.3
15,294.3
18,060.2
841.2
637.6
18,263.8
15,227.6

III

IV

I

II

2,838.3
1,116.3
689.1
548.9
140.0
427.0
319.1
107.8
1,720.8
1,420.9
299.0
–62.6

2,849.2
1,124.7
697.3
556.6
140.5
427.1
319.7
107.3
1,723.5
1,422.4
300.3
–68.4

2,839.0
1,108.3
678.6
539.3
139.1
429.4
320.4
109.0
1,729.3
1,424.8
303.7
–72.6

2,838.5
1,111.3
680.3
544.7
135.3
430.7
321.9
108.8
1,725.9
1,427.0
298.1
–74.2

2,856.9
1,111.3
680.8
543.4
137.1
430.2
320.4
109.8
1,744.1
1,428.5
314.9
–78.4

16,156.8
16,059.2
15,881.7
16,405.8
16,326.3
13,497.7
15,961.7
716.6
495.3
16,186.7
13,394.1

16,274.3
16,171.6
15,978.6
16,498.9
16,409.2
13,569.8
16,068.8
727.3
499.3
16,301.1
13,494.0

16,391.5
16,271.5
16,062.9
16,617.2
16,529.2
13,700.8
16,151.4
717.4
494.8
16,377.7
13,561.3

16,408.6
16,293.0
16,053.8
16,720.8
16,597.7
13,770.1
16,177.3
687.3
494.2
16,371.4
13,573.0

16,498.0
16,415.8
16,209.7
16,870.7
16,747.2
13,901.6
16,333.6
708.5
513.3
16,529.7
13,714.4

III r

II

III r

2,869.7
–16.6
18.3
12.8
1,112.0
–27.8
0.0
0.7
678.4
–27.5
0.5
–2.4
542.7
–21.6
–1.3
–0.7
135.4
–5.9
1.9
–1.7
433.2
–0.4
–0.5
3.0
322.8
1.2
–1.5
2.5
110.4
–1.6
1.1
0.5
1,756.2
10.7
18.2
12.1
1,433.9
9.5
1.5
5.4
321.6
1.1
16.8
6.7
–86.1 ............. ............ .............
16,606.6
16,510.3
16,319.3
16,962.4
16,868.3
14,010.1
16,414.0
703.0
530.6
16,585.1
13,779.5

407.3
392.8
370.4
404.4
396.4
415.1
378.3
14.2
5.6
387.4
322.5

89.4
122.8
155.9
149.9
149.6
131.5
156.2
21.2
19.1
158.4
141.4

108.6
94.5
109.6
91.7
121.0
108.5
80.4
–5.5
17.4
55.4
65.2

52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74

r Revised
1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance
or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See Explanatory Note at the end of the tables.

-8-

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

2012

2013

2014

2011
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

2012
I

II

2013
III

IV

I

II

2014
III

IV

I

II

2015
III

IV

Gross domestic product (GDP)
1.8
1.6
1.6
0.6
2.1
1.8
2.4
1.5
1.5
1.1
2.0
1.8
1.5
2.2
1.6
0.1
Personal consumption expenditures ...
1.9
1.4
1.4
1.4
2.3
1.2
1.3
2.2
1.4
0.4
1.7
1.4
1.6
2.1
1.2 –0.4
Goods...................................................
1.2 –0.5 –0.4
0.3
2.1 –0.8
0.2
1.5 –0.9 –3.0
0.9 –0.9 –0.1
1.4 –0.4 –4.6
Durable goods ..................................
–1.3 –1.8 –2.3 –2.1 –0.9 –1.8 –2.3 –1.5 –1.1 –2.1 –2.6 –2.3 –2.5 –1.6 –2.3 –3.3
Nondurable goods ............................
2.4
0.2
0.6
1.4
3.5 –0.4
1.4
2.9 –0.8 –3.4
2.6 –0.2
1.0
2.8
0.6 –5.3
Services ...............................................
2.2
2.3
2.3
1.9
2.4
2.3
1.9
2.5
2.5
2.2
2.1
2.6
2.5
2.5
2.0
1.7
Gross private domestic investment .....
1.4
1.5
1.8
0.9
1.6
1.8
1.7
1.0
1.2
2.2
1.4
1.8
2.1
1.1
2.2
1.8
Fixed investment ..................................
1.5
1.6
1.9
1.0
2.1
1.7
1.6
0.9
1.4
2.2
1.6
2.3
2.4
1.1
2.4
1.4
Nonresidential...................................
1.7
0.8
1.0
1.2
2.7
1.7
1.2
0.2
0.2
1.4
0.7
0.9
0.9
1.1
1.2
0.6
Structures .....................................
4.0
1.6
1.5
4.7
5.0
4.6
1.4 –0.4
1.3
3.1
1.2
2.2
1.2
0.7
1.7
1.0
Equipment.....................................
1.0
0.4
0.7
0.9
1.6
0.3
1.1
1.3 –0.3
0.4
0.3
0.0
0.9
1.5
0.9
1.1
Intellectual property products .......
1.1
0.7
0.9 –0.7
2.6
1.7
1.1 –1.0
0.4
2.0
0.8
1.3
0.6
0.8
1.4 –0.5
Residential........................................
0.9
5.1
6.1
0.1 –0.7
1.6
3.5
4.0
6.4
5.4
5.5
7.9
8.9
1.0
7.1
4.6
Change in private inventories............... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ...........
Net exports of goods and services ...... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ........... ........... .......... .......... ...........
Exports.................................................
0.9
0.2
0.1 –4.2
2.7
1.1 –0.2
1.3
1.3 –2.8
0.7
0.1
3.0
0.0 –1.0 –6.9
Goods...............................................
0.4 –0.5 –0.7 –5.5
2.3
0.3 –0.2
0.6
0.8 –4.2
0.1 –1.0
3.4 –0.9 –2.4 –9.6
Services............................................
2.0
1.7
1.9 –1.4
3.6
2.8 –0.4
2.9
2.4
0.3
1.8
2.6
2.1
2.2
2.2 –0.7
Imports .................................................
0.6 –0.8 –0.2 –0.9
4.3 –2.4 –5.7
4.1
0.7 –3.8 –0.8
0.7
3.3 –1.3 –0.9 –6.8
Goods...............................................
0.6 –1.1 –0.5 –0.5
4.6 –3.1 –7.0
4.5
0.6 –4.6 –1.0 –0.1
3.7 –1.7 –1.0 –7.9
Services............................................
0.7
1.1
1.2 –3.2
2.8
1.0
0.9
2.1
0.7
0.0
0.4
4.6
1.3
0.5 –0.1 –1.3
Government consumption
1.6
1.6
1.8 –0.5
3.4
0.4
1.2
1.9
1.6
1.0
2.2
3.4
0.9
1.9
2.2 –0.4
expenditures and gross investment
Federal .................................................
1.0
1.0
1.6 –0.8
2.2
0.9
0.5
0.1
0.7
0.6
1.4
6.1 –1.2
1.9
1.7 –0.2
National defense...............................
1.1
0.6
1.4 –1.2
3.0
0.8
0.5
0.1
0.4
0.0
1.1
4.1
0.2
1.4
1.5 –0.5
Nondefense ......................................
0.9
1.6
2.0
0.0
0.7
1.0
0.6
0.0
1.3
1.5
2.0
9.6 –3.5
2.7
2.0
0.3
State and local......................................
1.9
2.0
1.9 –0.3
4.3
0.1
1.6
3.1
2.2
1.2
2.7
1.7
2.3
2.0
2.5 –0.6
Addenda:
Final sales of domestic product............
1.9
1.6
1.7
0.6
2.2
1.8
2.4
1.5
1.5
1.1
2.0
1.9
1.5
2.2
1.6
0.0
Gross domestic purchases...................
1.8
1.4
1.5
0.9
2.4
1.2
1.3
1.9
1.4
0.8
1.7
1.8
1.6
1.9
1.5 –0.1
Final sales to domestic purchasers......
1.8
1.4
1.6
1.0
2.5
1.1
1.3
1.9
1.4
0.8
1.7
1.9
1.6
1.9
1.5 –0.2
Final sales to private domestic
purchasers........................................
1.8
1.4
1.5
1.3
2.3
1.3
1.4
1.9
1.4
0.8
1.7
1.6
1.8
1.9
1.4 –0.1
Gross national product (GNP)..............
1.8
1.6
1.6
0.6
2.2
1.8
2.4
1.5
1.5
1.1
2.0
1.8
1.5
2.2
1.6
0.1
Implicit price deflators:
GDP..................................................
1.8
1.6
1.6
0.6
2.1
1.8
2.2
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
0.1
Gross domestic purchases ...............
1.8
1.4
1.5
1.0
2.4
1.2
1.1
2.1
1.5
0.7
1.6
1.8
1.7
1.9
1.6 –0.1
GNP..................................................
1.8
1.6
1.6
0.6
2.1
1.8
2.1
1.6
1.6
1.0
1.9
1.7
1.6
2.2
1.6
0.1

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

-9-

I

II

Line
III

r

0.1
2.1
1.3
–1.9
2.2
1.3
–8.7
2.5 –0.3
–2.4 –0.2 –2.4
–11.6
3.8
0.8
1.6
2.1
2.0
–0.4 –1.0
1.5
–0.4 –1.0
1.5
–0.4 –1.0
1.2
–2.3 –2.4
1.3
1.0
0.0
0.3
–1.1 –1.5
2.3
–0.4 –0.8
2.6
.......... .......... ..........
.......... .......... ..........
–9.4 –1.0 –4.1
–12.1 –1.6 –6.0
–3.3
0.2 –0.4
–17.2 –4.2 –3.5
–19.7 –5.1 –3.8
–4.3 –0.2 –2.0

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

–1.6
0.1
–0.6
1.1
–2.6

1.2
0.8
0.3
1.6
1.4

0.9
0.9
0.4
1.8
1.0

22
23
24
25
26

0.1
–1.6
–1.6

2.1
1.5
1.5

1.3
1.3
1.3

27
28
29

–1.6
0.1

1.6
2.1

1.3
1.3

30
31

0.1
–1.6
0.1

2.1
1.5
2.1

1.3
1.2
1.3

32
33
34

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

2012

2013

2014

2014
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

2015
IV

I

II

Line
III r

Gross domestic product.........................................................
106.491
108.077
110.701
111.444
112.017
112.196
113.280
113.838
Personal consumption expenditures................................................
105.751
107.550
110.448
110.883
112.047
112.535
113.527
114.374
Goods ...............................................................................................
109.562
112.954
116.656
117.406
118.595
118.924
120.526
121.996
Durable goods...............................................................................
120.804
127.777
135.256
137.050
139.104
139.785
142.503
144.790
Nondurable goods.........................................................................
104.709
106.653
108.858
109.198
110.048
110.238
111.396
112.539
Services............................................................................................
103.905
104.941
107.462
107.751
108.902
109.459
110.180
110.752
Gross private domestic investment ..................................................
131.288
137.226
144.702
146.854
147.623
150.696
152.535
152.265
Fixed investment...............................................................................
118.499
123.507
130.018
131.487
132.288
133.355
135.040
136.285
Nonresidential ...............................................................................
120.246
123.895
131.517
133.235
133.460
133.986
135.336
136.208
Structures..................................................................................
96.550
98.052
106.027
105.491
106.602
104.567
106.157
104.201
Equipment .................................................................................
145.776
150.473
159.269
163.443
161.419
162.344
162.485
166.380
Intellectual property products....................................................
109.603
113.791
119.708
120.498
122.525
124.718
127.235
126.992
Residential ....................................................................................
111.276
121.876
124.014
124.538
127.530
130.642
133.591
136.240
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
123.646
127.105
131.404
132.011
133.770
131.719
133.368
133.590
Imports of goods and services .........................................................
121.534
122.812
127.516
127.327
130.473
132.742
133.730
134.489
Government consumption expenditures and gross investment....
95.224
92.418
91.880
92.235
91.904
91.889
92.483
92.898
Federal..............................................................................................
99.657
93.959
91.676
92.360
91.018
91.265
91.265
91.320
State and local ..................................................................................
92.341
91.383
91.953
92.099
92.408
92.226
93.198
93.843
Addenda:
Final sales of domestic product ........................................................
104.984
106.488
109.031
109.696
110.274
110.212
111.282
112.034
Gross domestic purchases ...............................................................
106.684
108.014
110.744
111.373
112.171
112.870
113.882
114.501
Final sales to domestic purchasers ..................................................
105.217
106.470
109.120
109.674
110.476
110.934
111.934
112.743
Final sales to private domestic purchasers.......................................
107.861
110.191
113.688
114.294
115.398
115.982
117.089
118.003
Gross national product......................................................................
106.811
108.439
111.098
111.883
112.408
112.365
113.452
113.832

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

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

2012

2013

2014

2014
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
32

2015
IV

I

II

Line
III r

Gross domestic product.........................................................
105.220
106.935
108.694
109.049
109.081
109.112
109.685
110.045
Personal consumption expenditures (PCE).....................................
106.121
107.572
109.105
109.441
109.322
108.795
109.391
109.740
Goods ...............................................................................................
106.701
106.200
105.823
106.179
104.924
102.567
103.191
103.125
Durable goods...............................................................................
96.413
94.665
92.494
92.331
91.558
90.993
90.939
90.396
Nondurable goods.........................................................................
111.840
112.031
112.688
113.346
111.818
108.417
109.441
109.663
Services............................................................................................
105.840
108.292
110.818
111.143
111.620
112.051
112.632
113.200
Gross private domestic investment ..................................................
101.900
103.442
105.288
105.528
106.004
105.910
105.652
106.050
Fixed investment...............................................................................
102.062
103.652
105.663
105.951
106.313
106.200
105.946
106.331
Nonresidential ...............................................................................
102.216
102.993
103.977
104.170
104.322
104.211
103.953
104.251
Structures..................................................................................
105.884
107.541
109.120
109.332
109.597
108.951
108.286
108.623
Equipment .................................................................................
99.861
100.290
101.030
101.167
101.442
101.685
101.694
101.774
Intellectual property products....................................................
102.967
103.671
104.618
104.885
104.764
104.479
104.088
104.690
Residential ....................................................................................
101.324
106.458
112.903
113.612
114.896
114.773
114.538
115.286
Change in private inventories ........................................................... .................... ................... ................... ................... .................... ................... ................... ...................
Exports of goods and services .........................................................
111.970
112.147
112.250
112.615
110.607
107.925
107.661
106.528
Imports of goods and services .........................................................
114.671
113.798
113.566
113.847
111.852
106.685
105.535
104.596
Government consumption expenditures and gross investment....
107.378
109.086
111.057
111.521
111.397
110.959
111.284
111.547
Federal..............................................................................................
106.512
107.562
109.274
109.649
109.600
109.623
109.850
110.108
State and local ..................................................................................
107.985
110.143
112.287
112.809
112.637
111.901
112.290
112.556
Addenda:
PCE excluding food and energy 1 ......................................................
104.741
106.355
107.981
108.232
108.498
108.758
109.264
109.636
Market-based PCE 2 ..........................................................................
105.909
107.031
108.255
108.586
108.348
107.652
108.240
108.541
Market-based PCE excluding food and energy 2 ...............................
104.287
105.543
106.826
107.058
107.242
107.418
107.903
108.222
Final sales of domestic product ........................................................
105.239
106.963
108.747
109.111
109.121
109.150
109.730
110.088
Gross domestic purchases ...............................................................
105.805
107.319
108.982
109.325
109.304
108.864
109.271
109.614
Final sales to domestic purchasers ..................................................
105.824
107.344
109.033
109.383
109.341
108.896
109.308
109.649
Final sales to private domestic purchasers.......................................
105.423
106.902
108.528
108.855
108.830
108.384
108.814
109.170
Gross national product......................................................................
105.344
107.058
108.809
109.163
109.191
109.208
109.778
110.138
Implicit price deflators:
Gross domestic product ................................................................
105.214
106.929
108.686
109.044
109.067
109.099
109.674
110.029
Final sales of domestic product ....................................................
105.239
106.963
108.747
109.107
109.117
109.146
109.726
110.084
Gross domestic purchases ...........................................................
105.800
107.313
108.974
109.320
109.291
108.852
109.260
109.599
Final sales to domestic purchasers...............................................
105.824
107.344
109.033
109.380
109.338
108.892
109.304
109.645
Gross national product..................................................................
105.338
107.052
108.800
109.158
109.177
109.195
109.768
110.122

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

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.

- 11 -

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
38
39
40
41
42

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014 Line

Gross domestic product (GDP)............................................
4.7
4.1
1.0
1.8
2.8
3.8
3.3
2.7
1.8 –0.3 –2.8
2.5
1.6
2.2
1.5
2.4
Personal consumption expenditures (PCE)...................................
5.3
5.1
2.6
2.6
3.1
3.8
3.5
3.0
2.2 –0.3 –1.6
1.9
2.3
1.5
1.7
2.7
Goods .............................................................................................
7.9
5.2
3.0
3.9
4.8
5.1
4.1
3.6
2.7 –2.5 –3.0
3.4
3.1
2.7
3.1
3.3
Durable goods.............................................................................
12.8
8.6
5.2
7.3
7.1
8.2
5.4
4.3
4.6 –5.1 –5.5
6.1
6.1
7.4
5.8
5.9
Nondurable goods.......................................................................
5.0
3.2
1.7
1.9
3.5
3.3
3.3
3.3
1.7 –1.1 –1.8
2.2
1.8
0.6
1.9
2.1
Services..........................................................................................
3.9
5.0
2.4
1.9
2.2
3.2
3.2
2.7
2.0
0.8 –0.9
1.2
1.8
0.8
1.0
2.4
Gross private domestic investment................................................
8.4
6.5 –6.1 –0.6
4.1
8.8
6.4
2.1 –3.1 –9.4 –21.6 12.9
5.2 10.6
4.5
5.4
Fixed investment.............................................................................
8.8
6.9 –1.6 –3.5
4.0
6.7
6.8
2.0 –2.0 –6.8 –16.7
1.5
6.3
9.8
4.2
5.3
Nonresidential .............................................................................
9.7
9.1 –2.4 –6.9
1.9
5.2
7.0
7.1
5.9 –0.7 –15.6
2.5
7.7
9.0
3.0
6.2
Structures................................................................................
0.1
7.8 –1.5 –17.7 –3.9 –0.4
1.7
7.2 12.7
6.1 –18.9 –16.4
2.3 12.9
1.6
8.1
Equipment ...............................................................................
12.5
9.7 –4.3 –5.4
3.2
7.7
9.6
8.6
3.2 –6.9 –22.9 15.9 13.6 10.8
3.2
5.8
Intellectual property products..................................................
12.4
8.9
0.5 –0.5
3.8
5.1
6.5
4.5
4.8
3.0 –1.4
1.9
3.6
3.9
3.8
5.2
Residential ..................................................................................
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 13.5
9.5
1.8
Change in private inventories ......................................................... .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... ..........
Net exports of goods and services................................................. .......... .......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... ..........
Exports ...........................................................................................
2.6
8.6 –5.8 –1.7
1.8
9.8
6.3
9.0
9.3
5.7 –8.8 11.9
6.9
3.4
2.8
3.4
Goods .........................................................................................
4.2 10.1 –6.2 –3.4
1.9
8.6
7.3
9.4
7.5
6.1 –12.1 14.4
6.5
3.6
2.8
4.4
Services ......................................................................................
–1.4
4.7 –5.0
2.7
1.5 12.7
3.8
8.1 13.7
4.8 –1.1
6.8
7.6
3.0
2.7
1.2
Imports............................................................................................
10.1 13.0 –2.8
3.7
4.5 11.4
6.3
6.3
2.5 –2.6 –13.7 12.7
5.5
2.2
1.1
3.8
Goods .........................................................................................
12.8 13.1 –3.2
3.7
4.9 11.2
6.7
5.9
1.8 –3.7 –15.8 14.9
5.8
2.1
1.0
4.3
Services ......................................................................................
–3.0 12.6 –0.6
3.3
2.1 12.7
4.5
8.6
6.2
3.7 –3.8
3.8
4.0
3.0
1.5
1.6
Government consumption expenditures and gross investment
3.4
1.9
3.8
4.4
2.2
1.6
0.6
1.5
1.6
2.8
3.2
0.1 –3.0 –1.9 –2.9 –0.6
Federal............................................................................................
2.0
0.3
3.9
7.2
6.8
4.5
1.7
2.5
1.7
6.8
5.7
4.3 –2.7 –1.9 –5.7 –2.4
National defense .........................................................................
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 –3.4 –6.7 –3.8
Nondefense.................................................................................
2.7
2.3
4.7
7.4
4.1
2.0
1.3
3.5
0.3
5.5
6.2
6.4 –3.4
0.9 –4.0 –0.1
State and local................................................................................
4.2
2.8
3.7
2.9 –0.4 –0.1
0.0
0.9
1.5
0.3
1.6 –2.7 –3.3 –1.9 –1.0
0.6
Addenda:
Gross domestic income (GDI) 1 .......................................................
4.4
4.7
1.1
1.4
2.3
3.7
3.6
4.0
0.1 –0.8 –2.6
2.7
2.2
3.3
1.3
2.6
Average of GDP and GDI ...............................................................
4.5
4.4
1.0
1.6
2.5
3.8
3.4
3.3
0.9 –0.6 –2.7
2.6
1.9
2.7
1.4
2.5
Final sales of domestic product ......................................................
4.7
4.2
1.9
1.3
2.8
3.4
3.4
2.6
2.0
0.2 –2.0
1.1
1.7
2.1
1.4
2.4
Gross domestic purchases .............................................................
5.5
4.8
1.2
2.3
3.1
4.3
3.5
2.6
1.1 –1.3 –3.8
2.9
1.6
2.1
1.2
2.5
Final sales to domestic purchasers ................................................
5.6
4.9
2.0
1.8
3.1
3.9
3.6
2.6
1.4 –0.9 –3.1
1.5
1.7
1.9
1.2
2.5
Final sales to private domestic purchasers.....................................
6.1
5.5
1.7
1.3
3.3
4.4
4.2
2.8
1.3 –1.7 –4.6
1.9
2.9
2.9
2.2
3.2
Gross national product....................................................................
4.8
4.2
1.1
1.7
2.9
3.9
3.3
2.4
2.2
0.0 –2.9
2.8
1.8
2.1
1.5
2.5
Real disposable personal income...................................................
3.3
5.0
2.8
3.1
2.7
3.6
1.5
4.0
2.1
1.5 –0.4
1.0
2.5
3.2 –1.4
2.7
Price indexes:
Gross domestic purchases .........................................................
1.6
2.6
1.9
1.4
2.2
2.9
3.5
3.2
2.7
2.9 –0.2
1.5
2.4
1.8
1.4
1.5
Gross domestic purchases excluding food and energy 2 .............
1.5
2.2
1.8
1.6
1.9
2.7
3.2
3.0
2.5
2.3
0.5
1.3
1.8
1.8
1.5
1.6
GDP ............................................................................................
1.4
2.3
2.3
1.5
2.0
2.7
3.2
3.1
2.7
1.9
0.8
1.2
2.1
1.8
1.6
1.6
1.5
2.3
2.0
1.8
1.9
2.7
3.4
3.1
2.6
2.1
0.5
1.4
1.9
1.8
1.7
1.7
GDP excluding food and energy 2................................................
PCE.............................................................................................
1.5
2.5
1.9
1.3
2.0
2.4
2.9
2.7
2.5
3.1 –0.1
1.7
2.5
1.9
1.4
1.4
1.3
1.7
1.8
1.7
1.5
1.9
2.2
2.2
2.2
2.1
1.2
1.3
1.5
1.9
1.5
1.5
PCE excluding food and energy 2 ................................................
Market-based PCE 3 ....................................................................
1.4
2.4
1.9
1.1
1.9
2.4
2.8
2.7
2.5
3.4
0.4
1.5
2.5
1.8
1.1
1.1
1.2
1.5
1.8
1.5
1.4
1.7
2.0
2.2
2.0
2.3
1.9
1.0
1.4
1.8
1.2
1.2
Market-based PCE excluding food and energy 3 .........................

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

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.
See Explanatory Note at the end of the tables.

- 12 -

Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2011

2012

2013

2014

2015

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
41
42

I

II

III

IV

I

II

III

IV

I

II

III

IV

I

II

III r

Gross domestic product (GDP) ........................................
1.7
2.8
2.5
2.4
1.3
1.1
0.9
1.5
2.5
1.7
2.6
2.9
2.5
2.9
2.7
2.1
Personal consumption expenditures (PCE) ...............................
1.5
1.6
1.6
1.4
1.3
1.3
1.5
1.7
2.3
2.0
2.6
3.0
3.2
3.3
3.3
3.1
Goods..........................................................................................
1.7
2.2
2.7
3.2
2.8
3.0
3.1
3.0
3.2
2.0
3.4
3.7
4.0
4.0
3.7
3.9
Durable goods .........................................................................
4.8
6.3
7.7
8.2
7.2
6.6
6.4
5.6
4.6
3.1
5.9
7.0
7.5
7.3
5.9
5.6
Nondurable goods ...................................................................
0.4
0.4
0.5
0.9
0.8
1.4
1.5
1.9
2.6
1.5
2.2
2.2
2.3
2.4
2.6
3.1
Services ......................................................................................
1.4
1.3
1.0
0.5
0.6
0.5
0.7
1.0
1.8
1.9
2.2
2.7
2.8
3.0
3.0
2.8
Gross private domestic investment ............................................
9.6 14.3 12.7 12.1
3.7
3.1
1.9
5.5
7.5
5.0
6.8
5.3
4.7
7.6
5.7
3.7
Fixed investment .........................................................................
8.4 12.5 12.1
7.8
7.0
4.7
3.6
4.5
4.1
4.4
5.1
6.1
5.5
4.8
4.7
3.6
Nonresidential..........................................................................
9.0 12.4 12.1
6.7
5.2
3.2
1.6
3.0
4.2
5.3
6.2
7.6
5.5
3.9
3.8
2.2
Structures ............................................................................
8.0 22.3 17.2
9.6
4.1 –2.0 –1.7
3.5
6.5 13.0
9.9
5.0
5.0 –1.4
0.2 –1.2
Equipment............................................................................
13.1 14.0 15.2
7.5
6.9
4.6
2.3
2.1
3.9
3.2
5.0 10.2
5.1
4.8
3.3
1.8
Intellectual property products ..............................................
4.1
4.2
4.4
3.5
3.4
4.9
3.1
4.1
3.2
3.3
5.3
5.7
6.5
6.4
7.3
5.4
Residential...............................................................................
6.0 12.8 12.4 13.1 15.7 11.2 12.7 11.2
3.5
0.6
0.9
0.5
5.1
8.4
8.2
9.4
Change in private inventories...................................................... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........
Net exports of goods and services ............................................. ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... .......... ........... .......... .......... ........... ...........
Exports........................................................................................
4.2
4.3
3.9
3.3
2.2
1.8
1.8
2.4
5.2
3.1
4.3
3.7
2.4
2.6
1.5
1.2
Goods......................................................................................
4.8
4.6
4.5
4.2
1.2
0.8
1.5
2.2
6.8
4.1
5.2
5.5
2.9
2.2
0.9 –0.8
Services...................................................................................
2.7
3.8
2.5
1.4
4.5
3.8
2.6
2.8
1.6
1.0
2.3 –0.1
1.4
3.3
2.7
5.6
Imports ........................................................................................
3.5
3.3
3.0
2.4
0.3 –0.1
0.7
1.2
2.4
2.9
3.9
3.1
5.4
6.5
4.8
5.6
Goods......................................................................................
3.4
2.7
3.0
2.6
0.1 –0.3
0.6
1.1
2.4
3.3
4.4
3.5
5.8
6.5
4.8
5.4
Services...................................................................................
3.8
6.2
3.4
1.4
1.2
0.7
1.3
1.5
2.4
1.0
1.5
0.9
3.1
6.5
4.9
6.7
Government consumption expenditures and gross investment –3.0 –1.6 –2.0 –1.6 –2.2 –2.9 –2.9 –3.2 –2.9 –1.8 –1.0
0.0
0.4
0.4
0.7
0.7
Federal ........................................................................................
–4.0 –1.4 –2.5 –1.4 –2.1 –4.4 –5.1 –6.6 –6.8 –4.5 –3.4 –1.0 –0.8 –0.6 –0.3 –1.1
National defense......................................................................
–4.1 –1.3 –4.0 –4.3 –3.9 –5.6 –5.9 –8.0 –7.4 –6.0 –4.7 –1.7 –2.9 –1.5 –1.3 –2.7
Nondefense .............................................................................
–3.9 –1.5
0.2
4.0
1.0 –2.3 –3.6 –4.2 –5.9 –2.0 –1.2
0.1
2.7
0.9
1.3
1.4
State and local.............................................................................
–2.3 –1.8 –1.6 –1.8 –2.3 –1.8 –1.4 –0.8 –0.2
0.1
0.6
0.7
1.1
1.0
1.4
1.9
Addenda:
Gross domestic income (GDI) 1 ...................................................
2.1
3.9
3.5
2.8
2.8
0.8
1.4
1.6
1.4
1.6
2.1
3.3
3.3
3.3
2.6
2.0
Average of GDP and GDI ............................................................
1.9
3.3
3.0
2.6
2.1
1.0
1.2
1.5
1.9
1.7
2.3
3.1
2.9
3.1
2.7
2.1
Final sales of domestic product...................................................
1.5
2.5
2.4
1.8
1.7
1.3
1.1
1.3
1.9
1.6
2.3
3.0
2.6
2.4
2.5
2.1
Gross domestic purchases..........................................................
1.7
2.6
2.4
2.3
1.0
0.8
0.7
1.3
2.1
1.7
2.6
2.8
2.9
3.5
3.2
2.8
Final sales to domestic purchasers.............................................
1.5
2.4
2.3
1.7
1.4
1.0
1.0
1.2
1.6
1.6
2.3
3.0
3.0
3.0
3.0
2.8
Final sales to private domestic purchasers .................................
2.6
3.4
3.3
2.5
2.3
1.9
1.9
2.2
2.6
2.4
3.0
3.6
3.6
3.6
3.5
3.2
Gross national product ................................................................
2.0
2.8
2.4
2.2
1.0
0.9
1.0
1.6
2.6
1.9
2.6
2.9
2.4
2.7
2.5
1.7
Real disposable personal income ...............................................
1.7
2.1
3.0
2.4
5.1 –1.0 –1.1 –0.5 –2.9
2.3
2.4
2.5
3.6
3.6
3.5
3.8
Price indexes:
Gross domestic purchases ......................................................
2.4
2.3
1.6
1.5
1.7
1.5
1.4
1.5
1.4
1.5
1.8
1.7
1.2
0.4
0.3
0.3
Gross domestic purchases excluding food and energy 2 .........
1.9
2.0
1.7
1.6
1.7
1.5
1.5
1.5
1.7
1.6
1.7
1.8
1.4
1.1
1.0
0.9
GDP.........................................................................................
1.9
2.0
1.7
1.7
1.9
1.8
1.6
1.5
1.6
1.6
1.9
1.8
1.3
1.0
1.0
0.9
GDP excluding food and energy 2 ............................................
1.9
2.0
1.7
1.6
1.8
1.6
1.6
1.8
1.9
1.8
1.9
1.8
1.5
1.2
1.1
1.1
PCE .........................................................................................
2.7
2.5
1.8
1.6
1.8
1.5
1.3
1.4
1.2
1.3
1.7
1.6
1.1
0.2
0.3
0.3
PCE excluding food and energy 2.............................................
1.9
2.1
1.9
1.7
1.8
1.7
1.5
1.5
1.5
1.4
1.6
1.6
1.4
1.3
1.3
1.3
Market-based PCE 3.................................................................
2.8
2.5
1.7
1.5
1.6
1.3
1.0
1.1
0.9
0.9
1.5
1.3
0.9 –0.1 –0.1
0.0
Market-based PCE excluding food and energy 3 ......................
1.9
2.0
1.9
1.7
1.5
1.4
1.1
1.1
1.2
1.1
1.3
1.3
1.2
1.1
1.1
1.1

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42

r Revised
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment) and the
final consumption expenditures of nonprofit institutions serving households.
See Explanatory Note at the end of the tables.

- 13 -

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

2012

2013

2014

2014
III

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

Gross domestic product (GDP) .........................................................
Plus: Income receipts from the rest of the world...................................
Less: Income payments to the rest of the world ...................................
Equals: Gross national product ........................................................
Less: Consumption of fixed capital .......................................................
Less: Statistical discrepancy.................................................................
Equals: National income ....................................................................
Compensation of employees.............................................................
Wages and salaries.......................................................................
Supplements to wages and salaries..............................................
Proprietors’ income with inventory valuation and capital
consumption adjustments..............................................................
Rental income of persons with capital consumption adjustment ......
Corporate profits with inventory valuation and capital consumption
adjustments...................................................................................
Net interest and miscellaneous payments ........................................
Taxes on production and imports less subsidies...............................
Business current transfer payments (net) .........................................
Current surplus of government enterprises ......................................
Addenda:
Gross domestic income (GDI)...........................................................
Average of GDP and GDI..................................................................
Statistical discrepancy as a percentage of GDP...............................

2015
IV

I

Line
III r

II

16,155.3
801.5
563.9
16,392.8
2,534.2
–203.3
14,061.9
8,609.9
6,930.3
1,679.6

16,663.2
826.2
575.8
16,913.5
2,632.8
–177.6
14,458.3
8,839.7
7,114.4
1,725.3

17,348.1
854.3
591.2
17,611.2
2,746.7
–212.0
15,076.5
9,248.9
7,477.8
1,771.2

17,522.1
869.7
597.8
17,794.0
2,761.5
–224.0
15,256.5
9,289.9
7,513.9
1,776.0

17,615.9
857.0
592.3
17,880.6
2,784.2
–261.8
15,358.2
9,424.9
7,632.6
1,792.3

17,649.3
817.0
589.5
17,876.8
2,792.7
–252.3
15,336.4
9,487.9
7,682.4
1,805.5

17,913.7
845.3
614.7
18,144.3
2,804.3
–180.4
15,520.3
9,615.2
7,791.8
1,823.4

18,060.2
841.2
637.6
18,263.8
2,832.6
–211.9
15,643.2
9,737.1
7,895.7
1,841.3

1
2
3
4
5
6
7
8
9
10

1,241.4
525.3

1,285.1
563.4

1,346.7
610.8

1,357.8
618.4

1,377.9
628.4

1,369.4
637.0

1,377.0
654.1

1,400.1
663.6

11
12

1,998.2
527.7
1,074.0
104.7
–19.3

2,037.4
513.5
1,118.6
119.4
–18.8

2,072.9
532.3
1,155.8
127.3
–18.3

2,161.0
515.8
1,163.5
168.5
–18.4

2,135.5
521.9
1,169.5
118.7
–18.6

2,012.5
561.3
1,169.2
115.6
–16.6

2,083.0
506.6
1,175.7
124.9
–16.1

2,049.9
508.3
1,179.0
121.2
–16.0

13
14
15
16
17

16,358.5
16,256.9
–1.3

16,840.8
16,752.0
–1.1

17,560.1
17,454.1
–1.2

17,746.1
17,634.1
–1.3

17,877.8
17,746.8
–1.5

17,901.6
17,775.4
–1.4

18,094.0
18,003.9
–1.0

18,272.1
18,166.1
–1.2

18
19
20

r Revised

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

Personal income 1 ..............................................................................................................
Compensation of employees ...........................................................................................
Wages and salaries .....................................................................................................
Supplements to wages and salaries............................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments.......
Farm ............................................................................................................................
Nonfarm.......................................................................................................................
Rental income of persons with capital consumption adjustment.....................................
Personal income receipts on assets................................................................................
Personal interest income .............................................................................................
Personal dividend income............................................................................................
Personal current transfer receipts....................................................................................
Less: Contributions for government social insurance, domestic .....................................
Less: Personal current taxes...............................................................................................
Equals: Disposable personal income .............................................................................
Less: Personal outlays ........................................................................................................
Equals: Personal saving...................................................................................................
Personal saving as a percentage of disposable personal income...................................
Addenda:
19 Personal income excluding current transfer receipts, billions of chained (2009) dollars 2
20 Disposable personal income, billions of chained (2009) dollars 2 ....................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

2012

2013

2014

2014

2015

Line

III

IV

I

II

III r

13,915.1 14,068.4
8,609.9 8,839.7
6,930.3 7,114.4
1,679.6 1,725.3
1,241.4 1,285.1
61.6
88.8
1,179.8 1,196.3
525.3
563.4
2,123.8 2,060.4
1,288.8 1,271.3
834.9
789.0
2,366.3 2,426.6
951.6 1,106.8
1,511.4 1,672.8
12,403.7 12,395.6
11,457.0 11,805.7
946.7
589.9
7.6
4.8

14,694.2
9,248.9
7,477.8
1,771.2
1,346.7
78.1
1,268.6
610.8
2,117.5
1,302.0
815.5
2,529.2
1,159.0
1,780.2
12,913.9
12,293.7
620.2
4.8

14,774.8
9,289.9
7,513.9
1,776.0
1,357.8
77.2
1,280.6
618.4
2,115.0
1,288.1
826.8
2,556.5
1,162.9
1,792.0
12,982.7
12,377.0
605.7
4.7

14,955.7
9,424.9
7,632.6
1,792.3
1,377.9
74.8
1,303.0
628.4
2,130.6
1,289.8
840.8
2,571.0
1,177.2
1,838.8
13,116.8
12,502.5
614.3
4.7

15,079.8
9,487.9
7,682.4
1,805.5
1,369.4
60.5
1,308.9
637.0
2,145.5
1,282.6
863.0
2,625.8
1,185.8
1,900.1
13,179.8
12,492.2
687.6
5.2

15,277.0
9,615.2
7,791.8
1,823.4
1,377.0
56.9
1,320.1
654.1
2,178.3
1,313.4
864.9
2,651.3
1,198.9
1,938.7
13,338.3
12,674.5
663.9
5.0

15,467.8
9,737.1
7,895.7
1,841.3
1,400.1
65.2
1,334.9
663.6
2,202.8
1,335.0
867.8
2,675.7
1,211.4
1,961.0
13,506.8
12,806.2
700.6
5.2

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

10,882.7
11,688.3

11,149.8
11,836.3

11,164.6
11,863.1

11,329.0
11,998.7

11,447.6
12,114.7

11,542.2
12,193.6

11,657.1
12,308.4

19
20

10,822.3
11,523.1

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

- 14 -

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
2012

2013

2014

2013
2014
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) ............................

2014

2015
IV

I

2014
III r

II

2015

IV

I

2015
III r

II

III r

1,998.2 2,037.4 2,072.9 2,161.0 2,135.5 2,012.5 2,083.0 2,049.9
447.6 468.9 513.9 518.4 512.3 517.8 549.0 542.2

2.0
4.8

1.7
9.6

–1.2
–1.2

–5.8
1.1

3.5
6.0

–1.6
–1.2

–5.1
4.6

1
2

1,550.5 1,568.5 1,559.1 1,642.7 1,623.2 1,494.7 1,533.9 1,507.7
859.4 924.0 860.0 853.6 872.2 878.5 879.6 905.7

1.2
7.5

–0.6
–6.9

–1.2
2.2

–7.9
0.7

2.6
0.1

–1.7
3.0

–8.2
6.1

3
4

602.1

–6.8

8.5

–4.8

–17.9

6.2

–8.0

–23.7

5

2,049.6 2,055.2 2,163.0 2,229.8 2,248.5 2,113.0 2,161.1 2,126.1

0.3

5.2

0.8

–6.0

2.3

–1.6

–4.7

6

691.2 644.5 699.0 789.1 751.0 616.3 654.3 602.1
–6.8
8.5
–4.8 –17.9
6.2
–8.0 –23.7
1,351.0 1,405.0 1,467.3 1,476.4 1,489.4 1,493.7 1,502.5 1,520.3
4.0
4.4
0.9
0.3
0.6
1.2
3.0
–7.4
–5.7
3.3
35.6
–8.1
–3.0
–4.3
–3.7 ............ ............ ............. ............ ............ ............. ............

7
8
9

691.2

644.5

699.0

789.1

751.0

616.3

654.3

Addenda:
Profits before tax (without inventory valuation and
capital consumption adjustments)........................... 2,130.8 2,161.6 2,207.8 2,279.5 2,212.8 2,252.3 2,393.7 2,326.0
1.4
2.1
–2.9
1.8
6.3
–2.8
2.0
11 Profits after tax (without inventory valuation and
capital consumption adjustments)........................... 1,683.2 1,692.7 1,693.9 1,761.1 1,700.5 1,734.5 1,844.6 1,783.8
0.6
0.1
–3.4
2.0
6.4
–3.3
1.3
12 Inventory valuation adjustment ...................................
–14.2
3.2
–2.9
15.5
53.5
99.2
20.5
56.5 ............ ............ ............. ............ ............ ............. ............
13 Capital consumption adjustment ................................ –118.5 –127.5 –131.9 –134.0 –130.8 –338.9 –331.3 –332.6 ............ ............ ............. ............ ............ ............. ............
10

10
11
12
13

r Revised

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

2014
2012

2013

2014

2014
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
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...........................................................

2015
IV

I

II

2013

2015

Line

2014

III r

IV

I

II

III r

1,998.2
1,587.8
438.2
1,149.7
410.3
650.3
239.9

2,037.4
1,622.6
385.8
1,236.8
414.8
668.7
253.9

2,072.9 2,161.0
1,654.7 1,733.9
383.6
406.5
1,271.1 1,327.5
418.2
427.1
690.3
703.6
272.1
276.5

2,135.5 2,012.5
1,712.8 1,618.9
383.8
360.4
1,329.0 1,258.5
422.7
393.6
690.0
650.0
267.4
256.4

2,083.0 2,049.9
1,677.9 1,667.9
395.1
396.9
1,282.8 1,271.0
405.1
382.0
674.9
671.4
269.8
289.3

39.2
34.8
–52.4
87.2
4.5
18.4
14.0

35.6
32.1
–2.2
34.3
3.4
21.6
18.2

–25.5
–21.1
–22.6
1.5
–4.4
–13.5
–9.1

–123.0
–93.9
–23.4
–70.5
–29.0
–40.0
–11.0

70.4
59.0
34.6
24.3
11.4
24.9
13.4

–33.0
–10.0
1.8
–11.8
–23.1
–3.5
19.5

1
2
3
4
5
6
7

2,116.6
1,706.3
479.0
71.7
407.3
1,227.2
12.5
395.7
201.2
23.4
32.1
47.4

2,164.9
1,750.1
423.6
79.6
344.1
1,326.4
26.4
426.4
213.8
23.1
33.8
51.1

2,204.9 2,295.0
1,786.6 1,867.9
423.4
447.3
103.4
106.8
320.0
340.5
1,363.2 1,420.7
27.7
23.1
439.8
458.0
223.3
234.1
23.8
25.7
31.9
33.0
52.6
52.8

2,266.3 2,351.5 2,414.2 2,382.5
1,843.6 1,957.8 2,009.1 2,000.4
424.9
421.9
456.2
458.6
104.8
100.5
103.2
106.4
320.1
321.4
352.9
352.2
1,418.7 1,536.0 1,553.0 1,541.8
16.9
24.9
28.4
13.2
466.1
534.6
537.0
532.9
238.4
276.4
296.2
280.6
24.1
28.5
28.5
28.1
30.7
36.8
33.3
28.1
60.0
72.7
78.4
75.2

48.2
43.8
–55.4
7.9
–63.3
99.2
13.9
30.6
12.6
–0.4
1.7
3.8

40.0
36.6
–0.2
23.8
–24.0
36.8
1.3
13.4
9.5
0.8
–1.9
1.5

–28.7
–24.3
–22.4
–2.0
–20.4
–2.0
–6.2
8.1
4.4
–1.5
–2.3
7.2

85.2
114.2
–3.1
–4.3
1.3
117.3
8.0
68.5
38.0
4.3
6.1
12.7

62.7
51.3
34.3
2.7
31.6
17.0
3.5
2.3
19.9
0.0
–3.5
5.7

–31.7
–8.7
2.5
3.2
–0.8
–11.1
–15.3
–4.1
–15.6
–0.4
–5.3
–3.1

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

11.6
21.9
64.9
194.5
44.3
50.2
69.6
30.4
135.3
154.1
53.8
100.6
375.2
410.3

14.0
22.0
69.9
212.6
54.6
48.4
74.8
34.7
145.5
159.4
53.0
129.4
386.3
414.8

2.4
0.1
5.0
18.0
10.4
–1.8
5.2
4.3
10.3
5.3
–0.8
28.9
11.0
4.5

2.3
2.8
4.0
4.0
0.5
5.1
0.3
–1.9
2.2
–1.0
12.3
–2.9
11.5
3.4

–0.6
4.5
–2.8
3.7
2.1
3.5
2.6
–4.6
–9.6
21.1
–11.7
–2.3
–1.5
–4.4

3.8
7.8
3.2
30.6
11.7
–15.1
21.1
12.8
8.5
10.6
22.7
22.0
–23.0
–29.0

0.4
17.0
0.3
–17.6
–5.8
–2.3
–8.6
–0.9
–5.6
–14.3
3.1
7.8
20.2
11.4

–0.7
–7.1
1.0
11.5
3.3
7.0
2.1
–0.9
4.8
5.5
11.0
–3.9
–9.2
–23.1

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

16.2
24.8
73.9
216.5
55.2
53.4
75.1
32.8
147.7
158.4
65.3
126.5
397.7
418.2

16.6
25.5
80.4
224.0
61.4
53.8
72.1
36.8
170.1
157.7
72.2
123.2
416.3
427.1

15.9
30.0
77.6
227.7
63.5
57.3
74.7
32.2
160.5
178.8
60.6
120.9
414.9
422.7

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

- 15 -

19.8
37.8
80.8
258.3
75.2
42.2
95.8
45.0
169.1
189.4
83.3
142.9
391.8
393.6

20.1
54.8
81.1
240.7
69.5
39.8
87.3
44.2
163.5
175.1
86.3
150.6
412.0
405.1

19.5
47.6
82.1
252.2
72.7
46.9
89.4
43.3
168.2
180.6
97.4
146.7
402.9
382.0

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

2012

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 ..........................................................
16
17
18
19

Addenda:
Profits before tax (without inventory valuation and capital consumption
adjustments) .........................................................................................
Profits after tax (without inventory valuation and capital consumption
adjustments) .........................................................................................
Inventory valuation adjustment .................................................................
Capital consumption adjustment...............................................................

2013

2014

2014

2015

III

IV

8,641.0
1,285.7
7,355.2
4,995.8
4,178.9
816.9
745.2
1,614.3
258.1
85.1

8,729.9
1,292.8
7,437.1
5,013.7
4,193.7
820.0
750.1
1,673.4
256.0
89.9

8,802.3
1,303.8
7,498.5
5,080.9
4,249.3
831.6
753.4
1,664.2
253.6
81.7

8,777.7
1,311.4
7,466.3
5,109.8
4,277.7
832.1
749.1
1,607.4
269.8
79.1

8,873.1
1,318.0
7,555.1
5,186.7
4,344.8
841.9
753.0
1,615.4
252.8
79.8

8,952.5
1,332.6
7,619.9
5,258.0
4,406.6
851.4
755.1
1,606.8
255.3
80.5

1
2
3
4
5
6
7
8
9
10

1,236.8
284.6

1,271.1
316.2

1,327.5
321.8

1,329.0
324.2

1,258.5
341.4

1,282.8
362.3

1,271.0
353.4

11
12

883.0
517.9

952.2
525.2

954.9
573.8

1,005.7
542.7

1,004.8
577.9

917.0
588.6

920.5
579.7

917.6
589.4

13
14

365.0

427.0

381.1

463.0

426.9

328.5

340.9

328.2

15

1,241.4

1,323.2

1,366.1

1,405.1

1,365.2

1,436.8

1,532.4

1,485.4

16

974.7
–14.2
–77.6

1,038.6
3.2
–89.6

1,049.9
–2.9
–92.1

1,083.3
15.5
–93.2

1,041.0
53.5
–89.7

1,095.3
99.2
–277.5

1,170.2
20.5
–270.2

1,132.0
56.5
–270.8

17
18
19

8,252.3
1,217.5
7,034.9

8,401.6
1,228.1
7,173.4

8,394.6
1,238.8
7,155.8

8,436.4
1,249.8
7,186.6

8,501.9
1,260.8
7,241.1

20
21
22

Billions of dollars
8,011.9
8,316.8
1,186.2
1,232.2
6,825.7
7,084.6
4,593.3
4,747.4
3,826.4
3,953.5
766.9
793.9
690.4
724.9
1,542.0
1,612.3
298.5
280.4
93.9
95.1
1,149.7
266.7

I

II

Line
III

r

Billions of chained (2009) dollars
1

20
Gross value added of nonfinancial corporate business ................
21 Consumption of fixed capital 2 .......................................................................
22 Net value added 3 ..........................................................................................

7,720.9
1,144.7
6,576.2

7,954.8
1,177.1
6,777.7

8,207.3
1,212.8
6,994.5

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

1.038
0.595
0.294
0.154

1.046
0.597
0.293
0.155

1.053
0.609
0.289
0.157

1.058
0.608
0.289
0.157

1.048
0.605
0.285
0.155

1.046
0.609
0.287
0.156

1.052
0.615
0.285
0.156

1.053
0.618
0.285
0.157

23
24
25
26

0.102
0.039

0.103
0.035

0.101
0.031

0.102
0.031

0.099
0.030

0.099
0.032

0.099
0.030

0.098
0.030

27
28

0.149
0.035

0.155
0.036

0.155
0.039

0.161
0.039

0.158
0.039

0.150
0.041

0.152
0.043

0.149
0.042

29
30

0.114

0.120

0.116

0.122

0.120

0.109

0.109

0.108

31

r Revised
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not
available, the chain-type price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 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).

- 16 -

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

2012 2013 2014 2011
IV

2012
I

II

2013
III

IV

I

II

2014
III

IV

I

2015

II

III

IV

4.6
10.3
1.7
6.3
16.5
4.2
8.2
4.6
0.7
4.7
28.6
5.4

4.3
2.1
9.1 –0.2
2.4
2.7
0.6
6.8
19.8 –11.3
3.8
2.5
4.3 –26.7
4.3
2.2
1.9
5.5
4.3
2.0
6.9
7.0
5.5
2.6

I

Line
r

II

III

0.6
–1.8
2.1
–0.9
1.4
0.6
29.8
0.5
5.2
0.5
9.8
0.5

3.9
5.9
2.0
12.2
14.5
3.6
41.5
3.8
9.7
3.8
–4.9
5.1

2.0
2.2
1.8
2.5
19.2
1.5
5.0
2.0
–0.7
2.1
41.8
1.8

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

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 .................................................................................
2.2
Goods...............................................................................
5.0
Services ...........................................................................
0.4
Structures.........................................................................
6.8
Motor vehicle output......................................................... 12.8
GDP excluding motor vehicle output ................................
2.0
Final sales of computers 1 ................................................ 15.2
GDP excluding final sales of computers ..........................
2.2
Research and development .............................................
0.2
GDP excluding research and development......................
2.3
Farm gross value added 2 ................................................. –11.4
Nonfarm business gross value added 3 ............................
3.1
Price indexes:
GDP .................................................................................
1.8
GDP excluding food and energy 4 .....................................
1.8
GDP excluding final sales of computers ..........................
1.9
Gross domestic purchases...............................................
1.8
Gross domestic purchases excluding food and energy 4
1.8
Gross domestic purchases excluding final sales of
computers to domestic purchasers ..............................
1.8
Personal consumption expenditures (PCE) .....................
1.9
PCE excluding food and energy 4 .....................................
1.9
Market-based PCE 5 .........................................................
1.8
Market-based PCE excluding food and energy 5 ..............
1.8

1.5
3.9
0.2
2.5
4.9
1.4
14.7
1.4
2.5
1.5
22.7
1.7

2.4
3.7
1.7
3.6
7.2
2.3
2.1
2.4
1.8
2.4
2.3
3.0

4.6
2.7
15.7
3.6
–0.7
1.2
7.5 12.6
23.1 27.5
4.1
2.1
22.4 19.4
4.5
2.6
3.2 –2.4
4.6
2.8
26.7 –27.0
5.8
3.9

1.9
0.5
5.4
1.2
0.0
0.4
3.6 –1.3
7.1
0.0
1.7
0.5
–2.1 18.8
1.9
0.4
–0.1
0.8
1.9
0.5
–9.4 –29.5
2.7
1.0

0.1
–0.7
0.3
2.2
–2.0
0.1
46.3
–0.1
4.7
0.0
–1.8
0.2

1.9
7.4
–0.4
–0.9
17.0
1.5
13.8
1.9
6.0
1.8
87.6
1.7

1.6
1.7
1.7
1.4
1.5

1.6
1.7
1.7
1.5
1.6

0.6
0.9
0.6
0.9
1.0

2.1
2.6
2.2
2.4
2.4

1.8
1.6
1.8
1.2
1.6

1.5
1.4
1.5
1.1
1.2

1.6
1.4
1.5
1.1
1.2

1.0
1.4
1.6
1.4
1.6

2.5
2.3
2.3
2.2
2.1

1.2
1.2
1.9
1.0
1.7

1.1
3.0
1.2
7.5
0.3
0.2
8.3
8.2
8.5 –13.7
0.9
3.5
11.5 –6.1
1.1
3.0
–0.6
1.4
1.2
3.0
38.4 35.4
1.1
3.5

3.8 –0.9
9.2 –7.3
2.1
1.7
–3.6
4.5
19.9
2.1
3.4 –1.0
4.4
5.1
3.8 –0.9
–0.5
4.3
3.9 –1.1
1.2 –31.8
5.2 –1.2

2.4
1.3
2.4
1.3
1.3

1.5
1.8
1.5
1.9
1.6

1.5
1.8
1.5
1.4
1.6

1.1
1.5
1.2
0.8
1.3

2.0
2.0
2.0
1.7
1.6

1.8
2.2
1.8
1.8
2.1

1.5
1.5
1.5
1.6
1.5

2.2
1.9
2.2
1.9
1.8

1.6
1.8
1.6
1.5
1.7

0.1
0.8
0.2
–0.1
0.8

0.1
0.5
0.2
–1.6
0.2

2.1
1.5
2.1
1.5
1.2

1.3
1.4
1.3
1.3
1.3

13
14
15
16
17

1.4
1.3
1.2
1.3
1.2

2.0
2.2
1.7
1.7
1.1

1.4
1.4
1.7
1.2
1.6

0.8
0.4
1.2
–0.2
0.6

1.8
1.7
1.4
1.6
1.3

1.9
1.4
1.7
0.9
1.2

1.6
1.6
1.4
1.4
1.1

2.0
2.1
2.0
1.9
1.7

1.6
1.2
1.4
1.1
1.3

0.0
–0.4
1.0
–0.9
0.7

–1.6
–1.9
1.0
–2.5
0.7

1.5
2.2
1.9
2.2
1.8

1.3
1.3
1.4
1.1
1.2

18
19
20
21
22

3.0

3.8

–0.9

4.6

4.3

2.1

0.6

3.9

2.0

23

1.13 4.47 1.12 1.64 0.36 –0.24 2.17 0.34 2.23 2.77 –2.30
1.03 –0.40 0.73 –0.01 0.22 0.17 –0.20 0.20 0.16 1.32 1.04
0.27 0.51 0.83 0.25 –0.10 0.15 –0.06 0.58 0.59 –0.27 0.33
0.20 0.52 0.64 0.19 0.00 –0.05 0.43 0.23 –0.41 0.50 0.06
0.01 0.08 0.07 –0.01 0.07 0.16 0.06 0.05 –0.03 0.02 0.02
0.05 0.08 –0.06 0.00 0.02 0.12 0.15 –0.01 0.04 –0.01 0.11

3.07
1.03
0.47
0.44
0.03
0.02

1.79 0.67
1.24 1.12
0.90 0.19
0.40 0.53
0.13 0.02
0.25 –0.02

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 ............................................
Percentage points at annual rates:
Goods ..................................................................................
Services ...............................................................................
Structures ............................................................................
Motor vehicle output.............................................................
Final sales of computers......................................................
Research and development .................................................

2.2

1.5

1.48
0.27
0.47
0.31
0.06
0.01

1.17
0.13
0.18
0.13
0.06
0.06

2.4

4.6

2.7

1.9

0.5

0.1

1.9

1.1

2.74 –0.06 –0.57
1.49 1.63 1.28
0.05 0.50 –0.07
0.53 –0.35 0.04
0.02 –0.12 0.10
0.05 0.14 0.13

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.

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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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