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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, JULY 27, 2012
Lisa Mataloni:
Recorded message:
(202) 606-5304
(202) 606-5306
gdpniwd@bea.gov
Brent Moulton:
Nicole Mayerhauser:
(202) 606-9606
(202) 606-9285
(Annual Revision)
BEA 12-32
NATIONAL INCOME AND PRODUCT ACCOUNTS
GROSS DOMESTIC PRODUCT: SECOND QUARTER 2012 (ADVANCE ESTIMATE)
REVISED ESTIMATES: 2009 THROUGH FIRST QUARTER 2012
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.5 percent in the second quarter of 2012,
(that is, from the first quarter to the second quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 2.0 percent.
The Bureau emphasized that the second-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page
3). The "second" estimate for the second quarter, based on more complete data, will be released on
August 29, 2012.
The estimates released today reflect the regular annual revision of the national income and product
accounts (NIPAs), beginning with the estimates for the first quarter of 2009. Annual revisions, which
are usually released in July, incorporate source data that are more complete, more detailed, and
otherwise more reliable than those previously available. This release includes the revised quarterly
estimates of GDP, corporate profits, and personal income and provides an overview of the effects of the
revision.
The August 2012 Survey of Current Business will contain NIPA tables and an article describing
the revisions. These NIPA tables will be available on BEA’s Web site at www.bea.gov by August 3,
2012.
NOTE. Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2005)
dollars. Price indexes are chain-type measures.
This news release is available on BEA’s Web site along with the Technical Note and Highlights
related to this release.
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-2The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, nonresidential fixed investment, private inventory
investment, and residential fixed investment that were partly offset by a negative contribution from state
and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in the second quarter primarily reflected a deceleration in PCE, an
acceleration in imports, and decelerations in residential fixed investment and in nonresidential fixed
investment that were partly offset by an upturn in private inventory investment, a smaller decrease in
federal government spending, and an acceleration in exports.
Motor vehicle output added 0.13 percentage point to the second-quarter change in real GDP after
adding 0.72 percentage point to the first-quarter change. Final sales of computers subtracted 0.07
percentage point from the second-quarter change in real GDP after adding 0.02 percentage point to the
first-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.7 percent in the second quarter, compared with an increase of 2.5 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.4 percent in
the second quarter, compared with an increase of 2.4 percent in the first.
Real personal consumption expenditures increased 1.5 percent in the second quarter, compared
with an increase of 2.4 percent in the first. Durable goods decreased 1.0 percent, in contrast to an
increase of 11.5 percent. Nondurable goods increased 1.5 percent, compared with an increase of 1.6
percent. Services increased 1.9 percent, compared with an increase of 1.3.
Real nonresidential fixed investment increased 5.3 percent in the second quarter, compared with
an increase of 7.5 percent in the first. Nonresidential structures increased 0.9 percent, compared with an
increase of 12.9 percent. Equipment and software increased 7.2 percent, compared with an increase of
5.4 percent. Real residential fixed investment increased 9.7 percent, compared with an increase of 20.5
percent.
Real exports of goods and services increased 5.3 percent in the second quarter, compared with an
increase of 4.4 percent in the first. Real imports of goods and services increased 6.0 percent, compared
with an increase of 3.1 percent.
Real federal government consumption expenditures and gross investment decreased 0.4 percent
in the second quarter, compared with a decrease of 4.2 percent in the first. National defense decreased
0.4 percent, compared with a decrease of 7.1 percent. Nondefense decreased 0.3 percent, in contrast to
an increase of 1.8 percent. Real state and local government consumption expenditures and gross
investment decreased 2.1 percent, compared with a decrease of 2.2.
The change in real private inventories added 0.32 percentage point to the second-quarter change
in real GDP after subtracting 0.39 percentage point from the first-quarter change. Private businesses
increased inventories $66.3 billion in the second quarter, following increases of $56.9 billion in the first
quarter and $70.5 billion in the fourth.
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-3Real final sales of domestic product -- GDP less change in private inventories -- increased 1.2
percent in the second quarter, compared with an increase of 2.4 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.8 percent in the second quarter, the same increase as in the first quarter.
Disposition of personal income
Current-dollar personal income increased $140.5 billion (4.3 percent) in the second quarter,
compared with an increase of $199.9 billion (6.3 percent) in the first.
Personal current taxes increased $24.9 billion in the second quarter, compared with an increase
of $30.0 billion in the first.
Disposable personal income increased $115.6 billion (4.0 percent) in the second quarter,
compared with an increase of $169.9 billion (6.0 percent) in the first. Real disposable personal income
increased 3.2 percent, compared with an increase of 3.4 percent.
Personal outlays increased $59.9 billion (2.1 percent) in the second quarter, compared with an
increase of $143.1 billion (5.2 percent) in the first. Personal saving -- disposable personal income less
personal outlays -- was $475.3 billion in the second quarter, compared with $419.5 billion in the first.
The personal saving rate -- saving as a percentage of disposable personal income -- was 4.0 percent in
the second quarter, compared with 3.6 percent in the first. For a comparison of personal saving in
BEA’s national income and product accounts with personal saving in the Federal Reserve Board’s flow
of funds accounts and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.1 percent, or $117.6 billion, in the second quarter to a level of $15,595.9 billion. In the first quarter,
current-dollar GDP increased 4.2 percent, or $157.3 billion.
Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimate of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy."
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-4Revision of the National Income and Product Accounts
The revised estimates, which begin with 2009, reflect the results of the annual revision of the
national income and product accounts (NIPAs). These revisions, usually made each July, incorporate
newly available and more comprehensive source data, as well as improved estimation methodologies. In
this annual revision, the notable revisions primarily reflect the incorporation of newly available and
revised source data. For example, the revised estimates of profits reflect newly available Internal
Revenue Service tabulations of tax returns for corporations for 2010 and revised tabulations for 2009.
Because of the additional data shown, tables 3, 11, and 12 are each divided into two separate
tables -- 3A and 3B, 11A and 11B, and 12A and 12B. There are also a number of special tables that
compare the revised and previously published estimates for selected periods: table 1A shows the
percent change in real GDP and related measures; table 1B shows revisions to current-dollar GDP, to
national income, and to the disposition of personal income; table 2A shows contributions to the percent
change in real GDP; table 4A shows the percent change in the chain-type price indexes for GDP and
related measures; and table 12C shows revisions to corporate profits by industry.
With the release of the annual revision, statistics for selected NIPA tables will be available on
BEA’s Web site (www.bea.gov). Shortly after the GDP release, BEA will post a table on its Web site
showing the sources of major current-dollar revisions to the annual estimates for 2009–2011 for each
component of GDP, national income, and personal income. The August 2012 Survey of Current
Business will contain NIPA tables and an article describing the revisions. The August 2012 issue will
also contain an analysis of the "advance" GDP estimate for the second quarter of 2012 ("GDP and the
Economy").
This section of the release discusses the highlights of annual revision, including the newly
incorporated source data and changes in methodology and presentation.
Summary of revisions
For this annual revision, the revisions are limited to the period from 2009 to the first quarter of
2012.
•
For 2008–2011, real GDP increased at an average annual rate of 0.3 percent; in the previously
published estimates, real GDP had increased at an average annual rate of 0.4 percent. From the
fourth quarter of 2008 to the first quarter of 2012, real GDP increased at an average annual rate
of 1.5 percent; in the previously published estimates, real GDP had increased 1.4 percent.
•
The percent change in real GDP was revised up 0.4 percentage point for 2009, was revised down
0.6 percentage point for 2010, and was revised up 0.1 percentage point for 2011.
•
The revisions to the annual estimates for 2009–2011 reflect partly offsetting revisions to the
quarters within the year. For example, for 2009, the annual rate of change in GDP was revised
up 1.4 percentage points for the first quarter, was revised up 0.4 percentage point for the second
quarter, and was revised up 0.2 percentage point for the fourth quarter, while the growth rate for
the third quarter was revised down 0.3 percentage point. For 2010, the annual rate of change in
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-5GDP was revised down 1.6 percentage points for both the first and second quarters, while the
growth rates for the third and fourth quarters were each revised up 0.1 percentage point. For
2011, the annual rate of change in GDP was revised up 1.2 percentage points for the second
quarter and was revised up 1.1 percentage points for the fourth quarter, while the growth rates for
the first and third quarters were revised down 0.3 percentage point and 0.5 percentage point,
respectively.
•
For the 13 quarters from the first quarter of 2009 to the first quarter of 2012, the average revision
(without regard to sign) was 0.7 percentage point. The revisions did not change the direction of
change in real GDP (increase or decrease) for any quarter.
•
For 2008–2011, the average annual rate of growth of real disposable personal income was
revised down 0.1 percentage point, from 0.2 percent to 0.1 percent.
•
From the fourth quarter of 2008 to the first quarter of 2012, the average annual rate of increase in
the price index for gross domestic purchases was 1.6 percent, the same rate of increase as in the
previously published estimates. The average annual rate of increase in the price index for
personal consumption expenditures (PCE) was 1.8 percent; in the previously published
estimates, the price index for PCE had increased 1.9 percent. The average annual rate of
increase in the "core" PCE price index (which excludes food and energy) was 1.5 percent; in the
previously published estimates, the "core" PCE price index had increased 1.6 percent.
•
The percent change in real gross domestic income (GDI) was revised up 0.1 percentage point for
2009, was revised down 0.5 percentage point for 2010, and was revised down 0.2 percentage
point for 2011.
•
National income was revised down for all 3 years: 0.1 percent for 2009, 0.2 percent for 2010,
and 0.5 percent for 2011.
•
Corporate profits was revised down for all 3 years: 1.4 percent for 2009, 5.4 percent for 2010,
and 6.0 percent for 2011.
Revisions to the 2009-2011 estimates
The percent change from the preceding year in real GDP was revised up from a decrease of 3.5
percent to a decrease of 3.1 percent for 2009, was revised down from an increase of 3.0 percent to an
increase of 2.4 percent for 2010, and was revised up from an increase of 1.7 percent to an increase of 1.8
percent for 2011.
For 2009, the largest contributors to the revision to the change in real GDP were upward
revisions to state and local government spending and to inventory investment. For 2010, the largest
contributors to the revision were downward revisions to nonresidential fixed investment, to PCE, and to
inventory investment. For 2011, the largest contributors to the revision were upward revisions to PCE
and to inventory investment; these revisions were partly offset by downward revisions to state and local
government spending, to federal government spending, and to nonresidential fixed investment.
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-6The percent change from fourth quarter to fourth quarter in real GDP was revised up from a
decrease of 0.5 percent to a decrease of 0.1 percent during 2009, was revised down from an increase of
3.1 percent to an increase of 2.4 percent during 2010, and was revised up from an increase of 1.6 percent
to an increase of 2.0 percent during 2011.
For the period of contraction from the fourth quarter of 2007 to the second quarter of 2009, real
GDP decreased at an average annual rate of 3.2 percent; in the previously published estimates, it had
decreased 3.5 percent. The cumulative decrease in real GDP (not at an annual rate) was 4.7 percent; in
the previously published estimates, the cumulative decrease was 5.1 percent.
For the period of expansion from the second quarter of 2009 to the first quarter of 2012, real
GDP increased at an average annual rate of 2.3 percent; in the previously published estimates, it had
increased 2.4 percent.
The percent change from the preceding year in real gross domestic income (GDI) was revised up
from a decrease of 4.0 percent to a decrease of 3.9 percent for 2009, was revised down from an increase
of 3.6 percent to an increase of 3.1 percent for 2010, and was revised down from an increase of 2.0
percent to an increase of 1.8 percent for 2011.
The percent change from the preceding year in the price index for gross domestic purchases was
revised down from a decrease of 0.1 percent to a decrease of 0.2 percent for 2009, was revised up from
an increase of 1.5 percent to an increase of 1.6 percent for 2010, and was unrevised at 2.5 percent for
2011. For the corresponding quarters, the largest downward revision was 0.6 percentage point for the
first quarter of 2011; the largest upward revision was 0.4 percentage point (for both the third and fourth
quarters of 2010).
Current-dollar GDP was revised up $34.7 billion, or 0.2 percent, for 2009; was revised down
$27.6 billion, or 0.2 percent, for 2010; and was revised down $18.3 billion, or 0.1 percent, for 2011.
The percent change from the preceding year was revised up from a decrease of 2.5 percent to a decrease
of 2.2 percent for 2009, was revised down from an increase of 4.2 percent to an increase of 3.8 percent
for 2010, and was revised up from an increase of 3.9 percent to an increase of 4.0 percent for 2011.
Current-dollar gross national product (GNP) (GDP plus net receipts of income from the rest of the
world) was revised up $26.0 billion, or 0.2 percent, for 2009; was revised down $7.7 billion, or 0.1
percent, for 2010; and was revised down $12.0 billion, or 0.1 percent, for 2011. Net receipts of income
from the rest of the world was revised down $8.8 billion for 2009, was revised up $19.9 billion for 2010,
and was revised up $6.4 billion for 2011. The revisions to net receipts of income -- which affect GNP,
national income, corporate profits, net interest and miscellaneous payments, and personal income
receipts on assets -- resulted from the revisions to BEA's international transactions accounts (ITAs) that
were released in June. (An article describing the revisions to the ITAs was published in the July 2012
issue of the Survey of Current Business.)
National income was revised down for all 3 years: $15.0 billion, or 0.1 percent, for 2009; $28.7
billion, or 0.2 percent, for 2010; and $62.3 billion, or 0.5 percent, for 2011. For 2009, downward
revisions to corporate profits, to net interest, and to rental income of persons were partly offset by an
upward revision to nonfarm proprietors’ income. For 2010, a downward revision to corporate profits
was partly offset by an upward revision to nonfarm proprietors’ income. For 2011, a downward revision
to corporate profits was partly offset by upward revisions to nonfarm proprietors’ income and to
supplements to wages and salaries.
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-7-
Corporate profits from current production -- profits before tax with inventory valuation and
capital consumption adjustments -- was revised down for all 3 years: $19.7 billion, or 1.4 percent, for
2009; $97.7 billion, or 5.4 percent, for 2010; and $115.8 billion, or 6.0 percent, for 2011. For 2009,
downward revisions to profits of domestic financial corporations and to profits from the rest of the world
were partly offset by an upward revision to profits of domestic nonfinancial corporations. For 2010 and
2011, downward revisions to profits of domestic financial and nonfinancial corporations were partly
offset by an upward revision to profits from the rest of the world.
Profits before tax was revised down for all 3 years: $15.2 billion for 2009, $3.2 billion for 2010,
and $42.2 billion for 2011. The before-tax measure of profits does not reflect, as does profits from
current production, the capital consumption and inventory valuation adjustments. These adjustments
convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost
basis to the current-cost measures used in the national income and product accounts. The capital
consumption adjustment was revised down for all 3 years: $7.0 billion for 2009, $94.9 billion for 2010,
and $71.2 billion for 2011. The inventory valuation adjustment was revised up $2.6 billion for 2009,
was revised up $0.4 billion for 2010, and was revised down $2.5 billion for 2011.
Personal income was revised down for all 3 years: $63.2 billion, or 0.5 percent, for 2009; $51.6
billion, or 0.4 percent, for 2010; and $43.9 billion, or 0.3 percent, for 2011. For 2009, downward
revisions to personal dividend income, to rental income of persons, and to personal interest income were
partly offset by an upward revision to nonfarm proprietors’ income. For 2010, a downward revision to
personal dividend income was partly offset by upward revisions to nonfarm proprietors’ income and to
personal interest income. For 2011, downward revisions to personal dividend income, to government
social benefits to persons, and to farm proprietors’ income were partly offset by upward revisions to
nonfarm proprietors’ income, to supplements to wages and salaries, and to personal interest income.
Disposable personal income (DPI) (personal income less personal current taxes) was revised
down for all 3 years: $66.4 billion, or 0.6 percent, for 2009; $52.6 billion, or 0.5 percent, for 2010; and
$44.2 billion, or 0.4 percent, for 2011. Personal current taxes was revised up for all 3 years: $3.2 billion
for 2009, $0.9 billion for 2010, and $0.3 billion for 2011. The percent change from the preceding year
in real DPI was revised down from a decrease of 2.3 percent to a decrease of 2.8 percent for 2009, was
unrevised at 1.8 percent for 2010, and was revised up from an increase of 1.2 percent to an increase of
1.3 percent for 2011.
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -was revised down $22.0 billion for 2009, was revised down $26.5 billion for 2010, and was revised up
$4.8 billion for 2011. For 2009 and 2010, downward revisions to PCE accounted for most of the
revisions to personal outlays. For 2011, upward revisions to personal interest payments and to PCE
were partly offset by a downward revision to personal current transfer payments to government. The
personal saving rate (personal saving as a percentage of DPI) was revised down for all 3 years: from 5.1
percent to 4.7 percent for 2009, from 5.3 percent to 5.1 percent for 2010, and from 4.6 percent to 4.2
percent for 2011.
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-8-
The statistical discrepancy is current-dollar GDP less current-dollar gross domestic income
(GDI). It arises because most components of GDP and of GDI are estimated independently. GDP
measures final expenditures -- the sum of consumer spending, private investment, net exports, and
government spending. GDI measures the incomes earned in the production of GDP. In concept, GDP is
equal to GDI. In practice, they differ because they are estimated using different source data and
different methods.
As a result of the annual revision, the statistical discrepancy as a percentage of GDP was revised
up for all 3 years: from 0.6 percent to 0.8 percent for 2009, from less than 0.1 percent to 0.2 percent for
2010, and from a negative 0.2 percent to a positive 0.2 percent for 2011. For 2009, the revision to the
discrepancy reflected an upward revision to GDP and a downward revision to GDI. For 2010 and 2011,
the revisions to the discrepancy reflected downward revisions to GDI that were larger than the
downward revisions to GDP.
New source data
The annual revision incorporated data from the following major federal statistical sources:
Census Bureau annual survey of manufactures for 2009 (revised) and 2010 (preliminary); Census
Bureau annual surveys of merchant wholesale trade and of retail trade for 2009 (revised) and for 2010
(preliminary); Census Bureau revised monthly indicators of manufactures, of merchant wholesale trade,
and of retail trade for 2009–2011; Census Bureau annual surveys of services for 2009 (revised), 2010
(revised), and 2011 (preliminary), and of state and local government finances for fiscal years 2008
(revised), 2009 (revised), and 2010 (preliminary); Census Bureau monthly survey of construction
spending (value put in place) for 2009–2011 (revised); Census Bureau quarterly services survey for
2009–2011 (revised); Census Bureau current population survey/housing vacancy survey for 2011;
federal government budget data for fiscal years 2011 and 2012; Internal Revenue Service tabulations of
tax returns for corporations for 2009 (revised) and 2010 (preliminary) and for sole proprietorships and
partnerships for 2010; Bureau of Labor Statistics quarterly census of employment and wages for 2009–
2011 (revised); Department of Agriculture farm statistics for 2009–2011 (revised); and BEA's ITAs for
2009–2011 (revised).
Changes in methodology and presentation
The annual revision also incorporated improvements to estimating methodologies, including the
following:
•
Beginning with the estimates for 2010, data from the Census Bureau’s expanded service annual
survey (SAS) are incorporated into the annual estimates of PCE categories for ground
transportation for intercity buses, taxicabs, private urban transit systems, school bus
transportation, and "other" road transportation. Newly available SAS data are also incorporated
into the PCE estimates of water transportation; both ground transportation and water
transportation are included in the PCE category public transportation. In addition, newly
available SAS data are incorporated into the PCE estimates of commercial and vocational
schools and into the PCE estimates of water supply and sanitation services. Similarly, beginning
with the estimates for the first quarter of 2011, data from the Census Bureau’s expanded
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-9quarterly services survey (QSS) are incorporated into the quarterly estimates of most of these
same PCE categories. As a result, the percentage of quarterly PCE services that are based on the
QSS has increased to 42 percent.
•
Beginning with the estimates for 2010, retail motor vehicle inventory investment is derived using
a weighted average of private industry data on motor vehicle unit inventories and of inventory
data from the Census Bureau’s retail trade surveys. This methodology is used for both the
annual inventory investment estimates and the current quarterly extrapolations of inventory
investment. Prior to this methodology change, estimates of annual inventory investment were
based solely on retail trade inventory data from the Census Bureau, and the current quarterly
extrapolations were based solely on the unit inventory data. This new approach takes into
account differences in the scope and coverage of these two data sources and makes the annual
and current quarterly methodologies more consistent and should result in smaller revisions
during annual revisions.
•
Beginning with the estimates for the second quarter of 2012, data for the "preliminary"
composite refiner acquisition cost of crude oil from the Energy Information Administration are
used in place of the producer price index for crude petroleum as the indicator for the estimates of
the refiner crude acquisition cost, which is used in the estimation of a number of important series
of private inventory investment and their corresponding inventory valuation adjustments.
•
Beginning with the estimates for the first quarter of 2009, revised seasonally adjusted foreign
trade prices are incorporated on a "best-level" basis into BEA’s chained-dollar estimates of
exports and imports. The revised prices reflect BEA’s work with the Census Bureau’s Foreign
Trade Division to develop more consistent measures of chained-dollar exports and imports.
•
A new group of tables is introduced on BEA’s Web site to show GDP, GDI, and other major
NIPA aggregates (including GNP and various command-basis measures) side-by-side. Most of
the measures in these tables are already available in other NIPA tables. The new tables are
intended to facilitate comparison of these major aggregates.
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- 10 -
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 -- August 29, 2012, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2012 (Second Estimate)
Corporate Profits: Second Quarter 2012 (Preliminary Estimate)
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- 11 Comparisons of Revisions to GDP
Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source
data that are incomplete or subject to further revision by the source agency, are released near the end of the first
month after the end of the quarter; as more detailed and more comprehensive data become available, "second" and
"third" estimates are released near the end of the second and third months, respectively. The "latest" estimates
reflect the results of both annual and comprehensive revisions.
Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried
out each summer and incorporate newly available major annual source data. Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.
The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and real GDP for the different vintages of the estimates. From the advance estimate to the second estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the third estimate (two months later), it is 0.6 percentage point. From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.2 percentage point, which is larger than
the average revisions from the advance estimate to the second or to the third estimates. The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the incorporation of BEA’s latest benchmark input-output accounts. The quarterly estimates correctly indicate the
direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than four-fifths of the time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages
compared
Average
Average without
regard to sign
Standard deviation of
revisions without regard
to sign
Current-dollar GDP
Advance to second....
Advance to third........
Second to third...........
0.2
.2
.0
0.6
.7
.3
0.4
.4
.2
Advance to latest.......
.3
1.2
1.0
Real GDP
Advance to second.....
Advance to third.........
Second to third............
0.1
.1
.0
0.5
.6
.2
0.4
.5
.2
Advance to latest........
.2
1.3
1.0
NOTE. These comparisons are based on the period from 1983 through 2008.
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Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
IV
2009
I
II
2010
III
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
II
Gross domestic product (GDP)............
–0.3 –3.1
2.4
1.8 –8.9 –5.3 –0.3
1.4
4.0
2.3
2.2
2.6
2.4
0.1
2.5
1.3
4.1
2.0
1.5
Personal consumption expenditures..............
–0.6 –1.9
1.8
2.5 –5.1 –1.6 –1.8
2.1
0.0
2.5
2.6
2.5
4.1
3.1
1.0
1.7
2.0
2.4
1.5
Goods .............................................................
–2.5 –3.0
3.6
3.8 –12.6
0.2 –2.1
7.5 –0.5
5.2
3.3
3.8
7.9
5.4 –1.0
1.4
5.4
4.7
0.7
Durable goods .............................................
–4.9 –5.4
6.2
7.2 –25.4
1.3 –2.0 20.9 –6.1
5.5 10.5
7.2 15.2
7.3 –2.3
5.4 13.9 11.5 –1.0
Nondurable goods .......................................
–1.2 –1.8
2.3
2.3 –5.8 –0.3 –2.1
1.7
2.3
5.1
0.1
2.2
4.5
4.6 –0.3 –0.4
1.8
1.6
1.5
Services ..........................................................
0.4 –1.4
1.0
1.9 –1.2 –2.5 –1.6 –0.4
0.2
1.2
2.3
1.9
2.3
2.0
1.9
1.8
0.3
1.3
1.9
Gross private domestic investment ................ –10.2 –24.8 13.7
5.2 –33.9 –43.0 –27.1 –1.7 41.4 19.8 14.6 16.4 –5.9 –5.3 12.5
5.9 33.9
6.1
8.5
Fixed investment .............................................
–7.1 –19.0 –0.2
6.6 –25.2 –30.2 –18.5 –3.1 –6.0 –0.9 14.5 –1.0
7.6 –1.3 12.4 15.5 10.0
9.8
6.1
Nonresidential .............................................
–0.8 –18.1
0.7
8.6 –22.9 –28.9 –17.5 –7.8 –6.4
2.1 12.3
7.7
9.2 –1.3 14.5 19.0
9.5
7.5
5.3
Structures ................................................
6.4 –21.1 –15.6
2.7 –10.2 –30.5 –31.4 –26.7 –28.8 –23.0 13.1 –2.2
9.3 –28.2 35.2 20.7 11.5 12.9
0.9
Equipment and software..........................
–4.3 –16.4
8.9 11.0 –29.3 –27.9 –8.6
3.6
6.0 14.7 12.0 11.9
9.2 11.1
7.8 18.3
8.8
5.4
7.2
Residential .................................................. –23.9 –22.4 –3.7 –1.4 –33.2 –35.1 –22.2 17.2 –4.8 –11.4 23.1 –28.6
1.5 –1.4
4.1
1.4 12.1 20.5
9.7
Change in private inventories.......................... ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... ..........
Net exports of goods and services................. ........... ........... ........... .......... .......... .......... .......... .......... .......... .......... .......... .......... ........... ........... .......... .......... .......... .......... ..........
Exports............................................................
6.1 –9.1 11.1
6.7 –21.4 –28.7
0.6 13.8 24.0
5.9
9.6
9.7 10.0
5.7
4.1
6.1
1.4
4.4
5.3
Goods..........................................................
6.3 –12.0 14.3
7.2 –27.4 –35.3 –2.6 21.1 30.4
9.9 11.9
9.0 11.2
5.7
3.7
6.2
6.0
4.0
6.0
Services ......................................................
5.6 –2.6
4.7
5.6 –5.6 –12.6
7.4
0.4 11.4 –2.2
4.5 11.1
7.4
5.8
5.1
6.1 –8.8
5.2
3.6
Imports............................................................
–2.7 –13.5 12.5
4.8 –14.9 –33.9 –15.9 17.2 19.3 10.4 20.2 13.9
0.0
4.3
0.1
4.7
4.9
3.1
6.0
Goods..........................................................
–3.8 –15.6 14.9
5.2 –18.5 –37.3 –18.5 21.1 23.7 12.2 24.7 14.1
1.1
5.2 –0.7
2.9
6.3
2.0
6.0
Services ......................................................
3.6 –3.3
2.5
2.8
5.6 –17.2 –4.7
2.8
2.4
2.4
1.2 12.9 –5.0 –0.6
4.2 13.8 –1.7
9.0
5.5
Government consumption expenditures and
gross investment ..........................................
2.6
3.7
0.6 –3.1
1.6
1.8
9.6
3.7
1.1 –3.1
2.8 –0.3 –4.4 –7.0 –0.8 –2.9 –2.2 –3.0 –1.4
Federal ............................................................
7.2
6.1
4.5 –2.8
9.1 –3.0 13.7
6.3
4.2
0.6
9.7
3.7 –4.1 –10.3
2.8 –4.3 –4.4 –4.2 –0.4
National defense .........................................
7.5
6.0
3.0 –2.6
8.3 –7.0 16.1
7.6
1.3 –3.7
7.3
7.2 –6.1 –14.3
8.3
2.6 –10.6 –7.1 –0.4
Nondefense .................................................
6.5
6.5
7.7 –3.1 10.9
6.1
8.8
3.5 10.5 10.1 14.6 –3.1
0.0 –1.7 –7.5 –17.4 10.2
1.8 –0.3
State and local ................................................
0.0
2.2 –1.8 –3.4 –2.8
4.9
7.2
2.2 –0.9 –5.5 –1.4 –2.9 –4.6 –4.7 –3.2 –2.0 –0.7 –2.2 –2.1
Addenda:
Final sales of domestic product ......................
0.2 –2.3
0.9
2.0 –7.4 –3.1
0.6
1.2 –0.6
0.1
2.2
0.6
4.1
0.6
2.4
2.3
1.5
2.4
1.2
Gross domestic purchases .............................
–1.5 –4.0
2.8
1.7 –8.3 –7.3 –2.7
2.1
4.0
3.1
3.9
3.5
1.1
0.0
1.9
1.2
4.6
1.8
1.8
Final sales to domestic purchasers.................
–1.0 –3.3
1.3
1.8 –6.9 –5.2 –1.8
1.8 –0.5
0.9
3.9
1.5
2.7
0.5
1.8
2.2
2.1
2.2
1.5
Gross national product (GNP).........................
0.0 –3.2
2.8
2.0 –10.8 –5.2 –0.4
2.8
4.4
2.7
2.9
2.6
2.2
0.6
2.8
1.4
4.1
0.6 ..........
Disposable personal income...........................
2.4 –2.8
1.8
1.3 –0.2 –4.7 –0.5 –6.1 –0.6
5.7
6.3
1.2
1.0
4.4 –1.5 –1.3 –0.2
3.4
3.2
Current-dollar measures:
GDP ............................................................
1.9 –2.2
3.8
4.0 –8.4 –4.4 –1.1
1.9
5.3
3.9
4.1
4.6
4.5
2.2
5.2
4.3
4.2
4.2
3.1
Final sales of domestic product...................
2.4 –1.4
2.2
4.1 –7.4 –2.1 –0.1
1.8
0.8
1.6
3.8
2.7
6.2
2.6
5.2
5.4
1.9
4.4
2.8
Gross domestic purchases..........................
1.8 –4.3
4.5
4.2 –12.0 –9.6 –2.5
3.8
6.3
5.2
4.8
4.8
3.5
3.5
5.5
3.6
5.3
4.6
2.5
Final sales to domestic purchasers.............
2.2 –3.5
3.0
4.4 –11.0 –7.4 –1.5
3.7
1.9
3.0
4.6
2.9
5.1
3.9
5.4
4.6
3.0
4.8
2.2
GNP ............................................................
2.2 –2.4
4.2
4.2 –10.4 –4.4 –1.1
3.3
5.7
4.3
4.7
4.6
4.3
2.7
5.5
4.5
4.3
2.8 ..........
Disposable personal income .......................
5.8 –2.7
3.8
3.8 –5.8 –6.8
1.1 –3.3
2.5
7.6
6.9
2.5
3.1
7.7
2.0
1.1
0.9
6.0
4.0
See “Explanatory Note” at the end of the tables.
Table 1A. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
IV
2009
I
II
2010
III
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
Gross domestic product (GDP).........
–0.3
–3.1
2.4
1.8
–8.9
–5.3
–0.3
1.4
4.0
2.3
2.2
2.6
2.4
0.1
2.5
1.3
4.1
2.0
Previously published.........................
–0.3
–3.5
3.0
1.7
–8.9
–6.7
–0.7
1.7
3.8
3.9
3.8
2.5
2.3
0.4
1.3
1.8
3.0
1.9
Personal consumption expenditures...........
–0.6
–1.9
1.8
2.5
–5.1
–1.6
–1.8
2.1
0.0
2.5
2.6
2.5
4.1
3.1
1.0
1.7
2.0
2.4
Previously published ....................................
–0.6
–1.9
2.0
2.2
–5.1
–1.5
–1.9
2.3
0.4
2.7
2.9
2.6
3.6
2.1
0.7
1.7
2.1
2.5
Goods ..........................................................
–2.5
–3.0
3.6
3.8 –12.6
0.2
–2.1
7.5
–0.5
5.2
3.3
3.8
7.9
5.4
–1.0
1.4
5.4
4.7
Previously published ................................
–2.5
–3.0
4.3
3.7 –12.6
0.1
–2.3
7.6
0.5
6.4
3.8
4.8
8.3
4.7
–1.6
1.4
5.4
5.7
Durable goods ..........................................
–4.9
–5.4
6.2
7.2 –25.4
1.3
–2.0
20.9
–6.1
5.5
10.5
7.2
15.2
7.3
–2.3
5.4
13.9
11.5
Previously published.............................
–4.9
–5.4
7.2
8.2 –25.4
2.4
–4.0
20.3
–4.8
9.9
7.8
8.8
17.2
11.7
–5.3
5.7
16.1
13.7
Nondurable goods ....................................
–1.2
–1.8
2.3
2.3
–5.8
–0.3
–2.1
1.7
2.3
5.1
0.1
2.2
4.5
4.6
–0.3
–0.4
1.8
1.6
Previously published.............................
–1.2
–1.8
2.9
1.7
–5.8
–1.0
–1.5
2.0
3.1
4.8
1.9
3.0
4.3
1.6
0.2
–0.5
0.8
2.1
Services .......................................................
0.4
–1.4
1.0
1.9
–1.2
–2.5
–1.6
–0.4
0.2
1.2
2.3
1.9
2.3
2.0
1.9
1.8
0.3
1.3
Previously published ................................
0.4
–1.4
0.9
1.4
–1.2
–2.3
–1.7
–0.1
0.4
1.0
2.5
1.6
1.3
0.8
1.9
1.9
0.4
0.8
Gross private domestic investment ............. –10.2 –24.8
13.7
5.2 –33.9 –43.0 –27.1
–1.7
41.4
19.8
14.6
16.4
–5.9
–5.3
12.5
5.9
33.9
6.1
Previously published .................................... –10.2 –25.0
17.9
4.8 –33.9 –46.7 –22.8
2.9
36.8
31.5
26.4
9.2
–7.1
3.8
6.4
1.3
22.1
6.5
Fixed investment ..........................................
–7.1 –19.0
–0.2
6.6 –25.2 –30.2 –18.5
–3.1
–6.0
–0.9
14.5
–1.0
7.6
–1.3
12.4
15.5
10.0
9.8
Previously published ................................
–7.1 –18.8
2.6
6.8 –25.2 –32.2 –17.0
0.7
–3.8
1.2
19.5
2.3
7.5
1.2
9.2
13.0
6.3
6.0
Nonresidential ..........................................
–0.8 –18.1
0.7
8.6 –22.9 –28.9 –17.5
–7.8
–6.4
2.1
12.3
7.7
9.2
–1.3
14.5
19.0
9.5
7.5
Previously published.............................
–0.8 –17.8
4.4
8.8 –22.9 –31.3 –15.8
–3.3
–3.7
6.0
18.6
11.3
8.7
2.1
10.3
15.7
5.2
3.1
Structures .............................................
6.4 –21.1 –15.6
2.7 –10.2 –30.5 –31.4 –26.7 –28.8 –23.0
13.1
–2.2
9.3 –28.2
35.2
20.7
11.5
12.9
Previously published.........................
6.4 –21.2 –15.8
4.6 –10.2 –32.1 –33.3 –20.1 –30.8 –24.7
7.5
4.2
10.5 –14.3
22.6
14.4
–0.9
1.9
Equipment and software.......................
–4.3 –16.4
8.9
11.0 –29.3 –27.9
–8.6
3.6
6.0
14.7
12.0
11.9
9.2
11.1
7.8
18.3
8.8
5.4
Previously published.........................
–4.3 –16.0
14.6
10.4 –29.3 –30.8
–4.2
6.4
11.7
21.7
23.2
14.1
8.1
8.7
6.2
16.2
7.5
3.5
Residential ............................................... –23.9 –22.4
–3.7
–1.4 –33.2 –35.1 –22.2
17.2
–4.8 –11.4
23.1 –28.6
1.5
–1.4
4.1
1.4
12.1
20.5
Previously published............................. –23.9 –22.2
–4.3
–1.3 –33.2 –35.4 –21.3
17.8
–3.8 –15.3
22.8 –27.7
2.5
–2.4
4.2
1.3
11.6
20.0
Change in private inventories....................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ...........
Net exports of goods and services.............. ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ...........
Exports.........................................................
6.1
–9.1
11.1
6.7 –21.4 –28.7
0.6
13.8
24.0
5.9
9.6
9.7
10.0
5.7
4.1
6.1
1.4
4.4
Previously published ................................
6.1
–9.4
11.3
6.7 –21.4 –29.0
–0.5
13.9
23.5
7.2
10.0
10.0
7.8
7.9
3.6
4.7
2.7
4.2
Goods.......................................................
6.3 –12.0
14.3
7.2 –27.4 –35.3
–2.6
21.1
30.4
9.9
11.9
9.0
11.2
5.7
3.7
6.2
6.0
4.0
Previously published.............................
6.3 –12.0
14.4
7.4 –27.4 –34.9
–2.9
21.3
28.4
12.1
11.8
8.9
9.2
10.6
2.5
5.0
3.6
3.8
Services ...................................................
5.6
–2.6
4.7
5.6
–5.6 –12.6
7.4
0.4
11.4
–2.2
4.5
11.1
7.4
5.8
5.1
6.1
–8.8
5.2
Previously published.............................
5.6
–3.5
5.0
4.9
–5.6 –14.7
4.7
0.1
13.7
–2.7
6.1
12.6
4.7
1.7
6.2
4.0
0.4
5.3
Imports.........................................................
–2.7 –13.5
12.5
4.8 –14.9 –33.9 –15.9
17.2
19.3
10.4
20.2
13.9
0.0
4.3
0.1
4.7
4.9
3.1
Previously published ................................
–2.7 –13.6
12.5
4.9 –14.9 –34.0 –15.0
16.3
17.4
12.5
21.6
12.3
–2.3
8.3
1.4
1.2
3.7
2.7
Goods.......................................................
–3.8 –15.6
14.9
5.2 –18.5 –37.3 –18.5
21.1
23.7
12.2
24.7
14.1
1.1
5.2
–0.7
2.9
6.3
2.0
Previously published.............................
–3.8 –15.6
14.8
5.7 –18.5 –37.1 –17.9
19.6
21.8
14.4
26.0
12.4
–0.5
9.5
1.6
0.5
3.3
1.6
Services ...................................................
3.6
–3.3
2.5
2.8
5.6 –17.2
–4.7
2.8
2.4
2.4
1.2
12.9
–5.0
–0.6
4.2
13.8
–1.7
9.0
Previously published.............................
3.6
–3.5
2.9
1.1
5.6 –19.3
–2.5
4.2
0.4
4.6
3.3
11.6 –10.4
2.2
0.4
4.8
5.6
8.9
Government consumption expenditures
and gross investment ................................
2.6
3.7
0.6
–3.1
1.6
1.8
9.6
3.7
1.1
–3.1
2.8
–0.3
–4.4
–7.0
–0.8
–2.9
–2.2
–3.0
Previously published ....................................
2.6
1.7
0.7
–2.1
1.6
–1.7
5.9
1.3
–0.9
–1.2
3.7
1.0
–2.8
–5.9
–0.9
–0.1
–4.2
–4.0
Federal .........................................................
7.2
6.1
4.5
–2.8
9.1
–3.0
13.7
6.3
4.2
0.6
9.7
3.7
–4.1 –10.3
2.8
–4.3
–4.4
–4.2
Previously published ................................
7.2
6.0
4.5
–1.9
9.1
–3.3
14.4
5.9
2.2
2.8
8.8
3.2
–3.0
–9.4
1.9
2.1
–6.9
–5.9
National defense ......................................
7.5
6.0
3.0
–2.6
8.3
–7.0
16.1
7.6
1.3
–3.7
7.3
7.2
–6.1 –14.3
8.3
2.6 –10.6
–7.1
Previously published.............................
7.5
5.8
3.3
–2.3
8.3
–7.5
16.3
8.2
–1.3
0.5
6.0
5.7
–5.9 –12.6
7.0
5.0 –12.1
–8.3
Nondefense ..............................................
6.5
6.5
7.7
–3.1
10.9
6.1
8.8
3.5
10.5
10.1
14.6
–3.1
0.0
–1.7
–7.5 –17.4
10.2
1.8
Previously published.............................
6.5
6.5
7.1
–1.2
10.9
6.5
10.4
1.0
9.9
7.8
14.7
–1.8
3.1
–2.7
–7.6
–3.8
4.5
–0.8
State and local .............................................
0.0
2.2
–1.8
–3.4
–2.8
4.9
7.2
2.2
–0.9
–5.5
–1.4
–2.9
–4.6
–4.7
–3.2
–2.0
–0.7
–2.2
Previously published ................................
0.0
–0.9
–1.8
–2.2
–2.8
–0.8
0.9
–1.5
–2.9
–3.9
0.4
–0.5
–2.7
–3.4
–2.8
–1.6
–2.2
–2.7
Addenda:
Final sales of domestic product ...................
0.2
–2.3
0.9
2.0
–7.4
–3.1
0.6
1.2
–0.6
0.1
2.2
0.6
4.1
0.6
2.4
2.3
1.5
2.4
Previously published ................................
0.2
–2.6
1.4
2.0
–7.4
–4.2
–0.2
1.4
–0.2
0.8
3.0
1.7
4.2
0.0
1.6
3.2
1.1
1.8
Gross domestic purchases ..........................
–1.5
–4.0
2.8
1.7
–8.3
–7.3
–2.7
2.1
4.0
3.1
3.9
3.5
1.1
0.0
1.9
1.2
4.6
1.8
Previously published ................................
–1.5
–4.4
3.4
1.6
–8.3
–8.6
–2.8
2.2
3.5
4.8
5.6
3.1
0.9
0.7
1.0
1.3
3.1
1.7
Final sales to domestic purchasers..............
–1.0
–3.3
1.3
1.8
–6.9
–5.2
–1.8
1.8
–0.5
0.9
3.9
1.5
2.7
0.5
1.8
2.2
2.1
2.2
Previously published ................................
–1.0
–3.6
1.8
1.8
–6.9
–6.2
–2.3
1.9
–0.3
1.7
4.9
2.3
2.7
0.4
1.3
2.7
1.3
1.6
Gross national product (GNP)......................
0.0
–3.2
2.8
2.0 –10.8
–5.2
–0.4
2.8
4.4
2.7
2.9
2.6
2.2
0.6
2.8
1.4
4.1
0.6
Previously published ................................
0.0
–3.6
3.3
2.1 –10.8
–6.2
–0.5
2.3
4.0
3.8
4.5
2.8
1.7
1.5
2.2
1.9
1.8
0.5
Disposable personal income........................
2.4
–2.8
1.8
1.3
–0.2
–4.7
–0.5
–6.1
–0.6
5.7
6.3
1.2
1.0
4.4
–1.5
–1.3
–0.2
3.4
Previously published ................................
2.4
–2.3
1.8
1.2
–0.2
–3.8
0.3
–5.4
–0.6
4.9
5.6
2.3
1.5
1.2
–0.5
0.7
0.2
0.7
Current-dollar measures:
GDP .........................................................
1.9
–2.2
3.8
4.0
–8.4
–4.4
–1.1
1.9
5.3
3.9
4.1
4.6
4.5
2.2
5.2
4.3
4.2
4.2
Previously published.............................
1.9
–2.5
4.2
3.9
–8.4
–5.2
–1.1
1.9
4.9
5.5
5.4
3.9
4.2
3.1
4.0
4.4
3.8
3.9
Final sales of domestic product................
2.4
–1.4
2.2
4.1
–7.4
–2.1
–0.1
1.8
0.8
1.6
3.8
2.7
6.2
2.6
5.2
5.4
1.9
4.4
Previously published.............................
2.4
–1.6
2.6
4.1
–7.4
–2.5
–0.5
1.8
1.0
2.3
4.5
3.1
6.1
2.5
4.2
5.9
2.0
3.9
Gross domestic purchases.......................
1.8
–4.3
4.5
4.2 –12.0
–9.6
–2.5
3.8
6.3
5.2
4.8
4.8
3.5
3.5
5.5
3.6
5.3
4.6
Previously published.............................
1.8
–4.5
5.0
4.2 –12.0 –10.4
–2.4
3.9
5.6
7.0
6.2
4.0
2.9
4.9
4.5
3.3
4.3
4.3
Final sales to domestic purchasers..........
2.2
–3.5
3.0
4.4 –11.0
–7.4
–1.5
3.7
1.9
3.0
4.6
2.9
5.1
3.9
5.4
4.6
3.0
4.8
Previously published.............................
2.2
–3.7
3.3
4.3 –11.0
–7.9
–1.8
3.7
1.9
3.8
5.3
3.2
4.8
4.3
4.7
4.7
2.5
4.2
GNP .........................................................
2.2
–2.4
4.2
4.2 –10.4
–4.4
–1.1
3.3
5.7
4.3
4.7
4.6
4.3
2.7
5.5
4.5
4.3
2.8
Previously published.............................
2.2
–2.6
4.4
4.2 –10.4
–4.8
–0.9
2.6
5.1
5.4
6.1
4.1
3.5
4.2
4.8
4.5
2.7
2.6
Disposable personal income ....................
5.8
–2.7
3.8
3.8
–5.8
–6.8
1.1
–3.3
2.5
7.6
6.9
2.5
3.1
7.7
2.0
1.1
0.9
6.0
Previously published.............................
5.8
–2.1
3.6
3.7
–5.8
–5.4
2.2
–2.6
2.2
6.8
5.9
3.3
3.5
5.2
2.8
3.1
1.3
3.3
See “Explanatory Note” at the end of the tables.
Table 1B. Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income
Billions of dollars
Revised estimates
Gross domestic product (GDP)............................................................
Personal consumption expenditures...............................................................
Goods .........................................................................................................
Durable goods .........................................................................................
Nondurable goods ...................................................................................
Services ......................................................................................................
Gross private domestic investment.................................................................
Fixed investment .........................................................................................
Nonresidential .........................................................................................
Structures ............................................................................................
Equipment and software......................................................................
Residential ..............................................................................................
Change in private inventories......................................................................
Net exports of goods and services .................................................................
Exports........................................................................................................
Goods......................................................................................................
Services ..................................................................................................
Imports........................................................................................................
Goods......................................................................................................
Services ..................................................................................................
Government consumption expenditures and gross investment ......................
Federal ........................................................................................................
National defense .....................................................................................
Nondefense .............................................................................................
State and local ............................................................................................
Relation of GDP and national Income
Gross domestic product ..............................................................................
Plus: Income receipts from the rest of the world.............................................
Less: Income payments to the rest of the world .............................................
Equals: Gross national product ..................................................................
Less: Consumption of fixed capital .................................................................
Less: Statistical discrepancy...........................................................................
Equals: National income ..............................................................................
Compensation of employees.......................................................................
Wage and salary accruals.......................................................................
Supplements to wages and salaries .......................................................
Proprietors income with inventory valuation and capital consumption
adjustments.............................................................................................
Rental income of persons with capital consumption adjustment ................
Corporate profits with inventory valuation and capital consumption
adjustments.............................................................................................
Net interest and miscellaneous payments ..................................................
Taxes on production and imports less subsidies.........................................
Business current transfer payments (net) ...................................................
Current surplus of government enterprises ................................................
Disposition of personal income
Personal income ...........................................................................................
Compensation of employees, received .......................................................
Wage and salary disbursements .............................................................
Supplements to wages and salaries .......................................................
Proprietors income with inventory valuation and capital consumption
adjustments.............................................................................................
Farm ........................................................................................................
Nonfarm ..................................................................................................
Rental income of persons with capital consumption adjustment ................
Personal income receipts on assets ...........................................................
Personal interest income.........................................................................
Personal dividend income .......................................................................
Personal current transfer receipts ...............................................................
Less: Contributions for government social insurance, domestic .................
Less: Personal current taxes...........................................................................
Equals: Disposable personal income .........................................................
Less: Personal outlays ....................................................................................
Equals: Personal saving ..............................................................................
Personal saving as a percentage of disposable personal income ..............
Addenda:
Statistical discrepancy as a percentage of GDP.............................................
Gross domestic income ..................................................................................
Revisions to previously published
2009
2010
2011
Revisions as a percentage
of previously published
2009
2010
2011
13,973.7
9,845.9
3,194.4
1,029.6
2,164.8
6,651.5
1,549.3
1,703.5
1,349.3
451.1
898.2
354.1
–154.2
–388.7
1,587.4
1,064.7
522.7
1,976.2
1,587.5
388.7
2,967.2
1,143.6
776.0
367.6
1,823.6
14,498.9
10,215.7
3,364.9
1,079.4
2,285.5
6,850.9
1,737.3
1,679.0
1,338.4
376.3
962.1
340.6
58.4
–511.6
1,844.4
1,278.5
565.9
2,356.1
1,947.0
409.1
3,057.5
1,223.1
817.7
405.3
1,834.4
15,075.7
10,729.0
3,624.8
1,146.4
2,478.4
7,104.2
1,854.9
1,818.3
1,479.6
404.8
1,074.7
338.7
36.6
–568.1
2,094.2
1,474.5
619.7
2,662.3
2,229.2
433.0
3,059.8
1,222.1
820.8
401.3
1,837.7
34.7
–20.2
–3.1
0.0
–3.0
–17.2
2.5
–4.1
–3.7
1.2
–4.8
–0.6
6.6
2.8
4.4
0.0
4.3
1.6
0.2
1.4
49.7
0.9
1.1
–0.2
48.8
–27.6
–29.8
–22.1
–6.1
–16.0
–7.6
–57.8
–49.2
–51.7
1.9
–53.6
2.5
–8.5
5.3
4.6
0.7
3.9
–0.6
–0.3
–0.3
54.7
0.3
–1.5
1.7
54.4
–18.3
0.2
–0.2
–0.1
3.0
–0.2
–0.3
0.0
–21.8
–0.1
–0.7
–0.6
–16.5
0.0
–0.6
–1.4
–5.3
–0.1
–0.7
–0.2
24.8
–0.3
–0.1
0.4
–61.3
0.2
–3.2
–3.2
–51.7
–0.2
–2.8
–2.8
–52.9
–0.3
–3.7
–3.5
–4.7
0.3
0.5
–1.1
–48.3
–0.5
–5.3
–4.3
1.2
–0.2
0.7
0.4
–9.7 .................... .................... ....................
10.6 .................... .................... ....................
8.7
0.3
0.3
0.4
1.1
0.0
0.1
0.1
7.6
0.8
0.7
1.2
–1.9
0.1
0.0
–0.1
–8.7
0.0
0.0
–0.4
6.7
0.4
–0.1
1.6
29.2
1.7
1.8
1.0
–10.8
0.1
0.0
–0.9
–4.1
0.1
–0.2
–0.5
–6.6
–0.1
0.4
–1.6
40.0
2.7
3.1
2.2
13,973.7
642.4
498.9
14,117.2
1,866.3
118.3
12,132.6
7,799.4
6,275.3
1,524.0
14,498.9
716.5
507.2
14,708.2
1,873.4
23.3
12,811.4
7,970.0
6,404.6
1,565.4
15,075.7
783.7
531.8
15,327.5
1,936.8
31.9
13,358.9
8,295.2
6,661.3
1,633.9
34.7
2.6
11.4
26.0
0.1
40.9
–15.0
–7.0
0.0
–7.1
–27.6
13.6
–6.3
–7.7
–1.5
22.5
–28.7
–1.4
–3.6
2.3
–18.3
0.2
–0.2
–0.1
4.4
0.4
1.9
0.6
–2.0
2.3
–1.2
–0.4
–12.0
0.2
–0.1
–0.1
–13.3
0.0
–0.1
–0.7
63.7 .................... .................... ....................
–62.3
–0.1
–0.2
–0.5
18.6
–0.1
0.0
0.2
–6.9
0.0
–0.1
–0.1
25.5
–0.5
0.1
1.6
979.4
289.7
1,103.4
349.2
1,157.3
409.7
38.2
–16.2
67.0
–1.0
1,342.3
640.5
963.5
133.4
–15.6
1,702.4
567.9
998.0
140.0
–19.5
1,827.0
527.4
1,036.2
132.6
–26.5
–19.7
–16.2
5.3
1.4
–0.7
–97.7
3.6
1.3
3.3
–3.8
11,867.0
7,794.4
6,270.3
1,524.0
12,321.9
7,970.0
6,404.6
1,565.4
12,947.3
8,295.2
6,661.3
1,633.9
–63.2
–7.0
0.0
–7.1
–51.6
–1.4
–3.6
2.3
979.4
39.9
939.5
289.7
1,626.5
1,093.3
533.2
2,140.1
963.1
1,144.6
10,722.4
10,214.3
508.2
4.7
1,103.4
44.3
1,059.1
349.2
1,598.3
1,016.6
581.7
2,284.3
983.3
1,194.8
11,127.1
10,560.4
566.7
5.1
1,157.3
54.6
1,102.8
409.7
1,685.1
1,008.8
676.3
2,319.2
919.3
1,398.0
11,549.3
11,059.9
489.4
4.2
38.2
0.7
37.5
–16.2
–81.2
–15.6
–65.6
2.0
–1.0
3.2
–66.4
–22.0
–44.4
–0.4
67.0
–7.9
74.9
–1.0
–122.9
13.2
–136.0
3.1
–3.5
0.9
–52.6
–26.5
–26.1
–0.2
48.4
4.1
6.5
4.4
–11.3
1.8
–15.1
–17.1
59.8
4.2
7.6
5.7
5.8
–5.3
–0.3
1.4
–104.9
–4.8
–7.1
–5.9
10.7
–1.4
1.3
1.1
–115.6
–11.0
–18.9
–14.6
–17.0
0.1
0.1
–0.7
–5.1
–0.1
–0.4
–0.6
0.3
0.3
0.1
0.0
–44.2
–0.6
–0.5
–0.4
4.8
–0.2
–0.3
0.0
–49.1 .................... .................... ....................
–0.4 .................... .................... ....................
0.8
13,855.4
0.2
14,475.6
0.2
15,043.8
0.2
–6.1
0.2
–50.1
0.4 .................... .................... ....................
–82.0
0.0
–0.3
–0.5
48.4
5.8
2009
4.1
–5.3
2010
6.5
–0.3
2011
4.4
1.4
–115.8
–1.4
–5.4
–6.0
–7.7
–2.5
0.6
–1.4
1.1
0.6
0.1
0.1
–1.5
1.1
2.4
–1.1
–11.2 .................... .................... ....................
–43.9
18.6
–6.9
25.5
–0.5
–0.1
0.0
–0.5
–0.4
0.0
–0.1
0.1
–0.3
0.2
–0.1
1.6
Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
2008
Percent change at annual rate:
Gross domestic product........................
Percentage points at annual rates:
Personal consumption expenditures...........
Goods..........................................................
Durable goods ..........................................
Motor vehicles and parts ......................
Furnishings and durable household
equipment.........................................
Recreational goods and vehicles..........
Other durable goods.............................
Nondurable goods ....................................
Food and beverages purchased for offpremises consumption......................
Clothing and footwear...........................
Gasoline and other energy goods ........
Other nondurable goods.......................
Services ......................................................
Household consumption expenditures
(for services).........................................
Housing and utilities .............................
Health care ...........................................
Transportation services ........................
Recreation services..............................
Food services and accommodations....
Financial services and insurance .........
Other services ......................................
Final consumption expenditures of
nonprofit institutions serving
households ...........................................
Gross output of nonprofit institutions....
Less: Receipts from sales of goods
and services by nonprofit institutions
Gross private domestic investment .........
Fixed investment ....................................
Nonresidential ......................................
Structures .........................................
Equipment and software ...................
Information processing equipment
and software..............................
Computers and peripheral
equipment..............................
Software ....................................
Other .........................................
Industrial equipment .....................
Transportation equipment .............
Other equipment ...........................
Residential............................................
Change in private inventories ...............
Farm .....................................................
Nonfarm................................................
Net exports of goods and services ..........
Exports....................................................
Goods...................................................
Services................................................
Imports....................................................
Goods...................................................
Services................................................
Government consumption expenditures
and gross investment ............................
Federal ....................................................
National defense...................................
Consumption expenditures ...............
Gross investment..............................
Nondefense ..........................................
Consumption expenditures ...............
Gross investment..............................
State and local........................................
Consumption expenditures ...............
Gross investment..............................
Addenda:
Goods.......................................................
Services ...................................................
Structures.................................................
Motor vehicle output .................................
Final sales of computers ..........................
See “Explanatory Note” at the end of the tables.
2009
2010
2011
2008
2009
2010
IV
I
II
III
–8.9
–5.3
–0.3
1.4
IV
–0.3
–3.1
2.4
1.8
–0.39
–0.59
–0.41
–0.38
–1.36
–0.69
–0.41
–0.16
1.28
0.82
0.45
0.05
1.79
0.89
0.53
0.13
–3.53 –1.06 –1.21
–3.04 0.06 –0.46
–2.12 0.11 –0.14
–0.98 0.25 0.03
1.50
1.68
1.43
0.96
–0.08
0.09
–0.04
–0.18
–0.15
–0.03
–0.06
–0.28
0.11
0.24
0.05
0.37
0.10
0.25
0.05
0.36
–0.35 –0.22 –0.10
–0.51 0.10 –0.11
–0.29 –0.03 0.05
–0.92 –0.05 –0.32
0.08
0.34
0.04
0.26
–0.05
–0.01
–0.13
0.02
0.21
–0.09 0.11 0.13 –0.51
–0.12 0.12 0.08 –0.32
0.02 –0.01 –0.09 0.27
–0.09 0.14 0.25 –0.36
–0.67 0.46 0.90 –0.49
–0.12
–0.10
0.26
–0.09
–1.12
0.20 0.15 0.21
–0.18 0.09 0.10
–0.16 –0.09 –0.08
–0.18 0.10 0.14
–0.75 –0.18 0.09
0.00
0.09
0.25
–0.12
–0.03
–0.04
–0.06
–0.08
–0.70 0.44 0.82
0.14 0.11 0.07
0.19 0.15 0.39
–0.21 –0.02 0.04
–0.11 0.03 0.07
–0.17 0.11 0.16
–0.39 0.02 –0.02
–0.13 0.04 0.11
–0.94
0.21
0.25
–0.27
–0.09
–0.31
–0.58
–0.15
–0.62
0.05
0.34
–0.14
–0.10
–0.17
–0.30
–0.30
–0.24
0.07
0.20
–0.11
–0.09
–0.04
–0.25
–0.03
0.31 –0.18 –0.13
0.22 0.05 0.09
0.06
0.14
0.17 –0.07
0.03 –0.14
–0.14 –0.08
3.85 2.13
–0.69 –0.10
–0.57 0.20
–0.98 –0.70
0.40 0.90
0.20
0.22
0.02
–1.66
–1.15
–0.09
0.24
–0.34
0.03
0.13
0.02
0.11
0.07
0.20
0.10 0.08
–3.59 1.50
–2.80 –0.03
–2.08 0.07
–0.85 –0.50
–1.23 0.56
0.13
0.62
0.76
0.80
0.07
0.72
–0.80
0.48
0.02
–0.33
–0.18
–0.23
–0.59
0.02
II
2011
III
IV
2.3
2.2
2.6
2.4
–0.01 1.72
–0.10 1.18
–0.47 0.40
–0.89 –0.11
1.81
0.76
0.74
0.34
1.75
0.86
0.52
0.20
0.17 0.18
0.23 0.23
0.12 –0.01
0.79 0.02
0.04
0.21
0.07
0.35
0.11
0.32
0.00
0.37
I
2012
III
IV
I
1.3
4.1
2.84
1.78
1.07
0.55
2.22 0.70
1.27 –0.22
0.53 –0.17
0.14 –0.53
1.18
0.33
0.40
0.05
1.45
1.29
1.00
0.63
1.72 1.05
1.11 0.18
0.85 –0.08
0.31 –0.29
0.14
0.28
0.10
0.71
0.07 0.07 0.10 0.16
0.31 0.20 0.23 0.25
0.03 0.08 0.02 –0.04
0.73 –0.05 –0.06 0.29
0.14 –0.03
0.28 0.13
0.11 0.11
0.26 0.25
0.19 0.10 0.00
0.05 0.06 –0.14
0.18 –0.42 –0.09
0.31 0.20 0.16
0.95 0.92 0.85
2.0
0.40
0.28
0.05
0.09
–0.04
–0.24
–0.01
–0.39
–0.63
–1.03
–0.03
–1.00
2.47
0.10
–0.17
0.27
2.37
2.22
0.15
0.00
0.09
0.31
–0.11
0.11
–0.14
0.40
0.19
–0.10
0.29
–0.70
1.48
1.46
0.02
–2.18
–2.12
–0.06
0.13
0.11
0.04
–0.06
0.21
–0.03
–0.12
4.55
0.14
4.41
–0.05
2.55
2.14
0.42
–2.60
–2.55
–0.05
0.10
0.23
0.13
1.08
0.76
0.54
0.03
0.51
0.04
0.02
0.24
0.28
0.02
0.30
0.13
0.23
0.21
0.07
–0.04
–0.02
0.11
–0.10
0.73
0.23
–0.30
2.23
0.01
2.22
–0.83
0.70
0.79
–0.09
–1.53
–1.46
–0.06
0.01
–0.04
0.04
0.25
0.44
0.06
0.51
0.07
–0.10
0.17
–1.81
1.14
0.97
0.17
–2.95
–2.92
–0.03
–0.04
0.12
0.16
–0.01
0.49
0.04
–0.80
1.97
–0.19
2.16
–0.95
1.18
0.76
0.41
–2.13
–1.79
–0.34
0.05
0.12
0.11
0.11
0.08
0.13
0.03
–1.61
0.03
–1.64
1.24
1.24
0.96
0.28
–0.01
–0.15
0.15
0.01
0.14
–0.13
0.18
0.26
0.27
–0.03
–0.54
0.11
–0.65
0.03
0.75
0.52
0.23
–0.72
–0.73
0.01
0.21
0.13
–0.04
0.01
0.13
0.09
0.09
0.01
–0.02
0.03
0.54
0.56
0.35
0.21
–0.02
0.10
–0.12
0.06
0.14
–0.07
0.38
0.40
0.30
0.03
–1.07
0.11
–1.18
0.02
0.83
0.59
0.25
–0.81
–0.43
–0.38
0.06
0.16
0.02
0.25
0.32
–0.17
0.26
2.53
0.05
2.48
–0.64
0.21
0.58
–0.38
–0.85
–0.90
0.05
0.07
0.04
0.10
–0.18
0.22
0.14
0.43
–0.39
–0.03
–0.37
0.06
0.60
0.39
0.21
–0.54
–0.29
–0.25
–0.03
0.12
–0.01
0.19
0.16
0.09
0.22
0.32
0.04
0.28
–0.31
0.73
0.58
0.15
–1.04
–0.88
–0.16
0.50 0.74 0.14 –0.67 0.35
0.50 0.46 0.37 –0.23 0.69
0.36 0.31 0.17 –0.15 0.44
0.25 0.25 0.15 –0.09 0.37
0.11 0.05 0.02 –0.06 0.07
0.15 0.16 0.20 –0.09 0.25
0.12 0.15 0.15 –0.08 0.23
0.02 0.01 0.05 –0.01 0.02
0.00 0.28 –0.23 –0.43 –0.34
–0.02 0.31 –0.14 –0.24 –0.10
0.02 –0.04 –0.09 –0.19 –0.24
0.37 1.94 0.79 0.23 –0.69 0.59 –0.06 –0.94
–0.23 1.04 0.51 0.34 0.04 0.78 0.31 –0.35
–0.37 0.83 0.42 0.07 –0.22 0.40 0.40 –0.35
–0.21 0.62 0.37 0.08 –0.10 0.25 0.31 –0.29
–0.16 0.21 0.04 –0.01 –0.12 0.14 0.09 –0.05
0.14 0.21 0.09 0.27 0.26 0.38 –0.09 0.00
0.15 0.23 0.04 0.22 0.19 0.29 –0.09 0.01
–0.01 –0.02 0.04 0.05 0.08 0.09 0.00 –0.01
0.60 0.90 0.28 –0.12 –0.73 –0.19 –0.37 –0.59
0.63 0.74 0.31 0.16 –0.45 –0.43 –0.37 –0.29
–0.03 0.17 –0.03 –0.28 –0.28 0.24 0.00 –0.30
–1.49
–0.89
–0.84
–0.56
–0.28
–0.05
–0.07
0.01
–0.60
–0.19
–0.40
–0.16
0.23
0.45
0.36
0.09
–0.22
–0.18
–0.04
–0.39
–0.20
–0.19
–0.60
–0.36
0.15
0.26
–0.11
–0.51
–0.47
–0.04
–0.24
–0.17
–0.08
–0.43
–0.35
–0.60
–0.66
0.05
0.25
0.28
–0.02
–0.08
–0.08
–0.01
–0.60
–0.34
–0.39
–0.22
–0.16
0.05
0.08
–0.03
–0.26
–0.05
–0.21
–0.28
–0.03
–0.02
–0.11
0.09
–0.01
–0.02
0.01
–0.26
–0.09
–0.16
–0.21
0.66
–0.78
–0.53
0.11
–2.17 0.21 1.50 4.51 3.58 –0.26 2.65 1.57 0.99
–0.48 1.26 0.50 0.91 0.02 1.32 0.80 0.92 0.37
–2.59 –1.78 –0.56 –1.40 –1.27 1.19 –0.85 –0.09 –1.29
–1.38 0.35 1.41 0.34 0.51 0.48 0.34 –0.32 0.75
0.18 –0.08 –0.24 –0.19 0.01 –0.12 0.11 0.21 0.16
0.91
0.98
0.59
0.05
0.08
0.02
0.05
0.10
–0.01
0.38
0.04
–0.09
1.52
–0.04
1.56
–0.52
1.29
1.11
0.18
–1.81
–1.74
–0.07
0.10
0.33 –0.10 –0.02
0.07 0.24 0.31
0.33
0.78
1.18
0.74
0.35
0.39
–0.03
0.01
–0.13
–0.29
–0.54
–0.25
–0.73
–0.78
–0.02
–0.76
1.14
–1.14
–1.05
–0.10
2.28
2.19
0.09
0.18 –0.80 –0.17
0.16
0.21
0.34
3.72
1.19
0.93
0.31
0.62
0.05
0.07
–0.04
–0.05
–0.31
–0.05
–1.05
–0.51
0.01
–0.52
1.21
0.73
0.53
0.20
0.47
0.57
–0.10
0.09
–0.14
–0.32
–0.73
–0.98
0.25
0.05
0.14
0.77
0.40
0.20
0.02
0.00
0.04
0.11
0.02
0.05 –0.26
1.40 0.68
1.39 1.75
1.30 1.71
0.77 0.51
0.53 1.20
0.16
0.22
–3.52
–2.49
–1.86
–1.31
–0.54
0.09 –0.07 –0.01
0.32 0.28 0.28
1.5
0.02 0.00 –0.02
0.08 0.13 –0.13
0.02 –0.07 0.38
0.18 0.20 0.02
0.16 0.61 0.87
–0.08 0.60 0.96 0.95 1.07 0.90 0.76 0.52 0.26 0.64
0.12 0.11 0.08 0.24 0.04 –0.04 0.22 0.22 –0.45 –0.28
–0.09 –0.20 0.35 0.51 0.59 0.48 0.33 –0.10 0.42 0.42
–0.07 –0.02 0.05 0.07 0.04 0.03 0.06 0.06 –0.02 0.03
0.05 0.09 –0.06 0.12 0.13 –0.03 0.16 0.05 0.02 –0.02
–0.02 0.26 0.20 0.12 0.15 0.22 0.13 0.10 0.21 0.21
–0.13 0.35 0.25 –0.25 –0.06 0.02 –0.08 0.24 –0.11 0.20
0.05 0.01 0.10 0.14 0.18 0.22 –0.06 –0.06 0.19 0.07
0.24
–7.02
–4.73
–3.54
–1.39
–2.16
II
2.5
0.19 –0.20 0.09 0.33
0.21 0.13 0.05 0.28
0.29 –0.13 –0.02 –0.20
0.10 0.22 0.23 0.30
0.54 1.05 0.88 1.06
0.1
II
0.23 0.35 0.29 0.09
1.65 1.87 –0.75 –0.68
1.58 –0.10 0.87 –0.14
1.07 0.70 0.83 –0.11
0.31 –0.06 0.23 –0.84
0.76 0.76 0.60 0.72
0.08 –0.15
0.06
0.12
–0.01
0.14
0.26
0.14
–0.03
–0.14
0.02
–0.17
0.07
0.87
0.65
0.22
–0.80
–0.72
–0.08
–0.09
–5.59
–4.05
–2.84
–0.41
–2.43
4.0
I
–0.22
–0.09
–0.49
–0.23
–0.99
–0.41
–1.21
–1.54
–0.08
–1.46
–0.12
–2.97
–2.75
–0.21
2.84
2.98
–0.14
–1.54 2.33 1.37 –6.83
0.04 0.72 0.62 –0.35
–1.57 –0.65 –0.19 –1.72
–0.55 0.50 0.25 –1.73
–0.01 –0.06 0.12 0.02
0.04
–0.02
–0.20
–0.70
–0.93
–0.36
–1.18
–2.29
–0.07
–2.22
2.45
–3.78
–3.29
–0.49
6.24
5.68
0.56
0.58 4.23
0.33 –0.62
0.37 0.49
0.03 0.55
0.12 0.12
1.09 0.86
0.38 0.65
0.50 0.03
0.72 0.13
0.02 –0.07
Table 2A. Contributions to Percent Change in Real Gross Domestic Product—Continues
Seasonally adjusted at annual rates
2008
Percent change at annual rate:
Gross domestic product...........................
Previously published................................
Percentage points at annual rates:
Personal consumption expenditures..............
Previously published .......................................
Goods.............................................................
Previously published ...................................
Durable goods .............................................
Previously published................................
Motor vehicles and parts .........................
Previously published............................
Furnishings and durable household
equipment............................................
Previously published............................
Recreational goods and vehicles.............
Previously published............................
Other durable goods................................
Previously published............................
Nondurable goods .......................................
Previously published................................
Food and beverages purchased for offpremises consumption.........................
Previously published............................
Clothing and footwear..............................
Previously published............................
Gasoline and other energy goods ...........
Previously published............................
Other nondurable goods..........................
Previously published............................
Services .........................................................
Previously published ...................................
Household consumption expenditures (for
services) ..................................................
Previously published................................
Housing and utilities ................................
Previously published............................
Health care ..............................................
Previously published............................
Transportation services ...........................
Previously published............................
Recreation services.................................
Previously published............................
Food services and accommodations.......
Previously published............................
Financial services and insurance ............
Previously published............................
Other services .........................................
Previously published............................
Final consumption expenditures of nonprofit
institutions serving households ...............
Previously published................................
Gross output of nonprofit institutions.......
Previously published............................
Less: Receipts from sales of goods and
services by nonprofit institutions..........
Previously published............................
Gross private domestic investment ............
Previously published ...................................
Fixed investment .......................................
Previously published................................
Nonresidential .........................................
Previously published............................
Structures ............................................
Previously published ........................
Equipment and software ......................
Previously published ........................
Information processing equipment
and software.................................
Previously published ....................
Computers and peripheral
equipment
Previously published.................
Software .......................................
Previously published.................
Other ............................................
Previously published.................
Industrial equipment ........................
Previously published ....................
See “Explanatory Note” at the end of the tables.
2009
2010
2011
2008
2009
IV
I
II
2010
III
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
–0.3
–0.3
–3.1
–3.5
2.4
3.0
1.8
1.7
–8.9
–8.9
–5.3
–6.7
–0.3
–0.7
1.4
1.7
4.0
3.8
2.3
3.9
2.2
3.8
2.6
2.5
2.4
2.3
0.1
0.4
2.5
1.3
1.3
1.8
4.1
3.0
2.0
1.9
–0.39
–0.39
–0.59
–0.59
–0.41
–0.41
–0.38
–0.38
–1.36
–1.32
–0.69
–0.69
–0.41
–0.41
–0.16
–0.17
1.28
1.44
0.82
0.99
0.45
0.53
0.05
0.05
1.79
1.53
0.89
0.87
0.53
0.60
0.13
0.19
–3.53
–3.53
–3.04
–3.04
–2.12
–2.12
–0.98
–0.98
–1.06
–1.02
0.06
0.05
0.11
0.19
0.25
0.35
–1.21
–1.28
–0.46
–0.52
–0.14
–0.29
0.03
–0.10
1.50
1.66
1.68
1.70
1.43
1.39
0.96
0.92
–0.01
0.33
–0.10
0.12
–0.47
–0.36
–0.89
–0.79
1.72
1.92
1.18
1.45
0.40
0.70
–0.11
–0.02
1.81
2.05
0.76
0.87
0.74
0.56
0.34
0.16
1.75
1.85
0.86
1.09
0.52
0.63
0.20
0.19
2.84
2.48
1.78
1.87
1.07
1.20
0.55
0.76
2.22
1.47
1.27
1.10
0.53
0.85
0.14
0.37
0.70
0.49
–0.22
–0.38
–0.17
–0.42
–0.53
–0.74
1.18
1.24
0.33
0.33
0.40
0.42
0.05
0.04
1.45
1.47
1.29
1.29
1.00
1.16
0.63
0.83
1.72
1.74
1.11
1.35
0.85
1.01
0.31
0.52
–0.08
–0.08
0.09
0.09
–0.04
–0.04
–0.18
–0.18
–0.15
–0.15
–0.03
–0.04
–0.06
–0.06
–0.28
–0.28
0.11
0.13
0.24
0.27
0.05
0.07
0.37
0.46
0.10
0.09
0.25
0.26
0.05
0.06
0.36
0.27
–0.35
–0.35
–0.51
–0.51
–0.29
–0.29
–0.92
–0.92
–0.22
–0.21
0.10
0.07
–0.03
–0.01
–0.05
–0.15
–0.10
–0.12
–0.11
–0.11
0.05
0.04
–0.32
–0.23
0.08
0.08
0.34
0.34
0.04
0.04
0.26
0.31
0.11
0.13
0.32
0.33
0.00
–0.03
0.37
0.48
0.17
0.22
0.23
0.32
0.12
0.18
0.79
0.75
0.18
0.17
0.23
0.21
–0.01
0.02
0.02
0.30
0.04
0.06
0.21
0.27
0.07
0.11
0.35
0.47
0.14
0.14
0.28
0.24
0.10
0.05
0.71
0.67
0.07
0.06
0.31
0.32
0.03
0.10
0.73
0.25
0.07
0.05
0.20
0.20
0.08
0.07
–0.05
0.04
0.10
0.09
0.23
0.26
0.02
0.03
–0.06
–0.09
0.16
0.15
0.25
0.27
–0.04
–0.09
0.29
0.13
0.14
0.15
0.28
0.22
0.11
0.12
0.26
0.34
–0.05
–0.05
–0.01
–0.01
–0.13
–0.13
0.02
0.02
0.21
0.21
–0.09
–0.07
–0.12
–0.11
0.02
0.01
–0.09
–0.10
–0.67
–0.63
0.11
0.13
0.12
0.13
–0.01
0.00
0.14
0.20
0.46
0.46
0.13
0.08
0.08
0.07
–0.09
–0.12
0.25
0.24
0.90
0.66
–0.51
–0.51
–0.32
–0.32
0.27
0.27
–0.36
–0.36
–0.49
–0.49
–0.12
–0.10
–0.10
–0.07
0.26
0.14
–0.09
–0.12
–1.12
–1.07
0.20
0.26
–0.18
–0.17
–0.16
–0.10
–0.18
–0.22
–0.75
–0.76
0.15
0.20
0.09
0.09
–0.09
–0.06
0.10
0.08
–0.18
–0.04
0.21
0.20
0.10
0.10
–0.08
–0.01
0.14
0.19
0.09
0.21
0.19
0.15
0.21
0.26
0.29
0.09
0.10
0.24
0.54
0.47
–0.20
–0.14
0.13
0.15
–0.13
0.01
0.22
0.29
1.05
1.18
0.09
0.18
0.05
0.01
–0.02
0.02
0.23
0.26
0.88
0.75
0.33
0.25
0.28
0.27
–0.20
–0.15
0.30
0.30
1.06
0.61
0.19
0.04
0.05
0.07
0.18
–0.17
0.31
0.30
0.95
0.36
0.10
0.06
0.06
0.05
–0.42
–0.24
0.20
0.16
0.92
0.87
0.00
–0.01
–0.14
–0.19
–0.09
–0.04
0.16
0.15
0.85
0.90
0.02
–0.07
0.08
0.08
0.02
–0.08
0.18
0.19
0.16
0.19
0.00
0.08
0.13
0.13
–0.07
–0.09
0.20
0.22
0.61
0.39
0.00
0.00
0.09
0.09
0.25
0.25
–0.12
–0.12
–0.03
–0.03
–0.04
–0.04
–0.06
–0.06
–0.08
–0.08
–0.70
–0.66
0.14
0.13
0.19
0.21
–0.21
–0.19
–0.11
–0.11
–0.17
–0.15
–0.39
–0.43
–0.13
–0.12
0.44
0.43
0.11
0.12
0.15
0.16
–0.02
0.02
0.03
0.05
0.11
0.14
0.02
–0.07
0.04
0.02
0.82
0.68
0.07
0.01
0.39
0.24
0.04
0.01
0.07
0.08
0.16
0.17
–0.02
0.08
0.11
0.09
–0.80
–0.80
0.48
0.48
0.02
0.02
–0.33
–0.33
–0.18
–0.18
–0.23
–0.23
–0.59
–0.59
0.02
0.02
–0.94
–0.94
0.21
0.13
0.25
0.21
–0.27
–0.25
–0.09
–0.07
–0.31
–0.24
–0.58
–0.59
–0.15
–0.13
–0.62
–0.59
0.05
0.05
0.34
0.41
–0.14
–0.11
–0.10
–0.09
–0.17
–0.17
–0.30
–0.41
–0.30
–0.27
–0.24
–0.10
0.07
0.17
0.20
0.25
–0.11
–0.08
–0.09
–0.09
–0.04
–0.03
–0.25
–0.28
–0.03
–0.03
–0.08
0.06
0.12
0.16
–0.09
0.12
–0.07
–0.01
0.05
0.05
–0.02
0.01
–0.13
–0.30
0.05
0.03
0.60
0.42
0.11
0.07
–0.20
–0.28
–0.02
0.06
0.09
0.07
0.26
0.35
0.35
0.20
0.01
–0.04
0.96
1.11
0.08
0.07
0.35
0.45
0.05
0.08
–0.06
0.11
0.20
0.18
0.25
0.12
0.10
0.10
0.95
0.89
0.24
0.30
0.51
0.28
0.07
0.05
0.12
0.20
0.12
0.13
–0.25
–0.16
0.14
0.09
1.07
0.76
0.04
–0.10
0.59
0.49
0.04
0.00
0.13
–0.03
0.15
0.16
–0.06
0.05
0.18
0.19
0.90
0.35
–0.04
–0.19
0.48
0.06
0.03
–0.01
–0.03
–0.05
0.22
0.30
0.02
0.23
0.22
0.02
0.76
0.85
0.22
0.09
0.33
0.32
0.06
0.00
0.16
0.23
0.13
0.05
–0.08
0.07
–0.06
0.09
0.52
0.73
0.22
0.35
–0.10
–0.07
0.06
0.01
0.05
0.19
0.10
0.12
0.24
0.19
–0.06
–0.05
0.26
0.20
–0.45
–0.41
0.42
0.25
–0.02
0.00
0.02
–0.04
0.21
0.25
–0.11
–0.16
0.19
0.31
0.64
0.39
–0.28
–0.25
0.42
0.39
0.03
0.04
–0.02
–0.13
0.21
0.23
0.20
0.14
0.07
–0.02
0.20
0.20
0.22
0.22
0.03
0.03
0.13
0.12
0.02
0.02
0.11
0.15
0.07
–0.02
0.20
0.09
0.31
0.31
0.22
0.22
–0.18
–0.13
0.05
0.02
–0.13
–0.17
0.09
0.06
0.06
0.06
0.14
0.14
0.17
0.14
0.03
0.17
–0.07
0.05
–0.14
–0.09
0.09
0.07
0.32
0.44
–0.07
–0.14
0.28
0.14
–0.01
–0.15
0.28
0.27
0.05
0.01
0.14
–0.13
0.16
0.01
0.21
0.10
0.33
0.18
0.07
–0.02
–0.10
–0.01
0.24
0.24
–0.02
–0.01
0.31
0.26
0.02
0.02
–1.66
–1.66
–1.15
–1.15
–0.09
–0.09
0.24
0.24
–0.34
–0.34
0.10
0.09
–3.59
–3.61
–2.80
–2.77
–2.08
–2.05
–0.85
–0.85
–1.23
–1.20
0.08
0.13
1.50
1.96
–0.03
0.32
0.07
0.42
–0.50
–0.51
0.56
0.93
0.13
0.11
0.62
0.60
0.76
0.81
0.80
0.84
0.07
0.12
0.72
0.72
–0.09
–0.09
–5.59
–5.59
–4.05
–4.05
–2.84
–2.84
–0.41
–0.41
–2.43
–2.43
0.24
0.15
–7.02
–7.76
–4.73
–5.09
–3.54
–3.90
–1.39
–1.47
–2.16
–2.43
0.22
0.23
–3.52
–2.84
–2.49
–2.26
–1.86
–1.66
–1.31
–1.41
–0.54
–0.25
0.09
0.08
–0.14
0.35
–0.32
0.13
–0.73
–0.29
–0.98
–0.71
0.25
0.42
–0.14
0.02
3.85
3.51
–0.69
–0.42
–0.57
–0.33
–0.98
–1.07
0.40
0.74
–0.08
–0.14
2.13
3.25
–0.10
0.15
0.20
0.56
–0.70
–0.76
0.90
1.32
0.23
0.37
1.65
2.92
1.58
2.12
1.07
1.62
0.31
0.18
0.76
1.45
0.35
0.28
1.87
1.14
–0.10
0.28
0.70
1.04
–0.06
0.10
0.76
0.94
0.29
0.43
–0.75
–0.91
0.87
0.88
0.83
0.82
0.23
0.26
0.60
0.56
0.09
–0.15
–0.68
0.47
–0.14
0.15
–0.11
0.20
–0.84
–0.40
0.72
0.60
0.05
0.09
1.40
0.79
1.39
1.07
1.30
0.98
0.77
0.54
0.53
0.44
–0.26
–0.20
0.68
0.17
1.75
1.52
1.71
1.49
0.51
0.37
1.20
1.12
0.34
0.25
3.72
2.59
1.19
0.78
0.93
0.53
0.31
–0.02
0.62
0.55
0.33
0.27
0.78
0.84
1.18
0.74
0.74
0.32
0.35
0.05
0.39
0.27
0.08
0.08
–0.15
–0.14
0.16
0.35
0.18
0.23
–0.80
–0.80
–0.17
–0.28
0.10
0.15
0.40
0.48
0.28
0.54
0.04
0.18
0.02
0.38
0.24
0.31
0.28
0.39
0.02
0.01
0.30
0.32
0.13
0.04
0.23
0.35
0.21
0.12
0.05
0.05
0.07
0.07
–0.04
–0.04
–0.05
–0.05
–0.03
–0.02
0.01
–0.01
–0.13
–0.11
–0.29
–0.28
0.02
0.16
0.05
0.05
0.10
0.14
–0.01
0.08
0.06
0.10
0.12
0.11
–0.01
0.02
0.14
0.15
–0.22
–0.22
–0.09
–0.09
–0.49
–0.49
–0.23
–0.23
0.04
–0.04
–0.02
–0.11
–0.20
–0.13
–0.70
–0.73
0.05
0.06
0.09
0.09
–0.04
0.00
–0.24
–0.20
0.00
0.13
0.09
0.06
0.31
0.30
–0.11
–0.07
0.13
0.34
0.11
0.12
0.04
0.08
–0.06
0.00
–0.04
0.07
–0.02
–0.06
0.11
0.17
–0.10
0.02
0.01
0.23
–0.04
0.03
0.04
0.12
0.25
0.39
–0.04
0.06
0.12
0.12
0.16
0.13
–0.01
0.09
0.05
0.14
0.12
0.14
0.11
0.11
0.11
0.11
0.01
–0.05
0.14
0.04
–0.13
0.02
0.18
0.14
0.21
0.27
0.13
0.14
–0.04
–0.09
0.01
–0.01
0.06
0.08
0.14
0.14
–0.07
–0.18
0.38
0.36
0.06
0.10
0.16
0.17
0.02
0.07
0.25
0.22
0.07
–0.01
0.04
0.08
0.10
0.05
–0.18
–0.22
Table 2A. Contributions to Percent Change in Real Gross Domestic Product—Table Ends
Seasonally adjusted at annual rates
2008
Transportation equipment ................
Previously published ....................
Other equipment ..............................
Previously published ....................
Residential...............................................
Previously published............................
Change in private inventories ..................
Previously published................................
Farm ........................................................
Previously published............................
Nonfarm...................................................
Previously published............................
Net exports of goods and services .............
Previously published ...................................
Exports.......................................................
Previously published................................
Goods......................................................
Previously published............................
Services...................................................
Previously published............................
Imports.......................................................
Previously published................................
Goods......................................................
Previously published............................
Services...................................................
Previously published............................
Government consumption expenditures
and gross investment ...............................
Previously published ...................................
Federal .......................................................
Previously published................................
National defense......................................
Previously published............................
Consumption expenditures ..................
Previously published ........................
Gross investment.................................
Previously published ........................
Nondefense .............................................
Previously published............................
Consumption expenditures ..................
Previously published ........................
Gross investment.................................
Previously published ........................
State and local...........................................
Previously published................................
Consumption expenditures ..................
Previously published ........................
Gross investment.................................
Previously published ........................
Addenda:
Goods..........................................................
Previously published................................
Services ......................................................
Previously published................................
Structures....................................................
Previously published................................
Motor vehicle output ....................................
Previously published................................
Final sales of computers .............................
Previously published................................
See “Explanatory Note” at the end of the tables.
2009
2010
2011
2008
2009
2010
2011
2012
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
–0.31
–0.31
–0.05
–0.05
–1.05
–1.05
–0.51
–0.51
0.01
0.01
–0.52
–0.52
1.21
1.21
0.73
0.73
0.53
0.53
0.20
0.20
0.47
0.47
0.57
0.57
–0.10
–0.10
–0.54
–0.53
–0.25
–0.25
–0.73
–0.72
–0.78
–0.84
–0.02
–0.02
–0.76
–0.82
1.14
1.11
–1.14
–1.18
–1.05
–1.04
–0.10
–0.13
2.28
2.29
2.19
2.19
0.09
0.10
0.38
0.36
0.04
0.14
–0.09
–0.11
1.52
1.64
–0.04
0.00
1.56
1.64
–0.52
–0.51
1.29
1.31
1.11
1.12
0.18
0.19
–1.81
–1.82
–1.74
–1.74
–0.07
–0.08
0.26
0.22
0.14
0.13
–0.03
–0.03
–0.14
–0.21
0.02
–0.04
–0.17
–0.17
0.07
0.05
0.87
0.86
0.65
0.67
0.22
0.19
–0.80
–0.81
–0.72
–0.78
–0.08
–0.03
–0.99
–0.99
–0.41
–0.41
–1.21
–1.21
–1.54
–1.54
–0.08
–0.08
–1.46
–1.46
–0.12
–0.12
–2.97
–2.97
–2.75
–2.75
–0.21
–0.21
2.84
2.84
2.98
2.98
–0.14
–0.14
–0.93
–0.97
–0.36
–0.44
–1.18
–1.19
–2.29
–2.66
–0.07
–0.06
–2.22
–2.60
2.45
2.44
–3.78
–3.82
–3.29
–3.25
–0.49
–0.57
6.24
6.26
5.68
5.63
0.56
0.63
–0.01
0.15
–0.39
–0.35
–0.63
–0.60
–1.03
–0.58
–0.03
–0.03
–1.00
–0.55
2.47
2.21
0.10
–0.02
–0.17
–0.20
0.27
0.18
2.37
2.24
2.22
2.15
0.15
0.09
0.11
0.04
–0.14
–0.04
0.40
0.42
0.19
0.21
–0.10
–0.12
0.29
0.33
–0.70
–0.59
1.48
1.49
1.46
1.48
0.02
0.01
–2.18
–2.08
–2.12
–1.98
–0.06
–0.10
0.21
0.21
–0.03
0.00
–0.12
–0.10
4.55
3.93
0.14
0.13
4.41
3.80
–0.05
0.15
2.55
2.51
2.14
2.01
0.42
0.49
–2.60
–2.36
–2.55
–2.36
–0.05
0.00
0.73
0.75
0.23
0.36
–0.30
–0.41
2.23
3.10
0.01
0.17
2.22
2.92
–0.83
–0.97
0.70
0.86
0.79
0.96
–0.09
–0.10
–1.53
–1.83
–1.46
–1.71
–0.06
–0.12
0.44
0.47
0.06
0.21
0.51
0.50
0.07
0.79
–0.10
–0.11
0.17
0.90
–1.81
–1.94
1.14
1.19
0.97
0.97
0.17
0.23
–2.95
–3.13
–2.92
–3.05
–0.03
–0.08
0.49
0.34
0.04
0.20
–0.80
–0.76
1.97
0.86
–0.19
–0.20
2.16
1.06
–0.95
–0.68
1.18
1.21
0.76
0.75
0.41
0.46
–2.13
–1.89
–1.79
–1.58
–0.34
–0.31
0.08
0.00
0.13
0.05
0.03
0.06
–1.61
–1.79
0.03
0.01
–1.64
–1.80
1.24
1.37
1.24
0.98
0.96
0.79
0.28
0.18
–0.01
0.39
–0.15
0.08
0.15
0.31
0.26
0.30
0.27
0.15
–0.03
–0.06
–0.54
0.32
0.11
–0.09
–0.65
0.41
0.03
–0.34
0.75
1.01
0.52
0.94
0.23
0.07
–0.72
–1.35
–0.73
–1.29
0.01
–0.06
0.13
0.14
0.09
–0.01
0.09
0.09
0.01
–0.28
–0.02
–0.02
0.03
–0.26
0.54
0.24
0.56
0.48
0.35
0.24
0.21
0.24
–0.02
–0.24
0.10
–0.23
–0.12
–0.01
0.40
0.30
0.30
0.42
0.03
0.03
–1.07
–1.35
0.11
0.11
–1.18
–1.46
0.02
0.43
0.83
0.64
0.59
0.48
0.25
0.16
–0.81
–0.21
–0.43
–0.08
–0.38
–0.13
0.32
0.19
–0.17
–0.21
0.26
0.25
2.53
1.81
0.05
0.01
2.48
1.80
–0.64
–0.26
0.21
0.37
0.58
0.36
–0.38
0.02
–0.85
–0.63
–0.90
–0.48
0.05
–0.15
0.22
0.22
0.14
0.15
0.43
0.42
–0.39
0.10
–0.03
–0.03
–0.37
0.13
0.06
0.10
0.60
0.58
0.39
0.37
0.21
0.21
–0.54
–0.48
–0.29
–0.24
–0.25
–0.24
0.50
0.50
0.50
0.50
0.36
0.36
0.25
0.25
0.11
0.11
0.15
0.15
0.12
0.12
0.02
0.02
0.00
0.00
–0.02
–0.02
0.02
0.02
0.74
0.34
0.46
0.45
0.31
0.30
0.25
0.25
0.05
0.05
0.16
0.16
0.15
0.14
0.01
0.01
0.28
–0.11
0.31
–0.07
–0.04
–0.05
0.14
0.14
0.37
0.37
0.17
0.18
0.15
0.14
0.02
0.04
0.20
0.19
0.15
0.14
0.05
0.05
–0.23
–0.23
–0.14
–0.13
–0.09
–0.10
–0.67
–0.44
–0.23
–0.17
–0.15
–0.13
–0.09
–0.05
–0.06
–0.08
–0.09
–0.03
–0.08
–0.04
–0.01
0.00
–0.43
–0.28
–0.24
–0.12
–0.19
–0.16
0.35
0.35
0.69
0.69
0.44
0.44
0.37
0.37
0.07
0.07
0.25
0.25
0.23
0.23
0.02
0.02
–0.34
–0.34
–0.10
–0.10
–0.24
–0.24
0.37
–0.33
–0.23
–0.25
–0.37
–0.40
–0.21
–0.23
–0.16
–0.17
0.14
0.15
0.15
0.17
–0.01
–0.02
0.60
–0.08
0.63
–0.04
–0.03
–0.05
1.94
1.21
1.04
1.09
0.83
0.84
0.62
0.64
0.21
0.20
0.21
0.25
0.23
0.26
–0.02
0.00
0.90
0.12
0.74
–0.03
0.17
0.15
0.79
0.28
0.51
0.48
0.42
0.45
0.37
0.38
0.04
0.07
0.09
0.03
0.04
–0.03
0.04
0.05
0.28
–0.19
0.31
–0.15
–0.03
–0.04
0.23
–0.18
0.34
0.18
0.07
–0.07
0.08
0.04
–0.01
–0.11
0.27
0.25
0.22
0.20
0.05
0.05
–0.12
–0.37
0.16
–0.09
–0.28
–0.27
–0.69
–0.26
0.04
0.23
–0.22
0.03
–0.10
–0.01
–0.12
0.04
0.26
0.21
0.19
0.17
0.08
0.04
–0.73
–0.49
–0.45
–0.18
–0.28
–0.32
0.59
0.77
0.78
0.71
0.40
0.33
0.25
0.23
0.14
0.10
0.38
0.38
0.29
0.29
0.09
0.09
–0.19
0.05
–0.43
–0.14
0.24
0.20
–0.06
0.20
0.31
0.26
0.40
0.31
0.31
0.26
0.09
0.05
–0.09
–0.05
–0.09
–0.06
0.00
0.01
–0.37
–0.06
–0.37
–0.13
0.00
0.07
–0.94
–0.58
–0.35
–0.26
–0.35
–0.34
–0.29
–0.40
–0.05
0.06
0.00
0.09
0.01
0.06
–0.01
0.02
–0.59
–0.33
–0.29
–0.11
–0.30
–0.22
–1.49
–1.23
–0.89
–0.82
–0.84
–0.74
–0.56
–0.36
–0.28
–0.38
–0.05
–0.08
–0.07
–0.06
0.01
–0.02
–0.60
–0.41
–0.19
0.00
–0.40
–0.41
–0.16
–0.18
0.23
0.16
0.45
0.37
0.36
0.42
0.09
–0.04
–0.22
–0.22
–0.18
–0.20
–0.04
–0.02
–0.39
–0.34
–0.20
–0.14
–0.19
–0.20
–0.60
–0.02
–0.36
0.17
0.15
0.27
0.26
0.19
–0.11
0.08
–0.51
–0.10
–0.47
–0.12
–0.04
0.01
–0.24
–0.19
–0.17
–0.20
–0.08
0.01
–0.43
–0.84
–0.35
–0.58
–0.60
–0.70
–0.66
–0.58
0.05
–0.12
0.25
0.12
0.28
0.14
–0.02
–0.02
–0.08
–0.26
–0.08
–0.28
–0.01
0.02
–0.60
–0.80
–0.34
–0.48
–0.39
–0.46
–0.22
–0.29
–0.16
–0.17
0.05
–0.02
0.08
–0.01
–0.03
–0.01
–0.26
–0.32
–0.05
–0.07
–0.21
–0.25
–0.21
–0.21
0.66
0.66
–0.78
–0.78
–0.53
–0.53
0.11
0.11
–1.54
–1.56
0.04
–0.34
–1.57
–1.59
–0.55
–0.55
–0.01
0.01
2.33
3.01
0.72
0.72
–0.65
–0.69
0.50
0.49
–0.06
0.10
1.37
1.24
0.62
0.62
–0.19
–0.12
0.25
0.28
0.12
0.16
–6.83
–6.83
–0.35
–0.35
–1.72
–1.72
–1.73
–1.73
0.02
0.02
–2.17
–2.82
–0.48
–1.11
–2.59
–2.73
–1.38
–1.32
0.18
0.09
0.21
0.82
1.26
0.37
–1.78
–1.88
0.35
0.26
–0.08
–0.08
1.50
1.91
0.50
0.07
–0.56
–0.29
1.41
1.48
–0.24
–0.06
4.51
4.44
0.91
0.84
–1.40
–1.48
0.34
0.20
–0.19
0.02
3.58
5.19
0.02
0.23
–1.27
–1.48
0.51
0.73
0.01
0.16
–0.26
1.12
1.32
1.69
1.19
0.97
0.48
0.34
–0.12
0.06
2.65
2.12
0.80
0.98
–0.85
–0.59
0.34
0.33
0.11
0.29
1.57
1.63
0.92
0.65
–0.09
0.07
–0.32
–0.43
0.21
0.29
0.99
1.36
0.37
–0.05
–1.29
–0.95
0.75
1.08
0.16
0.08
0.91
–0.17
0.98
1.18
0.59
0.33
0.05
–0.10
0.08
0.07
0.58
0.62
0.33
0.81
0.37
0.38
0.03
0.12
0.12
0.22
4.23
3.49
–0.62
–0.67
0.49
0.14
0.55
0.47
0.12
0.12
1.09
1.68
0.38
–0.02
0.50
0.21
0.72
1.16
0.02
–0.05
Table 3A. Gross Domestic Product and Related Measures—Continues
[Billions of dollars]
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
I
Gross domestic product
Personal consumption expenditures............................................................
Goods...........................................................................................................
Durable goods ...........................................................................................
Motor vehicles and parts .......................................................................
Furnishings and durable household equipment ....................................
Recreational goods and vehicles...........................................................
Other durable goods..............................................................................
Nondurable goods .....................................................................................
Food and beverages purchased for off-premises consumption.............
Clothing and footwear............................................................................
Gasoline and other energy goods .........................................................
Other nondurable goods........................................................................
Services .......................................................................................................
Household consumption expenditures (for services) ................................
Housing and utilities ..............................................................................
Health care ............................................................................................
Transportation services .........................................................................
Recreation services...............................................................................
Food services and accommodations.....................................................
Financial services and insurance ..........................................................
Other services .......................................................................................
Final consumption expenditures of nonprofit institutions serving
households ............................................................................................
Gross output of nonprofit institutions.....................................................
Less: Receipts from sales of goods and services by nonprofit
institutions..........................................................................................
Gross private domestic investment ..............................................................
Fixed investment.........................................................................................
Nonresidential ...........................................................................................
Structures ..............................................................................................
Equipment and software........................................................................
Information processing equipment and software ...............................
Computers and peripheral equipment............................................
Software.........................................................................................
Other..............................................................................................
Industrial equipment ..........................................................................
Transportation equipment ..................................................................
Other equipment................................................................................
Residential ................................................................................................
Change in private inventories....................................................................
Farm ..........................................................................................................
Nonfarm ....................................................................................................
Net exports of goods and services...............................................................
Exports.........................................................................................................
Goods........................................................................................................
Services ....................................................................................................
Imports.........................................................................................................
Goods........................................................................................................
Services ....................................................................................................
Government consumption expenditures and gross investment................
Federal .........................................................................................................
National defense .......................................................................................
Consumption expenditures....................................................................
Gross investment...................................................................................
Nondefense ...............................................................................................
Consumption expenditures....................................................................
Gross investment...................................................................................
State and local.............................................................................................
Consumption expenditures........................................................................
Gross investment ......................................................................................
Addenda:
Final sales of domestic product ....................................................................
Gross domestic purchases ...........................................................................
Final sales to domestic purchasers...............................................................
Gross domestic product.............................................................................
Plus: Income receipts from the rest of the world...........................................
Less: Income payments to the rest of the world............................................
Equals: Gross national product.................................................................
Net domestic product ....................................................................................
See “Explanatory Note” at the end of the tables.
II
2009
III
IV
I
II
III
IV
14,291.5 13,973.7 14,498.9 15,075.7 14,273.9 14,415.5 14,395.1 14,081.7 13,923.4 13,885.4 13,952.2 14,133.6
10,035.5 9,845.9 10,215.7 10,729.0 10,018.5 10,126.5 10,135.8 9,861.3 9,768.4 9,763.9 9,888.8 9,962.5
3,381.7 3,194.4 3,364.9 3,624.8 3,422.3 3,466.9 3,456.1 3,181.4 3,125.5 3,142.0 3,244.4 3,265.5
1,108.9 1,029.6 1,079.4 1,146.4 1,163.0 1,146.6 1,106.6 1,019.3 1,016.3 1,010.4 1,052.7 1,038.9
339.3
316.0
342.7
373.6
378.9
354.1
332.6
291.5
299.2
303.6
341.3
320.0
257.9
235.4
241.3
251.7
264.2
265.1
257.5
244.7
237.8
234.6
234.0
235.2
344.0
317.3
326.7
340.1
349.9
355.7
346.7
323.7
321.1
311.9
315.8
320.4
167.7
160.8
168.7
181.0
170.0
171.6
169.8
159.4
158.2
160.2
161.6
163.2
2,272.8 2,164.8 2,285.5 2,478.4 2,259.4 2,320.3 2,349.4 2,162.2 2,109.2 2,131.6 2,191.7 2,226.7
746.4
742.3
760.6
810.2
732.5
749.2
757.1
746.7
739.7
739.8
741.1
748.7
330.9
317.0
331.6
349.2
332.5
339.1
333.3
318.9
317.6
313.2
317.3
319.8
410.5
299.3
352.4
428.3
418.3
444.0
466.9
312.6
261.4
275.7
321.5
338.7
785.1
806.1
840.8
890.7
776.1
788.0
792.1
784.0
790.4
802.9
811.8
819.5
6,653.8 6,651.5 6,850.9 7,104.2 6,596.2 6,659.6 6,679.7 6,679.9 6,642.9 6,621.9 6,644.4 6,697.0
6,369.3 6,372.0 6,571.2 6,812.3 6,325.0 6,377.8 6,389.2 6,385.1 6,360.5 6,345.5 6,366.6 6,415.4
1,831.0 1,871.6 1,891.9 1,929.9 1,802.0 1,825.2 1,838.6 1,858.4 1,870.2 1,868.8 1,870.1 1,877.2
1,532.6 1,601.6 1,663.0 1,751.6 1,513.0 1,526.5 1,539.0 1,552.0 1,573.5 1,595.4 1,613.1 1,624.3
305.9
284.5
287.6
302.0
309.3
309.4
306.9
297.9
289.8
283.5
282.0
282.6
381.9
370.7
378.5
394.5
384.8
385.6
382.3
375.0
372.8
369.1
369.6
371.3
618.3
607.2
631.0
670.9
612.4
620.0
622.0
618.6
610.8
606.0
604.6
607.6
807.0
741.8
796.3
807.1
817.0
819.7
807.7
783.6
746.8
733.9
735.2
751.2
892.6
894.7
922.8
956.2
886.5
891.4
892.6
899.7
896.7
888.9
892.0
901.3
284.6
1,046.5
279.5
1,078.7
279.7
1,113.4
291.9
1,164.5
271.2
1,025.9
281.8
1,041.3
290.5
1,055.4
294.8
1,063.4
282.4
1,066.4
276.4
1,073.1
277.8
1,084.2
281.5
1,091.2
761.9
2,087.6
2,128.7
1,656.3
586.3
1,070.0
536.4
84.9
257.2
194.3
194.5
146.9
192.2
472.4
–41.1
1.6
–42.7
–709.7
1,846.8
1,297.5
549.3
2,556.5
2,146.3
410.1
2,878.1
1,080.1
737.8
633.3
104.5
342.3
298.5
43.8
1,798.0
1,449.2
348.8
799.2
1,549.3
1,703.5
1,349.3
451.1
898.2
502.1
73.5
256.9
171.7
155.2
75.9
165.0
354.1
–154.2
–1.7
–152.5
–388.7
1,587.4
1,064.7
522.7
1,976.2
1,587.5
388.7
2,967.2
1,143.6
776.0
664.4
111.5
367.6
322.5
45.1
1,823.6
1,473.3
350.3
833.7
1,737.3
1,679.0
1,338.4
376.3
962.1
517.7
72.8
260.9
183.9
155.3
123.2
165.9
340.6
58.4
–7.3
65.7
–511.6
1,844.4
1,278.5
565.9
2,356.1
1,947.0
409.1
3,057.5
1,223.1
817.7
702.5
115.3
405.3
353.3
52.1
1,834.4
1,496.2
338.2
872.5
1,854.9
1,818.3
1,479.6
404.8
1,074.7
539.6
78.3
278.7
182.6
181.2
164.7
189.2
338.7
36.6
–6.1
42.7
–568.1
2,094.2
1,474.5
619.7
2,662.3
2,229.2
433.0
3,059.8
1,222.1
820.8
712.1
108.7
401.3
349.4
51.8
1,837.7
1,518.0
319.7
754.7
2,185.7
2,205.2
1,689.3
570.9
1,118.4
550.3
90.6
256.0
203.6
194.5
183.6
190.1
515.9
–19.5
–6.5
–13.0
–742.3
1,819.3
1,279.1
540.2
2,561.6
2,162.3
399.4
2,812.0
1,042.7
706.0
614.2
91.8
336.7
294.4
42.3
1,769.3
1,428.4
340.9
759.5
2,165.4
2,183.7
1,689.0
589.6
1,099.4
550.2
90.8
258.2
201.2
196.7
161.6
191.0
494.6
–18.3
4.0
–22.3
–746.1
1,922.8
1,363.7
559.1
2,668.9
2,261.9
407.0
2,869.6
1,066.0
724.7
620.9
103.8
341.3
297.8
43.5
1,803.7
1,455.1
348.6
764.9
2,086.3
2,130.5
1,665.9
594.7
1,071.2
538.6
84.1
259.5
195.1
197.5
138.9
196.2
464.6
–44.1
6.2
–50.3
–756.9
1,933.8
1,374.5
559.3
2,690.6
2,270.0
420.7
2,929.8
1,100.6
758.4
648.5
109.9
342.1
297.7
44.4
1,829.2
1,475.6
353.6
768.6
1,913.0
1,995.5
1,580.9
590.0
990.9
506.4
74.2
255.2
177.0
189.2
103.6
191.7
414.6
–82.5
2.7
–85.2
–593.7
1,711.1
1,172.6
538.6
2,304.8
1,891.3
413.5
2,901.1
1,111.2
762.1
649.6
112.6
349.0
303.9
45.1
1,789.9
1,437.8
352.1
784.0
1,645.8
1,812.5
1,442.9
530.5
912.4
495.5
73.8
253.7
168.0
163.8
73.5
179.5
369.6
–166.7
0.5
–167.2
–385.4
1,523.5
1,012.0
511.5
1,908.9
1,521.5
387.4
2,894.6
1,104.9
748.0
642.2
105.7
356.9
312.3
44.6
1,789.7
1,436.1
353.6
796.8
1,495.3
1,698.0
1,356.0
467.1
888.9
494.1
73.4
255.6
165.2
155.2
74.4
165.2
342.0
–202.7
–0.5
–202.1
–331.6
1,525.3
1,010.6
514.7
1,856.9
1,475.1
381.8
2,957.8
1,135.9
772.0
659.4
112.5
364.0
320.1
43.8
1,821.9
1,465.8
356.1
806.4
1,465.6
1,666.1
1,312.9
421.0
891.9
505.4
71.9
256.8
176.7
151.7
76.5
158.3
353.1
–200.5
–5.0
–195.4
–398.6
1,594.7
1,073.7
521.1
1,993.3
1,605.1
388.2
2,996.4
1,157.6
788.5
674.6
113.9
369.1
324.1
45.0
1,838.8
1,487.9
350.9
809.7
1,590.4
1,637.2
1,285.4
385.6
899.8
513.5
75.1
261.5
177.0
149.9
79.4
156.9
351.9
–46.8
–1.6
–45.2
–439.3
1,706.3
1,162.5
543.8
2,145.5
1,748.1
397.4
3,020.0
1,175.9
795.5
681.5
114.0
380.4
333.5
46.9
1,844.1
1,503.5
340.6
14,332.7
15,001.3
15,042.4
14,291.5
856.1
686.9
14,460.7
12,437.5
14,127.9
14,362.4
14,516.6
13,973.7
642.4
498.9
14,117.2
12,107.4
14,440.6
15,010.6
14,952.2
14,498.9
716.5
507.2
14,708.2
12,625.5
15,039.0
15,643.7
15,607.1
15,075.7
783.7
531.8
15,327.5
13,138.9
14,293.4
15,016.2
15,035.7
14,273.9
905.6
726.9
14,452.5
12,456.5
14,433.8
15,161.5
15,179.8
14,415.5
899.3
718.0
14,596.8
12,572.7
14,439.2
15,151.9
15,196.0
14,395.1
875.3
676.3
14,594.0
12,525.4
14,164.2
14,675.4
14,757.9
14,081.7
744.2
626.4
14,199.5
12,195.2
14,090.2
14,308.9
14,475.6
13,923.4
627.8
509.6
14,041.7
12,038.0
14,088.1
14,217.0
14,419.7
13,885.4
615.0
499.2
14,001.3
12,017.7
14,152.7
14,350.8
14,551.3
13,952.2
639.2
476.2
14,115.2
12,097.8
14,180.5
14,572.9
14,619.7
14,133.6
687.6
510.5
14,310.8
12,276.0
Table 3A. Gross Domestic Product and Related Measures—Table Ends
[Billions of dollars]
Seasonally adjusted at annual rates
2010
I
Gross domestic product
Personal consumption expenditures............................................................
Goods...........................................................................................................
Durable goods ...........................................................................................
Motor vehicles and parts .......................................................................
Furnishings and durable household equipment ....................................
Recreational goods and vehicles...........................................................
Other durable goods..............................................................................
Nondurable goods .....................................................................................
Food and beverages purchased for off-premises consumption.............
Clothing and footwear............................................................................
Gasoline and other energy goods .........................................................
Other nondurable goods........................................................................
Services .......................................................................................................
Household consumption expenditures (for services) ................................
Housing and utilities ..............................................................................
Health care ............................................................................................
Transportation services .........................................................................
Recreation services...............................................................................
Food services and accommodations.....................................................
Financial services and insurance ..........................................................
Other services .......................................................................................
Final consumption expenditures of nonprofit institutions serving
households ............................................................................................
Gross output of nonprofit institutions.....................................................
Less: Receipts from sales of goods and services by nonprofit
institutions..........................................................................................
Gross private domestic investment ..............................................................
Fixed investment.........................................................................................
Nonresidential ...........................................................................................
Structures ..............................................................................................
Equipment and software........................................................................
Information processing equipment and software ...............................
Computers and peripheral equipment............................................
Software.........................................................................................
Other..............................................................................................
Industrial equipment ..........................................................................
Transportation equipment ..................................................................
Other equipment................................................................................
Residential ................................................................................................
Change in private inventories....................................................................
Farm ..........................................................................................................
Nonfarm ....................................................................................................
Net exports of goods and services...............................................................
Exports.........................................................................................................
Goods........................................................................................................
Services ....................................................................................................
Imports.........................................................................................................
Goods........................................................................................................
Services ....................................................................................................
Government consumption expenditures and gross investment................
Federal .........................................................................................................
National defense .......................................................................................
Consumption expenditures....................................................................
Gross investment...................................................................................
Nondefense ...............................................................................................
Consumption expenditures....................................................................
Gross investment...................................................................................
State and local.............................................................................................
Consumption expenditures........................................................................
Gross investment ......................................................................................
Addenda:
Final sales of domestic product ....................................................................
Gross domestic purchases ...........................................................................
Final sales to domestic purchasers...............................................................
Gross domestic product.............................................................................
Plus: Income receipts from the rest of the world...........................................
Less: Income payments to the rest of the world............................................
Equals: Gross national product.................................................................
Net domestic product ....................................................................................
See “Explanatory Note” at the end of the tables.
II
2011
III
IV
I
II
2012
III
IV
I
II
14,270.3
10,069.1
3,318.2
1,049.1
321.1
238.9
323.0
166.1
2,269.1
758.0
327.1
357.9
826.0
6,750.9
6,472.5
1,882.5
1,626.8
283.3
374.3
617.9
779.8
907.9
14,413.5
10,148.3
3,321.7
1,070.2
336.5
242.4
325.4
165.9
2,251.5
753.3
329.4
335.2
833.5
6,826.6
6,546.3
1,885.6
1,648.3
286.5
374.5
628.1
804.5
918.7
14,576.0
10,243.6
3,361.0
1,082.6
346.3
240.7
327.0
168.7
2,278.4
757.7
331.0
344.2
845.5
6,882.6
6,603.6
1,896.8
1,674.7
288.8
380.3
634.8
800.4
927.8
14,735.9
10,401.9
3,458.6
1,115.7
367.0
243.4
331.3
174.0
2,342.9
773.5
339.1
372.2
858.2
6,943.3
6,662.4
1,902.8
1,702.2
291.9
384.9
643.2
800.4
937.0
14,814.9
10,566.3
3,561.4
1,133.9
374.5
245.9
336.5
177.1
2,427.5
791.8
342.3
419.2
874.2
7,004.9
6,722.1
1,909.7
1,726.7
296.6
385.9
654.8
800.1
948.4
15,003.6
10,684.9
3,604.3
1,131.8
362.2
249.6
338.7
181.3
2,472.4
807.3
347.5
431.4
886.3
7,080.6
6,790.5
1,926.0
1,749.6
301.1
394.3
666.3
800.6
952.6
15,163.2
10,791.2
3,643.6
1,144.8
367.4
253.5
341.0
182.9
2,498.7
817.3
351.1
435.0
895.3
7,147.6
6,848.1
1,945.2
1,754.2
304.4
397.6
676.3
815.0
955.3
15,321.0
10,873.8
3,690.0
1,175.1
390.3
257.9
344.2
182.7
2,515.0
824.4
355.9
427.6
907.1
7,183.8
6,888.5
1,938.9
1,775.9
306.1
400.3
686.4
812.5
968.4
15,478.3
11,007.2
3,755.9
1,204.6
402.1
264.6
350.2
187.7
2,551.3
827.0
363.1
440.5
920.6
7,251.3
6,956.4
1,935.2
1,800.4
309.4
404.6
700.5
827.5
978.7
15,595.9
11,067.5
3,745.0
1,198.1
395.1
263.3
350.0
189.6
2,546.9
827.7
362.5
434.2
922.5
7,322.5
7,024.1
1,957.9
1,815.0
311.4
406.5
708.6
838.6
986.2
278.4
1,090.7
280.3
1,105.8
279.0
1,121.0
280.9
1,135.9
282.8
1,146.7
290.1
1,162.8
299.6
1,167.8
295.3
1,180.5
295.0
1,198.4
298.4
1,211.8
812.3
1,660.4
1,627.2
1,285.8
362.7
923.1
511.9
73.1
259.5
179.4
146.9
101.9
162.4
341.3
33.2
–1.3
34.6
–490.2
1,751.9
1,206.1
545.7
2,242.0
1,841.2
400.8
3,030.9
1,193.7
799.3
689.4
109.9
394.3
344.8
49.6
1,837.2
1,505.2
332.0
825.5
1,724.7
1,683.0
1,325.2
376.6
948.6
511.1
73.3
257.5
180.4
156.4
117.3
163.8
357.8
41.7
–4.8
46.6
–521.1
1,814.3
1,257.3
557.0
2,335.4
1,932.6
402.8
3,061.7
1,225.1
815.5
700.3
115.3
409.6
356.7
52.8
1,836.6
1,494.2
342.4
842.0
1,793.3
1,683.8
1,353.8
377.1
976.8
518.5
71.7
261.3
185.5
156.5
135.1
166.7
330.0
109.5
–11.3
120.8
–533.1
1,861.2
1,288.1
573.0
2,394.3
1,978.3
416.0
3,072.3
1,239.8
831.6
713.2
118.4
408.1
355.1
53.0
1,832.5
1,488.6
343.9
855.0
1,770.9
1,721.9
1,388.8
389.0
999.8
529.1
73.1
265.5
190.4
161.3
138.6
170.9
333.1
49.0
–11.8
60.8
–502.1
1,950.4
1,362.6
587.7
2,452.5
2,035.8
416.7
3,065.2
1,233.8
824.5
707.0
117.5
409.3
356.6
52.8
1,831.4
1,496.9
334.5
864.0
1,755.9
1,722.3
1,390.8
362.4
1,028.4
529.8
72.3
271.1
186.5
169.6
149.2
179.8
331.4
33.7
–7.9
41.6
–555.4
2,030.5
1,425.8
604.7
2,585.9
2,165.2
420.7
3,048.1
1,215.2
804.9
697.3
107.6
410.3
356.9
53.5
1,832.8
1,511.4
321.5
872.7
1,819.0
1,784.2
1,448.0
397.0
1,051.0
538.6
79.0
275.8
183.8
171.6
155.6
185.2
336.2
34.8
–8.6
43.5
–572.5
2,092.8
1,471.8
621.0
2,665.3
2,234.9
430.4
3,072.2
1,234.3
827.7
716.7
111.0
406.6
354.3
52.3
1,837.9
1,520.3
317.7
868.2
1,853.8
1,857.8
1,519.4
421.8
1,097.6
541.6
80.3
281.1
180.3
187.0
170.7
198.2
338.5
–4.1
–4.8
0.7
–549.5
2,133.3
1,498.5
634.8
2,682.8
2,239.6
443.2
3,067.7
1,227.5
837.8
730.5
107.3
389.7
338.5
51.2
1,840.2
1,522.0
318.3
885.2
1,991.1
1,909.0
1,560.1
438.2
1,122.0
548.5
81.6
286.9
180.0
196.6
183.1
193.7
348.8
82.1
–3.1
85.2
–594.8
2,120.3
1,501.9
618.4
2,715.1
2,277.3
437.8
3,051.0
1,211.2
812.8
704.0
108.8
398.4
348.0
50.4
1,839.7
1,518.4
321.3
903.5
2,032.2
1,959.7
1,595.5
454.7
1,140.8
556.3
84.3
288.1
183.9
190.7
193.6
200.1
364.2
72.6
–4.1
76.7
–615.8
2,157.9
1,525.8
632.1
2,773.7
2,324.3
449.3
3,054.6
1,207.7
806.4
703.5
102.9
401.3
352.1
49.2
1,846.9
1,531.4
315.5
913.4
2,077.8
1,994.5
1,620.7
458.9
1,161.8
558.3
82.4
292.4
183.5
198.9
199.6
205.1
373.8
83.3
–4.2
87.5
–597.8
2,187.0
1,546.0
641.0
2,784.8
2,328.2
456.6
3,048.4
1,210.2
807.3
700.4
106.9
402.9
353.3
49.6
1,838.2
1,526.7
311.6
14,237.0
14,760.4
14,727.2
14,270.3
687.1
495.6
14,461.7
12,407.2
14,371.8
14,934.7
14,892.9
14,413.5
705.1
489.3
14,629.3
12,546.0
14,466.6
15,109.2
14,999.7
14,576.0
726.1
509.1
14,793.0
12,700.6
14,686.9
15,238.0
15,189.0
14,735.9
747.9
534.9
14,948.9
12,848.2
14,781.2
15,370.3
15,336.6
14,814.9
761.4
526.1
15,050.1
12,910.6
14,968.7
15,576.1
15,541.3
15,003.6
797.4
547.4
15,253.6
13,076.2
15,167.3
15,712.7
15,716.8
15,163.2
788.9
530.6
15,421.5
13,214.3
15,238.9
15,915.9
15,833.8
15,321.0
787.1
523.1
15,585.0
13,354.5
15,405.7 15,512.6
16,094.0 16,193.7
16,021.5 16,110.4
15,478.3 15,595.9
769.6 ..................
554.7 ..................
15,693.2 ..................
13,493.4 13,592.0
Table 3B. Real Gross Domestic Product and Related Measures—Continues
[Billions of chained (2005) dollars]
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
I
II
2009
III
IV
I
II
Gross domestic product......................................................................... 13,161.9 12,757.9 13,063.0 13,299.1 13,266.8 13,310.5 13,186.9 12,883.5 12,711.0 12,701.0
Personal consumption expenditures............................................................
9,211.7
9,032.6
9,196.2
9,428.8
9,289.1
9,285.8
9,196.0
9,076.0
9,039.5
8,999.3
Goods...........................................................................................................
3,192.9
3,098.2
3,209.1
3,331.0
3,249.0
3,252.7
3,187.9
3,082.0
3,083.2
3,067.0
Durable goods ...........................................................................................
1,171.8
1,109.1
1,178.3
1,262.6
1,218.7
1,209.8
1,170.8
1,088.0
1,091.4
1,085.8
Motor vehicles and parts .......................................................................
346.8
322.6
329.5
347.4
381.9
360.7
340.8
303.8
312.8
313.7
Furnishings and durable household equipment ....................................
262.8
240.7
257.5
272.5
268.9
271.4
261.9
248.9
241.1
237.3
Recreational goods and vehicles...........................................................
416.2
410.2
455.5
508.6
415.8
428.4
421.8
398.8
403.0
397.8
Other durable goods..............................................................................
153.7
145.7
152.1
158.4
157.9
157.2
154.7
145.1
144.0
145.5
Nondurable goods .....................................................................................
2,019.1
1,982.8
2,029.3
2,075.2
2,032.1
2,043.5
2,015.4
1,985.3
1,983.7
1,973.3
Food and beverages purchased for off-premises consumption.............
666.0
654.8
668.8
685.3
672.9
674.5
666.5
650.2
646.4
652.3
Clothing and footwear............................................................................
338.1
321.0
338.1
350.0
338.7
347.7
339.0
327.0
323.2
316.9
Gasoline and other energy goods .........................................................
280.6
282.4
281.3
271.5
286.3
282.7
273.4
280.0
289.0
282.9
Other nondurable goods........................................................................
739.7
727.7
745.6
777.4
737.5
744.5
744.5
732.2
729.4
723.7
Services .......................................................................................................
6,017.0
5,930.6
5,987.6
6,101.5
6,039.7
6,032.9
6,006.5
5,988.8
5,951.5
5,926.9
Household consumption expenditures (for services) ................................
5,745.6
5,656.3
5,710.2
5,814.3
5,775.9
5,765.1
5,734.4
5,707.1
5,676.1
5,655.8
Housing and utilities ..............................................................................
1,637.8
1,655.2
1,668.7
1,677.7
1,637.3
1,637.0
1,630.9
1,646.1
1,652.3
1,653.6
Health care ............................................................................................
1,396.5
1,420.8
1,439.0
1,488.5
1,385.7
1,395.7
1,401.9
1,402.5
1,410.4
1,421.0
Transportation services .........................................................................
272.0
246.0
243.5
248.9
281.6
276.6
270.1
259.7
251.5
247.1
Recreation services...............................................................................
348.6
333.9
337.4
345.9
354.7
352.9
346.4
340.5
337.4
334.2
Food services and accommodations.....................................................
553.9
531.7
545.1
565.2
556.7
559.2
553.6
546.1
536.4
531.2
Financial services and insurance ..........................................................
732.3
680.6
683.7
681.8
746.3
738.3
732.2
712.5
693.3
683.1
Other services .......................................................................................
805.0
788.2
793.0
806.1
813.9
805.9
799.9
800.2
795.2
785.9
Final consumption expenditures of nonprofit institutions serving
households ............................................................................................
272.9
276.4
279.5
290.1
264.8
269.0
273.6
284.0
277.4
272.9
Gross output of nonprofit institutions.....................................................
954.9
971.3
984.6
1,010.8
944.2
951.4
958.6
965.6
966.9
969.5
Less: Receipts from sales of goods and services by nonprofit
institutions..........................................................................................
683.4
696.2
706.3
722.5
680.4
683.6
686.3
683.5
691.0
697.6
Gross private domestic investment ..............................................................
1,939.8
1,458.1
1,658.0
1,744.0
2,055.7
2,024.0
1,934.7
1,744.6
1,516.0
1,400.7
Fixed investment.........................................................................................
1,978.6
1,602.2
1,598.7
1,704.5
2,066.4
2,039.1
1,973.5
1,835.4
1,677.3
1,593.7
Nonresidential ...........................................................................................
1,537.6
1,259.8
1,268.5
1,378.2
1,589.1
1,580.0
1,539.2
1,442.3
1,324.3
1,262.0
Structures ..............................................................................................
466.4
368.1
310.6
319.2
463.8
474.4
469.9
457.5
417.7
380.1
Equipment and software........................................................................
1,059.4
885.2
963.9
1,070.0
1,117.2
1,094.6
1,056.8
969.0
892.9
873.2
Information processing equipment and software ...............................
569.7
546.4
571.7
600.2
583.0
583.3
571.7
540.7
533.9
537.3
Computers and peripheral equipment............................................ ................. ................. .................. ................. ................. .................. ................. ................. .................. .................
Software.........................................................................................
250.8
252.9
259.4
277.2
251.0
251.4
251.9
248.8
248.2
251.2
Other..............................................................................................
202.4
182.4
197.6
196.7
211.8
209.8
203.3
184.8
177.5
176.0
Industrial equipment ..........................................................................
172.9
136.2
134.6
152.6
176.9
175.6
173.1
165.8
143.9
136.6
Transportation equipment ..................................................................
142.7
69.1
119.6
156.7
180.6
158.2
133.6
98.3
66.8
65.8
Other equipment................................................................................
177.8
145.5
149.9
168.6
180.0
181.1
181.9
168.3
157.0
144.9
Residential ................................................................................................
444.4
344.8
332.2
327.6
481.3
462.8
437.8
395.8
355.3
333.7
Change in private inventories....................................................................
–36.3
–139.0
50.9
31.0
–12.5
–14.2
–38.1
–80.3
–150.2
–185.5
Farm ..........................................................................................................
1.0
–1.4
–6.2
–3.8
–6.9
3.5
5.1
2.3
0.0
–1.1
Nonfarm ....................................................................................................
–37.6
–137.9
58.0
36.5
–4.8
–18.1
–44.2
–83.3
–150.9
–185.0
Net exports of goods and services...............................................................
–494.8
–355.2
–419.7
–408.0
–550.2
–486.2
–464.6
–478.0
–403.5
–322.8
Exports.........................................................................................................
1,649.3
1,498.7
1,665.6
1,776.9
1,643.9
1,693.9
1,678.7
1,580.6
1,452.5
1,454.6
Goods........................................................................................................
1,157.0
1,018.6
1,164.1
1,247.6
1,154.3
1,193.0
1,185.9
1,094.8
982.0
975.4
Services ....................................................................................................
492.3
479.6
501.9
529.8
489.6
500.9
492.9
485.8
469.7
478.2
Imports.........................................................................................................
2,144.0
1,853.8
2,085.2
2,184.9
2,194.1
2,180.1
2,143.3
2,058.6
1,856.0
1,777.4
Goods........................................................................................................
1,784.8
1,506.4
1,730.3
1,820.0
1,836.4
1,825.9
1,783.1
1,694.0
1,507.1
1,432.0
Services ....................................................................................................
359.8
347.8
356.6
366.6
357.8
354.0
361.1
366.1
349.2
345.0
Government consumption expenditures and gross investment................
2,497.4
2,589.4
2,605.8
2,523.9
2,473.9
2,484.5
2,510.7
2,520.5
2,531.6
2,590.4
Federal .........................................................................................................
971.1
1,030.6
1,076.8
1,047.0
943.8
955.1
982.0
1,003.5
995.8
1,028.2
National defense .......................................................................................
657.7
696.9
717.6
699.1
634.7
643.1
669.7
683.2
670.8
696.3
Consumption expenditures....................................................................
559.6
592.1
610.0
599.0
547.3
545.6
567.2
578.4
571.5
590.4
Gross investment...................................................................................
98.7
105.6
108.4
100.4
87.6
98.2
103.3
105.6
99.9
106.7
Nondefense ...............................................................................................
313.3
333.7
359.2
347.9
309.1
312.1
312.0
320.2
325.0
331.8
Consumption expenditures....................................................................
271.0
289.8
308.8
298.4
268.0
270.0
269.2
276.7
281.8
289.2
Gross investment...................................................................................
42.5
43.9
50.7
49.9
41.1
42.2
42.9
43.6
43.2
42.5
State and local.............................................................................................
1,528.1
1,561.8
1,534.1
1,482.0
1,530.9
1,530.5
1,530.8
1,520.1
1,538.3
1,565.2
Consumption expenditures....................................................................
1,237.1
1,275.9
1,258.9
1,229.4
1,240.7
1,236.6
1,237.2
1,233.9
1,253.2
1,275.5
Gross investment...................................................................................
291.0
286.3
275.8
253.6
290.2
293.8
293.5
286.3
285.4
290.0
Residual............................................................................................................
–4.5
11.4
–17.5
–57.4
–15.6
–15.9
–2.8
17.0
14.5
18.2
Addenda:
Final sales of domestic product .................................................................... 13,200.5 12,899.7 13,010.3 13,265.3 13,277.8 13,325.9 13,225.6 12,972.9 12,870.3 12,890.0
Gross domestic purchases ........................................................................... 13,653.1 13,102.3 13,473.0 13,698.8 13,818.0 13,794.5 13,646.5 13,353.3 13,103.7 13,014.4
Final sales to domestic purchasers............................................................... 13,691.2 13,243.0 13,419.7 13,664.2 13,828.8 13,809.7 13,684.6 13,441.5 13,261.8 13,202.3
Gross domestic product............................................................................. 13,161.9 12,757.9 13,063.0 13,299.1 13,266.8 13,310.5 13,186.9 12,883.5 12,711.0 12,701.0
Plus: Income receipts from the rest of the world...........................................
781.3
586.2
644.8
688.2
834.8
820.1
790.3
679.9
575.5
562.9
Less: Income payments to the rest of the world............................................
626.6
455.3
454.6
465.7
670.0
654.2
610.4
571.7
467.2
457.3
Equals: Gross national product................................................................. 13,316.9 12,889.0 13,253.4 13,522.0 13,431.7 13,476.6 13,367.4 12,991.9 12,819.5 12,806.8
Net domestic product .................................................................................... 11,451.7 11,022.1 11,313.3 11,522.4 11,573.9 11,605.2 11,470.2 11,157.4 10,978.2 10,965.7
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative
importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See “Explanatory Note” at the end of the tables.
Table 3B. Real Gross Domestic Product and Related Measures—Table Ends
[Billions of chained (2005) dollars]
Seasonally adjusted at annual rates
2009
III
Gross domestic product.........................................................................
Personal consumption expenditures............................................................
Goods...........................................................................................................
Durable goods ...........................................................................................
Motor vehicles and parts .......................................................................
Furnishings and durable household equipment ....................................
Recreational goods and vehicles...........................................................
Other durable goods..............................................................................
Nondurable goods .....................................................................................
Food and beverages purchased for off-premises consumption.............
Clothing and footwear............................................................................
Gasoline and other energy goods .........................................................
Other nondurable goods........................................................................
Services .......................................................................................................
Household consumption expenditures (for services) ................................
Housing and utilities ..............................................................................
Health care ............................................................................................
Transportation services .........................................................................
Recreation services...............................................................................
Food services and accommodations.....................................................
Financial services and insurance ..........................................................
Other services .......................................................................................
Final consumption expenditures of nonprofit institutions serving
households ............................................................................................
Gross output of nonprofit institutions.....................................................
Less: Receipts from sales of goods and services by nonprofit
institutions..........................................................................................
Gross private domestic investment ..............................................................
Fixed investment.........................................................................................
Nonresidential ...........................................................................................
Structures ..............................................................................................
Equipment and software........................................................................
Information processing equipment and software ...............................
Computers and peripheral equipment............................................
Software.........................................................................................
Other..............................................................................................
Industrial equipment ..........................................................................
Transportation equipment ..................................................................
Other equipment................................................................................
Residential ................................................................................................
Change in private inventories....................................................................
Farm ..........................................................................................................
Nonfarm ....................................................................................................
Net exports of goods and services...............................................................
Exports.........................................................................................................
Goods........................................................................................................
Services ....................................................................................................
Imports.........................................................................................................
Goods........................................................................................................
Services ....................................................................................................
Government consumption expenditures and gross investment................
Federal .........................................................................................................
National defense .......................................................................................
Consumption expenditures....................................................................
Gross investment...................................................................................
Nondefense ...............................................................................................
Consumption expenditures....................................................................
Gross investment...................................................................................
State and local.............................................................................................
Consumption expenditures....................................................................
Gross investment...................................................................................
Residual............................................................................................................
Addenda:
Final sales of domestic product ....................................................................
Gross domestic purchases ...........................................................................
Final sales to domestic purchasers...............................................................
Gross domestic product.............................................................................
Plus: Income receipts from the rest of the world...........................................
Less: Income payments to the rest of the world............................................
Equals: Gross national product.................................................................
Net domestic product ....................................................................................
2010
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
II
12,746.7 12,873.1 12,947.6 13,019.6 13,103.5 13,181.2 13,183.8 13,264.7 13,306.9 13,441.0 13,506.4 13,558.0
9,046.2 9,045.4 9,100.8 9,159.4 9,216.0 9,308.5 9,380.9 9,403.2 9,441.9 9,489.3 9,546.8 9,582.0
3,123.1 3,119.5 3,159.5 3,185.4 3,215.1 3,276.5 3,320.3 3,312.2 3,323.5 3,367.9 3,406.6 3,412.8
1,138.6 1,120.7 1,135.9 1,164.5 1,184.9 1,227.7 1,249.4 1,242.3 1,258.6 1,300.1 1,336.1 1,332.8
347.7
316.3
312.4
324.2
331.0
350.3
355.0
336.6
338.1
360.1
371.2
360.9
240.2
244.2
250.3
257.0
258.6
264.1
266.6
269.6
273.7
280.2
286.0
284.9
412.8
427.3
438.2
449.4
460.0
474.3
490.5
501.3
514.0
528.5
545.0
553.1
146.8
146.7
150.5
150.1
152.3
155.6
156.5
159.1
159.8
158.3
162.1
165.7
1,981.4 1,992.9 2,017.7 2,018.3 2,029.4 2,052.0 2,075.3 2,073.5 2,071.4 2,080.5 2,088.9 2,096.9
657.0
663.5
669.4
663.2
666.1
676.7
682.8
686.0
685.9
686.4
686.4
685.7
320.1
323.6
331.3
335.8
337.5
348.0
350.0
352.4
347.3
350.2
355.3
350.4
280.0
277.6
285.9
282.2
281.5
275.6
280.2
269.9
267.9
268.2
266.5
275.7
726.7
731.1
734.3
741.2
748.7
758.2
768.4
775.0
780.3
786.2
792.9
793.6
5,920.7 5,923.2 5,940.4 5,973.6 6,001.4 6,034.9 6,064.8 6,094.0 6,121.1 6,126.0 6,145.9 6,174.5
5,647.9 5,645.2 5,664.3 5,694.5 5,724.2 5,757.8 5,786.1 5,810.1 5,826.6 5,834.5 5,855.1 5,880.2
1,655.7 1,659.3 1,662.7 1,665.2 1,672.8 1,673.9 1,672.4 1,679.6 1,686.7 1,672.0 1,662.7 1,676.0
1,427.2 1,424.6 1,418.3 1,429.1 1,445.1 1,463.7 1,478.8 1,489.3 1,486.2 1,499.7 1,513.3 1,519.8
243.7
241.6
241.0
242.5
244.5
245.9
246.9
248.6
250.4
249.7
250.6
251.2
331.4
332.9
335.9
334.0
337.9
341.9
341.0
346.2
347.9
348.5
347.9
347.8
529.8
529.4
537.3
543.5
547.3
552.2
559.0
563.0
566.2
572.8
579.5
580.6
675.0
670.9
682.2
690.0
682.2
680.3
680.8
678.3
685.8
682.2
688.6
692.0
785.0
786.5
787.0
790.2
794.5
800.1
807.0
805.0
803.2
809.2
811.5
812.0
274.8
973.9
280.7
974.8
278.4
970.3
281.6
980.4
279.3
989.3
278.9
998.3
280.6
1,002.7
286.3
1,009.3
298.6
1,011.6
294.8
1,019.5
293.9
1,029.7
297.9
1,037.3
700.2
696.0
693.6
700.5
711.1
720.0
722.7
724.2
716.2
726.7
737.2
741.1
1,394.8 1,521.1 1,591.4 1,646.4 1,710.1 1,684.3 1,661.6 1,711.3 1,735.8 1,867.3 1,895.1 1,934.0
1,581.2 1,556.8 1,553.1 1,606.5 1,602.7 1,632.3 1,627.0 1,675.4 1,736.8 1,778.7 1,820.6 1,848.0
1,236.7 1,216.4 1,222.7 1,258.6 1,282.1 1,310.5 1,306.3 1,351.3 1,411.3 1,443.7 1,470.0 1,489.3
351.7
323.1
302.6
312.1
310.4
317.4
292.2
315.0
330.2
339.3
349.7
350.5
880.8
893.8
925.0
951.6
978.7 1,000.4 1,027.0 1,046.5 1,091.5 1,114.8 1,129.6 1,149.3
551.9
562.4
563.7
564.1
573.7
585.1
585.9
598.2
603.5
613.4
622.2
625.5
.............. ............... ............... .............. .............. .............. .............. .............. .............. .............. .............. ..............
254.1
258.0
257.1
255.7
260.1
264.5
269.5
274.3
279.5
285.4
286.8
291.3
187.4
188.7
192.5
193.9
200.0
204.2
199.1
197.5
194.6
195.4
199.4
199.1
133.2
131.2
128.3
135.9
135.6
138.9
144.5
144.7
156.6
164.4
158.5
164.6
68.6
75.0
99.4
114.2
131.0
133.8
143.1
147.9
162.3
173.6
181.7
187.7
140.4
139.6
146.9
148.7
149.9
154.1
162.9
165.8
175.7
169.9
174.7
177.6
347.2
343.0
332.7
350.5
322.2
323.3
322.2
325.5
326.6
336.0
352.1
360.4
–181.5
–38.8
30.5
33.2
94.9
45.0
30.3
27.5
–4.3
70.5
56.9
66.3
–4.6
0.2
–1.0
–4.1
–10.3
–9.5
–5.0
–5.9
–2.8
–1.6
–2.6
–1.8
–176.9
–38.9
31.6
37.6
106.5
56.4
36.9
35.6
–0.9
74.4
62.0
70.7
–346.9 –347.5 –372.7 –428.7 –458.9 –418.3 –416.6 –399.6 –397.9 –418.0 –415.5 –424.3
1,502.3 1,585.2 1,608.2 1,645.4 1,683.9 1,724.7 1,748.8 1,766.4 1,792.9 1,799.3 1,818.7 1,842.4
1,023.3 1,093.6 1,119.7 1,151.6 1,176.8 1,208.5 1,225.4 1,236.5 1,255.1 1,273.6 1,286.3 1,305.3
478.6
491.8
489.0
494.4
507.6
516.7
524.0
530.5
538.4
526.2
532.9
537.7
1,849.3 1,932.7 1,980.9 2,074.2 2,142.8 2,143.0 2,165.4 2,166.0 2,190.8 2,217.3 2,234.2 2,266.8
1,502.3 1,584.3 1,630.8 1,723.3 1,781.2 1,786.1 1,808.9 1,805.7 1,818.8 1,846.7 1,855.8 1,883.2
347.4
349.5
351.6
352.6
363.5
358.8
358.3
362.0
373.9
372.3
380.4
385.5
2,614.3 2,621.1 2,600.4 2,618.7 2,616.7 2,587.4 2,540.7 2,535.4 2,516.6 2,502.7 2,483.7 2,474.8
1,043.9 1,054.6 1,056.2 1,081.0 1,090.7 1,079.4 1,050.4 1,057.5 1,045.9 1,034.2 1,023.1 1,022.2
709.1
711.4
704.8
717.3
729.9
718.6
691.3
705.2
709.8
690.1
677.6
677.0
601.9
604.4
601.5
609.5
619.2
609.8
591.9
602.9
611.0
590.0
582.9
579.4
108.1
107.7
103.8
108.6
111.5
109.6
99.7
102.7
98.8
100.6
94.8
98.0
334.7
343.2
351.5
363.7
360.8
360.8
359.3
352.3
335.9
344.1
345.6
345.3
290.7
297.5
303.2
312.4
309.6
309.8
307.8
302.4
287.3
296.1
298.7
298.2
44.0
45.7
48.4
51.5
51.6
51.3
51.8
50.3
49.1
48.2
47.0
47.2
1,573.6 1,570.2 1,548.3 1,542.7 1,531.6 1,513.6 1,495.3 1,483.4 1,475.9 1,473.3 1,465.3 1,457.4
1,285.1 1,289.9 1,276.4 1,263.6 1,252.2 1,243.3 1,237.3 1,231.0 1,225.8 1,223.5 1,221.9 1,219.1
288.9
280.9
272.7
279.7
279.9
271.0
258.9
253.4
251.1
250.8
244.5
239.5
10.7
3.1
–3.9
–14.4
–18.2
–33.4
–45.1
–53.4
–61.9
–68.8
–83.5
–83.9
12,928.3
13,082.0
13,262.3
12,746.7
582.6
434.2
12,895.3
11,009.9
12,910.2
13,209.3
13,245.6
12,873.1
623.6
462.4
13,034.5
11,134.4
12,914.7
13,309.3
13,275.9
12,947.6
620.1
446.1
13,121.9
11,206.3
12,985.4
13,438.9
13,403.9
13,019.6
635.9
439.4
13,216.5
11,273.8
13,005.5
13,553.4
13,454.8
13,103.5
653.4
456.2
13,301.1
11,351.3
13,135.6
13,590.5
13,544.1
13,181.2
669.7
476.9
13,374.2
11,421.8
13,154.4
13,592.1
13,561.9
13,183.8
675.1
464.9
13,394.3
11,419.0
13,234.1
13,655.2
13,623.8
13,264.7
701.0
479.9
13,486.1
11,493.1
13,311.2
13,696.4
13,699.6
13,306.9
690.2
462.8
13,534.7
11,527.0
13,361.4
13,851.4
13,771.3
13,441.0
686.5
455.1
13,672.9
11,650.7
13,440.1
13,914.4
13,847.5
13,506.4
667.0
479.7
13,693.8
11,706.6
13,481.1
13,975.9
13,898.5
13,558.0
..............
..............
..............
11,748.4
NOTE. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative
importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
See “Explanatory Note” at the end of the tables.
Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
IV
Gross domestic product (GDP).........
2.2
0.9
1.3
2.1
Personal consumption expenditures...........
3.3
0.1
1.9
2.4
Goods ..........................................................
3.1 –2.7
1.7
3.8
Durable goods .......................................... –1.9 –1.9 –1.3 –0.9
Nondurable goods ....................................
5.7 –3.0
3.2
6.0
Services .......................................................
3.4
1.4
2.0
1.8
Gross private domestic investment .............
1.1 –1.1 –1.3
1.5
Fixed investment ..........................................
1.2 –1.2 –1.2
1.6
Nonresidential ..........................................
2.0 –0.6 –1.5
1.7
Structures .............................................
4.9 –2.5 –1.1
4.7
Equipment and software.......................
0.5
0.5 –1.6
0.6
Residential ............................................... –1.2 –3.4 –0.2
0.9
Change in private inventories....................... .......... .......... ........... ...........
Net exports of goods and services.............. .......... .......... ........... ...........
Exports.........................................................
4.7 –5.4
4.5
6.4
Goods.......................................................
5.0 –6.8
5.1
7.6
Services ...................................................
4.1 –2.3
3.4
3.8
Imports......................................................... 10.6 –10.6
6.0
7.8
Goods....................................................... 11.6 –12.4
6.8
8.9
Services ...................................................
5.8 –2.0
2.6
3.0
Government consumption expenditures
and gross investment ................................
4.9 –0.6
2.4
3.3
Federal .........................................................
3.2 –0.2
2.4
2.8
National defense ......................................
3.6 –0.7
2.3
3.0
Nondefense ..............................................
2.3
0.9
2.4
2.2
State and local .............................................
5.9 –0.8
2.4
3.7
Addenda:
Final sales of domestic product ...................
2.2
0.9
1.3
2.1
Gross domestic purchases ..........................
3.2 –0.2
1.6
2.5
Final sales to domestic purchasers..............
3.3 –0.2
1.6
2.5
Gross national product (GNP)......................
2.2
0.9
1.3
2.1
Implicit price deflators:
GDP .........................................................
2.2
0.9
1.3
2.1
Gross domestic purchases.......................
3.3 –0.2
1.6
2.5
GNP .........................................................
2.2
0.9
1.3
2.1
See “Explanatory Note” at the end of the tables.
0.5
–5.6
–17.8
–3.5
–23.8
1.2
6.9
2.9
5.3
8.2
3.6
–5.2
..........
..........
–22.0
–27.1
–8.9
–36.7
–40.8
–11.6
2009
I
II
2010
III
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
II
1.0 –0.8
0.5
1.3
1.5
1.7
2.0
2.1
2.0
2.6
3.0
0.4
2.0
1.6
–2.1
1.6
3.1
3.1
1.8
0.6
1.3
2.2
3.2
3.6
2.3
1.1
2.5
0.7
–7.0
4.3
5.7
3.1
1.3 –2.8
1.0
4.0
6.6
5.9
3.0 –0.2
2.5 –1.9
–2.4 –0.3 –2.6
1.0 –1.5 –2.0 –2.3 –2.1 –0.5
1.6 –0.6 –2.5 –1.0 –1.2
–9.2
6.5
9.9
4.1
2.6 –3.2
2.6
7.0 10.1
8.0
4.7
0.8
4.2 –2.2
0.3
0.4
1.8
3.0
2.1
2.3
1.4
1.3
1.6
2.4
2.0
1.7
2.5
2.1
–2.8 –6.4 –5.7 –1.3 –1.2
0.4
1.3
2.1
1.3
1.9
1.6
1.2
1.0
1.1
–2.3 –5.4 –4.3 –0.8 –1.6 –0.1
1.1
1.6
1.4
2.5
1.8
1.4
1.2
1.1
–2.2 –5.3 –4.6 –1.9 –2.0
0.4
1.1
1.5
1.9
2.6
1.9
1.5
1.8
1.1
–5.4 –12.1 –9.9 –1.4
1.2
2.4
2.6
3.7
5.1
6.7
5.7
4.5
2.7
2.8
–0.2 –1.4 –2.1 –2.3 –3.4 –0.4
0.4
0.6
0.8
1.2
0.5
0.4
1.4
0.4
–2.8 –5.9 –3.0
3.4
0.0 –2.0
1.4
2.4 –0.6
1.7
1.4
0.6 –1.4
1.1
.......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ........... .......... ..........
.......... ........... .......... .......... ........... ........... .......... .......... ........... .......... .......... ........... .......... ..........
–11.9 –0.1
5.0
5.7
4.9
5.0
0.9
9.6 11.1
8.4
1.7 –3.8
2.8
0.2
–14.4
2.1
5.1
5.4
5.5
5.5
1.0 12.6 13.3
9.4
1.2 –4.8
2.4 –0.6
–6.9 –4.5
4.7
6.4
3.8
3.9
0.8
3.0
5.9
5.9
2.9 –1.3
3.8
2.0
–28.8
6.4 13.3 12.4
7.9 –2.1 –3.1 10.1 18.6 12.8 –1.9
0.0
5.6 –4.1
–33.1
8.3 15.7 13.6
9.5 –2.8 –3.8 10.9 21.7 14.3 –2.0
0.6
6.4 –5.1
–7.0 –0.9
3.9
7.2
1.0
0.8
0.8
6.0
4.5
5.1 –1.3 –3.1
1.7
1.0
–5.4
–4.7
–5.8
–2.3
–5.7
–2.6
0.8
–0.2
3.1
–4.7
–0.5
–1.7
–2.2
–0.6
0.2
1.5
1.5
1.2
2.3
1.5
2.1
2.2
2.3
2.1
2.0
4.7
5.5
5.9
4.9
4.2
1.2
1.1
1.0
1.5
1.3
1.7
1.2
0.9
1.7
2.0
3.6
2.3
2.8
1.2
4.6
5.2
4.9
6.1
2.8
5.3
4.1
3.6
3.3
4.2
4.4
2.4
2.2
2.3
2.1
2.6
0.0
–0.9
–0.9
–0.8
0.6
3.6
3.2
4.2
1.2
3.8
0.6
1.2
0.8
1.9
0.3
0.0
–4.0
–4.4
0.4
1.1
–2.4
–2.3
1.0
–0.7
0.2
0.3
–0.7
0.7
1.7
1.8
0.5
1.4
2.4
2.4
1.3
1.5
2.1
2.0
1.5
1.6
0.7
0.6
1.6
2.0
1.4
1.4
2.0
2.1
2.5
2.4
2.1
2.0
3.4
3.4
2.0
2.7
3.5
3.5
2.6
3.0
2.3
2.3
2.9
0.4
0.9
0.9
0.4
2.0
1.6
2.5
0.7
2.5
0.7
2.0 ..........
0.5
–4.0
0.4
0.9
–2.5
0.9
–0.8
0.2
–0.8
0.5
1.7
0.5
1.2
2.3
1.2
1.6
2.1
1.5
1.8
0.8
1.8
1.9
1.3
1.9
2.0
2.3
2.0
2.1
3.5
2.1
2.6
3.5
2.7
3.0
2.3
3.0
0.1
0.6
0.2
2.2
1.5
2.7
0.7
2.2 ..........
Table 4A. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
IV
2009
I
II
2010
III
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
Gross domestic product (GDP)............
2.2
0.9
1.3
2.1
0.5
1.0
–0.8
0.5
1.3
1.5
1.7
2.0
2.1
2.0
2.6
3.0
0.4
2.0
Previously published............................
2.2
1.1
1.2
2.1
0.5
1.7
–0.4
0.3
1.1
1.5
1.5
1.4
1.9
2.5
2.5
2.6
0.9
2.0
Personal consumption expenditures..............
3.3
0.1
1.9
2.4
–5.6
–2.1
1.6
3.1
3.1
1.8
0.6
1.3
2.2
3.2
3.6
2.3
1.1
2.5
Previously published .......................................
3.3
0.2
1.8
2.5
–5.6
–1.7
1.9
3.0
2.8
1.9
0.3
1.0
1.9
3.9
3.3
2.3
1.2
2.6
Goods .............................................................
3.1
–2.7
1.7
3.8 –17.8
–7.0
4.3
5.7
3.1
1.3
–2.8
1.0
4.0
6.6
5.9
3.0
–0.2
2.5
Previously published ...................................
3.1
–2.6
1.6
3.8 –17.8
–6.3
4.1
5.6
2.5
2.1
–3.4
0.8
3.4
8.0
5.1
2.9
0.0
2.5
Durable goods .............................................
–1.9
–1.9
–1.3
–0.9
–3.5
–2.4
–0.3
–2.6
1.0
–1.5
–2.0
–2.3
–2.1
–0.5
1.6
–0.6
–2.5
–1.0
Previously published................................
–1.9
–1.8
–1.7
–1.0
–3.5
–2.1
–0.1
–2.7
0.5
–2.1
–2.4
–2.5
–2.4
–0.6
1.7
–0.5
–2.5
–1.0
Nondurable goods .......................................
5.7
–3.0
3.2
6.0 –23.8
–9.2
6.5
9.9
4.1
2.6
–3.2
2.6
7.0
10.1
8.0
4.7
0.8
4.2
Previously published................................
5.7
–2.9
3.2
6.1 –23.8
–8.3
6.1
9.8
3.5
4.1
–3.9
2.4
6.2
12.4
6.7
4.5
1.2
4.2
Services ..........................................................
3.4
1.4
2.0
1.8
1.2
0.3
0.4
1.8
3.0
2.1
2.3
1.4
1.3
1.6
2.4
2.0
1.7
2.5
Previously published ...................................
3.4
1.6
1.9
1.8
1.2
0.6
0.9
1.8
2.9
1.7
2.2
1.1
1.2
1.9
2.4
2.1
1.8
2.6
Gross private domestic investment ................
1.1
–1.1
–1.3
1.5
6.9
–2.8
–6.4
–5.7
–1.3
–1.2
0.4
1.3
2.1
1.3
1.9
1.6
1.2
1.0
Previously published .......................................
1.1
–1.0
–1.6
1.6
6.9
–2.2
–6.4
–5.8
–1.7
–1.2
0.0
0.9
1.7
2.1
2.2
1.1
1.4
1.1
Fixed investment .............................................
1.2
–1.2
–1.2
1.6
2.9
–2.3
–5.4
–4.3
–0.8
–1.6
–0.1
1.1
1.6
1.4
2.5
1.8
1.4
1.2
Previously published ...................................
1.2
–1.2
–1.4
1.3
2.9
–2.3
–5.3
–4.4
–1.0
–1.3
–0.5
0.5
0.8
1.4
2.4
1.5
1.3
1.1
Nonresidential .............................................
2.0
–0.6
–1.5
1.7
5.3
–2.2
–5.3
–4.6
–1.9
–2.0
0.4
1.1
1.5
1.9
2.6
1.9
1.5
1.8
Previously published................................
2.0
–0.6
–1.6
1.3
5.3
–2.2
–5.2
–4.7
–2.0
–1.7
0.2
0.5
0.4
1.4
2.5
1.8
1.6
1.7
Structures ................................................
4.9
–2.5
–1.1
4.7
8.2
–5.4 –12.1
–9.9
–1.4
1.2
2.4
2.6
3.7
5.1
6.7
5.7
4.5
2.7
Previously published............................
4.9
–2.6
–1.1
4.5
8.2
–5.6 –12.0 –10.0
–1.5
1.3
2.4
2.5
3.6
5.0
6.1
5.6
4.3
2.6
Equipment and software..........................
0.5
0.5
–1.6
0.6
3.6
–0.2
–1.4
–2.1
–2.3
–3.4
–0.4
0.4
0.6
0.8
1.2
0.5
0.4
1.4
Previously published............................
0.5
0.5
–1.8
0.1
3.6
–0.2
–1.3
–2.2
–2.5
–3.1
–0.7
–0.3
–0.8
0.2
1.2
0.4
0.6
1.4
Residential ..................................................
–1.2
–3.4
–0.2
0.9
–5.2
–2.8
–5.9
–3.0
3.4
0.0
–2.0
1.4
2.4
–0.6
1.7
1.4
0.6
–1.4
Previously published................................
–1.2
–3.4
–0.4
1.2
–5.2
–2.9
–5.9
–3.1
3.1
0.5
–3.0
0.6
2.5
1.5
2.0
0.3
0.2
–1.4
Change in private inventories.......................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... .......... ........... ........... ........... ........... ........... ........... ...........
Net exports of goods and services................. ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... .......... ........... ........... ........... ........... ........... ........... ...........
Exports............................................................
4.7
–5.4
4.5
6.4 –22.0 –11.9
–0.1
5.0
5.7
4.9
5.0
0.9
9.6
11.1
8.4
1.7
–3.8
2.8
Previously published ...................................
4.7
–5.4
4.4
6.3 –22.0 –11.9
0.1
5.0
5.5
4.8
5.0
0.6
8.6
11.0
8.8
1.9
–3.7
3.2
Goods..........................................................
5.0
–6.8
5.1
7.6 –27.1 –14.4
2.1
5.1
5.4
5.5
5.5
1.0
12.6
13.3
9.4
1.2
–4.8
2.4
Previously published................................
5.0
–6.8
4.9
7.3 –27.1 –14.4
2.1
5.1
5.3
5.5
5.5
0.6
11.5
12.9
9.7
1.4
–4.6
2.9
Services ......................................................
4.1
–2.3
3.4
3.8
–8.9
–6.9
–4.5
4.7
6.4
3.8
3.9
0.8
3.0
5.9
5.9
2.9
–1.3
3.8
Previously published................................
4.1
–2.2
3.2
3.9
–8.9
–6.7
–3.8
4.6
5.8
3.5
3.9
0.6
2.2
6.5
6.5
3.2
–1.6
3.9
Imports............................................................
10.6 –10.6
6.0
7.8 –36.7 –28.8
6.4
13.3
12.4
7.9
–2.1
–3.1
10.1
18.6
12.8
–1.9
0.0
5.6
Previously published ...................................
10.6 –10.6
6.1
7.7 –36.7 –29.2
6.6
14.4
11.5
8.3
–2.2
–2.2
8.4
19.1
12.5
–1.3
–1.2
6.1
Goods..........................................................
11.6 –12.4
6.8
8.9 –40.8 –33.1
8.3
15.7
13.6
9.5
–2.8
–3.8
10.9
21.7
14.3
–2.0
0.6
6.4
Previously published................................
11.6 –12.4
6.8
8.7 –40.8 –33.4
8.5
17.1
12.5
9.9
–2.9
–3.0
8.9
22.3
14.0
–1.5
–0.7
6.9
Services ......................................................
5.8
–2.0
2.6
3.0 –11.6
–7.0
–0.9
3.9
7.2
1.0
0.8
0.8
6.0
4.5
5.1
–1.3
–3.1
1.7
Previously published................................
5.8
–2.2
2.7
3.0 –11.6
–7.9
–0.8
4.0
7.1
1.0
0.8
1.6
5.8
4.2
5.2
–0.4
–4.0
2.1
Government consumption expenditures and
gross investment ..........................................
4.9
–0.6
2.4
3.3
–5.4
–2.6
–0.5
1.5
2.1
4.7
1.2
1.7
3.6
5.2
4.1
2.4
0.0
3.6
Previously published .......................................
4.9
–0.3
2.2
3.1
–5.4
–1.8
0.0
1.2
2.0
4.7
1.3
0.9
3.1
5.4
4.2
1.3
0.9
3.6
Federal ............................................................
3.2
–0.2
2.4
2.8
–4.7
0.8
–1.7
1.5
2.2
5.5
1.1
1.2
2.3
4.9
3.6
2.2
–0.9
3.2
Previously published ...................................
3.2
–0.2
2.4
2.8
–4.7
1.2
–2.0
1.4
2.3
5.6
1.3
1.1
2.0
5.3
3.8
1.8
–0.4
4.0
National defense .........................................
3.6
–0.7
2.3
3.0
–5.8
–0.2
–2.2
1.2
2.3
5.9
1.0
0.9
2.8
6.1
3.3
2.3
–0.9
4.2
Previously published................................
3.6
–0.7
2.4
3.1
–5.8
0.2
–2.5
1.1
2.5
5.7
1.3
0.9
2.5
6.3
3.8
1.5
–0.6
5.0
Nondefense .................................................
2.3
0.9
2.4
2.2
–2.3
3.1
–0.6
2.3
2.1
4.9
1.5
1.7
1.2
2.8
4.2
2.1
–0.8
1.2
Previously published................................
2.3
0.9
2.4
2.3
–2.3
3.5
–1.0
2.2
1.9
5.5
1.2
1.5
1.1
3.4
3.7
2.3
0.1
2.0
State and local ................................................
5.9
–0.8
2.4
3.7
–5.7
–4.7
0.2
1.5
2.0
4.2
1.3
2.0
4.6
5.3
4.4
2.6
0.6
3.8
Previously published ...................................
5.9
–0.4
2.1
3.3
–5.7
–3.6
1.3
1.0
1.7
4.1
1.3
0.7
3.8
5.5
4.5
0.9
1.8
3.3
Addenda:
Final sales of domestic product ......................
2.2
0.9
1.3
2.1
0.0
1.1
–0.7
0.7
1.4
1.5
1.6
2.0
2.1
2.0
2.7
3.0
0.4
2.0
Previously published ...................................
2.2
1.0
1.2
2.1
0.0
1.7
–0.3
0.4
1.2
1.4
1.4
1.4
1.8
2.4
2.5
2.6
0.9
2.0
Gross domestic purchases .............................
3.2
–0.2
1.6
2.5
–4.0
–2.4
0.2
1.7
2.4
2.1
0.7
1.4
2.5
3.4
3.5
2.3
0.9
2.5
Previously published ...................................
3.2
–0.1
1.5
2.5
–4.0
–1.9
0.5
1.6
2.1
2.1
0.5
1.0
2.1
4.0
3.3
2.0
1.1
2.6
Final sales to domestic purchasers.................
3.3
–0.2
1.6
2.5
–4.4
–2.3
0.3
1.8
2.4
2.0
0.6
1.4
2.4
3.4
3.5
2.3
0.9
2.5
Previously published ...................................
3.3
–0.1
1.5
2.5
–4.4
–1.8
0.6
1.7
2.2
2.1
0.4
0.9
2.0
3.9
3.4
2.0
1.1
2.6
Gross national product (GNP).........................
2.2
0.9
1.3
2.1
0.4
1.0
–0.7
0.5
1.3
1.5
1.6
2.0
2.1
2.0
2.6
2.9
0.4
2.0
Previously published ...................................
2.2
1.1
1.1
2.1
0.4
1.7
–0.4
0.3
1.1
1.5
1.4
1.4
1.9
2.5
2.5
2.6
0.9
2.0
Implicit price deflators:
GDP ............................................................
2.2
0.9
1.3
2.1
0.5
0.9
–0.8
0.5
1.2
1.6
1.8
1.9
2.0
2.1
2.6
3.0
0.1
2.2
Previously published................................
2.2
1.1
1.2
2.1
0.5
1.5
–0.4
0.2
1.0
1.5
1.6
1.3
1.8
2.7
2.6
2.6
0.8
2.0
Gross domestic purchases..........................
3.3
–0.2
1.6
2.5
–4.0
–2.5
0.2
1.7
2.3
2.1
0.8
1.3
2.3
3.5
3.5
2.3
0.6
2.7
Previously published................................
3.3
–0.1
1.5
2.5
–4.0
–2.0
0.5
1.6
2.0
2.1
0.6
0.9
2.0
4.2
3.4
2.0
1.1
2.6
GNP ............................................................
2.2
0.9
1.3
2.1
0.4
0.9
–0.8
0.5
1.2
1.5
1.8
1.9
2.0
2.1
2.7
3.0
0.2
2.2
Previously published................................
2.2
1.0
1.1
2.1
0.4
1.5
–0.4
0.2
1.0
1.5
1.5
1.3
1.8
2.7
2.6
2.6
0.9
2.0
See “Explanatory Note” at the end of the tables.
Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2005=100]
Seasonally adjusted
2008
2009
2010
2011
2008
I
2009
II
III
IV
I
II
Gross domestic product ................................................
104.270
101.069
103.486
105.356
105.101
105.447
104.468
102.064
100.697
100.618
Personal consumption expenditures...........................................
104.637
102.602
104.460
107.103
105.515
105.478
104.458
103.096
102.681
102.224
Goods ..........................................................................................
103.776
100.697
104.304
108.263
105.599
105.719
103.615
100.171
100.211
99.684
Durable goods ..........................................................................
104.314
98.732
104.887
112.395
108.488
107.693
104.222
96.851
97.155
96.655
Nondurable goods ....................................................................
103.363
101.507
103.888
106.236
104.028
104.614
103.177
101.634
101.553
101.018
Services .......................................................................................
105.067
103.558
104.554
106.543
105.465
105.344
104.884
104.576
103.924
103.494
Gross private domestic investment .............................................
89.296
67.124
76.327
80.284
94.633
93.176
89.061
80.314
69.786
64.480
Fixed investment ..........................................................................
93.228
75.494
75.326
80.311
97.363
96.078
92.989
86.480
79.032
75.092
Nonresidential ..........................................................................
114.125
93.507
94.148
102.288
117.944
117.269
114.238
107.050
98.291
93.667
Structures .............................................................................
132.595
104.659
88.308
90.733
131.860
134.869
133.594
130.057
118.743
108.062
Equipment and software.......................................................
106.411
88.911
96.822
107.473
112.220
109.945
106.148
97.330
89.688
87.704
Residential ...............................................................................
57.345
44.489
42.862
42.268
62.104
59.721
56.484
51.072
45.843
43.058
Change in private inventories....................................................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ...................
Exports of goods and services ....................................................
126.376
114.835
127.623
136.152
125.966
129.793
128.631
121.112
111.295
111.460
Imports of goods and services ....................................................
105.733
91.422
102.832
107.746
108.203
107.511
105.698
101.518
91.526
87.652
Government consumption expenditures and gross investment
105.381
109.262
109.955
106.497
104.391
104.838
105.941
106.356
106.825
109.307
Federal .........................................................................................
110.819
117.613
122.883
119.480
107.703
108.996
112.058
114.518
113.639
117.333
State and local .............................................................................
102.310
104.568
102.711
99.224
102.501
102.473
102.490
101.776
102.992
104.794
Addenda:
Final sales of domestic product ...................................................
104.991
102.598
103.478
105.506
105.606
105.988
105.190
103.181
102.365
102.521
Gross domestic purchases ..........................................................
102.303
98.177
100.954
102.646
103.539
103.363
102.254
100.057
98.187
97.518
Final sales to domestic purchasers..............................................
102.974
99.603
100.932
102.771
104.009
103.866
102.925
101.097
99.745
99.297
Gross national product.................................................................
104.692
101.328
104.193
106.304
105.595
105.947
105.089
102.137
100.781
100.681
Seasonally adjusted
2009
III
2010
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
II
Gross domestic product ................................................ 100.980 101.981 102.572 103.142 103.807 104.423 104.443 105.084 105.418 106.481 106.999 107.408
Personal consumption expenditures........................................... 102.757 102.747 103.377 104.042 104.685 105.736 106.559 106.812 107.251 107.790 108.443 108.843
Goods .......................................................................................... 101.506 101.389 102.691 103.531 104.499 106.495 107.915 107.655 108.021 109.462 110.722 110.922
Durable goods .......................................................................... 101.355
99.765 101.119 103.665 105.479 109.286 111.220 110.587 112.038 115.736 118.937 118.644
Nondurable goods .................................................................... 101.435 102.023 103.293 103.322 103.890 105.048 106.241 106.150 106.045 106.510 106.938 107.347
Services ....................................................................................... 103.385 103.429 103.729 104.310 104.795 105.380 105.903 106.412 106.886 106.970 107.318 107.817
Gross private domestic investment .............................................
64.208
70.022
73.259
75.792
78.722
77.535
76.492
78.778
79.906
85.959
87.241
89.029
Fixed investment ..........................................................................
74.501
73.352
73.180
75.696
75.515
76.913
76.660
78.942
81.835
83.807
85.785
87.074
Nonresidential ..........................................................................
91.786
90.285
90.749
93.411
95.162
97.269
96.954 100.297 104.746 107.156 109.108 110.536
Structures .............................................................................
99.980
91.848
86.033
88.731
88.245
90.222
83.055
89.561
93.866
96.449
99.421
99.638
Equipment and software.......................................................
88.474
89.777
92.913
95.582
98.309 100.486 103.161 105.120 109.637 111.972 113.460 115.439
Residential ...............................................................................
44.799
44.257
42.934
45.223
41.570
41.720
41.577
41.994
42.139
43.361
45.433
46.502
Change in private inventories....................................................... ................ ............... ............... ................ ............... ............... ................ ................ ............... ................ ................ ...............
Exports of goods and services .................................................... 115.116 121.467 123.231 126.079 129.030 132.151 134.004 135.352 137.379 137.871 139.356 141.176
Imports of goods and services ....................................................
91.196
95.312
97.689 102.286 105.672 105.680 106.787 106.816 108.037 109.345 110.179 111.785
Government consumption expenditures and gross investment 110.312 110.602 109.727 110.498 110.416 109.179 107.210 106.985 106.189 105.604 104.804 104.425
Federal ......................................................................................... 119.129 120.352 120.535 123.355 124.468 123.172 119.864 120.681 119.351 118.024 116.751 116.647
State and local ............................................................................. 105.359 105.128 103.665 103.292 102.544 101.342 100.117
99.317
98.818
98.643
98.103
97.574
Addenda:
Final sales of domestic product ................................................... 102.826 102.682 102.718 103.280 103.440 104.475 104.624 105.258 105.871 106.271 106.897 107.222
Gross domestic purchases ..........................................................
98.024
98.978
99.728 100.698 101.556 101.834 101.846 102.319 102.628 103.789 104.261 104.723
Final sales to domestic purchasers..............................................
99.749
99.623
99.851 100.814 101.197 101.868 102.002 102.468 103.038 103.577 104.150 104.534
Gross national product................................................................. 101.378 102.472 103.159 103.902 104.567 105.142 105.300 106.022 106.404 107.490 107.655 ...............
See “Explanatory Note” at the end of the tables.
Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2005=100]
Seasonally adjusted
2008
2009
2010
2011
2008
I
2009
II
III
IV
I
II
Gross domestic product ................................................
108.565
109.532
111.002
113.369
107.623
108.282
109.107
109.247
109.526
109.318
Personal consumption expenditures (PCE) ................................
108.943
109.004
111.087
113.790
107.852
109.052
110.218
108.650
108.063
108.496
Goods ..........................................................................................
105.912
103.105
104.852
108.822
105.356
106.609
108.437
103.248
101.386
102.455
Durable goods ..........................................................................
94.628
92.830
91.611
90.799
95.448
94.805
94.552
93.708
93.129
93.059
Nondurable goods ....................................................................
112.567
109.177
112.622
119.430
111.200
113.560
116.589
108.922
106.335
108.027
Services .......................................................................................
110.584
112.157
114.418
116.435
109.211
110.386
111.204
111.536
111.614
111.724
Gross private domestic investment .............................................
107.501
106.274
104.854
106.439
106.487
106.815
107.447
109.254
108.487
106.695
Fixed investment ..........................................................................
107.587
106.318
105.023
106.680
106.687
107.048
107.912
108.699
108.076
106.579
Nonresidential ..........................................................................
107.717
107.102
105.514
107.359
106.261
106.846
108.183
109.578
108.975
107.494
Structures .............................................................................
125.706
122.527
121.158
126.850
123.025
124.220
126.538
129.041
127.259
123.208
Equipment and software.......................................................
101.000
101.477
99.806
100.445
100.070
100.396
101.313
102.222
102.166
101.799
Residential ...............................................................................
106.296
102.713
102.520
103.406
107.250
106.941
106.196
104.799
104.065
102.494
Change in private inventories....................................................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ...................
Exports of goods and services ....................................................
111.975
105.924
110.738
117.860
110.731
113.584
115.264
108.320
104.936
104.898
Imports of goods and services ....................................................
119.237
106.598
112.989
121.851
116.791
122.490
125.623
112.045
102.932
104.547
Government consumption expenditures and gross investment
115.245
114.592
117.334
121.233
113.673
115.506
116.698
115.103
114.342
114.186
Federal .........................................................................................
111.225
110.959
113.583
116.721
110.488
111.605
112.080
110.726
110.956
110.481
State and local .............................................................................
117.666
116.763
119.579
124.001
115.571
117.848
119.496
117.750
116.349
116.405
Addenda:
PCE excluding food and energy 1 ................................................
107.020
108.536
110.214
111.802
106.208
106.844
107.384
107.644
107.827
108.285
Market-based PCE 2 ....................................................................
108.909
109.163
110.820
113.641
107.822
108.929
110.272
108.613
108.212
108.743
2
106.666
108.641
109.760
111.311
105.905
106.341
106.985
107.434
107.958
108.533
Market-based PCE excluding food and energy .........................
Final sales of domestic product ...................................................
108.576
109.521
110.993
113.371
107.647
108.309
109.171
109.179
109.476
109.294
Gross domestic purchases ..........................................................
109.858
109.620
111.421
114.208
108.703
109.893
110.982
109.852
109.188
109.235
Final sales to domestic purchasers..............................................
109.869
109.617
111.420
114.219
108.727
109.918
111.041
109.791
109.151
109.221
Gross national product.................................................................
108.571
109.532
110.986
113.363
107.632
108.292
109.121
109.241
109.522
109.319
Implicit price deflators:
Gross domestic product ...........................................................
108.582
109.529
110.993
113.359
107.591
108.302
109.162
109.300
109.539
109.325
Final sales of domestic product................................................
108.576
109.521
110.993
113.371
107.649
108.314
109.176
109.183
109.478
109.294
Gross domestic purchases.......................................................
109.875
109.617
111.412
114.198
108.671
109.910
111.032
109.901
109.197
109.241
Final sales to domestic purchasers..........................................
109.869
109.617
111.420
114.219
108.728
109.921
111.045
109.793
109.153
109.221
Gross national product .............................................................
108.589
109.529
110.977
113.353
107.600
108.312
109.176
109.295
109.534
109.327
Seasonally adjusted
2009
III
2010
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
II
Gross domestic product ................................................ 109.463 109.820 110.234 110.686 111.248 111.838 112.389 113.109 113.937 114.041 114.608 115.052
Personal consumption expenditures (PCE) ................................ 109.315 110.142 110.642 110.800 111.154 111.751 112.640 113.633 114.293 114.593 115.300 115.506
Goods .......................................................................................... 103.890 104.687 105.025 104.283 104.540 105.561 107.266 108.820 109.633 109.569 110.256 109.738
Durable goods ..........................................................................
92.447
92.684
92.341
91.883
91.353
90.868
90.751
91.104
90.960
90.381
90.157
89.894
Nondurable goods .................................................................... 110.614 111.733 112.464 111.562 112.277 114.184 116.974 119.240 120.626 120.879 122.136 121.459
Services ....................................................................................... 112.224 113.065 113.647 114.282 114.687 115.057 115.503 116.193 116.772 117.270 117.989 118.595
Gross private domestic investment ............................................. 105.130 104.784 104.474 104.573 104.916 105.453 105.786 106.272 106.686 107.013 107.292 107.579
Fixed investment .......................................................................... 105.414 105.203 104.784 104.762 105.061 105.487 105.866 106.509 106.992 107.352 107.661 107.953
Nonresidential .......................................................................... 106.224 105.714 105.188 105.304 105.589 105.973 106.483 107.174 107.687 108.092 108.562 108.856
Structures ............................................................................. 120.038 119.605 119.968 120.670 121.442 122.552 124.097 126.118 127.882 129.302 130.167 131.079
Equipment and software....................................................... 101.266 100.678
99.799
99.690
99.797
99.939 100.134 100.430 100.562 100.656 101.001 101.102
Residential ............................................................................... 101.716 102.576 102.573 102.064 102.421 103.020 102.861 103.300 103.650 103.812 103.439 103.722
Change in private inventories....................................................... ............... ............... ................ ............... ............... ................ ............... ................ ................ ............... ................ ................
Exports of goods and services .................................................... 106.187 107.674 108.972 110.303 110.562 113.117 116.123 118.485 118.992 117.839 118.652 118.703
Imports of goods and services .................................................... 107.855 111.058 113.200 112.595 111.726 114.434 119.417 123.057 122.466 122.463 124.156 122.863
Government consumption expenditures and gross investment 114.620 115.220 116.555 116.916 117.406 118.461 119.964 121.168 121.898 121.903 122.979 123.176
Federal ......................................................................................... 110.897 111.504 113.016 113.339 113.668 114.309 115.696 116.714 117.365 117.111 118.038 118.387
State and local ............................................................................. 116.852 117.446 118.654 119.038 119.639 120.985 122.565 123.895 124.678 124.866 126.042 126.132
Addenda:
PCE excluding food and energy 1 ................................................ 108.694 109.339 109.739 110.121 110.395 110.602 110.973 111.599 112.138 112.500 113.122 113.614
Market-based PCE 2 .................................................................... 109.520 110.178 110.515 110.510 110.838 111.419 112.409 113.462 114.182 114.510 115.231 115.381
Market-based PCE excluding food and energy 2 ......................... 108.826 109.247 109.441 109.670 109.902 110.029 110.437 111.075 111.664 112.069 112.693 113.165
Final sales of domestic product ................................................... 109.472 109.841 110.242 110.680 111.238 111.814 112.371 113.111 113.948 114.056 114.628 115.074
Gross domestic purchases .......................................................... 109.706 110.350 110.920 111.110 111.488 112.165 113.099 114.067 114.709 114.958 115.674 115.889
Final sales to domestic purchasers.............................................. 109.720 110.376 110.934 111.111 111.485 112.149 113.090 114.078 114.728 114.981 115.703 115.919
Gross national product................................................................. 109.466 109.819 110.229 110.670 111.227 111.818 112.379 113.105 113.928 114.038 114.609 ................
Implicit price deflators:
Gross domestic product ........................................................... 109.457 109.793 110.216 110.706 111.238 111.795 112.372 113.109 113.950 113.987 114.599 115.031
Final sales of domestic product................................................ 109.471 109.839 110.239 110.677 111.234 111.810 112.367 113.107 113.944 114.052 114.624 115.069
Gross domestic purchases....................................................... 109.699 110.323 110.903 111.130 111.479 112.123 113.083 114.068 114.721 114.905 115.665 115.868
Final sales to domestic purchasers.......................................... 109.719 110.374 110.932 111.109 111.482 112.145 113.086 114.074 114.724 114.977 115.699 115.914
Gross national product ............................................................. 109.460 109.791 110.210 110.690 111.217 111.775 112.362 113.106 113.940 113.985 114.600 ................
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment)
and the final consumption expenditures of nonprofit institutions serving households. Percentage changes for these series are included in the addenda to table 8 and appendix table A.
See “Explanatory Note” at the end of the tables.
Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Gross domestic product (GDP)...........................................
Personal consumption expenditures.............................................
Goods ............................................................................................
Durable goods ............................................................................
Nondurable goods ......................................................................
Services .........................................................................................
Gross private domestic investment ...............................................
Fixed investment ............................................................................
Nonresidential ............................................................................
Structures ...............................................................................
Equipment and software.........................................................
Residential .................................................................................
Change in private inventories.........................................................
Net exports of goods and services................................................
Exports...........................................................................................
Goods.........................................................................................
Services .....................................................................................
Imports...........................................................................................
Goods.........................................................................................
Services .....................................................................................
Government consumption expenditures and gross investment
Federal ...........................................................................................
National defense ........................................................................
Nondefense ................................................................................
State and local ...............................................................................
Addenda:
Final sales of domestic product .....................................................
Gross domestic purchases ............................................................
Final sales to domestic purchasers................................................
Gross national product...................................................................
Real disposable personal income ..................................................
Price indexes:
Gross domestic purchases.........................................................
Gross domestic purchases excluding food and energy 1 ...........
GDP ...........................................................................................
GDP excluding food and energy 1 ..............................................
Personal consumption expenditures ..........................................
3.4
3.4
3.2
5.7
1.9
3.6
8.1
5.9
3.2
–6.0
7.3
13.8
........
........
6.9
7.5
5.4
7.0
9.4
–2.7
0.5
–1.8
–5.0
6.6
2.2
2.9
3.6
4.2
7.5
2.5
3.2
8.9
8.6
8.7
–0.6
12.5
8.2
........
........
3.3
3.3
3.3
8.6
10.0
2.7
–0.8
–3.9
–5.3
–0.7
1.5
4.1
3.8
5.3
8.0
3.9
3.0
13.6
9.4
9.2
1.8
11.9
9.7
........
........
8.7
9.7
6.4
11.9
13.4
5.3
0.0
–3.8
–4.9
–1.4
2.6
2.5
2.7
3.0
3.9
2.5
2.5
3.1
6.4
10.5
6.4
12.0
–3.3
........
........
10.1
11.7
6.3
8.0
9.0
3.0
0.6
–2.7
–3.7
–0.4
2.7
3.7
3.5
4.5
7.5
2.9
2.9
8.8
9.0
9.3
5.7
10.6
8.0
........
........
8.3
8.8
7.0
8.7
9.4
5.2
1.0
–1.2
–1.3
–0.8
2.3
4.5
3.7
4.8
8.2
2.9
3.1
12.4
9.2
12.1
7.3
13.8
1.9
........
........
11.9
14.4
5.9
13.5
14.4
8.7
1.9
–1.0
–2.8
2.7
3.6
4.4
5.2
6.8
12.2
3.8
4.4
10.0
10.9
12.0
5.1
14.5
7.7
........
........
2.3
2.2
2.4
11.7
11.8
10.9
2.1
–1.1
–2.1
0.8
3.9
4.8
5.5
8.0
13.0
5.1
4.1
8.8
9.3
10.4
0.1
14.1
6.3
........
........
4.4
3.8
5.7
11.5
12.5
6.8
3.6
1.9
1.9
2.1
4.5
4.1
5.1
5.3
8.8
3.2
5.0
6.8
7.4
9.8
7.8
10.5
1.0
........
........
8.6
11.1
2.7
13.0
13.4
11.0
2.0
0.5
–0.5
2.4
2.8
1.1
2.7
3.1
5.4
1.8
2.5
–7.0
–1.9
–2.8
–1.5
–3.2
0.6
........
........
–5.6
–6.2
–4.1
–2.8
–3.2
–0.8
3.8
4.1
3.8
4.6
3.7
1.8
2.7
4.1
7.6
2.0
1.9
–1.4
–4.2
–7.9
–17.7
–4.2
5.2
........
........
–2.0
–3.6
1.9
3.4
3.7
1.8
4.7
7.3
7.4
7.2
3.3
2.5
2.8
4.6
6.6
3.4
1.9
3.9
3.5
1.4
–3.8
3.1
8.2
........
........
1.6
1.8
1.2
4.4
4.9
1.9
2.2
6.6
8.7
2.8
–0.1
3.1
3.4
3.1
3.4
3.5
2.8
3.4
3.3
2.8
1.7
3.5
4.5
3.8
3.9
3.2
3.0
2.4
2.8
2.6
3.0
3.7
3.8
3.8
3.7
3.3
3.9
4.7
4.2
4.3
3.5
4.4
5.5
5.6
4.3
6.0
4.9
5.7
5.8
4.9
3.0
4.2
4.8
4.9
4.2
5.1
2.0
1.2
2.1
1.2
2.4
1.3
2.4
1.9
1.8
3.3
2.5
2.9
2.8
2.7
2.5
3.1
3.9
3.5
3.6
3.4
3.2
3.2
3.3
3.1
1.4
2.4
2.6
2.4
2.5
2.9
2.1
2.2
2.2
2.2
2.2
2.1
2.2
2.1
2.1
2.1
2.1
2.2
2.1
2.1
2.2
1.8
1.6
1.9
1.8
2.2
1.5
1.5
1.8
1.8
1.9
0.7
1.0
1.1
1.2
1.0
1.6
1.5
1.5
1.6
1.6
2.5
2.0
2.2
2.2
2.5
1.9
1.8
2.3
2.0
1.9
1.4
1.7
1.6
1.8
1.4
2.3
2.0
2.1
2.0
2.0
3.0
2.7
2.8
2.8
2.6
3.7
3.3
3.3
3.5
3.0
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3.5 3.1 2.7 1.9
3.3 3.4 2.9 2.3
4.5 4.2 3.3 3.0
7.3 5.9 4.5 5.0
2.8 3.2 2.6 1.9
2.7 3.0 2.6 1.9
10.1 5.5 2.7 –3.2
7.4 6.5 2.4 –1.9
6.2 6.7 8.0 6.5
1.1 1.4 9.2 14.1
7.9 8.5 7.6 3.3
9.8 6.2 –7.3 –18.7
........ ........ ......... ........
........ ........ ......... ........
9.5 6.7 9.0 9.3
8.5 7.5 9.4 9.7
11.9 5.0 7.9 8.3
11.1 6.1 6.1 2.4
11.1 6.8 5.9 2.6
11.2 2.8 7.1 1.4
1.4 0.3 1.4 1.3
4.1 1.3 2.1 1.2
5.7 1.5 1.6 2.2
1.0 0.9 3.2 –0.8
–0.2 –0.2 0.9 1.4
–0.3
–0.6
–2.5
–4.9
–1.2
0.4
–10.2
–7.1
–0.8
6.4
–4.3
–23.9
........
........
6.1
6.3
5.6
–2.7
–3.8
3.6
2.6
7.2
7.5
6.5
0.0
–3.1
–1.9
–3.0
–5.4
–1.8
–1.4
–24.8
–19.0
–18.1
–21.1
–16.4
–22.4
........
........
–9.1
–12.0
–2.6
–13.5
–15.6
–3.3
3.7
6.1
6.0
6.5
2.2
2.4
1.8
3.6
6.2
2.3
1.0
13.7
–0.2
0.7
–15.6
8.9
–3.7
........
........
11.1
14.3
4.7
12.5
14.9
2.5
0.6
4.5
3.0
7.7
–1.8
1.8
2.5
3.8
7.2
2.3
1.9
5.2
6.6
8.6
2.7
11.0
–1.4
........
........
6.7
7.2
5.6
4.8
5.2
2.8
–3.1
–2.8
–2.6
–3.1
–3.4
2.6
2.6
2.5
2.4
4.0
2.2 0.2 –2.3
1.2 –1.5 –4.0
1.4 –1.0 –3.3
2.3 0.0 –3.2
2.4 2.4 –2.8
0.9
2.8
1.3
2.8
1.8
2.0
1.7
1.8
2.0
1.3
3.4
3.1
3.2
3.3
2.7
2.9
2.7
2.9
2.8
2.7
1.6
1.4
1.3
1.6
1.9
2.5
1.9
2.1
2.0
2.4
3.2 –0.2
2.6 0.6
2.2 0.9
2.4 0.7
3.3 0.1
Table 8. Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2008
I
II
2009
III
Gross domestic product (GDP)...........................................
1.6
1.0 –0.6
Personal consumption expenditures (PCE) ..................................
0.9
0.4 –1.0
Goods ............................................................................................
0.0 –0.3 –3.0
Durable goods ............................................................................
0.7 –1.4 –5.8
Nondurable goods ...................................................................... –0.3
0.3 –1.5
Services .........................................................................................
1.3
0.8
0.1
Gross private domestic investment ............................................... –4.2 –7.7 –11.1
Fixed investment ............................................................................ –2.9 –5.0 –7.7
Nonresidential ............................................................................
6.0
2.8 –2.1
Structures ............................................................................... 14.6 10.2
3.4
Equipment and software.........................................................
2.3 –0.8 –4.8
Residential ................................................................................. –23.8 –24.3 –23.3
Change in private inventories......................................................... .......... ......... .........
Net exports of goods and services................................................ .......... ......... .........
Exports...........................................................................................
9.8 11.3
6.4
Goods.........................................................................................
9.9 11.5
7.5
Services .....................................................................................
9.8 11.0
3.7
Imports........................................................................................... –0.3 –1.4 –3.3
Goods......................................................................................... –1.1 –2.0 –4.4
Services .....................................................................................
4.1
2.1
3.0
Government consumption expenditures and gross investment
2.8
2.4
2.6
Federal ...........................................................................................
6.8
6.3
6.8
National defense ........................................................................
6.6
5.9
7.6
Nondefense ................................................................................
7.3
7.0
4.9
State and local ...............................................................................
0.5
0.2
0.2
Addenda:
Final sales of domestic product .....................................................
1.8
1.5
0.0
Gross domestic purchases ............................................................
0.4 –0.5 –1.9
Final sales to domestic purchasers................................................
0.6
0.0 –1.3
Gross national product...................................................................
2.4
1.7 –0.3
Real disposable personal income ..................................................
2.6
4.4
1.7
Price indexes:
Gross domestic purchases.........................................................
3.3
3.6
4.1
Gross domestic purchases excluding food and energy 1 ...........
2.5
2.8
3.0
GDP ...........................................................................................
2.1
2.0
2.5
GDP excluding food and energy 1 ..............................................
2.4
2.5
2.8
PCE............................................................................................
3.4
3.7
4.2
PCE excluding food and energy 1 ..............................................
2.3
2.5
2.4
2
Market-based PCE ..................................................................
3.6
3.7
4.5
Market-based PCE excluding food and energy 2 .......................
2.2
2.2
2.4
2010
IV
I
II
2011
III
IV
I
II
2012
IV
I
II
III
–3.3
–2.5
–6.5
–13.0
–3.1
–0.5
–17.8
–13.1
–9.4
–1.2
–13.6
–24.4
.........
.........
–2.5
–3.0
–1.4
–5.9
–7.9
5.5
2.7
8.8
9.8
6.8
–0.9
–4.2
–2.7
–5.1
–10.4
–2.4
–1.5
–26.3
–18.8
–16.7
–9.9
–20.1
–26.2
.........
.........
–11.6
–14.9
–4.1
–15.4
–17.9
–2.4
2.3
5.5
5.7
5.1
0.5
–4.6
–3.1
–5.7
–10.2
–3.4
–1.8
–30.8
–21.8
–20.1
–19.9
–20.2
–27.9
.........
.........
–14.1
–18.2
–4.5
–18.5
–21.6
–2.6
4.3
7.6
8.3
6.3
2.3
–3.3
–1.6
–2.0
–2.8
–1.7
–1.4
–27.9
–19.9
–19.7
–25.2
–16.7
–20.7
..........
..........
–10.5
–13.7
–2.9
–13.7
–15.7
–3.8
4.1
6.3
5.9
7.3
2.8
III
IV
I
II
–2.6
–3.9
–3.1
–3.8
1.0
–3.1
–5.2
–4.1
–4.6
–1.6
–3.3
–5.7
–4.4
–5.0
–3.6
–2.2
–4.1
–3.1
–3.5
–2.9
–0.5
–1.1
–1.5
0.3
–3.0
0.3
1.6
0.1
2.4
–0.5
0.7
3.3
1.5
3.2
1.2
0.6
3.6
1.5
3.1
3.1
1.7
2.9
2.3
2.6
3.5
1.9
2.1
2.2
2.1
3.2
1.9
1.6
1.6
2.0
1.2
2.4
1.1
1.8
1.8
0.6
1.7
1.9
1.7
2.2
0.3
2.2
1.9
2.4
2.3
2.1
2.0
2.2 .........
0.1
1.3
2.1
2.2
2.1
2.0
1.7
2.0
1.8
2.2
0.4
1.3
1.8
1.1
0.2
1.5
0.4
1.9
–0.6
0.6
1.0
0.6
–0.5
1.3
–0.2
2.1
–1.1
0.1
0.3
0.1
–0.8
1.2
–0.7
1.7
0.5
0.6
0.5
0.8
1.4
1.6
1.4
1.7
1.6
1.2
0.6
1.3
2.4
1.8
2.1
1.4
1.7
1.4
1.3
1.6
2.1
1.7
1.6
1.0
1.6
1.5
1.6
1.7
1.7
1.6
1.2
1.0
1.6
1.4
1.8
1.6
1.5
1.2
1.1
0.7
2.0
1.5
2.0
1.7
1.8
1.1
1.7
0.9
2.7
1.9
2.2
2.0
2.6
1.3
2.7
1.3
2.9
2.1
2.4
2.2
2.8
1.6
3.0
1.6
2.5
2.0
2.0
2.0
2.5
1.7
2.8
1.9
2.3
2.0
2.0
2.0
2.4
1.9
2.5
2.0
–0.1
1.9
2.5
2.8
2.4
1.8
1.9
1.6
2.0
2.4
2.2
–0.3
0.7
1.8
1.9
2.9
3.1
2.7
2.5
1.9
1.8
1.9
1.2
2.5
3.9
2.9
5.0
5.1
4.0
3.4
2.8
2.6
3.0
3.0
4.1
7.3
4.1
9.5 10.0
6.7
6.2
5.9
6.9
7.3
0.4
1.7
2.3
2.4
3.0
2.9
2.7
2.1
1.4
0.7
1.1
–1.1 –0.2
0.8
1.4
1.9
2.1
2.0
2.0
1.5
1.3
1.3
–12.8
5.0 17.5 22.6 10.7
4.4
3.9
1.5 10.9 14.1 13.0
–15.2 –7.4
0.8
1.4
4.9
4.8
4.3
8.4
9.0 11.9 10.3
–15.7 –7.7 –0.3
3.7
7.7
6.8
7.4 10.1 10.2 12.5 10.2
–29.4 –27.5 –17.9 –11.7 –1.8 –3.5
0.9
6.4
6.9 19.7 11.3
–7.8
3.6
9.0 11.1 11.9 11.0 10.0 11.5 11.4 10.0
9.8
–13.3 –6.3
5.0 –7.2 –5.7 –3.2 –7.1
1.4
3.9
9.3 10.7
.......... ......... ......... ......... ......... ......... .......... .......... ......... ......... .........
.......... ......... ......... ......... ......... ......... .......... .......... ......... ......... .........
0.3 10.7 13.1 12.1
8.8
8.7
7.4
6.5
4.3
4.0
4.3
–0.1 14.0 18.1 15.0 10.5
9.4
7.4
6.7
5.4
5.0
5.6
1.2
4.1
3.4
6.1
5.1
7.2
7.3
6.1
1.8
1.7
1.4
–6.1
6.7 16.7 15.9 10.9
9.3
4.4
2.2
3.5
3.2
4.7
–6.5
8.2 20.3 18.6 12.7 10.9
4.8
2.1
3.4
2.6
4.3
–4.5
0.7
2.2
4.6
2.7
1.9
2.7
2.9
3.8
6.2
6.5
4.0
2.7
1.1
0.1 –1.3 –2.3 –3.2 –3.8 –3.3 –2.2 –2.4
5.1
6.1
5.1
4.5
2.3 –0.6 –2.2 –4.1 –4.2 –2.6 –3.3
4.1
5.1
3.0
2.9
1.0 –1.9 –1.7 –2.8 –4.0 –2.0 –4.0
7.2
8.2
9.6
7.8
5.2
2.2 –3.1 –6.9 –4.6 –3.8 –2.0
3.3
0.7 –1.4 –2.7 –3.6 –3.4 –3.8 –3.6 –2.7 –2.0 –1.8
1.6
1.7
1.7
1.7
1.6
1.8
1.7
1.9
1. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
2. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment)
and the final consumption expenditures of nonprofit institutions serving households.
Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
14,291.5
856.1
686.9
14,460.7
1,854.1
–2.4
12,609.1
8,068.3
6,545.9
1,522.5
13,973.7
642.4
498.9
14,117.2
1,866.3
118.3
12,132.6
7,799.4
6,275.3
1,524.0
14,498.9
716.5
507.2
14,708.2
1,873.4
23.3
12,811.4
7,970.0
6,404.6
1,565.4
15,075.7
783.7
531.8
15,327.5
1,936.8
31.9
13,358.9
8,295.2
6,661.3
1,633.9
14,273.9
905.6
726.9
14,452.5
1,817.4
–58.8
12,693.9
8,099.0
6,600.5
1,498.5
14,415.5
899.3
718.0
14,596.8
1,842.7
29.1
12,724.9
8,073.4
6,554.9
1,518.5
14,395.1
875.3
676.3
14,594.0
1,869.6
–8.6
12,733.1
8,084.7
6,550.6
1,534.1
14,081.7
744.2
626.4
14,199.5
1,886.5
28.5
12,284.4
8,016.1
6,477.4
1,538.7
13,923.4
627.8
509.6
14,041.7
1,885.5
55.5
12,100.7
7,824.9
6,299.1
1,525.8
13,885.4
615.0
499.2
14,001.3
1,867.7
132.5
12,001.0
7,801.1
6,278.2
1,523.0
1,097.9
231.6
979.4
289.7
1,103.4
349.2
1,157.3
409.7
1,113.7
188.9
1,127.2
218.5
1,104.0
243.5
1,046.7
275.6
969.5
270.2
957.0
281.5
1,248.4
870.1
985.7
123.0
–16.0
1,342.3
640.5
963.5
133.4
–15.6
1,702.4
567.9
998.0
140.0
–19.5
1,827.0
527.4
1,036.2
132.6
–26.5
1,360.0
843.7
983.2
120.8
–15.2
1,333.7
875.1
995.4
117.3
–15.9
1,328.6
878.0
994.2
116.1
–16.1
971.2
883.7
970.1
137.8
–16.8
1,198.4
765.8
953.8
134.7
–16.6
1,243.3
633.3
959.6
140.7
–15.4
14,294.0
13,855.4
14,475.6
15,043.8
14,332.7
14,386.3
14,403.7
14,053.2
13,867.9
13,752.9
I
Gross domestic product .................................................................
Plus: Income receipts from the rest of the world................................
Less: Income payments to the rest of the world ................................
Equals: Gross national product .....................................................
Less: Consumption of fixed capital ....................................................
Less: Statistical discrepancy..............................................................
Equals: National income .................................................................
Compensation of employees..........................................................
Wage and salary accruals..........................................................
Supplements to wages and salaries ..........................................
Proprietors income with inventory valuation and capital
consumption adjustments ..........................................................
Rental income of persons with capital consumption adjustment ...
Corporate profits with inventory valuation and capital
consumption adjustments ..........................................................
Net interest and miscellaneous payments .....................................
Taxes on production and imports less subsidies............................
Business current transfer payments (net) ......................................
Current surplus of government enterprises ...................................
Addendum:
Gross domestic income .................................................................
2009
II
III
IV
I
II
Seasonally adjusted at annual rates
2009
III
Gross domestic product .................................................................
Plus: Income receipts from the rest of the world................................
Less: Income payments to the rest of the world ................................
Equals: Gross national product .....................................................
Less: Consumption of fixed capital ....................................................
Less: Statistical discrepancy..............................................................
Equals: National income .................................................................
Compensation of employees..........................................................
Wage and salary accruals..........................................................
Supplements to wages and salaries ..........................................
Proprietors income with inventory valuation and capital
consumption adjustments ..........................................................
Rental income of persons with capital consumption adjustment ...
Corporate profits with inventory valuation and capital
consumption adjustments ..........................................................
Net interest and miscellaneous payments .....................................
Taxes on production and imports less subsidies............................
Business current transfer payments (net) ......................................
Current surplus of government enterprises ...................................
Addendum:
Gross domestic income .................................................................
2010
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
II
13,952.2 14,133.6 14,270.3 14,413.5 14,576.0 14,735.9 14,814.9 15,003.6 15,163.2 15,321.0 15,478.3 15,595.9
639.2
687.6
687.1
705.1
726.1
747.9
761.4
797.4
788.9
787.1
769.6 ................
476.2
510.5
495.6
489.3
509.1
534.9
526.1
547.4
530.6
523.1
554.7 ................
14,115.2 14,310.8 14,461.7 14,629.3 14,793.0 14,948.9 15,050.1 15,253.6 15,421.5 15,585.0 15,693.2 ................
1,854.4 1,857.6 1,863.1 1,867.5 1,875.5 1,887.7 1,904.3 1,927.4 1,948.9 1,966.6 1,984.9 2,003.9
158.6
126.5
15.6
39.7
–3.8
41.8
–50.4
25.1
82.5
70.3
12.0 ................
12,102.1 12,326.6 12,583.0 12,722.1 12,921.3 13,019.4 13,196.3 13,301.1 13,390.1 13,548.1 13,696.3 ................
7,773.6 7,797.8 7,846.6 7,955.4 8,021.4 8,056.6 8,236.3 8,286.4 8,318.1 8,340.1 8,484.8 8,552.4
6,252.2 6,271.9 6,298.7 6,394.6 6,449.7 6,475.2 6,618.5 6,656.2 6,678.1 6,692.4 6,815.7 6,872.1
1,521.4 1,526.0 1,547.9 1,560.8 1,571.7 1,581.4 1,617.8 1,630.2 1,640.0 1,647.7 1,669.1 1,680.3
975.8
298.9
1,015.3
308.3
1,052.4
340.1
1,104.8
352.7
1,117.1
350.0
1,139.2
354.0
1,148.0
390.0
1,154.7
404.7
1,161.4
413.8
1,165.3
430.3
1,184.3
445.3
1,199.2
455.5
1,403.2
582.6
959.2
123.2
–14.5
1,524.5
580.3
981.5
134.8
–15.8
1,648.0
586.9
987.1
138.7
–16.8
1,625.4
568.5
994.1
139.7
–18.5
1,747.5
559.6
1,001.9
143.9
–20.1
1,788.8
556.8
1,008.8
137.7
–22.5
1,723.3
551.4
1,024.8
145.7
–23.1
1,800.9
513.8
1,037.1
127.9
–24.4
1,830.5
528.4
1,035.7
129.5
–27.5
1,953.1
515.9
1,047.1
127.4
–31.1
1,900.1 ................
515.6
495.9
1,067.7 1,076.3
130.5
134.1
–32.0
–34.1
13,793.6 14,007.1 14,254.6 14,373.8 14,579.9 14,694.0 14,865.3 14,978.5 15,080.7 15,250.7 15,466.2 ................
Table 10. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
12,460.2
8,073.3
6,550.9
1,522.5
11,867.0
7,794.4
6,270.3
1,524.0
12,321.9
7,970.0
6,404.6
1,565.4
12,947.3
8,295.2
6,661.3
1,633.9
12,415.6
8,099.0
6,600.5
1,498.5
12,571.7
8,073.4
6,554.9
1,518.5
12,513.3
8,084.7
6,550.6
1,534.1
12,340.0
8,036.1
6,497.4
1,538.7
11,927.5
7,804.9
6,279.1
1,525.8
11,879.3
7,801.1
6,278.2
1,523.0
1,097.9
51.8
1,046.1
231.6
2,165.4
1,382.0
783.4
1,879.2
987.3
1,435.7
11,024.5
10,432.2
592.3
5.4
979.4
39.9
939.5
289.7
1,626.5
1,093.3
533.2
2,140.1
963.1
1,144.6
10,722.4
10,214.3
508.2
4.7
1,103.4
44.3
1,059.1
349.2
1,598.3
1,016.6
581.7
2,284.3
983.3
1,194.8
11,127.1
10,560.4
566.7
5.1
1,157.3
54.6
1,102.8
409.7
1,685.1
1,008.8
676.3
2,319.2
919.3
1,398.0
11,549.3
11,059.9
489.4
4.2
1,113.7
60.5
1,053.1
188.9
2,205.0
1,372.0
832.9
1,798.9
989.8
1,536.0
10,879.6
10,424.5
455.0
4.2
1,127.2
55.3
1,071.9
218.5
2,203.1
1,402.7
800.4
1,936.1
986.6
1,351.8
11,220.0
10,529.4
690.6
6.2
1,104.0
46.6
1,057.4
243.5
2,197.5
1,420.0
777.5
1,872.2
988.7
1,432.1
11,081.2
10,538.4
542.8
4.9
1,046.7
44.6
1,002.1
275.6
2,056.0
1,333.3
722.8
1,909.7
984.2
1,422.8
10,917.3
10,236.3
680.9
6.2
969.5
33.7
935.8
270.2
1,814.8
1,177.5
637.3
2,033.6
965.4
1,199.7
10,727.8
10,138.1
589.8
5.5
957.0
38.5
918.5
281.5
1,634.4
1,108.8
525.6
2,171.2
965.8
1,121.3
10,758.1
10,135.4
622.7
5.8
9,712.3
10,119.5
8,923.4
9,836.7
9,035.8
10,016.5
9,340.0
10,149.7
9,843.7
10,087.4
9,752.6
10,288.5
9,654.4
10,053.7
9,599.7
10,047.9
9,155.6
9,927.3
8,947.9
9,915.6
I
Personal income 1............................................................................
Compensation of employees, received ..........................................
Wage and salary disbursements ................................................
Supplements to wages and salaries ..........................................
Proprietors income with inventory valuation and capital
consumption adjustments ..........................................................
Farm ...........................................................................................
Nonfarm .....................................................................................
Rental income of persons with capital consumption adjustment ...
Personal income receipts on assets ..............................................
Personal interest income............................................................
Personal dividend income ..........................................................
Personal current transfer receipts ..................................................
Less: Contributions for government social insurance, domestic ....
Less: Personal current taxes..............................................................
Equals: Disposable personal income ............................................
Less: Personal outlays .......................................................................
Equals: Personal saving .................................................................
Personal saving as a percentage of disposable personal income
Addenda:
Personal income excluding current transfer receipts, billions of
chained (2005) dollars 2 .............................................................
Disposable personal income, billions of chained (2005) dollars 2
2009
II
III
IV
I
II
Seasonally adjusted at annual rates
2009
III
1
2010
IV
I
II
Personal income ............................................................................ 11,794.9 11,866.2 12,089.8 12,290.6
Compensation of employees, received .......................................... 7,773.6 7,797.8 7,846.6 7,955.4
Wage and salary disbursements ................................................ 6,252.2 6,271.9 6,298.7 6,394.6
Supplements to wages and salaries .......................................... 1,521.4 1,526.0 1,547.9 1,560.8
Proprietors income with inventory valuation and capital
consumption adjustments ..........................................................
975.8 1,015.3 1,052.4 1,104.8
Farm ...........................................................................................
40.6
46.7
41.5
43.6
Nonfarm .....................................................................................
935.2
968.6 1,010.9 1,061.2
Rental income of persons with capital consumption adjustment ...
298.9
308.3
340.1
352.7
Personal income receipts on assets .............................................. 1,537.8 1,519.1 1,568.6 1,594.4
Personal interest income............................................................ 1,056.5 1,030.4 1,030.9 1,027.1
Personal dividend income ..........................................................
481.3
488.8
537.6
567.3
Personal current transfer receipts .................................................. 2,169.6 2,186.1 2,256.9 2,266.2
Less: Contributions for government social insurance, domestic ....
960.9
960.4
974.7
983.0
Less: Personal current taxes.............................................................. 1,125.6 1,131.7 1,156.9 1,173.0
Equals: Disposable personal income ............................................ 10,669.2 10,734.6 10,932.9 11,117.5
Less: Personal outlays ....................................................................... 10,259.6 10,323.9 10,428.2 10,498.4
Equals: Personal saving .................................................................
409.6
410.6
504.8
619.1
Personal saving as a percentage of disposable personal income
3.8
3.8
4.6
5.6
Addenda:
Personal income excluding current transfer receipts, billions of
chained (2005) dollars 2 ............................................................. 8,805.2 8,789.0 8,887.4 9,047.5
Disposable personal income, billions of chained (2005) dollars 2
9,760.2 9,746.4 9,881.6 10,034.1
2011
III
IV
I
II
2012
III
IV
I
II
12,397.2 12,509.9 12,856.5 12,938.9 12,976.3 13,017.4 13,217.3 13,357.8
8,021.4 8,056.6 8,236.3 8,286.4 8,318.1 8,340.1 8,484.8 8,552.4
6,449.7 6,475.2 6,618.5 6,656.2 6,678.1 6,692.4 6,815.7 6,872.1
1,571.7 1,581.4 1,617.8 1,630.2 1,640.0 1,647.7 1,669.1 1,680.3
1,117.1 1,139.2 1,148.0 1,154.7 1,161.4 1,165.3 1,184.3 1,199.2
44.6
47.6
56.0
52.6
55.3
54.4
52.3
55.3
1,072.5 1,091.6 1,092.0 1,102.1 1,106.1 1,110.9 1,132.1 1,143.9
350.0
354.0
390.0
404.7
413.8
430.3
445.3
455.5
1,598.0 1,632.1 1,674.3 1,692.4 1,689.1 1,684.6 1,696.4 1,741.6
1,000.7 1,007.7 1,017.5 1,025.3 1,004.4
988.0
991.8 1,013.5
597.3
624.4
656.9
667.1
684.7
696.6
704.6
728.1
2,297.9 2,316.2 2,322.5 2,319.9 2,314.7 2,319.9 2,348.0 2,356.4
987.1
988.2
914.5
919.2
920.8
922.8
941.5
947.3
1,211.8 1,237.5 1,372.5 1,396.6 1,403.8 1,419.1 1,449.1 1,474.0
11,185.4 11,272.4 11,484.1 11,542.3 11,572.6 11,598.3 11,768.2 11,883.8
10,581.5 10,733.3 10,898.1 11,015.1 11,120.9 11,205.6 11,348.7 11,408.6
603.8
539.1
585.9
527.2
451.6
392.7
419.5
475.3
5.4
4.8
5.1
4.6
3.9
3.4
3.6
4.0
9,086.2 9,122.1 9,352.3 9,345.2 9,328.6 9,335.4 9,427.2 9,524.8
10,063.3 10,087.4 10,195.7 10,157.8 10,125.6 10,121.5 10,206.8 10,288.8
1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social
insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and
personal current transfer receipts.
2. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
Table 11A. Corporate Profits
[Billions of dollars]
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
I
Corporate profits with inventory valuation and capital
consumption adjustments ..........................................................
Less: Taxes on corporate income ......................................................
Equals: Profits after tax with inventory valuation and capital
consumption adjustments ..........................................................
Net dividends .................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ..........................................................
Addenda for corporate cash flow:
Net cash flow with inventory valuation adjustment..................
Undistributed profits with inventory valuation and capital
consumption adjustments.......................................................
Consumption of fixed capital ......................................................
Less: Capital transfers paid (net) ...............................................
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....................................................
II
2009
III
IV
I
II
1,248.4
309.0
1,342.3
269.4
1,702.4
373.3
1,827.0
379.0
1,360.0
355.2
1,333.7
344.1
1,328.6
312.5
971.2
224.3
1,198.4
214.9
1,243.3
240.5
939.4
786.9
1,073.0
554.1
1,329.1
600.9
1,447.9
697.2
1,004.8
835.9
989.7
803.4
1,016.1
780.5
746.9
727.6
983.5
652.4
1,002.8
548.4
152.5
518.8
728.2
750.7
168.9
186.3
235.5
19.2
331.1
454.3
1,245.2
1,632.8
1,774.9
1,850.7
1,172.0
1,207.6
1,261.1
1,339.9
1,599.4
1,623.7
152.5
1,028.5
–64.2
518.8
1,030.4
–83.6
728.2
1,026.5
–20.2
750.7
1,061.9
–38.1
168.9
1,003.0
–0.1
186.3
1,021.2
–0.1
235.5
1,039.9
14.3
19.2
1,049.9
–270.8
331.1
1,045.3
–223.1
454.3
1,032.0
–137.4
1,359.9
1,440.5
1,816.3
1,854.1
1,543.5
1,552.4
1,475.8
868.0
1,225.3
1,327.9
1,050.9
–44.5
–67.1
1,171.1
3.2
–101.3
1,443.0
–38.7
–75.2
1,475.1
–62.6
35.4
1,188.3
–131.3
–52.3
1,208.3
–155.4
–63.2
1,163.3
–72.7
–74.5
643.7
181.6
–78.4
1,010.3
81.4
–108.2
1,087.4
15.0
–99.6
Seasonally adjusted at annual rates
2009
III
Corporate profits with inventory valuation and capital
consumption adjustments ..........................................................
Less: Taxes on corporate income ......................................................
Equals: Profits after tax with inventory valuation and capital
consumption adjustments ..........................................................
Net dividends .................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ..........................................................
Addenda for corporate cash flow:
Net cash flow with inventory valuation adjustment..................
Undistributed profits with inventory valuation and capital
consumption adjustments.......................................................
Consumption of fixed capital ......................................................
Less: Capital transfers paid (net) ...............................................
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....................................................
2010
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
1,403.2
285.0
1,524.5
337.0
1,648.0
351.1
1,625.4
350.2
1,747.5
385.5
1,788.8
406.6
1,723.3
398.7
1,800.9
385.1
1,830.5
362.0
1,953.1
370.4
1,900.1
453.6
1,118.2
502.4
1,187.4
513.3
1,297.0
554.9
1,275.2
585.8
1,362.1
618.1
1,382.3
645.0
1,324.6
677.6
1,415.8
687.5
1,468.5
705.9
1,582.8
717.9
1,446.6
727.1
615.9
674.1
742.1
689.4
744.0
737.3
647.0
728.4
762.6
864.9
719.4
1,588.9
1,719.2
1,767.9
1,783.8
1,789.1
1,758.8
1,706.8
1,824.3
1,866.2
2,005.6
1,835.8
615.9
1,022.5
49.5
674.1
1,021.6
–23.5
742.1
1,021.6
–4.1
689.4
1,024.4
–70.0
744.0
1,027.0
–18.0
737.3
1,032.8
11.3
647.0
1,042.1
–17.7
728.4
1,056.5
–39.4
762.6
1,069.1
–34.5
864.9
1,079.9
–60.8
719.4
1,092.6
–23.8
1,516.9
1,691.9
1,785.2
1,755.3
1,850.6
1,874.2
1,801.1
1,839.7
1,839.3
1,936.4
2,124.5
1,231.9
–17.6
–96.1
1,354.9
–66.2
–101.3
1,434.1
–27.2
–110.0
1,405.1
–14.3
–115.6
1,465.1
–26.0
–77.1
1,467.6
–87.2
1.9
1,402.5
–121.7
43.9
1,454.5
–75.0
36.3
1,477.3
–40.6
31.7
1,566.1
–12.9
29.6
1,670.9
–23.7
–200.7
Table 11B. Corporate Profits: Percent Change From Preceding Period
Quarterly rates
2008
2009
2010
2011
2008
I
II
2009
III
IV
I
II
Corporate profits with inventory valuation and capital
consumption adjustments ..........................................................
–17.4
7.5
26.8
7.3
–6.9
–1.9
–0.4
–26.9
23.4
3.7
Less: Taxes on corporate income ......................................................
–30.6
–12.8
38.6
1.5
–13.1
–3.1
–9.2
–28.2
–4.2
11.9
Equals: Profits after tax with inventory valuation and capital
consumption adjustments ..........................................................
–11.8
14.2
23.9
8.9
–4.5
–1.5
2.7
–26.5
31.7
2.0
Net dividends .................................................................................
–1.0
–29.6
8.4
16.0
3.5
–3.9
–2.8
–6.8
–10.3
–15.9
Undistributed profits with inventory valuation and capital
consumption adjustments ..........................................................
–43.7
240.2
40.3
3.1
–30.9
10.3
26.4
–91.8
1,622.0
37.2
Addenda for corporate cash flow:
Net cash flow with inventory valuation adjustment..................
0.1
31.1
8.7
4.3
–4.9
3.0
4.4
6.2
19.4
1.5
Undistributed profits with inventory valuation and capital
consumption adjustments.......................................................
–43.7
240.2
40.3
3.1
–30.9
10.3
26.4
–91.8
1,622.0
37.2
Consumption of fixed capital ......................................................
5.7
0.2
–0.4
3.5
1.5
1.8
1.8
1.0
–0.4
–1.3
Less: Capital transfers paid (net) ............................................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ...................
Addenda:
Profits before tax (without inventory valuation and capital
consumption adjustments) .........................................................
–21.8
5.9
26.1
2.1
–10.1
0.6
–4.9
–41.2
41.2
8.4
Profits after tax (without inventory valuation and capital
consumption adjustments) .........................................................
–18.7
11.4
23.2
2.2
–9.1
1.7
–3.7
–44.7
57.0
7.6
Inventory valuation adjustment ...................................................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ...................
Capital consumption adjustment.................................................... ................... ................... ................... ................... ................... ................... ................... ................... ................... ...................
Quarterly rates
2009
III
2010
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
Corporate profits with inventory valuation and capital
consumption adjustments ..........................................................
12.9
8.6
8.1
–1.4
7.5
2.4
–3.7
4.5
1.6
6.7
–2.7
Less: Taxes on corporate income ......................................................
18.5
18.3
4.2
–0.3
10.1
5.5
–1.9
–3.4
–6.0
2.3
22.5
Equals: Profits after tax with inventory valuation and capital
consumption adjustments ..........................................................
11.5
6.2
9.2
–1.7
6.8
1.5
–4.2
6.9
3.7
7.8
–8.6
Net dividends .................................................................................
–8.4
2.2
8.1
5.6
5.5
4.4
5.1
1.5
2.7
1.7
1.3
Undistributed profits with inventory valuation and capital
consumption adjustments ..........................................................
35.6
9.5
10.1
–7.1
7.9
–0.9
–12.2
12.6
4.7
13.4
–16.8
Addenda for corporate cash flow:
Net cash flow with inventory valuation adjustment..................
–2.1
8.2
2.8
0.9
0.3
–1.7
–3.0
6.9
2.3
7.5
–8.5
Undistributed profits with inventory valuation and capital
consumption adjustments.......................................................
35.6
9.5
10.1
–7.1
7.9
–0.9
–12.2
12.6
4.7
13.4
–16.8
Consumption of fixed capital ......................................................
–0.9
–0.1
0.0
0.3
0.3
0.6
0.9
1.4
1.2
1.0
1.2
Less: Capital transfers paid (net) ............................................... ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. .................
Addenda:
Profits before tax (without inventory valuation and capital
consumption adjustments) .........................................................
14.2
11.5
5.5
–1.7
5.4
1.3
–3.9
2.1
0.0
5.3
9.7
Profits after tax (without inventory valuation and capital
consumption adjustments) .........................................................
13.3
10.0
5.9
–2.0
4.3
0.2
–4.4
3.7
1.6
6.0
6.7
Inventory valuation adjustment ...................................................... ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. .................
Capital consumption adjustment.................................................... ................. ................. ................. ................. ................. ................. ................. ................. ................. ................. .................
Table 12A. Corporate Profits by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
I
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..............................................................................
1,248.4
841.8
86.8
755.0
406.6
581.9
175.3
1,315.5
908.9
122.2
35.1
87.1
786.7
30.7
195.5
56.8
15.8
16.6
12.2
4.6
–33.1
40.7
138.6
29.9
77.8
23.9
7.1
86.3
81.6
31.9
75.1
285.7
406.6
1,342.3
989.5
328.9
660.6
352.8
493.7
140.9
1,443.6
1,090.8
374.8
47.3
327.5
716.0
23.1
131.0
21.1
11.3
7.3
19.1
9.1
–49.7
24.0
109.9
43.3
11.9
38.5
16.2
86.6
108.0
24.8
72.8
269.7
352.8
1,702.4
1,300.9
383.7
917.1
401.6
584.4
182.9
1,777.7
1,376.1
424.3
71.6
352.7
951.8
27.9
233.5
103.1
15.0
17.5
35.2
7.7
–11.7
39.3
130.4
41.2
23.5
45.9
19.8
98.2
122.6
48.1
86.0
335.4
401.6
1,827.0
1,388.1
381.0
1,007.1
438.9
645.2
206.3
1,791.6
1,352.7
408.3
75.9
332.3
944.4
17.7
244.9
100.3
16.4
21.5
27.6
5.1
–12.7
42.4
144.6
34.6
40.8
50.1
19.1
96.3
108.9
45.5
85.5
345.7
438.9
II
1,360.0
941.9
217.4
724.5
418.1
599.5
181.4
1,412.3
994.1
240.6
34.3
206.3
753.5
16.5
205.6
84.8
17.5
18.5
16.7
1.0
–18.3
49.3
120.9
22.3
70.8
16.4
11.4
57.9
75.3
26.9
91.1
280.2
418.1
1,333.7
915.0
183.2
731.8
418.7
619.0
200.3
1,397.0
978.3
217.1
29.9
187.2
761.1
–13.0
174.4
46.6
12.3
15.2
8.2
4.9
–37.5
43.5
127.7
29.0
49.9
41.8
7.1
64.2
80.9
35.3
107.1
312.3
418.7
2009
III
IV
I
1,328.6
889.2
38.3
850.9
439.4
600.7
161.3
1,403.1
963.7
79.4
33.4
46.0
884.3
86.3
220.6
71.9
13.7
15.2
12.1
8.3
–24.9
47.6
148.7
35.0
88.1
23.7
1.9
89.2
85.0
32.2
79.1
292.0
439.4
971.2
621.1
–91.9
713.0
350.1
508.3
158.2
1,049.6
699.5
–48.3
42.7
–91.0
747.8
33.1
181.3
24.0
19.6
17.4
11.8
4.3
–51.6
22.4
157.3
33.1
102.5
13.8
7.9
133.8
85.1
33.2
23.0
258.2
350.1
II
1,198.4
850.2
217.9
632.3
348.3
459.0
110.7
1,306.6
958.4
265.0
27.1
238.0
693.3
22.6
111.6
–3.2
15.5
9.4
10.4
8.6
–67.5
20.5
114.7
39.5
33.1
32.5
9.7
103.7
101.7
29.5
54.4
269.8
348.3
1,243.3
921.8
325.9
595.9
321.5
461.1
139.6
1,342.9
1,021.4
372.1
43.3
328.8
649.3
24.9
114.5
9.4
11.9
6.0
20.6
8.6
–60.1
22.3
105.2
45.5
1.2
41.8
16.7
76.4
106.6
18.3
64.9
243.6
321.5
Seasonally adjusted at annual rates
2009
III
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..............................................................................
1,403.2
1,040.1
395.8
644.4
363.1
499.8
136.7
1,499.3
1,136.2
440.5
54.2
386.3
695.7
9.8
136.4
28.1
9.9
5.6
21.9
8.9
–39.9
21.7
108.3
46.7
4.4
38.9
18.4
77.8
111.4
20.3
75.0
265.1
363.1
2010
IV
1,524.5
1,146.1
376.2
769.9
378.3
554.9
176.6
1,625.7
1,247.4
421.5
64.7
356.8
825.9
35.0
161.5
50.2
8.1
8.1
23.6
10.2
–31.4
31.6
111.3
41.7
8.9
40.7
20.0
88.3
112.5
31.3
96.8
300.4
378.3
I
1,648.0
1,259.3
370.7
888.6
388.8
558.5
169.8
1,758.0
1,369.3
416.0
71.6
344.3
953.3
43.2
210.5
95.6
13.4
14.2
37.6
7.6
–19.6
42.4
114.9
42.0
19.6
35.0
18.3
99.5
125.7
39.6
87.3
347.4
388.8
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).
II
1,625.4
1,217.1
327.7
889.4
408.3
572.9
164.6
1,741.0
1,332.7
372.9
74.0
298.9
959.8
11.1
235.2
99.8
12.6
16.3
31.2
8.7
–9.2
40.2
135.4
41.9
34.1
40.4
19.1
114.3
124.2
51.3
84.9
338.7
408.3
2011
III
1,747.5
1,343.1
385.4
957.6
404.4
593.4
189.0
1,824.6
1,420.2
425.8
71.4
354.4
994.4
31.7
252.1
110.2
16.5
19.6
34.3
8.0
–4.3
36.0
141.9
46.3
17.1
56.6
21.9
103.9
121.0
57.5
91.5
336.7
404.4
IV
1,788.8
1,384.0
451.1
932.9
404.8
612.9
208.1
1,787.0
1,382.2
482.4
69.2
413.2
899.8
25.5
236.2
106.7
17.7
19.9
37.8
6.5
–13.8
38.7
129.5
34.7
23.4
51.6
19.8
75.1
119.5
44.2
80.4
318.8
404.8
I
1,723.3
1,302.7
391.3
911.3
420.6
626.9
206.3
1,679.4
1,258.8
417.6
72.1
345.4
841.2
8.9
215.5
82.1
14.9
18.7
22.1
6.2
–15.1
35.3
133.4
36.0
30.4
46.8
20.2
79.1
109.1
41.1
78.7
308.9
420.6
II
1,800.9
1,364.7
338.3
1,026.4
436.3
658.5
222.3
1,764.6
1,328.4
365.6
79.8
285.8
962.8
36.5
229.2
87.1
15.3
19.4
25.3
4.4
–14.5
37.2
142.1
34.8
48.8
42.7
15.8
94.7
101.9
45.8
90.2
364.5
436.3
2012
III
1,830.5
1,382.7
353.2
1,029.6
447.8
650.2
202.4
1,798.8
1,351.0
380.8
76.6
304.1
970.2
10.2
248.9
98.6
16.1
22.1
26.4
4.5
–16.4
45.9
150.3
29.4
51.8
51.7
17.3
105.3
103.8
45.6
87.5
368.9
447.8
IV
1,953.1
1,502.2
441.2
1,061.0
450.9
645.2
194.2
1,923.5
1,472.5
469.1
75.2
393.9
1,003.4
15.1
285.9
133.2
19.4
25.6
36.4
5.4
–4.8
51.2
152.7
38.3
32.2
59.1
23.0
106.0
120.9
49.5
85.4
340.6
450.9
I
1,900.1
1,497.2
428.9
1,068.3
402.9
631.5
228.6
2,100.8
1,697.9
481.2
74.5
406.6
1,216.8
38.3
363.5
174.9
23.6
30.2
42.2
10.2
3.3
65.4
188.6
47.5
45.4
63.3
32.4
134.6
138.6
56.7
109.8
375.3
402.9
Table 12B. Corporate Profits by Industry: Change From Preceding Period
[Billions of dollars]
Change from preceding period
2008
2009
2010
2011
2008
I
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..............................................................................
–262.2
–318.0
–237.0
–80.9
55.7
71.3
15.6
–375.6
–431.3
–223.3
–0.9
–222.4
–208.0
–19.6
–75.8
–39.3
–4.7
–5.5
1.2
5.8
–16.7
–19.5
–36.6
–0.8
4.3
–24.4
–15.6
–13.6
–36.2
4.2
–18.5
–48.5
55.7
93.9
147.7
242.1
–94.4
–53.8
–88.2
–34.4
128.1
181.9
252.6
12.2
240.4
–70.7
–7.6
–64.5
–35.7
–4.5
–9.3
6.9
4.5
–16.6
–16.7
–28.7
13.4
–65.9
14.6
9.1
0.3
26.4
–7.1
–2.3
–16.0
–53.8
360.1
311.4
54.8
256.5
48.8
90.7
42.0
334.1
285.3
49.5
24.3
25.2
235.8
4.8
102.5
82.0
3.7
10.2
16.1
–1.4
38.0
15.3
20.5
–2.1
11.6
7.4
3.6
11.6
14.6
23.3
13.2
65.7
48.8
124.6
87.2
–2.7
90.0
37.3
60.8
23.4
13.9
–23.4
–16.0
4.3
–20.4
–7.4
–10.2
11.4
–2.8
1.4
4.0
–7.6
–2.6
–1.0
3.1
14.2
–6.6
17.3
4.2
–0.7
–1.9
–13.7
–2.6
–0.5
10.3
37.3
II
–100.8
–89.7
–30.1
–59.7
–11.0
50.0
61.1
–229.2
–218.3
–31.2
–0.9
–30.3
–187.1
–22.1
–57.1
–15.9
–5.3
–1.6
9.1
0.8
–3.2
–15.9
–41.0
–7.3
15.5
–39.0
–10.2
–23.0
–29.7
2.8
–10.9
–47.2
–11.0
–26.3
–26.9
–34.2
7.3
0.6
19.5
18.9
–15.3
–15.8
–23.5
–4.4
–19.1
7.6
–29.5
–31.2
–38.2
–5.2
–3.3
–8.5
3.9
–19.2
–5.8
6.8
6.7
–20.9
25.4
–4.3
6.3
5.6
8.4
16.0
32.1
0.6
2009
III
IV
I
–5.1
–25.8
–144.9
119.1
20.7
–18.3
–39.0
6.1
–14.6
–137.7
3.5
–141.2
123.2
99.3
46.2
25.3
1.4
0.0
3.9
3.4
12.6
4.1
21.0
6.0
38.2
–18.1
–5.2
25.0
4.1
–3.1
–28.0
–20.3
20.7
–357.4
–268.1
–130.2
–137.9
–89.3
–92.4
–3.1
–353.5
–264.2
–127.7
9.3
–137.0
–136.5
–53.2
–39.3
–47.9
5.9
2.2
–0.3
–4.0
–26.7
–25.2
8.6
–1.9
14.4
–9.9
6.0
44.6
0.1
1.0
–56.1
–33.8
–89.3
II
227.2
229.1
309.8
–80.7
–1.8
–49.3
–47.5
257.0
258.9
313.3
–15.6
329.0
–54.5
–10.5
–69.7
–27.2
–4.1
–8.0
–1.4
4.3
–15.9
–1.9
–42.6
6.4
–69.4
18.7
1.8
–30.1
16.6
–3.7
31.4
11.6
–1.8
44.9
71.6
108.0
–36.4
–26.8
2.1
28.9
36.3
63.0
107.1
16.2
90.8
–44.0
2.3
2.9
12.6
–3.6
–3.4
10.2
0.0
7.4
1.8
–9.5
6.0
–31.9
9.3
7.0
–27.3
4.9
–11.2
10.5
–26.2
–26.8
Change from preceding period
2009
III
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..............................................................................
159.9
118.3
69.9
48.5
41.6
38.7
–2.9
156.4
114.8
68.4
10.9
57.5
46.4
–15.1
21.9
18.7
–2.0
–0.4
1.3
0.3
20.2
–0.6
3.1
1.2
3.2
–2.9
1.7
1.4
4.8
2.0
10.1
21.5
41.6
2010
IV
121.3
106.0
–19.6
125.5
15.2
55.1
39.9
126.4
111.2
–19.0
10.5
–29.5
130.2
25.2
25.1
22.1
–1.8
2.5
1.7
1.3
8.5
9.9
3.0
–5.0
4.5
1.8
1.6
10.5
1.1
11.0
21.8
35.3
15.2
2011
I
II
III
123.5
113.2
–5.5
118.7
10.5
3.6
–6.8
132.3
121.9
–5.5
6.9
–12.5
127.4
8.2
49.0
45.4
5.3
6.1
14.0
–2.6
11.8
10.8
3.6
0.3
10.7
–5.7
–1.7
11.2
13.2
8.3
–9.5
47.0
10.5
–22.6
–42.2
–43.0
0.8
19.5
14.4
–5.2
–17.0
–36.6
–43.1
2.4
–45.4
6.5
–32.1
24.7
4.2
–0.8
2.1
–6.4
1.1
10.4
–2.2
20.5
–0.1
14.5
5.4
0.8
14.8
–1.5
11.7
–2.4
–8.7
19.5
122.1
126.0
57.7
68.2
–3.9
20.5
24.4
83.6
87.5
52.9
–2.6
55.5
34.6
20.6
16.9
10.4
3.9
3.3
3.1
–0.7
4.9
–4.2
6.5
4.4
–17.0
16.2
2.8
–10.4
–3.2
6.2
6.6
–2.0
–3.9
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).
IV
41.3
40.9
65.7
–24.7
0.4
19.5
19.1
–37.6
–38.0
56.6
–2.2
58.8
–94.6
–6.2
–15.9
–3.5
1.2
0.3
3.5
–1.5
–9.5
2.7
–12.4
–11.6
6.3
–5.0
–2.1
–28.8
–1.5
–13.3
–11.1
–17.9
0.4
I
–65.5
–81.3
–59.8
–21.6
15.8
14.0
–1.8
–107.6
–123.4
–64.8
2.9
–67.8
–58.6
–16.6
–20.7
–24.6
–2.8
–1.2
–15.7
–0.3
–1.3
–3.4
3.9
1.3
7.0
–4.8
0.4
4.0
–10.4
–3.1
–1.7
–9.9
15.8
2012
II
III
IV
I
77.6
62.0
–53.0
115.1
15.7
31.6
16.0
85.2
69.6
–52.0
7.7
–59.6
121.6
27.6
13.7
5.0
0.4
0.7
3.2
–1.8
0.6
1.9
8.7
–1.2
18.4
–4.1
–4.4
15.6
–7.2
4.7
11.5
55.6
15.7
29.6
18.0
14.9
3.2
11.5
–8.3
–19.9
34.2
22.6
15.2
–3.2
18.3
7.4
–26.3
19.7
11.5
0.8
2.7
1.1
0.1
–1.9
8.7
8.2
–5.4
3.0
9.0
1.5
10.6
1.9
–0.2
–2.7
4.4
11.5
122.6
119.5
88.0
31.4
3.1
–5.0
–8.2
124.7
121.5
88.3
–1.4
89.8
33.2
4.9
37.0
34.6
3.3
3.5
10.0
0.9
11.6
5.3
2.4
8.9
–19.6
7.4
5.7
0.7
17.1
3.9
–2.1
–28.3
3.1
–53.0
–5.0
–12.3
7.3
–48.0
–13.7
34.4
177.3
225.4
12.1
–0.7
12.7
213.4
23.2
77.6
41.7
4.2
4.6
5.8
4.8
8.1
14.2
35.9
9.2
13.2
4.2
9.4
28.6
17.7
7.2
24.4
34.7
–48.0
Table 12C. Revisions to Corporate Profits by Industry
[Billions of dollars]
Billions of dollars
Revised estimates
2009
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 ...................................................................................
Nondurable goods .............................................................................
Wholesale trade.....................................................................................
Retail trade ............................................................................................
Transportation and warehousing ...........................................................
Information ............................................................................................
Other nonfinancial .................................................................................
Rest of the world .........................................................................................
Corporate profits before tax without inventory valuation and capital
consumption adjustments .........................................................................
Addenda:
Corporate profits after tax with inventory valuation and capital consumption
adjustments...............................................................................................
Net cash flow with inventory valuation adjustment.................................
Undistributed profits with inventory valuation and capital consumption
adjustments ...........................................................................................
Consumption of fixed capital .....................................................................
Less: Capital transfers paid (net) ..............................................................
2010
Revisions to previously published
2011
2009
2010
2011
Revisions as a percentage
of previously published
2009
2010
2011
1,342.3
989.5
328.9
660.6
352.8
493.7
140.9
1,443.6
1,090.8
374.8
47.3
327.5
716.0
23.1
131.0
21.1
109.9
86.6
108.0
24.8
72.8
269.7
352.8
1,702.4
1,300.9
383.7
917.1
401.6
584.4
182.9
1,777.7
1,376.1
424.3
71.6
352.7
951.8
27.9
233.5
103.1
130.4
98.2
122.6
48.1
86.0
335.4
401.6
1,827.0
1,388.1
381.0
1,007.1
438.9
645.2
206.3
1,791.6
1,352.7
408.3
75.9
332.3
944.4
17.7
244.9
100.3
144.6
96.3
108.9
45.5
85.5
345.7
438.9
–19.7
–12.1
–30.6
18.5
–7.6
3.3
10.9
–12.7
–5.1
–27.0
0.0
–27.0
21.9
0.9
5.8
0.6
5.2
3.3
2.0
1.3
–8.4
16.9
–7.6
–97.7
–117.3
–83.0
–34.4
19.7
14.8
–4.8
–2.7
–22.4
–70.4
0.0
–70.5
48.1
2.9
16.4
8.1
8.3
12.4
0.0
13.7
–1.7
4.2
19.7
–115.8
–125.6
–63.7
–61.9
9.8
8.1
–1.7
–44.6
–54.4
–56.2
–0.9
–55.4
1.8
2.5
–8.9
–9.6
0.7
11.9
–7.7
14.3
–15.8
5.6
9.8
–1.4
–1.2
–8.5
2.9
–2.1
0.7
8.4
–0.9
–0.5
–6.7
0.0
–7.6
3.2
4.1
4.6
2.9
5.0
4.0
1.9
5.5
–10.3
6.7
–2.1
–5.4
–8.3
–17.8
–3.6
5.2
2.6
–2.6
–0.2
–1.6
–14.2
0.0
–16.7
5.3
11.6
7.6
8.5
6.8
14.5
0.0
39.8
–1.9
1.3
5.2
–6.0
–8.3
–14.3
–5.8
2.3
1.3
–0.8
–2.4
–3.9
–12.1
–1.2
–14.3
0.2
16.4
–3.5
–8.7
0.5
14.1
–6.6
45.8
–15.6
1.6
2.3
1,440.5
1,816.3
1,854.1
–15.2
–3.2
–42.2
–1.0
–0.2
–2.2
1,073.0
1,632.8
1,329.1
1,774.9
1,447.9
1,850.7
–16.6
49.2
–60.0
75.9
–78.6
31.0
–1.5
3.1
–4.3
4.5
–5.1
1.7
518.8
1,030.4
–83.6
728.2
1,026.5
–20.2
750.7
1,061.9
–38.1
49.2
0.0
0.0
76.5
–0.6
0.0
37.8
10.5
11.7
5.3
–6.8
0.0
–0.1
–0.6
0.0 .................... .................... ...................
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business—Continues
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
I
II
2009
III
IV
I
II
Billions of dollars
Gross value added of nonfinancial corporate business........................
Consumption of fixed capital...............................................................................
Net value added ................................................................................................
Compensation of employees...........................................................................
Wage and salary accruals...........................................................................
Supplements to wages and salaries ...........................................................
Taxes on production and imports less subsidies.............................................
Net operating surplus......................................................................................
Net interest and miscellaneous payments...................................................
Business current transfer payments (net)....................................................
Corporate profits with inventory valuation and capital consumption
adjustments .............................................................................................
Taxes on corporate income .....................................................................
Profits after tax with inventory valuation and capital consumption
adjustments .........................................................................................
Net dividends.......................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ................................................................
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.....................................................................
6,991.4
864.3
6,127.1
4,441.2
3,681.4
759.8
615.2
1,070.8
257.7
58.1
6,590.8
862.5
5,728.3
4,173.7
3,435.3
738.5
589.2
965.4
227.4
77.4
6,952.4
860.1
6,092.3
4,252.0
3,508.4
743.6
612.2
1,228.2
221.7
89.3
7,366.7
893.7
6,473.0
4,472.7
3,687.5
785.2
645.8
1,354.5
255.9
91.5
6,955.8
852.2
6,103.6
4,456.3
3,707.2
749.1
613.4
1,033.9
251.5
57.9
6,964.7
858.8
6,105.9
4,450.2
3,691.0
759.2
620.5
1,035.2
248.7
54.6
7,094.8
869.6
6,225.2
4,445.9
3,680.1
765.9
619.9
1,159.4
254.5
54.1
6,950.5
876.6
6,073.8
4,412.3
3,647.2
765.1
606.9
1,054.6
275.9
65.7
6,633.6
874.2
5,759.4
4,209.2
3,464.8
744.4
584.4
965.8
257.4
76.1
6,527.7
863.5
5,664.2
4,174.4
3,434.8
739.6
587.9
901.8
224.4
81.5
755.0
227.4
660.6
177.8
917.1
222.9
1,007.1
246.8
724.5
248.0
731.8
252.8
850.9
255.3
713.0
153.5
632.3
167.6
595.9
161.9
527.7
474.1
482.8
351.7
694.3
385.7
760.3
425.3
476.5
468.8
479.1
484.5
595.5
478.0
559.5
465.2
464.6
449.1
434.1
374.7
53.5
131.1
308.5
334.9
7.7
–5.4
117.5
94.4
15.5
59.4
831.2
712.9
990.5
1,007.0
884.8
916.5
957.1
566.2
612.0
634.3
603.8
–44.5
–31.7
535.1
3.2
–55.4
767.6
–38.7
–34.7
760.2
–62.6
62.7
636.8
–131.3
–29.1
663.8
–155.4
–29.3
701.7
–72.7
–33.5
412.8
181.6
–34.8
444.3
81.4
–61.1
472.4
15.0
–53.4
Gross value added of nonfinancial corporate business 1 .....................
Consumption of fixed capital 2 ............................................................................
Net value added 3 ...............................................................................................
6,515.9
798.9
5,717.0
6,035.4
805.3
5,230.1
6,397.8
805.9
5,591.9
6,656.7
819.7
5,837.1
6,585.9
798.9
5,787.0
6,381.8
802.0
5,579.8
6,024.3
806.3
5,218.0
5,959.6
806.0
5,153.6
Billions of chained (2005) dollars
6,557.3
797.7
5,759.5
6,538.7
797.1
5,741.6
Dollars; quarters seasonally adjusted
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 .............................................................................................
1.073
0.682
0.276
0.133
1.092
0.692
0.291
0.143
1.087
0.665
0.279
0.134
1.107
0.672
0.283
0.134
1.061
0.680
0.270
0.130
1.065
0.681
0.272
0.131
1.077
0.675
0.273
0.132
1.089
0.691
0.285
0.137
1.101
0.699
0.298
0.145
1.095
0.700
0.295
0.145
0.103
0.040
0.110
0.038
0.110
0.035
0.111
0.038
0.102
0.038
0.103
0.038
0.102
0.039
0.105
0.043
0.110
0.043
0.112
0.038
0.116
0.035
0.109
0.029
0.143
0.035
0.151
0.037
0.110
0.038
0.112
0.039
0.129
0.039
0.112
0.024
0.105
0.028
0.100
0.027
0.081
0.080
0.109
0.114
0.073
0.073
0.090
0.088
0.077
0.073
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the
chain-type price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the corresponding series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).
Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business—Table Ends
Seasonally adjusted at annual rates
2009
III
2010
IV
I
II
2011
III
IV
I
II
2012
III
IV
I
Billions of dollars
Gross value added of nonfinancial corporate business........................
Consumption of fixed capital...............................................................................
Net value added ................................................................................................
Compensation of employees...........................................................................
Wage and salary accruals...........................................................................
Supplements to wages and salaries ...........................................................
Taxes on production and imports less subsidies.............................................
Net operating surplus......................................................................................
Net interest and miscellaneous payments...................................................
Business current transfer payments (net)....................................................
Corporate profits with inventory valuation and capital consumption
adjustments .............................................................................................
Taxes on corporate income .....................................................................
Profits after tax with inventory valuation and capital consumption
adjustments .........................................................................................
Net dividends.......................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ................................................................
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.....................................................................
6,521.4
856.6
5,664.8
4,150.5
3,415.3
735.2
584.4
929.9
212.9
72.6
6,680.7
855.7
5,825.0
4,160.9
3,426.4
734.5
600.0
1,064.2
214.9
79.4
6,828.1
855.3
5,972.8
4,176.8
3,440.2
736.6
605.8
1,190.1
216.2
85.3
6,894.9
857.8
6,037.1
4,235.0
3,493.7
741.4
609.4
1,192.6
215.1
88.2
7,033.7
860.7
6,173.0
4,288.6
3,542.5
746.1
614.2
1,270.3
220.7
91.9
7,053.0
866.6
6,186.4
4,307.5
3,557.1
750.4
619.3
1,259.6
234.9
91.8
7,200.6
876.0
6,324.6
4,435.1
3,658.0
777.1
637.8
1,251.7
248.5
91.9
7,367.0
888.8
6,478.2
4,465.0
3,681.5
783.5
646.3
1,367.0
248.9
91.7
7,418.6
900.3
6,518.4
4,487.9
3,699.6
788.3
646.0
1,384.4
263.7
91.2
7,480.5
909.7
6,570.8
4,502.9
3,710.8
792.1
653.1
1,414.8
262.5
91.3
7,598.4
920.8
6,677.6
4,600.0
3,796.4
803.6
656.1
1,421.6
263.2
90.0
644.4
170.0
769.9
211.7
888.6
211.9
889.4
221.1
957.6
231.5
932.9
227.0
911.3
244.0
1,026.4
253.9
1,029.6
248.1
1,061.0
241.2
1,068.3
304.3
474.4
276.1
558.2
307.1
676.7
362.9
668.3
368.2
726.1
406.0
705.9
405.8
667.3
407.3
772.5
435.8
781.4
428.6
819.8
429.7
764.0
432.8
198.3
251.2
313.8
300.1
320.1
300.1
260.0
336.7
352.9
390.2
331.2
713.3
892.0
980.5
974.1
1,020.3
987.0
963.0
1,037.8
1,010.8
1,016.3
1,240.4
543.3
–17.6
–51.3
680.3
–66.2
–56.0
768.6
–27.2
–64.7
753.0
–14.3
–70.4
788.8
–26.0
–36.7
760.0
–87.2
33.1
718.9
–121.7
70.1
783.9
–75.0
63.6
762.7
–40.6
59.3
775.2
–12.9
57.6
936.1
–23.7
–148.4
Gross value added of nonfinancial corporate business 1 .....................
Consumption of fixed capital 2 ............................................................................
Net value added 3 ...............................................................................................
5,990.4
804.9
5,185.5
6,167.3
804.0
5,363.3
6,327.1
804.1
5,523.0
6,371.1
804.4
5,566.7
6,671.3
816.4
5,854.9
6,650.9
821.7
5,829.2
6,753.3
828.2
5,925.1
6,830.7
834.5
5,996.2
Billions of chained (2005) dollars
6,455.6
806.2
5,649.4
6,437.4
809.0
5,628.4
6,551.5
812.3
5,739.2
Dollars; quarters seasonally adjusted
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 .............................................................................................
1.089
0.693
0.289
0.143
1.083
0.675
0.284
0.139
1.079
0.660
0.278
0.135
1.082
0.665
0.278
0.135
1.090
0.664
0.276
0.133
1.096
0.669
0.281
0.135
1.099
0.677
0.283
0.134
1.104
0.669
0.281
0.133
1.115
0.675
0.286
0.135
1.108
0.667
0.284
0.135
1.112
0.673
0.283
0.135
0.110
0.036
0.110
0.035
0.109
0.034
0.109
0.034
0.109
0.034
0.110
0.036
0.111
0.038
0.111
0.037
0.111
0.040
0.110
0.039
0.109
0.039
0.108
0.028
0.125
0.034
0.140
0.033
0.140
0.035
0.148
0.036
0.145
0.035
0.139
0.037
0.154
0.038
0.155
0.037
0.157
0.036
0.156
0.045
0.079
0.091
0.107
0.105
0.112
0.110
0.102
0.116
0.117
0.121
0.112
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price index is not available, the
chain-type price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2005 current-dollar value of the corresponding series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
NOTE. Estimates in this table are based on the 2002 North American Industry Classification System (NAICS).
Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2008
2009
2010
2011
2008
IV
Gross domestic product (GDP) and related
aggregates:
GDP ....................................................................
Goods .................................................................
Services ..............................................................
Structures............................................................
Motor vehicle output............................................
GDP excluding motor vehicle output...................
Final sales of computers 1 ..................................
GDP excluding final sales of computers .............
Farm gross value added 2 ...................................
Nonfarm business gross value added 3 ..............
Gross domestic income 4 ....................................
Price indexes:
GDP ....................................................................
GDP excluding food and energy 5.......................
GDP excluding final sales of computers .............
Gross domestic purchases .................................
Gross domestic purchases excluding food and
energy 5...........................................................
Gross domestic purchases excluding final sales
of computers to domestic purchasers .............
Personal consumption expenditures (PCE) ........
PCE excluding food and energy 5 .......................
Market-based PCE 6 ...........................................
Market-based PCE excluding food and energy 6
2009
I
II
2010
III
IV
I
II
2011
III
IV
I
II
–0.3 –3.1
2.4
1.8 –8.9 –5.3 –0.3
1.4
4.0
2.3
2.2
2.6
2.4
0.1
2.5
–0.8 –5.8
9.1
5.1 –23.9 –8.0
1.2
6.2 18.6 14.1 –1.1 10.2
5.9
3.8
3.4
1.0
0.1
1.1
0.9 –0.7 –0.9
1.8
0.7
1.3
0.1
2.0
1.2
1.4
0.5
1.5
–7.7 –16.7 –8.3 –2.7 –17.4 –25.9 –19.6 –7.1 –16.9 –16.0 18.3 –11.2 –1.4 –17.4
9.1
–18.6 –24.3 27.5 11.0 –58.1 –57.2 26.5 121.1 17.7 26.1 23.2 15.4 –12.9 37.8
2.1
0.2 –2.6
1.9
1.6 –7.4 –4.0 –0.7
0.0
3.8
1.9
1.8
2.3
2.8 –0.7
2.5
20.1 –2.0 –13.8 35.3
1.1 36.9 –14.0 –39.1 –37.2
1.3 –28.0 34.6 72.6 47.2 21.0
–0.4 –3.1
2.5
1.7 –8.9 –5.4 –0.2
1.7
4.2
2.3
2.4
2.5
2.2 –0.1
2.4
12.6 15.5 –5.0 –17.7 79.6 –5.7 23.8 53.3 –20.5 –16.0 13.0 –23.0 –28.9 –23.6 –28.0
–1.5 –4.5
3.1
2.6 –12.7 –5.0 –2.5
0.3
5.2
3.3
2.8
5.1
3.9 –0.1
3.4
–0.4 –3.9
3.1
1.8 –9.8 –6.0 –2.5
0.7
5.0
5.6
1.6
3.8
1.1
2.6
0.4
2.2
2.4
2.3
3.2
2012
III
IV
I
II
1.3
2.1
0.5
5.5
1.5
1.3
31.5
1.2
11.4
1.6
–0.2
4.1
16.1
–1.0
7.2
24.0
3.6
31.1
4.0
18.8
5.3
4.5
2.0
1.5
3.9
3.0
0.6
1.0
7.4
0.5
30.9
4.6
1.3
1.5
4.5 –14.1
1.9
1.6
3.5 26.6
2.7
2.0
3.5 ..........
0.9
0.7
1.0
–0.2
1.3
1.6
1.4
1.6
2.1
2.0
2.2
2.5
0.5
–0.5
0.6
–4.0
1.0
–0.1
1.1
–2.4
–0.8
0.2
–0.7
0.2
0.5
1.0
0.7
1.7
1.3
2.0
1.3
2.4
1.5
2.0
1.6
2.1
1.7
1.4
1.7
0.7
2.0
1.3
2.1
1.4
2.1
1.7
2.2
2.5
2.0
2.3
2.1
3.4
2.6
2.6
2.6
3.5
3.0
2.1
3.0
2.3
0.4
0.9
0.4
0.9
2.0
2.6
2.0
2.5
1.6
1.4
1.6
0.7
2.6
0.6
1.4
1.9
–0.1
–0.4
0.3
0.7
1.9
1.8
1.2
1.2
1.5
2.2
2.7
2.0
1.0
2.4
1.4
3.4
3.3
2.3
3.4
2.3
–0.1
0.1
1.4
0.2
1.9
1.7
1.9
1.5
1.5
1.0
2.6
2.4
1.4
2.5
1.4
–3.9
–5.6
1.0
–5.9
1.7
–2.3
–2.1
0.7
–1.5
2.0
0.3
1.6
1.7
2.0
2.1
1.9
3.1
1.5
2.9
1.1
2.4
3.1
2.4
2.4
1.6
2.1
1.8
1.5
1.2
0.7
0.7
0.6
1.4
0.0
0.8
1.4
1.3
1.0
1.2
0.8
2.5
2.2
0.8
2.1
0.5
3.5
3.2
1.3
3.6
1.5
3.6
3.6
2.3
3.8
2.3
2.4
2.3
1.9
2.6
2.1
0.9
1.1
1.3
1.2
1.5
2.6
2.5
2.2
2.5
2.2
0.8
0.7
1.8
0.5
1.7
1. For some components of final sales of computers, includes computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
4. Gross domestic income deflated by the implicit price deflator for gross domestic product.
5. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
6. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without payment)
and the final consumption expenditures of nonprofit institutions serving households.
See “Explanatory Note” at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced
in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity
and price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2005 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2007-08
annual percent change in real GDP uses prices for 2007 and 2008 as weights, and the 2007-08 annual
percent change in GDP prices uses quantities for 2007 and 2008 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar
value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close
to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in
this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8,
and appendix table A. Contributions by major components to the percent change in real GDP are
presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2005) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2005 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2005
and if real output for this component increased 10 percent in 2006, then the chained (2005) dollar value of
this component in 2006 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a “residual” line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.