EMBARGOED UNTIL RELEASE AT 8:30 a.m.

EDT, Thursday, April 25, 2024 BEA 24–16

Technical: Lisa Mataloni (301) 278-9083 [email protected]
Media: Connie O'Connell (301) 278-9003 [email protected]

Gross Domestic Product, First Quarter 2024

(Advance Estimate)
Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024
(table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the
fourth quarter of 2023, real GDP increased 3.4 percent.

The GDP estimate released today is based on source data that are incomplete or subject to further
revision by the source agency (refer to “Source Data for the Advance Estimate” on page 3). The “second”
estimate for the first quarter, based on more complete source data, will be released on May 30, 2024.

Real GDP: Percent change from preceding quarter

40
30
20
10
0
-10
-20
-30
-40
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2020 2021 2022 2023 2024
U.S. Bureau of Economic Analysis Seasonally adjusted annual rates

The increase in real GDP primarily reflected increases in consumer spending, residential fixed
investment, nonresidential fixed investment, and state and local government spending that were partly
offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation
of GDP, increased (table 2).

The increase in consumer spending reflected an increase in services that was partly offset by a decrease
in goods. Within services, the increase primarily reflected increases in health care as well as financial
services and insurance. Within goods, the decrease primarily reflected decreases in motor vehicles and
parts as well as gasoline and other energy goods. Within residential fixed investment, the increase was
led by brokers’ commissions and other ownership transfer costs as well as new single-family housing
construction. The increase in nonresidential fixed investment mainly reflected an increase in intellectual
property products. The increase in state and local government spending reflected an increase in
compensation of state and local government employees. The decrease in inventory investment primarily
reflected decreases in wholesale trade and manufacturing. Within imports, the increase reflected
increases in both goods and services.

Compared to the fourth quarter, the deceleration in real GDP in the first quarter primarily reflected
decelerations in consumer spending, exports, and state and local government spending and a downturn
in federal government spending. These movements were partly offset by an acceleration in residential
fixed investment. Imports accelerated.

Current-dollar GDP increased 4.8 percent at an annual rate, or $327.5 billion, in the first quarter to a
level of $28.28 trillion. In the fourth quarter, GDP increased 5.1 percent, or $346.9 billion (tables 1 and
3).

The price index for gross domestic purchases increased 3.1 percent in the first quarter, compared with
an increase of 1.9 percent in the fourth quarter (table 4). The personal consumption expenditures (PCE)
price index increased 3.4 percent, compared with an increase of 1.8 percent. Excluding food and energy
prices, the PCE price index increased 3.7 percent, compared with an increase of 2.0 percent.

Personal Income

Current-dollar personal income increased $407.1 billion in the first quarter, compared with an increase
of $230.2 billion in the fourth quarter. The increase primarily reflected increases in compensation and
personal current transfer receipts (table 8).

Disposable personal income (DPI) increased $226.2 billion, or 4.5 percent, in the first quarter,
compared with an increase of $190.4 billion, or 3.8 percent, in the fourth quarter. Increases in
compensation and personal current transfer receipts were partly offset by an increase in personal
current taxes, which are a subtraction in the calculation of DPI. Real disposable personal income
increased 1.1 percent, compared with an increase of 2.0 percent.

Personal saving was $755.7 billion in the first quarter, compared with $815.5 billion in the fourth
quarter. The personal saving rate—personal saving as a percentage of disposable personal income—
was 3.6 percent in the first quarter, compared with 4.0 percent in the fourth quarter.

Page 2 of 17
Source Data for the Advance Estimate

The GDP estimate released today is based on source data that are incomplete or subject to further
revision by the source agency. Information on the source data and key assumptions used in the advance
estimate is provided in a Technical Note and a detailed "Key Source Data and Assumptions" file posted
with the release. The second estimate for the first quarter, based on more complete data, will be
released on May 30, 2024. For information on updates to GDP, refer to the "Additional Information"
section that follows.

* * *

Next release, May 30, 2024, at 8:30 a.m. EDT

Gross Domestic Product (Second Estimate)
Corporate Profits (Preliminary Estimate)
First Quarter 2024

* * *

Page 3 of 17
 Additional Information
Resources
The personal consumption expenditure price index
Additional resources available at www.bea.gov: measures the prices paid for the goods and services
purchased by, or on the behalf of, "persons."
• Stay informed about BEA developments by
reading the BEA blog, signing up for BEA’s email Personal income is the income received by, or on behalf of,
subscription service, or following BEA on X, all persons from all sources: from participation as laborers
formerly known as Twitter @BEA_News. in production, from owning a home or business, from the
• Historical time series for these estimates can be ownership of financial assets, and from government and
accessed in BEA’s interactive data application. business in the form of transfers. It includes income from
• Access BEA data by registering for BEA’s data domestic sources as well as the rest of world. It does not
Application Programming Interface (API). include realized or unrealized capital gains or losses.
• For more on BEA’s statistics, refer to our online
journal, the Survey of Current Business. Disposable personal income is the income available to
persons for spending or saving. It is equal to personal
• BEA's news release schedule
income less personal current taxes.
• NIPA Handbook: Concepts and Methods of the
U.S. National Income and Product Accounts
Personal outlays is the sum of personal consumption
expenditures, personal interest payments, and personal
current transfer payments.
Definitions
Personal saving is personal income less personal outlays
Gross domestic product (GDP), or value added, is the value and personal current taxes.
of the goods and services produced by the nation’s
economy less the value of the goods and services used up The personal saving rate is personal saving as a percentage
in production. GDP is also equal to the sum of personal of disposable personal income.
consumption expenditures, gross private domestic
investment, net exports of goods and services, and Profits from current production, referred to as corporate
government consumption expenditures and gross profits with inventory valuation adjustment (IVA) and
investment. capital consumption (CCAdj) adjustment in the National
Income and Product Accounts (NIPAs), is a measure of the
Gross domestic income (GDI) is the sum of incomes earned net income of corporations before deducting income taxes
and costs incurred in the production of GDP. In national that is consistent with the value of goods and services
economic accounting, GDP and GDI are conceptually equal. measured in GDP. The IVA and CCAdj are adjustments that
In practice, GDP and GDI differ because they are convert inventory withdrawals and depreciation of fixed
constructed using largely independent source data. assets reported on a tax-return, historical-cost basis to the
current-cost economic measures used in the national
Gross output is the value of the goods and services income and product accounts. Profits for domestic
produced by the nation’s economy. It is principally industries reflect profits for all corporations located within
measured using industry sales or receipts, including sales to the geographic borders of the United States. The rest-of-
final users (GDP) and sales to other industries (intermediate the-world (ROW) component of profits is measured as the
inputs). difference between profits received from ROW and profits
paid to ROW.
Current-dollar estimates are valued in the prices of the
period when the transactions occurred—that is, at "market For more definitions, refer to the Glossary: National Income
value." Also referred to as "nominal estimates" or as and Product Accounts.
"current-price estimates."

Real values are inflation-adjusted estimates—that is,

estimates that exclude the effects of price changes.

The gross domestic purchases price index measures the

prices of final goods and services purchased by U.S.
residents.

Page 4 of 17
Statistical conventions Updates to GDP

Annual-vs-quarterly rates. Quarterly seasonally adjusted BEA releases three vintages of the current quarterly
values are expressed at annual rates, unless otherwise estimate for GDP. "Advance" estimates are released near
specified. This convention is used for BEA’s featured, the end of the first month following the end of the quarter
seasonally adjusted measures to facilitate comparisons and are based on source data that are incomplete or subject
with related and historical data. For details, refer to the FAQ to further revision by the source agency. "Second" and
“Why does BEA publish estimates at annual rates?” "third" estimates are released near the end of the second
and third months, respectively, and are based on more
Quarterly not seasonally adjusted values are expressed only detailed and more comprehensive data as they become
at quarterly rates. available.

Percent changes. Percent changes in quarterly seasonally The table below shows the average revisions to the
adjusted series are displayed at annual rates, unless quarterly percent changes in real GDP between different
otherwise specified. For details, refer to the FAQ “How is estimate vintages, without regard to sign.
average annual growth calculated?” and “Why does BEA
publish percent changes in quarterly series at annual Average Revision
rates?“ Percent changes in quarterly not seasonally Without Regard to Sign
adjusted values are calculated from the same quarter one Vintage (percentage points, annual rates)
year ago. All published percent changes are calculated from Advance to second 0.5
unrounded data.
Advance to third 0.6
Calendar years and quarters. Unless noted otherwise, Second to third 0.3
annual and quarterly data are presented on a calendar Note - Based on estimates from 1996 through 2022. For
basis. more information on GDP updates, refer to Revision
Information on the BEA website.
Quantities and prices. Quantities, or "real" volume
measures, and prices are expressed as index numbers with Annual and comprehensive updates are released in late
a specified reference year equal to 100 (currently 2017). September. Annual updates generally cover at least the five
Quantity and price indexes are calculated using a Fisher- most recent calendar years (and their associated quarters)
chained weighted formula that incorporates weights from and incorporate newly available major annual source data
two adjacent periods (quarters for quarterly data and as well as some changes in methods and definitions to
annuals for annual data). For details on the calculation of improve the accounts. Comprehensive (or benchmark)
quantity and price indexes, refer to Chapter 4: Estimating updates are carried out at about 5-year intervals and
Methods in the NIPA Handbook. incorporate major periodic source data, as well as major
conceptual improvements.
Chained-dollar values are calculated by multiplying the
quantity index by the current dollar value in the reference Unlike GDP, advance current quarterly estimates of GDI and
year (2017) and then dividing by 100. Percent changes corporate profits are not released because data on
calculated from real quantity indexes and chained-dollar domestic profits and net interest of domestic industries are
levels are conceptually the same; any differences are due to not available. For fourth quarter estimates, these data are
rounding. Chained-dollar values are not additive because not available until the third estimate.
the relative weights for a given period differ from those of
the reference year. In tables that display chained-dollar GDP by industry and gross output estimates are released
values, a "residual" line shows the difference between the with the third estimate of GDP.
sum of detailed chained-dollar series and its corresponding
aggregate.

Page 5 of 17
GDP News Release Tables

Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period
Table 2. Contributions to Percent Change in Real Gross Domestic Product
Table 3. Gross Domestic Product: Level and Change from Preceding Period
Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period
Table 5. Real Gross Domestic Product: Annual Percent Change
Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago
Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income
Table 8. Personal Income and Its Disposition
Appendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period and
Contributions to Percent Change
Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago

Page 6 of 17
 April 25, 2024

Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding Period
Seasonally adjusted at annual rates
Line 2021 2022 2023 2020 2021 2022 2023 2024 Line
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
1 Gross domestic product (GDP) 5.8 1.9 2.5 -28.0 34.8 4.2 5.2 6.2 3.3 7.0 -2.0 -0.6 2.7 2.6 2.2 2.1 4.9 3.4 1.6 1
2 Personal consumption expenditures 8.4 2.5 2.2 -30.2 40.5 5.6 8.9 13.6 2.8 4.0 0.0 2.0 1.6 1.2 3.8 0.8 3.1 3.3 2.5 2
3 Goods 11.3 0.3 2.0 -8.6 51.7 3.2 16.5 14.7 -8.5 5.6 -1.2 -0.3 -0.7 0.0 5.1 0.5 4.9 3.0 -0.4 3
4 Durable goods 16.7 -0.3 4.2 -0.2 100.7 5.7 28.4 14.3 -23.1 11.1 1.5 -0.9 0.9 -1.0 14.0 -0.3 6.7 3.2 -1.2 4
5 Nondurable goods 8.5 0.6 0.8 -12.5 30.8 1.8 10.1 14.8 1.1 2.6 -2.7 0.0 -1.6 0.5 0.5 0.9 3.9 2.9 0.0 5
6 Services 6.9 3.7 2.3 -38.7 35.1 6.8 5.1 13.0 9.3 3.2 0.6 3.2 2.8 1.8 3.1 1.0 2.2 3.4 4.0 6
7 Gross private domestic investment 8.7 4.8 -1.2 -46.4 98.9 13.2 -3.3 -5.4 16.1 27.9 6.2 -10.6 -7.6 3.4 -9.0 5.2 10.0 0.7 3.2 7
8 Fixed investment 7.1 1.3 0.6 -28.2 28.3 15.2 9.3 5.9 -1.6 1.9 7.2 -0.2 -4.3 -5.4 3.1 5.2 2.6 3.5 5.3 8
9 Nonresidential 5.9 5.2 4.5 -28.6 18.3 10.5 8.9 9.7 -1.3 2.7 10.7 5.3 4.7 1.7 5.7 7.4 1.4 3.7 2.9 9
10 Structures -3.2 -2.1 13.2 -40.0 -8.9 1.5 7.8 1.0 -4.1 -7.7 -1.2 -0.5 -1.3 6.5 30.3 16.1 11.2 10.9 -0.1 10
11 Equipment 6.4 5.2 -0.3 -38.0 50.8 15.6 2.0 10.5 -8.0 1.9 16.8 4.9 5.6 -5.0 -4.1 7.7 -4.4 -1.1 2.1 11
12 Intellectual property products 10.4 9.1 4.5 -9.5 7.9 10.4 16.9 13.6 7.1 9.1 11.4 8.7 7.1 6.1 3.8 2.7 1.8 4.3 5.4 12
13 Residential 10.7 -9.0 -10.6 -26.7 66.1 30.1 9.8 -4.4 -2.7 -0.5 -1.8 -14.1 -26.4 -24.9 -5.3 -2.2 6.7 2.8 13.9 13
14 Change in private inventories ......... ......... ......... ........... ........... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14
15 Net exports of goods and services ......... ......... ......... ........... ........... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15
16 Exports 6.3 7.0 2.6 -61.5 62.0 25.8 0.9 2.0 1.5 24.2 -4.6 10.6 16.2 -3.5 6.8 -9.3 5.4 5.1 0.9 16
17 Goods 7.6 5.8 2.6 -66.9 106.6 27.5 -0.2 -0.5 -1.8 26.9 -8.8 9.2 21.5 -6.3 12.0 -16.0 7.7 6.2 0.9 17
18 Services 3.8 9.6 2.5 -49.4 2.7 22.0 2.7 7.3 8.9 18.5 5.4 13.9 4.9 3.1 -3.5 6.2 1.0 2.8 1.0 18
19 Imports 14.5 8.6 -1.7 -53.6 88.6 32.0 8.0 7.7 8.5 20.6 14.7 4.1 -4.8 -4.3 1.3 -7.6 4.2 2.2 7.2 19
20 Goods 14.6 6.8 -1.6 -49.2 104.5 30.8 8.7 4.1 1.5 21.5 14.5 2.1 -7.3 -4.4 1.9 -6.5 5.9 1.3 6.8 20
21 Services 13.9 17.5 -1.7 -69.3 25.1 38.2 4.1 28.9 50.8 16.6 15.6 14.2 8.1 -3.9 -1.2 -12.2 -2.8 6.2 9.0 21
22 Government consumption
expenditures and gross investment -0.3 -0.9 4.1 8.6 -6.1 -1.9 5.7 -4.3 -1.5 -0.3 -2.9 -1.9 2.9 5.3 4.8 3.3 5.8 4.6 1.2 22
23 Federal 1.4 -2.8 4.2 31.8 -12.3 -1.9 18.1 -8.9 -6.8 2.1 -6.9 -3.9 1.2 9.8 5.2 1.1 7.1 2.4 -0.2 23
24 National defense -1.9 -2.8 3.4 0.9 -0.4 8.7 -7.1 -4.7 -3.2 -4.8 -6.9 0.9 -0.3 7.7 1.9 2.3 8.4 0.5 -0.6 24
25 Nondefense 5.9 -2.9 5.2 90.1 -25.8 -15.1 63.4 -13.9 -11.4 11.8 -6.9 -9.8 3.3 12.6 9.5 -0.4 5.5 4.8 0.3 25
26 State and local -1.3 0.2 4.0 -3.6 -2.0 -1.9 -1.3 -1.4 2.0 -1.6 -0.4 -0.8 3.8 2.8 4.6 4.7 5.0 6.0 2.0 26
Addenda:
27 Gross domestic income (GDI) 1 6.1 2.1 0.5 -30.5 28.9 15.3 3.1 4.6 3.6 6.2 0.5 0.0 2.7 -3.0 0.5 0.5 1.9 4.8 ......... 27
28 Average of GDP and GDI 6.0 2.0 1.5 -29.3 31.8 9.6 4.2 5.4 3.4 6.6 -0.8 -0.3 2.7 -0.3 1.4 1.3 3.4 4.1 ......... 28
29 Final sales of domestic product 5.5 1.3 2.9 -24.4 25.1 4.5 7.6 8.3 0.3 2.6 -1.9 1.5 3.4 1.0 4.6 2.1 3.6 3.9 2.0 29
30 Gross domestic purchases 6.9 2.3 1.9 -27.5 38.1 5.5 6.1 6.9 4.2 7.1 0.6 -1.1 0.1 2.2 1.6 2.0 4.7 3.1 2.4 30
31 Final sales to domestic purchasers 6.6 1.7 2.3 -23.9 28.3 5.8 8.4 8.9 1.3 2.9 0.7 0.9 0.7 0.7 3.8 2.0 3.5 3.5 2.8 31
32 Final sales to private domestic
purchasers 8.1 2.3 1.9 -29.8 37.9 7.5 8.9 11.9 1.9 3.6 1.5 1.5 0.3 -0.2 3.6 1.7 3.0 3.3 3.1 32
33 Gross national product (GNP) 5.6 1.9 2.4 -29.0 35.3 3.7 5.9 5.0 3.1 7.1 -2.4 0.2 2.4 2.4 1.8 2.3 4.7 3.3 ......... 33
34 Disposable personal income 3.1 -5.9 4.2 45.8 -13.3 -7.6 56.1 -27.6 -5.2 -5.7 -9.8 -1.4 3.6 2.2 10.8 3.3 0.5 2.0 1.1 34
Current-dollar measures:
35 GDP 10.7 9.1 6.3 -29.2 39.7 7.1 10.9 12.8 9.5 14.6 6.2 8.5 7.2 6.5 6.3 3.8 8.3 5.1 4.8 35
36 GDI 11.0 9.3 4.2 -31.6 33.5 18.6 8.6 11.1 9.9 13.8 8.9 9.1 7.3 0.7 4.5 2.1 5.3 6.6 ......... 36
37 Average of GDP and GDI 10.8 9.2 5.2 -30.4 36.6 12.7 9.7 12.0 9.7 14.2 7.5 8.8 7.2 3.6 5.4 3.0 6.8 5.8 ......... 37
38 Final sales of domestic product 10.4 8.5 6.7 -25.3 29.4 7.4 13.4 15.1 6.6 9.9 6.4 10.8 7.9 5.0 8.8 3.9 7.0 5.6 5.2 38
39 Gross domestic purchases 11.4 9.3 5.4 -28.4 42.7 8.1 11.1 13.1 10.1 14.8 8.7 7.1 4.9 6.1 5.3 3.4 7.7 5.0 5.5 39
40 Final sales to domestic purchasers 11.2 8.7 5.8 -24.6 32.4 8.4 13.6 15.3 7.3 10.2 8.9 9.3 5.5 4.6 7.7 3.4 6.4 5.5 5.9 40
41 Final sales to private domestic
purchasers 12.5 9.2 5.7 -30.6 42.1 9.8 13.7 18.4 8.0 11.0 9.7 9.3 5.4 3.8 8.0 3.7 5.5 5.3 6.1 41
42 GNP 10.4 9.0 6.2 -30.1 40.2 6.6 11.5 11.5 9.3 14.7 5.8 9.3 7.0 6.4 5.8 4.0 8.1 5.0 ......... 42
43 Disposable personal income 7.4 0.2 8.1 43.2 -10.4 -5.8 63.5 -23.1 0.1 0.7 -2.9 5.7 8.5 6.4 15.5 5.8 3.1 3.8 4.5 43

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
Source: U.S. Bureau of Economic Analysis

Page 7 of 17
 April 25, 2024
Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
Line 2021 2022 2023 2020 2021 2022 2023 2024 Line
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Percent change at annual rate:
1 Gross domestic product 5.8 1.9 2.5 -28.0 34.8 4.2 5.2 6.2 3.3 7.0 -2.0 -0.6 2.7 2.6 2.2 2.1 4.9 3.4 1.6 1
Percentage points at annual rates:
2 Personal consumption expenditures 5.59 1.72 1.51 -21.51 24.93 3.63 5.70 8.73 1.89 2.71 -0.03 1.32 1.05 0.79 2.54 0.55 2.11 2.20 1.68 2
3 Goods 2.51 0.07 0.46 -1.59 10.23 0.71 3.52 3.24 -2.10 1.26 -0.30 -0.09 -0.18 -0.01 1.14 0.11 1.09 0.67 -0.09 3
4 Durable goods 1.28 -0.02 0.34 0.1 5.92 0.45 2.10 1.17 -2.26 0.89 0.12 -0.08 0.08 -0.08 1.07 -0.03 0.53 0.25 -0.09 4
5 Motor vehicles and parts 0.40 -0.20 0.14 -0.12 2.15 0.05 1.11 0.44 -1.87 0.23 -0.01 -0.19 -0.10 0.12 0.80 -0.27 -0.03 -0.05 -0.25 5
6 Furnishings and durable household equipment 0.23 -0.05 0.02 -0.11 1.19 -0.02 0.49 0.08 -0.25 0.00 -0.09 0.00 -0.01 -0.02 0.03 0.00 0.10 0.03 0.07 6
7 Recreational goods and vehicles 0.42 0.19 0.18 0.99 1.28 0.26 0.32 0.41 -0.16 0.51 0.24 0.05 0.18 -0.08 0.23 0.27 0.40 0.18 -0.04 7
8 Other durable goods 0.24 0.04 0.00 -0.65 1.30 0.17 0.18 0.24 0.03 0.14 -0.02 0.06 0.00 -0.09 0.01 -0.02 0.07 0.09 0.13 8
9 Nondurable goods 1.22 0.09 0.12 -1.70 4.31 0.26 1.42 2.08 0.16 0.38 -0.42 -0.01 -0.26 0.07 0.07 0.14 0.56 0.41 0.00 9
10 Food and beverages purchased
for off-premises consumption 0.24 -0.11 -0.08 -0.07 0.25 -0.07 0.67 0.34 -0.01 0.03 -0.18 -0.27 -0.24 -0.07 -0.17 0.05 0.10 0.04 0.05 10
11 Clothing and footwear 0.43 0.03 0.01 -1.08 1.98 0.17 0.51 0.62 -0.07 0.02 -0.09 0.10 0.03 0.01 0.02 -0.14 0.11 0.06 0.10 11
12 Gasoline and other energy goods 0.17 0.00 0.04 -0.84 0.78 -0.16 0.15 0.53 0.16 0.00 -0.24 0.04 -0.10 0.03 0.06 0.15 -0.02 0.07 -0.19 12
13 Other nondurable goods 0.39 0.16 0.15 0.28 1.30 0.32 0.09 0.59 0.09 0.33 0.08 0.11 0.05 0.10 0.16 0.08 0.36 0.23 0.04 13
14 Services 3.08 1.65 1.05 -19.92 14.70 2.92 2.18 5.49 3.99 1.45 0.27 1.41 1.23 0.80 1.40 0.44 1.02 1.54 1.78 14
15 Household consumption expenditures (for services) 3.36 1.56 1.14 -20.80 16.03 3.04 2.51 5.93 3.91 1.26 0.08 1.22 1.22 1.02 1.65 0.47 0.97 1.55 1.45 15
16 Housing and utilities 0.34 0.13 0.05 0.69 0.38 0.32 0.55 0.15 0.27 -0.09 0.39 0.03 -0.09 0.19 -0.17 0.08 0.35 0.02 0.17 16
17 Health care 0.94 0.34 0.59 -6.89 6.53 1.57 -0.09 1.37 0.68 0.44 -0.08 0.00 0.51 0.67 1.04 0.27 0.30 0.83 0.59 17
18 Transportation services 0.38 0.19 0.00 -2.58 0.96 0.23 0.20 1.01 0.94 0.14 -0.09 0.07 0.00 -0.09 -0.03 0.08 0.02 0.09 0.10 18
19 Recreation services 0.40 0.21 0.10 -3.34 1.69 0.10 0.57 0.82 0.62 0.37 -0.08 0.15 0.01 0.13 0.19 0.04 0.06 0.01 0.12 19
20 Food services and accommodations 0.81 0.41 0.19 -5.53 4.43 -0.15 0.81 2.03 0.77 0.13 -0.16 0.88 0.23 0.10 0.15 -0.05 0.34 0.32 -0.10 20
21 Financial services and insurance 0.00 -0.09 0.07 -0.13 0.34 0.28 -0.05 -0.20 -0.08 0.03 -0.24 -0.13 0.13 -0.01 0.08 0.21 0.07 -0.04 0.37 21
22 Other services 0.49 0.37 0.14 -3.01 1.70 0.69 0.52 0.76 0.70 0.24 0.33 0.22 0.43 0.03 0.39 -0.16 -0.18 0.33 0.18 22
23 Final consumption expenditures of nonprofit
institutions serving households -0.28 0.09 -0.09 0.88 -1.33 -0.12 -0.33 -0.45 0.07 0.18 0.20 0.19 0.01 -0.22 -0.26 -0.03 0.05 -0.01 0.33 23
24 Gross output of nonprofit institutions 0.17 0.15 0.13 -1.50 1.05 0.69 -0.44 0.44 0.20 0.42 -0.19 -0.05 0.46 0.23 -0.03 0.05 0.08 0.38 0.56 24
25 Less: Receipts from sales of goods and services
by nonprofit institutions 0.45 0.06 0.23 -2.38 2.37 0.81 -0.11 0.88 0.13 0.23 -0.39 -0.24 0.45 0.45 0.23 0.07 0.02 0.39 0.23 25
26 Gross private domestic investment 1.52 0.86 -0.23 -9.29 13.52 2.36 -0.46 -0.84 2.71 4.63 1.16 -2.10 -1.45 0.62 -1.69 0.90 1.74 0.15 0.56 26
27 Fixed investment 1.25 0.24 0.11 -5.28 5.04 2.55 1.63 1.05 -0.28 0.35 1.23 -0.05 -0.79 -0.99 0.53 0.90 0.46 0.61 0.91 27
28 Nonresidential 0.78 0.68 0.60 -4.12 2.69 1.35 1.18 1.27 -0.15 0.37 1.32 0.68 0.62 0.24 0.76 0.98 0.21 0.50 0.39 28
29 Structures -0.09 -0.06 0.37 -1.47 -0.27 0.03 0.19 0.02 -0.12 -0.21 -0.03 -0.01 -0.03 0.17 0.77 0.46 0.33 0.32 0.00 29
30 Equipment 0.33 0.26 -0.01 -2.16 2.50 0.79 0.15 0.55 -0.40 0.11 0.77 0.25 0.28 -0.26 -0.21 0.38 -0.22 -0.05 0.10 30
31 Information processing equipment 0.18 0.14 -0.10 0.35 0.58 0.15 0.17 0.00 -0.09 0.49 0.38 -0.13 0.09 -0.38 -0.02 -0.11 -0.12 0.18 0.19 31
32 Industrial equipment 0.07 0.04 -0.01 -0.33 0.24 0.13 -0.03 0.19 0.08 0.08 0.10 -0.07 -0.07 0.04 0.04 -0.06 -0.06 0.00 0.18 32
33 Transportation equipment 0.03 0.01 0.14 -1.66 1.14 0.37 -0.03 0.41 -0.41 -0.50 0.03 0.41 0.30 0.16 -0.14 0.54 -0.02 -0.26 -0.30 33
34 Other equipment 0.05 0.07 -0.04 -0.51 0.53 0.13 0.03 -0.06 0.02 0.05 0.26 0.04 -0.05 -0.08 -0.11 0.01 -0.03 0.03 0.03 34
35 Intellectual property products 0.54 0.48 0.24 -0.49 0.46 0.53 0.85 0.70 0.37 0.47 0.58 0.45 0.37 0.32 0.20 0.15 0.10 0.23 0.29 35
36 Software 0.31 0.29 0.21 -0.02 0.16 0.31 0.52 0.32 0.18 0.20 0.46 0.21 0.28 0.31 0.16 0.13 0.17 0.25 0.25 36
37 Research and development 0.24 0.15 0.03 -0.38 0.35 0.21 0.36 0.36 0.14 0.21 0.12 0.18 0.05 0.03 0.04 0.00 -0.06 0.01 0.03 37
38 Entertainment, literary, and artistic originals -0.01 0.03 0.01 -0.09 -0.05 0.00 -0.03 0.02 0.04 0.06 0.00 0.06 0.04 -0.01 0.00 0.01 0.00 -0.02 0.00 38
39 Residential 0.47 -0.44 -0.48 -1.16 2.35 1.20 0.44 -0.22 -0.13 -0.02 -0.09 -0.73 -1.41 -1.23 -0.22 -0.09 0.26 0.11 0.52 39
40 Change in private inventories 0.26 0.62 -0.34 -4.01 8.48 -0.18 -2.08 -1.89 2.99 4.28 -0.07 -2.05 -0.66 1.61 -2.22 0.00 1.27 -0.47 -0.35 40
41 Farm 0.05 -0.07 0.07 0.13 0.07 -0.02 0.25 -0.09 -0.01 -0.09 -0.09 -0.08 -0.04 0.12 0.12 0.15 0.03 -0.08 -0.04 41
42 Nonfarm 0.21 0.69 -0.41 -4.14 8.41 -0.16 -2.34 -1.80 3.00 4.37 0.02 -1.97 -0.62 1.49 -2.34 -0.14 1.24 -0.39 -0.31 42
43 Net exports of goods and services -1.25 -0.48 0.57 1.00 -2.58 -1.44 -1.04 -0.87 -1.03 -0.34 -2.59 0.56 2.58 0.26 0.58 0.04 0.03 0.25 -0.86 43
44 Exports 0.66 0.76 0.31 -8.78 5.06 2.31 0.06 0.20 0.16 2.42 -0.50 1.19 1.80 -0.41 0.76 -1.09 0.59 0.55 0.10 44
45 Goods 0.53 0.44 0.22 -6.58 4.90 1.65 -0.02 -0.03 -0.13 1.83 -0.69 0.73 1.63 -0.52 0.89 -1.31 0.55 0.45 0.06 45
46 Services 0.13 0.33 0.09 -2.20 0.16 0.65 0.08 0.24 0.29 0.59 0.18 0.46 0.17 0.11 -0.13 0.22 0.04 0.10 0.04 46
47 Imports -1.91 -1.24 0.25 9.78 -7.65 -3.74 -1.10 -1.07 -1.19 -2.76 -2.08 -0.63 0.77 0.66 -0.18 1.13 -0.56 -0.30 -0.96 47
48 Goods -1.60 -0.82 0.21 7.07 -7.21 -3.06 -1.02 -0.51 -0.20 -2.38 -1.72 -0.28 0.98 0.55 -0.22 0.78 -0.64 -0.14 -0.74 48
49 Services -0.31 -0.42 0.05 2.71 -0.44 -0.68 -0.08 -0.56 -0.99 -0.38 -0.36 -0.35 -0.21 0.11 0.04 0.35 0.08 -0.15 -0.22 49
50 Government consumption
expenditures and gross investment -0.05 -0.16 0.70 1.78 -1.03 -0.35 1.04 -0.80 -0.26 -0.04 -0.52 -0.34 0.49 0.90 0.82 0.57 0.99 0.79 0.21 50
51 Federal 0.10 -0.19 0.27 2.07 -0.89 -0.13 1.19 -0.65 -0.48 0.13 -0.47 -0.26 0.07 0.59 0.33 0.07 0.45 0.15 -0.01 51
52 National defense -0.08 -0.11 0.12 0.07 0.01 0.34 -0.30 -0.19 -0.12 -0.18 -0.26 0.03 -0.01 0.27 0.07 0.08 0.30 0.02 -0.02 52
53 Consumption expenditures -0.07 -0.12 0.09 -0.07 0.00 0.22 -0.14 -0.16 -0.15 -0.24 -0.25 0.02 0.05 0.07 0.16 0.02 0.23 -0.06 0.01 53
54 Gross investment -0.01 0.02 0.03 0.14 0.01 0.13 -0.16 -0.03 0.03 0.06 -0.01 0.01 -0.06 0.20 -0.09 0.06 0.07 0.08 -0.03 54
55 Nondefense 0.17 -0.08 0.14 2.00 -0.90 -0.47 1.49 -0.46 -0.36 0.31 -0.21 -0.29 0.08 0.32 0.26 -0.01 0.15 0.14 0.01 55
56 Consumption expenditures 0.14 -0.12 0.08 1.87 -0.97 -0.40 1.43 -0.52 -0.41 0.28 -0.23 -0.30 0.05 0.25 0.17 -0.07 0.13 0.05 -0.02 56
57 Gross investment 0.04 0.03 0.06 0.13 0.07 -0.07 0.05 0.06 0.05 0.04 0.02 0.01 0.03 0.08 0.08 0.05 0.02 0.08 0.03 57
58 State and local -0.15 0.03 0.43 -0.29 -0.14 -0.22 -0.15 -0.15 0.22 -0.17 -0.04 -0.08 0.41 0.31 0.49 0.50 0.53 0.64 0.22 58
59 Consumption expenditures -0.02 0.12 0.20 -0.21 -0.04 -0.35 0.00 0.11 0.49 -0.06 0.05 0.08 0.20 0.14 0.29 0.16 0.23 0.22 0.19 59
60 Gross investment -0.13 -0.09 0.23 -0.08 -0.10 0.13 -0.15 -0.27 -0.27 -0.12 -0.09 -0.16 0.22 0.17 0.21 0.34 0.30 0.42 0.03 60

Source: U.S. Bureau of Economic Analysis

Page 8 of 17
 April 25, 2024
Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues
Billions of dollars Billions of chained (2017) dollars
Change from preceding
Seasonally adjusted at annual rates Seasonally adjusted at annual rates
Line period Line
2023 2023
2023 2024 2023 2024 2023 2024
2023
Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q4 Q1
1 Gross domestic product (GDP) 27,360.9 26,813.6 27,063.0 27,610.1 27,957.0 28,284.5 22,376.9 22,112.3 22,225.4 22,490.7 22,679.3 22,768.9 554.9 188.6 89.6 1
2 Personal consumption expenditures 18,570.6 18,269.6 18,419.0 18,679.5 18,914.5 19,191.6 15,426.1 15,312.9 15,343.6 15,461.4 15,586.7 15,683.5 335.3 125.3 96.8 2
3 Goods 6,191.5 6,133.8 6,144.7 6,231.8 6,255.7 6,240.7 5,387.7 5,341.0 5,347.3 5,411.3 5,451.1 5,445.3 106.2 39.9 -5.8 3
4 Durable goods 2,198.8 2,194.9 2,193.6 2,204.5 2,202.2 2,192.9 2,041.9 2,022.5 2,020.9 2,053.9 2,070.1 2,063.8 81.9 16.2 -6.3 4
5 Motor vehicles and parts 768.0 776.2 772.7 764.6 758.4 735.5 601.7 614.1 599.6 597.8 595.3 581.4 29.1 -2.5 -13.9 5
6 Furnishings and durable
household equipment 478.3 483.0 475.4 478.9 475.7 479.3 416.9 413.6 413.6 419.2 421.0 425.1 3.9 1.8 4.1 6
7 Recreational goods and vehicles 681.6 666.7 676.4 689.7 693.5 697.5 778.4 744.5 764.5 795.0 809.5 806.4 53.6 14.5 -3.2 7
8 Other durable goods 271.0 268.8 269.1 271.3 274.5 280.6 277.9 274.8 273.7 278.5 284.6 294.1 0.0 6.2 9.5 8
9 Nondurable goods 3,992.7 3,939.0 3,951.1 4,027.3 4,053.5 4,047.8 3,355.4 3,327.8 3,335.4 3,367.3 3,391.1 3,391.1 27.9 23.8 0.0 9
10 Food and beverages purchased
for off-premises consumption 1,442.3 1,430.6 1,434.1 1,447.8 1,456.6 1,468.1 1,151.1 1,145.8 1,148.5 1,153.9 1,156.2 1,159.2 -16.7 2.3 3.0 10
11 Clothing and footwear 516.9 515.0 511.4 520.6 520.6 526.4 499.8 501.9 492.7 500.2 504.4 511.0 2.8 4.3 6.5 11
12 Gasoline and other energy goods 471.2 465.3 456.7 484.5 478.2 453.8 318.6 313.0 319.8 319.0 322.4 313.2 7.4 3.4 -9.3 12
13 Other nondurable goods 1,562.4 1,528.0 1,549.0 1,574.4 1,598.1 1,599.6 1,395.4 1,377.4 1,382.0 1,404.0 1,418.3 1,421.0 35.3 14.3 2.7 13
14 Services 12,379.2 12,135.7 12,274.4 12,447.7 12,658.8 12,950.9 10,066.2 9,998.9 10,023.1 10,078.7 10,164.0 10,263.5 230.1 85.4 99.4 14
15 Household consumption
expenditures (for services) 11,828.7 11,595.2 11,730.1 11,890.7 12,098.9 12,365.0 9,664.5 9,597.0 9,622.9 9,675.8 9,762.2 9,843.5 251.4 86.4 81.4 15
16 Housing and utilities 3,278.7 3,206.1 3,243.8 3,309.0 3,356.0 3,419.6 2,558.5 2,545.8 2,550.0 2,568.7 2,569.5 2,578.7 9.4 0.8 9.2 16
17 Health care 2,999.6 2,929.5 2,972.9 3,009.1 3,087.0 3,158.2 2,617.1 2,584.0 2,600.0 2,617.5 2,666.9 2,702.8 137.8 49.4 35.9 17
18 Transportation services 604.2 595.5 597.8 604.0 619.4 631.3 469.0 464.2 468.2 469.3 474.2 479.6 0.4 4.9 5.4 18
19 Recreation services 716.3 702.7 709.3 722.3 730.8 749.3 588.7 585.3 587.4 590.7 591.3 598.3 21.5 0.6 7.0 19
20 Food services and accommodations 1,367.4 1,333.5 1,347.1 1,377.8 1,411.2 1,419.0 1,054.8 1,043.5 1,041.1 1,059.0 1,075.7 1,070.4 40.4 16.7 -5.3 20
21 Financial services and insurance 1,321.9 1,298.0 1,316.7 1,336.0 1,336.8 1,398.4 1,047.0 1,037.3 1,048.7 1,052.2 1,049.8 1,070.0 15.5 -2.4 20.2 21
22 Other services 1,540.6 1,529.7 1,542.5 1,532.6 1,557.7 1,589.2 1,340.3 1,348.0 1,338.4 1,327.6 1,347.3 1,358.2 32.5 19.6 11.0 22
23 Final consumption expenditures of
nonprofit institutions serving
households 550.4 540.5 544.3 557.0 559.9 585.9 405.3 405.2 403.8 406.4 405.9 422.6 -18.4 -0.5 16.7 23
24 Gross output of nonprofit institutions 2,012.8 1,972.4 1,996.9 2,019.6 2,062.5 2,119.3 1,642.4 1,633.1 1,635.7 1,639.7 1,661.0 1,692.7 29.2 21.3 31.7 24
25 Less: Receipts from sales of
goods and services by nonprofit
institutions 1,462.4 1,431.9 1,452.6 1,462.6 1,502.6 1,533.4 1,240.5 1,231.0 1,235.3 1,236.5 1,259.2 1,272.9 51.0 22.8 13.7 25
26 Gross private domestic investment 4,843.9 4,725.8 4,780.3 4,915.0 4,954.4 5,006.9 4,051.9 3,963.7 4,014.1 4,111.1 4,118.7 4,151.0 -50.9 7.6 32.3 26
27 Fixed investment 4,790.3 4,702.1 4,761.7 4,813.0 4,884.3 4,962.9 3,964.8 3,905.9 3,955.9 3,981.3 4,016.0 4,068.3 25.5 34.7 52.3 27
28 Nonresidential 3,716.1 3,641.3 3,709.1 3,730.6 3,783.5 3,824.0 3,271.7 3,214.5 3,272.7 3,284.5 3,314.9 3,338.6 140.1 30.3 23.7 28
29 Structures 839.8 800.2 832.5 849.8 876.6 875.8 626.1 596.6 619.3 635.9 652.5 652.4 73.2 16.6 -0.2 29
30 Equipment 1,381.4 1,368.7 1,390.4 1,382.6 1,383.9 1,404.4 1,245.9 1,236.4 1,259.6 1,245.5 1,242.1 1,248.6 -3.3 -3.4 6.5 30
31 Information processing
equipment 459.0 465.2 457.8 450.0 463.0 480.4 482.8 489.6 482.0 473.3 486.3 500.5 -27.1 13.0 14.2 31
32 Industrial equipment 307.8 310.6 308.6 305.7 306.1 321.9 251.8 256.0 252.7 249.2 249.2 259.6 -3.1 0.0 10.4 32
33 Transportation equipment 293.4 273.8 302.7 305.9 291.2 274.6 263.8 243.8 276.7 275.5 259.2 240.7 35.6 -16.4 -18.5 33
34 Other equipment 321.2 319.0 321.2 320.9 323.5 327.5 252.7 252.7 253.1 251.7 253.3 254.7 -9.4 1.6 1.4 34
35 Intellectual property products 1,495.0 1,472.5 1,486.2 1,498.2 1,523.0 1,543.8 1,398.7 1,384.9 1,394.0 1,400.4 1,415.3 1,434.1 59.9 15.0 18.7 35
36 Software 640.6 632.4 633.6 640.9 655.5 667.3 720.9 702.2 712.1 724.9 744.1 764.3 60.6 19.3 20.2 36
37 Research and development 742.7 730.2 740.2 745.5 755.1 761.3 603.4 604.9 605.1 601.7 602.0 603.8 5.8 0.3 1.8 37
38 Entertainment, literary,
and artistic originals 111.6 109.9 112.4 111.8 112.4 115.1 93.8 93.8 94.4 94.1 93.0 93.1 1.8 -1.1 0.1 38
39 Residential 1,074.2 1,060.8 1,052.6 1,082.4 1,100.8 1,138.9 735.3 731.1 727.1 738.9 744.1 768.7 -87.4 5.2 24.7 39
40 Change in private inventories 53.6 23.7 18.6 102.0 70.1 44.0 43.7 27.2 14.9 77.8 54.9 35.4 -84.4 -22.9 -19.5 40
41 Farm -0.9 -7.8 2.0 3.8 -1.6 -4.4 -1.1 -1.5 0.2 -0.2 -2.8 -3.5 14.1 -2.6 -0.7 41
42 Nonfarm 54.5 31.5 16.6 98.3 71.7 48.4 45.1 28.8 14.8 78.5 58.4 39.6 -97.1 -20.0 -18.8 42

1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
Source: U.S. Bureau of Economic Analysis

Page 9 of 17
 April 25, 2024
Table 3. Gross Domestic Product: Level and Change from Preceding Period--Table Ends
Billions of dollars Billions of chained (2017) dollars
Change from preceding
Seasonally adjusted at annual rates Seasonally adjusted at annual rates
Line period Line
2023 2023
2023 2024 2023 2024 2023 2024
2023
Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q4 Q1
43 Net exports of goods and services -798.7 -825.7 -806.1 -779.2 -783.7 -845.9 -928.1 -935.1 -928.2 -930.7 -918.5 -973.2 122.9 12.1 -54.7 43
44 Exports 3,027.2 3,064.8 2,961.8 3,030.8 3,051.7 3,081.2 2,503.9 2,525.4 2,464.7 2,497.3 2,528.2 2,534.0 64.3 31.0 5.7 44
45 Goods 2,031.3 2,090.4 1,968.6 2,026.7 2,039.3 2,049.6 1,697.1 1,730.5 1,656.8 1,687.7 1,713.3 1,717.0 43.8 25.5 3.7 45
46 Services 996.0 974.4 993.2 1,004.0 1,012.4 1,031.6 810.1 798.5 810.7 812.8 818.4 820.4 20.1 5.6 2.0 46
47 Imports 3,825.9 3,890.5 3,767.9 3,810.0 3,835.4 3,927.1 3,432.0 3,460.5 3,392.9 3,428.0 3,446.8 3,507.2 -58.6 18.8 60.4 47
48 Goods 3,111.8 3,158.5 3,058.0 3,107.5 3,123.1 3,185.9 2,838.7 2,851.6 2,804.3 2,844.7 2,854.1 2,901.2 -47.5 9.4 47.2 48
49 Services 714.1 731.9 709.8 702.4 712.3 741.2 596.9 611.5 591.8 587.6 596.5 609.5 -10.1 9.0 13.0 49
50 Government consumption
expenditures and gross
investment 4,745.1 4,643.9 4,669.8 4,794.8 4,871.8 4,932.0 3,819.7 3,758.8 3,789.8 3,843.4 3,887.0 3,898.5 149.3 43.6 11.5 50
51 Federal 1,771.7 1,730.6 1,744.3 1,791.9 1,820.0 1,837.3 1,480.7 1,462.8 1,466.9 1,492.3 1,501.0 1,500.1 59.9 8.7 -0.9 51
52 National defense 994.7 968.7 978.9 1,009.1 1,022.0 1,030.0 827.5 815.4 820.1 836.8 837.8 836.4 27.4 1.0 -1.4 52
53 Consumption expenditures 777.1 760.0 764.9 789.1 794.4 803.9 637.2 630.8 632.1 644.7 641.3 641.9 19.6 -3.4 0.6 53
54 Gross investment 217.6 208.8 214.0 220.1 227.6 226.2 191.1 185.2 188.8 192.9 197.7 195.6 8.0 4.8 -2.1 54
55 Nondefense 777.0 761.9 765.5 782.8 798.0 807.3 653.2 647.4 646.7 655.5 663.2 663.7 32.6 7.8 0.5 55
56 Consumption expenditures 552.1 543.0 542.3 557.2 565.7 572.0 454.5 452.8 449.1 456.5 459.6 458.5 19.2 3.1 -1.1 56
57 Gross investment 225.0 218.9 223.2 225.6 232.3 235.3 199.6 195.3 198.6 199.8 204.7 206.5 13.7 4.9 1.8 57
58 State and local 2,973.4 2,913.2 2,925.5 3,002.9 3,051.8 3,094.7 2,339.2 2,296.5 2,323.0 2,351.4 2,385.9 2,397.9 89.6 34.5 12.1 58
59 Consumption expenditures 2,423.5 2,399.1 2,388.3 2,443.9 2,462.6 2,499.9 1,916.3 1,900.5 1,909.2 1,921.7 1,933.7 1,943.9 41.9 12.0 10.3 59
60 Gross investment 549.9 514.2 537.2 559.0 589.3 594.8 421.8 395.5 412.8 428.4 450.4 452.2 46.9 22.0 1.8 60
61 Residual ............... ............... ............... ............... ............... ............... -106.9 -107.2 -102.5 -101.2 -116.8 -118.5 .............. .............. .............. 61
Addenda:
1
62 Gross domestic income (GDI) 26,870.7 26,485.4 26,625.7 26,969.7 27,402.0 ............... 21,976.0 21,841.7 21,866.2 21,969.0 22,229.0 ............... 109.6 260.1 .............. 62
63 Average of GDP and GDI 27,115.8 26,649.5 26,844.4 27,289.9 27,679.5 ............... 22,176.4 21,977.0 22,045.8 22,229.8 22,454.2 ............... 332.2 224.3 .............. 63
64 Final sales of domestic product 27,307.3 26,789.9 27,044.5 27,508.1 27,886.9 28,240.5 22,290.3 22,054.3 22,167.1 22,362.5 22,577.5 22,686.8 629.2 215.0 109.4 64
65 Gross domestic purchases 28,159.6 27,639.3 27,869.1 28,389.4 28,740.7 29,130.4 23,291.1 23,028.5 23,140.9 23,409.0 23,586.2 23,726.3 436.7 177.2 140.1 65
66 Final sales to domestic purchasers 28,106.0 27,615.6 27,850.5 28,287.3 28,670.6 29,086.5 23,204.2 22,970.4 23,082.6 23,280.0 23,483.9 23,643.9 511.9 203.9 160.0 66
67 Final sales to private domestic purchasers 23,360.9 22,971.7 23,180.7 23,492.5 23,798.8 24,154.5 19,390.3 19,218.1 19,298.9 19,442.1 19,602.2 19,751.3 360.3 160.0 149.1 67
68 GDP 27,360.9 26,813.6 27,063.0 27,610.1 27,957.0 28,284.5 22,376.9 22,112.3 22,225.4 22,490.7 22,679.3 22,768.9 554.9 188.6 89.6 68
69 Plus: Income receipts from the rest of
the world 1,457.1 1,390.7 1,452.7 1,499.9 1,485.0 ............... 1,263.9 1,215.4 1,265.2 1,297.1 1,278.0 ............... 140.1 -19.1 .............. 69
70 Less: Income payments to the rest of
the world 1,292.9 1,231.8 1,279.7 1,335.8 1,324.2 ............... 1,121.7 1,076.8 1,114.6 1,155.4 1,139.9 ............... 160.8 -15.5 .............. 70
71 Equals: Gross national product 27,525.1 26,972.5 27,236.1 27,774.2 28,117.8 ............... 22,528.5 22,260.3 22,384.6 22,641.8 22,827.2 ............... 535.8 185.4 .............. 71
72 Net domestic product 22,775.1 22,306.2 22,506.0 22,998.7 23,289.7 23,580.2 18,594.1 18,370.3 18,455.6 18,693.8 18,856.6 18,920.2 445.8 162.8 63.6 72

1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.
Note. Users are cautioned that particularly for components that exhibit rapid change in prices relative to other prices in the economy, the chained-dollar estimates should not be used to measure the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of the contributions to percent changes in real gross domestic product, use table 2.
Source: U.S. Bureau of Economic Analysis

Page 10 of 17
 April 25, 2024

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding Period
Seasonally adjusted at annual rates
Line 2021 2022 2023 2020 2021 2022 2023 2024 Line
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
1 Gross domestic product (GDP) 4.6 7.1 3.6 -1.4 3.6 2.8 5.4 6.1 6.1 7.0 8.5 9.1 4.4 3.9 3.9 1.7 3.3 1.6 3.1 1
2 Personal consumption expenditures 4.2 6.5 3.7 -1.7 3.3 2.0 4.8 6.3 5.6 6.8 7.7 7.2 4.7 4.1 4.2 2.5 2.6 1.8 3.4 2
3 Goods 4.9 8.6 1.2 -5.8 4.1 1.3 5.5 8.5 7.7 10.5 11.9 9.9 2.9 0.1 0.7 0.2 0.9 -1.4 -0.5 3
4 Durable goods 5.5 6.4 -0.8 -3.0 4.5 2.5 1.1 14.4 9.7 9.2 8.6 1.4 2.9 -1.6 -0.9 0.1 -4.4 -3.5 -0.5 4
5 Nondurable goods 4.6 9.8 2.3 -7.1 3.9 0.6 8.2 5.3 6.5 11.3 13.9 14.9 2.9 1.0 1.6 0.3 3.9 -0.2 -0.6 5
6 Services 3.8 5.4 5.0 0.3 3.0 2.4 4.4 5.1 4.6 4.9 5.5 5.8 5.6 6.3 6.0 3.6 3.5 3.4 5.4 6
7 Gross private domestic investment 3.4 7.7 3.0 0.5 3.0 2.6 2.6 3.1 6.1 8.5 9.9 9.0 6.7 2.8 3.2 -0.1 1.7 2.3 1.0 7
8 Fixed investment 3.7 7.9 3.5 1.5 2.0 2.5 2.9 4.0 7.1 8.6 9.6 9.4 6.6 3.6 4.2 0.0 1.7 2.4 1.2 8
9 Nonresidential 1.3 6.0 3.6 1.7 -0.2 1.2 -0.1 0.2 4.5 7.5 6.6 7.4 6.0 3.2 6.4 0.2 0.9 2.0 1.4 9
10 Structures 3.4 14.7 5.9 -1.5 -0.5 -1.3 0.8 6.2 9.1 23.1 14.0 16.1 16.1 7.0 7.2 0.9 -2.3 2.1 -0.3 10
11 Equipment 0.6 6.2 4.4 0.1 -1.5 -1.7 3.0 -3.3 4.9 5.9 8.4 8.2 5.6 5.9 7.9 -1.1 2.3 1.5 3.9 11
12 Intellectual property products 1.0 1.7 1.8 5.3 1.4 5.3 -3.6 0.6 1.8 1.9 1.6 2.7 1.7 -1.1 4.5 1.1 1.4 2.4 0.2 12
13 Residential 11.0 13.8 2.8 1.1 9.4 6.6 12.2 15.4 14.9 11.9 18.4 15.4 8.4 4.9 -2.6 -0.9 4.8 4.0 0.6 13
14 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14
15 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15
16 Exports 11.5 9.8 -1.5 -17.8 13.0 6.4 20.9 18.3 9.5 6.6 18.3 19.8 -9.3 -5.6 0.1 -3.9 4.0 -2.2 3.0 16
17 Goods 14.1 11.7 -4.1 -22.1 15.9 7.1 26.3 23.8 11.1 7.4 23.6 26.5 -13.8 -10.6 -2.9 -6.4 4.4 -3.5 1.2 17
18 Services 6.4 5.7 4.3 -9.5 8.0 5.2 10.5 7.2 6.3 5.0 7.2 5.9 1.8 6.5 6.9 1.6 3.4 0.6 6.7 18
19 Imports 7.2 7.2 -1.9 -12.4 8.7 3.1 12.1 12.3 6.1 6.9 13.4 10.7 -4.3 -4.3 -1.3 -4.8 0.3 0.5 2.5 19
20 Goods 7.6 7.4 -3.0 -13.9 9.5 2.8 13.3 13.0 6.1 7.5 15.4 11.1 -6.1 -6.7 -2.4 -6.1 0.7 0.7 1.4 20
21 Services 5.4 5.8 3.2 -4.7 4.9 4.9 5.7 8.8 6.3 4.4 4.2 9.1 4.2 7.2 3.5 0.8 -1.3 -0.5 7.5 21
22 Government consumption
expenditures and gross investment 5.3 7.0 2.5 -0.5 3.9 4.3 7.0 6.2 5.6 6.6 8.4 11.2 2.8 3.2 1.5 -1.1 5.1 1.9 3.8 22
23 Federal 3.2 5.6 4.0 0.1 2.3 2.9 3.4 4.0 4.1 4.6 7.2 6.9 4.8 4.1 4.1 2.1 4.0 4.0 4.1 23
24 National defense 3.5 6.3 3.6 -1.1 3.0 2.7 4.3 4.3 4.2 5.1 9.1 9.1 2.9 3.6 3.3 1.9 4.2 4.7 3.8 24
25 Nondefense 2.9 4.7 4.4 1.7 1.5 3.2 2.2 3.5 4.0 4.1 4.9 3.9 7.5 4.7 5.2 2.3 3.7 3.0 4.4 25
26 State and local 6.5 7.9 1.7 -0.8 4.9 5.1 9.2 7.6 6.5 7.9 9.1 13.8 1.7 2.7 0.0 -2.9 5.7 0.6 3.6 26
Addenda:
27 Final sales of domestic product 4.6 7.1 3.7 -1.3 3.5 2.8 5.4 6.2 6.3 7.0 8.4 9.1 4.4 4.0 4.1 1.8 3.3 1.7 3.2 27
28 Gross domestic purchases 4.2 6.8 3.4 -1.1 3.4 2.5 4.8 5.7 5.7 7.0 8.2 8.2 4.7 3.8 3.6 1.4 2.9 1.9 3.1 28
29 Final sales to domestic purchasers 4.3 6.8 3.5 -1.0 3.2 2.5 4.8 5.9 5.9 7.0 8.1 8.2 4.7 3.9 3.7 1.4 2.9 1.9 3.1 29
Final sales to private domestic
30 4.1 6.8 3.7 -1.1 3.1 2.1 4.4 5.8 6.0 7.1 8.1 7.7 5.1 4.0 4.2 2.0 2.4 1.9 2.9 30
purchasers
31 Gross national product (GNP) 4.6 7.1 3.6 -1.4 3.6 2.8 5.4 6.1 6.1 7.0 8.5 9.0 4.4 3.9 3.9 1.7 3.3 1.6 ......... 31
32 GDP excluding food and energy 1 4.1 6.2 4.0 -0.6 3.2 2.6 4.4 5.8 5.5 6.4 6.9 7.2 5.2 4.3 4.6 2.3 3.0 2.4 3.1 32
33 Gross domestic purchases excluding
food and energy 1 3.9 6.1 3.6 -0.3 3.1 2.4 4.1 5.6 5.3 6.1 7.1 6.8 4.9 4.1 4.1 2.1 2.5 2.1 3.2 33
1
34 PCE excluding food and energy 3.6 5.2 4.1 -0.8 3.1 1.8 3.6 6.0 4.8 5.2 6.0 4.7 5.0 4.7 5.0 3.7 2.0 2.0 3.7 34
2
35 Market-based PCE 3.6 6.5 3.6 -1.3 2.8 1.4 4.0 5.5 5.2 6.6 7.9 7.6 4.7 3.7 3.9 2.3 2.5 2.0 2.8 35
36 Market-based PCE excluding food and
energy 1,2 2.9 5.0 4.0 -0.1 2.4 1.0 2.5 5.1 4.2 4.8 6.0 4.8 5.0 4.3 4.8 3.7 1.9 2.3 3.1 36

Implicit price deflators:

37 GDP 4.6 7.0 3.6 -1.6 3.6 2.8 5.3 6.2 6.0 7.1 8.4 9.1 4.5 3.9 3.9 1.7 3.3 1.7 3.1 37
38 Gross domestic purchases 4.3 6.8 3.4 -1.3 3.3 2.5 4.7 5.8 5.7 7.2 8.1 8.2 4.8 3.7 3.6 1.4 2.8 1.9 3.1 38
39 GNP 4.6 7.0 3.6 -1.6 3.6 2.8 5.3 6.2 6.0 7.1 8.4 9.1 4.5 3.9 3.9 1.7 3.3 1.7 ......... 39

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.
Source: U.S. Bureau of Economic Analysis

Page 11 of 17
 April 25, 2024

Table 5. Real Gross Domestic Product: Annual Percent Change

Percent change from fourth quarter to
Line Percent change from preceding year fourth quarter one year ago Line
2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023
1 Gross domestic product (GDP) 1.8 2.5 3.0 2.5 -2.2 5.8 1.9 2.5 2.2 3.0 2.1 3.2 -1.1 5.4 0.7 3.1 1
2 Personal consumption expenditures (PCE) 2.5 2.6 2.7 2.0 -2.5 8.4 2.5 2.2 2.5 3.1 2.0 2.6 -0.8 7.2 1.2 2.7 2
3 Goods 3.6 4.1 4.0 3.0 4.9 11.3 0.3 2.0 3.7 5.4 2.1 3.8 8.8 6.6 -0.6 3.3 3
4 Durable goods 5.4 6.8 6.6 3.3 8.0 16.7 -0.3 4.2 6.5 8.6 2.8 5.5 15.3 5.8 0.1 5.8 4
5 Nondurable goods 2.8 2.8 2.6 2.9 3.3 8.5 0.6 0.8 2.3 3.8 1.8 2.9 5.4 7.0 -1.0 2.0 5
6 Services 1.9 1.9 2.2 1.5 -5.9 6.9 3.7 2.3 1.9 2.0 2.0 2.0 -5.1 7.6 2.1 2.4 6
7 Gross private domestic investment -0.1 4.4 5.8 3.1 -4.7 8.7 4.8 -1.2 2.3 4.9 4.7 1.3 2.1 7.9 -2.4 1.5 7
8 Fixed investment 2.9 4.5 5.1 2.7 -2.1 7.1 1.3 0.6 3.5 5.5 3.3 2.9 0.7 3.8 -0.8 3.6 8
9 Nonresidential 1.8 4.6 6.9 3.7 -4.7 5.9 5.2 4.5 3.3 5.6 5.6 3.1 -3.7 4.9 5.6 4.6 9
10 Structures -3.1 2.6 5.8 2.5 -9.5 -3.2 -2.1 13.2 3.7 -0.4 3.5 6.4 -14.9 -0.9 0.8 16.9 10
11 Equipment -0.9 3.8 5.9 1.1 -10.1 6.4 5.2 -0.3 -0.9 7.5 3.3 -2.1 -3.7 1.4 5.3 -0.6 11
12 Intellectual property products 9.5 6.9 8.9 7.8 4.5 10.4 9.1 4.5 9.0 7.2 9.9 7.3 3.4 11.6 8.3 3.2 12
13 Residential 7.1 4.3 -0.7 -0.9 7.2 10.7 -9.0 -10.6 4.5 5.1 -4.1 2.2 15.9 0.4 -17.4 0.4 13
14 Change in private inventories .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 14
15 Net exports of goods and services .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... 15
16 Exports 0.5 4.1 2.9 0.5 -13.1 6.3 7.0 2.6 1.4 6.1 0.3 0.8 -9.7 6.7 4.3 1.8 16
17 Goods 0.6 4.1 4.2 0.2 -10.0 7.6 5.8 2.6 2.4 6.1 1.6 0.0 -4.4 5.5 3.2 1.9 17
18 Services 0.2 4.1 0.3 1.2 -18.7 3.8 9.6 2.5 -0.6 6.0 -1.9 2.5 -19.3 9.2 6.7 1.6 18
19 Imports 1.5 4.7 4.0 1.2 -9.0 14.5 8.6 -1.7 2.2 5.8 3.0 -1.9 0.1 11.1 2.1 -0.1 19
20 Goods 1.1 4.5 5.1 0.6 -5.9 14.6 6.8 -1.6 2.7 5.5 3.7 -2.7 5.3 8.7 0.9 0.5 20
21 Services 3.0 5.7 -0.6 4.0 -21.9 13.9 17.5 -1.7 0.2 7.1 -0.1 1.7 -20.9 23.9 8.2 -2.7 21
22 Government consumption expenditures
and gross investment 2.0 0.6 2.0 3.9 3.2 -0.3 -0.9 4.1 1.5 1.0 1.9 4.7 1.1 -0.2 0.8 4.6 22
23 Federal 0.6 0.5 3.5 3.8 6.1 1.4 -2.8 4.2 0.2 1.4 3.5 3.9 4.5 0.6 -0.1 3.9 23
24 National defense -0.5 1.0 3.5 5.3 2.8 -1.9 -2.8 3.4 -0.5 2.1 4.5 4.3 3.2 -5.0 0.2 3.2 24
25 Nondefense 2.2 -0.2 3.4 1.7 10.9 5.9 -2.9 5.2 1.2 0.4 2.1 3.2 6.4 8.6 -0.6 4.8 25
26 State and local 2.8 0.6 1.1 4.0 1.4 -1.3 0.2 4.0 2.2 0.8 0.9 5.2 -0.9 -0.6 1.3 5.1 26
Addenda:
1
27 Gross domestic income (GDI) 1.0 2.4 3.0 2.6 -2.3 6.1 2.1 0.5 1.3 3.0 2.8 2.6 0.2 4.4 0.0 1.9 27
28 Average of GDP and GDI 1.4 2.4 3.0 2.5 -2.3 6.0 2.0 1.5 1.7 3.0 2.4 2.9 -0.4 4.9 0.3 2.5 28
29 Final sales of domestic product 2.4 2.5 2.9 2.4 -1.7 5.5 1.3 2.9 2.4 3.1 1.9 3.5 -1.3 4.7 1.0 3.5 29
30 Gross domestic purchases 1.9 2.6 3.1 2.5 -1.9 6.9 2.3 1.9 2.3 3.0 2.5 2.7 0.0 6.1 0.5 2.8 30
31 Final sales to domestic purchasers 2.4 2.6 3.0 2.4 -1.5 6.6 1.7 2.3 2.5 3.1 2.2 3.0 -0.2 5.3 0.8 3.2 31
32 Final sales to private domestic purchasers 2.5 3.0 3.2 2.1 -2.4 8.1 2.3 1.9 2.7 3.6 2.3 2.7 -0.5 6.5 0.8 2.9 32
33 Gross national product 1.8 2.7 2.9 2.4 -2.5 5.6 1.9 2.4 2.4 3.3 1.8 3.1 -1.4 5.2 0.7 3.0 33
34 Real disposable personal income 1.9 3.1 3.6 3.1 6.4 3.1 -5.9 4.2 1.8 3.5 4.0 2.4 4.6 0.3 -1.5 4.1 34
Price indexes:
35 Gross domestic purchases 0.7 1.8 2.2 1.5 1.3 4.2 6.8 3.4 1.2 1.9 2.1 1.3 1.6 5.8 6.2 2.4 35
36 Gross domestic purchases excluding
food and energy 2 1.0 1.7 2.1 1.6 1.5 3.9 6.1 3.6 1.4 1.7 2.2 1.4 1.8 5.3 5.7 2.7 36
37 GDP 1.0 1.8 2.3 1.7 1.3 4.6 7.1 3.6 1.4 1.9 2.2 1.5 1.7 6.1 6.4 2.6 37
38 GDP excluding food and energy 2 1.2 1.8 2.3 1.8 1.5 4.1 6.2 4.0 1.6 1.9 2.4 1.6 1.8 5.5 5.9 3.1 38
39 PCE 1.0 1.7 2.0 1.4 1.1 4.2 6.5 3.7 1.5 1.7 2.0 1.4 1.2 5.9 5.9 2.8 39
40 PCE excluding food and energy 2 1.6 1.6 1.9 1.6 1.3 3.6 5.2 4.1 1.8 1.6 2.0 1.5 1.4 4.9 5.1 3.2 40
3
41 Market-based PCE 0.7 1.4 1.8 1.3 1.0 3.6 6.5 3.6 1.1 1.4 1.7 1.3 1.0 5.3 6.0 2.7 41
42 Market-based PCE excluding food and
energy 2,3 1.3 1.2 1.6 1.5 1.3 2.9 5.0 4.0 1.4 1.2 1.7 1.5 1.2 4.1 5.0 3.2 42

1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Food excludes personal consumption expenditures for purchased meals and beverages, which are classified in food services.
3. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, financial services furnished without
payment) and the final consumption expenditures of nonprofit institutions serving households.
Note. Estimates under the Percent change from preceding year columns are calculated from annual data. Estimates under the Percent change from fourth quarter to fourth quarter columns are calculated from fourth
quarter values relative to the same quarter one year prior.
Source: U.S. Bureau of Economic Analysis

Page 12 of 17
 April 25, 2024
Table 6. Real Gross Domestic Product: Percent Change from Quarter One Year Ago
2020 2021 2022 2023 2024
Line Line
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
1 Gross domestic product (GDP) -7.5 -1.5 -1.1 1.6 11.9 4.7 5.4 3.6 1.9 1.7 0.7 1.7 2.4 2.9 3.1 3.0 1
2 Personal consumption expenditures (PCE) -8.6 -1.5 -0.8 3.0 16.4 7.6 7.2 5.0 2.2 1.9 1.2 2.1 1.8 2.2 2.7 2.4 2
3 Goods -0.9 8.4 8.8 13.6 20.3 6.0 6.6 2.3 -1.2 0.8 -0.6 1.0 1.2 2.6 3.3 2.0 3
4 Durable goods -0.9 15.3 15.3 28.4 32.8 4.5 5.8 -0.2 -3.7 3.0 0.1 3.1 3.2 4.7 5.8 2.0 4
5 Nondurable goods -0.9 5.0 5.4 6.4 13.9 6.8 7.0 3.8 0.2 -0.5 -1.0 -0.2 0.1 1.4 2.0 1.9 5
6 Services -12.1 -6.0 -5.1 -1.8 14.4 8.5 7.6 6.4 4.0 2.5 2.1 2.7 2.2 2.0 2.4 2.6 6
7 Gross private domestic investment -16.8 -2.2 2.1 3.9 19.8 4.7 7.9 10.5 9.0 2.9 -2.4 -6.1 -2.2 2.1 1.5 4.7 7
8 Fixed investment -7.9 -3.1 0.7 3.8 14.4 7.0 3.8 3.3 1.8 1.1 -0.8 -1.8 -0.5 1.3 3.6 4.2 8
9 Nonresidential -9.3 -6.4 -3.7 0.4 11.8 6.8 4.9 5.3 4.3 5.8 5.6 4.4 4.9 4.1 4.6 3.9 9
10 Structures -10.8 -16.3 -14.9 -12.1 0.1 1.4 -0.9 -3.1 -3.4 -2.7 0.8 8.1 12.3 15.7 16.9 9.4 10
11 Equipment -19.2 -9.4 -3.7 2.5 18.4 4.6 1.4 4.9 3.5 7.2 5.3 0.2 0.9 -1.6 -0.6 1.0 11
12 Intellectual property products 3.3 3.4 3.4 5.9 12.2 11.9 11.6 10.3 9.0 9.0 8.3 6.4 4.9 3.6 3.2 3.6 12
13 Residential -2.7 8.8 15.9 14.8 22.7 7.3 0.4 -2.4 -5.0 -11.4 -17.4 -18.1 -15.4 -7.2 0.4 5.1 13
14 Change in private inventories ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 14
15 Net exports of goods and services ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... ......... 15
16 Exports -24.1 -14.5 -9.7 -5.7 20.3 7.1 6.7 5.2 7.4 11.1 4.3 7.3 2.1 -0.4 1.8 0.3 16
17 Goods -24.1 -9.7 -4.4 -3.4 27.2 5.6 5.5 3.1 5.6 11.3 3.2 8.6 1.7 -1.3 1.9 -0.8 17
18 Services -24.2 -22.9 -19.3 -10.2 8.4 10.0 9.2 9.9 11.5 10.5 6.7 4.4 2.6 1.6 1.6 2.7 18
19 Imports -22.1 -8.4 0.1 5.7 30.4 13.6 11.1 12.7 11.8 8.2 2.1 -1.0 -3.9 -1.7 -0.1 1.3 19
20 Goods -19.8 -3.8 5.3 10.3 31.9 10.7 8.7 10.1 9.6 7.1 0.9 -2.0 -4.1 -0.9 0.5 1.7 20
21 Services -31.5 -27.3 -20.9 -13.8 23.4 29.3 23.9 27.2 23.4 13.6 8.2 4.1 -2.6 -5.2 -2.7 -0.3 21
22 Government consumption expenditures
and gross investment 5.0 2.2 1.1 1.4 -1.8 -0.6 -0.2 -2.3 -1.6 -0.6 0.8 2.7 4.1 4.8 4.6 3.7 22
23 Federal 10.2 5.2 4.5 7.6 -1.9 -0.4 0.6 -5.2 -4.0 -1.9 -0.1 3.0 4.3 5.7 3.9 2.6 23
24 National defense 3.4 1.7 3.2 0.3 -1.1 -1.8 -5.0 -4.9 -3.5 -2.8 0.2 2.5 2.9 5.0 3.2 2.6 24
25 Nondefense 20.3 10.6 6.4 18.3 -3.0 1.4 8.6 -5.6 -4.5 -0.8 -0.6 3.5 6.1 6.7 4.8 2.5 25
26 State and local 1.9 0.4 -0.9 -2.2 -1.7 -0.7 -0.6 -0.4 -0.2 0.2 1.3 2.6 4.0 4.3 5.1 4.4 26
Addenda:
1
27 Gross domestic income (GDI) -7.9 -2.5 0.2 1.6 12.5 6.6 4.4 3.7 2.5 2.3 0.0 0.0 0.1 -0.1 1.9 ......... 27
28 Average of GDP and GDI -7.7 -2.0 -0.4 1.6 12.2 5.6 4.9 3.6 2.2 2.0 0.3 0.9 1.3 1.4 2.5 ......... 28
29 Final sales of domestic product -5.9 -1.6 -1.3 1.6 11.1 5.1 4.7 2.3 0.6 1.4 1.0 2.6 2.7 2.8 3.5 2.9 29
30 Gross domestic purchases -7.7 -1.0 0.0 2.9 13.4 5.7 6.1 4.7 2.7 1.6 0.5 0.7 1.5 2.6 2.8 3.0 30
31 Final sales to domestic purchasers -6.1 -1.1 -0.2 2.9 12.5 6.1 5.3 3.4 1.5 1.3 0.8 1.5 1.8 2.5 3.2 2.9 31
32 Final sales to private domestic purchasers -8.5 -1.8 -0.5 3.2 16.0 7.5 6.5 4.6 2.1 1.7 0.8 1.3 1.3 2.0 2.9 2.8 32
33 Gross national product -7.9 -1.8 -1.4 1.3 11.8 4.4 5.2 3.1 1.9 1.8 0.7 1.7 2.2 2.8 3.0 ......... 33
34 Real disposable personal income 11.9 7.3 4.6 16.2 -2.5 -0.3 0.3 -12.6 -5.6 -3.5 -1.5 3.7 4.9 4.1 4.1 1.7 34
Price indexes:
35 Gross domestic purchases 0.7 1.3 1.6 2.4 4.1 4.7 5.8 6.7 7.3 7.0 6.2 5.0 3.4 2.9 2.4 2.3 35
36 Gross domestic purchases excluding
food and energy 2 1.1 1.5 1.8 2.3 3.8 4.3 5.3 6.0 6.3 6.2 5.7 5.0 3.8 3.2 2.7 2.5 36
37 GDP 0.8 1.3 1.7 2.6 4.5 5.1 6.1 6.9 7.7 7.2 6.4 5.3 3.5 3.2 2.6 2.5 37
38 GDP excluding food and energy 2 1.0 1.5 1.8 2.4 4.0 4.6 5.5 6.2 6.5 6.4 5.9 5.3 4.1 3.6 3.1 2.7 38
39 PCE 0.5 1.1 1.2 2.1 4.1 4.7 5.9 6.6 6.8 6.6 5.9 5.0 3.9 3.3 2.8 2.6 39
40 PCE excluding food and energy 2 0.9 1.3 1.4 1.9 3.6 4.0 4.9 5.5 5.2 5.2 5.1 4.8 4.6 3.8 3.2 2.9 40
41 Market-based PCE 3 0.6 1.1 1.0 1.7 3.4 4.0 5.3 6.3 6.8 6.7 6.0 5.0 3.7 3.1 2.7 2.4 41
42 Market-based PCE excluding food and energy 2,3 1.1 1.3 1.2 1.5 2.7 3.2 4.1 5.0 4.9 5.2 5.0 4.7 4.5 3.7 3.2 2.7 42

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

Page 13 of 17
 April 25, 2024

Table 7. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line 2021 2022 2023 2023 2024 Line
Q1 Q2 Q3 Q4 Q1
1 Gross domestic product (GDP) 23,594.0 25,744.1 27,360.9 26,813.6 27,063.0 27,610.1 27,957.0 28,284.5 1
2 Plus: Income receipts from the rest of the world 1,112.1 1,252.6 1,457.1 1,390.7 1,452.7 1,499.9 1,485.0 ............... 2
3 Less: Income payments to the rest of the world 928.6 1,070.7 1,292.9 1,231.8 1,279.7 1,335.8 1,324.2 ............... 3
4 Equals: Gross national product 23,777.6 25,926.0 27,525.1 26,972.5 27,236.1 27,774.2 28,117.8 ............... 4
5 Less: Consumption of fixed capital 3,873.3 4,299.9 4,585.8 4,507.4 4,557.0 4,611.5 4,667.3 4,704.3 5
6 Less: Statistical discrepancy -5.5 -52.3 490.2 328.2 437.3 640.5 555.0 ............... 6
7 Equals: National income 19,909.7 21,678.4 22,449.1 22,136.9 22,241.8 22,522.2 22,895.5 ............... 7
8 Compensation of employees 12,545.9 13,439.2 14,253.5 13,965.2 14,154.1 14,368.7 14,526.1 14,750.7 8
9 Wages and salaries 10,312.6 11,116.0 11,816.3 11,565.4 11,733.3 11,917.5 12,049.0 12,238.2 9
10 Supplements to wages and salaries 2,233.2 2,323.2 2,437.2 2,399.8 2,420.9 2,451.2 2,477.1 2,512.5 10
11 Proprietors' income with inventory valuation and capital
consumption adjustments 1,749.1 1,790.9 1,848.4 1,827.4 1,824.1 1,859.6 1,882.6 1,892.3 11
12 Rental income of persons with capital consumption adjustment 814.2 878.3 967.3 945.8 961.1 974.4 988.1 1,024.5 12
13 Corporate profits with inventory valuation and capital
consumption adjustments 2,922.8 3,208.7 3,258.0 3,165.1 3,172.1 3,280.7 3,414.2 ............... 13
14 Net interest and miscellaneous payments 504.6 457.4 185.4 307.8 212.4 105.7 115.8 95.2 14
15 Taxes on production and imports less subsidies 1,189.2 1,682.8 1,731.6 1,729.7 1,721.7 1,727.6 1,747.2 1,756.9 15
16 Business current transfer payments (net) 189.0 216.8 214.5 203.1 206.4 216.7 231.7 277.8 16
17 Current surplus of government enterprises -5.0 4.4 -9.7 -7.1 -10.0 -11.2 -10.3 -8.8 17
Addenda:
18 Gross domestic income (GDI) 23,599.5 25,796.4 26,870.7 26,485.4 26,625.7 26,969.7 27,402.0 ............... 18
19 Average of GDP and GDI 23,596.8 25,770.3 27,115.8 26,649.5 26,844.4 27,289.9 27,679.5 ............... 19
20 Statistical discrepancy as a percentage of GDP 0.0 -0.2 1.8 1.2 1.6 2.3 2.0 ............... 20

Source: U.S. Bureau of Economic Analysis

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 April 25, 2024
Table 8. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
Line 2021 2022 2023 2023 2024 Line
Q1 Q2 Q3 Q4 Q1
1 Personal income 1 21,407.7 21,840.8 22,978.4 22,643.9 22,868.0 23,085.7 23,315.9 23,722.9 1
2 Compensation of employees 12,545.9 13,439.2 14,253.5 13,965.2 14,154.1 14,368.7 14,526.1 14,750.7 2
3 Wages and salaries 10,312.6 11,116.0 11,816.3 11,565.4 11,733.3 11,917.5 12,049.0 12,238.2 3
4 Private industries 8,766.4 9,493.6 10,081.9 9,879.6 10,022.3 10,164.2 10,261.6 10,412.8 4
5 Goods-producing industries 1,604.9 1,740.5 1,851.5 1,809.9 1,837.4 1,867.4 1,891.2 1,917.9 5
6 Manufacturing 961.6 1,034.8 1,091.3 1,067.2 1,081.8 1,102.6 1,113.8 1,126.3 6
7 Services-producing industries 7,161.4 7,753.1 8,230.5 8,069.7 8,184.9 8,296.7 8,370.4 8,494.9 7
8 Trade, transportation, and utilities 1,595.3 1,714.1 1,813.8 1,790.2 1,798.5 1,827.3 1,839.3 1,861.7 8
9 Other services-producing industries 5,566.2 6,039.0 6,416.6 6,279.5 6,386.4 6,469.4 6,531.1 6,633.1 9
10 Government 1,546.3 1,622.5 1,734.4 1,685.8 1,710.9 1,753.3 1,787.4 1,825.4 10
11 Supplements to wages and salaries 2,233.2 2,323.2 2,437.2 2,399.8 2,420.9 2,451.2 2,477.1 2,512.5 11
12 Employer contributions for employee pension and insurance funds 2 1,526.8 1,559.1 1,620.7 1,598.8 1,609.7 1,628.5 1,645.7 1,664.2 12
13 Employer contributions for government social insurance 706.4 764.0 816.6 800.9 811.2 822.7 831.4 848.2 13
14 Proprietors' income with inventory valuation and
capital consumption adjustments 1,749.1 1,790.9 1,848.4 1,827.4 1,824.1 1,859.6 1,882.6 1,892.3 14
15 Farm 72.2 81.7 54.3 71.2 58.2 49.9 38.0 37.2 15
16 Nonfarm 1,676.8 1,709.1 1,794.1 1,756.2 1,765.9 1,809.6 1,844.6 1,855.1 16
17 Rental income of persons with capital consumption adjustment 814.2 878.3 967.3 945.8 961.1 974.4 988.1 1,024.5 17
18 Personal income receipts on assets 3,214.7 3,432.0 3,613.4 3,577.0 3,602.6 3,606.5 3,667.3 3,706.0 18
19 Personal interest income 1,515.5 1,627.5 1,772.8 1,744.3 1,754.8 1,776.4 1,815.6 1,821.5 19
20 Personal dividend income 1,699.2 1,804.5 1,840.6 1,832.7 1,847.8 1,830.2 1,851.7 1,884.5 20
21 Personal current transfer receipts 4,641.9 4,002.1 4,100.7 4,102.4 4,120.1 4,093.7 4,086.8 4,225.9 21
22 Government social benefits to persons 4,554.1 3,903.0 3,996.4 4,001.5 4,017.3 3,987.8 3,979.2 4,112.1 22
23 Social security 3 1,114.6 1,211.5 1,357.3 1,340.0 1,353.8 1,361.3 1,374.2 1,424.8 23
24 Medicare 4 874.5 926.1 944.4 938.1 941.9 946.3 951.3 960.7 24
25 Medicaid 736.5 814.4 882.9 871.5 911.4 880.6 868.3 900.3 25
26 Unemployment insurance 324.0 22.3 22.0 22.0 22.3 21.0 22.7 22.8 26
27 Veterans' benefits 154.1 170.5 173.0 172.9 172.6 172.8 173.6 174.7 27
28 Other 1,350.5 758.2 616.8 657.1 615.4 605.7 589.1 628.8 28
29 Other current transfer receipts, from business (net) 87.7 99.1 104.3 100.9 102.8 105.9 107.5 113.8 29
30 Less: Contributions for government social insurance, domestic 1,558.0 1,701.7 1,805.0 1,773.9 1,794.0 1,817.1 1,835.1 1,876.5 30
31 Less: Personal current taxes 2,743.3 3,138.3 2,759.5 2,763.7 2,703.8 2,765.3 2,805.1 2,986.0 31
32 Equals: Disposable personal income 18,664.4 18,702.5 20,218.9 19,880.2 20,164.2 20,320.4 20,510.8 20,737.0 32
33 Less: Personal outlays 16,543.9 18,079.7 19,305.1 18,932.0 19,136.6 19,456.5 19,695.3 19,981.3 33
34 Personal consumption expenditures 16,043.0 17,511.7 18,570.6 18,269.6 18,419.0 18,679.5 18,914.5 19,191.6 34
35 Goods 5,506.6 5,997.0 6,191.5 6,133.8 6,144.7 6,231.8 6,255.7 6,240.7 35
36 Durable goods 2,006.4 2,128.9 2,198.8 2,194.9 2,193.6 2,204.5 2,202.2 2,192.9 36
37 Nondurable goods 3,500.2 3,868.1 3,992.7 3,939.0 3,951.1 4,027.3 4,053.5 4,047.8 37
38 Services 10,536.3 11,514.7 12,379.2 12,135.7 12,274.4 12,447.7 12,658.8 12,950.9 38
39 Personal interest payments 5 273.6 326.1 489.2 419.8 474.7 530.6 531.7 537.8 39
40 Personal current transfer payments 227.3 241.8 245.2 242.6 242.9 246.4 249.1 251.9 40
41 To government 120.2 127.7 130.8 129.7 130.4 131.2 132.1 133.4 41
42 To the rest of the world (net) 107.1 114.1 114.4 112.9 112.5 115.2 117.0 118.6 42
43 Equals: Personal saving 2,120.5 622.8 913.8 948.2 1,027.6 863.9 815.5 755.7 43
44 Personal saving as a percentage of disposable personal income 11.4 3.3 4.5 4.8 5.1 4.3 4.0 3.6 44
Addenda:
45 Personal income excluding current transfer receipts,
billions of chained (2017) dollars 6 15,381.3 15,372.5 15,681.1 15,540.8 15,617.5 15,720.1 15,845.9 15,933.1 45
Disposable personal income:
46 Total, billions of chained (2017) dollars 6 17,123.1 16,116.9 16,795.3 16,662.8 16,797.3 16,819.6 16,902.1 16,946.4 46
Per capita:
47 Current dollars 56,156 56,068 60,317 59,424 60,203 60,580 61,058 61,661 47
48 Chained (2017) dollars 51,519 48,317 50,104 49,807 50,151 50,143 50,316 50,390 48
49 Population (midperiod, thousands) 7 332,367 333,568 335,208 334,547 334,934 335,430 335,923 336,308 49

1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments, business current transfer payments (net), and current surplus of government enterprises, plus personal income receipts on assets,
and personal current transfer receipts.
2. Includes actual employer contributions and actuarially imputed employer contributions to reflect benefits accrued by defined benefit pension plan participants through service to employers in the current
period.
3. Social security benefits include old-age, survivors, and disability insurance benefits that are distributed from the federal old-age and survivors insurance trust fund and the disability insurance trust fund.
4. Medicare benefits include hospital and supplementary medical insurance benefits that are distributed from the federal hospital insurance trust fund and the supplementary medical insurance trust fund.
5. Consists of nonmortgage interest paid by households. Note that mortgage interest paid by households is an expense item in the calculation of rental income of persons.
6. The current-dollar measure is deflated by the implicit price deflator for personal consumption expenditures.
7. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized population.
Source: U.S. Bureau of Economic Analysis
Page 15 of 17
 April 25, 2024
Appendix Table A. Real Gross Domestic Product and Related Aggregates:
Percent Change from Preceding Period and Contributions to Percent Change
Seasonally adjusted at annual rates
Line 2021 2022 2023 2020 2021 2022 2023 2024 Line
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Percent change from preceding period

Gross domestic product

(GDP) and related
aggregates:
1 GDP 5.8 1.9 2.5 -28.0 34.8 4.2 5.2 6.2 3.3 7.0 -2.0 -0.6 2.7 2.6 2.2 2.1 4.9 3.4 1.6 1
2 Goods 8.7 3.5 2.8 -28.0 72.3 1.5 4.0 6.4 1.6 19.0 -4.4 -3.1 7.9 6.2 -1.3 0.9 7.3 2.6 -2.4 2
3 Services 4.9 2.4 2.6 -28.1 21.4 4.0 6.0 7.9 5.5 2.7 -0.6 2.3 2.5 2.5 3.2 1.9 2.9 2.8 3.0 3
4 Structures 2.2 -6.4 1.0 -27.5 19.4 15.7 4.5 -4.9 -5.1 -3.7 -2.8 -9.5 -13.5 -9.6 8.9 7.7 10.0 10.4 6.5 4
5 Motor vehicle output 7.9 -2.5 5.7 -85.1 1,189.9 -27.5 10.7 -8.7 -40.1 33.7 -12.5 4.3 15.3 -1.2 14.7 15.4 -7.1 -21.8 -6.4 5
6 GDP excluding motor
vehicle output 5.7 2.1 2.5 -25.6 28.0 5.3 5.1 6.7 4.8 6.3 -1.7 -0.7 2.3 2.7 1.9 1.7 5.2 4.2 1.8 6
7 Nonfarm business gross
value added 1 7.2 2.1 2.6 -32.8 45.8 5.4 6.5 7.3 3.4 8.9 -2.8 -1.1 2.8 2.8 1.8 2.0 5.8 3.8 1.3 7
Contributions to percent change in real gross domestic product

Percent change at annual

rate:
8 Gross domestic
product 5.8 1.9 2.5 -28.0 34.8 4.2 5.2 6.2 3.3 7.0 -2.0 -0.6 2.7 2.6 2.2 2.1 4.9 3.4 1.6 8
Percentage points at
annual rates:
9 Goods 2.65 1.10 0.89 -7.55 19.64 0.57 1.38 2.09 0.56 5.66 -1.39 -0.99 2.44 1.95 -0.40 0.29 2.30 0.83 -0.73 9
10 Services 2.95 1.43 1.57 -17.82 13.42 2.36 3.48 4.59 3.22 1.64 -0.34 1.32 1.49 1.48 1.92 1.13 1.73 1.70 1.77 10
11 Structures 0.20 -0.59 0.09 -2.65 1.78 1.28 0.38 -0.47 -0.48 -0.34 -0.25 -0.89 -1.27 -0.86 0.72 0.63 0.83 0.86 0.55 11
12 Motor vehicle output 0.20 -0.07 0.15 -3.77 6.02 -0.93 0.27 -0.25 -1.33 0.75 -0.35 0.11 0.38 -0.03 0.37 0.40 -0.21 -0.65 -0.17 12

1. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
Source: U.S. Bureau of Economic Analysis

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 April 25, 2024
Appendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago
Billions of chained (2017) dollars at quarterly rates Percent change from quarter one year ago
Line 2021 2022 2023 2024 2022 2023 2024 Line
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
1 Gross domestic product
(GDP) 5,568.3 5,303.8 5,434.7 5,487.0 5,596.5 5,415.4 5,569.5 5,642.7 5,761.5 5,575.1 3.7 1.8 1.9 0.5 2.1 2.5 2.8 2.9 2.9 1
2 Personal consumption
expenditures 3,849.8 3,637.5 3,777.9 3,775.0 3,900.4 3,723.3 3,854.2 3,864.7 3,996.1 3,831.2 4.7 2.3 2.1 1.3 2.4 2.0 2.4 2.5 2.9 2
3 Gross private domestic
investment 1,040.0 1,032.6 1,018.0 1,059.2 993.0 981.4 993.9 1,062.3 1,013.1 1,018.4 12.6 9.4 3.2 -4.5 -5.0 -2.4 0.3 2.0 3.8 3
4 Net exports of goods and
services -248.7 -262.5 -283.0 -272.0 -233.5 -211.7 -233.0 -249.8 -222.5 -220.7 ......... ......... ......... ......... ......... ......... ......... ......... ......... 4
5 Exports 609.4 573.0 607.8 623.7 635.1 613.1 623.3 621.9 644.9 614.3 4.9 7.3 11.6 4.2 7.0 2.6 -0.3 1.5 0.2 5
6 Imports 858.0 835.5 890.8 895.7 868.6 824.7 856.3 871.7 867.5 835.0 13.1 12.2 8.7 1.2 -1.3 -3.9 -2.7 -0.1 1.2 6
7 Government consumption
expenditures and gross
investment 926.5 895.3 918.9 921.3 935.0 921.2 952.4 963.7 974.4 946.4 -2.1 -2.1 -0.5 0.9 2.9 3.7 4.6 4.2 2.7 7

Addenda:
Current dollar measures:
(Billions of dollars)
8 GDP 6,271.5 6,098.9 6,414.3 6,539.2 6,701.5 6,546.7 6,802.4 6,927.6 7,081.8 6,926.1 10.8 9.6 9.4 6.9 7.3 6.1 5.9 5.7 5.8 8
9 Gross domestic income 6,340.9 6,309.1 6,340.3 6,516.3 6,630.6 6,729.0 6,567.5 6,606.6 7,005.8 ............. 12.2 10.8 10.2 4.6 6.7 3.6 1.4 5.7 ......... 9

Source: U.S. Bureau of Economic Analysis

Page 17 of 17