GDP and the Economy

Second Estimates for the Fourth Quarter of 2024

March 5, 2025

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Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024, according to the “second” estimate of the National Income and Product Accounts (chart 1 and table 1).1 With the second estimate, real GDP growth increased at the same rate as the “advance” estimate issued in January. In the third quarter, real GDP increased 3.1 percent.

Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), compared with an increase of 2.9 percent in 2023 (see “Real GDP 2024”).

Chart 1. Real GDP: Percent Change from Preceding Quarter

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Chart 2. Real GDP: Contributions to the Percent Change in 2024:Q4

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The increase in fourth-quarter real GDP primarily reflected increases in consumer spending, federal government spending, state and local government spending, and residential fixed investment that was partly offset by decreases in inventory investment and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased (chart 2 and table 1).2

  • The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributors to the increase were health care and “other services.” Within goods, the leading contributors to the increase were motor vehicles and parts, recreational goods and vehicles, and “other nondurable goods.”
    • Within health care, both outpatient services and hospital and nursing home services (notably, hospital services) increased.
    • The increase in motor vehicles and parts was led by new light trucks.
    • The increase in recreational goods and vehicles was led by video, audio, photographic, and information processing equipment and media.
    • The increase in other nondurable goods was led by recreational items.
  • Within federal government spending, the increase was led by defense consumption expenditures.
  • Within state and local government spending, the increase was led by compensation of employees.
  • The increase in residential fixed investment reflected increases in brokers' commissions and improvements.
  • The decrease in inventory investment was led by a decrease in retail trade.
  • Within nonresidential fixed investment, the decrease was led by equipment. Within equipment, the decrease was led by transportation equipment and computers and peripheral equipment.
  • Within imports, goods decreased, and services increased. The decrease in goods was led by capital goods, except automotive. The increase in services was led by travel.

Compared to the third quarter, the deceleration in real GDP in the fourth quarter primarily reflected downturns in exports and nonresidential fixed investment that were partly offset by accelerations in residential fixed investment and consumer spending. Imports turned down.

Table 1. Real Gross Domestic Product and Related Measures
[Seasonally adjusted at annual rates]
Line Series Share of current-dollar GDP
(percent)		 Change from preceding period
(percent)		 Contribution to percent change in real GDP
(percentage points)
2024
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1 GDP1 100.0 1.6 3.0 3.1 2.3 1.6 3.0 3.1 2.3
2 Personal consumption expenditures 68.2 1.9 2.8 3.7 4.2 1.30 1.90 2.48 2.79
3 Goods 21.4 −1.2 3.0 5.6 6.1 −0.25 0.63 1.18 1.27
4 Durable goods 7.5 −1.8 5.5 7.6 12.1 −0.13 0.40 0.54 0.86
5 Nondurable goods 13.9 −0.8 1.7 4.6 3.0 −0.12 0.23 0.63 0.41
6 Services 46.8 3.4 2.7 2.8 3.3 1.55 1.27 1.31 1.53
7 Gross private domestic investment 17.8 3.6 8.3 0.8 −5.7 0.64 1.47 0.16 −1.05
8 Fixed investment 17.7 6.5 2.3 2.1 −1.4 1.14 0.42 0.38 −0.24
9 Nonresidential 13.7 4.5 3.9 4.0 −3.2 0.61 0.53 0.55 −0.45
10 Structures 3.1 6.3 0.2 −5.0 1.1 0.20 0.01 −0.16 0.04
11 Equipment 5.1 0.3 9.8 10.8 −9.0 0.02 0.49 0.54 −0.49
12 Intellectual property products 5.5 7.5 0.7 3.1 0.0 0.40 0.04 0.17 0.00
13 Residential 4.0 13.7 −2.8 −4.3 5.4 0.53 −0.11 −0.18 0.21
14 Change in private inventories 0.1 --- --- --- --- −0.49 1.05 −0.22 −0.81
15 Net exports of goods and services −3.1 --- --- --- --- −0.61 −0.90 −0.43 0.12
16 Exports 10.8 1.9 1.0 9.6 −0.5 0.21 0.12 1.01 −0.05
17 Goods 6.9 −0.2 0.9 10.3 −4.8 −0.02 0.07 0.70 −0.34
18 Services 3.9 6.1 1.2 8.4 7.7 0.23 0.05 0.31 0.29
19 Imports 14.0 6.1 7.6 10.7 −1.2 −0.82 −1.01 −1.44 0.17
20 Goods 11.1 6.5 8.4 10.7 −5.0 −0.69 −0.90 −1.14 0.58
21 Services 2.9 4.8 4.3 11.0 15.3 −0.13 −0.12 −0.29 −0.41
22 Government consumption expenditures and gross investment 17.2 1.8 3.1 5.1 2.9 0.30 0.52 0.86 0.49
23 Federal 6.5 −0.4 4.3 8.9 4.0 −0.02 0.27 0.55 0.25
24 National defense 3.7 −2.5 6.4 13.9 4.7 −0.09 0.23 0.48 0.17
25 Nondefense 2.7 2.6 1.5 2.6 2.9 0.07 0.04 0.07 0.08
26 State and local 10.7 3.1 2.3 2.9 2.2 0.32 0.25 0.31 0.23
Addenda:
27 GDI2 --- 3.0 2.0 1.4 --- --- --- --- ---
28 Average of GDP and GDI --- 2.3 2.5 2.2 --- --- --- --- ---
29 Final sales of domestic product --- 2.1 1.9 3.3 3.2 --- --- --- ---
30 Goods 29.9 −3.6 5.2 4.7 0.7 −1.12 1.56 1.41 0.23
31 Services 61.3 3.2 2.4 3.2 3.0 1.91 1.48 1.92 1.79
32 Structures 8.8 9.9 −0.6 −2.9 3.8 0.85 −0.05 −0.26 0.33
GDI
Gross domestic income
GDP
Gross domestic product
  1. The GDP estimates under the contribution columns are also percent changes.
  2. GDI is deflated by the implicit price deflator for GDP.

Note. Percent changes are from National Income and Product Accounts (NIPA) tables 1.1.1 and 1.2.1, contributions are from NIPA tables 1.1.2 and 1.2.2, and shares are from NIPA table 1.1.10 or are calculated from NIPA table 1.2.5.

U.S. Bureau of Economic Analysis

The U.S. Bureau of Economic Analysis' (BEA's) featured measure of inflation for the U.S. economy, the price index for gross domestic purchases (goods and services purchased by U.S. residents), increased 2.3 percent in the fourth quarter after increasing 1.9 percent in the third quarter (chart 3 and table 2).

Within gross domestic purchases, food prices increased 2.8 percent in the fourth quarter after increasing 1.3 percent in the third quarter. Prices for energy goods and services decreased 4.1 percent after decreasing 12.6 percent. Excluding food and energy, gross domestic purchases prices increased 2.4 percent, the same increase as in the previous quarter.

The price index for personal consumption expenditures (PCE) increased 2.4 percent in the fourth quarter after increasing 1.5 percent in the third quarter. The increase in PCE prices reflected an increase in prices for services that was partly offset by a decrease in prices for goods.

  • Within services, increases were widespread. The leading contributors were housing and utilities (mainly housing), financial services and insurance (mainly banking and other financial services), and health care (led by hospitals).
  • Within goods, the leading contributors to the decrease were gasoline and “other energy goods” (mainly motor vehicle fuels, lubricants, and fluids) and recreational goods and vehicles (led by video, audio, photographic, and information processing equipment and media).

Excluding food and energy, the “core” PCE price index increased 2.7 percent in the fourth quarter, following an increase of 2.2 percent in the third quarter.

Chart 3. Prices for Gross Domestic Purchases

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Table 2. Prices for Gross Domestic Purchases
[Percent change at annual rates; based on seasonally adjusted index numbers (2017=100)]
Line Series Change from preceding period
(percent)		 Contribution to percent change in gross domestic purchases prices
(percentage points)
2024
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
1 Gross domestic purchases1 3.0 2.4 1.9 2.3 3.0 2.4 1.9 2.3
2 Personal consumption expenditures 3.4 2.5 1.5 2.4 2.25 1.67 1.02 1.58
3 Goods −0.5 0.7 −1.6 −0.4 −0.10 0.15 −0.33 −0.07
4 Durable goods −0.5 −2.6 −2.4 −0.1 −0.03 −0.18 −0.17 0.00
5 Nondurable goods −0.5 2.5 −1.2 −0.5 −0.07 0.33 −0.16 −0.07
6 Services 5.3 3.4 3.0 3.7 2.36 1.52 1.35 1.65
7 Gross private domestic investment 0.9 2.5 3.0 1.8 0.16 0.44 0.53 0.32
8 Fixed investment 0.9 2.6 3.2 1.8 0.16 0.45 0.55 0.31
9 Nonresidential 1.3 2.3 3.1 1.7 0.18 0.31 0.42 0.23
10 Structures −2.0 0.3 1.9 −0.3 −0.06 0.01 0.06 −0.01
11 Equipment 3.8 1.7 2.5 1.1 0.19 0.08 0.12 0.06
12 Intellectual property products 1.0 4.0 4.4 3.4 0.06 0.21 0.23 0.18
13 Residential −0.4 3.5 3.5 2.0 −0.02 0.14 0.13 0.08
14 Change in private inventories --- --- --- --- 0.00 −0.01 −0.02 0.01
15 Government consumption expenditures and gross investment 3.7 2.1 2.4 2.2 0.62 0.34 0.40 0.36
16 Federal 3.6 2.8 2.4 2.7 0.22 0.17 0.15 0.17
17 National defense 3.8 2.7 1.9 2.4 0.13 0.09 0.07 0.09
18 Nondefense 3.2 3.0 3.2 3.1 0.09 0.08 0.08 0.08
19 State and local 3.9 1.6 2.4 1.9 0.40 0.17 0.25 0.19
  Addenda:
  Gross domestic purchases:                
20 Food 2.3 −0.5 1.3 2.8 0.12 −0.02 0.07 0.14
21 Energy goods and services −1.3 2.5 −12.6 −4.1 −0.03 0.06 −0.34 −0.10
22 Excluding food and energy 3.2 2.6 2.4 2.4 2.95 2.41 2.22 2.23
  Personal consumption expenditures:                
23 Food and beverages purchased for off-premises consumption 2.1 −0.4 1.6 2.7 --- --- --- ---
24 Energy goods and services −1.2 2.4 −12.4 −4.2 --- --- --- ---
25 Excluding food and energy 3.7 2.8 2.2 2.7 --- --- --- ---
26 Gross domestic product 3.0 2.5 1.9 2.4 --- --- --- ---
27 Exports of goods and services 2.5 2.7 −0.9 0.3 --- --- --- ---
28 Imports of goods and services 2.6 2.1 −0.2 −0.2 --- --- --- ---
  1. The estimated prices for gross domestic purchases under the contribution columns are also percent changes.

Note. Most percent changes are from National Income and Product Accounts (NIPA) table 1.6.7; percent changes for personal consumption expenditures (PCE) for food and energy goods and services and for PCE excluding food and energy are from NIPA table 2.3.7. Contributions are from NIPA table 1.6.8. Gross domestic product, export, and import prices are from NIPA table 1.1.7.

U.S. Bureau of Economic Analysis

Measured in current dollars, personal income increased $310.3 billion in the fourth quarter, compared to an increase of $142.7 billion (revised) in the third quarter (table 3). The increase in the fourth quarter primarily reflected an increase in compensation (led by private wages and salaries).

Personal current taxes increased $44.6 billion in the fourth quarter after increasing $48.8 billion (revised) in the third quarter.

Current-dollar disposable personal income (DPI)—personal income less personal current taxes—increased $265.6 billion in the fourth quarter after increasing $93.9 billion (revised) in the third quarter. Real DPI (chart 4), which is deflated by the implicit price deflator for consumer spending, increased 2.5 after increasing 0.2 percent (revised). Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $326.0 billion after increasing $266.1 billion. The personal saving rate (chart 5)—personal saving as a percentage of DPI—was 3.8 percent in the fourth quarter, compared with 4.1 percent (revised) in the third quarter.

With the release of the second estimate of GDP, BEA also released revised estimates of third-quarter wages and salaries, personal taxes, and contributions for government social insurance, based on updated data from the U.S. Bureau of Labor Statistics Quarterly Census of Employment and Wages program. As a result:

  • Wages and salaries are now estimated to have increased $61.0 billion in the third quarter, a downward revision of $52.4 billion.
  • Personal taxes are now estimated to have increased $48.8 billion in the third quarter, a downward revision of $1.4 billion.
  • Contributions for government social insurance are now estimated to have increased $7.8 billion in the third quarter, a downward revision of $7.1 billion.
  • The personal saving rate was 4.1 percent in the third quarter, a downward revision of 0.2 percentage point.

In addition:

  • Real gross domestic income (GDI) is now estimated to have increased 1.4 percent in the third quarter, a downward revision of 0.7 percentage point from the previously published estimate.
  • The average of real GDP and real GDI increased 2.2 percent, a downward revision of 0.4 percentage point.
Table 3. Personal Income and Its Disposition
[Billions of dollars; quarterly estimates are seasonally adjusted at annual rates]
Line Series Level Change from preceding period
2024
Q3 Q4 Q1 Q2 Q3 Q4
1 Personal income 24,716.7 25,027.0 536.4 229.8 142.7 310.3
2 Compensation of employees 15,036.1 15,227.4 342.5 121.9 90.4 191.4
3 Wages and salaries 12,404.1 12,562.5 295.6 92.1 61.0 158.4
4 Private industries 10,537.5 10,668.0 260.0 65.0 37.8 130.5
5 Goods-producing industries 1,919.9 1,937.8 44.3 −17.6 9.3 17.9
6 Manufacturing 1,112.1 1,119.0 20.4 −16.0 5.0 6.8
7 Services-producing industries 8,617.6 8,730.2 215.7 82.6 28.5 112.6
8 Trade, transportation, and utilities 1,867.8 1,885.8 34.6 11.9 −2.6 18.0
9 Other services-producing industries 6,749.7 6,844.4 181.2 70.7 31.1 94.6
10 Government 1,866.6 1,894.5 35.6 27.1 23.3 28.0
11 Supplements to wages and salaries 2,632.0 2,664.9 46.9 29.8 29.4 32.9
12 Proprietors' income with IVA and CCAdj 2,013.5 2,035.3 2.0 30.2 11.2 21.8
13 Farm 46.4 56.8 −11.7 2.5 5.4 10.3
14 Nonfarm 1,967.1 1,978.5 13.7 27.6 5.8 11.4
15 Rental income of persons with CCAdj 1,055.7 1,072.3 32.5 7.3 2.3 16.6
16 Personal income receipts on assets 3,938.8 3,969.8 19.9 11.3 −11.4 31.0
17 Personal interest income 1,966.3 1,986.2 −14.3 15.2 0.1 19.8
18 Personal dividend income 1,972.4 1,983.6 34.2 −4.0 −11.6 11.1
19 Personal current transfer receipts 4,570.4 4,640.9 169.6 66.2 58.1 70.5
20 Government social benefits to persons 4,437.8 4,505.4 158.1 65.5 57.7 67.6
21 Social security 1,453.1 1,468.2 52.6 13.2 13.4 15.1
22 Medicare 1,090.2 1,118.5 13.9 17.9 23.1 28.3
23 Medicaid 932.4 957.6 48.6 19.8 7.8 25.2
24 Unemployment insurance 35.7 36.1 −0.3 0.0 0.7 0.4
25 Veterans' benefits 221.5 226.3 5.1 5.0 4.8 4.7
26 Other 704.8 698.7 38.2 9.5 7.9 −6.0
27 Other current transfer receipts, from business (net) 132.6 135.5 11.5 0.8 0.3 2.9
28 Less: Contributions for government social insurance 1,897.7 1,918.7 30.0 7.0 7.8 21.0
29 Less: Personal current taxes 3,054.2 3,098.8 71.3 39.8 48.8 44.6
30 Equals: Disposable personal income 21,662.6 21,928.2 465.1 190.0 93.9 265.6
31 Less: Personal outlays 20,773.6 21,099.6 259.2 277.0 266.1 326.0
32 Personal consumption expenditures 19,938.4 20,262.7 254.6 257.9 255.7 324.3
33 Personal interest payments1 560.5 560.5 2.2 17.4 8.8 0.0
34 Personal current transfer payments 274.7 276.5 2.5 1.7 1.6 1.8
35 Equals: Personal saving 889.0 828.6 205.8 −87.0 −172.1 −60.4
36 Personal saving as a percentage of DPI 4.1 3.8 --- --- --- ---
CCAdj
Capital consumption adjustment
DPI
Disposable personal income
IVA
Inventory valuation adjustment
  1. 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.

Note. Dollar levels and percent changes are from National Income and Product Accounts tables 2.1 and 2.2B.

U.S. Bureau of Economic Analysis

Chart 4. Real Disposable Personal Income

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Chart 5. Personal Saving Rate

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The increase in fourth-quarter real GDP was revised up 0.1 percentage point from the advance estimate. The updated estimates primarily reflected upward revisions to private inventory investment as well as a downward revision to nonresidential fixed investment (table 4). Imports were revised down.

  • Within private inventory investment, the upward revision was led by wholesale trade and construction, mining, and utilities.
  • Within nonresidential fixed investment, the revision reflected a downward revision to intellectual property products, led by research and development.
  • Within imports, the leading contributor to the downward revision was “other goods,” reflecting a downward revision to the territorial adjustment.3
Table 4. Advance and Second Estimates for the Fourth Quarter of 2024
[Seasonally adjusted at annual rates]
Line Series Change from preceding period (percent) Contribution to percent change in real GDP (percentage points)
Advance estimate Second estimate Second estimate minus advance estimate Advance estimate Second estimate Second estimate minus advance estimate
1 GDP1 2.3 2.3 0.0 2.3 2.3 0.0
2 Personal consumption expenditures 4.2 4.2 0.0 2.82 2.79 −0.03
3 Goods 6.6 6.1 −0.5 1.37 1.27 −0.10
4 Durable goods 12.1 12.1 0.0 0.85 0.86 0.01
5 Nondurable goods 3.8 3.0 −0.8 0.52 0.41 −0.11
6 Services 3.1 3.3 0.2 1.45 1.53 0.08
7 Gross private domestic investment −5.6 −5.7 −0.1 −1.03 −1.05 −0.02
8 Fixed investment −0.6 −1.4 −0.8 −0.10 −0.24 −0.14
9 Nonresidential −2.2 −3.2 −1.0 −0.31 −0.45 −0.14
10 Structures −1.1 1.1 2.2 −0.03 0.04 0.07
11 Equipment −7.8 −9.0 −1.2 −0.42 −0.49 −0.07
12 Intellectual property products 2.6 0.0 −2.6 0.15 0.00 −0.15
13 Residential 5.3 5.4 0.1 0.21 0.21 0.00
14 Change in private inventories --- --- --- −0.93 −0.81 0.12
15 Net exports of goods and services --- --- --- 0.04 0.12 0.08
16 Exports −0.8 −0.5 0.3 −0.08 −0.05 0.03
17 Goods −5.0 −4.8 0.2 −0.35 −0.34 0.01
18 Services 7.2 7.7 0.5 0.27 0.29 0.02
19 Imports −0.8 −1.2 −0.4 0.12 0.17 0.05
20 Goods −4.0 −5.0 −1.0 0.46 0.58 0.12
21 Services 12.8 15.3 2.5 −0.35 −0.41 −0.06
22 Government consumption expenditures and gross investment 2.5 2.9 0.4 0.42 0.49 0.07
23 Federal 3.2 4.0 0.8 0.21 0.25 0.04
24 National defense 3.3 4.7 1.4 0.12 0.17 0.05
25 Nondefense 3.1 2.9 −0.2 0.09 0.08 −0.01
26 State and local 2.0 2.2 0.2 0.22 0.23 0.01
  Addenda:
27 Final sales of domestic product 3.2 3.2 0.0 --- --- ---
28 Gross domestic purchases price index 2.2 2.3 0.1 --- --- ---
29 GDP price index 2.2 2.4 0.2 --- --- ---
GDP
Gross domestic product
  1. The GDP estimates under the contribution columns are also percent changes.

U.S. Bureau of Economic Analysis

Real GDP increased 2.8 percent in 2024 (from the 2023 annual level to the 2024 annual level), compared with an increase of 2.9 percent in 2023. The increase in real GDP in 2024 reflected increases in consumer spending, nonresidenial fixed investment, state and local government spending, and exports. Imports increased (chart 6 and table 5).

  • The increase in consumer spending reflected increases in both services and goods. Within services, the leading contributor to the increase was health care (both outpatient services and hospital and nursing home services). Within goods, the leading contributors were other nondurable goods (led by pharmaceuticals) and recreational goods and vehicles (led by information processing equipment).
  • Within nonresidential fixed investment, the increase was led by intellectual property products (mainly software) and equipment (both information processing equipment and transportation equipment).
  • Within state and local government spending, the increase was led by compensation of employees.
  • Within exports, both services and goods increased. The increase in services was led by an increase in travel and “other business services.” The increase in goods was led by capital goods, except automotive.

The price index for gross domestic purchases increased 2.4 percent in 2024, compared with an increase of 3.3 percent in 2023. The PCE price index increased 2.5 percent, compared with an increase of 3.8 percent. Excluding food and energy prices, the PCE price index increased 2.8 percent, compared with an increase of 4.1 percent.

Chart 6. Real GDP: Contributions to Percent Change in 2024

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Table 5. Real Gross Domestic Product and Related Measures, Annual
[Seasonally adjusted at annual rates]
Line Series Share of current-dollar GDP (percent) Change from preceding period (percent) Contribution to percent change in real GDP (percentage points)
2024 2023 2024 2023 2024
1 GDP1 100.0 2.9 2.8 2.9 2.8
2 Personal consumption expenditures 67.9 2.5 2.8 1.72 1.87
3 Goods 21.4 1.9 2.4 0.42 0.51
4 Durable goods 7.4 3.9 3.3 0.31 0.24
5 Nondurable goods 14.0 0.8 1.9 0.12 0.27
6 Services 46.5 2.9 3.0 1.30 1.36
7 Gross private domestic investment 18.1 0.1 4.0 0.02 0.73
8 Fixed investment 17.9 2.4 3.7 0.43 0.66
9 Nonresidential 13.8 6.0 3.6 0.81 0.49
10 Structures 3.1 10.8 3.4 0.32 0.11
11 Equipment 5.2 3.5 3.3 0.18 0.17
12 Intellectual property products 5.5 5.8 3.9 0.31 0.21
13 Residential 4.1 −8.3 4.2 −0.37 0.17
14 Change in private inventories 0.2 --- --- −0.41 0.07
15 Net exports of goods and services −3.1 --- --- 0.49 −0.38
16 Exports 10.9 2.8 3.2 0.31 0.35
17 Goods 7.1 2.3 2.2 0.17 0.16
18 Services 3.8 3.8 5.3 0.14 0.20
19 Imports 14.0 −1.2 5.4 0.17 −0.74
20 Goods 11.2 −1.8 4.8 0.22 −0.53
21 Services 2.8 1.6 7.7 −0.05 −0.21
22 Government consumption expenditures and gross investment 17.1 3.9 3.4 0.66 0.57
23 Federal 6.4 2.9 2.6 0.19 0.16
24 National defense 3.7 3.2 3.1 0.12 0.11
25 Nondefense 2.7 2.5 1.8 0.07 0.05
26 State and local 10.7 4.4 3.9 0.47 0.41
Addenda:
27 GDI2 --- 1.7 --- --- ---
28 Average of GDP and GDI --- 2.3 --- --- ---
GDI
Gross domestic income
GDP
Gross domestic product
  1. The GDP estimates under the contribution columns are also percent changes.
  2. GDI is deflated by the implicit price deflator for GDP. Not estimated with the fourth-quarter advance or second estimates.

Note. Percent changes are from National Income and Product Accounts (NIPA) tables 1.1.1, contributions to percent change are from NIPA tables 1.1.2, and shares are from NIPA table 1.1.10.

 

  1. “Real” estimates are in chained (2017) dollars, and price indexes are chain-type measures. Each GDP estimate for a quarter (advance, second, and third) incorporates increasingly comprehensive and improved source data; for more information, see Dennis J. Fixler, Danit Kanal, and Pao-Lin Tien, “The Revisions to GDP, GDI, and Their Major Components,” Survey of Current Business 98 (January 2018). Quarterly estimates are expressed at seasonally adjusted annual rates, which reflect a rate of activity for a quarter as if it were maintained for a year.
  2. In this article, “consumer spending” refers to “personal consumption expenditures,” “inventory investment” refers to “change in private inventories,” and “government spending” refers to “government consumption expenditures and gross investment.”
  3. Consists of transactions between the United States and its territories, Puerto Rico, and the Commonwealth of the Northern Mariana Islands (CNMI). The treatment of U.S. territories, Puerto Rico, and the CNMI in the National Income and Product Accounts (NIPAs) differs from that in the International Transactions Accounts (ITAs). In the NIPAs, U.S. territories are included in the rest of the world; in the ITAs, they are treated as part of the United States.