Gross Domestic Product, First Quarter 2021 (Advance Estimate)

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, APRIL 29, 2021Technical:Media:Stephanie McCullaJeannine Aversa(301) 278-9017(301) 278-9003BEA 21-18gdpniwd@bea.govJeannine.Aversa@bea.govGross Domestic Product, First Quarter 2021(Advance Estimate)Real gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter of 2021(table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In thefourth quarter of 2020, real GDP increased 4.3 percent.The GDP estimate released today is based on source data that are incomplete or subject to furtherrevision by the source agency (see “Source Data for the Advance Estimate” on page 3). The "second"estimate for the first quarter, based on more complete data, will be released on May 27, 2021.Real GDP: Percent change from preceding quarter3525155-5-15-25-35Q2Q3Q4Q12017U.S. Bureau of Economic asonally adjusted at annual ratesThe increase in real GDP in the first quarter reflected increases in personal consumption expenditures(PCE), nonresidential fixed investment, federal government spending, residential fixed investment, andstate and local government spending that were partly offset by decreases in private inventoryinvestment and exports. Imports, which are a subtraction in the calculation of GDP, increased (table 2).

COVID-19 Impact on the First-Quarter 2021 GDP EstimateThe increase in first quarter GDP reflected the continued economic recovery, reopening ofestablishments, and continued government response related to the COVID-19 pandemic. Inthe first quarter, government assistance payments, such as direct economic impactpayments, expanded unemployment benefits, and Paycheck Protection Program loans, weredistributed to households and businesses through the Coronavirus Response and ReliefSupplemental Appropriations Act and the American Rescue Plan Act. The full economiceffects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the firstquarter of 2021 because the impacts are generally embedded in source data and cannot beseparately identified. For more information, see the Technical Note.The increase in PCE reflected increases in durable goods (led by motor vehicles and parts), nondurablegoods (led by food and beverages) and services (led by food services and accommodations). Theincrease in nonresidential fixed investment reflected increases in equipment (led by informationprocessing equipment) and intellectual property products (led by software). The increase in federalgovernment spending primarily reflected an increase in payments made to banks for processing andadministering the Paycheck Protection Program loan applications as well as purchases of COVID-19vaccines for distribution to the public. The decrease in private inventory investment primarily reflected adecrease in retail trade inventories.Current-dollar GDP increased 10.7 percent, or 554.2 billion, in the first quarter to a level of 22.05trillion. In the fourth quarter, GDP increased 6.3 percent, or 324.5 billion (tables 1 and 3). Moreinformation on the source data that underlie the estimates is available in the Key Source and DataAssumptions file on BEA's website.The price index for gross domestic purchases increased 3.8 percent in the first quarter, compared with1.7 percent in the fourth quarter (table 4). The PCE price index increased 3.5 percent, compared with anincrease of 1.5 percent. Excluding food and energy prices, the PCE price index increased 2.3 percent,compared with an increase of 1.3 percent.Personal IncomeCurrent-dollar personal income increased 2.40 trillion in the first quarter, or 59.0 percent, comparedwith a decrease of 351.4 billion, or 6.9 percent, in the fourth quarter. The increase primarily reflectedgovernment social benefits related to pandemic relief programs, notably direct economic impactpayments to households established by the Coronavirus Response and Relief SupplementalAppropriations Act and the American Rescue Plan Act (table 8). Additional information on several factorsimpacting personal income can be found in "Effects of Selected Federal Pandemic Response Programson Personal Income."Disposable personal income increased 2.36 trillion, or 67.0 percent, in the first quarter, compared witha decrease of 402.1 billion, or 8.8 percent, in the fourth quarter. Real disposable personal incomeincreased 61.3 percent, compared with a decrease of 10.1 percent.2

Personal saving was 4.12 trillion in the first quarter, compared with 2.25 trillion in the fourth quarter.The personal saving rate—personal saving as a percentage of disposable personal income—was 21.0percent in the first quarter, compared with 13.0 percent in the fourth quarter.Source Data for the Advance EstimateInformation on the key source data and assumptions used in the advance estimate is provided in aTechnical Note that is posted with the news release on BEA’s website. A detailed Key Source Data andAssumptions file is also posted for each release. For information on updates to GDP, see the "AdditionalInformation" section that follows.Annual Update of the National Economic AccountsBEA will release results from the 2021 annual update of the National Economic Accounts,which includes the National Income and Product Accounts (NIPAs) as well as the IndustryEconomic Accounts, later this year. Results from the annual update of the NIPAs will bereleased on July 29, 2021, along with the advance estimate of GDP for the second quarter of2021. Results from the annual update of the Industry Economic Accounts will be released onSeptember 30, 2021, along with the third estimate of GDP for the second quarter of2021.The update of the National Economic Accounts will cover the first quarter of 1999through the first quarter of 2021 and will result in revisions to GDP, GDP by Industry, andgross domestic income. More information on the 2021 annual update will be included in theforthcoming May Survey of Current Business article, "GDP and the Economy."***Next release: May 27, 2021 at 8:30 A.M. EDTGross Domestic Product, First Quarter 2021 (Second Estimate)Corporate Profits, First Quarter 2021 (Preliminary Estimate)**3*

Additional InformationThe gross domestic purchases price index measures theprices of final goods and services purchased by U.S.residents.ResourcesAdditional resources available at www.bea.gov: The personal consumption expenditure price indexmeasures the prices paid for the goods and servicespurchased by, or on the behalf of, "persons."Information on COVID-19 and recovery impactsis available on our website.Stay informed about BEA developments byreading the BEA blog, signing up for BEA’s emailsubscription service, or following BEA on Twitter@BEA News.Historical time series for these estimates can beaccessed in BEA’s interactive data application.Access BEA data by registering for BEA’s dataapplication programming interface (API).For more on BEA’s statistics, see our monthlyonline journal, the Survey of Current Business.BEA's news release scheduleNIPA Handbook: Concepts and Methods of theU.S. National Income and Product AccountsPersonal income is the income received by, or on behalf of,all persons from all sources: from participation as laborersin production, from owning a home or business, from theownership of financial assets, and from government andbusiness in the form of transfers. It includes income fromdomestic sources as well as the rest of world. It does notinclude realized or unrealized capital gains or losses.Disposable personal income is the income available topersons for spending or saving. It is equal to personalincome less personal current taxes.Personal outlays is the sum of personal consumptionexpenditures, personal interest payments, and personalcurrent transfer payments.DefinitionsGross domestic product (GDP), or value added, is the valueof the goods and services produced by the nation’seconomy less the value of the goods and services used upin production. GDP is also equal to the sum of personalconsumption expenditures, gross private domesticinvestment, net exports of goods and services, andgovernment consumption expenditures and grossinvestment.Personal saving is personal income less personal outlaysand personal current taxes.The personal saving rate is personal saving as a percentageof disposable personal income.Profits from current production, referred to as corporateprofits with inventory valuation adjustment (IVA) andcapital consumption (CCAdj) adjustment in the NationalIncome and Product Accounts (NIPAs), is a measure of thenet income of corporations before deducting income taxesthat is consistent with the value of goods and servicesmeasured in GDP. The IVA and CCAdj are adjustments thatconvert inventory withdrawals and depreciation of fixedassets reported on a tax-return, historical-cost basis to thecurrent-cost economic measures used in the nationalincome and product accounts. Profits for domesticindustries reflect profits for all corporations located withinthe geographic borders of the United States. The rest-ofthe-world (ROW) component of profits is measured as thedifference between profits received from ROW and profitspaid to ROW.Gross domestic income (GDI) is the sum of incomes earnedand costs incurred in the production of GDP. In nationaleconomic accounting, GDP and GDI are conceptually equal.In practice, GDP and GDI differ because they areconstructed using largely independent source data.Gross output is the value of the goods and servicesproduced by the nation’s economy. It is principallymeasured using industry sales or receipts, including sales tofinal users (GDP) and sales to other industries (intermediateinputs).Current-dollar estimates are valued in the prices of theperiod when the transactions occurred—that is, at "marketvalue." Also referred to as "nominal estimates" or as"current-price estimates."For more definitions, see the Glossary: National Income andProduct Accounts.Real values are inflation-adjusted estimates—that is,estimates that exclude the effects of price changes.4

Statistical conventionsUpdates to GDPAnnual-vs-quarterly rates. Quarterly seasonally adjustedvalues are expressed at annual rates, unless otherwisespecified. This convention is used for BEA’s featured,seasonally adjusted measures to facilitate comparisonswith related and historical data. For details, see the FAQ“Why does BEA publish estimates at annual rates?”BEA releases three vintages of the current quarterlyestimate for GDP. "Advance" estimates are released nearthe end of the first month following the end of the quarterand are based on source data that are incomplete or subjectto further revision by the source agency. "Second" and"third" estimates are released near the end of the secondand third months, respectively, and are based on moredetailed and more comprehensive data as they becomeavailable.Quarterly not seasonally adjusted values are expressed onlyat quarterly rates.Percent changes. Percent changes in quarterly seasonallyadjusted series are displayed at annual rates, unlessotherwise specified. For details, see the FAQ “How isaverage annual growth calculated?” and “Why does BEApublish percent changes in quarterly series at annualrates?“ Percent changes in quarterly not seasonallyadjusted values are calculated from the same quarter oneyear ago. All published percent changes are calculated fromunrounded data.The table below shows the average revisions to thequarterly percent changes in real GDP between differentestimate vintages, without regard to sign.Calendar years and quarters. Unless noted otherwise,annual and quarterly data are presented on a calendarbasis.Second to third0.3Note - Based on estimates from 1993 through 2019. Formore information on GDP updates, see RevisionInformation on the BEA website.Quantities and prices. Quantities, or "real" volumemeasures, and prices are expressed as index numbers witha specified reference year equal to 100 (currently 2012).Quantity and price indexes are calculated using a Fisherchained weighted formula that incorporates weights fromtwo adjacent periods (quarters for quarterly data andannuals for annual data). For details on the calculation ofquantity and price indexes, see Chapter 4: EstimatingMethods in the NIPA Handbook.VintageAverage RevisionWithout Regard to Sign(percentage points, annual rates)Advance to second0.5Advance to third0.6Annual and comprehensive updates are typically releasedin late July. Annual updates generally cover at least the 5most recent calendar years (and their associated quarters)and incorporate newly available major annual source dataas well as some changes in methods and definitions toimprove the accounts. Comprehensive (or benchmark)updates are carried out at about 5-year intervals andincorporate major periodic source data, as well as majorconceptual improvements.Chained-dollar values are calculated by multiplying thequantity index by the current dollar value in the referenceyear (2012) and then dividing by 100. Percent changescalculated from real quantity indexes and chained-dollarlevels are conceptually the same; any differences are due torounding. Chained-dollar values are not additive becausethe relative weights for a given period differ from those ofthe reference year. In tables that display chained-dollarvalues, a "residual" line shows the difference between thesum of detailed chained-dollar series and its correspondingaggregate.Unlike GDP, advance current quarterly estimates of GDI andcorporate profits are not released because data ondomestic profits and on net interest of domestic industriesare not available. For fourth quarter estimates, these dataare not available until the third estimate.GDP by industry and gross output estimates are releasedwith the third estimate of GDP.5

List of GDP News Release TablesTable 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding PeriodTable 2. Contributions to Percent Change in Real Gross Domestic ProductTable 3. Gross Domestic Product: Level and Change from Preceding PeriodTable 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change from Preceding PeriodTable 5. Real Gross Domestic Product: Annual Percent ChangeTable 6. Real Gross Domestic Product: Percent Change from Quarter One Year AgoTable 7. Relation of Gross Domestic Product, Gross National Product, and National IncomeTable 8. Personal Income and Its DispositionAppendix Table A. Real Gross Domestic Product and Related Aggregates: Percent Change from Preceding Period andContributions to Percent ChangeAppendix Table B. Not Seasonally Adjusted Real Gross Domestic Product: Level and Percent Change from Quarter One Year Ago6

April 29, 2021Table 1. Real Gross Domestic Product and Related Measures: Percent Change from Preceding PeriodSeasonally adjusted at annual 2627282930313233343536373839404142432018 2019 2020Gross domestic product (GDP)Personal consumption expendituresGoodsDurable goodsNondurable goodsServicesGross private domestic investmentFixed ctual property productsResidentialChange in private inventoriesNet exports of goods and vernment consumptionexpenditures and gross investmentFederalNational defenseNondefenseState and localAddenda:Gross domestic income (GDI) 1Average of GDP and GDIFinal sales of domestic productGross domestic purchasesFinal sales to domestic purchasersFinal sales to private domesticpurchasersGross national product (GNP)Disposable personal incomeCurrent-dollar measures:GDPGDIAverage of GDP and GDIFinal sales of domestic productGross domestic purchasesFinal sales to domestic purchasersFinal sales to private domesticpurchasersGNPDisposable personal 28.22.04.5-1.7.1.83.9-2.0-2.1-2.70.62021 .83.32.11.22.3 1.1 1.5 0.24.0 4.3 2.2 -0.55.6 3.5 6.4 -1.51.8 5.6 -3.7 1.01.3 -0.8 1.2 0.62.8 1.55.0 1.96.0 -0.53.6 5.51.6 1.22.93.55.70.62.52.5 -0.9 2.5 5.04.5 1.9 1.3 9.25.4 6.4 5.6 4.43.3 -4.4 -4.7 16.91.4 -2.5 3.2 2.62.14.85.63.50.62.4 1.3 2.5 -4.84.0 1.6 16.4 -6.26.6 -0.3 3.8 3.20.1 4.4 37.6 -18.31.5 1.1 -5.4 52.63.32.83.20.81.63.22.93.62.3 -3.52.0 -3.82.2 31.43.31.81.52.82.0 2.82.4 1.93.3 -1.02.72.72.11.5 -5.8 -32.4 39.0 5.5 10.6 322.3 -5.6 -32.3 34.6 4.2 . 331.9 2.6 48.6 -17.4 -10.1 61.3 44.62.33.05.45.45.83.9 -2.33.9 -2.63.7 93.14.93.23.54.23.03.43.95.34.61.54.04.13.52.7 -4.6 -33.1 43.7 7.1 14.4 413.9 -4.0 -33.7 39.6 6.2 . 423.4 3.9 46.2 -14.4 -8.8 67.0 431. Gross domestic income deflated by the implicit price deflator for gross domestic product.Source: U.S. Bureau of Economic 1.5-28.0-0.8 6.3 22-0.9 13.9 234.8 -3.4 24-8.9 44.8 25-0.8 1.7 2624.1 15.7 . 2728.7 9.9 . 2825.9 2.9 9.2 2937.3 5.7 7.1 3029.8 4.4 9.8 3138.3 6.3 10.7 3528.6 17.9 . 3633.4 11.9 . 3730.2 5.1 13.8 3842.1 7.4 11.2 3933.9 6.2 14.1 40

April 29, 2021Table 2. Contributions to Percent Change in Real Gross Domestic ProductLine2018 2019 25354555657585960Percent change at annual rate:Gross domestic productPercentage points at annual rates:Personal consumption expendituresGoodsDurable goodsMotor vehicles and partsFurnishings and durablehousehold equipmentRecreational goods and vehiclesOther durable goodsNondurable goodsFood and beverages purchasedfor off-premises consumptionClothing and footwearGasoline and other energy goodsOther nondurable goodsServicesHousehold consumptionexpenditures (for services)Housing and utilitiesHealth careTransportation servicesRecreation servicesFood services andaccommodationsFinancial services and insuranceOther servicesFinal consumption expenditures ofnonprofit institutions servinghouseholdsGross output of nonprofit institutionsLess: Receipts from sales ofgoods and services by nonprofitinstitutionsGross private domestic investmentFixed tion processing equipmentIndustrial equipmentTransportation equipmentOther equipmentIntellectual property productsSoftwareResearch and developmentEntertainment, literary, andartistic originalsResidentialChange in private inventoriesFarmNonfarmNet exports of goods and vernment consumptionexpenditures and gross investmentFederalNational defenseConsumption expendituresGross investmentNondefenseConsumption expendituresGross investmentState and localConsumption expendituresGross investment3.02.22017Q3Q4-3.51.72.91.85 1.64 -2.630.86 0.78 0.800.48 0.34 0.450.11 -0.01 0.021.231.040.460.041.570.860.610.262.82 1.401.61 0.450.92 0.290.37 -0.062.13 1.790.88 0.600.50 0.230.10 .250.220.290.030.690.080.190.120.390.06 0.090.25 0.350.05 -0.010.44 0.350.12 0.08 0.330.07 0.07 -0.15-0.01 -0.01 -0.190.20 0.29 0.360.98 0.86 -3.433.9Q13.8Seasonally adjusted at annual rates20182019Q2Q3Q4Q1Q2Q3Q40.070.230.050.160.09 0.14 0.27 0.090.09 0.00 0.13 -0.010.11 -0.03 -0.03 -0.010.28 0.14 0.33 0.090.20 0.71 1.20 0.950.920.170.270.080.060.920.150.310.040.04-3.78 0.35 0.86 1.220.14 0.39 -0.01 0.33-0.93 -0.14 0.57 0.31-0.52 0.07 0.16 0.21-0.87 -0.01 -0.08 -0.060.130.010.190.05 -1.02 -0.070.11 0.07 0.050.23 -0.65 0.060.070.130.022.71.31.52.61.05 1.250.53 0.520.17 0.070.03 .710.09 0.05 -0.07 -0.130.27 0.10 0.10 0.750.08 0.00 -0.19 -0.670.43 -0.10 0.97 -2.050.07 -0.020.04 -0.010.02 0.000.23 0.480.52 0.730.79 1.09 1.19 0.140.07 0.24 0.05 0.210.18 0.23 0.59 -0.200.19 -0.08 -0.08 -0.010.27 0.00 0.11 050.01-5.0 -31.42021 LineQ16.411.07 -4.75 -24.01 25.44 1.580.12 0.03 -2.06 9.55 -0.320.22 -0.93 0.00 5.20 -0.090.08 -0.78 0.05 1.64 -0.017.024.942.951.1923451.05 -0.111.12 -0.041.39 0.074.35 -0.230.740.630.392.006789-0.27 0.33 -0.13-0.96 1.84 0.03-0.89 0.74 -0.100.07 1.44 -0.02-21.95 15.89 1.900.760.540.130.562.0710111213141.00 0.94 1.07 -6.26 -23.30 17.77 2.190.17 0.21 -0.01 -0.04 0.57 0.11 0.080.44 0.09 0.54 -2.00 -7.59 7.41 1.520.10 0.15 0.01 -0.66 -2.81 1.66 -0.060.10 -0.03 0.09 -1.05 -4.41 2.13 0.182.510.150.310.290.4515161718190.20 0.23 -0.09 1.330.20 -0.04 0.11 -0.750.00 -0.03 -0.04 -0.280.31 0.26 -0.08 0.660.90 0.96 0.96 -4.780.110.120.290.00 -1.67 -5.430.19 -0.11 0.050.25 -0.73 -3.6733.4Q44.30.28 -0.14 -0.07 0.210.09 0.09 0.24 0.000.15 0.20 0.34 -0.020.010.342.42020Q2Q32.90.10 -0.060.14 0.130.00 0.070.37 0.360.05 0.060.11 0.150.01 -0.050.21 0.221.25 1.190.13 0.19 0.150.00 -0.05 -0.030.30 -0.06 0.580.06 -0.06 0.34 -0.15 -0.15 -0.010.19 0.10 -0.22 -0.35 0.23 0.142.1Q14.28 -0.280.50 0.321.67 0.430.90 200.19 210.22 220.38 -0.48 -0.10 0.01 -0.11 1.48 1.35 -1.89 -0.29 -0.44 230.01 0.13 -0.05 -0.03 0.15 -0.14 -1.61 0.78 0.56 -0.17 240.12 0.17 -0.56 -0.20 0.381.08 0.30 -0.92 0.61 1.260.88 0.32 -0.31 0.27 0.210.91 0.39 -0.54 0.31 0.280.11 -0.02 -0.33 -0.02 -0.350.45 0.12 -0.29 0.28 0.350.16 0.06 0.13 0.23 0.080.10 0.03 -0.05 0.11 0.070.09 -0.01 -0.32 -0.10 0.160.11 0.04 -0.05 0.05 0.040.34 0.29 0.08 0.05 0.280.20 0.14 0.11 0.13 0.180.13 0.13 0.00 -0.08 0.100.16 -0.11 0.34 0.34 -0.37 0.61 0.051.07 1.83 -0.19 1.72 0.69 0.71 -1.041.57 1.42 0.76 0.14 0.46 0.50 -0.071.18 1.55 0.82 0.36 0.66 0.56 0.010.14 0.60 0.15 -0.19 -0.40 0.24 0.050.78 0.57 0.15 0.35 0.54 0.12 -0.230.28 0.26 0.00 0.17 -0.01 0.15 0.020.15 0.12 0.01 0.08 0.15 -0.04 0.010.18 0.10 -0.05 0.05 0.29 0.02 -0.320.17 0.10 0.18 0.04 0.12 -0.01 0.050.26 0.38 0.52 0.19 0.52 0.20 0.190.14 0.23 0.26 0.14 0.21 0.11 0.080.10 0.13 0.25 0.04 0.29 0.10 .07-0.50-0.090.110.18-0.04-2.95 2.67 0.85 0.27 25-8.77 11.96 4.41 -0.87 26-5.27 5.39 3.04 1.77 27-3.67 3.20 1.65 1.29 28-1.11 -0.53 -0.17 -0.12 29-2.03 3.26 1.32 0.93 300.51 0.89 0.26 0.65 31-0.28 0.23 0.27 0.07 32-1.78 1.49 0.66 0.19 33-0.47 0.65 0.13 0.02 34-0.53 0.46 0.49 0.48 35-0.10 0.21 0.19 0.35 36-0.31 0.30 0.26 0.13 0.16-0.06-0.100.02 0.01 0.02 0.01 0.03 0.00 0.00 0.01 0.010.39 -0.13 -0.07 -0.22 -0.21 -0.06 -0.08 0.17 0.22-0.50 0.41 -0.94 1.58 0.23 0.21 -0.97 -0.09 -0.820.01 0.03 -0.02 -0.05 -0.04 -0.16 0.04 0.02 0.08-0.51 0.38 -0.92 1.63 0.27 0.37 -1.01 -0.11 -0.89-0.49 0.29 0.25 -1.83 -0.27 0.55 -0.79 0.04 1.521.36 0.34 0.24 -0.66 0.34 0.22 -0.54 0.10 0.391.24 0.11 0.67 -0.71 0.34 0.31 -0.74 0.23 0.190.12 0.23 -0.43 0.05 0.00 -0.08 0.20 -0.13 0.20-1.85 -0.05 0.01 -1.17 -0.61 0.33 -0.25 -0.06 1.13-1.89 -0.19 0.01 -1.08 -0.39 0.34 -0.01 -0.08 1.150.04 0.13 0.00 -0.09 -0.23 -0.01 -0.24 0.02 490.320.180.130.070.050.060.050.010.130.090.040.40 0.20 0.27 0.040.26 0.29 0.14 -0.030.21 0.14 0.24 -0.060.14 0.09 0.14 -0.060.08 0.05 0.10 0.000.05 0.15 -0.10 0.030.02 0.12 -0.10 0.030.03 0.03 0.00 -0.010.14 -0.09 0.13 0.070.09 -0.16 0.08 0.090.05 0.07 0.05 -0.020.86 0.37 0.42 0.22 0.770.58 0.31 0.26 0.10 1.170.17 0.22 0.26 -0.01 0.180.17 0.10 0.13 0.03 0.080.00 0.12 0.13 -0.04 0.100.41 0.09 0.00 0.11 0.980.35 0.05 -0.03 0.08 1.050.06 0.04 0.04 0.03 -0.070.28 0.06 0.16 0.12 -0.400.07 0.12 0.07 -0.13 -0.360.21 -0.06 0.09 0.25 -0.041.090.080.330.230.10-0.25-0.14-0.110.49 0.26 0.500.32 0.12 0.230.23 -0.02 0.210.11 -0.02 0.180.11 0.00 0.030.09 0.14 0.010.07 0.17 -0.010.02 -0.02 0.020.17 0.13 0.270.08 0.08 0.110.09 0.05 0.16Source: U.S. Bureau of Economic .02-0.16 0.430.12 0.090.24 0.220.08 0.180.16 0.04-0.12 -0.13-0.13 -0.130.01 0.00-0.28 0.340.07 0.09-0.35 240.160.07

April 29, 2021Table 3. Gross Domestic Product: Level and Change from Preceding Period--ContinuesBillions of dollarsLineGross domestic product (GDP)12 Personal consumption expendituresGoods3Durable goods4Motor vehicles and parts56Furnishings and durablehousehold equipmentRecreational goods and7vehiclesOther durable goods8Nondurable goods9Food and beverages purchased10for off-premises consumptionClothing and footwear1112Gasoline and other energy goodsOther nondurable goods1314 ServicesHousehold consumption15expenditures (for services)Housing and utilities16Health care17Transportation services18Recreation services19Food services and20accommodationsFinancial services and21insuranceOther services22Final consumption expenditures of23nonprofit institutions servinghouseholdsGross output of nonprofit24institutions25Less: Receipts from sales ofgoods and services by nonprofitinstitutions26 Gross private domestic investment27 Fixed 1Information processingequipmentIndustrial equipment32Transportation equipment33Other equipment34Intellectual property products35Software36Research and development3738Entertainment, literary,and artistic originalsResidential3940 Change in private inventoriesFarm41Nonfarm42Billions of chained (2012) dollarsSeasonally adjusted at annual ally adjusted at annual 1.1 19,520.1 21,170.3 21,494.7 22,048.9 18,426.1 19,010.8 17,302.5 18,596.5 18,794.4 19,087.614,545.5 13,097.3 14,401.5 14,537.0 15,041.1 12,725.6 13,118.4 11,860.3 12,924.7 12,999.1 13,333.84,552.9 4,361.5 4,868.4 4,852.4 5,183.5 4,944.3 4,812.9 4,677.4 5,152.4 5,134.3 5,413.41,496.4 1,478.3 1,753.0 1,748.1 1,910.9 1,886.9 1,752.0 1,744.6 2,028.2 2,022.6 90.6868.7-52.1-3.5-48.6498.9Change from 1 1-514.674.4334.8 2183.8-18.1279.1 3112.3-5.6183.0 42.7-0.862.7 523.2-6.444.56745.7288.33,142.1793.4 106.6314.2 -3.33,249.5 77.3-2.84.4-12.447.825.9107.478

Personal saving was 4.12 trillion in the first quarter, compared with 2.25 trillion in the fourth quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 21.0 percent in the first quarter, compared with 13.0 percent in the fourth quarter. Source Data for the Advance Esti

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C DOMESTIC PRODUCTION, CONSUMPTION AND PRICES C.1 PRODUCTION AND CONSUMPTION C.1.1 Gross Domestic Product at Current Basic Prices - Annual C.1.2 Gross Domestic Product at 2010 Constant Basic Prices - Annual C.1.3 Implicit Price Deflator - Annual C.1.4 Gross Domestic Product at Current Basic Prices - Quarterly

balance of budget causes the increase of the Gross Domestic Product by 0.22%. Likewise, the estimated coefficient of DPD is around 0.79. It means that 1% change of increase in domestic debts causes the increase of the Gross Domestic Product by 0.79%. As a result, those two variables are directly connected with the Gross Domestic Product.

ASME B31.8 Gas Transmission and Distribution Piping Systems ASME B31.9 Building Services Piping ASME B31.11 Slurry Transportation Piping Systems ANSI/AGA Z223.1 National Fuel Gas Code (same as NFPA 54) AWWA C 100 Cast-Iron Pipe, Fittings AWWA C 200 Steel Pipe AWWA C 300 Concrete Pipe AWWA C 400 Asbestos Cement Pipe AWWA C 500 Valves and Hydrants AWWA C 600 Pipe Laying AWWA C 900 PVC Pressure .