A assignment

March 30, 2023

Table 3. Gross Domestic Product: Level and Change from Preceding Period--Continues

Line		Billions of dollars	Billions of chained (2012) dollars	Line
2022 r	Seasonally adjusted at annual rates	2022 r	Seasonally adjusted at annual rates	Change from preceding period
2021	2022	2021	2022	2022 r	2022
Q4	Q1	Q2	Q3	Q4 r	Q4	Q1	Q2	Q3	Q4 r	Q3	Q4 r
1	Gross domestic product (GDP)	25,462.7	24,349.1 24,740.5 25,248.5 25,723.9 26,138.0	20,014.1	20,006.2 19,924.1 19,895.3 20,054.7 20,182.5	404.3	159.4 127.8	1
2	Personal consumption expenditures	17,357.2	16,518.0 16,874.8 17,261.3 17,542.7 17,749.9	14,130.3	13,981.5 14,028.4 14,099.5 14,178.6 14,214.9	376.2	79.1 36.3	2
3	Goods	5,941.3	5,673.7 5,843.2 5,953.6 5,988.65,980.0	5,535.9	5,566.7 5,565.7 5,529.6 5,524.55,523.6	-26.1	-5.1 -0.9	3
4	Durable goods	2,185.5	2,101.6 2,183.9 2,181.8 2,195.82,180.4	2,259.0	2,233.5 2,275.1 2,259.2 2,254.42,247.3	-9.8	-4.8 -7.2	4
5	Motor vehicles and parts	723.2	695.0 737.1 724.5 713.1 717.8	574.7	573.6 594.7 578.7 559.8 565.5	-39.3	-19.0 5.8	5
6	Furnishings and durable household equipment	525.7	499.5 516.8 525.1 532.8 528.0	519.4	522.5 518.4 517.6 521.0 520.5	-16.1	3.3 -0.4	6
7	Recreational goods and vehicles	645.5	623.6 641.4 640.5 655.4 644.8	900.9	867.9 890.1 893.2 913.7 906.6	54.5	20.5 -7.2	7
8	Other durable goods	291.1	283.5 288.6 291.7 294.5 289.7	341.1	338.0 340.2 343.8 345.2 335.1	14.5	1.4 -10.2	8
9	Nondurable goods	3,755.9	3,572.1 3,659.3 3,771.9 3,792.73,799.6	3,319.6	3,371.7 3,334.1 3,313.5 3,312.73,317.9	-16.6	-0.8 5.2	9
10	Food and beverages purchased for off-premises consumption	1,277.6	1,239.0 1,248.5 1,260.4 1,289.91,311.5	1,038.3	1,083.3 1,062.7 1,035.3 1,027.61,027.6	-43.7	-7.6 0.0	10
11	Clothing and footwear	491.4	472.8 480.5 488.6 498.9 497.8	492.4	490.9 485.1 489.9 496.9 497.7	6.0	7.0 0.8	11
12	Gasoline and other energy goods	492.8	430.6 474.5 541.0 492.3 463.6	435.4	450.2 438.4 436.0 432.9 434.3	2.4	-3.1 1.5	12
13	Other nondurable goods	1,494.1	1,429.6 1,455.8 1,481.9 1,511.71,526.8	1,324.0	1,314.8 1,315.7 1,322.7 1,327.31,330.4	24.7	4.7 3.1	13
14	Services	11,415.8	10,844.3 11,031.6 11,307.7 11,554.1 11,769.9	8,733.5	8,568.2 8,613.0 8,709.6 8,788.48,823.2	372.4	78.7 34.8	14
15	Household consumption expenditures (for services)	10,888.7	10,355.6 10,525.4 10,779.2 11,015.6 11,234.5	8,389.1	8,234.9 8,270.4 8,359.0 8,438.78,488.4	365.9	79.7 49.7	15
16	Housing and utilities	2,996.6	2,829.4 2,896.1 2,958.4 3,027.33,104.5	2,171.7	2,149.1 2,165.9 2,170.5 2,169.32,180.9	24.9	-1.2 11.5	16
17	Health care	2,725.9	2,650.9 2,673.4 2,684.8 2,742.82,802.6	2,300.3	2,276.1 2,273.5 2,276.0 2,307.02,344.8	68.8	30.9 37.8	17
18	Transportation services	547.3	497.0 506.6 551.6 560.6 570.5	436.3	433.1 431.5 439.0 438.8 435.8	41.1	-0.2 -2.9	18
19	Recreation services	615.4	579.6 590.9 610.3 622.0 638.3	482.7	469.0 471.4 481.8 486.0 491.5	47.7	4.3 5.5	19
20	Food services and accommodations	1,253.6	1,159.2 1,178.0 1,247.0 1,277.41,312.1	911.8	879.4 879.7 913.1 924.5 929.7	81.5	11.4 5.2	20
21	Financial services and insurance	1,316.9	1,312.1 1,309.8 1,309.1 1,320.91,327.7	892.4	888.4 884.8 888.9 900.4 895.6	18.3	11.6 -4.9	21
22	Other services	1,433.0	1,327.5 1,370.7 1,418.0 1,464.51,478.7	1,216.3	1,157.8 1,183.2 1,209.9 1,235.81,236.3	94.1	26.0 0.5	22
23	Final consumption expenditures of nonprofit institutions serving households	527.1	488.6 506.2 528.5 538.5 535.4	348.5	337.9 346.1 353.6 353.3 340.9	7.4	-0.3 -12.4	23
24	Gross output of nonprofit institutions	1,870.3	1,807.0 1,821.2 1,839.1 1,893.41,927.4	1,421.2	1,413.7 1,407.4 1,406.9 1,430.81,439.9	25.0	23.9 9.1	24
25	Less: Receipts from sales of goods and services by nonprofit institutions	1,343.2	1,318.4 1,315.1 1,310.6 1,355.01,392.0	1,075.9	1,080.4 1,064.0 1,054.6 1,080.11,105.0	17.3	25.5 24.9	25
26	Gross private domestic investment	4,632.5	4,499.2 4,671.0 4,609.9 4,579.14,669.8	3,746.9	3,841.8 3,892.5 3,747.0 3,653.93,694.1	143.9	-93.1 40.3	26
27	Fixed investment	4,473.6	4,259.2 4,413.6 4,464.6 4,508.24,508.0	3,569.2	3,586.2 3,628.6 3,581.9 3,550.53,516.0	-5.4	-31.5 -34.5	27
28	Nonresidential	3,347.0	3,111.8 3,225.0 3,292.2 3,403.43,467.5	2,944.8	2,860.2 2,915.0 2,915.5 2,959.72,988.8	109.4	44.2 29.1	28
29	Structures	651.3	610.3 627.3 631.2 654.8 691.9	446.2	460.7 455.6 440.4 436.4 452.6	-31.3	-4.0 16.3	29
30	Equipment	1,322.3	1,221.2 1,277.8 1,299.5 1,352.01,360.1	1,274.0	1,232.0 1,265.7 1,259.1 1,291.31,279.8	52.1	32.1 -11.4	30
31	Information processing equipment	457.7	441.3 464.2 458.5 469.1 439.1	568.7	556.7 579.0 569.6 582.3 543.8	28.3	12.6 -38.5	31
32	Industrial equipment	316.8	298.4 315.8 318.7 313.3 319.5	264.8	263.0 270.9 266.7 258.9 262.6	13.8	-7.8 3.7	32
33	Transportation equipment	250.8	208.8 208.5 224.0 269.4 301.1	233.5	208.2 206.3 212.1 249.1 266.3	10.7	37.0 17.2	33
34	Other equipment	297.1	272.7 289.3 298.3 300.2 300.5	238.1	234.5 241.8 241.8 236.2 232.7	1.9	-5.6 -3.5	34
35	Intellectual property products	1,373.4	1,280.4 1,319.9 1,361.4 1,396.61,415.5	1,254.5	1,188.8 1,219.6 1,245.9 1,266.71,285.8	101.5	20.8 19.1	35
36	Software	567.2	526.5 545.1 558.9 579.3 585.6	643.7	589.7 615.7 630.9 653.5 674.5	69.4	22.6 21.0	36
37	Research and development	696.0	656.4 674.3 693.9 702.7 713.4	539.5	527.3 534.3 541.7 540.3 541.7	27.6	-1.5 1.5	37
38	Entertainment, literary, and artistic originals	110.1	97.5 100.6 108.7 114.6 116.4	91.8	84.9 86.1 90.9 94.8 95.4	11.7	4.0 0.6	38
39	Residential	1,126.6	1,147.3 1,188.6 1,172.4 1,104.81,040.5	643.1	710.3 704.7 671.0 620.0 576.7	-76.3	-51.0 -43.3	39
40	Change in private inventories	158.9	240.0 257.4 145.4 70.9 161.8	125.0	197.6 214.5 110.2 38.7 136.5	144.4	-71.5 97.9	40
41	Farm	-8.9	-4.9 -6.6 -9.5 -12.1 -7.4	-18.4	-9.8 -15.5 -19.5 -22.4 -16.3	-14.5	-2.9 6.1	41
42	Nonfarm	167.8	244.9 264.1 154.9 83.0 169.2	137.6	202.2 223.6 123.6 55.5 147.7	153.6	-68.1 92.2	42

r Revised

1. Real gross domestic income is gross domestic income deflated by the implicit price deflator for gross domestic product.

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

- 13 -

Use table 3 (Gross Domestic Product: Level and Change from Preceding Period).

Tables are located at the end of the Release, so you need to scroll all the way down to

the tables.

The left columns are nominal GDP (and its components) and the right half represents

real GDP (chained 2012 dollars).

a) Create the table that contains the following information for the last

available quarter. Please note that using the data for previous years and/or

previous estimates will produce grade zero for this part of the project.

You need this information from both parts of the table 3- (nominal GDP (and its

components) from left columns and real GDP (chained 2012 dollars) from the

right part of the table 3). Omit the intermediate lines found in Table 3 on the web

site.

Gross domestic product

Personal consumption expenditures

Gross private domestic investment

Net exports of goods and services

Government consumption expenditures and gross investment

b) Calculate the percentage (the proportion) of each category in nominal

GDP and in real GDP.

Using Nominal GDP:

[Personal consumption expenditures / Nominal GDP]*100%

[Gross private domestic investment / Nominal GDP]*100%

[Net exports of goods and services / Nominal GDP]*100%

[Government consumption expenditures and gross investment/ Nominal

GDP]*100%

And using Real GDP:

[Personal consumption expenditures / Real GDP]*100%

[Gross private domestic investment / Real]*100%

[Net exports of goods and services / Real GDP]*100%

[Government consumption expenditures and gross investment/ Real GDP]*100%

Present the information that you received (a) and (b) as a table(s) in your project.

2. Write a report (2 pages double - spaced), which contains an analysis of

the results you received.

In this report consider, but do not be limited to the following:

1. Why was the nominal GDP greater than the real GDP? By how much?

2. GDP is composed of a number of categories. What category makes up the

largest portion of GDP? What category makes up the smallest portion of GDP?

3. What is "Gross private domestic investment"? What does gross private domestic

investment measure?

4. What is "Net exports of goods and services"? Why it is negative?

5. In the left part of the table 3 (nominal GDP) find the category "National defense".

How much was the National defense for the last quarter? Calculate percentage

of National defense out of "Government consumption expenditures and gross

investment". Calculate percentage of National defense out of GDP.

6. Please analyze and discuss the significance of the data that you received

for this Data exercise.

7. Reflect on what you have learned from this exercise.