## BEA Leaves First Quarter 2021 GDP Growth Unchanged At 6.4%

GDP = private consumption + gross private investment + government spending + (exports - imports)
or, as it is commonly expressed in algebraic shorthand:

GDP = C + I + G + (X-M)

In the new report the values for that equation (total dollars, percentage of the total GDP, and contribution to the final percentage growth number) are as follows:

### GDP Components Table

Total GDP = C + I + G + (X-M)
Annual \$ (trillions) \$22.1 = \$15.1 + \$3.9 + \$3.9 + \$-.9
% of GDP 100.00% = 68.31% + 17.71% + 17.89% + -3.91%
Contribution to GDP Growth % 6.40% = 7.40% + -0.82% + 1.02% + -1.20%

The quarter-to-quarter changes in the contributions that various components make to the overall GDP can be best understood from the table below, which breaks out the component contributions in more detail and over time. In the table below we have split the "C" component into goods and services, split the "I" component into fixed investment and inventories, separated exports from imports, added a line for the BEA's "Real Final Sales of Domestic Product" and listed the quarters in columns with the most current to the left :

### Quarterly Changes in % Contributions to GDP

Q1-2021 Q4-2020 Q3-2020 Q2-2020 Q1-2020 Q4-2019 Q3-2019 Q2-2019 Q1-2019 Q4-2018 Q3-2018 Q2-2018
Total GDP Growth 6.40% 4.32% 33.44% -31.39% -4.97% 2.37% 2.57% 1.50% 2.94% 1.31% 2.12% 2.70%
Consumer Goods 5.34% -0.32% 9.55% -2.06% 0.03% 0.12% 0.87% 1.57% 0.52% 0.53% 0.60% 0.88%
Consumer Services 2.06% 1.90% 15.89% -21.95% -4.78% 0.96% 0.96% 0.90% 0.73% 0.52% 1.19% 1.25%
Fixed Investment 1.96% 3.04% 5.39% -5.27% -0.23% 0.17% 0.42% -0.07% 0.50% 0.46% 0.14% 0.76%
Inventories -2.78% 1.37% 6.57% -3.50% -1.34% -0.82% -0.09% -0.97% 0.21% 0.23% 1.58% -0.94%
Government 1.02% -0.14% -0.75% 0.77% 0.22% 0.42% 0.37% 0.86% 0.43% -0.16% 0.44% 0.50%
Exports -0.29% 2.04% 4.89% -9.51% -1.12% 0.39% 0.10% -0.54% 0.22% 0.34% -0.66% 0.24%
Imports -0.91% -3.57% -8.10% 10.13% 2.25% 1.13% -0.06% -0.25% 0.33% -0.61% -1.17% 0.01%
Real Final Sales 9.18% 2.95% 26.87% -27.89% -3.63% 3.19% 2.66% 2.47% 2.73% 1.08% 0.54% 3.64%

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