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40

• August 1998

SURVEY OF CURRENT BUSINESS

1. National Product and Income.
Table 1.1.—Gross Domestic Product
[Billions of dollars]
Seasonally adjusted at annual rates
Line

1994

1995

1996

1997

1994

IV

I

II

1997

1996

1995

IV

III

I

II

III

I

IV

II

1998

III

IV

I

II

1

6,947.0 7,269.6 7,661.6 8,110.9 7,095.7 7,170.8 7,210.9 7,304.8 7,391.9 7,495.3

2

4,717.0 4,953.9 5,215.7 5,493.7

3
4
5

668.9
673.0
599.3
598.4
681.2
611.0
606.0
616.9
622.8
632.3
647.3
642.5
651.1
659.9
682.2
579.5
643.3
705.1
718.2
1,428.4 1,473.6 1,539.2 1,600.6 1,453.7 1,459.6 1,470.7 1,476.8 1,487.5 1,506.8 1,537.9 1,543.6 1,568.3 1,589.7 1,588.2 1,611.3 1,613.2 1,633.1 1,657.7
2,869.2 3,033.2 3,220.1 2,767.2 2,804.5 2,854.7 2,892.7 2,925.0 2,969.0 3,013.7 3,056.3 3,093.9 3,143.9 3,190.7 3,247.9 3,297.8 3,338.2 3,395.2
2,709.1

Gross private domestic investment

6

1,007.9

Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories

7
8

12

946.6
660.6
184.5
476.1
286.0
61.2

13

-90.9

-53.9

-91.2

-93.4

-95.6

-94.7

-108.0

-74.5

-58.4

14

15
16
17
18
19

721.2
509.6
2116
812.1
676.8
135.3

819.4
583.8
235.6
903.3
757.6
145.7

965.4
873.8
688.3
618.3
277.1
255.5
965.0 1,058.8
888.3
809.0
170.4
156.0

763.7
544.6
219.0
859.2
721.7
137.5

787.8
563.1
224.7
882.5
740.3
142.2

803.4
574.2
229.3
911.4
766.1
145.3

835.1
593.3
241.7
909.6
762.5
147.1

851.5
604.8
246.7
909.9
761.6
148.2

20

1,313.0

1,356.4

1,405.2

1,454.6

1,328.0

1,344.1

1,357.8

1,362.3

21

5102
349.2
161.0
802.8

509.1
344.4
164.7
847.3

518.4
351.0
167.4
886.8

520.2
346.0
174.3
934.4

508.3
343.6
164.7
819.6

512.3
346.1
166.2
831.8

511.7
348.1
163.6
846.2

511.2
345.5
165.7
851.1

Gross domestic product
Personal consumption expenditures
DurablG goods
Nondurable goods
Services

9
10
11

Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services

.

.

. . . .

Government consumption expenditures and gross
investment.
Federal
National defense .
Nondefense
State and local

22
23
24

1,043.2

1,131.9

1,256.0

1,012.5 1,099.8 1,188.6
860.7
727.7
787.9
240.2
201.3
216.9
526.4
620.5
571.0
284.8
327.9
311.8
67.4
30.7
32.1

7,629.2 7,703.4 7,818.4 7,955.0 8,063.4

8,170.8 8,254.5 8,384.2 8,431.7

4,820.2 4,862.5 4,931.5 4,986.4 5,035.3 5,108.2 5,199.0 5,242.5 5,313.2 5,402.4 5,438.8 5,540.3 5,593.2 5,676.5 5,771.0

1,075.3

1,118.3

1,167.9

1,166.0

1,206.4

977.0 1,000.0 1,004.3 1,013.5 1,032.1 1,059.1
687.5
713.6
728.1
729.5
739.5
759.0
190.7
197.9
203.0
202.2
201.8
206.5
496.8
515.6
537.2
526.3
526.5
552.6
289.5
286.4
276.2
284.0
292.6
300.1
66.2
59.0
25.3
17.1
16.3
21.5

1,089.7
774.8
211.3
563.5
315.0
28.5

1,118.1
801.1
218.0
583.1
317.0
49.8

1,132.2
816.8
232.1
584.8
315.3
33.8

1,146.7 1,176.4 1,211.1 1,220.1 1,271.1 1,300.3
827.1
850.5
882.3
882.8
938.7
921.3
236.2
234.3
246.4
243.8
243.7
245.0
591.0
616.2
636.4
638.5
676.3
6951
319.5
325.9
328.8
337.4
349.8
361.6
59.7
83.5
54.6
71.9
95.5
46.3

-75.7

-84.0

-115.5

-79.6

856.6
609.9
246.7
932.3
780.2
152.1

863.0
609.5
253.4
957.0
802.7
154.2

861.4
612.6
248.9
976.9
818.3
158.6

1,361.4

1,387.5

1,406.0

1,408.6

1,418.8

1,439.4

1,451.5

1,459.5

1,468.1

1,464.9

1,480.7

501.2
337.9
163.3
860.2

517.1
350.3
166.8
870.4

523.1
355.6
167.4
882.9

519.0
351.3
167.7
889.6

514.6
346.7
167.9
904.2

517.0
341.1
175.9
922.4

522.9
349.1
173.8
928.6

521.0
347.1
173.9
938.5

520.1
346.5
173.6
947.9

5116
331.6
180.0
953.3

520 3
339.2
181.1
960.4

1,043.1

1,058.9

1,029.6

1,030.6

1,053.6

-93.3

1,259.9

1,265.7

-86.8

-94.7

1,292.0

-98.8

1,366.6

-123.7

1,346.6

-166.7

930.2
914.2
961.1
981.7
988.6
973.3
948 6
641.2
661.4
700.2
682.9
708.9
694.5
666.8
278.2
273.0
268.8
279.7
281.5
278.8
281 9
993.8 1,023.5 1,047.9 1,076.4 1,087.4 1,097.1 1,115.3
834.8
859.1
879.2
902.7
912.4
937.4
920.9
164.4
168.7
159.0
173.6
174.9
176.2
177.9

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.2.—Real Gross Domestic Product
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Line

1994

1995

1996

1997

1995

1994

1997

IV
Gross domestic product
Personal consumption expenditures .
Durable goods
Nondurable goods
Services

IV

1998

I

6,610.7 6,761.7 6,994.8 7,269.8 6,688.6 6,717.5 6,724.2 6,779.5 6,825.8 6,882.0 6,983.9 7,020.0 7,093.1 7,166.7 7,236.5 7,311.2 7,364.6 7,464.7 7,491.0
4,486.0 4,605.6 4,752.4 4,913.5 4,534.1 4,555.3 4,593.6 4,623.4 4,650.0 4,692.1 4,746.6 4,768.3 4,802.6 4,853.4 4,872.7 4,947.0 4,981.0 5,055.1 5,126.5

602.4
575.2
653.8
656.3
626.5
629.5
583.5
576.6
679.6
637.5
611.0
595.3
668.6
727.4
710.3
684.8
626.1
589.1
561.2
1,389.9 1,417.6 1,450.9 1,486.3 1,402.5 1,410.4 1,415.9 1,418.5 1,425.6 1,433.5 1,450.4 1,454.7 1,465.1 1,477.9 1,477.1 1,495.7 1,494.3 1,521.2 1,543.1
2,535.5 2,599.6 2,676.7 2,761.5 2,555.9 2,570.4 2,594.8 2,610.3 2,622.9 2,648.5 2,668.4 2,688.1 2,701.7 2,722.1 2,743.6 2,775.4 2,804.8 2,829.3 2,862.9

Gross private domestic investment

975.7

996.1 1,084.1

1,206.4

1,003.0

1,013.5

982.0

983.4 1,005.4

Fixed investment
Nonresidential
Structures ..
Producers' durable equipment
Residential
Change in business inventories

915.5
648.4
172.5
476.8
267.0
60.6

966.0 1,050.6 1,138.0
776.6
710.6
859.4
189.7
180.7
203.2
589.8
531.7
660.9
275.9
256.8
282.8
30.0
27.7
63.2

938.5
672.9
175.0
499.1
265.9
63.6

957.1
698.4
179.5
520.4
259.9
54.3

957.8
710.2
181.7
529.9
249.5
21.7

965.8
711.7
181.5
531.8
255.6
14.7

983.1 1,011.4
744.8
722.3
182.6
179.8
565.0
544.8
268.0
262.1
14.4
20.1

1,043.5 1,067.1 1,080.4 1,096.0 1,127.0 1,159.3 1,169.5 1,224.9 1,260.0
807.0
790.1
764.4
848.2
820.9
931.9
882.2
886.2
957.5
200.6
189.9
185.9
203.1
199.3
202.5
205.2
205.7
200.8
738.8
608.8
604.0
581.6
653.8
621.0
682.6
686.4
769.7
298.5
276.3
279.0
280.2
282.5
278.4
282.3
287.9
307.9
91.4
32.1
47.5
26.1
79.0
56.3
51.0
66.5
44.7

Net exports of goods and services

-104.6

-96.5

-111.2

-136.1

-105.9

-109.5

-114.7

-86.8

-74.8

-95.5

-113.5

712.4
509.8
202.9
817.0
684.1
133.2

792.6
573.7
219.5
889.0
749.7
139.7

629.4
231.8
971.2
824.7
147.3

970.0
726.5
247.0
1,106.1
945.7
161.8

747.3
540.4
207.5
853.2
720.4
133.2

763.9
552.4
212.1
873.4
734.2
139.6

774.0
561.0
213.6
888.7
750.8
138.4

806.3
582.4
224.4
893.1
754.1
139.5

826.1
598.9
227.9
900.9
759.9
141.3

833.6
608.9
225.6
929.1
785.0
144.5

845.5
615.0
231.2
958.9
813.5
146.0

1,252.3

1,254.5

1,268.2

1,285.0

1,255.8

1,256.2 1,259.9

1,257.6

486.6
336.9
149.5
765.7

470.6
323.5
146.9
783.9

465.6
319.1
146.2
802.7

458.0
308.9
148.6
827.1

481.7
329.6
151.7
774.1

478.6
328.3
150.0
777.6

476.2
328.4
147.6
783.7

473.1
323.9
148.8
784.5

454.6
313.3
141.1
790.0

463.5
318.7
144.5
791.0

472.6
325.0
147.3
803.6

467.0
319.8
146.8
804.2

459.5
313.0
146.1
811.8

456.3
305.0
150.7
821.5

460.4
311.7
148.2
824.2

458.9
310.2
148.2
830.1

-.3

.4

-1.5

-7.3

.8

2.1

1.4

-1.9

-.2

-.8

-1.4

-4.2

-5.0

-6.7

-8.9

Exports
Goods
Services
Imports
Goods
Services
Government consumption expenditures and gross
investment.
Federal
National defense .
Nondefense
State and local
Residual

NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines. Percent changes




1,029.3

1,072.8

1,118.1

-140.1

1,116.1

-95.9

1,156.6

-121.5

1,211.3

-131.6

1,215.8

-142.4

1,241.9

-149.0

1,321.8

-198.5

1,309.1

-252.9

929.4
963.6
911.1
849.9
988.1
991.9
998.8
971.3
691.4
719.1
667.4
626.4
740.6
754.9
748.5
724.3
240.7
247.5
244.9
225.3
251.1
248.6
247.8
249.8
990.0 1,007.0 1,050.9 1,095.2 1,130.5 1,147.8 1,190.4 1,224.2
896.8
937.4
841.3
966.7
981.8 1,021.0 1,055.3
859.0
155.3
159.2
149.5
165.2
167.5
149.0
171.3
171.6

1,244.5 1,254.5 1,276.2 1,271.1 1,271.2 1,277.7 1,284.4 1,288.9 1,289.2 1,283.0 1,294.8
456.5
308.7
147.3
832.9

446.1
293.3
151.9
837.1

453.8
300.0
153.0
841.2

-14.2

-6.9

from preceding period for selected items in this table are shown in table 8.1; contributions to the percent change
in real gross domestic product are shown in table 8.2.
Chain-type quantity indexes for the series in this table appear in table 7.1.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102