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NEWS RELEASE BUREAUOFECONOMICANALYSIS LIS. DEPA RTM ENT OF C O M M ERCK E M B A R G O E D U N T I L R E L E A S E A T 8 :3 0 A .M . E D T , F R I D A Y , A P R I L 2 8 , 2 0 0 6 V ir g in ia H . M a n n e r in g : (2 0 2 ) 6 0 6 -5 3 0 4 R ecord ed m essage: (2 0 2 ) 6 0 6 -5 3 0 6 B E A 0 6 -1 7 G R O SS D O M E ST IC PR O D U C T : FIR ST Q U A R T E R 2006 (A D V A N C E ) R e a l g r o s s d o m e s t ic p r o d u c t — th e o u tp u t o f g o o d s a n d s e r v ic e s p r o d u c e d b y la b o r a n d p r o p e r ty lo c a t e d in th e U n it e d S t a t e s — in c r e a s e d a t a n a n n u a l r a te o f 4 .8 p e r c e n t in t h e f ir s t q u a r te r o f 2 0 0 6 , a c c o r d in g to a d v a n c e e s tim a t e s r e le a s e d b y th e B u r e a u o f E c o n o m ic A n a ly s is . I n t h e fo u r th q u a r te r, r e a l G D P i n c r e a s e d 1 .7 p e r c e n t . T h e B u r e a u e m p h a s iz e d t h a t t h e fir s t-q u a r te r “ a d v a n c e ” e s t i m a t e s a r e b a s e d o n s o u r c e d a ta th a t a re in c o m p le te o r s u b je c t to fu r th e r r e v is io n b y th e s o u r c e a g e n c y ( s e e th e b o x o n p a g e 3 ). T h e f ir s t- q u a rter “ p r e lim in a r y ” e s t im a t e s , b a s e d o n m o r e c o m p r e h e n s iv e d a ta , w i l l b e r e le a s e d o n M a y 2 5 , 2 0 0 6 . T h e in c r e a s e in r e a l G D P in t h e f ir s t q u a r te r p r im a r ily r e f le c t e d p o s i t i v e c o n t r ib u t io n s fr o m p e r s o n a l c o n s u m p tio n e x p e n d itu r e s (P C E ), e q u ip m e n t a n d s o ftw a r e , e x p o r ts , a n d fe d e r a l g o v e r n m e n t s p e n d in g th a t w e r e p a r tly o f f s e t b y a n e g a t iv e c o n tr ib u tio n f r o m p r iv a te in v e n t o r y in v e s tm e n t. Im p o rts, w h ic h a re a s u b tr a c tio n in th e c a lc u la t io n o f G D P , in c r e a s e d . T h e a c c e le r a t io n in r e a l G D P g r o w t h in th e f ir s t q u a r te r p r im a r ily r e f le c t e d a n a c c e le r a t io n in P C E fo r d u r a b le g o o d s , a n u p tu r n in f e d e r a l g o v e r n m e n t s p e n d in g , a n d a c c e le r a t io n s in e q u ip m e n t a n d s o ftw a r e a n d in e x p o r ts th a t w e r e p a r t ly o f f s e t b y a d o w n tu r n in p r iv a te in v e n t o r y in v e s tm e n t. F in a l s a le s o f c o m p u t e r s c o n t r ib u t e d 0 .1 1 p e r c e n t a g e p o in t t o th e fir s t-q u a r te r g r o w t h in r e a l G D P a fte r c o n tr ib u tin g 0 .3 3 p e r c e n t a g e p o in t to th e fo u r th -q u a r te r g r o w th . M o to r v e h ic le o u tp u t su b tr a cte d 0 .2 3 p e r c e n ta g e p o in t f r o m t h e f ir s t-q u a r te r g r o w t h in r e a l G D P a fte r s u b t r a c t in g 0 .6 4 p e r c e n t a g e p o in t fr o m th e fo u r th -q u a r te r g r o w th . N O T E .- Q u a r t e r ly e s t im a t e s a re e x p r e s s e d a t s e a s o n a lly a d ju s te d a n n u a l r a te s , u n le s s o th e r w is e s p e c ifie d . Q u a r te r -to -q u a r te r d o lla r c h a n g e s a re d iff e r e n c e s b e t w e e n t h e s e p u b lis h e d e s tim a te s . c h a n g e s a re c a lc u la t e d f r o m u n r o u n d e d d a ta a n d a n n u a liz e d . d o lla r s . P r ic e in d e x e s a r e c h a in - t y p e m e a s u r e s . T h is n e w r e le a s e i s a v a ila b le o n B E A ’s W e b s it e a t w w w .b e a .g o v / b e a / r e l s .h t m . - m ore - P ercent “ R e a l” e s tim a te s a re in c h a in e d (2 0 0 0 ) -2- T h e p r ic e in d e x fo r g r o s s d o m e s t ic p u r c h a s e s , w h ic h m e a s u r e s p r ic e s p a id b y U .S . r e sid e n ts , in c r e a s e d 2 .7 in th e f ir s t q u a r te r, c o m p a r e d w it h a n in c r e a s e o f 3 .7 p e r c e n t in t h e fo u r th . E x c lu d in g f o o d a n d e n e r g y p r ic e s , t h e p r ic e in d e x f o r g r o s s d o m e s t i c p u r c h a s e s in c r e a s e d 3 .1 p e r c e n t in t h e fir s t q u a r te r c o m p a r e d w i t h a n i n c r e a s e o f 3 . 2 p e r c e n t i n t h e f o u r t h . A b o u t 0 .1 p e r c e n t a g e p o i n t o f t h e f i r s t - q u a r t e r in c r e a s e m th e in d e x w a s a c c o im te d f o r b y th e p a y r a is e fo r fe d e r a l c iv i li a n a n d m ilit a r y p e r s o n n e l w h ic h is tr e a te d a s a n in c r e a s e in th e p r ic e in d e x o f e m p lo y e e s e r v ic e s p u r c h a s e d b y th e fe d e r a l g o v e r n m e n t. . R e a l p e r s o n a l c o n s u m p t io n e x p e n d itu r e s in c r e a s e d 5 .5 p e r c e n t in t h e f ir s t q u a r te r , c o m p a r e d w it h a n in c r e a s e o f 0 .9 p e r c e n t in th e fo u r th . D u r a b le s g o o d s p u r c h a s e s in c r e a s e d 2 0 .6 p e r c e n t, in c o n tr a st to a d e c r e a s e o f 1 6 .6 p e r c e n t. N o n d u r a b le g o o d s in c r e a s e d 5 .4 p e r c e n t, c o m p a r e d w i t h a n in c r e a s e o f 5 .0 p e r c e n t. S e r v ic e s e x p e n d itu r e s in c r e a s e d 2 .8 p e r c e n t, c o m p a r e d w ith a n in c r e a s e o f 2 .6 p e r c e n t. R e a l n o n r e s id e n t i a l f i x e d i n v e s t m e n t i n c r e a s e d 1 4 .3 p e r c e n t i n t h e f ir s t q u a r te r , c o m p a r e d w i t h a n in c r e a s e o f 4 .5 p e r c e n t in th e fo u r th . N o n r e s id e n t ia l str u c tu r e s in c r e a s e d 8 .6 p e r c e n t, c o m p a r e d w ith a n in c r e a s e o f 3 .1 p e r c e n t . 5 .0 p e r c e n t. p e r c en t. E q u ip m e n t a n d s o f t w a r e in c r e a s e d 1 6 .4 p e r c e n t, c o m p a r e d w it h a n in c r e a s e o f R e a l r e s id e n tia l fix e d in v e s t m e n t in c r e a s e d 2 .6 p e r c e n t, c o m p a r e d w it h a n in c r e a s e o f 2 8 R e a l e x p o r ts o f g o o d s a n d s e r v i c e s i n c r e a s e d 1 2 . 1 p e r c e n t i n t h e f i r s t q u a r t e r , c o m p a r e d w i t h a n i n c r e a s e o f 5 .1 p e r c e n t in t h e f o u r th . R e a l im p o r t s o f g o o d s a n d s e r v i c e s i n c r e a s e d 1 3 .0 p e r c e n t c o m p a r e d w i t h a n i n c r e a s e o f 1 2 .1 p e r c e n t . . R e a l fe d e r a l g o v e r n m e n t c o n s u m p t io n e x p e n d it u r e s a n d g r o s s i n v e s t m e n t in c r e a s e d 1 0 .8 p ercen t m th e f ir s t q u a r te r, in c o n tr a s t t o a d e c r e a s e o f 2 .6 p e r c e n t in t h e fo u r th . N a t io n a l d e f e n s e in c r e a s e d 1 0 3 p e r c e n t, in c o n tr a s t to a d e c r e a s e o f 8 .9 p e r c e n t. N o n d e f e n s e in c r e a s e d 1 1 .7 p e r c e n t, th e s a m e a s in th e fo u r th q u a r te r. R e a l s ta te a n d lo c a l R o v e m m e n t c o n s u m p t io n e x p e n d itu r e s a n d g r o s s in v e s tm e n t w a s u n c h a n g e d m t h e f ir s t q u a r te r; s ta te a n d l o c a l g o v e r n m e n t e x p e n d it u r e s a n d g r o s s in v e s t m e n t in c r e a s e d 0 .2 p e r c e n t in th e fo u r th . T h e r e a l c h a n g e i n p r iv a t e i n v e n t o r i e s s u b t r a c t e d 0 .5 2 p e r c e n t a g e p o i n t f r o m t h e fir s t-q u a r te r c h a n g e in r e a l G D P a fte r a d d in g 1 .8 9 p e r c e n ta g e p o in t s to th e fo u r th -q u a r te r c h a n g e . P r iv a te b u s in e s s e s in c r e a s e d in v e n t o r ie s $ 2 1 .9 b illio n in t h e f ir s t q u a r te r, f o ll o w i n g a n in c r e a s e o f $ 3 7 .9 b illio n in th e f o u r t h q u a r t e r a n d a d e c r e a s e o f $ 1 3 . 3 b i l l i o n i n t h e t h ir d . R e a l f in a l s a le s o f d o m e s t ic p r o d u c t — G D P l e s s c h a n g e in p r iv a te in v e n t o r ie s — in c r e a s e d 5 .4 p e r c e n t in t h e fir s t q u a r te r , in c o n t r a s t t o a d e c r e a s e o f 0 .2 p e r c e n t in t h e fo u r th . G r o ss d o m e s tic p u r c h a s e s R e a l g r o s s d o m e s t ic p u r c h a s e s — p u r c h a s e s b y U .S . r e s id e n ts o f g o o d s a n d s e r v ic e s w h e r e v e r produced fo u r th . in c r e a s e d 5 .4 p e r c e n t i n t h e f ir s t q u a r te r , c o m p a r e d w i t h a n i n c r e a s e o f 2 . 9 p e r c e n t in th e D i s p o s i t i o n o f p e r s o n a l in c o m e C u r r e n t-d o lla r p e r s o n a l in c o m e in c r e a s e d $ 1 7 0 .7 b i ll io n ( 6 .7 p e r c e n t ) in t h e f ir s t q u a r te r c o m p a r e d w it h a n in c r e a s e o f $ 2 3 3 .3 b illio n ( 9 .4 p e r c e n t) in th e fo u r th . P e r s o n a l c u r r e n t t a x e s in c r e a s e d $ 3 8 .5 b i l l i o n in t h e f ir s t q u a r te r , c o m p a r e d w it h a n in c r e a s e o f $ 2 0 .6 b illio n in t h e fo u r th . - m ore - - 3 - D is p o s a b le p e r s o n a l in c o m e in c r e a s e d $ 1 3 2 .2 b illio n ( 5 .8 p e r c e n t) in t h e f ir s t q u a rter, c o m p a r e d w it h a n in c r e a s e o f $ 2 1 2 .7 b illio n ( 9 .8 p e r c e n t) in th e fo u r th . R e a l d is p o s a b le p e r s o n a l in c o m e in c r e a s e d 3 .8 p e r c e n t, c o m p a r e d w ith a n in c r e a s e o f 6 .7 p e r c e n t. P e r s o n a l o u t la y s in c r e a s e d $ 1 6 6 .9 b illio n ( 7 .4 p e r c e n t) in th e fir s t q u a r te r , c o m p a r e d w it h an in c r e a s e o f $ 8 4 .6 b illio n ( 3 .7 p e r c e n t) in th e fo u r th . P e r s o n a l s a v in g -- d is p o s a b le p e r s o n a l in c o m e le s s p e r s o n a l o u t la y s -- w a s a n e g a t iv e $ 5 0 .5 b i l l i o n in t h e fir s t q u a r te r , c o m p a r e d w i t h a n e g a t iv e $ 1 5 .8 b illio n in th e fo u r th . T h e p e r s o n a l s a v in g r a te — s a v in g a s a p e r c e n ta g e o f d is p o s a b le p e r s o n a l in c o m e — d e c r e a s e d f r o m a n e g a t i v e 0 .2 p e r c e n t i n t h e f o u r t h q u a r te r t o a n e g a t i v e 0 .5 p e r c e n t in t h e f ir s t. S a v in g fr o m c im e n t in c o m e m a y b e n e a r z e r o o r n e g a t iv e w h e n o u t la y s a r e f in a n c e d b y b o r r o w in g (in c lu d in g b o r r o w in g f in a n c e d th r o u g h c r e d it c a r d s o r h o m e e q u ity lo a n s ) , b y s e ll in g in v e s t m e n t s o r o th e r a s s e ts , o r b y u s in g s a v in g s f r o m p r e v io u s p e r io d s . B E A ’s W e b s i t e . F o r m o r e in fo r m a tio n , s e e th e F A Q s o n “ P e r s o n a l S a v in g ” o n C u r r e n t-d o lla r G D P C u r r e n t-d o lla r G D P ~ t h e m a r k e t v a lu e o f t h e n a tio n 's o u t p u t o f g o o d s a n d s e r v ic e s — in c r e a s e d 8 .2 p e r c e n t, o r $ 2 5 4 .8 b illio n , in th e fir s t q u a r te r to a le v e l o f $ 1 3 ,0 2 0 .9 b illio n . I n t h e fo u r th q u a rter, c u r r e n t-d o lla r G D P in c r e a s e d 5 .2 p e r c e n t , o r $ 1 6 0 .4 b illio n . I n fo r m a tio n o n t h e a s s u m p t io n s u s e d f o r u n a v a ila b le s o u r c e d a ta is p r o v id e d in a te c h n ic a l n o te th a t is p o s t e d w it h th e n e w s r e le a s e o n B E A 's W e b s ite . W it h in a f e w d a y s a fte r t h e r e le a s e , a d e ta ile d " K e y S o u r c e D a ta a n d A s s u m p t io n s " f ile is p o s t e d o n th e W e b s it e . In th e m id d le o f e a c h m o n th , an a n a l y s is o f t h e c u r r e n t q u a r te r ly e s t i m a t e s o f G D P a n d r e la t e d s e r i e s is m a d e a v a i la b l e o n t h e W e b s ite ; c l i c k o n S u r v e y o f C u r r e n t B u s in e s s , " G D P a n d t h e E c o n o m y ." * * * B E A 's n a t io n a l, in te r n a t io n a l, r e g io n a l, a n d in d u s tr y e s t im a t e s ; t h e S u r v e y o f C u r r e n t B u s in e s s ; a n d B E A n e w s r e le a s e s a re a v a ila b le w it h o u t c h a r g e o n B E A 's W e b s it e a t w w w .b e a .g o v . B y v is it in g th e s it e , y o u c a n a ls o s u b s c r ib e to r e c e iv e fr e e e - m a il s u m m a r ie s o f B E A r e le a s e s a n d a n n o u n c e m e n ts . S u m m a r y B E A e s tim a t e s are a v a ila b le o n r e c o r d e d m e s s a g e s a t th e t im e o f p u b lic r e le a s e a t th e f o llo w in g te le p h o n e n u m b ers: (2 0 2 ) 6 0 6 -5 3 0 6 G r o s s d o m e s tic p r o d u c t (2 0 2 ) 6 0 6 -5 3 0 3 P e r s o n a l in c o m e a n d o u tla y s * * * N e x t r e le a s e - M a y 2 5 , 2 0 0 6 , at 8 :3 0 A .M . E D T fo r: G r o ss D o m e s tic P ro d u ct: F ir s t Q u a r te r 2 0 0 6 ( P r e lim in a r y ) C o r p o r a te P r o fits : F ir s t Q u a r te r 2 0 0 6 - m ore - -4C o m p a r is o n s o f R e v isio n s to G D P Quarterly estim ates o f GDP are released on the following schedule: “A dvance” estim ates, based on source data that are incomplete or subject to further revision by the source agency, are released near the end o f the first m onth after the end o f the quarter; as m ore detailed and more com prehensive data becom e available, prelim inary” and “final” estim ates are released near the end o f the second and third m onths, respectively. The “latest” estimates reflect the results o f both annual and com prehensive revisions. A nnual revisions, w hich cover the quarters o f the 3 most recent calendar years, are usually carried out each sum m er and incorporate more com prehensive data including annual surveys. Com prehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate m ajor periodic source data, as well as im provem ents in concepts and m ethods that update the accounts to portray m ore accurately the evolving U.S. economy. The table below shows com parisons o f the revisions between quarterly percent changes o f current-dollar and real GDP for the different vintages o f the estim ates. From the advance estim ate to the prelim inary estimate (one month later), the average revision to real GDP w ithout regard to sign is 0.5 percentage point, while from the advance estimate to the final estim ate (tw o m onths later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision w ithout regard to sign is 1.3 percentage points. The average revision (with regard to sign) from the advance estim ate to the latest estim ate is 0.4 percentage point, which is larger than the average revisions from the advance estim ate to the prelim inary or to the final estim ates. The larger average revisions to the latest estim ate reflect the fact that com prehensive revisions include m ajor im provements such as the introduction o f chain indexes and the capitalization o f software. The current quarterly estim ates correctly indicate the direction o f change o f real G D P 98 percent o f the tim e, correctly indicate w hether it is accelerating or decelerating 74 percent o f the time, and correctly indicate whether real GDP grow th is above, near, or below trend growth more than three-fifths o f the time. R e v is io n s B e tw e e n Q u a r te r ly P e r c e n t C h a n g e s o f G D P : V in t a g e C o m p a r iso n s [Annual rates] Vintages compared A verage A verage w ithout regard to sign Standard deviation of average w ithout regard to sign C u r r e n t-d o lla r G D P Advance to prelim inary.... Advance to final................ Prelim inary to final........... 0.1 .2 .0 0.5 .7 .3 0.4 .4 .2 Advance to latest............... .4 1.2 .9 R eal G DP A dvance to prelim inary.... Advance to final................ Prelim inary to final........... 0.1 .1 .0 0.5 .6 .3 0.4 .4 .2 Advance to latest............... .4 1.3 1.0 N O T E .-T h ese com parisons are based on the period from 1983 through 2002. - m ore - Table 1.— Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period 2003 2004 2005 2002 II III 2003 IV h I 2004 III IV I II 2005 II I IV I II 2006 III IV I G r o ss d o m e st i c p r o d u c t ( G D P ) . . . . . . . . . . . . . 2 .7 4 .2 3 .5 2 .2 2 .4 0 .2 1.7 3 .7 72 3.6 4 .3 3 .5 4 .0 3 .3 3 .8 3.3 4.1 1 .7 ................... 2 .9 3 .9 3 .5 2 .4 2.3 1 .4 2 .5 3 .6 5 .8 3.1 4 .7 1.9 4 .4 4 .3 3 .5 3.4 O 5 ,5 6 .0 4.1 4.5 3 .6 1 1 .5 -5 . 2 3.6 15.1 1 9 .8 -.3 4 .4 .4 1 0 .8 5 .5 2 .5 7.9 9.3 -1 6 6 ?n R P e r so n a l c o n su m p t i o n e x p e n d it u r e s 4.8 D u r a b le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 .6 N o n d u r a b le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 .2 4 .7 4.4 1.3 .3 3 .6 3.2 1.9 6 .3 Se r v ic e s 3.1 6 .6 2 .6 3.9 5 .5 5 .3 3.6 3 .0 3.5 2 .9 2 .6 5 J) ¿4 2 .0 1 .3 1 .8 1.9 2 .3 2 .0 3 .8 3 .8 1 .8 3 .4 3 .6 2 .8 2.3 3.3 2 .6 2 .8 3 .9 .................................................... G r o ss p r iv a t e d o m e st i c In v e s t m e n t . . . . . . . . . . . . . . . . . . . . 1 1 .9 6.1 1 .9 5 .8 - 1 .0 -.4 2 .7 1 7 .5 1 2 .0 1 0 .1 2 0 .9 4 .6 6 .8 8 .6 -3 . 7 16.1 9 .7 5 .3 6 ,5 3 .6 8.1 -1 . 4 -. 7 -1 . 4 .8 8 .8 N o n r e si d e n t ia l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 4 .8 6.9 6 .9 1 5 .1 8 .4 7 .2 7 .0 1.3 9.5 8 .0 9 .4 8 .6 - 6 .1 - 2 .0 3 .9 23 1 1 .2 S t r u c t u r e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 .8 F ix e d in v e st m e n t .......................................... -5 . 0 - 1.1 6 .4 4.4 7 .9 1 0 .4 5 .7 -4 . 2 2 .2 8.5 -1 9 . 0 4 .5 143 2 .0 -1 5 .5 -5 . 3 -8 . 4 1 3 .3 -.1 1.3 -3 . 5 8 .6 1.4 .......................... 4.7 - 2 .0 2.7 3 .2 2 .2 1 1 .9 10.9 3J -.9 3 .3 -4 . 9 1 .6 6 .7 1 5 .4 R e si d e n t i a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 .5 1 2 .0 1 5 .2 1 5 .5 1 2 .4 8 .3 6 .4 1 0 .9 1 0 .6 86 164 1 0 .3 7.1 9 .5 2 .0 6 .4 4.7 9 .6 2 1 .9 1 1 .5 5.2 1 7 .8 2 .6 1 .6 9.5 1 0 .8 Eq u ip m e n t a n d so f t w a r e C h a n g e in p r iv a t e In v e n t o r i e s. . . . . . . . . . . . . . . . . . . . . . . . . . . N e t e x p o r t s o t g o o d s a n d se r v i c e s .................... 13.5 i.8 B. 4 6 .9 1 0 .6 2.9 -3 . 1 1 1 .5 “ÏÎÏ 5.0 6.9 5 .5 8.9 7 .3 1 4 .2 2 .2 -9 . 1 1.5 0 Se r v ic e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.1 172 7 .5 7 .9 82 1.7 7.4 6 .0 2 .7 4.6 1 1 .7 -1 1 .9 - 6 .6 1 7 .2 2 3 .7 -.4 4 .6 Im p o r t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 .6 1 0 .7 6 .3 1 2 .5 5 .7 9 .0 -2 . 5 G o o d s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 .3 4.1 1 6 .5 1 2 .0 14.5 4 .9 1 1 .0 6.9 1 6 .0 6.5 8.1 - 2 .6 6 .3 .9 1 7 .7 1 2 .4 S e r v ic e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 .0 9.6 3 .6 -3 . 0 1.7 1 4 .0 - 2 .2 - 1 0 .2 2 1 .4 1 0 .7 in v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 .8 2 .2 1 .8 2 .3 4.8 -.3 7 .2 .5 F e d e r a l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 .9 5 .2 2 .3 1 2 .5 3 .0 1 0 .2 .3 2 2 .1 - 2 .0 N a t io n a l d e f e n se . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 .8 7 .0 2 .6 1 1 .5 4.1 1 4 .8 -3 . 6 3 7 .4 -6 . 5 7.9 N o n d e f e n se ............................................. 3 .4 1 .8 1 .B 1 4 .1 1 .2 2.1 6 .0 -2 . 4 7 .2 ............................................ .6 .4 1 .5 1 .0 1.9 2 .0 -.6 -.3 2 .0 F in a l sa le s o f d o m e st ic p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . 2 .7 3 .9 3 .8 1.7 1 .4 .1 1.9 4.6 6 .9 2 .8 G r o ss d o m e st ic p u r c h a se s 3 .0 4 .7 3 .6 2 .7 2 .8 1 .7 4 .2 6 .5 3 .9 4.4 3.9 22 1.5 3 .0 E x p o r t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G o o d s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - ¿9 T ï 6 .8 5 .0 7 .3 2 .6 2 .6 .......... ..... . . . . . ...... 7.5 1 0 .7 2.5 . . . 5Ü 3 .7 5.3 16.0 3.2 8 .0 -.6 1 5 .5 1 2 .5 -. 4 1.0 -1 . 4 -5 4 .7 1 1 .3 7 .4 -.3 2.4 12.1 1 3 .0 1 4 .7 4 .7 1 3 .0 8 .2 - 1.1 3 .5 1 3 .5 1 4 .2 1 0 .0 13.7 4 .6 3.1 3 .7 4.4 -3 . 2 4 .8 6.7 2 3 .3 2 .3 .9 1 .9 2 .5 2.9 -.8 3.9 3.1 1 0 .7 32 3 .6 -.6 2 .4 2.4 7.4 - 2 .6 1 0 .8 1 3 .6 .8 9 .0 -3 . 3 3 .0 3 .7 1 0 .0 -8 . 9 1 0 .3 -5 . 8 4 .9 6.1 -6 . 4 5.2 1.1 -.2 2 .4 1 1 .7 1 1 .7 -. 9 -. 7 1 .8 .8 1 .8 1 .6 2 .6 .2 .2 3 .6 2 .6 4 .6 3.3 3 .5 5.6 4.6 -.2 5 .4 5 .2 4 .7 3 .9 4.1 4.0 2.1 4.0 29 5 ,4 4 .5 1.1 5 ,9 4 .4 .7 -1 . 4 6.7 Ï 2 Ï 178 G o v e r n m e n t c o n su m p t i o n e x p e n d it u r e s a n d g r o s s St a t e a n d lo c a l 4 .8 1 .8 0 Adde nda: .............................. F in a l sa le s t o d o m e st ic p u r c h a se r s_ _ _ _ _ _ _ _ _ _ _ _ 1 .B 1 .6 5.0 6 .1 3 2 4 .8 3 .8 3.7 .......................... 4 .2 3 .0 4 .0 3 .3 1.6 2.9 1 .0 1.5 4 .5 12 4 .5 3 .6 22 4 .0 2 .9 3 .9 D isp o sa b le p e r so n a l i n c o m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2 2 .4 3.4 1.4 1.9 - 1 .6 .2 2 .5 4 .5 7.2 1 .0 3 .6 12 2 .6 9.1 -3 . 4 G D P ...................................................... 4 .8 7 .0 6 .4 3 .7 3 .9 2.4 4.8 4 .8 9.3 5 .5 5 .3 6.1 7 .0 _ F in a l sa l e s o f d o m e st ic p r o d u c t . . . . . . . . . . . . . . . . . . . . . 6 .0 7.6 5 .2 4 .8 6 .6 6 .6 3 .2 3 .0 2 .4 5.1 5 .7 8 .8 4 .8 7 .5 6 .6 6.1 6 .2 6 .7 G r o ss d o m e st ic p u r c h a se s . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.3 8.1 5 .3 3 .2 8 .9 A 7 .7 6 .9 5 .2 4 .4 3 .9 5.7 4 .6 6 .6 5 .6 9 .7 9 .0 5.9 7 .4 7 .0 5.5 8 .4 6 .7 8 .2 5 .4 8 .8 G r o ss n a t io n a l p r o d u c t ( G N P ) 1.7 4 .5 4.1 2 3 .8 C u r r e n t - d o lla r m e a su r e s: W F in a l sa l e s t o d o m e st ic p u r c h a se r s 8.1 7 .5 ................. 5 .3 7 .4 4 .8 3 .6 3 .6 5.9 4 .9 9.2 G N P ............................................ ......... 7.6 6 .8 6 .2 4 .8 3 .3 4 .4 32 8.9 5.1 4 .6 5 .7 9 .2 6.4 7 .7 6.1 5.4 5 .7 7 .0 5.9 D isp o sa b le p e r so n a l In c o m e 6.1 4 .2 4 .3 4.7 2 7.8 4 .3 1.9 5.6 5 .2 9 .4 2 .3 7 .6 5.1 4.3 1 2 .5 -1 . 3 3.5 2.3 9 .6 ................. „...... Se e "Ex p l a n a t o r y N o t e " a t t h e e n d ot t h e t a b l e s. 7.2 82 8.1 6 .6 7 .4 6 .7 8 ,2 5 .8 T ab le 2.— C o n trib u tio n s to Percen t C hange in Real G ross D o m estic Pro duct 4 Se a so n a lly a d j u st e d a t a n n u a l r a t e s 2003 2004 2005 2002 it Pe r ce n t c h a n ge IV 2004 I II 0 .2 1.7 3 .7 7 2 III IV 2005 I II 3 .6 4.3 3 .5 4 .0 II I IV 2006 I II 3.3 3 .8 3.3 4.1 III IV I a t a n n u a l rate: G r o ss d o m e st i c p r o d u c t . . . . . . . . . . . . . . . P e r ce n t a ge III 2003 2.7 4 .2 3.5 2 2 2 .4 1 .7 4 .8 p o i n t s a t a n n u a l r a t e s: P e r so n a l c o n su m p t i o n .... 2 .0 5 2.71 2 .4 8 1 .6 4 1.57 .9 7 1 .7 0 2 .5 5 4.13 2.15 3 .2 7 1 .3 3 3 .0 5 3.01 2.44 2 .3 5 2 .8 5 D u r a b le g o o d s . .. .. .. .. .. .. .. .. .. .. .. .. .. .. e x p e n d it u r e s .6 2 .5 7 .51 .3 7 .31 .9 8 -.4 7 21 123 1 .6 4 .19 .0 6 -.0 3 .3 8 .0 3 -. 0 3 .88 .45 .89 2 2 .64 -. 7 5 .76 -1 .4 7 .0 2 -.4 3 -. 0 2 M o t o r v e h ic le s a n d p a r t s . . . . . . . . . . . . . .22 3.81 1 52 F u r n it u r e a n d h o u se h o ld e q u ip m e n t .5 : .7 7 .26 .3 4 -. 1 9 .44 .2 8 .11 -. 3 1 23 .0 6 .4 5 -1 . 9 2 21 27 Other .03 ,4E .6 : .11 ,3C .31 .2 4 .1 0 .1 3 .34 21 .0 2 .3 2 .17 .0 7 .06 .3 7 .3 3 .0 7 .22 23 .1 0 .0 8 -. 0 2 .10 .14 .2 0 20 -. 0 6 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 2 .27 .6 3 .9 4 .9 0 26 .0 6 F o o d ................... .............. . ......... .7 0 .6 3 .3 7 1 .6 5 .25 .61 1.31 .4 8 .5 3 .4 9 .78 1.09 .18 1 .0 7 .7 4 .73 1 .0 2 .20 .38 1 11 N o n d u r a b le go o d s C lo t h in g a n d sh o e s ........................... G a so lin e , fu e l o il, a n d o t h e r e n e r gy go o d s . O th e r............................................ Se r v ic e s.................. . ........... . ..... . .......... H o u sin g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . H o u se h o ld o p e r a t io n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ele c t r ic it y a n d g a s . . . . . . . . . . . . . . . . . . . . . . . . . . . . O t h e r h o u se h o ld o p e r a t io n .................. T r a n sp o r t a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M e d ic a l c a r e R e c r e a t io n O th e r....... . ................ ....... .......... G r o ss p r ivat e F ix e d In v e st m e n t . .. .. .. .. .. .. .. .. .. .. . . . . . . .. . . . . . . N o n r e sld e n t la l .................................. St r u c t u r e s .8 8 .2 7 .32 .1 7 .0 4 -.0 5 .31 -. 0 4 27 .33 .04 .3 7 -. 0 9 .0 4 .17 .0 6 .25 .0 4 .1 5 22 -. 0 4 -. 0 1 -. 0 4 .1 2 .07 -. 0 4 .0 3 .02 26 21 .07 -. 0 1 21 .07 -.1 1 .2 3 29 .09 .51 .31 .11 .3 3 28 .14 20 23 ,1 5 21 .30 .85 1 .2 7 1.21 1 .0 7 .5 4 .7 4 .76 .9 4 .8 4 1 .5 7 .07 1 .5 8 .7 7 .3 0 1 .3 9 24 1 .4 7 -. 0 3 1 .1 5 .97 1 .3 6 1 .0 8 .2 4 .05 .0 7 .31 .3 9 .2 7 .29 .1 0 29 29 23 -.1 1 .22 .1 9 .01 -. 0 6 20 1 1B 'j g -. 0 2 .02 25 .0 7 -. 0 7 .0 3 .0 4 .0 6 .3 4 .0 7 25 -. 0 7 -. 0 2 .2 3 -. 0 5 .17 -. 1 3 -. 0 7 22 .02 -. 1 1 -. 0 5 .3 7 .0 2 -. 0 8 .10 .03 .1 0 -. 0 3 .08 -. 0 2 -. 1 1 -. 0 7 .08 .13 .03 .0 5 .0 4 .0 4 -. 0 4 -. 0 4 .07 .07 .05 .03 .05 .0 3 .0 4 -. 0 4 -. 0 7 -. 0 1 .07 -. 0 5 .0 2 .02 .1 3 -.0 1 .4 9 .5 6 .6 7 .59 .5 9 .45 .42 .31 .5 9 .1 0 .3 7 ,5 6 .11 .0 6 .0 7 .04 .1 6 .04 .1 5 .0 7 21 .1 7 26 .42 20 .61 ¿0 .08 27 -. 1 1 .06 .05 .54 .5 3 .50 .66 .58 14 ¿9 .1 0 .02 .1 4 .02 .02 .02 j_0 ¿1 .1 2 20 -. 1 2 .10 .3 5 .2 2 .1 9 .4 4 .0 2 .33 29 .11 .18 26 20 .40 1 .0 0 .3 0 .8 7 -. 1 4 -. 0 3 .4 2 2 .5 3 1.78 1 .5 2 3.10 .75 1.11 1 .4 2 -. 6 3 .87 2 .5 4 1.11 .5 4 1 .4 7 1 .2 9 -2 3 -. 1 2 -. 2 1 .13 1 .2 6 2 .1 5 1 .0 3 1 .0 4 222 .13 1.31 .9 2 1 .1 3 .88 1 .1 2 -. 6 6 1.51 -2 1 121 .6 5 1 .6 4 -. 5 2 -. 1 0 .7 9 1 .0 8 .4 3 .7 6 129 .0 6 1 .1 5 1 .0 4 .0 5 .5 8 —. 5 8 .90 -.4 4 .8 8 -. 1 4 -. 2 2 .32 0 .03 -. 0 9 .86 22 .04 .1 2 .8 2 -. 0 5 23 .06 .4 8 .09 -. 0 9 .0 7 -. 3 8 .12 .4 7 1 .0 9 .40 .8 5 1 .0 7 1 .1 2 .92 .6 4 .83 , B2 .3 9 124 20 22 26 ,12 .08 .19 .4 9 .4 6 .06 .2 3 -. 3 8 21 .7 9 .09 .5 2 .61 .3 8 .1 9 .31 2 4 .34 .7 2 -. 0 6 .53 .1 6 -. 0 4 .42 .11 .07 .1 0 21 .17 .2 0 .1 8 .16 .1 7 .27 .31 .1 5 23 .1 2 -. 1 7 .04 .04 .11 29 .05 0 -. 0 3 O t h e r e q u ip m e n t _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ R e sid e n t ia l .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In p r iv a t e I n v e n t o r ie s . .1 5 .0 8 .0 5 .1 0 .09 .08 -. 0 3 -. 0 5 .14 .09 -. 1 7 .10 .05 .2 9 20 .3 3 .1 6 ■ .05 -. 0 2 -. 1 2 .1 8 .0 8 .01 .01 .15 .1 7 -. 0 6 -. 1 2 -. 0 4 .34 -.1 4 .1 5 .19 -.0 5 .1 7 .30 .06 -.1 6 23 -. 2 7 -. 0 7 -. 0 2 -2 5 .16 .36 20 .01 -. 1 6 -. 0 4 .56 23 .39 A2 -. 1 6 .33 .18 -. 1 9 .4 7 .2 2 29 .0 B .1 8 .0 9 .1 4 .0 2 .01 .04 .41 .3 3 .55 .1 8 .09 .1 8 28 .41 .4 3 .13 -.1 4 .09 23 .3 0 .0 2 23 .1 0 .4 7 1 .0 7 .59 JO 28 .9 3 .1 5 .09 .5 4 .62 .43 .17 .16 .0 5 .3 5 -2 9 .5 3 2 a .0 8 -. 5 2 0 -. 1 6 -. 8 4 .3 8 .03 .75 .4 8 .03 -. 0 7 -. 3 9 .3 1 .0 3 .1 7 -.2 1 -. 0 7 .19 -.2 0 .3 2 -.2 2 .9 2 .6 7 .0 4 -. 3 3 -. 6 3 .4 5 .5 7 -. 4 6 -.7 3 -2 9 -. 6 2 -. 4 9 -1 . 5 2 .08 -.6 6 .4 8 -. 4 7 26 27 -.3 1 -. 2 9 -2 0 1 .0 4 1 .6 9 .5 8 1 .0 5 .4 6 .64 E x p o r t s...... .......................... . ............ .1 7 .8 0 .7 0 G o o d s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 2 .5 9 .51 .8 8 .1 4 .09 .05 22 -. 6 4 Se r v ic e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 8 .08 .1 3 .3 3 -. 3 8 -2 0 -. 7 6 __ ¿4 .09 .0 2 s e r v i c e s ... ........ _24 .19 F arm ............................. Net e x p ort s of go o d s a n d 149 .0 4 N o n fa r m ______ ________ o .06 .0 6 .64 .06 T r a n sp o r t a t io n e q u i p m e n t . . . . . . . . . . . . . . . . . AS o .0 5 C o m p u t e r s a n d p e r ip h e r a l e q u ip m e n t O th e r............................ . ....... 2Ü .0 3 -. 0 1 0 So f t w a r e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In d u st r ia l e q u ip m e n t . . . . . . . . . . . . . . . . . . . . . . . Im p o r t s 0 .5 0 1 .8 2 In f o r m a t io n p r o c e ssin g e q u ip m e n t a n d C h a n ge .0 5 .63 M .24 so ft w a r e .20 .49 -. 1 1 E q u ip m e n t a n d so f t w a r e . . . . . . . . . . . . . . . . . . . .69 .1 7 .0 3 .1 4 d o m e st i c I n v e s t m e n t . . . . . . . . . . . . . .0 5 .14 .01 0 .... .................... . .... . ...... 0 0 .8 7 -. 5 6 -. 0 3 29 -2 .1 4 -. 4 3 1.89 .4 5 -.0 1 -. 2 8 -.1 1 -. 0 9 -.0 2 .0 2 ,04 .4 2 -. 5 5 25 .4 0 -2 .0 5 -. 4 2 1 . B7 -. 5 6 -1 .1 6 -1 . 3 7 -. 1 7 -. 9 8 -. 4 0 1 .1 1 -.1 2 -1 . 3 6 -. 8 4 .4 9 .6 7 .5 3 .70 .7 4 1 .0 7 .26 .52 ,6 B .5 0 -.0 1 121 .5 3 .5 5 .25 .3 7 1 .0 8 22 .56 1.23 .1 4 -.0 2 .44 .3 7 -.0 1 .03 -. 0 5 -.0 2 -. 6 3 -1 . 5 3 -. 9 8 -1 . 5 8 G o o d s .... - 1 .2 1 .3 7 -. 4 6 -. 5 6 -. 5 6 -2 . 1 6 -1 .6 5 -2 . 0 3 -. 7 0 -1 . 3 0 -. 8 9 - 1 .6 8 -1 . 6 5 -1 .1 4 -. 7 2 .0 4 -. 3 8 - 1 .8 8 -2 . 0 5 -. 9 0 Se r v ic e s .32 -. 7 1 -.1 0 -1 . 9 1 -1 . 4 1 -1 . 7 1 -. 5 9 -1 . 6 0 -. 0 7 -. 2 3 -. 0 9 -1 .0 5 .1 5 .0 7 -. 0 4 -. 4 6 -1 . 7 6 - 1 . B8 -. 3 1 .05 .26 -. 4 6 -2 5 -2 3 -. 3 2 -.1 1 -. 0 8 -.1 0 .09 -.1 2 -. 1 7 .5 3 .41 .3 4 .8 8 .4 3 .8 9 -. 0 5 1 .3 7 .11 .4 5 .36 .1 6 .76 20 .64 .03 1 .4 0 -. 1 4 .3 7 .3 2 G o v e r n m e n t c o n su m p t i o n g r o s s In v e st m e n t F e d e r a l................................................ N a t io n a l d e f e n se . .1 0 .6 2 .4 3 .3 5 .17 .3 5 .47 24 -. 1 5 .74 21 .71 22 25 -. 0 4 .1 7 .1 7 .5 2 -. 1 8 .73 .1 2 .45 .5 9 C o n su m p t io n e x p e n d it u r e s . -. 1 5 1 .4 6 .33 -. 3 1 26 .11 .35 .6 0 .0 4 .41 29 -. 1 6 .1 4 .0 7 .1 7 .6 7 .4 6 -. 1 9 -. 4 4 G r o ss In v e st m e n t . . . . . . . . . . 1.35 -. 3 4 .3 2 .4 6 .01 .04 .3 9 .06 .01 -2 6 .3 4 .0 4 .16 .1 0 .3 7 -. 4 9 .44 -. 0 8 .04 .11 .03 .03 .1 4 .0 2 .0 2 -.2 0 .13 .09 .05 .0 3 N o n d e f e n se . .08 C o n su m p t io n e x p e n d it u r e s . G r o ss i n v e st m e n t . . . . . . . . . . St a t e -.1 1 e x p e n d it u r e s a n d .................................. and lo c a l .................... .0 4 .06 0 .0 8 .0 4 0 .0 5 .1 7 .1 0 47 .0 4 .31 .03 .05 .18 -. 0 6 .1 7 -. 1 4 .11 .19 .0 2 -.1 6 .1 2 21 .11 .0 3 -.0 1 .0 7 .26 .18 .2 7 -. 1 9 29 -.1 0 .11 .0 4 -.0 4 .0 2 .08 .0 2 .1 0 -. 0 9 .08 .14 -.0 8 -.0 2 .2 2 .1 4 -.1 2 -. 0 4 .1 5 -.1 2 .04 .01 .08 -.0 2 .1 2 .0 5 .1 7 .1 2 0 25 -. 0 8 -. 0 4 .2 5 -.1 1 .06 .0 4 .11 2 3 C o n su m p t io n e x p e n d it u r e s . .2 4 .1 7 .1 5 -.0 2 G r o ss in v e st m e n t . . . . . . . . . . -.0 1 -.0 1 .0 2 .0 2 .01 .06 -.1 2 .06 .1 0 -. 0 7 -. 0 3 .2 6 -.1 3 G o o d s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .1 0 2 .0 6 1 .4 9 1 .6 9 -1 . 7 4 1 .3 8 .75 1.30 1 .5 9 1 .5 4 1 .9 5 .9 8 1 .6 5 .31 .5 7 .4 9 -. 2 6 .1 4 .1 6 .1 2 .2 0 .1 5 .1 5 28 .01 0 .06 o -. 0 9 21 .1 0 21 .1 9 .31 .03 .03 0 .0 7 .14 .16 .0 8 .08 .17 .09 .13 -. 0 8 .1 4 -. 0 4 .0 5 .11 .23 -. 1 4 -. 0 6 -.1 2 2 .8 7 1 .7 7 Adde nda: S e rv ic e s ................ .................... St r u c t u r e s M o t o r v e h ic le o u t p u t ... ..................... . F in a l sa le s o f c o m p u t e r s. . . . . . . . . . . . . . . . . . . . . . . Se e " Ex p l a n a t o r ç N o t a " a t t h e a n d o f t h e t a b l e s. .49 5 .1 9 .9 6 229 1 .5 3 2 .1 0 126 1 .4 1 1 .5 8 1 .7 0 2 .1 5 .78 2 .2 0 1 .9 0 .71 1 .7 5 1 .8 2 1 .6 6 .88 .73 .41 2 .0 9 29 .65 -. 0 8 .76 128 .41 .0 6 1 .2 6 23 .5 3 .85 .40 .01 .3 5 0 .28 .17 -. 0 9 .7 2 -.1 3 .49 -. 2 6 .11 29 .15 -.0 1 .2 0 .56 -. 6 4 .11 -. 2 3 .1 0 .4 5 .0 9 .0 8 .0 8 .1 0 .36 .3 7 .3 2 .16 .33 .11 -2 9 .05 .13 Table 3.— Gross Domestic Product and Related Measures: Level and Change From Preceding Period B illio n s o f cu r r e n t d o lla r s Se a so n a lly a d j u st e d C h a n g e Ir a n i p r e c e d in g a t a n n u a l r a le s at a n n u a l ra t e s p e r io d 2005 G r o s s d o m e st i c p r o d u c t ........ P e r so n a l c o n su m p t i o n e x p e n d i t u r e s . . . D u r a b le B illio n s o f c h a in e d (2 0 0 0 ) d o lla r s Se a so n a lly a d j u st e d 2 005 1 II 1 2 ,4 8 7 .1 1 2 ,1 9 8 .8 1 2 ,3 7 8 .0 8 ,7 4 5 .7 8 ,5 3 5 .8 8 ,6 7 7 .0 2006 III. IV I 1 2 ,6 0 5 .7 1 2 ,7 66 .1 1 3 ,0 2 0 .9 8 ,8 4 4 .0 8 ,9 2 6 2 9 ,0 9 1 2 2005 2005 2006 2005 2006 1 II III IV I IV I 1 1 ,1 3 4 .8 1 0 ,9 9 9 .3 1 1 ,0 8 9 .2 1 1 ,2 0 2 .3 1 1 ,2 4 8 .3 1 1 ,3 8 1 .4 3 7 9 .1 4 6 .0 1 3 3 .1 7 . B5 6 . 9 7 ,7 6 4 .9 7 ,8 2 9 .5 7 ,9 0 7 .9 7 ,9 2 5 .4 8 ,0 3 2 .0 2 6 8 .3 176 1 0 6 .6 1 ,1 7 1 .2 g o o d s ............................. 1 ,0 2 8 .5 1 ,0 1 7 .3 1 ,0 3 5 .5 1 ,0 5 0 .9 1 ,0 0 2.1 1 ,0 4 8 .0 1 ,1 3 8 .4 1 ,1 2 2 .3 1 ,1 4 3 .9 1 ,1 6 9 .7 1 ,1 1 7 .7 4 8 .5 M o t o r v e h ic le s a n d p a r t s . . . . . . . . . . . . . 4 4 6 .8 -5 2 .0 4 4 9 .6 4 5 8 .5 4 6 8 .7 4 1 0 .5 43 2.5 4 5 2.E 45 5.C 4 6 3 .2 4 7 7 .Î 41 5.5 4 3 4 .7 -4 . 2 F u r n it u r e a n d h o u se h o ld e q u ip m e n t , -6 1 .8 3 7 3 .2 3 6 6 .9 3 7 0 .0 1 9 .2 37 4.9 3 8 1 .1 397.4 4 B5 . C 46 9.2 47 5.9 4 9 0 .5 5 0 4 .4 53 1.5 42.1 O th e r.................................... 20 6.4 1 3 .9 2 7 .1 2 0 0 .8 20 7.0 2072 2 1 0 .5 2 1 8 .1 2 1 1 .3 20 6.5 21 2.9 2 1 1 .0 21 4.7 22 3.5 15.5 3.7 8 .8 2 ,5 6 4 .4 2 ,4 7 6 .6 2 ,5 3 3 .7 2 ,6 0 4 .9 2 ,6 4 2 .5 2 ,6 8 4 .8 2 ,2 9 7 .9 2 ,2 6 5 .6 2 ,2 8 5 .9 2 ,3 0 5 .8 2 ,3 3 4 .2 2 ,3 6 5 .3 9 7 .5 1 ,2 1 8 .6 2 8 .4 1 ,1 8 4 .2 3 1 .1 N o n d u r a b le go o d s ................................. F o o d ............................................ 5 3 .5 1 ,2 07.1 1 ,2 2 9 .9 1 ,2 5 3 .3 1 ,2 8 0.2 1 ,0 8 1.1 1 ,0 6 0.9 1 ,0 7 2 .2 1 ,0 8 8 .7 1 ,1 0 2 .6 1 ,1 1 8.9 5 2 .0 14.1 3 4 5 .4 34 0.5 3 4 4.9 16.1 34 3.9 3 5 2 .3 358.1 3 7 6 .5 3 6 7 .9 37 4.4 37 7.2 3 8 6 .7 3 9 4 .0 2 1 .5 G a so lin e , fu e l o il, a n d o t h e r e n e r gy g o o d s . 9 .5 31 0.6 7 .3 2752 2 9 6 .4 3 3 8 .3 33 2.6 3 2 6 .3 20 4.9 20 7.7 20 5.2 2 0 3 .0 20 3.5 20 4.0 O t h e r ....... . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . . 3.5 .5 6 8 9 .8 67 6.8 6 8 5 .3 .5 69 2.6 7 0 4 .2 71 8.2 6 3 9 .7 6312 6 3 7 .7 64 1.9 6 4 8 .0 6 5 6 .8 2 3 .0 5.1 e.B Se r v i c e s...... ....................... 5 ,1 5 4 .9 5 ,0 4 1 .8 5 ,1 0 7 .8 5 ,1 8 8 .3 5 ,2 8 1 .6 5 ,3 5 8 .4 4 ,4 3 6 .4 4 ,3 9 2 .0 4 ,4 1 7 .6 4 ,4 5 3 .5 4 ,4 8 2 .6 4 ,5 1 4 .0 1256 H o u sin g . . . . . . . . . . . . . . . . . . . . . . . . . 2 9 .1 1 ,2 8 1 .5 1 ,2 6 0 .6 1 ,2 75 .3 1 ,2 8 8 2 1 ,3 0 1 .8 1 ,3 1 8 .9 1 ,1 0 3 .7 1 ,0 9 5 .6 1 ,1 0 1 .4 1 ,1 0 6 .6 1 ,1 1 1 .0 1 ,1 1 6.3 H o u se h o ld o p e r a t io n . . . . . . . . . . 2 5 .3 48 1.8 4 .4 4 6 5 .3 47 1.4 4 8 4 .4 5 0 6 .1 50 5.3 4 1 6 .3 41 4.3 4 1 3 .8 4 1 8 .5 4 1 8 .5 41 2.0 1 0 .7 Ele c t r ic it y a n d g a s . . . . . . . . . 0 20 1.7 1 B9 . 5 1 9 2 .4 2 0 2 .1 22 2.9 21 9.5 1 5 5 .0 1 5 5 .2 1 5 3 .2 1 5 5 .5 156.1 1 5 0 .5 C lo t h in g a n d sh o e s _ _ _ _ _ _ _ _ _ _ _ _____ O t h e r h o u se h o ld o p e r a t io n 5.8 .6 3 1 .4 5.3 -6 . 5 -5 . 6 2 B0 . 1 2 7 5 .8 2 7 9 .0 2 8 2 .3 2 8 3 .2 28 5.8 26 1.0 2 5 6 .B 26 0.5 2 6 2 .7 26 2.0 2 6 2 .2 4 .7 T r a n sp o r t a t i o n . . . . . . . . . . . . . . . . . . 3 2 1 .2 -. 7 3 1 2 .3 3 1 8 .5 3 2 4 .1 2 32 9.9 33 6.9 2 8 7 .3 28 4.6 2 B6 . 3 2 8 7 .6 2 9 0 .6 29 4.6 3.9 3.0 M e d ic a l c a r e . . . . . . . . . . . . . . . . . . . 4 .0 1 ,5 1 0 .0 1 ,4 7 0 .5 1 ,4 92 .6 1 ,5 2 2 .0 1 ,5 5 4 .7 1 ,5 8 0 .2 1 ,3 1 5 .2 1 ,3 3 0 .9 58.1 1 5 .6 1 ,2 9 1 .6 1,269.1 1 ,2 8 2 .3 1 ,2 9 9 .6 1 5 .7 R e c r e a t io n . . . . . . . . . . . . . . . . . . . . . . 3552 3 5 0 .3 353.1 3 5 6 .6 3 6 0 .7 3 6 5 .8 3 0 8 .6 30 7.7 30 8.3 3 0 B. 9 3 0 9 .4 3 1 2 .2 62 O th e r............................ .5 2 .8 1 2 0 5 .3 1 ,1 8 2 .8 1 ,1 9 6 .8 1 ,2 1 3 .0 1 ,2 2 8 .4 1 ,2 5 1 2 1 ,0 2 7 .8 1 ,0 1 9 .5 1 ,0 2 4 .3 1 ,0 3 1.1 1 ,0 3 6 .5 1,0 47.1 21.1 5.4 1 0 .6 2 ,1 0 5 .0 2 ,0 5 8 .5 2 ,0 5 4 .4 2 ,0 9 9 2 2 2 0 7 .5 2 ,2 6 0 .3 1 ,9 1 9 .8 1 ,9 0 2 .9 1 ,8 8 5 .0 1 ,9 0 9 .4 1 ,9 8 1 .9 2 ,0 1 3 .4 1 1 0 .0 7 2 .5 316 F ix e d In v e st m e n t . . .. . .. . .. . .. . ....... 2 ,0 86 .1 1 ,9 9 8 .7 2 ,0 5 8 .5 2 ,1 1 9 2 2 ,1 6 8 .0 2 ,2 3 9 .1 1 ,8 9 7 .1 1 ,8 4 2 2 1 ,8 8 4 .7 1 ,9 2 1 .5 1 ,9 4 0 .0 1 ,9 8 6 .4 1 4 2 .0 N o n r e sld e n t l a l. . . . . . . . . . . . . . . . . . . . . 186 1 ,3 2 9 .8 1 ,2 8 0.1 4 6 .4 1 ,3 1 3 .5 1 ,3 4 8 .9 1 ,3 7 6 .7 1 ,4 3 4 .7 1 ,2 8 9 .0 1 ,2 5 2 .2 1 ,2 7 9 .0 1 ,3 0 5 .2 1 ,3 1 9 .7 1 ,3 6 4.6 1 0 2 .3 1 4 .5 335.1 3 1 5 .9 3 2 5 .6 3 4 0 .2 3 5 9 .0 37 7.5 2 5 3 .4 2 5 1 .0 25 2.7 2 5 4 .1 25 6.0 2 6 1 .4 5.0 1.9 5 .4 9 9 4 .7 96 4.3 9 8 7 .9 1 ,0 0 8 .7 1 ,0 1 7 .7 1 ,0 5 7.1 1 ,0 5 0 .8 1 ,0 1 4 .2 1 ,0 4 0.9 1 ,0 6 7 .5 1 ,0 8 0 .6 1 ,1 2 2 .4 1032 13.1 4 1 .8 5 9 0 .6 565.1 58 4.6 60 0.2 6 1 2 .4 6 3 3 .5 68.2 122 21.1 2 0 9 .9 1 9 9 .8 2 0 9 .1 2 1 3 .7 21 6.9 21 9.5 21.1 . . . . . . 3 .2 2Ü 200.1 2 1 1 .8 9.B -2 . 0 1 1 .7 G r o ss p r iv a t e d o m e st i c I n v e st m e n t . Structures Eq u ip m e n t a n d so f t w a r e . . . . . . . . . . . . . . . . . . . In fo r m a t io n p r o c e ssin g e q u ip m e n t a n d so ft w a r e 48 8.9 4 7 4 .6 4 8 6 .6 4 9 4 .5 5 0 0 .1 5 1 3 .1 C o m p u t e r s a n d p e r ip h e r a l e q u ip m e n t 1 0 5 .7 1 0 2 .7 1 0 5.6 10 5.0 1 0 9 .6 1 0 8 .9 So f t w a r e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 7 .8 1 8 8 .3 1 9 7.3 2 0 1 .3 2 0 4 .3 2 0 7 .7 1 8 5 .4 18 3.6 1 8 3 .6 1 8 8 .2 1 8 6 .2 1 9 6 .6 19 8.7 1 9 6 .3 1 9 6 .5 2 0 2 .1 1 6 1 .3 1 6 1 .3 1 5 4 .9 1 6 1 .3 16 7.5 1 7 2 .4 149.1 1 5 0 .9 1 4 3 .2 1 4 8 .8 1 5 3 .6 O th e r.................................... In d u st r ia l e q u ip m e n t . . . . . . . . . . . . . . . . . . . . . . . 4 4 .9 157.1 9.7 4 .8 T r a n sp o r t a t io n e q u ip m e n t _ _ _ _ _ _ _ _ _ _ 1 7 1 .5 16 3.8 3 .5 1 7 2 .8 17 7.9 1 7 1 .6 1 8 8 .3 1 5 7 .0 1 4 8 .B 15 8.1 1 6 3 .3 1 5 7 .9 1 7 1 .6 1 8 .3 -5 . 4 O t h e r e q u ip m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3 .7 1 7 2 .9 16 4.6 1 7 3 .7 1 7 5 .0 1 7 8 .5 1 8 3 .3 1 5 9 .9 1 5 3 .9 1 6 0 .6 161.1 1 6 3 .9 1 6 6.9 9.9 2 .8 3 .0 7 5 6 .3 7 1 8 .5 7 4 5 .0 7 7 0 .3 7 9 1 .4 8 0 4 .4 60 1.9 584.1 5 9 9 .3 6 1 0 .0 6 1 4 .2 6 1 8 .2 40.1 4 .2 4 .0 1 B. 9 5 9 .9 -4 2 -1 9 . 7 3 9 .4 212 2 0 .3 582 -1 . 7 -1 3 . 3 3 7 .9 2 1 .9 -3 1 . 7 512 F a m i . . . . . . . . . . . . . . . . . . . . . . . . _. . . . -1 6 . 0 -8 . 4 -6 . 5 -8 . 5 -9 .5 -8 . 9 -7 . 9 -3 . 7 -2 . 3 -4 . 2 -4 .5 -3 . 7 -2 . 9 -6 . 0 .8 N o n fa r m .8 272 6 6 .4 4 .3 -1 0 2 4 8 .3 29.1 2 5 .0 6 1 .8 3 .4 -8 .1 4 3 .0 2 5 .7 -2 4 . 9 51.1 -1 7 . 3 R e sid e n t ia l C h a n ge ............ ........................... in p r iv a t e in v e n t o r ie s . ........................ N e t e x p o r t s o f g o o d s a n d se r v i c e s Exports , ... -7 2 6 . 5 -6 9 7 .5 -6 9 1 .0 -7 3 0 . 4 -7 8 7 . 1 -8 0 3 . 4 -6 3 3 . 1 -6 4 5 . 4 -6 1 4 . 2 -6 1 7 . 5 -6 5 5 .2 -6 7 8 .2 -3 1 . 8 -3 7 .7 -2 3 .0 1 ,3 0 1 2 12532 1 ,2 9 7.1 1 ,3 1 4 .6 1 ,3 3 9 .8 1 ,3 8 7.1 1 ,1 9 5 .3 1 ,1 6 5 .3 1 ,1 9 5 .4 1 ,2 0 2 .7 1 ,2 1 7 .6 1 ,2 5 2 .8 7 7 .4 1 4 .9 352 36.1 G o o d s .... 90 5.6 B6 5 . 4 9 0 4 .7 9 1 4 .8 9 3 7 .4 98 2.2 841.1 8 1 0 .7 8 4 1 .3 84 7.9 8 6 4 .4 9 0 0 .5 5 7 .5 Se r v ic e s 1 6 .5 39 5.6 3 8 7 .7 3 9 2 .5 39 9.9 4 0 2 .4 40 4.9 3 5 4 .1 35 4.3 3 5 3 .9 3 5 4 .8 35 3.5 3 5 3 .0 2 0 .0 -1 .3 -. 5 2 ,0 2 7 .7 1 ,9 5 0 .6 1 ,9 8 8.1 2 ,0 4 5 .1 2 ,1 2 6 .9 2 ,1 9 0 .5 1 ,8 2 8 .3 1 ,8 1 0 .7 1 ,8 0 9 .6 1 ,8 2 0 .2 1 ,8 7 2 .9 1 ,9 3 1 .0 109.1 5 2 .7 58.1 1 ,7 0 0 .7 1 ,6 2 7 .6 1 ,6 6 1 .8 1 ,7 1 8 .6 1 ,7 9 4 .8 1 ,8 5 0 .5 1 ,5 5 3 .0 1 ,5 3 7 .3 1 ,5 3 2 .9 1 ,5 4 6.1 1 ,5 9 5 .8 1 ,6 4 9 .8 1 0 0 .3 4 9 .7 5 4 .0 3 2 7 .0 3 2 3 .0 3 2 6 .3 3 2 6 .4 3 3 2 .1 34 0.0 2 7 6 .7 27 4.8 2 7 7 .7 2 7 5 .5 27 8.7 2 B3 2 9.6 3 .2 4 6 2 ,3 6 2 .9 2 ,3 0 2 .0 2 ,3 3 7 .6 2 ,3 9 2 .7 2 ,4 1 9 .6 2 ,4 7 2 .8 1 ,9 8 7.1 1 ,9 7 1 .9 1 ,9 8 4.1 1 ,9 9 8 .1 1 ,9 9 4.1 2 ,0 1 3 2 3 4 .8 -4 . 0 19.1 8 7 7 .7 8602 8 6 9 .8 89 2.2 88 8.5 92 4.6 7 4 0 .5 7 3 1 .8 7 3 6 .1 7 4 9 .5 7 4 4 .6 7 6 4 .0 1 6 .8 -4 . 9 1 9 .4 Im p o r t s .. Goods . Se r v ic e s ..... .................................. G o v e r n m e n t c o n su m p t i o n g r o s s i n v e st m e n t e x p e n d it u r e s a n d .................................. F e d e r a l............... N a t io n a l d e f e n se . C o n su m p t io n e x p e n d it u r e s . G r o ss In v e st m e n t .......... N o n d e f e n se . . . . . . . . . . . . . . . . . . . . C o n su m p t io n e x p e n d it u r e s . .................... 5 8 2 .5 6 0 1 .7 5 8 9 .1 61 1.2 4 9 3 .6 48 7.3 49 1.7 50 3.6 49 2.0 5 0 4 .2 1 2 .3 -1 1 . 6 1 2 .2 5 1 2 .3 5 2 8 .6 51 4.0 5 3 4 .9 4 2 4 .1 4 2 1 .9 42 2.9 4 3 2 .2 41 9.6 43 0.8 1 0 .8 -1 2 .6 1 1 .2 6 6 .4 7 0 .2 7 3 .1 7 5 .1 7 6 .2 7 0 .0 6 5 .3 6 9 .2 7 2 .0 7 3 .5 7 4 ,3 1.5 1 .5 .8 29 0.6 2 8 5 .0 2 8 7 .3 2 9 0 .5 2 9 9 .4 3 1 3 .5 2 4 6 .6 24 4.3 2 4 4 .2 2 4 5 .6 25 2.5 25 9.6 4 .4 6.9 7.1 25 3.7 2 5 0 .7 25 0.5 2 5 4 .3 2 5 9 .1 2 7 1 .5 2 1 0 .6 2 1 0 .4 20 8.2 2 1 0 .1 2 1 3 .7 21 9.4 2 .0 3.6 5 .7 1 .5 3 6 .9 3 4 .3 3 6 .8 3 6 .3 4 0 .3 4 2 .0 3 6 .3 3 3 .8 3 6 .3 3 5 .6 3 9 .4 4 0 .9 2.9 3.8 1 ,4 4 1 .7 1 ,4 6 7 .7 1 ,5 0 0 .4 1 ,5 3 1.1 1 ,5 4 8 2 1 ,2 4 6 .3 1 ,2 3 9 .8 1 ,2 4 7 .8 1 ,2 4 8 .5 1 ,2 4 9 .3 1 ,2 4 9 .3 1 7 .9 .8 1 ,1 9 3 .0 1 ,1 5 9 .0 1 ,1 75 .7 1 ,2 0 5 .7 1 ,2 3 1 .7 1 ,2 4 6 .9 991.1 9 8 6 .8 9 8 6 .8 99 3.3 9 9 5 .6 9 9 8 .8 11.6 2 .3 3.2 2922 2 8 2 .7 2 9 2 .0 2 9 4 .7 2 9 9 .4 30 1.3 2 5 5 .4 2 5 3 .2 2 5 9 .4 2 5 5 .4 2 5 3 .7 26 0.4 6.5 -1 . 7 -3 . 3 -6 3 6 -4 8 0 -6 0 -6 9 . 6 -7 7 1 -9 6 5 C o n su m p t io n e x p e n d it u r e s. G r o ss In v e st m e n t 5 7 5 .3 5 0 8 .9 7 1 .2 1 ,4 8 5 .2 G r o ss In v e st m e n t . . . . . . . . . . St a t e a n d lo c a l 587.1 5 1 5 .9 ______ R e sid u a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 Adde nda: F in a l sa le s o f d o m e st ic p r o d u c t . . . . . . . . „ . . . . . . . . 1 2 ,4 6 8 .3 1 2 ,1 3 8 .9 1 2 ,3 8 2 .1 1 2 ,6 2 5 .4 1 2 ,7 2 6 .7 1 2 ,9 9 9 .7 1 1 ,1 1 2 .8 1 0 ,9 4 0 .3 1 1 ,0 8 9 .2 1 1 ,2 1 4 .4 11 ¿0 7 . 5 1 1 ,3 5 5 .3 4 1 0 .4 -6 . 9 1 4 7 .8 G r o ss d o m e st ic p u r c h a se s. . . . . . . . . . . . . . . . . . . . . . . . 1 3 ,2 1 3 .7 1 2 ,8 9 6 .3 1 3 ,06 9 .0 1 3 ,3 3 6 .1 1 3 ,5 5 3 .3 1 3 ,8 2 4 .3 1 1 ,7 5 9 .1 1 1 ,6 3 5 .4 1 1 ,6 9 4 .8 1 1 ,8 1 1 .2 1 1 ,8 9 5 .0 1 2 ,0 5 1 .4 41 0.4 8 3 .8 1 5 6 .4 F in a l sa l e s t o d o m e st ic p u r c h a se r s . . . . . . . . . . . . . . 1 3 ,1 9 4 .8 1 2 ,8 3 5 .4 13 ,073 .1 1 3 ,3 5 5 .8 1 3 ,5 1 3 .8 1 3 ,8 0 3 .1 1 1 ,7 3 7 .0 1 1 ,5 7 6 .2 1 1 ,6 9 4 .6 1 1 ,8 2 3 .0 1 1 ,8 5 4 .1 1 2 ,0 2 5 .3 44 1.7 31.1 1 7 1 .2 G r o ss d o m e st i c p r o d u c t 1 2 ,4 8 7 .1 1 2 ,1 9 8 .8 1 2 ,3 7 8 .0 1 2 ,6 0 5 .7 1 2 ,7 6 6 .1 1 3 ,0 2 0 .9 1 1 ,1 3 4 .8 1 0 ,9 9 9 .3 1 1 ,0 8 9 .2 1 1 ^0 2 .3 1 1 ,2 4 8 .3 1 1 ,3 8 1 .4 3 7 9.1 4 6 .0 133.1 26 9 .. . . . . . . . . . . . . . . . . . . . . . . . . . . 50 7.6 P lu s: In c o m e r e c e ip t s fr o m t h e r e st o f t h e w o r ld 4 6 2 .3 4 8 9 .4 5 2 0 .3 5 5 8 .0 45 5.5 4 2 0 .4 4 4 1 .7 4 6 5 .5 49 4.4 7 1 .8 4 7 4 .0 4 2 2 .9 4 5 3 .9 4 7 6 .6 5 4 2 .6 4 2 3 .7 38 3.3 40 8.2 4 2 4 .4 47 8.9 90.2 5 4 .5 G r o s s n a t i o n a l p r o d u c t . . . . . . . . . . .. . . . . . . 1 2 ,5 2 0 .8 122382 1 2 ,4 1 3 .5 1 2 ,6 5 0 .0 1 2 ,7 8 1 .6 1 1 ,1 6 6 .4 1 1 ,0 3 6 .3 1 1 ,1 2 2 .5 1 1 ,2 4 3 .2 1 1 ,2 6 3 .5 3 6 0 .7 2 0 .3 N e t d o m e st ic p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 ,9 1 3 .1 1 0 ,7 5 0 .4 1 0 ,9 2 0 .7 1 0 ,7 4 1 .9 1 1 ,2 3 9 .3 9 ,6 4 0.1 9 ,6 0 8 .3 9 ,6 8 9 .7 9 ,4 5 6 .1 9 ,8 0 6 .5 2 7 4 .6 3 5 0 .4 L e ss: In c o m e p a y m e n t s t o t h e r e st o f t h e w o r ld E q u a l s: No t e .—U s e r s a r e c a u t i o n e d t h a t p a r t i c u l a r l y f o r c o m p o n e n t s t h a t e x h i b i t r a p i d c h a n g e In p r i c e s r e l a t i v e t o o t h e r p r i c e s i n t h e e c o n o m y , t h e c h a i n e d - d o l l a r e st i m a t e s sh o u l d n o t b e u se d t o m e a su r e t h e c o m p o n e n t s r e l a t i v e i m p o r - B o r its co nt rib ut io n t o t he gr o w t h r a t e o f m ore aggre p t e r c e n t c h a n g e s In r e a l g r o s s d o m e st i c p r o d u c t , u s e t a b l e 2. e "Ex p l a n a t o r y N o t e ” a t t h e e n d o f t h e t a b l e s. se r i e s. Fo r a c c u r a t e e st i m a t e s o f t h e cont ribut ions 1 1 ,4 9 8 ,5 9 ,9 5 3 .4 1 4 6 .9 Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Se a so n a lly a d j u st e d a t a n n u a l r a t e s 2003 2004 2005 2002 II G r o ss d o m e st i c p r o d u c t ( G D P ) . P e r so n a l c o n su m p t i o n e x p e n d it u r e s 2.0 ...... 1.9 D u r a b le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -3 . 5 III 2 303 IV I II 2004 III IV I II 2005 III IV 1 II 2008 III IV 2.6 1 .5 1.6 2 .2 3.1 1.1 1.8 1.9 3 .6 3 .9 1.5 2 .7 3.1 2.6 2.6 3.3 3 .5 3 .3 2 .8 1.8 1 .7 3 .0 .6 2 .0 1.3 3.9 3 .8 1.5 3.1 3.3 2.9 -1 . B 2 2 2.0 -1 .9 N o n d u r a b le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . -1 . 9 2.0 -2 . 7 -4 . 3 -4 . 3 -4 . 4 3 .3 5 .4 .1 -. 1 -2 . 4 .9 12 -.5 Se r v ic e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 .6 3.7 -3 . 0 5.6 -2 . 4 3 .0 3.1 3 .2 .6 6.0 6 .6 2 .6 .1 3 .0 4 .5 1 .3 2 .B 5 .7 3 .4 7 .9 3.2 2 .B .8 2 .8 3.6 3 .3 2 .9 3 .0 1.1 3 .0 22 3.1 4 .6 3 .0 .2 2.9 2 .9 -.5 1 .7 3 .2 -4 .1 G r o ss p r iv a t e d o m e st i c In v e st m e n t 1.6 3.1 F ix e d In v e st m e n t . . . . . . . . . . . . . . . . . . . 1.7 3 .2 3 .7 3 .4 4.6 .5 3 2 .2 2 .3 3 .0 2.6 2 .7 3.1 3 .7 -.5 1 .7 5.2 .3 1.3 3 .9 3 .5 4.6 -. 2 3 .0 -.4 2 .2 1.1 2.6 2 .7 .1 4 .0 3 .5 -1 .0 5.5 12 1.9 1 .2 1.8 5 .2 .9 4 .3 4 .0 3.1 1.9 2 .5 5 .4 3 .8 5.1 1.1 .3 2 .9 4.6 7.1 6 .8 6 .6 5 .6 1 0 .3 92 1 6 .5 N o n r e sld e n t la l St r u c t u r e s. . . . . . . . . . . . . . . Eq u ip m e n t a n d so ft w a r e R e si d e n t i a l. . . . . . . . . . . . . . . . . . C h a n g e in p r iv a t e In v e n t o r ie s 2 -.9 -.1 -2 .1 -2 . 0 -. 3 -1 . 2 -1 . 4 4 .8 6.7 .6 1.0 -. 8 2 2.2 -.9 1.5 -.4 7 .0 .9 -.7 9 .3 -1 . 8 2 0 .3 -1 .3 .3 2.7 7 .6 8 .0 9.7 6 .9 4 .2 1.6 42 6 .5 8 .3 *.... . -a -j j 3.5 3 .2 12.6 0 4.1 N e t e x p o r t s o f g o o d s a n d se r v i c e s E x p o r t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1 3 .6 Goods , 2 8 2.0 ... 3.0 3 .7 .... 2 ... 2 2 2 .2 3 .3 .5 ... 2 J 3 .6 1.6 2 .5 3.1 -. 7 4.1 6.5 5 .3 4 .3 1.0 2 .5 Se r v ic e s , 2.1 3 .8 .7 4 .5 22 52 1.3 4 .6 5 .0 .1 4 .4 3 .7 32 1 0 .3 5 .6 3 .5 4 .7 .6 5.4 -4 . 4 2 .9 6.0 1 1 .2 6 .7 2J 4 ,0 2 .3 3 .4 -.3 2 .6 1.1 9.6 1 0 .8 6.6 5 .7 2 .6 6.B .4 2.9 82 11.9 9.4 -6 . 7 2.5 4 4 .5 1 0 .1 7 .9 5 .4 62 12 9.9 8.0 1 0 .6 7 .5 32 4 J3 42 7 .5 .3 7 .4 6 .5 7 .9 -.2 3 .4 2 2 Im p o r t s , G o o d s ... Se r v ic e s 5 .B 4.9 7.6 8.1 .. .. 3 j 1.4 ... 41 ... Í 0 ... 5 2 ... 4 2 . . . 1.7 ... 4 2 ... 4 2 ... 3 7 ... ¿9 3.1 -. 5 - 1.1 3 .0 G o v e r n m e n t c o n su m p t i o n e x p e n d it u r e s a n d g r o s s In v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 .7 3 .7 4 .B Fe d e ra l . 2.9 2 .6 3.6 8.9 3.9 0 2.5 4.2 1.4 3 .6 6 .2 5.0 .5 3 .2 1.0 4.1 5.7 3 .7 9.9 1 .3 6 .7 5 ,4 4 .6 4 .4 1.2 4 .0 12 3 .6 9 .7 42 1.3 2 2 2 .4 2 .6 7.0 2.1 9 .3 3.0 jj 6 .9 1.1 1.3 1.5 7 .8 5 .6 2.8 2 .7 6 .6 1.4 3 .5 .7 1 3 .7 3 .6 1 .2 2 .5 7 2 3.6 2.1 2 2 7 .6 4 2 4 .7 9 .0 8.2 4 .5 N a t io n a l d e f e n se ., N o n d e f e n se . . . . St a t e a n d lo c a l ...... 3 .0 4 .6 3 .B -.8 -1 . 4 .5 3 .7 1.6 3 .4 1.0 5 .4 4 2 1 1 .0 3 .4 3 .0 8.4 -.7 32 1.6 4 .2 5 .0 3 .7 4 .9 1.5 1.6 2 .3 3.1 1.1 1.8 1.9 3.6 3 .8 1.4 Adde nda: F in a l sa le s o f d o m e st ic p r o d u ct G r o ss d o m e st ic p u r c h a se s 2. 6 2.B 2 .9 3 .2 2 .5 2 .7 1.7 3.1 2 .2 4.1 3 .3 1 5 .4 2 .0 2.9 3 .2 2.5 4 .2 4.1 2 .0 3.2 2 .9 4 .2 2.5 .4 2 .0 1.7 4 .2 4.1 1.5 2 .0 3 .2 1.6 2.9 3 .3 2 .2 3.1 4 .3 3 .7 3 ,7 2.7 2. 6 4.1 3.3 2.0 1.7 22 1.7 3.3 2.2 1.1 1.8 1.9 3 .6 3 .8 1.5 2.7 3.1 2.6 3 .3 3 .5 ........ G r o ss n a t io n a l p r o d u ct ( G N P ) 26 Im p l i c i t p r ic e d e f la t o r s: G D P .......................... 2.0 2.2 2 .B 1 .4 G r o ss d o m e st ic p u r c h a se s 1.1 1.9 2 .9 1.8 3 .2 3 .7 3 .9 3.0 2 .2 26 4.1 3.3 3 .5 1.6 2 .7 2.0 2.6 2.4 1.3 GNP . .4 2.1 1.6 4 .3 2 .B 4.1 1.9 1.5 3 .2 22 2 .3 3.3 3.1 4 .2 3 .7 1.5 1.1 1.9 1.8 3 .7 3 R 1.3 2 .7 3 .0 2.6 3.3 Se e “ Ex p l a n a t o r y N o t a " a t t h e e n d o f t h e t a b l e s. 5.9 2.0 •>.a . » . « « >........ 2.2 F in a l sa le s t o d o m e st ic p u r c h a se r s 5 .0 5 .0 2. 6 1.5 2.2 3.1 2.6 . 3.3 2 .7 Table 5.— Real Gross Domestic Product, Quantity Indexes [ I n d e x n u m b e i s, 2000=100] S e a s o n a l l y a d j u st e d 2003 2004 2005 2005 I G r o ss d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P e r so n a l c o n su m p t i o n e x p e n d it u r e s. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . II 2006 ill IV I 105.130 109.562 113.424 112.044 112.959 114.112 114.580 108.415 112.601 116.582 115.217 116.176 117.338 117.59B 119.180 115.936 D u r a b le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119.134 126.245 131.864 129.999 132.499 135.492 N o n d u r a b le g o o d s . . . . . . . . . . . . „ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129.466 135.666 107.938 113.000 118.008 116.351 117.392 118.413 Se r v ic e s. .. .. .. .. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . . .. .. .. .. .. .. .. .. .. .. . 119.875 121.472 106.493 109.725 112.919 111.789 112.440 113.353 114.094 114.894 9 3 .1 9 5 104.286 110.621 109.645 108.615 110.023 114.201 116.013 95 .2 97 G r o s s p r i v a t e d o m e st i c I n v e s t m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F i x e d i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104.534 112.990 109.722 112.252 114.443 115.544 ..................................... . ...................... 118.311 56 .0 63 96 .3 14 104.622 101.633 1 0 3 . B0 6 105.935 St r u c t u r e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107.116 110.756 77.621 79 .3 14 80.925 80 .1 45 50.650 81 .1 23 81.753 E q u i p m e n t a n d so f t w a r e ................................. ........... 83.460 92 .1 54 103.126 114.355 110.376 113.274 116.170 117.600 R e si d e n t i a l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122.146 113.969 125.714 134.678 130.695 134.100 136.484 137.434 138.326 N o n r e sl d e n t l a l C h a n ge in p r i v a t e I n v e n t o r i e s . . . . . . . . . . . . „ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ex p o r ts ot go o d s a n d se r v ic e s............................................ 94 .0 64 101.970 109.028 106.295 109.037 109.710 111.070 114.276 Im p o r t s o f g o o d s a n d s e r v i c e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.205 116.495 123.892 122.698 122.620 123.340 126.908 130.848 114.537 116.937 G o v e r n m e n t c o n su m p t i o n e x p e n d it u r e s a n d g r o s s i n v e st m e n t 111.009 113.399 115.420 115.248 116.063 115.830 F e d e r a l......................................................................... 118.839 125.038 127.945 126.446 127.188 129.491 128.657 St a t e a n d l o c a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131.994 107.042 107.487 109.058 105.489 109.183 109.246 109.313 109.317 109.650 Adde nda: F i n a l sa l e s o f d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105.554 113.856 1 1 2 . 0 BB 113.613 114.696 114.825 G r o s s d o m e st i c p u r c h a s e s 116.340 106.285 111.301 115.325 114.112 114.595 115.836 116.558 118.192 106.708 111.394 115.750 114.164 115.332 116.598 116.905 118.593 105.370 109.637 113.296 111.977 112.851 114.076 114.282 .................................... . .......... F i n a l s a l e s t o d o m e st i c p u r c h a se r s ..................................... . G r o ss n a t ion a l p r o d u c t . . . . . . . _ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S e e " Ex p la n a t o r y N o t e” a t t h e e n d o f t h e t a b le s. Table 6.— Price Indexes fo r Gross Domestic Product [ I n d e x n u m b e r s, 2 0 0 0 = 1 0 0 ] Seasonally adjusted » 2003 2004 2005 2006 I G r o ss d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P e r so n a l c o n su m p t i o n e x p e n d i t u r e s .......... (P C E )...................................... . Durable goods.......................................................................................... Nondurable goods..................................................................................... Services....................................................................................... G r o ss p r iv a t e d o m e st i c I n v e s t m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fixed Investment....................................................................................... Nonresldentlal....................................................................................... Structures..................................................................................... Equipment and software ........................................................................ Residential............................................................................................ Change In private Inventories........................................................................ II 2006 I II IV 1 106.310 109.102 112.175 110.950 111.655 112.567 113.532 114.446 105.520 108.246 111.313 109.936 110.832 1 1 1 . B4 6 112.637 113.196 92 .3 72 90.631 90.168 90 .6 46 90.527 8 9 .8 3 9 89.659 B9 . 4 8 4 104.151 107.634 111.596 109.327 110.654 112.985 113218 113.519 109.246 112.695 116.195 114.803 115.633 116.508 117.834 116.714 103.311 106.555 109.836 108.427 109.164 110.169 111.586 112.481 103.432 106.697 112.751 109.970 108.522 109.254 110.318 111.787 99 .7 64 101.025 103.161 102.244 102.715 103.353 104.327 105.147 113.889 120.124 132.228 125.876 128.886 133.914 140.234 144.472 95.133 95.022 94.661 95 .0 67 94.910 94.491 94.174 94.17B 112.379 119.935 125.661 123.062 124.359 126.336 128.889 130.175 110.737 Ex p o rts of go o d s a n d se r v ic e s.............................................................................. 101.398 104.999 108.867 107.559 108.534 109.323 110.052 Im p o r t s o f g o o d s a n d s e r v i c e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 .6 10 104.571 110.937 107.783 109.925 112.413 113.626 113.496 109.460 113.505 118.915 116.747 117.820 119.751 121.343 122.837 109.740 114.354 118.525 117.550 118.168 109.303 113.022 119.170 116.291 117.635 G o v e r n m e n t c o n su m p t i o n e x p e n d it u r e s a n d g r o ss In v e st m e n t . . . . . .. . . . . .. . . . . .. . . . . .. . . . . .. . . . Federal .................................................................................................. Slate and local............................................. ............................................ . 119.056 119.327 121.041 120.186 122.566 123.930 Adde nda: PCE excluding food and energy..................................................................... Market-based PCE1 ...................................................................... . . . . . . . . . . . . . . Market-based PCE excluding food and energy1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........ „ . . . . 105.062 Final sales ol domestic product ............................................................ .... Gross domestic purchases ............................................................................ Final sales to domestic purchasers ............................................................... Gross national product................................................................................. 109.450 110.095 110.654 105.009 107.422 110.336 106.946 109.660 110.917 111.619 112.093 104.348 105.898 107.156 107,678 109.311 107.106 108.517 107.506 109.083 107.797 108.302 108.753 106.330 109.124 112.196 110.963 111.667 112.569 113.563 114.489 105.863 108.899 112.401 1 1 0 . B8 3 111.765 112.953 113.981 114.754 105.683 108.921 112.421 110.898 111.798 112.976 114.013 114.796 106.304 109.094 112.156 110.933 111.638 112.550 113.514 106.305 109.099 112.145 110.905 111.522 112.527 113.494 114.406 106.330 109.124 112.197 110.956 111.659 112.582 113.556 114.481 105.856 108.896 112.370 110.837 112.911 113.941 114.712 105.883 108.920 112.421 110.B86 111.750 111.787 112.965 114.001 114.784 106.299 109.091 112.129 110.690 111.607 112.512 113.477 I m p l i c i t p r i c e d e f l a t o r s: Gross domestic product ....................................................... ................... Final sales ol domestic product.......................................... .................... Grass domestic purchases......................................................................... Final sales to domestic purchasers .............................................................. Grass national product............................................................................. 1. T h is in d e x la e su p p le m e n t a l m e a su r e t h at I s b a se d o n h o u seh o ld e xp e n d it u r es f or w h ich t h e r e a r e o b se r v a b le p r ice m e asu r e s. It e x clu d e s m o st im p licit p r i ce s ( f o r e x a m p le , t h e s e w ic e s f u r n ish ed w it h o u t p a y m e n t b y f in a n cia l I n t er m ed iar ies) a n d t h e e x p e n se s o f n o n p r o f it in st it u t io n s. Pe r ce n t a g e ch a n g e s f o r t h e se s e r ie s a r e in cl u d e d I n t h e | U e n d a t o t a ble B a n d a p p e n d ix t a b le A . ■ S e e " Ex p la n a t o r y N o t e " a t t h e e n d o t t h e t a b le s. Table 7.— Real G ro ss D o m es tic Pro duct: P erc en t Chan ge From P re ce din g Y e a r Table 8.— Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2002 II G r o ss d o m e st i c p r o d u c t ( G O P ) .. . P e r so n a l c o n s u m p t i o n e x p e n d i t u r e s ( P C E ) Durable goods ______ __ ____ _____ Nondurable goods.............................. Services........... ............................. G r o ss p r iv a t e . d o m e st i c I n v e s t m e n t . . . . . . . . . . . Fixed investment............................... Nonresldentiai............................... Structures Equipment and software ... Residential ... _................. Change In private Inventories . 2003 1.3 2.2 1.9 3.1 3.2 1.9 8.9 2004 I IV I II 1.6 2.1 IV 3.2 4.0 4.7 4.6 3.8 3.8 2.4 3.3 3.8 4.3 3.9 3.5 11.0 1.2 7.9 9.2 9.4 5.8 3.7 2.4 2.1 6.0 3.0 2.1 3.8 5.2 2.2 4.2 4.1 5.1 4.0 4.6 2.0 1.9 1.9 1.8 2.0 4.9 2.0 2.5 3.0 2.9 3.2 3.1 4.9 1.5 1.7 4.4 7.7 10 .5 15.1 11.8 10.4 5.6 7.7 9.3 10.9 9.3 9.4 3.2 5.6 7.9 9.2 9.4 -.5 1.2 2.6 1.5 1.9 9.8 11.9 12.0 10.9 2.7 13.6 11.9 13.9 9. 1 -5 .4 -1.4 -5 .8 -4 .9 -9 .8 3.2 -2 .5 -.7 1.8 0 -8 .7 -6 .5 22.0 -1 4 .9 -3 .2 -3 .4 -.3 1.6 4.4 4.4 7.0 5.6 5.6 10.5 -4 .0 1.6 3.8 1.1 1.1 1.7 -1 .3 .7 -4 .9 1.9 -1 .5 -1 7 . 4 - IV 2.0 6.8 4.3 - -3 .5 - 12.2 -4 .5 7.2 11.8 6.6 Net e x ports of go o d s a n d se r v ic e s........ Exports .............................g......... Goods . Services ... Imports . Goods . Services G o v e r n m e n t c o n su m p t i o n F e de r al e x p e n d it u r e s a n d .................... .................. ............................... . National defense , Nondefense „ State and local...... ................ 6.0 8.1 10.5 9.0 6.7 8.3 10.4 10.1 1.9 4.5 7.8 10.9 6.4 4.6 11.7 11.8 10.6 1.4 2.1 102 6.4 9.7 6.0 3.B 3.4 8. 8 7.2 9.9 4.5 3.1 5.3 9.2 112 -3 .0 2.4 8.8 6.8 5.1 3 2 2.4 .5 5.0 4 2 7.3 13.8 9.7 7.7 4.0 4.9 4.0 29 3.5 3.0 1.9 2 9 1.7 20 21 6.7 7.2 5.5 8.1 5.1 4.2 7.5 121 3.6 9.2 3.7 7.8 4.9 -1.0 B.6 12.2 2.1 P r ic e 12.3 11.1 7.5 7.8 7.4 7.9 8.4 6.8 6.5 5.5 6.8 2.6 3.6 2.1 6.2 1.1 1.3 20 3.3 4.0 4.5 4.0 3.4 2.7 2.2 2.5 3.4 4.0 4.9 5.1 4.4 4.5 1.9 2.5 3.6 4.0 4.7 4.5 4.1 4.3 6.4 3.6 .7 1.6 0 .8 0 3.5 .5 Adde nda: Final sales of domestic product .... Gross domestic purchases ........ Final sales to domestic purchasers Gross national product............. Real disposable personal Income . 6.1 6.8 2 8 - g r o s s i n v e st m e n t 2.0 2 12 1.9 1.7 2.6 1.9 2.3 1.0 2.3 1.6 1.6 4.6 1.4 1.4 0 2 2.8 .9 3.6 1.8 2 4 3.5 4.4 5.0 4.4 3.6 3.2 2.9 .7 1.4 3.6 3.8 4.1 3.2 21 4.1 1.6 1.9 2.6 21 2.1 2.0 21 3.0 1.9 1.9 1.7 1.6 1.6 2.0 1.7 2.1 1.9 2.0 I n d e x e s: Gross domestic purchases Gross domestic purchases excluding food and energy . GDP excluding food and energy PCE PCE excluding food and energy . Market-based PCE1 Market-based PCE excluding food and energy > 2.1 12 1.8 1.5 1.9 .9 1.1 1.5 1.5 1.7 2.3 2.0 1.8 1.B 1.5 1.3 1.7 2.3 1.7 1.4 1.3 12 1.B 1.6 1. T h is I n d ex is a s u p p le m e n t a l m e a su r e t h at I s b a s e d o n h o u se h o ld e x p en d it u r e s f o r w h ich t h e r e a r e o b se r v a b le *8S8™8S“ 1.9 W it“ W™nt by flnansW 3.0 3.4 1.7 1.7 1.9 2.5 2.1 1.8 1.8 12 1.8 2 6 2.7 2. 0 21 2.B 2.7 2.9 1.1 1.7 1.9 2.5 2.6 2.8 1.7 1.9 2 7 2 6 3.1 1.3 1.7 2.0 20 2.2 1.7 2.5 2.3 2.8 1.3 1.5 1.5 1.7 1.6 1.0 Table 9.— Relation of G ross D o m estic Pro duct, G ross National Product, an d N atio nal Incom e [B illions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 10,971.2 11,734.3 12,487.1 12,198.8 12,378.0 12,605.7 12,766.1 343.7 275.6 415.4 361.7 507.6 474.0 462.3 422.9 489.4 453.9 520.8 476.6 558.0 542.6 11,039.3 11,788.0 12,520.8 12,238.2 12,413.5 12,650.0 12,781.6 1,331.3 47.1 1,435.3 76.8 1,574.1 42.8 1,448.4 39.4 1,457.2 78.3 1,863.8 44.3 1,526.9 9.2 9,660.9 6,321.1 5,111.1 1 ,2 1 0 .0 8102 131.7 1,031.8 528.5 754.8 61.6 1.3 10,275.9 6,687.6 5,389.4 1,298.1 669.6 134.2 1,161.5 505.5 809.4 91.1 -3 .0 10,903.9 7,125.3 5,723.7 1,401.6 936.7 72.9 1,351.9 498.3 848.0 80.2 -1 1 .3 10,750.4 7,001.7 5,629.9 1,371.8 917.9 118.0 1,288.2 498.3 833.2 99.0 - 6.1 10,878.0 7,060.2 5,672.3 1,387.9 936.6 104.4 1,347,5 488.7 B4B.0 99.6 -7 .0 10,741.9 7,177.6 5,752.3 1,415.3 932.4 - 11 .1 1,293.1 497.6 853.4 - 2 2 .8 11,245.5 7,261.7 5,830.1 1,431.6 967.7 80.3 1,478.9 508.5 8572 100.3 -9.1 10,9242 11,657.5 12,444.4 12,159.4 12,299.7 12,561.4 12,757.0 2005 I G r o s s d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P l u s: I n c o m e r e c e i p t s t r a m t h e r e st o f t h e w o r l d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . L e s s : I n c o m e p a y m e n t s t o t h e r e st o f t h e w o r l d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E q u a l s: G r o s s n a t i o n a l p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . L e ss: C o n su m p t i o n o f f ix e d c a p i t a l _ _ _ _ _ _ _ _ _ _ _ _ ......._ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ L e s s : St a t i st i c a l d i s c r e p a n c y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E q u a l s: N a t io n a l in c o m e C o m p e n sa t i o n W a ge .......................................................................... o f e m p lo y e e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . a n d sa l a r y a c c r u a l s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Su p p l e m e n t s t o w a g e s a n d s a l a r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' P r o p r i e t o r s' I n c o m e w i t h I n v e n t o r y v a l u a t i o n a n d c a p i t a l c o n su m p t i o n R e n t a l In c o m e a d j u st m e n t s o f p e r so n s w i t h c a p i t a l c o n su m p t i o n a d j u s t m e n t . . . . . . . . . . . . . . . . . . . . . . . C o r p o r a t e p r o f i t s w i t h i n v e n t o r y v a l u a t i o n a n d c a p i t a l c o n su m p t i o n a d j u st m e n t s . . .. N e t I n t e r e st a n d m i s c e l l a n e o u s p a y m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . T a x e s o n p r o d u c t i o n a n d I m p o r t s l e s s su b s i d i e s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B u s i n e s s c u r r e n t t r a n sf e r p a y m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C u r r e n t su r p l u s o f g o v e r n m e n t e n t e r p r i se s ........... ...................................... II 2006 III IV 2 1 .8 I 13,020.9 1,522.4 7,380.9 5,915.5 1,465.3 977.9 70.1 541.5 876.1 104.8 -5 .6 Addendum : G r o s s d o m e st i c I n c o m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Table 10.— Personal I ncome and I ts Disposition [B illions of dollars] Seasonally adjusted at annual rates 2003 | 2004 2005 ____________________________________________________________________ P e rs o n a l In co m e 1 ................................................................................................... Com pensation of em ployees, re c e iv e d ............................................................................ Wage and salary disbursem ents............................................................................ Supplements to wages and s a la rie s ....................................................................... Proprietors' Income w ith inventory valuation and capital consumption adjustm ents „ .......... h a rm ................................................ ....................... ......................................... N onfarm ........................... ..................................................................... Rental Income of persons with capital consumption ad ju stm e n t........................................ Personal incom e receipts on a s s e ts .............................................................................. Personal Interest in c o m e .................................................................................... Personal dividend Income ................................................................................... Personal current transfer receipts ................................................................................ Less: C ontributions for government social Insurance..................................................... Less: Personal current ta x e s ............................................................................................ 2005 II 1 2006 III IV I 9,169.1 9,713.3 10,248.3 10,073.4 10,185.7 10,250.4 10,483.7 10,654.4 6,321.1 5,111.1 1 ,2 1 0 .0 8102 27.7 782.4 131.7 1,338.7 917.6 421.1 1,344.0 6,687.6 5,389.4 1,298.1 889.6 35.8 853.8 134.2 1,396.5 905.9 490.6 1,427.5 7,125.3 5,723.7 1,401.6 936.7 7,001.7 5,629.9 1,371.8 917.9 24.7 B93.2 118.0 1,407.9 915.4 492.5 1,468.8 7,0602 5,672.3 1,387.9 936.6 19.6 917.1 104.4 1,439.8 936.0 503.B 1,509.6 7,177.6 5,762.3 1,415.3 932.4 18.0 914.3 - 11 .1 1,468.9 9512 517.6 1,558.1 7261.7 5)830.1 1,431.6 '967.7 7,380.9 5,915.5 1¡465.3 977.9 16.1 961 .B 70.1 1,535.8 989.5 546.2 1,597.3 2 0 .8 917.8 72.9 1,457.4 945.7 511.7 1,525.3 2 1 .0 946.7 80.3 1,512.9 980.1 532.9 1,544.7 776.6 82 22 871.2 861.0 864.9 875.4 883.6 907.5 999.9 1,049.1 1,209.7 1,171.4 1,206.0 1,220.4 1241.0 1,279.5 E quals: D isposable personal In c o m e ...................................................................... 8,1692 8,6642 9,038.6 8,902.0 8,979.7 9,030.0 9242.7 9,374.9 Less: Personal o u tla y s ........................................................................................ 7,996.3 8,512.5 9,072.1 8,654.6 9,0012 9,173.9 9258.5 9,425.4 172.8 151.8 -33.5 47.4 -2 1.5 -143.9 -1 5 .8 -50.5 Personal saving as a percentage of disposable personal in c o m e ..................................... 2.1 1 .8 -.4 .5 - .2 1 .6 - .2 -.5 Addendum : Disposable personal Income, billions of chained (2000) dollars 2 ...................................... 7,741.8 8,004.3 8 ,1 2 0 .0 6,098.1 8 , 1 0 2 .6 8,074.2 8,206.4 8282.7 E quals: P ersonal s a v in g ......................................... ...... ..................................... 1. Pe r s o n a l I n co m e I s a ls o e q u a l t o n a t io n a l in co m e le s s co r p o r a t e p r o fit s w it h I n v en t or y v a lu a t io n a n d ca p it a l co n su m p t io n a d j u st m e n t s, t a x e s o n p r o d u ct io n a n d im p o r t s le s s su b sid ie s, co n t r ib u t io n s t o r g o v e r n m e n t s o ci a l in su r a n ce , n et I n t er est a n d m isc e ll a n e o u s p a y m en t s, b u s in e s s cu r r e n t t ra n sf e r p a y m e n t s, cu r re n t s u r p lu s o f g o v e r n m e n t e n t er p r ises, a n d w a g e a c cr u a l s le s s d is b u r se m e n t s, p lu s p e r s o n a l in c o m e r e ce ip t s o n a ss e t s, a n d p e r s o n a l cu rr an t t r a n sla r r eceip t s. 2 . Eq u a ls d is p o sa b le p e r s o n a l in co m e d e f lat e d b y t h e I m p licit p r ice d e f la t o r f o r p e r s o n a l co n s u m p t i o n e x p en d it u r e s. - A p p e n d ix T ab le A.— Real G ross Dom estic P ro d u c t an d R elated A g g re g ates and Price In dex es : P erc en t C h an g e From Pre ce din g Period Seasonally adjusted at annual rates 2003 2004 200S II G ross d o m estic p ro d u ct (GDP) and related aggregates: GDP ........................................................ 2( 2002 III IV II 1 03 2004 111 IV I 2005 III 11 IV I II 2006 III IV 2.7 4.2 3.5 2 .2 2.4 0 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 1.7 3.4 4.8 5.2 1.7 -3 .0 -5 .2 2.9 3.1 4.3 .7 -.9 2.3 3.7 2.9 3.8 4.1 7.2 3.3 3.0 .6 13.1 12 2 .2 4.4 3.2 5.2 5.0 1.5 8.4 5.3 3.6 3.3 2.3 1 .2 3.9 3.2 Motor vehicle output...... ................ GDP excluding motor vehicle output.... . 16.8 1.3 13.6 6 .6 4.8 1.5 3.4 -2 .7 4.7 32 6.5 2.7 5.7 2 .6 3.6 2.7 4.6 4.2 9.3 3.1 1.5 3.4 3.5 5.7 1 1 .6 .5 2.1 2 .0 2 Final sales of computers1 ............... . GDP excluding final sales of computers -3 .6 3.8 14.4 3.9 -7 .3 3.9 3.0 4.0 3.1 4.3 3.8 -.3 3.4 17.6 3.7 -1 7 2 2.4 -7 .0 5.2 20.2 2.6 20.4 4.1 39.6 3.3 .7 29.3 15.3 2 .2 11.9 3.5 1 0 .2 2 .2 4.2 10.3 3.4 13.3 3.9 56.5 3.0 54.9 3.5 45.4 3.0 20.3 4.0 45.9 1.3 13.0 4.7 8.0 133.6 1.4 Goods ....................................... Services.................... ................ Structures....... ............................ 22 .3 8 .2 -2 .5 3.9 2 2 .6 1 .8 7.1 1.7 14.4 3.6 78.0 .1 63.9 34.2 -2 2 .3 27.0 -34.1 -13.1 89.8 -3 1 .5 -1 1 .3 -17.1 7.3 -31.1 20.9 36.7 8.6 3.1 .1 2 .0 4.7 10.4 2 .8 4.2 4.6 4.6 3.9 4.3 4.4 4.7 1.5 5.8 1 .8 2.7 2 .6 3.3 3.5 3.4 3.7 3.3 3.3 3.4 6.7 6 .8 8 .8 Farm gross value added* ............................ 6.4 0 Nonfarm business gross value added3 ............. 3.3 4.8 4.2 2.0 2.6 1.8 22 2.8 1.5 2.5 2.7 2.7 3.0 1 .8 1 .6 2 .0 2 .6 1.7 1.7 .9 1 .6 2.4 3.2 3.6 3.3 3.7 3.9 3.4 3.9 2 .6 3.1 2.9 3.3 2 .8 1 .6 2.9 2.4 2 .0 1.9 1.7 1.9 2 .0 1 .2 2 .8 3.5 - P rice Indexes: GDP ....................................................... GDP excluding food and energy ..................... GDP excluding final sales of computers............ Gross domestic purchases ...... ..................... Gross domestic purchases excluding food and energy................................................. Gross domestic purchases excluding final sales of computers to domestic purchasers ............... Personal consumption expenditures (PCE)_____ PCE excluding food and energy...................... . Market-based PCE*.................................... Market-based PCE excluding food and energy*... 1 1 1 .6 2 .2 3.1 1.1 1.5 2.2 2.9 3.2 2.5 1.7 2 .2 4.1 .4 2 .0 1.7 4.2 4.1 2 .0 3.2 2.9 3.3 4.2 3.7 2.7 1.8 2.4 2.5 1.7 1 .6 1 .8 2.5 1 ,0 1.7 1 .8 3.4 3.2 2 .0 2.4 3.0 2 .1 25 3.2 3.1 2.4 3.0 3.4 2 .6 1.9 2.4 4.3 2 .2 1 .8 4.3 4.3 22 3.4 3.1 3.5 4.5 3.9 1.5 1.3 1.9 2.6 .5 2.8 3.0 2 .8 1 .8 1.7 3.0 .6 2 .0 2.0 2.0 1 .8 2.3 1.5 2.7 1.7 1 .2 2 .B 1.9 1.7 1.7 1.1 1 .0 1.7 3.1 .B 1.5 1.9 1.4 3.9 2.7 3.4 1.9 3.8 2.5 3.7 1.5 1.5 3.1 2.3 2.3 2.4 2.9 2.4 1.1 2 .8 2.0 2.0 2.1 2 .0 1.1 1 .8 22 3.3 1.7 3.4 1.5 3.7 1.4 3.9 1 .0 1.3 1.4 .9 .9 1.1 1.9 12 1 .6 1. Fo r so m a co m p o n e n t s o f f inal s a le s o f co m p u t e r s, I n clu d e s co m p u t e r p a rt s. 2 . Fa r m o u t p u t le s s I n t er m e d iat e g o o d s an d s e r v ic e s p u r ch a se d . S. Co n s is t s o f G O P le s s g r o ss v a lu e a d d e d o f f ar m , o f h o u se h o ld s a n d in st it u t io n s, a n d o f g e n e r a l g o ve r n m e n t 4 . T h is in d e x is a su p p le m e n t a l m e a s u r e t h a t is b a se d on h o u se h o ld e x p e n d it u r e s f o r w h ich t h e r e a r e o b se r v a b le 12 .5 p r ice m e a su r e s, a e x c iu o e s m o st im p lied p r ic e s ( t or e x t I n t er m e d iar ies) a n d t h e e x p e n se s o f n o n p r o f it in st it u t io n s. S e e “ Ex p la n a t o r y N o t e " a t t h e e n d o f t h e t a b le s. 2 .6 1.7 1.7 E x p la n a to r y N o te : N I P A M e a s u r es o f Q u a n tities a n d P r ic es Current-dollar GDP is a measure o f the market value of goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year -- at present, the year 2000 —equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2003-04 annual percent change in real GDP uses prices for 2003 and 2004 as weights, and the 2003-04 annual percent change in GDP prices uses quantities for 2003 and 2004 as weights. These annual changes are “chained” (multiplied) together to form time series o f quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the price level known as the implicit price deflator (IPD), which is calculated as the ratio o f the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close to the values of the corresponding "chain-type" price index.) Index numbers o f quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8. Contributions by major components to changes in real GDP are presented in table 2. Measures o f real GDP and its major components are also presented in do liar-denominated form, designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar value of this component in 2001 would be $ 110 (= $ 100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate o f GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those of the reference year. A measure o f the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum o f the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure of the composition o f GDP growth. In particular, for components for which relative prices are changing rapidly, calculation o f contributions using chained-dollar estimates may be misleading even just a few years from the reference year. “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 pp. 8-16. R eferen ce : S u rvey,