The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
B U R E A U O F E C O N O M IC A N A L Y S IS NEW S RELEA SE US, PKFARTMfc.NT01COMMKICE E M B A R G O E D U N T IL R E L E A S E A T 8:30 A .M . ED T , T H U R S D A Y , M A Y 25, 2006 B EA 06-20 G R O S S D O M E S T I C P R O D U C T : F IR S T Q U A R T E R 2 0 0 6 (P R E L IM IN A R Y ) C O R P O R A T E P R O F IT S : F IR S T Q U A R T E R 2 0 0 6 (P R E L IM IN A R Y ) R eal gross dom estic p ro d u ct — the output o f goods and services p ro d u ced by labor and property located in the U nited States — increased at an annual rate o f 5.3 p e rc en t in the first quarter o f 2006, according to prelim in ary estim ates released by the B ureau o f E co n o m ic A nalysis. In the fourth quarter, real G D P in creased 1.7 percent. • The G D P estim ates released today are based on m ore com plete source data th an w ere available for the advance estim ates issued last m onth. In the advance estim ates, th e increase in real G D P w as 4.8 p ercen t (see "R evisions" on p ag e 3). The increase in real G D P in the first q uarter p rim arily reflected p o sitiv e contributions from personal consum ption expenditures (PC E), exports, equipm ent and softw are, and federal governm ent spending. Im ports, w h ich are a subtraction in the calculation o f G D P, increased. The acceleration in real G D P grow th in the first q uarter p rim arily reflected an upturn in PC E for durable goods, an acceleration in exports, an upturn in federal g o v ern m en t spending, and an acceleration in equipm ent and softw are th at w ere partly offset by a do w n tu rn in p riv ate inventory investm ent. Final sales o f com puters contributed 0.05 percentage p o in t to th e first-q u arter grow th in real GDP after contributing 0.33 percen tag e p oint to the fourth-quarter grow th. M o to r v ehicle output subtracted 0.11 percentage p o in t from th e first-q u arter grow th in real G D P after subtracting 0.64 percentage point from the fourth-quarter grow th. N O T E .—Q uarterly estim ates are expressed at seasonally adjusted annual rates, unless otherw ise specified. Q uarter-to-quarter do llar changes are differences betw een th ese pu b lish ed estim ates. Percent changes are calculated from unro u n d ed data and annualized. “R eal” estim ates are in chained (2000) dollars. Prices indexes are chain-type m easures. T his n ew release is available on B E A ’s W eb site a t w w w .b ea.g o v /b ea/rels.h tm . - m ore - - 2 - The price index for gross dom estic purchases, w h ich m easures p rices p aid by U .S. residents, increased 2.8 percent in the first quarter, 0.1 p ercentage p o in t m ore th an in th e advance estim ate; this index increased 3.7 percen t in the fourth quarter. E xcluding food and en erg y prices, the price index for gross dom estic purchases in creased 3.2 percen t in the first quarter, the sam e increase as in the fourth. A b o u t 0.2 percentage p o in t o f the first-quarter increase in the index w as acco u n ted for by the pay raise for federal civilian and m ilitary personnel, w h ich is treated as an increase in the price index o f em ployee services p urchased by the federal governm ent. R eal personal consum ption expenditures increased 5.2 percen t in th e first quarter, com pared w ith an increase o f 0.9 percen t in the fourth. R eal n o n resid en tial fixed in v estm en t increased 13.1 percent, com pared w ith an increase o f 4.5 percent. N o n resid en tial structures in creased 11.3 percent, com pared w ith an increase o f 3.1 percent. E quipm ent and softw are increased 13.8 p ercen t, com pared w ith an increase o f 5.0 percent. R eal residential fixed investm ent increased 3.1 p ercent, com pared w ith an increase o f 2.8 percent. R eal exports o f goods and services in creased 14.7 percen t in the first quarter, com pared w ith an increase o f 5.1 percent in the fourth. R eal im ports o f goods and services in creased 12.8 percent, com pared w ith an increase o f 12.1 percent. R eal federal governm ent consum ption expenditures and gross in v estm en t increased 10.5 percent in the first quarter, in co n trast to a decrease o f 2.6 percen t in the fourth. N atio n al defense increased 9.6 percent, in contrast to a decrease o f 8.9 percent. N o n d efen se increased 12.2 percent, com pared w ith an increase o f 11.7 percent. R eal state and local governm ent consum ption expenditures and gross investm ent increased 0.8 percent, co m p ared w ith an increase o f 0.2 percent. The real change in private inventories subtracted 0.14 percentage p o in t from the first-quarter change in real G D P, after adding 1.89 percen tag e points to the fo u rth -q u arter change. Private businesses increased inventories $32.3 billio n in the first quarter, follow ing an increase o f $37.9 billio n in the fourth quarter and a decrease o f $13.3 b illio n in the third. R eal final sales o f dom estic product — G D P less change in p riv ate in v en to ries — increased 5.5 percen t in the first quarter, in co n trast to a d ecrease o f 0.2 percent in the fourth. G ro s s d o m e stic p u rc h a se s R eal gross dom estic purchases - pu rch ases by U .S. residents o f goods and services w herever pro d u ced — increased 5.5 percen t in the first quarter, com pared w ith an increase o f 2.9 percent in the fourth. - m ore - G r o s s n a t io n a l p r o d u c t R eal gross national p ro d u ct - the goods and services pro d u ced b y the labor and property supplied b y U .S. residents - in creased 5.2 percen t in the first quarter, com pared w ith an increase o f 0.7 percent in the fourth. G N P includes, and G D P excludes, net receipts o f incom e fro m the rest o f the w orld, w hich decreased $3.1 billion in th e first q uarter after decreasing $25.6 b illio n in the fourth; in the first quarter, receipts increased $28.1 billion, and paym ents increased $31.2 billion. C u r r e n t-d o lla r G D P C urrent-dollar G D P — th e m ark et value o f the nation's output o f goods and services — increased 8.8 percent, or $271.3 b illio n , in the first quarter to a level o f $13,037.4 billion. In the fourth quarter, current-dollar G D P in creased 5.2 percent, or $160.4 billion. R e v is io n s The prelim inary estim ate o f the first-quarter increase in real G D P is 0.5 p ercentage p oint, or $13.3 billion, m ore th an the advance estim ate issued last m onth. The up w ard rev isio n to the percentage change in real G D P p rim arily reflected upw ard revisions to private inventory investm ent and to exports th a t w ere partly offset b y do w n w ard revisions to personal consum ption expenditures for services and to eq u ip m en t and softw are. A dvance Prelim inary (P ercent change from preceding quarter) R eal G D P ..... 7........................................... C urrent-dollar G D P ................................. G ross dom estic purchases p rice index... 4.8 8.2 2.7 5.3 8.8 2.8 C o r p o r a t e P r o f it s Profits from current p ro d u ctio n (corporate profits w ith inventory valu atio n and capital consum ption adjustm ents) in creased $116.5 billio n in the first quarter, com pared w ith an increase o f $ 185.8 billion in the fourth. C urrent-production cash flo w (net cash flo w w ith inventory valuation and capital consum ption adjustm ents) — the internal funds available to corporations for investm ent — in creased $84.6 billio n in th e first quarter, com pared w ith an increase o f $43.1 b illio n in th e fourth. Fourth-quarter p ro fits from current p roduction w ere reduced b y $22.9 billio n because o f H urricane W ilm a, reflecting the n et b en efits paid by dom estic insurance com panies and the uninsured losses o f corporate property. - m ore - - 4 - Taxes on corporate in co m e increased $23.2 billio n in the first quarter, com pared w ith an increase o f $56.8 billion in the fourth. P rofits after tax w ith inventory v alu atio n an d capital consum ption adjustm ents increased $93.3 b illio n in the first quarter, com pared w ith an in crease o f $129.0 billion in the fourth. D ividends in creased $13.4 billion, com pared w ith an in crease o f $15.3 billion; currentproduction undistrib u ted profits increased $79.9 billion, com pared w ith an in crease o f $113.8 billion. D om estic profits o f financial corporations in creased $67.1 b illio n in the first quarter, com pared w ith an increase o f $104.9 b illio n in the fourth. D om estic profits o f n o n fin an cial corporations increased $40.5 billion, com pared w ith an increase o f $95.5 billion. In the first qu arter, real gross corporate value added increased, and profits p er un it o f real value added increased. T he increase in un it profits reflected an increase in unit prices th a t w as p artly offset by increases in b o th u n it lab o r and n onlabor costs that corporations incurred. The rest-of-the-w orld co m p o n en t o f profits increased $8.9 b illio n in the first quarter, in contrast to a decrease o f $14.5 billio n in the fourth. T his m easure is calculated as (1) receipts by U .S. residents o f earnings from th eir foreign affiliates p lu s dividends received by U .S. resid en ts from unaffiliated foreign corporations m inus (2) p ay m en ts by U .S. affiliates o f earnings to th e ir fo reig n p arents plus dividends p aid by U .S. corporations to u n affiliated foreign residents. The first-q u arter increase w as accounted for by a larger increase in receip ts th an in paym ents. Profits before tax increased $89.8 b illio n in the first quarter, c o m p ared w ith an increase o f $177.5 billio n in the fourth. The b efo re-tax m easu re o f profits does n o t reflect, as does profits from current production, the capital co n su m p tio n and inventory valu atio n adjustm ents. These adjustm ents convert d epreciation o f fixed assets and in v en to ry w ithdraw als reported on a tax -retu rn , h istorical-cost basis to the current-cost m easures u sed in the national incom e and product accounts. T he capital consum ption adjustm ent increased $6.9 b illio n in the first quarter (from -$50.7 b illio n to -$43.8 billion), com pared w ith an increase o f $21.4 b illio n in th e fourth. T he inventory v alu atio n ad ju stm en t increased $19.6 b illio n (from -$40.4 b illio n to -$20.8 b illio n ), in contrast to a decrease o f $12.9 billion. - m ore - - 5 - B EA 's national, international, regional, and industry estim ates; th e S u r v e y o f C u r r e n t B u s i n e s s ' , and B E A new s releases are available w ithout charge on B EA 's W eb site at w w w .b ea.g o v . B y visiting the site, you can also subscribe to receive free e-m ail sum m aries o f B E A releases and announcem ents. Sum m ary B E A estim ates are available on recorded m essages at the tim e o f public release at the follow ing telephone num bers: (202) (202) 606-5306 606-5303 G ross dom estic product Personal incom e and outlays A nnual R ev isio n o f the N ational Incom e and P ro d u ct A ccounts The annual revision o f the national incom e and p ro d u ct accounts, co v erin g the first quarter o f 2003 through the first q uarter o f 2006, w ill be released along w ith th e “ a d v an ce” estim ates o f G D P for th e second quarter o f 2006 on Ju ly 28. A n article describing the rev isio n w ill appear in the A ugust 2006 issue o f the S u r v e y o f C u r r e n t B u s i n e s s . * * * N ex t release - June 29, 2006, at 8:30 A .M . E D T for: G ross D om estic Product: F irst Q uarter 2006 (F inal) C orporate Profits: F irst Q uarter 2006 (Final) - m ore - T ab le 1.— Real G ross D om estic Product and R elated M easu res: P erce n t C han ge From Preced ing Period Seasonally adjusted at annual rates 2003 2004 2005 2002 II III 2 IV i II 103 2004 III IV I II 2005 III IV I II 2006 III IV ' G ross d o m estic p ro d u ct (GDP) 2.7 4.2 2 .2 2.4 0 .2 1.7 3.7 71 3.6 P ersonal con sum ptio n e x p e n d itu re s ...... Durable g o o d s ..................................... . Nondurable goods S e rv ic e s ..................................... 4.3 3.5 4.0 3.3 3.8 3.3 4.1 3.9 6. 6 6.0 1.4 -5 .2 3.6 2.5 3.6 3.2 1.9 3.6 15.1 1.9 2.3 5.8 19.8 8.3 3.1 -.3 3.1 3.8 4.7 4.4 1.9 .4 6 .6 2 .6 1 .8 3.4 7.9 3.6 2.3 4.1 9.3 3.5 3.3 £ 3.8 4.3 5.5 5.5 3.6 3.5 4.7 3.0 2.3 11.5 .3 1.3 4.4 3.2 2.4 3.6 1.3 1.7 2.9 5.8 -.7 - 1 .0 -1 .4 -5 .0 -5 .3 -4 .9 6.4 -.4 2.7 1 0 .1 8 .8 8.4 13.3 6.7 9.6 6.9 4.4 1.3 5.5 11.5 6.9 7.9 -3 .5 20.9 15.1 13.5 -3 .7 9.5 5.3 - 1.1 -8 .4 17.5 14.8 1 2 .0 .8 8 .0 16.1 3,9 8 .8 8.5 4 .5 2.7 10.9 2 .2 1 0 .6 3 1 50 1 0 .8 7.3 G ross p riva te do m estic investm ent Fixed in ve stm e n t......................... Nonresldential ......................... S tru ctu re s........................... Equipm ent and software R e sid e n tia l.............................. Change in private in ve n to rie s...... N et e xp o rts o f goods and service s Exports Goods .. Services Imports Goods .. Services G overnm ent con sum ptio n exp enditu res and gross investm ent F e d e ra l.... National defense Nondefense State and local Addenda: Final sales of domestic product ............ Gross domestic p u rch a se s................... Final sales to domestic pu rchasers....... Gross national product (G N P ).............. Disposable personal in co m e ................. C u rre n t-d o lla r m easures: G D P ................................................ Final sales of domestic p ro d u c t____ Gross domestic pu rch a se s............... . Final sales to dom estic p u rch a se rs... G N P .......................... ..................... Disposable personal in c o m e ............. . r Revised. Revisions include changes to series for the fourth quarter of 2005. See “Explanatory Note" at the end of the tables. 2.0 3.9 3.6 1.3 -4 .2 3.2 8.4 2 .6 11.9 9.7 9.4 2.2 11.9 10.3 7.1 1.9 -1 .4 - 6.1 -1 9 .0 -.9 9.5 - 2 .0 -1 5 .5 3.3 2 .0 1 .8 1 .6 4.7 2 .0 1 1 .2 -.1 15.4 21.9 1 2 .0 5.2 8 .8 15.2 17.8 1 0 .8 3.9 3.4 4.6 8.4 2 .6 5.3 2 .8 6 .8 8 .6 7.0 5.7 1.4 15.5 7.2 10.4 4.7 12.4 2 .6 1 .6 1 1 .8 - 2 .0 6.3 9.5 1 0 .6 2.9 14.2 2.7 12.5 16.0 -3 .0 2 .2 2.6 1.8 4.8 12.5 11.5 14.1 2.3 3.0 4.1 14.8 1 .2 2.1 8 .0 1.5 1 .0 1.9 2 .0 - .6 37.4 -2 .4 -.3 3.8 3.6 3.9 3.3 1.3 1.7 2.7 1.4 .1 2 .8 1.7 2 .2 1 .8 1 .6 2.9 1 .0 1 .6 .2 1.9 1.5 1.7 1.5 2.5 4.6 4.2 5.0 4.5 4.5 6.4 3.7 3.2 5.2 4.8 3.3 4.7 3.9 3.0 4.4 3.6 4.4 2.4 2.4 3.9 3.8 3.2 1.9 4.8 5.1 5.7 5.9 4.6 5.6 4.8 5.7 4.6 5.4 5.7 5.2 1.8 2.3 6.8 6.9 7.2 6.2 4.2 4.6 5.7 6.5 1.7 1 .8 1.9 2 .6 2 .8 5.3 5.2 20.5 5.7 11 8.3 9.3 13.1 11.3 13.8 3.1 ........ .... 6.9 -1 6 6 5,0 lr - 2 -3 .1 -9.1 11.7 94) 8.1 14.0 4.8 1 0 .2 -2 .9 1.5 -1 1 .9 -2 .5 - 2 .6 - 2 .2 -.3 .3 -3 .6 - 2 .1 0 - 6 .6 3.3 6.3 - 1 0 .2 7.2 2 2 .1 11.5 9.1 17.2 4.1 .9 21.4 19.1 17.2 23.7 16.5 17.7 10.7 .5 - 2 .0 -6 .5 7.2 .5 3.1 7.9 -5 .8 -.9 3.3 10.7 13.8 4.9 -.7 2 .8 1 .0 3.8 5.2 4.8 3.8 3.6 5.5 4.8 5.6 4.9 6.4 2.3 8 .1 7.5 7.5 9.7 9.2 7.7 7.6 6 .6 9.0 5.9 8.1 6 .6 6.1 5.4 4.3 7.4 7.4 5.7 12.5 2 .0 6.9 6.5 6.1 7.2 7.2 9.3 8 .8 8 .6 8 .2 9.2 9.4 3.9 3.2 4.5 5.0 7.5 -.4 1 2 .0 12.4 1 0 .0 6.9 7.9 4.8 14.5 14.7 13.7 2.3 3.2 5.5 8 .2 - .6 4.7 4.7 4.6 1 .8 7.1 3.7 15.5 11.3 13.0 3.1 .9 3.7 10.7 16.0 -.4 -.3 - 1.1 4.4 2.4 35 -3 .2 1.9 2.4 3.0 2.5 2.4 3.7 1 0 .0 7.5 5.3 12.5 7.4 8 .2 2.5 3.2 1 .0 2.9 7.4 8.1 3.6 9.0 -6 .4 -3 .3 5.2 1.1 - .2 1 .8 .8 1 .8 1 .6 2 .6 2 .6 1 .2 2 .8 3.3 4.1 4.1 2.9 9.1 3.5 4.0 3.7 3.9 -3 .4 5.6 2 .2 4.6 3.9 4.5 4.0 .2 4.6 4.0 4.5 4.4 -1 .4 5.3 6.1 7.6 6 .2 7.0 6.7 7.0 6.7 7.0 -1 .3 6 .0 6.1 8.3 5.5 7.6 5.9 35 8.1 .8 4.7 3.8 5.1 - .6 2.1 4.2 3.2 51 8 J) -1 4 20.8 12 1 12.8 13 5 4.8 - .8 14.7 1.5 13.9 6.9 4.3 10.5 9.6 2.4 - 2 .6 -8 .9 11.7 12.2 .2 .2 .8 8.4 8.9 7.8 23 -2 2.9 1 1 .7 5.1 5.5 5.5 5.7 5.2 2.1 5.2 32 6.7 48 4.2 8.6 8.1 4.1 8.8 9.0 8.5 8.7 Table 2.—Contributions to Percent Change in Real Gross Dom estic Product Seasenally adjusted at annual rates 2003 2004 2005 2003 2002 II III IV 2004 I II 0 .2 1.7 3.7 72 III IV 2005 2006 I II 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 2.44 2.35 .64 .27 .17 III IV I Pe r c e n t c h a n ge a t a n n u a l r at e : 2.7 4.2 3.5 2.05 2.71 2.48 1.64 1.57 .97 1.70 2.55 4.13 2.15 3.27 1.33 3.05 3.01 .57 .19 .26 .51 .06 .34 .37 -.0 3 .28 .13 .31 .98 .89 .06 -.4 7 -.7 5 .31 -.0 3 -.4 3 .30 .45 22 .44 .34 .11 -.31 .32 .1 0 .31 .08 .03 -.1 9 .24 .8 8 .03 .06 1.64 .77 .63 23 .38 .21 1.23 .53 .48 -.0 2 .1 0 .14 20 .20 1.65 .69 .33 .61 1.31 .78 .32 .17 1.09 .63 25 .07 .14 1.07 .50 .15 .74 .42 1.39 .29 .04 -.0 5 1.47 .29 .34 .37 -.0 3 1.15 .23 .07 G r o ss d o m e st i c p r o d u c t . . . . . . . . . . . . . 2.4 22 1.7 5.3 2.85 .62 3.63 .76 .45 .37 -.0 6 -1 .4 7 -1 .9 2 .33 1.51 .59 .67 .26 1.02 -.11 .23 .73 .61 .08 -.11 .15 .97 1.36 .22 - .0 2 .20 P e r c e n t a ge 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 e x p e n d i t u r e s .... Du r a b le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . M otor vehicles and p a rts ................ Furniture and household equipment . O th e r............................ ................ N on d u r a b le go o d s ............................ F o o d ....................................................... C lothing and shoes ................................. G asoline, fuel oil, and other energy goods . O th e r..................................................... .11 .1 0 .63 .25 .14 .94 .48 .17 .03 .26 .01 .2 2 .85 .07 .05 Se r v i c e s. . . . . . . . . . . . . . . . . . . . . . . . . . .49 1.27 .30 .07 .03 .05 .03 .49 .1 0 .11 .90 .49 .17 .04 .21 .0 2 .23 .07 .26 .18 .04 .06 - .0 1 .06 .04 .04 .56 .06 1.07 -.0 3 .29 .25 .04 -.0 4 .67 .07 .0 2 .07 .06 .70 -.0 5 .04 .07 .31 -.0 4 23 .54 .74 -.0 7 .19 .23 -.0 4 0 .2 2 .63 .38 -.0 4 .2 0 -.0 1 .29 .37 .05 .27 -.0 4 .09 .04 .07 .31 .37 -.0 4 .11 .53 .27 -.0 9 .03 .33 -.0 2 1.57 .31 .25 1.58 .39 .07 .77 .27 -.0 7 -.0 7 .05 .2 2 .0 2 - .1 1 .03 .0 2 .0 2 .31 .07 .59 .1 2 .51 20 .8 8 .02 .28 21 .21 .2 0 .20 .12 1.18 .63 .50 .27 .03 - .0 2 21 .35 1.08 .16 .94 .19 -.4 8 -.4 8 .22 .14 .26 .21 .1 2 .2 0 - .1 2 .1 0 .94 .13 -.0 6 -.1 3 .07 -.0 5 .42 .15 .35 22 .19 .05 .13 .37 .17 .44 .0 2 .33 .11 .18 .26 .02 .20 G r o ss p r i v a t e d o m e st i c I n v e st m e n t . . . . . . . . . . . . . . .58 1.82 1 .0 0 .30 .87 -.1 4 -.0 3 .42 2.53 1.78 1.52 3.10 .75 1 .1 1 1.42 -.6 3 .87 2.54 1.41 F i x e d I n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54 .13 1.47 .92 .06 1.29 -.2 3 -.1 2 -.2 1 .13 -.5 8 -.0 9 -.4 4 23 -.5 2 -.1 4 -.3 8 -.1 0 .05 .82 1.03 .43 .03 .40 1.04 .76 -.0 9 .85 1.13 1.04 22 1.31 1.15 .04 1.07 1 .1 2 .92 .58 -.0 5 .64 1.51 .90 .07 .83 1.31 - .2 1 2.15 1.08 1 .1 2 -.6 6 126 .79 .32 .47 2 .2 2 .8 8 .65 .48 .09 .39 1.56 1.37 .31 1.05 .48 .24 .17 .08 .09 .17 .09 .41 .06 -.0 6 .15 -.0 3 .52 .17 .15 .61 .38 .18 .05 .16 -.0 5 .56 .18 .93 .31 .16 .34 27 .09 22 .53 .23 .29 .01 -.2 7 .33 .23 .62 .42 .11 .14 .17 H o u s in g ............................... Household o p e ra tio n ............. E lectricity and g a s ............ Other household operation T ra n sp o rta tio n ...................... M edical care ........................ R e cre a tio n ........................... O th e r................................... Nonresidential ............................................. Structures ............................................... Equipm ent and s o ftw a re .......................... Inform ation processing equipment and software ......................................... Computers and peripheral equipment S o ftw a re ......................................... Other . Industrial eq uipm e nt........ Transportation equipm ent . O ther e q u ip m e n t............. R esidential ............................. .02 .03 0 - .1 1 ................. Consumption expenditures . Gross investm ent ............. - .1 2 -.1 6 .14 .43 -.0 7 -.0 4 -.0 7 .59 .04 .23 .16 .1 2 -.0 5 .08 -.0 7 0 - .0 1 .59 .16 .01 -.0 5 .07 .07 .45 .04 -2 2 .1 2 -.3 8 -.0 4 -.1 7 -.1 7 .01 - .0 2 .84 .24 0 1.09 .79 21 .2 0 .07 .04 .1 0 .21 .04 .05 .29 29 -.0 4 .1 0 .15 -.2 5 -.2 0 -.6 3 .75 .19 .67 .30 .23 .98 .31 .67 .08 .03 .04 -.1 6 .17 -.3 3 -2 1 -.7 3 -.2 9 -.6 2 -.4 9 -1.52 .08 -.6 6 .48 .17 .80 .59 .2 2 .08 .27 .14 .13 -.31 -.6 4 .33 -2 9 .09 -.3 8 -.2 0 .05 .70 .51 .18 .96 .1 2 -.2 0 -.6 3 -.5 6 -.0 7 -1 .5 3 -1 .3 0 -.2 3 -.9 8 -.8 9 -.0 9 -1 .5 8 -1.65 .07 -.7 6 -.7 2 -.0 4 - 1.2 1 -.9 0 -.31 .37 .32 .05 -.4 6 -.71 .26 .53 .41 24 .8 8 .43 .89 -.0 5 .45 .37 .33 .04 .08 .08 .36 .32 .26 .06 .04 .04 .16 20 .04 .76 .45 .29 .16 .31 .03 .0 2 .21 .11 .64 .59 .57 -.0 8 .05 .07 .03 -.1 5 -.1 9 .04 .18 .18 .0 2 .1 0 -.0 8 - .0 2 0 .23 .17 .06 .25 .15 -.0 8 -.0 4 -.0 2 - .0 1 .1 0 -.0 7 -.0 3 .26 -1 .7 4 1.65 .29 1.38 .41 -.0 8 .75 2.15 .76 -.0 9 5.19 .78 1.28 .72 .45 0 0 .1 2 .11 .01 .08 .06 .05 .04 .17 .1 2 .11 .24 .02 .01 .06 -.1 2 1 .1 0 2.06 1.59 .57 .16 .15 1.49 1.54 .49 .49 1.95 -.2 6 .17 .07 .1 0 .08 .33 .19 -.0 4 .09 .28 .38 -.0 7 .45 .09 .01 -.4 6 .88 .2 0 .2 0 -.1 4 -.1 6 .18 .59 .36 .04 .47 .01 -.2 2 -2 9 -.0 7 .21 .33 1.07 -.1 2 .02 .0 2 Fe de ral . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . St a t e a n d l o c a l .19 .04 .15 .18 .55 - .1 1 - .1 1 .53 -.3 9 .92 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 i t u r e s a n d g r o ss i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . National defense . Consumption expenditures . Gross investm ent ............. N ondefense.......................... Consumption expenditures . Gross investm ent ............. .11 .24 .1 0 .35 .03 .32 Goods ...................................... Services .................................. . ........................................ .49 .19 .05 .03 Ex p o r t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G o o d s.................................................... Services ................................................ .19 .09 .06 .05 0 F a rm ................................... Nonfarm ............................. . Im p o r t s .8 6 -.0 3 .08 .41 C h a n g e in p r i v a t e i n v e n t o r i e 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 .24 121 .76 .08 .2 2 - .0 2 -.8 4 - .0 1 .56 0 1.29 .10 0 - .0 1 .64 .54 .1 0 .0 2 .10 .29 .1 2 - .1 1 - .0 1 -.5 5 -.4 7 -1 .1 6 -1 .3 7 -.1 7 1.04 .58 .46 1.69 1.05 .64 .49 .50 .67 .53 .14 .53 .55 - .0 1 -.0 2 -.5 6 -.4 6 -2 .1 6 -1.91 -.2 5 -1 .6 5 -1.41 -2 3 -2 .0 3 -1.71 -.3 2 - .1 1 1.37 .11 .1 0 .62 .43 .35 .17 1.40 1.46 1.35 -.1 4 -.31 -.3 4 .03 .17 .29 .21 .71 .60 .46 .14 22 25 .41 .39 -.0 4 -.1 6 -.2 6 -.1 0 - .1 2 -.0 4 .25 - .1 1 .11 -.0 6 -.1 9 .14 -.0 1 .04 .01 -.7 0 -.5 9 .18 23 -.1 6 -.1 4 .54 29 .03 0 .11 .66 .58 .02 .88 .06 .82 .18 .32 .28 .09 -.0 6 .16 -.1 9 .02 . 10 .20 .43 .13 .60 .10 .40 .13 .10 .44 -.0 4 .38 .06 .19 .17 -.0 2 .02 1.87 -.1 3 -.9 8 -.4 0 1.11 -.1 2 -1.36 -.5 5 .70 .25 .44 .74 .37 .37 1.07 1.08 -.01 .26 .23 .03 .52 .56 -.0 5 1.47 1.42 .05 - 1 .6 8 -1 .6 0 -.0 8 -1 .1 4 -1.05 .04 .15 -.11 -.3 8 -.4 6 .09 .35 .47 .17 .14 .34 .17 .17 .04 .13 -.01 -.0 9 .08 -.0 2 .11 .31 .08 .23 .03 .17 -.14 1.41 1.58 1 .8 6 . 88 .53 .15 .37 .85 -.01 .32 1.70 2.09 .35 .56 .16 .73 .65 .28 -.6 4 .33 -.1 0 .02 .1 0 - .2 0 -.1 6 -.0 4 .1 2 .08 .04 .03 -.1 2 -.0 9 .21 .10 .21 0 .11 0 - .0 2 -.4 2 .0 2 0 .02 .17 .10 .08 .05 .40 .19 .04 .15 .11 -.OB .06 .06 .50 -2.14 -.0 9 -2.05 -.1 3 -.0 8 .07 .14 .14 -.0 4 .16 .05 .96 2.29 1.90 .06 .49 .08 1.53 .71 1.26 -.2 6 .08 2 .1 0 1.26 1.82 .23 .29 .36 .0 2 .72 .31 -.5 6 .06 .39 .13 .09 .6 8 .35 .32 .03 -.1 4 .05 .06 .53 .14 -.0 2 -.0 3 -2 8 .25 -.1 0 .0 2 .05 .30 .23 .28 .15 .87 .45 .42 0 .48 .05 .0 2 .01 .19 .08 1 .Í -.4 3 - 1.88 -1.76 -.1 4 -.0 2 - 2.02 -.12 -1 .8 5 -.1 7 .54 -.1 5 .82 .52 .46 .37 .09 .06 .08 -.1 8 -.4 4 -.49 .05 .26 .14 .12 .71 .43 .40 .04 .28 .23 .05 .03 .09 -.06 -.02 .10 .12 Ad d e n d a : Goods ..................................... S e rv ic e s ................................... Structures M otor vehicle o u tp u t...... Final sales of com puters r Re v ise d 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. 1.30 .31 .14 .15 .1 2 .2 0 1.69 .98 -.2 9 .40 .28 .01 .2 0 .01 .11 0 .05 .1 0 2 .2 0 .41 -.1 3 .09 1.75 .13 .11 .10 3.39 1.56 .36 -.11 .05 T a b le 3 — G ro s s D o m e s tic P ro d u c t a n d R e la te d M e a s u re s : L ev e l a n d C h a n g e F ro m P re c e d in g P erio d Billions of current dollars Billions of chained (2000) dollars Seasonally adjusted at annual rates 2005 2005 I G r o ss d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . 12,487.1 Seasonally adjusted at annual rates 2006 II III IV 12,198.8 12,378.0 12,605.7 12,766.1 2005 lr 2005 I II Change from preceding period 2006 III IV \' 13,037.4 11,134.8 10,999.3 11,089.2 11,202.3 11,248.3 11,394.7 2005 2006 2005 \' IV 379.1 46.0 146.4 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. . . . . . . . . . . . 8,745.7 8,535.8 8,677.0 8,844.0 8,926.2 9,084.4 7,856.9 7,764.9 7,829.5 7,907.9 7,925.4 8,026.7 268.3 17.5 101.3 D u r a b le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,026.5 446.8 373.2 206.4 1,017.3 449.6 366.9 1,050.9 468.7 374.9 207.2 1 ,0 0 2 . 1 410.5 381.1 210.5 1,047.9 432.3 398.1 217.6 1,138.4 452.8 485.0 211.3 1,122.3 455.0 469.2 206.5 1,143.9 463.3 475.9 212.9 1,169.7 477.3 490.5 2 1 1 .0 1,117.7 415.5 504.4 214.7 1,171.1 *434.4 532.3 223.0 48.5 2 0 0 .8 1,035.5 458.5 370.0 207.0 42.1 15.5 -5 2 0 -61 8 13^9 3.7 53 d 18 9 27 9 8.3 2,564.4 1,218.6 345.4 310.6 689.8 2,476.6 1,184.2 340.5 275.2 676.8 2,533.7 1,207.1 344.9 296.4 685.3 2,604.9 1,229.9 343.9 338.3 692.8 2,642.5 1,253.3 352.3 332.6 704.2 2,686.7 1,281.8 358.3 327.0 719.6 2,297.9 1,081.1 376.5 204.9 639.7 2,265.6 1,060.9 367.9 207.7 631.2 2,285.9 1,072.2 374.4 205.2 637.7 2,305.8 1,088.7 377.2 203.0 641.9 2,334.2 1 ,1 0 2 . 8 386.7 203.5 648.0 2,367.0 1,120.3 394.2 203.2 658.1 97.5 52.0 21 5 3.5 23.0 28.4 14.1 32.8 17 5 Housing..................................................... Household operation.................................. Electricity and g a s .................................. Other household operation ..................... Transportation........................................... Medical care ............................................. Recreation................................................. Other ................................................. 5,154.9 1,281.5 481.8 201.7 280.1 321.2 1,510.0 355.2 1,205.3 5,041.8 1,260.6 465.3 189.5 275.8 312.3 1,470.5 350.3 1,182.8 5,107.8 1,275.3 471.4 192.4 279.0 318.5 1,492.6 353.1 1,196.8 5,188.3 1,288.2 484.4 5,349.7 1,318.9 497.6 285.7 336.7 1,578.4 365.6 1,252.4 4,436.4 1,103.7 416.3 155.0 261.0 287.3 1,291.6 308.6 1,027.8 4,392.0 1,095.6 414.3 155.2 258.6 284.6 1,269.1 307.7 1,019.5 4,417.6 1,101.4 413.8 153.2 260.5 286.3 1,282.3 308.3 1,024.3 4,453.5 1,106.6 418.5 155.5 262.7 287.6 1,299.6 308.9 1,031.1 4,482.6 1 ,1 1 1 . 0 418.5 156.1 262.0 290.6 1,315.2 309.4 1,036.5 4,507.6 1,116.3 405.8 145.3 262.1 294.4 1,331.2 312.1 1,047.1 125.5 25 3 10.7 5.8 4.7 3.9 58.1 29.1 44 o 282.3 324.1 1,522.0 356.6 1,213.0 5,281.6 1,301.8 506.1 222.9 283.2 329.9 1,554.7 360.7 1,228.4 2 1 .1 -7 3.0 156 .5 5.4 G r o ss p r i v a t e d o m e st i c i n v e st m e n t . . . . . . . . . . . . . . 2,105.0 2,058.5 2,054.4 2,099.5 2,207.5 2,273.4 1,919.8 1,902.9 1,885.0 1,909.4 1,981.9 2,021.7 1 1 0 .0 72.5 39.8 2,086.1 1,329.8 335.1 994.7 1,998.7 1,280.1 315.9 964.3 2,058.5 1,313.5 325.6 987.9 2,119.2 1,348.9 340.2 1,008.7 2,168.0 1,376.7 359.0 1,017.7 2,239.8 1,432.8 381.1 1,051.7 1,897.1 1,289.0 253.4 1,050.8 1,842.2 1,252.2 251.0 1,014.2 1,884.7 1,279.0 252.7 1,040.9 1,921.5 1,305.2 254.1 1,067.5 1,940.0 1,319.7 256.0 1,080.6 1,983.8 1,361.0 263.0 1,116.0 142.0 102.3 5.0 103.2 18.5 14.5 19 13.1 43.8 41.3 7.0 35 4 488.9 105.7 197.8 185.4 161.3 171.5 172.9 756.3 474.6 102.7 188.3 183.6 161.3 163.8 164.6 718.5 486.6 105.6 197.3 183.6 154.9 172.8 173.7 745.0 494.5 105.0 201.3 188.2 161.3 177.9 175.0 770.3 500.1 109.6 204.3 186.2 167.5 171.6 178.5 791.4 517.1 109.3 208.1 199.8 167.2 185.5 181.8 806.9 590.6 565.1 584.6 600.2 612.4 638.2 6 8 .2 122 25 R 209.9 198.7 149.1 157.0 159.9 601.9 199.8 196.3 150.9 148.8 153.9 584.1 209.1 196.5 143.2 158.1 160.6 599.3 213.7 216.9 2 2 0 .1 2 1 .1 2 0 2 .1 2 0 0 .1 148.8 163.3 161.1 610.0 153.6 157.9 163.9 614.2 215.1 152.3 168.8 165.5 618.8 9.8 9.7 18.3 9.9 40.1 3.2 - 2 .0 4.8 -5.4 3.2 150 -1 3 109 18.9 -8.4 27.2 59.9 -6.5 66.4 -4.2 -8.5 4.3 -19.7 -9.5 39.4 -8.9 48.3 33.7 -9.6 43.3 20.3 -3 .7 25.0 58.2 -2 .3 61.8 -1 .7 -4 .2 3.4 -13.3 -4.5 - 8 .1 37.9 -3.7 43.0 32.3 -4.5 38.1 Motor vehicles and parts............................ Furniture and household equipment............ O th e r........................................................ N on d u r a b le go o d s .............................. F o o d ......................................................... Clothing and shoes .................................... Gasoline, fuel oil, and other energy goods.... O th e r........................................................ Se r v i c e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F i x e d i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Non residential ............................................ Structures ............................................ Equipment and software......................... Information processing equipment and software ........................................ Computers and peripheral equipment O th e r............................................ Industrial equipment........................... Transportation equipment................... Other equipment................................ Residential ................................................ C h a n ge in p r i v a t e i n v e n t o r i e s. . . . . . . . . . . . . . . . . F a rm ......................................................... Nonfarm .............................................. Ne t e x por t s of go o d s an d se r v i c e s. . . . . . . . . . . . . Ex p o r t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Goods....................................................... Services ................................................ Im p o r t s ........ ........................... Goods....................................................... Services ............................................... 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 i t u r e s a n d g r o ss i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F e d e r a l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . National defense........................................ Consumption expenditures...................... Gross investment ................................... Nondefense.......................................... Consumption expenditures...................... Gross investment ................................... St a t e a n d l o c a l ............................. Consumption expenditures...................... Gross investment .................................. 2 0 2 .1 - 1 0 .2 2 1 2 .0 -A2 9 .5 5 6 .1 6 6 .2 .3 1 0 .1 25.0 R3 -12.7 -m a i 38 160 27 1 0 .6 2 .8 1 6 4.2 4.6 -31.7 - 6 .0 -24.9 51.2 -5.6 51.1 -4.9 .8 -.8 -726.5 -697.5 -691.0 -730.4 -787.1 -794.2 -633.1 -645.4 -614.2 -617.5 -655.2 -669.9 -31.8 -37.7 -14.7 1,301.2 905.5 395.6 1,253.2 865.4 387.7 1,297.1 904.7 392.5 1,314.6 914.8 399.9 1,339.8 937.4 402.4 1,394.5 989.2 405.3 1,195.3 841.1 354.1 1,165.3 810.7 354.3 1,195.4 841.3 353.9 1,202.7 847.9 354.8 1,217.6 864.4 353.5 1,260.2 906.2 354.8 77.4 57.5 2 0 .0 14.9 16.5 -1.3 42.6 41.8 1.3 2,027.7 1,700.7 327.0 1,950.6 1,627.6 323.0 1,988.1 1,661.8 326.3 2,045.1 1,718.6 326.4 2,126.9 1,794.8 332.1 2,188.7 1,849.3 339.4 1,828.3 1,553.0 276.7 1,810.7 1,537.3 274.8 1,809.6 1,532.9 277.7 1,820.2 1,546.1 275.5 1,872.9 1,595.8 278.7 1,930.1 1,648.7 283.4 109.1 100.3 9.6 52.7 49.7 3.2 57 2 52.9 4.7 2,362.9 2,302.0 2,337.6 2,392.7 2,419.6 2,473.8 1,987.1 1,971.9 1,984.1 1,998.1 1,994.1 2,015.2 34.8 -4.0 2 1 .1 877.7 587.1 515.9 71.2 290.6 253.7 36.9 860.2 575.3 508.9 66.4 285.0 250.7 34.3 869.8 582.5 512.3 70.2 287.3 250.5 36.8 892.2 601.7 528.6 73.1 290.5 254.3 36.3 888.5 589.1 514.0 75.1 299.4 259.1 40.3 924.7 611.0 534.4 76.7 313.6 271.7 41.9 740.5 493.6 424.1 70.0 246.6 736.1 491.7 422.9 69.2 244.2 208.2 36.3 749.5 503.6 432.2 72.0 245.6 763.4 503.3 429.7 74.7 259.9 219.7 40.8 -4.9 - 1 1 .6 18.8 11 3 1 0 .8 -1 2 6 10 1 1.5 4.4 35.6 744.6 492.0 419.6 73.5 252.5 213.7 39.4 16.8 12.3 36.3 731.8 487.3 421.9 65.3 244.3 210.4 33.8 1.5 6.9 36 3.8 1,485.2 1,193.0 292.2 1,441.7 1,159.0 282.7 1,467.7 1,175.7 292.0 1,500.4 1,205.7 294.7 1,531.1 1,231.7 299.4 1,549.2 1,245.1 304.1 1,246.3 991.1 255.4 1,239.8 986.8 253.2 1,247.8 988.8 259.4 1,248.5 993.3 255.4 1,249.3 995.6 253.7 1,251.9 998.7 253.2 -63.6 -48.0 -60.1 -69.6 -77.1 -99.0 R esidual................................................ 2 1 0 .6 2 1 0 .1 2 .0 2.9 17.9 1 2 74 6 .0 1.4 .8 2 .6 6.5 2.3 -1.7 3.1 -.5 1 1 .6 Adde nda: Final sales of domestic product.................... Gross domestic purchases............................ Final sales to domestic purchasers ................. 12,468.3 12,138.9 12,382.1 12,625.4 12,726.7 13,003.8 1 1 , 1 1 2 . 8 10,940.3 11,089.2 11,214.4 11,207.5 11,357.9 13,213.7 12,896.3 13,069.0 13,336.1 13,553.3 13,831.6 11,759.1 11,635.4 11,694.8 11,811.2 11,895.0 12,056.6 13,194.8 12,836.4 13,073.1 13,355.8 13,513.8 13,798.0 11,737.0 11,576.2 11,694.6 11,823.0 11,854.1 12,019.7 410.4 410.4 441.7 -6.9 83.8 31.1 150.4 161.6 165.6 G r o ss d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . 12,487.1 12,198.8 12,378.0 12,605.7 12,766.1 13,037.4 11,134.8 10,999.3 11,089.2 11,202.3 11,248.3 11,394.7 507.6 462.3 489.4 520.8 558.0 593.6 455.5 420.4 441.7 465.5 494.4 522.5 474.0 422.9 453.9 476.6 542.6 582.0 423.7 383.3 408.2 424.4 478.9 510.1 12,520.8 12,2382 12,413.5 12,650.0 12,781.6 13,049.0 11,166.4 11,036.3 11,122.5 11,243.2 11,263.5 11,406.6 379.1 71.8 90.2 360.7 46.0 28 9 54 5 20.3 146.4 28 1 31 2 143.1 10,913.1 274.6 350.4 160.1 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world E q u a l s: G r o ss n a t i o n a l p r o d u c t . . . . . . . . . . . . . . . Net domestic product............................ r 10,750.4 10,920.7 10,741.9 11,239.3 11,513.4 Re v ise d No t e .—Us e r s a r e ca u t io n e d t h at p a rt icu lar ly f or co m p o n e n t s t h at e x h ib it r a p id ch a n g e in p r i ce s r e lat iv e t o o t h er p n c e s in t h e e co n o m y , t h e ch a in e d - d o lla r e st im a t e s sh o u ld not b e u se d t o m e a su r e t h e co m p o n e n t 's r ela t iv e im p o r t a n ce o r it s co n t r ib u t io n t o t h e g r o w t h rat e o f m o r e a g g r e g a t e se r ie s. t o p e r ce n t c h a n g e s in r e a l g r o ss d o m e st ic p r od u ct , u se t a b le 2. S e e “ Ex p la n a t o r y N o t e ’’ at t h e e n d o f t h e t a b les. Fo r a c cu r a t e e st im a t e s o f t h e co n t r ib u t io n s 9,640.1 9,608.3 9,689.7 9,456.1 9,806.5 9,966.6 T a b le 4 — P ric e In d e x e s f o r G ro s s D o m e s tic P ro d u c t a n d R e la te d M e a s u re s : P e rc e n t C h a n g e F ro m P re c e d in g P e rio d Seasonally adjusted at annual rates 2003 2004 2005 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 i t u r e s . . . . . . . . . . . . . . . . . . Durable go o ds...................................................... Nondurable g o o d s................................................. Services ............................................................... G r o ss p r i v a t e d o m e st i c i n v e st m e n t . . . . . . . . . . . . . . . . . . . Fixed investment ................................................... Nonresidential.................................................... Structures..................................................... Equipment and software ................................ Residential........................................................ Change in private inventories................................. 2003 2002 III IV I II 2004 III IV I II 2005 III IV I II 2006 III k IV 2 .0 2 .6 2 .8 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 3.3 3.5 1.9 -3.5 2 .6 2 .8 2 .8 1 .8 2 .0 1.3 3.9 3.8 -.5 3.7 3.1 -1.9 5.4 3.1 -4.3 -2.4 3.2 -4.4 3.1 ^ 1.1 2 .0 6 .6 .1 2 .8 2 .8 3.6 3.3 2.9 3.7 -3.0 7.9 3.1 -.8 6 .0 3.3 -.5 5.7 2.9 -.8 .6 2.3 .9 1.3 3.0 2.9 .1 1.5 -2.4 2 .8 3.0 -4.3 5.6 3.4 .6 -1.9 3.3 3.2 1.7 -2.7 3.1 3.2 1.3 5.5 3.1 3.1 .5 .5 .2 2.9 3.0 2.9 3.1 -.5 -.5 1.7 1.7 -.4 4.3 - 2 .0 1.5 3.4 3.5 4.6 4.6 3.2 3.0 .9 5.1 -.3 7.0 2.7 2.7 1.9 9.9 -.7 4.3 3.7 4.0 2.5 16.5 - 1 .8 6.5 3.7 2.9 5.4 2.9 .... 2.7 1.3 2 .1 6.7 4.0 9.4 4.4 1 0 .6 4.8 3.4 22 2 .0 3.0 1 .6 1.7 .3 3.5 -.9 4.8 -.1 6.7 2 .1 1 0 .1 -.4 4.8 2 .6 -.2 5.2 - 2 .1 22 - 1 .8 .9 3.0 .2 1 2 1.1 .1 4.0 - 1 .2 9.3 -.1 1 .0 1 .2 1 .2 1 .8 .3 -1.4 .3 2.9 3.7 3.9 1.9 4.6 7.1 6 .8 6 .6 .6 1 .0 -.8 .2 2.7 7.6 8 .0 9.7 -.9 6.9 .9 -.7 4.6 2.9 4.1 5.9 6.5 4.4 9.6 4.8 5.3 3.7 - .6 4.5 3.0 2.3 2 .6 2 .2 2 .6 1.1 3.1 10.3 .9 5.6 -.4 4.2 1 .6 3.3 .8 1.1 4.6 2.9 5.2 5.4 3.8 20.3 -1.3 8.3 3.9 4.2 3.7 14.2 .3 4.9 Net e x p or t s of go o d s a n d se r v i c e s. . . . . . . . . . . . . . . . . . . Exports................................................................. Goods .............................................................. Services............................................................ Im ports................................................................. Goods .............................................................. Services ............................................................ 2.5 3.4 2.9 5.8 3.6 3.7 3.1 5.0 5.0 4.9 3.7 3.9 4.4 3.0 3.7 3.7 4.2 4.0 4.6 3.4 2 .0 2 .6 2 .8 2 .2 2 .2 2.9 2.9 3.2 3.2 2 .0 2 .6 2 .8 2 .1 2 .0 3.7 3.1 5.0 2 .8 2 .2 3.0 3.3 4.3 10.3 3.5 6.4 4.6 1 0 .8 2 .6 7.6 8 .1 4.8 3.6 3.6 3.8 5.4 2.9 .5 1.3 2 .6 6 .1 2 .1 .6 .5 .7 .6 .4 1.4 4.1 3.6 5.2 1 1 .2 11.9 8 .0 1 .0 1 .6 -.3 -4.4 -6.7 7.5 2 .6 1.1 2.5 3.2 .5 4.2 .1 1 0 .1 7.5 6 .6 7.9 .3 1.7 1 .0 3.2 5.7 5.4 7.4 4.3 _ 4Ü 3.8 4.5 5.6 4.7 6 .8 2.9 6.9 1.9 6.5 7.9 -.2 4.1 5.7 7.0 3.7 6 .6 1.4 3.6 4.7 8 .2 9.9 2.3 2 .6 1.5 -.6 - 1 .1 2 .1 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 i t u r e s a n d g r o ss i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Federal ................................................................. National defense............................................... Nondefense...................................................... State and local ...................................................... -.8 4.2 2.4 -1 .4 3.4 3.6 4.6 6.9 .5 3.0 1 .0 8.9 9.9 9.3 0 2.5 1.4 6 .2 1.3 1 .2 1 .2 1.1 1.3 5.0 4.9 5.6 3.6 5.0 1 1 .0 1 .6 1 .0 1.5 .7 8.4 -.7 3.2 1 .6 9.7 7.8 13.7 4.2 3.1 4.1 4.1 3.1 1.1 1 .8 1 .1 1.9 1.7 1.7 1.9 3.6 4.2 4.2 3.6 3.8 4.1 4.1 3.8 3.1 4.1 3.1 1 .1 3.7 4.3 3.7 3.9 4.1 3.8 3.2 2 .2 2 .6 2 .8 2.7 2.5 4.9 7.9 4.9 1.5 2.7 3.2 3.2 2.7 3.1 2.9 2.9 3.1 2 .6 1.3 1.9 1.3 2.7 3.2 2.7 3.0 2.9 3.0 2 .6 1 .2 3.7 2 .1 6.7 3.0 3.5 2 .1 5.4 .9 .9 .9 9.0 8 .2 3.3 4.2 4.3 3.3 3.5 3.7 3.7 3.5 2 .B 3.3 3.3 4.2 3.3 3.5 3.7 3.5 3.3 4.8 6 .2 5.6 7.3 3.9 Ad d e n d a : Rnal sales of domestic product.............................. Gross domestic purchases .................................... Rnal sales to domestic purchasers......................... Gross national product (GNP) ................................ 1.5 2.5 2.5 1.5 1 .6 2.3 1.7 1.7 2 .2 1 .6 2 .2 2 .2 .4 .4 2 .0 2 .0 1 .8 1.4 2 .0 2 .0 2 .6 3.3 3.3 3.3 2 .8 Im p l i c i t p r i c e d e f l a t o r s: B W r Gross domestic purchases................................. G N P ................................................................. Re v ise d S e e " Ex p la n a t o r y N o t e " at t h e e n d o f t h e t a b les. 2 .0 2 .6 2 .8 2 .2 2.9 3.2 2 .0 2 .6 2 .8 1.4 2.4 1.5 1.5 2 .2 1 .6 2 .2 1.5 2.3 1 .1 .4 1.9 1 .8 2 .1 1 .6 1.9 1 .8 2 .6 3.3 3.3 2 .8 T ab le 5.— Real G ross Do m estic Prod uct, Q uantity Indexes [Index numbers, 2000=100] Seasonally adjusted 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 i t u r e s . . . . . . . . . . . . . . . . . . Du r a b l e g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109.562 108.416 112.601 1 I O . j Oa 1 1 9 .1 3 4 No n d u r a b l e g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . Se r v i c e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G r o ss p r i v a t e d o m e st i c i n v e st m e n t . . . . . . . . . . . . . . . . Fi x e d i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . No n r e si d e n t i a l 105.130 ................................... St r u c t u r e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Eq u i p m e n t a n d s o f t w a r e . . . . . . . . . . . . . . . . . . . . . . . . . . . . R e si d e n t i a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 0 7 .9 3 8 1 1 3 .0 0 0 1 1 8 .0 0 8 1 0 6 .4 9 3 1 0 9 .7 2 5 1 1 2 .9 1 9 93.195 104.286 110.621 9 5 .2 9 7 1 0 4 .5 3 4 1 1 2 .9 9 0 8 8 .0 6 3 9 6 .3 1 4 1 0 4 .6 2 2 7 7 .6 2 1 7 9 .3 1 4 8 0 .9 2 5 9 2 .1 5 4 1 0 3 .1 2 6 1 1 4 .3 5 5 C h a n g e i n p r i va t e i n v e n t o r i e s. . . . . . . . . . . . . . . . . . . . . . . . . . . E x p o r t s ot g o o d s a n d s e r v i c e s . . . . . . . . . . . . . . . . . . . . . Im p o r t s o f g o o d s a n d se r v i c e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 i t u r e s a n d g r o ss i n v e st m e n t Fe d e r a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2006 III IV I' 112.044 112.959 114.112 114.580 116.071 115.217 129.999 116.351 111.789 116.176 132.499 117.392 112.440 117.338 135.492 118.413 113.353 117.598 129.468 119.875 114.094 119.102 135.645 121.557 114.730 109.645 109.722 101.633 80.145 110.376 130.695 108.615 112.252 103.806 80.680 113.274 134.100 110.023 114.443 105.935 81.123 116.170 136.484 114.201 115.544 107.116 81.753 117.600 137.434 116.495 118.153 110.462 83.966 121.450 138.471 94.064 101.970 106.295 109.037 109.710 111.070 114.956 105.205 116.495 122.698 122.620 123.340 126.908 130.788 111.009 113.398 iu y .u ju 114.537 126.446 108.489 115.248 127.188 109.183 116.063 129.491 109.246 115.830 128.657 109.313 117.056 131.896 109.541 1 1 3 .2 9 6 112.088 114.112 114.164 111.977 113.613 114.695 115.332 112.851 114.896 115.836 116.598 114.076 114.825 116.658 116.905 114.282 116.366 118.243 118.538 115.734 115.420 1 1 8 .8 3 9 St a t e a n d l o c a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II 1 0 7 .0 4 2 Ad d e n d a : Fi n a l sa l e s o f d o m e st i c p r o d u c t .......................... G r o ss d o m e st i c p u r c h a se s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fi n a l sa 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 i o n a l p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . r 1 0 5 .5 6 4 1 0 9 .6 5 0 1 0 6 .2 8 5 1 1 1 .3 0 1 1 0 6 .7 0 8 1 1 1 .3 9 4 1 0 5 .3 7 0 1 0 9 .6 3 7 Re v ise d S e e “ Ex p la n a t o r y N o t e " at t h e e n d o f t h e t a b le s. T ab le 6 — Price Indexes fo r G ross D o m estic Pro duct [Index numbers, 2000=100] S e a s o n a lly a d ju s te d 2003 2004 2005 2005 I Gross domestic p ro d u c t................................ Personal consumption expenditures (P C E )............ D u r a b l e g o o d s ................................................. N o n d u r a b l e g o o d s .................................................. S e r v ic e s .................................................. Gross private domestic in vestm ent......................... F i x e d i n v e s t m e n t ........................................... N o n r e s id e n t ia l .................................................... S t r u c t u r e s .................................................... E q u i p m e n t a n d s o f t w a r e ................................... R e s i d e n t i a l ............................................................. Imports of goods and services .................. Government consumption expenditures and gross investment F e d e ra l III 110.950 111.655 112.567 113.532 114.456 105.520 92.372 104.151 109.246 108.246 90.631 107.634 112.695 111.313 90.168 111.596 116.195 109.936 90.648 109.327 114.803 110.832 90.527 110.854 115.633 111.846 89.839 112.985 116.508 112.637 89.659 113.218 117.834 113.186 69.489 113.521 118.692 103.311 103.432 99.764 106.555 109.836 108.427 109.164 109.254 95.133 112.379 95.022 110.169 110.318 103.358 133.914 124.359 126.335 111.586 111.787 104.327 140.234 94.174 128.889 112.660 112.934 105.291 144.955 94.235 130.445 101.398 104.999 99.610 104.571 109.460 113.505 14 13 .0 0 1 i u / ib jy 118.915 116.747 109.303 P C E e x c l u d i n g f o o d a n d e n e r g y .................................. P C E 1 M a rk e t-b a s e d PCE ................................... e x c lu d in g f o o d a n d e n e r g y 1 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 r o s s d o m e s t ic p u r c h a s e s ................... ............................... .................................. F in a l s a l e s t o d o m e s t i c p u r c h a s e r s ..................... G r o s s n a t i o n a l p r o d u c t ........................................... l r 112.176 117.820 105.082 105.009 104.348 107.156 107.422 105.898 106.330 105.863 105.883 106.304 109.124 109.311 110.336 107.678 110.052 110.673 113.626 113.458 121.343 119.327 122.568 122.763 121.132 123.756 117.635 120.186 108.617 109.083 109.450 107.106 107.506 107.797 110.095 111.619 108.302 110.641 112.087 108.745 112.550 113.563 113.981 114.013 113.514 114.499 114.764 114.806 114.436 112.512 113.494 113.556 113.941 114.001 113.477 114.417 114.491 114.723 114.795 114.399 Addenda: M a rk e t-b a s e d IV 109.102 ............................................................ S t a t e a n d l o c a l .................................................... 2006 106.310 C h a n g e in p r i v a t e i n v e n t o r i e s ................................................... Exports ot goods and se rvices ............................... II 111.785 108.921 Implicit price deflators: G r o s s d o m e s t ic p r o d u c t ....................................... F in a l s a l e s o f d o m e s t i c p r o d u c t ................................... G r o s s d o m e s t i c p u r c h a s e s ................................... F in a l s a l e s t o d o m e s t i c p u r c h a s e r s G ro s s r n a tio n a l p r o d u c t ............................... ..................................... 106.305 106.330 105.858 105.883 106.299 Re v ise d 1. 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 o n h o u se h o ld e xp e n d it u r es f or w h ich t h e re a r e o b se r v a b le p r ice m e a su r e s. It e x cl u d e s m o st im p licit p r ic e s ( f o r e x a m p le, t h e s e r v ic e s f u r n ish ed w it h o u t p a y m en t b y f in a n cia l in t e rm 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. Pe r ce n t a g e c h a n g e s f or t h e se s e r ie s a r e in clu d e d in t h e a d d e n d a t o t a b le 8 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 f t h e t a b le s. 109.099 109.124 108.696 108.920 109.091 1 1U.9UJ 112.129 110.890 111.607 T a b le 7 — R ea l G ro s s D o m e s tic P ro d u c t: P e rc e n t C h a n g e F ro m P re c e d in g Y e a r 1990 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 i t u r e s. . . . . . . 2 .0 D u r a b l e g o o d s ........................................................ N o n d u r a b l e g o o d s .................................................. .................. F i x e d i n v e s t m e n t ................................................................. N o n r e s id e n t ia l S tr u c tu re s ......................................................... ........................................................... C h a n g e In p r i v a t e I n v e n t o r i e s 1992 -0 .2 2 1993 1994 1995 1996 3 .3 2 .7 4 .0 2 .5 3 .7 3 .3 3 .3 3 .7 2 .7 3 .4 2 .0 2 .7 1997 4 .5 - 2 1 .7 -3 .4 -8 .1 8 .1 -2 .1 8 .9 -6 .5 5 .9 .5 -5 .4 3 .2 8 .7 1 .5 - 1 1 .1 -6 .0 -.7 1 2 .5 0 -2 .6 7 .3 -8 .6 -9 .6 1 3 .8 1 3 .6 Im p o r ts ............................................................ 1 1 .9 1 2 .0 1 0 .6 1 3 .8 1 2 .7 0 .8 1 .6 2 .7 4 2 3 .5 2 .5 2 .7 2 .9 3 .9 3 .5 4 .3 7 .1 4 .7 4 .4 2 .0 3 .0 2 .9 1 1 .9 -7 .9 -2 .6 3 .9 6 .5 -3 .0 -5 .2 3 .6 9 .7 8 .1 8 .7 -4 .2 -9 .2 1 .3 9 .4 8 .6 -2 .3 - 1 7 .1 -4 .2 2 .2 2 .0 9 .4 -4 .9 -6 .2 3 .2 1 1 .9 1 0 .9 .8 .4 4 .8 8 .4 1 0 .3 7 .1 ...... ...... -5 4 ..... 1 8 6 .9 8 .9 7 .3 6 .0 5 .5 3 .2 6 .3 6 .3 7 .2 5 .9 2 .9 5 .6 2 .9 -3 .7 1 .9 1 .7 7 .4 1 3 .6 1 1 .6 1 1 .5 1 3 .1 -2 .7 3 .4 4 .6 1 0 .7 6 .3 1 3 .5 -3 .2 3 .7 4 .9 1 1 .0 6 .9 -.3 2 .1 3 .0 9 .6 3 .6 4 .4 2 .8 2 2 1 .8 7 .0 6 .9 5 .2 2 .3 2 .6 8 .0 8 .7 1 3 .3 9 .0 9 .3 6 .5 -2 .6 3 .2 1 .1 .5 2 .0 -.2 -1 .7 -1 .1 -5 .0 0 8 .3 2 .4 6 .9 4 .1 2 .1 2 .2 -.9 0 .5 1 .0 1 .9 1 .9 1 1 .2 -6 .1 3 .9 .9 3 .9 3 .9 ./ 3 .5 -4 .0 F i n a l s a l e s o f d o m e s t i c p r o d u c t .................................. 2 .1 .1 3 .0 2 .6 G r o s s d o m e s t i c p u r c h a s e s .............................................. 1 .4 -.8 3 .3 3 .2 F i n a l s a l e s t o d o m e s t i c p u r c h a s e r s .................... 1 .6 3 .1 3 .2 G r o s s n a t i o n a l p r o d u c t .............................................................. 2 .0 -.6 _ 3 3 .3 2 .7 1 .9 .5 3 .4 1 .0 2 .7 2 .8 4 .1 3 .3 2 .3 2 .2 2 .1 2 .1 3 .7 3 .5 2 .6 2 .3 7 .4 8 .8 7 .0 6 .3 3 .4 1 .8 1 .8 3 .1 .6 .4 1 .5 3 .8 3 .0 2 .8 •B 1 .2 2 .7 3 .9 2 .2 3 .0 4 .7 3 .6 1 .8 3 .0 4 .4 3 .9 1 .5 3 .0 4 .0 3 .3 3 .1 2 .4 3 .4 1 .3 Pr i c e in d e x e s: a 2 .2 2 .0 1 .5 1 .3 1 .0 1 .4 1 .9 1 .9 3 .9 G D P e x c l u d i n g f o o d a n d e n e r g y ............................................... 3 .7 3 .6 2 .5 2 .4 2 .2 P e r s o 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 .................................... 4 .6 3 .6 2 .9 2 .3 2 .1 2 .1 2 '1 1 6 .0 3 .2 3 .4 3 .8 1 .8 3 .9 Adde n da: le ^ f o u r t h q ^ ^ ¡o n s ^ m c j u d e c ^ a n ®e s s e r '0 s a ^ 80^ 8 .4 3 .8 1 0 .5 1 1 .9 G r o s s d o m e s t i c p u r c h a s e s e x c l u d i n g f o o d a n d e n e r g y ...................... 6 .1 2 .2 8 .8 ......................... 4 .5 3 .2 1 .9 1 4 .3 1 0 .1 G r o s s d o m e s t ic p u r c h a s e s 6 .0 2 .5 8 .8 9 .3 R e a l d is p o s a b l e p e r s o n a l i n c o m e ................. 6 .6 2 .0 2 .4 1 1 .7 7 .0 N o n d e f e n s e ........................................................... ....... 2005 r 9 .7 -.6 S t a t e a n d l o c a l ........................................................ ..... .. 2004 3 .3 -.1 N a t i o n a l d e f e n s e .............................................. ...... 2003 7 .5 3 .6 ...................................................................... ...... 2002 6 .9 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 i t u r e s a n d g r o ss i n v e st m e n t . . . . . . . F e d e ra l 1 3 .3 2001 8 .4 .......................................................................... ..................................................................... 3 .7 j.b 9 .0 ..................................................................... S e r v ic e s 4 .5 11..1 ................................................................................. G oods 2000 .................................. E x p o r t s .......................................................................... S e r v ic e s 4 .2 1999 3 .1 Ne t e x por t s of go o d s a n d se r v i c e s. . . . . . . . . G oods 1998 7 .3 1 .6 2 .9 ............................................................. E q u i p m e n t a n d s o f t w a r e .......................................... R e s id e n t ia l 1991 -.3 S e r v i c e s ................................................................ G r o ss p r i v a t e d o m e st i c i n v e st m e n t 1 .9 2 .2 2 .9 3 .2 1 .9 1 .8 2 .4 2 .5 1 .7 2 .0 2 .6 2 .8 1 .6 1 .7 1 .7 1 .2 1 .5 2 .0 2 .1 2 .1 1 .8 2 .5 2 .7 2 .2 1 .7 .9 1 .7 2 .5 2 .1 1 .4 1 .9 2 .6 2 .8 h y t h e in tr od u ct ion o f r e vised w a g e a n d s a l a r y e st im a t e s T ab le 8.— Real Gross Do m estic Prod uct: P ercen t C hange From Q u arter O ne Y ea r A go 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 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 st m e n t Fixed investment Nonresidential Structures . Equipment and software Residential __________ Change In private inventories 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 Ex p o r t s . 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 e x p e n d i t u r e s a n d g r o ss in v e st m e n t Federal ............... National defense Nondefense State and local A d d en d a : Final sales of domestic product Gross domestic purchases ..... Final sales to domestic purchasers Gross national product............... Real disposable personal income Pr i ce i n d e x e s: Gross domestic purchases___________________ Gross domestic purchases excluding food and energy ^3D P excluding food and energy FpCE excluding food and energy Market-based P C E 1 ________ ____ _____ Market-based PCE excluding food and energy t ar ' i hoRt a n f c h a " ° a s 10 s e , ie s a f f e ct ed b> lh e in t r od u c,ion ° f r a ™ « 1 a n d s a l a r y e st i m a t e s p r ice m e a s u r e s. It e x clu d e s m o st im p licit p r ic e s ( f or e x a m p le , t h e s e r v 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 io r m e r o u n n q u a n 0 r o r 2 0 0 5 . in t e r m e d ia r ie s) a n d t h e e x p e n se s o f n o n p r of it in st it u t io n s. 1 . m is in d e x is a su p p le m e n t a l m e a su r e t h a t is b a se d on h o u se h 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 T a b le 9 .— R e la tio n o f G ro s s D o m e s tic P ro d u c t, G ro s s N a tio n a l P ro d u c t, a n d N a tio n a l In c o m e [B illio n s of dolla rs ] S e a s o n a lly a d ju s t e d a t a n n u a l r a te s 2003 2004 2005- 2005 I Gross domestic p ro d u c t........................................................................ P lu s : In c o m e r e c e ip t s f r o m 12,487.1 12,198.8 12,378.0 12,605.7 12,766.1 13,037.4 415.4 361.7 507.6 474.0 462.3 422.9 489.4 453.9 520.8 476.6 558 0 542.6 582.0 11,039.3 11,788.0 12,520.8 12,238.2 12,413.5 12,650.0 12,781.6 13,049.0 1,331.3 47.1 1,435.3 76.8 1,574.1 55.0 1,448.4 39.4 1,457.2 78.3 1,863.8 44.3 1,526.9 ’ 58.0 1,524.0 33.3 9,660.9 6,321.1 5,111.1 810.2 131.7 1,031.8 528.5 754.8 81.6 1.3 10,275.9 6,687.6 5,389.4 1,298.1 889.6 134.2 1,161.5 505.5 809.4 91.1 -3.0 10,891.7 7,113.1 5,712.3 1,400.8 938.7 72.9 1,351.9 498.3 848.0 80.2 -11.3 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 1,347.5 488.7 848.0 99.6 -7 .0 10,741.9 7,177.6 5,762.3 1,415.3 932.4 11,196.7 7,212.9 5,784.6 1,428.3 967.7 80.3 1,478.9 508.5 857.2 100.3 -9.1 11,491.7 7Î329.5 5^867.4 1 462 1 977 9 10,924.2 11,657.5 12,432.2 12,159.4 12,299.7 12,561.4 12,708.2 13,004.1 .................................................................................. Equals: National income ........................................................ ................................................................................................ W a g e a n d s a l a r y a c c r u a l s ...................................................................................... S u p p le m e n t s to w a g e s P r o p r ie t o r s in c o m e w it h a n d s a l a r i e s ........................................................................................................... in v e n t o r y v a lu a t io n a n d c a p ita l c o n s u m p t io n a d ju s t m e n t s 1 ,2 1 0 .0 ................. R e n t a l i n c o m e o f p e r s o n s w i t h c a p i t a l c o n s u 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 s u m p t i o n a d j u s t m e n t s ........................ N e t i n t e r e s t 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 le s s s u 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 s f e r p a y m e n t s ................................................................................................... C u r r e n t s u r p lu s o f g o v e r n m e n t e n t e r p r is e s 1- 11,734.3 L e s s : S t a t i s t i c a l d i s c r e p a n c y ............................................................................ C o m p e n s a tio n o f e m p lo y e e s IV - 343.7 275.6 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 s t o f t h e w o r l d ............................................................ L e s s : C o n s u m p t io n o f f ix e d c a p it a l 2006 II I 10,971.2 t h e r e s t o f t h e w o r l d ................................................................................. Equals: Gross national product .................................................... II ................................................................................................ -1 1 .1 1,293.1 497.6 853.4 2 1 .8 -2 2 .8 5 9 3 fi 59 1 1 595 4 53R 5 881 9 104 8 -¿ 5 Addendum: G r o s s d o m e s t ic in c o m e .......................................................................................................... r R e v ise d . Re v is io n s in c lu d e c h a n g e s t o s e r ie s a f f e ct ed b y t h e in t r od u ct ion o f r e v ise d w a g e a n d s a l a r y e st im a t e s fo r t h e fourth q u arter o f 2 0 0 5 . T ab le 1 0 — Perso nal Incom e and Its D isposition [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005- 2005 I Personal Incom e 1 .............................................................. Compensation of employees, received ..................................... Wage and salary disbursements................................................................... Supplements to wages and salaries.................................................................... Proprietors’ income with Inventory valuation and capital consumption adjustments ............ F a rm ........................................................... Nonfarm.................................................................................. Rental income of persons with capital consumption adjustment....................................... Personal income receipts on assets................................................. Personal interest incom e.................................................................. Personal dividend income .............................................. Personal current transfer receipts ........................................................... Less: Contributions for government social insurance..................................................... Less: Personal current taxes .............................................. II 2006 III IV - I- 9,169.1 9,713.3 10,237.7 10,073.4 10,185.7 10,250.4 10,441.1 10,593.7 6,321.1 5,111.1 1 ,2 1 0 . 0 810.2 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 7,113.1 5,712.3 1,400.8 938.7 7,001.7 5,629.9 1,371.8 917.9 24.7 893.2 118.0 1,407.9 915.4 492.5 1,488.8 7,060.2 5,672.3 1,387.9 936.6 19.6 917.1 104.4 1,439.8 936.0 503.8 1,509.6 7,177.6 5,762.3 1,415.3 932.4 18.0 914.3 - 1 1 .1 1,468.9 951.2 517.6 1,558.1 7,212.9 5,784.6 1 ¡428.3 967.7 7,329.5 5367.4 1*462.1 '977.9 15.1 962.8 69.1 1,535.8 989.6 546.2 1,582.4 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 1,544.7 776.6 822.2 869.7 861.0 864.9 875.4 877.4 901.0 999.9 1,049.1 1,207.7 1,171.4 1,206.0 1,220.4 1,233.1 1,292.1 Equals: Disposable personal in c o m e .................................................... 8,169.2 8,664.2 9,029.9 8,902.0 8,979.7 9,030.0 9,208.0 9,301.6 Less: Personal outlays......................................................................... 7,996.3 8,512.5 9,072.1 8,854.6 9,001.2 9,173.9 9,258.5 9,421.4 172.8 151.8 -42.1 47.4 -21.5 -143.9 1 .8 -.5 .5 8,004.3 8 ,1 1 2 . 2 Equals: Personal s a v in g ......................................... Personal saving as a percentage of disposable personal incom e..................................... Addendum: Disposable personal income, billions of chained (2000) dollars2 .................................... r R e v ise d . Re v is io n s in c lu d e c h a n g e s t o s e r ie s af f ect e d b y t h e in t r od u ct ion of r e v ise d w a g e a n d s a l a r y e st im a t e s f or t h e f o u r t h q u a r t e r o f 2 0 0 5 . 1. Pe r s o n a l in co m e is a ls o e q u a l t o n at io n al in co m e le ss co rp o ra t e p r o fit s w it h in v e n t o r y v a l u 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 en 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 ss su b sid ie s, co n t r ib u t io n s f o r g o v er n m en t s o c ia l in su r a n ce , n et in t e r est a n d m isc e l la n e o u s p a y m e n t s, b u si n e ss cu r r e n t t ra n sf er p a y m e n t s, cu r r e n t su r p lu s o f g o v er n m en t e n t e r p r ise s, 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 so n a l in co m e r e ceip t s o n a ss e t s, a n d p e r s o n a l cu r re n t t ra n sf e r r eceip t s. 2 . Eq u a ls d is p o s a 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 im p licit p r ice d e f lat o r for p e r s o n a l co n su m p t io n e x p e n d it u r e s. 2 .1 7,741.8 8,098.1 -.2 8 ,1 0 2 . 6 -50.5 -119.8 1 .6 -.5 -1.3 8,074.2 8,175.6 8,218.6 - T ab le 11.— C o rp o rate Profits: Level and Percent Ch an g e Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2005 I 2004 2006 II III Quarter one year ago Quarterly rates IV 2005 2005 II 1 III IV 2006 2006 I 1 C o r p o r a t e p r o f i t s w it h i n v e n t o r y v a l u a t i o n a n d ca p it a l c o n su m p t i o n a d j u st m e n t s ................................... Less: Taxes on corporate incom e........................................... 1,031.8 1,161.5 1,351.9 1,288.2 1,347.5 1,293.1 1,478.9 1,595.4 1 2 .6 16.4 4.6 -4.0 14.4 7.9 23.8 232.1 271.1 378.1 362.6 372.5 360.3 440.3 16.8 39.5 2.7 -3.3 15.8 5.6 21.4 799.7 423.2 890.3 493.0 973.8 514.2 925.6 494.9 975.0 506.3 932.8 1,061.8 1,155.1 520.1 535.4 548.8 11.3 16.5 9.4 4.3 5.3 2.3 -4.3 2.7 13.8 2.9 8 .8 25 24.8 10 Q 376.5 397.3 459.6 430.7 468.7 412.6 606.3 5.5 15.7 8 .8 1 2 .0 27.6 15.2 40.8 1,130.8 1,196.9 1,303.3 1,239.2 1,280.9 1,324.9 1,368.0 1,452.6 5.8 8.9 3.4 3.4 3.3 6 .2 17.2 5.5 15.7 5.5 8 .8 1 2 .0 6 .0 .5 12.3 27.6 -7.7 15.2 .5 40.8 4.7 8 .1 7.9 1.7 4.0 4.1 4.6 15.3 13.0 35.8 2.5 -1.4 12.7 5.7 20.4 1 1 .8 34.5 2.4 -.7 11.7 5.8 2 0 .1 417.1 E q u a l s: P r o f i t s a f t e r t a x w i t h in v e n t o r y v a lu a t i o n a n d ca p it a l c o n su m p t i o n a d j u st m e n t s .................................... Net dividends .................................................................... Undistributed profits with inventory valuation and capital consumption adjustments............................................... 526.4 - C a sh f lo w : N e t c a sh f l o w w it h in v e n t o r y v a l u a t i o n a n d ca p it a l c o n su m p t i o n a d j u st m e n t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Undistributed profits with inventory valuation and capital consumption adjustments............................................ Consumption of fixed capital........................................... Less: Inventory valuation adjustment................................... E q u a l s: N e t c a sh f l o w . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376.5 754.4 397.3 799.6 -13.3 -39.6 1,144.1 1,236.6 459.6 843.6 430.7 808.5 468.7 812.2 412.6 912.3 526.4 841.6 606.3 846.2 -31.5 -39.1 -18.9 -27.5 -40.4 - - 2 0 .8 1,334.7 1,278.3 1,299.8 1,352.4 1,408.5 1,473.3 Ad d e n d a : Profits before tax (without inventory valuation and capital consumption adjustments).............................................. Profits after tax (without inventory valuation and capital consumption adjustments).............................................. Inventory valuation adjustment........................................... Capital consumption adjustment.......................................... 937.2 1,059.3 705.1 -13.3 107.9 1,438.3 1,378.3 1,412.2 1,392.6 1,570.1 1,659.9 788.2 1,060.2 1,015.7 1,039.7 1,032.3 1,153.0 1,219.7 -39.6 -31.5 -39.1 -18.9 -27.5 -40.4 -2 0 8 141.8 -54.9 -51.0 -45.8 -72.1 -50.7 -4 3.8 T ab le 12.— Co rp o rate P ro fits by Industry: Level and C h an ge F ro m Precedin g Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2005 1 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 it a l c o n su m p t i o n a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D o m e st i c i n d u st r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial ............................................................................................... Nonfinancial.......................................................................................... R e st o f t h e w o r l d ................................................ Receipts from the rest of the w o rld.................................. Less: Payments to the rest of the w o rld ............................ C o r p o r a t e p r o f i t s w i t h in v e n t o r y v a l u a t i o n a d j u st m e n t D o m e st i c i n d u st r i e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 434.9 11.4 80.7 -4.1 8.5 1.4 -16.1 1.9 - 1 1 .6 11.9 534.2 84.8 23.5 23.6 2 0 .2 1 ,2 0 1 2 347.0 26.8 320.3 -3.2 .3 -3 .4 29.9 854.2 27.4 207.9 55.9 12.4 4.7 5.0 4.5 - 2 2 .2 51.6 190.4 59.3 -54.4 185.8 116.5 - 8 .2 129.0 55.5 -26.9 82.5 -80.4 -71.9 -8.5 200.4 104.9 95.5 107.6 67.1 40.5 217.5 368.6 151.1 8.9 53.8 44.9 20.7 24.7 3.9 3.7 14.7 10.9 25.9 -14.5 18.3 32.9 1 2 .0 -15.9 1,529.7 1,639.2 95.8 387.1 54.1 -28.2 164.6 109.5 1,145.7 1,196.1 1,142.0 1,321.1 1,421.7 377.2 349.5 278.7 382.7 449.2 23.1 26.2 27.0 30.8 31.2 354.2 323.2 251.7 352.0 418.0 86.9 -12.4 366.4 46.4 6.5 40.0 50.4 -27.7 3.1 -31.0 -54.1 -70.8 179.1 104.0 3.8 100.3 1 0 0 .6 320.0 15.3 B9.0 78.1 2.7 34.5 24.4 16.7 -6.7 13.9 34.2 2 .1 2 .6 3.7 2 .0 4.3 4.7 2.5 3.1 -9.6 - 2 .8 75.0 19.9 19.7 4.2 - 2 .1 -.4 193.5 313.5 1 2 0 .1 197.2 328.2 131.0 223.1 338.3 115.1 84.0 24.0 31.0 13.5 15.6 768.5 23.7 170.2 35.5 - 2 0 .8 47.3 -25.3 48.8 152.0 39.8 70.2 21.4 20.7 134.7 39.6 62.B 18.8 13.5 144.8 37.7 66.3 20.5 20.3 156.6 40.8 70.8 22.7 22.3 172.1 41.1 80.7 23.4 26.9 -1.9 192.4 63.5 90.0 8.4 17.0 224.3 93.9 115.2 28.2 51.1 330.4 81.4 104.6 22.9 46.7 318.9 98.1 109.1 27.9 53.5 326.9 95.4 116.9 32.9 50.2 329.6 130.4 29.1 54.0 346.4 176.0 184.9 205.6 193.5 197.2 223.1 208.6 2 0 .8 16.9 56.3 87.7 8 .1 1 .0 N o t e .— Es t im a t e s in t h is t a b le a r e b a se d o n t h e 1 9 9 7 Nor t h A m e r ic a n I n d u st ry Cla s s if i ca t io n S y s t e m ( N A I CS) . 8 .8 .9 .5 -1.3 863.3 19.7 218.6 62.0 15.7 7.6 6.7 208.6 356.6 148.0 13.6 7.2 8.5 5.2 -27.0 58.7 1 2 .1 I 169.7 25.0 144.7 846.6 26.4 204.7 59.9 11.4 2.9 4.2 5.5 -15.7 51.6 118.9 34.8 10.3 IV 129.7 923.9 1,019.7 1,406.8 1,339.2 1,393.3 1,365.1 834.8 300.6 20.3 280.3 III 1 2 0 .8 1,478.9 1,595.4 184.9 309.5 124.6 747.9 313.0 2005 II 176.0 255.7 79.7 205.6 334.2 126.5 2004 2006 1 976.6 1,146.3 1,094.8 1,150.3 1,069.9 1,270.3 1,377.9 322.7 347.7 377.6 350.7 278.8 383.7 450.8 653.9 798.6 717.1 799.6 791.1 8 8 6 .6 927.1 Nonfinancial............................................ ..................... Utilities..................................................................... Manufacturing .......................................................... Durable goods...................................................... Fabricated metal products................................. Machinery......................................................... Computer and electronic products...................... Electrical equipment, appliances, and components Motor vehicles, bodies and trailers, and p arts..... Other durable goods.......................................... R e st o f t h e w o r l d IV 855.8 330.9 524.9 292.8 Wholesale trad e...................... Retail tr a d e ............................ Transportation and warehousing Information............................. . Other nonfinancial ................... 2006 III 1,031.8 1,161.5 1,351.9 1,288.2 1,347.5 1,293.1 Financial ......................................................................... Federal Reserve b an k s................................................ Other financial ............................................................. Nondurable go od s...................................... Food and beverage and tobacco products Petroleum and coal products.................. Chemical products.............................. . Other nondurable goods......................... II 2005 8 .6 938.3 39.6 238.3 972.5 6 6 .2 .1 -12.5 99.3 .7 38.2 38.9 1 .8 -.4 12.9 - 1 .6 8 .2 18.0 1 0 0 .6 217.5 2 1 .1 8 .2 3.7 4.2 -18.8 21.7 5.1 4.3 6 .8 1 0 .1 .8 -71.5 2 .1 6 8 .0 1 0 .1 15.8 39.2 7.9 5.1 -1.9 3.5 1.7 3.1 4.5 6 .8 2 .0 15.5 .3 9.9 .7 4.6 7.2 2.3 .3 18.9 31.9 30.4 25.2 19.8 34.1 106.1 16.7 4.5 5.0 8 .0 -2.7 7.8 5.0 -3.3 2.7 5.2 13.5 -3.8 3.8 16.8 8.9 20.7 3.7 25.9 -14.5 6 .8 66.5 .4 6 6 .0 1 .8 .5 7.4 -7.3 -1.3 2 .2 3.1 -3 .4 -1 .7 9.9 -.8 1 1 .8 8.9 8.9 T ab le 13.— G ro ss Value Ad ded o f No nfin an cial D o m estic C o rp orate Business Seasonally adjusted at annual rates 2003 2004 2005 ' 2005 2006 Billions of dollars G r o ss va lu e a d d e d of n on f in a n cia l cor por a t e b u si n e ss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C o n s u m p tio n o f fix e d c a p i t a l....................................................................................................... Ne t v a lu e a d d e d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C o m p e n s a tio n o f e m plo ye es .............................................................................................. W a g e an d sa la ry a c c r u a ls ................................................ . Z iZ Z Z Z Z Z Z Z Z Z Z Z S u p p le m e n ts to w a ge s an d s a la r ie s ...................................Z . . Z Z Z Z Z Z ..................... T a x e s on p rod uc tio n a n d Im po rts less s ub s id ie s .... N e t op e ra tin g s u r p lu s ......................................................................... Z Z . Z . Z Z Z . Z Z Z Z N et in te re s t an d m is c e lla n e o u s p a y m e n t s .................................................... .... ...................... B u s in e s s cu rre n t tra n s fe r p ay m en ts .......................................... Z Z Z Z Z Z Z Z Z Z " ! C o rp o ra te profits w ith in v e n to ry v alua tion an d c a p ita l c o n s u m p tio n a d ju s tm e n ts . T a x e s on co rp o ra te I n c o m e .............................. „ ................................................................. P ro fits a fte r ta x w ith In v e n to ry v alua tion a n d c ap ita l c o n s u m p tio n a djus tm en ts .. N e t divid e n d s ..................................................................................................................... U n d is trib u te d p rofits w ith in v en to ry v a lu a tio n a n d c a p ita i c o n s u m p tio n a if lu s im e n ts 5,595.7 5,995.4 6,465.3 6,282.8 6,414.0 6,528.0 6,636.5 652.6 690.3 729.1 697.5 700.4 792.8 725.7 729.0 4,943.1 5,305.1 5,736.2 5,585.3 5,713.6 5,7352 5,910.8 6,054.7 3,703.2 3,007.8 695.4 486.5 753.4 166.2 62.4 524.9 126.5 398.3 295.5 4,173.3 3,375.3 798.0 549.7 1,013.2 171.5 43.1 798.6 254.7 543.9 252.5 291.4 4,105.4 3,323.6 781.8 537.7 942.2 167.0 58.0 717.1 231.9 485.2 306.7 178.5 4,140.5 3,349.9 790.6 547.9 1,025.2 167.3 58.4 799.6 248.6 550.9 297.6 253.4 4,214.7 3,408.6 806.1 553.7 966.8 172.8 2.9 791.1 258.0 533.1 181.7 351.4 4,232.5 3,419.2 813.4 559.8 1,118.5 179.0 52.9 1 0 2 .8 3,906.8 3,168.6 738.3 519.1 879.2 164.9 60.4 653.9 165.9 487.9 3612 126.7 280.3 606.3 224.0 382.3 4,306.1 3^471.8 834.3 569.7 1,178 9 190.5 61.3 927 1 282.6 644.6 48SL3 155.3 448.1 321.6 -13.3 90.0 573.9 407.9 -39.6 119.7 885.7 630.9 -3 1.5 -55.6 807.6 575.6 -39.1 -51.3 865.5 616.9 -18.9 -47.0 890.8 632.8 -27.5 -72.2 978.8 698.5 -40.4 -51.7 993.3 710.7 - 2 0 .8 -45.4 Ad d e n d a : P rofits b e fo re ta x (w ith o u t In v en to ry v a lu a tio n a n d c ap ita l c o n s u m p tio n a djus tm en ts ) ____ P rofits a fte r ta x (w ith o u t Inv en to ry valua tio n an d c a p ita l c o n s u m p tio n a d ju stm en ts ) . In v e n to ry va lu a tio n a d ju s t m e n t ................ .................................... ........................ C a pita l co n s u m p tio n a d ju s t m e n t ................................................ Z Z Z Z Z Z Z Z Z Z Z Z Z 8 8 6 .6 6,783.7 Billions of chained (2000) dollars G r o ss v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e s s 1 Consumption of fixed capital2 ............ ........................... Net value added 3 ........................................... ” 5,4182 5,714.1 6,077.2 5,943.3 6,046.0 6,121.9 6,197.6 6,284.9 629.4 4,788.8 656.5 5,057.6 686.9 5,390.3 660.2 5,283.1 663.6 5,382.4 745.2 5,376.6 678.6 5,519.0 675.9 5,609.0 1.079 Dollars Pr ice , c o st s, a n d p r o f i t s p e r u n it o f r e a l g r o ss v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u si n e ss: Pr i c e p e r u n it o f r e a l g r o ss v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u si n e ss4 . . . . . . . . . . . . . . . . . . . . . . Compensation of employees (unit labor cost) ............................................................ Unit nonlabor co st................................................................................ capital........................... ZZZZZZZZZZZZZZZZZ Consumption of fixed Taxes on production and Imports less subsidies plus business current transfer payments Net Interest and miscellaneous payments..............:....................................... ............ ZZZZZZZZZZZZZZZZZZZZ......... Jn a n c ia l I n d u s t r ie f r o m t h e GD P- b y - in d u s t r y a cco u n t s. Fo r p e r io d s w h e n t h is p r ice in d e x is n o t a v a ila b le , t h e ch ain t y p e p r ice in d e x f o r G D P g o o d s a n d st r u ct u r e s I s u se d . 2 . Ch a i n e d - d o lla r co n su m p t io n o f f ix e d ca p it a l o f n o n f n a n c B l co r p o r a t e b u si n e ss is ca lc u la t e d a s t h e p r o d u ct ol 1.064 1.057 1.061 1.066 1.071 .684 .687 .691 .685 .688 .683 .685 .252 .251 .121 .246 .101 244 .116 .098 .028 .245 .117 .100 .028 .245 .117 .099 .029 .246 .116 .028 249 .130 .091 .028 .030 .131 .042 .089 .121 .039 .082 .132 .041 .091 .129 .042 .087 .143 .045 .098 .148 .045 .103 .120 Taxes on corporate income ...................... Profits after tax with inventory valuation and capitai consumption adjustments ................................. 1. T h e cu r r e n t - d o lla r g r o ss v a lu e a d d e d is d e f lat ed u sin g t h e g r o ss v a l u e a d d e d ch ain - t y p e p r ice in d e x f o r non- 1.049 .683 .101 .031 Corporate profits with Inventory valuation and capital consumption adjustments (unit profits from current production) ........................................ .............................................. r Re v is e d . R e v is io n s in clu d e c h a n g e s t o se r ie s af f ect e d b y t h e in t r o d u ct io n o f r e v ise d w a g e a n d sa l a r y est im at es t o r t h e f o u r t h q u a r t e r o f 2 0 0 5. 1.033 .097 .023 .074 .029 .114 .029 .085 . 120 .100 .1 0 0 t h e ch a in - t y p e q u a n t it y in d e x a n d t h e 2 0 0 0 cu rr e n t - d o lla r v a lu e o f t h e co r r e sp o n d in g se r ie s, d iv id e d b y 100 . 3 . C h a i n e d - d o lla r net v a lu e a d d e d o f n o n f in a n cia l co r p o r at e b u si n e ss is t h e d if f e r e n ce b e t w e e n t h e q r o ss v a lu e a d d e d a n d t h e co n s u m p t io n o f f ixe d ca p it a l. 4 . T h e d e f la t o r f or g r o ss v a l u e a d d e d o f n o n f in a n cia l co rp o ra t e b u s in e s s d iv id e d b y 1 00 . No t e .— Es t im a t e s in t h is t a b l e a r e b a se d o n t h e 1 99 7 N o r t h A m e r ic a n I n d u st r y Cla s sif ica t io n Sy st e m ( N A I CS) . A p p e n d ix T a b le A .— R eal G ro s s D o m e s tic P ro d u c t a n d R e la te d A g g r e g a te s a n d P ric e In d e x e s: P e rc e n t C h a n g e F ro m P re c e d in g P e rio d Seasonally adjusted at annual rates 2003 2004 2005 2003 2002 II III IV I II 2004 III IV I II 2005 III IV I II 2006 III IV I' G r o s s d o m e st i c p r o d u c t ( G D P ) a n d r e lat e d a ggr e ga t e s: GDP .................................................................... 2.7 4.2 3.5 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 5.3 Goods .................................................................. Services ............................................................... Structures............................................................. 3.4 1.5 3.4 -2 .7 5.2 1.7 -3 .0 -5.2 2.9 3.1 4.3 .7 -.9 2.3 3.7 16.8 1.3 13.6 2.9 3.8 4.1 7.2 3.3 6 .6 3.0 .6 13.1 1 .2 2 .2 4.4 3.2 5.2 5.0 1.5 8.4 5.3 3.6 3.3 1 1 .0 1 .2 3.9 3.2 2.3 3.2 4.7 2.7 4.8 4.7 2 .2 6.5 2.7 5.7 2 .6 2.7 3.3 Motor vehicle output.............................................. GDP excluding motor vehicle output....................... 3.8 2.7 4.6 4.2 3.4 3.5 5.7 1 1 .6 .5 .3 .2 1 .8 -2.5 3.9 2 2 .6 2 .0 -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 -17.2 2.4 -1 5 5.6 20.4 4.1 39.6 3.3 11.9 3.5 1 0 .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 56 5.3 Final sales of computers1 ...................................... GDP excluding final sales of computers.................. 2 0 .2 2 .6 Farm gross value added2 ..................................... 8.4 Nonfarm business gross value added3 ................... 3.3 0 4.8 - 2 .2 2 .1 .7 8 .2 6.7 8 .8 1.1 29.3 15.3 2 .2 .1 7.1 1.7 14.4 3.6 78.0 2 .2 8 .0 133.6 63.9 34.2 -22.3 27.0 -34.1 -13.1 89.8 -31.5 -11.3 -17.1 7.3 -31.1 20.9 36.7 3.2 4.2 1.4 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 6.5 1 .8 1.9 1.7 1.9 3.6 3.3 3.7 3.9 3.4 3.9 1.5 2.7 3.3 3.5 2 .6 2.4 2 .8 3 ,4 1 .6 2.9 3.1 2.9 3.3 2 .6 2 .0 2 .0 2 .8 3.5 3.7 13 13 3.5 2 .0 1.7 4.2 4.1 2 .0 3.2 2.9 3.3 4,2 3.7 ?R 6 .8 P r i c e i n d e x e s: GDP .................................................................... GDP excluding food and en ergy............................ 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 (P C E ).............. PCE excluding food and energy............................. Market-based PCE 4 .............................................. Market-based PCE excluding food and energy4 ...... r 2 .0 2 .6 2 .8 1.5 2 .2 2.5 2.7 3.1 1 .8 2.7 3.0 1 .8 1 .6 2 .0 2 .6 2 .2 1.7 1.7 2.4 3.2 22 2.9 3.2 2.5 1.7 2 .2 4.1 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 2.5 3.2 3? 2.4 3.0 3.4 2 .6 1.9 2.4 4.3 .5 2 .2 1 .8 4.3 4.3 2 .2 3.4 3.1 3.5 4.5 3.9 3.0 1.9 1.3 1.9 2 .6 2 .8 2 .8 1 .8 1.7 .6 2 .0 2 .0 2 .0 1 .8 1.1 1 .0 2.7 1.7 1.7 3.1 3.9 2.7 3.4 1.9 3.1 2.3 2.3 2.4 1.1 2 .8 2 .1 2 .0 1.1 1 .8 2 .2 3.3 1.7 3.4 1.5 3.7 1.4 3.9 .8 1.3 1.4 .9 .9 3.8 2.5 3.7 1 .2 1.5 1.9 1.4 1.5 1.5 2 .8 1.9 1.7 1.7 1 .2 2.3 1.5 2.9 2.4 26 1.9 1 .2 1 .6 1 .6 Re v is e d 1 . F o r so m e co m p o n e n t s o f f in a l s a le s o f co m p u t e r s, in clu d e s co m p u t e r par t s. 2 . Fa r m o u t p u t le ss in t er m ed ia t e g o o d s a n d se r v ice s p u r ch a se d . 3 . C o n s is t s o f G D 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 rn m en t . 3.0 1.1 .9 1 .2 .4 .5 1 .0 1 .6 1.1 2 0 2 .0 17 1 .6 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 at is b a se d o n 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 er e a r e o b se r v a b le p r ice m e a su r e s. It e x clu d e s m o st im p licit p r i ce s ( f or e x a m p le , t h e s e r v ic e s f u r n ish e d w it h o u t p a y m e n t b y f in a n cia l in t e r m e d ia r ie s) a n d t h e e x p e n se s o f n o n p r of 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 " at t h e e n d o f t h e t a b le s. E x p la n a to r y N o te: N IP A M e a s u r es o f Q u a n titie s a n d P r ic es C u r r e n t - d o l l a r G D P i s a m e a s u r e o f t h e m a r k e t v a l u e o f g o o d s , s e r v i c e s , a n d s t r u c t u r e s p r o d u c e d in t h e e c o n o m y in a p a r t ic u la r p e r i o d . co m p o n en ts. C h a n g e s in c u r r e n t-d o lla r G D P c a n b e d e c o m p o s e d in to q u a n tity a n d p r ic e Q u a n titie s , o r “ r e a l” m e a s u r e s , a n d p r ic e s are e x p r e s s e d a s in d e x n u m b e r s w it h th e r e fe r e n c e y ea r — at p r esen t, th e y e a r 2 0 0 0 — e q u a l to 1 0 0 . A n n u a l c h a n g e s in q u a n t i t i e s a n d p r i c e s a r e c a l c u l a t e d u s i n g a F i s h e r f o r m u l a t h a t in c o r p o r a t e s w e i g h t s fr o m tw o a d ja c e n t y ea rs. ( Q u a r t e r l y c h a n g e s in q u a n t i t i e s a n d p r i c e s a r e c a l c u l a t e d u s i n g a F i s h e r f o r m u l a t h a t i n c o r p o r a t e s w e i g h t s f r o m t w o a d j a c e n t q u a r t e r s ; q u a r t e r ly i n d e x e s a r e a d j u s t e d f o r c o n s i s t e n c y t o t h e a n n u a l i n d e x e s b e f o r e p e r c e n t c h a n g e s a r e c a l c u l a t e d . ) F o r e x a m p l e , t h e 2 0 0 3 - 0 4 a n n u a l p e r c e n t c h a n g e in r e a l G D P u s e s p r i c e s f o r 2 0 0 3 a n d 2 0 0 4 a s w e i g h t s , a n d t h e 2 0 0 3 - 0 4 a n n u a l p e r c e n t c h a n g e in G D P p r i c e s u s e s q u a n titie s fo r 2 0 0 3 a n d 2 0 0 4 a s w e ig h t s . T h e s e a n n u a l c h a n g e s a re “ c h a in e d ” ( m u lt ip lie d ) to g e th e r to fo r m t im e s e r ie s o f q u a n tity a n d p r ic e in d e x e s . c h o ic e o f r e fe r en ce year. P e r c e n t c h a n g e s in F is h e r in d e x e s a re n o t a f f e c t e d b y th e ( B E A a ls o p u b lis h e s a m e a s u r e o f th e p r ic e l e v e l k n o w n a s th e im p lic it p r ic e d e f l a t o r ( I P D ) , w h i c h i s c a l c u l a t e d a s t h e r a t io o f t h e c u r r e n t - d o l l a r v a l u e t o t h e c o r r e s p o n d i n g c h a in e d -d o lla r v a lu e , m u lt ip lie d b y 1 0 0 . T h e v a lu e s o f th e IP D are v e r y c lo s e to th e v a lu e s o f th e c o r r e s p o n d i n g " c h a in - t y p e " p r i c e i n d e x . ) I n d e x n u m b e r s o f q u a n t i t y a n d p r i c e i n d e x e s f o r G D P a n d it s m a j o r c o m p o n e n t s a r e p r e s e n t e d i n t h i s r e l e a s e i n t a b l e s 5 a n d 6 . P e r c e n t c h a n g e s f r o m t h e p r e c e d i n g p e r i o d a r e p r e s e n t e d in t a b l e s 1, 4 , 7 , a n d 8 . C o n t r i b u t i o n s b y m a j o r c o m p o n e n t s t o c h a n g e s in r e a l G D P a r e p r e s e n t e d i n t a b l e 2 . M e a s u r e s o f r e a l G D P a n d it s m a j o r c o m p o n e n t s a r e a l s o p r e s e n t e d i n d o l l a r - d e n o m i n a t e d f o r m , d e s ig n a t e d " c h a in e d ( 2 0 0 0 ) d o lla r e s tim a te s ." F o r m o s t s e r i e s , t h e s e e s t i m a t e s , w h i c h a r e p r e s e n t e d in ta b le 3 , a r e c o m p u t e d b y m u lt ip ly in g th e c u r r e n t-d o lla r v a lu e in 2 0 0 0 b y a c o r r e s p o n d in g q u a n tity in d e x n u m b e r a n d th e n d iv id in g b y 1 0 0 . F o r e x a m p l e , i f a c u r r e n t - d o l l a r G D P c o m p o n e n t e q u a l e d $ 1 0 0 in 2 0 0 0 a n d i f r e a l o u t p u t f o r t h i s c o m p o n e n t i n c r e a s e d 1 0 p e r c e n t in 2 0 0 1 , t h e n t h e c h a i n e d ( 2 0 0 0 ) d o l l a r v a l u e o f t h i s c o m p o n e n t in 2 0 0 1 w o u l d b e $ 1 1 0 ( = $ 1 0 0 x 1 1 0 / 1 0 0 ) . P e r c e n t c h a n g e s c a l c u l a t e d f r o m c h a in e d -d o lla r e s tim a te s a n d fr o m c h a in - t y p e q u a n tity in d e x e s a re th e s a m e ; a n y d if f e r e n c e s w ill b e s m a ll a n d d u e to r o u n d in g . C h a in e d -d o lla r v a lu e s fo r th e d e ta ile d G D P c o m p o n e n t s w i l l n o t n e c e s s a r ily s u m to t h e c h a in e d -d o lla r e s t im a t e o f G D P (o r to a n y in te r m e d ia te a g g r e g a t e ) . T h is is b e c a u s e t h e r e la t iv e p r ic e s u s e d a s w e ig h t s fo r a n y p e r io d o th e r th a n th e r e fe r e n c e y e a r d if f e r fr o m t h o s e o f th e r e f e r e n c e y e a r . A m e a s u r e o f th e e x t e n t o f s u c h d if f e r e n c e s is p r o v id e d b y a “ r e s id u a l” lin e , w h ic h in d ic a t e s th e d if f e r e n c e b e t w e e n G D P (o r o th e r m a j o r a g g r e g a t e ) a n d t h e s u m o f t h e m o s t d e t a i l e d c o m p o n e n t s in t h e t a b l e . F o r p e r io d s c lo s e to th e r e f e r e n c e y e a r , w h e n t h e r e u s u a l l y h a s n o t b e e n m u c h c h a n g e in t h e r e l a t i v e p r i c e s t h a t a r e u s e d a s w e i g h t s , th e r e s id u a ls t e n d to b e s m a ll, a n d th e c h a in e d -d o lla r e s tim a te s c a n b e u s e d to a p p r o x im a te th e c o n tr ib u tio n s to g r o w th a n d to a g g r e g a te th e d e ta ile d e s tim a te s . F o r p e r io d s fu r th e r fr o m th e r e fe r e n c e y e a r , th e r e s id u a ls t e n d t o b e la r g e r , a n d t h e c h a in e d - d o lla r e s t im a t e s a r e l e s s u s e f u l fo r a n a ly s e s o f c o n tr ib u tio n s to g r o w th . T h u s , t h e c o n tr ib u tio n s to p e r c e n t c h a n g e s h o w n in ta b le 2 p r o v id e a b e tte r m e a s u r e o f t h e c o m p o s i t i o n o f G D P g r o w t h . I n p a r t ic u la r , f o r c o m p o n e n t s f o r w h i c h r e l a t i v e p r i c e s a r e c h a n g in g r a p id ly , c a lc u la t io n o f c o n t r ib u t io n s u s in g c h a in e d - d o lla r e s t im a t e s m a y b e m is le a d in g e v e n j u s t a f e w y e a r s fr o m th e r e fe r e n c e y ea r. R e f e r e n c e : “ C h a in e d - D o lla r I n d e x e s : I s s u e s , T ip s o n T h e ir U s e , a n d U p c o m in g C h a n g e s ,” N o v e m b e r 2 0 0 3 S u r v e y , pp . 8 -1 6 .