Full text of Bureau of Economic Analysis (BEA) News Releases : Gross Domestic Product: Fourth Quarter 2005 (Advance), BEA 06-02 : Full Release

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 LY SIS
U .S. D E P A R T M E N T O F C O M M E R C E

NEWS RELEASE

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 S T , F R I D A Y , J A N U A R Y 2 7 , 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 -0 2

G R O S S D O M E S T IC P R O D U C T :

F O U R T H Q U A R T E R 2 0 0 5 (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
l o c a t e d i n t h e U n i t e d S t a t e s — i n c r e a s e d a t a n a n n u a l r a t e o f 1 .1 p e r c e n t i n t h e f o u r t h q u a r t e r o f 2 0 0 5 ,
a c c o r d in g to a d v a n c e e s t im 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 .

In t h e th ir d q u a r te r , r e a l

G D P in c r e a s e d 4 .1 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 th a t th e fo u r th -q u a r te r " a d v a n ce" e s tim a t e s a re 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 t e o r s u b j e 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 t h e b o x o n p a g e 3 ).

T h e fo u r th -

q u a r t e r " p r e li m in a r y " e s t i m 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 i v e d a t a , w i l l b e r e l e a s e d o n F e b r u a r y 2 8 ,
2006.
T h e m a jo r c o n tr ib u to r s to th e in c r e a s e in r e a l G D P in th e fo u r th q u a r te r p r im a r ily r e f le c t e d p o s it iv e
c o n tr ib u tio n s fr o m p r iv a te in v e n to r y in v e s t m e n t, 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 (P C E ), e q u ip m e n t
a n d s o f t w a r e , e x p o r t s , a n d r e s id e n t ia l f ix e d in v e s t m e n t 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 t r ib u t io n
fr o m fe d e r a l g o v e r n m e n t sp e n d in g .

I m p o r ts , w h ic h a re a s u b tr a c tio n in t h 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 d e c e le r a tio n in r e a l G D P g r o w th in th e fo u r th q u a r te r p r im a r ily r e f le c t e d a d e c e le r a tio n in
P C E , a n a c c e le r a tio n in im p o r ts , a d o w n tu r n in fe 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 d e c e le r a tio n s in
e q u ip m e n t a n d s o f t w a r e a n d in r e s id e n t ia l f ix e d in v e s t m e n t th a t w e r e p a r tly o f f s e t b y a n u p tu r n in
p r iv a te in v e n to r y in v e s t m e n t.
F in a l s a le s o f c o m p u te r s c o n tr ib u te d 0 .3 3 p e r c e n ta g e p o in t to th e fo u r th -q u a r te r g r o w th in r e a l
G D P a fte r c o n t r ib u t in g 0 . 1 6 p e r c e n t a g e p o i n t to t h e th ir d -q u a r te r g r o w t h .

M o to r v e h ic le o u tp u t

s u b tr a c te d 0 .5 8 p e r c e n ta g e p o in t f r o m th e fo u r th -q u a r te r g r o w th in r e a l G D P a fte r c o n tr ib u tin g 0 .5 6
p e r c e n t a g e p o in t to t h e th ir d -q u a r te r g r o w t h .
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 s id e n ts ,
i n c r e a s e d 3 . 3 p e r c e n t i n t h e f o u r t h 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 4 . 2 p e r c e n t i n t h e t h ir d .
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 fo r g r o s s d o m e s t ic p u r c h a s e s in c r e a s e d 2 .9 p e r c e n t in
t h e f o u r t h 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 .5 p e r c e n t i n t h e t h ir d .

N O T E . —Q u a r t e r l y e s t i m a t e s a r e e x p r e s s e d a t s e a s o n a l l y a d j u s t e d a n n u a l r a t e s , u n l e s s o t h e r w i s 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 if f 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 t im a t e s .

c h a n g e s a r e c a lc u la t e d fr o m u n r o u n d e d d a ta a n d a re a n n u a liz e d .
d o lla r s .

P r ic e in d e x e s a re c h a in -t y p e m e a s u r e s .
T h is n e w s r e le a s e is 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 ls .h t m .

- m o re -

P ercent

" R e a l" e s t i m a t e s a r e i n c h a i n e d ( 2 0 0 0 )

- 2 -

R e a l 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 i n c r e a s e d 1 .1 p e r c e n t i n t h e f o u r t h 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 4 .1 p e r c e n t i n t h e t h ir d .
t o a n in c r e a s e o f 9 .3 p e r c e n t .
in c r e a s e o f 3 .5 p e r c e n t.
p e r c e n t.

D u r a b le g o o d s p u r c h a s e s d e c r e a s e d 1 7 .5 p e r c e n t, in c o n tr a s t

N o n d u r a b l e g o o d s p u r c h a s e s i n c r e a s e d 5 .1 p e r c e n t , c o m p a r e d w i t h a n

S e r v i c e s e x p e n d i t u r e s in c r e a s e d 3 .2 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 3 .3

R e a l n o n r e s id e n tia l f ix e d in v e s t m e n t in c r e a s e d 2 .8 p e r c e n t in t h e f o u r th q u a r te r , c o m p a r e d w it h a n
i n c r e a s e o f 8 .5 p e r c e n t i n t h e t h ir d . N o n r e s i d e n t i a l s t r u c t u r e s i n c r e a s e d 0 . 7 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 2 .2 p e r c e n t.
1 0 .6 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 ftw a r e in c r e a s e d 3 .5 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 i d e n t ia l f i x e d i n v e s t m e n t in c r e a s e d 3 .5 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 7 .3

R e a l e x p o r ts 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 2 .4 p e r c e n t in t h e f o u r th q u a r te r , c o m p a r e d w it h a n
i n c r e a s e o f 2 .5 p e r c e n t i n t h e th ir d .
w ith a n in c r e a se o f 2 .4 p e r c e n t.

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 in c r e a s e d 9 .1 p e r c e n t , c o m p a r e d

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 d e c r e a s e d 7 .0 p e r c e n t in
t h e f o u r t h q u a r t e r , i n c o n t r a s t t o a n i n c r e a s e o f 7 . 4 p e r c e n t i n t h e t h i r d . N a t i o n a l d e f e n s e d e c r e a s e d 1 3 .1
p e r c e n t, in c o n tr a s t t o a n in c r e a s e o f 1 0 .0 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 6 .9 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 .4 p e r c e n t.

R e a l sta te a n d lo c a l g o v e r n m e n t c o n s u m p tio n e x p e n d itu r e s a n d g r o ss

in v e s t m e n t in c r e a s e d 0 .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 0 .2 p e r c e n t.
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 a d d e d 1 .4 5 p e r c e n t a g e p o i n t s t o t h e fo u r th - q u a r t e r c h a n g e in
r e a l G D P a fte r s u b t r a c t in g 0 .4 3 p e r c e n t a g e p o i n t f r o m t h e th ir d -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

i n c r e a s e d i n v e n t o r i e s $ 2 5 . 7 b i l l i o n i n t h e f o u r t h q u a r te r , f o l l o w i n g d e c r e a s e s o f $ 1 3 . 3 b i l l i o n in t h e th ir d
q u a r te r a n d $ 1 .7 b illio n in t h e s e c o n d .
R e a l f in a l s a le s o f d o m e s t i c 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 t e i n v e n t o r i e s — d e c r e a s e d 0 .3
p e r c e n t i n t h e f o u r t h q u a r t e r , i n c o n t r a s t t o a n i n c r e a s e o f 4 . 6 p e r c e n t i n t h e t h ir d .

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
p r o d u c e d — in c r e a s e d 2 .2 p e r c e n t in t h e fo u r th 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 4 .0 p e r c e n t in th e
th ir d .

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 i n c o m e in c r e a s e d $ 2 3 1 .6 b i ll io n ( 9 .4 p e r c e n t ) in t h e f o u r th 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 $ 4 5 .3 b i l l i o n ( 1 .8 p e r c e n t ) in t h e th ir d .

T h e a c c e le r a tio n in p e r so n a l

i n c o m e p a r tly r e f l e c t e d a r e b o u n d f r o m t h e th ir d -q u a r te r im p a c t s o f H u r r ic a n e s K a tr in a a n d R ita .

R en ta l

in c o m e a n d p r o p r ie to r s ’ in c o m e w e r e r e d u c e d b y t h e u n in s u r e d p r o p e r ty d a m a g e c a u s e d b y th e
h u r r ic a n e s , a n d c u r r e n t tr a n s fe r r e c e ip t s w e r e in c r e a s e d b y in s u r a n c e s e t t le m e n t s r e la t e d to th e
h u r r ic a n e s .

F o r m o r e in fo r m a tio n , s e e t h e F A Q s o n “ D is a s t e r s ” o n B E A ’s W e b s ite .

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 $ 1 8 .4 b illio n in th e fo u r th 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
$ 9 . 9 b i l l i o n i n t h e th ir d .
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 $ 2 1 3 .2 b illio n ( 9 .8 p e r c e n t) in t h e fo u r th 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 $ 3 5 . 4 b i l l i o n ( 1 . 6 p e r c e n t ) in t h e t h ir d . R e a l d i s p o s a b l e p e r s o n a l i n c o m e i n c r e a s e d
7 .0 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 2 .0 p e r c e n t.

- m o re -

-

3

-

P e r s o n a l o u t la y s in c r e a s e d $ 8 7 .7 b illio n ( 3 .9 p e r c e n t) in t h e fo u r th 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 $ 1 7 2 . 7 b i l l i o n ( 7 . 9 p e r c e n t ) i n t h e t h ir d .

P e r so 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 $ 3 3 .3 b illio n in t h e fo u r th q u a r te r, c o m p a r e d w it h a n e g a t iv e $ 1 5 8 .9
b i l l i o n i n t h e th ir d .

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 —

i n c r e a s e d f r o m a n e g a t i v e 1 .8 p e r c e n t i n t h e t h i r d q u a r t e r t o a n e g a t i v e 0 . 4 p e r c e n t i n t h e f o u r t h .

S a v in g

f r o m c u r r 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 it y 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 t s , o r
b y u s in g s a v in g s fr o m th e p r e v io u s p e r io d s .

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 B E A ’s W e b s it e .

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 th e n a t io n 's o u t p u t o f g o o d s a n d s e r v i c e s -- in c r e a s e d
4 .2

p e r c e n t, o r $ 1 2 9 .6 b illio n , in th e fo u r th q u a r te r to a le v e l o f $ 1 2 ,7 3 5 .3 b illio n .

I n t h e th ir d q u a r te r ,

c u r r e n t-d o lla r G D P in c r e a s e d 7 .6 p e r c e n t , o r $ 2 2 7 .7 b illio n .

2005 G DP
R e a l G D P in c r e a s e d 3 .5 p e r c e n t in 2 0 0 5 (th a t is , fr o m th e 2 0 0 4 a n n u a l l e v e l t o th e 2 0 0 5 a n n u a l
le v e l) , c o m p a r e d w it h a n in c r e a s e o f 4 .2 p e r c e n t in 2 0 0 4 .
T h e m a jo r c o n tr ib u to r s to th e in c r e a s e in r e a l G D P in 2 0 0 5 w e r e 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 (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 r e s id e n tia l f ix e d in v e s t m e n t .

Im p o rts, w h ic h

a r e 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 in 2 0 0 5 .
T h e d e c e le r a t io n in r e a l G D P in 2 0 0 5 p r im a r ily r e f le c t e d a d o w n tu r n in p r iv a t e in v e n t o r y
in v e s t m e n t a n d d e c e le r a t io n s in P C E a n d 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 th a t w e r e p a r tly o f f s e t b y a
d e c e le r a tio n in im p o r ts .
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 in c r e a s e d 3 .2 p e r c e n t in 2 0 0 5 , c o m p a r e d w it h a n
in c r e a s e o f 2 .9 p e r c e n t in 2 0 0 4 .
C u r r e n t-d o lla r G D P in c r e a s e d 6 .4 p e r c e n t, o r $ 7 4 5 .1 b illio n , in 2 0 0 5 .

C u r r e n t-d o lla r G D P

in c r e a s e d 7 .0 p e r c e n t, o r $ 7 6 3 .1 b illio n , in 2 0 0 4 .
D u r in g 2 0 0 5 (th a t is , m e a s u r e d f r o m th e fo u r th q u a r te r o f 2 0 0 4 to th e fo u r th q u a r te r o f 2 0 0 5 ) , r e a l
G D P i n c r e a s e d 3 .1 p e r c e n t .

R e a l G D P in c r e a s e d 3 .8 p e r c e n t d u r in g 2 0 0 4 .

T h e p r ic e in d e x fo r g r o ss

d o m e s t ic p u r c h a s e s in c r e a s e d 3 .4 p e r c e n t d u r in g 2 0 0 5 , th e s a m e in c r e a s e a s d u r in g 2 0 0 4 .

I n fo r m a tio n o n th e a s s u m p t io n s u s e d fo 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 t e c h n ic a l n o t e
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 it e .

W ith 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 tio 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 , a n

a n a ly s is o f th e c u r r e n t q u a r te r ly e s t im a t e s o f G D P a n d r e la t e d s e r ie s is m a d e a v a ila b le 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 , " B u s i n e s s S it u a t io n ."

- m o re -

-4 -

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 ith 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 ite , 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 t im a t e s a re 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 e r s:
(2 0 2 )

6 0 6 -5 3 0 6

(2 0 2 )

6 0 6 -5 3 0 3

G r o ss d o m e s tic p r o d u c t
P e r s o n a l in c o m e a n d o u t la y s

*

*

*

N e x t r e le a s e -- F e b r u a r y 2 8 , 2 0 0 6 , a t 8 : 3 0 A .M . E S T fo r:
G r o s s D o m e s tic P ro d u ct:

F o u r th Q u a r te r 2 0 0 5 (P r e lim in a r y )

- m o re -

- 5

-

C o m p a r iso n s o f R e v isio n s to G D P

Quarterly estimates o f GDP are released on the following schedule: “A dvance” estimates, 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
month after the end o f the quarter; as m ore detailed and more com prehensive data becom e available,
“preliminary” and “final” estimates 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 comprehensive revisions.
Annual revisions, which cover the quarters o f the 3 m ost recent calendar years, are usually carried out each
summer and incorporate more com prehensive data including annual surveys. Com prehensive (or benchm ark)
revisions are carried out at about 5-year intervals and incorporate m ajor periodic source data, as well as
improvements in concepts and methods 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-do liar
and real GDP for the different vintages o f the estimates. From the advance estimate 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 estimate (two months 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 estimate to the latest estimate is 0.4 percentage point, w hich is larger than
the average revisions from the advance estimate to the preliminary or to the final estimates. The larger average
revisions to the latest estimate 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 quarterly estimates correctly indicate the
direction o f change o f real GDP 98 percent o f the time, correctly indicate whether it is accelerating or decelerating
74 percent o f the time, and correctly indicate whether real GDP growth 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 ta g e C o m p a r is o n s

fAnnual rates!

Vintages
compared

Average w ithout
regard to sign

Average

Standard deviation o f
average w ithout regard
to sign

C u r r en t-d o lla r G D P

.2
.0

0.5
.7
.3

0.4
.4
.2

.4

1.2

.9

A dvance to prelim inary....
Advance to final................
Preliminary to final...........

0.1

Advance to latest...............

R eal G D P

Advance to preliminary....
Advance to final................
Preliminary 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.—These com parisons are based on the period from 1983 through 2002.

- m ore -

T a b le 1 — R e a l G r o 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 r e s : P e r c e n t C h a n g e F ro m

P r e c e d in g P e r io d

Seasonally adjusted at annual rates
2003

2004

2002

2005

2003
III

II

0.2

1.7

3.7

7.2

2.3
11.5
.3
1.3

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

-1.0
-1 .4
-5.0
-5.3
-4.9
6.4

-.4

2.7

17.5
14.8

II

2.2

2.4

2.4
3.6
1.3

G ro ss d o m e s tic p ro d u c t ( G D P ) ....................

2.7

4.2

3.5

2.7

P e rs o n al co n s u m p tio n ex p e n d itu re s ............................

2.9

3.9

3.2

4.7
3.0

3.6
4.4
4.4
2.9

1.4
-4.2
3.3

5.8

13.6
-6.3
-12.8
-19.0
-10.4
10.4

1.9
-1.4
-6.1
-19.0
-.9
9.5

5.8
-.7
-2 .0
-15.5
3.3

5.2
-1.6
22.9
11.7
9.2
24.7

10.6

2.9

14.2
2.7
12.5
16.0
-3.0

Durable goods .......................................................
Nondurable goods ..................................................
Services ................................................................
G ro ss p riv a te d o m e s tic In v e s t m e n t ...............................

Fixed investment ...................................................
Nonresidentlal....................................................
S tructures......................................................
Equipment and software .................................
R esidential.........................................................
Change In private inventories .................................
N e t e xp o rts o f g o o d s an d s e rv ic e s ...............................

6.6
2.0
3.9
3.6
1.3
-4.2
3.2
8.4

1.8
1.8

6.0

11.9
9.7
9.4

2.2

11.9
10.3

8.0

8.5
1.9

10.8
7.2

E xp orts ...... .7.........................................................
Goods ...............................................................
S erv ices ............................................................
Imports ..................................................................
Goods ...............................................................
S erv ices ............................................................

1.7
4.6
4.9
3.0

11.0

G o v e rn m e n t c o n su m p tio n ex p e n d itu re s a n d g r o s s
I n v e s t m e n t .......................................................................

2.8

2.2

1.7

6.9

5.2
7.0

2.3

.4

1.5

F e deral..................................................................
National de fe n s e ................................................
Nondefense .......................................................
State and local ......................................................

8.8
3.4

.6

8.4
8.9
7.4
10.7

6.0
6.2

9.6

6.7
3.5

1.8

6.7
7.1

2.0
1.6

1.8

4.3
5.9
3.7

10.2

2.6

4.8
12.5
11.5
14.1

3.5

1.0

-.2

1.7
2.7

2.0

2.2

4.6
5.7
6.5
1.7
2.3
3.0
4.1

1.2
1.9

IV

2004

I

I

1.8

-3.1
-9.1
11.7
9.0

8.1

14.0
4.8

10.2
14.8

.8

-1.1
-8.4

1.6

4.7

-2.9
1.5
-11.9
-2.5
-2.6
-2.2
-.3
.3
-3.6

8.8

8.4
13.3
6.7
9.6

-2.1

0

-6.6
3.3
6.3
-10.2
7.2

22.1

8.0
-.6

37.4
-2.4
-.3

1.6
1.0
.2

1.9
1.5
1.7
1.5
2.5

4.6
4.2
5.0
4.5
4.5

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

2.1
2.0

III

2.0

IV

II

3.6

4.3

3.5

4.0

3.1
-.3
3.1
3.8

4.7
4.4

1.9
.4

4.4

6.6

3.8

12.0 10.1
6.9
7.9
-3.5

15.4
21.9

6.9
4.4
1.3
5.5
11.5

11.5
9.1
17.2
4.1
.9
21.4

19.1
17.2
23.7
16.5
17.7
10.7

5.0
7.5
-.4

.5
-2.0
-6.5

.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

7.5
9.7
9.2
7.7
7.6

11.2
-.1

12

2.0

2005

I

12.0
5.2

12.0

12.4

10.0

2.6
1.8
20.9
15.1
13.5

8.8

15.2
17.8

6.9
7.9
4.8
14.5
14.7
13.7
2.3
3.2

.8
8.1
1.8

III

10.8
3.9
3.4

4.6
8.4

11.8

1.4
15.5

2.6

5.5

8.2
-.6
4.7
4.7
4.6

1.8

3.6
9.0
-6 .4

.8

1

II

3.3

3.8

3.3

4.1

4.3
5.5
5.5
3.6

3.5

3.4
7.9
3.6
2.3

4.1
9.3
3.5
3.3

-17.5
5.1
3.2

-3 .7
9.5

8.0

IV

6.8
7.2
10.4
4.7
12.4

1.6

2.6
5.3

2.8
8.6
7.0
5.7
-2.0
8.3
9.5

7.1
3.7
15.5
11.3
13.0
3.1

7.5
5.3
12.5
7.4

.9

-.6
-3.3
5.2

1.8

8.8

2.7
10.9

10.8

III

5.3

12.2
2.8

7.3

.7
3.5
3.5

2.2
10.6

" ¿ .5

3.7
1.9
2.4
3.0

2.5
2.4
3.7

2.9
7.4

1.1
1.6

-.2
2.6

1.1
1.1

8.5

10.7
16.0
-.4
-.3
-1.1
4.4

8.2

IV

3.2

1.0

2.4
3.5
-3.2

10.0
2.4

.2

3.0

2.4
3.8
-.9
9.1

10.0
4.2
-2.4
-7.0
-13.1
6.9
.4

A d d en d a :

Final sales of domestic product...............................
Gross domestic purchases .....................................
Final sales to domestic purchasers..........................
Gross national product (GNP) .................................
Disposable personal in c o m e ...................................

2.7
3.0
3.0
3.0
2.4

3.9
4.7
4.4
4.0
3.4

3.8
3.6
3.9

7.0

6.4
6.7
6.9
7.2

1.4

3.6
.7

.8
11.6

2.2
1.8
1.9

1.4

2.8
1.8

2.9
-1.6

.1
1.7

6.9
6.5

6.1

7.2
7.2

3.9
3.2
4.5

2.6
4.7
3.8

2.2
12

4.6
3.9
4.5
4.0

2.8

3.3
4.1
4.1
2.9
9.1

3.5
4.0
3.7
3.9
-3 .4

6.1
6.2

7.0
6.7
7.0
6.7
7.0
-1 .3

5.6

2.1
4.2
3.2

.2

4.6
4.0
4.5
4.4
-2.0

-.3

2.2
.8
7.0

C u rr e n t-d o lla r m eas u re s:

G D P ..................................................................
Final sales of domestic p ro d u c t..........................
Gross domestic purchases..................................
Rnal sales to domestic purchasers .....................
G N P ..................................................................
Disposable personal Income ...............................

4.8
4.8
5.3
5.3
5.1
4.3

6.6
7.7
7.4

6.8
6.1

4.3
1.4
4.9

2.2
2.3

4.2

12.6

3.7
3.2
5.2
4.8
3.3
4.7

3.9
3.0
4.4
3.6
44

.2

9.3

8.8
8.6
8.2
9.2
9.4

8.1

7.5

6.6

5.3

6.1

9.0

5.9

5.1

5.4
4.3

8.1
6.1

6.6

7.4
7.4
5.7
12.5

6.0
8.3
5.5
7.6
5.9
3.5

7.6

8.1

8.4
6.9
7.8

1.6

4.2
2.7
5.6
4.2
9.8

Se 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.

#

Table 2 — Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
2003

2004

2002

2005

2004

2003

I

II

III

2.7

2.2

2.4

IV

III

I

II

1.7

3.7

7.2

2005

I

II

3.6

4.3

3.5

4.0

3.05

IV

III

IV

I

II

III

3.3

3.8

3.3

4.1

3.01

2.44

2.35

2.85

.79

.45

.22

.64
27
.17

.76
.45
.37
-.06

-1.56
-2.06
.35
.14

.73
.61
.08

1.04
.51
.28
.07
.17

P e rc e n t c h a n g e a t an n u al rate:

0.2

2.7

4.2

3.5

P e rs o n al co n s u m p tio n e x p e n d i t u r e s ........................

2.05

2.71

2.49

1.01

1.64

1.57

.97

1.70

2.55

4.13

2.15

3.27

1.33

D u ra b le g o o d s ............................................................

.57
.19
.26

-.39
-1.07
.50
.18

.98
.89
.06

-.47
-.75

.31

.03
-.1 9
24

.02

-.03
-.43
.30

-.02

.07

.03
.06

1.64
.77
.63
23

.38

.21

1.23
.53
.48

.10

.37
-.04
.28
.13

.31

.11

.51
.06
.34

.63
.25
.14

.94
.48
.17
.03
.26

.90
.49
.17
.04

.65

.06

.70

.37
.05

1.31

.31
-.04
23

21

1.65
.69
.33

.61

-.05
.04
.07

.63
.38
-.04

-.04
.09

.04
.07
.31

.37
-.04

.51

.54

.74
-.0 7
.19
.23
-.04

G ro ss d o m e s tic p r o d u c t .........................................

IV

1.1

P e rc en ta g e p o in ts a t an n u a l rates:

Motor vehicles and p a rts .................................
Furniture and household eq uipm ent................
O th e r ............................................................
N o n d u rab le g o o d s

....................................................

F o o d .............................................................
Clothing and shoes ........................................
Gasoline, fuel oil, and other energy g o o d s ......
Other ............................................................
S e r v ic e s .......................................................................

H ous ing .........................................................
Household operation.......................................
Electricity and g a s ......................................
Other household operation ..........................
T ransportation................................................
Medical care ..................................................
R ecreation.....................................................
Other ............................................................

.01
.22
.65
.07
.05

.02
.03

0

1.27
.30
.07
.03
.05
.03
.49

20
1.22
.24

.11

.11

.06
.05
.04
.56
.06

.21

.23
-.06
.27
.75
.06
.07

.11

-.05

.01

.02

.23
.07
.26
.18
.04
.06

-.01
1.07
-.03
29
.25
.04
-.0 4
.67
.07

0

-. 11
-. 11

-.07
-.04
-.07
.59
.04

.20

2.15
1.08

.86

.19
.09
.06
.05

.49
.19

-2 8
.15
-.04
-.38

.06
-.06
.15
-.0 3

23
.16

.19
.04
.15
.18
.55

.48
.24
.17
.08
.08
.16
.09
.42

-.3 8
-.04
-.1 7
-.17

-.5 3

.46

-.16
.14
.43

.05
.03

.35
.03
.32

-.32
-.07
-.25

2.95
.24
2.71

N e t ex p o rts o f g o o d s an d s e r v i c e s ..........................

-.46

-.73

-2 8

E x p o rts ........................................................................

.17

.80
.59

Services ........................................................
G o ve rn m en t c o n su m p tio n e x p e n d itu r e s a n d
g ro ss in ve s tm e n t ......................................................
F e d e r a l ..........................................................................

National de fen se ............................................
Consumption expenditures..........................
Gross investment .......................................
Nondefense....................................................
Consumption expenditures..........................
Gross investment .......................................
S ta te an d lo c al ...........................................................

Consumption expenditures..........................
Gross investment .......................................
A d d en d a:

Goods ...............................................................
S e rvices............................................................
Structures ..........................................................
Motor vehicle o u tp u t...........................................
Final sales of computers ....................................
Se e “ Ex p la n a t o iy N o t e " a t t h e e n d o f t h e t a b le s.

.05

.22

.21

.12
.30

-.23

.12
-.05
.08
-.07

.10

-.10
-.22
.12
.21

.07
.04

.10

.20
.10

.08

-.31
-.6 4
.33

-.29
.09
-.38

-.66
-.20
0
-.20

.49
.18

-.11
.59

.08

-.96

-1.58
-1.65
.07

-.76
-.72
-.04

-1.21
-.90
-.31

.37
.32
.05

-.46
-.71
.26

-.63
-.56
-.07

-1.53
-1.30
-.23

-.09

-1.44
-.95
-.48

.53

.41

.32

.79

.88

.43

.89

-.05

1.37

.11

.45
.37
.33
.04
.08
.08

.36
.32
.26
.06
.04
.04

.14

.36
.14
.13

.76
.45
29
.16
.31

20

.64
.59
.67
-.08
.05
.07

1.40
1.46
1.35

0

-.06
-.19
.14

-.14
-.31
-.34
.03
.17
.29

-.08

-.02

.03
-.15
-.19
.04
.18
.18

.23
.17
.06

.25
.15

-.08

-.04

-.07

1.69
.98
-.29
.40

-1.74
1.65
.29

1.38
.41
-.08

0

.08
.06

.02

1.10

1.30
.31
.14
.15

0

.05
.04

.01

2.06
1.59
.57
.16
.15

.11
.10
.01
.04

.01
.22

.01
.02

.14
.07

.18

.43
.30

.11
.06

1.46
1.54
.49

.12

.28

.21
.10
.12
24

.12 -.12

1.30
1.43

.01

.53
-.06

.49
1.95
-2 6

20
.01

.17
.07

.10
.03

.11

.20

.10

.01
.11

26
.87

1.95

1.03
.43
.03
.40

1.04
.76
-.09
.85

2.22

1.31
1.15
.04

1.13
1.04

1.12

1.31

.88

.51
.30

1.07

1.12

.92

1.51
.90
.07
.83

.06
.82

.28

.52
.17
.15

.61

.38
.18
.05
.16
-.0 5
.56
.18
.93

.31
.16

.34
27
.09

.42

22

.53
23
29

.06
.39
.13
.09

.18
.23
-.1 6
-.14
.54

-2.16
-1.91
-.25

-1 .52

.11

-.10

-.46

.20

.10
21

.35
.32
.03
-.14

.20

.08
.33
.19
-.0 4
.09
.26
.48

1.29

.22

.64

.10

.02

.12

.11

,5B
-.0 5
.64
.72
.31

.05
.30
.23
.28
.15

-.02

-.5 6

-.11

.01

-2 7
.33
.23
.62

.21

1.45

-.42

1.43

1.11 -.12

-1.18

-.01
-.5 5

-1.16

-1.37

-.1 7

-.98

-.4 0

.49
.50

-.01

.67
.53
.14

.53
.55

.70
25
.44

.74
.37
.37

1.07
1.08

-.01

.26
23
.03

.25
27
-.03

-1.65
-1.41
-.2 3

-2.03
-1.71
-.32

-.7 0
-.5 9

-1.68
-1.60
-.08

-1.14
-1.05

.04
.15

-.38
-.46
.09

-1.42
-1.32

-.02
-.11

.40

-.10

-. 11

.02

-.11

.62

.43

.35

.17

.35

.47

.54

-.45

.22

.25
.41
.39

-.04
-.1 6
-.26

.17
.14
.34

.17
.17
.04
.13

.52
.46
.37
.09
.06
.08

-.50

.04

.01
.02

-.04

0

-.02 -.01

-.01

-.09

21

-.12
.10

-.03

.26

-.13

-.08

.07
.14

.14
-.0 4

.16
.05

.75
2.15
.76
-.09

5.19
.78
1.28
.72
.45

.96

2.29
1.90
.06
.49
.08

1.53
.71
1.26
-.2 6
.08

2.10

126
1.62
.23
.29
.36

.41
-.13
.09

-.02

.71
.60
.46
.14

-.11
.02

.10

.02
.43

.25

.05

.20

.18

-.43

-2.14
-.09
-2.05

-.12

2.20

.14
.17

.34
.26
.13
-.05
.13
-2 7
.07

-.03
-2 8
.25

.10 -.20
.12 .03 -.01
.02 -.09
.08
.04
.01 .08
.31
21 .19

-.10

.11

.02

.87
.45
.42

-.20
.68

.29

.02

.19
.04
.15

0

.66
.02

.02

.06

.18

-.56

-.49

.96

.11

.10

-.63

1.69
1.05
.64

-.62

.47

-.21

.08
.05

1.42

-.47

-.9 7

-.84

1.32
.18
.08

.20

29

.48

-.16
.17
-.33

-.08
.06
.06
.50

.17

1.11

1.04
.58
.46

.08
.03
.04

.22
-.02

.33

-.63

.98
.31
.67

1.36

.75

.75
.19
.57

.53
-.39
.92

.Í5

.97

3.10

.56

.54

.02

.05
.06
.53
.14

-.11

.23

1.52

.38
-.07
.45

.23

.01

.10
0
-.01

.20

-. 11

.61
.08
.26

.33
1.07

.30

.88

.79

.21

.05

1.39
.29
.04
-.0 5

.21
.20

.10

.36
.04
.47

.09

.01

1.09

-. 11

-.01

.02
.28

0
.02

.59

-.14
-.16
.18
.59

.15
-.25

0

0

.02

.29
.29
-.04

.04
.05

.01
-.02
.02

-.12

.02

-.12

.27
.14
.13

-.86

.02

1.26
.79
.32
.47

.24

.12

.31
.07

.22

.13

-.1 4
-.3 8

G o od s............................................................
Services ........................................................

.03

-.12 -.21
-.66 -.21 -.52
-.44
.23

.68

1.15
23
.07

-.07
.05

1.47
29
.34
.37
-.03

.19

-.58
-.09

.02

.77
.27
-.0 7

1.78

-1.04
-1.50
-.60
-.9 0

F a rm .............................................................
Nonfarm ........................................................

1.58
.39
.07

.22

1.28
.87
.05
.82

C h a n g e in p riv a te i n v e n t o r ie s ................................

-.02

1.57
.31
25

.84
.24

2.53

1.47
.92
.06

-.10

.11

.12

.88

.42

.54
.13

.01

.74
.42

.20

-.03

F ix ed i n v e s t m e n t .......................................................

0

1.07
.50
.15

-.1 4

1.92

-.03
.08
.41

.20

1.09
.63
25
.07
.14

-.12

.96

.11

.20

.78
.32
.17

.87

21

-.11

.01

.94
.13
-.06
-.13
.07
-.05
.42
.15
.35

.14

.53
.27
-.09
.03
.33

.10

20

26

1.82

Nonresidential................................................
Structures ..................................................
Equipment and so ftw a re .............................
Information processing equipment and
software ............................................
Computers and peripheral equipment ...
S oftw are ............................................
Other .................................................
Industrial equipm ent................................
Transportation eq uipm ent........................
Other eq uipm ent....................................
Residential .....................................................

.76
.08

.10

-.31
.32

.59
.16

-.01

.58

.14

.29

-.02

.11
21

.05
.13
.37
.17
.44

G ro ss p riva te d o m e s tic in v e s t m e n t ..........................

.10

-.01

22

.44
.34

.31
.08

-.05
.07
.07
.45
.04

.59
.09
-.08

.49

.22

.88

.h
.h

0

.02
-.1 6
-.0 4

1.75
.13

.11
.10

.08

.08
.23

1.41

1.58

.53
.15
.37

.85

.11
1.86

.88

-.01
.32

-.02
.03
.17
-.1 4
1.70
2.09
.35
.56
.16

-.66
-.67

.01

.15
.05

.10

.05
.09
-.04
.19

.66
26
-.58
.33

T a b le 3 .— G r o s s D o m e s tic P r o d u c t a n d R e la te d M e a s u r e s : L e v e l a n d C h a n g e F r o m

Billions of current dollars

Billions of chained (2000) dollars

Seasonally adjusted
at annual rates
2005

2004
IV

Seasonally adjusted
at annual rates
2005

2005

1

12,479.4 11,995.2 12,198.8

G ro ss d o m e s tic p r o d u c t ...........................

P r e c e d in g P e r io d

II

III

12,378.0

12,605.7

IV
12,735.3 11,131.1

2004

Change from preceding
period

2005

IV

I

II

10,897.1

10,999.3

11,089.2

2005
III

IV

11,202.3 11,233.5

III

IV

375.4

113.1

P ers o n a l co n s u m p tio n e x p e n d i t u r e s ....................

8,745.9

8,416.1

8,535.8

8,677.0

8,844.0

8,926.9

7,858.1

7,698.8

7,764.9

7,829.5

7,907.9

7,930.2

269.5

78.4

22.3

D u rab le g o o d s ........................................................

1,025.7
445.Í
373.3
206.5

1,008.6
452.£
360.6
195.2

1,017.3
449.6
366.9

1,035.5
458.5
370.0
207.0

1,050.9
468.7
374.S
207.2

999.0
406.4
381.6

211.1

1,137.7
451.7
4B5.2
211.5

1,115.1
464.6
456.8

1,122.3
455.C
469.2
206.5

1,143.9
463.Î
475.9
212.9

1,169.7
477.3
490.5

211.0

1,114.7
411.3
505.2
215.6

47.8
-5.3
42.3
15.7

25.8
14.0
14.6
-1.9

-55.0
-66.0
14.7
4.6

2,564.3
1,218.8
345.5
310.6
689.5

2,437.1
1,1664
335.2
267.9
667.6

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

2,642.0
1,254.2
352.6
332.4
702.9

2,298.0
1,081.2
376.6
205.0
639.4

2,236.5
1,047.4
363.0
203.0
625.5

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

2,334.7
1,103.0
387.0
204.3
646.9

21.6

97.6
52.1

19.9
16.5

3.6
22.7

-2 .2

28.9
14.3
9.8
1.3
5.0

5,155.9
1,281.6
482.4

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

4,438.0
1,103.8
416.B
154.9
261.6
287.2
1,291.8
309.0
1,028.3

4,362.1
1.0B9.5
412.4
154.7
257.3
283.0
1,255.4
304.1
1,016.6

4,392.0
1,095.6
414.3
155.2
258.8
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

4,489.1
1,111.5
420.5
155.9
264.5
290.5
1,316.1
311.0
1,038.2

127.1
25.4

35.9
5.2
4.7
2.3

35.6
4.9

262.3
324.1
1,522.0
356.6
1,213.0

5,285.9
1,302.3
508.4
222.4
285.9
329.6
1,554.0
362.8
1,228.8

1.3
17.3

2.9
16.5

Motor vehicles and p a rts .............................
Furniture and household eq uipm en t.............
O th e r.........................................................
N o n d u r ab le g o o d s

................................................

Food ..........................................................
Clothing and shoes ....................................
Gasoline, fuel oil, and other energy goods ....
Other .........................................................

200.8

200.2

2.6

42

31.2

H ous ing .....................................................
Household operation...................................
Electricity and g a s ...................................
Other household operation ......................
Transportation............................................
Medical care ..............................................
R ecreation..................................................
O th e r.........................................................

280.8
321.1
1,509.8
355.7
1,205.4

4,970.4
1,244.7
457.9
185.9
272.1
309.2
1,441.6
344.3
1,172.6

G ro ss p riv ate d o m e s tic In v e s t m e n t ......................

2,099.5

2,004.5

2,058.5

2,054.4

2,099.5

2,185.7

1,915.6

1,863.9

1,902.9

1,885.0

1,909.4

1,965.1

105.8

24.4

55.7

F ixed in v e s t m e n t ...................................................

2,084.3
1,328.3
334.5
993.8

1,952.6
1,252.9
309.8
943.1

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
1.00B.7

2,160.9
1,370.6
356.3
1,014.3

1,896.1
1,287.6
253.1
1.049.B

1,811.3
1,235.1
252.3
994.2

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

1,935.9
1,314.2
254.5
1,076.8

141.0
100.9
4.7

102.2

36.8
26.2
1.4
26.6

14.4
9.0
.4
9.3

489.2
105.6
198.1
185.5
161.0
170.9
172.7
756.0

456.3
97.5
181.1
177.8
152.6
168.4
165.8
699.7

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

501.3
109.3
205.5
186.6
166.4
169.0
177.6
790.3

590.8

539.7

565.1

584.6

600.2

613.4

68.4

15.6

13.2

210.2

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

198.8
148.9
156.5
159.7
602.1

192.8
190.3
144.5
153.3
158.0
571.0

148.8
163.3
161.1
610.0

218.2
200.5
152.6
155.6
163.1
615.2

21.4
9.9
9.5
17.8
9.7
40.3

4.6
5.6
5.6
5.2
.5
10.7

15.2
-8.4
23.6

51.9
-3.0
54.8

59.9
-6 .5
66.4

-4.2
-8.5
4.3

-19.7
-9 .5
-10.2

24.8
-9.0
33.7

17.2
-3.7
21.9

50.1

58.2
-2.3
61.8

-1 .7
-4.2
3.4

-13.3
-4.5
-8.1

25.7
-3.8
30.6

-34.8
-6.0
-28.0

- .3
-11.5

39.0
.7
38.7
-32.8

S e r v ic e s ....................................................................

201.6

Nonresidentlal ............................................
Structures ..............................................
Equipment and software .........................
Information processing equipment and
software .........................................
Computers and peripheral equipment
S oftw are.........................................
Other .............................................
Industrial equipm ent............................
Transportation eq uipm ent....................
Other eq uipm en t.................................
Residential .................................................
C h an g e in p riv a te in v e n t o r ie s ...........................

F a rm ..........................................................
Nonfarm .....................................................

202.1

-.2

50.8

202.1

11.2

5.7
5.3
3.6
58.3

6.6
21.6

2.2

.6
6.8

-1 1 .6

2.0
.4

1.8

2.1
7.1

4.5

-1.6
3.8
-7.7

2.0
5.2

N e t e xp o rts o t g o o d s a n d s e r v i c e s ......................

-725.7

-685.4

-697.5

-691.0

-730.4

-784.1

-631.9

-634.1

-645.4

-614.2

-617.5

-650.3

-30.6

-3.3

E xp o rts ....................................................................

1,299.2
903.2
396.0

1,217.1
845.0
372.1

1,253.2
865.4
387.7

1,297.1
904.7
392.5

1,314.6
914.8
399.9

1,331.8
928.0
403.8

1,193.3
839.0
354.3

1,144.5
800.3
344.0

1,165.3
810.7
354.3

1,195.4
841.3
353.9

1,202.7
847.9
354.8

1,209.8
855.9
354.0

75.4
55.4

7.3

G o od s........................................................
Services .....................................................

2,024.9
1,697.8
327.1

1,902.5
1,588.4
314.1

1,950.6
1,627.6
323.0

1,988.1
1,661.8
326.3

2,045.1
1,718.6
326.4

2,115.8
1,783.3
332.5

1,825.2
1,549.9
276.6

1,778.6
1,507.3
272.3

1,810.7
1,537.3
274.8

1,809.6
1,532.9
277.7

1,820.2
1,546.1
275.5

1,860.1
1,583.3
278.4

106.0
97.2
9.5

G o ve rn m en t co n s u m p tio n e x p e n d itu r e s a n d
g ro ss In v e s tm e n t ..................................................

2,359.7

2,260.0

2,302.0

2,337.6

2,392.7

2,406.8

1,985.1

1,962.8

1,971.9

1,984.1

1,998.1

1,986.2

32.8

14.0

-11.9

874.8
585.3
514.4
70.9
289.5
252.8
36.7

840.8
562.0
490.1
71.9
278.8
245.1
33.8

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

876.9
581.6
507.8
73.7
295.3
255.7
39.6

738.4
492.2
423.0
69.7
246.0

731.8
487.3
421.9
65.3
244.3
210.4
33.8

736.1
491.7
422.9
69.2
244.2
208.2
36.3

749.5
503.6
432.2
72.0
245.6

13.4
11.9
9.3

-13.4
-17.4
-17.2

35.6

736.1
486.2
415.0
72.2
249.7
211.4
38.9

14.7
10.9
9.7

36.1

727.6
483.7
413.4
71.2
243.6
209.9
33.6

3.8
1.4
2.7

1.4
1.9
-.7

4.1
1.3
3.3

1,484.9
1,192.6
292.3

1,419.1
1,143.1
276.1

1,441.7
1,159.0
282.7

1,467.7
1,175.7
292.0

1,500.4
1,205.7
294.7

1,529.9
1,230.1
299.8

1,246.5
991.1
255.6

1,235.0
984.8
250.3

1,239.8
986.8
253.2

1,247.8
988.8
259.4

1,248.5
993.3
255.4

1,249.8
995.6
254.4

18.1

6.7

.7
4.5
-4.0

1.3
2.3
-1.0

-63.4

-37.5

-4 8.0

-60.1

-69.6

-76.3
409.8
405.4
439.8

125.2
116.4
128.4

-9.4
63.9
23.6

375.4

113.1
23 B
162

31.2

Goods ........................................................
Services .....................................................
Im p o rts .....................................................................

F e d e r a l ......................................................................

National de fen se.........................................
Consumption expenditures.......................
Gross investment ...................................
Nondefense................................................
Consumption expenditures.......................
Gross Investment ...................................
S ta te an d lo c a l .......................................................

Consumption expenditures.......................
Gross investment ....................................
R esidual.............................................................
A d d en d a:

210.0

210.1

Final sales of domestic product .......................
Gross domestic pu rch ase s..............................
Final sales to domestic purchasers .................

12,464.2 11,943.3 12,138,9 12,382.1 12,625.4 12,710.5 11,112.2 10,846.0 10,940.3 11.0B9.2 11,214.4 11,205.0
13,205.2 12,680.6 12,896.3 13,069.0 13,336.1 13,519.3 11,754.1 11,522.0 11,635.4 11,694.8 11,811.2 11,875.1
13,190.0 12,628.7 12,836.4 13,073.1 13,355.8 13,494.5 11,735.1 11,470.7 11,576.2 11,694.6 11,823.0 11,846.6

G ro ss d o m e s tic p r o d u c t .....................................

12,479.4 11,995.2 12,198.6 12,378.0 12,605.7 12,735.3 11,131.1
462.4
462.3
489.4
520.8
425.6
422.9
453.9
476.6
12,238.2
12,032.0
12,413.5 12,650.0

Plus: Income receipts from the rest of the world
Less: Income payments to the rest of the world
E q u als: G ro ss n a tio n a l p r o d u c t ........................

Net domestic p ro du ct......................................

0,905.4

0,553.2

10,750.4 10,920.7 10,741.9

NOT 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 i 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 i n 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
t a n c e o r it s cont r ib ut io n t o t h e gr o w t h

rat e o f m or e

Se 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.

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 ­

a g g r e g a t e se r i e s.

t o p e r c e n t c h a n g e s i n 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.

F o r a c c u r a t e e st i m a t e s o f t h e c o n t r i b u t i o n s

11,208.4

9,636.5

10,897.1
423.2
388.5
10,931.8
9,514.2

10,999.3 11,089.2 11,202.3 11,233.5
420.4
441.7
465.5
383.3
408.2
424.4
11,036.3 11,122.5 11,243.2
9,608.3

9,689.7

9,456.1

9,792.2

20.2

12

11.6

271.0

6.6
.9

10.6

13.2
-2 .2

2.8

-233.6

7.1

8.0
-.8
39.9
37.2
2.9

.2

336.1

T a b le 4 .— P r ic e In d e x e s f o r G r o s s D o m e s t ic P r o d u c t a n d R e la t e d M e a s u r e s : P e r c e n t C h a n g e F r o m

P r e c e d in g P e r io d

Seasonally adjusted at annual rates
2003

2004

2002

2005

1
G ro ss d o m e s tic p ro d u c t ( G D P ) ...................
P e rs o n al c o n s u m p tio n e x p e n d itu r e s ............................

Durable goods ......................................................
Nondurable g o o d s .................................................
Services ................................................................
G ro ss p riv a te d o m e s tic i n v e s t m e n t ..............................

2.0
1.9
-3.5

2.0

3.0

1.6

Fixed inve stm e nt...................................................
Nonresidential....................................................
S tructures......................................................
Equipment and software ................................
R esidential........................................................

1.7
.3
3.5
-.9
4.8

E x ports.................................................................
G o o d s ...............................................................

2.1
2.0

Im p orts .................................................................
Goods ...............................................................
S ervice s............................................................

2.6
2.6

2.8
2.8

-1.9
3.3
3.2

-.5
3.7
3.1

3.1
3.2
1.3
5.5

3.0
3.0

-.1
6.7

2.1
10.0
-.4
4.7

2.5
3.4
2.9
5.8

3.6
3.7
3.1
5.0
5.0
4.9

3.7
3.1
5.0

6.4
4.7

3.7
3.9
4.4
3.0
3.7

3.7
4.2
4.0
4.6
3.4

4.7
3.6
3.5
3.7
5.4

2.0
2.2
2.2
2.0

2.6

2.8

2.9
2.9

2.6

3.2
3.2

2.0
2.2
2.0

2.6
2.6

2.B
32

6.1

III

II

1.7

1.5

.9
-3.2

2.8

.2
2.2
-.2
-.3

2.6

-1.8
.9
3.0

.5
.5

.2
.2

-.2

3.8
-1 .5

5.2
-2.1

-1.1
-1.4
-.3
-1.7
-2.0
-.3

2.2

-.4
4.3
-2.0
1.5

2.8
2.2

3.Ö
3.3

4.3
10.3

F e deral.................................................................
National d e fe n s e ...............................................
Nondefense .......................................................
State and local ......................................................
A d d en d a :

Final sales of domestic produ ct..............................
Gross domestic purchases .....................................
Final sales to domestic purchasers.........................
Im p lic it p ric e d e flato rs :

G D P .................................................................
Gross domestic purchases.................................
G N P .................................................................
Se 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.

2.9

2.1
3.5

II

I

2.2

3.1

1.7
-2.7

1.2
2.8

3.0
-4.3
5.6
3.4

2.9
3.0

2.9
3.1

5.1
-.3
7.0

4.0
-1.2
9.3

.6

4.1
3,6
5.2

1.1

.5
.7

.1

.6 11.2

10.8

2.6
8.1

.4
1.4

11.9

2.6
1.0

3.6
4.6
6.9
.5
3.0

6.9
9.9
9.3

2.7

2.9
.5
1.3
-.B
4.2

1.7
1.5
1.5
1.7

1.5
2.5
2.5
1.5

1.5
1.3
1.4

1.4
2.4
1.5

7.6

G o v e rn m e n t c o n s u m p tio n ex p e n d itu re s a n d g ro s s
i n v e s t m e n t .......................................................................

1.6
1.8

-1.9
5.4

-.1
-.8

IV

5.2

10.1
9.1

12.0

2.4
-1.4
3.4

1.6
1.7
1.7

1.6

2.3

2.2
2.2
2.2

1.6

1.5

2.2
2.2

1.5

2.3

8.0

1.8
2.0

-4.3
-2.4
3.2

-4 .4
3.1

-.5
-.5
-1.0
.3
-1.4
.3

1.7
1.7

1.0
1.6

-.3
-4.4
-6.7
7.5

0

1

II

I

II

1.9

3.6

3.9

1.5

2.7

3.1

2.6

1.3
-4.1

3.9

3.8

1.5
-2 .4

3.1

3.6

3.3

2.9

4.5
3.0

2.3
.9
1.3
3.0

3.4
3.5

4.6
4.6

3.2
3.0
.9

2.2
1.1

2.6
2.6

2.

-.9
6.9

IV

III

1.1
.6

2005

2004

2003

2.8
1.2

2.9

.6
2.8

3.7
3.9
1.9
4.6

.1
6.0

1.2

7.1

1.0

2.7

7.6

-.8
8.0

.9
-.7
4.6

2.9
4.1

5.9
6.5
4.4
9.6

2.5
3.2

.5
4.2

2.5

.6

2.6

.1
1.1

-.1
6.6

1.8
6.8

9.7

4.8
5.3
3.7

6.6

10.1

7.9
.3

1.4

6.2

5.0
4.9
5.6
3.6
5.0

.1

6.6

1.7

1.0

3.2
5.7
5.4
7.4

-.2

8.2

9.9

2.6

1.5

3.1
2.9
2.9
3.1

1.3
1.9
1.3

2.7
3.2
2.7

3.0
2.9
3.0

2.6

1.9
1.7
1.7
1.9

3.6
4.2
4.2
3.6

3.6
4.1
4.1
3.8

2.0
2.0

1.9

1.8
1.6
1.8

3.7
4.3
3.7

3.9
4.1
3.8

1.9

2.9
1.3
6.7
9.4

2.7
3.2
3.2
2.7

1.8
2.0
2.0
1.8
2.1

3.7
2.9
5.4

4.6
4.5
4.7
2.9
1.9
7.9

1.4
3.6
4.7

1.1

.4

4.6
4.9
3.7
19.5
-1.2
7.1

7.9
4.9

3.1
4.1
4.1
3.1

1.1

3.7
4.0
2.5
16.5
-1.8
6.5

2.7
2.5
4.9

1.6

1.1

6.9
6.5

2.7
2.7
1.9
9.9
- .7
4.3

3.7

1.0

1.5
.7

3.2

3.1
4.1
3.1

6.8

1.6

-1.0
.7
4.4

2.1

-.7

1.1

4.3
3.8
5.6

3.1
10.3
.9

2.6

5.7
7.0

8.4

.4
.4

5.6
-.4
4.2

3.0

3.7
-3.0
7.9
3.1

2.6

9.7
7.8
13.7
4.2

1.3

2.3

2.2
2.8
1.2
1.4

6.6

IV

3.3
-.5
5.7
2.9

4.1

1.2

1.1
1.6

.6

III
3.3

3.2

1.3

11.0

1.2

7.5

IV

III

3.7

3.3
3.3

2.6

3.3

2.6

2.9

2.0

3.4

4.9
5.1
5.4
3.3

6.7
3.0
3.5

4.9
.3
.5

10.6

2.1

-.1

9.0

7.6

3.3
4.2
4.3
3.3

3.1
3.3
3.4

3.3
4.2
3.3

3.0
3.4

Table 5.— Real Gross Domest ic Product, Quantity I ndexes
[Index numbers, 2000=100]
Seasonally adjusted
2003

2004

2005

2004
IV

2005

1

II

III

IV

G ro ss d o m e s tic p r o d u c t ..................................................................................................

105.130

109.562

113.386

111.003

112.044

112.959

114.112

114.429

P e rs o n al c o n s u m p tio n e x p e n d i t u r e s ...............................................................................................

108.416
119.134
107.938
106.493

112.601
126.245
113.000
109.725

116.600
131.777
118.014
112.960

114.236
129.166
114.857
111.027

115.217
129.999
116.351
111.789

116.176
132.499
117.392
112.440

117.338
135.492
118.413
113.353

117.670
129.119
119.900
114.260

93.195
95.297
88.063
77.621
92.154
113.989

104.286
104.534
96.314
79.314
103.126
125.714

110.379
112.929
104.510
80.802
114.250
134.732

107.398
107.880
100.246
80.554
108.201
127.772

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

113.234
115.300
106.665
81.259
117.180
137.648

Durable g o o d s ...............................................................................................................
Nondurable g o o d s .........................................................................................................
S erv ices ........................................................................................................................
G ro ss p riv ate d o m e s tic in v e s t m e n t .................................................................................................

Fixed Investment ..........................................................................................................
Nonresidents ...........................................................................................................
S tructures..............................................................................................................
Equipment and s o ftw a re ........................................................................................
R esidential................................................................................................................
Change In private inventories.........................................................................................
E x p o rts o f g o o d s a n d s e r v i c e s .........................................................................................................

94.064

101.970

108.850

104.398

106.295

109.037

109.710

110.357

Im p o r ts o f g o o d s a n d s e rv ic e s .........................................................................................................

105.205

116.495

123.676

120.518

122.698

122.620

123.340

126.044

G o v e rn m e n t c o n s u m p tio n ex p e n d itu re s a n d g r o s s in ve s tm e n t ..............................................

111.009
118.839
107.042

113.398
125.038
107.487

115.305
127.575
109.071

114.008
125.704
108.069

114.537
126.446
108.489

115.248
127.188
109.183

116.063
129.491
109.246

115.372
127.174
109.365

105.564
106.285
106.708
105.370

109.650
111.301
111.394
109.637

113.849
115.276
115.731

111.122

112.088
114.112
114.164
111.977

113.613
114.695
115.332
112.851

114.896
115.836
116.598
114.076

114.800
116.463
116.831

III

IV

Federal .........................................................................................................................
State and lo c a l..............................................................................................................
Ad dend a:

Final sales of domestic p ro d u c t......................................................................................
Gross domestic purchases ............................................................................................
Rnal sales to domestic purchasers ................................................................................
Gross national p ro du ct...................................................................................................

113.000
113.124
110.916

Se 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.

Table 6.— Price I ndexes for Gross Domest ic Product
[Index numbers, 2000=100]
Seasonally adjusted
2003

2004

2005

2004
IV

2005

1

II

G ro ss d o m e s tic p r o d u c t ..................................................................................................

106.310

109.102

112.144

110.111

110.950

111.655

112.567

113.407

P e rs o n al c o n s u m p tio n e x p e n d itu r e s ( P C E ) ...................................................................................

105.520
92.372
104.151
109.246

108.246
90.631
107.634
112.695

111.298
90.159
111.585
116.176

109.326
90.449
108.982
113.955

109.936
90.648
109.327
114.803

110.832
90.527
110.854
115.633

111.846
89.839
112.985
116.508

112.576
89.621
113.176
117.758

103.311
103.432
99.764
113.889
95.133
112.379

106.555
106.697
101.025
120.124
95.022
119.935

109.796
109.937
103.155
132.176
94.666
125.568

107.733
107.831
101.455
122.827
94.854
122.574

108.427
108.522
102.244
125.876
95.067
123.062

109.164
109.254
102.715
128.886
94.910
124.359

110.169
110.318
103.358
133.914
94.491
126.335

111.424
111.653
104.304
140.027
94.197
128.516

Durable g o o d s ...............................................................................................................
Nondurable g o o d s ........................................................................................................
S erv ices .......................................................................................................................
G ro ss p riv ate d o m e s tic i n v e s t m e n t .................................................................................................

Fixed inves tm e nt...........................................................................................................
Nonresldential ...........................................................................................................
Structures .............................................................................................................
Equipment and software ........................................................................................
R esidential................................................................................................................
Change in private inventories....................................................................................
E x p o rts o f g o o d s a n d s e r v i c e s .........................................................................................................

101.398

104.999

108.879

106.366

107.559

108.534

109.323

110.098

Im p o rts o f g o o d s a n d s e r v i c e s .........................................................................................................

99.610

104.571

110.982

107.026

107.783

109.925

112.413

113.807

G o v e rn m e n t co n s u m p tio n ex p e n d itu re s a n d g ro s s in v e s tm e n t ..............................................

109.460
109.740
109.303

113.505
114.354
113.022

118.874
118.478
119.131

115.148
115.575
114.914

116.747
117.550
116.291

117.820
118.168
117.635

119.751
119.056
120.186

121.178
119.140
122.411

PCE excluding food and e n e rg y .............................................................................
Market-based PCE > ......................................................................................................
Market-based PCE excluding food and energy1 .............................................................

105.082
105.009
104.348

107.156
107.422
105.898

109.297
110.327
107.671

107.980
108.378
106.514

108.617
108.948
107.106

109.083
109.860
107.506

109.450
110.917
107.797

110.037
111.582
108.274

Final sales of domestic p ro d u c t.....................................................................................
Gross domestic purchases .............................................................................................
Final sales to domestic purchasers ................................................................................
Gross national p rod uc t..................................................................................................

106.330
105.863
105.883
106.304

109.124
108.899
108.921
109.094

112.166
112.377
112.399

110.124
110.092
110.106

110.963
110.883
110.898
110.933

111.667
111.785
111.798
111.638

112.589
112.953
112.976
112.550

113.443
113.886
113.922

106.305
106.330
105.858
105.883
106.299

109.099
109.124
108.896
108.920
109.091

112.113
112.167
112.345
112.398

110.905
110.956
110.837

111.622
111.659
111.750
111.787
111.607

112.527
112.582
112.911
112.965
112.512

113.369
113.436
113.846
113.911

Federal .........................................................................................................................
State and local .....................................................................................
A ddend a:

110 .100

Im p lic it p r ic e d e fla to rs :

Gross domestic product ............................................................................................
Rnal sales of domestic p ro du ct..................................................................................
Gross domestic purchases ........................................................................................
Rnal sales to domestic purchasers............................................................................
Gross national product ............................................................................
1. T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e
pri ce

m e a su r e s.

It e x c l u d e s m o st

i m p l i ci t p r i c e s ( f o r e x a m p l e ,

i n t e r m e d i a r i e s) a n d t h e e x p e n s e s o f n o n p r o f i t i n st i t u t i o n s.
a d d e n d a t o t a b l e 8 a n d a p p e n d i x t abl e A.
Se 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.

t h e se r v i c e s f u r n i sh e d

w it h ou t

paym ent

b y f i nan cial

P e r c e n t a g e c h a n g e s f o r t h e se se r i e s a r e i n c l u d e d i n t h e

110.077
110.117
110.055
110.095
110.064

1 1 0 .8 86

110.890

_____

T a b le 7 .— R e a l G r o s s D o m e s t ic P r o d u c t : P e r c e n t C h a n g e F r o m

1990
G ro ss d o m e s tic p ro d u c t (G D P ) ............................................................

1991

1992

1993

G ro s s p riv ate d o m e s tic in v e s t m e n t ........................................................................

-3.4
-2.1
.5
1.5

-8.1
-6 .5
-5.4
-11.1
-2 .6
-9.6

8.1

8.9

5.9
3.2
-6.0
7.3
13.8

8.7
-.7
12.5

Fixed investm ent......................................................................................
N onresidential......................................................................................
Structures ........................................................................................
Equipment and so ftw a re ...................................................................
Residential _____ ...................-------------------- -— .......---------------------

-6.6

Exports .......................................................... .........................................
G oo ds ..................................................................................................
Services ..............................................................................................
Im p orts....................................................................................................
G o o d s ..................................................................................................
Services ..............................................................................................

9.0
8.4
10.5
3.6
3.0
6.5

G o v e r n m e n t c o n s u m p tio n ex p e n d itu re s a n d g ro s s in v e s tm e n t .....................

3.2

Federal ...................................................................................................
National de fen se..................................................................................
N ondefense..........................................................................................
State and lo c a l.........................................................................................
A d d en d a :

Final sales of domestic p ro d u c t.................................................................
Gross domestic purchases........................................................................
Final sales to domestic purchasers ...........................................................
Real disposable personal Income ..............................................................

0

2.0
0

8.3
4.1

2.1
1.4

1.6
2.0

6.6

-2.6

6.9
7.5
5.5
7.0
9.3
-2.6

-1.1
2.4

.5
-1.7
-5.0
6.9

6.9

6.0
-.6
-.1
1.1
-.2

2.1

2.2

.1
-.8
-.6

1.9

-.3
.5

4.1
3.7
3.9
3.7
4.6

3.3
3.5
3.5
3.6
3.6

3.0
3.3
3.1
3.3
3.4

P rice in d e xes :

Gross domestic purchases....................................................................
Gross domestic purchases excluding food and e n e rg y ............................
GDP ...................................................................................................
GDP excluding food and energy ...........................................................
Personal consumption expenditures .......................................................

8.6
8.2

3.2
3.3
3.2

8.8
10.1
2.9

1.8

11.9
9.6

6.7
9.7
6.3
11.9
13.3
5.7

8.9
9.0
9.3
5.6

12.0

-3.2

10.1
11.7
6.3

8.0

9.0
3.3
.5
-2.7
-3.8
-.4

0

2.6

3.4
4.4
3.8
3.9
2.7

2.8
2.6
2.8

2.1
2.2
2.1
2.2
2.1

2.1
2.2
2.0
2.1
2.1

1.0

2.2

2.3
2.5
2.9

2.3
2.3
2.4
2.3

-2.6
-5.2
-9.2
-17.1
-8.2
4.8

3.9
3.6
1.3
-4.2
3.2
8.4

11.9
9.7
9.4

-5.4
-6.1
-3.7
-2 .7
-3.2
- .3

-2.3
-4.0
1.9
3.4
3.7

1.8
1.8

3.4
3.9
3.9
3.9
3.2

4.4
7.0
7.4
6.3
3.1

2.8

2.2

6.9

5.2
7.0

2.0

.4

1.5

1.6

1.2
2.2
1.8

2.7
3.0
3.0
3.0
2.4

3.9
4.7
4.4
4.0
3.4

3.8
3.6
3.9

2.9
2.4

3.2
2.5

2.5

2.7

5.7
6.5
8.7

3.1
6.5
10.5
6.4

-3 .7
-4.9
-1.2

3.2
3.2
2.7

-7.9
-3.0
-4.2
-2 .3
-4.9
.4

7.8
8.3
9.2
-.4
12.7

2.9

- .9

2.6

4.7
3.0

9.8

2.6

2.2
2.6

-4.2
-5.6
-.7
1.4

2.3

2.6

13.6
9.3
9.2

3.2

2.4

4.7
7.3
3.8
4.5

3.4
7.8

2.8

3.6
4.4
4.4
2.9

5.1
11.7
4.6
4.0

2.7
4.4

3.5

3.9

5.0
11.3
4.0
4.2

2.5

3.7
8.4
3.5
2.9

2.0

2.9

3.8

4.0

3.3
7.8
2.7

1.7

2.7
7.1
2.5
1.9

3.7

2.7

-.2

3.5

2.5
4.3

4.5

3.3

-5.6

4.2

1999

4.2

2

1.6

2.7

1998

4.5

-0.2

2.9

1.6

1997

1.9
-.3

2003

0.8

1996

2.0

Durable g o o d s .........................................................................................
Nondurable g o o d s ....................................................................................
S erv ices ..................................................................................................

2000 2001 2002

1995

3.7

3.3
5.9

P e rs o n a l c o n s u m p tio n e x p e n d it u r e s ......................................................................

1994

P r e c e d in g Y e a r

2.6
3.0
2.4

10.6
8.0
8.4

8.8
7.2
8.7
9.3
5.5

1.0

8.6
2.7
3.3

12.4
9.2

12.1

10.2
11.1

7.3
13.8
1.9

5.1
13.3
7.6

11.9
14.3
5.9
13.6
14.4
9.4

2.4

2.2

2.9

11.6
11.7
11.4

3.6

1.9
-1.1
-2.1
.7
3.6

3.7
3.8
3.8
3.7
3.0

4.0
4.8
4.3
4.4
3.5

1.8

1.4
1.3
1.7
1.7
1.7

-1.2
-1.4
-.7
2.3

1.5
1.9
1.7

2.2

1.9
-1.0
-2.8

2.6

6.8

9.4

6.0

.8

4.3
3.8
5.6
11.5
12.4
6.9

8.7

11.2
2.9
13.1
13.5

11.1
2.1

3.9

2.2
4.7

.9
-.5
3.5
2.7

4.2
5.3
5.3
4.0
5.8

4.5
5.3
5.4
4.6
3.0

3.8
4.4
4.5
3.7
4.8

.6
1.0
1.1
1.2

1.6

2.5
1.9

.9

1.9

2.8

1.4
1.4
1.5
1.7

2.2
2.0
2.5 ¡

2.0

.9

1.8
.8
1.9

2.0
1.9
2.4

2.1
2.1

2004

6.6

6.0

2.0

22

_ T..

1.7
4.6
4.9
3.0

2.1

8.8

3.4

.6

1.5
3.1

1.6

2.2
1.8
2.0
1.8

1.9
1.7

2.1
1.4

11.9
10.3

1.9

8.4
8.9
7.4
10.7

11.0
9.6

1.8

2.6
2.6

2005

5.8

8.0
8.5
1.9

10.8
72

6.7
7.1

6.0
6.2

6.7
3.5
1.7

2.3

1.6

1.4

2.8

2.8

Table 8.— Real Gross Domest ic Product: Percent Change From Quarter One Year Ago

2002
1
P e rs o n a l c o n s u m p tio n e xp en d itu res ( P C E ) ..........................................................

1.0
2.8

Durable g o o d s ..........................................................................................
Nondurable g o o d s ....................................................................................
S erv ices ...................................................................................................

2.6
1.8

G ro ss d o m e s tic p ro d u ct (G D P ) ............................................................

7.8

II

III

IV

1.3

2.2

1.9

3.1
8.9
3.0

3.2

1.9

11.0
2.4

2.0

2.0

1.2
2.1

II

1.6
2.1

2.0
2.4

3.2

2.1

1.9

1.9

Fixed investm ent......................................................................................
Nonresidential ......................................................................................
Structures ........................................................................................
Equipment and so ftw a re ...................................................................
Residential ..........................................................................................

-7.7
-7 .6
-11.7
-13.9
-10.9
3.4

-5 .4
-5.8
-9.8
-17.4
-6.8
4.3

-1.4
-4.9
-8.7
-22.0
-3.2
4.4

4.9
-2 .5
-6.5
-14.9
-3 .4
7.0

1.5
-.7
-3.5
-12.2
-.3
5.6

Exports ....................................................................................................
G o o d s ..................................................................................................
Services ..............................................................................................
Im p orts....................................................................................................
Goods ..................................................................................................
Services ..............................................................................................

-9.5
-12.2
-2.8
-4.1
-5.0
.7

-4.0
-4.9
-2.0

1.6
1.1
2.8

3.8

1.7
1.9
1.4

3.2
-3.0

6.4
7.2
2.4

G o v e r n m e n t c o n s u m p tio n ex p e n d itu re s a n d g ro s s in v e s tm e n t ....................

4.7
5.9
5.6
6.3
4.1

G ro s s p riva te d o m e s tic in v e s t m e n t ........................................................................

Federal ....................................................................................................
National d e fe ns e ..................................................................................
Nondefense ..........................................................................................
State and lo c a l.........................................................................................
A d d en d a :

Final sales of domestic product .................................................................
Gross domestic purchases........................................................................
Final sales to domestic purchasers ...........................................................
Real disposable personal income ..............................................................

1.0

1.4
1.4
.9
3.7

2.1

4.0
6.7
7.4
5.5

2.6
1.2

a

|

1.3

2.0
2.0

It e x c l u d e s m o st

i m p l i ci t

p r i c e s ( f or e x a m p l e ,

i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s.

t h e se r v i c e s f u r n i sh e d w i t h o u t

2.9
6.4
6.5

8.8

6.8
2.1
.8

2.4

6.2
1.1

b y f ina nc ial

1.1

1.5

3.1

3.3
7.9
4.2

3.8
9.2
4.1
2.5

4.3
9.4
4.9
3.0

3.9
5.8
5.1
2.9

3.5
3.7
4.0
3.2

3.8
5.2
4.6
3.1

3.5
4.7
4.3
2.9

3.8
6.3
4.5
3.0

3.0
4.4
2.9

4.4
5.6
3.2
-.5
4.4
10.5

7.7
7.7
5.6

10.5
9.3
7.9

11.8

9.8
11.9

10.4
9.4
10.9
2.7
13.8

4.0

9.3
9.4
1.9

7.2

15.1
10.9
9.2
1.5
11.9
13.9

10.1

3.9
6.7
4.6
3.0

6.0
2.2
1.8
1.7

1.8
0

12.8

9.2
1.7
11.7

4.1
7.9
8.3
1.9
10.5
7.2

5.4
6.9
6.4
.9
8.3
7.7

-4.5

1.6

5.6

-1.3
-1.5
-1.0
3.8
4.5
.5

.7

6.0

8.1

2

6.7
4.5
5.1
5.3
4.2

8.3
7.8
9.2
7.3

11.2

6.9
6.9
6.9
5.1
5.8

5.7
7.0
2.9
4.6
5.0

3.5

1.9
5.5
7.5

2.9

8.6
12.2
2.1
.7

2.0

2.0

1.9
3.4
3.1
5.0
3.0
7.2
9.2
3.6

.8

1.2

2.6

8.8

10.5
10.4
10.9
11.7
13.8

1.6
0

8.1
12.1
.8
0

1.7
3.6
3.7
3.5
.5

2.1

2.1

2.0

2.1

1.9

1.7

1.7

1.7

1.9

3.0
2.5

1.7
1.4

.9
1.5

3.6

2.6

2.3
1.5
2.3
1.3

.7
1.5

3.6

.7

2.1
2.0

1.8
1.6

3.6

4.0
5.1
4.5
4.4
3.2

1.9
1.7
1.7
1.9

1.5
1.9

3.2

3.8

4.5
4.9
4.7
5.0
4.1

1.9

1.6
2.0

II

3.8

4.0
4.0
4.0
4.4
3.8

1.4
1.9

1.6

1

4.6

3.3
3.4
3.6
3.5
3.6

2.9

1.6
1.6

II

4.7

2.5
2.5
2.4
1.4

1.3

2.2

2.3
2.3
1.4

1.0

1.6
2.1
1.2
1.B

paym ent

4.0
7.8
8.4

4.6

1 . T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a se d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e
p r i c e m e a su r e s.

1.7

6.0
6.6

2.7

12
1.B

2.3

6.8

3.6

9.7
9.9

2.8

1.9
1.9

P ric e in d e xes :

Gross domestic purchases....................................................................
Gross domestic purchases excluding food and e n e rg y ............................
GDP ...................................................................................................
GDP excluding food and energy ...........................................................
P C E ....................................................................................................
PCE excluding food and e n e rg y ............................................................
Market-based P C E 1 .............................................................................
Market-based PCE excluding food and energy1 .....................................

4.9
7.5
7.9

1.1
10.2

1

4.0

IV

III

I

1.9

1.8

2.0
1.8
1.8
1.3
1.7

1.2

2005

2004

2003

2.1
1.8
1.8
1.2
1.8
1.1

III

11.8
12.0

6.6

9.0

6.1
6.8

6.7

4.6

7.9

10.1
6.4

11.8
12.3
9.7

2.0
5.1
7.8

0
.2

3.4
4.4
4.1
3.6

2.1

3.0

2.6

2.1

2.8

1.7
1.7
1.3

1.9
1.9
1.7
1.7
1.3

2.5
2.7

2.6
2.6
2.0

2.5
1.5

2.3
1.5

2.0

9.4
10.3
3.1

9.1

2.0
1.6
1.0

IV

2.7

7.7

6.2

10.6 9.4
11.1 10.1
7.7
6.2
2.1 1.7
4.2
2.1
4.9

2.3

8.0

..

6.1
7.7

8.2

6.5
5.7

6.1

III

3.9

2.0
2.0

1.9
3.0

2.9
3.3

1.8

IV

0

2.2
12
1.2

.5
2.5

1.8

-.2

.9

1.5

1.7

1.5

1.2

3.6
4.5
4.3
3.2
4.1

3.5
4.2
4.1
3.2
2.3

4.2
3.5
4.1
3.5

4.3
3.5
4.1
3.6

3.3
3.1
3.3

3.4
2.7
2.9

2.6
2.8

3.1

2.7
2.7

2.9
2.4
2.5
2.5
2.5

2.4

2.4

2.8

2.8

2.2
2.8
1.7

3.1

2.2
1.8

2.1

2.0
1.6

2.1

.8

3.4
2.5
2.9
2.7
3.1
1.9
3.1

1.6

.4
3.4

2.6
3.0

2.8
3.0
1.9
3.0
1.7

T a b le 9 .— R e la tio n o f G r o s s D o m e s tic P r o d u c t, G r o s s N a tio n a l P r o d u c t, a n d N a tio n a l In c o m e

[Billions of dollars]
Seasonally adjusted at annual rates
2003

2004

2005

2004

2005

IV
G ro ss d o m e s tic p r o d u c t .....................................................................................................................

10,971.2

11,734.3

Plus: Income receipts from the rest of the w o r ld .................................................................
Less: Income payments to the rest of the w o r ld ..................................................................

343.7
275.6

415.4
361.7

E q u als : G ro ss n a tio n al p r o d u c t ........................................................................................................

11,039.3

11,788.0

Less: Consumption of fixed capital .....................................................................................
Less: Statistical discrepancy..............................................................................................

1,331.3
47.1

1,435.3
76.8

E q u als : N a tio n a l In c o m e ....................................................................................................................

9,660.9
6;321.1
5,111.1
1,210.0
810.2
131.7
1,031.8
528.5
754.8
B1.6
. 1.3

10,275.9
6Í687.6
5,389.4
1,298.1
889.6
134.2
1,161.5
505.5
809.4
91.1
-3.0

10,924.2

11,657.5

Compensation of employees ..........................................................................................
Wage and salary accruals..........................................................................................
Supplements to wages and salaries............................................................................
Proprietors’ Income with Inventory valuation and capital consumption adjustments ............
Rental income of persons with capital consumption adjustm ent........................................
Corporate profits with inventory valuation and capita! consumption adjustm ents................
Net interest and miscellaneous payments ........ 1..................'.......... .'................................
Taxes on production and Imports less s ub sid ies .............................................................
Business current transfer paym ents................................................................................
Current surplus of government enterprises .....................................................................

12,479.4

1,574.1

7,113.6
5,711.9
1,401.8
937.8
73.9
497.1
847.1
79.4
-11.2

I

in

II

IV

11,995.2

12,198.8

12,378.0

12,605.7

462.4
425.6

462.3
422.9

489.4
453.9

520 8
476 6

12,032.0

12,238.2

12,413.5

12,650 0

1,442.0
30.6

1,448.4
39.4

1,457.2
78.3

1,863.8
66 5

10,559.3
6Í895.8
5,562.9
1,332.9
900.9
128.7
1,219.5
492.7
824.4

10,878.0
7Í060.2
5,672.3
1,387.9
936.6
104.4
1,347.5
488.7
848.0
99.6
-7.0

10,719.6
7Í155.4
5,741.6
1,413.8
932.4
-11.1
1,293 1
'497.6
853.4

-5 2

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

11,964.6

12,159.4

12,299.7

12 539 2

102.6

12,735.3

1,526.9

7,237.3
5,603.6
1,433.7
964.2
B4.5
503.8
853.8
97.2
-8.8

21.8

-22.8

A d d en d u m :

Gross domestic In co m e .................................................................................................

Table 10.— Personal I ncome and I ts Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
2003

2004

2005

2004
IV

P e rs o n al In c o m e 1 ................................................................................................................................

Compensation of employees, re ce iv ed ............................................................................
Wage and salary disbursements.................................................................................
Supplements to wages and salaries............................................................................
Proprietors' income with inventory valuation and capital consumption adjustments ............
F a rm ........................................................................................................................
N onfarm ....................................................................................................................
Rental Income of persons with capital consumption adjustm ent........................................
Personal Income receipts on a s s e ts ...............................................................................
Personal Interest Inco m e ............................................................................................
Personal dividend Income ..........................................................................................
Personal current transfer receipts ...................................................................................

2005
I

111

II

IV

9,169.1

9,713.3

10,238.2

10,024.8

10,073.4

10,185.7

10,231.0

10,462.6

6,321.1
5,111.1

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

7,113.6
5,711.9
1,401.8
937.8

6,895.8
5,562.9
1,332.9
900.9
24.6
876.3
128.7
1,493.6
907.4
586.2
1,449.2

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

7,155.4
5,741.6
1,413.8
932.4
18.0
914.3
-11.1
1,468.9
951.2
517.6
1,558.1

7,237.3
5,803.6
1,433.7
964.2
17.9
946.3
84.5
1,510.3
977.5
532.9
1,545.5

1,210.0
810.2
27.7
782.4
131.7
1,338.7
917.6
421.1
1,344.0

20.1

917.7
73.9
1,456.7
945.0
511.7
1,525.5

Less: Contributions for government social Insurance........................................................

776.6

822.2

869.4

843.5

861.0

864.9

872.6

879.2

Less: Personal current taxes ..............................................................................................

999.9

1,049.1

1,206.9

1,094.3

1,171.4

1,206.0

1,215.9

1,234.3

E q u a ls : D is p o s a b le p e rs o n a! i n c o m e ..............................................................................................

8,169.2

8,664.2

9,031.3

8,930.4

8,902.0

8,979.7

9,015.1

9,228.3

Less: Personal o u tla y s ......................................................................................................

7,996.3

8,512.5

9,072.8

8,725.0

8,854.6

9,001.2

9,173.9

9,261.6

E q u als : P e rs o n a l s a v i n g .....................................................................................................................

172.8

151.8

-41.6

205.4

47.4

-21.5

-158.9

-33.3

Personal saving as a percentage of disposable personal in c o m e .....................................

2.1

-.5

2.3

.5

-.2

-1.8

-.4

8,114.5

8,169.2

8,098.1

8,102.6

8,060.8

8,198.0

1.8

Ad dend um :

Disposable personal Income, billions of chained (2000) dollars2 ......................................
1.

P e r so n a l

incom e

i s a l so

eq u al t o nat ional i n co m e

l e ss c o r p o r a t e p r o f i t s w i t h

in vent ory val u at ion a n d

7,741.8
capi t al

c o n su m p t i o n a d j u st 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 si d i e s, c o n t r i b u t i o n s f o r g o v e r n m e n t so c i a l i n su r ­
a n c e , n e t i n t e r e st a n d

m i sc e l l a n e o u s p a y m e n t 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, a n d w a g e a c c r u a l s l e ss d i sb u r se m e n t s,

p l u s p e r so n a l i n c o m e r e c e i p t s o n a s se t s,

a n d p e r so n a l c u r r e n t

t r a n sf e r r e c e i p t s.
2 . E q u a l s d i sp o sa b l e p e r so n a l i n c o m e d e f l a t e d b y t h e i m p l i c i t p r i c e d e f l a t o r f o r 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.

8,004.3

A p p e n d ix T a b le A .— R e a l G r o s s D o m e s t ic P r o d u c t a n d R e la te d A g g r e g a t e s a n d P r ic e In d e x e s : P e r c e n t C h a n g e F r o m

t ----------------------------------------------------------------------

P r e c e d in g P e r io d

Seasonally adjusted at annual rates
2003

2004

2002

2005

1

II

2.7

2.2

2.4

3.9
2.5

5.2
1.7
-3.0

5.7

III

1

IV

IV

III

II

2005

2004

2003
II

I

III

IV

1

II

III

IV

G ro s s d o m e s tic p r o d u c t (G D P ) a n d relate d
ag g re g a te s:

2.7

4.2

3.4

3.2

6.5
2.7
5.7

4.6
2.7
4.8

-.1

1.5
3.4
-2.7

GDP excluding motor vehicle o u tp u t........................

3.8
2.7

4.6
4.2

3.5
3.5

15.5
2.3

2.1

11.6
2.0

Final sales of computers1 ......................................
GDP excluding final sales of com puters..................

20.2
2.6

20.4
4.1

39.6
3.2

-7.6

.7

29.3

Farm gross value added2 ......................................

8.4

0

-9.1

-64.0

133.6

Nonfarm business gross value added3 ...................

3.3

4.8 ■ 4.1

3.5

2.0
1.8
2.2
2.2

2.6

2.8

1.7

2.5
2.7

2.7
3.0

2.1

2.9

3.2

1.8

2.4

2.5

GDP .....................................................................

2.2

P ric e In d e xes :

GDP .....................................................................
GDP excluding food and e n e rg y .............................
GDP excluding final sales of com puters..................
Gross domestic purchases .....................................
Gross domestic purchases excluding food and
Gross domestic purchases excluding final sales of
computers to domestic purchasers ......................
Personal consumption expenditures (P C E )...............
PCE excluding food and en erg y..............................
Market-based PCE4 ...............................................
Market-based PCE excluding food and energy4 ......

1.7

3.7

7.2

3.6

4.3

3.5

4.0

3.3

3.8

3.3

4.1

1.1

4.3
.7
-.9

2.3
3.7

16.8
1.3
13.6

2.9
3.8
4.1

7.2
3.3

4.7

6.6

3.9
3.2

4.4
3.2
5.2

5.0
1.5
8.4

5.3
3.6
3.3

2.5

-3.6
3.8

8.2

1.2

14.4
3.9

-7.3
3.9

3.0
4.0

4.3
3.8

-.3
3.4

17.6
3.7

-15.9

3.1

10.2

13.3
3.9

56.5
3.0

54.9
3.5

45.4
3.0

20.3
4.0

46.4

4.2

10.3
3.4

89.8

-3 1.5

-11.3

-17.1

7.3

-31.1

20.9

14.8

4.6

3.9

4.3

4.4

4.7

.9

2.7

3.3

2.4

2.9

3.1
2.9
3.3

3.5

3.0
3.1
3.2

3.2

2.9

3.3

4.2

3.3
2.9

22.6

15.3

.1

7.1
1.7

14.4
3.6

78.0

11.9
3.5

63.9

34.2

-22.3

27.0

-34.1

-13.1

1.4

3.1

.1

2.0

4.7

10.4

2.8

4.2

4.6

1.5

1.8

2.2
2.0

2.6

3.1

1.1

1.9

1.7

1.6
1.6
1.7

2.4

3.2

1.9
1.7
1.9

3.6
3.3
3.7

3.9
3.4
3.9

1.5

2.5

1.7

2.2

4.1

.4

1.8
1.6
2.0
2.0

1.7

4.2

1.8

1.7

1.6

1.8

2.5

1.0

1.7

2.6
2.8
1.8
2.8
1.6

22
2.0

2.8

3.0

3.4

1.7

1.9
1.3
1.9

2.6
2.0

2.8
2.0

.9
1.3

2.3
1.5

2.7
1.7

.9

.6

2.2

2.2

.3

.9

12

1.9

2.4

4.3

.5

1.8

1.7

3.0

1.1

.6
1.0

1.7

3.1

.8

1.0

1.9
1.7
1.7

1.2
1.2

.5

6.7

6.8

1.5
1.9
1.4

2.6
2.8

2.B

.8

3.4

3.2

2.0

2.4

3.0

2.1

2.5

4.3

4.3

2.2

3.4

3.1

3.5

4.5

3.6

1.3
1.4
.9
.9

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

3.3
1.7
3.4
1.5

3.7
1.4
3.9

2.6
2.2

p r i c e m e a su r e s.

i n t e r m e d i a r i e s) a n d t h e e x p e n se s o f n o n p r o f i t i n st i t u t i o n s.

4 . T h i s i n d e x i s a su p p l e m e n t a l m e a su r e t h a t i s b a s e d o n h o u se h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b se r v a b l e

It e x c l u d e s m o st

2.6

4.1

2.0
1.6
2.0

1.8

1.8

1 . F o r so m e c o m p o n e n t s o f f i n a l sa l e s o f c o m p u t e r s, i n c l u d e s c o m p u t e r p a r t s.
i n st i t u t i o n s, a n d o f g e n e r a l go v e r n m e n t ,

1.5

2.2
8.B

1.8

2 . F a r m o u t p u t l e ss i n t e r m e d i a t e g o o d s a n d se r v i c e s p u r c h a se d .
3 . C o n s i s t s o f G D P l e ss g r o s s v a l u e a d d e d o f f a r m , o f h o u se h o l d s a n d

.6

1.1

1.2

-2.5
3.9

.5

.2

3.0

13.1

.6

1.8

2.4

1.2

0.2
-5.2
2.9
3.1

2.0

im plicit p r i c e s (f or e x am p l e ,

Se 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.

1.1
1.1

2.8
1.8

2.1
2.2

t h e se r v i c e s f u r n i sh e d w i t h o u t

paym ent

1.1

2.4

1.8

b y f ina nc ial

E x p la n a to r y N o te : Ñ I P A M e a s u r e s o f Q u a n titie s a n d P r ic e s

Current-do liar G D P is a m easure o f the m arket value o f goods, services, and structures produced in the
economy in a particular period. Changes in current-dollar GDP can be decom posed into quantity and
price components. Q uantities, or “real” m easures, and prices are expressed as index num bers with the
reference year - at present, the year 2000 ~ equal to 100.
Annual changes in quantities and prices are calculated using a Fisher form ula that incorporates weights
from two adjacent years. (Q uarterly 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 exam ple, 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” (m ultiplied) together to form time series o f quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice o f reference year. (BEA also publishes a m easure o f the
price level known as the im plicit price deflator (IPD), which is calculated as the ratio o f the current-dollar
value to the corresponding chained-dollar value, m ultiplied by 100. The values o f the IPD are very close
to the values o f the corresponding "chain-type" price index.)
Index numbers o f quantity and price indexes for GDP and its m ajor com ponents 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 m ajor com ponents to changes in real GDP are presented in table 2.
Measures o f real G D P and its m ajor com ponents are also presented in dollar-denom inated form,
designated "chained (2000) dollar estimates." For most series, these estimates, w hich are presented in
table 3, are computed by m ultiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For exam ple, if a current-dollar G D P com ponent equaled $100 in 2000
and if real output for this com ponent increased 10 percent in 2001, then the chained (2000) dollar value o f
this com ponent in 2001 would be $110 (= $100 x 1 1 0 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the sam e; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP com ponents 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 o f the reference year. A m easure o f the extent
o f 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 com ponents 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 approxim ate 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 o f the com position o f GDP growth. In particular, for com ponents for which relative prices are
changing rapidly, calculation o f contributions using chained-dollar estim ates may be m isleading even ju st
a few years from the reference year.
R efer en ce : “Chained-D ollar Indexes: Issues, Tips on Their Use, and U pcom ing C hanges,” N ovem ber
2003 S u r v e y , pp. 8-16.