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B U R E A U O F E C O N O M IC A N A L Y S IS NEW S RELEASE U S . DEPA R T M E N T O F COM M ERGE 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 . EST, T H U R SD A Y , M A R C H 30, 2006 V irginia H. M annering: G reg K ey: R ecorded m essage: (202) 606-5304 (G D P) (202) 606-9727 (Profits) (202) 606-5306 B EA 06-11 G R O S S D O M E S T I C P R O D U C T : F O U R T H Q U A R T E R 2 0 0 5 (F IN A L ) C O R P O R A T E P R O F IT S : F O U R T H Q U A R T E R 2 0 0 5 R eal gross dom estic p ro d u ct — the o u tp u t o f goods and services p ro d u ced by lab o r and property located in the U n ited States - increased at an annual rate o f 1.7 p ercen t in th e fo u rth q u arter o f 2005, according to fin al estim ates released by the B u reau o f E conom ic A nalysis. In th e th ird quarter, real G D P increased 4.1 percent. The G D P estim ates released to d ay are b ased on m ore com plete source d ata than w ere available for the p relim inary estim ates issued last m onth. In th e p relim in ary estim ates, th e in crease in real GDP w as 1.6 percent (see "R evisions" on p ag e 3). The increase in real G D P in the fo u rth q uarter p rim arily reflected p o sitiv e contrib u tio n s from private inventory investm ent, p ersonal co n su m p tio n expenditures (PC E ), ex p o rts, eq u ip m en t and softw are, and residential fixed in v estm en t th a t w ere p artly offset by a n eg ativ e co n trib u tio n from federal governm ent spending. Im ports, w h ich are a subtraction in the calculation o f G D P, increased. The d eceleration in real G D P g ro w th in th e fo u rth quarter prim arily reflected a deceleration in PC E, an acceleration in im ports, a d o w n tu rn in federal go v ern m en t spending, an d decelerations in equipm ent and softw are an d in residential fix ed in v estm en t th at w ere p artly o ffse t b y an u ptu rn in inventory in v estm en t and an acceleratio n in exports. Final sales o f com puters contributed 0.33 percen tag e p o in t to the fo u rth -q u arter g row th in real G D P after contributing 0.16 p ercen tag e p o in t to the th ird -q u arter grow th. M o to r v eh icle output subtracted 0.64 p ercen tag e p o in t fro m the fo u rth -q u arter g ro w th in real G D P afte r co n trib u tin g 0.56 percentage p o in t to th e th ird -q u arter grow th. N O T E .—Q uarterly estim ates are ex p ressed at seaso n ally adjusted annual rates, un less otherw ise specified. Q u arter-to -q u arter dollar ch an g es are differences b etw een these p u b lish e d estim ates. Percent changes are calcu lated from u n ro u n d ed data and annualized. “R eal” estim ates are in ch ain ed (2000) dollars. Prices indexes are ch ain -ty p e m easures. T his n e w release is available on B E A ’s W eb site at w w w .b ea.g o v /b ea/rels.h tm . - m ore - - 2 - The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 3.7 percent in the fourth quarter, 0.1 percentage point more than the preliminary estimate; this index increased 4.2 percent in the third quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 3.2 percent in the fourth quarter, compared with an increase o f 2.5 percent in the third. Real personal consumption expenditures increased 0.9 percent in the fourth quarter, compared with an increase o f 4.1 percent in the third. Real nonresidential fixed investment increased 4.5 percent, compared with an increase o f 8.5 percent. Nonresidential structures increased 3.1 percent, compared with an increase of 2.2 percent. Equipment and software increased 5.0 percent, compared with an increase o f 10.6 percent. Real residential fixed investment increased 2.8 percent, compared with an increase o f 7.3 percent. Real exports o f goods and services increased 5.1 percent in the fourth quarter, compared with an increase o f 2.5 percent in the third. Real imports o f goods and services increased 12.1 percent, compared with an increase o f 2.4 percent. Real federal Rovemment consumption expenditures and gross investment decreased 2.6 percent in the fourth quarter, in contrast to an increase o f 7.4 percent in the third. National defense decreased 8.9 percent, in contrast to an increase o f 10.0 percent. Nondefense increased 11.7 percent, compared with an increase o f 2.4 percent. Real state and local government consumption expenditures and gross investment increased 0.2 percent, the same as in the third quarter. The real change in private inventories added 1.89 percentage points to the fourth-quarter change in real GDP, after subtracting 0.43 percentage point from the third-quarter change. Private businesses increased inventories $37.9 billion in the fourth quarter, following decreases o f $13.3 billion in the third quarter and $1.7 billion in the second. Real final sales o f domestic product —GDP less change in private inventories —decreased 0.2 percent in the fourth quarter, in contrast to an increase o f 4.6 percent in the third. G r o s s d o m e s tic p u r c h a s e s Real gross domestic purchases - purchases by U.S. residents o f goods and services wherever produced - increased 2.9 percent in the fourth quarter, compared with an increase o f 4.0 percent in the third. G ro s s n a tio n a l p r o d u ct Real gross national product —the goods and services produced by the labor and property supplied by U.S. residents —increased 0.7 percent in the fourth quarter, compared with an increase o f 4.4 percent in the third. GNP includes, and GDP excludes, net receipts o f income from the rest o f the world, which decreased $25.6 billion in the fourth quarter after increasing $7.6 billion in the third; in the fourth quarter, receipts increased $28.9 billion, and payments increased $54.5 billion. - more - -3 C u rr e n t-d o lla r G D P Current-dollar GDP —the market value o f the nation's output o f goods and services -- increased 5.2 percent, or $160.4 billion, in the fourth quarter to a level o f $12,766.1 billion. In the third quarter, current-dollar GDP increased 7.6 percent, or $227.7 billion. R e v is io n s The final estimate o f the fourth-quarter increase in real GDP is 0.1 percentage point, or $0.7 billion, higher than the preliminary estimate issued last month. The upward revision to the percentage change in real GDP primarily reflected an upward revision to inventory investm ent that was partly offset by a downward revision to personal consumption expenditures for services. Advance Preliminary Final (Percent change from preceding quarter) Real GDP.............................................. Current-dollar GDP.............................. Gross domestic purchases price index... 1.1 4.2 3.3 1.6 5.0 3.6 1.7 5.2 3.7 C o r p o r a te P r o fits Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $185.8 billion in the fourth quarter, in contrast to a decrease of $54.4 billion in the third. Current-production cash flow (net cash flow with inventory valuation and capital consumption adjustments) - the internal funds available to corporations for investment increased $43.1 billion in the fourth quarter, compared with an increase o f $44.0 billion in the third. Fourth-quarter profits from current production were reduced by $22.9 billion because of Hurricane Wilma; third-quarter profits had been reduced by $165.3 billion because o f Hurricanes Katrina and Rita. These reductions reflected the net benefits paid by domestic insurance companies and the uninsured losses of corporate property. Taxes on corporate income increased $56.8 billion in the fourth quarter, in contrast to a decrease o f $12.2 billion in the third. Profits after tax with inventory valuation and capital consumption adjustments increased $129.0 billion in the fourth quarter, in contrast to a decrease o f $42.2 billion in the third. Dividends increased $15.3 billion, compared with an increase o f $13.8 billion; current-production undistributed profits increased $113.8 billion, in contrast to a decrease o f $56.1 billion. Domestic profits o f financial corporations increased $104.9 billion in the fourth quarter, in contrast to a decrease of $71.9 billion in the third. Domestic profits o f nonfmancial corporations increased $95.5 billion in the fourth quarter, in contrast to a decrease o f $8.5 billion in the third. In the fourth quarter, real gross corporate product increased, and profits per unit o f real product increased. The increase in unit profits reflected an increase in unit prices and decreases in both the unit labor and nonlabor costs incurred by corporations. - more - -4- The rest-of-the-world component o f profits decreased $14.5 billion in the fourth quarter, in contrast to an increase o f $25.9 billion in the third. This measure is calculated as (1) receipts by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations minus (2) payments by U.S. affiliates o f earnings to their foreign parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The fourth-quarter decrease was accounted for by a smaller increase in receipts than in payments. Profits before tax with inventory valuation adjustment is the best available measure o f industry profits because estimates o f the capital consumption adjustment by industry do not exist. This measure reflects depreciation-accounting practices used for federal income tax returns. According to this measure, domestic profits o f financial and nonfinancial corporations increased. The increase in financial corporations partly reflected a rebound from the third-quarter impacts o f Hurricanes Katrina and Rita. The increase in nonfinancial corporations reflected increases in all major categories (except transportation and warehousing), led by utilities and by manufacturing. W ithin manufacturing, petroleum accounted for about half the increase. Profits before tax increased $177.5 billion in the fourth quarter, in contrast to a decrease o f $19.6 billion in the third. The before-tax measure o f profits does not reflect, as does profits from current production, the capital consumption and inventory valuation adjustments. These adjustments convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to the current-cost measures used in the national income and product accounts. The capital consumption adjustment increased $21.4 billion in the fourth quarter (from -$72.1 billion to -$50.7 billion), in contrast to a decrease o f $26.3 billion in the third. The inventory valuation adjustment decreased $12.9 billion (from -$27.5 billion to -$40.4 billion), compared with a decrease o f $8.6 billion. C o r p o r a te p r o fits in 2 0 0 5 Profits from current production increased 16.4 percent in 2005, compared with an increase o f 12.6 percent in 2004. Domestic profits increased 17.4 percent, compared with an increase o f 14.1 percent. The rest-of-the-world component o f profits increased 11.2 percent, compared with an increase o f 5.1 percent. Taxes on corporate income increased 39.5 percent in 2005, compared with an increase o f 16.8 percent in 2004. Profits after tax with inventory valuation and capital consumption adjustments increased 9.4 percent, compared with an increase o f 11.3 percent. Dividends increased 4.3 percent, compared with an increase o f 16.5 percent; current-production undistributed profits increased 15.7 percent, compared with an increase o f 5.5 percent. Profits before tax increased 35.8 percent in 2005, compared with an increase o f 13.0 percent in 2004. In 2005, the difference between the increase in profits from current production and the increase in profits before tax was mainly due to the effects o f the Job Creation and Worker Assistance Act o f 2002 and the Jobs and Growth Tax R elief Reconciliation Act o f 2003, which allowed accelerated depreciation and raised before-tax profits. Profits from current production was not affected by the Acts, because this measure does not depend on the depreciation-accounting practices used for federal income tax purposes. - more -5- BEA's national, international, regional, and industry estimates; the S u rv ey o f C u rren t Business-, and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries o f BEA releases and announcements. Summary BEA estimates are available on recorded messages at the time o f public release at the following telepnone numbers: (202) (202) 606-5306 606-5303 Gross domestic product Personal income and outlays * * * Next release - April 28, 2006, at 8:30 A.M. EDT for: Gross Domestic Product: First Quarter 2006 (Advance) - more - T a b le 1 .— 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 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 2005 r 2003 2002 I II III IV I II 2004 III IV I II 2005 III IV I II III IV r G ro ss d o m e s tic p r o d u c t (G D P ) ................. 2.7 4.2 3.5 2.7 2 .2 2.4 0 .2 1.7 3.7 72 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 1.7 P e rs o n al co n s u m p tio n e x p e n d itu r e s ........................... 2.9 3.9 3.5 4.5 4.4 2.9 1.4 -4.2 3.3 2.4 3.6 1.3 1.4 -5,2 3.6 3.6 15.1 1.9 2.3 3.1 -.3 3.1 3.8 4.7 4.4 1.9 .4 4.4 6 .6 2 .6 4.3 5.5 5.5 3.6 3.5 2 .6 2.5 3.6 3.2 1.9 5.8 19.8 8.3 1 .8 2.3 11.5 .3 1.3 3.4 7.9 3.6 2.3 4.1 9.3 3.5 3.3 .9 -1 6 6 5.0 11.9 9.7 9.4 6.1 13.6 -6.3 5.8 -.7 2.7 17.5 14.8 -3 .7 9.5 5.3 2 .0 11.9 10.3 10.9 7.1 - 1 .0 -1.4 -5 .0 -5 .3 -4.9 6.4 -.4 2 .2 1.9 -1 .4 - 6 .1 -19.0 -.9 9.5 16.1 3.9 4.5 31 5.0 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 investm ent.................................................. Nonresidential .................................................. S tructures..................................................... Equipment and software ................................ R esidential........................................................ Change in private inventories................................. 6.6 6 .0 3.2 4.7 3.0 2 .0 3.9 3.6 1.3 -4.2 3.2 6.4 8.1 8 .6 - 1 2 .8 -19.0 -10.4 10.4 - 2 .0 -15.5 3.3 2 .0 1 .8 .8 8 .8 - 1.1 -8.4 8.4 13.3 6.7 9.6 1 .6 4.7 2 .0 1 1 .2 -.1 15.4 21.9 3.8 1 2 .0 10.1 6.9 4.4 1.3 5.5 11.5 6.9 7.9 -3.5 1 2 .0 5.2 1 .8 20.9 15.1 13.5 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 1.4 15.5 7.2 10.4 4.7 12.4 2 .6 1 .6 7.0 5.7 - 2 .0 8.3 9.5 1 1 .8 8 .0 8 .6 8.5 2.7 10.9 1 0 .6 1 0 .8 7.3 2 .2 G o v e rn m e n 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 t m e n t ...................................................................... F ederal................................................................. National de fe ns e............................................... Nondefense ...................................................... State and Ix a l ..................................................... 2 .8 ........ N e t e xp o rts o f g o o d s a n d s e rv ic e s ............................. Exports................................................................. G oo ds .............................................................. S ervices........................................................... Im p orts................................................................. G o o d s .............................................................. S ervices............................................................ 2 .6 1 .8 1 .8 1.7 4.6 4.9 3.0 8.4 8.9 7.4 10.7 1 1 .0 9.6 6.9 7.3 6 .0 6.3 6.9 3.6 5.2 - 1 .6 22.9 11.7 9.2 24.7 1 0 .6 2.9 14.2 2.7 12.5 16.0 -3 .0 2 .2 4.6 5.7 6.5 1.7 -3.1 -9.1 11.7 9.0 8.1 14.0 -2.9 1.5 -11.9 -2.5 - 2 .6 - 2 .2 - 2.1 0 - 6 .6 3.3 6.3 - 1 0 .2 2 .6 4.3 5.9 3.7 1 .8 1 .8 1 0 .2 4.8 12.5 11.5 14.1 1 .2 2 .1 .4 1.5 3.5 8.0 1 .0 1.9 2 .0 - .6 37.4 -2.4 -.3 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 3.3 1.4 .1 4.6 4.2 5.0 4.5 4.5 4.8 4.8 5.3 5.3 5.1 4.3 6 .6 6 .8 7.7 7.4 6.9 7.2 2 .2 6 .8 6 .2 2.3 6.1 4.3 1 2 .6 4.8 5.7 4.6 5.4 5.7 5.2 2 .8 2 .2 1 .8 6.9 2.3 8 .8 5.2 7.0 3.4 .6 2.3 3.0 4.1 14.8 4.8 1 0 .2 -.3 .3 -3.6 7.2 2 2 .1 n '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 2 .0 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 7.1 3.7 15.5 11.3 13.0 3.1 7.5 5.3 12.5 7.4 3.7 10.7 16.0 -.4 -.3 - 1.1 4.4 1.9 2.4 3.0 2.5 2.4 3.7 8 .2 2.5 ....5Ü 3.2 8 .0 1 .0 -1.4 2.4 12.1 3.5 13.5 -3 .2 4.8 1 .8 .9 8.1 3.6 9.0 -6.4 -3.3 5.2 1.1 - .2 2.4 1 .8 .8 1 .8 1 .6 2 .6 .2 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 4.6 4.0 45 4.4 -1 .4 7.0 67 7.0 6.7 7.0 -1.3 .8 - .6 2.9 7.4 1 0 .0 - .8 - 2 .6 9 11.7 -8 2 Ad dend a: Final sales of domestic product ............................. Gross domestic purchases .................................... Final sales to domestic purchasers......................... Gross national product (G N P )................................ Disposable personal inco m e .................................. 3.6 .7 1.7 2.7 2 .8 1.7 2 .2 1 .8 1 .6 .8 1 .8 2.9 1 .0 1 1 .6 1.9 1 .6 .2 1.9 1.5 1.7 1.5 2.5 4.3 1.4 4.9 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 - .2 1.4 - 6.9 6.5 7.2 3.9 3.2 4.5 72 1 .0 3.8 5.2 4.8 3.8 3.6 9.3 5.5 4.8 5.6 4.9 6.4 2.3 7.5 9.7 9.2 7.7 7.6 6.1 4.7 3.8 2 ,1 4.2 3.2 .2 -2 2.9 U 7 6.7 C u rr e n t-d o lla r m ea su re s: G D P ................................................................ Final sales of domestic p ro du ct......................... Gross domestic purchases................................ Final sales to domestic purchasers .................... G N P ................................................................. Disposable personal In c o m e .............................. r R e v is e d . Se 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. 7.0 6.4 .2 8 .8 8 .6 8 .2 9.2 9.4 8.1 7.5 5.3 6.1 6 .6 6.1 6 .2 9.0 5.9 7.4 7.4 5.7 12.5 8.1 6 .6 6.1 5.4 4.3 5.1 60 8J3 5 .5 7.6 5.9 3.5 7.6 8J 8^4 8.9 LB 2.3 5.2 32 4.8 4.2 9.8 Table 2 — Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2003 2004 20 05 ' 2003 2002 I II 2.7 2 .2 2.4 III IV 2004 I II III 0 .2 1.7 3.7 7.2 IV 2005 I II 3.6 4.3 3.5 4.0 III IV I II III 3.3 3.8 3.3 4.1 IV ' P e 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 P e r so n a l c o n s u m p t i o n e x p e n d i t u r e s . . . . . . . . . . . . 2.05 2.71 2.48 1 .0 1 1.64 1.57 .97 1.70 2.55 4.13 2.15 3.27 1.33 3.05 3.01 2.44 2.35 2.85 .62 Du ra ble g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51 .06 .34 -.47 -.75 .31 .03 -.19 .24 .8 8 .45 .2 2 .44 .34 .11 ,o: .06 -.03 -.4 ! ,3( .21 -.31 .32 .64 .27 .17 .76 .45 .37 -.06 -1.47 -1.92 .33 .1 0 1.64 .77 .61 .23 .38 .21 1.23 .5! .4! .11 -.39 -1.07 .50 .18 .98 .89 .06 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 -.03 .28 .13 .31 F u r n it u r e a n d h o u se h o l d e q u i p m e n t . . . . . . . . . .57 .19 .26 N o n d u r a ble g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 .05 .27 -.04 .09 .61 •2C .on .07 .31 .73 .61 .08 1 .0 2 .01 .90 .49 .17 .04 1.65 ,6 E .3: G a so l i n e , f u e l oil, a n d o t h e r e n e r gy g o o d s ... .94 .48 .17 .03 .26 .65 Clo t h in g a n d s h o e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63 .25 .14 .84 .24 G r o s s d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . 1.7 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: M o t o r v e h icle s a n d p a r t s . . . . . . . . . . . . . . . . . . . . . . F o o d .............................................. Ot he r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 2 .85 .07 .05 Se r v i c e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . H o u sin g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . H o u se h o l d o p e r a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.27 .30 .07 .03 .05 .03 .49 .21 1 .2 1 .24 .1 0 .21 .23 -.06 .0 2 .23 .07 .26 .1 £ .on .06 .02 .07 .06 .70 ,2C .31 -.04 .23 0 -.05 .04 .07 .2 2 .63 ,3E -.04 -.0 1 n - .0 1 .75 .06 .07 1.07 -.03 .29 .25 .04 -.04 .67 .07 -.07 -.04 -.07 .59 .04 - .0 1 .1 2 20 -.1 2 .1 0 .94 .13 -.06 -.13 .07 -.05 .42 .15 .35 .30 .87 -.1 4 -.03 .13 .54 .29 .74 -.0 7 .19 .23 -.04 -.11 -.1 1 .76 .08 .01 Re cr e at io n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 0 .11 .06 .04 .04 .56 .06 Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 .26 .21 .59 .09 -.08 .............. .58 1.82 1 .0 0 1.92 F i x e d In v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54 .13 1.47 .92 .06 1.29 -1.04 -1.50 -.60 -.90 -.23 - .1 2 -¿ 1 -.6 6 - .2 1 -.1 0 -.58 -.09 -.44 .23 -.52 -.14 -.3 8 -.28 .15 -.04 -.38 .06 -.06 .15 -.03 .23 .16 -.38 -.0 4 -.1 7 -.17 .01 -.1 2 -.53 .46 -.1 6 .14 .43 Ele ct r icit y a n d g a s .0 2 .......................... .03 O t h e r h o u se h o l d o p e r a t i o n . . . . . . . . . . . . . . . . . . T r a n sp o r t a t i o n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .49 M e d ica l c a r e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G r o s s p r i v a t e d o m e st i c i n v e st m e n t N o n r e si d e n t i a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . St r u c t u r e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - .1 1 E q u i p m e n t a n d so f t w a r e . . . . . . . . . . . . . . . . . . . . . .24 .8 6 .19 .09 .06 .05 .49 .19 .8 8 .05 .82 .2 2 .11 -.05 .01 -.0 5 .07 .07 .45 .04 .59 .16 -.0 2 .31 .08 .10 -.0 2 .1 0 .14 20 .2 0 .78 .32 .17 1.09 .63 .25 .07 .14 1.07 .50 .15 .74 .42 .11 .53 .27 -.09 .03 .33 1.57 .31 .25 1.58 .39 .07 .77 .27 -.07 -.07 .05 .2 2 .0 2 -.11 .03 1.47 .29 .34 .37 -.03 .02 .0 2 .12 .51 -.0 2 1.31 .8 8 .37 -.04 .31 .07 .21 .2 2 .19 .05 .13 .37 .17 .44 .42 2.53 1.78 2.15 1.08 .1 2 1.26 .79 .32 .47 .21 .2 0 .79 .07 .04 .1 0 .21 .04 .05 .29 .29 -.04 -.2 2 0 1.09 .59 .0 2 .28 1.39 .29 .04 -.0 5 .05 - .0 1 .56 0 .1 0 0 -.0 1 .64 .54 .1 0 .0 2 .2 0 Co m p u t e r s a n d pe r ip h e r al e q u ip m e n t So f t w a r e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Othe r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In d u st r i a l e q u i p m e n t . . . . . . . . . . . . . . . . . . . . . . T r a n sp o r t a t i o n e q u i p m e n t . . . . . . . . . . . . . . . . Ot he r e q u ip m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . Re si d e n t i a l ........................................ .11 .19 .04 .15 .18 .55 0 -.0 3 .08 .41 .48 .24 .17 .08 .09 .17 .09 .41 - .1 0 .12 -.05 .08 -.07 .01 .1 0 .15 -.25 -.1 2 .0 2 .01 .09 .30 .23 .36 .04 .47 -.16 .17 -.3 3 -.63 -.0 2 0 -.11 .2 0 .23 .15 .21 1.15 .23 .07 .97 1.36 .0 2 .05 .06 .53 .14 - .1 1 .2 2 .2 0 1.08 .16 -.0 2 .17 0 -.0 8 .06 .06 .50 .1 0 .03 .08 .05 - .0 2 .66 .58 .0 2 .0 2 .0 2 .33 .29 .11 .18 .26 .2 0 1.52 3.10 .75 1.1 1 1.42 -.6 3 .87 2.54 1.03 .43 .03 .40 1.04 .76 -.09 .85 2 .2 2 1.13 1.04 1 .1 2 1.07 1 .1 2 .92 1.51 .90 .07 .83 1.31 .22 1.31 1.15 .04 .65 .48 .09 .39 .52 .17 .15 .61 .38 .18 .05 .16 -.0 5 .56 .18 .93 .31 .16 .34 .27 .09 .53 .42 23 .11 .05 .30 .23 .28 .15 - .0 2 .18 .01 .06 .39 .13 .09 23 -.2 7 .33 .23 .62 -.56 1.29 .1 2 .58 -.05 .64 .2 0 .2 0 .08 .33 .19 -.04 .09 .28 .1 0 .72 .31 .2 2 .33 1.07 .38 -.07 .45 .75 .19 .57 -.2 0 .87 .45 .42 -.5 5 -.03 -.28 .25 - .1 1 .6 8 -.16 -.14 .54 .29 F a rm ............................................... .05 .03 Nonfarm ........................................... .0 2 .35 .03 .32 -2 2 2.95 .24 2.71 .53 -.3 9 .92 .98 .31 .67 .08 .03 .04 Ne t e x port s of go o d s a n d se r v i c e s. . . . . . . . . . . . . . . -.4 6 -.73 -.29 -.97 -.62 -.49 -1.52 .08 - .6 6 .48 -.47 -1.18 -1.37 -.17 -.98 .17 .47 .96 21 .88 -.29 .09 -.38 -2 0 -.1 1 -.31 -.64 .33 1.69 1.05 .64 .49 .50 - .0 1 .67 .53 .14 .53 .55 -.2 0 1.04 .58 .46 .70 .25 .44 -.46 -.71 .26 -.56 -.90 -.31 .37 .32 .05 -2.16 -1.91 -.25 -1.65 -1.41 -.2 3 -2.03 -1.71 -.32 - 1 .6 8 -1.60 -.08 -1.14 -1.05 .04 .15 - .1 0 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. . . . . . . . . . . . . . . . . . . -.29 -.07 -.84 - .2 1 .48 - .0 1 ............................................. .1 2 .80 .59 Se r v i c e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .05 .2 2 .70 .51 .18 .59 .08 .14 .13 Im p o r t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -.6 3 -.56 -.0 7 -1.53 -1.30 -.23 -.98 -.89 -.09 -1.44 -.95 -.48 -1.58 -1.65 .07 -.76 -.72 -.04 .53 .41 .34 .79 .8 8 .43 .89 -.05 1.37 .11 .10 .62 .43 .35 .17 .45 .37 .33 .04 .08 .08 .36 .32 .26 .06 .04 .04 .16 .36 .14 .13 .76 .45 .29 .16 .31 .2 0 .64 .59 .67 -.08 .05 .07 .03 -.1 5 -.1 9 .04 .18 .18 1.40 1.46 1.35 -.14 -.31 -.34 .03 .17 .29 .21 22 .35 .32 .03 -.14 .71 .60 .46 .14 .25 .41 .39 -.04 -.16 -.26 .11 -.1 0 .11 0 -.1 2 -.04 - .1 1 Ex p or t s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Goods Good s ............................................. Se r v i c e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - 1.2 1 0 -.1 0 -.46 .11 .0 2 -.14 -.1 6 .18 .59 .01 .50 .27 .03 .21 .8 8 .06 .82 In f o r m a t i o n p r o c e ssi n g e q u i p m e n t a n d so f t w a r e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 2 -.0 2 -.70 -.59 - .1 1 .29 .14 .17 .2 0 .18 .32 .28 .09 -.06 .16 -.19 .0 2 .1 0 .43 .17 -.43 1.89 -2.14 -.0 9 -2.05 -.0 2 .0 2 -.42 1.87 -.40 1.1 1 -.1 2 -1.36 .74 .37 .37 1.07 1.08 20 23 .52 .56 -.05 .40 - .0 1 .03 - 1 .8 8 -1.76 -.11 -.38 -.4 6 .09 .35 .47 .54 -.15 .17 .14 .34 .17 .17 .04 .13 .52 .46 .37 .09 .06 .08 -.18 -.44 -.49 .05 .26 .14 - .1 2 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 s s i n v e st m e n t .................................. F e d e r a l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N a t i o n a l d e f e n se . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C o n su m p t i o n e x p e n d i t u r e s ................... G r o ss I n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N o n d e f e n se . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C o n su m p t i o n e x p e n d i t u r e s ................... G r o ss i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 .1 2 .11 .01 .01 .04 .2 2 .0 2 .14 .07 .21 .11 .1 0 -.06 -.0 2 .1 2 .23 .17 .06 .25 .15 -.08 -.04 -.0 2 - .0 1 .1 0 -.0 7 -.03 .26 -1.74 1.65 .29 1.38 .41 -.08 .2 0 1.69 .98 -.29 .40 .75 2.15 .76 -.09 .01 .2 0 5.19 .78 1.28 .72 .45 .0 2 C o n su m p t i o n e x p e n d i t u r e s . . . . . . . . . . . . . . . . . . . .08 .06 .05 .04 .11 .43 .30 G r o ss i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0 2 .01 .06 .1 2 -.1 2 G o o d s.................................................. 1 .1 0 Se r v i c e s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.30 .31 .14 .15 2.06 1.59 .57 .16 .15 1.49 1.54 .49 1.30 1.43 .49 1.95 -.26 .1 2 .53 -.06 St a t e a n d l o c a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 .07 .17 .24 .1 0 .03 .11 -.06 -.19 .14 .25 - .0 1 .04 .01 .0 2 .0 2 .1 0 -.1 6 -.0 4 .1 2 .03 - .0 1 .08 .04 .02 0 .19 .04 .15 -.09 .08 -.09 .21 .1 0 .21 0 -.1 2 - .2 0 .01 .19 .08 -.13 -.08 .07 .14 .14 -.04 .16 .05 .11 .31 .08 .23 .96 2.29 1.90 .06 .49 .08 1.53 .71 1.26 -.26 .OB 2 .1 0 1.26 1.82 1.41 1.58 1 .8 6 .8 8 .53 .15 .37 .85 .0 2 -.0 2 .1 2 .03 .17 -.14 .03 .09 -.06 1.70 2.09 .35 .56 .16 .73 .65 .28 -.64 .33 Adde nda: St r u c t u r e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M o t o r v e h icle o u t p u t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F i n a l sa l e s o f c o m p u t e r s . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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. .28 .01 .01 .11 0 .05 .1 0 2 .2 0 .41 -.13 .09 1.75 .13 .11 .1 0 23 .29 .36 - .0 1 .32 T a b le 3 .— 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 : L e v e l a n d C h a n g e F r o m Billions of current dollars 2004 P e r io d Billions of chained (2000) dollars Seasonally adjusted at annual rates 2005" P r e c e d in g Seasonally adjusted at annual rates 2005 " 2005 IV I II III IV " 2004 Change from preceding period 2005 IV I II 2005 III IV " III IV " .. 12,487.1 11,995.2 12,198.1 12,378.6 12,605.7 12,766.1 .8 10,897.1 10,999.: 11,089.: 1 1 ,2 0 2 . 11,248.: 379. 113.1 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 8,416.1 8 ,535.1 8,677.6 8,844.6 8,926.2 .9 7.698.Í 7,764.5 7,829.5 7,907. 7,925.4 268.: 78.4 17.5 D u r a b le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1,026.5 446.5 373.2 1,008.6 452.Í 360.6 195.2 1,017.: 449.1 366.9 200.E 1,035.6 458.6 370.C 207.C 1,050.6 468.7 374.6 207.2 1 ,0 0 2 .1 .4 1 , 1 2 2 .: 410.5 381.1 210.5 .8 .0 .3 1,115.1 464.E 456.1 200.2 455.C 469.2 206.E 1,143.9 463.: 475.9 212.9 1,169.’ 477. 490.. 2 1 1 .1 1,117.7 415.5 504.214.7 48.! -4 .: 42.1 15.! 25.E 14.C 14.E -1.9 -52.0 -61.8 13.9 3.7 3454 310.6 689.5 2,437.1 1,166.4 335.2 267.9 667.6 2,476.6 1,184.2 340.5 275.2 676.8 2,533.7 1,207.' 344.6 296,< 685.3 2,604.9 1,229.6 343.6 338.3 692.8 2,642.5 1,253.3 352.3 332.6 704.2 .9 1,081 .1 5 9 7 2,236.5 1,047.x 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.V 205.2 637.7 2,305.1 1,088.377.2 203.I 641.9 2,334.2 1 , 1 0 2 .8 386.7 203.5 648.0 97.Í 52.C 21 .E 3.E 23.C 19.9 16.5 28.4 14.1 9.5 .5 5,154.9 1,281.5 481.6 201.7 280.1 321.2 1,510.0 355.2 1,205.3 4,970.4 1,244.7 457.9 185.9 272.1 309.2 1,441.6 344.3 1,172.6 5,041.8 1,260.6 465.! 189.5 275.6 312.2 1,470.5 350.2 1,182.8 5,107.8 1,275.: 4714 1924 279.C 318.5 1,492.6 353.1 1,196.8 5,188.3 1,288.2 4844 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 4 7 3 0 0 3 4,362.1 1,089.5 4124 154.7 257.3 283.0 1,255.4 304.1 1,016.6 4,392.0 1,095.6 414.: 155.2 258.E 284.6 1,269.1 307.7 1,019.5 4,417.6 1,1014 413.E 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 30B.E 1,031.1 4,482.6 1 , 1 1 1 .0 418.5 156.1 262.C 290.6 1,315.2 309.4 1,036.5 125.5 25.3 10.7 5.8 4.7 3.9 58.1 G r o s s d o m e st i c p r o d u c t ....... Motor vehicles and p a rts ................. Furniture and household equipment O th e r............................................ N o n d u r ab 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. . . . . . . . . . . . . . . . . . . . . . . . . . . H ousing .............................. Household operation............. Electricity and g a s ............ Other household operation Transportation...................... Medical care ....................... R ecreation........................... O th e r.................................. G r o s s p r i v a t e d o m e st i c i n v e s t m e n t . F ix e d i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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 ent................................. Residential ................................................. C h a n ge in p r i va t e i n v e n t o r i e s . F a rm ................................... Nonfarm .............................. 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 ... G oods.... Services Im p o r t s ... Goods ..... Services . . . 2 0 2 .1 6 6 8 46.0 2 .8 - 2 .2 4.2 6.1 35.9 29.1 4.4 52 4.7 2.3 0 2 .2 .6 6 .2 .6 2 1 .1 6 .8 - .7 3.0 15.6 .5 5.4 1.3 17.3 2,105.0 2,004.5 2,058.5 2,054.4 2,099.5 2,207.5 1,919.8 8 1,863.9 1,902.9 1,885.0 1,909.4 1,981.9 1 1 0 .0 24.4 72.5 2,086.1 1,329.8 335.1 994.7 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 1,008.7 2,168.0 1,376.7 359.0 1,017.7 1 0 4 8 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 1,940.0 1,319.7 256.0 1,080.6 142.0 102.3 5.0 103.2 36.8 26.2 1.4 26.6 18.5 14.5 1.9 13.1 488.9 105.7 197.8 185.4 161.3 171.5 172.9 756.3 456.3 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.B 173.7 745.0 494.5 105.0 201.3 188.2 161.3 177.9 175.0 770.3 590.66 539.7 565.1 584.6 600.2 612.4 6 8 .2 15.6 1 2 .2 9 7 192.8 190.3 144.5 153.3 158.0 571.0 199.8 196.3 150.9 148.8 153.9 584.1 209.1 196.5 143.2 158.1 160.6 599.3 213.7 216.9 2 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 9.8 9.7 18.3 9.9 40.1 4.6 5.6 5.6 ..... 3 2 - 2 .0 4.8 -5.4 10.7 4.2 18.9 -8.4 27.2 51.9 -3.0 54.B 59.9 -6.5 66.4 -4 .2 -8 .5 4.3 -19.7 -9.5 - 1 0 .2 50.1 58.2 -2.3 61.8 -1 .7 -4.2 3.4 -13.3 -4.5 - 8.1 37.9 -3 .7 43.0 -31.7 - 6 .0 -24.9 - 1 1 .6 -.3 -1 1.5 51.2 .B 51.1 500.1 109.6 . 204.3 186.2 167.5 171.6 178.5 791.4 39.4 -8.9 48.3 - .2 50.6 52 .5 2 .8 -726.5 -685.4 -697.5 -691.0 -730.4 -787.1 -634.1 -645.4 -614.2 -617.5 -655.2 -31.8 -3.3 -37.7 1,301.2 905.6 395.6 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 1,339.8 937.4 402.4 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 1,217.6 864.4 353.5 77.4 57.5 7.3 2 0 .0 .9 14.9 16.5 -1.3 2,027.7 1,700.7 327.0 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 2,126.9 1,794.8 332.1 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 1,872.9 1,595.8 278.7 109.1 100.3 9.6 13.2 - 2 .2 52.7 49.7 3.2 2,362.9 2,260.0 2,302.0 2,337.6 2,392.7 2,419.6 1,962.8 1,971.9 1,984.1 1,998.1 1,994.1 34.8 14.0 -4.0 877.7 587.1 515.9 71.2 290.6 253.7 36.9 840.8 562.0 490.1 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 36.3 888.5 589.1 514.0 75.1 299.4 259.1 40.3 740.5 493.6 424.1 70.0 246.6 210.6 36.3 727.6 4B3.7 413.4 71.2 243.6 209.9 33.6 731.8 487.3 421.9 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 16.8 12.3 13.4 11.9 9.3 35.6 744.6 492.0 419.6 73.5 252.5 213.7 39.4 1,485.2 1,193.0 292.2 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 1,531.1 1,231.7 299.4 ,246.3 991.1 255.4 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 1,249.3 995.6 253.7 17.9 -63.6 -37.5 -48.0 -60.1 -69.6 -77.1 -633.1 6 .6 1 0 .6 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 gr o ss i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F e d e r a l . . . . ;. . . . . . . . . . . . . . . . . . . . . . . National de fense.................. Consumption expenditures . Gross investment ............. Nondefense......................... Consumption expenditures . Gross inves tm e nt............. St a t e a n d l o c a l .................. Consumption expenditures . Gross Investment ............. R esidual............................................................ 1 0 .8 1.5 4.4 -4.9 - 1 1 .6 1 2 .6 1.4 1.9 -.7 1.5 6.9 3.6 3.8 6.5 .7 4.5 -4.0 2.3 -1.7 11,214.4 11,207.5 1,811.2 11,895.0 11,823.0 11,854.1 410.4 410.4 441.7 125.2 116.4 128.4 -6.9 83.8 31.1 11,202.3 11,248.3 465.5 494.4 424.4 478.9 1,243.2 11,263.5 379.1 71.8 90.2 360.7 113.1 23.8 16.2 120.7 46.0 28.9 54.5 20.3 274.6 -233.6 350.4 2 1 0 .1 2 .0 2.9 1 1 .6 2 .8 .8 Adde nda: Final sales of domestic p ro d u c t....................... Gross domestic purchases .............................. Final sales to domestic purchasers ................. 12,468.3 13,213.7 13,194.8 1,943.3 2,680.6 2,628.7 2,138.9 2,896.3 2,836.4 12,382.1 13,069.0 13,073.1 G r o s s d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . E q u a l s: G r o s s n a t i o n a l p r o d u c t . . . . . . . . . . . . . . . . 12,487.1 507.6 474.0 12,520.8 1,995.2 462.4 425.6 2,032.0 2,198.8 462.3 422.9 2,238.2 2,378.0 489.4 453.9 2,413.5 2,605.7 520.8 476.6 2,650.0 Net domestic produ ct...................................... 10,913.1 0,553.2 0,750.4 0,920.7 0,741.9 Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world r 12,625.4 12,726.7 11 ,112.8 10,846.0 3,336.1 13,553.3 11 ,759.1 11,522.0 3,355.8 13,513.8 11 ,737.0 11,470.7 Re v ise d . NOTE.— U s e r s a r e ca u t io n ed t h at p a r t icu la r ly f o r co m p o n e n t s t h a t e x h ib it r ap id ch a n g e in p r i ce s r e la t iv e t o o t h er p n ce s In t h e e co n o m y , t h e ch a ln e d - d o lla r e st i m a t e s sh o u l d n o t b e u se d t o m e a s u r e t h e co m p o n e n t ’s r e la t iv e im p o r t a n ce o r it s con t r ib u t io n t o t h e g r o w t h r a t e o f m o r e a g g r e g a t e se r ie s. 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 t o p e r ce n t ch a n g e s in r eal g r o ss d o m e st ic p r o d u ct , u s e 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 le s. 12,766.1 11 ,134.8 10,897.1 558.0 455.5 423.2 542.6 423.7 388.5 2,781.6 11 ,166.4 10,931.8 1,239.3 9 9,640.1 9,514.2 10,940.3 11,089.2 1,635.4 11,694.8 1,576.2 11,694.6 0,999.3 420.4 383.3 1,036.3 11,089.2 441.7 408.2 1,122.5 9,608.3 9,689.7 9,456.1 9,806.5 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 te d M e a s u re 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 2005r 2003 2002 I II III IV 2004 I II I II I II G ro ss d o m e s tic p ro d u c t (G D P ) ................. 2 .0 2 .6 2 .8 1.7 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 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 ........................... 1.9 -3.5 2 .6 2 .8 2 .8 1 .8 3.9 3.8 -4.4 3.1 1.5 -2.4 3.1 .6 6 .0 6 .6 .1 2 .8 2 .8 3.6 3.3 2.9 4.5 3.0 2.3 .9 1.3 3.0 3.3 - .5 5.7 2.9 3.7 -3.0 7.9 3.1 2.9 -4.3 -2.4 3.2 1.3 -4.1 2 .8 3.0 -4.3 5.6 3.4 2 .0 -.5 3.7 3.1 1.7 -2.7 .6 -1.9 3.3 3.2 .9 -3.2 4.6 2.9 3.0 2.9 3.1 -.5 -.5 1.7 1.7 3.4 3.5 4.6 4.6 2 .6 2 .2 2 .6 -.4 4.3 - 2 .0 1.5 3.2 3.0 .9 2.3 .2 1.1 5.1 -.3 7.0 5.6 -.4 4.2 3.1 10.3 .9 2.7 2.7 1.9 9.9 -.7 4.3 3.7 4.0 2.5 16.5 - 1 .8 6.5 5.4 3.8 20.3 -1.3 8.3 3.7 2.9 5.4 8 .2 2.9 1.3 6.7 9.4 9.9 1 0 .6 4.0 4.4 4.8 Durable g o o d s ...................................................... Nondurable g o o d s ................................................ Services ............................................................... 2 .0 3.0 G ro ss p riv ate d o m e s tic in v e s t m e n t ............................. 1 .6 Fixed investment ................................................... Nonresidential .................................................. S tructures..................................................... Equipment and software ............................... R esidential........................................................ Change in private inventories................................ 1.7 .3 3.5 -.9 4.8 3.1 3.2 1.3 5.5 -.1 6.7 .2 -1.9 5.4 2 .2 2 .6 3.1 3.1 -.3 2.1 -.1 - .2 3.8 -1.5 5.2 - 2 .1 - .8 2 .2 - 1.1 -1.4 -.3 -1.7 - 2 .0 -.3 2 .8 10.1 -.4 4.8 -2 .5 .5 - 1 .B .9 3.0 2 1.2 1.1 .1 4.0 - 1 .2 9.3 III IV 2005 .1 III -.1 IV 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 1.6 III IV ' - .8 .8 52 N e t e xp o rts o f g o o d s a n d s e r v i c e s ............................. E xports................................................................ G o o d s ............................................................. S ervices........................................................... Im p orts................................................................ G o o d s .............................................................. S ervices........................................................... 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 in v e s t m e n t ...................................................................... F ederal................................................................ National de fe ns e............................................... Nondefense...................................................... State and lo c a l..................................................... 2.5 3.4 2.9 5.8 3.6 3.7 3.1 5.0 5.0 4.9 6.4 4.6 3.7 3.9 4.4 3.0 3.7 3.7 4.2 4.0 4.6 3.4 4.8 3.6 3.6 3.8 5.4 2 .0 2 .6 2 .6 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 6.1 5.2 10.1 9.1 1 2 .0 2 .2 3.0 3.3 .5 .7 4.1 3.6 5.2 3.5 .6 1 1 .2 2 .6 .4 1.4 11.9 3.6 4.6 6.9 .5 3.0 8.9 9.9 9.3 4.3 10.3 2.1 1 0 .8 7.6 8.1 2.9 .5 1.3 - .8 2.7 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 2 .6 1 .0 2.4 -1.4 3.4 .6 8 .0 1 .0 1 .6 -.3 -4.4 -6.7 7.5 2 .6 1.1 2.5 3.2 .5 4.2 0 2.5 1.4 6 .2 1.3 1 .2 1 .2 1.3 5.0 4.9 5.6 3.6 5.0 .1 10.1 7.5 6 .6 7.9 .3 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 .4 .4 2 .0 1.9 1.7 1.7 1.9 3.6 4.2 4.2 3.6 3.8 4.1 4.1 3.8 3.7 4.3 3.7 3.9 4.1 3.8 1.1 1.7 1 .0 3.2 5.7 5.4 7.4 4.3 3.8 5.6 6 .8 6.9 6.5 4.6 4.5 4.7 2.9 1.9 7.9 - .2 3.4 2 .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 3.3 4.2 3.3 3.5 3.7 3.5 3.2 4.1 2 .2 2 .6 5.7 7.0 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 1.3 1.9 1.3 2.7 3.2 2.7 3.0 2.9 3.0 1 .2 3.7 6 .6 1.4 3.6 4.7 2.7 2 .1 Ad dend a: Final sales of domestic product ............................. Gross domestic purchases .................................... Final sales to domestic purchasers........................ Gross national product (G N P )............................... 1 .6 2.3 1.7 1.7 2 .2 2 .2 1 .6 2 .2 1.5 2 .2 1 .6 2 .2 1.5 2.3 1.1 2 .0 1 .8 1.4 2 .0 2 .0 2 .6 3.3 3.3 2 .6 Im p lic it p ric e d efla to rs : G D P ................................................................ Gross domestic purchases................................ G N P ................................................................ r Revised. S e e “ Ex p la n a t o r y N o t e ” a t t h e e n d o f t h e t a b le s. 2 .0 2 .6 2 .B 2 .2 2.9 3.2 2 .0 2 .6 2 .8 3.1 4.1 3.1 1.1 .4 1.1 1.9 1 .8 2.1 1 .6 1.9 1 .8 2 .6 3.3 2 .6 Table 5 — Real Gross Domestic Product, Quantity I ndexes [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 - 2004 2005 IV Gross dom estic p r o d u c t................................................................................. II 1 III IV - 105.130 109.562 113.424 111.003 112.044 112.959 114.112 114.580 Personal consum ption expenditures ........................................................................... Durable g o o d s ............................................................................................. Nondurable g o o d s ................................................................................ S erv ices ............................................................................ 108.416 119.134 107.938 106.493 112.601 126.245 113.000 109.725 116.582 131.864 118.008 112.919 114.236 129.166 114.857 111.027 115.217 129.999 116.351 111.789 116.176 132.499 117.392 112.440 117.338 135.492 118.413 113.353 117.598 129.468 119.875 114.094 Gross private dom estic in v e s tm e n t................................................................................. Fixed Investm ent..................................................................... Nonresidentlal ............................................................................................ S tructures............................................................................ Equipment and s o ftw a re .................................................................................. R esidential.................................................................................... Change in private inventories.................................................................................... 93.195 95.297 88.063 77.621 92.154 113.989 104.286 104.534 96.314 79.314 103.126 125.714 110.621 112.990 104.622 80.925 114.355 134.678 107.398 107.880 100.246 80.554 108.201 127.772 109.645 109.722 101.633 80.145 110.376 130.695 106.615 112.252 103.806 80.680 113.274 134.100 110.023 114.443 105.935 81.123 116.170 136.484 114.201 115.544 107.116 81.753 117.600 137.434 111.070 Exports of goods and services ......................................................................... 94.064 101.970 109.026 104.39B 106.295 109.037 109.710 Imports of goods and s e r v ic e s ............................................................................... 105.205 116.495 123.892 120.518 122.698 122.620 123.340 126.908 Governm ent consum ption expenditures and gross Investment ...................................... Federal ...................................................................................... State and lo c a l...................................................................... 111.009 118.839 107.042 113.398 125.038 107.487 115.420 127.945 109.058 114.008 125.704 108.069 114.537 126.446 108.489 115.248 127.188 109.183 116.063 129.491 109.246 115.830 128.657 109.313 Addenda: Final sales of domestic p ro d u c t........................................................................ Gross domestic purchases .................................................................................... Final sales to domestic purchasers .................................................. Gross national produ ct..................................................................... 105.564 106.285 106.708 105.370 109.650 111.301 111.394 109.637 113.856 115.325 115.750 113.296 1 1 1 .1 2 2 113.000 113.124 110.916 112.088 114.112 114.164 111.977 113.613 114.695 115.332 112.851 114.896 115.836 116.598 114.076 114.825 116.658 116.905 114.282 III IV - 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. Table 6 — Price I ndexes for Gross Domest ic Product [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005- 2004 IV Gross dom estic p r o d u c t.................................................... 2005 1 II 106.310 109.102 112.176 1 1 0 .1 1 1 110.950 111.655 112.567 113.532 Personal consum ption expenditures (P C E )............................................. Durable g o o d s ........................................................................... Nondurable g o o d s ........................................................ S ervices...................................................................................... 105.520 92.372 104.151 109.246 108.246 90.631 107.634 112.695 111.313 90.168 111.596 116.195 109.326 90.449 108.982 113.955 109.936 90.648 109.327 114.803 110.832 90.527 110.854 115.633 111.846 89.839 112.985 116.508 112.637 89.659 113.218 117.834 Gross private dom estic In v e s tm e n t..................................... Fixed inves tm e nt.................................................................... Nonresidential ............................................................ S tructures...................................................................... Equipment and so ftw a re ............................................................ R esidential........................................................... Change in private inventories............................................................... 103.311 103.432 99.764 113.889 95.133 112.379 106.555 106.697 101.025 120.124 95.022 119.935 109.836 109.970 103.161 132.228 94.661 125.661 107.733 107.831 101.455 122.827 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 94.491 126.335 111.586 111.787 104.327 140.234 94.174 128.889 Exports of goods and s e r v ic e s ..................................................... 101.398 104.999 108.867 106.366 107.559 108.534 109.323 110.052 99.610 104.571 110.937 107.026 107.7B3 109.925 112.413 113.626 Government consum ption expenditures and gross Investment ...................................... Federal ............................................................. State and lo c a l....................................................................... 109.460 109.740 109.303 113.505 114.354 113.022 118.915 118.525 119.170 115.148 115.575 114.914 116.747 117.550 116.291 117.820 118.168 117.635 119.751 119.056 120.186 121.343 119.327 122.568 Addenda: PCE excluding food and e n e rg y ...................................................... Market-based P C E 1 ........................................................... Market-based PCE excluding food and energy 1 ..................................... 105.082 105.009 104.348 107.156 107.422 105.898 109.311 110.336 107.678 107.980 108.378 106.514 108.617 108.948 107.106 109.083 109.860 107.506 109.450 110.917 107.797 110.095 111 619 108.302 Final sales of domestic product ......................................................... Gross domestic purchases ................................................. final sales to domestic purchasers ......................................................... Gross national produ ct.......................................................... 106.330 105.863 105.883 106.304 109.124 108.899 108.921 109.094 112.198 112.401 112.421 112.158 110.124 110.092 110.106 110.963 110.883 110.898 110.933 111.667 111.785 111.798 111.638 112.589 112.953 112.976 112.550 113.563 113.981 114.013 113.514 Im plicit price deflators: Gross domestic product ............................................................ Final sales of domestic p ro d u c t................................................ Gross domestic purchases............................................. Final sales to domestic purchasers ...................................... Gross national p ro d u c t......................................................... 106.305 106.330 105.858 105.883 106.299 109.099 109.124 108.896 108.920 109.091 112.145 112.197 112.370 112.421 112.129 110.077 110.117 110.055 110.095 110.064 110.905 110.956 110.837 111.622 111.659 111.750 111.787 111.607 112.527 112.582 112.911 112.965 112.512 113.494 113.556 113.941 114.001 113.477 Imports of goods and services ............................................ r Re v ise d . 1. T h is in d e x is a s u p p le m e n t a l m e a su 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 or w h ich t h e r e a r e o b se r v a b le p r ice m e a su r e s. I t e x cl u 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 en t b y f i n a n cia l in t e rm ed ia ries) a n d t h e e x p e n se s o f n o n p r o f it in st it u t io n s. Pe r ce n t a g e ch a n g e s f o r t h e se s e r ie s a r e in 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 " at t h e e n d o f t h e t a b le s. 110.100 110.886 110.890 T a b le 7 — R e a l G r o s s D o m e s tic P ro d u c t: P e r c e n t C h a n g e F ro m 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2003 2004 1.9 - 0 .2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 0 .8 1 .6 2.7 4.2 3.5 3.7 8.4 3.5 2.9 2.7 4.4 3.4 7.8 3.8 5.1 11.7 4.6 4.0 4.7 7.3 3.8 4.5 2.5 4.3 3.9 2.4 2.7 7.1 2.5 1.9 2.9 2.7 3.3 5.0 11.3 4.0 4.2 2 .0 3.5 4.5 4.4 2.9 12.4 9.2 9.8 1 0 .2 7.8 8.3 9.2 -.4 12.7 5.7 6.5 8.7 6 .B 9.4 6 .0 .8 -7.9 -3.0 -4.2 -2.3 -4.9 .4 - 2 .6 -5.2 -9.2 -17.1 - 6 .2 4.8 3.9 3.6 1.3 -4.2 3.2 8.4 -5.4 - 6.1 -3.7 -2.7 -3.2 -.3 -2.3 -4.0 1.9 3.4 3.7 1 .8 3.4 3.9 3.9 3.9 3.2 4.4 7.0 7.4 6.3 3.1 G ro ss d o m e s tic p ro d u ct ( G D P ) ........................................................... 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 ..................................................................... 2 .0 .2 Durable g o od s......................................................................................... Nondurable g o od s................................................................................... S ervices.................................................................................................. -.3 -5.6 3.3 5.9 G ro s s p riv ate d o m e s tic in ve s tm e n t ...................................................................... Fixed investm ent..................................................................................... Nonresidential ..................................................................................... Structures ....................................................................................... Equipment and softw a re .................................................................. Residential ......................................................................................... Change in private inventories .................................................................. P r e c e d in g Y e a r 1 .6 -.2 2 .0 3.3 7.8 2.7 2.9 1.7 3.5 2 .8 -3.4 - 2.1 .5 1.5 - 8.1 -6.5 -5.4 8.1 8.9 B.6 6.7 -.7 12.5 11.1 - - 2 .6 -9.6 7.3 13.8 6 .6 -.1 6.9 7.5 5.5 7.0 9.3 10.1 - 2 .6 - 2 .6 2.9 3.2 1.1 2 .0 - .2 -.9 -4.2 -5 .6 - .7 1.4 0 - 8 .6 - 5.9 3.2 6 .0 13.6 9.3 9.2 1 .8 11.9 9.6 8 .2 2 .2 2 .6 2 .6 2.9 3.1 6.5 10.5 6.4 8.9 9.0 9.3 5.6 1 2 .0 1 0 .6 -3.2 8 .0 8 .6 12.1 11.1 7.3 13.8 1.9 5.1 13.3 7.6 2000 2001 2 .0 2002 6 .6 6 .0 3.2 4.7 3.0 11.9 9.7 9.4 2005 r 6 .1 8.1 B.6 2 .2 2 .0 11.9 10.3 10.9 7.1 ....8 4 8.9 7.4 10.7 ' '"¿ 9 7.3 N e t e x p o rts o f g o o d s a n d s e r v i c e s ....................................................................... E x p o rts ...... .”........................................................................................... Goods ................................................................................................ Services ............................................................................................. Imports .................................................................................................. Goods ................................................................................................ 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 e xp en d itu res an d g ro ss in v e s t m e n t .................... Federal .................................................................................................. National de fense................................................................................. Nondefense......................................................................................... State and lo c a l........................................................................................ 0 8.3 4.1 6.9 6 .0 - .6 - 3.2 3.3 3.2 8 .8 8.7 9.7 6.3 11.9 13.3 5.7 10.1 0 -3.7 -4.9 - 1 .2 .5 -2.7 -3.8 -.4 2 .6 2 .6 3.4 4.4 3.8 3.9 2.7 2 .8 11.7 6.3 8 .0 9.0 3.3 2.4 .5 -1.7 -5.0 6.9 2 .1 2 .2 .1 3.0 3.3 3.1 3.3 3.4 3.2 3.2 2.7 2.3 2 .2 2 .6 2.3 2.3 2.4 2.3 2 .1 2 .0 2 .2 2.1 1.1 8.4 8 .8 7.2 8.7 9.3 5.5 11.9 14.3 5.9 13.6 14.4 9.4 2 .2 1 1 .6 11.7 11.4 3.6 1.9 - 1.1 - 2 .1 ,7 3.6 2 .8 3.7 3.8 3.8 3.7 3.0 4.0 4.8 4.3 4.4 3.5 4.2 5.3 5.3 4.0 5.8 2.1 2.1 1 .8 2 .2 2 .2 2.1 2 .2 1.4 1.3 1.7 1.7 1.7 1.1 2.1 1.5 1.9 1.7 1 .0 - 1 .2 -1.4 -.7 2.3 1.9 - 1 .0 - 2 .8 2.4 2.9 2 .6 4.3 3.8 5.6 11.5 12.4 6.9 8.7 11.1 3.9 2 .1 2 .2 4.7 .9 -.5 3.5 2.7 4.5 5.3 5.4 4.6 3.0 3.8 4.4 4.5 3.7 4.8 1 1 .2 2.9 13.1 13.5 1.9 2 .8 2.1 1 .8 1.7 4.6 4.9 3.0 1 1 .0 9.6 6 .0 6.3 6.9 3.6 2 .8 2 .2 1 .8 6.9 8 .8 5.2 7.0 2 .6 3.4 1 .8 1 .8 .6 .4 1.5 3.9 4.7 4.4 4.0 3.4 3.8 3.6 3.9 3.3 1.4 2.3 A d d en d a : Final sales of domestic p ro du c t................................................................ Gross domestic purchases....................................................................... Final sales to domestic purchasers.......................................................... Gross national p ro d u c t............................................................................ Real disposable personal income ............................................................. 2 .1 1.4 -.8 1 .6 - .6 2 .0 1.9 -.3 .5 4.1 3.7 3.9 3.7 4.6 3.3 3.5 3.5 3.6 3.6 2 .6 1 .0 3.0 2.4 2 .6 .8 1.5 3.1 2.7 3.0 3.0 3.0 2.4 1 .6 1 .2 .9 2 .2 1 .8 1 .8 1.9 P ric e in d e xes : Gross domestic purchases .................................................................. Gross domestic purchases excluding food and energy .......................... GDP .................................................................................................. GDP excluding food and e n e rg y .......................................................... Personal consumption expenditures ...................................................... 2.3 2.5 2.9 .6 1 .6 1 .0 1.4 1.4 1.5 1.7 1 .2 .9 2.5 1.9 2 .0 1 .6 2 .2 1.9 2.4 1.9 1.7 1 .8 2.9 2.4 32 2.5 2 .0 2 .6 2 .8 2 .0 2.1 2.1 1 .8 2.5 2.5 2.7 2 .1 1.4 1.9 2 .6 2 .8 2 .2 Table 8.— Real Gross Domest ic Product: Percent Change From Quarter One Year Ago 2003 2002 II III I II I II 1 II 1.3 2 .2 1.9 1 .6 2 .0 32 4.0 4.7 4.6 3.8 3.8 3.6 3.6 3.6 37 P e rs o n a l c o n s u m p tio n ex p e n d itu re s ( P C E ) .......................................................... 2 .8 3.1 8.9 3.0 3.2 1.9 2 .1 2.4 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 3.9 6.7 4.6 3.0 3.8 6.3 4.5 3.0 2.9 7.7 7.7 5.6 10.5 9.3 7.9 1 1 .8 2 .6 7.2 9.8 11.9 1 2 .0 10.4 9.4 10.9 2.7 13.8 4.0 1 .2 15.1 10.9 9.2 1.5 11.9 13.9 1 2 .8 9.1 6 .6 7.7 4,1 7.9 8.3 1.9 10.5 7.2 G ro ss p riv a te d o m e s tic In v e s t m e n t ........................................................................ Fixed investm ent...................................................................................... Nonresidential ...................................................................................... Structures ........................................................................................ Equipment and so ftw a re ................................................................... Residential .......................................................................................... Change in private inventories.................................................................... 7.8 2 .6 III IV 2005 1 .0 Durable g o o d s .......................................................................................... Nondurable g o o d s .............................................................................. S ervice s................................................................................................... IV 2004 G ro ss d o m e s tic p ro d u ct (G D P ) ............................................................ 1 1 1 .0 1 .2 3.2 6 .0 2.4 2.1 2.1 2 .2 3.3 7.9 4.2 1.9 1 .8 2 .0 1.5 -.7 -3.5 1.7 5.6 4.4 5.6 3.2 -.5 4.4 10.5 -1.3 -1.5 - 1 .0 3.8 4.5 .5 1.9 3.4 3.1 5.0 1 .8 2 .0 2 .0 1.9 -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 - 2 2 .0 -3.2 4.4 4.9 -2.5 -6.5 -14.9 -3.4 7.0 1 2 .2 -4.5 -.3 5.6 -9.5 -4.0 -4.9 - 2 .0 1.1 1.1 2 .8 1 0 .2 6.4 7.2 2.4 9.7 9.9 8 .8 2.4 4.0 6.7 7.4 5.5 4.9 7.5 7.9 4.0 7.8 8.4 2.9 6.4 6.5 1 2 .2 6 .8 6 .8 6 .2 2.1 2 .6 3.6 2.1 1.1 - 1 .8 0 1.6 1 1 .8 III 9.3 9.4 1.9 IV 10 .1 9.4 10.3 3.1 8 .0 9.2 1.7 11.7 6.1 III IV <• .2 4.4 2 .8 6.3 7.1 6.9 1.5 8.7 7.6 N e t e x p o rts o t g o o d s a n d serv ic es ........................................................................ Exports .................................................................................................... Goods .................................................................................................. Services .............................................................................................. Im p orts.................................................................................................... Goods .................................................................................................. Services .............................................................................................. - 1 2 .2 - 2 .8 -4.1 -5.0 .7 2.1 3.2 -3.0 Federal .................................................................................................... National de fe ns e.................................................................................. N ondefense.......................................................................................... State and local ......................................................................................... 4.7 5.9 5.6 6.3 4.1 Addenda: Final sales of domestic p ro d u c t................................................................. Gross domestic purchases ........................................................................ Final sales to domestic purchasers ........................................................... Gross national produ ct............................................................................. Real disposable persona! income .............................................................. 1 .0 1 .2 1.4 1.4 .9 3.7 1.9 1.9 G o v e r n m e n t co n s u m p tio n e xp en d itu res an d g ro s s in v e s tm e n t ..................... 1 .6 3.8 1.7 1.9 1.4 6 .0 6 .8 3.5 8 .6 6 .0 8.1 6.7 4.5 5.1 5.3 4.2 8.3 7.8 3.0 7.2 9.2 3.6 .7 .8 3.3 3.4 3.6 3.5 3.6 1.7 .8 1.3 2 .0 2 .8 2.7 2 .2 1 .6 1.9 1 .6 1 .8 4.6 2.3 2.3 1.4 2.9 .7 2.5 2.5 2.4 1.4 2 .0 1.4 1.9 1.9 2 .0 1 .6 1 .6 2.3 2 .1 2 .0 1 .2 1 .2 1 .8 1.5 1.9 1 .8 1 .8 .7 1.5 .9 1.5 1.1 1.7 1.5 1,4 1 .0 .7 .2 1.9 5.5 7.5 8 .8 9.2 7.3 1 1 .2 13.8 9.0 10 .1 6.4 77 8 .2 7.9 9.4 6.5 5.7 4.6 _ 67 6.9 6.9 5.1 5.8 6.4 8 .0 2 .8 5.3 5.9 2.4 1 0 .6 11.1 7.7 6 .2 3.9 2 .0 2 .0 2 .1 1.7 1 .8 2 .0 1 .6 5.1 7.8 4.2 4.9 2.1 2.3 1.9 3.0 2.9 3.3 0 2 .8 1 .8 - .2 2 .1 2.3 1.7 3.6 .2 .9 1.5 1.7 1.5 1 .2 3.4 4.4 4.1 3.6 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 2 .1 1 .0 3.3 3.2 3.3 3.0 .5 3.4 2.7 2.9 2 .6 0 4.0 4.0 4.0 4.4 3.8 4.5 4.9 4.7 5.0 4.1 4.0 5.1 4.5 4.4 3.2 2 .1 .8 6.7 6 .2 1 1 .6 0 8.1 12.1 6 .1 6 .8 12.3 9.7 1.7 3.6 3.7 3.5 .5 1 .6 2.9 10.5 10.4 10.9 11.7 10.1 6.1 P rice in d e xes : Gross domestic purchases.................................................................... Gross domestic purchases excluding food and en e rg y ............................ GDP .................................................................................................... GDP excluding food and energy ........................................................... P C E ..................................................................................................... PCE excluding food and en ergy ......................................................... Market-based P C E 1 ............................................................................. Market-based PCE excluding food and energy 1 ..................................... r 1.3 Re v is e d . 1. T h is in d e x is a s u p p le m e n t a l m e a su 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 e re a r e o b se r v a b le p r i ce m e a su r e s . It e x clu d e s m o st im p licit p r ice 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 cial 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 on p r of it in st it u t ion s. 1 .6 1.9 1.7 1.7 1.9 1 .6 1.9 1.7 1.7 1.7 1.9 3.0 2.5 2 .6 2 .1 2 .0 2.1 2 .0 2.1 2 .8 2.7 1.7 1.7 1.3 1.9 1.9 1.7 1.7 1.3 2.5 2.7 2 .6 2 .8 2 .6 3.1 2.7 2.7 2.9 2.4 2.5 2.5 2.5 2 .0 2 .0 2 .2 2 .2 2 .0 2.5 1.5 2.3 1.5 2 .8 2.4 2.4 3.4 2.5 2.9 2.7 3.1 1.9 3.1 1.7 1 .8 1 .6 1 .6 2 .6 2.1 2.1 2 .0 1 .8 1 .8 2.3 1.5 2.3 1.3 1 .8 1 .B 2 .0 1.3 1.7 1 .2 1 .8 1 .6 1 .2 1.1 1 .0 2 .1 3.0 3.1 2 .8 3.5 2.7 3.1 2.9 3.0 2 .0 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 10,971.2 Plus: Income receipts from the rest of the w o r ld ................................................................. Less: Income payments to the rest of the w o rld .................................................................. 2005 ' 2004 11,734.3 12,487.1 11,995.2 12,198.8 12,378.0 12,605.7 12,766.1 343.7 275.6 415.4 361.7 507.6 474.0 462.4 425.6 462.3 422.9 489.4 453.9 520.8 476.6 558.0 542.6 Equals: Gross national p r o d u c t...................................................................................... 11,039.3 11,788.0 12,520.8 12,032.0 12,238.2 12,413.5 12,650.0 12,781.6 Less: Consumption of fixed capital ..................................................................................... Less: Statistical discrepancy...................................................................................... 1,331.3 47.1 1,435.3 76.B 1,574.1 42.8 1,442.0 30.6 1,448.4 39.4 1,457.2 78.3 1,863.8 44.3 1,526.9 9.2 Equals: National incom e .................................................................................... Compensation of employees ........................................................................................ Wage and salary accruals........................................................................................ Supplements to wages and sa la ries ............................................................................ Proprietors' income with Inventory valuation and capital consumption adjustments ............ Rental Income of persons with capital consumption ad justm ent........................................ Corporate profits with Inventory valuation and capital consumption adjustm ents................ Net Interest and miscellaneous payments ....................................................................... Taxes on production and Imports less subsidies ............................................................. Business current transfer paym ents............................................................ Current surplus of government enterprises .................................................................... 9,660.9 6,321.1 5,111.1 1 ,2 1 0 .0 810.2 131.7 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 10,903.9 7,125.3 5,723.7 1,401.6 938.7 72.9 1,351.9 498.3 848.0 80.2 -11.3 10,559.3 6,895.8 5,562.9 1,332.9 900.9 128.7 1,219.5 492.7 824.4 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 - 11.1 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 2 2 .8 11,245.5 7j261.7 5,830.1 M 31 .6 '967.7 80.3 1,478.9 508.5 857.2 100 3 -9.1 10,924.2 11,657.5 12,444.4 11,964.6 12,159.4 12,299.7 12,561.4 12,757.0 2005 IV Gross dom estic p r o d u c t............................................................................................ Addendum : Gross domestic income ................................................................. r I 1 0 2 .6 II III IV ' 2 1 .8 - Re v ise d . Table 10.— Personal I ncome and I ts Disposition [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 ' 2004 IV Personal Inc o m e 1 ........................................................................................ Compensation of employees, re ce iv e d .................................... Wage and salary disbursements.................................................................. Supplements to wages and sa la ries ......................................................... Proprietors' income with inventory valuation and capital consumption adjustments ............ F a rm ................................................................... N onfarm ...................................................................... Rental income of persons with capital consumption ad justm en t............................ Personal Income receipts on assets ........................................................ Personal interest Inco m e .......................................................................... Personal dividend Income ...................................................................... Personal current transfer receipts ................................................................................ Less: Contributions for government social insurance............................................ Less: Personal current taxes ......................................................... 2005 II 1 III IV ' 9,169.1 9,713.3 10,248.3 10,024.8 10,073.4 10,185.7 10,250.4 10,483.7 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 7,125.3 5,723.7 1,401.6 938.7 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 7,177.6 5762.3 1¡415.3 '932.4 18.0 914.3 - 11.1 1,468.9 951.2 517.6 1,558.1 7,261 7 5^830.1 1 431 6 967.7 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 B71.2 843.5 861.0 864.9 875.4 883.6 999.9 1,049.1 1,209.7 1,094.3 1,171.4 1,206.0 1,220.4 1,241.0 Equals: Disposable personal in c o m e ....................................................................... 8,169.2 8,664.2 9,038.6 8,930.4 8,902.0 8,979.7 9,030.0 9,242.7 Less: Personal outlays ................................................................ 7,996.3 8,512.5 9,072.1 8,725.0 8,854.6 9,001.2 9,173.9 9,258.5 Equals: Personal s a v in g ............................................................ 172.8 -143.9 -15.8 Personal saving as a percentage of disposable personal In co m e ..................................... Addendum: Disposable personal Income, billions of chained (2000) dollars 2 ..................................... r Re v ise d . 1. Pe r s o n a l in c o m e is a ls o e q u a l lo n a t io n a l in co m e le s s co r p o r a t e p r o f it s w it h in ve n t o r y v alu a t io n a n d ca p it a l co n su m p t io n a d j u st m e n t s, t a x e s o n p r o d u ct io n a n d im p o r t s le s s s u b si d i e s , co n t r ib u t io n s f o r g o v er n m en t so cia l in su r a n ce , n et in t e rest a n d m isc e lla 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 e r p a y m e n t s, cu r re n t su r p lu s o f g o ve r n m e n t e n t e r p r ise s, a n d w a g e a c cr u a ls le s s d isb u r se m e n t s, p lu s p e r s o n a l in c o m e r e ce ip t s o n a s s e t s, a n d p e r s o n a l cu r re n t t r a n sf e r r eceip t s. 2 . Eq u a ls d is p o sa b le p e r s o n a l in co m e d e f lat e d b y t h e im p licit p r ice d e f la t o r f o r p e r s o n a l co n su m p t io n e x p e n d it u r e s. 151.8 -33.5 205.4 47.4 -21.5 2.1 1 .8 -.4 2.3 .5 - .2 7,741.8 8,004.3 8 , 1 2 0 .0 8,169.2 8,098.1 8 , 1 0 2 .6 - 1 .6 8,074.2 -2 8,206.4 T ab le 11.— C o rp orate Profits: Level and P ercen t C hange Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2004 2004 2005 1 IV II III c o n su m p t i o n a d j u st m e n t s 2005 I c o n su m p t i o n a d j u st m e n t s .................................... III IV IV 12.6 16.4 5.6 4.6 -4 .0 14.4 21.3 271.1 378.1 293.0 362.6 372.5 360.3 417.1 16.B 39.5 23.7 2.7 -3.3 15.8 42.3 799.7 423.2 890.3 493.0 973.8 514.2 926.4 589.3 925.6 494.9 975.0 506.3 932.8 1,061.8 520.1 535.4 11.3 16.5 9.4 4.3 -16.0 5.3 2.3 -4.3 2.7 13.8 2.9 14.6 -9.1 376.5 397.3 459.6 337.2 430.7 468.7 412.6 526.4 5.5 15.7 27.7 8.6 -12.0 27.6 56.1 1,130.8 1,196.9 1,303.3 1,143.8 1,239.2 1,280.9 1,324.9 1,368.0 5.8 8.9 8.3 3.4 5.5 6.0 15.7 5.5 27.7 8.1 7.9 7.6 1,478.9 E q u a l s: P r o f i t s a f t e r t a x w it 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 Net dividends .................................................................... Undistributed profits with inventory valuation and capital consumption adjustm ents............................................... 2005 II 232.1 1,031.8 1,161.5 1,351.9 1,219.5 1,288.2 1,347.5 1,293.1 .................................... 2005 IV 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 c a p it a l Less: Taxes on corporate Inco m e ........................................... Quarter one year ago Quarterly rates -.1 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 lu 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Undistributed profits with inventory valuation and capital consumption adjustments............................................ Consumption of fixed c ap ita l........................................... Less: Inventory valuation adjustm ent................................... E q u a l s: N e t c a sh f l o w . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376.5 754.4 397.3 799.6 459.6 843.6 337.2 806.7 430.7 808.5 468.7 812.2 412.6 912.3 526.4 841.6 -13.3 -39.6 -31.5 -44.4 -39.1 -18.9 -27.5 -40.4 1,144.1 1,236.6 1,334.7 1,188.3 1,278.3 1,299.8 1,352.4 1,408.5 3.4 3.3 19.6 .5 -12.0 12.3 27.6 -7.7 56.1 4.3 1.7 4.0 4.1 18.5 2.5 -1.4 12.7 39.7 8.8 2 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 adjustm ents).............................................. Inventory valuation adjustm ent............................................ Capital consumption adjustment.......................................... 937.2 1,059.3 1,438.3 1,124.1 705.1 -13.3 107.9 78B.2 1,060.2 -39.6 -31.5 141.8 -54.9 1,378.3 1,412.2 1,392.6 1,570.1 13.0 831.1 1,015.7 1,039.7 1,032.3 1,153.0 -4 0 4 -44.4 -39.1 -1 8 9 -2 7 5 139.8 -51.0 -45.8 -72.1 -5Ó.7 31.4 22.6 22.2 35.8 11.8 34.5 -138.7 -136.5 2.4 - .7 11.7 38.7 -10.1 57.3 -29.6 -136.3 T ab le 12.— C o rp o rate Profits b y Ind ustry: Level and Ch an g e From P recedin g Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2004 IV 2005 I II 2005 2004 III 2005 II IV IV C o r p o r a t e p r o f i t s w it h in v e n t o r y v a l u a t i o n a n d c a p i t a l c o n su m p t i o n a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,031.8 1,161.5 1,351.9 1,219.5 1,288.2 1,347.5 1,293.1 1,478.9 855.8 330.9 524,9 976.6 1,146.3 1,040.9 1,094.6 1,150.3 1,069.9 1,270.3 322.7 347.7 341.6 377.6 350.7 278.8 383.7 653.9 798.6 699.3 717.1 799.6 791.1 Receipts from the rest of the world ......................................................... Less: Payments to the rest of the w o rfd .................................................. 176.0 255.7 79.7 184.9 309.5 124.6 C o r p o r a t e p r o f i t s w it 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 . . . . . . . . . . . . . . . . 923.9 D o m e st i c i n d u st r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial ................................................................................................ N onfinancial........................................................................................... R e st o f t h e w o r l d ................................................................. D o m e st i c i n d u st r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial ................................................................................................ Federal Reserve b a n k s ................................................................... Other financial ................................................................................... 886.6 834.8 300.6 20.3 260.3 20.2 292.8 434.9 11.4 80.7 -4.1 8.5 1.4 -16.1 1.9 -11.6 11.9 534.2 Nondurable g o o d s .......................................................................... Food and beverage and tobacco products ................................... Petroleum and coal products ....................................................... Chemical products ...................................................................... Other nondurable g o o d s ............................................................. 84.8 23.5 23.6 Wholesale tra d e .................................................................................. Retail trade ................................................................................ Transportation and warehousing.......................................................... Information ......................................................................................... Other nonfinancial ............................................................................. 56.3 87.7 No t e .— Est i m a t e s ................................................................ in t h is t abl e are b a se d o n the 199 7 Nort h Am e rican 178.6 332.6 154.0 193.5 313.5 120.1 197.2 328.2 131.0 223.1 338.3 115.1 208.6 356.6 148.0 1,019.7 1,406.8 1,079.7 1,339.2 1,393.3 1,365.1 1,529.7 747.9 313.0 N onfinancial........................................................................................... U tilities ............................................................................................... Manufacturing ................................................................................. Durable g o o d s ................................................................................ Fabricated metal produ cts ........................................................... M achinery.................................................................................. Computer and electronic produ cts ................................................ Electrical equipment, appliances, and components ........................ Motor vehicles, bodies and trailers, and p a r ts ............................... Other durable g o o d s ................................................................... R e st o f t h e w o r l d 205.6 334.2 128.5 1,201.2 347.0 26.8 320.3 901.1 1,145.7 1,196.1 1,142.0 1,321.1 319.4 377.2 349.5 382.7 278.7 23.1 26.2 27.0 30.8 297.1 354.2 323.2 251.7 352.0 22.2 581.7 14.1 154.7 58.8 13.1 -2.6 -3.2 .3 -3 .4 29.9 854.2 27.4 207.9 55.9 12.4 4.7 5.0 4.5 -22.2 51.6 84.0 24.0 31.0 13.5 15.6 768.5 23.7 170.2 35.5 1.3 40.5 .9 .5 -1.3 -20.8 47.3 846.6 26.4 204.7 59.9 11.4 2.9 4.2 5.5 -15.7 51.6 -25.3 48.8 13.6 7.2 8.5 5.2 -27.0 58.7 152.0 39.8 70.2 21.4 20.7 95.9 20.5 49.2 8.4 17.8 134.7 39.6 62.8 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 93.9 115.2 28.2 51.1 330.4 66.9 87.7 1.7 -1.9 192.4 63.5 90.0 8.4 17.0 224.3 235.6 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 50.2 329.6 176.0 184.9 205.6 178.6 193.5 197.2 223.1 12.1 118.9 34.8 10.3 1.0 20.8 16.9 8.1 i n d u st r y Cl a ssi f i c a t i o n Sy s t e m ( N A I C S) . -.2 6.8 21.0 8.8 863.3 19.7 218.6 62.0 15.7 7.6 6.7 8.6 938.3 39.6 238.3 66.2 129.7 190.4 68.7 59.3 -54.4 185.8 -8.2 129.0 169.7 25.0 144.7 53.9 36.0 17.8 55.5 -26.9 82.5 -80.4 -71.9 -8.5 200.4 104.9 95.5 8.9 53.8 44.9 20.7 24.7 3.9 14.9 -19.1 -33.9 3.7 14.7 10.9 25.9 -15.9 -14.5 18.3 32.9 120.8 10.1 95.8 387.1 259.5 54.1 -28.2 164.6 86.9 -12.4 366.4 46.4 6.5 40.0 244.6 57.8 .9 57.1 50.4 -27.7 3.1 -31.0 -54.1 -70.8 179.1 104.0 3.8 100.3 320.0 15.3 69.0 186.8 9.6 15.5 -23.3 -4.3 3.5 .7 -8.1 -22.1 78.1 2.7 34.5 24.4 16.7 -6.7 13.9 .1 -12.5 99.3 .7 38.2 38.9 1.8 -.4 12.9 -1.6 8.2 18.0 -.8 21.1 2.1 3.7 8.2 4.2 -18.8 21.7 68.0 6.8 38.8 19.1 13.6 10.4 -4 .3 2.6 2.0 3.7 6.6 .8 -71.5 2.1 5.1 4.3 4.3 4.7 2.5 3.1 -9.6 -2.8 10.1 11.B 6.8 2.2 2.0 75.0 19.9 19.7 4.2 -2.1 -.4 1.8 -3.4 -1.7 9.9 15.5 .3 9.9 .7 4.6 .5 7.4 -7.3 -1.3 15.8 39.2 7.9 5.1 130.4 29.1 54.0 346.4 7.2 2.3 .3 18.9 31.9 30.4 25.2 19.8 34.1 106.1 21.2 16.7 4.5 5.0 25.7 83.3 6.8 8.0 -2.7 7.8 5.0 -3.3 2.7 5.2 13.5 -3.8 3.8 16.6 208.6 8.9 20.7 14.9 3.7 25.9 -14.5 100.6 14.5 16.9 -1.9 3.5 1.7 3.1 4.5 T ab le 13.— G ross Valu e A d d ed o f N o n fin an cial Dom estic C orporate B usiness Seasonally adjusted at annual rates 2003 2005 r 2004 2004 IV 2005 I II II Ir IV Billions of dollars Gross value added of nonfinancial corporate b u s in e s s ........................................ 5,595.7 5,995.4 6,474.0 6,198.9 6,282.8 6,414.0 6,528.0 Consumption of fixed c ap ita l............................................................................................ 652.6 690.3 729.1 696.2 697.5 700.4 792.8 725.7 Net value a d d e d ............................................................................................................. 4,943.1 5,305.1 5,744.9 5,502.8 5,585.3 5,713.6 5,735.2 5,945.7 Compensation of employees ........................................................................................ Wage and salary accruals ........................................................................................ Supplements to wages and sa la rie s .......................................................................... Taxes on production and Imports less su b s id ie s ...................................................... . Net operating s urplus ................................................................................................... Net interest and miscellaneous paym ents............................................................ . Business current transfer payments .......................................................................... Corporate profits with inventory valuation and capital consumption adjustments .......... Taxes on corporate Inc o m e.................................................................................. Profits after tax with inventory valuation and capital consumption adjustm ents......... Net dividends ................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments 3,703.2 3,007.8 695.4 486.5 753.4 166.2 62.4 524.9 126.5 398.3 295.5 3,906.8 3,168.6 738.3 519.1 879.2 164.9 60.4 653.9 165.9 487.9 361 2 126.7 4,182.0 3,383.4 798.6 549.7 1,013.2 171.5 43.1 798.6 254.7 543.9 252.5 291.4 4,042.0 3,284.5 757.5 529.9 930.9 162.1 69.5 699.3 180.8 518.5 465.0 53.5 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 4,267.4 3,451.6 815.9 559.8 1,118.5 179.0 52.9 448.1 321.6 -13.3 90.0 573.9 407.9 -39.6 119.7 885.7 630.9 -31.5 -55.6 626.1 445.3 -44.4 117.6 807.6 575.6 -39.1 -51.3 865.5 616.9 -18.9 -47.0 890.8 632.8 -27.5 -72.2 978.8 696.5 -40.4 -51.7 102.8 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) ....... Profits after tax (without inventory valuation and capital consumption adjustments) .......... Inventory valuation ad justm ent...................................................................................... Capital consumption adjustm ent.......................................................................... . 6,671.4 886.6 280.3 606.3 224.0 382.3 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 capital*1 2 .................................................. Net value added3 .................................................................... 5,418.2 5,714.1 6,085.3 5,895.9 5,943.3 6,046.0 6,121.9 6,230.2 629.4 4,788.8 656.5 5,057.6 686.9 5,398.4 657.3 5,238.6 660.2 5,283.1 663.6 5,382.4 745.2 5,376.6 678.6 5,551.5 1.066 1.071 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: P r 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 s i n e ss 4 . . . . . . . . . . . . . . . . . . . . . . 1.033 1.049 1.064 Compensation of employees (unit labor c o s t ) ..................................................................................... .683 .684 .687 Unit nonlabor c o s t............................................................................................................................ Consumption of fixed c a p ita l.............................................................................. Z Z Z Z Z Z Z Z Z Taxes on production and imports less subsidies plus business current transfer paym ents................ Net Interest and miscellaneous pa ym ents....................................................................................... .252 .251 .245 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) ..................................................................................... Taxes on corporate income ............................................................. .Z Z Z Z .Z Z Z Z Z .Z Z Z Profits after tax with inventory valuation and capital consumption adjustments ............ .....Z...Z.ZZ r Re v i se d . R e v i s i o n s i n c l u d e c h a n g e s t o se r i e s a f f e c t e d b y t h e i n t r o d u c t i o n o f r e v i se d w a g e a n d s a l a r y e st i m a t e s f o r t h e t hird q ua rt er o f 2 0 0 5 . 1. T h e c u r r e n t - d o l l a r g r o s s v a l u e a d d e d i s d e f l a t e d u si n g t h e g r o s s v a l u e a d d e d c h a i n - t y p e p r i c e i n d e x f o r n o n f i n a n c i a l i n d u st r i e s f r o m t h e G D P - b y - i n d u st r y a c c o u n t s. F o r p e r i o d s w h e n t h i s p r i c e i n d e x i s n o t a v a i l a b l e , t h e c h a i n t y p e p r i c e i n d e x f o r G D P g o o d s a n d st r u c t u r e s i s u se d . 2. Ch a i n e d - d o l i a r c o n su m p t i o n o f f i x e d c a p i t a l 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 ss i s c a l c u l a t e d a s t h e p r o d u c t of .120 .101 .031 .097 .023 .074 .121 .101 1.051 .120 .029 .097 .028 .114 .029 .085 .131 .042 .089 1.057 .686 1.061 .691 .685 ¿47 .118 .245 .117 .244 .116 .028 .102 .100 .119 .031 .088 .039 .082 .027 .121 .686 .685 .100 .028 .249 .130 .091 .028 .243 .116 .098 .029 .132 .041 .091 .129 .042 .087 .142 .045 .097 t h e c h a i n - t y p e q u a n t i t y In d e x a n d t h e 2 0 0 0 c u r r e n t - d o l l a r v a l u e o f t h e c o r r e sp o n d i n g se r i e s, d i v i d e d b y 1 0 0 . 3. C h a i n e d - d o l i a r n e t 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 i s t h e d i f f e r e n c e b e t w e e n t h e g r o s s v a l u e a d d e d a n d t h e c o n su m p t i o n o f f i x e d c a p i t a l . 4. T h e d ef l a t or f o r 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 ia l c o r p o r a t e b u si n e ss d i v i d e d b y 10 0 . NO T E. — Est i m a t e s i n t h i s t a b l e a r e b a se d on t he 1997 Nort h Am e r ican I n d u st r y Cl a ssi f i c a t i o n Sy s t e m ( N A I C S) . Appendix Table A.— Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates 2003 2004 2002 2005 I II 2.7 2.2 G r o ss d o m e st i c p r o d u c t ( G D P ) a n d r e la t e d a ggr e ga t e s: G D P ................................................... 2.7 4.2 G o o d s ........................................... S ervice s........................................ Structures ...................................... 3.4 2.2 3.2 6.5 2.7 5.7 Motor vehicle o u tp u t....................... GDP excluding motor vehicle o u tp u t. 3.6 2.7 20. 2 Final sales of computers1 .................................. . GDP excluding final sales of com puters.............. . 2.6 3.5 3.9 2.5 in -.1 4.6 4.2 15.5 2.3 2.1 5.7 11.6 2.0 20.4 4.1 -7.6 .7 8.4 0 3.3 4.8 4.2 r 3.7 7.2 3.6 16.8 1.3 13.6 2.9 3.8 4.1 1.8 .3 -2.5 3.9 7.1 1.7 14.4 3.6 78.0 -22.3 27.0 -34.1 4.7 10.4 63.9 3.1 1.5 1.6 2.2 3.1 1.6 2.0 2.6 2. 8 2.5 2.7 2.7 3.0 2.2 2.9 3.2 1.5 2.5 1.8 2.4 2.5 1.8 1.7 1.7 2.1 1.9 1.8 1.7 2.6 2.8 1.8 .6 2.8 .9 1.6 2.4 3.0 3.4 1.7 1.9 1.3 1.9 2.6 2.8 .9 1.3 2. 0 .1 Re v i se d . 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. 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 i n st i t u t i o n s, a n d o f g e n e r a l g o v e r n m e n t . 34.2 .1 2.0 1.7 2.4 2.2 1.6 1.8 1.7 1.9 1.8 1.9 1.7 1.7 IV 2.3 3.7 1.4 2.6 2.7 1.7 15.3 2004 hi 1.7 133.6 1.8 2. 0 .5 .2 II 4.3 .7 -.9 3.5 2.0 2.3 1.5 0.2 -5.2 2.9 3.1 1 -64.0 2.2 1.2 29.3 2.8 2.2 2.2 Pr i c e in d e x e s: Personal consumption expenditures (PCE) ...... PCE excluding food and energy .................... . Market-based PCE4 ...................................... Market-based PCE excluding food and energy4 2.4 5.2 1.7 -3.0 Nonfarm business gross value added*1 3 ................ 2 Gross domestic purchases .................................. Gross domestic purchases excluding food and energy ........................................................... Gross domestic purchases excluding final sales of computers to domestic purchasers................... IV 1.5 3.4 -2.7 Farm gross value a d d e d * ................................... G D P .................................................................. GDP excluding food and e n e rg y .......................... GDP excluding final sales of com puters............... 2003 3.2 4.1 2.5 2.4 4.3 1.7 3.0 8.2 22.6 6.7 6.8 -3 .6 3.8 11.9 3.5 -13.1 1.9 1.4 4.3 .9 .9 II 3.5 2005 III 4.0 IV 3.3 II III IV >■ 3.8 3.3 4.1 1.7 5.0 1.5 8.4 5.3 3.6 3.3 2.3 3.1 4.3 3.8 -.3 3.4 17.6 3.7 -17.2 2.4 13.3 3.9 56.5 3.0 54.9 3.5 45.4 3.0 20.3 4.0 45.9 1.3 -31.5 -11.3 -17.1 7.3 -31.1 20.9 36.7 4.6 4.6 3.9 4.3 4.4 4.7 1.5 1.5 2.7 3.1 2.9 3.3 2.6 3.3 2.4 2.8 2.8 3.5 4.7 3.9 3.9 4.0 4.2 10.3 3.4 89.8 4.2 3.6 3.3 3.7 3.9 3.4 3.9 10.2 I 4.4 3.2 5.2 6.6 3.9 1.2 3.0 3.2 .6 13.1 1.2 2.2 14.4 -7.3 3.0 8.8 7.2 3.3 2.6 1.1 1.8 1.9 .9 1.6 1.7 1.2 2.0 1.9 .4 2.0 1.7 1.0 1.7 1.8 .5 2.2 1.8 .6 2.0 1.3 1.0 1.5 1.4 1.2 1.1 1.7 3.1 .5 1.2 .8 _J£i I 4.2 4.1 3.4 3.2 4.3 4.3 3.9 2.7 3.4 1.9 3.8 2.5 3.7 2.0 2.6 1.6 2.9 2.0 3.2 2.0 2.4 2.2 3.4 1.5 1.5 3.1 2.3 1.1 2.6 3.5 3.4 3.7 2.9 3.3 4.2 3.7 3.0 2.1 2.5 32 3.1 3.5 4.5 3.9 2.3 2.4 3.3 1.7 3.4 1.5 3.7 1.4 3.9 2.9 2.4 1.1 2.8 2.1 2.0 1.1 1.8 2.2 1.1 2.6 1.9 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 a 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. It e x c l u d e s m o st i m p l i c i 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 se s o f n o n p r o f i t i n st i t u t i o n s. 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 i t h o u t paym ent b y f in an ci al E x p la n a t o r y N o te: N I P A M e a s u r es o f Q u a n titie s a n d P r ic es Current-dollar GDP is a measure o f the market value o f goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year - at present, the year 2000 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2003-04 annual percent change in real GDP uses prices for 2003 and 2004 as weights, and the 2003-04 annual percent change in GDP prices uses quantities for 2003 and 2004 as weights. These annual changes are “chained” (multiplied) together to form time series o f quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice o f reference year. (BEA also publishes a measure o f the price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar value to the corresponding chained-dollar value, multiplied 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 major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8. Contributions by major components to changes in real GDP are presented in table 2. Measures o f real GDP and its major components are also presented in do liar-denominated form, designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar value o f this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small and due to rounding. Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate o f GDP (or to any intermediate aggregate). This is because the relative prices used as weights for any period other than the reference year differ from those o f the reference year. A measure o f the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum o f the most detailed components in the table. For periods close to the reference year, when there usually has not been much change in the relative prices that are used as weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates. For periods further from the reference year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better measure o f the composition o f GDP growth. In particular, for components for which relative prices are changing rapidly, calculation o f contributions using chained-dollar estimates may be misleading even just a few years from the reference year. “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 pp. 8-16. R e fe re n c e : S u rvey,
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