Full text of Bureau of Economic Analysis (BEA) News Releases : Gross Domestic Product: Fourth Quarter 2005 (Preliminary), BEA 06-05 : Full Release

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BEA

B U R E A U O F E C O N O M IC A N A L Y SIS

NEW S RELEA SE

U,$. DEPARTMEN1OFCOMMERCE

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 U E SD A Y , F E B R U A R Y 28, 2006
V irginia H . M annering:
R ecorded m essage:

(202)
(202)

606-5304
606-5306

B E A 06-05

G R O S S D O M E S T IC P R O D U C T : F O U R T H Q U A R T E R 2 0 0 5 (P R E L IM IN A R Y )

Real gross dom estic p ro d u ct — the output o f goods and services p ro d u c e d by labor and property
located in the U nited States — increased at an annual rate o f 1.6 p ercen t in th e fo u rth quarter o f 2005,
according to p relim in ary estim ates released b y the B ureau o f E conom ic A n aly sis. In the third quarter,
real G D P increased 4.1 percent.
The G D P estim ates released today are b ased on m ore com plete source d a ta th an w ere available for
the advance estim ates issued last m onth. In the advance estim ates, the in crease in real G D P w as 1.1
p ercen t (see "R evisions" on p ag e 3).
The increase in real G D P in the fo u rth q uarter prim arily reflected p o sitiv e contributions from
private inventory investm ent, personal co n su m p tio n expenditures (P C E ), exports, equipm ent and
softw are, and residential fixed in v estm en t th a t w ere partly offset by a n eg ativ e contribution from federal
governm ent spending. Im ports, w hich are a subtraction in the calculation o f G D P, increased.
The deceleration in real G D P g row th in the fourth q uarter p rim arily re fle c ted a deceleration in
PC E, an acceleration in im ports, a d o w n tu rn in federal governm ent sp en d in g , an d decelerations in
equipm ent and softw are and in residential fixed investm ent th at w ere p a rtly o ffset by an uptu rn in
inventory investm ent.
Final sales o f com puters contributed 0.34 percentage p o in t to the fo u rth -q u arter grow th in real
G D P after contributing 0.16 percentage p o in t to the third-quarter grow th. M o to r vehicle output
subtracted 0.63 percen tag e p o in t from th e fourth-quarter grow th in real G D P after contributing 0.56
percentage p o in t to the th ird -q u arter grow th.

N O T E .-Q u a rte rly estim ates are expressed at seasonally adjusted annual rates, unless otherw ise
specified. Q u arter-to -q u arter dollar changes are differences b etw een th ese p u b lish ed estim ates. P ercent
changes are calculated from unrounded d ata and annualized. “R eal” estim ates are in chained (2000)
dollars. Prices indexes are chain-type m easures.
T his new 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 .

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- 2 -

The price index for gross dom estic purchases, w hich m easures p rices p aid by U .S. residents,
increased 3.6 in the fourth quarter, 0.3 p ercen tag e p o in t m ore than th e adv an ce estim ate; this index
increased 4.2 p ercen t in th e th ird quarter. E xcluding food and en erg y p rices, th e price index for gross
dom estic purchases increased 3.0 p e rc en t in the fourth quarter, co m p ared w ith an increase o f 2.5 percen t
in the third.
R eal personal con su m p tio n ex p en d itu res increased 1.2 p ercen t in th e fo u rth quarter, com pared
w ith an increase o f 4.1 p ercen t in th e third. R eal nonresidential fix ed in v estm en t increased 5.4 percen t
in the fourth quarter, com pared w ith an increase o f 8.5 percent in th e third. N o n resid en tial structures
in creased 3.3 percent, com pared w ith an in crease o f 2.2 percent. E q u ip m en t and softw are increased 6.2
percent, com pared w ith an increase o f 10.6 percent. R eal residential fix ed in v estm en t increased 2.6
percent, com pared w ith an increase o f 7.3 percent.
R eal exports o f goods and services in creased 5.7 percent in the fo u rth quarter, com pared w ith an
increase o f 2.5 p ercen t in the third. R eal im ports o f goods and services in creased 12.8 percent,
com pared w ith an increase o f 2.4 percent.
R eal federal governm ent co n su m p tio n expenditures and gross in v estm en t decreased 2.6 percen t in
the fourth quarter, in co n trast to an in crease o f 7.4 percent in the third. N atio n al defense decreased 9.0
percent, in co n trast to an increase o f 10.0 percent. N ondefense in creased 11.9 p ercen t, com pared w ith
an increase o f 2.4 percent. R eal state and local governm ent co n su m p tio n ex p en d itu res and gross
investm ent increased 0.4 percent, co m p ared w ith an increase o f 0.2 percent.
The real change in private in v en to ries ad d ed 1.62 percentage p o in ts to the fourth-quarter change in
real G D P, after subtracting 0.43 p ercen tag e p o in t from the th ird -q u arter change. P rivate businesses
increased inventories $30.4 billio n in the fo u rth quarter, follow ing d ecreases o f $13.3 billio n in the third
q uarter and $1.7 billio n in th e second.
R eal final sales o f dom estic p ro d u ct — G D P less change in p riv ate in v en to ries - w as unchanged
in the fourth quarter, in co n trast to an increase o f 4.6 percent in the third.
G r o s s d o m e s t ic p u r c h a s e s

R eal gross dom estic p u rch ases — pu rch ases b y U .S. residents o f goods and services w herever
p ro duced - in creased 2.9 percen t in th e fo u rth quarter, com pared w ith an in crease o f 4.0 percent in the
third.
C u r r e n t-d o lla r G D P

C urrent-dollar G D P — the m ark et value o f the nation's o u tp u t o f goods and services — increased
5.0 percent, or $154.7 billion, in the fourth quarter to a level o f $12 ,7 6 0 .4 billion. In the third quarter,
current-dollar G D P increased 7.6 p ercen t, or $227.7 billion.

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-3

-

R e v is io n s

The p relim in ary estim ate o f the fo u rth -q u arter increase in real G D P is 0.5 p ercentage point, or
$14.1 billion, h ig h er th an the advance estim ate issued last m onth. T he up w ard rev isio n to the
p ercentage change in real G D P p rim arily reflected upw ard revisions to exports, to federal governm ent
spending, to eq u ip m en t and softw are, and to change in private inventories th at w ere partly offset by an
upw ard revision to im ports.
A dvance
Prelim inary
(P ercent change from p reced in g quarter)
1.1
4.2
3.3

R eal G D P ..................................................
C urrent-do liar G D P .................................
G ross dom estic p u rch ases price index...

1.6
5.0
3.6

2005 G D P

R eal G D P increased 3.5 percen t in 2005 (th at is, from the 2004 annual level to the 2005 annual
level), the sam e as in the advance estim ate. In 2004, real G D P in creased 4.2 percent.
D uring 2005 (that is, m easured fro m the fo u rth quarter o f 2004 to the fo u rth quarter o f 2005), real
G D P increased 3.2 percent, 0.1 p ercentage p o in t m ore th an in the advance estim ate. R eal G D P
increased 3.8 p ercen t durin g 2004. The price index for gross dom estic p u rch ases increased 3.5 percen t
during 2005, 0.1 percen tag e p o in t m ore th an in th e advance estim ate. D u rin g 2004, this index increased
3.4 percent.
*

*

*

B EA 's national, international, regional, and industry estim ates; th e S u r v e y o f C u r r e n t B u s i n e s s ' , and
B E A new s releases are available w ith o u t charge on B E A 's W eb site at w w w .b ea.g o v . B y visiting the
site, you can also subscribe to receive free e-m ail sum m aries o f B E A releases and announcem ents.
Sum m ary B E A estim ates are available on reco rd ed m essages at th e tim e o f public release at the
follow ing telephone num bers:
(202)
(202)

606-5306
606-5303

G ross dom estic product
P ersonal incom e and outlays
*

*

*

N ex t release - M arch 30, 2006, at 8:30 A .M . E S T for:
G ross D om estic P roduct: F ourth Q uarter 2005 (Final)
C orporate Profits: F ourth Q uarter 2005

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T a b le 1.— Real G ro ss D om estic Pro d u ct an d R elated M easu res: Perce nt Chan ge Fro m Preced ing Period
Seasonally adjusted at annual rates
2003

2004

2005I

2004

2003

2002

III

II

IV

I

II

III

IV

1

II

2005
III

IV

1

II

III-

IV -

Gross dom estic product (GDP) ..............

2.7

4.2

3.5

2.7

2 .2

2.4

0 .2

1.7

3.7

7.2

3.6

4.3

3.5

4.0

3.3

3.8

3.3

4.1

1 .6

Personal consum ption expenditures ......................
Durable g o o d s ......................................................
Nondurable g o o d s ................................................
S erv ic es ...............................................................

2.9

3.9

3.6
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

2 .6

2 .8

3.4
7.9
3.6
2.3

4.1
9.3
3.5
3.3

1 J2

6 .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

6 .0

13.6
-6 .3

1.9
-1.4
- 6.1
-19.0
-.9
9.5

5.8
-.7

- 1 .0
-1.4
-5.0
-5.3
-4.9
6.4

-.4

2.7

6 .8

8 .6

.8

8 .8

17.5
14.8

8 .0

8.4
13.3
6.7
9.6

7.0
5.7

-3.7
9.5

- 1.1
-8.4

1.4
15.5

7.2
10.4
4.7
12.4

2 .6

1 .6

5.5

Gross private dom estic in v e s tm e n t........................
Fixed investm ent..................................................
Nonresidential ..................................................
S tructures.....................................................
Equipment and software ...............................
R esidential........................................................
Change in private Inventories................................
Net exports of goods and services ........................
E xports...... .7........................................................
G o o d s ..............................................................
S ervices...........................................................
Im p orts ................................................................
G o o d s ..............................................................
S ervices...........................................................
Governm ent consum ption expenditures and gross
in v e s tm e n t..........................................................
F ederal.................................................................
National de fen se...............................................
Nondefense ......................................................
State and lo c a l.....................................................

6 .6

6 .0

3.2

4.7
3.0

2 .0

3.9
3.6
1.3
-4.2
3.2
8.4

11.9
9.7
9.4
2 .2

2 .0

11.9
10.3

1 1 .0

1 .8

8.4
8.9
7.4
10.7

7.0
7.3

1 .B
1.7
4.6
4.9
3.0

1 1 .0

9.6

8.1

8.7

7.1

6 .2

6.4
6.9
3.7

5.2
- 1 .6
22.9
11.7
9.2
24.7

- 2 .0
-15.5
3.3
2 .0

1 0 .6

2.9

14.2
2.7
12.5
16.0
-3.0

4.6
5.7
6.5
1.7

2 .2

1 .2

2 .1

8 .0

3.5

1 .0

1.9

2 .0

- .6

3.9
3.6
3.9

- .2

1.7
2.7

1.4

.1

2 .8

1.7

2 .2

1 .8

1 .6

.8

1 .8

2.9

1 .0

1.5

1 1 .6

1.9

1 .6

7.0

6.4

6 .6

6 .6

7.7
7.4

6.9
7.3

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

2.3

3.4

1 .8

.6

.4

1.9
1.5

Addenda:
Final sales of domestic product .............................
Gross domestic purchases ....................................
Final sales to domestic purchasers........................
Gross national product (G N P )...............................
Disposable personal inc om e ..................................

2.7
3.0
3.0
3.0
2.4

3.9
4.7
4.4
4.0
3.4

C urrent-dollar measures:
G D P .................................................................
Final sales of domestic p ro d u c t.........................
Gross domestic purchases................................
Final sales to domestic purchas ers ....................
G N P .................................................................
Disposable personal income ..............................

4.8
4.8
5.3
5.3
5.1
4.3

2 .6

3.6
.7

2 .2

2.3

6 .8
6 .1

4.3
5.9
3.7

4.3

1 2 .6

-

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 sa l a r y e st i m a t e s

.2

4.8

-2.9
1.5
-11.9
-2.5
- 2 .6
- 2 .2

1 0 .2

1 .8

5.2
7.0

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.

8.1

14.0

4.7

2.3
3.0
4.1

2 .2

6.9
8 .8

f or t h e t hird q ua rt er o f 200 5.

-3.1
-9.1
11.7
9.0

1 .6

4.8
12.5
11.5
14.1

2 .8

r

- 1 2 .8
-19.0
-10.4
10.4

1 .8

1 0 .2

14.8

-.3
.3
-3 .6

- 2.1
0

- 6 .6
3.3
6.3
-

1 0 .2

7.2
2 2 .1

37.4
-2.4
-.3

.2

1.9
1.5
1.7
1.5
2.5

4.6
4.2
5.0
4.5
4.5

2.4
2.4
3.9
3.8
3.2
1.9

4.8
5.1
5.7
5.9
4.6
5.6

4.8
5.7
4.6
5.4
5.7
5.2

2 .0

3.8

1 2 .0

10 .1

6.9
7.9
-3.5

15.4
21.9

6.9
4.4
1.3
5.5
11.5

11.5
9.1
17.2
4.1
.9
21.4

19.1
17.2
23.7
16.5
17.7
10.7

5.0
7.5
-.4

1 0 .0

.5
- 2 .0
-6.5
7.2

.5
3.1
7.9
-5.8
-.9

3.3
10.7
13.8
4.9
- .7

2 .8

1 .0

3.8
5.2
4.8
3.8
3.6

5.5
4.8
5.6
4.9
6.4
2.3

1 1 .2
-.1

2 .0

6.9
6.5
6.1

7.2
7.2
9.3
B.8
8 .6
8 .2

9.2
9.4

3.9
3.2
4.5

1 2 .0

5.2

1 2 .0

12.4

1 .8

20.9
15.1
13.5
8 .8

15.2
17.8

6.9
7.9
4.8
14.5
14.7
13.7
2.3
3.2

1 0 .8

3.9
3.4
4.6
8.4
1 1 .8

8 .2
- .6

4.7
4.7
4.6

2 .6

5.3

5.3

8 .8

8.5

- 2 .0
8.3
9.5

2.7
10.9

2 .2

14.8
4.4
5.4
3.3

1 0 .6

6 .2

1 0 .8

7.3

2 .6

7.1
3.7
15.5
11.3
13.0
3.1

7.5
5.3
12.5
7.4

2.5
3.2

5.7
7.7

1 .0

1 .2

2.4
3.5
-3.2

1 2 .8

3.7

10.7
16.0
-.4
-.3
- 1.1
4.4

1.9
2.4
3.0

2.5
2.4
3.7

1 0 .0

8 .2

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

.2

4.6
4.0
4.5
4.4
-1 .4

8.1

7.5

5.3

6.1

7.6

6 .6

6.1

6 .2

7.4
7.4
5.7
12.5

8.3
5.5
7.6
5.9
3.5

8.1

5.9

7.0
6.7
7.0
6.7
7.0
-1.3

6 .0

7.5
9.7
9.2
7.7
7.6

.8

4.7
3.8

9.0
8.1

6 .6

6.1

5.4
4.3

5.1

-16.6
5.1
3.0

- .6

2.1

4.2
3.2

2.9
7.4

8.4
8.9
7.8
2.3

14.0
6.3
-.7
- 2 .6
-9.0
11.9
.4
0

2.9
1.3
7.1
5.0
3.4
6.5
5.0
9.9

T ab le 2 — C o ntribu tion s to P ercen t C h an ge in Real G ro ss Do m estic Pro duct
Seasonally adjusted at annual rates
2003

2004

2005r
II

III

2.7

2 .2

2.4

1

II

0 .2

1.7

3.7

12

IV

2005

2004

2003

2002

I

III

IV

III

IV

II

III

1

II

3.6

4.3

3.5

4.0

3.3

3.8

3.3

4.1

1

IV r

P e r c e n t c h a n g e a t a n n u a l rat e :

2.7

4.2

3.5

P e r so n a l c o n su m p t i o n e x p e n d i t u r e s . . . . . . . . . . . . . . .

2.05

2.71

2.49

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

.81

Du ra ble g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

.57
.19
.26

.51
.06
.34

.98
.89
.06

-.47
-.75

.31

.45

.2 2

.44
.34

.11

-.31
.32

.64
.27
.17

.07

.1 0

.31
.08

.03
-.19
.24

.8 8

.03
.06

-.03
-.43
.30

.0 2

1.64
.77
.63
.23

.38

.21

1.23
.53
.48

.1 0

-.39
-1.07
.50
.18

.31

.11

.37
-.03
.28
.13

-.0 2

.1 0

.14

.2 0

.2 0

.76
.45
.37
-.06

-1.47
-1.93
.33
.13

.63
.25
.14

.94
.48
.17
.03
.26

.90
.49
.17
.04

.65

.26
.18
.04
.06

.06

.70

1.31

.78
.32
.17

1.09
.63
.25
.07
.14

1.07
.50
.15

.74
.42

.31
-.04
.23

1.65
.69
.33

.61

-.05
.04
.07

.37
.05
.27
-.04
.09

.73
.61
.08

1.04
.51
.28
.04

.2 0

.23

.15

.2 0

1 .2 2

.54

.74
-.07
.19
.23
-.04

.84
.24

1.47
.29
.34
.37
-.03

1.15

.97

1.36

1.24
.19
.07
.09

.49

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

.1 0

.11

G r o s s d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . .

1 .6

P e r c e n t a g e p o i n t s a t a n n u a l r a t e s:

Motor vehicles and parts ..............................
Furniture and household equipm ent...............
Other ...........................................................
N o n d u r a b le g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F o o d ............................................................
Clothing and shoes ......................................
Gasoline, fuel oil, and other energy g o od s .....
Other ...........................................................

.01
.2 2

.21

.21

.23
-.06
.27

.0 2

.23
.07

- .0 1

.2 0

.63
.38
-.0 4
- .0 1

.29

- .0 2

.2 0

.8 8

.04
.07
.31

.37
-.04
.11

.53
.27
-.09
.03
.33

1.57
.31
.25

1.58
.39
.07

.77
.27
-.0 7

-.0 7
.05

.2 2

.0 2

-. 11

1.39
.29
.04
-.05

.03

.05

.1 0

.0 2

.0 2

.12

.51

.0 2

.28

.21

.21

.2 0
- .1 1

- .1 1

.14

.26

.21

.59
.09
-.08

.1 2

.2 0

-.1 2

.1 0

.2 2

.19

.05
.13
.37
.17
.44

.0 2

.33

.29

.11

.18

.26

.61
.04
.23

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

.58

1.82

.98

1.92

.30

.87

-.14

-.0 3

.42

2.53

1.78

1.52

3.10

.75

1.1 1

1.42

-.63

.87

2.35

F ix e d In v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

.54
.13

1.47
.92
.06

1.30

-1.04
-1.50
-.60
-.90

-.2 3

- .1 2

- .2 1

.13
-.1 0

-.44
.23

.2 2

1.31
1.15
.04

1.13
1.04

-.5 8
-.09

.1 2

1.04
.76
-.09
.85

1.07

1 .1 2

.92

1.51
.90
.07
.83

1.31

-.52
-.14
-.38

1.03
.43
.03
.40

1 .1 2

- .2 1

2.15
1.08

2 .2 2

-.6 6

1.26
.79
.32
.47

.73
.57
.09
.48

-.28
.15
-.04
-.38

.06
-.06
.15
-.0 3

.23
.15

-.38
-.04
-.17
-.17

.21

.2 0

.79

.1 0

.21

.34
.27
.09

.01

-.1 2

.29
.29
-.0 4

,3B
.18
.05
.16
-.05
.56
.18
.93

.31
.16

.04
.05

.52
.17
.15

.61

.07
.04

H ous ing .......................................................
Household operation .....................................
Electricity and gas ....................................
Other household operation ........................
Transportation...............................................
Medical c a r e ................................................
R ecreation....................................................
Other ...........................................................
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 onresldentlal...............................................
Structures ................................................
Equipment and so ftw a re ............................
Information processing equipment and
so ftw a re ...........................................
Computers and peripheral equipment
S oftw are...........................................
O th e r................................................
Industrial eq uip m e nt..............................
Transportation equipm ent......................
Other e quipm ent...................................
R esidential...................................................

.0 2

.03
0

- .1 1

.49
.19

.8 8

.05
.83

.19
.04
.15
.18
.55

.0 2

.35
.03
.32

-.46
.17

.11

-.03
.08
.41

-.05
.01

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

- .0 1

.59
.16

.1 2

-.05
.08
-.07

.01

.01

-.0 5
.07
.07
.45
.04

-.2 2

.1 0

.15
-.2 5

- .1 2

.36
.04
.47

-.0 2

.31
.07

0

1.09

-.2 0

.08
.03
.04

-.73

-.29

-.97

-.62

-.49

-1.52

.08

-.6 6

.48

.47

.96

-.31
-.64
.33

-.29
.09
-.3 8

-.2 0

1.04
.58
.46

.2 2

-.63
-.56
-.07

-1.53
-1.30
-.23

-.99
-.90
-.09

.30

.23
-.16
.17
-.3 3

.59

.08

.27
.14
.13

-1.44
-.95
-.4 8

-1.58
-1.65
.07

-.76
-.72
-.04

-.1 1

.8 8

-

-.84
-.2 1

-.63

0
-.2 0

-.90
-.31

.37
.32
.05

-.46
-.71
.26

1.21

.01

- .0 1

.56
0

1.29

.54

.1 0

.0 2

.1 0

.1 2

-.0 2

.17

-.08
.06
.06
.50

.1 0

.0 2

.0 2

.05
.06
.53
.14

.58
-.05
.64
.72
.31
.2 2

.53
.23
.29

.18
.23
-.16
-.14
.54

-.2 7
.33
.23
.62

.05
.30
.23
.28
.15

-.0 2

-.56

- .1 1

.06
.39
.13
.09

.6 8

-.55

-.47

-1.16

-1.37

-.17

-.98

1.69
1.05
.64

.49
.50

.67
.53
.14

.53
.55

.70
.25
.44
- 1 .6 8
-1.60
-.08

-1.14
-1.05

- .0 1

-1.91
-.25

-1.65
-1.41
-.23

-2.03
-1.71
-.32

-.56

- .0 1

.64

.2 2

.07

-.03
-.28
.25

.48

-.4 6

-.1 0

0

23
.0 2

.87
.45
.42

to
Cji

.1 2

.05

.09

.08
.33
.19
-.04
.09
.28

.75
.19
.57

.98
.31
.67

.01

.2 0

.2 0

.38
-.07
.45

.53
-.39
.92

.0 2

0

.21

.33
1.07

2.95
.24
2.71

-.1 0

- .0 2

.59

-.14
-.16
.18
.59

-.31
-.07
-.24
.70
.51
.19

-.5 3

- .1 1
- .1 1

.46

.80
.59

Goods .........................................................
S e rv ic e s .......................................................

.11

-.16
.14
.43

.05
.03

E x p o r t s. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .. . . .

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

.19
.09
.06
.05
0

F a rm ............................................................
N o nfarm .......................................................

Goods .........................................................
Services .......................................................

.86

.06
.04
.04
.57
.06

.49
.24
.17
.08
.09
.17
.09
.41

C h a n g e In p r i v a t e I n v e n t o r i e s . . . . . . . . . . . . . . . . . . . .

Im p o r t s

.24

.24
.11

.75
.06
.07

.76
.08

.2 2

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

.85
.07
.05

Se r v ic e s. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. .

1.07
-.03
.29
.25
.04
-.04
.67
.07

0

.2 2

-.0 1

-.0 2

-.70
-.59
-.1 1

.29

.01

.2 0

.08
.05
.6 6

.8 8

.06
.82
.42
.11

.14
.17
.2 0

.18

-.0 2
.1 0

.39
.28
.17
-.05
.17
-.19

.0 2

.1 0

.43

.16

-.43

1.62

-2.14
-.09
-2.05

-.0 2

.0 2

-.42

1.60

-.40

1 .1 1

- .1 2

-1.40

.74
.37
.37

1.07
1.08

.26
.23
.03

.58
.54
.04

-.38
-.46
.09

-1.98
-1.82
-.16

.40

-.1 0

- .0 1

.04
.15
- .1 1

G o v e r n m e n t c o n su m p t i o n e x p e n d i t u r e s a n d
....................................

.53

.41

.34

.79

.8 8

.43

.89

-.05

1.37

.11

.1 0

.62

.43

.35

.17

.35

.47

.54

-.13

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

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

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

.16

.22

-.04
-.16
-.26

.17
.14
.34

.0 2

.0 2

.1 0

.17
.17
.04
.13

-.16
-.04

.03

- .0 1

.14
.07

.0 2

-.0 2

- .1 2

-.04

0

-.1 2

.08
.04

.01

-.09
.08

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

0

.19
.04
.15

.1 2

.0 2

-.06
-.19
.14

.35
.32
.03
-.14

.25
.41
.39

.22

-.14
-.31
-.3 4
.03
.17
.29

.71
.60
.46
.14

.04

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

.21

.01

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

1.40
1.46
1.35

.01

.76
.45
.29
.16
.31

.2 0

.11

.36
.14
.13

-.08

-.04

.25

-.1 1

-.09

.21

.1 0

0

g r o s s i n v e st m e n t

National defense...........................................
Consumption expenditures ........................
Gross investment ......................................
N ondefense..................................................
Consumption expenditures ........................
Gross investm ent......................................
St a t e a n d l o c a l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consumption expenditures ........................
Gross Investm ent......................................

0

.17
.07
.1 0

.03

.21

.11

.1 0

-.08

.1 2

.11

.43
.30

.01

.06

.1 2

-.1 2

.23
.17
.06

2.06
1.59
.57
.16
.15

1.48
1.55
.49

1.30
1.43

.49
1.95
-.2 6

.1 2

.53
-.06

0

.08
.06

.1 2

.0 2

.05
.04

.18

.0 2

1 .1 0

.24

.11

.25
.15

-.0 2

- .0 1

.1 0

-.0 7

-.03

.26

-1.74
1.65
.29

1.38
.41
-.08

.75
2.15
.76
-.09

5.19
.78
1.28
.72
.45

-.0 1

Addenda:

G o o d s ..............................................................
S ervices...........................................................
S tructures........................................................
Motor vehicle o u tp u t.........................................
Final sales of com puters...................................
r

Re v i se d .

Se e "Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s.

1.30
.31
.14
.15

.28

.01

.2 0
.01

1.69
.98
-.29
.40
.2 0

.01
.11

0

.05

.1 0

.11
.11

-.1 0

.04
.01

21

-.13

-.08

.07
.14

.14
-.04

.16
.05

.96

2.29
1.90
.06
.49
.08

1.53
.71
1.26
-.26
.08

2 .1 0

1.26
1.82
.23
.29
.36

.02

2 .2 0

.41
-.13
.09

1.75
.13
.11
.1 0

-.0 2

-.18
-.44
-.49
.05
.26
.14
.13

.11

.31
.08
.23

.03
.17
-.14

.05
.09
-.04

1.41

1.58

1 .8 6

.8 8

.53
.15
.37

- .0 1

1.70
2.09
.35
.56
.16

.49
.85
.29
-.63
.34

- .2 0

.19
.08

.85
.32

T a b le 3.— G ross D om estic P ro duct and Related M ea su res: Level an d C han ge From Prece din g Period
Billions of current dollars

Billions of chained (2000) dollars

Seasonally adjusted
at annual rates
2005 -

2004
IV

G r o s s d o m e st i c p r o d u c t

Seasonally adjusted
at annual rates
2005-

2005
I

II

III

IV -

2004
IV

12,485.7 11,995.2 12,198.8 12,378.0 12,605.7 12,760.4 11,134.6 10,897.1

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

Change from preceding
period

2005
1

II

2005
III

IV -

10,999.3 11,089.2 11,202.3 11,247.6

III

IV -

378.9

113.1

45.3

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

8,746.2

8,416.1

8,535.8

8,677.0

8,844.0

8,927.9

7,858.2

7,698.8

7,764.9

7,829.5

7,907.9

7,930.6

269.6

78.4

22.7

Du ra ble g o o d s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,026.5
446.8
373.2
206.5

1,008.6
452.8
360.6
195.2

1,017.3
449.6
366.9

1,050.9
468.7
374.9
207.2

1,002.2

2 0 0 .2

1,122.3
455.0
469.2
206.5

1,143.9
463.3
475.9
212.9

1,169.7
477.3
490.5

2 1 0 .8

1,138.4
452.8
485.0
211.4

1,115.1
464.6
456.8

2 0 0 .8

1,035.5
458.5
370.0
207.0

2 1 1 .0

1,117.8
415.4
504.3
215.1

48.5
-4.2
42.1
15.6

25.8
14.0
14.6
-1.9

-51.9
-61.9
13.8
4.1

2,564.6
1,218.7
345.5
310.7
689.7

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
1,207.1
344.9
296.4
685.3

2,604.9
1,229.9
343.9
338.3
692.B

2,643.1
1,253.6
352.6
333.0
703.9

2,298.0
1,081.2
376.6
204.9
639.6

2,236.5
1,047.4
363.0
203.0
625.5

2,265.6
1,060.9
367.9
207.7
631.2

2,285.9
1,072.2
374.4
205.2
637.7

2,305.8
1,088.7
377.2
203.0
641.9

2,334.8
1,103.0
387.0
203.8
647.8

97.6
52.1

19.9
16.5

2 1 .6

2 .8

29.0
14.3
9.8

3.5
22.9

- 2 .2
4.2

5.9

5,155.1
1,281.7
482.4
202.3
280.1
321.1
1,509.4
355.3
1,205.2

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
465.3
189.5
275.8
312.3
1,470.5
350.3
1,182.8

5,107.8
1,275.3
471.4
192.4
279.0
318.5
1,492.6
353.1
1,196.8

5,188.3
1,288.2
484.4

5,282.6
1,302.6
508.4
225.0
283.4
329.6
1,552.5
361.3
1,228.2

4,437.5
1,103.8
416.8
155.4
261.1
287.2
1,291.8
308.7
1,028.0

4,362.1
1,089.5
412.4
154.7
257.3
283.0
1,255.4
304.1
1,016.6

4,392.0
1,095.6
414.3
155.2
258.8
2B4.6
1,269.1
307.7
1,019.5

4,417.6
1,101.4
413.8
153.2
260.5
286.3
1,282.3
308.3
1,024.3

4,453.5
1,106.6
418.5
155.5
262.7
287.6
1,299.6
308.9
1,031.1

4,487.0
1,111.7
420.5
157.6
262.2
290.4
1,316.1
309.9
1,037.2

126.6
25.4

35.9
5.2
4.7
2.3

33.5
5.1

2 .2

-.5

1.3
17.3

2 .8

Motor vehicles and p a rts .............................
Furniture and household eq uipm ent............
Other .........................................................
N o n d u r a b le go o d s

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

Food .........................................................
Clothing and shoes ....................................
Gasoline, fuel oil, and other energy goods ....
O th e r .........................................................
Se r v i c e s. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .. . .

Housing .....................................................
Household operation...................................
Electricity and g a s ..................................
Other household operation ......................
T ransportation............................................
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 In v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Nonresldentlal ............................................
Structures ..............................................
Equipment and so ftw a re .........................
Information processing equipment and
software ........................................
Computers and peripheral equipment
S oftw are ........................................
O th e r .............................................
Industrial equipm ent............................
Transportation eq uipm ent....................
Other equipment ................................
Residential ................................................
C h a n ge In p r iva t e i n v e n t o r i e s. . . . . . . . . . . . . . . . . .

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

2 0 2 .1

282.3
324.1
1,522.0
356.6
1,213.0

410.4
381.0

1 1 .2
6 .2

4.8
3.8
58.3
6.3
21.3

.8

2 .0
2.1

16.5

.6

1 .0

6 .8

6.1

2,103.1

2,004.5

2,058.5

2,054.4

2,099.5

2,200.0

1,918.4

1,863.9

1,902.9

1,885.0

1,909.4

1,976.3

108.6

24.4

66.9

2,086.5
1,330.6
335.3
995.3

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

2,169.5
1,380.0
359.6
1,020.3

1,897.6
1,289.7
253.5
1,051.5

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

1,942.2
1,322.5
256.2
1,083.5

142.5
103.0
5.1
103.9

36.8
26.2
1.4
26.6

20.7
17.3

489.5
105.7
198.4
185.5
161.3
171.5
173.0
755.8

456.3
97.5
181.1
177.8
152.6
168.4
165.8
699.7

474.6
102.7
188.3
183.6
161.3
163.8
164.6
718.5

486.6
105.6
197.3
183.6
154.9
172.8
173.7
745.0

494.5
105.0
201.3
188.2
161.3
177.9
175.0
770.3

502.4
109.5
205.5
186.3
167.6
171.6
178.7
789.5

591.3

539.7

565.1

584.6

600.2

615.4

68.9

15.6

15.2

210.5
198.8
149.1
157.0
159.9
601.8

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
148.8
163.3
161.1
610.0

219.3
200.3
153.7
157.9
164.0
613.9

21.7
9.9
9.7
18.3
9.9
40.0

4.6
5.6
5.6
5.2
.5
10.7

16.6
-8.4
25.0

51.9
-3.0
54.8

59.9
-6.5
66.4

-4.2
-8.5
4.3

-19.7
-9.5
- 1 0 .2

30.5
-8.9
39.3

18.4
-3.7
23.1

50.1

58.2
-2.3
61.8

-1 .7
-4.2
3.4

-13.3
-4.5
- 8.1

30.4
-3 .7
35.3

-33.6
- 6 .0
-26.8

-11 .6

43.7

-.3
-11.5

43.4

- .2

50.8

2 0 2 .1

2.1

16.0

5.6
-

1 .8

4.9
-5.4
2.9
3.9
.8

-726.9

-685.4

-697.5

-691.0

-730.4

-788.8

-633.3

-634.1

-645.4

-614.2

-617.5

-656.2

-32.0

-3.3

-38.7

1,301.6
905.5
395.1

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

1,341.5
937.0
404.5

1,195.7
840.9
354.7

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

1,219.4
863.8
355.8

77.8
57.3

7.3
6 .6

16.7
15.9

2 0 .6

.9

1 .0

2,028.6
1,701.3
327.3

1,902.5
1,588.4
314.1

1,950.6
1,527.6
323.0

1,988.1
1,661.8
326.3

2,045.1
1,718.6
326.4

2,130.4
1,797.0
333.3

1,829.0
1,553.5
276.9

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

1,875.7
1,597.6
279.7

109.8

10.6

1 0 0 .8

13.2
- 2 .2

55.5
51.5
4.2

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

2,363.4

2,260.0

2,302.0

2,337.6

2,392.7

2,421.4

1,987.2

1,962.8

1,971.9

1,984.1

1,998.1

1,994.7

34.9

14.0

-3.4

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

877.8
587.2
515.9
71.2
290.5
253.7
37.0

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

8 8 8 .8

589.2
514.0
75.2
299.6
259.1
40.5

740.5
493.6
424.1
70.0
246.7

731.8
487.3
421.9
65.3
244.3
210.4
33.8

736.1
491.7
422.9
69.2
244.2
208.2
36.3

749.5
503.6
432.2
72.0
245.6

13.4
11.9
9.3

-4.9

35.6

744.6
491.8
419.4
73.6
252.6
213.6
39.6

16.8
12.3

36.3

727.6
483.7
413.4
71.2
243.6
209.9
33.6

1,485.6
1,193.2
292.4

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

1,532.6
1,232.6
300.0

1,246.5
991.1
255.6

1,235.0
984.8
250.3

1,239.8
986.8
253.2

1,247.8
988.8
259.4

1,248.5
993.3
255.4

1,249.8
995.5
254.4

-63.6

-37.5

-48.0

-60.1

-69.6

-77.3

Ne t e x p or t s o f go o d s a n d se r v i c e s. . . . . . . . . . . . . . .
Ex p or t s

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

G o o ds ........................................................
Services ....................................................
Im p o r t s

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

G oo ds ........................................................
Services ....................................................

9.8

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

National de fen se ........................................
Consumption expenditures......................
Gross Investment ...................................
N ondefense................................................
Consumption expenditures.......................
Gross investment ...................................
St a t e a n d l o c a l

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

Consumption expenditures.......................
Gross Investment ...................................
R es idu al............................................................

2 1 0 .6

2 1 0 .1

1 0 .8

1.5
4.5
2 .0

2.9
18.1

1 1 .8
1 2 .8

2 .8

1 .6

1.4
1.9
-.7

7.0
3.5
4.0

6.7

.7
4.5
-4.0

1 1 .6

-

1.3
2 .2

-

1 .0

Addenda:

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

12,469.1 11,943.3 12,138.9 12,382.1 12,625.4 12,730.0 11,114.6 10,846.0 10,940.3 11,089.2 11,214.4 11,214.5
13,212.7 12,680.6 12,896.3 13,069.0 13,336.1 13,549.2 11,759.2 11,522.0 11,635.4 11,694.8 11,811.2 11,895.3
13,196.0 12,628.7 12,836.4 13,073.1 13,355.8 13,518.8 11,739.0 11,470.7 11,576.2 11,694.6 11,823.0 11,862.1

412.2
410.5
443.7

125.2
116.4
128.4

G r o s s d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . .

37B.9

113.1
23 8
16.2
120 7

45.3

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

12,485.7 11,995.2 12,198.8 12,378.0 12,605.7 12,760.4 11,134.6 10,897.1 10,999.3 11,089.2 11,202.3 11,247.6
462.4
489.4
462.3
520.8
423.2
420.4
441.7
465.5
425.6
453.9
422.9
476.6
388.5
383.3
408.2
424.4
12,032.0 12,238.2 12,413.5 12,650.0
10,931.8 11,036.3 11,122.5 11,243.2

Net domestic produ ct......................................

10,911.9 10,553.2

274.4

-233.6

349.6

Plus: Income receipts from the rest of the world
Less: Income payments to the rest of the world

r

10,750.4 10,920.7 10,741.9 11,234.5

Re v i se d .

N o t e .— U s e r s

a r e c a u t io n e d t hat p a r t i c u l a r

f o r c o m p o n e n t s t ha t e x h i b i t

r api d c h a n g e in p r i c e s r elat ive t o ot he r

p r i c e s i n t h e e c o n o m y , t h e c h a i n e d - d o l l a r e st i m a t e s sh o u l d n o t b e u se d t o m e a su r e t h e c o m p o n e n t 's r e l a t i v e i m p o r ­
t an c e o r it s con t ri b ut io n t o t he gro w t h rat e of

m or e aggr e gat e

t o p e r c e n t c h a n g e s i n r e a l g r o s s d o m e st i c p r o d u c t , u s e t a b l e 2.
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.

se r i e s.

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

9,639.9

9,514.2

9,608.3

9,689.7

9,456.1

9,805.7

.1

84.1
39.1

Table 4.— Price Ind exes fo r G ross D om estic Pro d u ct and R elated M easures: Percent Chan ge Fro m Prece din g Period
Seasonally adjusted at annual rates
2003

2004

2005 r
I

II

2004

2003

2002

IV

III

I

II

IV

III

II

1

2005
III

I

IV

II

III

IV -

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

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

3.3

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

1.9
-3.5

2 .6

2 .8

2 .8

1 .8

.6

2 .0

3.8

-4.4
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

2.7

-4.3
-2.4
3.2

1.5
-2.4

3.1

-.5
3.7
3.1

1.3
-4.1

3.9

-1.9
3.3
3.2

.9
-3.2

4.3

3.1
3.2
1.3
5.5

3.1
3.1

1.7
1.7

3.4
3.5
1 .2

4.6
4.5
1 .B

3.2
3.0
.9

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

2.7
2.7
1.9
9.9
-.7
4.3

3.7
4.0
2.5
16.5
- 1 .8
6.5

5.0
5.2
3.9
20.9
-1 .4
7.6

.9
-.7
4.6

2.9
4.1

4.8
5.3
3.7

3.7
2.9
5.4

1.1

8 .2

2.9
1.3
6.7
9.4

2 .6

2 .6

5.9
6.5
4.4
9.6

2.5
3.2

.5
4.2

10.1

9.9

1 0 .6

G r o s s d o m e st i c p r o d u c t ( G D P )

Durable g o o d s ......................................................
Nondurable g o o d s ................................................
S e rv ic e s ..............................................................

2 .0

3.0

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

1 .6

Fixed investm ent..................................................
Nonresldentlal ..................................................
S tructures.....................................................
Equipment and software ...............................
R esidential.......................................................
Change in private inventories................................

1.7
.3
3.5
-.9
4.6

E xports................................................................
Goods ..............................................................
S e rvices...........................................................
Im p orts ................................................................
G o o d s .............................................................
S ervices...........................................................

-.1

6.7

2.1
10.1

-.4
4.7

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
3.7
3.6
3.8
5.5

2.1
2 .0

3.7
3.1
4.9
6.1

1 .8

.2

-1.9
5.4

1.7
-2.7

2 .2

2 .6

.9
3.0

2 .8

3.0
-4.3
5.6
3.4

-.2

.5
.5

.2

2.9
3.0

2.9
3.1

-.5
-.5

-.4
4.3
- 2 .0
1.5

.1

5.1
-.3
7.0

- 1 .0
.3
-1.4
.3

-.3
-.1

3.8
-1.5

- .2

5.2
-

2.1

-

.2

1 .2

1.1

4.0
-

1 .2

9.3

1 .2

.1

-.1

- .8

2 .2

- 1.1
-1.4
-.3
-1.7
- 2 .0
-.3

4.3
10.3

2.1

.5
.7

4.1
3.6
5.2

3.5

.6

1 1 .2

1 0 .8

2 .6
8.1

.4
1.4

11.9

7.6
2.9
.5
1.3

2 .6

3.6
4.6
6.9
.5
3.0

8.9
9.9
9.3

0

2.5

1.4

6 .2

1.3

1.2

1 .2

1.1

1.3

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

5.0
4.9
5.6
3.6
5.0

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

2 .8
2 .2

3.0
3.3

.6

8 .0

1 .0
1 .6

-.3
-4.4
-6.7
7.5

.1

7.5

6 .6

7.9
.3

1.7
1 .0

3.2
5.7
5.4
7.4

.6

2.3

2 .6

2 .2

2 .6

1.1

3.1
10.3
.9

5.6
- .4
4.2

4.3
3.8
5.6
6 .8

6.9
6.5

1 .6

4.6
4.5
4.7
2.9
1.9
7.9

- .2

3.4

5.7
7.0

3.7

6 .6

1.4
3.6
4.7

6.7
3.0
3.5

- .8
.8

2 .2

3.5
4.4
4.8
2.3

G o v e r n m e n t c o n su m p t i o n e x p e n d i t u r e s a n d g r o ss
i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F ederal................................................................
National de fe ns e ..............................................
N ondefense.....................................................
State and lo c a l.....................................................

5.2
10.1

9.1
1 2 .0

- .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

1 .0

2.4
-1.4
3.4

3.2

4.1

2 .2

2 .6

2 .8

2.7
2.5
4.9

7.9
4.9

1.5

2.7
3.2
3.2
2.7

3.1
2.9
2.9
3.1

1.3
1.9
1.3

2.7
3.2
2.7

3.0
2.9
3.0

1 .2

3.7

2.1

5.6
1.1
1.1

2.1

1 .0

9.0

8.4

3.3
4.2
4.3
3.3

3.4
3.6
3.6

3.3
4.2
3.3

3.3
3.6

Adde nda:

Final sales of domestic product .............................
Gross domestic purchases ....................................
Final sales to domestic purchasers........................
Gross national product (G N P )...............................

2 .0

2 .6

2 .8

2 .2
2 .2

2.9
2.9

3.2
3.2

2 .0

2 .6

1 .6

2.3

1.7
1.7

2 .2
2 .2

1 .6

2 .2

1.1

2 .0
1 .8

1.4
2 .0
2 .0

2 .6

3.3
3.3
2 .6

I m p l i c i t p r i c e d e f l a t o r s:

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

Re v i se d .

Se e "Ex p l a n a t o r y N o t e ” a t t h e e n d o f t h e t a b l e s.

2 .0

2 .6

2 .8

2 .2

2.9

3.2

2 .0

2 .6

1.5

2 .2

1 .6

2 .2

1.5

2.3

3.1
4.1
3.1

1.9

1 .8

.4

2.1

1 .6

1.1

1.9

1 .8

1.1

2 .6

3.3
2 .6

Table 5 — Real G ro ss D o m estic Prod uct, Q u antity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
2003

2004

2005 -

2004
IV

2005

1

II

III

IV -

Gross dom estic p r o d u c t.................................................................................

105.130

109.562

113.422

111.003

112.044

112.959

114.112

114.573

Personal consum ption expenditures ...............................................................................
Durable g o o d s ..............................................................................................................
Nondurable g o o d s .........................................................................................................
S ervice s.......................................................................................................................

108.416
119.134
107.938
106.493

112.601
126.245
113.000
109.725

116.602
131.867
118.016
112.947

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

117.676
129.477
119.907
114.206

Gross private dom estic in v e s tm e n t.................................................................................
Fixed investm en t...........................................................................................................
Nonresidential ...........................................................................................................
S tructures.............................................................................................................
Equipment and software ........................................................................................
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

110.540
113.024
104.679
80.935
114.434
134.660

107.398
107.880
100.246
80.554
108.201
127.772

109.645
109.722
101.633
80,145
110.376
130.695

108.615
112.252
103.806
80.680
113.274
134.100

110.023
114.443
105.935
81.123
116.170
136.484

113.877
115.677
107.343
81.791
117.917
137.360

Exports ot goods and s e r v ic e s .......................................................................................

94.064

101.970

109.069

104.398

106.295

109.037

109.710

111.234

Im ports of goods and services .......................................................................................

105.205

116.495

123.939

120.518

122.698

122.620

123.340

127.098

G overnm ent consum ption expenditures and gross investm ent ......................................
Federal ........................................................................................................................
State and lo c a l.............................................................................................................

111.009
118.839
107.042

113.398
125.038
107.487

115.428
127.945
109.070

114.008
125.704
108.069

114.537
126.446
108.489

115.248
127.188
109.183

116.063
129.491
109.246

115.863
128.656
109.362

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

113.874
115.326
115.770

1 1 1 .1 2 2

112.088
114.112
114.164
111.977

113.613
114.695
115.332
112.851

114.896
115.836
116.598
114.076

114.897
116.661
116.984

r

113.000
113.124
110.916

Re v i se d .

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 ab le 6.— P rice In d exes fo r G ro ss Do m estic Pro duct
[Index numbers, 2000=100]
Seasonally adjusted
2003

2004

2005-

2004
IV

2005
I

h

III

IV -

Gross dom estic p r o d u c t .................................................................................

106.310

109.102

112.165

1 1 0 .1 1 1

110.950

111.655

112.567

113.488

Personal consum ption expenditures (P C E ).....................................................................
Durable g o o d s ..............................................................................................................
Nondurable g o o d s .........................................................................................................
S erv ices .......................................................................................................................

105.520
92.372
104.151
109.246

108.246
90.631
107.634
112.695

111.299
90.168
111.595
116.171

109.326
90.449
108.982
113.955

109.936
90.648
109.327
114.803

110.832
90.527
110.854
115.533

111.846
89.839
112.985
116.508

112.583
89.660
113.215
117.739

Gross private dom estic in v e s tm e n t................................................................................
Fixed investm ent...........................................................................................................
Nonresidential ...........................................................................................................
S tructures.............................................................................................................
Equipment and software ........................................................................................
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

109.820
109.957
103.168
132.278
94.658
125.604

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

111.521
111.732
104.355
140.435
94.162
128.659

Exports of goods and s e r v ic e s .......................................................................................

101.398

104.999

108.862

106.366

107.559

108.534

109.323

110.033

Imports of goods and services .......................................................................................

99.610

104.571

110.940

107.026

107.783

109.925

112.413

113.639

Government consum ption expenditures and gross investm ent ......................................
Federal ........................................................................................................................
State and lo c a l.............................................................................................................

109.460
109.740
109.303

113.505
114.354
113.022

118.929
118.537
119.186

115.148
115.575
114.914

116.747
117.550
116.291

117.820
118.168
117.635

119.751
119.056
120.186

121.399
119.373
122.630

Addenda:
PCE excluding food and energy ....................................................................................
Market-based P C E 1 .....................................................................................................
Market-based PCE excluding food and energy1 .............................................................

105.082
105.009
104.348

107.156
107.422
105.898

109.295
110.331
107.671

107.980
108.378
106.514

108.617
108.948
107.106

109.083
109.860
107.506

109.450
110.917
107.797

110.029
111.598
108.275

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

112.185
112.391
112.412

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

113.521
113.944
113.977

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

112.134
112.187
112.361
112.412

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

113.450
113.513
113.904
113.966

r

Re v i se d .

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

m e a su r e s.

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

im plicit

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

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.

a d d e n d a t o t a b l e 8 a n d a p p e n d i x t a b l e A.
Se e " Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s.

p aym ent

by

f i nan cial

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

in t he

1 1 0 .1 0 0

110.077
110.117
110.055
110.095
110.064

1 1 0 .8 8 6

110 890

Table 7 — Real G ross D o m estic Pro duct: Perce nt C h an g e From Prece din g Y ea r
1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

Gross dom estic product (G D P ).................................................

1.9

- 0 .2

3.3

2.7

4.0

2.5

3.7

4.5

4.2

4.5

Personal consum ption e x p e n d itu re s .........................................................
Durable go od s........................................................................................
Nondurable go ods ...................................................................................
S ervices.................................................................................................

2 .0

.2

-5.6

3.3
7.8
2.7

3.7
8.4
3.5
2.9

2.7
4.4

3.4
7.8

3.8

-.3

3.3
5.9

2 .2

2 .6

2.7
3.3

5.0
11.3
4.0
4.2

5.1
11.7
4.6
4.0

9.8

7.8
8.3
9.2
- .4
12.7

5.7
6.5
8.7

6 .0

.8

8.7

11.7
11.4

4.3
3.8
5.6
11.5
12.4
6.9

11.1

1 .6

- .2

2 .0

2.9

1.7

3.5

2 .8

Gross private dom estic investm ent ..........................................................
Fixed investm ent.....................................................................................
N onresidential.....................................................................................
Structures .......................................................................................
Equipment and so ftw a re ..................................................................
R esidential.........................................................................................

-3 .4
- 2 .1
.5
1.5

- 8 .1
-6.5
-5 .4

8.1

8.9

5.9
3.2

8 .6

Exports ..................................................................................................
Goods ................................................................................................
S e rv ic e s .............................................................................................
Imports ..................................................................................................
Goods ................................................................................................
Services .............................................................................................

9.0
8.4
10.5
3.6
3.0
6.5

Governm ent consum ption expenditures and gross in v e s tm e n t................
Federal ..................................................................................................
National defense.................................................................................
Nondefense........................................................................................
State and lo c a l........................................................................................

3.2
2 .0

- .2

0

-

8 .6

-

11 .1

- 2 .6
-9.6

- 6 .0
7.3
13.8

2 .6

2.9

1 .8

3.1
6.5
10.5
6.4

8.9
9.0
9.3
5.6

11.9
9.6

1 2 .0

1 0 .6

-3.2

8 .0

8.7
9.7
6.3
11.9
13.3
5.7

10.1

8.4

11.7
6.3

8 .8

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

3.0
2.4

13.6
9.3
9.2

8.7
-.7
12.5
8 .2

8 .6

2000

2004

2005''

1 .6

2.7

4.2

3.5

2.9

3.9

2.4

2.7
7.1
2.5
1.9

3.6
4.5
4.4
2.9

-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

11.9
9.7
9.4
2 .2

2 .0

11.9
10.3

1 1 .0

-5.4
- 6 .1
-3.7
-2.7
-3.2
-.3

-2.3
-4.0
1.9
3.4
3.7

1 .8

8.4
8.9
7.4
10.7

7.0
7.3

3.4
3.9
3.9
3.9
3.2

4.4
7.0
7.4
6.3
3.1

2002

2001

2003

3.7

0 .8

4.7
7.3
3.8
4.5

2.5
4.3

2 .0

12.4
9.2

1 0 .2

12 .1

11.1

7.3
13.8
1.9

5.1
13.3
7.6

2.4

7.2
8.7
9.3
5.5

11.9
14.3
5.9
13.6
14.4
9.4

1 .0

1.9

1.9

3.9

2 .1

- 1 .2
-1 .4
-.7
2.3

- 1 .0
- 2 .8

2 .2

3.6

- 1.1
- 2.1
.7
3.6

4.7

.9
-.5
3.5
2.7

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

4.5
5.3
5.4
4.6
3.0

3.8
4.4
4.5
3.7
4.8

1.4
1.3
1.7
1.7
1.7

1.1

6 .8

9.4

2 .0

6 .6

6 .0

3.2

4.7
3.0

6 .0
8.1

8.7

7.1

...

0

8.3
4.1

Addenda:
Rnal sales of domestic p ro d u c t...............................................................
Gross domestic purchas es ......................................................................
Rnal sales to domestic pu rch ase rs..........................................................

r

-.1

6.9
7.5
5.5
7.0
9.3

2 .6

- 2 .6

2.9

1 .1

2.4

.5
-1 .7
-5.0
6.9

2 .1

2 .2

-.9
-4 .2
-5 .6
-.7
1.4

.1

3.0
3.3
3.1
3.3
3.4

3.2
3.2
2.7

2.3

2 .2

2.1

2.1

1 .8

2 .6

2.3
2.3
2.4
2.3

2 .2

2 .2

2 .1

2 .0

2 .2

2.1

1.5
1.9
1.7

2 .1

2.1

2 .2

6 .6

6.9
6 .0
- .6

-

-

1.1

2.1

1.4

- .8

1 .6

- .6

2 .0

Real disposable personal in c o m e ............................................................

1.9

-.3
.5

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

4.1
3.7
3.9
3.7
4.6

3.3
3.5
3.5
3.6
3.6

2.3
2.5
2.9

3.2
3.3
3.2
8 .8
10 .1

2 .6

1 .0

8 .0

9.0
3.3

2 .8
2 .6

2 .6

2 .2

2.9
1 1 .6

2 .8

.6

1 .6

1.4
1.4
1.5
1.7

.9

2.9
13.1
13.5

1.9

1 .0
12

1 1 .2

1.7
4.6
4.9
3.0

2.1

1.6

1 .2

.9

2 .2

1 .8

1 .8

.8

1.5
3.1

1.9

1 .8

1 1 .0

9.6

6 .2

6.4
6.9
3.7

2 .8

2 .2

1 .8

6.9
8 .8

5.2
7.0

2 .6

3.4

1 .8

.6

.4

2.7
3.0
3.0
3.0
2.4

3.9
4.7

2.3
1.9
1.5

AAj

3.9
3.6
3.9

4.0
3.4

1.5
3.2
2.5

2 .0

1 .6

2 .2

1.9
2.4

1.9
1.7

1 .8

2.9
2.4

2 .2

2 .0

2 .6

2 .8

2 .0

2 .1

2 .1

1 .8

2.5

2.7

2.5

2.1

1.4

1.9

2 .6

2 .8

III

IV

I

II

2.5
1.9

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 or t h e t hird qu art e r o f 200 5.

T ab le 8.— Real G ross D o m estic P rod uct: Percen t C h an ge From Q uarter O ne Y e a r Ago

II

2004

2003

2002
1

III

IV

IV

III

II

1

II

1

2005
III'-

IV '

Gross dom estic produ ct (GDP) ..................................................

1 .0

1.3

22

1.9

1 .6

2 .0

3.2

4.0

4.7

4.6

3.8

3.8

3.6

3.6

3.6

3.2

Personal consum ption expenditures (P C E )................................................
Durable g o o d s ..........................................................................................
Nondurable g o o d s ....................................................................................
S erv ices ..................................................................................................

2 .8

3.1
8.9
3.0

32

1.9

2 .1

2.4

1 .2

3.2

6 .0

2.4

2.1

2.1

2 .2

2 .0

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

3.0

1 1 .0

3.3
7.9
4.2

4.4
2.9

7.7
7.7
5.6

10.5
9.3
7.9

4.0

9.4
10.3
3.1

8 .0

2 .6

7.2

9.8
11.9

1 2 .0

10.4
9.4
10.9
2.7
13.8

1 0.1

1 .2

15.1
10.9
9.2
1.5
11.9
13.9

1 1 .8

5.6

4.4
5.6
3.2
-.5
4.4
10.5

9.1

6 .6

7.7

4.1
7.9
8.3
1.9
10.5
7.2

7.2
7.1
1.5
9.0
7.5

1.9
3.4
3.1
5.0

Gross private dom estic in v e s tm e n t............................................................
Rxed investm ent......................................................................................
Nonresidential ......................................................................................
Structures ........................................................................................
Equipment and software ...................................................................
Residential ..........................................................................................

Exports ..... .7............................................................................................
Goods ..................................................................................................
Services ....................................................................................... .......
Im p orts....................................................................................................
G o od s..................................................................................................
Services ..............................................................................................
Governm ent consum ption expenditures and gross investm ent .................
Federal ...................................................................................................
National de fen se ..................................................................................
N ondefense........................ .................................................................
State and lo c a l.........................................................................................
Addenda:
Rnal sales of domestic p ro d u c t................................................................
Gross domestic purchases ....................................... ...............................
Rnal sales to domestic purchasers ...........................................................
Real disposable personal in c o m e ..............................................................
Price indexes:
Gross domestic purchas es ....................................................................
Gross domestic purchases excluding food and en ergy ............................
GDP ...................................................................................................
GDP excluding food and energy ...........................................................
P C E ....................................................................................................
PCE excluding food and e n e rg y ............................................................
Market-based P C E 1 .............................................................................
Market-based PCE excluding food and energy 1 .....................................
r

7.8
2 .6
1 .8

2 .0

2 .0

1.9

1.9

1 .8

-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

1.5
-.7
-3.5

1.7

- 2 2 .0
-3.2
4.4

4.9
-2.5
-6.5
-14.9
-3.4
7.0

1 2 .2

-4.5

-9 .5

-4 .0
-4.9
- 2 .0

1 .6

3.8

1.1

1.1

-

1 2 .2

- 2 .8
-4.1
-5 .0
.7

2 .1

3.2
-3.0

-.3
5.6

1.7
1.9
1.4

2 .8

1 0 .2

9.7
9.9

6 .0

8 .8

2.4

4.0
7.8
8.4

2.9
6.4
6.5

1 2 .2
2.1

6 .8

4.9
7.5
7.9
6 .8

6 .8

6 .2

2 .6

3.6

2.1

1.1

1 .0

1 .2

1.4
1.4
.9
3.7

1.9
1.9

1.3

1 .0

9.2
7.3

1.9
5.5
7.5

12.1

3.0
7.2
9.2
3.6

.7

.8

8 .8

1 1 .2

13.8

0

0

1.7
3.6
3.7
3.5
.5

1 .6

2.9

10.5
10.4
10.9
11.7

8.1

.B

.8

1.3

2 .0

2 .2

1 .6

1.9

2.5
2.5
2.4
1.4

3.3
3.4
3.6
3.5
3.6

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

2.1

2 .0

2.1

1 .6
1 .6

2.3

2.1

2 .0

1 .2

1 .2

1.5
1.9

1.9

1.1

1.5

1 .6

1 .8

2.9

.7

1.9
1.7
1.7
1.9

2 .6

1 .8
1 .6

1.7
1.4

9.3
9.4
1.9

1 2 .8

9.2
1.7
11.7
6.1

.....

1 1 .8

1 0 .6

12.3
9.7

11.1

10.1

6.1

6.9
6.9
6.9
5.1
5.8

7.7

6 .2

3.9

2 .0

9.0

6.1

6.7

7.7

10.1

6 .8

6 .2

8 .2

6.4

4.6

7.9
9.4

6.5
5.7

1 .8

2 .0

1 .6

2.9
3.3

2 .8

1 .8

- .2

2 .1

2.3
1.7
3.7

.9

1.5

1.7

1.5

1 .2

3.6
4.5
4.3
3.2
4.1

3.5
4.2
4.1
3.2
2.3

4.2
3.5
4.1
3.5

4.3
3.5
4.1
3.6

3.4
3.2
3.4

2 .1

1 .0

.5

3.4
4.4
4.1
3.6

1.7

1.7

1.9

2 .0

2.1

2 .0

2.1

2 .8

2.7

3.4
2.7
2.9

3.1

1.7

3.0
2.5

3.0

1.9
2 .0

1 .8

1 .8
1 .8

2.5
2.7

2 .6

3.1

2.7
2.7

1.3
1.7

1 .2

2 .0

2 .0

2 .2

2 .2

2 .0

1 .8

1 .6

2.4

2.4

1 .0

2.3
1.5

2 .8

1.1

2.5
1.5

3.4
2.5
2.9
2.7
3.1
1.9
3.1

1 .2

1.9
1.9
1.7
1.7
1.3

2 .8

1 .8

1.7
1.7
1.3

2 .6

2.3
1.5
2.3
1.3

2.9
2.4
2.5
2.5
2.5

1.7

1 .8

1 .6

1 .6

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 ci t

6 .0

1.9
3.0

.2

2 .6

2.7

1.7

42
4.9

2.1

6.5
7.9
3.4
5.5

2.3

2 .1

5.1
7.8
0

6 .0

2.1

2 .0

2.1

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.

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

8.1

8.3
7.8

2.7

1 .6

.9
1.5

6 .0

6.7
4.5
5.1
5.3
4.2

1.7

1.4
1.9

1 .8

8 .6

.7
.2

2 .8

2 .0

.7
1.5

3.5

1 1 .8

2.3
2.3
1.4

2 .0

1 .8

1 .6

6.4
7.2
2.4

4.0
6.7
7.4
5.5

4.6

0

-1.3
-1.5
- 1 .0
3.8
4.5
.5

4.7
5.9
5.6
6.3
4.1

R e 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 sa l a r y e st i m a t e s

f or t h e t hird q u art e r o f 2 0 0 5 .

-

1 .8

.2

2 .6
2 .8

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

3.5
2 .6

3.1
2 .8

3.0
1.9
3.0
1.7

b y f in an ci al

Table 9 — R elation o f G ro ss D o m es tic Pro duct, G ro ss N atio nal Pro duct, and Nation al Inco m e
[Billions of dollars]
Seasonally adjusted at annual rates
2003

2004

2005'-

2004

2005

IV
G r o s s d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10,971.2

11,734.3

343.7
275.6

415.4
361.7

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

11,039.3

11,788.0

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

1,331.3
47.1

1,435.3
76.8

E q u a l s: N a t i o n a l I n c o m e

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

10,924.2

11,657.5

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

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

'Compensation of employees ..........................................................................................
Wage and salary accruals..........................................................................................
Supplements to wages and salaries ...........................................................................
Proprietors’ income with Inventory valuation and capital consumption adjustments ............
Rental Income of persons with capital consumption adjustm ent........................................
Corporate profits with Inventory valuation and capital consumption adjustm ents................
Net Interest and miscellaneous pa ym ents........ !............................. ................................
Taxes on production and Imports less subs idies .............................................................
Business current transfer pa ym ents................................................................................
Current surplus of government enterprises .....................................................................

12,485.7

1,573.8

7,126.2
5,723.4
1,402.8
938.7
73.3
497.1
847.9
79.4
- 1 1 .2

I

II

I lk

IV '

11,995.2

12,198.8

12,378.0

12,605.7

462.4
425.6

462.3
422.9

489.4
453.9

520 8
476.6

12,032.0

12,238.2

12,413.5

12,650.0

1,442.0
30.6

1,448.4
39.4

1,457.2
78 3

1,863.8
44 3

10,559.3
6395.8
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
7T77.6
5,762.3
1,415.3
932.4
- 11.1
1,293.1
497.6
853.4

-5.2

10,750.4
7i001.7
5,629.9
1,371.8
917.9
118.0
1,288.2
498.3
833.2
99.0
- 6 .1

11,964.6

12,159.4

12,299.7

12,561.4

1 0 2 .6

2 1 .8

-

2 2 .8

12,760.4

1,526.0

7,265.5
5,829.2
1,436.3
967.7
82.1
503.9
856.8
97.3
-9.0

Adde ndum :

Gross domestic In c o m e .................................................................................................
r

R e 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 sa l a r y e st i m a t e s

f or t h e t hird q u art e r o f 2 0 0 5 .

T ab le 1 0 — Perso n al Incom e and Its Disp ositio n
[Billions of dollars]
Seasonally adjusted at annual rates
2003

2004

2005'

2004

2005

IV

II

1

III'

IV '

9,169.1

9,713.3

10,249.3

10,024.8

10,073.4

10,185.7

10,250.4

10,487.7

Compensation of employees, re ce iv e d ...........................................................................
Wage and salary disbursem ents.................................................................................
Supplements to wages and salaries ...........................................................................
Proprietors’ income with Inventory valuation and capital consumption adjustments ............
Farm ........................................................................................................................
N onfarm ....................................................................................................................
Rental Income of persons with capital consumption adjustm ent........................................
Personal Income receipts on assets ...............................................................................
Personal Interest in c o m e ...........................................................................................
Personal dividend In c o m e ..........................................................................................
Personal current transfer receipts ..................................................................................

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

7,126.2
5,723.4
■ 1,402.8
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
5,762.3
1,415.3
932.4
18.0
914.3
- 11.1
1,468.9
951.2
517.6
1,558.1

7,265.5
5,829.2
1,436.3
967.7

Less: Contributions for government social insurance........................................................

776.6

822.2

871.2

843.5

861.0

864.9

875.4

883.5

Less: Personal current ta x e s .............................................................................................

999.9

1,049.1

1,209.8

1,094.3

1,171.4

1,206.0

1,220.4

1,241.3

P e r so n a l I n c o m e 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 0 .8

'

917.8
73.3
1,456.7
945.0
511.7
1,525.5

2 1 .0

946.6
82.1
1,510.3
977.5
532.9
1,545.6

p e r so n a l I n c o m e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,169.2

8,664.2

9,039.5

8,930.4

8,902.0

8,979.7

9,030.0

9,246.4

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

7,996.3

8,512.5

9,073.4

8,725.0

8,854.6

9,001.2

9,173.9

9,263.8

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

172.8

151.8

-33.9

205.4

47.4

-21.5

-143.9

-17.4

2 .1

1 .8

-.4

2.3

.5

- .2

7,741.8

8,004.3

8 , 1 2 1 .8

8,169.2

8,098.1

8 , 1 0 2 .6

E q u a l s: D i s p o s a b l e

Personal saving as a percentage of disposable personal Inco m e .....................................

-

1 .6

- .2

Adde ndum :

Disposable personal Income, billions of chained (2000) dollars 2 ......................................
r

R e 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 sa l a r y e st i m a t e s

f or t h e t hird q u a r t e r o f 2 0 0 5 .
1.

P e r so n a l

incom e

i s a l so

eq u al t o nat ional in co m e

l e ss c o r p o r a t e

prof it s w it h in ve n t o r y v al u at i o n

and

capi t al

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

net

i n t e r e st

e n t e i p r i se s, a n d

and

m i sc e l l a n e o u s p a y m e n t s, b u s i n e ss c u r r e n t t r a n sf e r p a y m e n t s,

c u r r e n t su r p l u s o f g o v e r n m e n t

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

and

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

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

8,074.2

8,213.6

A p p en d ix T ab le A.— Real G ross Do m es tic Product an d Related A g g re g ates and Price Index es : P erce nt C han ge From Preced ing Period
Seasonally adjusted at annual rates
2003

2004

2005 r
II

2004

2003

2002

I

III

IV

I

II

IV

III

II

1

2005
III

IV

I

II

III

IV -

G r o s s d o m e st i c p r o d u c t ( G D P ) a n d r e l a t e d
a ggr e ga t e s:

2.7

4.2

3.5

2.7

2 .2

2.4

0 .2

1.7

3.7

7.2

3.6

4.3

3.5

4.0

3.3

3.8

3.3

4.1

1 .6

Goods .................................................................
S ervice s..............................................................
Structures ............................................................

3.4

4.6
2.7
4.8

3.9
2.5

5.2
1.7
-3.0

-5.2
2.9
3.1

4.3
.7
-.9

16.8
1.3
13.6

2.9
3.8
4.1

7.2
3.3

4.7

6 .6

1 .2

3.0

3.9
3.2

-.1

1.5
3.4
-2.7

2.3
3.7

3.2

6.5
2.7
5.7

.6

13.1

1 .2

2 .2

4.4
3.2
5.2

5.0
1.5
8.4

5.3
3.6
3.3

1.5
1.5
2.7

Motor vehicle output ............................................
G D P excluding motor vehicle ou tp ut......................

3.8
2.7

4.6
4.2

3.4
3.5

15.5
2.3

5.7

1 1 .6

.5

.3

2 2 .6

2 .1

2 .0

.2

1 .8

-2.5
3.9

-3 .6
3.8

14.4
3.9

-7.3
3.9

3.0
4.0

3.1

4.3
3.8

-.3
3.4

17.6
3.7

-17.1
2.3

Final sales of computers 1 ....................................
G D P excluding final sales of com puters.................

2 0 .2

20.4
4.1

39.7
3.3

-7.6

.7

29.3

15.3

2 .2

.1

14.4
3.6

6 .8

11.9
3.5

1 0 .2

2 .2

7.1
1.7

78.0

2 .8

4.2

10.3
3.4

13.3
3.9

56.5
3.0

54.9
3.5

45.4
3.0

20.3
4.0

47.6
1.3

0

- 8 .0

-64.0

133.6

63.9

34.2

-22.3

27.0

-34.1

-13.1

89.8

-31.5

-11.3

-17.1

7.3

-31.1

20.9

36.9

4.2

3.5

1.4

3.1

.1

2 .0

4.7

10.4

2 .8

4.2

4.6

4.6

3.9

4.3

4.4

4.7

1.5

3.1

1.1

1 .8

GDP

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

2 .2

2 .6

Farm gross value added 2 ....................................

8.4

Nonfarm business gross value added 3 ..................

3.3

4.8

8 .2

6.7

8 .8

P r i c e i n d e x e s:
G D P .......................................................
GDP
GDP

excluding food and e n e rg y ...........................
excluding final sales of com puters.................

Gross domestic purchases ....................................
Gross domestic purchases excluding food and
energy .............................................................
Gross domestic purchases excluding final sales of
computers to domestic purchasers....................
Personal consumption expenditures (PCE) ............
PCE excluding food and energy ...........................
Market-based PCE 4 .............................................
Market-based PCE excluding food and energy 4 ....
r

2 .0

2 .6

2 .8

1.7

1 .8

1 .6

2 .0

2 .6

.9

1 .6

2 .0

2 .6

2.4

2 .8

1.9

1.7

1.7

2.4

3.2

1 .2

2 .0

1 .6

2.9

3.1
2.9
3.3

3.3

2.1

3.9
3.4
3.9

2 .6

2.7
3.0

3.6
3.3
3.7

2.7

2.5
2.7

1.9
1.7
1.9

1.5

1 .8
2 .2

2 .8

3.5

3.3
3.3
3.5

2 .2

2.9

3.2

1.5

2.5

1.7

2 .2

4.1

.4

2 .0

1.7

4.2

4.1

2 .0

3.2

2.9

3.3

4.2

3.6

1.5

1 .6

2 .2

1 .8

2.4

2.5

1 .8

1.7

1 .6

1 .8

2.5

1 .0

1.7

1 .8

3.4

3.2

2 .0

2.4

3.0

2.1

2.5

3.0

2.4

3.0

3.4

1.7

2 .6

1.9

2.4

4.3

.5

2 .2

1 .8

4.3

4.3

2 .2

3.4

3.1

3.5

4.5

3.8

1.9
1.3
1.9

2 .6

2 .8

1 .8

1.7

3.0

.6

2 .0

2 .0

.9
1.3

2 .8

2 .0

1 .8

1.1

1 .0

2 .8

1.7

3.1

.5

1.1

3.1
2.3
2 .B

2.5

1 .2

.8

1 .0

2 .0

1.1

1 .8

2

3.3
1.7
3.4
1.5

3.7
1.4
3.9

1 .6

3.9
2.7
3.4
1.9

3.8
2.5
3.7

.9

1.3
1.4
.9
.9

2.3
2.4

.6

1.5
1.9
1.4

1.5
1.5

2.7
1.7

1.9
1.7
1.7

1 .2

2.3
1.5

1.1

1 .8

1 .2

2

2.7
2 .1

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

Re v i se d .

1. F o r s o 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.

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

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.

3 . C o n s i s t s o f G D P l e s s 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

2.1

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 .

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

im plicit

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

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.

paym ent

b y f ina nc ial

E x p la n a to r y N o te : N I P A M e a s u r es o f Q u a n 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 of 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 dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2000
and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar value of
this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of 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 of 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,