Full text of Bureau of Economic Analysis (BEA) News Releases : Gross Domestic Product, Fourth Quarter 2006 (Advance), BEA 07-02 : Full Release

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NEWS RELEASE

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, JANUARY 31, 2007
Virginia H. Mannering:
Recorded message:

(202) 606-5304
(202) 606-5306

BEA 07-02

GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2006 (ADVANCE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.5 percent in the fourth quarter of 2006,
according to advance estimates released by the Bureau of Economic Analysis. In the third quarter, real
GDP increased 2.0 percent.
The Bureau emphasized that the fourth-quarter “advance” estimates are based on source data that
are incomplete or subject to further revision by the source agency (see the box on page 4). The fourthquarter “preliminary” estimates, based on more comprehensive data, will be released on February 28,
2007.
The increase in real GDP in the fourth quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, state and local government spending, and federal
government spending that were partly offset by negative contributions from residential fixed investment
and private inventory investment. Imports, which are a subtraction in the calculation of GDP,
decreased.
The acceleration in real GDP growth in the fourth quarter primarily reflected a downturn in
imports and accelerations in PCE for nondurable goods, in exports, in federal government spending, and
in state and local government spending that were partly offset by downturns in private inventory
investment and in equipment and software and a deceleration in nonresidential structures.
Final sales of computers contributed 0.25 percentage point to the fourth-quarter growth in real
GDP after contributing 0.07 percentage point to the third-quarter growth. Motor vehicle output
subtracted 1.17 percentage points from the fourth-quarter growth in real GDP after contributing 0.76
percentage point to the third-quarter growth.

NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2000)
dollars. Prices indexes are chain-type measures.
This news release is available on BEA’s Web site at www.bea.gov/bea/rels.htm.
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-2The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.1 percent in the fourth quarter, compared with an increase of 2.2 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.3 percent
in the fourth quarter, compared with 2.2 percent in the third.
Real personal consumption expenditures increased 4.4 percent in the fourth quarter, compared
with an increase of 2.8 percent in the third. Durable goods increased 6.0 percent, compared with an
increase of 6.4 percent. Nondurable goods increased 6.9 percent, compared with an increase of 1.5
percent. Services expenditures increased 2.9 percent, compared with an increase of 2.8 percent.
Real nonresidential fixed investment decreased 0.4 percent in the fourth quarter, in contrast to an
increase of 10.0 percent in the third. Nonresidential structures increased 2.8 percent, compared with an
increase of 15.7 percent. Equipment and software decreased 1.8 percent, in contrast to an increase of 7.7
percent. Real residential fixed investment decreased 19.2 percent, compared with a decrease of 18.7
percent.
Real exports of goods and services increased 10.0 percent in the fourth quarter, compared with an
increase of 6.8 percent in the third. Real imports of goods and services decreased 3.2 percent, in
contrast to an increase of 5.6 percent.
Real federal government consumption expenditures and gross investment increased 4.5 percent in
the fourth quarter, compared with an increase of 1.3 percent in the third. National defense increased
11.9 percent, in contrast to a decrease of 1.2 percent. Nondefense decreased 9.3 percent, in contrast to
an increase of 6.5 percent. Real state and local government consumption expenditures and gross
investment increased 3.3 percent, compared with an increase of 1.9 percent.
The real change in private inventories subtracted 0.71 percentage point from the fourth-quarter
change in real GDP after adding 0.06 percentage point to the third-quarter change. Private businesses
increased inventories $35.3 billion in the fourth quarter, following increases of $55.4 billion in the third
quarter and $53.7 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- increased 4.2
percent in the fourth quarter, compared with an increase of 1.9 percent in the third.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.7 percent in the fourth quarter, compared with an increase of 2.0 percent in the
third.
Disposition of personal income
Current-dollar personal income increased $131.8 billion (4.9 percent) in the fourth quarter,
compared with an increase of $157.2 billion (5.9 percent) in the third.
Personal current taxes increased $24.3 billion in the fourth quarter, compared with an increase of
$5.2 billion in the third.
Disposable personal income increased $107.5 billion (4.6 percent) in the fourth quarter, compared
with an increase of $152.1 billion (6.6 percent) in the third. Real disposable personal income increased
5.4 percent, compared with an increase of 4.1 percent.
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-3Personal outlays increased $91.8 billion (3.8 percent) in the fourth quarter, compared with an
increase of $133.0 billion (5.7 percent) in the third. Personal saving -- disposable personal income less
personal outlays -- was a negative $96.0 billion in the fourth quarter, compared with a negative $111.7
billion in the third. The personal saving rate -- saving as a percentage of disposable personal income –
was a negative 1.0 percent in the fourth quarter, compared with a negative 1.2 percent in the third.
Saving from current income may be near zero or negative when outlays are financed by borrowing
(including borrowing financed through credit cards or home equity loans), by selling investments or
other assets, or by using savings from previous periods. For more information, see the FAQs on
“Personal Saving” on BEA’s Web site. For a comparison of personal saving in BEA’s national income
and product accounts with personal saving in the Federal Reserve Board’s flow of funds accounts, go to
http://www.bea.gov/bea/dn/nipaweb/Nipa-Frd.asp.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.0 percent, or $164.6 billion, in the fourth quarter to a level of $13,487.2 billion. In the third quarter,
current-dollar GDP increased 3.8 percent, or $125.3 billion.
2006 GDP
Real GDP increased 3.4 percent in 2006 (that is, from the 2005 annual level to the 2006 annual
level), compared with an increase of 3.2 percent in 2005.
The major contributors to the increase in real GDP in 2006 were personal consumption
expenditures (PCE), exports, and equipment and software. Imports, which are a subtraction in the
calculation of GDP, increased.
The acceleration in real GDP primarily reflected an upturn in private inventory investment and
accelerations in exports, in nonresidential structures, and in state and local government spending that
were partly offset by a downturn in residential fixed investment.
The price index for gross domestic purchases increased 3.1 percent in 2006, compared with an
increase of 3.5 percent in 2005.
Current-dollar GDP increased 6.4 percent, or $798.1 billion, in 2006. Current-dollar GDP
increased 6.3 percent, or $743.3 billion, in 2005.
During 2006 (that is, measured from the fourth quarter of 2005 to the fourth quarter of 2006), real
GDP increased 3.4 percent. Real GDP increased 3.1 percent during 2005. The price index for gross
domestic purchases increased 2.2 percent during 2006, compared with an increase of 3.6 percent during
2005.

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-4-

Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
“Key Source Data and Assumptions” file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimates of GDP and related series is made available on the Web site;
click on Survey of Current Business, “GDP and the Economy.”

*

*

*

BEA's national, international, regional, and industry estimates; the Survey of Current 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 of BEA releases and announcements.
*

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Next release – February 28, 2007, at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter 2006 (Preliminary)

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-5Comparisons of Revisions to GDP
Quarterly estimates of GDP are released on the following schedule: “Advance” estimates, based on source
data that are incomplete or subject to further revision by the source agency, are released near the end of the first
month after the end of the quarter; as more detailed and more comprehensive data become available,
“preliminary” and “final” estimates are released near the end of the second and third months, respectively. The
“latest” estimates reflect the results of both annual and comprehensive revisions.
Annual revisions, which cover the quarters of the 3 most recent calendar years, are usually carried out each
summer and incorporate more comprehensive data including annual surveys. Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.
The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and real GDP for the different vintages of the estimates. From the advance estimate to the preliminary estimate
(one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the final estimate (two months later), it is 0.6 percentage point. From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.4 percentage point, which is larger than
the average revisions from the advance estimate to the preliminary or to the final estimates. The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements such as
the introduction of chain indexes and the capitalization of software. The quarterly estimates correctly indicate the
direction of change of real GDP 98 percent of the time, correctly indicate whether it is accelerating or decelerating
74 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth
more than three-fifths of the time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages
Compared

Average

Average without
regard to sign

Standard deviation of
revision without regard
to sign

Current-dollar GDP
Advance to preliminary.....
Advance to final................
Preliminary to final...........

0.2
.2
.0

0.5
.7
.3

0.4
.4
.2

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

.4

1.2

.9

Real GDP
Advance to preliminary.....
Advance to final................
Preliminary to final...........

0.1
.1
.0

0.5
.6
.3

0.4
.4
.2

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

.4

1.3

1.0

NOTE.--These comparisons are based on the period from 1983 through 2003.

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Table 1.—Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2004

2005

2006

2003
I

Gross domestic product (GDP) ...................
3.9
3.2
3.4
Personal consumption expenditures ...........................
3.9
3.5
3.2
Durable goods ..............................................................
6.4
5.5
5.1
Nondurable goods ........................................................
3.6
4.5
3.8
Services ........................................................................
3.5
2.6
2.5
Gross private domestic investment .............................
9.8
5.4
4.6
Fixed investment ..........................................................
7.3
7.5
3.0
Nonresidential ...........................................................
5.9
6.8
7.4
Structures .............................................................
2.2
1.1
9.1
Equipment and software .....................................
7.3
8.9
6.7
Residential ................................................................
9.9
8.6 –4.2
Change in private inventories ...................................... .......... .......... ..........
Net exports of goods and services ............................. .......... .......... ..........
Exports ..........................................................................
9.2
6.8
8.9
Goods .......................................................................
9.0
7.5 10.5
Services ....................................................................
9.7
5.1
5.2
Imports ..........................................................................
10.8
6.1
5.8
Goods .......................................................................
10.9
6.7
5.9
Services ....................................................................
10.0
2.8
5.3
Government consumption expenditures and gross
investment ...................................................................
1.9
.9
2.1
Federal ..........................................................................
4.3
1.5
2.0
National defense ......................................................
5.9
1.7
1.9
Nondefense ..............................................................
1.2
1.1
2.2
State and local .............................................................
.5
.5
2.1
Addenda:
Final sales of domestic product ...................................
3.5
3.5
3.1
Gross domestic purchases ..........................................
4.4
3.3
3.2
Final sales to domestic purchasers .............................
4.0
3.6
3.0
Gross national product (GNP) .....................................
3.8
3.1 ..........
Disposable personal income ........................................
3.6
1.2
2.7
Current-dollar measures:
GDP ..........................................................................
6.9
6.3
6.4
Final sales of domestic product ..............................
6.5
6.7
6.2
Gross domestic purchases ......................................
7.6
6.9
6.4
Final sales to domestic purchasers ........................
7.2
7.2
6.2
GNP ..........................................................................
6.7
6.2 ..........
Disposable personal income ...................................
6.4
4.1
5.5
See ‘‘Explanatory Note’’ at the end of the tables.

II

2004
III

IV

I

II

2005
III

IV

I

II

2006
III

IV

I

II

III

IV

1.2
3.5
7.5
2.7
3.9
4.0
3.1
2.6
3.4
3.3
4.2
1.8
5.6
2.6
2.0
3.5
2.1
3.6
5.8
2.3
4.7
2.9
3.9
4.3
2.7
4.2
3.9
.8
4.8
2.6
2.8
4.4
.4 16.8 16.7
.7
6.1
1.7
8.7
6.1
2.4 12.8
9.0 –12.3 19.8
–.1
6.4
6.0
3.8
2.3
7.7
1.8
4.3
1.7
3.7
5.4
5.2
4.9
3.4
3.9
5.9
1.4
1.5
6.9
1.5
1.8
2.9
2.8
4.6
3.8
3.1
3.4
1.6
2.3
3.2
2.0
1.6
3.7
2.8
2.9
–1.3
3.3 17.7
9.3
4.8 21.7
2.0
5.1
8.2 –3.6
5.2 16.2
7.8
1.0
–.8 –11.0
–.4 10.6 13.6
5.5
2.2 11.7
7.6
4.9
7.8 10.5
6.3
2.8
8.2 –1.6 –1.2 –7.3
–2.6 10.7
9.4
2.8
1.7
7.2 10.3
8.3
6.0
5.2
5.9
5.2 13.7
4.4 10.0
–.4
–6.9 14.7
–.8 –4.7
3.3
6.9
3.1 –2.0
5.3 –2.0 –7.0 12.0
8.7 20.3 15.7
2.8
–1.0
9.3 13.2
5.6
1.2
7.3 13.0 12.3
6.3
7.9 11.0
2.8 15.6 –1.4
7.7 –1.8
4.1 10.5 22.2 10.6
3.1 19.8
3.2
–.6 11.1 20.0
7.1
–.9
–.3 –11.1 –18.7 –19.2
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
–5.3 –1.7 11.4 20.8
7.2
6.2
4.8
9.9
4.7
9.4
3.2
9.6 14.0
6.2
6.8 10.0
2.0 –1.2
8.8 19.8
7.1
6.4
8.3
6.1
5.5 12.8
3.7 11.5 17.3
6.0
9.4
8.8
–20.0 –2.8 17.5 23.1
7.5
5.6 –2.8 19.2
2.9
2.0
2.1
5.5
6.7
6.7
.8 13.0
–5.0
4.1
3.7 17.6 10.2 16.0
4.4 12.0
4.1
1.4
2.5 13.2
9.1
1.4
5.6 –3.2
–3.9
8.6
.6 17.2 10.1 17.7
4.7 12.6
4.9
2.0
2.7 14.1
9.4
–.1
7.1 –5.0
–10.6 –15.7 21.2 19.6 10.9
7.6
3.1
9.0
–.2 –1.5
1.2
8.3
7.4
9.9 –2.6
6.7
–1.4
.1
–4.4
9.0
–2.2

6.1
19.7
36.3
–6.4
–.8

1.5
.4
–5.3
12.4
2.1

.7
3.1
8.1
–6.0
–.6

2.9
7.2
9.1
3.6
.5

2.2
2.5
2.0
3.5
2.1

1.3
5.0
9.1
–2.9
–.9

–1.9
–5.2
–9.1
3.4
.1

1.6
3.4
4.5
1.2
.6

1.1
.4
2.9
–4.4
1.5

3.4
9.6
11.2
6.2
–.1

–1.1
–4.6
–9.9
7.1
1.0

4.9
8.8
8.9
8.5
2.7

.8
–4.5
–2.0
–9.3
4.0

1.7
1.3
–1.2
6.5
1.9

3.7
4.5
11.9
–9.3
3.3

1.3
.9
1.1
.8
1.7

4.5
4.0
5.1
4.1
5.0

6.9
6.6
6.1
7.3
6.3

2.1
3.0
2.5
3.5
1.7

3.4
4.4
4.0
3.5
3.9

2.6
5.5
4.1
2.9
2.4

4.0
3.1
4.0
3.3
2.8

2.6
3.3
3.2
2.0
7.5

3.3
3.4
3.3
3.6
–4.0

5.6
2.4
4.6
3.0
.5

4.4
4.0
4.2
4.9
–.6

–.3
2.7
.7
.5
5.5

5.6
5.3
5.4
6.1
4.6

2.1
2.0
1.6
2.3
–1.5

1.9
4.2
2.0
1.7
2.0
2.4
1.8 ..........
4.1
5.4

4.4
4.6
5.1
5.3
4.0
4.8

4.8
5.8
4.7
5.7
5.4
5.7

9.7
9.1
9.1
8.5
9.6
8.9

4.9
4.4
4.9
4.4
5.8
3.2

7.8
7.3
8.9
8.5
7.4
7.7

7.9
6.4
9.7
8.3
6.7
6.0

5.3
6.2
5.8
6.7
5.4
4.7

5.9
5.9
7.0
7.0
5.3
10.7

7.0
6.9
6.7
6.7
7.2
–1.8

5.8
8.2
5.8
8.1
5.6
3.6

7.6
7.8
8.5
8.8
8.4
3.5

5.1
3.0
6.3
4.3
3.8
8.6

9.0
9.1
8.2
8.2
9.6
6.8

5.9
5.5
6.1
5.7
5.7
2.5

3.8
5.0
3.8
5.8
4.2
1.7
4.2
2.4
3.7 ..........
6.6
4.6

Table 2.—Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
2004

Percent change at annual rate:
Gross domestic product .......................................
Percentage points at annual rates:
Personal consumption expenditures .......................
Durable goods ........................................................
Motor vehicles and parts .....................................
Furniture and household equipment ...................
Other ....................................................................
Nondurable goods .................................................
Food .....................................................................
Clothing and shoes .............................................
Gasoline, fuel oil, and other energy goods ........
Other ....................................................................
Services ...................................................................
Housing ................................................................
Household operation ............................................
Electricity and gas ...........................................
Other household operation .............................
Transportation ......................................................
Medical care ........................................................
Recreation ............................................................
Other ....................................................................
Gross private domestic investment .........................
Fixed investment ....................................................
Nonresidential ......................................................
Structures ........................................................
Equipment and software .................................
Information processing equipment and
software ..................................................
Computers and peripheral equipment ...
Software ..................................................
Other .......................................................
Industrial equipment ....................................
Transportation equipment ...........................
Other equipment .........................................
Residential ...........................................................
Change in private inventories ..............................
Farm .....................................................................
Nonfarm ...............................................................
Net exports of goods and services .........................
Exports ....................................................................
Goods ...................................................................
Services ...............................................................
Imports ....................................................................
Goods ...................................................................
Services ...............................................................
Government consumption expenditures and
gross investment ...................................................
Federal .....................................................................
National defense ..................................................
Consumption expenditures ..............................
Gross investment ............................................
Nondefense ..........................................................
Consumption expenditures ..............................
Gross investment ............................................
State and local .......................................................
Consumption expenditures ..............................
Gross investment ............................................
Addenda:
Goods .......................................................................
Services ....................................................................
Structures .................................................................
Motor vehicle output ................................................
Final sales of computers .........................................
See ‘‘Explanatory Note’’ at the end of the tables.

2005

2006

2003
I

II

2004
III

IV

I

II

2005
III

IV

I

II

2006
III

I

II

1.8

5.6

2.6

2.76
.53
.74 –1.08
.38 –1.51
.40
.33
–.03
.10
.70
.79
.61
.39
.08
.27
–.15 –.06
.16
.19
1.32
.83
.24
.18
.09
.01
.03
.03
.06 –.02
–.04 0
.53
.44
.05
.04
.44
.16
.84 2.51
1.02
.46
.59
.52
–.20
.31
.78
.21

3.38
1.50
.60
.65
.26
1.20
.64
.23
–.03
.36
.67
.24
–.58
–.58
0
.10
.52
.09
.31
1.31
1.34
1.36
.25
1.11

1.81
–.01
–.04
.10
–.06
.30
.19
–.10
.02
.19
1.52
.25
.31
.23
.08
.04
.31
.02
.58
.17
–.27
.45
.56
–.10

4.2

IV

III

2.0

IV

3.9

3.2

3.4

1.2

3.5

7.5

2.7

3.9

4.0

3.1

2.6

3.4

3.3

3.5

2.71
.54
.07
.35
.11
.73
.33
.14
.02
.24
1.45
.40
.10
.02
.08
.03
.37
.14
.41
1.49
1.11
.58
.06
.52

2.44
.45
.02
.29
.14
.90
.51
.17
–.01
.23
1.09
.30
.08
.04
.04
0
.43
.08
.20
.87
1.17
.67
.03
.64

2.25
.41
–.04
.36
.09
.78
.41
.14
–.02
.24
1.05
.24
–.02
–.05
.03
.04
.41
.06
.32
.75
.49
.75
.26
.49

1.41
.03
–.04
.05
.02
.75
.39
–.02
–.02
.39
.63
.11
0
–.05
.05
.07
.47
.02
–.04
–.16
–.04
–.24
–.18
–.06

2.53
1.35
.65
.49
.21
.45
.04
.29
–.02
.14
.73
.18
0
–.08
.08
–.03
.28
.15
.16
.51
1.52
1.01
.35
.66

4.13
1.39
.46
.67
.26
1.53
.61
.31
.10
.52
1.21
.35
.02
–.03
.05
.03
.28
.13
.40
2.56
2.00
.92
–.02
.95

1.59
.06
–.29
.27
.08
.36
.02
–.02
.06
.30
1.18
.40
.17
.12
.05
.02
.28
.16
.15
1.39
.83
.29
–.12
.41

3.30
.51
.09
.33
.10
.86
.54
.32
0
0
1.92
.49
.11
.06
.05
.05
.33
.18
.76
.74
.34
.18
.08
.10

2.07
.14
–.14
.28
.01
.34
.16
–.14
0
.32
1.59
.42
.10
–.06
.16
.06
.47
.13
.42
3.17
1.72
.69
.17
.52

2.74
.71
.22
.36
.13
.74
.28
.18
–.04
.32
1.30
.37
.06
–.07
.13
0
.53
.09
.24
.32
1.16
.97
.08
.90

2.97
.50
.17
.21
.12
1.07
.70
.19
.01
.16
1.39
.32
.25
.25
0
.04
.43
.05
.30
.82
.77
.81
–.05
.86

1.94
.20
–.29
.27
.21
1.04
.53
.17
.12
.21
.70
.29
.01
0
.01
.02
.32
.13
–.07
1.32
1.22
.59
.14
.45

2.94
1.02
.50
.28
.24
.98
.55
.25
–.10
.28
.94
.28
.04
0
.04
–.03
.40
.05
.20
–.61
1.62
.51
–.06
.56

.36
.10
.15
.11
–.05
.14
.07
.53
.38
.07
.31
–.65
.88
.60
.28
–1.53
–1.29
–.24

.30
.12
.09
.10
.10
.15
.09
.50
–.30
–.06
–.24
–.26
.68
.52
.16
–.94
–.87
–.07

.32
.11
.10
.11
.08
.01
.08
–.26
.26
.03
.24
–.02
.93
.76
.17
–.95
–.81
–.14

.31
.13
.12 0
.06
.05
.12
.08
.17
.14
–.57
.31
.04
.08
.20
.51
–.12 –1.01
.19 –.16
–.31 –.85
.21 –.73
–.53 –.16
.13 –.08
–.65 –.08
.74 –.57
.47 –.97
.27
.40

.82
.70
.30
.05
.26
.21 –.03 –.03
.32
.20
.17
.03
.23
.29
.16
.05
–.14 –.22 –.09 –.05
.01 –.13 –.08
.46
.26
.07 –.04
.06
1.08
.55
.16 1.03
.56
.56
.40 1.44
–.06 –.05
.27
.61
.62
.60
.13
.84
.51 –.47 –.73 –1.62
1.02 1.81
.69
.60
.55 1.20
.47
.43
.47
.61
.22
.17
–.51 –2.29 –1.42 –2.22
–.07 –1.86 –1.17 –2.03
–.44 –.43 –.25 –.18

.21
.33
.21
.17
.12
.16
–.12 0
.19
.05
.39
.40
.10
.08
.18 –.04
–.84
.05
–.48 –.38
–.35
.43
–.20 –.81
.46
.96
.55
.42
–.09
.54
–.66 –1.77
–.59 –1.55
–.08 –.22

.43
.29
.10
.10
.03
.12
.30
.06
.16 –.07
–.14
.11
.01
.24
.63 1.11
.09 –2.23
.16 –.26
–.06 –1.97
–.16
.72
.47
.94
.38
.88
.09
.06
–.63 –.22
–.64 –.26
.01
.04

.26
.25
.74
.06
.16
.15
.07
.04
.18
.13
.04
.40
.23
.19 –.05
.27 –.31
.31
.03
.08
.11
.43 –.06 –.02
–.18 2.05 –.03
.28
.14 –.01
–.46 1.90 –.02
–.06 –1.07 –.04
.33
.97 1.41
.27
.80 1.20
.06
.17
.21
–.39 –2.04 –1.46
–.36 –1.84 –1.27
–.03 –.20 –.19

–.04
.35
.06
.03
.13
.05
.07
.09
.14
–.14
.13 –.13
.16 0
–.05
–.32
.15 –.15
.09
.05 –.01
–.72 –1.20 –1.16
.44
.06 –.71
–.09
.02 –.02
.54
.05 –.69
.42 –.19 1.64
.66
.73 1.08
.45
.71
.68
.21
.03
.40
–.24 –.93
.56
.01 –1.00
.73
–.25
.07 –.17

.36
.30
.27
.22
.05
.03
.03
0
.06
.10
–.04

.17
.11
.08
.05
.03
.03
0
.02
.06
.08
–.02

.40
.14
.09
.05
.04
.05
.04
.01
.26
.18
.08

–.26
.01
–.20
–.22
.02
.21
.19
.01
–.27
–.19
–.09

1.16
1.26
1.41
1.30
.12
–.16
–.21
.06
–.10
–.07
–.02

.29
.03
–.25
–.32
.07
.28
.27
.01
.26
–.04
.30

.14
.21
.35
.31
.05
–.14
–.12
–.03
–.07
.07
–.15

.55
.49
.41
.40
0
.09
.11
–.03
.06
.19
–.13

.43
.18
.09
0
.10
.08
.03
.05
.25
.15
.11

.24
.34
.41
.34
.08
–.07
–.06
–.01
–.10
.08
–.18

–.37
–.38
–.45
–.44
–.01
.08
.05
.03
.01
.15
–.14

.31
.23
.21
.25
–.04
.03
.01
.01
.08
.02
.06

.21
.03
.13
.03
.10
–.11
–.09
–.02
.18
.05
.13

.64
.66
.52
.45
.07
.14
.08
.06
–.01
.14
–.15

–.21
–.33
–.49
–.47
–.02
.16
.05
.11
.13
.09
.03

.94
.61
.41
.37
.05
.20
.16
.03
.33
.17
.16

.16
–.32
–.09
–.17
.08
–.23
–.10
–.12
.48
.20
.28

.32
.09
–.06
–.04
–.02
.15
.13
.02
.23
.30
–.08

1.56
1.84
.51
.12
.06

1.43
1.31
.49
.20
.16

1.97
1.35
.06
–.05
.11

1.27
.03
–.09
–.46
.12

.56
2.06
.85
.36
–.02

5.00
1.15
1.33
.30
.50

.81
1.63
.22
–.23
.15

1.20
2.59
.05
.33
–.13

.99
1.74
1.31
–.24
–.14

1.56
1.48
.06
.52
.15

1.43
1.47
–.29
.06
.26

1.51
1.07
.82
.38
.16

1.09
1.04
1.13
–.03
.20

2.07
2.02
.09
.70
.08

.97
.46
.33
–.71
.20

3.86
1.39
.33
.12
.07

1.12
1.40
.04
–.31
.04

1.17 2.42
1.63 2.01
–.84 –.96
.76 –1.17
.07
.25

1.96 3.05
.50
.47
.28 –.08
.20
.43
.03
.12
.32 1.38
–.07
.69
.15
.19
.14
.09
.11
.41
1.14 1.20
.27
.33
.35
.09
.32
.08
.04
.01
.03
.10
.25
.31
.08
.11
.15
.26
–.13 –1.92
–.19 –1.21
1.01 –.05
.46
.09
.55 –.13

.70
.31
.53
.42
.11
–.22
–.17
–.05
.39
.33
.07

Table 3.—Gross Domestic Product and Related Measures: Level and Change From Preceding Period
Billions of current dollars

Billions of chained (2000) dollars

Seasonally adjusted
at annual rates
2006

2005

Seasonally adjusted
at annual rates
2006

2006

2005

Change from preceding
period

2006

2006
2006

IV

I

II

III

IV

IV

I

II

III

IV

Gross domestic product .......................... 13,253.9 12,730.5 13,008.4 13,197.3 13,322.6 13,487.2 11,422.4 11,163.8 11,316.4 11,388.1 11,443.5 11,541.6

III

IV

373.8

55.4

98.1

Personal consumption expenditures ...................

9,270.8

8,927.8

9,079.2

9,228.1

9,346.7

9,429.3

8,092.3

7,910.2

8,003.8

8,055.0

8,111.2

8,199.2

251.1

56.2

88.0

Durable goods ....................................................
Motor vehicles and parts .................................
Furniture and household equipment ...............
Other ................................................................

1,071.3
445.3
404.9
221.0

1,019.6
421.6
386.0
212.0

1,064.1
442.7
402.3
219.1

1,061.8
441.7
401.3
218.8

1,075.5
451.3
403.2
221.0

1,083.5
445.6
412.8
225.2

1,204.0
448.0
551.2
224.5

1,137.9
426.3
511.5
216.3

1,190.5
445.1
538.5
224.6

1,190.3
443.7
542.9
222.5

1,208.8
452.9
551.7
223.4

1,226.5
450.2
571.5
227.5

58.7
–4.9
60.6
11.9

18.5
9.2
8.8
.9

17.7
–2.7
19.8
4.1

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

2,716.0
1,281.7
358.6
338.7
737.1

2,613.5
1,233.7
349.1
322.1
708.6

2,658.2
1,262.3
355.4
316.2
724.2

2,721.4
1,274.0
355.1
359.1
733.3

2,747.7
1,280.7
358.7
369.4
738.9

2,736.6
1,309.6
365.2
309.9
752.0

2,363.5
1,111.4
392.7
197.9
671.5

2,309.6
1,085.7
383.1
196.6
652.4

2,342.8
1,103.4
391.1
196.0
662.6

2,351.1
1,108.8
387.4
196.3
668.3

2,360.1
1,106.8
392.6
198.7
671.5

2,399.9
1,126.6
399.6
200.5
683.7

86.7
45.7
20.0
–1.6
27.6

9.0
–2.0
5.2
2.4
3.2

39.8
19.8
7.0
1.8
12.2

Services ...............................................................
Housing ............................................................
Household operation ........................................
Electricity and gas .......................................
Other household operation .........................
Transportation ..................................................
Medical care ....................................................
Recreation ........................................................
Other ................................................................

5,483.6
1,382.2
505.8
212.0
293.8
337.1
1,589.1
379.5
1,289.9

5,294.7
1,326.6
506.1
219.9
286.2
325.9
1,534.0
367.7
1,234.4

5,356.8
1,345.4
494.8
206.2
288.6
330.4
1,557.2
372.4
1,256.5

5,444.9
1,370.1
499.1
206.9
292.2
335.9
1,578.2
377.2
1,284.3

5,523.5
1,394.2
512.3
216.6
295.7
339.5
1,597.5
382.7
1,297.3

5,609.2
1,419.2
517.0
218.3
298.7
342.4
1,623.6
385.7
1,321.4

4,549.0
1,148.7
415.8
149.9
267.1
288.4
1,304.3
319.9
1,070.6

4,476.7
1,131.2
419.8
154.7
264.9
283.5
1,279.0
315.1
1,046.5

4,494.5
1,137.6
404.3
141.7
264.8
286.3
1,292.6
317.5
1,054.9

4,535.4
1,144.5
412.5
147.0
267.0
287.5
1,300.9
318.1
1,070.6

4,566.6
1,151.7
422.1
154.4
268.1
288.5
1,307.6
320.4
1,074.8

4,599.4
1,160.8
424.5
156.3
268.3
291.3
1,316.1
323.5
1,081.9

112.4
26.1
–2.2
–3.9
3.0
4.0
43.4
6.8
34.4

31.2
7.2
9.6
7.4
1.1
1.0
6.7
2.3
4.2

32.8
9.1
2.4
1.9
.2
2.8
8.5
3.1
7.1

Gross private domestic investment .....................

2,218.4

2,154.5

2,214.8

2,237.1

2,235.5

2,186.0

1,951.3

1,927.0

1,963.6

1,968.5

1,964.8

1,908.2

85.0

–3.7

–56.6

Fixed investment ................................................
Nonresidential ..................................................
Structures ....................................................
Equipment and software .............................
Information processing equipment and
software ..............................................
Computers and peripheral equipment
Software ..............................................
Other ...................................................
Industrial equipment ................................
Transportation equipment .......................
Other equipment .....................................
Residential .......................................................

2,165.0
1,397.9
411.6
986.2

2,105.8
1,304.3
359.7
944.7

2,167.7
1,359.2
378.2
981.0

2,174.8
1,384.3
406.3
977.9

2,171.4
1,420.8
426.9
994.0

2,146.0
1,427.1
435.2
992.0

1,897.1
1,314.7
274.4
1,050.7

1,877.3
1,248.2
254.2
1,007.6

1,914.6
1,288.8
259.6
1,044.8

1,906.8
1,302.8
271.9
1,041.2

1,901.3
1,334.2
282.0
1,060.7

1,865.8
1,332.8
283.9
1,056.0

55.1
90.9
22.9
65.8

–5.5
31.4
10.1
19.5

–35.5
–1.4
1.9
–4.7

485.3
86.9
209.1
189.3
169.2
158.4
173.3
767.1

461.3
85.9
196.9
178.4
163.9
154.6
164.9
801.5

482.4
88.0
203.6
190.8
163.4
165.7
169.4
808.5

479.9
85.9
207.0
187.1
170.1
155.9
172.1
790.6

489.6
87.2
210.8
191.7
172.0
157.5
174.9
750.5

Change in private inventories ..........................
Farm .................................................................
Nonfarm ...........................................................

53.4
2.9
50.5

48.6
5.8
42.8

47.2
5.4
41.8

62.3
2.3
59.9

64.2
2.5
61.6

489.3
602.5
567.3
595.9
594.3
608.6
611.3
49.9
14.3
2.7
86.7 .............. .............. .............. .............. .............. .............. .............. .............. ..............
215.0
220.1
209.5
215.6
217.8
221.0
226.0
13.9
3.2
5.0
187.7
209.0
197.5
211.6
206.7
211.3
206.6
15.4
4.6
–4.7
171.4
152.3
150.4
149.0
153.9
153.9
152.6
8.8
0
–1.3
154.7
146.2
143.2
152.2
142.7
147.3
142.8
.8
4.6
–4.5
176.6
157.1
151.2
154.3
157.1
158.6
158.3
9.8
1.5
–.3
718.8
582.5
618.9
618.5
600.5
570.3
540.7
–25.5
–30.2
–29.6
40.1
1.5
38.6

46.4
2.7
43.9

43.5
4.8
38.6

41.2
4.3
36.8

53.7
1.9
52.2

55.4
2.5
53.3

35.3
2.1
33.4

26.8
2.5
24.3

1.7
.6
1.1

–20.1
–.4
–19.9

Net exports of goods and services .....................

–761.8

–775.4

–765.2

–781.8

–801.7

–698.3

–617.7

–636.6

–636.6

–624.2

–628.8

–581.4

1.5

–4.6

47.4

Exports ................................................................
Goods ...............................................................
Services ...........................................................

1,466.2
1,035.7
430.5

1,352.4
944.3
408.1

1,405.4
989.3
416.0

1,448.1
1,019.1
429.0

1,488.3
1,055.8
432.5

1,523.2
1,078.6
444.6

1,302.3
931.6
371.3

1,228.4
870.8
357.8

1,269.3
906.2
363.6

1,288.5
919.5
369.5

1,310.0
940.4
370.3

1,341.5
960.4
381.8

106.2
88.4
18.4

21.5
20.9
.8

31.5
20.0
11.5

Imports ................................................................
Goods ...............................................................
Services ...........................................................

2,228.0
1,878.4
349.6

2,127.8
1,799.3
328.5

2,170.6
1,832.6
338.1

2,229.8
1,879.0
350.8

2,290.1
1,938.8
351.3

2,221.5
1,863.4
358.1

1,920.1
1,640.6
281.7

1,865.0
1,595.8
271.7

1,905.9
1,631.9
276.6

1,912.7
1,631.7
283.2

1,938.8
1,660.1
281.3

1,922.9
1,638.9
285.9

104.8
90.7
14.2

26.1
28.4
–1.9

–15.9
–21.2
4.6

Government consumption expenditures and
gross investment ...............................................

2,526.4

2,423.6

2,479.6

2,513.9

2,542.1

2,570.2

1,998.8

1,963.5

1,987.1

1,991.2

1,999.4

2,017.7

40.8

8.2

18.3

Federal .................................................................
National defense ..............................................
Consumption expenditures ..........................
Gross investment ........................................
Nondefense ......................................................
Consumption expenditures ..........................
Gross investment ........................................

926.4
620.8
541.8
79.0
305.7
266.2
39.5

886.2
590.9
516.9
74.1
295.3
254.2
41.1

921.7
613.5
537.7
75.8
308.2
265.9
42.4

919.7
616.5
537.7
78.8
303.2
264.6
38.6

927.2
618.1
539.3
78.8
309.0
269.8
39.3

937.1
635.0
552.4
82.5
302.2
264.5
37.6

741.9
492.7
418.0
76.4
249.0
211.3
38.1

729.6
481.4
410.0
72.6
248.0
208.7
40.1

745.1
491.8
419.0
74.0
253.1
212.8
41.1

736.6
489.3
414.7
76.5
247.0
210.1
37.2

738.9
487.8
413.7
75.9
250.9
213.4
37.8

747.1
501.8
424.5
79.3
244.9
208.9
36.2

14.4
9.1
4.7
5.2
5.3
4.0
1.4

2.3
–1.5
–1.0
–.6
3.9
3.3
.6

8.2
14.0
10.8
3.4
–6.0
–4.5
–1.6

State and local ...................................................
Consumption expenditures ..........................
Gross investment ........................................

1,600.0
1,287.4
312.6

1,537.4
1,243.4
294.0

1,557.9
1,256.2
301.7

1,594.2
1,280.7
313.5

1,614.9
1,300.0
315.0

1,633.0
1,312.6
320.4

1,256.8
1,006.0
250.7

1,233.7
991.9
241.6

1,242.0
996.1
245.7

1,254.4
1,001.2
253.1

1,260.3
1,009.0
251.1

1,270.5
1,017.4
252.9

26.4
18.0
8.6

5.9
7.8
–2.0

10.2
8.4
1.8

Residual .................................................................... .............. .............. .............. .............. .............. ..............

–86.9

–53.7

–78.7

–77.6

–88.3

–101.3 .............. .............. ..............

Addenda:
Final sales of domestic product .......................... 13,200.4 12,681.9 12,961.2 13,135.1 13,258.4 13,447.1 11,369.7 11,115.5 11,269.0 11,328.0 11,381.6 11,500.3
Gross domestic purchases .................................. 14,015.6 13,505.9 13,773.6 13,979.1 14,124.3 14,185.5 12,034.1 11,792.9 11,946.3 12,005.9 12,066.6 12,117.8
Final sales to domestic purchasers .................... 13,962.2 13,457.3 13,726.4 13,916.8 14,060.1 14,145.5 11,981.4 11,744.6 11,898.7 11,945.9 12,004.7 12,076.4
Gross domestic product ...................................
Plus: Income receipts from the rest of the world
Less: Income payments to the rest of the world
Equals: Gross national product .......................

13,253.9 12,730.5 13,008.4 13,197.3 13,322.6
..............
564.9
603.3
661.4
682.3
..............
552.4
574.3
638.6
665.7
.............. 12,743.0 13,037.4 13,220.1 13,339.2

13,487.2
..............
..............
..............

Net domestic product ........................................... 11,678.5 11,168.0 11,460.3 11,624.6 11,740.6 11,888.6
NOTE.—Users are cautioned that particularly for components that exhibit rapid change in prices relative to other
prices in the economy, the chained-dollar estimates should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate series. For accurate estimates of the contributions
to percent changes in real gross domestic product, use table 2.
See ‘‘Explanatory Note’’ at the end of the tables.

11,422.4 11,163.8 11,316.4 11,388.1 11,443.5
..............
496.1
526.4
571.4
586.5
..............
483.8
499.7
550.3
570.9
.............. 11,175.6 11,342.7 11,408.5 11,458.5
9,990.2

9,727.9

9,896.5

344.5
374.4
345.3

11,541.6
373.8
.............. ..............
.............. ..............
.............. ..............

9,959.8 10,007.3 10,097.3

433.0

53.6
60.7
58.8

118.7
51.2
71.7

55.4
98.1
15.1 ..............
20.6 ..............
50.0 ..............
47.5

90.0

Table 4.—Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2004

2005

2006

2003
I

II

2004
III

IV

I

II

2005
III

IV

I

II

2006
III

IV

I

II

III

IV

Gross domestic product (GDP) ...................

2.8

3.0

2.9

3.1

1.3

2.1

2.2

3.7

3.7

2.1

3.2

3.5

2.4

3.3

3.3

3.3

3.3

1.9

1.5

Personal consumption expenditures ...........................
Durable goods ..............................................................
Nondurable goods ........................................................
Services ........................................................................

2.6
–1.6
3.3
3.2

2.9
–.7
3.6
3.2

2.8
–1.4
3.1
3.4

3.1
–4.8
5.6
3.6

.7
–4.2
–2.9
3.5

2.4
–4.0
3.9
3.0

1.5
–3.5
.5
3.0

3.7
0
5.7
3.5

3.6
.3
6.0
3.2

1.9
–2.3
1.1
3.1

3.0
.3
4.4
3.0

2.3
.3
1.1
3.2

3.1
–.6
4.8
3.1

4.1
–2.9
9.0
3.2

2.9
–1.3
.6
5.0

2.0
–1.0
1.1
3.1

4.0
–.8
8.3
2.9

2.4
–1.1
2.3
3.0

–.8
–2.8
–8.0
3.4

Gross private domestic investment .............................
3.3
3.4
3.2
2.8
–.7
1.3
3.5
4.2
4.5
3.6
3.7
3.0
2.7
3.7
4.3
3.7
3.1
.6
3.0
Fixed investment ..........................................................
3.4
3.5
3.3
3.1
–.8
1.3
3.5
4.3
4.6
3.6
3.7
3.1
2.7
4.0
4.6
3.8
3.0
.5
2.9
Nonresidential ...........................................................
1.2
2.6
2.8
.1 –1.3
.7
1.4
1.0
2.1
1.4
2.6
3.6
2.0
2.2
3.5
3.7
3.0
.9
2.2
Structures .............................................................
6.2 11.3 11.4
4.8
–.2
2.3
4.2
6.7
7.8 10.2 12.0 11.6
9.2 13.2 16.8 12.4 10.7
5.3
5.1
Equipment and software .....................................
–.4
–.4
–.3 –1.5 –1.7
.1
.4
–.9
.2 –1.5
–.5
.9
–.4 –1.5 –1.0
.6
.1
–.9
1.0
Residential ................................................................
7.3
5.1
4.0
9.4
.2
2.6
7.7 10.5
9.0
7.4
5.6
2.3
3.8
6.9
6.3
3.8
2.9
–.1
4.1
Change in private inventories ...................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services ............................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports ..........................................................................
3.7
3.6
3.3
4.1
1.1
.9
3.0
6.1
5.0
1.8
4.0
4.6
3.6
2.6
2.8
2.3
6.1
4.5
–.3
Goods .......................................................................
3.7
3.1
3.3
3.6
1.6
–.7
4.1
6.5
5.2
1.1
3.6
4.4
3.0
1.3
2.3
2.8
6.2
5.3
.1
Services ....................................................................
3.5
4.8
3.4
5.3
–.2
4.7
.7
5.0
4.5
3.5
5.0
5.1
4.9
5.6
4.2
1.2
6.0
2.5 –1.2
Imports ..........................................................................
5.0
6.3
4.3 11.3 –3.9
2.6
.4
9.7
7.3
5.5
6.7
2.6
9.2 10.2
4.3
–.7
9.8
5.4 –8.5
Goods .......................................................................
5.0
6.5
4.5 11.9 –6.7
2.5
.5 10.1
7.9
5.4
6.8
1.8 10.1 11.3
5.1 –1.6 10.6
5.8 –10.2
Services ....................................................................
5.1
5.4
3.4
8.1 11.8
3.1
0
8.0
4.4
6.2
6.3
6.8
5.1
4.3
–.1
4.5
5.5
3.2
1.3
Government consumption expenditures and gross
investment ...................................................................
Federal ..........................................................................
National defense ......................................................
Nondefense ..............................................................
State and local .............................................................

4.4
4.7
4.7
4.7
4.3

5.6
4.8
5.1
4.1
6.2

4.3
3.4
3.4
3.5
4.8

9.2
11.3
10.3
12.9
8.1

1.3
1.5
1.4
1.6
1.1

2.5
1.0
1.2
.6
3.3

2.2
1.1
1.3
.6
2.9

6.8
11.5
10.5
13.7
4.1

5.3
5.3
5.8
4.3
5.3

4.6
2.2
2.8
.9
6.1

5.7
2.9
3.2
2.3
7.4

7.0
11.3
11.6
10.6
4.6

4.6
2.2
2.4
1.8
6.1

5.9
3.3
3.4
3.2
7.4

4.7
.4
1.0
–.7
7.3

4.4
7.6
6.7
9.5
2.6

4.8
3.8
4.1
3.2
5.4

2.8
2.0
2.3
1.4
3.4

Addenda:
Final sales of domestic product ...................................
Gross domestic purchases ..........................................
Final sales to domestic purchasers .............................
Gross national product (GNP) .....................................

2.8
3.1
3.1
2.8

3.0
2.9
3.5
3.1
3.5
3.1
3.0 ..........

3.2
4.1
4.2
3.2

1.3
.6
.6
1.3

2.1
2.2
2.2
2.1

2.2
1.9
1.9
2.2

3.7
4.3
4.3
3.7

3.7
4.1
4.1
3.7

2.1
2.6
2.6
2.1

3.2
3.6
3.6
3.2

3.5
3.2
3.2
3.5

2.4
3.3
3.3
2.4

3.3
4.4
4.4
3.3

3.3
3.5
3.5
3.2

3.3
2.7
2.7
3.3

3.3
4.0
4.0
3.3

1.9
1.5
2.2
.1
2.2
0
1.9 ..........

Implicit price deflators:
GDP ..........................................................................
Gross domestic purchases ......................................
GNP ..........................................................................

2.8
3.1
2.8

3.0
2.9
3.5
3.1
3.0 ..........

3.2
4.1
3.1

1.3
.6
1.3

2.1
2.3
2.1

2.2
1.9
2.2

3.8
4.3
3.8

3.7
4.0
3.7

2.1
2.6
2.1

3.2
3.6
3.2

3.4
3.2
3.4

2.5
3.4
2.5

3.3
4.3
3.3

3.3
3.5
3.3

3.3
2.7
3.3

3.3
4.0
3.3

1.9
1.5
2.1
0
1.9 ..........

See ‘‘Explanatory Note’’ at the end of the tables.

.8
–.1
–.5
.7
1.2

Table 5.—Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
2004

2005

2006

2005
IV

2006
I

II

III

IV

Gross domestic product ............................................................................................

109.031

112.546

116.354

113.719

115.274

116.004

116.569

117.568

Personal consumption expenditures .........................................................................................
Durable goods ............................................................................................................................
Nondurable goods ......................................................................................................................
Services ......................................................................................................................................

112.430
125.753
111.913
110.055

116.349
132.666
116.924
112.925

120.075
139.462
121.376
115.785

117.373
131.799
118.608
113.945

118.761
137.893
120.313
114.398

119.521
137.868
120.742
115.440

120.355
140.019
121.204
116.234

121.661
142.068
123.246
117.069

Gross private domestic investment ...........................................................................................
102.026
107.537
112.436
111.034
113.143
113.429
113.215
109.955
Fixed investment ........................................................................................................................
102.080
109.708
112.993
111.811
114.033
113.570
113.240
111.128
Nonresidential ........................................................................................................................
92.995
99.326
106.703
101.308
104.606
105.738
108.292
108.175
Structures ...........................................................................................................................
79.418
80.302
87.603
81.174
82.893
86.819
90.044
90.657
Equipment and software ...................................................................................................
98.400
107.180
114.342
109.653
113.704
113.313
115.434
114.916
Residential ..............................................................................................................................
125.281
136.050
130.337
138.495
138.391
134.368
127.601
120.987
Change in private inventories .................................................................................................... .................... .................... .................... .................... .................... .................... .................... ....................
Exports of goods and services ..................................................................................................

102.201

109.105

118.796

112.054

115.783

117.536

119.495

122.371

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

115.962

123.007

130.107

126.377

129.146

129.608

131.378

130.298

Government consumption expenditures and gross investment ...........................................
Federal .......................................................................................................................................
State and local ...........................................................................................................................

112.720
123.813
107.094

113.731
125.701
107.660

116.104
128.183
109.972

114.048
126.053
107.954

115.423
128.728
108.682

115.657
127.262
109.762

116.136
127.669
110.277

117.198
129.073
111.169

Addenda:
Final sales of domestic product ................................................................................................
Gross domestic purchases ........................................................................................................
Final sales to domestic purchasers ..........................................................................................
Gross national product ...............................................................................................................

109.096
110.691
110.761
109.039

112.958
116.487
114.351
118.023
114.755
118.160
112.399 ....................

113.883
115.657
115.825
113.390

115.455
117.161
117.345
115.085

116.060
117.746
117.810
115.753

116.609
117.825
118.341
118.843
118.390
119.097
116.260 ....................

See ‘‘Explanatory Note’’ at the end of the tables.

Table 6.—Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
Seasonally adjusted
2004

2005

2006

2005
IV

2006
I

II

III

IV

Gross domestic product ............................................................................................

109.429

112.744

116.053

114.048

114.967

115.905

116.446

116.893

Personal consumption expenditures (PCE) ..............................................................................
Durable goods ............................................................................................................................
Nondurable goods ......................................................................................................................
Services ......................................................................................................................................

108.373
90.845
107.617
112.863

111.493
90.198
111.530
116.529

114.568
88.974
114.937
120.544

112.873
89.606
113.177
118.281

113.445
89.385
113.484
119.194

114.573
89.206
115.769
120.059

115.241
88.967
116.442
120.960

115.012
88.340
114.051
121.961

Gross private domestic investment ...........................................................................................
106.645
110.284
113.804
111.853
112.860
113.717
113.895
114.743
Fixed investment ........................................................................................................................
106.811
110.542
114.143
112.194
113.238
114.074
114.224
115.034
Nonresidential ........................................................................................................................
100.834
103.428
106.332
104.510
105.471
106.266
106.501
107.090
Structures ...........................................................................................................................
120.951
134.647
149.938
141.476
145.684
149.432
151.372
153.262
Equipment and software ...................................................................................................
94.503
94.134
93.863
93.754
93.887
93.920
93.704
93.941
Residential ..............................................................................................................................
120.618
126.714
131.775
129.536
130.765
131.696
131.655
132.986
Change in private inventories .................................................................................................... .................... .................... .................... .................... .................... .................... .................... ....................
Exports of goods and services ..................................................................................................

105.151

108.949

112.581

110.108

110.737

112.400

113.631

113.558

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

104.678

111.268

116.057

114.117

113.918

116.608

118.143

115.559

Government consumption expenditures and gross investment ...........................................
Federal .......................................................................................................................................
State and local ...........................................................................................................................

114.718
115.249
114.417

121.183
120.726
121.463

126.398
124.881
127.305

123.444
121.479
124.620

124.791
123.721
125.434

126.262
124.871
127.095

127.150
125.482
128.147

127.389
125.449
128.544

Addenda:
PCE excluding food and energy ...............................................................................................
Market-based PCE 1 ..................................................................................................................
Market-based PCE excluding food and energy 1 .....................................................................

107.314
107.393
105.865

109.559
110.339
107.713

111.994
113.175
109.719

110.418
111.647
108.375

110.983
112.116
108.810

111.738
113.272
109.524

112.337
113.879
110.033

112.919
113.434
110.510

Final sales of domestic product ................................................................................................
Gross domestic purchases ........................................................................................................
Final sales to domestic purchasers ..........................................................................................
Gross national product ...............................................................................................................

109.455
109.210
109.235
109.419

112.783
116.106
112.981
116.487
113.021
116.540
112.733 ....................

114.101
114.541
114.594
114.038

115.025
115.313
115.371
114.958

115.961
116.455
116.510
115.897

116.498
116.938
117.080
117.100
117.133
117.144
116.440 ....................

Implicit price deflators:
Gross domestic product ........................................................................................................
Final sales of domestic product ............................................................................................
Gross domestic purchases ....................................................................................................
Final sales to domestic purchasers ......................................................................................
Gross national product ..........................................................................................................

109.426
109.455
109.207
109.235
109.416

112.737
116.034
112.783
116.102
112.975
116.466
113.021
116.532
112.726 ....................

114.034
114.092
114.526
114.583
114.025

114.951
115.017
115.296
115.360
114.942

115.887
115.952
116.435
116.499
115.879

116.420
116.857
116.490
116.928
117.053
117.064
117.122
117.133
116.414 ....................

1. This index is a supplemental measure that is based on household expenditures for which there are observable
price measures. It excludes most implicit prices (for example, the services furnished without payment by financial
intermediaries) and the expenses of nonprofit institutions. Percentage changes for these series are included in the
addenda to table 8 and in appendix table A.
See ‘‘Explanatory Note’’ at the end of the tables.

Table 7.—Real Gross Domestic Product: Percent Change From Preceding Year
1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

Gross domestic product (GDP) .........................................................
–0.2
3.3
2.7
4.0
2.5
3.7
4.5
4.2
4.5
3.7
0.8
1.6
2.5
3.9
3.2
3.4
Personal consumption expenditures ..................................................................
.2
3.3
3.3
3.7
2.7
3.4
3.8
5.0
5.1
4.7
2.5
2.7
2.8
3.9
3.5
3.2
Durable goods .....................................................................................................
–5.6
5.9
7.8
8.4
4.4
7.8
8.6 11.3 11.7
7.3
4.3
7.1
5.8
6.4
5.5
5.1
Nondurable goods ...............................................................................................
–.2
2.0
2.7
3.5
2.2
2.6
2.7
4.0
4.6
3.8
2.0
2.5
3.2
3.6
4.5
3.8
Services ...............................................................................................................
1.7
3.5
2.8
2.9
2.6
2.9
3.3
4.2
4.0
4.5
2.4
1.9
1.9
3.5
2.6
2.5
Gross private domestic investment ....................................................................
–8.1
8.1
8.9 13.6
3.1
8.9 12.4
9.8
7.8
5.7 –7.9 –2.6
3.6
9.8
5.4
4.6
Fixed investment .................................................................................................
–6.5
5.9
8.6
9.3
6.5
9.0
9.2 10.2
8.3
6.5 –3.0 –5.2
3.4
7.3
7.5
3.0
Nonresidential .................................................................................................
–5.4
3.2
8.7
9.2 10.5
9.3 12.1 11.1
9.2
8.7 –4.2 –9.2
1.0
5.9
6.8
7.4
Structures ................................................................................................... –11.1 –6.0
–.7
1.8
6.4
5.6
7.3
5.1
–.4
6.8 –2.3 –17.1 –4.1
2.2
1.1
9.1
Equipment and software ............................................................................
–2.6
7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7
9.4 –4.9 –6.2
2.8
7.3
8.9
6.7
Residential ......................................................................................................
–9.6 13.8
8.2
9.6 –3.2
8.0
1.9
7.6
6.0
.8
.4
4.8
8.4
9.9
8.6 –4.2
Change in private inventories ............................................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services .................................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports ................................................................................................................
6.6
6.9
3.2
8.7 10.1
8.4 11.9
2.4
4.3
8.7 –5.4 –2.3
1.3
9.2
6.8
8.9
Goods ..............................................................................................................
6.9
7.5
3.3
9.7 11.7
8.8 14.3
2.2
3.8 11.2 –6.1 –4.0
1.8
9.0
7.5 10.5
Services ..........................................................................................................
6.0
5.5
3.2
6.3
6.3
7.2
5.9
2.9
5.6
2.9 –3.7
1.9
0
9.7
5.1
5.2
Imports .................................................................................................................
–.6
7.0
8.8 11.9
8.0
8.7 13.6 11.6 11.5 13.1 –2.7
3.4
4.1 10.8
6.1
5.8
Goods ..............................................................................................................
–.1
9.3 10.1 13.3
9.0
9.3 14.4 11.7 12.4 13.5 –3.2
3.7
4.9 10.9
6.7
5.9
Services ..........................................................................................................
–2.6 –2.6
2.9
5.7
3.3
5.5
9.4 11.4
6.9 11.1
–.3
2.1
0
10.0
2.8
5.3
Government consumption expenditures and gross investment ....................
1.1
.5
–.9
0
.5
1.0
1.9
1.9
3.9
2.1
3.4
4.4
2.5
1.9
.9
2.1
Federal ................................................................................................................
–.2 –1.7 –4.2 –3.7 –2.7 –1.2 –1.0 –1.1
2.2
.9
3.9
7.0
6.8
4.3
1.5
2.0
National defense .............................................................................................
–1.1 –5.0 –5.6 –4.9 –3.8 –1.4 –2.8 –2.1
1.9
–.5
3.9
7.4
8.7
5.9
1.7
1.9
Nondefense .....................................................................................................
2.4
6.9
–.7 –1.2
–.4
–.7
2.6
.7
2.8
3.5
3.9
6.3
3.4
1.2
1.1
2.2
State and local ....................................................................................................
2.1
2.2
1.4
2.6
2.6
2.3
3.6
3.6
4.7
2.7
3.2
3.1
.2
.5
.5
2.1
Addenda:
Final sales of domestic product .........................................................................
.1
3.0
2.6
3.4
3.0
3.7
4.0
4.2
4.5
3.8
1.6
1.2
2.5
3.5
3.5
3.1
Gross domestic purchases .................................................................................
–.8
3.3
3.2
4.4
2.4
3.8
4.8
5.3
5.3
4.4
.9
2.2
2.8
4.4
3.3
3.2
Final sales to domestic purchasers ...................................................................
–.6
3.1
3.2
3.8
2.8
3.8
4.3
5.3
5.4
4.5
1.8
1.8
2.8
4.0
3.6
3.0
Gross national product ........................................................................................
–.3
3.3
2.7
3.9
2.6
3.7
4.4
4.0
4.6
3.7
.8
1.5
2.7
3.8
3.1 ..........
Real disposable personal income ......................................................................
.5
3.4
1.0
2.7
2.8
3.0
3.5
5.8
3.0
4.8
1.9
3.1
2.2
3.6
1.2
2.7
Price indexes:
Gross domestic purchases .............................................................................
3.3
2.3
2.2
2.1
2.1
1.8
1.4
.6
1.6
2.5
2.0
1.6
2.3
3.1
3.5
3.1
Gross domestic purchases excluding food and energy ................................
3.5
2.6
2.3
2.2
2.2
1.5
1.3
1.0
1.4
1.9
1.9
1.9
1.9
2.7
2.8
2.7
GDP ................................................................................................................
3.5
2.3
2.3
2.1
2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.7
2.1
2.8
3.0
2.9
GDP excluding food and energy ...................................................................
3.6
2.5
2.4
2.2
2.1
1.7
1.7
1.2
1.5
2.0
2.1
2.1
1.9
2.7
3.0
2.9
Personal consumption expenditures ..............................................................
3.6
2.9
2.3
2.1
2.1
2.2
1.7
.9
1.7
2.5
2.1
1.4
2.0
2.6
2.9
2.8

Table 8.—Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2003
I

II

2004
III

IV

I

II

2005
III

IV

I

II

2006
III

IV

I

II

III

IV

Gross domestic product (GDP) .........................................................
1.5
1.8
3.1
3.7
4.3
4.5
3.4
3.4
3.3
3.1
3.4
3.1
3.7
3.5
3.0
3.4
Personal consumption expenditures (PCE) .......................................................
2.0
2.3
3.2
3.4
4.1
3.9
3.5
4.0
3.5
3.8
3.8
2.9
3.4
3.0
2.7
3.7
Durable goods .....................................................................................................
2.4
5.5
6.7
8.3
9.8
6.1
4.2
5.6
4.7
7.4
7.5
2.5
6.6
3.4
2.8
7.8
Nondurable goods ...............................................................................................
2.3
2.5
4.3
3.9
4.0
3.8
2.9
3.8
4.0
4.8
4.7
4.4
4.5
3.6
3.2
3.9
Services ...............................................................................................................
1.8
1.6
2.0
2.2
3.0
3.5
3.6
3.7
3.0
2.6
2.6
2.3
2.3
2.6
2.5
2.7
Gross private domestic investment ....................................................................
1.3
1.6
4.4
7.0
8.6 13.2
9.2
8.2
9.0
2.8
3.6
6.3
6.2
7.4
5.9 –1.0
Fixed investment .................................................................................................
–1.0
1.9
5.4
7.2
7.9
8.2
6.7
6.6
8.0
7.7
7.4
6.8
6.9
3.9
2.0
–.6
Nonresidential .................................................................................................
–3.9
.1
2.9
4.9
6.1
5.2
5.5
6.9
8.0
7.4
6.3
5.6
7.4
7.2
8.3
6.8
Structures ................................................................................................... –11.9 –3.9
.1
.2
2.9
1.1
2.0
2.7
3.2
1.0 –1.6
1.8
2.6
8.0 14.1 11.7
Equipment and software ............................................................................
–.9
1.5
3.9
6.6
7.2
6.7
6.7
8.3
9.7
9.8
9.3
7.0
9.2
6.8
6.0
4.8
Residential ......................................................................................................
5.5
5.7 10.6 11.7 11.4 13.7
9.0
6.1
8.1
8.1
9.1
9.0
6.1 –1.5 –8.1 –12.6
Change in private inventories ............................................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services .................................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports ................................................................................................................
1.1 –1.9
.1
5.8
9.1 11.2
9.6
7.0
6.4
7.2
6.8
6.7
9.0
8.2
9.1
9.2
Goods ..............................................................................................................
2.0 –1.6
–.1
7.1
8.4 10.4 10.3
7.0
6.6
8.1
7.0
8.3 11.2
9.5 11.0 10.3
Services ..........................................................................................................
–1.0 –2.4
.5
3.0 10.9 13.2
7.9
7.1
5.9
5.0
6.3
3.1
4.0
5.2
4.9
6.7
Imports .................................................................................................................
5.3
3.3
2.8
4.8
8.8 11.7 11.9 10.6
9.0
5.4
4.9
5.2
6.4
6.4
7.2
3.1
Goods ..............................................................................................................
6.4
4.7
3.2
5.3
9.0 11.2 12.3 11.2
9.8
6.0
5.5
5.8
6.9
6.4
7.5
2.7
Services ..........................................................................................................
.1 –3.3
1.0
2.2
7.9 14.7 10.1
7.6
4.8
2.5
2.0
1.9
3.7
6.6
5.6
5.2
Government consumption expenditures and gross investment ....................
2.6
2.9
2.7
1.7
2.8
1.8
1.8
1.1
.8
.5
1.0
1.2
2.1
2.0
1.6
2.8
Federal ................................................................................................................
6.3
8.0
7.3
5.5
7.4
3.3
4.4
2.3
1.3
.8
1.9
2.1
3.4
2.1
.1
2.4
National defense .............................................................................................
6.3 11.7
9.1
7.5 11.1
3.3
7.0
2.5
1.4
1.6
2.1
1.9
2.9
1.7 –1.3
4.2
Nondefense .....................................................................................................
6.5
1.3
4.0
1.9
.6
3.2
–.5
1.8
1.2
–.7
1.5
2.4
4.2
2.9
2.9 –1.3
State and local ....................................................................................................
.7
.2
.3
–.4
.3
1.0
.3
.4
.5
.3
.5
.8
1.3
1.9
2.4
3.0
Addenda:
Final sales of domestic product .........................................................................
1.1
1.8
3.2
3.7
4.2
3.7
3.0
3.1
3.1
3.9
4.0
3.2
3.8
2.9
2.3
3.5
Gross domestic purchases .................................................................................
2.0
2.3
3.3
3.6
4.5
4.9
4.0
4.1
3.8
3.0
3.3
3.1
3.6
3.5
3.0
2.8
Final sales to domestic purchasers ...................................................................
1.7
2.4
3.4
3.7
4.4
4.2
3.6
3.8
3.6
3.8
3.8
3.2
3.7
3.0
2.4
2.8
Gross national product ........................................................................................
1.6
2.2
3.3
3.9
4.6
4.3
3.3
2.9
3.0
3.0
3.4
3.0
3.6
3.4
2.7 ..........
Real disposable personal income ......................................................................
.6
1.3
3.3
3.7
4.2
3.6
2.7
4.1
2.1
1.6
.8
.3
2.5
2.0
3.2
3.1
Price indexes:
Gross domestic purchases .............................................................................
2.6
2.1
2.3
2.2
2.2
3.1
3.2
3.7
3.4
3.2
3.6
3.6
3.5
3.6
3.1
2.2
Gross domestic purchases excluding food and energy ................................
1.9
1.8
1.9
1.9
2.1
2.6
2.8
3.0
3.0
2.8
2.8
2.8
2.7
2.9
2.8
2.6
GDP ................................................................................................................
2.1
2.1
2.2
2.2
2.3
2.9
2.9
3.2
3.1
2.8
3.1
3.1
3.1
3.3
2.9
2.5
GDP excluding food and energy ...................................................................
2.0
1.9
1.9
1.9
2.1
2.6
2.9
3.1
3.1
2.9
2.9
3.0
2.9
3.1
2.9
2.6
PCE .................................................................................................................
2.3
1.8
1.9
1.9
2.0
2.8
2.7
3.0
2.7
2.6
3.1
3.1
3.0
3.3
2.8
1.9
PCE excluding food and energy ....................................................................
1.5
1.4
1.3
1.4
1.8
2.1
2.1
2.2
2.2
2.0
2.0
2.1
2.0
2.2
2.4
2.3
Market-based PCE 1 .......................................................................................
2.3
1.7
1.8
1.6
1.7
2.4
2.3
2.7
2.5
2.4
3.1
3.0
2.9
3.2
2.6
1.6
1
Market-based PCE excluding food and energy ..........................................
1.3
1.2
1.1
1.0
1.3
1.5
1.4
1.7
1.8
1.7
1.7
1.8
1.6
1.9
2.0
2.0
1. This index is a supplemental measure that is based on household expenditures for which there are observable
price measures. It excludes most implicit prices (for example, the services furnished without payment by financial
intermediaries) and the expenses of nonprofit institutions.

Table 9.—Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
2004

2005

2006

2005

2006

IV
12,455.8

I

II

III

IV

Gross domestic product ..............................................................................................................

11,712.5

13,253.9

12,730.5

13,008.4

13,197.3

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

410.2
363.9

513.3 ....................
481.5 ....................

564.9
552.4

603.3
574.3

661.4
638.6

13,322.6

682.3 ....................
665.7 ....................

13,487.2

Equals: Gross national product .................................................................................................

11,758.7

12,487.7 ....................

12,743.0

13,037.4

13,220.1

13,339.2 ....................

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

1,436.2
66.7

1,604.8
1,575.4
71.0 ....................

1,562.5
74.3

1,548.0
–61.9

1,572.8
35.8

1,582.0
1,598.6
–5.3 ....................

Equals: National income .............................................................................................................
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 adjustment .............................................
Corporate profits with inventory valuation and capital consumption adjustments ...................
Net interest and miscellaneous payments ................................................................................
Taxes on production and imports less subsidies .....................................................................
Business current transfer payments ..........................................................................................
Current surplus of government enterprises ..............................................................................

10,255.9
6,650.3
5,377.1
1,273.2
911.1
127.0
1,182.6
485.1
819.4
85.5
–5.0

10,811.8 ....................
7,030.3
7,493.1
5,664.8
6,037.7
1,365.5
1,455.4
970.7
1,014.8
72.8
76.5
1,330.7 ....................
483.4
510.6
865.1
912.1
74.2
93.1
–15.4
–9.8

11,106.2
7,184.4
5,787.0
1,397.4
996.8
81.5
1,393.5
490.0
874.2
99.1
–13.3

11,551.3
7,400.3
5,970.1
1,430.3
1,008.3
76.8
1,569.1
514.8
897.4
93.8
–9.2

11,611.5
7,425.5
5,980.9
1,444.5
1,011.9
71.4
1,591.8
513.2
914.0
93.1
–9.4

11,762.6 ....................
7,518.1
7,628.4
6,054.5
6,145.3
1,463.6
1,483.1
1,014.8
1,024.0
78.3
79.4
1,653.3 ....................
498.6
515.8
916.8
920.2
92.8
92.8
–10.2
–10.5

Addendum:
Gross domestic income .............................................................................................................

11,645.8

12,384.8 ....................

12,656.2

13,070.3

13,161.6

13,327.9 ....................

Table 10.—Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
2004

2005

2006

2005

2006

IV

I

II

III

IV

Personal income 1 ........................................................................................................................

9,731.4

10,239.2

10,897.4

10,483.7

10,721.4

10,807.3

10,964.5

11,096.3

Compensation of employees, received .....................................................................................
Wage and salary disbursements ...........................................................................................
Supplements to wages and salaries .....................................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments ..............
Farm .......................................................................................................................................
Nonfarm ..................................................................................................................................
Rental income of persons with capital consumption adjustment .............................................
Personal income receipts on assets .........................................................................................
Personal interest income .......................................................................................................
Personal dividend income .....................................................................................................
Personal current transfer receipts .............................................................................................

6,665.3
5,392.1
1,273.2
911.1
36.2
874.9
127.0
1,427.9
890.8
537.1
1,426.5

7,030.3
5,664.8
1,365.5
970.7
30.2
940.4
72.8
1,519.4
945.0
574.4
1,526.6

7,493.1
6,037.7
1,455.4
1,014.8
22.8
991.9
76.5
1,657.6
1,018.1
639.6
1,602.1

7,184.4
5,787.0
1,397.4
996.8
28.7
968.1
81.5
1,580.2
981.7
598.5
1,539.8

7,400.3
5,970.1
1,430.3
1,008.3
23.9
984.4
76.8
1,602.3
989.1
613.2
1,570.4

7,425.5
5,980.9
1,444.5
1,011.9
17.5
994.3
71.4
1,647.7
1,019.2
628.5
1,589.7

7,518.1
6,054.5
1,463.6
1,014.8
21.7
993.2
78.3
1,683.6
1,035.8
647.8
1,618.6

7,628.4
6,145.3
1,483.1
1,024.0
28.3
995.8
79.4
1,696.9
1,028.2
668.8
1,629.4

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

826.4

880.6

946.6

898.9

936.7

938.8

948.9

961.8

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

1,049.8

1,203.1

1,362.6

1,247.6

1,332.6

1,361.0

1,366.2

1,390.5

Equals: Disposable personal income ........................................................................................

8,681.6

9,036.1

9,534.8

9,236.1

9,388.8

9,446.2

9,598.3

9,705.8

Less: Personal outlays ...................................................................................................................

8,507.2

9,070.9

9,626.8

9,264.5

9,418.5

9,577.0

9,710.0

9,801.8

Equals: Personal saving ..............................................................................................................

174.3

–34.8

–92.0

–28.5

–29.7

–130.8

–111.7

–96.0

Personal saving as a percentage of disposable personal income ..........................................

2.0

–.4

–1.0

–.3

–.3

–1.4

–1.2

–1.0

Addendum:
Disposable personal income, billions of chained (2000) dollars 2 ...........................................

8,010.8

8,104.6

8,322.7

8,183.3

8,276.8

8,245.4

8,329.6

8,439.6

1. Personal income is also equal to national income less corporate profits with inventory valuation and capital
consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current
transfer receipts.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.

Appendix Table A.—Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2004

2005

2006

2003
I

II

2004
III

IV

I

II

2005
III

IV

I

II

2006
III

IV

I

II

III

IV

Gross domestic product (GDP) and related
aggregates:
GDP ..............................................................................

3.9

3.2

3.4

1.2

3.5

7.5

2.7

3.9

4.0

3.1

2.6

3.4

3.3

4.2

1.8

5.6

2.6

2.0

3.5

Goods ...........................................................................
Services ........................................................................
Structures ......................................................................

4.9
3.2
5.2

4.6
2.3
4.6

6.4
2.3
.6

3.9
.1
–1.0

1.6
3.6
9.2

16.2
1.9
14.1

2.5
2.8
2.2

3.7
4.5
.5

3.0
3.0
13.6

5.0
2.5
.6

4.6
2.5
–2.7

4.9
1.8
8.0

3.5
1.8
11.1

6.7
3.5
.7

3.1
.8
3.1

12.8
2.4
2.9

3.6
2.4
.3

3.8
2.8
–7.4

7.9
3.5
–8.6

Motor vehicle output .....................................................
GDP excluding motor vehicle output ...........................

3.5
3.9

5.9
3.1

–1.7 –11.8
3.6
1.7

10.9
3.2

8.9
7.4

–6.5
3.0

9.9
3.6

–7.1
4.5

16.6
2.7

1.9
2.6

12.0
3.1

–.7
3.4

22.6 –19.1
3.6
2.6

3.8
5.6

–9.4
3.0

Final sales of computers 1 ...........................................
GDP excluding final sales of computers .....................

8.2
3.9

24.5
3.1

17.1
3.3

–2.5
3.5

90.4
7.0

20.0 –16.0 –17.4
2.5
4.0
4.2

23.0
3.0

42.8
2.4

24.3
3.3

31.5
3.1

11.6
4.1

33.8
1.6

9.5
5.6

6.7
2.5

11.7
1.9

46.7
3.2

26.6 –34.7 –36.1 120.0 –17.4

–2.0 –24.6

16.9
1.1

27.4 –31.7
1.2
4.8

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

7.4

1.0

4.6 –16.1

19.4

23.7

11.3

8.1

14.1

3.9

–2.0

–4.4

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

4.3

3.8

3.9

1.2

4.3

11.0

1.6

3.6

5.2

3.2

2.4

4.2

4.4

4.9

1.8

6.7

2.7

1.9

4.2

Price indexes:
GDP ..............................................................................
GDP excluding food and energy .................................
GDP excluding final sales of computers .....................

2.8
2.7
2.9

3.0
3.0
3.2

2.9
2.9
3.1

3.1
2.7
3.3

1.3
1.1
1.4

2.1
1.7
2.2

2.2
2.1
2.3

3.7
3.4
3.8

3.7
3.4
3.7

2.1
2.6
2.2

3.2
3.1
3.4

3.5
3.4
3.7

2.4
2.4
2.6

3.3
2.8
3.4

3.3
3.3
3.4

3.3
3.1
3.4

3.3
3.0
3.5

1.9
2.2
2.0

1.5
2.3
1.6

Gross domestic purchases ..........................................
Gross domestic purchases excluding food and
energy .......................................................................
Gross domestic purchases excluding final sales of
computers to domestic purchasers .........................

3.1

3.5

3.1

4.1

.6

2.2

1.9

4.3

4.1

2.6

3.6

3.2

3.3

4.4

3.5

2.7

4.0

2.2

.1

2.7

2.8

2.7

2.6

1.3

1.8

2.0

3.5

3.3

2.5

2.9

3.4

2.3

2.5

3.0

3.0

2.9

2.2

2.3

3.2

3.7

3.3

4.4

.7

2.4

2.0

4.4

4.2

2.8

3.8

3.4

3.5

4.6

3.7

2.9

4.2

2.3

.2

Personal consumption expenditures (PCE) .................
PCE excluding food and energy ..................................
Market-based PCE 4 .....................................................
Market-based PCE excluding food and energy 4 ........

2.6
2.0
2.3
1.5

2.9
2.1
2.7
1.7

2.8
2.2
2.6
1.9

3.1
1.1
3.1
.7

.7
1.3
.3
1.0

2.4
1.8
2.2
1.4

1.5
1.6
.9
.9

3.7
2.5
3.3
1.7

3.6
2.5
3.4
1.9

1.9
1.7
1.5
1.2

3.0
2.3
2.9
1.8

2.3
2.4
2.1
2.2

3.1
1.9
3.1
1.7

4.1
1.6
4.3
1.2

2.9
2.5
2.5
1.9

2.0
2.1
1.7
1.6

4.0
2.7
4.2
2.7

2.4
2.2
2.2
1.9

–.8
2.1
–1.6
1.7

1.
2.
3.
4.

Some components of final sales of computers include computer parts.
Farm output less intermediate goods and services purchased.
Consists of GDP less gross value added of farm, of households and institutions, and of general government.
This index is a supplemental measure that is based on household expenditures for which there are observable

price measures. It excludes most implicit prices (for example, the services furnished without payment by financial
intermediaries) and the expenses of nonprofit institutions.
See ‘‘Explanatory Note’’ at the end of the tables.

Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the
economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or “real” measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights
from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2004-05
annual percent change in real GDP uses prices for 2004 and 2005 as weights, and the 2004-05 annual
percent change in GDP prices uses quantities for 2004 and 2005 as weights. These annual changes are
“chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar
value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close
to the values of the corresponding "chain-type" price index.)
Index numbers 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 of 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 of the reference year. A measure of the
extent of such differences is provided by a “residual” line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of 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.
Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November
2003 Survey, pp. 8-16.