Full text of Bureau of Economic Analysis (BEA) News Releases : Gross Domestic Product, Fourth Quarter 2006 (Preliminary), BEA 07-06 : Full Release

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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, FEBRUARY 28, 2007
Virginia H. Mannering:
Recorded message:

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

BEA 07-06

GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2006 (PRELIMINARY)
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 2.2 percent in the fourth quarter of 2006,
according to preliminary estimates released by the Bureau of Economic Analysis. In the third quarter,
real GDP increased 2.0 percent.
The GDP estimates released today are based on more complete source data than were available for
the advance estimates issued last month. In the advance estimates, the increase in real GDP was 3.5
percent (see "Revisions" on page 3).
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 private inventory
investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP,
decreased.
The small acceleration in real GDP growth in the fourth quarter primarily reflected a downturn in
imports and accelerations in PCE, in exports, and in federal government spending that were partly offset
by downturns in private inventory investment, in equipment and software, and in nonresidential
structures.
Final sales of computers contributed 0.23 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 1.24 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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-2-

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.2 percent in the fourth quarter, 0.1 percentage point more than in the advance estimate; this
index increased 2.2 percent in the third quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 2.4 percent in the fourth quarter, compared with 2.2 percent in the
third.
Real personal consumption expenditures increased 4.2 percent in the fourth quarter, compared
with an increase of 2.8 percent in the third. Real nonresidential fixed investment decreased 2.4 percent,
in contrast to an increase of 10.0 percent. Nonresidential structures decreased 0.8 percent, in contrast to
an increase of 15.7 percent. Equipment and software decreased 3.2 percent, in contrast to an increase of
7.7 percent. Real residential fixed investment decreased 19.1 percent, compared with a decrease of 18.7
percent.
Real exports of goods and services increased 10.5 percent in the fourth quarter, compared with an
increase of 6.8 percent in the third. Real imports of goods and services decreased 2.2 percent, in
contrast to an increase of 5.6 percent.
Real federal government consumption expenditures and gross investment increased 4.4 percent in
the fourth quarter, compared with an increase of 1.3 percent in the third. National defense increased
12.3 percent, in contrast to a decrease of 1.2 percent. Nondefense decreased 10.2 percent, in contrast to
an increase of 6.5 percent. Real state and local government consumption expenditures and gross
investment increased 2.6 percent, compared with an increase of 1.9 percent.
The real change in private inventories subtracted 1.35 percentage points from the fourth-quarter
change in real GDP, after adding 0.06 percentage point to the third-quarter change. Private businesses
increased inventories $17.3 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 3.6
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 0.7 percent in the fourth quarter, compared with an increase of 2.0 percent in the
third.

Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.9 percent, or $127.3 billion, in the fourth quarter to a level of $13,449.9 billion. In the third quarter,
current-dollar GDP increased 3.8 percent, or $125.3 billion.

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-3-

Revisions
The preliminary estimate of the fourth-quarter increase in real GDP is 1.3 percentage points, or
$35.1 billion, lower than the advance estimate issued last month. The downward revision to the percent
change in real GDP primarily reflected downward revisions to private inventory investment and to
personal consumption expenditures for goods, as well as an upward revision to imports of goods.
Advance
Preliminary
(Percent change from preceding quarter)
Real GDP...............................................
Current-dollar GDP...............................
Gross domestic purchases price index...

3.5
5.0
0.1

2.2
3.9
0.2

2006 GDP
Real GDP increased 3.3 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, 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 6.3 percent, or $788.8 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 3.1 percent, the same as during 2005. The price index for gross domestic purchases
increased 2.3 percent during 2006, compared with an increase of 3.6 percent during 2005.

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-4-

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.

*

*

*

Next release – March 29, 2007, at 8:30 A.M. EDT for:
Gross Domestic Product: Fourth Quarter 2006 (Final)
Corporate Profits: Fourth Quarter 2006

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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 r

2003
I

Gross domestic product (GDP) .................
3.9
3.2
3.3
Personal consumption expenditures ..........................
3.9
3.5
3.2
Durable goods .............................................................
6.4
5.5
5.0
Nondurable goods .......................................................
3.6
4.5
3.7
Services .......................................................................
3.5
2.6
2.6
Gross private domestic investment ............................
9.8
5.4
4.2
Fixed investment .........................................................
7.3
7.5
2.9
Nonresidential .........................................................
5.9
6.8
7.3
Structures ............................................................
2.2
1.1
8.8
Equipment and software ....................................
7.3
8.9
6.6
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
5.4
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
2.1
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
3.1
Final sales to domestic purchasers ............................
4.0
3.6
2.9
Gross national product (GNP) ....................................
3.8
3.1 ...........
Disposable personal income .......................................
3.6
1.2
2.6
Current-dollar measures:
GDP .........................................................................
6.9
6.3
6.3
Final sales of domestic product .............................
6.5
6.7
6.1
Gross domestic purchases .....................................
7.6
6.9
6.3
Final sales to domestic purchasers .......................
7.2
7.2
6.1
GNP .........................................................................
6.7
6.2 ...........
Disposable personal income ..................................
6.4
4.1
5.4

II

2004
III

IV

I

II

2005
III

IV

I

II

2006
III

IV

I

II

III r

IV r

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
2.2
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
4.2
.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
4.4
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
6.0
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
3.2
–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 –15.6
–.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 –8.5
–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 –2.4
–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
–.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 –3.2
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 –19.1
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
.......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
–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 10.5
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
8.5
–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 15.5
–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 –2.2
–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 –3.8
–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
7.1
–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
3.3
1.3
4.4
–1.2 12.3
6.5 –10.2
1.9
2.6

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
3.6
2.0
.7
2.0
2.0
1.8 ..........
3.2
5.3

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
3.9
3.8
5.3
4.2
.8
4.2
2.2
3.7 ..........
5.7
4.4

r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates
for the third quarter of 2006.
See ‘‘Explanatory Note’’ at the end of the tables.

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

2005

2006 r

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 r

3.9

3.2

3.3

1.2

3.5

7.5

2.7

3.9

4.0

3.1

2.6

3.4

3.3

2.2

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

2.24
.41
–.04
.36
.09
.77
.41
.14
–.02
.24
1.06
.24
–.02
–.04
.03
.04
.42
.06
.33
.70
.48
.74
.26
.48

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
.07
.01
.08
–.26
.22
.03
.20
–.03
.93
.76
.17
–.96
–.82
–.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
.02
.03
.13
.01
.07
.09
.13
–.14
.13 –.12
.16 0
–.07
–.32
.15 –.18
.09
.05 –.01
–.72 –1.20 –1.16
.44
.06 –1.35
–.09
.02 –.01
.54
.05 –1.34
.42 –.19 1.50
.66
.73 1.13
.45
.71
.65
.21
.03
.48
–.24 –.93
.38
.01 –1.00
.56
–.25
.07 –.18

.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

1.89
1.36
.05
–.06
.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 1.16
1.63 2.19
–.84 –1.14
.76 –1.24
.07
.23

1.96 2.88
.50
.35
.28 –.15
.20
.38
.03
.12
.32 1.19
–.07
.62
.15
.18
.14
.03
.11
.37
1.14 1.34
.27
.33
.35
.15
.32
.13
.04
.01
.03
.09
.25
.36
.08
.07
.15
.33
–.13 –2.78
–.19 –1.43
1.01 –.26
.46 –.03
.55 –.24

.62
.30
.54
.44
.11
–.24
–.19
–.05
.32
.32
0

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

Seasonally adjusted
at annual rates
2006 r

2005

2006 r

2006

2005

Change from preceding
period
2006

2006
2006 r

IV

I

II

III

IV r

IV

I

II

III

IV r

Gross domestic product .......................... 13,244.6 12,730.5 13,008.4 13,197.3 13,322.6 13,449.9 11,413.6 11,163.8 11,316.4 11,388.1 11,443.5 11,506.5

III

IV r

365.0

55.4

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

9,269.0

8,927.8

9,079.2

9,228.1

9,346.7

9,422.1

8,091.1

7,910.2

8,003.8

8,055.0

8,111.2

8,194.4

249.9

56.2

63.0
83.2

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

1,070.3
444.7
404.6
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

1,079.8
443.3
411.5
225.0

1,202.9
447.4
550.6
224.4

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

1,221.9
447.9
569.2
227.3

57.6
–5.5
60.0
11.8

18.5
9.2
8.8
.9

13.1
–5.0
17.5
3.9

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

2,715.0
1,281.2
358.6
338.3
736.9

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

2,732.7
1,307.6
365.3
308.5
751.4

2,362.1
1,110.9
392.5
197.6
671.3

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

2,394.6
1,124.6
399.1
199.3
682.7

85.3
45.2
19.8
–1.9
27.4

9.0
–2.0
5.2
2.4
3.2

34.5
17.8
6.5
.6
11.2

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

5,483.7
1,382.2
506.5
212.7
293.8
337.1
1,588.4
379.2
1,290.3

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

5,609.6
1,419.2
519.7
220.9
298.8
342.4
1,620.6
384.5
1,323.2

4,550.0
1,148.7
416.3
150.2
267.1
288.3
1,304.7
319.6
1,071.1

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

4,603.3
1,160.8
426.2
157.6
268.5
290.9
1,317.5
322.5
1,083.9

113.4
26.1
–1.7
–3.6
3.0
3.9
43.8
6.5
34.9

31.2
7.2
9.6
7.4
1.1
1.0
6.7
2.3
4.2

36.7
9.1
4.1
3.2
.4
2.4
9.9
2.1
9.1

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

2,211.6

2,154.5

2,214.8

2,237.1

2,235.5

2,159.0

1,945.1

1,927.0

1,963.6

1,968.5

1,964.8

1,883.5

78.8

–3.7

–81.3

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

2,163.5
1,396.4
410.8
985.6

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

2,140.2
1,421.3
431.7
989.6

1,895.6
1,313.0
273.7
1,049.8

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

1,859.6
1,326.0
281.4
1,052.3

53.6
89.2
22.2
64.9

–5.5
31.4
10.1
19.5

–41.7
–8.2
–.6
–8.4

485.0
86.6
209.0
189.4
169.0
158.5
173.2
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 ...........................................................

48.1
3.1
45.0

48.6
5.8
42.8

47.2
5.4
41.8

62.3
2.3
59.9

64.2
2.5
61.6

487.9
602.1
567.3
595.9
594.3
608.6
609.5
49.5
14.3
.9
85.3 .............. .............. .............. .............. .............. .............. .............. .............. ..............
214.6
220.0
209.5
215.6
217.8
221.0
225.5
13.8
3.2
4.5
188.1
209.1
197.5
211.6
206.7
211.3
207.0
15.5
4.6
–4.3
170.6
152.2
150.4
149.0
153.9
153.9
151.8
8.7
0
–2.1
154.8
146.0
143.2
152.2
142.7
147.3
141.8
.6
4.6
–5.5
176.3
157.0
151.2
154.3
157.1
158.6
158.2
9.7
1.5
–.4
719.0
582.5
618.9
618.5
600.5
570.3
540.8
–25.5
–30.2
–29.5
18.7
2.3
16.5

41.9
2.8
39.2

43.5
4.8
38.6

41.2
4.3
36.8

53.7
1.9
52.2

55.4
2.5
53.3

17.3
2.4
14.6

22.3
2.6
19.6

1.7
.6
1.1

–38.1
–.1
–38.7

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

–763.2

–775.4

–765.2

–781.8

–801.7

–704.3

–618.7

–636.6

–636.6

–624.2

–628.8

–585.1

.5

–4.6

43.7

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

1,466.1
1,035.5
430.7

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

1,522.7
1,077.6
445.1

1,302.7
931.4
371.8

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

1,343.1
959.7
383.9

106.6
88.2
18.9

21.5
20.9
.8

33.1
19.3
13.6

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

2,229.4
1,880.0
349.3

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

2,226.9
1,869.7
357.2

1,921.4
1,641.9
281.8

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

1,928.1
1,644.0
286.1

106.1
92.0
14.3

26.1
28.4
–1.9

–10.7
–16.1
4.8

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

2,527.2

2,423.6

2,479.6

2,513.9

2,542.1

2,573.1

1,998.3

1,963.5

1,987.1

1,991.2

1,999.4

2,015.5

40.3

8.2

16.1

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

926.4
621.0
542.0
79.0
305.5
266.0
39.4

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

937.2
635.7
553.2
82.5
301.5
263.9
37.5

741.8
492.8
418.1
76.4
248.8
211.2
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

746.8
502.2
424.9
79.2
244.3
208.4
36.1

14.3
9.2
4.8
5.2
5.1
3.9
1.4

2.3
–1.5
–1.0
–.6
3.9
3.3
.6

7.9
14.4
11.2
3.3
–6.6
–5.0
–1.7

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

1,600.7
1,287.9
312.8

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

1,635.9
1,314.9
321.0

1,256.3
1,005.9
250.2

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

1,268.5
1,017.2
251.1

25.9
17.9
8.1

5.9
7.8
–2.0

8.2
8.2
0

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

–85.8

–53.7

–78.7

–77.6

–88.3

–98.2 .............. .............. ..............

Addenda:
Final sales of domestic product .......................... 13,196.5 12,681.9 12,961.2 13,135.1 13,258.4 13,431.2 11,365.4 11,115.5 11,269.0 11,328.0 11,381.6 11,483.2
Gross domestic purchases .................................. 14,007.8 13,505.9 13,773.6 13,979.1 14,124.3 14,154.2 12,026.3 11,792.9 11,946.3 12,005.9 12,066.6 12,086.6
Final sales to domestic purchasers .................... 13,959.7 13,457.3 13,726.4 13,916.8 14,060.1 14,135.5 11,978.1 11,744.6 11,898.7 11,945.9 12,004.7 12,063.2
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 .......................

13,244.6 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

13,449.9
..............
..............
..............

Net domestic product ........................................... 11,668.3 11,168.0 11,460.3 11,624.6 11,740.6 11,847.9
r Revised
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.

11,413.6 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
9,981.5

9,727.9

9,896.5

340.2
366.6
342.0

11,506.5
365.0
.............. ..............
.............. ..............
.............. ..............

9,959.8 10,007.3 10,062.4

424.3

53.6
60.7
58.8

101.6
20.0
58.5

55.4
63.0
15.1 ..............
20.6 ..............
50.0 ..............
47.5

55.1

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

2005

2006 r

2003
I

II

2004
III

IV

I

II

2005
III

IV

I

II

2006
III

IV

I

II

III

IV r

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

1.7

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
–1.3
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

–.9
–2.7
–7.7
3.0

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
3.2
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
3.1
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
2.6
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
5.4
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
1.5
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
–.8
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
0
Services ...................................................................
3.5
4.8
3.3
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 –3.0
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 –8.6
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 –10.1
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
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

4.4
3.4
3.4
3.5
4.9

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
3.0
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
1.6
2.2
.2
2.2
.2
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
1.6
2.1
.2
1.9 ..........

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

1.6
0
–.3
.8
2.6

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

2005

2006 r

2005
IV

2006
I

II

III

IV r

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

109.031

112.546

116.264

113.719

115.274

116.004

116.569

117.210

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

112.430
125.753
111.913
110.055

116.349
132.666
116.924
112.925

120.057
139.328
121.308
115.810

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

121.590
141.530
122.974
117.167

Gross private domestic investment ...........................................................................................
102.026
107.537
112.079
111.034
113.143
113.429
113.215
108.530
Fixed investment ........................................................................................................................
102.080
109.708
112.901
111.811
114.033
113.570
113.240
110.760
Nonresidential ........................................................................................................................
92.995
99.326
106.565
101.308
104.606
105.738
108.292
107.623
Structures ...........................................................................................................................
79.418
80.302
87.404
81.174
82.893
86.819
90.044
89.860
Equipment and software ...................................................................................................
98.400
107.180
114.241
109.653
113.704
113.313
115.434
114.514
Residential ..............................................................................................................................
125.281
136.050
130.344
138.495
138.391
134.368
127.601
121.015
Change in private inventories .................................................................................................... .................... .................... .................... .................... .................... .................... .................... ....................
Exports of goods and services ..................................................................................................

102.201

109.105

118.831

112.054

115.783

117.536

119.495

122.510

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

115.962

123.007

130.197

126.377

129.146

129.608

131.378

130.654

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

112.720
123.813
107.094

113.731
125.701
107.660

116.072
128.174
109.930

114.048
126.053
107.954

115.423
128.728
108.682

115.657
127.262
109.762

116.136
127.669
110.277

117.073
129.037
111.000

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
116.444
114.351
117.946
114.755
118.128
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
117.650
118.341
118.537
118.390
118.967
116.260 ....................

r Revised
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 r

2005
IV

2006
I

II

III

IV r

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

109.429

112.744

116.061

114.048

114.967

115.905

116.446

116.924

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

114.563
88.981
114.959
120.521

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

114.991
88.366
114.141
121.869

Gross private domestic investment ...........................................................................................
106.645
110.284
113.817
111.853
112.860
113.717
113.895
114.798
Fixed investment ........................................................................................................................
106.811
110.542
114.161
112.194
113.238
114.074
114.224
115.109
Nonresidential ........................................................................................................................
100.834
103.428
106.359
104.510
105.471
106.266
106.501
107.198
Structures ...........................................................................................................................
120.951
134.647
149.967
141.476
145.684
149.432
151.372
153.380
Equipment and software ...................................................................................................
94.503
94.134
93.889
93.754
93.887
93.920
93.704
94.046
Residential ..............................................................................................................................
120.618
126.714
131.774
129.536
130.765
131.696
131.655
132.981
Change in private inventories .................................................................................................... .................... .................... .................... .................... .................... .................... .................... ....................
Exports of goods and services ..................................................................................................

105.151

108.949

112.540

110.108

110.737

112.400

113.631

113.390

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

104.678

111.268

116.048

114.117

113.918

116.608

118.143

115.522

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

114.718
115.249
114.417

121.183
120.726
121.463

126.468
124.891
127.411

123.444
121.479
124.620

124.791
123.721
125.434

126.262
124.871
127.095

127.150
125.482
128.147

127.671
125.490
128.969

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

111.982
113.173
109.708

110.418
111.647
108.375

110.983
112.116
108.810

111.738
113.272
109.524

112.337
113.879
110.033

112.868
113.424
110.465

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
116.114
112.981
116.497
113.021
116.551
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
116.972
117.080
117.142
117.133
117.189
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
116.042
112.783
116.110
112.975
116.476
113.021
116.543
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
116.890
116.490
116.964
117.053
117.107
117.122
117.178
116.414 ....................

r Revised
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 r

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
3.3
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
5.0
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
3.7
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
2.6
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
4.2
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
2.9
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
7.3
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
8.8
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
6.6
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
5.4
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
2.1
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
3.1
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
2.9
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
2.6
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
r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates
for the third quarter of 2006.

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 r

IV r

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
3.1
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
3.6
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
7.4
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
3.7
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
2.8
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 –2.3
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
–.9
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
6.2
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 10.7
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
4.4
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
9.3
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 10.2
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
7.3
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
3.4
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
3.0
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
5.3
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
2.7
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
4.3
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 –1.5
State and local ....................................................................................................
.7
.2
.3
–.4
.3
1.0
.3
.4
.5
.3
.5
.8
1.3
1.9
2.4
2.8
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
3.3
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
2.5
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
2.7
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
2.9
2.9
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
2.3
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
2.2
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
Market-based PCE excluding food and energy 1 ..........................................
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
1.9
r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates
for the third quarter of 2006.
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

2006 r

2005

2005

2006

IV
12,455.8

I

II

III r

IV r

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

11,712.5

13,244.6

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

13,449.9

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
1,576.2
71.0 ....................

1,562.5
74.3

1,548.0
–61.9

1,572.8
35.8

1,582.0
1,602.1
23.5 ....................

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
7,489.4
5,664.8
6,035.1
1,365.5
1,454.3
970.7
1,015.0
72.8
76.7
1,330.7 ....................
483.4
510.6
865.1
912.2
74.2
93.1
–15.4
–9.9

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

11,733.7 ....................
7,489.3
7,642.4
6,027.6
6,161.8
1,461.6
1,480.6
1,014.8
1,025.1
78.3
80.5
1,653.3 ....................
498.6
515.9
916.8
920.8
92.8
92.8
–10.2
–10.9

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

11,645.8

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

12,656.2

13,070.3

13,161.6

13,299.1 ....................

r Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates
for the third quarter of 2006.

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

2005

2006 r

2005

2006

IV

I

II

III r

IV r

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

9,731.4

10,239.2

10,884.0

10,483.7

10,721.4

10,807.3

10,939.4

11,067.9

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

7,476.9
6,022.6
1,454.3
1,015.0
22.6
992.4
76.7
1,657.6
1,018.1
639.6
1,602.3

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

7,489.3
6,027.6
1,461.6
1,014.8
21.7
993.2
78.3
1,683.6
1,035.8
647.8
1,618.6

7,592.4
6,111.8
1,480.6
1,025.1
27.4
997.8
80.5
1,696.9
1,028.1
668.8
1,630.2

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

826.4

880.6

944.5

898.9

936.7

938.8

945.2

957.2

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

1,049.8

1,203.1

1,360.9

1,247.6

1,332.6

1,361.0

1,362.5

1,387.4

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

8,681.6

9,036.1

9,523.1

9,236.1

9,388.8

9,446.2

9,577.0

9,680.5

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

8,507.2

9,070.9

9,625.2

9,264.5

9,418.5

9,577.0

9,710.0

9,795.3

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

174.3

–34.8

–102.1

–28.5

–29.7

–130.8

–133.0

–114.8

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

2.0

–.4

–1.1

–.3

–.3

–1.4

–1.4

–1.2

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

8,010.8

8,104.6

8,312.9

8,183.3

8,276.8

8,245.4

8,311.0

8,419.1

r

Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates
for the third quarter of 2006.
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 r

2003
I

II

2004
III

IV

I

II

2005
III

IV

I

II

2006
III

IV

I

II

III

IV r

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

3.9

3.2

3.3

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

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

4.9
3.2
5.2

4.6
2.3
4.6

6.2
2.3
.5

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
3.7
2.8
3.8
–7.4 –10.1

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

3.5
3.9

5.9
3.1

–1.8 –11.8
3.5
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

27.4 –33.4
1.2
3.6

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

8.2
3.9

24.5
3.1

16.9
3.2

–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

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

7.4

1.0

4.8 –16.1

26.6 –34.7 –36.1 120.0 –17.4

19.4

23.7

–2.0 –24.6

11.3

8.1

14.1

3.9

–2.0

–.7

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

4.3

3.8

3.8

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

2.5

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

1.7
2.3
1.8

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

.2
2.4

16.9
1.1

2.0

2.2

43.0
2.0

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

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

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

.3

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

–.9
1.9
–1.6
1.6

r
1.
2.
3.

Revised
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.

4. 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.