Full text of Bureau of Economic Analysis (BEA) News Releases : Gross Domestic Product: Fourth Quarter 2007 (Advance), BEA 08-03 : Full Release

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NEWS RELEASE

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, JANUARY 30, 2008
Virginia H. Mannering:
Recorded message:

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

BEA 08-03

GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2007 (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 0.6 percent in the fourth quarter of 2007,
according to advance estimates released by the Bureau of Economic Analysis. In the third quarter, real
GDP increased 4.9 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 3). The fourthquarter “preliminary” estimates, based on more comprehensive data, will be released on February 28,
2008.
The increase in real GDP in the fourth quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), nonresidential structures, state and local government
spending, exports, and equipment and software that were largely offset by negative contributions from
private inventory investment and residential fixed investment. Imports, which are a subtraction in the
calculation of GDP, increased slightly.
The deceleration in real GDP growth in the fourth quarter primarily reflected a downturn in
inventory investment and decelerations in exports, in PCE, and in federal government spending that
were partly offset by a deceleration in imports and an acceleration in state and local government
spending.
Final sales of computers contributed 0.18 percentage point to the fourth-quarter growth in real
GDP after contributing 0.28 percentage point to the third-quarter growth. Motor vehicle output
subtracted 0.90 percentage point from the fourth-quarter growth in real GDP after contributing 0.36
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. Price indexes are chain-type measures.
This news release is available on BEA’s Web site at www.bea.gov/newsreleases/rels.htm.
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-2The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.8 percent in the fourth quarter, compared with an increase of 1.8 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.5 percent in
the fourth quarter, compared with an increase of 1.9 percent in the third.
Real personal consumption expenditures increased 2.0 percent in the fourth quarter, compared
with an increase of 2.8 percent in the third. Durable goods increased 4.2 percent, compared with an
increase of 4.5 percent. Nondurable goods increased 1.9 percent, compared with an increase of 2.2
percent. Services expenditures increased 1.6 percent, compared with an increase of 2.8 percent.
Real nonresidential fixed investment increased 7.5 percent in the fourth quarter, compared with an
increase of 9.3 percent in the third. Nonresidential structures increased 15.8 percent, compared with an
increase of 16.4 percent. Equipment and software increased 3.8 percent, compared with an increase of
6.2 percent. Real residential fixed investment decreased 23.9 percent, compared with a decrease of 20.5
percent.
Real exports of goods and services increased 3.9 percent in the fourth quarter, compared with an
increase of 19.1 percent in the third. Real imports of goods and services increased 0.3 percent,
compared with an increase of 4.4 percent.
Real federal government consumption expenditures and gross investment increased 0.3 percent in
the fourth quarter, compared with an increase of 7.1 percent in the third. National defense decreased 0.6
percent, in contrast to an increase of 10.1 percent. Nondefense increased 2.2 percent, compared with an
increase of 1.1 percent. Real state and local government consumption expenditures and gross
investment increased 4.0 percent, compared with an increase of 1.9 percent.
The real change in private inventories subtracted 1.25 percentage points from the fourth-quarter
change in real GDP after adding 0.89 percentage point to the third-quarter change. Private businesses
decreased inventories $3.4 billion in the fourth quarter, following increases of $30.6 billion in the third
and $5.8 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- increased 1.9
percent in the fourth quarter, compared with an increase of 4.0 percent in the third.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 0.2 percent in the fourth quarter, compared with an increase of 3.3 percent in the
third.
Disposition of personal income
Current-dollar personal income increased $129.1 billion (4.5 percent) in the fourth quarter,
compared with an increase of $169.4 billion (6.0 percent) in the third.
Personal current taxes increased $22.3 billion in the fourth quarter, compared with an increase of
$11.6 billion in the third.
Disposable personal income increased $106.8 billion (4.2 percent) in the fourth quarter, compared
with an increase of $157.8 billion (6.4 percent) in the third. Real disposable personal income increased
0.3 percent, compared with an increase of 4.5 percent.
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-3Personal outlays increased $138.3 billion (5.5 percent) in the fourth quarter, compared with an
increase of $131.7 billion (5.3 percent) in the third. Personal saving -- disposable personal income less
personal outlays -- was $25.1 billion in the fourth quarter, compared with $56.7 billion in the third. The
personal saving rate -- saving as a percentage of disposable personal income -- was 0.2 percent in the
fourth quarter, compared with 0.6 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 and data on changes in net worth (which helps finance negative
saving), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.2 percent, or $110.3 billion, in the fourth quarter to a level of $14,080.8 billion. In the third quarter,
current-dollar GDP increased 6.0 percent, or $201.7 billion.
2007 GDP
Real GDP increased 2.2 percent in 2007 (that is, from the 2006 annual level to the 2007 annual
level), compared with an increase of 2.9 percent in 2006.
The major contributors to the increase in real GDP in 2007 were personal consumption
expenditures (PCE), exports, nonresidential structures, and state and local government spending. These
positive contributions were partly offset by decreases in residential fixed investment and in inventory
investment. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP primarily reflected a larger decrease in residential fixed investment,
a downturn in private inventory investment, and a deceleration in equipment and software that were
partly offset by a deceleration in imports.
The price index for gross domestic purchases increased 2.7 percent in 2007, compared with an
increase of 3.3 percent in 2006.
Current-dollar GDP increased 4.9 percent, or $648.3 billion, in 2007. Current-dollar GDP
increased 6.1 percent, or $760.8 billion, in 2006.
During 2007 (that is, measured from the fourth quarter of 2006 to the fourth quarter of 2007), real
GDP increased 2.5 percent. Real GDP increased 2.6 percent during 2006. The price index for gross
domestic purchases increased 3.3 percent during 2007, compared with an increase of 2.4 percent during
2006.

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."

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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 – February 28, 2008, at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter 2007 (Preliminary)

Release dates in 2008
Gross domestic product

Advance.......
Preliminary..
Final.............

2007: IV and 2007 annual
January 30
February 28
March 27

2008: I
April 30
May 29
June 26

2008: II
July 31
August 28
September 26

2008: III
October 30
November 25
December 23

May 29
June 26

August 28
September 26

November 25
December 23

Corporate Profits
Preliminary..
Final.............

....
March 27

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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 newly available major annual source data. 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 1.2 percentage points. The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.3 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 GDP 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
revisions 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

1.1

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

.3

1.2

1.0

NOTE.--These comparisons are based on the period from 1983 through 2004.

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Table 1.—Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2005

2006

2007

2004
I

II

2005
III

IV

I

II

2006
III

IV

I

II

2007
III

IV

I

II

III

IV

Gross domestic product (GDP) ...................
3.1
2.9
2.2
3.0
3.5
3.6
2.5
3.1
2.8
4.5
1.2
4.8
2.4
1.1
2.1
0.6
3.8
4.9
0.6
Personal consumption expenditures ...........................
3.2
3.1
2.9
4.4
2.4
3.5
4.2
2.4
3.5
4.1
1.2
4.4
2.4
2.8
3.9
3.7
1.4
2.8
2.0
Durable goods ..............................................................
4.9
3.8
4.8
5.8
1.9
7.8
7.0
2.2 11.3
6.2 –13.0 16.6
.8
5.6
3.9
8.8
1.7
4.5
4.2
Nondurable goods ........................................................
3.6
3.6
2.4
4.6
1.5
3.1
4.9
3.5
3.7
2.5
4.7
4.5
2.3
3.2
4.3
3.0
–.5
2.2
1.9
Services ........................................................................
2.7
2.7
2.8
4.1
3.0
2.9
3.4
1.9
1.8
4.4
2.6
2.1
2.7
2.0
3.7
3.1
2.3
2.8
1.6
Gross private domestic investment .............................
5.6
2.7 –4.6
2.1 20.7
8.0
6.4
5.3 –3.9
7.0 13.4
4.3
.6 –4.1 –14.1 –8.2
4.6
5.0 –10.2
Fixed investment ..........................................................
6.9
2.4 –2.9
–.2 12.9
9.3
7.3
4.0
7.9
8.0
2.3
7.9 –1.9 –4.7 –7.1 –4.4
3.2
–.7 –2.6
Nonresidential ...........................................................
7.1
6.6
4.8 –2.6 10.7 12.3 10.3
3.3
5.0
8.6
3.4 13.3
4.2
5.1 –1.4
2.1 11.0
9.3
7.5
Structures .............................................................
.5
8.4 13.2
–.3
6.1
3.6
–.2
2.1 –1.6 –6.3
4.8 15.0 16.4 10.8
7.4
6.4 26.2 16.4 15.8
Equipment and software .....................................
9.6
5.9
1.4 –3.4 12.4 15.5 14.3
3.8
7.4 14.5
3.1 13.0
–.1
2.9 –4.9
.3
4.7
6.2
3.8
Residential ................................................................
6.6 –4.6 –16.9
4.0 16.7
4.2
2.4
5.3 13.1
6.9
.5
–.7 –11.7 –20.4 –17.2 –16.3 –11.8 –20.5 –23.9
Change in private inventories ...................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services ............................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports ..........................................................................
6.9
8.4
7.9 10.0
6.5
3.1 10.0
6.0
9.5
2.1 10.6 11.5
5.7
5.7 14.3
1.1
7.5 19.1
3.9
Goods .......................................................................
7.5
9.9
7.8
7.4
7.2
6.2
7.2
5.8 13.6
1.9 12.6 15.5
6.5
7.4
9.6
.9
6.6 26.2
2.4
Services ....................................................................
5.4
4.8
8.2 16.2
5.1 –3.4 16.8
6.5
.9
2.6
6.3
2.9
3.9
2.0 26.0
1.6
9.6
4.0
7.5
Imports ..........................................................................
5.9
5.9
2.0 12.3 15.2
4.8 13.8
2.1
.8
2.1 16.2
6.9
.9
5.4
1.6
3.9 –2.7
4.4
.3
Goods .......................................................................
6.6
6.0
1.8 11.5 16.6
5.5 14.5
3.2
1.0
2.5 17.3
6.5
1.1
6.2
–.6
4.2 –2.9
4.8
.3
Services ....................................................................
2.3
5.2
3.2 16.5
8.9
1.8 10.5 –3.5
–.5
0
10.3
9.5
–.1
1.3 14.2
2.3 –1.7
1.7
.5
Government consumption expenditures and gross
investment ...................................................................
.7
1.8
2.1
1.5
1.3
1.6 –1.8
1.3
1.2
3.2 –1.9
4.9
1.0
.8
3.5
–.5
4.1
3.8
2.6
Federal ..........................................................................
1.5
2.2
1.7
6.1
2.4
6.2 –4.6
2.8
.7
8.6 –6.2
8.4 –1.6
.9
7.3 –6.3
6.0
7.1
.3
National defense ......................................................
1.5
1.9
2.8
8.1
2.0 10.9 –9.7
4.6
2.6 10.0 –11.7
6.8
2.3 –1.5 16.9 –10.8
8.5 10.1
–.6
Nondefense ..............................................................
1.3
2.8
–.5
2.3
3.2 –2.7
6.5
–.8 –3.0
5.8
5.8 11.9 –8.8
6.0 –10.0
3.8
.9
1.1
2.2
State and local .............................................................
.3
1.6
2.3 –1.0
.7 –1.1
–.1
.4
1.5
0
.7
2.9
2.5
.7
1.3
3.0
3.0
1.9
4.0
Addenda:
Final sales of domestic product ...................................
3.3
2.8
2.5
2.6
2.4
3.8
2.7
2.9
4.8
4.6
–.5
5.4
2.0
1.0
3.5
1.3
3.6
4.0
1.9
Gross domestic purchases ..........................................
3.1
2.8
1.6
3.6
4.8
3.8
3.4
2.6
1.9
4.3
2.5
4.5
1.9
1.3
.8
1.1
2.4
3.3
.2
Final sales to domestic purchasers .............................
3.3
2.7
1.8
3.2
3.7
4.0
3.6
2.4
3.7
4.5
.8
5.0
1.5
1.2
2.1
1.7
2.1
2.5
1.4
Gross national product (GNP) .....................................
3.0
2.8 ..........
3.6
2.6
3.9
1.5
3.6
2.7
5.1
0
5.2
2.4
.5
2.6
.7
4.0
5.8 ..........
Disposable personal income ........................................
1.7
3.1
3.1
3.7
2.4
2.9
7.5 –3.3
2.5 –1.2
6.6
4.9
.2
1.7
6.2
5.4
–.8
4.5
.3
Current-dollar measures:
GDP ..........................................................................
6.4
6.1
4.9
6.8
7.4
6.0
5.9
7.1
5.5
8.1
4.8
8.4
6.0
3.4
3.8
4.9
6.6
6.0
3.2
Final sales of domestic product ..............................
6.6
6.1
5.2
6.4
6.2
6.1
6.0
6.9
7.5
8.3
3.0
9.0
5.5
3.4
5.2
5.5
6.3
5.1
4.5
Gross domestic purchases ......................................
6.9
6.1
4.3
8.0
9.2
6.7
7.2
6.3
5.5
9.1
6.3
7.3
6.2
3.8
.9
4.9
6.2
5.1
4.0
Final sales to domestic purchasers ........................
7.1
6.1
4.6
7.6
8.0
6.8
7.3
6.1
7.4
9.3
4.6
7.9
5.7
3.7
2.1
5.5
6.0
4.3
5.2
GNP ..........................................................................
6.3
6.0 ..........
7.4
6.5
6.3
4.8
7.6
5.4
8.7
3.5
8.8
6.0
2.8
4.3
4.9
6.8
6.9 ..........
Disposable personal income ...................................
4.7
5.9
5.8
7.3
6.3
4.9 10.8 –1.2
6.0
3.0
9.6
6.7
4.5
4.4
5.2
9.1
3.4
6.4
4.2
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
2005

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.

2006

2007

2004
I

II

2005
III

IV

I

II

2006
III

I

II

1.2

4.8

2.4

2.82
.84
.51 –1.13
.20 –1.57
.39
.35
–.08
.09
.50
.93
.49
.40
0
.29
–.11
.06
.13
.18
1.81 1.05
.36
.30
.33 –.22
.29 –.21
.04 –.01
.01
.03
.53
.53
.06
.08
.53
.32
1.15 2.13
1.28
.38
.87
.35
–.17
.12
1.04
.23

3.00
1.23
.48
.54
.22
.91
.47
.11
.02
.31
.86
.30
–.40
–.42
.02
.06
.49
.07
.34
.78
1.27
1.31
.39
.92

1.63
.07
–.04
.17
–.06
.47
.13
.05
.02
.27
1.10
.23
.17
.14
.03
–.03
.26
.02
.45
.13
–.32
.44
.45
–.01

4.5

IV

2007
III

I

II

0.6

3.8

1.88 2.68 2.56
.43
.30
.67
.16 0
.35
.24
.25
.28
.04
.05
.04
.64
.86
.61
.24
.68
.16
.14
.10
.22
.05 –.15
.06
.20
.23
.17
.81 1.52 1.28
.18
.20
.26
.16
.13
.04
.17
.07
.03
–.01
.07
.01
.06
.11
.07
.12
.34
.47
.19
.30
.06
.11
.44
.39
–.70 –2.50 –1.36
–.80 –1.19 –.70
.53 –.15
.22
.31
.23
.20
.21 –.38
.02

1.00
.14
–.10
.13
.11
–.10
–.14
.06
–.12
.10
.96
.29
.05
.02
.03
.11
.28
.03
.19
.71
.49
1.12
.78
.34

1.1

IV

2.1

III

4.9

IV

3.1

2.9

2.2

3.0

3.5

3.6

2.5

3.1

2.8

0.6

2.24
.40
0
.31
.09
.72
.38
.17
–.02
.19
1.12
.33
.08
.04
.03
.03
.41
.06
.21
.91
1.09
.70
.01
.69

2.15
.31
–.11
.35
.07
.74
.38
.13
–.01
.23
1.11
.28
–.03
–.05
.02
.03
.40
.09
.34
.45
.39
.68
.24
.44

2.01
.37
.07
.24
.06
.49
.22
.12
–.03
.17
1.15
.25
.10
.07
.03
.08
.32
.11
.29
–.77
–.47
.50
.41
.10

3.12
.49
.09
.29
.11
.92
.59
.31
0
.03
1.71
.35
.13
.04
.08
.04
.33
.21
.66
.30
–.07
–.28
–.01
–.27

1.73
.16
–.11
.27
0
.31
.10
–.13
.04
.29
1.25
.25
.06
–.05
.11
.08
.45
.12
.29
3.00
1.88
1.00
.15
.85

2.46
.64
.17
.36
.10
.62
.21
.15
–.03
.29
1.21
.29
.06
–.05
.12
.02
.52
.09
.22
1.26
1.41
1.16
.09
1.07

2.93
.57
.23
.25
.09
.97
.60
.23
0
.14
1.39
.31
.15
.15
.01
.06
.40
.03
.44
1.04
1.14
1.00
0
1.01

1.68
.18
–.27
.31
.13
.71
.31
.18
.05
.17
.79
.36
.04
.03
.01
.02
.27
.09
0
.89
.68
.36
.06
.30

2.40
.90
.48
.28
.14
.74
.38
.27
–.11
.20
.76
.36
–.02
–.04
.02
.01
.38
.03
0
–.64
1.26
.51
–.04
.55

.34
.17
.10
.08
.09
.13
.12
.39
–.18
–.07
–.11
–.23
.70
.53
.17
–.92
–.86
–.06

.27
.12
.06
.10
.05
.09
.04
–.29
.06
0
.06
–.08
.88
.73
.16
–.96
–.83
–.13

.29
.04
.15
.12 –.16
.04
.10
.14 0
.07
.05
.12
.02 –.14
.09
–.15 –.07
.52
–.06 –.10
.09
–.97
.21
.89
–.30
.37 1.12
.04
.28
.37
–.34
.08
.75
.55 –.75 –1.50
.89
.95
.64
.61
.49
.48
.27
.46
.16
–.33 –1.70 –2.14
–.25 –1.32 –1.92
–.08 –.37 –.21

.24
.41
.19
.24
.11
.17
–.06 0
.19
.06
.43
.40
.20
.13
.24
.14
–.14 –.11
–.32 –.14
.18
.03
–.42 –1.07
.31
.97
.42
.49
–.11
.49
–.73 –2.04
–.69 –1.78
–.05 –.26

.46
.32
.13
.19
.07
.14
.26 –.01
.15 –.12
–.34
.14
.04
.21
.32
.75
.21 –1.90
–.25
.13
.46 –2.04
.26
.83
.60
.95
.40
.92
.20
.03
–.34 –.12
–.43 –.13
.09
.01

.32
.26
.48
.11
.23
.06
.02
.05
.08
.19 –.01
.34
.23
.11 –.08
.40 –.21
.46
.09
.07
.06
.42
.03 –.05
–.14 1.74 –.49
.12
.01 –.04
–.26 1.73 –.45
–.10 –1.41
.13
.22 1.07 1.19
.14
.87 1.10
.08
.20
.10
–.32 –2.47 –1.07
–.32 –2.22 –.83
0
–.26 –.24

.05
.24 –.06
.11
.09
.03
.03
.05
.04
–.09
.10 –.12
.17 –.04 –.08
–.24
.10 –.18
0
–.09 –.05
–.76 –1.33 –1.04
.46
.10 –1.31
–.23
.10
.25
.69
.01 –1.56
.49 –.25 1.25
.61
.62 1.51
.49
.56
.73
.13
.07
.78
–.12 –.88 –.26
–.12 –.84
.09
0
–.03 –.35

.56
.25
.14
.18
–.04
–.20
–.30
–.93
–.65
.04
–.69
–.51
.13
.07
.05
–.63
–.57
–.06

.36
.24
.45
.08
.08
.14
.16
.07
.14
.11
.09
.18
.19
.10 –.18
–.32
.03 –.13
.11
.07
.13
–.62 –1.08 –1.18
.22
.89 –1.25
–.05
.01 –.08
.27
.87 –1.17
1.32 1.38
.41
.85 2.10
.46
.53 1.96
.20
.33
.14
.26
.47 –.72 –.06
.42 –.67 –.04
.05 –.05 –.01

.14
.11
.07
.04
.03
.03
.01
.02
.04
.07
–.03

.35
.15
.09
.05
.04
.06
.05
.02
.19
.13
.06

.40
.12
.13
.13
.01
–.01
0
–.01
.28
.18
.10

.29
.41
.36
.35
.01
.06
.07
–.02
–.12
–.04
–.08

.25
.17
.09
.03
.06
.08
.03
.05
.09
.02
.07

.30
.43
.49
.34
.15
–.06
–.04
–.03
–.13
.04
–.17

–.35
–.33
–.48
–.45
–.04
.15
.12
.03
–.01
.11
–.12

.25
.19
.22
.26
–.05
–.02
–.02
0
.05
.02
.03

.22
.05
.12
.01
.11
–.07
–.08
.01
.17
.09
.08

.60
.59
.46
.41
.05
.13
.07
.06
.01
.12
–.11

–.37
–.46
–.59
–.57
–.02
.13
.06
.07
.09
.09
0

.92
.57
.31
.30
.01
.27
.23
.04
.35
.15
.20

.18
–.11
.11
–.05
.15
–.22
–.15
–.07
.29
.11
.18

1.36
1.36
.35
.14
.22

1.53
1.36
–.01
–.04
.13

1.04
1.65
–.49
–.07
.13

.68
2.17
.10
.29
–.28

1.10
1.27
1.11
–.21
–.04

2.06
1.40
.14
.87
.13

1.18
1.41
–.03
–.34
.29

1.32
1.34
.42
.18
.24

1.23
.82
.76
.16
.31

1.83
.49
2.50
.56
.14
.14
.92 –1.21
.15
.22

2.95
1.39
.48
.51
.05

2.01 1.37
.35
.32
–.17
.10
.31
.23
.20 –.01
.46
.38
.13
.42
.17 –.06
–.02 –.01
.18
.02
1.20
.67
.27
.36
.23 –.09
.21 –.12
.02
.04
.09
.04
.27
.35
.10 –.06
.24
.07
.77 –1.64
–.11 –.39
.96
.79
.52
.52
.44
.27

.14
.06
–.07
0
–.07
.14
.13
.01
.08
.18
–.10

.66
.50
.74
.60
.15
–.24
–.23
–.02
.16
.19
–.03

–.09
–.46
–.54
–.40
–.14
.08
.14
–.06
.36
.20
.17

.79
.41
.39
.35
.04
.02
–.02
.04
.37
.19
.18

.74
.50
.47
.39
.08
.03
.04
–.01
.24
.13
.11

.50
.02
–.03
.05
–.08
.05
.04
.01
.49
.25
.24

1.45 1.06
1.15 1.15
–.16 –1.14
–.37
.44
.13
.03

.36
2.50
–.77
–.74
.16

.06
1.21
–.68
.18
–.01

1.65
1.85
.32
.03
.21

3.48
1.86
–.43
.36
.28

–.17
1.25
–.44
–.90
.18

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
2007

2006

Seasonally adjusted
at annual rates
2007

2007

2006

Change from preceding
period

2007

2007
2007

IV

I

II

III

IV

IV

I

II

III

IV

Gross domestic product .......................... 13,843.0 13,392.3 13,551.9 13,768.8 13,970.5 14,080.8 11,567.3 11,395.5 11,412.6 11,520.1 11,658.9 11,677.4

III

IV

247.9

138.8

18.5

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

9,732.0

9,373.7

9,540.5

9,674.0

9,785.7

9,928.0

8,276.2

8,141.2

8,215.7

8,244.3

8,302.2

8,342.7

232.1

57.9

40.5

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

1,079.6
441.3
416.9
221.4

1,056.5
434.8
409.0
212.8

1,074.0
444.5
414.2
215.3

1,074.7
441.5
414.5
218.8

1,081.6
437.5
418.6
225.6

1,087.9
441.6
420.5
225.8

1,237.0
447.0
594.9
222.7

1,197.6
439.6
566.9
215.2

1,223.2
451.5
579.9
216.6

1,228.4
448.2
585.9
220.2

1,241.9
442.3
601.0
227.2

1,254.7
445.9
612.7
226.7

56.5
9.7
44.0
8.8

13.5
–5.9
15.1
7.0

12.8
3.6
11.7
–.5

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

2,833.0
1,336.6
370.9
363.0
762.5

2,705.4
1,291.7
363.2
306.3
744.3

2,759.4
1,312.2
371.1
320.9
755.1

2,822.7
1,322.7
368.4
373.6
758.1

2,846.3
1,342.4
372.4
365.9
765.6

2,903.7
1,368.9
371.8
391.8
771.3

2,393.8
1,117.2
409.4
196.3
686.9

2,368.8
1,110.7
397.0
197.0
676.5

2,386.6
1,115.3
405.1
198.2
681.7

2,383.8
1,111.4
407.5
195.9
684.7

2,396.8
1,115.0
413.7
195.6
690.2

2,408.0
1,127.3
411.5
195.5
690.9

56.1
25.4
18.3
–2.3
20.7

13.0
3.6
6.2
–.3
5.5

11.2
12.3
–2.2
–.1
.7

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

5,819.4
1,466.2
528.6
224.5
304.2
358.3
1,687.4
401.7
1,377.3

5,611.8
1,413.9
509.7
212.7
297.0
346.8
1,617.9
392.8
1,330.7

5,707.1
1,435.1
520.0
220.6
299.4
349.6
1,656.9
395.3
1,350.1

5,776.5
1,455.4
526.2
223.5
302.7
355.1
1,674.6
400.2
1,365.0

5,857.8
1,474.9
533.3
227.3
305.9
362.5
1,695.0
404.6
1,387.5

5,936.3
1,499.2
535.0
226.4
308.6
365.9
1,723.1
406.6
1,406.5

4,671.3
1,175.8
423.8
155.2
268.5
300.0
1,334.9
333.5
1,101.7

4,595.5
1,156.6
419.1
152.5
266.8
294.1
1,310.5
330.3
1,083.5

4,630.7
1,163.7
420.1
153.1
267.1
296.0
1,323.2
332.0
1,094.1

4,656.7
1,171.6
421.6
153.6
268.1
299.2
1,330.8
332.7
1,099.3

4,689.5
1,178.9
427.9
158.5
268.8
301.7
1,338.0
335.6
1,105.8

4,708.2
1,189.0
425.5
155.5
270.0
303.0
1,347.5
333.7
1,107.6

125.8
27.5
10.9
6.7
3.4
8.8
34.6
12.2
31.8

32.8
7.3
6.3
4.9
.7
2.5
7.2
2.9
6.5

18.7
10.1
–2.4
–3.0
1.2
1.3
9.5
–1.9
1.8

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

2,132.3

2,152.4

2,117.3

2,139.1

2,162.9

2,109.8

1,831.2

1,856.2

1,816.9

1,837.4

1,859.9

1,810.5

–88.3

22.5

–49.4

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

2,124.7
1,483.2
473.2
1,010.0

2,132.4
1,417.1
428.4
988.7

2,118.9
1,431.4
439.6
991.8

2,133.9
1,469.1
464.5
1,004.5

2,127.5
1,500.1
483.1
1,017.1

2,118.3
1,532.1
505.8
1,026.3

1,821.2
1,369.6
304.0
1,064.9

1,835.5
1,314.8
278.3
1,044.4

1,815.2
1,321.7
282.6
1,045.3

1,829.3
1,356.6
299.5
1,057.4

1,826.0
1,387.3
311.1
1,073.5

1,814.1
1,412.7
322.7
1,083.4

–53.5
62.8
35.4
14.3

–3.3
30.7
11.6
16.1

–11.9
25.4
11.6
9.9

511.1
96.8
217.2
197.2
175.1
154.5
169.2
641.5

480.5
90.4
205.9
184.3
167.5
168.0
172.7
715.3

497.6
96.6
210.5
190.5
168.1
162.9
163.2
687.5

507.7
96.6
216.1
195.0
176.0
153.3
167.5
664.8

512.6
95.7
218.5
198.4
180.6
153.3
170.5
627.3

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

7.6
3.7
4.0

20.0
4.7
15.3

–1.6
5.5
–7.0

5.1
4.0
1.1

35.4
3.8
31.6

526.7
644.8
599.6
623.3
638.5
648.7
668.8
48.9
10.2
20.1
98.2 .............. .............. .............. .............. .............. .............. .............. .............. ..............
223.6
226.6
215.1
219.9
225.6
228.0
233.0
13.6
2.4
5.0
204.8
215.7
202.6
209.2
213.4
216.8
223.6
10.9
3.4
6.8
175.6
151.7
148.4
147.3
152.9
156.0
150.5
2.1
3.1
–5.5
148.6
137.1
150.9
144.8
135.3
136.3
132.2
–18.1
1.0
–4.1
175.4
149.3
153.7
144.8
148.0
150.2
154.2
–6.9
2.2
4.0
586.2
473.3
529.4
506.3
490.7
463.3
432.7
–96.2
–27.4
–30.6
–8.5
1.3
–9.8

8.3
3.8
3.6

17.4
3.8
13.6

.1
5.0
–5.8

5.8
3.6
1.3

30.6
4.1
26.0

–3.4
2.5
–6.9

–32.0
4.7
–38.1

24.8
.5
24.7

–34.0
–1.6
–32.9

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

–712.7

–705.3

–714.2

–714.2

–694.7

–727.6

–560.0

–597.3

–612.1

–573.9

–533.1

–521.0

64.5

40.8

12.1

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

1,640.3
1,151.9
488.5

1,531.9
1,072.3
459.6

1,549.9
1,084.0
465.9

1,598.7
1,115.2
483.5

1,685.7
1,191.3
494.4

1,727.1
1,216.9
510.2

1,407.6
999.9
408.0

1,350.9
955.4
395.6

1,354.7
957.6
397.2

1,379.5
973.1
406.4

1,441.2
1,031.4
410.4

1,455.0
1,037.5
418.0

103.5
72.5
30.9

61.7
58.3
4.0

13.8
6.1
7.6

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

2,353.0
1,982.5
370.5

2,237.2
1,879.9
357.3

2,264.0
1,902.7
361.4

2,312.9
1,947.2
365.7

2,380.4
2,007.3
373.2

2,454.6
2,073.1
381.6

1,967.6
1,676.7
292.9

1,948.2
1,658.7
291.4

1,966.8
1,675.6
293.1

1,953.4
1,663.4
291.9

1,974.3
1,683.2
293.1

1,975.9
1,684.4
293.5

39.0
29.8
9.1

20.9
19.8
1.2

1.6
1.2
.4

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

2,691.4

2,571.4

2,608.3

2,670.0

2,716.5

2,770.6

2,022.4

1,997.2

1,994.7

2,014.8

2,033.6

2,046.7

41.0

18.8

13.1

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

975.9
660.1
578.8
81.3
315.8
277.1
38.7

949.7
645.2
561.5
83.7
304.5
264.9
39.6

946.6
634.8
555.7
79.1
311.7
274.0
37.7

969.5
654.5
573.8
80.7
315.0
276.0
39.1

990.3
673.5
589.6
83.9
316.8
278.1
38.6

997.1
677.6
596.1
81.5
319.5
280.3
39.2

754.9
505.1
429.2
77.3
249.5
212.9
36.8

752.3
505.8
427.7
80.1
246.1
208.8
37.8

740.2
491.6
417.4
75.6
248.4
212.5
35.9

751.0
501.7
426.2
77.0
248.9
212.0
37.2

764.0
513.9
436.0
79.6
249.6
213.1
36.8

764.5
513.1
437.2
77.1
251.0
214.0
37.2

12.6
13.6
12.6
.7
–1.2
.3
–1.7

13.0
12.2
9.8
2.6
.7
1.1
–.4

.5
–.8
1.2
–2.5
1.4
.9
.4

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

1,715.5
1,366.6
348.9

1,621.7
1,300.8
320.9

1,661.7
1,326.7
335.0

1,700.5
1,355.9
344.5

1,726.2
1,374.3
351.9

1,773.6
1,409.3
364.3

1,267.4
1,009.4
257.8

1,244.9
997.5
247.3

1,254.2
1,002.5
251.5

1,263.5
1,007.4
256.0

1,269.6
1,010.7
258.8

1,282.0
1,017.1
264.8

28.4
18.5
9.8

6.1
3.3
2.8

12.4
6.4
6.0

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

–145.3

–108.2

–130.7

–136.3

–149.4

–165.2 .............. .............. ..............

Addenda:
Final sales of domestic product .......................... 13,835.4 13,372.3 13,553.5 13,763.6 13,935.0 14,089.3 11,558.0 11,375.8 11,411.6 11,512.8 11,626.4 11,681.3
Gross domestic purchases .................................. 14,555.7 14,097.6 14,266.1 14,483.0 14,665.1 14,808.4 12,122.7 11,987.1 12,018.7 12,088.9 12,188.3 12,194.8
Final sales to domestic purchasers .................... 14,548.0 14,077.6 14,267.7 14,477.9 14,629.7 14,816.9 12,113.2 11,967.3 12,017.4 12,081.4 12,155.6 12,198.4
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 .......................

13,843.0 13,392.3 13,551.9 13,768.8 13,970.5
..............
733.8
752.2
814.2
855.6
..............
673.7
689.0
743.5
754.4
.............. 13,452.4 13,615.1 13,839.4 14,071.6

14,080.8
..............
..............
..............

11,567.3 11,395.5 11,412.6 11,520.1 11,658.9
..............
628.3
638.2
684.3
716.3
..............
575.1
583.2
623.5
629.6
.............. 11,447.8 11,466.7 11,580.0 11,744.6

Net domestic product ........................................... 12,156.7 11,737.9 11,881.0 12,085.4 12,279.6 12,380.6 10,080.5
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.

9,928.3

282.1
185.6
219.8

11,677.4
247.9
.............. ..............
.............. ..............
.............. ..............

9,937.7 10,037.2 10,167.8 10,179.2

207.7

113.6
99.4
74.2

54.9
6.5
42.8

138.8
18.5
32.0 ..............
6.1 ..............
164.6 ..............
130.6

11.4

Table 4.—Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2005

2006

2007

2004
I

II

2005
III

IV

I

II

2006
III

IV

I

II

2007
III

IV

I

II

III

IV

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

3.2

3.2

2.7

3.7

3.8

2.3

3.2

3.9

2.6

3.5

3.5

3.4

3.5

2.4

1.7

4.2

2.6

1.0

2.6

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

2.9
–.7
3.7
3.4

2.8
–1.3
3.1
3.4

2.5
–1.8
2.9
3.2

3.5
–.5
5.3
3.5

3.8
.3
6.2
3.4

2.0
–2.5
1.4
3.1

3.0
.2
4.7
2.8

2.2
.1
.3
3.6

3.4
–.4
5.0
3.4

4.3
–2.8
9.5
3.3

2.8
–1.1
.8
4.6

1.7
–1.0
.3
3.0

4.3
–.7
8.6
3.2

2.6
–1.3
2.8
3.2

–.9
–2.7
–7.9
3.0

3.5
–1.9
5.0
3.8

4.3
–1.4
10.0
2.6

1.8
–1.8
1.1
2.8

3.9
–1.8
6.3
3.8

Gross private domestic investment .............................
4.2
3.5
1.2
4.1
4.7
3.9
3.9
5.2
2.8
4.0
5.8
4.0
2.5
1.6
2.2
2.0
–.4
–.3
.9
Fixed investment ..........................................................
4.3
3.5
1.1
4.1
4.7
3.9
3.9
5.3
2.9
4.2
6.0
3.9
2.4
1.5
2.0
1.9
–.3
–.5
.9
Nonresidential ...........................................................
2.9
3.1
1.2
1.1
2.4
1.3
2.5
4.5
2.4
1.6
4.6
3.9
2.8
1.9
2.0
1.9
0
–.6
1.2
Structures .............................................................
11.7 11.7
3.3
6.8
7.6 10.1 12.0 12.8
8.7 13.8 17.6 13.0 10.7
5.6
4.6
4.1 –1.1
.5
3.8
Equipment and software .....................................
–.1
0
.4
–.8
.7 –1.7
–.6
1.8
.3 –2.5
.2
.6
–.2
.4
.8
1.0
.5 –1.1
–.1
Residential ................................................................
6.7
4.4
.9
9.8
8.8
8.5
6.2
6.6
3.6
8.7
8.5
3.9
1.8
.8
2.1
2.0
–.8
–.3
.2
Change in private inventories ...................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services ............................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports ..........................................................................
3.6
3.4
3.5
5.5
4.8
1.9
4.2
4.6
3.6
2.5
3.0
2.7
6.0
4.6
–.8
3.6
5.3
3.8
6.1
Goods .......................................................................
3.1
3.3
3.6
6.3
5.2
1.0
3.6
4.3
3.0
1.3
2.3
3.0
6.3
5.2
.1
3.5
5.1
3.2
6.3
Services ....................................................................
4.9
3.7
3.3
3.9
3.8
3.8
5.5
5.0
4.9
5.2
4.8
2.2
5.5
3.3 –2.7
3.9
5.8
5.1
5.5
Imports ..........................................................................
6.3
4.0
3.4
9.2
7.3
5.3
6.9
2.2
9.7 10.3
4.3 –1.5 10.1
4.7 –9.4
1.0 11.9
7.5 12.7
Goods .......................................................................
6.5
4.2
3.6 10.0
7.9
5.0
7.0
2.0 10.1 10.9
4.9 –1.9 10.4
5.3 –10.1
.7 13.0
7.7 13.4
Services ....................................................................
5.6
3.1
2.8
4.9
4.7
6.7
6.0
3.5
7.7
7.5
1.3
.5
8.4
1.4 –5.3
2.3
6.7
6.5
8.8
Government consumption expenditures and gross
investment ...................................................................
Federal ..........................................................................
National defense ......................................................
Nondefense ..............................................................
State and local .............................................................

5.8
4.8
5.3
4.0
6.4

4.9
3.9
4.1
3.5
5.4

4.5
2.9
2.9
2.9
5.4

7.2
11.6
10.6
13.8
4.6

5.0
5.5
5.6
5.2
4.7

4.8
2.5
2.9
1.4
6.2

5.7
2.6
3.1
1.7
7.6

7.5
11.5
12.2
10.1
5.2

4.6
2.3
2.5
1.8
6.1

6.4
3.4
3.5
3.2
8.1

5.0
.8
1.3
–.2
7.6

5.1
9.1
9.3
8.9
2.7

5.7
4.0
4.2
3.5
6.7

3.0
1.3
1.6
.7
4.0

2.1
.5
–.1
1.7
3.1

6.4
5.3
5.0
5.9
7.0

5.5
3.8
4.1
3.3
6.5

3.2
1.6
1.9
1.1
4.2

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

3.2
3.7
3.7
3.2

3.2
2.7
3.3
2.7
3.3
2.7
3.1 ..........

3.7
4.3
4.3
3.7

3.8
4.2
4.2
3.8

2.3
2.8
2.7
2.3

3.2
3.6
3.6
3.2

3.9
3.6
3.6
3.9

2.6
3.5
3.5
2.6

3.5
4.6
4.6
3.5

3.5
3.7
3.7
3.5

3.4
2.7
2.7
3.4

3.5
4.2
4.2
3.5

2.3
2.5
2.5
2.4

1.7
.1
.1
1.7

4.2
3.8
3.8
4.2

2.7
3.8
3.8
2.6

1.0
2.6
1.8
3.8
1.7
3.7
1.0 ..........

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

3.2
3.6
3.2

3.2
2.7
3.3
2.7
3.2 ..........

3.7
4.3
3.7

3.8
4.2
3.8

2.3
2.7
2.3

3.2
3.7
3.2

3.9
3.6
3.9

2.6
3.6
2.6

3.5
4.6
3.5

3.5
3.7
3.5

3.4
2.7
3.4

3.5
4.2
3.5

2.4
2.5
2.4

1.7
.1
1.7

4.2
3.8
4.2

2.6
3.8
2.6

1.0
2.5
1.7
3.7
1.0 ..........

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

5.5
2.5
3.1
1.3
7.2

Table 5.—Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
2005

2006

2007

2006
IV

2007
I

II

III

IV

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

112.086

115.304

117.829

116.080

116.254

117.349

118.763

118.951

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

115.791
131.748
115.828
112.687

119.359
136.735
120.051
115.696

122.804
143.286
122.934
118.897

120.801
138.720
121.650
116.969

121.906
141.680
122.563
117.865

122.331
142.283
122.419
118.527

123.190
143.852
123.090
119.360

123.790
145.331
123.664
119.836

Gross private domestic investment ...........................................................................................
107.709
110.607
105.516
106.955
104.690
105.875
107.172
104.325
Fixed investment ........................................................................................................................
109.080
111.657
108.469
109.325
108.113
108.956
108.756
108.050
Nonresidential ........................................................................................................................
99.490
106.062
111.161
106.711
107.277
110.109
112.597
114.660
Structures ...........................................................................................................................
79.127
85.770
97.060
88.849
90.241
95.639
99.330
103.030
Equipment and software ...................................................................................................
107.935
114.332
115.889
113.662
113.753
115.075
116.821
117.908
Residential ..............................................................................................................................
133.608
127.433
105.897
118.462
113.301
109.791
103.665
96.833
Change in private inventories .................................................................................................... .................... .................... .................... .................... .................... .................... .................... ....................
Exports of goods and services ..................................................................................................

109.775

118.957

128.394

123.222

123.568

125.833

131.458

132.718

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

123.425

130.683

133.327

132.014

133.272

132.363

133.780

133.892

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

113.050
125.524
106.721

115.092
128.255
108.418

117.474
130.431
110.897

116.007
129.977
108.935

115.865
127.886
109.748

117.028
129.756
110.564

118.121
132.000
111.096

118.883
132.083
112.181

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

112.360
113.894
114.166
112.265

115.526
118.417
117.071
118.891
117.292
119.460
115.363 ....................

116.550
117.562
118.021
116.152

116.916
117.871
118.515
116.344

117.953
118.560
119.146
117.493

119.117
119.680
119.535
119.599
119.878
120.300
119.163 ....................

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

Table 6.—Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
Seasonally adjusted
2005

2006

2007

2006
IV

2007
I

II

III

IV

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

113.005

116.568

119.678

117.527

118.750

119.527

119.837

120.597

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

111.588
90.018
111.561
116.726

114.675
88.857
114.989
120.725

117.588
87.270
118.342
124.580

115.143
88.213
114.210
122.122

116.129
87.799
115.620
123.252

117.345
87.488
118.413
124.055

117.873
87.091
118.751
124.921

119.006
86.704
120.585
126.094

Gross private domestic investment ...........................................................................................
111.155
115.090
116.469
115.958
116.532
116.426
116.325
116.593
Fixed investment ........................................................................................................................
111.404
115.352
116.651
116.162
116.718
116.636
116.498
116.753
Nonresidential ........................................................................................................................
103.778
106.961
108.298
107.789
108.301
108.293
108.140
108.456
Structures ...........................................................................................................................
135.013
150.806
155.771
154.071
155.637
155.199
155.392
156.857
Equipment and software ...................................................................................................
94.527
94.485
94.844
94.667
94.892
95.002
94.751
94.731
Residential ..............................................................................................................................
128.653
134.288
135.495
135.076
135.736
135.459
135.367
135.418
Change in private inventories .................................................................................................... .................... .................... .................... .................... .................... .................... .................... ....................
Exports of goods and services ..................................................................................................

108.803

112.537

116.515

113.424

114.433

115.912

116.992

118.723

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

111.117

115.610

119.580

114.834

115.114

118.408

120.572

124.227

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

121.435
120.914
121.758

127.334
125.622
128.370

133.064
129.258
135.350

128.757
126.244
130.272

130.765
127.886
132.499

132.527
129.098
134.586

133.588
129.622
135.969

135.377
130.427
138.347

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

109.670
110.307
107.667

112.130
113.168
109.717

114.496
115.932
111.787

113.052
113.456
110.507

113.730
114.472
111.161

114.116
115.784
111.498

114.682
116.186
111.917

115.456
117.285
112.571

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

113.040
113.225
113.261
112.999

116.603
119.701
116.920
120.071
116.956
120.097
116.558 ....................

117.553
117.609
117.636
117.515

118.773
118.702
118.727
118.740

119.555
119.809
119.838
119.518

119.860
120.618
120.330
121.444
120.355
121.467
119.824 ....................

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

113.000
113.040
113.221
113.261
112.994

116.567
119.674
116.603
119.704
116.919
120.070
116.956
120.101
116.558 ....................

117.522
117.550
117.606
117.634
117.511

118.745
118.770
118.700
118.725
118.736

119.519
119.551
119.804
119.837
119.512

119.826
120.582
119.857
120.614
120.321
121.432
120.354
121.466
119.814 ....................

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
1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Gross domestic product (GDP) .........................................................
3.3
2.7
4.0
2.5
3.7
4.5
4.2
4.5
3.7
0.8
1.6
2.5
3.6
3.1
2.9
2.2
Personal consumption expenditures ..................................................................
3.3
3.3
3.7
2.7
3.4
3.8
5.0
5.1
4.7
2.5
2.7
2.8
3.6
3.2
3.1
2.9
Durable goods .....................................................................................................
5.9
7.8
8.4
4.4
7.8
8.6 11.3 11.7
7.3
4.3
7.1
5.8
6.3
4.9
3.8
4.8
Nondurable goods ...............................................................................................
2.0
2.7
3.5
2.2
2.6
2.7
4.0
4.6
3.8
2.0
2.5
3.2
3.5
3.6
3.6
2.4
Services ...............................................................................................................
3.5
2.8
2.9
2.6
2.9
3.3
4.2
4.0
4.5
2.4
1.9
1.9
3.2
2.7
2.7
2.8
Gross private domestic investment ....................................................................
8.1
8.9 13.6
3.1
8.9 12.4
9.8
7.8
5.7 –7.9 –2.6
3.6
9.7
5.6
2.7 –4.6
Fixed investment .................................................................................................
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
6.9
2.4 –2.9
Nonresidential .................................................................................................
3.2
8.7
9.2 10.5
9.3 12.1 11.1
9.2
8.7 –4.2 –9.2
1.0
5.8
7.1
6.6
4.8
Structures ...................................................................................................
–6.0
–.7
1.8
6.4
5.6
7.3
5.1
–.4
6.8 –2.3 –17.1 –4.1
1.3
.5
8.4 13.2
Equipment and software ............................................................................
7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7
9.4 –4.9 –6.2
2.8
7.4
9.6
5.9
1.4
Residential ......................................................................................................
13.8
8.2
9.6 –3.2
8.0
1.9
7.6
6.0
.8
.4
4.8
8.4 10.0
6.6 –4.6 –16.9
Change in private inventories ............................................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services .................................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports ................................................................................................................
6.9
3.2
8.7 10.1
8.4 11.9
2.4
4.3
8.7 –5.4 –2.3
1.3
9.7
6.9
8.4
7.9
Goods ..............................................................................................................
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
9.9
7.8
Services ..........................................................................................................
5.5
3.2
6.3
6.3
7.2
5.9
2.9
5.6
2.9 –3.7
1.9
0
11.5
5.4
4.8
8.2
Imports .................................................................................................................
7.0
8.8 11.9
8.0
8.7 13.6 11.6 11.5 13.1 –2.7
3.4
4.1 11.3
5.9
5.9
2.0
Goods ..............................................................................................................
9.3 10.1 13.3
9.0
9.3 14.4 11.7 12.4 13.5 –3.2
3.7
4.9 11.3
6.6
6.0
1.8
Services ..........................................................................................................
–2.6
2.9
5.7
3.3
5.5
9.4 11.4
6.9 11.1
–.3
2.1
0
11.5
2.3
5.2
3.2
Government consumption expenditures and gross investment ....................
.5
–.9
0
.5
1.0
1.9
1.9
3.9
2.1
3.4
4.4
2.5
1.4
.7
1.8
2.1
Federal ................................................................................................................
–1.7 –4.2 –3.7 –2.7 –1.2 –1.0 –1.1
2.2
.9
3.9
7.0
6.8
4.2
1.5
2.2
1.7
National defense .............................................................................................
–5.0 –5.6 –4.9 –3.8 –1.4 –2.8 –2.1
1.9
–.5
3.9
7.4
8.7
5.8
1.5
1.9
2.8
Nondefense .....................................................................................................
6.9
–.7 –1.2
–.4
–.7
2.6
.7
2.8
3.5
3.9
6.3
3.4
1.1
1.3
2.8
–.5
State and local ....................................................................................................
2.2
1.4
2.6
2.6
2.3
3.6
3.6
4.7
2.7
3.2
3.1
.2
–.2
.3
1.6
2.3
Addenda:
Final sales of domestic product .........................................................................
3.0
2.6
3.4
3.0
3.7
4.0
4.2
4.5
3.8
1.6
1.2
2.5
3.3
3.3
2.8
2.5
Gross domestic purchases .................................................................................
3.3
3.2
4.4
2.4
3.8
4.8
5.3
5.3
4.4
.9
2.2
2.8
4.1
3.1
2.8
1.6
Final sales to domestic purchasers ...................................................................
3.1
3.2
3.8
2.8
3.8
4.3
5.3
5.4
4.5
1.8
1.8
2.8
3.8
3.3
2.7
1.8
Gross national product ........................................................................................
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
3.0
2.8 ..........
Real disposable personal income ......................................................................
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
1.7
3.1
3.1
Price indexes:
Gross domestic purchases .............................................................................
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
3.7
3.3
2.7
Gross domestic purchases excluding food and energy ................................
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
3.1
2.9
2.4
GDP ................................................................................................................
2.3
2.3
2.1
2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.7
2.1
2.9
3.2
3.2
2.7
GDP excluding food and energy ...................................................................
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
3.2
3.1
2.5
Personal consumption expenditures ..............................................................
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
2.5

Table 8.—Real Gross Domestic Product: Percent Change From Quarter One Year Ago
2004
I

II

2005
III

IV

I

II

2006
III

IV

I

II

2007
III

IV

I

II

III

IV

Gross domestic product (GDP) .........................................................
4.1
4.1
3.2
3.1
3.2
3.0
3.2
2.9
3.3
3.2
2.4
2.6
1.5
1.9
2.8
2.5
Personal consumption expenditures (PCE) .......................................................
4.0
3.7
3.2
3.7
3.1
3.4
3.5
2.8
3.3
3.0
2.7
3.4
3.2
2.9
3.0
2.5
Durable goods .....................................................................................................
9.8
6.1
4.0
5.6
4.7
7.0
6.6
1.2
4.6
2.1
2.0
6.6
4.7
5.0
4.7
4.8
Nondurable goods ...............................................................................................
4.1
3.9
2.8
3.5
3.3
3.8
3.6
3.6
3.8
3.5
3.7
3.6
3.2
2.5
2.3
1.7
Services ...............................................................................................................
2.9
3.2
3.2
3.3
2.8
2.5
2.9
2.7
2.7
3.0
2.4
2.6
2.9
2.8
3.0
2.5
Gross private domestic investment ....................................................................
7.9 12.2
9.8
9.1
9.9
3.8
3.6
5.3
5.0
6.2
3.4 –3.6 –6.6 –5.7 –3.5 –2.5
Fixed investment .................................................................................................
7.3
7.8
6.8
7.2
8.3
7.1
6.8
5.5
6.5
4.0
.8 –1.6 –4.5 –3.3 –2.3 –1.2
Nonresidential .................................................................................................
4.9
4.9
5.6
7.5
9.1
7.7
6.8
5.1
7.5
7.3
6.4
5.2
2.5
4.1
5.1
7.4
Structures ...................................................................................................
2.0
0
1.1
2.3
2.9
1.0 –1.6
–.3
2.7
7.1 11.6 12.3 10.2 12.4 13.8 16.0
Equipment and software ............................................................................
6.0
6.7
7.3
9.4 11.4 10.1
9.9
7.1
9.4
7.4
4.6
2.5
–.5
.7
1.5
3.7
Residential ......................................................................................................
11.6 13.2
8.8
6.7
7.0
6.2
6.9
6.4
4.8 –1.5 –8.5 –12.8 –16.5 –16.5 –16.5 –18.3
Change in private inventories ............................................................................. .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Net exports of goods and services .................................................................... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... .......... ..........
Exports ................................................................................................................
9.8 12.0
9.9
7.4
6.4
7.1
6.9
7.0
8.4
7.4
8.4
9.3
6.6
7.1 10.3
7.7
Goods ..............................................................................................................
8.4 10.7 10.0
7.0
6.6
8.1
7.0
8.3 10.7
9.0 10.4
9.7
6.1
6.1 10.5
8.6
Services ..........................................................................................................
13.0 15.3
9.8
8.3
6.0
4.9
6.6
4.1
3.2
3.9
3.8
8.3
7.9
9.4
9.9
5.6
Imports .................................................................................................................
9.3 12.1 12.4 11.5
8.8
5.3
4.6
5.1
6.3
6.4
7.2
3.7
2.9
2.0
1.7
1.4
Goods ..............................................................................................................
9.3 11.3 12.6 11.9
9.8
5.9
5.2
5.8
6.6
6.7
7.6
3.2
2.7
1.7
1.3
1.6
Services ..........................................................................................................
9.2 16.4 11.5
9.3
4.3
1.9
1.5
1.4
4.7
4.8
5.2
6.1
4.3
3.9
4.0
.7
Government consumption expenditures and gross investment ....................
2.5
1.3
1.3
.7
.6
.6
.9
.9
1.8
1.8
1.2
2.5
1.2
1.9
2.7
2.5
Federal ................................................................................................................
7.1
3.0
4.4
2.4
1.6
1.2
1.8
1.3
2.7
2.1
.3
3.7
0
1.8
3.4
1.6
National defense .............................................................................................
10.8
3.1
7.2
2.5
1.7
1.8
1.6
1.1
1.6
1.5 –1.3
5.9
1.2
2.8
5.7
1.4
Nondefense .....................................................................................................
.3
2.8
–.9
2.3
1.5
–.1
2.1
1.9
5.0
3.4
3.4
–.7 –2.5
0
–1.2
2.0
State and local ....................................................................................................
–.1
.3
–.5
–.4
0
.2
.5
.7
1.3
1.5
1.7
1.8
1.9
2.0
2.3
3.0
Addenda:
Final sales of domestic product .........................................................................
4.0
3.5
2.7
2.8
2.9
3.5
3.7
2.9
3.5
2.8
1.9
3.0
1.9
2.3
3.1
2.7
Gross domestic purchases .................................................................................
4.3
4.5
3.8
3.9
3.7
2.9
3.1
2.8
3.3
3.3
2.5
2.1
1.2
1.4
1.9
1.7
Final sales to domestic purchasers ...................................................................
4.2
3.9
3.3
3.6
3.4
3.4
3.5
2.9
3.5
2.9
2.1
2.4
1.6
1.8
2.1
1.9
Gross national product ........................................................................................
4.6
4.2
3.4
2.9
2.9
2.9
3.2
2.8
3.2
3.2
2.0
2.7
1.5
1.9
3.2 ..........
Real disposable personal income ......................................................................
4.2
3.5
2.7
4.1
2.3
2.3
1.3
1.1
3.1
2.6
3.3
3.2
3.4
3.1
3.8
2.3
Price indexes:
Gross domestic purchases .............................................................................
2.2
3.1
3.3
3.7
3.5
3.4
3.8
3.8
3.6
3.8
3.3
2.4
2.6
2.5
2.3
3.3
Gross domestic purchases excluding food and energy ................................
2.1
2.7
2.9
3.1
3.2
3.0
3.0
3.1
2.9
3.1
3.0
2.8
2.8
2.3
2.2
2.2
GDP ................................................................................................................
2.3
2.9
3.0
3.2
3.3
3.0
3.3
3.4
3.2
3.5
3.2
2.7
2.9
2.7
2.4
2.6
GDP excluding food and energy ...................................................................
2.1
2.7
2.9
3.2
3.3
3.1
3.2
3.3
3.1
3.3
3.2
2.9
2.9
2.5
2.3
2.3
PCE .................................................................................................................
2.0
2.8
2.7
3.1
2.8
2.6
3.2
3.2
3.1
3.3
2.9
1.9
2.3
2.3
2.1
3.4
PCE excluding food and energy ....................................................................
1.8
2.1
2.1
2.2
2.3
2.1
2.1
2.2
2.0
2.2
2.4
2.3
2.4
2.0
1.9
2.1
Market-based PCE 1 .......................................................................................
1.6
2.4
2.3
2.8
2.4
2.4
3.1
3.0
2.9
3.2
2.7
1.6
2.2
2.2
2.0
3.4
Market-based PCE excluding food and energy 1 ..........................................
1.3
1.5
1.4
1.6
1.8
1.7
1.7
1.7
1.6
1.9
2.1
2.0
2.2
1.8
1.7
1.9
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
2005

2006

2007

2006

2007

IV
13,194.7

I

II

III

IV

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

12,433.9

13,843.0

13,392.3

13,551.9

13,768.8

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

544.1
475.6

691.4 ....................
633.4 ....................

733.8
673.7

752.2
689.0

814.2
743.5

13,970.5

855.6 ....................
754.4 ....................

14,080.8

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

12,502.4

13,252.7 ....................

13,452.4

13,615.1

13,839.4

14,071.6 ....................

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

1,609.5
5.4

1,615.2
1,686.3
–18.1 ....................

1,654.4
–46.6

1,670.9
–66.3

1,683.4
–40.8

1,690.9
1,700.2
74.8 ....................

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

10,887.6
7,029.6
5,672.9
1,356.8
969.9
42.9
1,372.8
558.0
863.1
66.5
–15.1

11,655.6 ....................
7,448.3
7,878.0
6,025.7
6,386.2
1,422.6
1,491.8
1,006.7
1,043.0
54.5
64.9
1,553.7 ....................
598.5
603.2
917.6
962.1
90.2
94.2
–13.9
–14.5

11,844.6
7,649.9
6,203.0
1,446.9
1,009.8
50.9
1,531.2
596.0
931.1
91.8
–16.0

12,010.5
7,764.9
6,294.4
1,470.5
1,027.4
53.2
1,547.7
599.6
943.8
91.8
–17.8

12,196.8
7,826.9
6,343.9
1,483.0
1,038.4
62.1
1,642.4
592.4
956.8
92.8
–15.0

12,306.0 ....................
7,917.7
8,002.5
6,418.5
6,488.0
1,499.2
1,514.5
1,048.7
1,057.3
68.4
76.0
1,621.9 ....................
599.3
621.6
967.8
980.0
94.4
97.6
–12.2
–12.9

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

12,428.6

13,212.8 ....................

13,438.9

13,618.2

13,809.5

13,895.6 ....................

Table 10.—Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
2005

2006

2007

2006

2007

IV

I

II

III

IV

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

10,301.1

10,983.4

11,667.3

11,200.2

11,469.2

11,577.3

11,746.7

11,875.8

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

7,024.6
5,667.9
1,356.8
969.9
30.8
939.1
42.9
1,617.8
1,018.9
598.9
1,520.7

7,440.8
6,018.2
1,422.6
1,006.7
19.4
987.4
54.5
1,796.5
1,100.2
696.3
1,612.5

7,859.2
6,367.4
1,491.8
1,043.0
36.5
1,006.4
64.9
1,947.2
1,154.7
792.5
1,731.4

7,599.9
6,153.0
1,446.9
1,009.8
23.9
985.8
50.9
1,836.6
1,102.8
733.8
1,647.7

7,764.9
6,294.4
1,470.5
1,027.4
29.1
998.3
53.2
1,882.9
1,126.1
756.8
1,710.7

7,801.9
6,318.9
1,483.0
1,038.4
33.1
1,005.3
62.1
1,930.0
1,148.4
781.6
1,717.1

7,892.7
6,393.5
1,499.2
1,048.7
38.6
1,010.0
68.4
1,976.2
1,171.1
805.0
1,742.3

7,977.5
6,463.0
1,514.5
1,057.3
45.2
1,012.1
76.0
1,999.6
1,173.0
826.6
1,755.5

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

874.8

927.6

978.4

944.6

969.8

972.2

981.5

990.1

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

1,209.1

1,354.3

1,483.3

1,401.0

1,454.7

1,477.6

1,489.2

1,511.5

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

9,092.0

9,629.1

10,184.0

9,799.2

10,014.5

10,099.7

10,257.5

10,364.3

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

9,047.4

9,590.3

10,131.7

9,757.2

9,917.5

10,069.2

10,200.9

10,339.2

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

44.6

38.8

52.3

42.0

97.0

30.5

56.7

25.1

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

.5

.4

.5

.4

1.0

.3

.6

.2

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

8,147.9

8,396.9

8,660.6

8,510.7

8,623.9

8,607.1

8,702.6

8,709.3

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
2005

2006

2007

2004
I

II

2005
III

IV

I

II

2006
III

IV

I

II

2007
III

IV

I

II

III

IV

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

3.1

2.9

2.2

3.0

3.5

3.6

2.5

3.1

2.8

4.5

1.2

4.8

2.4

1.1

2.1

0.6

3.8

4.9

0.6

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

4.3
2.3
3.4

5.0
2.3
–.1

3.3
2.8
–4.5

2.1
3.8
1.0

3.4
2.2
11.5

6.6
2.4
1.3

3.7
2.4
–.3

4.2
2.3
4.0

3.9
1.4
7.3

5.8
4.4
1.2

1.5
1.0
1.2

9.6
2.4
4.3

4.6
2.0
–1.4

3.4
2.0
–9.9

1.1
4.4
–7.0

.2
2.1
–6.2

5.4
3.1
3.0

11.7
3.1
–4.2

–.6
2.1
–4.2

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

4.2
3.0

–1.3
3.0

–2.2
2.3

8.8
2.8

–6.1
3.8

29.0
2.8

–9.6
3.0

5.4
3.0

4.7
2.7

15.1 –21.6
.6
2.9

6.2
.4

1.0
3.9

13.1 –27.2
4.7
1.6

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

35.1
2.9

19.4
2.8

20.6 –31.0
2.1
3.3

–6.6
3.6

19.8
3.5

50.1
2.3

39.5
2.8

51.7
2.5

21.8
4.3

34.2
1.0

7.3
4.8

–1.3
.6

35.7
3.6

–1.0 149.5 –30.8

18.9

40.8 –10.9

.8 –12.5

14.8

30.6 –30.5
3.6
2.5

17.0 –10.9
4.4
2.9
20.7
2.3

5.1
1.0

49.8
4.6

30.2
.5

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

5.9

.6

14.0

–3.0

6.0

–8.9

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

3.6

3.2

2.3

2.6

5.0

3.8

2.6

3.9

3.2

5.6

.9

5.7

2.4

.8

2.6

.3

4.2

5.6

.4

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

3.2
3.2
3.4

3.2
3.1
3.3

2.7
2.5
2.8

3.7
3.5
3.8

3.8
3.4
3.8

2.3
2.8
2.4

3.2
3.1
3.4

3.9
4.1
4.1

2.6
2.6
2.7

3.5
2.9
3.6

3.5
3.5
3.7

3.4
3.4
3.5

3.5
3.2
3.6

2.4
2.6
2.5

1.7
2.4
1.8

4.2
3.3
4.3

2.6
1.6
2.8

1.0
1.7
1.2

2.6
2.4
2.7

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

3.7

3.3

2.7

4.3

4.2

2.8

3.6

3.6

3.5

4.6

3.7

2.7

4.2

2.5

.1

3.8

3.8

1.8

3.8

3.1

2.9

2.4

3.5

3.4

2.6

2.8

4.0

2.6

2.7

3.2

3.2

3.2

2.5

2.3

3.1

1.5

1.9

2.5

3.9

3.5

2.8

4.4

4.3

2.9

3.9

3.8

3.7

4.8

3.9

2.9

4.5

2.7

.2

3.9

4.0

1.9

3.9

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

2.9
2.2
2.7
1.7

2.8
2.2
2.6
1.9

2.5
2.1
2.4
1.9

3.5
2.4
3.2
1.8

3.8
2.7
3.4
1.9

2.0
1.7
1.5
1.1

3.0
2.1
2.9
1.8

2.2
2.6
1.9
2.3

3.4
2.1
3.1
1.5

4.3
1.7
4.3
1.2

2.8
2.4
2.6
1.9

1.7
2.0
1.5
1.8

4.3
2.9
4.3
2.6

2.6
2.3
2.4
2.1

–.9
1.9
–1.6
1.6

3.5
2.4
3.6
2.4

4.3
1.4
4.7
1.2

1.8
2.0
1.4
1.5

3.9
2.7
3.8
2.4

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

17.5 –12.4

27.0
1.9

9.6 –13.0

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 2005-06
annual percent change in real GDP uses prices for 2005 and 2006 as weights, and the 2005-06 annual
percent change in GDP prices uses quantities for 2005 and 2006 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, 8, and
Appendix Table A. 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.