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BUREAUOFECONOMICANALYSIS N EW S R E L E A SE U,S, D EPA RTM EN T O F C O M M ER CE EM B A R G O ED U N T IL R E L E A S E A T 8:30 A .M . ED T, T H U R SD A Y , S E P T E M B E R 28, 2006 V irginia H. M annering: G reg Key: R ecorded m essage: B EA 06-43 G R O S S D O M E S T I C P R O D U C T : S E C O N D Q U A R T E R 2 0 0 6 (F IN A L ) C O R P O R A T E P R O F IT S : S E C O N D Q U A R T E R 2 0 0 6 (F IN A L ) Real gross dom estic p ro d u ct - the output o f goods and services p ro d u ced by labor and property located in the U nited States — increased at an annual rate o f 2.6 p ercen t in th e second quarter o f 2006, according to final estim ates released by th e B ureau o f Econom ic A nalysis. In the first quarter, real GDP increased 5.6 percent. The GDP estim ates released today are based on m ore com plete source data th an w ere available for the prelim inary estim ates issued last m onth. In the prelim inary estim ates, th e increase in real GDP was 2.9 percent (see "R evisions" on p ag e 3). The increase in real G D P in the second quarter prim arily reflected p o sitiv e contributions from personal consum ption expenditures (PCE) for services, exports, n o n resid en tial structures, state and local governm ent spending, and private inventory investm ent that w ere p artly o ffset by negative contributions from residential fixed investm ent and federal governm ent spending. Im ports, w hich are a subtraction in the calculation o f G D P, increased. The deceleration in real G D P grow th in the second q uarter p rim arily reflected dow nturns in PC E for durable goods, in equipm ent and softw are, and in federal go v ern m en t spending, decelerations in PC E fo r nondurable goods and in exports, and a larger decrease in resid en tial fix ed investm ent that w ere partly offset by a d eceleration in im ports, an acceleration in P C E fo r services, and an upturn in private inventory investm ent. N O T E .-Q u a rte rly estim ates are expressed at seasonally adjusted annual rates, unless otherw ise specified. Q uarter-to-quarter dollar changes are differences b etw een th ese p u b lish ed estim ates. Percent changes are calculated from unrounded data and are annualized. “R e a l” estim ates are in chained (2000) dollars. Prices indexes are chain-type m easures. This new s release is available on B E A ’s W eb site at w w w .b ea.g o v /b ea/rels.h tm . - more - - 2 - Final sales o f com puters con trib u ted 0.04 percentage p o in t to th e seco n d -q u arter grow th in real G D P after contributing 0.07 p ercen tag e p o in t to the first-quarter grow th. M o to r v ehicle output subtracted 0.31 percentage p o in t fro m th e second-quarter grow th in real G D P after contributing 0.12 percentage p oint to the first-quarter grow th. The price index for gross dom estic purchases, w hich m easures p rices p aid b y U .S. residents, increased 4.0 p ercen t in the second quarter, the sam e as in the p relim in ary estim ate; this index increased 2.7 percent in the first quarter. E x clu d in g food and energy prices, the p rice in d ex fo r gross dom estic purchases in creased 2.9 p ercen t in th e second quarter, com pared w ith an increase o f 3.0 percent in the first. R eal personal con su m p tio n expenditures increased 2.6 percent in th e second quarter, com pared w ith an increase o f 4.8 p ercen t in the first. R eal nonresidential fixed in v estm en t increased 4.4 percent, com pared w ith an increase o f 13.7 p ercent. N onresidential structures in creased 20.3 percent, com pared w ith an increase o f 8.7 percent. E q u ip m en t and softw are decreased 1.4 p ercen t, in contrast to an increase o f 15.6 percent. R eal residential fixed investm ent decreased 11.1 p ercent, com pared w ith a decrease o f 0.3 percent. R eal exports o f goods and services increased 6.2 percent in the seco n d quarter, com pared w ith an increase o f 14.0 percen t in the first. R eal im ports o f goods and services in creased 1.4 percent, com pared w ith an increase o f 9.1 percent. R eal federal governm ent con su m p tio n expenditures and gross in v estm en t decreased 4.5 percent in the second quarter, in contrast to an increase o f 8.8 percent in the first. N atio n al defense decreased 2.0 percent, in contrast to an increase o f 8.9 percent. N ondefense decreased 9.3 p ercen t, in contrast to an increase o f 8.5 percent. R eal state and local governm ent consum ption ex p en d itu res and gross investm ent increased 4.0 percent, co m p ared w ith an increase o f 2.7 percent. The real change in private inventories added 0.44 percentage p o in t to the second-quarter change in real G D P, after subtracting 0.03 p ercen tag e p o in t from the first-q u arter change. P rivate businesses increased inventories $53.7 billion in the second quarter, follow ing increases o f $41.2 billion in the first quarter and $43.5 b illio n in the fourth. Rgal final sales o f dom estic p ro d u ct - G D P less change in p riv ate in v en to ries - increased 2.1 percent in the second quarter, com pared w ith an increase o f 5.6 p e rc en t in th e first. Gross domestic purchases Real gross dom estic purchases — purchases b y U .S. residents o f goods and services w herever produced - increased 2.0 percen t in the second quarter, com pared w ith an in crease o f 5.3 percent in the first. - more - - 3- Gross national product R eal gross national product — the goods and services produced b y the lab o r and property supplied by U .S. residents ~ increased 2.3 p ercen t in the second quarter, com pared w ith an increase o f 6.1 percent in the first. G N P includes, and G D P excludes, net receipts o f incom e from the rest o f the w orld, w hich decreased $5.6 billion in the second q uarter after increasing $14.4 b illio n in the first; in the second quarter, receipts increased $45.0 billion, and paym ents increased $50.6 billion. Current-dollar GDP C urrent-dollar G D P - the m ark et value o f the nation's output o f goods and services - increased 5.9 percent, or $188.9 billion, in the second q uarter to a level o f $13,197.3 billion. In the first quarter, current-dollar G D P increased 9.0 percent, or $277.9 billion. Revisions The final estim ate o f the second-quarter increase in real G D P is 0.3 p ercen tag e point, or $9.5 billion, low er th an the prelim inary estim ate issued last m onth. The do w n w ard rev isio n to the percentage change in real G D P prim arily reflected a dow nw ard revision to private in v en to ry investm ent, an upw ard ■revision to im ports o f services, and a dow nw ard revision to residential fixed in v estm en t th at w ere partly offset b y an upw ard rev isio n to P C E for services. A dvance P relim in ary Final (Percent change from preced in g quarter) R eal G D P ................................................. C urrent-dollar G D P ................................. G ross dom estic purchases price index... 2.5 5.8 4.0 2.9 6.3 4.0 2.6 5.9 4.0 Corporate Profits Profits from current production (corporate profits w ith inventory v a lu atio n and capital consum ption adjustm ents) increased $22.7 b illio n in the second quarter, co m p ared w ith an increase o f $175.6 billio n in the first quarter. C urrent-production cash flow (net cash flo w w ith inventory valuation and capital consum ption adjustm ents) — the internal funds available to corp o ratio n s for investm ent — increased $1.1 billio n in the second quarter, com pared w ith an increase o f $ 125.3 billio n in the first. Taxes on corporate incom e in creased $19.2 billio n in the second quarter, com pared w ith an increase o f $32.3 b illio n in the first. Profits after tax w ith inventory v alu atio n and capital consum ption adjustm ents increased $3.6 billion in the second quarter, com pared w ith an in crease o f $143.2 billion in the first. D ividends increased $15.4 billion, com pared w ith an increase o f $14.7 billion; currentproduction undistributed profits decreased $11.8 billion, in contrast to an in crease o f $128.5 billion. - more - - 4- D om estic profits o f financial corporations increased $41.7 b illio n in th e second quarter, com pared w ith an increase o f $51.4 b illio n in th e first. D om estic profits o f n o n fin an cial corporations decreased $32.8 billio n in the second quarter, in co n trast to an increase o f $94.5 b illio n in the first. In the second quarter, real gross corporate value added increased, and profits p er u n it o f real value added decreased. The decrease in u n it profits reflected increases in both the unit labor and n o n lab o r costs corporations incurred that w ere p artly offset by an increase in u nit prices. The rest-of-the-w orld co m p o n en t o f profits increased $13.8 b illio n in th e second quarter, com pared w ith an increase o f $29.8 b illio n in the first. This m easure is calcu lated as (1) receipts by U.S. residents o f earnings from th eir fo reig n affiliates plus dividends received b y U .S. residents from unaffiliated foreign corporations m in u s (2) paym ents by U .S. affiliates o f earnings to their foreign parents plus dividends p aid by U .S. corporations to unaffiliated fo reig n residents. The second-quarter increase w as accounted fo r by a larg er increase in receipts th an in paym ents. Profits before tax w ith in v en to ry v alu atio n adjustm ent is th e b est av ailab le m easure o f industry profits because estim ates o f the capital consum ption adjustm ent b y industry do n o t exist. This m easure reflects depreciation-accounting practices u sed fo r federal incom e tax returns. A ccording to this m easure, dom estic profits o f financial corporations increased, w hile dom estic profits o f nonfinancial corporations decreased. T he decrease in nonfinancial corporations reflected decreases in “other” nonfinancial industries, in m anufacturing, in w holesale trade, in in fo rm atio n , and in retail trade that were partly offset b y increases in tran sp o rtatio n and w arehousing and in utilities. W ith in m anufacturing, the decrease reflected decreases in all the industries show n except p etro leu m an d coal products, and com puter and electronic products. Profits before tax in creased $70.9 b illio n in the second quarter, co m p ared w ith an increase o f $142.3 billion in the first. T he b efo re-tax m easure o f profits does n o t reflect, as does profits from current production, the capital co n su m p tio n and inventory v alu atio n adjustm ents. These adjustm ents convert depreciation o f fix ed assets and inventory w ithdraw als rep o rted on a tax-return, historical-cost basis to the current-cost m easures u sed in the national incom e and p ro d u ct accounts. The capital consum ption adjustm ent decreased $12.2 b illio n in the second quarter (fro m -$148.6 billio n to -$160.8 billion), in contrast to an increase o f $17.0 b illio n in the first. T he in v en to ry v alu atio n adjustm ent decreased $36.0 billio n (from -$22.9 b illio n to -$58.9 billion), in co n trast to an increase o f $16.3 billion. * * * B EA 's national, international, regional, and industry estim ates; the S u r v e y o f C u r r e n t B u s i n e s s ; and B E A new s releases are available w ith o u t charge on B EA 's W eb site at w w w .b ea.g o v . B y visiting the site, you can also subscribe to receiv e free e-m ail sum m aries o f B E A releases and announcem ents. * * * N e x t release - O ctober 27, 2006, at 8:30 A .M . E D T for: G ross D o m estic Product: Third Q uarter 2006 (A dvance) - more - T a b le 1.— R e a l G r o s s D o m e s t ic P r o d u c t a n d R e la te d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2005 2002 2003 2004 III 2005 2008 IV II' Gross domestic product (G D P )............. 2.5 3.9 3.2 2.4 0.2 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 Personal consumption expenditures .................... Durable go o ds.................................................. Nondurable go od s............................................. Services ........................................................... 2.6 2.8 5.8 3.2 1.9 3.9 6.4 3.6 3.5 3.5 5.5 4.5 2.6 2.3 11.5 .3 1.3 1.4 5.2 3.6 1.8 2.1 .4 3.8 1.5 3.6 16.8 2.3 1.8 5.8 16.7 7.7 2.9 2.3 .7 1.6 2.8 4.7 6.1 4.3 4.6 2.9 1.7 1.7 3.8 3.9 8.7 3.7 3.1 4.3 6.1 5.4 3.4 2.7 2.4 5.2 1.6 4.2 12.8 4.9 2.3 3.9 9.0 3.4 3.2 .8 12.3 3.9 2.0 4.8 19.8 5.9 1.6 Gross private domestic investm ent...................... Rxed investment ............................................... Nonresidential................................................ Structures.................................................. Equipment and software ............................. Residential.................................................... Change in private inventories.............................. 2.6 -.1 1.4 3.7 3.6 3.4 1.0 - 4.1 2.8 8.4 9.8 7.3 5.9 2.2 7.3 9.9 5.4 7.5 6.8 1.1 8.9 8.6 1.3 - .4 2.6 6.9 1.0 4.1 3.3 10.6 10.7 14.7 9.3 10.5 17.7 13.6 9.4 -.8 13.2 22.2 9.3 5.5 2.0 - 4.7 5.6 10.6 4.8 2.2 1.7 3.3 1.2 3.1 21.7 11.7 7.2 6.9 7.3 19.8 2.0 7.6 10.3 3.1 13.0 3.2 5.1 4.9 8.3 - 2.0 12.3 -.6 8.2 7.8 6.0 5.3 6.3 11.1 3.6 10.5 5.2 - 2.0 7.9 20.0 5.2 6.3 5.9 - 7.0 11.0 7.1 16.2 2.8 5.2 12.0 2.8 -.9 7.8 8.2 13.7 8.7 15.6 - .3 1.0 1.6 4.4 20.3 - 1.4 11.1 11.4 8.8 17.5 3.7 .6 21.2 20.8 19.8 23.1 17.6 17.2 19.6 7.2 7.1 7.5 10.2 10.1 10.9 6.2 6.4 5.6 16.0 17.7 7.6 4.8 8.3 2.8 4.4 4.7 3.1 9.9 6.1 19.2 12.0 12.6 9.0 4.7 5.5 2.9 4.1 4.9 - .2 9.4 12.8 2.0 1.4 2.0 - 1.5 3.2 3.7 2.1 2.5 2.7 1.2 9.6 11.5 5.5 13.2 14.1 8.3 14.0 17.3 6.7 9.1 9.4 7.4 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 1.9 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 - 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 1.7 - 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 6.6 9.0 9.1 8.2 8.2 9.6 6.8 5.9 5.5 6.1 5.7 5.7 5.8 Net exports of goods and services ...................... Exports.............................................................. G o o ds........................................................... Services........................................................ Imports............................................................. . G o o ds........................................................... Services........................................................ 1.8 0 4.1 4.9 0 9.2 9.0 9.7 10.8 10.9 10.0 Government consumption expenditures and gross investm ent........................................................ Federal.............................................................. National defense ............................................ Nondefense ................................................... State and lo cal................................................... 2.5 6.8 8.7 3.4 .2 Addenda: Final sales of domestic product............................ Gross domestic purchases .................................. Final sales to domestic purchasers...................... Gross national product (GNP) .............................. Disposable personal income................................ Current-dollar measures: G D P .............................................................. Final sales of domestic product....................... Gross domestic purchases............................... Final sales to domestic purchasers .................. G N P .............................................................. Disposable personal income ............................ r R e v i se d Se e “ Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. '¿'a 5.8 -.7 2.0 15.5 3.3 2.0 - - - 1.0 1.4 5.0 5.3 4.9 6.4 - - 24 ) 2.2 4.6 5.7 6.5 1.7 1.9 4.3 5.9 1.2 .5 .9 1.5 1.7 1.1 .5 2.3 3.0 4.1 1.2 1.9 4.8 10.2 14.8 2.1 2.0 1.4 .1 - 4 .4 9.0 - 2.2 6.1 19.7 36.3 - 6.4 - .8 2.5 2.8 2.8 2.7 2.2 3.5 4.4 4.0 3.8 3.6 3.5 3.3 3.6 3.1 1.2 1.4 2.8 1.8 2.9 1.6 .1 1.7 1.6 1.0 .2 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 4.7 4.7 5.2 5.2 4.9 4.2 6.9 6.5 7.6 7.2 6.7 6.4 6.3 6.7 6.9 7.2 6.2 4.1 3.9 3.0 4.4 3.6 4.4 .2 2.4 2.4 3.9 3.8 3.2 1.9 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 B.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 s ...... ...... - - .......... 7.5 5.1 6.1 6.7 2.8 ...... i - - ...... - 3. i 9.1 11.7 9.0 8.1 14.0 ” - 5.3 2.0 20.0 - 5.0 - 3.9 10.6 '' - - - - - 1.2 2.8 4.1 8.6 15.7 - - - - - - - 1.3 5.0 9.1 2.9 -.9 - - - 6.2 6.0 6.7 1.4 -.1 9.9 .8 4 .5 2.0 - 9.3 4.0 - - T ab le 2.— C o n trib utio n s to Percent Ch an ge in Real G ross Do m estic Pro duct Seasonally adjusted at annual rates 2003 2004 2005 2 302 III Pe r ce n t c h a n ge IV I II 303 2004 III IV II 1 2.5 3.9 3.2 2.4 IV I II 2006 111 IV I II'- e x p e n d i t u r e s. . . 1.94 2.71 2.44 D u r a b le g o o d s . . . . . .. . . . . .. . . . . .. . . . . .. . . . . . .50 .45 .. . . . . . . . . . . . . . . 3.5 7.5 2.7 3.9 4.0 3.1 2 .6 3.4 3.3 4.2 1.41 2.53 4.13 1.59 3.30 2.07 2.74 2.97 1.94 2.94 2.76 .53 3.38 .03 -.0 4 .05 1.35 .65 .49 .06 -.29 .27 .08 .51 .09 .33 .14 -.14 .28 .71 .2 0 1 .0 2 .2 2 .50 .17 -.29 .27 .0 1 .36 .13 .2 1 .1 0 .1 2 .2 1 .50 .28 .24 .74 .38 .40 -.03 -1.08 -1.51 .33 .2 1 1.39 .46 .67 .26 1.50 .60 .65 .26 .45 .04 .29 1.53 .61 .31 .36 .8 6 .0 2 .54 .32 .74 .28 .18 -.04 .32 1.07 .70 .19 1.04 .53 .17 .98 .55 .25 .70 .61 .08 -.15 .16 .79 .39 .27 -.06 .19 1.30 .37 .06 -.07 .13 1.39 .32 .25 .25 .83 .18 -.0 2 .2 0 1.32 .24 .09 .03 .06 -.0 4 .53 .05 .44 .44 .04 .16 .52 .09 .31 0 .2 1 .2 1.57 .97 .98 .89 .06 -.47 -.75 .0 2 .07 .0 2 .06 .70 .75 .39 5.6 1 .8 2 .6 p o i n t s a t a n n u a l r a t e s: P e r so n a l c o n su m p t i o n Motor vehicles and parts............... . Furniture and household equipment . O th e r............................................ N o n d u r a b le go o d s .27 .54 .07 .35 .1 0 .1 1 .29 .14 .64 .23 .14 .73 .33 .14 .90 .51 .17 .1 2 ................................ F o o d ...................................................... Clothing and shoes ................................. Gasoline, fuel oil, and other energy goods . O th e r....................................... .............. Se r v ic e s.................. Housing................. Household operation Electricity and gas Other household operation Transportation....................... Medical care ....................... Recreation........................... . Other .................................. .0 1 .0 2 .24 .23 .80 1.45 .40 1.09 .30 .08 .04 .04 .1 0 .06 .03 .03 .1 0 .0 2 .09 d o m e st i c i n v e s t m e n t . . . . . . . . . . . . . . . . . .54 1.49 F ix e d i n v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51 1 .1 1 G r o ss p rivat e Nonresldential ............................................. Structures ............................................... Equipment and software.......................... information processing equipment and software ......................................... Computers and peripheral equipment Software.......................................... O th er.............................................. Industrial equipment............................ Transportation equipment...................... Other equipment.................................. Residential ........................................... C h a n ge in p r iv a t e N e t e x p o r t s o f g o o d s a n d se r v i c e s Exports .45 .1 0 .................................. Goods..................................... Services .................................. G o v e r n m e n t c o n su m p t i o n -.0 1 0 .2 0 .31 -.0 4 .54 .74 -.0 7 .19 - .1 1 -.0 2 -.0 2 .63 0 -.05 .05 .07 .47 .35 .0 2 0 0 .32 0 1.18 .40 .17 1.92 .49 .1 2 -.06 .16 .06 .47 .13 .42 1.59 .42 .1 1 .1 0 .70 .29 .94 .28 .04 .0 1 .01 .67 .24 -.58 -.58 .0 2 .19 1.52 .25 31 .23 .08 04 .31 -.1 4 -.16 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .17 -.1 2 -.2 1 2 .0 0 -.52 -.1 4 -.3 8 -.0 4 -.2 4 -.1 8 -.06 1.52 .83 .29 .34 .18 .08 .41 .46 .52 .31 1.34 1.36 .25 in -.27 .45 .56 .1 0 1.62 .51 -.06 .56 1 .0 2 .95 1.16 .97 .08 .90 .77 .81 -.0 5 .6 6 1.72 .69 .17 .52 1 .2 2 -.2 1 .31 .13 .82 .26 .32 .23 -.14 .70 .2 0 .26 1.08 -.13 .07 .55 .30 -.03 .17 .16 -.09 -.08 -.04 .16 .05 -.03 .03 .05 -.0 5 .46 .06 1.03 .56 -.06 .62 .56 -.05 .60 .40 .27 .13 .1 2 .16 .15 .09 .1 2 -.05 .08 -.0 7 .1 1 .1 0 -.05 .14 .07 .53 .15 .09 .50 .38 .07 .31 -.44 .1 2 .1 0 .59 .16 -.44 .23 23 -.38 -.04 -.17 -.1 7 .0 1 -.0 2 0 .0 2 .0 2 .35 .1 2 0 .06 .05 .08 .14 .31 .08 .51 .1 2 .17 -.5 7 .04 .09 .30 .2 0 -.30 -.06 -.24 .98 .31 .67 .08 .03 .04 -.1 2 -.65 -.26 -.49 -1.52 .8 8 .6 8 .1 2 .60 .28 27 .52 .16 .14 .13 -.31 -.64 .33 -.56 -.56 -1.53 -1.29 -.24 -.94 -.87 -.07 -.76 -.72 -.04 - 1 .0 1 .19 -.31 - 1 .0 1 -.16 -.85 .28 .16 .15 .06 .05 .05 .33 .1 B .76 .92 -.0 2 .0 1 .05 .0 2 -.1 2 .2 1 29 -.2 2 0 0 0 .0 1 .53 .09 .24 .04 .43 .05 .30 .32 .13 -.07 0 .8 6 .33 .17 .16 .19 .39 .43 .29 .1 0 .1 0 .03 .30 .16 -.14 .1 2 .59 -.2 0 .78 .26 .06 .07 .13 0 0 .1 0 .2 1 .58 -.1 0 .03 .43 .05 -.3 8 .43 .09 .16 -.06 -2.23 -.26 -1.97 -.18 .28 -.46 2.05 .14 1.90 -.81 -.16 .72 -.06 -1.07 -.04 .42 .96 .42 .54 .47 .38 .09 .94 .33 .27 .06 .97 .80 .17 1.41 .6 6 1 .2 0 .45 .2 1 .2 1 -1.77 -1.55 -.63 -.64 -1.46 -1.27 -.19 -.24 .0 1 -.26 .04 -2.04 -1.84 -.2 2 -.39 -.36 -.03 1.44 .61 .84 -.84 -.48 -.35 -.2 0 .0 1 .06 -.07 .1 1 .24 23 27 .74 .15 .18 .40 -.05 .31 .0 2 1 .1 1 0 .18 .1 0 .59 .14 .45 .03 .63 .1 2 -.1 2 .0 2 .04 -.03 .40 .05 .25 .16 .04 .04 .19 -.31 .08 -.06 .2 1 .2 1 .05 .40 .08 -.04 .11 -.0 2 -.03 - .0 1 -.0 2 -.0 4 .03 .07 -.14 .16 -.32 .09 -.72 .44 -.09 .54 -.73 .51 -.47 -.73 -1.62 -.53 .13 -.65 -.16 -.08 -.08 1 .0 2 1.81 .55 .47 1 .2 0 .69 .47 .61 .2 2 .60 .43 .17 -.90 -.31 .74 .47 .27 -.57 -.97 .40 -.51 -.07 -.44 -2.29 - 1 .8 6 -.43 -1.42 -1.17 -.25 - 2 .2 2 -2.03 -.1 8 -.59 -.08 .14 .55 .43 24 -.3 7 .31 .2 1 .64 -¿ 1 .94 .16 .2 1 .49 .41 .40 .18 .09 .34 .41 .34 .08 -.0 7 -.06 -.3 8 -.4 5 -.4 4 .23 .03 .13 .03 .6 6 -.33 -.49 -.47 .61 .41 .37 .05 .2 0 -.32 -.09 -.17 .08 -.23 .1 1 .16 .03 -.1 2 .13 .09 .03 .33 .17 .16 .97 .46 .33 -.71 3.86 1.39 .33 1 .2 1 .2 1 .46 .55 -.09 -.6 6 .8 8 .06 -.2 2 -.2 0 .0 1 -.25 e x p e n d it u r e s a n d .47 .36 .17 .43 .89 -.26 1.16 .29 .44 .37 .32 .05 .08 .07 .30 .27 .1 1 .2 0 .0 1 .08 .05 .03 .03 .17 .07 .64 .59 .67 -.08 .05 .07 -.2 2 1.25 1.41 1.30 .0 2 .1 2 .03 -.25 -.32 .07 .28 .27 .35 .31 .05 -.14 -.1 2 .1 1 .01 -.03 -.03 .26 -.04 .30 -.07 .07 -.15 .06 .19 -.13 .25 .15 5.00 1.15 1.33 .30 .50 .81 1.63 1 .2 0 .99 1.74 1.31 -.24 -.1 4 National defense................................... . Consumption expenditures................... Gross investment ............................... Nondefense............................................ Consumption expenditures................... Gross Investment ...................... ......... lo c a l .28 -.1 0 .87 - .0 1 -.03 .05 .03 .28 .13 .40 .................................. St a t e a n d .1 2 .2 1 .87 -.04 F e d e r a l................................................ i n v e st m e n t .0 1 .16 -.0 4 .1 0 0 1 .2 1 .06 .30 .30 .19 -.1 0 -.1 2 .09 .07 .05 .04 0 .73 .18 .1 1 0 .1 0 .52 .64 .23 -.03 .36 .1 0 .2 0 .43 .08 .30 .04 .03 .14 1 .2 0 -.04 -.06 .2 0 0 .36 0 -.0 2 .39 -.0 2 .34 .16 -.1 4 .1 0 1.81 -.0 1 -.08 .08 -.03 .28 .15 .16 .2 2 .07 .41 23 -.07 -.04 -.0 7 .59 .04 .2 1 -.1 2 23 - .1 1 1.17 .67 .03 .64 -.1 1 .2 1 -.05 .04 .07 .58 .06 .52 .1 0 .................................. Goods..................................... Services ................................. . Im p o r t s 0 in v e n t o r ie s . F a rm ................................... Nonfarm ............................. .0 2 .26 .08 .03 .37 .14 .41 gr o ss 2005 III at a n n u a l rate: G r o s s d o m e st i c p r o d u c t P e r ce n t a ge 2 .01 .05 .03 .03 0 0 -.08 .06 .08 .23 .17 .06 .25 .15 -1.74 1.65 .29 .0 2 -.04 -.0 2 1 .0 0 1.56 1.84 .51 1.43 1.31 .49 .1 0 .03 .0 2 .06 0 .1 0 .11 .0 2 .................... Consumption expenditures . Gross Investment ............. .2 2 -.0 2 .1 0 -.2 0 .2 1 -.16 .19 - .2 1 .0 1 .06 -.27 -.19 -.09 -.1 0 1.27 .03 -.09 -.46 .56 2.06 .85 .36 -.07 -.0 2 0 0 .1 0 .09 .08 .03 .05 .1 1 -.0 1 -.1 0 -.0 1 .08 .05 .03 .0 1 .2 1 .25 -.04 .03 -.1 1 .01 -.09 .0 1 -.0 2 .08 .08 -.18 .15 -.1 4 .0 2 1.56 1.48 .06 .52 .15 1.43 1.47 -.2 9 .06 .26 1.51 1.07 .82 .38 .16 .06 .1 0 .18 .05 .13 .52 .45 .07 .14 •0 B .06 -.0 1 .14 -.15 -.0 2 .16 .05 -.1 0 .48 .2 0 .28 Adde nda: Goods .................................... Services.................................. Structures ............................... Motor vehicle output ................ Final sales of computers.......... r Re v i se d Se e "Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. 1 .2 0 .31 .05 .T5 .1 2 .2 0 1.69 .98 -.29 .40 .06 .16 .2 0 .01 .1 1 .1 2 -.0 2 .2 2 -.23 .15 2.59 .05 .33 -.13 1.09 1.04 1.13 -.03 .2 0 2.07 2 .0 2 .09 .70 .08 .2 0 .1 2 .07 1 .1 2 1.40 .04 -.31 .04 T a b le 3 .— G r o s s D o m e s t ic P r o d u c t a n d R e la te d M e a s u r e s : L e v e l a n d C h a n g e F r o m P r e c e d in g P e r io d Billions of current dollars Billions of chained (2000) dollars Seasonally adjusted at annual rates 2005 2005 II G r o s s d o m e st i c p r o d u c t 12,455.8 12,346.1 ........ Seasonally adjusted at annual rates III 2005 2006 IV I Ik 12,573.5 12,730.5 13,008.4 13,197.3 11,048.6 Change from preceding period 2005 II III 1 1 ,0 0 1 . 8 11,115.1 2006 IV I 2006 II ' 11,163.8 11,316.4 11,388.1 I II ' 345.1 152.6 71.7 e x p e n d i t u r e s. . . 8,742.4 8,674.6 8,847.3 8,927.8 9,079.2 9,228.1 7,841.2 7,819.8 7,895.3 7,910.2 8,003.8 8,055.0 264.1 93.6 51.2 g o o d s.............................. 1,033.1 448.2 377.2 207.7 1,042.3 459.6 374.4 208.3 1,057.3 468.1 380.C 209.2 1,019.6 421.6 386.0 1,061.8 441.7 401.3 218.8 1,145.3 452.9 490.6 2 1 2 .0 1,064.1 442.7 402.3 219.1 2 1 2 .6 1,150.8 463.0 482.0 214.2 1,175.9 474.6 497.7 213.1 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 59.6 2.5 44.6 17.0 52.6 18.8 27.0 8.3 -1.4 4.4 - 2 .1 2,539.3 1,201.4 341.8 302.1 694.0 2,508.6 1,191.9 341.5 285.5 689.7 2,584.9 1,214.7 341.3 331.0 698.0 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 2,276.8 1,065.7 372.7 199.5 643.9 2,268.4 1,058.5 371.1 200.7 642.2 2,287.6 1,074.9 373.9 197.8 646.7 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 97.6 54.7 33.2 17.7 2 1 .8 8 .0 - 1 .0 25.4 1 0 .2 5,170.0 1,304.1 483.0 199.8 283.2 320.4 1,493.4 360.6 1,208.4 5,123.7 1,297.2 474.3 192.1 282.2 318.8 1,478.3 357.9 1,197.1 5,205.1 1,311.7 484.3 199.4 285.0 322.3 1,505.0 362.6 1,219.1 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 4,436.6 1 ,1 2 2 .6 418.0 153.8 264.1 284.4 1,260.9 313.1 1,036.2 4,420.0 1 ,1 2 0 . 0 416.9 153.2 263.7 284.8 1,253.8 312.5 1,030.6 4,454.5 1,126.4 419.4 154.0 265.4 283.6 1,267.5 313.9 1,042.2 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 G r o s s p r i v a t e d o m e st i c i n v e s t m e n t . . . . . . . . . . . . . . . . 2,057.4 2,009.1 2,052.6 2,154.5 2,214.8 2,237.1 1,866.3 1,832.6 1,855.9 1,927.0 1,963.6 F ix e d in v e st m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,036.2 1,265.7 338.6 927.1 2,016.7 1,251.8 332.0 919.8 2,067.9 1,276.7 336.3 940.4 2,105.8 1,304.3 359.7 944.7 2,167.7 1,359.2 378.2 981.0 2,174-B 1,384.3 406.3 977.9 1,842.0 1,223.8 251.5 984.9 1,835.8 1,214.8 251.7 974.8 1,864.2 1,232.4 247.1 1 ,0 0 0 . 6 1,877.3 1,248.2 254.2 1,007.6 1,914.6 1,288.8 259.6 1,044.8 454.3 85.1 194.0 175.2 155.1 158.3 159.4 770.4 452.3 85.3 193.8 173.3 149.5 158.0 159.9 764.9 456.6 83.9 195.6 177.2 157.0 165.0 161.8 791.2 461.3 85.9 196.9 178.4 163.9 154.6 164.9 801.5 482.4 552.6 547.9 557.7 567.3 203.6 190.8 163.4 165.7 169.4 808.5 479.9 85.9 207.0 187.1 170.1 155.9 172.1 790.6 206.2 193.6 143.5 145.4 147.3 608.0 205.7 191.5 138.4 144.6 148.0 609.9 208.0 196.0 144.9 152.3 148.8 620.4 209.5 197.5 150.4 143.2 151.2 618.9 21.3 .3 -7.6 -6.7 -.9 -15.3 1.3 -16.6 48.6 5.8 42.8 47.2 5.4 41.8 62.3 2.3 59.9 19.6 -7.4 -5.8 - 1 .0 -12.7 43.5 4.8 38.6 P e r so n a l c o n su m p t i o n D u r a b le Motor vehicles and parts................ Furniture and household equipment . O th er........................................... N o n d u r a b le go o d s ................................... Food ........................................................ Clothing and shoes ................................... Gasoline, fuel oil, and other energy goods ... O th er........................................................ S e r v i c e s .... Housing , Household operation............. Electricity and g a s ............ Other household operation Transportation..................... Medical care ....................... Recreation........................... O th er.................................. Nonresidential ............................................ Structures ............................................. Equipment and software......................... Information processing equipment and software ........................................ Computers and peripheral equipment Software........................................ Other ............................................. Industrial equipment............................ Transportation equipment.................... Other equipment................................ Residential .............................................. C h a n ge in p r iv a t e in v e n t o r ie s . F arm ................................... Nonfarm .............................. 2 1 .0 N e t ex p o rts o f g o o d s a n d s er vice s Exports ... Goods .... Services Im p o r t s ... Goods ..... Services G o v e r n m e n t c o n su m p t i o n g r o s s i n v e st m e n t .2 19.6 1.1 -14.0 17.8 6.4 -15.5 -13.0 8.3 5.4 -3.7 .3 5.7 40.9 6.9 8 .2 5.3 -.1 2 .2 2 .8 1 .2 8.3 2 0 .2 13.6 2.4 8.4 1,968.5 95.7 36.6 4.9 1,906.8 1,302.8 271.9 1,041.2 128.1 78.0 37.3 40.6 5.4 80.7 372 -7.8 14.0 12.3 -3.6 595.9 594.3 43.3 28.6 - 215.6 1 1 .2 6 .1 149.0 152.2 154.3 618.5 217.8 206.7 153.9 142.7 157.1 600.5 16.6 9.7 48.1 14.1 -1.4 9.0 3.1 -.4 -18.0 41.2 4.3 36.8 53.7 1,9 52.2 -33.8 -5.9 -27.4 -2.3 -.5 - 1 .8 12.5 -2.4 15.4 2 1 1 .6 2 .8 12.9 1 0 .8 .6 15.7 1 .6 2 .2 -4.9 4.9 -9.5 2 .8 -716.7 -686.4 -728.8 -775.4 -765.2 -781.8 -619.2 -606.1 -607.6 -636.6 -636.6 -624.2 -28.3 0 12.4 1,303.1 907.5 395.6 1,293.8 902.6 391.2 1,312.4 913.9 398.5 1,352.4 944.3 408.1 1,405.4 989.3 416.0 1,448.1 1,019.1 429.0 1,196.1 843.2 352.9 1,191.0 839.7 351.2 1,200.5 847.5 353.0 1,228.4 870.8 357.8 1,269.3 906.2 363.6 1,288.5 919.5 369.5 75.7 58.B 17.0 40.9 35.4 5.8 192 13.3 5.9 2,019.9 1,699.0 320.9 1,980.2 1,662.4 317.8 2,041.2 1,719.1 322.1 2,127.8 1,799.3 328.5 2,170.6 1,832.6 338.1 2,229.8 1,879.0 350.8 1,815.3 1,549.9 267.5 1,797.1 1,533.6 265.5 1,808.1 1,543.9 266.3 1,865.0 1,595.8 271.7 1,905.9 1,631.9 276.6 1,912.7 1,631.7 283.2 104.0 97.7 7.2 40.9 36.1 4.9 -.2 2,372.8 2,348.9 2,402.4 2,423.6 2,479.6 2,513.9 1,958.0 1,952.6 1,968.8 1,963.5 1,987.1 1,991.2 17.4 23.6 4.1 878.3 589.3 516.9 895.8 605.0 530.9 74.2 290.7 253.4 37.4 8 8 6 .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 38.6 727.5 483.6 413.3 71.2 243.7 207.3 36.7 721.6 481.1 410.9 71.2 240.1 205.4 34.8 7382 494.1 421.9 73.2 243.8 207.5 36.6 729.6 481.4 410.0 72.6 248.0 208.7 40.1 745.1 491.8 419.0 74.0 253.1 736.6 489.3 414.7 76.5 247.0 10.9 289.0 251.7 37.4 868.4 5B4.3 512.1 72.2 284.1 248.7 35.4 2 1 2 .8 2 1 0 .1 15.5 10.4 9.0 1.4 5.1 4.1 1,494.4 1,207.2 287.3 1,480.5 1,192.8 287.7 1,506.6 1,217.8 288.7 1,537.4 1,243.4 294.0 1,557.9 1,256.2 301.7 1,594.2 1,280.7 313.5 1,230.4 988.0 242.1 1,230.9 986.0 244.7 1,230.5 989.5 240.7 -42.6 -39.1 -47.1 6 .8 6 .6 e x p e n d it u r e s a n d ................................. F e d e r a l............................... National defense.................. Consumption expenditures . Gross investment ............. Nondefense . Consumption expenditures . Gross investment............. St a t e a n d lo c a l 8 8 .0 112.7 31.0 8.7 4.0 4.6 .4 43.6 8.3 -.6 -.2 .................... Consumption expenditures . Gross investment ............. Residual............................................................ 41.1 37.2 2 .8 1 .0 -8.5 -2.5 -4.3 2.5 - 6 .1 -2 .7 -3.9 1,233.7 991.9 241.6 1,242.0 996.1 245.7 1,254.4 1 ,0 0 1 . 2 253.1 6.5 8.4 2 .0 8.3 4.2 4.1 12.4 5.1 7.4 -53.7 -78.7 -77.6 8 .2 5.0 3.7 2.7 .3 - Addenda: Final sales of domestic product....................... Gross domestic purchases.............................. Rnal sales to domestic purchasers ................. 12,434.6 12,353.7 12,588.8 12,681.9 12,961.2 13,135.1 11,025.2 11,005.3 11,123.5 11,115.5 11,269.0 11,328.0 13,172.5 13,032.6 13,302.3 13,505.9 13,773.6 13,979.1 11,659.7 11,599.9 11,714.6 11,792.9 11,946.3 12,005.9 13,151.3 13,040.2 13,317.6 13,457.3 13,726.4 13,916.8 11,636.1 11,603.2 11,722.8 11,744.6 11,898.7 11,945.9 376.9 373.2 405.0 153.5 153.4 154.1 59.0 59.6 47.2 G r o s s d o m e st i c p r o d u c t 12,455.8 12,346.1 12,573.5 12,730.5 13,008.4 13,197.3 11,048.6 1 1 ,0 0 1 . 8 11,115.1 11,163.8 11,316.4 11,388.1 513.3 489.0 527.2 564.9 603.3 661.4 456.9 438.0 467.2 496.1 526.4 571.4 481.5 460.6 475.0 552.4 574.3 638.6 427.2 411.3 419.9 483.8 499.7 550.3 12,487.7 12,374.6 12,625.7 12,743.0 13,037.4 13,220.1 11,077.9 11,028.2 11,162.0 11,175.6 11,342.7 11,408.5 345.1 80.2 93.9 331.1 152.6 30.3 15.9 167.1 71.7 45.0 50.6 65.8 10,851.0 10,855.1110,675.5 11,168.0 11,460.3 11,624.6 237.4 168.6 63.3 ........................... Plus: Income receipts from the rest of the world Less: Income payments to the rest of the world E q u a l s: G r o ss n a t io n a l p r o d u c t . . .. . .. . .. . .. . .. . . Net domestic product...................................... r Re v i se d No t e .— U s e r s a r e c a u t i o n e d t hat p a r t i cu l a r l y f or c o m p o n e n t s t hat exhi b i t r ap i d c h a n g e in p r i c e s r e l at i ve t o ot h e r p n c e s i n t he e c o n o m y , t h e c h a i n e d - d o l l a r e st i m a t e s sh o u l d n ot b e u se d t o m e a su r e t h e c o m p o n e n t 's r e l a t i v e i m p o r t anc e o r its cont rib ut i on t o t he gr o w t h r at e o f m o r e a g g r e g a t e se r i e s. t o p e r c e n t c h a n g e s i n r e a l g r o s s d o m e st i c p r o d u c t , u s e t a b l e 2. ^ ^ ^ e “ Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. F o r a c c u r a t e e st i m a t e s o f t h e c o n t r i b u t i o n s 9,557.2 9,603.5 9,371.6 9,727.9 9,896.5 9,959.8 T a b le 4 . P r ic e In d e x e s f o r G r o s s D o m e s t ic P r o d u c t a n d R e la te d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2005 2C 0 2 III Gross domestic product (G D P )............. Personal consumption expenditures .................... Durable goods ........................................ .......... Nondurable g o o d s........................................ . Services............................................................ Gross private domestic in vestm en t..................... Fixed investment ................................................ Nonresidential................................................. Structures................................................ . Equipment and software ............................. Residential..................................................... . Change in private inventories.............................1 IV 3.0 1 .6 2 .2 3.1 1.3 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1 .8 1.7 -2 .7 .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 1.9 -2 .3 1.1 3.1 3.0 .3 4.4 3.0 2.3 .3 1.1 3.2 4.1 -2.9 9.0 3.2 2.9 -1.3 2.0 - 1.0 2 .8 3.1 -4.8 5.6 3.6 3.1 3.3 3.2 2.9 -.7 3.6 3.2 5.0 3.1 4.0 - .8 8.3 2.9 3.3 3.4 3.4 3.5 2.9 3.0 2 .8 -.7 1 .6 3.1 -.8 2 .6 3.5 -1.3 6 .2 -.4 7.3 5.1 -.3 7.0 4.8 -1.5 9.4 -1.7 7.8 1 .1 11.3 -.4 5.1 3.6 3.6 1.4 10.2 .1 .2 -1.5 7.4 12.0 -.5 5.6 13.2 -1.5 6.9 3.7 3.8 3.7 12.4 .6 3.8 3.1 3.0 3.0 10.7 2 .6 2.7 2.7 2.0 9.2 -.4 3.8 4.3 4.6 3.5 16.8 .2 3.0 3.1 3.6 11.6 .9 2.3 3.7 4.0 .1 4.2 4.3 1.0 6.7 -.9 10.5 3.7 3.7 1 .2 3.5 3.5 1.4 4.2 .4 7.7 4.5 4.6 .1 1.3 1.3 .7 2.3 3.6 3.1 4.B 6.3 6.5 5.4 .6 4.1 3.6 5.3 11.3 11.9 1.1 .9 -.7 4.7 6.1 6.5 5.0 9.7 10.1 2.8 2.3 4.2 4.3 5.1 -.1 6.1 6.2 6.0 1 1 .8 2.6 1.3 5.6 10.2 11.3 4.3 1.2 8 .1 3.6 3.0 4.9 9.2 10.1 5.1 2.3 2.8 -3.9 -6.7 3.0 4.1 .7 .4 .5 0 2.2 1.1 1.3 10.6 4.6 2.2 2.4 1.8 4.6 6.1 5.9 3.3 3.4 3.2 7.4 4.7 .4 1.0 -.7 7.3 2. 6 4.8 3.8 4.1 3.2 5.4 2 .0 3.2 1.5 4.8 - 1 .6 - 1 .8 .9 3.0 .2 .2 -.4 4.3 - 2 .0 1.5 1 .2 1 .1 Government consumptionexpenditures and gross in vestm ent........................................................ Federal....................................................... ZZZZ. National d efen se............................................. Nondefense ................................................. . State and local ............................................ ZZZZ. 4.1 4.2 4.7 3.4 4.1 4.4 4.7 4.7 4.7 4.3 5.6 4.8 5.1 4.1 3.0 3.5 3.5 3.0 3.0 3.5 3.0 1.5 2 .2 1 .6 2 .2 1.5 2.3 Re v i se d Se e “ Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s. 2006 2 .6 3.5 2.9 6.3 r 2005 III 2 .8 3.7 3.7 3.5 5.0 5.0 5.1 Implicit price deflators: G D P ............................................................... Gross domestic purchases .................. G N P ....................................................... ' II 2004 2 .0 Net exports of goods and services ....................... Exports.............................................................. . G oods............................................................ Services......................................................... Imports.............................................................. Goods ......................................................... .. Services................................................. ZZZ.Z. Addenda: Rnal sales of domestic product............................ Gross domestic purchases .................................. Rnal sales to domestic purchasers...................... Gross national product (GNP) .............................. I C03 2 .1 -3.6 - 2 2 .2 2 .0 2 .6 2 .1 2 .8 2.3 2.3 3.1 3.1 2 .1 2 .8 2 .1 2 .8 2.3 3.1 2 .1 2 .8 6 .2 3.0 3.3 2 .1 .5 .7 3.5 .6 2 .6 .4 1.4 8.1 -.2 1 .6 -.2 2 .1 2 .6 2.5 3.1 6.0 3.2 2.1 9.0 2.6 6.8 6.3 6. 8 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 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 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 .6 .6 1.1 3.3 2.9 1 .6 2.3 2 .1 1 .6 2 .2 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 .2 3.2 4.1 4.2 3.2 1.3 1.7 1.7 2.1 3.2 3.6 3.6 3.2 3.2 4.1 3.1 1.3 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 2 .2 .6 2 .2 .6 2 .2 1.3 2 .1 2 .1 .6 2.3 1.3 1.9 2 .1 2. 2 .1 2.9 6.2 1 .6 1 .0 1 .2 1. 0 6.3 8. 0 8 .1 2.5 - 1.1 4.6 4.4 5.1 2.6 1.8 4.0 3.6 5.0 6.7 6.8 11.5 10.5 13.7 4.1 1 .0 2.4 -1.4 3.4 2. 2 .6 1.8 1.1 3.5 5.5 5.4 9.2 11.3 10.3 12.9 1.3 1.5 1.4 4.8 3.1 5.0 5.2 4.5 7.3 7.9 4.4 3.6 4.6 6.9 .5 3.0 2 .6 -.6 2. 6 2. 6 -.7 - 1.6 4.5 4.4 7.6 6.7 9.5 9.8 10.6 5.5 Table 5.— Real G ross Dom estic Product, Q ua ntity Ind exes [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2005 II 2006 III IV I II' Gross domestic p ro d u c t......................................... 104.931 109.031 112.546 112.069 113.223 113.719 115.274 116.004 Personal consumption expenditures...................................... Durable goods................................................................... Nondurable goods....................................... .„Z .Z Z Z Z Z Services...................................................... Z Z Z Z Z Z Z 108.249 118.214 108.002 106.363 112.430 125.753 111.913 110.055 116.349 132.666 116.924 112.925 116.031 133.299 116.496 112.501 117.152 136.207 117.481 113.379 117.373 131.799 118.608 113.945 118.761 137.893 120.313 114.398 Gross private domestic investm ent........................................ Fixed Investment.......................................................... „Z Z Nonresldentlal .......................................................... ZZ! Structures................................................................. Z! Equipment and software ....................................... Z Z ” Residential................................................................... Change in private inventories.......................................... .ZZ 119.521 137.868 120.742 115.440 92.949 95.110 87.804 77.735 91.747 113.977 102.026 102.080 92.995 79.418 98.400 125.281 107.537 109.708 99.326 80.302 ■ 107.180 136.050 105.595 109.339 98.601 80.356 106.087 136.476 106.938 111.032 100.025 78.903 108.889 138.821 111.034 111.811 101.308 81.174 109.653 138.495 113.143 114.033 104.606 82.893 113.704 138.391 113.429 113.570 105.738 86.819 113.313 134.368 Exports of goods and se rvices............................................... 93.599 1 0 2 .2 0 1 109.105 108.637 109.503 112.054 115.783 Imports of goods and se rvices ............................................... 117.536 104.693 115.962 123.007 121.775 122.520 126.377 129.146 129.608 Government consumption expenditures and gross Investment Federal ................................................................................ State and lo cal..................................................... Z.ZZZ" 110.644 118.712 106.557 112.720 123.813 107.094 113.731 125.701 107.660 113.417 124.668 107.709 114.358 127.545 107.674 114.048 126.053 107.954 115.423 128.728 108.682 Addenda: final sales of domestic product.............................................. Gross domestic purchases.............................................. Z Z Final sales to domestic purchasers ..................................... Z Gross national product....................................................... Z! 115.657 127.262 109.762 105.375 106.071 106.504 105.067 109.096 110.691 110.761 109.039 112.958 114.351 114.755 112.399 112.754 113.764 114.430 111.894 113.965 114.889 115.610 113.252 113.883 115.657 115.825 113.390 115.455 117.161 117.345 115.085 116.060 117.746 117.810 115.753 r R e v is e d S e e " E x p la n a t o r y N o t e " a t t h e e n d o f t h e t a b l e s . T ab le 6 — Price Indexes fo r Gross Dom estic Product [Index numbers, 2000=100] Seasonally adjusted 2003 • 2004 2005 2005 II Gross domestic p ro d u c t.................... III 2006 IV 1 Üñ” 106.409 109.429 112.744 112.229 113.139 114.048 114.967 115.905 Personal consumption expenditures (P C E )..... Durable goods.................................. Nondurable goods..................... Services................................. 105.597 92.366 108.373 90.845 111.493 90.198 110.940 90.570 110.604 115.929 112.067 89.908 113.016 116.858 112.873 89.606 113.177 118.281 113.445 89.385 113.484 119.194 114.573 89.206 115.769 120.059 Gross private domestic investm ent......... fixed investment.................................... Nonresidential .................................. Structures...................................... Equipment and software ......................... Residential.................................... Change in private inventories..................... 103.191 103.313 99.591 113.872 94.912 112.372 106.645 110.284 109.664 109.875 103.055 131.941 94.347 125.450 110.675 110.946 103.607 136.089 93.983 127.573 111.853 112.194 104.510 141.476 93.754 129.536 112.860 113.238 105.471 145.684 93.887 130.765 113.717 114.074 106.266 149.432 93.920 131.696 Exports of goods and services.................... 101.429 105.151 108.648 109.341 110.108 110.737 112.400 99.685 104.678 110.222 112.919 114.117 113.918 116.608 109.849 114.718 121.183 120.302 120.361 120.276 122.029 121.353 122.438 123.444 121.479 124.620 124.791 123.721 125.434 126.262 124.871 127.095 105.175 104.995 104.330 107.314 109.559 105.865 107.713 109.298 109.801 107.530 109.732 110.952 107.854 110.418 111.647 108.375 110.983 112.116 108.810 111.738 113.272 109.524 Final sales of domestic product.......... Gross domestic purchases .............. Final sales to domestic purchasers ....... Gross national product..................... 106.430 105.966 105.986 106.401 109.455 109.210 109.235 112.783 112.261 112.362 112.395 112.218 113.181 113.572 113.614 113.131 114.101 114.541 114.594 114.038 115.025 115.313 115.371 114.958 115.961 116.455 116.510 115.897 Implicit price deflators: Gross domestic product ...................... Final sales of domestic product....................... Gross domestic purchases............... final sales to domestic purchasers........................... Gross national product ................. 106.404 106.430 105.961 105.985 106.396 112.219 112.252 112.351 112.385 112.209 113.121 113.173 113.553 113.604 113.113 114.034 114.092 114.526 114.583 114.025 114.951 115.017 115.296 115.360 114.942 115.887 115.952 116.435 116.499 115.879 Imports of goods and services .............. Government consumption expenditures and gross investment Federal .................................. State and lo cal.................................. Addenda: PCE excluding food and en erg y.......... Market-based P C E 1 ............................ Market-based PCE excluding food and energy1 r R e v is e d 1 . T h i s I n d e x i s a s u p p le m e n t a l m e a s u r e t h a t i s b a s e d o n h o u s e h o l d e x p e n d i t u r e s f o r w h i c h t h e r e a r e o b s e r v a b l e p n ce m e a su r e s. It e x clu d e s m o st i m p lic it p r i c e s ( f o r e x a m p le , t h e s e r v i c e s f u r n i s h e d in t e r m e d i a r ie s ) a n d t h e e x p e n s e s o f n o n p r o f it i n s t i t u t i o n s . a d d e n d a t o t a b l e 8 a n d in a p p e n d i x t a b l e A . B e e “ E x p la n a t o r y N o t e 1' a t t h e e n d o f t h e t a b l e s . w it h o u t p a y m e n t b y f in a n c i a l P e r c e n t a g e c h a n g e s f o r t h e s e s e r i e s a r e in c l u d e d in t h e 94.503 109.455 109.207 109.235 109.416 113.021 113.021 112.726 T a b le 7 .— R e a l G r o s s D o m e s t ic P r o d u c t: P e r c e n t C h a n g e F r o m P r e c e d in g Y e a r G ross do m estic pro d uc t (G D P) .............. Personal co nsu m p tio n e x p e n d itu re s ............ Durable goods......................................... Nondurable goods.................................. Services......................................... G ross private do m estic in v e s tm e n t........................... Fixed investment................................. Nonresidential .................................................. Structures ................................................... Equipment and software.................... Residential ......................................... Change in private inventories................................ 1990 1991 1992 1993 1994 1995 1996 1997 1998 1.9 - 0 .2 3.3 2.7 4.0 2.5 3.7 4.2 2.0 - .3 1.6 2.9 -3 .4 -2 .1 .5 1.5 0 -8 .6 2 4.5 - 5 .6 -.2 1.7 -8 .1 - 6 .5 - 5 .4 -1 1.1 -2 .6 -9 .6 3.3 5.9 2.0 3.5 3.3 7.8 2.7 2.8 8.9 8.6 8.7 - .7 12.5 8.2 3.7 8.4 3.5 2.9 13.6 9.3 2.7 3.4 3.8 3.U 9.0 8.4 10.5 3.6 3.0 6.5 6.6 6.9 6.0 - .6 -.1 -2 .6 3.2 2.0 o 8.3 4.1 1.1 -.2 -1 .1 2.4 2.1 2.1 1.4 15 2.0 1.9 .1 4.1 3.7 3.9 3.7 4.6 8.1 5.9 3.2 - 6 .0 7.3 13.8 11.9 3.1 G overnm ent co nsu m p tio n expe n ditu re s an d gros s investm en t .............. Federal .............................................................. National defense................................................. Nondefense..................................................... State and lo cal..................................... 20 02 -2 .3 -5 .6 -.7 1.4 —1.2 -6 - .3 .5 3.0 3.3 3.1 3.3 3.4 2.6 3.2 3.2 2.7 1.0 3.4 4.4 3.8 3.9 2.7 3.0 2.4 2.8 2.6 2.8 3.8 4.3 3.0 3.5 0 .0 3.3 3.5 3.5 3.6 3.6 2.3 2.6 2.3 2.5 2.9 22 2.3 2.3 2.4 2.3 2.1 2.2 2.1 2.2 1.5 1.3 1.0 1.4 2.2 2.1 2.1 2.1 1.7 2.2 1.7 .9 1.7 10.1 11.7 8.4 8.8 11.9 14.3 2.4 2.2 ...... . ........ 43 3.8 8.7 11.2 - 5 .4 -6 .1 3.2 3.5 5.5 4.5 2.6 -9 .2 -1 7 .1 - 6 .2 4.8 3.6 3.4 1.0 -4 .1 2.8 8.4 9.8 7.3 5.9 2.2 7.3 9.9 5.4 7.5 6.8 1.1 8.9 8.6 ........ ........ ........ ........ ~^3 ....i l 1 O.b o 1.0 1.9 1.9 3.9 2.1 -.3 3.4 - 4 .0 1.9 3.4 1.8 0 4.1 2.1 0 2.5 6.8 0.0 .2 Add enda: Final sales of domestic product...................... Gross domestic purchases ...................................... Final sales to domestic purchasers ............... Gross national product...................................... Real disposable personal income ...................... j¡ Price indexes: Gross domestic purchases...................... Gross domestic purchases excluding food and energy...................... GDP excluding food and energy ........................ Personal consumption expenditures..................... 0.0 20 05 3.9 6.4 3.6 3.5 - 2 .7 10.1 2.9 -g 2004 3.9 -2 .6 12.0 2003 2.8 5.8 3.2 1.9 8.9 . .. .. 8.7 9.7 2001 3« 1 6.9 7.5 5.5 7.0 9.3 -2 .6 .5 -1 .7 -5 .0 6.9 2.2 3.2 3.3 3.2 2000 ___ £ 5 N et exp orts o f goods and s e r v ic e s ............................. Exports ............................................................... Goods............................................................. Services ............................................. Imports............................................................ Goods ............................................................. Services ..................................................... 1999 2.5 3.w 2.8 1.9 1.9 1.9 1.9 2.5 2.1 1.4 2.0 1.3 9.2 ... & 8 9.0 7.5 9.7 5.1 10.8 6.1 10.9 6.7 10.0 2.8 1.9 .9 4.3 1.5 5.9 1.7 1.2 1.1 .5 .5 3.5 4.4 4.0 3.8 3.6 3.5 3.3 3.6 3.1 1.2 3.1 2.7 2.8 2.7 2.6 3.5 2.8 3.0 3.0 2.9 T ab le 8 — Real Gross Do m estic Product: Percent Ch an g e F ro m Q uarter O ne Y ear Ago 2003 2002 III Gross domestic product (GDP) ...................................... Personal consumption expenditures (PCE)........ Durable goods.................................................. Nondurable goods............................ Services...................................................... Gross private domestic investment........ Fixed investment........................................ Nonresidential .................................................... Structures .................................... Equipment and software..................................... Residential .................................................... Change in private inventories...................................... IV I II 2004 III IV I II 2005 111 IV I II 22 1.9 1.5 1.8 3.1 3.7 4.3 4.5 3.4 3.4 3.3 3.1 3.4 4.1 3.9 3.5 4.0 3.5 3.8 3.2 1.9 2.0 2.3 3.2 1 1 .0 1 .2 2.4 2 .1 2.4 2.3 6.7 4.3 2 .0 1.9 5.5 2.5 1 .8 -1 .4 - 2 2 .0 -3.2 4.4 4.9 -2.5 -6.5 -14.9 -3.4 7.0 1.3 - 1 .0 -3.9 -11.9 -.9 5.5 Ï .6 3.8 Ï.Ï - i.9 1 .1 1 .1 2 .0 2 .8 1 0 .2 - 1 .6 -2.4 6.4 7.2 2.4 9.7 9.9 5.3 6.4 8 .8 .1 4.7 -3.3 4.9 7.5 7.9 4.0 7.8 8.4 2 .6 2.9 6.3 6.3 6.5 .7 8 .0 11.7 1.3 9.1 4.0 3.2 3.3 3.4 3.3 3.3 3.7 3.6 3.7 3.9 3.7 2 .2 -4.9 -8 .7 2006 III IV 3.4 4.4 .1 ¿9 -3.9 1.5 5.7 1 0 .6 3.9 3.7 13 .2 3.5 3.4 3.6 3Ï9 7.0 II <• 3.0 0 .0 u.D 16 1.9 3.1 I 2.3 2.3 9.2 2 .6 7.4 6.9 7.4 2 .6 Ü6 9.2 6 .1 3.9 7.2 8 .0 6 .8 -1.5 Net exports of goods and services ..................... Exports ................................................................. Goods................................................. Services ............................................... Imports................................................ Goods ............................................................ Services .................................................... Government consumption expenditures and gross investment ..... Federal ............................................................ National defense........................................ Nondefense........................................... State and lo cal................................... - 1 .0 6 .8 6 .8 3.6 2 .1 1.7 .8 1 .1 1 .8 2 .8 2.7 2 .0 2.3 2.3 1.4 1 .6 1.7 2.3 2.4 2 .2 2 .1 5.8 9.1 1 1 .2 9.6 7.0 2.7 1.7 2.8 1.8 1.8 1.1 Price indexes: Gross domestic purchases............................... Gross domestic purchases excluding food and energy........ GDP excluding food and energy ........................... PCE ............................................. PCE excluding food and en erg y........................ Market-based P C E 1 .................................. Market-based PCE excluding food and energy 1 .... r 1 6 1.9 1 .6 2 .0 1.5 1.9 1.1 1.5 2. 1 2.0 4.2 1.7 2.9 •b 3.1 3.1 3.9 4.0 3.2 3.6 3.3 3.8 3.6 2.9 3.0 3.0 3.4 3.0 3.6 2.5 1.9 2 .1 2 .6 2 .8 2 .6 2 .1 1.9 1 .8 2.3 1.9 2 .0 1.9 1.9 1.9 2 .1 2.3 1.5 2.3 1.3 1.4 1.7 1.3 1.4 1 .8 1 .8 1 .6 1 .2 1 .1 1 .0 Revised 1.2 9.5 5.2 6.4 6.4 4.2 4.3 3.6 1.9 1.7 1.7 1.9 1. T his index is a supplem ental m easure that is based on household expenditures fo r w hich the re are observable pnce m easures. It excludes m ost im plicit prices (for exam ple, the services furnished w ithout paym ent by financial interm ediaries) and the expenses o f nonprofit institutions. 1.0 8 .2 4.0 6.4 4.4 4.6 4.2 .6 1.7 1.4 .5 9.0 1 1 .2 3.0 1 .6 1 .6 6.7 3.7 1 .6 1 .8 6 .8 4.2 2.9 1.3 7.2 •O Addenda: Final sales of domestic product......................... Gross domestic purchases ............................. Final sales to domestic purchasers ................ Gross national product........................................ Real disposable personal incom e........................ 6.4 -.1 1.3 1.5 1.4 3.0 1.7 3.0 1 .8 2 .8 1.7 2 .6 1.7 2 .8 1 .8 2.9 3.5 3.0 3.4 2 .8 3.5 2.7 3.1 2.9 3.0 3.6 2.9 3.3 3.1 3.3 2 .0 2 .2 2.9 3.2 1.9 1 .6 Table 9,— Relation of Gross Domestic Product, Gross National Product, and National Income [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 10,960.8 11,712.5 12,455.8 12,346.1 12,573.5 12,730.5 13,008.4 13,197.3 336.8 280.0 410.2 363.9 513.3 481.5 489.0 460.6 527.2 475.0 584.9 552.4 603 3 574.3 RR1 4 11,017.6 11,758.7 12,487.7 12,374.6 12,625.7 12,743.0 13,037.4 13,220.1 Less: Consumption of fixed capital ............................ Less: Statistical discrepancy................................ .................. 1,336.5 48.8 1,436.2 66.7 1,604.8 71.0 1,491.1 88.1 1,898.0 84.5 1,562.5 74.3 1,548.0 -61.9 1,572 8 E q u a l s: N a t io n a l In c o m e 9,632.3 6,325.4 5,127.7 1,197.7 811.3 133.0 993.1 524.7 759.3 83.8 1.7 10,255.9 6,650.3 5,377.1 1,273.2 911.1 127.0 1,182.6 485.1 B19.4 85.5 -5.0 10,811.8 7,030.3 5,664.8 1,365.5 970.7 72.8 1,330.7 483.4 865.1 74.2 -15.4 10,795.4 6,953.7 5,601.3 1,352.4 965.8 102.8 1,342.9 477.1 864.7 99.9 -11.3 10,643.2 7,093.6 5,715.2 1,378.4 967.3 -11.5 1,266.3 482.9 872.1 .2 -27.7 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 11,719.3 7^533.2 6*081 2 10,912.0 11,645.8 12,384.8 12,258.1 12,489.0 12,656.2 13,070.3 13,269.3 2005 II G r o s s d o m e st i c p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . Plus: Income receipts from the rest of the w o rld .... Less: Income payments to the rest of the wo rld............. E q u a l s: G r o ss n a t io n a l p r o d u c t . . . . . . . . . . . . . . . . . . . . . . . . . ................................... Compensation of employees ...................................... Wage and salary accruals................................... Supplements to wages and salaries..................................... Proprietors' income with Inventory valuation and capital consumption adjustments ........... Rental income of persons with capital consumption adjustment.......................... Corporate profits with inventory valuation and capital consumption adjustments................ Net interest and miscellaneous payments.................... Taxes on production and Imports iess subsidies .................... Business current transfer payments.............. Current surplus of government enterprises ................................ III 2006 IV I II - 63&6 -72.0 1 452 0 1,011 9 71 4 1,591 8 513 2 9140 93 1 -9.4 Addendum : Gross domestic Income ........................................... r Revised T ab le 10.— Perso nal Incom e and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 2005 II P e r so n a l In c o m e 1 ........................................ Compensation of employees, received ............................ Wage and salary disbursements............................ Supplements to wages and salaries........................................... Proprietors’ Income with inventory valuation and capital consumption adjustments ............ F a rm ........................................................................................ Nonfarm..................................................... Rental income of persons with capital consumption adjustment...................................... Personal income receipts on assets .................... Personal interest income............................................. Personal dividend Income ........................................ Personal current transfer receipts....................................... Less: Contributions for government social Insurance................ III 2006 IV 1 II- 9,163.6 9,731.4 10,239.2 10,161.5 10,262.7 10,483.7 10,721.4 10,901.0 6,310.4 5,112.7 1,197.7 811.3 29.2 782.1 133.0 1,336.6 914.1 422.6 1,351.0 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 6,953.7 5,601.3 1,352.4 965.8 28.7 937.1 102.8 1,500.5 934.8 565.7 1,510.1 7,093.6 5,715.2 1,378.4 967.3 29.7 937.7 -11.5 1,532.7 951.2 581.5 1,569.0 7,184.4 5,787.0 1,397.4 996.8 28.7 966.1 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 7,533.2 6^081.2 1|452.0 1 ;o i 1 . 9 17.5 994.3 71.4 1,647.7 1,019.2 628.5 1,589.7 778.6 826.4 880.6 871.5 888.5 898.9 936.7 952.9 Less: Personal current ta x e s ...................................... 1,001.1 1,049.8 1,203.1 1,191.8 1,215.0 1,247.6 1,332.6 1,378.6 E q u a l s: 8,162.5 8,681.6 9,036.1 8,969.7 9,047.7 9,236.1 9,388.8 9,522.4 7,987.7 8,507.2 9,070.9 9,000.4 9,180.3 9,264.5 9,418.5 9,577.0 174.9 174.3 -34.8 -30.8 -132.6 -28.5 -29.7 -54.6 2.1 2.0 -.4 -.3 -1.5 -.3 -.3 -.6 7,729.9 8,010.8 8,104.6 8,085.8 8,074.1 8,183.3 8,276.8 8,311.9 D i sp o sa b l e p e r so n a l i n c o m e . . . . . . . . . . . . . . . . . . . . Less: Personal outlays...................................... E q u a l s: P e r so n a l s a v i n g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Personal saving as a percentage of disposable personal Incom e..................................... Addendum : Disposable personal income, billions of chained (2000) dollars2 ...................................... r Revised 1. P ersonal incom e is also equal to national incom e less corporate profits w ith inventory va luation and capital consum ption adjustm ents, taxes on production and im ports less subsidies, contributions fo r governm ent social insur ance, net interest and m iscellaneous paym ents, business current transfer paym ents, current surplus o f governm ent enterprises, and wage accruals less disbursem ents, plus personal incom e receipts on assets, and personal current transfer receipts. 2 . Equals disposable personal incom e deflated by the im plicit price deflator fo r personal consum ption expenditures. T ab le 11.— C o rp o rate Profits: Level an d Percent Change Billions of dollars Percent change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2005 II Co rp orat e p r o f it s w it h c o n su m p t i o n in v e n t o r y v a lu a t i o n a d j u st m e n t s c o n su m p t i o n a d j u st m e n t s .......................................... I 2005 II ’ 2006 III IV I 2006 II’- II’ 993.1 1,182.6 1,330.7 1,342.9 1,266.3 1,393.5 1,569.1 1,591.8 19.1 12.5 -5 .7 1 0 .0 1 2 .6 1.4 18.5 476.1 23.3 33.1 -3.5 1 2 .1 7.6 4.2 2 1 .2 615.7 1,115.7 631.1 17.7 27.0 5.5 6.9 - 6 .6 9.2 2.9 14.8 2.5 .3 2.5 17 4 2 .8 496.4 484.6 5.5 3.4 -20.5 2 1 .2 34.9 -2.4 26.9 1,230.7 1,223.9 1,349.2 1,350.3 5.0 6.3 1.7 -.5 1 0 .2 .1 1 1 .6 5.5 4.8 3.4 7.6 -20.5 2 1 .2 1 2 .0 -7 .7 34.9 -.4 -2.4 1.5 26 9 4.6 2.5 .1 8 .6 2.7 14.5 243.3 300.1 399.3 392.8 378.9 424.6 749.9 424.7 882.5 539.5 931.4 576.9 950.1 568.2 887.5 584.0 968.9 601.0 325.1 343.0 354.5 381.9 303.5 367.9 456.9 in v e n t o r y v a lu a t io n a n d ca p it a l .................. ........................ Net dividends .............................................................. Undistributed profits with inventory valuation and capital consumption adjustments............................................... C a sh IV 2005 a n d capita l Less: Taxes on corporate incom e........................................... E q u a l s: P r o f i t s a f t e r t a x w it h 2004 2006 III Quarter one year ago Quarterly rates 1 ,1 1 2 . 1 1 1 .1 f lo w : N e t c a sh f lo w w it h c o n su m p t i o n in v e n t o r y v a lu a t io n a n d ca p it a l a d j u st m e n t s. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Undistributed profits with inventory valuation and capital consumption adjustments............................................ Consumption of fixed capital........................................... Less: Inventory valuation adjustment................................... E q u a l s: N e t c a sh f lo w ................................................ 1,084.9 1,139.2 1,211.3 1,209.8 325.1 759.8 343.0 796.2 354.5 856.8 381.9 827.9 303.5 927.2 367.9 856.0 496.4 852.8 484.6 865.6 -13.6 -39.8 -32.6 - 2 1 .0 -30.9 -39.2 -22.9 -58.9 1,098.5 1,178.9 1,243.9 1,230.8 1,261.5 1,263.2 1,372.1 1,409.2 7.3 5.5 908.1 1,144.3 1,518.7 1,508.3 1,475.8 1,598.3 1,740.6 1,811.5 26.0 32.7 - 2 .2 8.3 8.9 4.1 2 0 .1 664.8 -13.6 98.7 844.2 1,119.4 1,115.5 1,096.9 1,173.7 1,283.7 1,335.4 -39.8 -32.6 - 2 1 .0 -30.9 -39.2 -22.9 -58.9 78.1 -155.5 -144.5 -178.6 -165.6 -148.6 -160.8 27.0 32.6 -1.7 7.0 9.4 4.0 19.7 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments).............................................. Profits after tax (without inventory valuation and capital consumption adjustments).............................................. Inventory valuation adjustment.......................................... . Capital consumption adjustment.......................................... r Revised T able 1 2 — Co rp orate P ro fits b y Ind ustry: Level and C hange F ro m Precedin g Period [Billions of dollars] Level Change from preceding period Seasonally adjusted at annual rates 2003 2004 2005 2005 II Co r p o r at e p r o f it s w it h in v e n t o r y v a lu a t i o n and a d j u st m e n t s. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Financial ............... Nonfinancial.......... ......................................................... Corporate p r o f it s w it h in v e n t o r y v a lu a t i o n a d j u st m e n t ...................................................... Financial ............................................................. Z Z Z Z Federal Reserve b an ks........................... ZZZZZZZ Other financial ........................................... Nonfinancial................................................................... Utilities......................................................... Z Z Z Z Manufacturing ................................. .Z Z Z Z Durable goods............................................ ..._...Z! Fabricated metal products................................ Z Machinery.......................................................... Computer and electronic products....................... Electrical equipment, appliances, and components Motor vehicles, bodies and trailers, and p a rts ...... Other durable goods........................................... Nondurable go od s...................................... Food and beverage and tobacco products Petroleum and coal products................... Chemical products.................................. Other nondurable goods.......................... Wholesale trad e....................... Retail trade .............................. Transportation and warehousing . Information .............................. Other nonfinancial .................... R e st o f t h e w o r ld r I 993.1 1,182.6 1,330.7 1,342.9 1,266.3 1,393.5 1,569.1 2006 2005 II’ 1,591.8 189.5 148.1 -76.6 127.2 175.6 22.7 827.7 1,006.3 1,133.7 1,157.7 1,042.9 1,197.2 1,343.0 1,351.9 335.6 353.7 369.4 373.3 296.1 390.8 442.2 483.9 492.1 652.6 764.2 784.3 746.8 806.4 900.9 8 6 8 .1 178.6 18.1 160.5 127.4 15.7 111.6 -114.8 -77.2 -37.5 154.3 94.7 59.6 145.8 51.4 94.5 8.9 41.7 -32.8 10.8 20.7 36.0 15.2 38.2 16.6 -21.7 -27.1 16.6 43.7 29.8 15.7 -14.0 13.8 25.7 11.9 165.5 249.1 83.6 Receipts from the rest of the w o rld.................... ZZZZZ Less: Payments to the rest of the world ......................... Z Z D o m e st i c i n d u st r ie s IV 2005 2004 c a p i t a l c o n su m p t i o n D o m e st i c i n d u st r i e s R e st o f t h e w o r ld III 2006 . 176.3 302.0 125.8 197.0 338.0 141.0 928.2 344.2 2 0 .1 2 0 .0 297.2 324.1 411.8 584.0 16.2 150.2 31.3 12.3 7.0 -6.7 1 1 .6 76.0 -5.9 7.9 1.5 -15.6 223.4 344.0 120.5 196.3 360.6 164.2 226.1 376.3 150.2 239.9 402.0 162.1 52.9 42.2 1,717.7 1,752.6 210.0 381.6 -42.5 114.2 158.6 34.9 1,289.1 1,302.2 1,221.5 1,362.8 1,491.6 1,512.7 389.0 391.7 317.4 413.3 463.9 508.2 26.6 25.9 26.9 30.4 30.9 33.7 362.5 365.7 290.6 382.9 433.0 474.4 199.2 26.9 -.1 26.9 360.9 44.8 -80.7 -74.3 6.6 1.0 -75.1 128.8 50.6 .5 50.1 21.1 38.4 141.3 95.9 3.5 92.3 172.2 4.6 74.2 37.2 4.4 5.5 8.9 -1.9 316.1 14.1 104.6 42.5 8.3 -6.4 -8.5 -3.3 45.3 15.9 78.3 1.4 41.8 29.3 4.5 4.1 4.3 894.5 1,104.5 1,486.1 729.0 317.3 185.2 327.4 142.2 1,487.4 1,444.9 1,559.1 900.1 30.3 254.8 73.8 910.5 30.9 264.0 8 6 .2 904.1 22.4 260.7 75.4 2 0 .6 2 1 .2 2 2 .8 13.7 52.2 14.5 6.7 6.7 -19.8 44.5 949.4 1,027.7 1,004.5 38.3 39.7 46.8 258.9 300.7 289.9 72.9 1 0 2 .2 78.7 2 1 .2 25.7 24.1 15.0 19.1 18.3 8 .0 12.3 13.1 5.6 8.4 6 .8 -25.3 -18.2 -25.4 48.5 54.9 41.9 29.7 13.8 3.9 5.7 -17.9 47.7 81.9 23.6 23.3 19.5 15.5 118.9 22.4 49.3 23.8 23.4 181.0 28.5 70.4 45.3 36.8 177.8 26.7 66.4 46.4 38.3 185.2 29.3 74.2 43.3 38.4 186.0 28.6 76.0 44.4 37.0 198.5 29.6 74.5 54.1 40.1 55.2 69.9 89.3 105.9 129.1 19.0 83.6 314.6 107.2 123.0 27.3 89.8 340.1 196.3 226.1 2 .1 -12.3 10.5 .2 - 1 1 .2 2 .8 7.2 - 1 0 .8 97.6 113.7 1 0 2 .1 7.3 3.2 171.7 1 1 .8 2 1 .0 2 2 .0 37.7 208.8 77.5 305.2 79.9 304.3 94.1 115.9 23.1 77.8 310.1 165.5 176.3 197.0 185.2 223.4 8 6 .8 Revised NOTE.— E stim ates in this tab le are based on th e 1997 North A m erican Industry C lassification S ystem (N AICS ). 107.3 1.1 19.2 6.8 10. 6 5.5 -6.7 18.0 37.0 - 1.2 26.0 4.3 7.9 38.6 85.9 323.9 14.7 2.5 4.5 34.5 37.1 27.7 24.4 9.2 39.8 96.4 239.9 10.8 20.7 2 1 1 .2 29.5 92.4 53.6 35.7 98.3 1 2 1 .2 10.8 1.6 - .8 3.9 -.5 -9.0 -7.7 - 1.8 -2.5 - 1.6 .5 1.3 - 1.1 -5.5 4.0 2.8 7.1 6.4 44.3 2.8 41.4 -23,2 7.1 - 10.8 -23.5 - - 1.6 -.8 .8 1.6 -7.2 -13.0 62.1 7.4 .8 6.1 2. 6 -.7 21.1 21.5 13.4 7.8 -3.1 .1 1.8 -1.4 8.0 11. 8 8.6 5.8 13.2 -4.1 5.8 4.5 25.5 11.3 -3.9 -16.2 38.2 -27.1 29.8 13.8 - 1.1 - 2.1 1.1 12.5 12.7 1.0 -.1 -1.5 9.7 3.1 17.9 -.5 -4.4 - 1.3 -8.9 6.1 - 8.3 6.2 1.8 T ab le 1 3 — G ross V alu e A d d ed o f No nfin an cial Dom estic Co rp o rate Business Seasonally adjusted at annual rates 2003 2004 2005 2005 II 2006 III IV I II'- Billions of dollars G ro ss valu e ad d e d o f n o n fin a n c ia l c o rp o ra te b u s in e s s .................................... 5,558.4 5,932.9 6,369.7 6,324.4 6,425.7 6,534.8 6,788.2 6,867.0 Consumption of fixed capital................................................................................. 657.5 686.2 739.7 713.2 804.9 737.2 733.7 744.4 4,198.0 3,414.5 783.5 567.2 1,032.4 1851 60.9 806.4 266.4 540.0 4,427.6 3,610.9 816.6 585.3 1,109.7 419.9 4,341.0 3,537.5 803.5 576.7 1,136.8 1751 60^9 900.9 280.9 620.0 377.7 242.3 988.7 722.3 -39.2 -143 0 1,050.6 769.7 -22.9 -126.8 1,063.5 780.2 -58.9 6,295.2 N e t valu e a d d e d ................................................................................... Compensation of employees ................................................... Wage and salary accruals........................................................................... Supplements to wages and salaries...................................... Taxes on production and imports less subsidies ....................................................................................... Net operating surplus.............................................................. Net interest and miscellaneous payments.............................................................................................. Business current transfer payments ............................................................................. Corporate profits with inventory valuation and capital consumption adjustments ........................................ Taxes on corporate in com e........................................................................................... Profits after tax with inventory valuation and capital consumption adjustments...................................... Net dividends .................................................................. Undistributed profits with inventory valuation and capital consumption adjustments ............................ ¿qno 9 5 246 7 3,703.2 3,019.4 683.8 488.5 709.2 152 6 64.4 492.1 135.7 356.4 292.7 63.8 3,873.4 3,158.4 714.9 522.9 850.4 137 8 60.0 652.6 185.3 467.4 366.9 100.5 4,099.7 3,335.1 764.6 558.1 972.2 158 6 51.4 764.2 251.4 512.9 228.5 284.4 4,049.9 3,292.7 757.1 556.8 1,004.6 152 9 67.3 784.3 244.9 539.4 303.0 236.5 4,140.7 3,369.0 771.7 562.9 917.3 159 8 425.4 289.7 -13.6 80 3 623.8 438.6 -39.8 932.6 681.3 -32.6 125 8 931.4 686.5 -21.0 126 2 935.0 679.2 -30.9 -157 3 11.1 746.8 255.8 491.0 126.3 364.7 120.1 61.7 868.1 283.3 584.8 392.8 192.0 A d d en d a: Profits before tax (without inventory valuation and capital consumption adjustments) ..................................... Profits after tax (without inventory valuation and capital consumption adjustments) ....................................... Inventory valuation adjustment ...................................................................... Capital consumption adjustment....................................................................................... 68.6 Biliio is of chain*îd (2000) dollars G ro ss valu e ad d e d o f n o n fin a n c ia l c o rp o ra te b u s in e s s 1 ...................................................... Consumption of fixed capital2 ........................................................... Net value added3 .................................................................. 5,382.1 5,654.5 5,959.9 5,935.2 5,994.7 6,079.8 6,268.0 630.5 4,751.6 650.9 5,003.6 681.6 5,278.3 660.5 5,274.7 738.9 5,255.8 670.5 5,409.3 666.1 5,601.8 669.2 5,626.1 1.091 Dollars; quarters seasonally adjusted P rice, co s ts, a n d p ro fits p e r u n it o f real g ro s s v alu e a d d ed o f n o n fin a n c ia l c o rp o ra te b u s in es s: P rice p er u n it o f real g r o s s va lu e ad d e d o f n o n fin an cial co rp o ra te b u s in e s s 4 .............................................. 1.033 1.049 1.066 1.072 1.075 1.083 Compensation of employees (unit labor c o s t)........................................................................................ .688 .685 .688 .682 .691 .690 .693 .703 Unit nonlabor co st............................................................. Consumption of fixed capital............................................................. Taxes on production and imports less subsidies plus business current transfer payments.......................... Net interest and miscellaneous payments..................................................................... .253 .248 .252 .124 .251 .251 .103 024 .102 .247 .117 .103 028 .026 .105 .026 .257 .134 .096 .027 .103 .027 .102 .028 .250 .118 .103 .029 .091 .025 .066 .115 .033 .083 .128 .042 .086 .132 .041 .091 .125 .043 .082 .133 .044 .089 .144 .045 .099 .138 .045 .093 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) ................................................................ Taxes on corporate income ........................................................ Profits after tax with inventory valuation and capita) consumption adjustments .......................................... r Re v i se d .121 .120 .121 t h e c h a i n - t y p e q u a n t i t y i n d e x a n d t h e 2 0 0 0 c u r r e n t - d o l l a r v a l u e o f t h e c o r r e sp o n d i n g se r i e s, d i v i d e d b y 1 0 0 . 1. T h e c u r r e n t - d o l l a r g r o s s v a l u e a d d e d i s d e f l a t e d u si n g t h e g r o ss v a l u e a d d e d c h a i n - t y p e p r i c e i n d e x f o r n o n f i n a n c i a l i n d u st r i e s f r o m t h e G D P - b y - i n d u st r y a c c o u n t s. F o r p e r i o d s w h e n t h i s p r i c e i n d e x i s n o t a v a i l a b l e , t h e c h a i n t y p e p r i c e i n d e x f o r G D P g o o d s a n d st r u c t u r e s i s u se d . 2 . C h a i n e d - d o l l a r c o n su m p t i o n o f f i x e d c a p i t a l o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss i s c a l c u l a t e d a s t h e p r o d u c t .122 1.069 3 . C h a i n e d - d o l l a r n e t v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss i s t h e d i f f e r e n c e b e t w e e n t h e g r o s s v a l u e a d d e d a n d t h e c o n su m p t i o n o f f i x e d c a p i t a l . 4. T h e d e f l a t o r f o r g r o s s v a l u e a d d e d o f n o n f i n a n c i a l c o r p o r a t e b u s i n e ss d i v i d e d b y 1 0 0 . of No t e .— Est i m a t e s in t h is t abl e ar e b a se d on the 1997 No rt h Am e r i c a n In d u st r y Cl a ssi f i c a t i o n Sy st e m ( N A I C S) . A p p e n d ix T a b le A .— R e a l G r o s s D o m e s t ic P r o d u c t a n d R e la te d A g g r e g a t e s a n d P ric e I n d e x e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2005 2C III 02 2C03 IV I II 2004 III IV I II 2005 III IV I II 2006 III IV I II“ G ro ss d o m es tic p ro d u c t (G D P ) an d rela ted ag g re g a te s: GDP ................................................. 2.5 3.9 3.2 2.4 Goods .... Services ... Structures . 3.1 4.9 3.2 5.2 4.6 2.3 4.6 5.2 1.7 -3.0 -5.2 2.9 3.1 3.5 3.9 5.9 3.1 11.6 2.0 .5 2.6 Final sales of computers1 ................................... GDP excluding final sales of com puters............... 20.8 8.2 24.5 3.1 29.3 Farm gross value added*1 2 ................................... 8.4 7.4 1.0 63.9 34.2 Nonfarm business gross value added3 ................ 3.1 4.3 3.8 3.1 .1 GDP .................................................................. GDP excluding food and e n e rg y .......................... GDP excluding final sales of com puters............... 2.1 1.9 2.3 2.7 2.9 2.8 3.0 3.0 3.2 1.6 1.6 2.2 2.0 1.7 Gross domestic purchases .................................. Gross domestic purchases excluding food and energy ............................................................ Gross domestic purchases excluding final sales of computers to domestic purchasers ................... 2.3 3.1 3.5 1.9 2.7 2.5 2.1 3.3 Motor vehicle o u tp u t........................................... GDP excluding motor vehicle ou tp u t.............. :.'.Z 1.3 2.4 P rice in d exes: Personal consumption expenditures (P C E )............ PCE excluding food and energy........................... Market-based PCE4 ............................................ Market-based PCE excluding food and energy4 .... r 2.0 1.4 1.9 1.1 3.9 2.2 0.2 .2 15.3 .1 1.2 3.5 7.5 2.7 3.9 4.0 3.1 3.9 1.6 2.5 -1.0 3.6 9.2 16.2 1.9 14.1 3.7 4.5 .5 3.0 3.0 13.6 5.0 2.5 4.6 2.5 -2 .7 -11.8 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 16.9 -2.5 3.5 90.4 7.0 20.0 2.5 -16.0 4.0 -17.4 4.2 23.0 3.0 26.6 -34.7 -36.1 120.0 .1 1.1 -16.1 2.4 2.9 3.5 24 .3 1.8 1.8 8.0 11.1 12.0 - .7 22.6 -19.1 3.8 5.6 -9 4 3.0 33.8 9.5 5.6 6.7 2.5 3.1 3.4 3.6 42.8 2.4 24.3 3.3 31.5 3.1 11.6 .8 3.1 2.6 1.6 8.1 1.8 14.1 3.9 6.7 2.7 3.4 3.3 3.3 3.4 3.3 3.1 3.4 33 3.0 3.5 4.1 23.7 -2.0 -24.6 11.3 3.2 2.4 4.2 4.4 4.9 1.3 2.1 1.4 2.2 2.2 2.2 2.1 3.7 3.4 3.7 3.2 3.1 3.4 3.5 3.4 3.7 2.8 1.9 4.3 4.1 2.1 2.6 2.2 2.6 2.4 2.4 2.3 3.7 3.4 3.8 3.6 3.2 3.3 4.4 3.5 2.7 4.0 1.8 2.0 3.5 3.3 2.5 2.9 3.4 2.3 2.5 3.0 3.0 2.9 .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 .7 1.3 .3 2.4 1.5 1.9 1.7 1.5 3.0 2.3 2.9 3.1 1.9 3.1 1.7 4.1 .9 .9 3.6 2.5 3.4 1.9 2.3 2.4 2.9 2.5 2.5 1.9 2.0 2.1 1.4 3.7 2.5 3.3 1.7 4.0 2.7 4.2 2.7 4.1 .6 2.8 1.6 1.8 2.6 1.3 3.2 3.7 1.9 2.4 4.4 2.6 2.0 2.1 2.9 1.8 1.7 3.1 2.7 1.7 1.9 1.7 1.7 1.7 3.1 .7 3. C onsists o f G DP less gross value added o f farm , o f households and institutions, a nd o f general governm ent. 2.6 19.4 2.2 1. Som e com ponents o f final sales o f com puters Include com pufer parts. 2. Farm output less interm ediate goods and services purchased. 5.6 12.8 5.2 1.7 Revised 1.8 3.1 -1 7.4 3.1 2.7 3.3 1.2 4.2 6.7 3.5 .7 3.6 2.4 1.1 3.3 3.5 1.6 4.3 1.2 .6 3.4 4.9 11.0 1.2 2.3 1.5 2.8 2.2 2.6 1.1 1.0 1.7 1.8 2.2 1.6 1.2 1.8 2.1 2.2 2.6 3.3 1.6 4.3 1.2 1.7 1.6 i. ms inttex is a supplem ental m easure th a t is based on household expenditures for w hich there are observable price m easures. It excludes m o st im plicit prices (fo r exam ple, the services furnished w ithout paym ent by financial m termedianes) and the expenses o f nonprofit Institutions. See “ Explanatory N ote” at the end o f the tables. E x p la n a to r y N o te: N IP A M ea s u r e s o f Q u a n titie s a n d P r ic e s C u r r e n t - d o lla r G D P i s a m e a s u r e o f t h e m a r k e t v a l u e o f g o o d s , s e r v i c e s , a n d s t r u c t u r e s p r o d u c e d i n t h e e c o n o m y in a p a r t i c u l a r p e r i o d . co m p o n e n ts. C h a n g e s in c u r r e n t - d o l l a r G D P c a n b e d e c o m p o s e d i n t o q u a n t i t y a n d p r ic e Q u a n titie s , o r “ r e a l” m e a s u r e s , a n d p r ic e s are e x p r e s s e d a s in d e x n u m b e r s w ith th e r e fe r e n c e y e a r ~ at p r e s e n t, th e y e a r 2 0 0 0 — e q u a l t o 1 0 0 . A n n u a l c h a n g e s in q u a n t i t i e s a n d p r i c e s a r e c a l c u l a t e d u s i n g a F i s h e r f o r m u l a t h a t i n c o r p o r a t e s w e i g h t s fr o m tw o a d ja c e n t y e a r s. ( Q u a r t e r l y c h a n g e s in q u a n t i t i e s a n d p r i c e s a r e c a l c u l a t e d u s i n g a F i s h e r f o r m u la t h a t i n c o r p o r a t e s w e i g h t s f r o m t w o a d j a c e n t q u a r t e r s ; q u a r t e r ly i n d e x e s a r e a d j u s t e d f o r c o n s i s t e n c y t o t h e a n n u a l i n d e x e s b e f o r e p e r c e n t c h a n g e s a r e c a l c u l a t e d . ) F o r e x a m p l e , t h e 2 0 0 4 - 0 5 a n n u a l p e r c e n t c h a n g e in r e a l G D P u s e s p r i c e s f o r 2 0 0 4 a n d 2 0 0 5 a s w e i g h t s , a n d t h e 2 0 0 4 - 0 5 a n n u a l p e r c e n t c h a n g e in G D P p r ic e s u s e s q u a n titie s fo r 2 0 0 4 a n d 2 0 0 5 a s w e ig h t s . fo r m tim e s e r ie s o f q u a n tity a n d p r ic e in d e x e s . c h o ic e o f r e fe r e n c e year. T h e s e a n n u a l c h a n g e s are “ c h a in e d ” ( m u lt ip lie d ) to g e th e r to P e r c e n t c h a n g e s in F i s h e r i n d e x e s a r e n o t a f f e c t e d b y t h e ( B E A a l s o p u b l i s h e s a m e a s u r e o f t h e p r i c e l e v e l k n o w n a s t h e i m p l i c i t p r ic e d e f l a t o r ( I P D ) , w h i c h i s c a l c u l a t e d a s t h e r a t io o f t h e c u r r e n t - d o lla r v a l u e t o t h e c o r r e s p o n d i n g c h a in e d -d o lla r v a lu e , m u lt ip lie d b y 1 0 0 . T h e v a lu e s o f th e IP D are v e r y c lo s e to th e v a lu e s o f th e c o r r e s p o n d i n g " c h a in - t y p e " p r i c e i n d e x . ) I n d e x n u m b e r s o f q u a n t i t y a n d p r i c e i n d e x e s f o r G D P a n d it s m a j o r c o m p o n e n t s a r e p r e s e n t e d in t h is r e l e a s e in t a b l e s 5 a n d 6 . P e r c e n t c h a n g e s fr o m t h e p r e c e d in g p e r io d a r e p r e s e n t e d in t a b le s 1, 4 , 7 , a n d 8. C o n t r i b u t i o n s b y m a j o r c o m p o n e n t s t o c h a n g e s in r e a l G D P a r e p r e s e n t e d i n t a b l e 2 . M e a s u r e s o f r e a l G D P a n d it s m a j o r c o m p o n e n t s a r e a l s o p r e s e n t e d i n d o l l a r - d e n o m i n a t e d f o r m , d e s i g n a t e d " c h a i n e d ( 2 0 0 0 ) d o l l a r e s t i m a t e s ." F o r m o s t s e r i e s , t h e s e e s t i m a t e s , w h i c h a r e p r e s e n t e d in t a b l e 3 , a r e c o m p u t e d b y m u l t i p l y i n g t h e c u r r e n t - d o l l a r v a l u e in 2 0 0 0 b y a c o r r e s p o n d i n g q u a n t i t y i n d e x n u m b er an d th e n d iv id in g b y 1 0 0 . F o r e x a m p l e , i f a c u r r e n t - d o lla r G D P c o m p o n e n t e q u a l e d $ 1 0 0 in 2 0 0 0 a n d i f r e a l o u t p u t f o r t h i s c o m p o n e n t i n c r e a s e d 1 0 p e r c e n t in 2 0 0 1 , t h e n t h e c h a i n e d ( 2 0 0 0 ) d o l l a r v a l u e o f t h i s c o m p o n e n t in 2 0 0 1 w o u l d b e $ 1 1 0 ( = $ 1 0 0 x 1 1 0 / 1 0 0 ) . P e r c e n t c h a n g e s c a lc u la te d fr o m c h a in e d -d o lla r e s t im a t e s a n d fr o m c h a in - t y p e q u a n tity in d e x e s a re th e s a m e ; a n y d if f e r e n c e s w ill b e s m a ll a n d d u e to r o u n d in g . C h a in e d -d o lla r v a lu e s fo r th e d e ta ile d G D P c o m p o n e n t s w ill n o t n e c e s s a r ily s u m to th e c h a in e d -d o lla r e s tim a te o f G D P (o r to a n y in te r m e d ia te a g g r e g a t e ) . T h is is b e c a u s e t h e r e la t iv e p r ic e s u s e d a s w e ig h t s fo r a n y p e r io d o th e r th a n t h e r e f e r e n c e y e a r d if f e r fr o m t h o s e o f th e r e f e r e n c e y e a r . A m e a s u r e o f t h e e x te n t o f s u c h d if f e r e n c e s is p r o v id e d b y a “ r e s id u a l” lin e , w h ic h in d ic a te s th e d if f e r e n c e b e t w e e n G D P (o r o th e r m a j o r a g g r e g a t e ) a n d t h e s u m o f t h e m o s t d e t a i l e d c o m p o n e n t s in t h e t a b l e . F o r p e r i o d s c l o s e t o t h e r e fe r e n c e y e a r , w h e n t h e r e u s u a lly h a s n o t b e e n m u c h c h a n g e in th e r e la t iv e p r ic e s th a t a re u s e d a s w e ig h ts , th e r e s id u a ls t e n d to b e s m a ll, a n d th e c h a in e d -d o lla r e s tim a te s c a n b e u s e d to a p p r o x im a te th e c o n tr ib u tio n s to g r o w th a n d to a g g r e g a te th e d e ta ile d e s tim a te s . F o r p e r io d s fu r th e r fr o m th e r e fe r e n c e y e a r , t h e r e s i d u a l s t e n d t o b e la r g e r , a n d t h e c h a i n e d - d o l l a r e s t i m a t e s a r e l e s s u s e f u l f o r a n a l y s e s o f c o n tr ib u tio n s to g r o w th . T h u s , th e c o n t r ib u tio n s to p e r c e n t c h a n g e s h o w n in t a b le 2 p r o v id e a b e tte r m e a s u r e o f t h e c o m p o s i t i o n o f G D P g r o w t h . I n p a r t ic u la r , f o r c o m p o n e n t s f o r w h i c h r e l a t i v e p r i c e s a re c h a n g in g r a p id ly , c a lc u la t io n o f c o n t r ib u tio n s u s in g c h a in e d - d o lla r e s t im a t e s m a y b e m is le a d in g e v e n j u s t a f e w y e a r s fr o m th e r e fe r e n c e y ea r. R e f e r e n c e : “ C h a in e d - D o lla r I n d e x e s : I s s u e s , T ip s o n T h e ir U s e , a n d U p c o m i n g C h a n g e s ,” N o v e m b e r 2 0 0 3 S u r v e y , pp. 8 -1 6 .