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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, SEPTEMBER 26, 2008
Lisa Mataloni:
Andrew Hodge:
Recorded message:

(202) 606-5304 (GDP)
(202) 606-5564 (Profits)
(202) 606-5306

BEA 08-45

GROSS DOMESTIC PRODUCT: SECOND QUARTER 2008 (FINAL)
CORPORATE PROFITS: SECOND QUARTER 2008 (FINAL)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.8 percent in the second quarter of 2008,
(that is, from the first quarter to the second quarter), according to final estimates released by the Bureau
of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.
The GDP estimates released today are based on more complete source data than were available for
the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was
3.3 percent (see "Revisions" on page 3).
The increase in real GDP in the second quarter primarily reflected positive contributions from
exports, personal consumption expenditures (PCE), nonresidential structures, federal government
spending, and state and local government spending that were partly offset by negative contributions
from private inventory investment, residential fixed investment, and equipment and software. Imports,
which are a subtraction in the calculation of GDP, decreased.
The acceleration in real GDP growth in the second quarter primarily reflected a larger decrease in
imports than in the first quarter, an acceleration in exports, a smaller decrease in residential fixed
investment, an acceleration in nonresidential structures, an upturn in state and local government
spending, and an acceleration in PCE that were partly offset by larger decreases in inventory investment
and in equipment and software.

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 along with the Technical Note and Highlights related
to this release.

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- 2Final sales of computers contributed 0.17 percentage point to the second-quarter growth in real
GDP after contributing 0.05 percentage point to the first-quarter growth. Motor vehicle output
subtracted 1.01 percentage points from the second-quarter growth in real GDP after subtracting 0.41
percentage point from the first-quarter growth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 4.2 percent in the second quarter, the same as in the preliminary estimate; this index increased
3.5 percent in the first quarter. Excluding food and energy prices, the price index for gross domestic
purchases increased 2.2 percent in the second quarter, the same increase as in the first quarter.
Real personal consumption expenditures increased 1.2 percent in the second quarter, compared
with an increase of 0.9 percent in the first. Real nonresidential fixed investment increased 2.5 percent,
compared with an increase of 2.4 percent. Nonresidential structures increased 18.5 percent, compared
with an increase of 8.6 percent. Equipment and software decreased 5.0 percent, compared with a
decrease of 0.6 percent. Real residential fixed investment decreased 13.3 percent, compared with a
decrease of 25.1 percent.
Real exports of goods and services increased 12.3 percent in the second quarter, compared with an
increase of 5.1 percent in the first. Real imports of goods and services decreased 7.3 percent, compared
with a decrease of 0.8 percent.
Real federal government consumption expenditures and gross investment increased 6.6 percent in
the second quarter, compared with an increase of 5.8 percent in the first. National defense increased 7.3
percent, the same increase as in the first. Nondefense increased 5.0 percent, compared with an increase
of 2.9 percent. Real state and local government consumption expenditures and gross investment
increased 2.5 percent, in contrast to a decrease of 0.3 percent.
The real change in private inventories subtracted 1.50 percentage points from the second-quarter
change in real GDP, after subtracting 0.02 percentage point from the first-quarter change. Private
businesses decreased inventories $50.6 billion in the second quarter, following a decrease of $10.2
billion in the first quarter and a decrease of $8.1 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 4.4
percent in the second quarter, compared with an increase of 0.9 percent in the first.

Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- decreased 0.1 percent in the second quarter, in contrast to an increase of 0.1 percent in the
first.

Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 2.1 percent in the second quarter, compared with an increase of 0.1
percent in the first. GNP includes, and GDP excludes net receipts of income from the rest of the world,
which decreased $20.2 billion in the second quarter after decreasing $22.6 billion in the first; in the
second quarter, receipts decreased $23.7 billion, and payments decreased $3.6 billion.
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- 3Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
4.1 percent, or $143.7 billion, in the second quarter to a level of $14,294.5 billion. In the first quarter,
current-dollar GDP increased 3.5 percent, or $119.6 billion.
Revisions
The final estimate of the second-quarter increase in real GDP is 0.5 percentage point, or $12.9
billion, less than the preliminary estimate issued last month. The downward revision to the percent
change in real GDP primarily reflected downward revisions to personal consumption expenditures, to
exports, and to equipment and software that were partly offset by an upward revision to nonresidential
structures.

Advance
Preliminary
Final
(Percent change from preceding quarter)
Real GDP...............................................
Current-dollar GDP...............................
Gross domestic purchases price index...

1.9
3.0
4.2

3.3
4.6
4.2

2.8
4.1
4.2

Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) decreased $60.2 billion in the second quarter, compared with a decrease of
$17.6 billion in the first quarter. Current-production cash flow (net cash flow with inventory valuation
and capital consumption adjustments) -- the internal funds available to corporations for investment -decreased $60.5 billion in the second quarter, in contrast to an increase of $10.1 billion in the first.
Taxes on corporate income increased $3.9 billion in the second quarter, in contrast to a decrease
of $30.6 billion in the first. Profits after tax with inventory valuation and capital consumption
adjustments decreased $64.1 billion in the second quarter, in contrast to an increase of $13.0 billion in
the first. Dividends increased $13.9 billion, compared with an increase of $16.1 billion; currentproduction undistributed profits decreased $78.1 billion, compared with a decrease of $3.1 billion.
Domestic profits of financial corporations decreased $31.0 billion in the second quarter, in
contrast to an increase of $37.3 billion in the first. Domestic profits of nonfinancial corporations
decreased $4.2 billion in the second quarter, compared with a decrease of $32.1 billion in the first. In
the second quarter, real gross corporate value added increased, and profits per unit of real value added
decreased. The decrease in unit profits reflected a decrease in unit prices and an increase in nonlabor
costs that were partly offset by a decrease in unit labor costs.

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- 4The rest-of-the-world component of profits decreased $25.0 billion in the second quarter,
compared with a decrease of $22.8 billion in the first. This measure is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by U.S. residents from
unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign
parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The second-quarter
decrease was accounted for by a smaller increase in receipts than in payments.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects depreciation-accounting practices used for federal income tax returns. According to this
measure, domestic profits of financial corporations decreased, while domestic profits of nonfinancial
corporations increased. The increase in nonfinancial corporations reflected increases in “other”
nonfinancial industries, in utilities, in wholesale trade, in information, and in transportation and
warehousing, that were partly offset by decreases in manufacturing and in retail trade. Within
manufacturing, a decrease in durable goods industries was partly offset by an increase in nondurable
goods industries. Within durables, all the industries shown decreased. Within nondurables, the largest
increase was in chemical products, and the largest decrease was in petroleum and coal products.
Profits before tax decreased $0.9 billion in the second quarter, compared with a decrease of
$143.4 billion in the first. The before-tax measure of profits does not reflect, as does profits from
current production, the capital consumption and inventory valuation adjustments. These adjustments
convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost
basis to the current-cost measures used in the national income and product accounts. The capital
consumption adjustment decreased $14.7 billion in the second quarter (from -$48.0 billion to -$62.7
billion), in contrast to an increase of $161.2 billion in the first. The inventory valuation adjustment
decreased $44.6 billion (from -$109.4 billion to -$154.0 billion), compared with a decrease of $35.3
billion.

*

*

*

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 -- October 30, 2008, at 8:30 A.M. EDT for:
Gross Domestic Product: Third Quarter 2008 (Advance)

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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
III

2005
IV

I

II

2006
III

Gross domestic product (GDP)................
2.9
2.8
2.0
3.6
2.5
3.0
2.6
3.8
Personal consumption expenditures..................
3.0
3.0
2.8
3.5
4.2
1.7
3.6
3.7
Durable goods ....................................................
4.6
4.5
4.8
7.8
7.0
0.6 12.1
5.4
Nondurable goods ..............................................
3.4
3.7
2.5
3.1
4.9
2.4
4.2
3.0
Services..............................................................
2.6
2.5
2.6
2.9
3.4
1.7
1.7
3.8
Gross private domestic investment....................
5.8
2.1 –5.4
8.0
6.4
9.1 –5.1
4.0
Fixed investment.................................................
6.8
1.9 –3.1
9.3
7.3
5.3
7.6
5.3
Nonresidential .................................................
7.2
7.5
4.9 12.3 10.3
3.7
6.3
6.1
Structures....................................................
1.3
8.2 12.7
3.6 –0.2
7.5 –1.3 –9.2
Equipment and software .............................
9.3
7.2
1.7 15.5 14.3
2.3
9.2 12.2
Residential ......................................................
6.3 –7.1 –17.9
4.2
2.4
8.1
9.7
4.0
Change in private inventories ............................. ........... .......... ........... .......... ........... .......... ........... ..........
Net exports of goods and services..................... ........... .......... ........... .......... ........... .......... ........... ..........
Exports ...............................................................
7.0
9.1
8.4
3.1 10.0
8.1
8.8
0.4
Goods .............................................................
7.7
9.9
7.5
6.2
7.2
7.1 14.5 –0.8
Services ..........................................................
5.6
7.2 10.5 –3.4 16.8 10.2 –2.8
3.2
Imports................................................................
5.9
6.0
2.2
4.8 13.8
3.2
0.6
0.8
Goods .............................................................
6.8
6.0
1.7
5.5 14.5
5.0
0.7
1.1
Services ..........................................................
1.4
6.0
4.4
1.8 10.5 –5.7
0.0 –1.0
Government consumption expenditures and
gross investment ..............................................
0.4
1.7
2.1
1.6 –1.8 –0.2
0.9
3.4
Federal................................................................
1.2
2.3
1.6
6.2 –4.6
1.1
1.1
9.7
National defense .............................................
1.5
1.6
2.5 10.9 –9.7
3.1
4.0 12.3
Nondefense.....................................................
0.6
3.6 –0.2 –2.7
6.5 –2.7 –4.5
4.4
State and local ....................................................
–0.1
1.3
2.3 –1.1 –0.1 –1.0
0.8 –0.1
Addenda:
Final sales of domestic product ..........................
3.1
2.8
2.4
3.8
2.7
2.3
4.8
4.1
Gross domestic purchases .................................
3.0
2.6
1.4
3.8
3.4
2.5
1.7
3.7
Final sales to domestic purchasers ....................
3.1
2.6
1.8
4.0
3.6
1.9
3.7
3.9
Gross national product (GNP) ............................
3.0
2.6
2.2
3.9
1.5
4.7
2.2
4.1
Disposable personal income...............................
1.4
3.5
2.8
2.9
7.5 –4.7
2.5 –1.3
Current-dollar measures:
GDP ................................................................
6.3
6.1
4.8
6.0
5.9
7.1
4.8
8.1
Final sales of domestic product ......................
6.5
6.1
5.2
6.1
6.0
6.5
7.0
8.4
Gross domestic purchases .............................
6.8
6.1
4.2
6.7
7.2
6.3
4.8
9.1
Final sales to domestic purchasers.................
6.9
6.1
4.6
6.8
7.3
5.7
6.9
9.4
GNP ................................................................
6.4
5.9
4.9
6.3
4.8
8.8
4.4
8.4
Disposable personal income...........................
4.4
6.4
5.5
4.9 10.8 –2.4
5.1
3.4
r Revised
See “Explanatory Note” at the end of the tables.

IV

I

II

2007
III

IV

I

II

2008
III

IV

II r

I

1.3
4.8
2.7
0.8
1.5
0.1
4.8
4.8 –0.2
0.9
2.8
1.4
4.3
2.8
2.2
3.7
3.9
2.0
2.0
1.0
0.9
1.2
–11.7 18.9
1.8
3.5
4.2
9.2
5.0
2.3
0.4 –4.3 –2.8
4.7
4.4
3.1
2.3
3.1
3.5
1.9
1.2
0.3 –0.4
3.9
2.5
1.6
2.8
2.0
3.9
3.1
1.4
2.4
1.4
2.4
0.7
12.2
6.2 –0.4 –5.3 –15.0 –9.6
6.2
3.5 –11.9 –5.8 –11.5
2.3
8.3 –2.5 –4.8 –7.6 –3.4
3.0 –0.9 –6.2 –5.6 –1.7
3.7 15.9
6.4
5.3 –1.0
3.4 10.3
8.7
3.4
2.4
2.5
1.9 15.6 19.7 14.3
2.5 11.2 18.3 20.5
8.5
8.6 18.5
4.4 16.3
1.7
2.0 –2.4
0.0
6.9
3.6
1.0 –0.6 –5.0
0.2 –3.6 –16.6 –21.4 –19.5 –16.2 –11.5 –20.6 –27.0 –25.1 –13.3
........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ...........
........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ...........
10.9 16.7
5.5
3.5 15.6
0.6
8.8 23.0
4.4
5.1 12.3
13.2 18.1
6.7
3.6 10.4
2.1
6.9 21.8
5.1
4.5 16.3
5.7 13.4
2.7
3.2 28.6 –2.7 13.3 25.9
2.7
6.4
3.8
15.3 10.3
0.1
3.1
2.0
7.7 –3.7
3.0 –2.3 –0.8 –7.3
17.0
9.0
0.5
3.8 –0.8
8.4 –4.0
2.4 –2.6 –2.0 –7.1
6.8 17.7 –2.0 –0.3 18.4
4.2 –2.0
6.3 –0.9
5.5 –8.0
–1.7
–7.2
–14.2
8.9
1.6

3.9
10.0
8.8
12.4
0.5

1.2
–1.5
1.9
–8.1
2.9

1.7
1.9
–0.9
7.7
1.6

1.6
1.8
7.0
–8.1
1.5

0.9
–3.6
–5.9
1.2
3.6

3.9
6.7
8.5
3.1
2.4

3.8
7.2
10.2
1.2
1.9

0.8
–0.5
–0.9
0.4
1.6

1.9
5.8
7.3
2.9
–0.3

3.9
6.6
7.3
5.0
2.5

–0.3
2.5
1.0
0.4
7.5

5.1
4.5
4.8
4.9
5.1

2.3
2.0
1.6
2.8
1.3

0.9
0.9
1.0
0.2
2.3

2.9
0.2
1.5
2.0
5.8

1.1
1.2
2.2
–0.3
4.4

4.3
2.9
2.5
4.4
–0.6

4.0
2.6
1.9
6.3
3.1

0.8
–1.0
–0.1
1.3
0.6

0.9
0.1
0.1
0.1
–0.7

4.4
–0.1
1.3
2.1
11.9

5.1
3.5
6.5
5.0
4.2
11.1

8.6
8.8
7.5
7.8
8.7
6.9

5.5
5.1
5.7
5.3
5.6
4.6

3.6
3.7
3.8
3.9
3.0
5.4

3.7
5.2
0.7
2.1
4.1
5.3

4.3
5.3
5.0
5.9
4.0
7.9

6.9
6.4
6.4
5.9
6.4
3.0

6.3
5.6
4.9
4.2
7.9
5.7

2.3
3.6
2.6
3.9
3.9
4.9

3.5
3.6
3.5
3.7
2.6
2.9

4.1
5.6
4.3
5.7
3.4
16.7

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
2005

2006

2007

2004
III

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

2.9

2.8

2.0

3.6

2.13
0.38
–0.01
0.30
0.08
0.69
0.36
0.17
–0.01
0.17
1.06
0.33
0.06
0.04
0.03
0.03
0.40
0.06
0.18
0.95
1.08
0.71
0.03
0.67

2.13
0.36
–0.09
0.35
0.10
0.74
0.38
0.16
–0.05
0.25
1.02
0.34
–0.02
–0.05
0.03
0.05
0.31
0.09
0.24
0.35
0.32
0.77
0.23
0.54

1.95
0.38
0.07
0.24
0.08
0.50
0.18
0.13
0.02
0.17
1.07
0.16
0.07
0.03
0.04
0.05
0.35
0.13
0.31
–0.90
–0.50
0.52
0.40
0.13

2.46
0.64
0.17
0.36
0.10
0.62
0.21
0.15
–0.03
0.29
1.21
0.29
0.06
–0.05
0.12
0.02
0.52
0.09
0.22
1.26
1.41
1.16
0.09
1.07

0.29

0.32

0.34

0.24

0.10
0.11
0.08
0.10
0.17
0.11
0.37
–0.13
–0.06
–0.07
–0.21
0.71
0.54
0.17
–0.93
–0.89
–0.04

0.15
0.06
0.11
0.07
0.09
0.05
–0.45
0.03
–0.03
0.06
–0.02
0.96
0.73
0.23
–0.98
–0.82
–0.16

0.11
0.15
0.08
0.02
–0.17
–0.07
–1.02
–0.40
0.04
–0.44
0.58
0.95
0.59
0.36
–0.37
–0.25
–0.12

0.07
0.09
0.07
0.04
0.03
0.01
0.00
0.01
–0.01
0.01
–0.03

0.32
0.16
0.08
0.04
0.04
0.08
0.05
0.03
0.16
0.16
0.00

0.40
0.11
0.12
0.11
0.01
0.00
0.00
0.00
0.28
0.20
0.09

1.35
1.25
0.34
0.13
0.15

1.67
1.35
–0.24
–0.03
0.15

0.97
1.61
–0.55
–0.03
0.13

2005
IV
2.5

I

II
3.0

2.93 1.25
0.57 0.04
0.23 –0.32
0.25 0.26
0.09 0.11
0.97 0.49
0.60 0.32
0.23 0.15
0.00 –0.09
0.14 0.12
1.39 0.72
0.31 0.34
0.15 0.01
0.15 0.03
0.01 –0.02
0.06 0.02
0.40 0.31
0.03 0.08
0.44 –0.03
1.04 1.48
1.14 0.85
1.00 0.37
0.00 0.19
1.01 0.18

I

II

2007
III

IV

3.8

1.3

4.8

2.7

0.8

1.5

2.50 2.59
0.95 0.44
0.53 0.15
0.29 0.37
0.13 –0.08
0.83 0.59
0.29 0.45
0.27 0.00
0.09 0.02
0.17 0.11
0.72 1.55
0.36 0.39
0.02 0.15
0.00 0.12
0.01 0.04
0.02 0.02
0.37 0.48
0.02 0.04
–0.08 0.46
–0.86 0.69
1.21 0.88
0.64 0.64
–0.04 –0.26
0.68 0.90

0.94
–1.02
–1.59
0.41
0.17
0.93
0.37
0.35
–0.04
0.25
1.02
0.35
–0.01
–0.04
0.03
0.01
0.39
0.04
0.24
1.98
0.41
0.40
0.05
0.35

2.86
1.37
0.53
0.55
0.29
0.85
0.50
0.18
–0.17
0.33
0.64
0.37
–0.42
–0.42
0.01
0.08
0.37
0.08
0.16
1.15
1.39
1.62
0.42
1.20

1.88
0.14
0.06
0.15
–0.06
0.62
0.43
0.02
–0.11
0.27
1.12
0.31
0.26
0.20
0.06
0.08
0.15
0.04
0.27
–0.02
–0.40
0.71
0.54
0.16

1.52
0.27
0.06
0.20
0.00
0.46
0.10
0.14
0.03
0.19
0.79
0.25
0.10
0.05
0.05
0.03
0.07
0.18
0.15
–0.92
–0.81
0.59
0.42
0.17

2.55
0.33
0.01
0.23
0.09
0.62
0.20
0.12
0.03
0.26
1.61
0.22
0.03
–0.01
0.04
0.10
0.35
0.36
0.55
–2.68
–1.27
–0.09
0.08
–0.18

0.1

II

2008
III

IV

I

II r

4.8

4.8

–0.2

0.9

2.8

2.71 1.42
0.71 0.40
0.30 0.05
0.34 0.17
0.07 0.17
0.71 0.40
0.12 0.27
0.25 0.08
0.13 –0.07
0.22 0.12
1.29 0.62
0.12 0.09
0.08 0.02
0.07 –0.04
0.00 0.06
0.03 0.04
0.63 0.13
0.06 0.08
0.37 0.27
–1.63 0.94
–0.57 0.47
0.33 1.07
0.35 0.57
–0.02 0.50

1.44
0.19
–0.22
0.26
0.15
0.25
0.03
0.12
–0.01
0.11
1.00
0.08
0.06
0.02
0.04
0.06
0.45
0.07
0.28
0.54
–0.15
0.91
0.65
0.26

0.67
0.03
–0.03
0.11
–0.06
0.05
0.27
–0.09
–0.05
–0.08
0.59
0.12
0.09
0.01
0.08
–0.02
0.48
–0.01
–0.08
–1.93
–0.97
0.36
0.29
0.07

0.61
–0.33
–0.35
0.05
–0.04
–0.08
0.13
0.08
–0.18
–0.10
1.02
0.05
0.07
0.11
–0.05
0.04
0.59
–0.14
0.40
–0.89
–0.86
0.26
0.30
–0.04

0.87
–0.21
–0.64
0.39
0.04
0.80
0.40
0.28
–0.20
0.33
0.28
0.18
–0.17
–0.19
0.02
–0.08
0.35
0.04
–0.03
–1.74
–0.25
0.27
0.64
–0.37

0.36

0.33

0.61

0.15

0.34

0.04

0.41

0.31

0.37

0.27

0.30

0.22
0.10
0.02
0.19
–0.24
0.07
0.01
1.56
–0.15
1.71
–1.26
1.09
0.91
0.18
–2.35
–2.18
–0.17

0.16
0.03
0.41
–0.07
0.52
0.15
–0.23
–0.24
0.02
–0.26
0.09
1.70
1.27
0.42
–1.61
–1.18
–0.43

0.17
0.02
–0.04
0.25
–0.25
0.02
–1.11
0.38
–0.24
0.62
0.59
0.58
0.49
0.09
0.01
–0.04
0.05

0.13
0.07
0.14
–0.12
0.06
–0.12
–1.40
–0.11
0.00
–0.12
–0.12
0.39
0.28
0.11
–0.51
–0.51
0.01

0.02
0.14
–0.11
–0.02
–0.15
–0.05
–1.18
–1.41
0.12
–1.52
1.33
1.66
0.78
0.87
–0.33
0.13
–0.46

0.17 0.09
0.21 0.22
0.19 0.09
–0.10 0.34
–0.21 –0.32
–0.28 0.07
–0.91 –0.60
–1.06 0.47
–0.07 0.14
–0.99 0.33
–1.20 1.66
0.06 1.01
0.15 0.55
–0.09 0.46
–1.25 0.65
–1.14 0.59
–0.11 0.06

0.12
0.10
0.09
–0.04
–0.07
0.06
–1.06
0.69
–0.08
0.77
2.03
2.54
1.66
0.88
–0.51
–0.34
–0.17

0.12
0.16
0.10
–0.20
–0.18
0.08
–1.33
–0.96
0.47
–1.43
0.94
0.53
0.43
0.10
0.40
0.38
0.02

0.10
0.16
0.00
0.01
–0.16
–0.16
–1.12
–0.02
–0.17
0.15
0.77
0.63
0.39
0.24
0.14
0.29
–0.15

0.08
0.04
0.18
–0.05
–0.58
–0.04
–0.52
–1.50
–0.14
–1.36
2.93
1.54
1.39
0.15
1.39
1.14
0.25

0.30 –0.35
0.43 –0.33
0.49 –0.48
0.34 –0.45
0.15 –0.04
–0.06 0.15
–0.04 0.12
–0.03 0.03
–0.13 –0.01
0.04
0.11
–0.17 –0.12

0.17 0.65
0.08 0.66
0.18 0.56
0.06 0.45
0.12 0.11
–0.11 0.10
–0.12 0.03
0.01 0.07
0.10 –0.01
0.02 0.06
0.08 –0.07

–0.34 0.72
–0.53 0.66
–0.73 0.39
–0.70 0.40
–0.02 –0.01
0.20 0.27
0.10 0.22
0.10 0.05
0.19 0.06
0.09 0.23
0.10 –0.18

0.23 0.32
–0.11 0.13
0.09 –0.04
–0.02 0.00
0.11 –0.05
–0.20 0.17
–0.14 0.15
–0.07 0.03
0.34 0.19
0.16 0.24
0.18 –0.05

0.30
0.12
0.32
0.14
0.18
–0.20
–0.20
0.01
0.18
0.23
–0.06

0.17
–0.26
–0.29
–0.08
–0.21
0.03
0.06
–0.04
0.43
0.20
0.24

0.77
0.47
0.40
0.28
0.12
0.07
0.02
0.05
0.30
0.17
0.13

0.75
0.51
0.48
0.45
0.03
0.03
0.03
–0.01
0.24
0.15
0.09

0.16
–0.04
–0.04
–0.06
0.02
0.01
–0.02
0.02
0.19
0.15
0.04

0.38
0.41
0.34
0.31
0.04
0.06
0.06
0.01
–0.03
0.14
–0.18

0.78
0.47
0.36
0.15
0.21
0.11
0.08
0.03
0.31
0.12
0.19

0.65
0.52
0.15
–1.22
0.21

1.84
1.26
–0.42
–0.34
0.15

0.42
2.19
–1.10
–0.65
0.20

–0.80
1.26
–0.41
0.10
–0.03

3.08
1.61
0.09
0.13
0.21

2.71
2.35
–0.30
0.47
0.28

0.01
0.79
–0.97
–0.86
0.14

0.29
1.62
–1.03
–0.41
0.05

1.49
1.02
0.32
–1.01
0.17

–0.04
0.08
0.14
0.22
–0.08
–0.07
–0.03
–0.03
–0.12
–0.13
0.01
1.12
1.24
0.62
0.15
0.06

0.31

I

0.12 0.09
0.16 0.04
0.03 0.23
–0.04 0.19
0.24 0.31
0.17 0.04
0.57 0.25
–2.07 –0.19
0.14 0.19
–2.20 –0.39
0.79 –0.07
0.89 0.04
0.98 –0.06
–0.09 0.10
–0.10 –0.11
–0.10 –0.14
0.00 0.03

1.18
1.41
–0.03
–0.34
0.29

0.23

IV

0.19
0.24 –0.06
0.11
0.17 0.07
–0.06 0.00 0.22
0.19
0.06 0.12
0.43
0.40 –0.20
0.20
0.13 0.04
0.24
0.14 0.48
–0.14 –0.11 0.63
–0.32 –0.14 –0.22
0.18
0.03 0.85
–0.42 –1.07 0.28
0.31
0.97 0.80
0.42
0.49 0.49
–0.11 0.49 0.31
–0.73 –2.04 –0.52
–0.69 –1.78 –0.67
–0.05 –0.26 0.15

2.06
1.40
0.14
0.87
0.13

0.41

2.6

2006
III

1.49
0.59
0.54
0.24
0.22

1.68
2.23
–0.06
0.76
0.07

3.40
1.48
–0.07
0.59
0.16

0.51
1.29
–1.00
0.40
0.04

0.57

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

Billions of chained (2000) dollars

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

2007

Change from preceding
period

2007
2007

2008

2007

2008

2008
2007

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

III

IV

I

II

r

II

III

IV

I

II

r

13,807.5 13,737.5 13,950.6 14,031.2 14,150.8 14,294.5 11,523.9 11,491.4 11,625.7 11,620.7 11,646.0 11,727.4
9,710.2 9,657.5 9,765.6 9,892.7 10,002.3 10,138.0 8,252.8 8,237.3 8,278.5 8,298.2 8,316.1 8,341.3
1,082.8 1,085.3 1,086.2 1,083.0 1,071.0 1,059.3 1,242.4 1,242.3 1,249.4 1,250.6 1,237.0 1,228.3
440.4
444.0
437.9
437.8
424.7
400.6
446.7
451.3
443.5
442.6
430.2
407.2
415.3
415.2
417.2
415.3
415.1
423.0
594.0
588.3
600.8
606.6
609.3
629.6
227.0
226.2
231.1
229.9
231.3
235.7
228.3
227.7
232.9
230.8
229.4
230.8
2,833.0 2,817.7 2,846.6 2,906.2 2,950.7 3,026.2 2,392.6 2,391.5 2,398.6 2,400.2 2,397.9 2,420.7
1,329.1 1,321.2 1,337.9 1,359.8 1,380.5 1,416.3 1,110.5 1,110.1 1,110.9 1,118.7 1,122.4 1,133.6
374.0
372.9
375.4
373.2
375.5
382.4
412.9
412.2
416.6
413.2
416.3
427.2
366.9
362.7
367.1
405.3
423.7
441.8
198.1
198.0
197.9
197.0
194.0
190.8
762.9
761.0
766.1
767.9
771.1
785.7
687.3
687.1
690.5
687.9
684.8
695.1
5,794.4 5,754.4 5,832.8 5,903.5 5,980.6 6,052.5 4,646.2 4,632.7 4,659.8 4,676.1 4,704.3 4,712.1
1,460.9 1,453.8 1,466.9 1,482.7 1,495.1 1,508.8 1,171.7 1,170.4 1,172.5 1,175.9 1,177.3 1,182.3
525.7
524.0
526.9
534.3
541.7
554.5
421.2
419.8
421.5
424.0
425.9
421.3
218.8
219.0
218.3
221.1
228.1
236.3
151.1
150.6
151.0
151.2
154.0
149.6
306.9
305.0
308.6
313.2
313.6
318.1
270.9
270.0
271.3
273.9
272.5
273.2
357.0
354.2
360.4
362.9
368.8
372.9
299.2
298.8
300.5
299.9
301.2
298.9
1,681.1 1,663.0 1,690.2 1,721.9 1,746.6 1,769.3 1,327.8 1,319.4 1,331.4 1,344.5 1,360.8 1,370.3
403.4
402.0
405.9
409.7
408.2
412.3
335.0
334.6
336.6
336.3
332.3
333.4
1,366.3 1,357.4 1,382.5 1,392.0 1,420.2 1,434.6 1,089.9 1,088.4 1,096.0 1,093.9 1,105.0 1,104.0
2,130.4 2,147.2 2,164.0 2,092.3 2,056.1 2,000.9 1,809.7 1,822.9 1,838.7 1,781.3 1,754.7 1,702.0
2,134.0 2,148.1 2,141.0 2,113.4 2,081.7 2,077.0 1,808.5 1,821.3 1,817.0 1,788.2 1,762.4 1,754.9
1,503.8 1,493.7 1,522.9 1,542.1 1,553.6 1,571.9 1,382.9 1,373.8 1,402.9 1,414.7 1,423.1 1,431.8
480.3
469.8
492.9
508.7
522.7
549.8
304.6
298.9
313.2
319.7
326.4
340.5
1,023.5 1,023.9 1,030.0 1,033.4 1,030.9 1,022.1 1,078.9 1,077.9 1,087.5 1,090.1 1,088.6 1,074.7
517.7
93.7
227.3
196.8
180.6
157.2
168.0
630.2
–3.6
1.6
–5.2
–707.8
1,662.4
1,149.2
513.2
2,370.2
1,985.2
385.1

514.1
92.8
225.8
195.5
185.1
157.8
166.9
654.4
–0.9
2.9
–3.8
–723.1
1,614.4
1,116.8
497.6
2,337.5
1,957.1
380.5

521.1
93.7
229.5
197.9
185.2
154.6
169.2
618.1
23.0
–0.2
23.2
–682.6
1,714.9
1,181.2
533.8
2,397.5
2,005.4
392.1

532.5
95.7
235.6
201.2
179.9
148.4
172.6
571.3
–21.1
5.7
–26.7
–696.7
1,759.7
1,213.7
546.0
2,456.5
2,060.9
395.6

539.6
95.8
241.8
202.0
182.0
142.1
167.3
528.1
–25.6
0.2
–25.8
–705.7
1,820.8
1,256.9
563.9
2,526.5
2,118.0
408.5

13,738.4
14,460.6
14,461.5
13,737.5
852.8
793.2
13,797.2

13,927.6
14,633.1
14,610.1
13,950.6
898.5
786.3
14,062.8

14,052.3
14,728.0
14,749.0
14,031.2
907.4
742.0
14,196.6

14,176.4
14,856.6
14,882.2
14,150.8
843.2
705.1
14,289.0

229.1
223.8
57.3
8.8
43.8
10.3
57.3
20.4
18.5
1.6
21.2
116.3
17.1
7.7
2.8
4.8
5.5
37.6
14.3
34.0
–102.8
–57.0
64.7
34.3
17.9

25.3
17.9
–13.6
–12.4
2.7
–1.4
–2.3
3.7
3.1
–3.0
–3.1
28.2
1.4
1.9
2.8
–1.4
1.3
16.3
–4.0
11.1
–26.6
–25.8
8.4
6.7
–1.5

II r
81.4
25.2
–8.7
–23.0
20.3
1.4
22.8
11.2
10.9
–3.2
10.3
7.8
5.0
–4.6
–4.4
0.7
–2.3
9.5
1.1
–1.0
–52.7
–7.5
8.7
14.1
–13.9

550.9
653.9
647.3
660.9
677.6
689.6
702.9
57.3
12.0
13.3
96.8 .............. .............. .............. .............. .............. .............. .............. .............. ..............
244.6
237.0
235.7
239.4
245.1
251.0
252.3
21.5
5.9
1.3
209.5
218.0
216.2
219.6
223.5
223.6
230.6
11.3
0.1
7.0
183.2
155.7
160.3
159.1
153.1
153.4
152.0
2.2
0.3
–1.4
121.4
139.4
139.4
137.4
131.9
127.0
108.6
–20.1
–4.9
–18.4
166.5
148.4
147.5
149.2
151.5
146.5
145.3
–8.1
–5.0
–1.2
505.0
453.8
471.7
445.3
411.6
383.0
369.6
–99.1
–28.6
–13.4
–76.0
–2.5
–2.8
16.0
–8.1
–10.2
–50.6
–44.8
–2.1
–40.4
–4.1
1.0
–0.1
–2.5
10.5
6.0
2.4
4.2
–4.5
–3.6
–71.9
–3.7
–2.6
19.2
–20.6
–17.9
–55.1
–50.0
2.7
–37.2
–718.2 –546.5 –571.2 –511.8 –484.5 –462.0 –381.3
69.2
22.5
80.7
1,923.2 1,425.9 1,392.2 1,466.2 1,482.1 1,500.6 1,544.7
111.1
18.5
44.1
1,343.7
998.7
974.9 1,024.1 1,037.0 1,048.6 1,088.9
70.0
11.6
40.3
579.5
426.9
417.0
441.8
444.7
451.7
455.8
40.6
7.0
4.1
2,641.4 1,972.4 1,963.4 1,978.0 1,966.5 1,962.6 1,926.0
41.9
–3.9
–36.6
2,225.5 1,677.7 1,671.2 1,681.1 1,670.2 1,662.0 1,631.6
28.7
–8.2
–30.4
415.9
296.4
293.9
298.4
297.8
301.8
295.5
12.7
4.0
–6.3

2,674.8 2,655.9 2,703.5 2,742.9 2,798.1 2,873.7
979.3
974.6
994.0
998.3 1,026.5 1,056.1
662.2
656.8
675.6
679.3
699.9
723.3
580.1
574.8
591.9
594.7
613.8
629.0
82.1
82.1
83.7
84.6
86.1
94.3
317.1
317.8
318.3
319.0
326.6
332.9
276.0
276.4
277.2
276.9
284.2
289.2
41.1
41.4
41.2
42.1
42.4
43.7
1,695.5 1,681.3 1,709.5 1,744.6 1,771.6 1,817.6
1,355.9 1,344.4 1,365.3 1,395.2 1,426.3 1,462.7
339.6
336.9
344.2
349.4
345.3
354.9
.............. .............. .............. .............. .............. ..............
13,811.2
14,515.3
14,519.0
13,807.5
861.7
759.3
13,910.0

I

14,370.5
15,012.7
15,088.7
14,294.5
822.8
708.9
14,408.3

2,012.1
752.9
502.1
425.8
78.0
250.4
211.7
39.3
1,259.0
1,008.0
250.9
–152.7

2,006.4
749.6
498.8
422.4
78.3
250.5
211.5
39.6
1,256.6
1,006.1
250.3
–145.3

2,025.3
762.7
511.0
433.5
79.3
251.2
212.4
39.4
1,262.6
1,010.0
252.5
–158.2

2,029.4
761.7
509.9
431.9
79.9
251.5
212.0
40.2
1,267.5
1,013.9
253.4
–171.9

2,039.1
772.6
518.9
439.7
81.0
253.2
213.5
40.5
1,266.7
1,017.6
249.0
–178.7

11,523.4
12,066.8
12,066.0
11,523.9
719.9
633.3
11,609.8

11,490.5
12,058.2
12,057.0
11,491.4
714.3
663.1
11,541.7

11,605.0
12,135.1
12,114.1
11,625.7
749.3
654.1
11,719.9

11,628.0
12,103.2
12,109.8
11,620.7
749.9
611.7
11,758.3

11,653.7
12,105.8
12,113.3
11,646.0
690.9
575.2
11,760.9

2,058.9
40.9
9.7
19.8
785.0
11.9
10.9
12.4
528.1
12.1
9.0
9.2
443.4
10.8
7.8
3.7
87.9
1.3
1.1
6.9
256.3
–0.4
1.7
3.1
215.6
–0.5
1.5
2.1
41.6
0.0
0.3
1.1
1,274.4
28.8
–0.8
7.7
1,020.6
19.8
3.7
3.0
253.7
9.1
–4.4
4.7
–191.6 .............. .............. ..............
11,778.8
12,102.6
12,153.0
11,727.4
667.2
571.6
11,822.2

274.1
162.7
207.5
229.1
97.7
79.2
247.5

25.7
2.6
3.5
25.3
–59.0
–36.5
2.6

125.1
–3.2
39.7
81.4
–23.7
–3.6
61.3

Net domestic product.............................................. 12,087.1 12,030.5 12,218.6 12,272.6 12,372.9 12,491.3 10,025.9 10,003.2 10,120.3 10,096.1 10,093.2 10,151.2

176.3

–2.9

58.0

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

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
III

2005
IV

I

II

2006
III

IV

I

II

2007
III

IV

I

II

2008
III

IV

I

II r

Gross domestic product (GDP) ...............................
3.3
3.2
2.7
2.3
3.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8
2.6
1.1
Personal consumption expenditures .................................
2.9
2.8
2.6
2.0
3.0
2.5
2.5
4.7
3.3
1.8
3.3
3.1 –0.5
3.4
3.6
2.5
4.3
3.6
4.3
Durable goods .................................................................... –0.8 –1.3 –1.8 –2.5
0.2
0.4 –0.9 –3.1 –0.9 –0.9 –0.8 –1.3 –2.7 –1.8 –1.6 –1.9 –1.6 –0.1 –1.6
Nondurable goods ..............................................................
3.7
3.0
3.0
1.4
4.7
1.5
2.0 11.2
2.3
0.3
4.9
4.4 –6.2
5.1
6.4
2.9
8.4
6.7
6.5
Services..............................................................................
3.3
3.5
3.3
3.1
2.8
3.3
3.5
3.3
4.7
3.0
3.3
3.3
2.8
3.6
3.3
3.1
3.5
2.8
4.2
Gross private domestic investment....................................
4.4
4.2
1.4
3.9
3.9
4.7
4.0
5.0
5.4
5.2
3.5
1.6
3.3
1.6 –0.3 –0.3
1.3 –0.5
0.4
Fixed investment.................................................................
4.5
4.2
1.4
3.9
3.9
4.7
4.2
5.3
5.7
5.0
3.4
1.5
3.2
1.6 –0.2 –0.4
1.2 –0.2
0.8
Nonresidential.................................................................
2.9
3.3
1.4
1.3
2.5
4.4
2.7
2.0
4.4
4.3
3.3
1.7
2.9
1.3
0.3 –0.6
1.7
0.6
2.3
Structures.................................................................... 11.8 12.3
3.8 10.1 12.0 11.9 10.1 14.8 17.0 14.1 12.0
4.6
6.7
3.4
0.7
0.5
4.5
2.7
3.3
Equipment and software ............................................. –0.1
0.1
0.3 –1.7 –0.6
1.8
0.1 –2.3
0.2
0.7 –0.1
0.5
1.2
0.4
0.1 –1.2
0.4 –0.4
1.7
Residential ......................................................................
7.2
5.9
1.5
8.5
6.2
5.2
6.8 11.0
7.8
6.4
3.7
1.2
3.9
2.2 –1.3
0.3
0.0 –2.6 –3.5
Change in private inventories ............................................. ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... ..........
Net exports of goods and services .................................... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... .......... .......... .......... ......... .......... .......... .......... ..........
Exports ...............................................................................
3.6
3.5
3.5
1.9
4.2
4.6
3.5
2.5
3.2
2.9
5.8
4.7 –0.8
3.6
5.3
3.5
6.2
9.1 10.8
Goods .............................................................................
3.1
3.3
3.5
1.0
3.6
4.3
3.0
1.3
2.2
3.0
6.2
5.2
0.0
3.3
5.1
2.8
6.0 10.0 12.3
Services..........................................................................
4.9
3.8
3.5
3.8
5.5
5.2
4.6
5.3
5.5
2.7
4.9
3.7 –2.6
4.3
5.9
5.2
6.6
6.9
7.5
Imports ...............................................................................
6.3
4.3
3.7
5.3
6.9
2.3
9.7 10.3
4.5 –1.1 10.3
5.0 –9.1
0.9 12.8
7.4 12.8 12.8 28.8
Goods .............................................................................
6.5
4.2
3.6
5.0
7.0
2.1 10.0 10.8
5.0 –2.0 10.4
5.4 –10.1
0.8 13.0
7.7 14.5 13.8 31.2
Services..........................................................................
5.7
4.8
3.7
6.7
6.0
3.5
7.9
7.8
2.0
4.1
9.9
3.2 –3.8
1.1 11.7
6.1
4.5
7.8 16.8
Government consumption expenditures and gross
investment.........................................................................
5.9
4.7
4.5
4.8
5.7
7.7
4.1
7.0
4.8
4.9
4.9
3.3
2.3
6.4
5.2
3.4
5.1
6.2
7.0
Federal ...............................................................................
4.8
4.1
3.4
2.5
2.6 11.8
1.7
3.1
0.8 10.2
4.1
1.2
0.9
7.6
3.7
0.9
2.3
5.6
5.1
National defense.............................................................
5.2
4.5
3.5
2.9
3.1 12.6
1.8
3.2
1.3 10.9
4.4
1.5
0.7
7.0
4.3
1.6
3.1
5.1
6.3
Nondefense ....................................................................
4.0
3.4
3.1
1.4
1.7 10.2
1.6
3.0 –0.1
8.9
3.5
0.5
1.2
8.8
2.6 –0.5
0.5
6.8
2.8
State and local....................................................................
6.5
5.1
5.1
6.2
7.6
5.3
5.6
9.4
7.3
2.0
5.4
4.6
3.2
5.7
6.1
4.9
6.8
6.6
8.1
Addenda:
Final sales of domestic product..........................................
3.3
3.2
2.7
2.3
3.2
4.0
2.1
4.1
3.8
3.5
2.7
2.7
2.2
4.1
2.0
1.5
2.8
2.7
1.2
Gross domestic purchases.................................................
3.7
3.4
2.8
2.8
3.6
3.7
3.1
5.2
3.9
2.9
3.6
2.9
0.6
3.6
3.3
2.2
4.0
3.5
4.2
Final sales to domestic purchasers ....................................
3.7
3.4
2.8
2.7
3.6
3.7
3.1
5.2
4.0
2.8
3.6
2.9
0.6
3.7
3.3
2.2
4.0
3.5
4.3
Gross national product (GNP) ............................................
3.3
3.2
2.7
2.3
3.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8
2.6
1.1
Implicit price deflators:
GDP ................................................................................
3.3
3.2
2.7
2.3
3.2
4.0
2.1
4.1
3.8
3.6
2.7
2.7
2.2
4.2
2.0
1.5
2.5
2.6
1.3
Gross domestic purchases .............................................
3.7
3.4
2.8
2.7
3.7
3.7
3.1
5.2
4.0
2.9
3.6
2.9
0.6
3.7
3.3
2.2
3.7
3.4
4.4
GNP ................................................................................
3.3
3.2
2.7
2.3
3.2
4.0
2.1
4.1
3.8
3.6
2.7
2.8
2.1
4.2
2.0
1.5
2.5
2.5
1.3
r Revised
See “Explanatory Note” at the end of the tables.

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

2006

2007

2007
II

III

2008
IV

II r

I

Gross domestic product ....................................................................
111.944
115.054
117.388
117.056
118.425
118.374
118.631
119.460
Personal consumption expenditures...............................................................
115.615
119.135
122.456
122.226
122.838
123.130
123.395
123.770
Durable goods..................................................................................................
131.397
137.274
143.908
143.894
144.720
144.856
143.284
142.273
Nondurable goods............................................................................................
115.687
119.930
122.872
122.815
123.182
123.261
123.147
124.317
Services ...........................................................................................................
112.525
115.298
118.259
117.916
118.605
119.020
119.739
119.937
Gross private domestic investment .................................................................
107.953
110.200
104.278
105.040
105.950
102.639
101.110
98.071
Fixed investment ..............................................................................................
108.984
111.109
107.717
108.475
108.218
106.503
104.969
104.522
Nonresidential ..............................................................................................
99.520
106.987
112.244
111.502
113.863
114.819
115.504
116.212
Structures .................................................................................................
79.747
86.318
97.264
95.447
100.005
102.076
104.206
108.716
Equipment and software...........................................................................
107.695
115.467
117.412
117.302
118.348
118.636
118.470
116.961
Residential ...................................................................................................
133.226
123.728
101.534
105.552
99.644
92.110
85.698
82.692
Change in private inventories........................................................................... .................. .................. .................. .................. .................. .................. .................. ..................
Exports of goods and services ........................................................................
109.942
119.937
130.068
126.992
133.747
135.189
136.880
140.908
Imports of goods and services ........................................................................
123.455
130.815
133.654
133.041
134.033
133.254
132.991
130.509
Government consumption expenditures and gross investment...................
112.626
114.497
116.871
116.541
117.642
117.879
118.443
119.594
Federal.............................................................................................................
125.181
128.019
130.078
129.507
131.772
131.610
133.488
135.628
State and local .................................................................................................
106.256
107.642
110.167
109.957
110.484
110.914
110.844
111.517
Addenda:
Final sales of domestic product .......................................................................
112.159
115.254
118.062
117.725
118.898
119.133
119.397
120.679
Gross domestic purchases ..............................................................................
113.744
116.748
118.343
118.259
119.013
118.700
118.726
118.694
Final sales to domestic purchasers..................................................................
113.959
116.948
118.995
118.906
119.469
119.427
119.461
119.853
Gross national product.....................................................................................
112.340
115.284
117.795
117.104
118.913
119.302
119.329
119.950
r Revised
See “Explanatory Note” at the end of the tables.

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

2006

2007

2007
II

III

2008
IV

I

II r

Gross domestic product ....................................................................
113.039
116.676
119.819
119.531
119.984
120.826
121.613
121.951
Personal consumption expenditures (PCE) ....................................................
111.581
114.675
117.659
117.246
117.969
119.221
120.283
121.544
Durable goods..................................................................................................
89.984
88.772
87.154
87.365
86.938
86.598
86.581
86.237
Nondurable goods............................................................................................
111.606
114.984
118.407
117.830
118.682
121.092
123.059
125.021
Services ...........................................................................................................
116.700
120.752
124.712
124.218
125.179
126.253
127.133
128.450
Gross private domestic investment .................................................................
111.381
116.102
117.735
117.659
117.566
117.960
117.815
117.926
Fixed investment ..............................................................................................
111.638
116.380
117.995
117.945
117.836
118.189
118.117
118.353
Nonresidential ..............................................................................................
103.829
107.277
108.739
108.730
108.558
109.015
109.177
109.788
Structures .................................................................................................
135.177
151.822
157.662
157.195
157.402
159.138
160.182
161.496
Equipment and software...........................................................................
94.534
94.594
94.870
94.992
94.712
94.798
94.700
95.101
Residential ...................................................................................................
129.268
136.897
138.884
138.733
138.820
138.803
137.900
136.687
Change in private inventories........................................................................... .................. .................. .................. ................. .................. .................. .................. .................
Exports of goods and services ........................................................................
108.814
112.618
116.586
116.011
117.018
118.794
121.397
124.560
Imports of goods and services ........................................................................
111.154
115.932
120.168
119.050
121.200
124.907
128.722
137.136
Government consumption expenditures and gross investment...................
121.470
127.239
132.941
132.386
133.497
135.174
137.237
139.588
Federal.............................................................................................................
120.834
125.806
130.076
130.037
130.342
131.070
132.879
134.553
State and local .................................................................................................
121.862
128.109
134.671
133.806
135.400
137.649
139.866
142.632
Addenda:
PCE excluding food and energy.......................................................................
109.644
112.129
114.548
114.201
114.797
115.512
116.158
116.782
Market-based PCE 1 ........................................................................................
110.316
113.167
115.893
115.533
116.118
117.371
118.452
119.719
1
Market-based PCE excluding food and energy .............................................
107.657
109.715
111.700
111.434
111.831
112.439
113.021
113.522
Final sales of domestic product .......................................................................
113.074
116.710
119.853
119.569
120.020
120.856
121.653
122.008
Gross domestic purchases ..............................................................................
113.263
117.066
120.294
119.908
120.571
121.766
122.821
124.103
Final sales to domestic purchasers..................................................................
113.299
117.101
120.329
119.946
120.609
121.798
122.863
124.160
Gross national product.....................................................................................
113.036
116.673
119.815
119.529
119.978
120.822
121.601
121.938
Implicit price deflators:
Gross domestic product ...............................................................................
113.034
116.676
119.816
119.547
119.997
120.743
121.508
121.890
Final sales of domestic product....................................................................
113.074
116.709
119.853
119.563
120.013
120.849
121.647
122.002
Gross domestic purchases...........................................................................
113.258
117.066
120.292
119.923
120.585
121.687
122.722
124.045
Final sales to domestic purchasers..............................................................
113.299
117.101
120.329
119.943
120.604
121.794
122.858
124.156
Gross national product .................................................................................
113.031
116.672
119.813
119.542
119.990
120.737
121.495
121.876
r Revised
1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of nonprofit institutions. Percentage changes for these series are included in the addenda to table 8 and 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
2.9
2.8
2.0
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
3.0
3.0
2.8
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
4.6
4.5
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
3.4
3.7
2.5
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
2.6
2.5
2.6
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
5.8
2.1
–5.4
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
6.8
1.9
–3.1
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
7.2
7.5
4.9
Structures.......................................................................................
–6.0
–0.7
1.8
6.4
5.6
7.3
5.1
–0.4
6.8
–2.3 –17.1
–4.1
1.3
1.3
8.2
12.7
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
9.3
7.2
1.7
Residential .........................................................................................
13.8
8.2
9.6
–3.2
8.0
1.9
7.6
6.0
0.8
0.4
4.8
8.4
10.0
6.3
–7.1 –17.9
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
7.0
9.1
8.4
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
7.7
9.9
7.5
Services.............................................................................................
5.5
3.2
6.3
6.3
7.2
5.9
2.9
5.6
2.9
–3.7
1.9
0.0
11.5
5.6
7.2
10.5
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
6.0
2.2
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
6.8
6.0
1.7
Services.............................................................................................
–2.6
2.9
5.7
3.3
5.5
9.4
11.4
6.9
11.1
–0.3
2.1
0.0
11.5
1.4
6.0
4.4
Government consumption expenditures and gross investment ........
0.5
–0.9
0.0
0.5
1.0
1.9
1.9
3.9
2.1
3.4
4.4
2.5
1.4
0.4
1.7
2.1
Federal ..................................................................................................
–1.7
–4.2
–3.7
–2.7
–1.2
–1.0
–1.1
2.2
0.9
3.9
7.0
6.8
4.2
1.2
2.3
1.6
National defense................................................................................
–5.0
–5.6
–4.9
–3.8
–1.4
–2.8
–2.1
1.9
–0.5
3.9
7.4
8.7
5.8
1.5
1.6
2.5
Nondefense .......................................................................................
6.9
–0.7
–1.2
–0.4
–0.7
2.6
0.7
2.8
3.5
3.9
6.3
3.4
1.1
0.6
3.6
–0.2
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
0.2
–0.2
–0.1
1.3
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
3.1
2.8
2.4
Gross domestic purchases....................................................................
3.3
3.2
4.4
2.4
3.8
4.8
5.3
5.3
4.4
0.9
2.2
2.8
4.1
3.0
2.6
1.4
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
3.1
2.6
1.8
Gross national product ..........................................................................
3.3
2.7
3.9
2.6
3.7
4.4
4.0
4.6
3.7
0.8
1.5
2.7
3.8
3.0
2.6
2.2
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
1.4
3.5
2.8
Price indexes:
Gross domestic purchases ................................................................
2.3
2.2
2.1
2.1
1.8
1.4
0.6
1.6
2.5
2.0
1.6
2.3
3.1
3.7
3.4
2.8
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
3.1
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
3.3
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
3.2
2.5
Personal consumption expenditures..................................................
2.9
2.3
2.1
2.1
2.2
1.7
0.9
1.7
2.5
2.1
1.4
2.0
2.6
2.9
2.8
2.6

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

2005
IV

I

II

2006
III

IV

I

II

2007
III

IV

I

II

2008
III

IV

I

II r

Gross domestic product (GDP) ..................................................
3.2
3.1
3.2
2.9
3.0
2.7
3.1
3.2
2.4
2.4
1.3
1.8
2.8
2.3
2.5
2.1
Personal consumption expenditures (PCE)..........................................
3.2
3.7
3.0
3.3
3.3
2.6
3.2
3.0
2.7
3.2
3.1
2.9
2.9
2.2
1.5
1.3
Durable goods .......................................................................................
4.0
5.6
4.3
6.8
6.2
1.2
5.5
3.0
2.5
6.9
4.6
5.4
5.1
4.2
0.8
–1.1
Nondurable goods .................................................................................
2.8
3.5
3.0
3.6
3.6
3.6
4.1
3.8
3.6
3.2
3.0
2.7
2.4
1.7
0.7
1.2
Services.................................................................................................
3.2
3.3
2.7
2.4
2.6
2.4
2.4
2.7
2.2
2.6
2.9
2.6
2.7
2.1
1.9
1.7
Gross private domestic investment.......................................................
9.8
9.1
10.9
4.4
3.5
4.8
4.1
5.4
3.0
–3.9
–7.7
–6.2
–4.1
–3.3
–2.3
–6.6
Fixed investment....................................................................................
6.8
7.2
8.7
7.3
6.4
5.1
5.8
3.3
0.7
–1.8
–4.6
–3.3
–2.3
–1.9
–2.5
–3.6
Nonresidential....................................................................................
5.6
7.5
9.2
8.1
6.6
4.9
7.9
7.9
7.7
6.5
3.5
4.4
5.3
6.4
6.2
4.2
Structures.......................................................................................
1.1
2.3
4.2
2.3
–1.0
–0.5
1.4
6.4
12.7
12.8
11.7
11.4
12.9
14.5
13.9
13.9
Equipment and software ................................................................
7.3
9.4
11.0
10.2
9.4
7.0
10.5
8.5
5.9
4.2
0.3
1.6
2.0
2.8
2.7
–0.3
Residential .........................................................................................
8.8
6.7
7.7
6.1
6.0
5.4
2.5
–4.3 –10.8 –15.5 –18.5 –17.3 –17.0 –19.0 –21.3 –21.7
Change in private inventories ................................................................ ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ...........
Net exports of goods and services ....................................................... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ........... ............ ........... ........... ...........
Exports ..................................................................................................
9.9
7.4
6.9
7.5
6.8
7.0
9.0
8.2
9.0
10.1
6.1
7.0
11.7
8.9
10.1
11.0
Goods ................................................................................................
10.0
7.0
6.9
8.7
6.8
8.3
11.0
9.0
10.2
9.5
5.6
5.7
10.0
8.7
9.4
11.7
Services.............................................................................................
9.8
8.3
6.9
4.8
6.6
4.0
4.7
6.2
6.2
11.5
7.3
10.0
15.6
9.3
11.7
9.3
Imports ..................................................................................................
12.4
11.5
9.1
5.5
4.5
4.8
6.6
6.5
7.1
3.8
3.2
2.2
2.2
1.1
–1.0
–1.9
Goods ................................................................................................
12.6
11.9
10.2
6.3
5.2
5.8
6.8
6.7
7.4
3.1
2.9
1.7
1.4
0.9
–1.6
–2.4
Services.............................................................................................
11.5
9.3
3.7
1.5
0.8
–0.1
5.6
5.1
5.3
8.0
4.8
4.8
6.5
1.8
2.2
0.6
Government consumption expenditures and gross investment ........
1.3
0.7
0.2
0.1
0.6
0.6
1.6
1.7
1.3
2.1
1.4
2.0
2.6
2.4
2.6
2.6
Federal ..................................................................................................
4.4
2.4
1.2
0.9
1.7
1.0
3.1
2.5
0.6
2.9
–0.4
1.6
2.9
2.3
4.8
4.7
National defense................................................................................
7.2
2.5
1.3
1.8
2.1
0.8
2.2
1.7
–1.5
4.1
0.4
2.0
4.7
2.7
6.2
5.9
Nondefense .......................................................................................
–0.9
2.3
1.0
–0.9
0.8
1.4
5.1
4.1
4.9
0.5
–2.1
0.8
–0.8
1.5
1.9
2.3
State and local.......................................................................................
–0.5
–0.4
–0.4
–0.3
–0.1
0.3
0.7
1.2
1.7
1.6
2.4
2.3
2.3
2.4
1.4
1.4
Addenda:
Final sales of domestic product.............................................................
2.7
2.8
2.8
3.4
3.5
2.7
3.4
2.8
2.0
2.8
1.8
2.3
3.1
2.5
2.5
2.5
Gross domestic purchases....................................................................
3.8
3.9
3.6
2.9
2.8
2.6
3.1
3.2
2.4
1.9
1.1
1.3
1.7
1.4
1.1
0.4
Final sales to domestic purchasers .......................................................
3.3
3.6
3.3
3.3
3.3
2.6
3.4
2.8
2.1
2.2
1.6
1.8
2.0
1.6
1.1
0.8
Gross national product ..........................................................................
3.4
2.9
3.2
3.1
3.1
2.8
2.9
3.1
2.1
2.5
1.2
1.6
3.1
2.9
3.0
2.4
Real disposable personal income..........................................................
2.7
4.1
1.9
1.9
0.9
0.9
3.4
3.1
4.0
3.6
3.4
2.9
3.1
1.8
0.6
3.6
Price indexes:
Gross domestic purchases ................................................................
3.3
3.7
3.6
3.3
3.9
4.0
3.8
3.9
3.3
2.5
2.7
2.6
2.4
3.3
3.3
3.5
Gross domestic purchases excluding food and energy .....................
2.9
3.1
3.2
3.0
3.1
3.2
3.0
3.2
3.1
2.9
2.8
2.4
2.3
2.3
2.1
2.2
GDP ...................................................................................................
3.0
3.2
3.3
2.9
3.4
3.5
3.4
3.5
3.2
2.8
2.9
2.8
2.5
2.6
2.3
2.0
GDP excluding food and energy ........................................................
2.9
3.2
3.3
3.1
3.2
3.3
3.2
3.4
3.2
3.0
2.9
2.5
2.3
2.3
2.0
1.9
PCE ...................................................................................................
2.7
3.1
2.8
2.5
3.2
3.3
3.1
3.3
2.9
1.9
2.3
2.4
2.2
3.5
3.5
3.7
PCE excluding food and energy.........................................................
2.1
2.2
2.3
2.1
2.1
2.2
2.1
2.3
2.5
2.3
2.3
2.1
2.0
2.2
2.2
2.3
1
Market-based PCE ..........................................................................
2.3
2.8
2.5
2.2
3.1
3.1
2.9
3.1
2.7
1.6
2.1
2.2
2.0
3.3
3.4
3.6
Market-based PCE excluding food and energy 1 ...............................
1.4
1.6
1.7
1.7
1.7
1.7
1.6
1.9
2.1
2.0
2.1
1.8
1.6
1.8
1.7
1.9
r Revised
1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial
intermediaries) and the expenses of nonprofit institutions.

Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
2005

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 .......................................................................................
Less: Consumption of fixed capital ......................................................................................
Less: Statistical discrepancy................................................................................................
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 .....................................................................
Addendum:
Gross domestic income ...................................................................................................

2006

2007

2007

2008

II

III

IV

I

II r

12,421.9
573.5
480.5
12,514.9
1,612.0
–71.2
10,974.0
7,030.8
5,676.7
1,354.1
959.8
40.9
1,447.9
569.1
868.9
70.0
–13.4

13,178.4
725.4
647.1
13,256.6
1,623.9
–163.0
11,795.7
7,433.8
6,028.5
1,405.3
1,014.7
44.3
1,668.5
631.2
926.4
85.4
–8.6

13,807.5
861.7
759.3
13,910.0
1,720.5
–81.4
12,270.9
7,812.3
6,355.7
1,456.6
1,056.2
40.0
1,642.4
664.4
963.2
100.2
–7.9

13,737.5
852.8
793.2
13,797.2
1,707.0
–143.4
12,233.6
7,760.1
6,310.7
1,449.4
1,050.2
44.6
1,672.5
660.8
956.4
97.4
–8.5

13,950.6
898.5
786.3
14,062.8
1,731.9
–7.8
12,338.6
7,839.3
6,377.7
1,461.6
1,063.8
41.8
1,668.3
663.0
965.7
102.2
–5.5

14,031.2
907.4
742.0
14,196.6
1,758.6
13.9
12,424.1
7,941.0
6,465.5
1,475.5
1,073.8
38.6
1,611.1
688.1
975.3
103.1
–6.7

14,150.8
843.2
705.1
14,289.0
1,778.0
63.4
12,447.6
8,009.7
6,518.0
1,491.7
1,071.7
39.1
1,593.5
662.3
975.1
103.2
–7.1

14,294.5
822.8
708.9
14,408.3
1,803.1
98.4
12,506.9
8,071.8
6,568.6
1,503.1
1,076.9
58.6
1,533.3
683.4
988.5
102.1
–7.7

12,493.0

13,341.4

13,889.0

13,881.0

13,958.4

14,017.4

14,087.4

14,196.1

r Revised

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

1

2006

2007

2007

2008

II

III

IV

I

II r

Personal income .............................................................................................................
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 ....................................................................................
Less: Contributions for government social insurance ......................................................
Less: Personal current taxes ...............................................................................................
Equals: Disposable personal income ..............................................................................
Less: Personal outlays.........................................................................................................
Equals: Personal saving ...................................................................................................

10,269.8
7,025.8
5,671.7
1,354.1
959.8
34.1
925.7
40.9
1,596.9
1,022.0
574.9
1,520.7
874.3
1,207.8
9,062.0
9,029.5
32.5

10,993.9
7,432.6
6,027.2
1,405.3
1,014.7
16.2
998.6
44.3
1,824.8
1,125.4
699.4
1,603.0
925.5
1,353.2
9,640.7
9,570.0
70.7

11,663.2
7,818.6
6,362.0
1,456.6
1,056.2
44.0
1,012.2
40.0
2,000.1
1,214.3
785.8
1,713.3
965.1
1,492.8
10,170.5
10,113.1
57.4

11,577.5
7,760.1
6,310.7
1,449.4
1,050.2
42.3
1,007.9
44.6
1,982.5
1,206.1
776.5
1,699.2
959.1
1,489.4
10,088.0
10,056.9
31.1

11,730.4
7,839.3
6,377.7
1,461.6
1,063.8
47.4
1,016.4
41.8
2,030.9
1,236.2
794.7
1,720.6
966.0
1,501.6
10,228.8
10,182.0
46.8

11,872.1
7,941.0
6,465.5
1,475.5
1,073.8
47.1
1,026.7
38.6
2,056.2
1,242.7
813.5
1,737.8
975.3
1,520.5
10,351.5
10,309.2
42.4

11,960.5
8,009.7
6,518.0
1,491.7
1,071.7
41.6
1,030.1
39.1
2,054.1
1,224.6
829.5
1,778.1
992.2
1,535.0
10,425.5
10,404.9
20.6

12,188.9
8,071.8
6,568.6
1,503.1
1,076.9
38.0
1,039.0
58.6
2,052.3
1,208.7
843.6
1,926.3
997.0
1,354.1
10,834.8
10,538.2
296.6

Personal saving as a percentage of disposable personal income ...................................
Addendum:
Disposable personal income, billions of chained (2000) dollars 2 ....................................

0.4

0.7

0.6

0.3

0.5

0.4

0.2

2.7

8,121.4

8,407.0

8,644.0

8,604.5

8,671.1

8,683.1

8,667.9

8,914.6

r Revised
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.

Table 11. Corporate Profits: Level and Percent Change
Billions of dollars

Percent change from preceding period

Seasonally adjusted at annual rates
2005

2006

2007

2006
2007

Corporate profits with inventory valuation and
capital consumption adjustments ..........................
Less: Taxes on corporate income...................................
Equals: Profits after tax with inventory valuation
and capital consumption adjustments ...................
Net dividends..............................................................
Undistributed profits with inventory valuation and
capital consumption adjustments............................
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments ...................................
Undistributed profits with inventory valuation and
capital consumption adjustments........................
Consumption of fixed capital...................................
Less: Inventory valuation adjustment .........................
Equals: Net cash flow ..............................................
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 ................................

2007

2008

II

III

IV

I

Quarter
one year
ago

Quarterly rates
2007
II

r

2008

III

IV

I

2008
II

r

II r

1,447.9

1,668.5

1,642.4

1,672.5

1,668.3

1,611.1

1,593.5

1,533.3

15.2

–1.6

–0.3

–3.4

–1.1

–3.8

–8.3

413.7

468.9

450.4

468.5

451.1

433.5

402.9

406.8

13.3

–4.0

–3.7

–3.9

–7.0

1.0

–13.2

1,034.2
577.4

1,199.6
702.1

1,192.0
788.7

1,204.0
779.2

1,217.3
797.6

1,177.6
816.4

1,190.6
832.5

1,126.5
846.4

16.0
21.6

–0.6
12.3

1.1
2.4

–3.3
2.4

1.1
2.0

–5.4
1.7

–6.4
8.6

456.9

497.5

403.4

424.8

419.7

361.2

358.1

280.0

8.9

–18.9

–1.2

–13.9

–0.9

–21.8

–34.1

1,315.8

1,390.3

1,348.7

1,363.2

1,371.4

1,326.9

1,337.0

1,276.5

5.7

–3.0

0.6

–3.2

0.8

–4.5

–6.4

456.9
858.9
–37.8
1,353.6

497.5
892.8
–39.5
1,429.8

403.4
945.3
–51.2
1,399.9

424.8
938.4
–55.3
1,418.5

419.7
951.8
–31.0
1,402.5

361.2
965.7
–74.1
1,401.0

358.1
978.8
–109.4
1,446.3

280.0
8.9
–18.9
–1.2
–13.9
–0.9
–21.8
–34.1
996.5
4.0
5.9
1.4
1.5
1.4
1.8
6.2
–154.0 .............. ............. .............. ............. .............. .............. .............
1,430.5
5.6
–2.1
–1.1
–0.1
3.2
–1.1
0.8

1,620.6

1,873.7

1,886.3

1,914.8

1,897.1

1,894.3

1,750.9

1,750.0

1,206.9
–37.8
–134.8

1,404.8
–39.5
–165.7

1,435.9
–51.2
–192.7

1,446.3
–55.3
–187.0

1,446.1
–31.0
–197.8

1,460.9
–74.1
–209.2

1,348.0
–109.4
–48.0

1,343.2
16.4
2.2
0.0
1.0
–7.7
–0.4
–7.1
–154.0 .............. ............. .............. ............. .............. .............. .............
–62.7 .............. ............. .............. ............. .............. .............. .............

15.6

0.7

–0.9

–0.1

–7.6

–0.1

–8.6

r Revised

Table 12. Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
Level

Change from preceding period

Seasonally adjusted at annual rates
2007
2005

2006

2007

2007
II

Corporate profits with inventory valuation and
capital consumption adjustments...................
Domestic industries.....................................................
Financial .....................................................................
Nonfinancial................................................................
Rest of the world ..........................................................
Receipts from the rest of the world.............................
Less: Payments to the rest of the world......................
Corporate profits with inventory valuation
adjustment.........................................................
Domestic industries.....................................................
Financial .....................................................................
Federal Reserve banks...........................................
Other financial.........................................................
Nonfinancial................................................................
Utilities ....................................................................
Manufacturing .........................................................
Durable goods.....................................................
Fabricated metal products...............................
Machinery .......................................................
Computer and electronic products ..................
Electrical equipment, appliances, and
components.................................................
Motor vehicles, bodies and trailers, and parts.
Other durable goods........................................
Nondurable goods...............................................
Food and beverage and tobacco products ......
Petroleum and coal products...........................
Chemical products ..........................................
Other nondurable goods..................................
Wholesale trade......................................................
Retail trade .............................................................
Transportation and warehousing.............................
Information..............................................................
Other nonfinancial...................................................
Rest of the world ..........................................................

III

2008
IV

I

2006

2008

2007

II r

III

IV

I

II r

1,447.9
1,208.5
407.1
801.4
239.4
384.1
144.6

1,668.5
1,401.0
462.1
939.0
267.5
438.9
171.4

1,642.4
1,297.8
429.7
868.1
344.7
509.2
164.5

1,672.5
1,369.7
473.1
896.6
302.9
494.7
191.8

1,668.3
1,311.9
439.3
872.6
356.4
528.4
172.0

1,611.1
1,189.7
370.3
819.5
421.3
553.1
131.8

1,593.5
1,195.1
407.6
787.4
398.5
556.8
158.3

1,533.3
1,159.8
376.6
783.2
373.5
565.7
192.2

220.6
192.5
55.0
137.6
28.1
54.8
26.8

–26.1
–103.2
–32.4
–70.9
77.2
70.3
–6.9

–4.2
–57.8
–33.8
–24.0
53.5
33.7
–19.8

–57.2
–122.2
–69.0
–53.1
64.9
24.7
–40.2

–17.6
5.4
37.3
–32.1
–22.8
3.7
26.5

–60.2
–35.3
–31.0
–4.2
–25.0
8.9
33.9

1,582.8
1,343.3
425.3
26.6
398.7
918.1
28.9
243.8
93.3
17.8
14.9
7.9

1,834.2
1,566.7
478.8
33.8
445.0
1,087.9
55.6
304.3
115.9
19.2
20.0
14.1

1,835.1
1,490.5
449.9
37.7
412.2
1,040.6
58.5
316.6
127.4
21.7
22.3
13.5

1,859.5
1,556.7
492.7
38.5
454.2
1,064.0
54.7
350.8
123.1
20.0
22.4
9.0

1,866.1
1,509.7
460.3
37.5
422.8
1,049.3
58.7
306.6
130.9
22.5
22.2
13.2

1,820.2
1,398.9
392.4
36.5
355.9
1,006.5
63.2
292.1
128.3
22.8
22.0
15.4

1,641.5
1,243.1
412.8
35.8
377.1
830.2
46.2
240.5
85.5
18.9
19.2
14.4

1,596.0
1,222.5
383.2
31.0
352.2
839.3
56.7
214.9
54.2
15.1
14.8
6.6

251.4
223.4
53.5
7.2
46.3
169.8
26.7
60.5
22.6
1.4
5.1
6.2

0.9
–76.2
–28.9
3.9
–32.8
–47.3
2.9
12.3
11.5
2.5
2.3
–0.6

6.6
–47.0
–32.4
–1.0
–31.4
–14.7
4.0
–44.2
7.8
2.5
–0.2
4.2

–45.9
–110.8
–67.9
–1.0
–66.9
–42.8
4.5
–14.5
–2.6
0.3
–0.2
2.2

–178.7
–155.8
20.4
–0.7
21.2
–176.3
–17.0
–51.6
–42.8
–3.9
–2.8
–1.0

–45.5
–20.6
–29.6
–4.8
–24.9
9.1
10.5
–25.6
–31.3
–3.8
–4.4
–7.8

–1.6
0.1
54.2
150.5
26.2
78.9
25.8
19.6
97.3
120.4
29.1
79.7
318.9

8.4
–8.4
62.6
188.4
33.8
77.5
53.8
23.4
107.5
132.3
42.5
91.1
354.7

10.9
–5.9
64.9
189.3
38.5
66.9
66.4
17.5
102.6
132.3
42.7
103.0
284.9

9.6
–2.7
64.8
227.8
42.7
106.7
64.6
13.8
112.7
145.9
45.4
85.0
269.4

10.7
–4.4
66.8
175.7
39.2
55.6
65.1
15.9
109.1
126.0
47.0
108.4
293.5

11.5
–7.7
64.3
163.8
38.7
33.6
73.8
17.8
80.2
124.5
37.7
117.9
290.9

6.9
–19.9
46.1
155.0
34.8
48.8
60.2
11.1
49.2
112.0
24.4
106.0
252.0

5.9
–27.4
39.3
160.7
40.9
36.6
78.5
4.7
59.4
92.7
24.8
115.0
275.8

10.0
–8.5
8.4
37.9
7.6
–1.4
28.0
3.8
10.2
11.9
13.4
11.4
35.8

2.5
2.5
2.3
0.9
4.7
–10.6
12.6
–5.9
–4.9
0.0
0.2
11.9
–69.8

1.1
–1.7
2.0
–52.1
–3.5
–51.1
0.5
2.1
–3.6
–19.9
1.6
23.4
24.1

0.8
–3.3
–2.5
–11.9
–0.5
–22.0
8.7
1.9
–28.9
–1.5
–9.3
9.5
–2.6

–4.6
–12.2
–18.2
–8.8
–3.9
15.2
–13.6
–6.7
–31.0
–12.5
–13.3
–11.9
–38.9

–1.0
–7.5
–6.8
5.7
6.1
–12.2
18.3
–6.4
10.2
–19.3
0.4
9.0
23.8

239.4

267.5

344.7

302.9

356.4

421.3

398.5

373.5

28.1

77.2

53.5

64.9

–22.8

–25.0

r Revised
NOTE. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).

Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business
Seasonally adjusted at annual rates
2005

2006

2007

2007
II

2008

III

IV

II r

I

Billions of dollars
Gross value added of nonfinancial corporate business.........................................
Consumption of fixed capital................................................................................................
Net value added .................................................................................................................
Compensation of employees............................................................................................
Wage and salary accruals............................................................................................
Supplements to wages and salaries ............................................................................
Taxes of 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 income ......................................................................................
Profits after tax with inventory valuation and capital consumption adjustments.......
Net dividends........................................................................................................
Undistributed profits with inventory valuation and capital consumption
adjustments ......................................................................................................
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......................................................................................

6,396.1
743.9
5,652.2
4,075.6
3,337.9
737.6
563.2
1,013.5
153.6
58.5
801.4
274.5
526.9
184.2

6,863.4
775.2
6,088.3
4,316.8
3,548.2
768.6
591.1
1,180.3
169.6
71.8
939.0
309.3
629.7
474.4

7,075.1
822.3
6,252.8
4,525.3
3,734.2
791.1
611.9
1,115.5
179.4
68.1
868.1
321.1
547.0
503.4

7,066.7
816.0
6,250.7
4,497.4
3,710.0
787.3
609.9
1,143.5
178.9
68.0
896.6
330.9
565.7
496.1

7,098.6
828.1
6,270.6
4,537.2
3,744.2
793.0
614.2
1,119.1
178.8
67.7
872.6
318.9
553.7
492.7

7,135.5
840.7
6,294.8
4,602.7
3,802.8
799.9
619.5
1,072.6
185.4
67.7
819.5
314.7
504.7
533.0

7,119.3
852.6
6,266.7
4,623.0
3,814.8
808.2
617.9
1,025.8
180.5
57.9
787.4
279.8
507.6
494.0

7,168.2
868.5
6,299.8
4,646.0
3,833.5
812.4
625.6
1,028.2
186.7
58.2
783.2
294.0
489.2
514.2

342.7

155.3

43.5

69.5

61.0

–28.3

13.6

–25.0

955.9
681.3
–37.8
–116.7

1,127.4
818.1
–39.5
–149.0

1,091.7
770.7
–51.2
–172.5

1,119.2
788.3
–55.3
–167.4

1,080.4
761.5
–31.0
–176.8

1,080.6
765.8
–74.1
–187.0

939.6
659.8
–109.4
–42.8

993.3
699.3
–154.0
–56.1

6,302.0
744.8
5,557.2

6,407.9
757.5
5,650.5

Billions of chained (2000) dollars
1

Gross value added of nonfinancial corporate business ......................................
Consumption of fixed capital 2 .............................................................................................
Net value added 3 ................................................................................................................

5,907.8
682.6
5,225.2

6,167.8
686.7
5,481.1

6,264.5
716.9
5,547.6

6,253.1
711.6
5,541.5

6,293.3
721.0
5,572.3

6,323.5
731.6
5,591.9

Dollars; quarters seasonally adjusted
Price, costs, and profits per unit of real gross value added of nonfinancial
corporate business:
Price per unit of real gross value added of nonfinancial corporate business 4 ......
Compensation of employees (unit labor cost)..................................................................
Unit nonlabor cost............................................................................................................
Consumption of fixed capital ........................................................................................
Taxes on production and imports less subsidies plus business current transfer
payments..................................................................................................................
Net interest and miscellaneous payments....................................................................
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 capital consumption adjustments...........

1.083
0.690
0.257
0.126

1.113
0.700
0.260
0.126

1.129
0.722
0.269
0.131

1.130
0.719
0.267
0.130

1.128
0.721
0.268
0.132

1.128
0.728
0.271
0.133

1.130
0.734
0.271
0.135

1.119
0.725
0.272
0.136

0.105
0.026

0.107
0.027

0.109
0.029

0.108
0.029

0.108
0.028

0.109
0.029

0.107
0.029

0.107
0.029

0.136
0.046
0.089

0.152
0.050
0.102

0.139
0.051
0.087

0.143
0.053
0.090

0.139
0.051
0.088

0.130
0.050
0.080

0.125
0.044
0.081

0.122
0.046
0.076

r Revised
1. The current-dollar gross value added is deflated using the gross value added chain-type price index for nonfinancial industries from the GDP-by-industry accounts. For periods when this price
index is not available, the chain-type price index for GDP goods and structures is used.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross value added and the consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate business divided by 100.
NOTE. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).

Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2005

Gross domestic product (GDP) and related aggregates:
GDP..................................................................................
Goods...............................................................................
Services............................................................................
Structures .........................................................................
Motor vehicle output .........................................................
GDP excluding motor vehicle output ................................
Final sales of computers 1 ................................................
GDP excluding final sales of computers...........................
Farm gross value added 2 ................................................
Nonfarm business gross value added 3 ............................
Price indexes:
GDP..................................................................................
GDP excluding food and energy .......................................
GDP excluding final sales of computers...........................
Gross domestic purchases...............................................
Gross domestic purchases excluding food and energy ....
Gross domestic purchases excluding final sales of
computers to domestic purchasers...............................
Personal consumption expenditures (PCE)......................
PCE excluding food and energy .......................................
Market-based PCE 4.........................................................
Market-based PCE excluding food and energy 4 ..............

2006

2007

2004

2005

III

IV

I

2006

II

III

IV

I

II

3.8
1.3
4.8
2.7
5.3
2.0 11.1
5.9
3.9
0.9
2.6
2.3
–0.6
1.3 –0.8 –3.8
24.6 –31.0 20.2 –10.1
3.2
2.6
4.3
3.1
11.5 37.2 27.8 25.2
3.8
1.1
4.7
2.5
3.1 –26.8 –22.3
3.1
4.8
1.3
6.0
2.9

2007
III

IV

0.8
1.5
1.5
1.3
2.3
3.8
–8.8 –9.8
13.7 –19.0
0.4
2.2
7.0 34.2
0.8
1.3
6.9 30.4
0.3
1.4

I

2008
IV

I

II r

II

III

0.1
–2.5
2.1
–3.9
3.8
–0.1
–5.0
0.1
12.5
–0.9

4.8
10.3
2.7
0.8
4.6
4.8
37.2
4.6
–6.1
5.8

4.8 –0.2
0.9
2.8
9.0
0.0
0.9
4.9
4.0
1.3
2.7
1.7
–2.9 –9.3 –10.1
3.3
17.3 –25.7 –14.2 –33.8
4.4
0.7
1.3
4.0
52.6 23.7
8.2 28.4
4.5 –0.3
0.8
2.7
8.6
8.2 –15.5 –10.7
5.5 –0.7
0.9
2.8

2.9
4.3
2.2
3.2
3.8
2.9
23.4
2.8
9.1
3.4

2.8
5.4
2.3
–2.2
–0.9
2.9
25.0
2.6
–6.9
3.2

2.0
3.1
2.8
–5.0
–1.1
2.1
21.3
1.9
9.7
2.0

3.6
6.6
2.4
1.3
29.0
2.8
19.8
3.5
18.9
3.8

2.5
3.7
2.4
–0.3
–9.6
3.0
50.1
2.3
40.8
2.6

3.0
3.6
2.1
6.0
4.6
2.9
8.5
2.9
–1.9
3.7

2.6
4.7
1.0
5.1
7.1
2.5
38.5
2.4
27.7
2.9

3.3
3.2
3.4
3.7
3.1

3.2
3.2
3.4
3.4
3.1

2.7
2.5
2.8
2.8
2.4

2.3
2.8
2.4
2.8
2.6

3.2
3.1
3.4
3.6
2.8

4.0
3.9
4.2
3.7
3.9

2.1
2.7
2.3
3.1
2.7

4.1
3.2
4.2
5.2
2.9

3.7
3.5
3.9
3.9
3.2

3.5
3.6
3.7
2.9
3.4

2.7
3.2
2.9
3.6
3.2

2.8
2.6
2.9
2.9
2.5

2.2
2.6
2.3
0.6
2.5

4.1
3.2
4.2
3.6
2.9

2.0
1.7
2.1
3.3
1.8

1.5
1.8
1.7
2.2
1.9

2.8
2.4
3.0
4.0
2.4

2.6
2.0
2.7
3.5
2.2

1.1
1.5
1.2
4.2
2.2

3.9
2.9
2.1
2.7
1.7

3.6
2.8
2.3
2.6
1.9

2.9
2.6
2.2
2.4
1.8

2.9
2.0
1.7
1.5
1.1

3.9
3.0
2.1
2.9
1.8

3.9
2.5
2.5
2.2
2.2

3.3
2.5
2.1
2.2
1.6

5.4
4.7
1.6
4.9
1.2

4.1
3.3
2.4
3.2
2.0

3.0
1.8
2.1
1.4
1.8

3.8
3.3
3.0
3.1
2.6

3.1
3.1
2.3
3.1
2.1

0.7
–0.5
1.8
–1.1
1.5

3.8
3.4
2.4
3.5
2.3

3.5
3.6
1.8
3.5
1.2

2.4
2.5
2.1
2.0
1.4

4.2
4.3
2.5
4.4
2.2

3.7
3.6
2.3
3.7
2.1

4.4
4.3
2.2
4.3
1.8

r Revised
1. For some components of final sales of computers, includes computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of households and institutions, and of general government.
4. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial
intermediaries) and the expenses of nonprofit institutions.
See “Explanatory Note” at the end of the tables.

Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the
economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or “real” measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights
from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2006-07
annual percent change in real GDP uses prices for 2006 and 2007 as weights, and the 2006-07 annual
percent change in GDP prices uses quantities for 2006 and 2007 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.