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BEA NEW S RELEASE B U R E A U O F E C O N O M IC A N A L Y S IS U S . O E M S T M E N T O F C O M M E R C E E M B A R G O E D U N T IL R E L E A S E A T 8:30 A .M . ED T, FR ID A Y , O C T O B E R 27, 2006 V irginia H. M annering: R ecorded m essage: (202) (202) 606-5304 606-5306 B EA 06-48 G R O SS D O M E ST IC P R O D U C T : TH IR D Q U A R T E R 2006 (AD V A NC E ) R eal gross dom estic p ro d u ct — the output o f goods and services p ro d u ced by labor and property located in the U nited States — increased at an annual rate o f 1.6 p ercen t in th e third quarter o f 2006, according to advance estim ates released b y the B ureau o f E conom ic A nalysis. In the second quarter, real G D P increased 2.6 percent. The B ureau em phasized th at the th ird -q u arter “ advance” estim ates are based on source data that are incom plete o r subject to further rev isio n by the source agency (see th e b o x on page 3). The thirdquarter “prelim in ary ” estim ates, based on m ore com prehensive data, w ill be released on N ovem ber 29, 2006. The increase in real G D P in the th ird quarter prim arily reflected p o sitiv e contributions from personal consum ption expenditures (PC E ), exports, equipm ent and softw are, nonresidential structures, and state and local governm ent spending that w ere partly offset by a n eg ativ e contribution from residential fixed investm ent. Im ports, w h ich are a subtraction in the calcu latio n o f G D P, increased. The deceleration in real G D P grow th in the third quarter p rim arily reflected an acceleration in im ports, a dow nturn in p rivate inventory investm ent, a larger decrease in resid en tial fixed investm ent, and decelerations in PC E for services and in state and local governm ent spending th a t w ere partly offset by upturns in P C E for durable goods, in eq uipm ent and softw are, and in federal governm ent spending. Final sales o f com puters contributed 0.10 percentage p o in t to th e th ird -q u arter grow th in real G D P after contributing 0.04 p ercentage p o in t to the second-quarter grow th. M o to r vehicle output contributed 0.72 percentage p oint to the th ird -q u arter grow th in real G D P after subtracting 0.31 percentage point from the second-quarter grow th. N O T E .—Q uarterly estim ates are expressed at seasonally adjusted annual rates, unless otherw ise specified. Q uarter-to-quarter do llar changes are differences b etw een th ese p u b lish ed estim ates. Percent changes are calculated from unro u n d ed data and are annualized. “R eal” estim ates are in chained (2000) dollars. Prices indexes are chain-type m easures. T his new s release is available on B E A ’s W eb site at w W w .bea.gov/bea/rels.htm . - m ore - - 2 - The price index for gross dom estic purchases, w hich m easures prices p aid by U .S. residents, increased 2.0 percen t in the th ird quarter, co m p ared w ith an increase o f 4.0 p ercen t in th e second. Excluding food and energy prices, the price index for gross dom estic pu rch ases increased 1.9 percent in the third quarter, com pared w ith 2.9 p ercen t in the second. Real personal consum ption expenditures increased 3.1 percen t in th e th ird quarter, com pared w ith an increase o f 2.6 p ercen t in the second. D urable goods increased 8.4 p ercen t, in contrast to a decrease o f 0.1 percent. N o ndurable goods in creased 1.6 percent, com pared w ith an increase o f 1.4 percent. Services expenditures increased 2.8 p ercent, com pared w ith an increase o f 3.7 percent. R eal nonresidential fix ed in v estm en t increased 8.6 p ercen t in the th ird quarter, com pared w ith an increase o f 4.4 percen t in th e second. N o n resid en tial structures increased 14.0 percent, com pared w ith an increase o f 20.3 percent. E q u ip m en t and softw are increased 6.4 p ercent, in co n trast to a decrease o f 1.4 percent. R eal residential fixed in v estm en t decreased 17.4 percent, co m p ared w ith a decrease o f 11.1 percent. Real exports o f goods and services in creased 6.5 percent in the th ird quarter, com pared w ith an increase o f 6.2 percen t in the second. R eal im ports o f goods and services in creased 7.8 percent, com pared w ith an increase o f 1 A percent. R eal federal governm ent co n su m p tio n expenditures and gross in v estm en t increased 1.7 percent in the third quarter, in contrast to a decrease o f 4.5 percent in the second. N atio n al defense decreased 0.7 percent, com pared w ith a decrease o f 2.0 percent. N ondefense increased 6.9 p ercent, in contrast to a decrease o f 9.3 percent. R eal state and local governm ent consum ption expenditures and gross investm ent increased 2.1 p ercent, co m p ared w ith an increase o f 4.0 percent. The real change in p riv ate inventories subtracted 0.10 percentage p o in t fro m the third-quarter change in real G D P after adding 0.44 percen tag e p o in t to the second-quarter change. P rivate businesses increased inventories $50.7 b illio n in the th ird quarter, follow ing increases o f $53.7 b illio n in the second quarter and $41.2 billio n in th e first. Real final sales o f dom estic p ro d u ct — G D P less change in p riv ate in ventories — increased 1.7 percent in the th ird quarter, co m p ared w ith an increase o f 2.1 percen t in th e second. G r o s s d o m e s t ic p u r c h a s e s Real gross dom estic pu rch ases — p u rchases by U .S. residents o f goods and services w herever produced — increased 2.1 p ercen t in the th ird quarter, com pared w ith an increase o f 2.0 percen t in the second. D is p o s i t i o n o f p e r s o n a l i n c o m e C urrent-dollar perso n al incom e in creased $151.5 b illio n (5.7 p ercen t) in th e th ird quarter, com pared w ith an increase o f $179.6 b illio n (6.9 percent) in th e second. Personal current taxes increased $5.5 b illio n in the th ird quarter, co m p ared w ith an increase o f $46.0 billion in the second. D isposable personal incom e increased $146.1 billio n (6.3 percent) in th e third quarter, com pared w ith an increase o f $133.6 b illio n (5.8 percent) in the second. R eal d isp o sab le personal incom e increased 3.7 percent, com pared w ith an increase o f 1.7 percent. - m ore - -3 - Personal outlays increased $138.2 b illio n (5.9 percent) in th e th ird quarter, com pared w ith an increase o f $158.5 billio n (6.9 percent) in the second. P ersonal saving — disposable personal incom e less personal outlays — w as a negative $46.8 billio n in the th ird quarter, com pared w ith a negative $54.6 billion in the second. The p erso n al saving rate — saving as a percen tag e o f disposable personal incom e — increased from a n egative 0.6 percen t in the second quarter to a neg ativ e 0.5 percent in the third. Saving from current incom e m ay b e near zero or negative w h en outlays are financed by borrow ing (including borrow ing financed th ro u g h credit cards or hom e equity loans), by selling investm ents or other assets, or by using savings from previous periods. F or m ore inform ation, see th e FA Q s on “Personal Saving” on B E A ’s W eb site. F or a com parison o f p ersonal saving in B E A 's national incom e and product accounts w ith personal saving in the Federal R eserve B oard's flo w o f funds accounts and data on changes in n et w o rth (w hich help finance consum ption), go to h ttp://w w w .bea.gov/bea/dn/nipaw eb/N ipa-F rb.asp. C u r r e n t-d o lla r G D P C urrent-dollar G D P -- th e m arket value o f the nation's o utput o f goods and services — increased 3.4 percent, or $111.0 billion, in the th ird quarter to a level o f $13,308.3 billion. In the second quarter, current-dollar G D P increased 5.9 percent, or $188.9 billion. Inform ation on the assum ptions used for unavailable source data is pro v id ed in a technical note th at is posted w ith the new s release on B E A 's W eb site. W ithin a few days after the release, a detailed “K ey Source D ata and A ssu m p tio n s” file is p o sted on the W eb site. In th e m iddle o f each m onth, an analysis o f the current quarterly estim ates o f G D P and related series is m ad e available on the W eb site; click on S u r v e y o f C u r r e n t B u s i n e s s , "G D P and the Econom y." * * * B EA 's national, international, regional, and industry estim ates; the S u r v e y o f C u r r e n t B u s i n e s s ' , and B EA new s releases are available w ithout charge on B EA 's W eb site at w w w .b ea.g o v . B y visiting the site, you can also subscribe to receive free e-m ail sum m aries o f B E A releases and announcem ents. * * * N e x t release - N o v em b er 29, 2006, at 8:30 A .M . E S T for: G ross D om estic P roduct: T hird Q uarter 2006 (Prelim inary) C orporate Profits: T h ird Q uarter 2006 - m ore - - 4 - C o m p a r is o n s o f R e v is io n s to G D P Quarterly estimates o f GDP are released on the following schedule: “Advance” estimates, based on source data that are incomplete or subject to further revision by the source agency, are released near the end o f the first month after the end o f the quarter; as more detailed and more comprehensive data become available, “preliminary” and “final” estimates are released near the end o f the second and third months, respectively. The “latest” estimates reflect the results of both annual and comprehensive revisions. Annual revisions, which cover the quarters o f the 3 most recent calendar years, are usually carried out each summer and incorporate more comprehensive data including annual surveys. Comprehensive (or benchmark) revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S. economy. The table below shows comparisons o f the revisions between quarterly percent changes o f current-dollar and real GDP for the different vintages o f the estimates. From the advance estimate to the preliminary estimate (one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance estimate to the final estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to sign) from the advance estimate to the latest estimate is 0.4 percentage point, which is larger than the average revisions from the advance estimate to the preliminary or to the final estimates. The larger average revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements such as the introduction o f chain indexes and the capitalization o f software. The quarterly estimates correctly indicate the direction of change o f real GDP 98 percent o f the time, correctly indicate whether it is accelerating or decelerating 74 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths o f the time. R e v is io n s B e tw e e n Q u a r te r ly P e r c e n t C h a n g e s o f G D P : V in t a g e C o m p a r is o n s [Annual rates] Vintages Average Average without Standard deviation o f Compared regard to sign revision without regard _______________________________________________________________________ to sign C u r r e n t-d o lla r G D P Advance to preliminary.... Advance to final............... Preliminary to final..,....... 0.2 .2 .0 0.5 .7 .3 0.4 .4 .2 Advance to latest.............. .4 1.2 .9 R eal G D P Advance to preliminary.... Advance to final............... Preliminary to final.......... 0.1 .1 .0 0.5 .6 .3 0.4 .4 .2 Advance to latest.............. .4 1.3 1.0 NOTE.—These comparisons are based on the period from 1983 through 2003. - m ore - T a b l e 1 .— R e a l G r o s s D o m e s t i c P r o d u c t a n d R e l a t e d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d S easonally adjusted at annual rates 2003 2004 2005 2003 2002 IV Gross domestic product (GDP)............. Personal consumption expenditures ................... Durable goods ......................................................... Nondurable goods ........................................... Services .............................................................. Gross private domestic investment.................... Fixed investment .................................................. N on re sid e n tiai........................................................ S tru c tu re s ........................................................ Equipment and softw are ................................... R e s id e n tia l............................................................. Change in private in v e n to rie s .................................... I li 2004 III IV I II 2005 III IV I II 2006 III IV I II III 2.5 3.9 3.2 0 .2 1 .2 3.5 7.5 2.7 3.9 4.0 3.1 2 .6 3.4 3.3 4.2 1 .8 5.6 2 .6 1 .6 2 .8 3.9 6.4 3.6 3.5 3.5 5.5 4.5 1.4 -5 .2 3.6 2 .1 2.3 .7 2.7 2.4 5.2 2 .6 -1 2.3 3.9 4.8 19.8 5.9 -.1 3.1 8.4 1 .8 3.9 9.0 3.4 3.2 .8 4.3 4.6 3.9 8.7 3.7 3.1 4.2 1 .8 2.9 1.7 1.7 3.8 4.3 2 .6 5.8 16.7 7.7 2.9 4.7 .4 3.8 1.5 3.6 16.8 2.3 2 .0 1 .6 1.4 3.7 2 .8 5.4 7.5 4.8 7.8 2 .8 1 .1 1.7 3.3 5.1 4.9 8.3 2 .2 7.3 9.9 8.9 - 2 .0 12.3 5.3 6.3 8 .6 21.7 11.7 7.2 6.9 7.3 19.8 2 .0 2 .8 -1 .3 - .4 - 2 .6 -6 .9 - 1 .0 4.1 17.7 13.6 9.4 -4.1 - 1 .0 - 1 .4 - 5 .0 -5 .3 - 4 .9 6.4 9.3 5.5 1 .0 9.8 7.3 5.9 9.2 9.0 9.7 7.5 5.1 5.8 3.2 1.9 3.6 3.4 8.4 6 .8 1 .8 3.3 1 0 .6 2 .8 6 .1 2 .2 10.7 14.7 9.3 10.5 13.2 -4 .7 5.6 2 2 .2 1 0 .6 3.1 -1 .7 - 1 .2 - 2 .8 4.1 11.4 2 0 .8 8 .8 17.5 3.7 7.2 7.1 7.5 8 .6 .6 -1 5 .7 2 1 .2 19.8 23.1 17.6 17.2 19.6 6 .1 19.7 36.3 -6 .4 1.5 .4 -5 .3 12.4 -.8 2 .1 -.6 6.9 2 .1 6 .6 7.3 6.3 3.0 2.5 3.5 1.7 9.7 9.1 9.1 8.5 9.6 4.9 4.4 4.9 4.4 5.8 8.9 3.2 -.8 1 .2 7.6 10.3 3.1 13.0 3.2 6 .1 5.4 3.4 -.6 1 .6 8 .2 6 .0 1 1 .1 1 2 .8 4.9 2.3 -3 .6 10.5 5.2 - 2 .0 7.9 5.2 6.3 5.9 -7 .0 16.2 7.8 2 .8 8 .2 5.2 1 1 .0 2 .8 2 0 .0 7.1 -.9 13.7 8.7 15.6 - .3 9.4 3.2 3.7 9.6 11.5 5.5 13.2 14.1 8.3 14.0 17.3 6.7 9.1 9.4 7.4 6 .2 - 1 .1 -4 .6 -9 .9 7.1 -.1 1 .0 4.4 4.0 4.2 4.9 - .3 2.7 .7 .5 5.5 1 2 .0 1 .0 - 1 .6 4.4 20.3 -1 .4 - 1 1 .1 1 .6 - 2 .0 -1 .4 8 .6 14.0 6.4 -1 7.4 Net exports of goods and services .................... E x p o rts ....................................................................... Goods .................................................................... S e rv ic e s ................................................................. Im p o r ts ....................................................................... G o o d s .................................................................... S e rv ic e s ................................................................. Government consumption expenditures and gross investment....................................... F e d e ra l....................................................................... National defense ................................................... N ondefense ........................................................... State and local ........................................................ 1.3 1 .8 0 4.1 4.9 6 .8 -3 .1 -9 .1 11.7 9.0 -5 .3 2 .0 - 2 0 .0 -5 .0 -3 .9 1 0 .8 6.1 10.9 6.7 8.1 1 0 .0 2 .8 14.0 2.5 5.8 8.7 3.4 1.9 4.3 5.9 .9 4.8 1.5 1.7 1 0 .2 .1 14.8 1 .2 1.1 2 .1 .2 .5 .5 -4 .4 9.0 - 2 .2 2.5 3.5 3.3 3.6 3.1 2 .2 3.5 4.4 4.0 3.8 3.6 4.7 4.7 5.2 5.2 49 4.2 6.9 6.5 7.6 7.2 6 7 6.4 0 2 .0 - 1 0 .6 -1 .4 .7 3.1 8 .1 - 6 .0 1 0 .2 1 0 .1 10.9 2.9 7.2 9.1 3.6 .5 4.8 8.3 6 .2 6.4 5.6 16.0 17.7 7.6 2 .2 2.5 2 .0 3.5 2 .1 - 9.9 4.7 5.5 2.9 4.1 4.9 6.1 1 2 .8 2 .8 19.2 4.4 4.7 3.1 1 2 .0 1.3 5.0 9.1 -2 .9 - .9 -1 .9 -5 .2 -9.1 3.4 3.4 4.5 .1 .6 .4 2.9 -4 .4 1.5 4.0 3.1 4.0 3.3 2 .6 2 .8 7.5 3.3 3.4 3.3 3.6 -4 .0 5.6 2.4 4.6 3.0 .5 5.3 5.9 5.9 7.0 7.0 5J3 7.0 6.9 6.7 6.7 7? 5.8 1 2 .6 9.0 2 .0 2 .1 1.4 2 .0 2.5 2.7 -.2 -1 .5 1 .2 1 .6 1 .1 3.4 9.5 1 .2 1 1 .2 6 .2 15 6 .0 1 0 .0 6.7 1.4 9.9 -1 .5 7.8 9.5 - 1 .0 4.9 .8 2 .0 8 .8 -4 .5 - 2 .0 -9 .3 4.0 1.7 - .7 6.9 8.9 8.5 2.7 -.1 2 .1 Addenda: Final sales of dom estic p ro d u c t................................. Gross dom estic purchases ........................................ Final sales to domestic p u rc h a s e rs ........................... Gross national product (GNP) ................................... Disposable personal in c o m e ..................................... 2 .8 2 .8 2.7 1.7 1.3 .9 1 .6 1.1 1 .0 .8 1 .2 .2 1.7 4.5 4.0 5.1 4.1 5.0 6.3 6.7 6.9 7.2 62 4.1 2.4 2.4 3.9 3.8 32 1.9 4.4 4.6 5.1 5.3 40 4.8 4.8 5.8 4.7 5.7 54 5.7 .1 6.1 3.4 4.4 4.0 3.5 3.9 2 .6 5.5 4.1 2.9 2.4 3.3 3.2 2 .0 -.6 5.6 5.3 5.4 2 .1 6 .1 •1.7 2 .0 2 .1 1 .6 2 .2 4.6 2.3 1.7 3.7 Current-dollar measures: G D P .......................................................... Final sales of domestic p r o d u c t............................ Gross domestic purchases .................................... Final sales to dom estic purchasers ...................... Disposable personal incom e ................................. S e e " Ex p la n a t o r y N o t e " a t t h e e n d o f t h e t a b le s. 7.8 7.3 8.9 8.5 74 7.7 7.9 6.4 9.7 8.3 6J 6 .0 6 .2 5.8 6.7 5J 4.7 10J - 1 .8 5.8 8 .2 7.6 7.8 8.5 8 .1 8 .8 5J3 16 B-4 3.5 5.1 3.0 6.3 4.3 Iß 9.0 9.1 5.9 5.5 8 .2 6 .1 8 .2 5.7 3.4 3.5 4.0 4.2 8 .6 6 .8 5.8 6.3 9Ü T ab le 2.— C o ntrib u tio n s to Percent Change in Real G ross D o m estic Product S easonally adjusted at annual rates 2003 2004 2005 2003 2002 IV Percent change at annual rate: Gross domestic product ........................... Percentage points at annual rates: Personal consumption expenditures ................ Durable goods ........................................ G o o d s ................................................................ S ervices ............................................................ Imports ................................................. G o o d s ......................................................... ...... S ervices ........................................... .03 -.0 4 .05 4.13 1.59 3.30 2.07 2.74 2.97 1.94 2.94 1.35 .65 .49 .06 -.2 9 .27 .08 .51 .09 .33 .14 -.1 4 .28 .71 .50 .17 .2 0 1 .0 2 -.2 9 .27 .1 0 .0 1 .36 .8 6 .34 .16 -.1 4 .73 .33 .14 .90 .51 .17 .70 .75 .39 .45 .04 .29 1.53 .61 .31 .01 .0 2 .26 .24 .23 .80 1.45 .40 1.09 .30 .08 .04 .04 o .43 .08 .0 2 .08 .03 .37 .14 .41 .09 .54 1.49 .51 1 .1 1 -.0 6 .16 06 .47 .13 .42 .28 .16 .15 .1 1 .05 .0 2 .1 0 .28 1.30 .37 .06 -.0 7 .13 o .53 .09 .24 1.39 .32 .25 .25 .70 .29 .94 .28 .04 0 .0 1 0 0 .0 1 .04 .43 .05 .30 .32 .13 -.0 7 02 .04 .03 .40 .05 1.32 .24 .09 .03 .06 .04 .53 .05 .44 .83 .18 -.0 2 .01 .03 o .44 .04 .16 .41 .1 0 .2 1 1 .2 0 .64 .23 -.0 3 .36 .67 .24 -.5 8 -.5 8 0 in .52 .09 .31 -.0 6 .03 .30 .19 .33 -.0 6 .15 -.1 0 .0 2 .1 1 .19 .13 1.52 .25 .31 .23 .08 1.15 .27 .18 .13 .05 .31 .34 .09 .23 .0 2 .58 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .17 -.3 4 .83 .29 .46 .52 .31 1.34 1.36 .25 -.2 7 .45 .56 -.2 4 .1 0 .59 .14 .45 1.62 .51 -.0 6 .56 1 .0 2 .41 1.16 .97 .08 .90 .77 .81 -.0 5 .95 1.72 .69 .17 .52 1 .2 2 -.1 2 .34 .18 .08 1 .1 1 -.1 0 .82 .26 .32 .23 -.1 4 .70 .05 -.0 3 .03 .05 -.0 5 .46 .06 1.03 .2 1 .33 .17 .16 .43 .29 .1 0 .1 0 .03 .30 .16 -1 4 .06 -.0 7 .74 .15 .18 .40 -.0 5 .31 -.0 4 .03 .07 -.1 4 .16 -.3 2 .09 -.7 2 -.5 2 -.1 4 -.3 8 .1 0 -.3 8 -.0 4 -.1 7 -.1 7 .1 0 .0 1 .15 .09 .50 -.0 2 .09 .1 2 .60 .28 .52 .16 -.5 6 -.5 6 o -1 .5 3 -1 .2 9 - .2 4 - .9 4 -.8 7 -.0 7 .17 .08 .05 .03 .03 0 .0 2 .06 .08 .06 .05 .08 .14 .31 .08 .51 .1 2 .2 1 -.31 -.6 4 .33 .1 1 0 -.1 6 -.8 5 -1 .5 2 .36 .1 2 .19 -.31 .6 8 .30 .27 .13 .2 0 -.2 6 .47 .66 .31 .30 .8 8 .44 .37 .32 .05 .08 .07 .35 .0 2 -.6 5 - 1 .0 1 .17 -.5 7 .04 .1 2 .1 0 .06 .05 05 .33 .18 .76 - .0 3 .05 .03 .28 .13 .40 .2 1 .6 6 -.0 4 1.39 -.4 4 0 .1 2 -.0 8 ,0B -.0 3 .28 .15 .16 1.59 .42 .16 -.1 0 2.13 -.0 1 2 .0 0 .08 .03 .04 .06 .0 2 -.0 4 1.92 .49 .1 2 .79 .39 .27 -.0 6 .19 1.81 1.50 .60 .65 .26 2.56 - .3 0 -.0 6 - .2 4 .0 2 -.0 5 .05 .07 .47 .35 .0 2 1.18 .40 .17 .0 1 .70 .61 .08 -.1 5 .16 .1 0 3.38 .51 .38 .07 .31 0 0 .32 0 .98 .55 .25 -1 .0 8 -1.51 .33 1.52 .1 2 .0 1 .1 1 0 1 .2 1 0 1.04 .53 .17 .53 .74 .38 .40 -.0 3 1 .6 -.1 6 .09 .1 0 .07 ■ .15 .05 .1 1 .04 -.0 5 -1 2 .14 .07 .07 .41 .53 .05 .03 .03 .73 .18 0 1.07 .70 .19 2.76 2 .6 -.0 4 -.2 4 -.1 8 -.0 6 .30 .2 2 .63 .52 .06 .30 .74 .28 .18 - .0 4 .32 5.6 - .2 1 .36 0 .14 .54 .32 .0 2 -.0 2 .2 1 •1 . 8 III -.1 4 .2 2 0 .39 .1 0 .1 2 II .87 .2 1 .04 .03 .59 .16 -.0 2 21 I -.1 2 .58 .06 .52 .1 0 -.1 1 -.0 1 -.0 2 .36 .13 .50 .28 .24 .2 2 IV .2 0 1.17 .67 .03 .64 State and local ....................................... 2.53 .64 .23 .14 .1 0 N ational d e fe n s e ................................................ Consum ption e x pe n d itu re s ............................ Gross investm ent .......................................... N o n d e fe n s e ....................................................... Consum ption e x pe n d itu re s ............................ Gross investm ent .......................................... 4.2 .2 1 .1 0 2006 III 3.3 .0 2 .05 .03 .03 o .45 II 3.4 .07 .74 -.0 7 .19 .23 -.0 4 I 2 .6 .2 1 -.0 2 IV 3.1 .29 .14 .2 0 2005 III 4.0 .1 1 .31 -.0 4 .23 II 3.9 .27 -.0 1 I 2.7 .1 0 .0 2 IV 7.5 1.39 .46 .67 .26 .1 0 Government consumption expenditures and gross Investment .................................... Federal.................................................. Consum ption e x pe n d itu re s ............................ Gross investm ent .......................................... 1.41 -.4 7 -.7 5 2004 III .54 .07 .35 .1 2 Change in private inventories ..................... Net exports ot goods and services................. Exports ................................................. .97 .45 2.71 .50 Gross private domestic investment................. Fixed investment..................................... F a r m .................................................................. N onfarm ............................................................ 2.44 1.94 Services ................................................ Nonresidential ................................................... Structures ..................................................... Equipm ent and s o ftw a re ............................... Information processing equipment and softw are ................................................ Com puters and peripheral equipment ... S o ftw a re ................................................ O ther .................................................... Industrial e q u ip m e n t.................................. Transportation e q u ip m e n t......................... O ther equipm ent ....................................... Residential ......................................................... 3.5 3.2 F o o d .................................................................. C lothing and shoes ........................................... Gasoline, fuel oil, and other energy g o o d s ....... O ther ................................................................. H ousing ............................................................. Household o p e ra tio n .......................................... Electricity and g a s ......................................... O ther household operation ........................... T ransportation ................................................... M edical care ..................................................... R e c re a tio n ................................ ......................... O ther ................................................................. 1 .2 3.9 Nondurable goods ................................... II 0 .2 2.5 M otor vehicles and p a r t s ................................... Furniture and household equipment .................. O ther ................................................................. I -.1 2 - 1 .0 1 .92 -.0 2 .26 1.08 -.1 3 .07 .55 .30 -.0 3 .17 .16 -.0 9 -.0 8 - .0 4 .16 .56 -.0 6 .62 .56 -.0 5 .60 .40 .27 .13 .0 1 .21 .2 0 .29 -.2 2 - .4 7 -.7 3 -1 .6 2 1.81 .55 .47 1 .2 0 .69 .47 .61 .2 2 .60 .43 .17 -.9 0 -.3 1 .74 .47 .27 -.5 7 -.9 7 .40 -.51 -.0 7 -4 4 -2 .2 9 - 1 .8 6 - .4 3 -1 .4 2 -1 .1 7 -.2 5 - 2 .2 2 -2 .0 3 -.1 8 .89 -.2 6 1.16 .29 .64 .59 .67 - .0 8 .05 .07 .0 1 1.26 1.41 1.30 .03 -.2 5 -.3 2 .07 .28 .27 -.1 2 .1 1 .0 1 - .0 3 -.0 3 .26 -.0 4 .30 - .0 7 .07 - .1 5 .06 .19 -.1 3 .25 .15 5.00 1.15 1.33 .30 .50 .81 1.63 1 .2 0 .99 1.74 1.31 -.2 4 -.1 4 -.0 2 .25 .15 .0 2 .1 2 .2 1 -.1 6 .19 -.2 1 .0 1 .06 -.2 7 -.1 9 -.0 9 -.0 2 .56 2.06 .85 .36 .0 2 - .0 4 -.0 2 .1 0 1 .0 0 1.56 1.84 .51 1.43 1.31 .49 -1 .7 4 1.65 .29 .1 2 .2 0 .01 1.27 .03 -.0 9 -.4 6 .06 .16 .11 .1 2 -.1 0 -.0 7 -.1 8 .28 -.4 6 2.05 .14 1.90 -.81 -.1 6 .72 -.0 6 -1 07 -.0 4 .96 .42 .54 .47 .38 .09 .94 .33 .27 .06 .97 .80 .17 1.41 .6 6 1 .2 0 .45 -1 .7 7 -1 .5 5 -.6 3 -.6 4 -2 .04 -1 .8 4 -.2 2 .0 1 -.3 9 -.3 6 -.0 3 -.2 0 .51 1 .0 2 -.2 0 -2 .2 3 -.2 6 -1 .9 7 - .8 4 -.4 8 -.3 5 -.1 6 -.0 8 -.0 8 -.2 2 .09 .16 -.0 6 1.44 .61 .84 -.7 3 .46 .55 -.0 9 -.6 6 -.5 9 -.0 8 .25 .16 .04 .04 .19 -.31 .08 -.0 6 .05 -.3 8 .43 0 .18 .1 0 .2 1 1 .1 1 .1 2 .19 .39 .78 .63 .2 1 -.1 2 .59 -.2 0 .26 .06 .07 .13 .23 .27 .03 .43 .05 .40 .08 -.0 4 -.5 3 .13 -.6 5 1 .2 1 .86 .2 0 .01 .1 2 .1 1 .24 .88 .06 -.2 2 -.2 6 .04 -.2 0 .1 1 -.0 2 -.0 3 -.0 1 -.0 2 .44 -.0 9 .54 .88 .41 .46 .27 .14 .08 .04 .04 .1 1 .05 - 1 .1 2 -.1 0 -.0 1 -.0 9 d•) .2 1 .2 1 -1 .4 6 -1 .2 7 -.1 9 -.2 4 .0 1 -.2 5 .70 .75 -.0 5 -1 .2 8 -1.31 .03 .14 .55 .43 .24 -.3 7 .31 .2 1 .64 -.2 1 .94 .16 .37 .2 1 .49 .41 .40 .18 .09 .34 .41 .34 .08 -.0 7 -.0 6 -.3 8 -.4 5 -.4 4 .23 .03 .13 .03 .6 6 -.3 3 -.4 9 -.4 7 .61 .41 .37 .05 -.3 2 -.0 9 -.1 7 .08 -.2 3 .1 2 .35 .31 .05 - .1 4 0 0 .1 0 .09 .08 .03 .05 .1 1 -.0 1 .2 1 .25 -.0 4 .03 -.0 1 .08 .05 .03 -.1 0 .0 1 .08 .08 -.1 8 .15 -.1 4 .0 2 1.56 1.48 .06 .52 .15 1.43 1.47 -.2 9 .06 .26 1.51 1.07 .82 .38 .16 .1 0 -.1 1 .0 1 -.0 9 .0 1 -.0 2 .06 .18 .05 .13 .52 .45 .07 .14 .08 .06 -.0 1 .14 -.1 5 -.0 2 .16 .05 .2 0 .11 .16 .03 .13 .09 .03 .33 .17 .16 .97 .46 .33 -.71 3.86 1.39 .33 .2 0 .07 -.0 3 -.0 2 - .0 1 -.1 0 .15 .15 -.1 2 .0 1 .48 .25 .25 .2 0 .28 0 Addenda: Goods ........................................................... S e rv ic e s ................................................................. Structures ............. .................................... M otor vehicle outout .......................................... Final sales of com puters ....................................... S e e " Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b le s. 1 .2 0 .31 .05 .15 -.0 2 .2 2 -.2 3 .15 2.59 .05 .33 -.1 3 1.09 1.04 1.13 -.0 3 .2 0 2.07 2 .0 2 .09 .70 .08 .1 2 1 .1 2 1.40 .04 -.3 1 .04 .81 1.50 -.7 3 .72 .1 0 T a b l e 3 .— G r o s s D o m e s t i c P r o d u c t a n d R e la te d M e a s u re s : L e v e l a n d C h a n g e F ro m Billions of current dollars Billions of chained (2000) dollars S easonally adjusted at annual rates 2005 2005 P r e c e d in g P e r io d Seasonally adjusted at annual rates 2005 2006 2005 C hange from preceding period 2006 2006 2005 III IV 1 II III III IV I II III II III Gross domestic product .................. 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,308.3 11,048.6 11,115.1 11,163.8 11,316.4 11,388.1 11,432.9 345.1 71.7 44.8 Personal consumption expenditures............. 8,742.4 8,847.3 8,927.8 9,079.2 9,228.1 9,355.5 7,841.2 7,895.3 7,910.2 8,003.8 8,055.0 8,116.2 264.1 51.2 61.2 Durable goods..................................... 1,033.1 448.2 377.2 207.7 1,057.3 468.1 380.0 209.2 1,019.6 421.6 386.0 1,051.8 441.7 401.3 218.8 1,080.6 455.6 403.8 1,145.3 452.9 490.5 1,137.9 426.3 511.5 216.3 1,190.5 445.1 538.5 224.6 1,190.3 443.7 542.9 222.5 1,214.5 457.3 552.5 223.5 59.6 2.5 44.6 17.0 -1 .4 4.4 - 2 .1 24.2 13.6 9.6 2 1 2 .6 1,175.9 474.6 497.7 213.1 -.2 2 1 2 .0 1,064.1 442.7 402.3 219.1 2,539.3 1,201.4 341.8 302.1 694.0 2,584.9 1,214.7 341.3 331.0 698.0 2,613.5 1,233.7 349.1 322.1 708.6 2,658.2 1,262.3 355.4 316.2 724.2 2,721.4 1,274.0 355.1 359.1 733.3 2,748.2 1,281.3 358.8 368.7 739.5 2,276.8 1,065.7 372.7 199.5 643.9 2,287.6 1,074.9 373.9 197.8 646.7 2,309.6 1,085.7 383.1 196.6 652.4 2,342.8 1,103.4 391.1 196.0 662.6 2,351.1 1,108.8 387.4 196.3 668.3 2,360.5 1,107.2 392.7 198.3 672.1 97.5 54.7 5,170.0 1,304.1 483.0 199.8 283.2 320.4 1,493.4 360.6 1,208.4 5,205.1 1,311.7 484.3 199.4 285.0 322.3 1,505.0 362.6 1,219.1 5,294.7 1,326.6 506.1 219.9 286.2 325.9 1,534.0 367.7 1,234.4 5,356.8 1,345.4 494.8 206.2 288.6 330.4 1,557.2 372.4 1,256.5 5,444.9 1,370.1 499.1 206.9 292.2 335.9 1,578.2 377.2 1,284.3 5,526.7 1,394.2 506.7 210.4 296.3 339.7 1,602.0 383.0 1,301.2 4,436.6 1 ,1 2 2 . 6 418.0 153.8 264.1 284.4 1,260.9 313.1 1,036.2 4,454.5 1,126.4 419.4 154.0 265.4 283.6 1,267.5 313.9 1,042.2 4,476.7 1,131.2 419.8 154.7 264.9 283.5 1,279.0 315.1 1,046.5 4,494.5 1,137.6 404.3 141.7 264.8 286.3 1,292.6 317.5 1,054.9 4,535.4 1,144.5 412.5 147.0 257.0 287.5 1,300.9 318.1 1,070.6 4,566.9 1,151.8 417.4 150.0 268.6 288.6 1,310.1 320.6 1,076.9 M otor vehicles and p a r t s ............................... Furniture and household e q u ip m e n t.............. O t h e r ............................................................. Nondurable goods ................................ Food .............................................................. C lothing and shoes ....................................... Gasoline, fuel oil, and other energy goods .... O ther ............................................................. Services ............................................. H o u s in g ......................................................... Household o p e ra tio n ...................................... E lectricity and g a s ..................................... O ther household operation ....................... T ransportation ................................................ M edical care ................................................. R e c re a tio n ..................................................... O ther ............................................................. 2 2 1 .1 2 1 .8 - 1 .0 25.4 8.3 5.4 -3 .7 .3 5.7 112.7 31.0 8.7 4.0 4.6 .4 43.6 8.3 40.9 6.9 2 0 .2 8 .2 5.3 2 .2 1 .0 9.4 - 1 .6 5.3 2 .0 3.8 31.5 7.3 4.9 3.0 1 .6 1 .2 1.1 8.3 15.7 9.2 2.5 6.3 .6 Gross private domestic investment.............. 2,057.4 2,052.6 2,154.5 2,214.8 2,237.1 2,227.6 1,866.3 1,855.9 1,927.0 1,963.6 1,968.5 1,958.7 95.7 4.9 -9 .8 Fixed investment.................................. 2,036.2 1,255.7 338.6 927.1 2,067.9 1,276.7 336.3 940.4 2,105.8 1,304.3 359.7 944.7 2,167.7 1,359.2 378.2 981.0 2,174.8 1,384.3 406.3 977.9 2,169.1 1,416.2 425.7 990.4 1,842.0 1,223.8 251.5 984.9 1,864.2 1,232.4 247.1 1 ,0 0 0 . 6 1,877.3 1,248.2 254.2 1,007.6 1,914.6 1,288.8 259.6 1,044.8 1,906.8 1,302.8 271.9 1,041.2 1,899.9 1,330.0 281.0 1,057.6 128.1 78.0 80.7 -7 .8 14.0 12.3 -3 .6 -6 .9 27.2 9.1 16.4 454.3 85.1 194.0 175.2 155.1 158.3 159.4 770.4 456.6 83.9 195.6 177.2 157.0 165.0 161.8 791.2 461.3 85.9 196.9 178.4 163.9 154.6 164.9 801.5 482.4 486.9 87.6 210.5 188.9 173.0 155.6 174.9 752.9 552.6 557.7 567.3 595.9 594.3 605.3 43.3 - 1 .6 1 1 .0 203.6 190.8 163.4 165.7 169.4 808.5 479.9 85.9 207.0 187.1 170.1 155.9 172.1 790.6 206.2 193.6 143.5 145.4 147.3 608.0 208.0 196.0 144.9 152.3 148.8 620.4 209.5 197.5 150.4 143.2 151.2 618.9 215.6 220.7 208.1 155.0 146.1 158.5 572.5 1 1 .2 2 .2 12.9 -4 .9 4.9 -9 .5 2.9 1.4 149.0 152.2 154.3 618.5 217.8 206.7 153.9 142.7 157.1 600.5 21.3 .3 -1 5 .3 1.3 -1 6 .6 48.6 5.8 42.8 47.2 5.4 41.8 62.3 2.3 59.9 58.5 19.6 -1 2.7 43.5 4.8 38.6 412 4.3 36.8 53.7 1.9 52.2 50.7 Nonresidential ................................................ Structures ................................................. E quipment and software ........................... Information processing equipm ent and softw are ............................................ Computers and peripheral equipment S o ftw a re ............................................ O ther ................................................. Industrial e q u ip m e n t.............................. Transportation e q u ip m e n t..................... O ther equipment ................................... Residential .................................................... Change in private inventories.................. F a r m .............................................................. N onfarm ........................................................ Net exports of goods and services.............. Exports .............................................. Goods ............................................................ Services ........................................................ Imports ........................... .................. G o o d s ............................................................ Services ......................................................... Government consumption expenditures and gross investment ................................. Federal ............................................... N ational d e fe n s e ............................................ Consum ption e x p e n d itu re s ........................ G ross investm ent ...................................... N o n d e fe n s e ................................................... Consum ption e x p e n d itu re s ........................ G ross investm ent ...................................... State and local .................................... Consum ption e x p e n d itu re s ........................ G ross investm ent ...................................... 2 1 .0 8 8 .0 1 .6 .2 1.1 57.0 19.6 -1 4.0 2 1 1 .6 2 .8 1 0 .8 1.1 16.6 9.7 48.1 -1 8 .0 3.4 1.4 -2 8.0 49.5 -3 3.8 -5 .9 -2 7.4 12.5 -2 .4 15.4 -3 .0 -.3 -2 .7 1 .6 2 .8 -7 16 .7 -7 28 .8 -7 75 .4 -7 6 5 .2 -7 81.8 -8 1 0 .0 -6 1 9 .2 -6 07 .6 -636 .6 -636.6 -6 24.2 -6 39.9 -2 8 .3 12.4 -1 5.7 1,303.1 907.5 395.6 1,312.4 913.9 398.5 1,352.4 944.3 408.1 1,405.4 989.3 416.0 1,448.1 1,019.1 429.0 1,489.1 1,057.3 431.9 1,196.1 ■ 843.2 352.9 1,200.5 847.5 353.0 1,228.4 870.8 357.8 1,269.3 906.2 363.6 1,288.5 919.5 369.5 1,309.0 941.7 368.1 75.7 58.8 17.0 19.2 13.3 5.9 2 2 .2 2,019.9 1,699.0 320.9 2,041.2 1,719.1 322.1 2,127.8 1,799.3 328.5 2,170.6 1,832.6 338.1 2,229.8 1,879.0 350.8 2,299.1 1,946.1 353.0 1,815.3 1,549.9 267.5 1,808.1 1,543.9 266.3 1,865.0 1,595.8 271.7 1,905.9 1,631.9 276.6 1,912.7 1,631.7 283.2 1,948.9 1,669.1 282.4 104.0 97.7 7.2 6 .8 2,372.8 2,402.4 2,423.6 2,479.6 2,513.9 2,535.2 1,958.0 1,968.8 1,963.5 1,987.1 1,991.2 2 ,0 0 0 . 8 17.4 4.1 9.6 878.3 589.3 516.9 72.4 289.0 251.7 37.4 895.8 605.0 530.9 74.2 290.7 253.4 37.4 8 8 6 .2 919.7 616.5 537.7 78.8 303.2 264.6 38.6 926.8 618.0 539.0 79.1 308.7 269.9 38.8 727.5 483.6 413.3 71.2 243.7 207.3 36.7 738.2 494.1 421.9 73.2 243.8 207.5 36.6 729.6 481.4 410.0 72.6 248.0 208.7 40.1 745.1 491.8 419.0 74.0 253.1 736.6 489.3 414.7 76.5 247.0 2 1 0 .1 41.1 37.2 -8 .5 -2 .5 -4 .3 2.5 - 6 .1 -2 .7 -3 .9 3.2 2 1 2 .8 739.8 488.5 414.1 76.1 251.2 214.0 37.4 10.9 590.9 516.9 74.1 295.3 254.2 41.1 921.7 613.5 537.7 75.8 308.2 265.9 42.4 1,494.4 1,207.2 287.3 1,506.6 1,217.8 288.7 1,537.4 1,243.4 294.0 1,557.9 1,256.2 301.7 1,594.2 1,280.7 313.5 1,608.4 1,293.2 315.2 1,230.4 988.0 242.1 1,230.5 989.5 240.7 1,233.7 991.9 241.6 1,242.0 996.1 245.7 1,254.4 1 ,0 0 1 . 2 253.1 1,260.8 1,007.6 253.1 6.5 8.4 -4 2 .6 -47.1 -5 3 .7 -7 8.7 -7 7 .6 -9 0.2 R e s id u a l................................................................. 8 .2 5.0 3.7 2.7 .3 2 .8 - 20.5 -1 .4 -.2 36.2 37.4 6 .6 -.8 -.8 -.6 - .4 4.2 3.9 .2 6.4 6.4 2 .0 12.4 5.1 7.4 0 Addenda: Final sales of dom estic p r o d u c t........................ Gross dom estic purchases ................................ Final sales to dom estic purchasers .................. 12,434.6 13,172.5 13,151.3 12,588.8 13,302.3 13,317.6 12,681.9 13,505.9 13,457.3 12,961.2 13,773.6 13,726.4 13,135.1 13,979.1 13,916.8 13,249.8 14,118.3 14,059.8 11,025.2 11,659.7 11,636.1 11,123.5 11,714.6 11,722.8 11,115.5 11,792.9 11,744.6 11,269.0 11,946.3 11,898.7 11,328.0 12,005.9 11,945.9 11,375.7 12,067.0 12,009.8 376.9 373.2 405.0 59.0 59.6 47.2 47.7 61.1 53.9 12,573.5 527.2 475.0 12,625.7 12,730.5 564.9 552.4 12,743.0 13,008.4 603.3 574.3 13,037.4 13,197.3 661,4 638.6 13,220.1 11,048.6 456.9 427.2 11,077.9 11,115.1 467.2 419.9 11,162.0 11,163.8 496.1 483.8 11,175.6 11,316.4 526.4 499.7 11,342.7 11,388.1 571.4 550.3 11,408.5 11,432.9 345.1 80.2 93.9 331.1 71.7 45.0 50.6 65.8 44.8 Equals: Gross national product................ 12,455.8 513.3 481.5 12,487.7 13,308.3 Plus: Incom e receipts from the rest of the world Less: Incom e payments to the rest of the world Net dom estic p ro d u c t......................................... 10,851.0 10,675.5 11,168.0 11,460.3 11,624.6 11,728.2 9,557.2 9,371.6 9,727.9 9,896.5 9,959.8 9,996.8 237.4 63.3 37.0 Gross domestic product ......................... No t e .—Us e r s a r e ca u t io n e d t h at p a rt icu lar ly f o r co m p o n e n t s t h at e x h ib it r a p id ch a n g e in p r i ce s r ela t iv e t o o t h er p r i ce s in t h e e co n o m y , t h e ch a in e d - d o lla r e st im a t e s sh o u ld not be u se d t o m e a s u r e t h e co m p o n e n t 's r e lat iv e im p or t a n ce o r it s co n t r ib u t io n t o t h e g r ow t h r at e o f m o r e a g g r e g a t e se r ie s. Fo r a c cu r a t e e st im a t e s o f t h e con t r ib u t io n s to p e r ce n t c h a n g e s in r e a l g r o ss d o m e st ic p r o d u ct , u se t a b le 2. S ee "E xp lana tory N o te" at the end of the tables. T a b le 4 — P r ic e In d e x e s f o r G r o s s D o m e s t ic P r o d u c t a n d R e la t e d M e a s u r e s : P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d Seasonally adjusted at annual rates 2003 2004 2005 IV Gross domestic product (GDP)............. 2 .1 2 .8 Personal consumption expenditures ................... 2 .0 2 .6 D urable goods ........................................................... N ondurable goods ..................................................... Services ..................................................................... Fixed investm ent ........................................................ N on re sid e n tia l......................................................... S tru c tu re s .......................................................... E quipment and software ................................... R e s id e n tia l............................................................. C hange in private in v e n to rie s .................................... II 2004 IV III ii 1 2 .2 3.1 1.3 2 .2 3.7 3.7 1.7 -2 .7 2.4 -4 .0 3.9 3.0 1.5 -3 .5 .5 3.0 3.6 .3 2 .8 .7 -4 .2 -2 .9 3.5 3.7 3.3 3.2 3.1 -4 .8 5.6 3.6 3.3 3.4 3.4 3.5 2.9 3.0 - .7 1 .6 3.1 -.8 .1 1 .2 2 .6 1.1 .1 -1 .3 3.5 6 .2 - .4 7.3 5.1 - .3 7.0 4.8 -1 .5 9.4 -.2 1 .1 11.3 -.4 5.1 1.3 1.3 .7 2.3 -1 .7 .1 .2 2 .6 3.5 3.5 1.4 4.2 .4 7.7 3.6 3.1 4.8 6.3 6.5 5.4 .6 4.1 3.6 5.3 11.3 11.9 1 .1 -.2 .9 - .7 4.7 3.5 2.9 6.3 3.7 3.7 3.5 5.0 5.0 5.1 -3 .9 -6 .7 8 .1 1 1 .8 4.1 4.2 4.7 3.4 4.1 4.4 4.7 4.7 4.7 4.3 5.6 4.8 5.1 4.1 2 .1 2 .8 2.3 2.3 3.1 3.1 2 .1 2 .8 2 .1 2 .8 2.3 3.1 2 .1 2 .8 3.2 1.5 4.8 - 1 .6 1 .2 2 .8 2 .1 0 5.7 3.5 2005 III 2.9 - .7 3.6 3.2 2 .0 - I 3.0 -3 .6 Gross private domestic investment .................... 2003 2002 IV 2 .1 1.9 -2 .3 I 2006 III IV I II III 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1 .8 3.0 .3 4.4 3.0 2.3 .3 3.1 2.9 -1 .3 2 .0 4.0 2.5 1 .0 -.8 4.8 3.1 .6 1.1 3.2 4.1 -2 .9 9.0 3.2 5.0 3.1 8.3 2.9 2.3 3.3 2.7 2.7 3.7 4.0 2 .2 9.2 - .4 3.8 13.2 -1 .5 6.9 4.3 4.6 3.5 16.8 - 1 .0 6.3 3.7 3.8 3.7 12.4 3.1 3.0 3.0 10.7 .5 .4 2 .0 .6 .1 3.8 2.9 - .4 3.6 3.0 4.9 9.2 2 .6 2 .8 2.3 6 .1 1.3 5.6 2.3 4.2 4.3 5.1 2 .8 6 .2 1 .2 6 .0 To 5.3 4.3 4.9 5.1 3.6 6 .0 1.1 3.2 3.1 4.2 4.3 4.5 4.6 2 .1 3.6 3.6 1.4 3.7 3.7 1 .0 2 .6 3.0 3.1 3.6 1.1 6.7 - .9 10.5 7.8 1 0 .2 1 2 .0 1 1 .6 .2 -1 .5 7.4 -.5 5.6 .9 2.3 6 .1 5.0 5.2 4.5 7.3 7.9 4.4 1 .8 4.0 3.6 5.0 6.7 4.6 4.4 5.1 9.0 II -.6 - - 1.1 .8 5.7 - 1 .2 Net exports of goods and services .................... E x p o rts ................................ ...................................... Goods .................................................................... S e rv ic e s .... ............................................................. Imports ....................................................................... G o o d s .................................................................... S e rv ic e s ................................................................. Government consumption expenditures and gross investment................................................ F e d e ra l....................................................................... National defense ................................................... Nondefense ........................................................... State and local .......................................................... 2 .2 2 .0 2 .6 6 .2 .5 .7 .6 .4 1.4 1 .6 2 .6 2.5 3.1 3.0 4.1 .7 .4 .5 0 6.5 5.0 9.7 1 0 .1 8 .0 3.6 4.6 6.9 .5 3.0 9.2 11.3 10.3 12.9 1.3 1.5 1.4 1 .6 .6 .6 8 .1 1 .1 3.3 2.9 2.3 3.2 4.1 4.2 3.2 1.3 • .6 2 .1 2 .2 2 .2 .6 2 .2 1.9 1.9 1.3 2 .1 2 .2 3.2 4.1 3.1 1.3 2 .1 2 .2 .6 2.3 1.9 1.3 2 .1 2 .2 1.1 3.5 5.5 5.4 2 .6 6 .8 1 .8 1 0 .1 6 .2 6.3 6 .8 5.1 4.6 5.7 2.9 3.2 2.3 7.4 7.0 11.3 2 .2 1 1 .6 2.4 2.5 2 .2 6 .8 1 .0 1 .1 1 .2 1.3 11.5 10.5 13.7 4.1 5.3 5.3 5.8 4.3 5.3 3.7 4.3 4.3 3.7 3.7 4.1 4.1 3.7 2 .1 3.8 4.3 3.8 3.7 4.0 3.7 2 .1 2 .2 2 .8 .9 6 .1 4.6 1 0 .2 11.3 4.3 -.1 - -.7 9.8 1 .6 1 0 .6 4.5 5.5 4.4 7.6 6.7 9.5 1 0 .6 1 .8 4.6 6 .1 5.9 3.3 3.4 3.2 7.4 3.2 3.5 3.6 3.2 3.5 3.2 3.2 3.5 2.4 3.3 3.3 2.4 3.3 4.4 4.4 3.3 3.3 3.5 3.5 3.2 3.3 2.7 2.7 3.3 3.3 4.0 4.0 3.3 3.2 3.6 3.2 3.4 3.2 3.4 2.5 3.4 2.5 3.3 4.3 3.3 3.3 3.5 3.3 3.3 2.7 3.3 3.3 4.0 3.3 4.7 .4 - .7 7.3 2 .6 4.8 3,8 4.1 3.2 5.4 1 .0 1.4 1.3 1.7 .6 1.5 Addenda: Final sales of dom estic p ro d u c t................................. Gross dom estic purchases ........................................ Final sales to dom estic p u rc h a s e rs ........................... Gross national product (GNP) ................................... 3.0 3.5 3.5 3.0 2 .2 2 .2 2 .2 2 .6 2 .6 2 .1 1 .8 2 .0 2 .0 Implicit price deflators: G D P ....................................................................... Gross domestic purchases ........... ......................... GNP ....................................................................... Se e " Ex p la n a t o r y N o t e " at t h e e n d o f t h e t a b le s. 3.0 3.5 3.0 2 .2 2 .2 2.3 2 .6 2 .1 1 .8 2 .0 T a b le 5 .— R e a l G r o s s D o m e s t ic P r o d u c t , Q u a n t it y In d e x e s [Index numbers, 2000=100] F S easonally adjusted 2003 2004 2005 2005 2006 IV ill I ii in G ro ss d o m e s tic p r o d u c t ......................................................................................... 104.931 109.031 112.546 113.223 113.719 115.274 116.004 116.461 P ersonal c o n s u m p tio n e x p e n d it u r e s ...................................................................................... Durable g o o d s ........................................................................................................................ N ondurable g o o d s .................................................................................................................. Services ................................................................................................................................. 108.249 118.214 108.002 106.363 112.430 125.753 111.913 110.055 116.349 132.666 116.924 112.925 117.152 136.207 117.481 113.379 117.373 131.799 118.608 113.945 118.761 137.893 120.313 114.398 119.521 137.868 120.742 115.440 120.430 140.677 121.224 116.240 G ross p riv a te d o m e stic in v e s tm e n t........................................................................................ Fixed in v e s tm e n t.................................................................................................................... N onresidential .................................................................................................................... S tru c tu re s ....................................................................................................................... Equipm ent and softw are ................................................................................................ R e s id e n tia l.......................................................................................................................... C hange in private in v e n to rie s ................................................................................................ 92.949 95.110 ■ 87.804 77.735 91.747 113.977 102.026 102.080 92.995 79.418 98.400 125.281 107.537 109.708 99.326 80.302 107.180 136.050 106.938 111.032 100.025 78.903 108.889 138.821 111.034 111.811 101.308 81.174 109.653 138.495 113.143 114.033 104.506 82.893 113.704 138.391 113.429 113.570 105.738 86.819 113.313 134.368 112.861 113.159 107.952 89.715 115.096 128.094 E x p o rts o l good s and s e r v ic e s .............................................................................................. 93.599 1 0 2 .2 0 1 109.105 109.503 112.054 115.783 117.536 119.403 Im p o rts o f good s and s e rv ic e s .............................................................................................. 104.693 115.962 123.007 122.520 126.377 129.146 129.608 132.060 G o v e rn m e n t co n s u m p tio n e x pe n d iture s and g ro s s in v e s tm e n t ......................................... Federal ................................................................................................................................... State and lo c a l ....................................................................................................................... 110.644 118.712 106.557 112.720 123.813 107.094 113.731 125.701 107.660 114.358 127.545 107.674 114.048 126.053 107.954 115.423 128.728 108.682 115.657 127.262 109.762 116.217 127.815 110.326 A dd end a: Final sales of domestic product ............................................................................................. Gross domestic purchases .................................................................................................... R nal sales to domestic purchasers ....................................................................................... Gross national p ro d u c t................................. ;......................................................................... 105.375 106.071 106.504 105.067 109.096 110.691 110.761 109.039 112.958 114.351 114.755 112.399 113.965 114.889 115.610 113.252 113.883 115.657 115.825 113.390 115.455 117.161 117.345 115.085 116.060 117.746 117.810 115.753 116.549 118.345 118.440 S e e " Ex p la n a t o r y N o t e " a t t h e e n d of t h e t a b le s. Table 6.— Price I ndexes for Gross Domestic Product [Index numbers, 2000=100] Seasonally adjusted 2003 2004 2005 2005 III 2006 IV I II III G ros s d o m e s tic p ro d u c t ......................................................................................... 106.409 109.429 112.744 113.139 114.048 114.967 115.905 116.431 P erson al c o n s u m p tio n e x p e n d itu re s ( P C E ) ........................................................................... Durable g o o d s ........................................................................................................................ N ondurable g o o d s .................................................................................................................. ■Services ............................... ;................................................................................................. 105.597 92.366 104.145 109.379 108.373 90.845 107.517 112.863 111.493 90.198 111.530 116.529 112.067 89.908 113.016 116.858 112.873 89.606 113.177 118.281 113.445 89.385 113.484 119.194 114.573 89.206 115.769 120.059 115.278 88.968 116.443 121.026 G ross p riv a te d o m e stic in v e s tm e n t........................................................................................ Fixed investm ent .................................................................................................................... Nonresidential .................................................................................................................... S tru c tu re s ....................................................................................................................... Equipment and software ................................................................................................ R e s id e n tia l.......................................................................................................................... C hange in private in v e n to rie s ................................................................................................. 103.191 103.313 99.591 113.872 94.912 112.372 106.645 106.811 100.834 120.951 94.503 120.618 110.284 110.542 103.428 134.647 94.134 126.714 110.675 110.946 103.607 136.089 93.983 127.573 111.853 112.194 104.510 141.476 93.754 129.536 112.860 113.238 105.471 145.684 93.887 130.755 113.717 114.074 106.266 149.432 93.920 131.696 113.857 114.187 106.486 151.520 93.646 131.569 E x p o rts o f go o d s and s e r v ic e s ............................................................................................... 101.429 105.151 108.949 109.341 110.108 110.737 112.400 113.780 Im p o rts o f go o d s and s e r v ic e s ............................................................................................... 99.685 104.678 111.268 112.919 114.117 113.918 116.608 117.998 G ov e rn m e n t co n s u m p tio n e x pe n d iture s and g ro s s in v e s tm e n t ......................................... Federal ................................................................................................................................... State and lo c a l ....................................................................................................................... 109.849 110.094 109.712 114.718 115.249 114.417 121.183 120.726 121.463 122.029 121.353 122.438 123.444 121.479 124.620 124.791 123.721 125.434 126.262 124.871 127.095 126.715 125.282 127.574 A dden da: PCE excluding food and e n e r g y ...................................... .-.................................................... M arket-based P C E 1 .............................................................................................................. M arket-based PCE excluding food and e ne rg y 1 .................................................................. 105.175 104.995 104.330 107.314 107.393 105.865 109.559 110.339 107.713 109.732 110.952 107.854 110.418 111.647 108.375 110.983 112.116 108.810 111.738 113.272 109.524 112.381 113.917 110.081 Final sales of domestic product ............................................................................................. Gross domestic purchases .................................................................................................... Final sales to domestic purchasers ....................................................................................... Gross national p ro d u c t........................................................................................................... 106.430 105.966 105.986 106.401 109.455 109.210 109.235 109.419 112.783 112.981 113.021 112.733 113.181 113.572 113.614 113.131 114.101 114.541 114.594 114.038 115.025 115.313 115.371 114.958 115.961 116.455 116.510 115.897 116.483 117.026 117.080 Im p lic it p ric e d efla to rs : Gross domestic product .................................................................................................... R nal sales of domestic p ro d u c t......................................................................................... Gross domestic p u rc h a s e s ................................................................................................. R nal sales to domestic purchasers ..................... Gross national product ................................................. 106.404 106.430 105.961 105.985 106 396 109.426 109.455 109.207 109.235 109 416 112.737 112.783 112.975 113.021 112 726 113.121 113.173 113.553 113.604 113.113 114.034 114.092 114.526 114.583 114.025 114.951 115.017 115.296 115.360 114.942 115.887 115.952 116.435 116.499 115.879 116.403 116.474 116.999 117.069 1. T h is in d e x is a su p p le m e n t a l m e a s u r e t h at is b a se d o n h o u se h o ld e x p e n d it u r e s f or w h ich t h e r e a r e o b se r v a b le p r ice m e a s u r e s. It e x cl u d e s m ost im p licit p r ice s ( f or e x a m p le , t h e s e r v ic e s f u r n ish e d w it h o u t p a y m en t b y f in a n cial in t e r m e d ia r ies) a n d t h e e x p e n se s o f n o n p r of it in st it u t io n s. Pe r ce n t a g e ch a n g e s f o r t h e se s e r ie s a r e in clu d e d in t he a d d e n d a t o t a b le 8 a n d in a p p e n d ix t a b le A. S e e " Ex p la n a t o r y N o t e " at t h e en d of t h e t a b le s. Table 7.— Real G ross D om es tic Product: P erce n t Chan ge From Prece din g Year Gross domestic product (GDP) .................................................. Personal consumption expenditures.......................................................... Durable goods......................................................................................... Nondurable goods.............................................................. ..................... Services.................................................................................................. Gross private domestic in vestment............................................................ Fixed investment...................................................................................... Nonresidential ...................................................................................... Structures ........................................................................................ Equipment and software ................................................................... Residential .......................................................................................... Change in private inventories.................................................................... Net exports of goods and se rvices ............................................................ Exports ...... " .......................................................................................... Go ods................................................................................................. Services .............................................................................................. Imports.................................................................................................... Goods ................................................................................................. Services .............................................................................................. Government consumption expenditures and gross investment ................. Federal ................................................................................................... National defense.................................................................................. Nondefense......................................................................................... State, and lo cal......................................................................................... Addenda: Final saies of domestic product................................................................ Gross domestic purchases ........................................................................ Final sales to domestic purchasers ........................................................... Gross national product.............................................................................. Real disposable personal in com e.................................................. ........... Price indexes: Gross domestic purchases.................................................................... Gross domestic purchases excluding food and en ergy............................ GDP ................................................................................................... GDP excluding food and energy ........................................................... Personal consumption expendi'tùres ...................................................... 2000 2001 2002 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 1.9 -0 .2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 0.8 1.6 3.3 5.9 3.3 7.8 2.7 3.7 8.4 3.5 2.9 2.7 4.4 3.4 7.8 3.8 5.0 11.3 4.0 4.2 5.1 11.7 4.6 4.0 4.7 7.3 3.8 4.5 2.5 4.3 2.4 2.7 7.1 2.5 1.9 9.8 7.8 8.3 9.2 -.4 12.7 5.7 6.5 8.7 -7.9 -3.0 -4.2 -2.3 -4.9 .4 -2.6 -5.2 -9.2 -17.1 -8.2 4.8 3.6 3.4 -5.4 -6.1 -3.7 -2.7 -3.2 -.3 -2.3 -4.0 1.9 3.4 3.7 3.4 3.9 3.9 3.9 3.2 4.4 7.0 7.4 6.3 3.1 1.6 1.2 2.2 1.8 2.0 .2 -.3 -5.6 2.9 1.6 -3 .4 -2.1 .5 1.5 0 -3.6 9.0 8.4 10.5 3.6 3.0 6.5 3.2 2.0 0 8.3 4.1 2.1 -.2 2.0 1.7 3.5 -8.1 -6.5 -5 .4 -11.1 -2.6 -9.6 8.1 5.9 3.2 -6.0 7.3 13.8 6.6 6.9 6.0 -.6 -.1 6.9 7.5 5.5 7.0 9.3 -2.6 1.1 -.2 .5 -1.7 -5.0 6.9 -2.6 -1.1 2.4 2.1 2.2 .1 -.8 -.6 1.9 -.3 .5 3.0 3.3 3.1 3.3 3.4 4.1 3.7 3.9 3.7 4.6 3.3 3.5 3.5 3.6 3.6 2.3 . 2.6 2.3 2.5 2.9 1.4 1.6 2.0 2.8 8.9 8.6 8.7 -.7 12.5 8.2 3.2 3.3 3.2 8.8 10.1 2.9 -.9 -4.2 -5.6 -.7 1.4 2.6 3.2 3.2 2.7 1.0 2.2 2.3 2.3 2.4 2.3 13.6 9.3 9.2 1.8 11.9 9.6 8.7 9.7 6.3 11.9 13.3 5.7 0 -3 .7 -4.9 -1.2 2.6 8.6 2.2 2.6 2.9 2.6 2.7 3.3 3.1 6.5 10.5 6.4 8.9 9.0 9.3 5.6 12.4 9.2 12.0 10.6 8.0 -3.2 10.1 11.7 6.3 8.0 9.0 3.3 .5 -2.7 -3.8 -.4 2.6 3.4 4.4 3.8 3.9 2.7 2.8 2.6 2.8 2.1 2.2 2.1 2.2 2.1 2.1 2.2 2.0 2.1 2.1 3.0 2.4 8.4 8.8 7.2 8.7 9.3 5.5 12.1 10.2 11.1 7.3 13.8 1.9 5.1 13.3 7.6 11.9 14.3 5.9 13.6 14.4 9.4 2.4 2.2 2.9 11.6 11.7 11.4 6.0 4.3 3.8 5.6 11.5 12.4 6.9 6.8 9.4 .8 8.7 11.2 2.9 13.1 13.5 3.9 3.6 1.9 -1.1 -2.1 .7 3.6 11.1 2.1 4.7 .9 -.5 3.5 2.7 3.7 3.8 3.8 3.7 3.0 4.0 4.8 4.3 4.4 3.5 4.2 5.3 5.3 4.0 5.8 4.5 5.3 5.4 4.6 3.0 3.8 4.4 4.5 3.7 4.8 1.8 1.4 1.3 1.7 1.7 1.7 .6 1.0 1.1 1.2 1.6 2.5 1.9 1.0 -1.2 -1.4 -.7 2.3 1.5 1.9 1.7 2.2 1.9 -1.0 -2.8 2.6 .9 2.2 1.9 2.8 1.4 1.4 1.5 1.7 2.2 2.0 2.5 2.0 .9 1.8 .8 2.1 1.9 1.5 3.1 2.0 1.6 1.9 2.4 2.1 2.1 1.9 1.7 2.1 1.4 2003 2004 2005 2.5 3.9 2.8 3.2 3.9 6.4 3.6 3.5 3.5 5.5 4.5 9.8 7.3 5.9 5.4 7.5 5.8 3.2 1.9 1.0 2.6 -4.1 2.2 6.8 1.1 8.4 7.3 9.9 8.6 2.8 1.3 1.8 0 4.1 4.9 0 2.5 6.8 8.7 3.4 .2 2.5 8.9 6.8 9.2 9.0 9.7 7.5 5.1 10.9 6.7 1.9 4.3 5.9 .9 1.5 1.7 .5 .5 10.8 10.0 1.2 6.1 2.8 1.1 2.2 3.5 4.4 4.0 3.8 3.6 3.5 3.3 3.6 3.1 2.3 1.9 3.1 2.7 3.5 2.8 2.8 2.7 2.1 1.9 2.0 2.8 2.7 2.6 1.2 2.8 3.0 3.0 2.9 T ab le 8 — Real Gross Do m estic Product: Percent C h an ge From Q uarter O ne Y ea r Ago 2002 IV G ross d o m e s tic p ro d u c t (GDP) ................................. P erson al c o n s u m p tio n e x p e n d itu re s ( P C E ) ............................... Durable g o o d s ............................................................................ . Nondurable g o o d s ...................................................................... . S e rv ic e s ...................................................................................... . G ross private d o m e s tic in v e s tm e n t............................................ Fixed in v e s tm e n t........................................................................ . Nonresidential ......................................................................... Structures ........................................................................... Equipment and s o ftw a re .................................................... Residential .............................................................................. Change in private in v e n to rie s ..................................................... N et e x po rts o f go o d s and s e rv ic e s ............................................. Exports ........................................................................................ G o o d s ...................................................................................... Services .................................................................................. Im p o rts ......................................................................................... G o o d s ...................................................................................... Services ............. .......................................................... .......... G ov e rn m e n t c o n s u m p tio n e x p e n d itu re s and g ro s s in v e s tm e n t Federal ........................................................................................ National d e fe n s e ..................................................................... N on d e fe n s e ............................................................................. State and lo c a l ............................................................................ Addenda: Final sales of dom estic product .................................................. Gross domestic purchases .......................................................... fin a l sales to dom estic purchasers ............................................ Gross national p ro d u c t................................................................. Real disposable personal incom e ............................................... P rice index es : Gross domestic p u rc h a s e s ...................................................... Gross domestic purchases excluding food and e n e rg y .......... GDP ................................................................... .................... GDP excluding food and energy ............................................ P C E ......................................................................................... PCE excluding food and e n e r g y ............................................. M arket-based P C E 1 ................................................................ M arket-based PCE excluding food and e n e rg y 1 .................... 1.9 1.9 1.2 2.1 2003 I 4.0 7.8 8.4 6.8 2.1 .8 2.7 .6' 1 1.6 1 II 2006 IV III 1 II III 3.7 4.3 4.5 3.4 3.4 3.3 3.1 3.4 3.1 3.7 3.5 2.9 4.1 9.8 4.0 3.0 3.9 3.5 4.2 2.9 3.6 4.0 5.6 3.8 3.7 3.5 4.7 4.0 3.0 3.8 7.4 4.8 3.8 7.5 4.7 2.9 2.5 4.4 2.3 3.4 2.4 2.3 3.4 8.3 3.9 3.0 3.4 3.6 2.8 7.4 3.9 7.2 5.5 1.9 7.9 13.7 5.7 -7.7 1.1 2.0 -1.0 5.3 6.4 .1 2.6 6.3 6.3 6.5 .7 1.6 1.6 1.9 .1 2.1 2.0 2.2 4.4 5.4 2.9 7.0 7.2 4.9 8.6 7.9 6.1 .1 3.9 10.6 -1.9 -1.6 -2.4 3.3 4.7 -3.3 .1 -.1 1.0 2.2 2.9 2.7 7.3 9.1 4.0 .3 1.7 5.5 7.5 1.9 -.4 11.1 .6 .3 3.2 3.3 3.4 3.3 3.3 3.7 3.6 3.7 3.9 3.7 4.2 4.5 4.4 4.6 4.2 2.3 1.9 2.2 2.2 2.1 8.0 11.7 1.3 1.1 2.0 1.9 1.7 1.7 1.9 2.0 -3.9 1.5 5.7 ' 1.7 1.6 .6 1.7 1.4 IV 3.2 6.7 4.3 2.9 1.8 1.6 2005 III 3.1 1.3 -1.0 -3.9 -11.9 -.9 5.5 8.8 II 1.8 4.9 -2.5 -6 .5 -14.9 -3 .4 7.0 9.7 9.9 I 2.3 5.5 2.5 1.8 3.8 2004 IV Hi 1.5 2.0 1.9 1.1 10.2 II 2.6 1.9 2.3 1.5 2.3 1.3 1. T h is index is a supplem ental m easure that is based on household expenditures fo r w hich the re are observable price m easures. It excludes most im plicit prices (for exam ple, the services furnished w ithout paym ent by financial interm ediaries) and the expenses o f nonprofit institutions. .2 1.8 2.3 2.4 2.2 1.3 2.1 1.8 2.1 1.9 1.8 1.4 1.7 1.2 .5 2.8 3.2 3.8 3.5 13.2 5.2 9.2 6.7 5.5 6.7 13.7 6.7 9.0 9.6 10.3 7.9 11.9 12.3 8.2 1.1 .2 6.6 2.9 7.2 11.4 5.8 7.1 3.0 4.8 5.3 9.1 8.4 10.9 11.2 9.0 7.9 11.2 11.7 1.9 2.2 2.2 1.8 1.1 1.6 1.0 1.9 1.9 1.3 6.1 1.9 1.9 1.4 8.8 2.8 7.4 2.3 10.4 13.2 11.7 2.0 10.1 1.8 1.8 14.7 3.3 3.3 3.2 8.2 6.6 6.9 2.7 8.3 6.1 7.0 7.0 7.1 10.6 11.2 7.6 1.1 9.0 8.0 8.0 3.2 9.7 8.1 6.4 6.6 5.9 9.0 9.8 4.8 .8 2.6 2.8 7.7 7.4 1.0 8.1 9.8 7.2 8.1 5.0 5.4 6.0 2.5 .5 .8 1.6 2.3 2.5 1.3 1.4 1.0 4.4 7.0 -.5 .3 .4 .5 -.7 .3 3.7 4.9 4.2 4.3 3.6 3.0 4.0 3.6 3.3 2.7 3.1 4.1 3.8 2.9 4.1 3.1 3.B 3.6 3.0 2.1 3.9 3.0 3.8 3.0 3.1 3.2 2.9 2.9 2.9 2.7 3.7 3.0 3.2 3.1 3.0 3.4 3.0 3.1 3.1 2.7 2.6 2.1 2.0 1.8 2.6 2.8 2.1 1.7 1.3 2.4 1.5 2.8 2.1 2.3 1.4 1.8 1.2 2.2 2.2 2.7 1.7 1.8 2.5 1.6 3.2 2.8 2.8 2.9 2.6 2.0 2.4 1.7 2.6 3.6 7.4 6.3 -1.6 9.3 9.1 6.8 7.0 6.3 4.9 5.5 2.0 1.0 1.9 2.1 1.5 .5 4.0 3.3 3.8 3.4 .8 3.6 2.8 3.1 2.9 3.1 6.3 6.8 5.6 1.8 7.0 9.0 6.7 8.3 3.1 5.2 5.8 1.9 1.2 2.1 6.6 4.5 2.3 6.2 6.9 7.4 2.6 9.2 6.1 9.0 11.2 4.0 6.4 6.9 3.7 2.1 2.6 8.0 6.8 -1.5 8.2 3.3 3.2 2.5 9.0 9.5 5.2 6.4 6.4 11.1 1.7 2.9 1.9 -1.1 3.0 2.5 2.9 3.5 3.0 3.4 2.3 3.0 2.4 6.6 2.0 2.1 4.3 7.8 8.1 6.0 1.6 .2 1.9 2.4 3.4 2.9 4.2 1.3 3.2 3.1 3.2 3.0 .3 3.8 3.6 3.7 3.6 2.5 2.8 3.9 3.6 3.1 3.0 3.1 3.5 2.7 3.1 2.9 3.0 3.6 2.9 3.3 3.1 3.3 3.0 2.9 3.2 1.9 3.0 2.7 2.9 2.9 2.9 2.4 2.7 .8 2.8 2.0 2.1 3.1 1.7 1.8 2.0 1.6 2.2 2.1 Table 9.— Relation of G ross Do m es tic Pro duct, G ross National Product, and N ational Incom e [Billions of dollars] Seasonally adjusted at annual rates 2003 2004 2005 Gross domestic product............................................................................... 10,960.8 11,712.5 12,455.8 12,573.5 12,730.5 13.008.4 13.197.3 Plus: Income receipts from the rest of the w o rld......................................................... Less: Income payments to the rest of the wo rld................................................................. 336.8 280.0 410.2 363.9 513.3 481.5 527 2 475 0 564.9 552.4 603.3 574.3 661.4 638.6 2005 2006 IV III I II III Equals: Gross national product ...................................................................... 11,017.6 11,758.7 12,487.7 12,625.7 12,743.0 13.037.4 13,220.1 Less: Consumption of fixed capital .................................................................................... Less: Statistical discrepancy.............................................................................................. 1,336.5 48.8 1,436.2 7 1,604.8 71 0 1,898.0 84.5 1,562.5 74.3 1,548.0 -61.9 1,572.8 -72.0 Equals: National income ........................................................ 9.632.3 6.325.4 5,127.7 1,197.7 811.3 133.0 993.1 524.7 759.3 83.8 1.7 10,255.9 6^650.3 5,377.1 1,273.2 911.1 127.0 1,182.6 485.1 819.4 85.5 -5.0 10,811.8 7,030.3 5,664.8 1,365.5 970.7 72.8 1,330.7 483.4 865.1 74.2 -15.4 10,643.2 7,093.6 5,715.2 1,378.4 967.3 -11.5 1,266.3 482.9 872.1 -27.7 11,106.2 7,184.4 5,787.0 1,397.4 996.8 81.5 1,393.5 490.0 874.2 99.1 -13.3 11,551.3 7,400.3 5,970.1 1,430.3 1,008.3 76.8 1,569.1 514.8 897.4 93.8 -9.2 11.719.3 7,533.2 6,081.2 1,452.0 1,011.9 71.4 1,591.8 513.2 914.0 93.1 -9 .4 10,912.0 11,645.8 12,384.8 12,489.0 12,655.2 13,070.3 13,269.3 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 ..................................................................... 66 .2 13,308.3 1,580.1 7,623.7 6,152.7 1'471.0 1,013.4 74.5 504.7 923.4 93.4 -9.9 Addendum: Gross domestic income ................................................................................................. T ab le 10.— P erso n al Incom e and Its Disposition [Billions of dollars] Seasonally adjusted at annual rates 2004 2003 2005 2005 III Personal Income1 .................................................................................... Compensation of employees, received ................................................... Wage and salary disbursements................................................................................ Supplements to wages and salaries........................................................................... Proprietors' income with inventory valuation and capital consumption adjustments ............ F a rm ................................................................................................................... Nonfarm............................................................................................................. Rental income of persons with capital consumption adjustment........................................ Personal income receipts on assets....................................... Personal interest incom e.................................................................. Personal dividend income ......................................................................................... Personal current transfer receipts ........................................................ Less: Contributions for government social insurance........................................................ 2006 IV I II III 9,163.6 9,731.4 10,239.2 10,262.7 10,483.7 10,721.4 10,901.0 11,052.5 6,310.4 5,112.7 1,197.7 811.3 29.2 782.1 133.0 1,336.6 914.1 422.6 1,351.0 6,665.3 5,392.1 1,273.2 911.1 36.2 874.9 127.0 1,427.9 890.8 537.1 1,426.5 7,030.3 5,664.8 1,365.5 970.7 30.2 940.4 72.8 1,519.4 945.0 574.4 1,526.6 7,093.6 5,715.2 1,378.4 967.3 29.7 937.7 -11.5 1,532.7 951.2 581.5 1,559.0 7,184.4 5,787.0 1,397.4 996.8 28.7 968.1 81.5 1,580.2 981.7 598.5 1,539.8 7,400.3 5,970.1 1,430.3 1,008.3 23.9 984.4 76.8 1,602.3 989.1 613.2 1,570.4 7,533.2 6,081.2 1,452.0 1,011.9 17.5 994.3 71.4 1,647.7 1,019.2 628.5 1,589.7 7,623.7 6,152.7 1,471.0 1,013.4 19.6 993.8 74.5 1,685.0 1,037.2 647.8 1,618.8 778.6 826.4 880.6 888.5 898.9 936.7 952.9 962.8 1,001.1 1,049.8 1,203.1 1,215.0 1,247.6 1,332.6 1,378.6 1,384.1 Equals: Disposable personal Income.......................................... 8,162.5 8,681.6 9,036.1 9,047.7 9,236.1 9,388.8 9,522.4 9,668.5 Less: Personal outlays............................................................................ 7,987.7 8,507.2 9,070.9 9,180.3 9,264.5 9,418.5 9,577.0 9,715.2 174.9 174.3 -34.8 -132.6 -28.5 -29.7 -54.6 -46.8 2.1 2.0 -.4 -1.5 -.3 -.3 -.6 -.5 7,729.9 8,010.8 8,104.6 8,074.1 8,183.3 8,276.8 8,311.9 8,387.7 Less: Personal current taxes ........................................... Equals: Personal saving...................................... Personal saving as a percentage of disposable personal incom e..................................... Addendum: Disposable personal income, billions of chained (2000) dollars2 ...................................... 1. Personal incom e is als o equal to national incom e less corporate profits w ith inventory valua tio n and capital consum ption adjustm ents, taxes on production and imports less subsidies, contributions fo r gov ernm ent s oc ial insur ance, net interest and m iscellaneous paym ents, business current transfer paym ents, current surp lus o f governm ent enterprises, and wage ac cruals less disbursem ents, plus personal incom e receipts on assets, and personal current transfer receipts. 2. Equals disposable personal incom e deflated b y the implicit price deflator fo r personal co nsum ption expenditures. A p p en d ix Table A.— Real G ross Dom estic Product and R elated A ggregates and Price Indexes: Percent C han ge From Precedin g Period Seasonally adjusted at annual rates 2003 2004 2005 2002 IV Gross domestic product (GDP) and related aggregates: 0.2 GDP ..................................................................... 2.5 3.9 3.2 Goods .................................................................. Services ............................................................... Structures.............................................................. 3.1 2.1 4.9 3.2 5.2 4.6 2.3 4.6 -5.2 2.9 3.1 Motor vehicle output.............................................. GDP excluding motor vehicle output....................... 1.3 2.6 20.8 3.5 3.9 5.9 3.1 8.2 2.4 3.9 Final sales of computers1 ...................................... GDP excluding final sales of computers.................. 3.3 2.7 3.9 4.0 3.1 2.5 2.8 2.2 3.7 4.5 .5 3.0 3.0 13.6 5.0 2.5 IV 2.6 I II 2006 III IV I 3.3 4.2 1.8 5.6 2.6 3.5 6.7 3.5 .7 3.1 12.8 3.6 2.4 .3 -6.4 22.6 -19.1 3.8 • -9.4 5.6 3.0 25.7 .9 9.5 5.6 6.7 2.5 16.9 1.5 -12.3 .2 -6.5 3.0 9.9 3.6 -7.1 4.5 16.6 2.7 2.6 3.1 -.7 3.4 3.6 2.6 24.5 3.1 15.3 16.9 -2.5 3.5 90.4 7.0 20.0 2.5 -16.0 4.0 -17.4 4.2 23.0 3.0 42.8 2.4 24.3 3.3 31.5 3.1 11.6 33.8 .34.2 26.6 -34.7 -36.1 .1 1.0 3.8 .1 2.8 3.0 3.0 3.2 1.1 -16.1 1.2 4.3 3.1 2.7 3.3 1.3 2.1 2.4 1.4 2.2 2.2 2.2 2.0 11.0 .6 1.9 III 3.4 8.9 7.4 ,1 4.6 2.5 -2.7 II 4.9 10.9 3.2 7.4 1. 2. 3. 4. 7.5 1.6 III -11.8 1.7 4.3 Personal consumption expenditures (P C E ).............. PCE excluding food and energy............................. Market-based PCE4 .............................................. Market-based PCE excluding food and energy4 ...... 3.5 II .5 8.4 Gross domestic purchases ..................................... Gross domestic purchases excluding food and energy.............................................................. Gross domestic purchases excluding final sales of computers to domestic purchasers ..................... 1.2 3.9 2005 1 IV 3.6 9.2 3.1 2.1 III -1.0 Nonfarm business gross value added3 ................... GDP ..................................................................... GDP excluding food and en ergy............................. GDP excluding final sales of computers.................. 2004 II 16.2 1.9 14.1 Farm gross value added2 ..................................... Price indexes: 2003 I 1.8 8.0 12.0 1.8 11.1 4.1 .8 3.1 2.4 2.9 1.6 2.6 2.6 1.6 8.1 1.8 14.1 3.9 6.7 2.7 1.6 1.8 2.0 2.0 2.0 120.0 -17.4 19.4 23.7 -2 .0 -24.6 11.3 1.6 3.6 5.2 3.2 2.4 4.2 4.4 4.9 2.2 2.1 2.3 3.7 3.4 3.8 3.7 3.4 3.7 3.2 3.1 3.4 3.5 3.4 3.7 2.6 3.4 2.8 3.3 3.3 3.4 3.3 3.1 3.4 3.3 3.0 3.5 3.3 4.4 3.5 2.7 4.0 2.3 3.1 3.5 2.2 4.1 1.9 4.3 4.1 2.1 2.6 2.2 2.6 3.6 3.2 1.9 2.7 2.8 1.8 2.6 1.3 1.8 2.0 3.5 3.3 2.5 2.9 3.4 2.3 2.5 3.0 3.0 2.9 1.9 2.5 3.2 3.7 2.4 4.4 .7 2.4 2.0 4.4 4.2 2.8 3.8 3.4 3.5 4.6 3.7 2.9 4.2 2.1 2.6 2.0 2.1 1.7 3.1 1.8 2.2 3.7 2.5 3.3 1.7 3.6 2.5 3.4 1.9 1.9 1.7 1.5 3.0 2.3 2.9 2.3 2.4 3.1 1.9 3.1 1.7 4.1 3.1 .7 .7 1.3 .3 1.5 1.7 2.9 2.5 2.5 1.9 2.0 2.1 4.0 2.7 4.2 2.7 2.5 2.3 2.3 1.9 2.3 2.0 1.4 1.9 1.1 2.7 2.9 2.3 1.5 2.9 2.7 1.7 1.2 1.2 1.1 S om e com ponents o f final sales of com puters include com puter parts. Farm output less interm ediate goods and services purchased. C onsists o f G DP less gross value added of farm , o f households and institutions, and of general governm ent. T his index is a supplem ental m easure th a t is based on household expenditures fo r w hich the re are observable 1.1 .6 1.0 1.7 2.4 1.4 1.6 .9 .9 1.2 1.8 2.1 2.2 2.4 2.4 3.3 1.6 4.3 1.2 1.7 1.6 2.0 price m easures, it excludes m ost im plicit prices (for exam ple, the services furnished w ithout paym ent by financial interm ediaries) and the expenses o f nonprofit institutions. S ee "Explanatory N ote" a t the end o f the tables. E x p la n a to r y N o te: N I P A M e a s u r es o f Q u a n titie s a n d P rices Current-dollar GDP is a measure o f the market value o f goods, services, and structures produced in the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and price components. Quantities, or “real” measures, and prices are expressed as index numbers with the reference year - at present, the year 2000 -- equal to 100. Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for consistency to the annual indexes before percent changes are calculated.) For example, the 2004-05 annual percent change in real GDP uses prices for 2004 and 2005 as weights, and the 2004-05 annual percent change in GDP prices uses quantities for 2004 and 2005 as weights. These annual changes are “chained” (multiplied) together to form time series o f quantity and price indexes. Percent changes in Fisher indexes are not affected by the choice o f reference year. (BEA also publishes a measure o f the price level known as the implicit price deflator (IPD), which is calculated as the ratio o f the current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the LPD are very close to the values o f the corresponding "chain-type" price index.) Index numbers o f quantity and price indexes for GDP and its major components are presented in this release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8. Contributions by major components to changes in real GDP are presented in table 2. Measures o f 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 o f 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 o f the reference year. A measure o f the extent of such differences is provided by a “residual” line, which indicates the difference between GDP (or other major aggregate) and the sum o f 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 o f the composition o f GDP growth. In particular, for components for which relative prices are changing rapidly, calculation o f contributions using chained-dollar estimates may be misleading even just a few years from the reference year. “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November 2003 pp. 8-16. R eferen ce : S u rvey,