Full text of Bureau of Economic Analysis (BEA) News Releases : Gross National Product (GNP), Gross Domestic Product (GDP) : Revised Fourth Quarter 1977, BEA 78-14

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UNITED

STATES

DEPARTMENT

OF
BUREAU OF
ECONOMIC ANALYSIS

WASHINGTON, D.C.

20230

FOR WIRE TRANSMISSION 10:00 A.M. TUESDAY, FEBRUARY 21, 1978
Leo M. Ber nst ei n:

523- 0824

BEA 78- 14

GROSS NATI ONAL PRODUCT ( GNP)
GROSS DOMESTI C PRODUCT ( GDP)
REVI SED FOURTH QUARTER 1977
Gr oss nat i onal

pr oduct - - t he mar ket val ue of t he Nat i on' s

out put of goods and ser vi ces - - i ncr eased $47. 8 bi l l i on or 10. 4 per cent
at an annual

r at e i n t he f our t h quar t er of 1977,

adj ust ed annual

r at e of $1, 963. 7 bi l l i on,

t o a seasonal l y

accor di ng t o r evi sed f i gur es

i ssued by t he Bur eau of Economi c Anal ysi s of t he U. S.
Commer ce.

I n t he t hi r d quar t er ,

Depar t ment of

GNP i ncr eased $46. 0 bi l l i on or 10. 2

per cent .
Real out put ( GNP adj ust ed f or pr i ce changes) i ncr eased at an
annual r at e of 4. 0 per cent , compar ed wi t h 5. 1 per cent i n t he t hi r d
quar t er .
The sl ower r at e of gr owt h r esul t ed f r om a r educt i on
i n t he r at e of nonf ar m i nvent or y accumul at i on - - f r om $23. 1 bi l l i on
i n t he t hi r d quar t er t o $6. 2 bi l l i on i n t he f our t h.
Real f i nal sal es
i ncr eased 6. 8 per cent at an annual r at e, compar ed wi t h 4. 4 per cent
i n t he t hi r d quar t er .
Pr i ces, as measur ed by t he GNP chai n pr i ce
i ndex, r ose 6. 2 per cent ; a>mpar ed w* * h 4. 3 p e r c e n t / ^ ^
Gr oss domest i c pr oduct i ncr eased $49. 6 bi l l i on, compar ed wi t h
$46. 8 bi l l i on i n t he t hi r d quar t er .
Real GDP i ncr eased 4. 3 per cent ,
compar ed wi t h 5. 3 per cent .
The r evi sed GNP est i mat e i s $1. 4 bi l l i on l ower t han t he pr el i mi nar y
est i mat e i ssued a mont h ago.
Net expor t s was r evi sed down $4. 3 bi l l i on
and i nvent or y i nvest ment and f i xed i nvest ment wer e r evi sed down by smal l er
amount s.
Per sonal consumpt i on expendi t ur es was r evi sed up $4. 9 bi l l i on.

f o r

m

B E .67 9

GROSS NATIONAL PROD UCT AND DISPOSITION OF PERSONAL

( 2 - 2 3 - 7 6 )

1976

GROSS N A T IO N A L PRO D UCT

Gross nat ional product (GN P)

1975

1 5 2 8 .8

1976

r

1 7 0 6 .5

N o n d u r a b l e g o o d s ...............................................................................................................

1 0 9 4 .0
1 5 8 .9
4 4 2 .7

S e r v i c e s ...................................................................................................................................

4 3 8 .2

4 9 2 .3

1 8 9 .1
2 0 0 .6
1 4 9 .1
5 2 .9
9 6 .3
5 1 .5
4 9 .5

2 4 3 .3
2 3 0 .0
1 6 1 .9
5 5 .8

D u r a b l e g o o d s ......................................................................................................................

Gross p r ivat e dom est ic invest m ent
F i x e d i n v e s t m e n t ...............................................................................................................
N o n r e s i d e n t i a l ...............................................................................................................
S t r u c t u r e s ..................................................................................................................
P r o d u c e r s ’ d u r a b l e e q u i p m e n t .......................................................................
R e s i d e n t i a l ......................................................................................................................
N o n f a r m s t r u c t u r e s ..............................................................................................

IV

I I

*

^

)

111

IV

r

S e lT o n a l l y a djusted a T annual rates

1 0 6 .1
6 8 .0
6 5 .7

1 8 9 0 .1
1 2 1 1 .4
1 7 9 .9
4 8 0 .7
5 5 0 .8

1 7 5 5 .4
1 1 3 9 .0
1 6 6 .3
4 5 8 .8

1 8 1 0 .8
1 1 7 2 .4
1 7 7 .0
4 6 6 .6

1 8 6 9 .9
1 1 9 4 .0
1 7 8 .6
4 7 4 .4

1 9 1 5 .9
1 2 1 8 .9
1 7 7 .6
4 8 1 .8

5 1 3 .9

5 2 8 .8

5 4 1 .1

5 5 9 .5

2 9 3 .9
2 7 6 .4
1 8 5 .5
6 1 .6
1 2 3 .9
9 1 .0
8 8 .4
1 .1

2 4 3 .4
2 4 4 .3
1 6 7 .6
5 7 .0
1 1 0 .6
7 6 .7
7 4 .3

2 7 1 .8
2 5 8 .0
1 7 7 .0
5 7 .9
1 1 9 .2
8 1 .0
7 8 .5

2 9 4 .9
2 7 3 .2
1 8 2 .4
6 1 .0
1 2 1 .4
9 0 .8

3 0 3 .6
2 8 0 .0
1 8 7 .5
6 2 .6
1 2 4 .9
9 2 .5

8 8 .2

8 9 .9

1 .1

1 .2
1 .4
2 1 .7
2 2 .4
- .7

1 .1
1 .5
2 3 .6
2 3 .1
.5

1 .4
1 7 .4
1 6 .4
1 .0

1- 3
- .9
1 .4
- 2 .3

1 .1
1 .4
1 3 .8
1 4 .1
- .3

1 9 6 3 .7
1 2 6 0 .2
1 8 6 .3
5 0 0 .0
5 7 3 .9

1 2 0 2 .1
7 7 5 .1
1 1 2 .7
3 0 7 .6
3 5 4 .8

3 0 5 .2
2 9 4 .5
1 9 4 .9
6 4 .8
1 3 0 .1
9 9 .6
9 7 .0
1 .0

1 4 1 .6
1 5 1 .5
1 1 2 .7
3 5 .3
7 6 .5
3 8 .8

F a r m ...................................................................................................................................

3 .6

Net ex ports of goods and ser vi ces
E x p o r t s ......................................................................................

2 0 .4
1 4 7 .3
1 2 6 .9

7 .8
1 6 2 .9
1 5 5 .1

- 1 0 .1
1 7 5 .5
1 8 5 .6

3 .0
1 6 8 .5
1 6 5 .6

- 8 .2
1 7 0 .4
1 7 8 .6

- 9 .7
1 7 8 .1
1 8 7 .7

- 7 .5
1 7 9 .9
1 8 7 .4

3 3 8 .9
1 2 3 .3
8 3 .9
3 9 .4
2 1 5 .6

3 6 1 .4
1 3 0 .1
8 6 .8
4 3 .3
2 3 1 .2

3 9 4 .9
1 4 5 .5
9 4 .3
5 1 .2

3 7 0 .0

3 7 4 .9

3 9 0 .6
1 4 3 ^ .

4 1 3 .4
1 5 3 .8
9 8 .5
5 5 .3

1 5 4 0 .3
1 5 1 8 .3
1 2 7 .1 8
1 2 6 .8
1 2 7 .2

C h a n g e in b u s i n e s s i n v e n t o r i e s .................................................................................

1—1
•

1 .6
1 0 .7
6 .2
4 .5
1— 1
1

1—
1
0
m

I m p o r t s .......................................................................................................................................

LO

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

1—1
1

Nonfarm

.9
1 .1
- 1 1 .5

1 7 3 .6
1 8 8 .7

2 2 .5
8 9 .9
6 7 .4
2 6 3 .0

2 4 9 .5

1 6 9 3 .1
1 6 9 2 .1

1 8 7 2 .6
1 8 7 2 .7

1 7 5 6 .3
1 7 4 0 .9

1 7 9 7 .0
1 7 9 3 .2

1 8 4 8 .2
1 8 5 1 .4

1 8 9 2 .2
1 8 9 8 .2

1 9 5 3 .0
1 9 4 7 .8

1 2 1 2 .0
1 1 9 7 .3

1 3 3 .8 8
1 3 3 .4
1 3 3 .5

1 4 1 .3 2
1 4 0 .8
1 4 0 .5

1 3 6 .3 5
1 3 5 .9
1 3 5 .8

1 3 8 .1 3
1 3 7 .6
1 3 7 .3

1 4 0 .5 2
1 4 0 .0
1 3 9 .8

1 4 2 .1 9
1 4 1 .7

1 4 4 .3 2
1 4 3 .8
1 4 3 .4

XXXXXX
XXXXXX
xxxxxx

8 .2
8 .5

1 1 .6
1 1 .4

1 0 .8

6 .7
6 .9

1 3 .2
1 2 .6

1 3 .7
1 3 .6

1 0 .2
1 0 .5

9 .6
9 .7
9 .9

5 .3
5 .2
4 .9

5 .4
5 .5
4 .9

5 .3
5 .0
4 .5

4 .8
4 .9
5 .1

9 .5
9 .4

5 .6
5 .6

5 .9
6 .0

6 .9
7 .1

7 .1
7 .1
7 .5
7 .0
7 .0

1 3 8 2 .7
1 9 6 .9
1 1 8 5 .8
1 1 1 9 .9
6 5 .9

1 5 3 6 .7
2 2 7 .5
1 3 0 9 .2
1 2 4 2 .1
6 7 .1

1 4 3 2 .2
2 0 9 .5

1 4 7 6 .8
2 2 4 .4
1 2 5 2 .4
1 2 0 1 .0

P e r s o n a l s a v i n g .....................................................................................................

1 2 5 3 .4
1 6 9 .0
1 0 8 4 .4
1 0 0 4 .2
8 0 .2

P e r c a p i t a d i s p o s a b l e p e r s o n a l i n c o m e , d o l l a r s ......................................................

5 ,0 7 7

5 ,5 1 1

6 ,0 3 7

5 ,6 6 5

P e r s o n a l s a v i n g a s a p e r c e n t a g e of d i s p o s a b l e p e r s o n a l i n c o m e .................

7 .4

5 .6

5 .1

4 .6

S t a t e a n d l o c a l ......................................................................................................................

9 3 JC

'

Addenda:
Fi n al sales (GN P less change in b u siness in ven t o ries)
Gross dom est ic product (GN P less rest- of- world s e c t o r ).............
Im p licit p r ice d ef lat or , index numbers, 1972 = 100:
G N P .........................................................................................................................
G r o s s d o m e s t i c p r o d u c t ..................................................................................................
G r o s s d o m e s t i c b u s i n e s s p r o d u c t .............................................................................

Change from p receding period, percent at annual rat e:
G N P .........................................................................................................................
G r o s s d o m e s t i c p r o d u c t ..................................................................................................
G N P i m p l i c i t p r i c e d e f l a t o r .................................................. ........................................
G r o s s d o m e s t i c p r o d u c t i m p l i c i t p r i c e d e f l a t o r ...................................................
G r o s s d o m e s t i c b u s i n e s s p r o d u c t i m p l i c i t p r i c e d e f l a t o r ...........................
G N P c h a i n p r i c e i n d e x .....................................................................................................
G N P f i x e d - w e i g h t e d p r i c e i n d e x .................................................................................

1 0 .7
5 .6
5 .5
5 .3
6 .0
6 .1

D ISPO SIT IO N O F PERSO N A L INCOM E
P e r s o n a l i n c o m e .........................................................................................................................
Less:
Equals:
Less:
Equals:

So u r c e -

P e r s o n a l t a x a nd n o n t a x p a y m e n t s ................................................................
D isp o sab le personal

i n c o m e ..........................................................................

P e r s o n a l o u t l a y s .........................................................................................................

U . S. D e p a r t m e n t o f C o m m e r c e , Bu r e a u o f Ec o n o m i c A n a l y s i s

1 2 2 2 .6
1 1 6 6 .3
5 6 .3

•

1 4 1 .5

4 .3
4 .8

2 5 9 .6

1 0 .4
1 0 .9
6 .1
6 .3
5 .5
6 .2
6 .3

1 2 9 2 .5
1 2 2 3 .9
68.

1 5 4 9 .8
2 2 6 .1
1 3 2 3 .8
1 2 5 0 .5
k
7 3 .3

1 6 0 2 .8
2 3 4 .6
1 3 6 8 .2
1 2 9 3 .0

5 ,7 9 3

5 ,9 6 7

6 ,0 9 8

4 .1

5 .3

5 .5

6 ,2 8 9
5 .5

* 4

1 5 1 7 .2
2 2 4 .8

m

7 5 .2

1 7 3 .0
1 6 4 .5
1 1 6 .8

.7
1- 0
8 .5
1 0 .1
- 1 .6

5 0 .2
2 4 7 .0

N o n d e f e n s e ......................................................................................................................

Æ S k>.3

3 7 2 .2

.7
.9
- 9 .9
- 1 1 .2
1 .2

^ R .7
4 6 .7
2 3 8 .5

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

N a t i o n a l d e f e n s e .................................. ......................................................................

8 2 1 .3
1 2 7 .5
3 2 1 .6

3 7 .1

1 3 4 .2
8 8 .4
4 5 .8
2 3 5 .8

Federal

1 2 7 4 .7

3 7 .1
7 9 .7
4 7 .7
4 6 .0

4 0 0 .9
1 4 8 .1
9 5 .6
5 2 .5
2 5 2 .9

Governm ent p u r ch ases of goods and ser vi ces

1976

1977

r

IV

O F

O F

E C O N O M IC

C O M M E R C E
A N A L Y S I S

1977
I

II

III

IV r

S e a s o n a l l y a d ju s ted at annual rates
B i l l i o n s of 1 9 7 2 d o l l a r s

1 .0
1 .3
1 3 .3
1 4 .9
- 1 .6

F a r m s t r u c t u r e s .....................................................................................................
P r o d u c e r s ' d u r a b l e e q u i p m e n t .......................................................................

1975

D E P A R T M E N T

B U R E A U

1976

B i l l i o n s of cu rr en t d o l l a r s

9 8 0 .4
1 3 2 .9
4 0 9 .3

Per so n al consum pt ion ex pendit ures

1977 r

1977

U .S .

NCOME

9 6 .7

xxxxxx
xxxxxx

1 3 3 7 .5
8 6 1 .2
1 3 8 .3
3 3 3 .7
3 8 9 .2

1 2 8 7 .4
8 3 9 .8
1 3 0 .7
3 2 9 .4

1 3 1 1 .0

1 3 3 0 .7

8 5 0 .4
1 3 6 .9
3 2 9 .7

8 5 4 .1
1 3 7 .9
3 3 0 .0

1 3 4 7 .4
8 6 0 .4
1 3 6 .5
3 3 2 .4

3 7 9 .7

3 8 3 .8

3 8 6 .3

3 9 1 .4

1 9 5 .3
1 8 3 .9
1 2 7 .0
3 8 .4
88- . 6
5 6 .9
5 5 .1
.7

1 6 9 .2
1 7 1 .0
1 1 9 .0

1 8 6 .7
1 7 7 .0
1 2 4 .3
3 7 .0

2 0 0 .8
1 8 5 .1
1 2 7 .6
3 8 .9

8 7 .3
5 2 .7
5 0 .9

1 9 7 .2
1 8 4 .0
1 2 6 .4
3 8 .2
8 8 .1
5 7 .6
5 5 .7

3 7 .3
8 1 .7
5 2 .0
5 0 .2

1 3 6 0 .7
8 7 9 .9
1 4 1 .7
3 4 2 .7
3 9 5 .4
1 9 6 .4
1 8 9 .6
1 2 9 .8
3 9 .5
9 0 .2
5 9 .8
5 8 .0

8 8 .7
5 7 .5
5 5 .7

1 .1
1 1 .4
1 0 .6
.7

.7
1 .1
- 1 .8
.7
- 2 .5

.7
1 .1
9 .7
9 .9
- .2

.8
1•1
1 3 .2
1 3 .6
- .5

.7
1 .1
1 5 .7
1 5 .3
.4

06
1. 2

1 6 .0
9 5 .8
7 9 .8

1 0 .0
9 7 .9
8 7 .9

1 3 .8
9 6,. 9
8 3 .1

1 0 .6
9 6 .9
8 6 .3

9 .4
9 8 .5
8 9 .1

1 2 .2
9 9 .8
8 7 .6

7 .7
9 6 .4
8 8 .7

2 6 4 .4
9 6 .5

2 7 1 .0

2 6 4 .6
9 7 .1

2 6 3 .3
9 7 .0

2 7 0 .0
1 0 1 .1

2 7 4 .0
1 0 3 .3

2 7 6 .7
1 0 4 .2

XXXXXX
xxxxxx

XXXXXX
xxxxxx

XXXXXX

XXXXXX

1 3 1 7 .5
1 3 2 2 .8

XXXXXX
xxxxxx

1 0 1 .4
XXXXXX

6 .8
3 .7
3 .2

XXXXXX
XXXXXX

1 6 7 .9

XXXXXX
1 6 9 .6

1 2 6 6 .2
1 2 6 8 .0

1 3 2 6 .1
1 3 3 0 .1

1 2 8 9 .2
1 2 8 0 .9

1 3 0 1 .2
1 3 0 3 .3

XXXXXX
xxxxxx
xxxxxx

XXXXXX
XXXXXX
XXXXXX

XXXXXX
XXXXXX
XXXXXX

XXXXXX
XXXXXX
XXXXXX

- 1 .3
- 1 .1

6 .0
5 .9

4 .9
4 .9

1 .2
1 .3

7 .5
7 .2

6 .2

5 .1
5 .3

4 .0

6 .1

xxxxxx
xxxxxx
xxxxxx
xxxxxx
xxxxxx

XXXXXX
xxxxxx
xxxxxx
xxxxxx
xxxxxx

XXXXXX
xxxxxx
xxxxxx
xxxxxx
xxxxxx

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xxxxxx

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xxxxxx
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xxxxxx
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xxxxxx
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xxxxxx
xxxxxx

xxxxxx
xxxxxx

xxxxxx
xxxxxx

xxxxxx
xxxxxx

xxxxxx
xxxxxx

xxxxxx
xxxxxx

xxxxxx
xxxxxx

4 ,0 1 4

4 ,1 3 7

4 ,2 9 2

4 ,1 7 7

XXXXXX

XXXXXX

XXXXXX

1 6 6 .3

8 5 7 .3

8 9 0 .3

9 3 0 .7

1 6 7 .5

9 0 1 .5

xxxxxx

1 6 6 .4

9 0 8 .4

4 ,2 0 2

XXXXXX

xf B

XXXXXX
XXXXXX
XXXXXX

9 2 4 .5

4 ,2 6 8

XXXXXX

1 7 2 .5

1 3 5 3 .8
1 3 5 4 .2

1 3 3 1 .8
1 3 4 0 .1

XXXXXX
xxxxxx
xxxxxx

9 3 4 .4

XXXXXX
XXXXXX
xxxxxx

4 .3

9 5 5 .2

4 ,3 9 1

4 ,3 0 5

XXXXXX

XXXXXX

U S C O M M .D C

3 Î 3 1 1 - P 7 6

The r evi sed GNP and per sonal i ncome est i mat es f or t he f our t h
quar t er ar e based on pr el i mi nar y sour ce dat a and ar e subj ect t o
f ur t her r evi si on next mont h.
Measur es of pr i ce change
Thr ee GNP pr i ce measur es ar e pr esent ed.
The chai n pr i ce i ndex
uses t he composi t i on of out put i n t he pr i or quar t er as wei ght s i n t he
cal cul at i on of pr i ce change each quar t er .
The f i xed- wei ght ed pr i ce
i ndex uses t he composi t i on of out put i n 1972 as wei ght s.
The i mpl i ci t
pr i ce def l at or uses t he cur r ent composi t i on of out put each quar t er as
wei ght s.
When t he composi t i on of out put changes mar kedl y, t he under ­
l yi ng pr i ce change may be obscur ed i n t he i mpl i ci t pr i ce def l at or .
Def i ni t i ons of GNP and GDP
GNP i s t he mar ket val ue of t he out put of goods and ser vi ces accr ui ng
t o r esi dent s of t he Nat i on.
I t i ncl udes f act or i ncome r ecei ved by U. S
r esi dent s f r om abr oad - - pr i mar i l y t he r et ur n on U. S. - owned capi t al i n
f or ei gn count r i es — and excl udes f act or i ncome ear ned i n t he Uni t ed
St at es by f or ei gner s - pr i mar i l y t he r et ur n on f or ei gn- owned capi t al i n
t he Uni t ed St at es.
GDP i s t he mar ket val ue of t he out put pr oduced wi t hi n
t he boundar i es of t he Uni t ed St at es.
I t excl udes f act or i ncome r ecei ved
by U. S. r esi dent s f r om abr oad and i ncl udes f act or i ncome ear ned i n t he
Uni t ed St at es by f or ei gner s.
GNP and per sonal i ncome st at i st i cs ar e shown i n t he accompanyi ng
t abl e.
Addi t i onal dat a wi l l appear i n t he Febr uar y i ssue of t he Sur vey
of Cur r ent Busi ness, a mont hl y magazi ne of t he Bur eau of Economi c Anal ysi s.
Sur vey of Cur r ent Busi ness i s avai l abl e f r om t he Super i nt endent
of Document s, U. S. Gover nment Pr i nt i ng Of f i ce, Washi ngt on, D. C. 20402.
Fi r st cl ass mai l :
annual subscr i pt i on $31. 00 domest i c.
Si ngl e i ssue
$2. 75 domest i c.
Second cl ass mai l :
annual subscr i pt i on $19. 00 domest i c,
$23. 75 f or ei gn.
Si ngl e copy $1. 60 domest i c, $2. 00 f or ei gn.

4