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BU REA U O f ECO N O M IC A N A LYSIS BM W W W .BEA .GO V 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 . E D T , F R ID A Y , JU L Y 30, 2004 V irg in ia H. M annering: R e co rd e d m essage: (202) (202) 6 0 6-5304 6 0 6-5306 (G D P ) B rent M oulton: C arol M oylan: (202) (202) 6 0 6-9606 606-9715 (A nnual R evision) N A T IO N A L IN C O M E A N D P R O D U C T A C C O U N T S • S E C O N D Q U A R T E R 2 0 0 4 G D P (A D V A N C E ) • R E V IS E D E S T IM A T E S : 2001 T H R O U G H F IR S T Q U A R T E R 2004 R eal gross d o m estic p ro d u c t — the o u tpu t o f goods and services p ro d u c ed b y lab o r and property located in the U n ited S tates — in creased at an annual rate o f 3.0 p e rc en t in the seco n d q u arter o f 2004, acc o rd in g to a d v an ce e stim ates rele ase d b y the B ureau o f E co n o m ic A n alysis. In the first quarter, real G D P in creased 4.5 p e rc en t (revised). T h e B u reau e m p ha siz ed th at the se co nd -q u a rter "advance" estim ates are b a sed on source data that are in co m p lete o r su b je ct to fu rth er rev isio n by the source agency (see the b o x on page 3). T he secondq u a rte r "prelim inary" e stim ates, b ased on m o re co m p reh en siv e data, w ill be released on A ugust 27, 2004. T h e estim ates rele ase d to d a y reflect rev isio n s in the n ation al in co m e and p ro d u ct accounts (N IP A s) b e g in n in g w ith th e first q u a rte r o f 2001. R e vision s are u su a lly m a d e each Ju ly to incorporate source d ata th at are m o re co m p lete, m o re d etailed , and o th erw ise m o re c o n siste n t than prev iou sly available. T his release in clu d e s th e rev ised q u a rterly e stim ates o f G D P , c o rp o rate p rofits, and personal in co m e and p ro v id e s an o v e rv iew o f the effects o f the revision. T h e A u g u st 2 0 0 4 S u rv e y o f C u rren t B u sin e ss w ill co n tain N IP A tab les and an article describing th e revisions. T h e rev ise d e stim ates w ill b e a v ailab le from B E A ’s W eb site (see p ag e 7). N O T E .—Q u arterly e stim ates are e x p re ssed at se ason ally ad ju sted annual rates, u n less o therw ise specified. Q u a rte r-to -q u arter d o lla r changes are d ifferen ces be tw ee n th ese p u b lish ed estim ates. P ercent c han g es are c alcu lated from u n ro u n d ed d ata and annualized. "R eal" e stim ates are in chained (2000) d ollars. P rice in d ex es are c h a in -ty p e m easures. T his n ew s release is a v aila b le on B E A 's W eb site at < w w w .b e a.g o v /b e a/re ls.h tm >. - m ore - - 2 - T h e m a jo r c o n tr ib u to r s to th e in c r e a s e in re a l G D P in th e s e c o n d q u a r te r w e r e e x p o r ts , r e s id e n tia l f ix e d in v e s tm e n t, e q u ip m e n t a n d s o f tw a r e , p e r s o n a l c o n s u m p t io n e x p e n d it u r e s ( P C E ) , g o v e r n m e n t s p e n d in g , a n d p r iv a te i n v e n to r y in v e s tm e n t. Im p o r ts , w h ic h a re a s u b tr a c ti o n in th e c a lc u la tio n o f G D P , in c re a s e d . T h e d e c e le r a tio n in re a l G D P g r o w th in th e s e c o n d q u a r te r p r im a r i l y r e f le c te d a s h a r p d e c e le r a tio n in P C E a n d a d e c e le r a tio n in p r iv a te in v e n to r y in v e s tm e n t th a t w e r e p a r tly o f f s e t b y a c c e le r a tio n s in e x p o r ts a n d in r e s id e n ti a l f ix e d in v e s tm e n t. F in a l s a le s o f c o m p u te r s c o n tr ib u te d 0 .0 4 p e r c e n ta g e p o in t to th e s e c o n d - q u a r te r c h a n g e in re a l G D P ; th e c o n tr ib u tio n to th e f ir s t- q u a r te r c h a n g e w a s 0 .0 0 p e r c e n ta g e p o in t. M o t o r v e h ic le o u tp u t s u b tr a c te d 1.01 p e r c e n ta g e p o in ts fr o m th e s e c o n d - q u a r te r c h a n g e in re a l G D P a f te r c o n tr ib u tin g 0 .3 0 p e r c e n ta g e p o in t to th e f ir s t- q u a r te r c h a n g e . T h e p r ic e in d e x f o r g r o s s d o m e s t ic p u r c h a s e s , w h ic h m e a s u r e s p r ic e s p a id b y U .S . r e s id e n ts , in c r e a s e d 3 .5 p e r c e n t in th e s e c o n d q u a r te r , c o m p a r e d w ith a n in c r e a s e o f 3 .4 p e r c e n t in th e first. E x c lu d in g fo o d a n d e n e r g y p r ic e s , th e p r ic e in d e x fo r g ro s s d o m e s tic p u r c h a s e s in c r e a s e d 2 .4 p e r c e n t in th e s e c o n d q u a r te r , c o m p a r e d w ith a n in c r e a s e o f 2 .5 p e r c e n t in th e first. R e a l p e r s o n a l c o n s u m p t io n e x p e n d it u r e s in c r e a s e d 1.0 p e r c e n t in th e s e c o n d q u a r te r , c o m p a r e d w ith a n in c r e a s e o f 4 .1 p e r c e n t in th e first. D u r a b le g o o d s p u r c h a s e s d e c r e a s e d 2 .5 p e r c e n t, in c o n tr a s t to a n in c r e a s e o f 2 .2 p e r c e n t. N o n d u r a b le g o o d s d e c r e a s e d 0.1 p e r c e n t, in c o n tr a s t to a n in c r e a s e o f 6 .7 p e r c e n t. S e n d e e s e x p e n d it u r e s in c r e a s e d 2 .3 p e r c e n t, c o m p a r e d w ith a n in c r e a s e o f 3.3 p e rc e n t. R e a l n o n r e s id e n tia l fix e d in v e s t m e n t in c r e a s e d 8 .9 p e r c e n t in th e s e c o n d q u a r te r , c o m p a r e d w ith a n in c r e a s e o f 4 .2 p e r c e n t in th e firs t. N o n r e s i d e n tia l s tr u c tu r e s in c r e a s e d 5 .2 p e r c e n t, in c o n tr a s t to a d e c r e a s e o f 7 .6 p e r c e n t. E q u i p m e n t a n d s o f tw a r e in c r e a s e d 1 0 .0 p e r c e n t, c o m p a r e d w ith a n in c re a s e o f 8 .0 p e r c e n t. R e a l r e s id e n tia l fix e d in v e s t m e n t in c r e a s e d 1 5 .4 p e r c e n t, c o m p a r e d w ith a n in c r e a s e o f 5 .0 p e r c e n t. R e a l e x p o r ts o f g o o d s a n d s e r v ic e s in c r e a s e d 1 3 .2 p e r c e n t in th e s e c o n d q u a r te r , c o m p a r e d w ith an in c r e a s e o f 7 .3 p e r c e n t in th e firs t. R e a l im p o r ts o f g o o d s a n d s e r v ic e s in c r e a s e d 9 .3 p e r c e n t, c o m p a r e d w ith a n in c r e a s e o f 1 0 .6 p e r c e n t. R e a l fe d e ra l g o v e r n m e n t c o n s u m p t io n e x p e n d itu r e s a n d g ro s s i n v e s t m e n t in c r e a s e d 2 .7 p e r c e n t in th e s e c o n d q u a r te r , c o m p a r e d w ith a n in c r e a s e o f 7.1 p e r c e n t in th e first. N a tio n a l d e f e n s e in c re a s e d 1.9 p e r c e n t, c o m p a r e d w ith a n in c r e a s e o f 1 0 .6 p e r c e n t. N o n d e f e n s e in c r e a s e d 4 .3 p e r c e n t, c o m p a r e d w ith a n in c r e a s e o f 0 .2 p e r c e n t. R e a l s ta te a n d lo c a l g o v e r n m e n t c o n s u m p t io n e x p e n d it u r e s a n d g ro ss in v e s tm e n t in c r e a s e d 2.1 p e r c e n t, c o m p a r e d w ith n o c h a n g e in th e first. T h e re a l c h a n g e in p r i v a t e in v e n to r ie s a d d e d 0 .2 8 p e r c e n ta g e p o in t to th e s e c o n d - q u a r te r c h a n g e in re a l G D P , a f te r a d d in g 1 .1 7 p e r c e n ta g e p o in ts to th e f ir s t- q u a r te r c h a n g e . P r iv a t e b u s in e s s e s in c re a s e d in v e n to r ie s $ 4 7 .5 b illio n in th e s e c o n d q u a r te r , f o llo w in g in c r e a s e s o f $ 4 0 .0 b il l i o n in th e fir s t a n d $ 8 .6 b illio n in th e fo u r th q u a r te r o f 2 0 0 3 . R e a l fin a l s a le s o f d o m e s t ic p r o d u c t — G D P le s s c h a n g e in p r iv a te in v e n to r ie s — in c r e a s e d 2 .8 p e r c e n t in th e s e c o n d q u a r te r , c o m p a r e d w ith a n in c r e a s e o f 3 .3 p e r c e n t in th e first. - m ore - -3 - G ro ss d o m e stic p u r c h a se s R e a l g ro s s d o m e s tic p u r c h a s e s — p u r c h a s e s b y U .S . r e s id e n ts o f g o o d s a n d s e r v ic e s w h e r e v e r p r o d u c e d - in c r e a s e d 3 .0 p e r c e n t in th e s e c o n d q u a r te r , c o m p a r e d w ith a n in c r e a s e o f 5 .0 p e r c e n t in th e first. D isp o sitio n o f p e r s o n a l in c o m e C u r r e n t- d o ll a r p e r s o n a l in c o m e in c r e a s e d S I 4 9 .4 b illio n (6 .5 p e r c e n t) in th e s e c o n d q u a rte r, c o m p a r e d w ith a n in c r e a s e o f $ 1 3 5 .4 b illio n (5 .9 p e r c e n t) in th e firs t. P e r s o n a l c u r r e n t ta x e s in c re a s e d $ 1 9 .9 b illio n , c o m p a r e d w ith a n in c r e a s e o f $ 1 .0 b illio n . D is p o s a b le p e r s o n a l in c o m e in c r e a s e d $ 1 2 9 .5 b illio n in th e s e c o n d q u a r te r , c o m p a r e d w ith an in c r e a s e o f $ 1 3 4 .5 b illio n in th e first. R e a l d is p o s a b le p e r s o n a l in c o m e in c r e a s e d 2 .9 p e r c e n t, c o m p a r e d w ith a n in c r e a s e o f 3 .2 p e r c e n t. P e r s o n a l o u tla y s i n c r e a s e d $ 9 0 .9 b illio n (4 .4 p e r c e n t) in th e s e c o n d q u a r te r , c o m p a r e d w ith an in c r e a s e o f $ 1 4 2 .2 b illio n (7.1 p e r c e n t) in th e first. P e r s o n a l s a v in g — d is p o s a b le p e r s o n a l in c o m e le ss p e r s o n a l o u tla y s — w a s $ 1 4 2 .0 b illio n in th e s e c o n d q u a rte r, c o m p a r e d w ith $ 1 0 3 .4 b illio n in th e first. T h e p e r s o n a l s a v in g r a te — s a v in g a s a p e r c e n ta g e o f d is p o s a b le p e r s o n a l in c o m e — in c r e a s e d fro m 1.2 p e r c e n t in th e firs t q u a r te r to 1.7 p e r c e n t in th e s e c o n d . C u r r e n t-d o lla r G D P C u r r e n t- d o ll a r G D P - th e m a r k e t v a lu e o f th e n a tio n 's o u tp u t o f g o o d s a n d s e n d e e s — in c re a s e d 6.3 p e r c e n t, o r $ 1 7 6 .7 b illio n , in th e s e c o n d q u a r te r to a le v e l o f $ 1 1 ,6 4 9 .3 b illio n . In th e firs t q u a rte r, c u r r e n t- d o lla r G D P in c r e a s e d 7 .4 p e r c e n t, o r $ 2 0 1 .7 b illio n . I n f o r m a tio n o n th e a s s u m p tio n s u s e d fo r u n a v a ila b le s o u r c e d a ta is p r o v id e d in a te c h n ic a l n o te th a t is p o s te d w ith th e n e w s r e le a s e o n B E A 's W e b site . W ith in a fe w d a y s a f te r th e r e le a s e , a d e ta ile d " K e y S o u r c e D a ta a n d A s s u m p tio n s " file is p o s te d o n th e W e b s ite . In th e m id d le o f e a c h m o n th , an a n a ly s is o f th e c u r r e n t q u a r te r ly e s ti m a te s o f G D P a n d re la te d s e r ie s is m a d e a v a ila b le o n th e W e b site; c lic k o n S u r v e y o f C u r r e n t B u s i n e s s . " B u s in e s s S itu a tio n ." - m ore - -4- R e v isio n o f th e N a tio n a l In c o m e a n d P r o d u c t A c c o u n ts T h e r e v is e d e s tim a te s , w h ic h b e g in w ith 2 0 0 1 , re f le c t th e re s u lts o f th e r e g u la r a n n u a l r e v is io n o f th e n a tio n a l in c o m e a n d p r o d u c t a c c o u n ts (N IP A s ) . T h e s e r e v is io n s , u s u a ll y m a d e e a c h J u ly , in c o r p o r a te n e w ly a v a ila b le a n d m o r e c o m p r e h e n s iv e s o u r c e d a ta , a s w e ll a s i m p r o v e d e s ti m a ti n g m e th o d o lo g ie s . B e c a u s e o f th e a d d itio n a l d a ta s h o w n , ta b le s 3, 11, a n d 12 a re e a c h d iv id e d in to tw o s e p a r a te ta b le s — 3 A a n d 3 B , 1 1 A a n d 1 I B , a n d 1 2 A a n d 1 2B . T h e r e a re a ls o a n u m b e r o f s p e c ia l ta b le s th a t c o m p a r e th e r e v is e d a n d p r e v io u s ly p u b lis h e d e s tim a te s fo r s e le c te d p e r io d s : T a b le 1 A s h o w s th e p e r c e n t c h a n g e in r e a l G D P a n d re la te d m e a s u re s ; ta b le IB s h o w s r e v is io n s to c u r r e n t- d o lla r G D P , to n a tio n a l in c o m e , a n d to d is p o s it io n o f p e r s o n a l in c o m e ; ta b le 2 A s h o w s c o n tr ib u tio n s to th e p e r c e n t c h a n g e in re a l G D P ; ta b le 4 A s h o w s th e p e r c e n t c h a n g e in th e c h a in - ty p e p r i c e in d e x e s fo r G D P a n d re la te d m e a s u r e s ; a n d ta b le 1 2 C s h o w s r e v is io n s to c o r p o r a te p r o f its b y in d u s tr y . T h is s e c tio n o f th e r e le a s e d is c u s s e s th e h ig h lig h ts o f th e r e v is io n s a n d d e s c r ib e s th e ir s o u rc e s . S u m m a r y o f m a jo r r e v isio n s • F r o m 2 0 0 0 to 2 0 0 3 , r e a l G D P g r e w a t a n a v e r a g e a n n u a l r a te o f 1.9 p e r c e n t, th e s a m e a s in th e p r e v io u s ly p u b lis h e d e s tim a te s . T h e a v e r a g e a n n u a l ra te o f g r o w th o f re a l G D P fr o m 2 0 0 0 :IV to 2 0 0 4 :1 is u n c h a n g e d a t 2 .5 p e r c e n t. R e v i s io n s to y e a r - to - y e a r g r o w th r a te s w e r e sm a ll. • T h e 2 0 0 1 d o w n tu r n a n d th e s u b s e q u e n t r e c o v e r y a re b o th m ild e r t h a n p r e v io u s ly e s tim a te d . In th e p r e v io u s ly p u b lis h e d e s tim a te s , r e a l G D P p e a k e d in th e f o u r th q u a r te r o f 2 0 0 0 a n d th e n d e c r e a s e d in e a c h o f th e n e x t th r e e q u a r te r s ; in th e r e v is e d e s tim a te s , re a l G D P d e c r e a s e d in th e first q u a r te r o f 2 0 0 1 b u t in c r e a s e d in th e s e c o n d — to a le v e l h ig h e r th a n in th e fo u r th q u a r te r o f 2 0 0 0 — b e fo re d e c r e a s in g a g a in in th e th ir d q u a r te r . F r o m th e fo u r th q u a r te r o f 2 0 0 0 to th e th ir d q u a r te r o f 2 0 0 1 , th e r e v is e d e s ti m a te s s h o w th a t r e a l G D P d e c r e a s e d a t a n a n n u a l r a te o f 0 .2 p e r c e n t; th e p r e v io u s ly p u b lis h e d e s tim a te s s h o w e d a d e c r e a s e o f 0 .7 p e r c e n t. F r o m th e th ir d q u a r te r o f 2 0 0 1 to th e first q u a r te r o f 2 0 0 4 , th e r e v is e d e s tim a te s s h o w th a t re a l G D P in c r e a s e d a t a n a v e r a g e a n n u a l ra te o f 3 .3 p e r c e n t; th e p r e v i o u s l y p u b lis h e d e s tim a te s s h o w e d an a v e r a g e in c r e a s e o f 3 .4 p e rc e n t. • T h e d e c lin e in re a l G D P fr o m th e s e c o n d q u a r te r o f 2 0 0 1 to th e th ir d q u a r te r o f 2 0 0 1 is 0 .4 p e rc e n t ( n o t a t a n a n n u a l ra te ). T h e to ta l d e c lin e in th e p r e v io u s ly p u b lis h e d e s ti m a te s fr o m th e p r e v io u s p e a k in th e fo u r th q u a r te r o f 2 0 0 0 to th e th ir d q u a r te r o f 2 0 0 1 h a d b e e n 0 .5 p e r c e n t (n o t at a n a n n u a l ra te ). • T h e la r g e s t q u a r te r ly r e v is io n s to th e p e r c e n t c h a n g e in re a l G D P w e r e fo r th e s e c o n d q u a r te r o f 2 0 0 1 (f ro m - 0 .6 p e r c e n t to + 1.2 p e r c e n t) , fo r th e fir s t q u a r te r o f 2 0 0 2 ( f r o m 4 .7 p e r c e n t to 3 .4 p e r c e n t) , a n d f o r th e s e c o n d q u a r te r o f 2 0 0 3 (f ro m 3.1 p e r c e n t to 4.1 p e r c e n t) . F o r th e 13 q u a rte rs fr o m 2 0 0 1 :1 to 2 0 0 4 :1 th e a v e r a g e r e v is io n ( w ith o u t r e g a r d to s ig n ) w a s 0 .6 p e r c e n ta g e p o in t. • T h e a v e r a g e a n n u a l r a t e o f g r o w th o f re a l d is p o s a b le p e r s o n a l in c o m e fr o m 2 0 0 0 to 2 0 0 3 w a s r e v is e d fr o m 2 .7 p e r c e n t to 2 .4 p e r c e n t. R e v is io n s to 2 0 0 1 -2 0 0 3 e stim a te s T h e p e r c e n t c h a n g e f r o m th e p r e c e d in g y e a r in re a l G D P w a s r e v is e d u p fro m 0 .5 p e r c e n t to 0 .8 p e r c e n t fo r 2 0 0 1 , w a s r e v is e d d o w n fr o m 2 .2 p e r c e n t to 1.9 p e r c e n t fo r 2 0 0 2 , a n d w a s r e v is e d d o w n fr o m 3.1 p e r c e n t to 3 .0 p e r c e n t fo r 2 0 0 3 . - m ore - -5- F o r 2 0 0 1 , th e la r g e s t c o n t r i b u t o r to th e u p w a r d r e v is io n to re a l G D P g r o w th w a s s ta te a n d lo c a l c o n s u m p t io n e x p e n d itu r e s a n d g r o s s in v e s tm e n t, b u t m o s t o th e r c o m p o n e n t s a ls o c o n tr ib u te d . F o r 2 0 0 2 , t h e la r g e s t c o n tr ib u to r s to th e d o w n w a r d r e v is io n w e r e fix e d in v e s tm e n t in e q u ip m e n t a n d so ftw a re , p e r s o n a l c o n s u m p tio n e x p e n d it u r e s ( P C E ) fo r s e r v ic e s , a n d P C E fo r n o n d u r a b le g o o d s ; th e c o n tr ib u tio n s o f th e s e c o m p o n e n ts w e r e p a r t l y o f f s e t b y a n u p w a r d r e v is io n to s ta te a n d lo c a l c o n s u m p tio n e x p e n d itu r e s a n d g ro s s in v e s tm e n t. F o r 2 0 0 3 , th e s lig h t d o w n w a r d r e v is io n w a s a ttr ib u ta b le to g e n e r a lly s m a ll a n d m o s tly o f f s e ttin g r e v is io n s to m a n y c o m p o n e n ts . T h e p e r c e n t c h a n g e fr o m f o u r th q u a r te r to fo u r th q u a r te r in re a l G D P w a s r e v is e d u p fr o m 0 .0 p e r c e n t to 0 .2 p e r c e n t fo r 2 0 0 1 , w a s r e v is e d d o w n fr o m 2 .8 p e r c e n t to 2 .3 p e r c e n t fo r 2 0 0 2 , a n d w a s r e v is e d u p fr o m 4 .3 p e r c e n t to 4 .4 p e r c e n t fo r 2 0 0 3 . T h e p e r c e n t c h a n g e fr o m th e p r e c e d in g y e a r in th e p r ic e in d e x fo r g ro s s d o m e s tic p u r c h a s e s w a s u n r e v is e d a t 2 .0 p e r c e n t fo r 2 0 0 1 , w a s r e v is e d u p fr o m 1.4 p e r c e n t to 1.5 p e r c e n t fo r 2 0 0 2 , a n d w a s r e v is e d u p fr o m 1.9 p e r c e n t to 2 .0 p e r c e n t fo r 2 0 0 3 . F o r th e q u a r te r s o f 2 0 0 1 to 2 0 0 3 , th e p e r c e n t c h a n g e in th e p r ic e in d e x w a s r e v is e d u p fo r e ig h t q u a r te r s , w a s r e v is e d d o w n fo r o n e q u a r te r (0.1 p e r c e n ta g e p o in t fo r th e th ir d q u a r te r o f 2 0 0 3 ) , a n d w a s u n c h a n g e d fo r th r e e q u a r te r s ; th e la r g e s t u p w a r d r e v is io n w a s 0 .3 p e r c e n ta g e p o in t ( f ir s t q u a r te r o f 2 0 0 3 ). C u r r e n t- d o ll a r G D P w a s r e v is e d u p $ 2 7 .2 b illio n , o r 0 .3 p e r c e n t, f o r 2 0 0 1 ; w a s r e v is e d u p S 6.2 b illio n , o r 0.1 p e r c e n t, fo r 2 0 0 2 ; a n d w a s r e v is e d u p $ 1 6 .1 b illio n , o r 0.1 p e r c e n t, f o r 2 0 0 3 . T h e p e rc e n t c h a n g e fr o m th e p r e c e d in g y e a r w a s r e v is e d u p fr o m 2 .9 p e r c e n t to 3 .2 p e r c e n t fo r 2 0 0 1 , w a s re v is e d d o w n fr o m 3 .8 p e r c e n t to 3 .5 p e r c e n t f o r 2 0 0 2 , a n d w a s r e v is e d u p fr o m 4 .8 p e r c e n t to 4 .9 p e r c e n t fo r 2 0 0 3 . C u r r e n t- d o lla r G N P ( G D P p lu s n e t in c o m e r e c e ip ts fr o m th e r e s t o f th e w o r ld ) w a s re v is e d up $ 3 5 .7 b illio n , o r 0 .4 p e r c e n t, fo r 2 0 0 1 ; w a s r e v is e d u p $ 1 1 .8 b illio n , o r 0.1 p e r c e n t, fo r 2 0 0 2 ; a n d w a s r e v is e d u p $ 2 7 .6 b illio n , o r 0 .3 p e r c e n t, fo r 2 0 0 3 . N e t in c o m e r e c e ip ts w a s r e v is e d u p fo r a ll 3 y e a rs: $ 8 .4 b illio n fo r 2 0 0 1 , $ 5 .6 b il l i o n fo r 2 0 0 2 , a n d $ 1 1 .4 b illio n fo r 2 0 0 3 . T h e r e v is io n s to n e t in c o m e r e c e ip ts — w h ic h a ffe c t G N P , n a tio n a l in c o m e , c o r p o r a te p r o f its , n e t in te r e s t a n d m is c e lla n e o u s p a y m e n ts , a n d p e r s o n a l in te r e s t in c o m e — s te m fr o m th e r e v is io n s to B E A 's in te r n a tio n a l tr a n s a c tio n s a c c o u n ts (I T A s ) th a t w e r e r e le a s e d in J u n e . A lth o u g h th e r e v is io n s to th e IT A s e x te n d e d b a c k to 1 9 89 , th e r e v is io n s p r io r to 2 0 0 1 a re n o t in c o r p o r a te d in to th e N I P A 's a t th is tim e . ( A n a rtic le d e s c r ib in g th e r e v is io n s to th e IT A s w a s p u b lis h e d in th e J u ly 2 0 0 4 is s u e o f th e S u r v e y o f C u r r e n t B u s i n e s s .) N a tio n a l in c o m e w a s r e v is e d d o w n $ 1 .4 b illio n , o r le ss th a n 0.1 p e r c e n t, fo r 2 0 0 1 ; w a s re v is e d d o w n $ 6 5 .4 b illio n , o r 0 .7 p e r c e n t, fo r 2 0 0 2 ; a n d w a s r e v is e d d o w n $ 2 8 .2 b illio n , o r 0 .3 p e r c e n t, fo r 2 0 0 3 . F o r b o th 2 0 0 2 a n d 2 0 0 3 , d o w n w a r d r e v is io n s to n e t in te r e s t a n d m is c e lla n e o u s p a y m e n ts , to c o r p o r a te p r o f its , to n o n f a r m p r o p r ie to r s ' in c o m e , a n d to b u s in e s s c u r r e n t t r a n s f e r p a y m e n ts (n e t) m o r e th a n o f f s e t u p w a r d r e v is io n s to s u p p le m e n ts to w a g e s a n d s a la rie s . C o r p o r a te p r o f its f r o m c u r r e n t p r o d u c tio n — p r o f its b e f o r e ta x w ith i n v e n to r y v a lu a tio n a n d c a p ita l c o n s u m p tio n a d ju s tm e n ts -- w a s r e v is e d d o w n fo r a ll 3 y e a r s: $ 3 .1 b illio n , o r 0 .4 p e r c e n t, f o r 2 0 0 1 ; $ 2 9 .6 b illio n , o r 3 .3 p e r c e n t, f o r 2 0 0 2 ; a n d $ 4 8 .8 b illio n , o r 4 .6 p e r c e n t, fo r 2 0 0 3 . F o r a ll 3 y e a rs, d o w n w a r d r e v is io n s to th e c a p it a l c o n s u m p t io n a d ju s tm e n t m o r e th a n o f f s e t u p w a r d r e v is io n s to p r o f its b e f o r e ta x . F o r a ll 3 y e a r s , d o w n w a r d r e v is io n s to p r o f its o f d o m e s tic n o n f m a n c ia l c o r p o r a tio n s m o re th a n o f f s e t u p w a r d r e v is io n s to p r o f its o f d o m e s tic fin a n c ia l c o r p o r a tio n s a n d to p r o f its fr o m th e re s t o f th e w o rld . - m ore - - 6 - P e r s o n a l in c o m e w a s r e v is e d u p $ 1 1 .0 b illio n , o r 0.1 p e r c e n t, fo r 2 0 0 1 ; w a s r e v is e d d o w n S 3 1 .4 b illio n , o r 0 .4 p e r c e n t, fo r 2 0 0 2 ; a n d w a s r e v is e d d o w n $ 4 6 .2 b illio n , o r 0 .5 p e r c e n t, f o r 2 0 0 3 . F o r 2 0 0 1 , u p w a r d r e v is io n s to p e r s o n a l in te r e s t in c o m e a n d to n o n f a r m p r o p r ie to r s ' in c o m e m o r e th a n o ff s e t a d o w n w a r d r e v is io n to f a r m p r o p r ie to r s ' in c o m e . F o r 2 0 0 2 a n d 2 0 0 3 , d o w n w a r d r e v is io n s to p e r s o n a l in c o m e r e c e ip ts o n a s s e ts , to n o n f a r m p r o p r ie to r s ' in c o m e , a n d to p e r s o n a l c u r r e n t tr a n s f e r r e c e ip ts m o re t h a n o f f s e t u p w a r d r e v is io n s to s u p p le m e n ts to w a g e s a n d s a la rie s . D is p o s a b le p e r s o n a l in c o m e ( D P I ) ( p e r s o n a l in c o m e le s s p e r s o n a l c u r r e n t ta x e s ) w a s re v is e d u p $ 1 7 .4 b illio n , o r 0 .2 p e r c e n t, f o r 2 0 0 1 ; w a s r e v is e d d o w n $ 2 9 .5 b illio n , o r 0 .4 p e r c e n t, fo r 2 0 0 2 ; a n d w a s r e v is e d d o w n $ 5 6 .6 b illio n , o r 0 .7 p e r c e n t, fo r 2 0 0 3 . T h e r e v is io n s w e r e r o u g h ly s im ila r to th o s e to p e r s o n a l in c o m e , r e f le c tin g r e l a tiv e ly s m a ll r e v is io n s to p e r s o n a l c u r r e n t ta x e s . P e r s o n a l c u r r e n t ta x e s w a s r e v is e d d o w n $ 6 .4 b illio n fo r 2 0 0 1 , w a s r e v is e d d o w n $ 1 .9 b illio n fo r 2 0 0 2 , a n d w a s r e v is e d u p $ 1 0 .5 b illio n fo r 2 0 0 3 . T h e p e r c e n t c h a n g e fr o m th e p r e c e d in g y e a r in re a l D P I w a s r e v is e d u p fr o m 1.8 p e r c e n t to 1.9 p e r c e n t f o r 2 0 0 1 , w a s r e v is e d d o w n fro m 3 .8 p e r c e n t to 3.1 p e r c e n t fo r 2 0 0 2 , a n d w a s r e v is e d d o w n fr o m 2 .7 p e r c e n t to 2 .3 p e r c e n t fo r 2 0 0 3 . P e rs o n a l o u tla y s w a s r e v is e d u p $ 1 2 .3 b illio n fo r 2 0 0 1 , w a s r e v is e d d o w n $ 5 .5 b illio n fo r 2 0 0 2 , a n d w a s r e v is e d u p $ 6 .3 b illio n fo r 2 0 0 3 . R e v i s io n s to P C E a c c o u n te d f o r m o s t o f th e 2 0 0 1 r e v is io n a n d m o r e th a n a c c o u n te d fo r th e 2 0 0 2 r e v is io n . T h e 2 0 0 3 r e v is io n w a s a c c o u n te d fo r b y r e v is io n s to P C E a n d to p e r s o n a l c u r r e n t tr a n s f e r p a y m e n ts . T h e p e r s o n a l s a v in g ra te ( p e r s o n a l s a v in g as a p e r c e n ta g e o f D P I) w a s r e v is e d u p fr o m 1.7 p e r c e n t to 1.8 p e r c e n t fo r 2 0 0 1 , w a s r e v is e d d o w n fr o m 2 .3 p e r c e n t to 2 .0 p e r c e n t fo r 2 0 0 2 , a n d w a s r e v is e d d o w n fr o m 2.1 p e r c e n t to 1.4 p e r c e n t fo r 2 0 0 3 . T h e s ta tis tic a l d is c r e p a n c y is c u r r e n t- d o lla r G D P le ss c u r r e n t- d o lla r g r o s s d o m e s tic in c o m e (G D I). It a r is e s b e c a u s e m o s t c o m p o n e n t s o f G D P a n d o f G D I a re e s tim a te d in d e p e n d e n tly . G D P m e a s u r e s fin a l e x p e n d itu r e s — th e s u m o f c o n s u m e r s p e n d in g , p r iv a te in v e s t m e n t, n e t e x p o r ts , a n d g o v e r n m e n t s p e n d in g . G D I m e a s u r e s th e in c o m e s e a r n e d in th e p r o d u c tio n o f G D P . In c o n c e p t, G D P is e q u a l to G D I. In p r a c tic e , t h e y d i f f e r b e c a u s e th e y a re e s tim a te d u s in g le s s th a n p e r f e c t ly c o n s is te n t s o u rc e d a ta . A s a r e s u lt o f th e a n n u a l r e v is io n , th e s ta tis tic a l d is c r e p a n c y a s a p e r c e n ta g e o f G D P w a s re v is e d fr o m -1.1 p e r c e n t to -0 .9 p e r c e n t fo r 2 0 0 1 , fro m -0 .7 p e r c e n t to -0.1 p e r c e n t fo r 2 0 0 2 , a n d fro m + 0.1 p e r c e n t to + 0 .2 p e r c e n t fo r 2 0 0 3 . T h e r e v is io n s to th e d is c r e p a n c y fo r 2 0 0 1 a n d 2 0 0 3 r e f le c te d la rg e r u p w a r d r e v is io n s to G D P t h a n to G D I. F o r 2 0 0 2 , th e r e v is io n to th e d is c r e p a n c y m a in ly r e f le c te d a d o w n w a r d r e v is io n to G D I. N ew sou rce data T h e a n n u a l r e v is io n i n c o r p o r a te d d a ta fr o m th e f o llo w in g m a j o r f e d e r a l s ta tis tic a l s o u rc e s : P r e li m in a r y r e s u lts fr o m th e 2 0 0 2 E c o n o m ic C e n s u s ; C e n s u s B u r e a u a n n u a l s u rv e y s o f m e r c h a n t w h o le s a le tra d e a n d o f r e ta il tr a d e fo r 2 0 0 2 a n d r e v is e d m o n th ly in d ic a to r s f o r 2 0 0 1 - 2 0 0 3 o f m e r c h a n t w h o le s a le tr a d e a n d o f r e ta il tr a d e ; C e n s u s B u r e a u a n n u a l s u rv e y s o f s e r v ic e s fo r 2 0 0 2 ( r e v is e d ) a n d 2 0 0 3 ( p r e lim in a r y ) , a n d o f s ta te a n d lo c a l g o v e r n m e n ts fo r 2 0 0 1 ( r e v is e d ) a n d 2 0 0 2 ( p r e lim in a r y ); C e n s u s B u r e a u m o n th ly s u r v e y o f c o n s tr u c ti o n p u t- i n - p la c e fo r 2 0 0 1 - 2 0 0 3 ( r e v is e d ) ; f e d e ra l g o v e r n m e n t b u d g e t d a ta fo r fis c a l y e a r s 2 0 0 3 a n d 2 0 0 4 ; I n te rn a l R e v e n u e S e n d e e t a b u la tio n s o f ta x r e tu r n s fo r c o r p o r a tio n s fo r 2 0 0 1 ( r e v is e d ) a n d 2 0 0 2 ( p r e lim in a r y ) a n d fo r s o le p r o p r ie to r s h ip s a n d p a r tn e r s h ip s fo r 2 0 0 2 ; B u r e a u o f L a b o r S ta tis tic s q u a r te r ly c e n s u s o f e m p lo y m e n t a n d w a g e s fo r 2 0 0 3 (r e v is e d ); D e p a r t m e n t o f A g r ic u ltu r e fa r m s ta tis tic s fo r 2 0 0 1 - 2 0 0 3 ; a n d B E A 's IT A s fo r 2 0 0 1 - 2 0 0 3 ( r e v is e d ). A ta b le s h o w in g th e m a jo r c u r r e n t - d o l l a r r e v is io n s a n d th e ir s o u r c e s f o r e a c h c o m p o n e n t o f G D P , n a tio n a l in c o m e , a n d p e r s o n a l in c o m e w ill b e p u b lis h e d in th e A u g u s t 2 0 0 4 is s u e o f th e S u r v e y o f C u rre n t B u s in e s s . - m ore - -7- B E A ’s m a jo r n a tio n a l, in te r n a tio n a l, re g io n a l, a n d in d u s tr y e s tim a te s ; th e S u r v e y o f C u rre n t B u s i n e s s ; a n d B E A n e w s r e le a s e s a re a v a ila b le w ith o u t c h a r g e o n B E A ’s W e b site : < w w w .b e a .g o v > S u m m a r y B E A e s ti m a te s a re a v a ila b le o n r e c o r d e d m e s s a g e s a t th e tim e o f p u b lic r e le a s e at th e f o llo w in g te le p h o n e n u m b e r s : (2 0 2 ) (2 0 2 ) (2 0 2 ) 6 0 6 -5 3 0 6 6 0 6 -5 3 0 3 6 0 6 -5 3 6 2 G ro s s d o m e s tic p r o d u c t P e r s o n a l in c o m e a n d o u tla y s U .S . in te r n a tio n a l tr a n s a c tio n s M o s t o f B E A ’s e s tim a te s a n d a n a ly s e s a re p u b lis h e d in th e S u r v e y o f C u r r e n t B u s in e s s . B E A ’s m o n th ly j o u r n a l. S u b s c r ip tio n s a n d s in g le c o p ie s o f th e p r in te d S u r v e y a re fo r s a le b y th e S u p e r in te n d e n t o f D o c u m e n ts , U .S . G o v e r n m e n t P r in tin g O ffic e . In te rn e t: < b o o k s to r e .g p o .g o v > ; p h o n e : 2 0 2 - 5 1 2 - 1 8 0 0 ; fa x : 2 0 2 - 5 1 2 - 2 2 5 0 ; m a il: S to p S S O P , W a s h in g to n , D C 2 0 4 0 2 - 0 0 0 1 . * * * N e x t r e le a s e — A u g u s t 2 7 , 2 0 0 4 , at 8 :3 0 A .M . E D T for: G r o s s D o m e s tic P r o d u c t: S e c o n d Q u a r te r 2 0 0 4 ( P r e lim in a r y ) C o r p o r a te P r o f its : S e c o n d Q u a r te r 2 0 0 4 - m ore - - 8 - C o m p a r i s o n s o f R e v is io n s to G D P Q u a rterly e stim a te s o f G D P a re re le a s e d on the fo llo w in g sch e du le: “ A d v a n c e ” e stim a te s, b a se d on source d a ta th a t are in c o m p le te o r su b je c t to fu rth e r re v isio n b y the so u rce ag en cy , are re le a se d n e a r the end o f the first m o nth a fte r the end o f the q u a rte r; as m o re d e taile d and m o re c o m p re h e n siv e d a ta b e co m e a vailab le, “ p re lim in a ry ” and “ fin a l” e stim a te s a re re le a se d n e a r th e end o f the sec o n d a nd th ird m o n th s, resp ec tiv e ly . T he “ la te st” estim ates re fle c t th e re su lts o f b o th a nn u al and c o m p reh en sive re v isio n s. A n n ua l re v isio n s a re u s u a lly c a rrie d o u t e ac h su m m er and c o v er the q u a rte rs o f the m o st re c en t calen d ar y e a r and o f the 2 p re c e d in g y e ars. C o m p re h en siv e (or b en ch m a rk ) re v isio n s a re c a rrie d o u t at a bo u t 5-year in te rv a ls and in co rp o ra te d e fin itio n a l a nd c la ssific atio n al ch an g e s th a t u p d ate th e a c co u n ts to p o rtray m ore a cc u ra tely the e v o lv in g U .S . e c o n o m y and statistic a l c h an g e s th a t u p d ate th e a cc o u n ts to re fle c t the in tro du ctio n o f n ew a n d im p rov ed m e th o d o lo g ie s and the in c o rp o ra tio n o f n e w ly a va ila ble and re v ise d sou rc e data. T h e ta ble b e lo w sh o w s c o m p a riso n s o f the rev isio ns b e tw ee n q u a rte rly p e rc e n t c h an g e s o f G D P for the d iffere n t v in tag es o f the e stim a te s. T h e se c o m p ariso n s can be u sed to a ssess the lik e ly size o f future rev isio n s. F o r exam ple, tw o -th ird s o f th e re v isio n s b e tw ee n the q u a rte rly c han g e in the a d v an c e e stim ate o f real G D P and th a t in the final e stim a te w e re w ith in a ra n g e o f -0.6 to + 0.9 p e rc en ta g e p o in t. T h u s, b a se d on p a st h isto ry , the se c o n d -q u a rte r ch an g e in re al G D P n o w e stim a te d at 3 .0 p e rce n t at an a n n u al ra te , is n o t like ly to b e re vised b e lo w 2.4 p erc en t o r a bo v e 3.9 p e rc e n t in the n e x t tw o releases. R e v isio n s B e tw e e n Q u a r te r ly P e rc e n t C h a n g e s o f G D P : V in ta g e C o m p a ris o n s [A nnual rates] R ange V in ta g e s co m p ared A v e ra g e w ith o u t r e g a r d to s ig n T w o - th ird s of re v is io n s N in e - te n th s o f re v is io n s - 0 .5 - .6 - .3 - 1 .0 -.9 - 1 .0 to to to to to to 0 .8 1 .0 .4 1 .7 1 .6 1 .7 - 0 .9 - 1 .0 - .6 - 1 .9 - 1 .8 - 2 .2 to to to to to to 1 .4 1 .6 .7 3 .4 2 .6 2 .6 - 0 .5 - .6 - .3 -1 .1 - 1 .0 - 1 .2 to to to to to to 0 .7 .9 .4 2 .0 1 .9 2 .0 - 0 .9 - 1 .0 - .5 - 2 .2 - 2 .0 - 2 .6 to to to to to to 1 .2 1.3 .6 3 .3 2 .9 3 .1 C u rre n t- d o lla r G D P A d v a n c e to p r e l i m i n a r y ..... A d v a n c e t o f i n a l .................. P r e l i m i n a r y to f i n a l ............ A d v a n c e t o l a t e s t ................ P r e l i m i n a r y to l a t e s t ........... F i n a l t o l a t e s t ...................... 0 .6 .7 .3 1.3 1 .2 1 .2 R eal G D P A d v a n c e t o p r e l i m i n a r y ..... A d v a n c e t o f i n a l .................. P r e l i m i n a r y to f i n a l ............ A d v a n c e t o l a t e s t ................ P r e l i m i n a r y to l a t e s t ........... F i n a l to l a t e s t ...................... 0 .5 .6 .3 1 .4 1.3 1 .4 N O T E .—T h e se c o m p ariso n s a re b a s e d on th e p e rio d from 1978 th ro u g h 2 0 0 2 fo r th e first th ree c om p ariso n s in e ac h g rou p and on the p e rio d fro m 1978 th ro u g h 2000 for the last th ree c o m p a riso n s in e a c h group. - m ore - Table 1.—Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2000 2001 2002 2003 2000 2002 2001 II III 1 II 1 II I II Gross domestic product (G D P)................ 3.7 0.8 1.9 3.0 2.1 -0.5 1.2 -1.4 1.6 3.4 2.4 2.6 0.7 1.9 4.1 7.4 4.2 4.5 3.0 Personal consumption expenditures ....................... Durable goods ...................................................... Nondurable goods ................................................ S ervice s............................................................... 4.7 7.3 3.8 4.5 2.5 4.3 2.0 2.4 3.1 6.5 3.3 7.4 3.7 3.4 .7 3.7 3.9 1.7 6.7 .5 1.0 -.3 1.8 3.1 2.4 7.0 37.4 4.9 2.3 1.8 -8.5 3.8 3.3 2.8 4.4 2.9 14.0 2.5 -2.4 5.3 2.2 2.7 3.9 5.0 16.5 6.9 1.9 3.6 3.9 5.1 4.1 1.0 -2.5 Gross private domestic in ve stm e n t......................... Fixed investment .................................................. Nonresidential................................................... Structures..................................................... Equipment and software ................................ Residential........................................................ 5.7 6.5 8.7 -7.9 -3.0 -4.2 -2.3 -4.9 .4 -2.4 -4.9 -8.9 -17.8 -5.5 4.8 -2.3 .7 .9 -13.6 -2.6 -4.2 -8.3 -2.8 16.8 -4.3 -9.7 -18.5 -6.3 9.3 .3 -3.5 -9.5 -22.6 -4.5 11.3 11.8 14.5 11.0 13.9 10.5 12.3 4.5 4.2 -7.6 9.1 22.4 18.0 15.7 -1.3 21.7 22.4 9.6 5.0 15.4 -2.3 -4.1 -1.6 11.3 17.5 7.3 13.2 11.1 -5.4 -6.1 -3.7 -2.7 -3.2 -.3 2.1 .9 -.5 3.5 2.7 3.4 3.9 3.9 3.9 3.2 4.4 7.5 7.7 7.1 7.2 .1 -3.3 -7.7 5.8 1.6 2.5 7.1 11.6 10.6 -7.5 .2 2.2 -.1 0 2.3 2.7 1.9 4.3 6.8 2.8 IV Exports................................................................ G o ods.............................................................. Services........................................................... Im ports................................................................ G oo ds.............................................................. Services........................................................... Government consumption expenditures and gross in ve stm e n t.......................................................... Federal................................................................ National de fense............................................... Nondefense ...................................................... State and local ..................................................... Addenda: Final sales of domestic product.............................. Gross domestic purchases .................................... Final sales to domestic purchasers......................... Disposable personal income .................................. Current-dollar measures: G D P ................................................................ Final sales of domestic prod uct.......................... Gross domestic purchases ................................. Final sales to domestic purchasers .................... G N P ................................................................. Disposable personal income .............................. See "Explanatory Note" at the end of the tables. 6.8 9.4 .8 8.7 11.2 2.9 13.1 13.5 3.8 4.4 4.5 3.7 4.8 5.9 6.1 7.0 7.2 6.0 7.5 2.6 2.6 2.2 4.4 5.1 3.3 -5.6 6.4 8.8 1 1.2 .8 .4 1.1 2.2 -.1 1.8 6.0 -11.4 1.8 -18.2 -20.0 -13.7 -10.3 -8.6 -18.3 -10.8 -8.8 -15.3 -3.4 -2.0 -10.4 4.7 -1.9 21.7 12.5 24.7 14.0 4.5 11.4 15.3 -5.8 8.5 4.7 4.4 5.3 9.0 2.4 .7 1.3 -1.0 1.7 -5.7 2.5 8.1 7.0 10.1 4.0 7.9 9.1 4.3 18.0 7.2 1.0 1.9 2.6 2.1 2.6 3.0 .6 1.6 1.7 3.1 3.1 3.3 3.4 3.3 2.3 3.2 4.1 2.9 3.8 3.2 4.1 3.5 3.1 4.0 3.6 3.4 4.6 4.9 5.1 5.4 5.5 5.2 4.2 3.8 4.5 3.7 4.4 4.7 2.4 1.6 .9 1.8 .8 2.8 1.4 2.5 2.1 1.4 4.4 4.7 3.1 2.8 6.6 -.4 1.5 -1.1 1.3 2.8 2.2 4.3 2.1 4.9 4.6 3.5 -22.7 -10.6 -13.3 -33.2 -4.2 -3.7 -12.7 -17.1 -.7 -12.6 -16.9 1.8 .8 -10.5 -4.5 -6.8 -5.3 -5.4 -5.0 -3.7 -3.4 -5.0 3.4 3.7 1.9 III -7.6 -8.7 -13.6 -4.0 -16.9 5.6 -2.7 -5.4 4.4 -1.6 -1.6 -1.9 1.9 2.2 1.2 IV 2004 2003 12.8 .7 .5 1.5 -1.7 -1.5 0 2.4 -3.9 -2.3 -.4 -.8 .2 -2.5 11.5 .2 1.2 .2 2.8 1.2 -8 4.6 .8 12.1 4.4 4.2 3.0 8.8 12.5 2.3 8.4 3.8 2.2 4.3 3.9 -5.6 3.6 5.5 3.1 4.9 6.0 -5.0 10.1 11.0 8.2 12.8 11.5 5.8 12.6 15.0 2.9 .3 .3 4.4 1.4, 1.4 1.8 2.8 2.2 2.1 10.8 4.5 1.7 5.3 2.6 2.4 11.8 2.7 4.2 3.3 5.6 4.7 3.9 5.7 IV -.6 2.4 4.1 .2 -1.1 -16.0 4.6 2.8 3.1 2.9 3.5 5.4 5.9 2.8 2.1 2.9 3.4 1.9 1.7 2.0 2.9 2.4 3.0 -1.7 3.9 3.7 4.4 4.2 4.3 .2 -.5 -.8 -3.2 -6.5 -2.0 4.2 -4.2 -10.2 10.5 9.6 -.1 20.6 5.0 1.6 2.1 1.8 -.8 2.4 -.1 -13.0 4.5 7.5 16.6 -1.5 4.0 -12.7 -2.0 -1.8 -2.6 4.0 9.1 13.5 .2 .3 -2.7 8.2 1.6 1.4 .7 2.4 2.3 1.4 .2 2.7 2.7 4.3 4.3 3.4 1.5 6.2 .1 2.4 1.7 2.2 1.7 1.8 4.9 5.3 5.7 6.0 4.6 5.1 3.5 10.9 III IV 2.8 11.0 7.9 12.0 2.2 6.7 3.3 -.1 2.3 12.8 11.1 8.9 5.2 8.0 10.0 -.8 10.1 16.1 9.1 14.6 14.1 -3.4 20.6 3.4 10.0 2.5 2.8 17.1 10.6 9.3 5.1 0 18.4 12.7 8.7 -9.4 17.9 11.1 1.2 12.7 22.1 38.4 -3.9 -.4 5.2 4.4 5.4 4.4 4.3 5.3 6.3 4,8 5.8 5.6 5.0 6.4 5.9 7.6 8.2 8.8 8.4 8.1 7.7 9.0 9.9 4.8 3.7 4.7 4.2 5.5 1.4 3.3 5.0 3.9 3.9 3.2 5.7 5.4 5.9 5.7 7.0 7.4 2.6 6.1 8.6 7.4 6.8 6.6 2.1 3.0 2.7 2.9 6.3 6.0 6.2 6.5 6.3 Table 1 A — Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Percent] Seasonally adjusted at annual rates 2000 2001 2002 2003 2000 IV Gross domestic product (G D P )........................... Previously published.......................................... 3.7 3.7 Personal consumption expenditures .................................. Previously published ......................................................... Durable goods ................................................................. Previously published ..................................................... Nondurable g o o d s............................................................ Previously published..................................................... S ervices.......................................................................... Previously published..................................................... Gross private domestic in ve stm e n t.................................... Previously published ......................................................... Fixed investment...................................................... ;....... Previously published ..................................................... Nonresldential .............................................................. Previously published.................................................. Structures ................................................................. Previously published ............................................. Equipment and software ........................................... Previously published ............................................. Residential................................................................... Previously published.................................................. Change in private inventories............................................ Net exports of goods and services .................................... Exports....... T.................................................................... Previously published..................................................... Goods .......................................................................... Previously published.................................................. Services....................................................................... Previously published.................................................. Imports ............................................................................ Previously published ..................................................... G o o d s.......................................................................... Previously published.................................................. Services....................................................................... Previously published.................................................. 2.2 4.7 4.7 7.3 7.3 3.8 3.8 4.5 4.5 2.5 2.5 4.3 4.1 3.1 3.4 6.5 6.5 5.7 5.7 5.5 6.5 8.7 8.7 -7.9 -8.4 -3.0 -3.2 -4.2 -4.5 -2.3 -2.5 -4.9 -5.2 .4 .4 -2.4 -1.2 -4.9 -3.7 -8.9 -7.2 -17.8 -18.4 -5.5 -2.8 4.8 4.9 -5.4 -5.2 -6.1 -6.1 -3.7 -3.1 -2.7 -2.6 -3.2 -3.2 -.3 .4 -2.3 -2.4 -4.1 -4.0 3.4 4.4 3.8 7.5 7.9 7.7 8.9 7.1 6.8 6.8 9.4 9.4 .8 .8 8.7 8.7 11.2 11.2 2.9 2.9 13.1 13.1 13.5 13.5 11.1 11.1 .9 .9 -.5 -.5 3.5 3.5 2.7 2.7 Addenda: Final sales of domestic product ......................................... Previously published ..................................................... Gross domestic purchases ................................................ Previously published ..................................................... Final sales to domestic purchasers.................................... Previously published.................................................. Gross national product (GNP) ........................................... Previously published ..................................................... Disposable personal incom e.............................................. Previously published ..................................................... 3.8 3.8 4.4 4.4 4.5 4.5 3.7 3.7 4.8 4.8 Se e " Ex p lan at ory N ot e" at t he end o l t he t apies. 1.9 .5 Government consumption expenditures and gross in ve stm e n t...................................................................... Previously published ......................................................... Federal............................................................................ Previously published ..................................................... National defense ........................................................... Previously published.................................................. Nondefense.................................................................. Previously published.................................................. State and local ................................................................. Previously published ..................................................... Current-dollar measures: G D P ............................................................................ Previously published.................................................. Final sales of domestic product..................................... Previously published.................................................. Gross domestic purchases............................................ Previously published.................................................. Final sales io domestic purchasers ................................ Previously published.................................................. G N P ............................................................................ Previously published.................................................. Disposable personal income .......................................... Previously published.................................................. 0.8 2.1 2.1 5.9 5.9 6.1 6.1 7.0 7.0 7.2 7.2 6.0 6.0 7.5 7.5 2.0 1.9 2.4 2.4 2.8 3.9 3.7 3.9 3.9 3.9 3.5 3.2 2.2 1.6 1.4 .9 .7 2.6 3.0 2.6 3.0 1.8 1.4 3.4 3.3 3.7 3.7 1.9 1.4 6.2 2.8 1.8 1.4 1.8 2.8 2.1 2.5 1.8 1.6 .8 2.4 1.7 1.8 3.1 3.8 .5 1.9 3.2 2.9 4.1 3.9 2.9 2.7 3.8 3.6 3.2 2.8 4.1 3.8 2.1 3.5 3.8 3.1 3.3 4.0 4.2 3.6 3.8 3.4 3.6 4.6 5.2 3.0 3.1 3.3 3.1 7.4 7.4 3.7 3.8 2.2 2.0 4.4 4.2 5.1 4.4 3.3 3.0 -5.6 -4.6 6.4 5.5 8.8 7.5 1.9 2.0 2.2 1.9 1.4 2.3 4.4 4.0 4.7 4.8 3.1 -.1 2.8 3.3 6.6 8.7 9.0 10.6 2.4 5.3 .7 .5 3.1 3.2 3.3 3.3 3.4 3.4 3.3 3.3 2.3 2.7 4.9 4.8 5.1 4.9 5.4 5.3 5.5 5.4 5.2 5.0 4.2 4.6 2001 I 2.1 2.1 -0.5 3.4 3.4 .7 .7 3.7 3.7 3.9 3.9 1.7 .5 6.7 1.7 .5 .4 U .3 -.2 II 1.2 -.6 1.0 2.3 -.3 9.8 -.1 -1.1 1.8 2.4 -2.3 -13.6 -2.3 -11.1 .7 -2.6 .7 -2.7 .9 -4.2 .9 -4.5 -8.3 -5.9 -2.8 -4.0 .4 .4 -7.6 -16.4 -8.7 -9.2 -13.6 -13.6 -4.0 -5.6 -16.9 -16.4 5.6 3.7 -2.7 -2.7 -5.4 -5.4 4.4 4.4 -1.6 -1.6 -1.6 -1.6 -1.9 -1.9 -5.3 -4.5 -5.4 -5.4 -5.0 -2.0 -3.7 -6.2 -3.4 -6.8 -5.0 -3.1 -12.7 -13.4 -17.1 -18.1 -.7 1.3 1.3 -1.0 -1.0 1.7 1.7 -5.7 -5.7 2.5 2.5 5.3 5.8 7.9 5.8 9.1 6.7 4.3 1.2 1.2 .8 .8 2.6 2.6 2.1 2.1 2.6 2.6 3.0 3.0 .6 .6 3.8 3.8 4.5 4.5 3.7 3.7 4.4 4.4 4.7 4.7 2.4 2.4 2.2 2.6 8.1 8.9 7.0 7.7 10.1 11.2 4.0 4.3 1.6 1.4 -.4 -.7 1.5 .9 -1.1 -1.3 1.3 -.3 2.8 2.9 4.9 4.5 2.2 1.9 4.3 3.5 2.1 1.8 4.6 2.9 -.6 -12.6 -8.6 -16.9 -12.2 12.8 12.5 2.6 18.0 14.4 7.2 5.3 1.0 .7 .7 -.4 .5 .9 1.5 -.6 -1.7 -1.4 2002 hi -1.4 -1.3 1.8 1.9 3.1 .7 2.4 2.9 1.2 1.6 -10.5 -8.5 -4.5 -5.2 -6.8 -8.4 6.0 2.2 -11.4 -12.2 1.8 3.1 -18.2 -17.7 -20.0 -18.9 -13.7 -14.7 -10.3 -10.8 -8.6 -9.2 -18.3 -18.2 -1.5 -4.1 0 0 2.4 2.4 -3.9 -4.3 -2.3 -6.1 -.4 -.7 -.8 -.8 .2 -.3 -2.5 -1.9 11.5 12.2 .2 .3 4.2 1.2 4.0 .9 3.0 .2 1.9 .2 2.8 1.2 .7 3.3 4.6 -.8 2.5 -.3 .8 12.1 1.1 12.8 4.4 2.6 IV 1.6 2.0 7.0 6.2 37.4 27.3 4.9 4.7 2.3 2.8 -22.7 -17.7 -10.6 -10.8 -13.3 -14.0 -33.2 -35.3 -4.2 -4.1 -3.7 -2.5 I II 3.4 4.7 2.4 1.9 1.8 4.1 -8.5 1.6 6.1 3.8 3.3 3.8 16.8 4.4 .5 .8 .4 3.5 4.1 11.3 8.9 1.2 11.0 8.7 14.0 12.0 4.5 1.6 11.4 17.1 15.3 21.9 -5.8 -3.6 8.4 5.8 10.5 11.5 9.5 15.0 6.0 6.5 -5.0 -4.1 -2.4 .3 5.3 4.6 -.6 .2 2.4 2.2 9.3 8.7 -.2 9.9 12.5 14.2 2.3 3.6 3.9 5.5 4.8 3.1 3.3 4.9 4.1 14.0 5.0 -1.1 -1.1 -16.0 -14.6 4.6 3.7 .6 4.4 4.0 2.4 4.3 3.6 3.9 4.6 -5.6 -4.4 2.5 2.0 -9.6 -3.0 -22.6 -14.5 -4.5 4.7 4.6 2.2 2.9 4.1 11.4 8.5 7.4 3.8 3.2 3.4 0.7 1.3 .3 4.6 -3.5 11.1 10.1 2.6 8.4 6.1 2.6 -4.3 -2.5 -9.7 -7.0 -18.5 -23.9 -6.3 4.7 -10.8 -9.8 4.4 -8.8 -1.9 -7.6 -2.6 21.7 -15.3 -15.0 k 22.8 -3.4 12.5 8.4 -3.8 -2.0 -3.2 6.3 -10.4 24.7 -6.9 19.2 8.8 IV III 2.8 2.6 8.2 12.8 8.2 12.6 8.7 2.9 2.7 .3 2.6 4.4 5.2 1.4 3.2 1.4 2.6 10.8 10.6 4.5 5.4 1.7 3.8 5.3 5.8 2.6 4.2 2.4 3.3 11.8 11.4 12.2 .3 .7 1.8 1.3 2.8 3.1 2.2 2.5 2.1 1.3 2.7 4.1 4.2 3.9 3.3 2.8 5.6 6.1 4.7 5.0 3.9 3.3 5.7 7.2 2004 2003 .2 .6 2.8 4.2 3.1 4.3 2.9 4.3 3.5 4.5 5.4 4.1 5.9 4.8 2.8 .7 2.1 2.5 2.9 3.9 3.4 4.5 1.9 2.9 1.7 1.7 2.0 1.8 2.9 3.4 2.4 1.8 3.0 3.8 -1.7 -.9 3.9 4.4 3.7 3.3 4.4 4.6 4.2 3.5 4.3 4.9 .2 1.1 2.2 2.2 1.5 -.5 -.6 -.8 2.1 -3.2 -.1 I II 1.9 2.0 4.1 3.1 7.4 4.2 4.1 4.5 3.9 2.7 2.5 3.9 3.3 5.0 6.9 16.5 28.0 6.9 7.3 1.9 3.6 3.2 3.9 .7 5.1 5.4 4.1 3.8 -.1 20.6 17.7 .5 5.0 1.6 5.7 1.2 2.1 1.8 3.5 4.7 10.9 22.4 14.8 18.0 15.8 15.7 13.9 14.9 10.5 9.9 11.0 8.0 14.5 3.9 7.9 -1.4 9.1 4.5 -1.3 -1.8 21.7 17.6 22.4 21.9 12.3 9.4 4.5 5.0 4.2 5.3 -7.6 -7.4 14.9 9.6 7.9 9.2 5.0 4.6 -1.6 -1.1 11.3 9.9 17.5 20.5 16.1 21.3 7.3 7.5 9.1 9.4 3.4 3.3 13.4 7.5 .1 -.4 1.8 .3 22.1 -3.3 -.2 23.5 1.2 1.6 -.1 -.8 1.1 6.1 -.1 11.8 11.0 -.6 7.0 12.8 10.9 -1.5 -2.0 4.0 1.9 -12.7 -10.1 -2.0 -6.8 -1.8 -6.6 -2.6 -7.5 7.4 16.6 4.0 7.1 9.1 18.2 13.5 22.1 1.6 .2 -2.7 -5.6 6.2 .1 11.4 1.4 1.5 10.5 .7 1.7 2.4 2.7 2.3 3.1 1.4 2.4 2.7 1.7 2.0 .2 .6 2.7 3.1 2.7 3.5 4.3 4.5 4.3 4.8 3.4 3.9 1.5 2.3 2.8 2.8 2.2 -3.7 6.7 6.9 3.3 3.9 -3.5 2.4 -4.2 -3.7 -10.2 -9.1 10.5 9.4 9.6 12.2 2.8 I 1.7 -13.0 -4.0 4.5 .5 7.5 4.5 8.2 8.2 8.2 IV 1.5 -6.6 -5.6 -2.0 1.7 4.2 6.8 III -.5 1.1 2.2 1.8 1.7 1.5 1.8 2.4 4.9 4.3 5.3 5.1 5.7 4.5 6.0 5.3 4.6 3.9 5.1 5.3 12.0 8.0 -.8 10.1 8.6 14.1 20.6 .2 12.7 18.9 2.5 2.8 17.1 10.6 9.1 .8 16.4 10.4 5.1 0 18.4 12.7 13.7 -1.5 18.3 12.2 -9.4 17.9 11.1 1.2 -1.7 -3.4 -10.9 7.2 7.4 38.4 41.9 -3.9 -5.0 -.4 -.8 5.2 3.3 4.4 4.3 5.4 4.5 4.4 3.3 4.3 4.9 5.3 4.2 6.3 4.4 4.8 4.7 5.8 4.8 5.6 4.4 5.0 5.4 4.8 .7 1.9 2.5 3.0 7.1 8.5 11.6 10.6 3.0 13.2 -7.5 .2 -3.7 -.3 2.2 -.1 0 2.1 -.5 -.3 -7.7 -1.3 5.8 6.5 6.8 8.3 6.4 7.0 5.9 7.2 7.6 8.3 8.2 6.8 8.8 10.0 8.4 10.1 8.1 8.9 7.7 9.1 9.0 10.1 9.9 8.7 3.7 3.4 4.7 4.3 4.2 3.6 5.5 5.5 1.4 3.3 3.2 5.0 4.4 3.9 3.8 3.9 3.4 3.2 4.9 5.7 5.7 5.4 5.0 5.9 5.7 5.7 5.0 7.0 7.1 7.4 6.9 1.2 2.6 2.2 6.1 6.2 8.6 8.1 7.4 7.5 6.8 6.3 6.6 8.3 T a b l e 1 B — R e v i s i o n s t o C u r r e n t - D o lla r G r o s s D o m e s t i c P r o d u c t , N a t i o n a l I n c o m e , a n d D i s p o s i t i o n o f P e r s o n a l I n c o m e Revisions as percent of previously published Billions ol dollars Revisions to previously published Revised estimates 2001 2002 2003 2002 2001 2001 2003 2002 2003 Gross domestic product (GDP) .............................................. 10,128.0 10,487.0 11,004.0 27.2 6.2 16.1 0.3 0.1 0.1 Personal consumption expenditures .................................................. Durable g o o d s............................................................................. Nondurable g o o d s ....................................................................... Services ...................................................................................... 7,055.0 883.7 2,017.1 4,154.3 7,376.1 916.2 2,080.1 4,379.8 7,760.9 950.7 2,200.1 4,610.1 9.6 1.8 3.5 4.5 -9.2 4.9 -5.9 -8.2 3.5 9.1 -9.6 3.9 .1 .2 .2 .1 -.1 .5 -.3 -.2 0 1.0 -.4 .1 Gross private domestic investment.................................................... Fixed investm ent......................................................................... Nonresidential ......................................................................... Structures ............................................................................ Equipment and software ...................................................... Residential.............................................................................. Change in private inventories....................................................... 1,614.3 1,646.1 1,176.8 322.6 854.2 469.3 -31.7 1,579.2 1,568.0 1,063.9 271.6 792.4 504.1 11.2 1,665.8 1,667.0 1,094.7 261.6 833.1 572.3 -1.2 7.1 2.7 2.7 .5 2.2 .1 4.4 -10.0 -15.9 -16.3 5.3 -21.5 .4 5.8 -4.8 -6.0 -15.9 2.4 -18.2 9.9 1.2 .4 .2 .2 .2 .3 0 -.6 -1.0 -1.5 2.0 -2.6 .1 -.3 -.4 -1.4 .9 -2.1 1.8 Net exports of goods and services ................................ ................... Exports ....................................................................................... G oo ds.................................................................................... Services.............- ................................................................... Im ports....................................................................................... G oo ds.................................................................................... Services.................................................................................. -367.0 1,032.8 731.2 301.6 1,399.8 1,167.9 231.9 -424.9 1,005.0 697.0 308.0 1,429.9 1,189.6 240.2 -498.1 1,046.2 726.4 319.8 1,544.3 1,282.0 262.3 -.5 -2.3 -.3 -2.0 -1.9 -.1 -1.7 1.4 -1.8 -.8 -1.1 -3.2 -.7 -2.5 -3.1 -2.7 .9 -3.6 .5 -1.3 1.8 -.2 0 -.7 -.1 0 -.7 -.2 -.1 -.4 -.2 -.1 -1.0 -.3 .1 -1.1 0 -.1 .7 Government consumption expenditures and gross investment............. Federal ....................................................................................... National defense...................................................................... Nondefense......... .................................................................. State and local ............................................................................ 1,825.6 612.9 392.6 220.3 1,212.8 1,956.6 680.8 437.4 243.4 1,275.8 2,075.5 752.2 496.4 255.7 1,323.3 10.9 0 -.4 .4 11.0 24.1 1.3 -.9 2.2 22.7 20.7 -5.0 -.9 -4.2 25.7 .6 0 -.1 .2 .9 1.2 .2 -.2 .9 1.8 1.0 -.7 -.2 -1.6 2.0 10,128.0 10,487.0 11,004.0 27.2 6.2 16.1 .3 .1 .1 3.4 -5.0 2.7 -2.9 11.7 .3 1.1 -1.8 .9 -1.0 3.7 .1 Relation of GDP and National Income Gross domestic p ro d u c t................................................................ Plus: Income receipts from the rest of the world ................................ Less: Income payments to the rest of the w o rld ................................ 322.4 278.8 301.8 274.7 329.0 273.9 Equals: Gross national product ..................................................... 10,171.6 10,514.1 11,059.2 35.7 11.8 27.6 .4 .1 .3 Less: Consumption of fixed capital.................................................... Less: Statistical discrepancy............................................................. 1,281.5 1,303.9 1,353.9 fi 14.6 2? 6 15.3 61 9 43.0 12.7 1.2 1.2 3.3 Equals: National income ............................................................... Compensation of employees ........................................................ Wage and salary accruals........................................................ Supplements to wages and salaries........................................... Proprietors' income with inventory valuation and capital consumption adjustments............................................................................. Rental income of persons with capital consumption adjustment...... Corporate profits with inventory valuation and capital consumption adjustments ............................................................................ Net interest and miscellaneous payments ...................................... Taxes on production and imports less subsidies ........................... Business current transfer payments .............................................. . Current surplus of government enterprises.................................... 8,979.8 5,942.1 4,942.8 999.3 9,225.4 6,069.5 4,976.3 1,093.2 9,679.6 6,289.0 5,103.6 1,185.5 -1.4 1.7 -.1 1.7 -65.4 50.4 1.7 48.7 -28.2 86.0 3.4 82.7 0 0 0 .2 -.7 .8 0 4.7 -.3 1.4 .1 7.5 771.9 167.4 769.6 170.9 834.1 153.8 1.3 4.3 -28.1 -2.1 -12.8 -10.4 .2 2.6 -3.5 -1.2 -1.5 -6.3 767.3 566.3 673.3 92.8 874.6 532.9 724.4 80.9 ? 8 1,021.1 543.0 751.3 77.7 9-5 -3.1 -2.1 -1.2 .3 -2 6 -29.6 -49.5 2.6 -8.9 0 -48.8 -40.2 10.9 -17.5 4.5 -.4 -.4 -.2 .3 -3.3 -8.5 .4 -9.9 -4.6 -6.9 1.5 -18.4 8,724.1 8,878.9 9,161.8 11.0 -31.4 -46.2 .1 -.4 -.5 5,942.1 4,942.8 999.3 6,069.5 4,976.3 1,093.2 6,289.0 5,103.6 1,185.5 1.7 -.1 1.7 50.4 1.7 48.7 86.0 3.4 82.7 0 0 .2 .8 0 4.7 1.4 .1 7.5 771.9 19.7 752.2 167.4 1,380.0 1,011.0 369.0 1,193.9 769.6 9.7 759.9 170.9 1,334.6 946.7 387.9 1,282.7 834.1 21.8 812.3 153.8 1,322.7 929.9 392.8 1,335.4 1.3 -5.3 6.6 4.3 5.1 7.3 -2.2 1.3 -28.1 -4.6 -23.5 -2.1 -43.9 -35.7 -8.3 -9.5 -12.8 2.3 -15.1 -10.4 -70.6 -34.7 -35.9 -42.1 .2 -21.2 .9 2.6 .4 .7 -.6 .1 -3.5 -32.2 -3.0 -1.2 -3.2 -3.6 -2.1 -.7 -1.5 11.8 -1.8 -6.3 -5.1 -3.6 -8.4 -3.1 -.5 Disposition of personal Income Personal in c o m e ........................................................................... 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 ol 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...................... 731.1 748.3 773.2 2.6 -2.0 -3.6 .4 -.3 Less: Personal current taxes ........................................................... 1,237.3 1,051.2 1,001.9 -6.4 -1.9 10.5 -.5 -.2 1.1 Equals: Disposable personal in c o m e ............................................ 7,486.8 7,827.7 8,159.9 17.4 -29.5 -56.6 .2 -.4 -.7 Less: Personal o u tlays.................................................................... 7,354.5 7,668.5 8.049.3 12.3 -5.5 6.3 .2 -.1 .1 Equals: Personal s a v in g ................................................................ 132.3 159.2 110.6 5.1 -24.0 -62.9 Personal saving as a percentage of disposable personal in com e.... 1.8 2.0 1.4 .1 -.3 -.7 Addenda: Statistical discrepancy as a percentage of GDP ................................ Gross domestic incom e................................................................... -.9 10,217.6 -.1 10,502.3 .2 10,978.5 .2 4.6 .6 -55.7 .1 3.6 -.5 0 0 Table 2 —Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2000 2001 2002 2003 2000 IV II i III IV i II 3.4 2.4 2004 2003 2002 2001 III IV I II III 1.9 4.1 7.4 I II 4.2 4.5 3.0 IV Percent change at annual rate: 3.7 0.8 1.9 3.0 2.1 -0.5 Personal consumption e xp enditu re s................... 3.17 1.74 2.14 2.29 2.29 Durable goods ................................................. Motor vehicles and p a rts ................................ Furniture and household equipment................ Other ........................................................... .63 .15 .35 .13 .37 .20 .19 -.01 .56 .22 .26 .08 .63 .22 .27 .15 .06 .01 .07 -.02 Nondurable goods .......................................... F o o d ............................................................ Clothing and shoes ....................................... Gasoline, fuel oil, and other energy g o o d s...... Other ............................................................ .74 .33 .16 -.01 .26 .40 .15 .06 .02 .17 .51 .18 .12 .02 .17 .73 .37 .12 .01 .23 S e rvice s.......................................................... Housing ........................................................ Household operation...................................... Electricity and g a s ..................................... Other household operation ......................... Transportation ............................................... Medical care ................................................. Recreation .................................................... Other ............................................................ 1.80 .29 .19 .05 .14 .08 .40 .11 .72 .97 .28 .01 -.03 .03 -.03 .50 .07 .15 1.08 .29 .03 .04 -.01 -.08 .66 .07 .11 Gross domestic p r o d u c t.................................. 2.6 0.7 1.2 -1.4 1.6 1.07 .67 1.20 4.71 1.32 1.98 2.02 1.74 1.84 2.72 3.58 2.50 2.90 .73 .55 .36 .23 -.03 -.03 -.17 .16 -.03 .26 .16 .15 -.06 2.81 2.24 .39 .18 -.79 -1.34 .41 .14 .37 .13 .20 .04 1.16 1.09 .04 .03 -.21 -.50 .20 .08 -.01 -.22 .07 .14 1.64 .86 .51 .27 1.38 .53 .62 .23 .33 -.07 .28 .12 .19 -.23 .32 .10 -.21 -.33 .15 -.03 .72 .14 .04 .25 .29 .09 .24 -.06 .05 -.14 -.03 .05 .05 -.33 .21 .47 .09 .04 .11 .23 .95 .18 .27 .24 .27 .76 .26 .25 0 .24 .15 .29 -.01 -.14 .01 -.12 -.02 -.12 -.01 .03 1.03 .31 .30 .21 .21 .97 .62 -.02 .01 .37 .31 .26 .23 -.29 .12 1.38 .57 .27 .10 .43 1.01 .25 .11 .33 .32 1.33 .77 .43 -.04 .17 -.01 .01 -.17 -.10 .25 .93 .15 .06 .03 .04 -.02 .46 .09 .20 1.51 .28 .41 .40 .01 .01 .42 .04 .34 .43 .31 -.25 -.24 -.02 .05 .45 .15 -.28 .73 .28 -.35 -.44 .09 -.06 .49 -.03 .39 .47 .21 .03 0 .02 -.22 .70 .02 -.25 .95 .26 -.15 -.07 -.08 -.17 .67 .07 .28 1.36 .42 .09 .11 -.02 .01 .74 .13 -.03 1.46 .33 .24 .19 .05 -.04 .63 .05 .24 .98 .19 .01 .04 -.03 -.10 .59 .04 .25 .93 .13 .16 .19 -.03 -.01 .55 .11 -.02 .87 .12 .01 -.04 .05 .05 .39 .08 .23 .77 .11 -.11 -.19 .08 -.07 .40 .13 .31 .83 .16 .08 .01 .07 -.02 .40 .07 .15 1.15 .09 .29 .25 .04 -.01 .36 .11 .31 1.39 .23 .13 .05 .07 .05 .38 .17 .43 .95 .21 -.19 -.30 .12 .06 .57 0 .31 Percentage points at annual rates: .99 -1.39 -.37 .66 -.36 -2.44 -1.28 -1.76 -3.95 2.34 .05 .61 -.06 -.10 .54 3.16 2.04 1.86 1.97 Fixed in ve stm e n t............................................. Nonresldentlal ............................................... Structures ................................................. Equipment and software ............................ information processing equipment and software ............................................ Computers and peripheral equipment ... Software........................................... Other ................................................ Industrial equipment............................... Transportation equipment ....................... Other equipment .................................... Residential .................................................... 1.09 1.06 .21 .85 -.50 -.52 -.07 -.44 -.80 -1.02 -.57 -.45 .76 .33 -.15 .48 .13 .11 .04 .07 -.43 -.52 -.29 -.24 -1.51 -1.76 -.14 -1.62 -.75 -.83 .19 -1.02 -1.81 -1.63 -1.27 -.35 -.71 -1.13 -.59 -.53 -.55 -1.06 -.70 -.36 .02 -.12 -.45 .33 -.13 -.33 -.17 -.16 .35 -.01 -.33 .32 1.55 1.10 .32 .78 2.59 1.50 -.03 1.53 1.57 1.07 .18 .89 .69 .42 -.19 .61 1.68 .87 .12 .75 .75 .20 .20 .35 .12 -.07 .05 .03 -.08 .02 -.02 -.08 -.14 -.18 -.04 .02 -.18 .09 -.10 -.16 -.08 -.17 -.02 .22 .45 .24 .07 .14 0 -.04 .06 .43 .58 .06 .20 .32 -.12 -.36 -.03 .02 -.08 .16 .01 -.25 .01 -.22 .05 .10 -.93 -.22 -.30 -.42 -.48 -.03 -.19 .25 -.53 -.26 -.07 -.20 -.27 -.27 .05 .08 -.21 .19 -.19 -.21 -.21 .26 -.19 -.18 -.29 .18 -.14 -.33 .24 -.39 -.10 .42 .04 .03 -.03 .04 -.21 -.38 .18 .51 .38 .25 .11 .02 .02 -.09 .02 .13 -.15 .08 -.16 -.08 -.05 0 .04 .20 .59 .25 .12 .23 .09 -.31 -.06 .36 .51 .30 .07 .14 -.02 .25 .03 .44 1.04 .39 .28 .35 .04 .14 .31 1.09 .61 .25 .14 .22 -.06 .14 .20 .50 .62 .06 .24 .33 .08 -.20 .10 .27 .54 .22 .13 .19 -.02 .11 .12 .81 Change in private in ve n to rie s.......................... F a rm ............................................................. Nonfarm ....................................................... -.10 .02 -.12 -.88 .02 -.90 .42 -.01 .44 -.10 .02 -.12 -.49 .34 -.83 -2.01 0 -2.01 .23 -.28 .51 -1.02 .09 -1.11 -2.14 -.23 -1.91 3.05 .37 2.69 .60 -.47 1.07 .59 .24 .36 .07 .02 .05 -.45 .06 -.51 -1.01 -.07 -.94 .57 .06 .52 .47 .19 .29 1.17 .05 1.10 .28 -.10 .38 Net exports of goods and services ..................... -.86 -.20 -.70 -.43 -.07 -.04 .49 -.56 -.66 -1.10 -.46 -.43 -1.69 .14 -.50 .64 -.66 -.76 -.08 Exports ........................................................... G o ods........................................................... Services ....................................................... .93 .84 .09 -.60 -.48 -.12 -.24 -.29 .05 .18 .14 .04 -.31 -.45 .14 -.59 -.43 -.16 -1.45 -1.43 -.02 -2.04 -1.60 -.44 -1.11 -.63 -.48 .43 -.13 .56 .99 .87 .13 .29 .19 .10 -.42 -.72 .30 -.15 .25 -.40 -.15 -.06 -.10 1.02 .64 .39 1.55 1.00 .55 .70 .60 .10 1.25 .95 .29 Imports ........................................................... Goods ........................................................... Services ....................................................... -1.79 -1.55 -.25 .40 .39 .01 -.46 -.42 -.04 -.61 -.54 -.07 .24 .19 .04 .56 .43 .12 1.94 2.23 -.28 1.48 1.02 .47 .45 .21 .25 -1.53 -1.04 -.49 -1.45 -1.59 .14 -.72 -.65 -.06 -1.27 -.91 -.36 .29 .22 .06 -.34 -.58 .24 -.39 0 -.39 -2.22 -1.96 -.25 -1.46 -1.43 -.03 -1.33 -1.03 -.30 Government consumption expenditures and gross investment ............................................ Gross private domestic in ve stm e n t..................... .36 .60 .79 .52 .22 .92 1.35 -.28 1.48 .85 .81 .40 .75 .05 1.35 .03 .31 .48 .43 F e de ra l............................................................ National defense............................................ Consumption expenditures.......................... Gross investment ...................................... Nondefense .................................................. Consumption expenditures.......................... Gross investment ...................................... .05 -.02 -.03 .01 .07 .10 -.03 .23 .15 .13 .02 .08 .08 0 .46 .30 .25 .06 .16 .14 .02 .43 .38 .33 .05 .06 .05 .01 -.07 .06 .11 -.05 -.13 -.06 -.07 .46 .25 .26 -.01 .20 .15 .05 .52 .16 .06 .10 .36 .26 .10 0 .09 .03 .06 -.09 .01 -.10 .51 .46 .45 .02 .05 .04 .01 .49 .23 .22 0 .27 .19 .07 .78 .45 .29 .16 .33 .23 .10 .19 .14 .04 .11 .05 .12 -.07 .58 .54 .63 -.09 .04 .07 -.03 .04 -.11 -.16 .05 .15 .14 0 1.40 1.49 1.39 .10 -.09 -.23 .13 -.23 -.36 -.40 .03 .13 .23 -.10 .33 .50 .42 .09 -.18 -.18 .01 .48 .47 .29 .19 0 -.01 .01 .19 .09 .16 -.07 .10 -.02 .12 State and local ................................................ Consumption expenditures.......................... Gross investment ...................................... .31 .18 .13 .37 .24 .13 .33 .21 .12 .09 .07 .02 .29 .21 .08 .46 .24 .22 .83 .24 .59 -.28 .39 -.67 .97 .38 .59 .36 .10 .26 .03 .16 -.13 .21 .11 .09 .17 .14 .02 .02 .02 0 -.05 .04 -.09 .26 .01 .25 -.02 .08 -.10 0 .02 -.02 .24 .01 .23 Addenda: Goods ............................................................... Services........................................................... Structures ......................................................... Motor vehicle output .......................................... Final sales of computers .................................... 1.46 1.90 .30 -.07 .31 -.59 1.30 .04 -.17 .14 .41 1.69 -.24 .39 .08 1.41 1.35 .29 .19 .31 .10 1.95 .03 -.47 .19 -1.57 1.04 .03 -.69 .42 -.41 .98 .66 1.03 -.13 -1.89 .93 -.44 -.20 -.21 .88 1.58 -.87 .69 .19 1.38 1.94 .09 .25 -.02 .31 2.39 -.32 .35 .10 1.54 1.29 -.23 .62 .31 -1.05 1.71 .08 .22 .23 1.39 .54 0 -.46 .25 1.32 2.11 .67 .11 .28 5.45 .67 1.29 .84 .64 1.90 1.77 .52 .11 .26 2.65 1.76 .07 .30 0 .83 1.10 1.11 -1.01 .04 Se e “ Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b e s. Table 2A.—Contributions to Percent Change in Real Gross Domestic Product Seasonally adjusted at annual rates 2000 2001 2002 2003 IV 2002 2001 2000 I in II IV 1 II 2004 2003 III IV 1 II III IV I Percent change at annual rate: 3.7 3.7 0.8 .5 1.9 2.2 3.0 3.1 2.1 2.1 -0.5 -.2 1.2 -.6 -1.4 -1.3 1.6 2.0 3.4 4.7 2.4 1.9 3.4 0.7 1.3 1.9 2.0 4.1 3.1 7.4 8.2 4.2 4.1 4.5 3.9 Personal consumption exp enditu re s............................... Previously published..................................................... Durable g o o d s ............................................................ Previously published................................................. 3.17 3.17 1.74 1.68 2.14 2.38 2.29 2.22 2.29 2.29 1.07 .28 .67 1.52 1.20 1.27 4.71 4.20 1.32 2.92 1.98 1.81 2.02 1.39 1.74 1.57 1.84 1.80 2.72 2.34 3.58 4.89 2.50 2.29 2.90 2.64 .63 .63 .37 .36 .56 .55 .63 .61 .06 .06 .55 .15 -.03 .80 .26 .06 2.81 2.14 -.79 .14 .37 .04 1.16 .43 -.21 .02 -.01 .04 1.64 1.38 1.38 2.23 .33 .06 .19 -.32 Motor vehicles and p a rts ........................................... Previously published ............................................. Furniture and household equipment........................... Previously published ............................................. O th e r...................................................................... Previously published ............................................. .15 .15 .35 .35 .13 .13 .20 .19 .19 .18 -.01 -.01 .22 .18 .26 .30 .08 .08 .22 .17 .27 .29 .15 .16 .01 .01 .07 .07 -.02 -.02 .36 .04 .23 .18 -.03 -.07 -.17 .67 .16 .16 -.03 -.02 .16 -.13 .15 .23 -.06 -.04 2.24 1.58 .39 .40 .18 .16 -1.34 -.44 .41 .45 .14 .13 .13 -.25 .20 .23 .04 .05 -.50 -.33 .20 .24 .08 .11 -.22 -.16 .07 .04 .14 .17 -.07 -.35 .28 .30 .12 .11 -.23 -.70 .32 .31 .10 .07 .74 .74 .40 .37 .51 .60 .73 .76 .72 .72 .09 .06 -.03 -.22 .47 .57 .95 .91 .76 1.19 .15 .07 1.03 .90 .97 1.13 .86 .54 .51 .54 .27 .30 .31 .25 .53 1.36 .62 .65 .23 .21 Nondurable goods ...................................................... Previously published................................................. 1.09 .29 .04 .12 .03 .02 -.12 .04 1.38 1.48 1.01 1.07 1.33 1.36 F o o d ....................................................................... Previously published ............................................. Clothing and shoes .................................................. Previously published ............................................. Gasoline, fuel oil, and other energy good s.................. Previously published ............................................. Other ....................................................................... Previously published ............................................. .15 .12 .06 .06 .02 .03 .17 .15 .97 .96 .18 .22 .12 .15 .02 .04 .17 .20 .37 .37 .12 .14 .01 0 .23 .26 .14 .14 .04 .04 .25 .29 .29 .24 .22 -.06 -.08 .05 .12 -.14 -.19 .05 -.03 .05 .01 -.33 -.37 .21 .17 .26 .56 .25 .33 0 .10 .24 .22 .29 .19 -.01 .01 -.14 -.20 .01 .07 -.02 .03 -.12 -.01 -.01 -.09 .03 .11 .31 .22 .30 .21 .21 .21 .21 .62 .63 -.02 .09 .01 .08 .37 .33 .26 .23 .23 .21 -.29 -.40 .12 .20 .57 .71 .27 .27 .10 .07 .43 .43 .25 .32 .11 .04 .33 .39 .32 .33 .77 .82 .43 .40 -.04 -.07 .17 .20 1.08 1.23 .93 .85 1.51 1.51 .43 .07 .73 .94 .09 .02 .04 .15 .11 .09 .23 .31 .47 .64 .18 .14 .27 .19 .24 .32 .27 .27 S e rvice s...................................................................... Previously published................................................. .33 .33 .16 .16 -.01 -.01 .26 .26 1.80 1.80 .95 1.15 1.36 1.58 1.46 1.70 .98 .92 .93 .65 .87 .63 .77 .71 .83 1.19 1.15 1.16 1.39 1.61 H ousing................................................................... Previously published ............................................. Household operation ................................................ Previously published ............................................. .29 .29 .19 .19 .28 .28 .01 0 .29 .29 .03 .04 .15 .24 .06 .02 .28 .28 .41 .41 .31 .33 -.25 -.27 .21 .21 .03 -.05 .26 .25 -.15 -.17 .42 .35 .09 .18 .33 .33 .24 .36 .19 .28 .01 -.14 .13 .25 .16 .04 .12 .25 .01 .04 .11 .20 -.11 -.13 .16 .25 .08 .14 .09 .17 .29 .05 .23 .24 .13 .18 Electricity and g a s ................................................. Previously published.......................................... Other household operation .................................... Previously published ......................................... .05 .05 .14 .14 -.03 -.02 .03 .02 .04 .04 -.01 0 .03 0 .04 .02 .40 .40 .01 .01 -.24 -.15 -.02 -.12 .28 .26 -.35 -.31 -.44 -.49 .09 .17 0 -.04 .02 -.01 -.07 -.13 -.08 -.04 .11 .20 -.02 -.02 .19 .27 .05 .09 .04 -.05 -.03 -.09 .19 .09 -.03 -.05 -.04 .01 .05 .03 -.19 -.21 .08 .08 .01 .06 .07 .08 .02 .04 .03 .05 .13 .07 .05 Transportation .......................................................... Previously published ............................................. Medical care ............................................................ Previously published ............................................. Recreation............................................................... Previously published ............................................. Other ....................................................................... Previously published ............................................. .08 .08 .40 .40 .11 .11 .72 .72 -.03 -.02 .50 .45 .07 .06 .15 .18 -.08 -.05 .66 .63 .07 .11 .11 .20 -.02 -.07 .46 .59 .09 .06 .20 0 .01 .01 .42 .42 .04 .04 .34 .34 .05 .03 .45 .35 .15 .09 -.28 -.45 -.06 -.01 .49 .47 -.03 -.02 .39 .56 -.22 -.15 .70 .62 .02 .06 -.25 -.06 -.17 -.14 .67 .61 .07 .15 .28 .45 .01 .10 .74 .75 .13 .19 -.03 0 -.04 -.05 .63 .61 .05 .07 .24 .38 -.10 -.12 .59 .51 .04 .05 .25 .34 .05 -.01 .33 .53 .17 .17 .43 .49 -1.39 -1.47 -.37 -.18 .64 -.36 -.36 -2.44 -1.96 -1.28 -2.92 -1.75 -1.39 -3.95 -2.98 2.34 1.60 .05 .69 .61 1.66 3.16 2.17 Fixed investm ent......................................................... Previously published................................................. 1.09 1.09 -.50 -.54 -.80 -.60 .76 .67 .13 .13 -.43 -.45 -1.51 -1.60 -.75 -.88 -1.81 -1.83 -.71 -.41 -.55 .08 .02 .08 -.13 .31 .35 .16 -.07 -.11 .40 .53 .13 .10 .31 .13 .54 .73 1.55 .90 -.01 -.08 .35 .58 .11 .12 .31 .33 .99 .99 .05 .01 .39 .59 .08 0 .23 -.28 -.10 -.57 -.02 -.06 .40 .60 .07 .08 .15 .19 Gross private domestic inve stm ent................................. Previously published ..................................................... -.01 -.09 .55 .69 .11 .09 -.02 -.33 -.06 -.09 1.86 1.43 .69 78 Nonresidentlal .......................................................... Previously published ............................................. 1.06 1.06 -.52 -.56 -1.02 -.82 .33 .30 -1.13 -.81 -1.06 -.33 -.12 -.12 -.33 -.01 -.01 -.06 1.10 .68 1.50 1.25 -.07 -.08 -.57 -.59 -.15 -.12 -1.76 -1.76 -.14 -.19 -1.63 -1.71 .21 .21 .19 .07 -1.27 -1.36 -.59 -.77 -.70 -.41 -.45 -.40 -.17 -.14 -.33 -.10 .32 .09 -.03 -.04 .18 -.03 -.19 -1 8 Equipment and software........................................ Previously published......................................... .85 .85 -.44 -.47 -.45 -.23 .48 .42 .07 .07 -5 2 -5 6 -.29 -.20 -.24 -.37 -.83 -1.02 Structures ............................................................ Previously published......................................... .11 .11 .04 .04 2.04 2.19 1.57 1.48 1.07 1.08 -1.62 -1.57 -1.02 -1.09 -.53 -.03 -.16 .13 .32 .04 .78 .59 .61 .71 -.08 -.10 -.18 .02 .45 .54 .58 .58 -.08 -.20 -.93 -.84 -.53 -.58 -.29 .09 .38 .53 -.15 -.06 .59 .64 .51 .64 1.53 1.30 1.04 1.05 .89 1.11 .75 .75 -.36 .09 .04 .37 .33 .28 Information processing equipment and software .... Previously published ..................................... -.35 -.35 -.21 -.15 .61 .70 .62 .67 Computers and peripheral equipment ............. Previously published ................................. Software....................................................... Previously published ................................. Other ........................................................... Previously published................................. .20 .20 .20 .20 .35 .35 .02 .02 -.02 -.04 -.08 -.08 .09 .11 -.10 -.04 -.16 -.05 .24 .24 .07 .14 .14 .16 .06 .06 .20 .20 .32 .32 .16 .16 .01 -.07 -.25 -.28 -.22 -.22 -.30 -.24 -.42 -.39 -.26 -.26 -.07 -.16 -.20 -.16 .19 .19 -.19 -.21 -.21 -.14 .18 .22 -.14 -.05 -.33 -.08 .03 .06 -.03 .09 .04 .21 .25 .28 .11 .21 .02 .05 .08 .09 -.16 -.06 -.08 -.10 .25 .21 .12 .18 .23 .26 .30 .33 .07 .15 .14 .15 .39 .39 .28 .24 .36 .41 .25 .26 .14 .23 .22 .20 .06 .08 .24 .28 .33 .30 Industrial equipment ......................................... Previously published ..................................... Transportation equipment.................................. Previously published ..................................... Other equipment............................................... Previously published ..................................... .12 .12 -.07 -.07 .05 .05 -.14 -.14 -.18 -.18 -.04 -.05 -.08 -.09 -.17 -.14 -.02 -.02 0 -.05 -.04 -.11 .06 .04 -.12 -.12 -.36 -.36 -.03 -.03 .01 .04 -.22 -.27 .05 .06 -.48 -.53 -.03 0 -.19 -.21 -.27 -.30 -.27 -.25 .05 .04 -.21 -.22 .26 .24 -.19 -.21 .24 .26 -.39 -.34 -.10 -.04 -.21 -.21 -.38 -.24 .18 .17 -.05 -.04 0 .20 .04 .04 .09 -.10 -.31 -.37 -.06 -.13 -.02 -.02 .25 -.09 .03 .05 .04 .02 .14 -.05 .31 .28 -.06 -.03 .14 .25 .20 .20 .08 .07 -.20 -T 5 .10 .14 Residential ............................................................... Previously published............................................. .03 .03 ..02 .02 .22 .23 .43 .36 .02 .02 .10 .12 .25 .16 .08 .14 -.18 -.12 .42 .40 .51 .41 .20 .32 .36 .22 .44 .22 1.09 1.05 .50 .40 .27 .24 Change in private in ve n to rie s..................................... Previously published................................................. -. 10 -.10 .02 .02 -.12 -.12 -.88 -.93 .42 .41 -.10 -.03 -.49 -.49 -2.01 -1.51 .23 -1.32 -1.02 -.51 -2.14 -1.15 3.05 2.01 .60 .61 .07 -.40 -.45 -.74 -1.01 -.17 .57 -.13 .47 .71 1.17 .65 .02 .02 -.90 -.94 -.01 -.03 .44 .44 .02 .02 -.12 -.05 .34 .34 -.83 -.83 0 .03 -2.01 -1.54 -.28 -.34 .51 -.99 .09 .14 -1.11 -.65 -.23 -.26 -1.91 -.89 .37 .39 2.69 1.62 -.47 -.64 1.07 1.25 .02 0 -.09 -.26 .02 0 .13 .20 .59 1.58 .24 .34 .36 1.25 .02 -.02 .05 -.38 .06 .15 -.51 -.88 -.07 -.09 -.94 -.08 .06 -.03 .52 -.10 .19 .10 .29 .61 .06 -.08 1.10 .73 Gross domestic p ro d u c t............................................. Previously published................................................. 2 .6 Percentage points at annual rates: F a rm ........................................................................ Previously published ............................................. Nnnfarm .................................................................. Previously published ............................................. .6 6 .2 5 .2 5 2.59 2.30 .2 5 .42 .54 Table 2A.—Contributions to Percent Change in Real Gross Domestic Product—Continued Seasonally adjusted at annual rates 2000 2001 2002 2003 2000 IV 1 Net exports of goods and s e rv ic e s ................................. -0.86 -0.20 -0.70 -0.43 -0.07 -0.04 Previously published..................................................... -.86 -.19 -.70 -.35 -.07 .46 -.25 Exports ....................................................................... .93 -.60 -.24 .18 -.31 -.59 -1.45 Previously published.................................................. .93 -.58 -.24 .20 -.31 -.50 -1.54 Goods ..................................................................... Previously published ............................................. Services .................................................................. Previously published ............................................. .84 .84 .09 .09 -.48 -.48 -.12 -.10 -.29 -.29 .05 .04 .14 .13 .04 .07 -.45 -.45 .14 .14 -.43 -.44 -.16 -.06 Imports ....................................................................... Previously published.................................................. -1.79 -1.79 .40 .39 -.46 -.45 -.61 -.55 .24 .24 Goods ..................................................................... Previously published ............................................. Services .................................................................. Previously published ............................................. -1.55 -1.55 -.25 -.25 .39 .39 .01 -.01 -.42 -.42 -.04 -.03 -.54 -.55 -.07 0 Government consumption expenditures and gross investment ................................................................. Previously published ..................................................... .36 .36 .60 .48 .79 .69 F e d e ra l........................................................................ Previously published.................................................. .05 .05 .23 .22 National defense....................................................... Previously published ............................................. -.02 -.02 Consumption expenditures .................................... Previously published.......................................... Gross investment .................................................. Previously published.......................................... 2002 2001 III IV 1 II III IV 1 -0.56 -0.66 -1.10 -0.46 -0.43 0.14 -0.50 -.42 -.50 -.65 -1.32 -.15 -1.69 -1.47 .81 -2.04 -1.11 .43 .99 .29 -.42 -.15 -1.99 -1.02 .40 .80 .41 -.37 -1.43 -1.52 -.02 -.02 -1.60 -1.50 -.44 -.48 -.63 -.54 -.48 -.47 -.13 -.19 .56 .59 .87 .75 .13 .05 .19 .28 .10 .13 .56 .96 1.94 1.29 1.48 1.57 .45 .52 -1.53 -1.05 -1.45 -2.12 .19 .19 .04 .04 .43 .88 .12 .08 2.23 1.57 -.28 -.28 1.02 1.10 .47 .47 .21 .35 .25 .16 -1.04 -.66 -.49 -.39 .52 .62 .22 .22 .92 .99 1.35 1.00 -.28 -.74 1.48 1.28 .46 .48 .43 .56 -.07 -.07 .46 .50 .52 .38 .15 .15 .30 .35 .38 .44 .06 .06 .25 .27 .16 .10 -.03 -.03 .01 .01 .13 .13 .02 .02 .25 .29 .06 .06 .33 .40 .05 .04 .11 .11 -.05 -.05 .26 .29 -.01 -.01 Nondefense.............................................................. Previously published ............................................. .07 .07 .08 .07 .16 .14 .06 .12 -.13 -.13 Consumption expenditures .................................... Previously published.......................................... Gross Investment.................................................. Previously published.......................................... .10 .10 -.03 -.03 .08 .07 0 0 .14 .12 .02 .02 .05 .11 .01 .01 State and local ........................................................... Previously published.................................................. .31 .37 .33 .31 .26 Consumption expenditures .................................... Previously published .......................................... Gross Investment .................................................. .18 .18 .13 Previously published.......................................... Addenda: Goods .......................................................................... Previously published.................................................. Services....................................................................... Previously published.................................................. Structures .................................................................... Previously published.................................................. Motor vehicle o u tp u t..................................................... Previously published.................................................. Final sales of com puters............................................... Previously published.................................................. Se e " Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b le s. II 2004 2003 IV 1 0.64 -0.66 -0.76 -1.34 .80 -.32 -.71 -.15 1.02 1.55 .70 -.19 -.11 .92 1.81 .72 -.72 -.64 .30 .27 .25 .13 -.40 -.31 -.06 -.11 -.10 .01 .64 .56 .39 .36 1.00 1.29 .56 .52 .60 .62 .10 .10 -.72 -.56 -1.27 -1.10 .29 1.00 -.34 -1.24 -.39 -.12 -2.22 -2.14 -1.46 -1.43 -1.59 -2.20 .14 .09 -.65 -.55 -.06 -.02 -.91 -.83 -.36 -.27 .22 .81 .06 .19 -.58 -1.51 .24 .27 0 .18 -.39 -.30 -1.96 -1.96 -.26 -.17 -1.43 -1.39 -.03 -.05 .85 .85 .81 .72 .40 .46 .75 1.29 .05 -.07 1.35 1.36 .03 .34 .31 -.01 .48 .54 .51 .57 .49 .52 .78 .64 1.40 1.46 -.23 .09 .33 .05 .48 .57 .46 .53 .23 .33 .45 .38 .58 1.11 .54 .85 .04 -.01 .09 .09 .19 .26 .14 .19 -.11 -.25 1.49 1.58 -.36 -.06 .50 .13 .47 .58 .06 0 .10 .10 .03 .03 .06 .06 .45 .50 .02 .02 .22 .32 0 .01 .29 .22 .16 .15 .04 .09 .11 .10 .63 .93 -.09 -.07 -.16 -.19 .05 -.06 1.39 1.39 .10 .19 -.40 -.20 .03 .13 .42 .19 .09 -.05 .29 .26 .19 .32 .20 .23 .36 .28 -.09 -.09 .05 .04 .27 .20 .33 .27 .05 .07 .04 .26 .15 .24 -.09 -.12 .13 .15 -.18 -.09 0 -.01 -.06 -.06 -.07 -.07 .15 .19 .05 .04 .26 .19 .10 .09 .01 -.02 -.10 -.07 .19 .14 .07 .06 .23 .15 .10 .11 .12 .13 -.07 -.06 -.23 -.26 .13 .14 -.01 -.01 .01 0 .83 -.28 .36 .03 .21 .02 -.05 -.02 0 .21 .06 .29 .46 .49 .23 .23 -.10 -.08 .26 -.18 -.13 .01 .04 .29 .07 .26 -.03 0 .17 .14 .25 0 -.01 .09 .04 .06 .01 -.02 .97 .62 -.74 .71 .33 .08 .20 -.06 -.06 -.03 .21 .13 .12 .07 .06 .02 .21 .08 .24 .29 .22 .24 .22 .59 .39 .13 -.67 .38 .21 .59 .10 .01 .26 .16 .17 -.13 .11 .11 .09 .02 .06 0 -.10 .04 -.05 -.09 .25 .24 .20 .13 .18 .14 .19 .02 .01 -.02 .25 .08 .04 -.10 .02 .02 -.02 .13 .06 .08 -.01 .08 .20 .40 -.88 .50 .31 -.09 .09 -.01 -.12 -.05 .27 -.10 -.05 1.46 1.46 1.90 1.90 .30 .30 -.07 -.07 .31 .31 -.59 -.71 1.30 1.26 .04 -.04 -.17 -.17 .14 .14 .41 .71 1.69 1.77 -.24 -.29 .39 .38 .08 .10 1.41 1.40 1.35 1.50 .29 .23 .19 .09 .31 .31 .10 .10 1.95 1.95 .03 .03 -.47 -.47 .19 .19 -1.57 -1.17 1.04 .85 .03 .09 -.69 -.53 .42 .45 -.41 -2.08 .98 1.05 .66 .38 1.03 .58 -.13 -.20 -1.89 -1.40 .93 .77 -.44 -.65 -.20 .05 -.21 -.19 .88 1.38 1.58 1.61 -.87 -1.00 .69 .92 .19 .22 1.38 2.54 1.94 2.25 .09 -.08 .25 .39 -.02 .05 .31 -.37 2.39 2.38 -.32 -.10 .35 .20 .10 .06 1.54 2.12 1.29 1.37 -.23 -.13 .62 .37 .31 .35 -1.05 -.92 1.71 2.02 .08 .19 .22 -.18 .23 .26 1.39 1.37 .54 .62 0 -.02 -.46 -.23 .25 .26 1.32 .75 2.11 2.08 .67 .25 .11 .07 .28 .25 5.45 5.67 .67 1.27 1.29 1.27 .84 .82 .64 .65 1.90 2.30 1.77 1.61 .52 .23 .11 .13 .25 .29 2.65 1.97 1.76 1.93 .07 0 .30 -.29 0 .01 .21 0.49 0 0 h III Table 3A.—Gross Domestic Product and Related Measures [Billion s o l dollars] Seasonally adjusted at annual rates 2000 2001 2002 2000 2003 2001 1 II Gross domestic p ro d u c t............................................................................... 9,817.0 10,128.0 10,487.0 11,004.0 9,629.4 9,822.8 9,862.1 9,953.6 10,021.5 10,128.9 Personal consumption expenditures ........................................................................ 6,739.4 7,055.0 7,376.1 7,760.9 6,613.9 6,688.1 6,783.9 6,871.6 6,955.8 7,017.5 Motor vehicles and p a rts ..................................................................................... Furniture and household equipment ..................................................................... O th er................................................................................................................. 863.3 386.5 312.9 163.9 883.7 407.9 312.1 163.7 916.2 426.1 319.9 170.1 950.7 440.1 328.0 182.6 876.9 402.3 311.4 163.3 854.2 376.9 313.4 163.8 861.3 382.6 314.7 164.1 860.9 384.3 312.2 164.4 872.1 395.5 312.3 164.3 864.7 390.8 310.7 163.2 Clothing and s h o e s ............................................................................................ Gasoline, fuel oil, and other energy goods ........................................................... Other ................................................................................................................. 1,947.2 925.2 297.7 191.5 532.9 2,017.1 967.9 297.7 187.1 564.4 2,080.1 1,005.8 302.1 177.5 594.7 2,200.1 1,064.5 307.2 208.2 620.1 1,894.2 906.9 292.8 182.9 511.6 1,938.3 922.1 296.1 188.6 531.5 1,965.8 932.0 300.3 193.7 539.9 1,990.5 939.7 301.6 200.8 548.4 2,000.0 953.8 299.8 197.7 548.7 2,016.6 961.9 297.1 198.8 558.8 Housing ............................................................................................................. Household operation ........................................................................................... Electncity and gas .......................................................................................... Other household operation............................................................................... Transportation .................................................................................................... Medical c a re ...................................................................................................... Recreation ......................................................................................................... Other ................................................................................................................. 3,928.8 1,006.5 390.1 143.3 246.8 291.3 1,026.8 268.3 945.9 4,154.3 1,073.7 409.0 156.7 252.3 292.8 1,113.8 284.1 980.7 4,379.8 1,144.8 409.0 152.6 256.4 288.0 1,210.3 299.6 1,028.2 4,610.1 1,188.4 431.3 167.3 264.0 294.0 1,301.1 317.2 1,078.1 3,842.8 983.8 372.0 128.6 243.4 286.6 998.1 260.7 941.4 3,895.6 998.8 385.4 138.7 246.7 290.9 1,017.0 266.1 937.3 3,956.7 1,013.6 393.7 145.4 248.3 292.5 1,036.9 271.8 948.2 4,020.3 1,029.6 409.4 160.6 248.8 294.7 1,055.2 274.4 956.9 4,083.7 1,047.0 418.3 168.9 249.4 297.4 1,079.5 280.5 960.9 4,136.2 1,065.6 409.6 157.3 252.3 296.1 1,101.0 282.6 981.2 Gross private domestic investment .......................................................................... 1,735.5 1,614.3 1,579.2 1,665.8 1,672.3 1,781.7 1,749.0 1,738.9 1,675.3 1,647.7 Fixed in v e s tm e n t.................................................................................................. Nonresidential..................................................................................................... Structures...................................................................................................... Equipment and software.................................................................................. Information processing equipment and software ............................................ Computers and peripheral equipment........................................................ Software ................................................................................................ Other ..................................................................................................... Industrial equipment .................................................................................... Transportation equipment ............................................................................ Other equipment......................................................................................... Residential......................................................................................................... 1,679.0 1,232.1 313.2 918.9 467.6 101.4 176.2 190.0 159.2 160.8 131.2 446.9 1,646.1 1,176.8 322.6 854.2 437.0 85.4 174.7 177.0 146.7 141.7 128.8 469.3 1,568.0 1,063.9 271.6 792.4 400.5 81.4 161.7 157.3 138.6 126.0 127.3 504.1 1,667.0 1,094.7 261.6 833.1 431.2 95'3 165.8 170.0 139.8 126.6 135.5 572.3 1,642.4 1,193.9 295.2 898.7 446.4 96.2 168.7 181.5 156.0 165.6 130.7 448.5 1,685.4 1,236.5 310.4 926.1 466.5 103.5 174.8 188.1 159.5 166.7 133.4 448.8 1,690.6 1.247.5 321.1 925.5 473.6 103.8 177.9 191.9 162.1 160.3 130.6 443.1 1,697.5 1,250.3 326.0 924.2 484.0 102.2 183.2 198.5 159.3 150.8 130.1 447.2 1,685.2 1,229.6 323.9 905.7 470.8 97.3 182.8 190.6 160.1 142.7 132.2 455.6 1,654.7 1,187.1 325.7 861.4 442.8 88.3 176.1 178.4 148.4 142.3 127.9 457.6 Change in private inventories ............................................................................... Farm ................................................................................................................. N onlarm ............................................................................................................. 56.5 -1.3 57.8 -31.7 0 -31.7 11.2 -1.5 12.7 -1.2 .3 -1.5 29.9 -11.5 41.3 96.3 3.3 93.0 58.4 -.8 59.2 41.4 3.7 37.7 -9.9 3.0 -12.9 -7.0 -5.1 -1.9 i Nondurable g o o d s ................................................................................................ III II IV Net exports of goods and services .......................................................................... -379.5 -367.0 -424.9 -498.1 -346.4 -366.9 -400.7 -403.9 -392.9 -361.7 Exports ................................................................................................................. Goods ............................................................................................................... Services ............................................................................................................. 1,096.3 784.3 311.9 1,032.8 731.2 301.6 1,005.0 697.0 308.0 1,046.2 726.4 319.8 1,055.1 749.2 305.9 1,091.8 776.9 315.0 1,122.4 810.9 311.5 1,115.8 800.4 315.4 1,100.7 783.9 311.8 1,060.5 749.8 310.7 Imports ............................. ................................................................................... Goods ............................................................................................................... Services ............................................................................................................. 1,475.8 1,243.5 232.3 1,399.8 1,167.9 231.9 1,429.9 1,189.6 240.2 1,544.3 1,282.0 262.3 1,401.5 1,177.0 224.5 1,458.7 1,229.6 229.1 1,523.1 1,284.9 238.3 1,519.7 1,282.3 237.3 1,493.7 1,258.5 235.2 1,422.2 1,181.2 241.0 Government consumption expenditures and gross in vestm ent................................. 1,721.6 1,825.6 1,956.6 2,075.5 1,689.6 1,720.0 1,729.9 1,746.9 1,783.3 1,825.4 Federal ................................................................................................................. National defense ................................................................................................ Consumption expenditures .............................................................................. Gross investment............................................................................................ Nondefense ....................................................................................................... Consumption expenditures............................................................................... Gross investment............................................................................................ 578.8 370.3 321.5 48.8 208.5 177.8 30.7 612.9 392.6 342.4 50.2 220.3 189.5 30.8 680.8 437.4 382.0 55.4 243.4 210.7 32.7 752.2 496.4 436.1 60.4 255.7 222.5 33.2 565.3 360.9 311.9 49.0 204.4 173.8 30.6 586.6 375.2 326.2 49.0 211.4 178.9 32.5 581.2 371.3 322.1 49.3 209.9 179.4 30.5 582.0 373.8 325.7 48.1 208.2 179.2 29.0 596.2 383.5 335.8 47.6 212.7 182.6 30.1 610.9 338.3 338.0 50.3 222.6 189.9 32.7 State and lo c a l..................................................................................................... Consumption expenditures ............................................................................... Gross investment............................................................................................ 1,142.8 917.8 225.0 1,212.8 969.8 243.0 1,275.8 1,016.5 259.3 1,323.3 1,058.5 264.9 1,124.3 900.6 223.7 1,133.4 910.8 222.6 1,148.6 923.4 225.3 1,164.9 936.3 228.6 1,187.2 951.7 235.4 1,214.5 963.6 250.9 Addenda: Final sales oi domestic product............................................................................... Gross domestic purchases...................................................................................... Final sales to domestic purchasers.......................................................................... 9,760.5 10,196.4 10,140.0 10,159.7 10,495.0 10,526.7 10,475.9 10,911.9 10,900.7 11,005.3 11,502.2 11,503.4 9,599.6 9,975.8 9,946.0 9,726.5 10,189.7 10,093.4 9,803.7 10,262.8 10,204.4 9,912.2 10,357.5 10,316.0 10,031.4 10,414.4 10,424.4 10,136.0 10,490.6 10,497.7 Gross domestic p ro d u c t....................................................................................... Plus: Income receipts from the rest of the world ....................................................... Less: Income payments to the rest oi the w o rld ........................................................ Equals: Gross national p r o d u c t............................................................................ 9,817.0 382.7 343.7 9,855.9 10,128.0 322.4 278.8 10,171.6 10,487.0 301.8 274.7 10,514.1 11,004.0 329.0 273.9 11,059.2 9,629.4 362.9 330.4 9,661.9 9,822.8 386.0 349.2 9,859.6 9,862.1 379.7 348.1 9,893.6 9,953.6 402.1 347.2 10,008.4 10,021.5 361.8 323.0 10,060.2 10,128.9 337.8 293.2 10,173.5 Net domestic product ............................................................................................. 8,629.1 8,846.5 9,183.1 9,650.1 8,476.3 8,645.8 8,662.1 8,732.3 8,781.0 8,858.1 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 o b ie s. Table 3 A —Gross Domestic Product and Related Measures—Continued [B illion s o f dollars] Seasonally adjusted at annual rates 2002 2001 2003 2004 III IV I II III IV 1 II III IV I ii Gross domestic product ........................................... 10,135.1 10,226.3 10,338.2 10,445.7 10,546.5 10,617.5 10,744.6 10,884.0 11,116.7 11,270.9 11,472.6 11,649.3 Personal consumption expenditures...................................... 7,058.5 7,188.4 7,236.9 7,339.3 7,428.0 7,500.0 7,609.8 7,696.3 7,822.5 7,914.9 8,060.2 8,146.2 Durable goods................................................................. 865.1 393.7 309.9 161.5 932.8 451.5 315.5 165.8 903.5 414.5 319.8 169.3 907.5 415.8 321.9 169.8 932.8 444.6 318.5 169.7 920.8 429.7 319.4 171.6 912.1 421.4 316.8 174.0 946.8 442.4 323.9 180.5 972.7 452.5 333.3 186.9 971.1 444.1 338.0 189.0 976.3 438.4 345.0 193.0 970.0 429.7 346.7 193.7 2,024.2 972.9 295.0 185.9 570.5 2,027.5 983.1 299.0 165.8 579.7 2,046.8 994.6 303.9 160.4 588.0 2,077.7 1,004.1 303.2 176.7 593.7 2,081.3 1,006.2 297.7 180.4 596.9 2,114.6 1,018.4 303.6 192.4 600.2 2,167.5 1,039.5 299.9 219.1 608.9 2,163.6 1,052.2 303.6 195.6 612.3 2,219.2 1,074.6 311.0 207.6 626.0 2,250.1 1,091.8 314.4 210.7 633.1 2,316.6 1,120.3 325.0 229.7 641.5 2,353.8 1,131.2 322.5 249.1 651.0 4,169.1 1,082.3 408.8 154.3 254.5 290.7 1,125.4 284.9 977.0 4,228.0 1,099.9 399.3 146.2 253.2 287.1 1,149.4 288.6 1,003.7 4,286.5 1,121.8 400.6 146.5 254.1 287.6 1,173.7 293.6 1,009.3 4,354.0 1,140.0 406.7 151.6 255.0 288.8 1,197.9 297.8 1,022.9 4,413.9 1,153.2 410.9 153.0 258.0 287.2 1,222.5 300.9 1,039.2 4,464.7 1,164.2 417.7 159.2 258.5 2883 1,247.0 306.0 1,041.5 4,530.2 1,174.5 426.6 164.9 261.6 291.5 1,267.6 310.8 1,059.3 4,585.9 1,182.7 428.9 166.3 262.6 293.0 1,290.5 315.5 1,075.3 4,630.6 1,193.4 431.8 166.7 265.0 295.1 1,312.1 319.0 1,079.1 4,693.6 1,202.8 438.1 171.2 266.8 296.5 1,334.0 323.4 1,098.8 4,767.3 1,215.4 445.6 175.7 270.0 297.8 1,356.8 330.8 1,120.9 4,822.4 1,232.6 443.2 169.2 273.9 299.9 1,381.8 332.9 1,132.0 Gross private domestic investment ...................................... 1,613.0 1,521.4 1,568.5 1,577.0 1,581.3 1,589.9 1,596.6 1,611.1 1,696.6 1,758.8 1,819.7 1,891.2 Fixed investment ............................................................. 1,644.8 1,167.2 335.8 831.4 422.0 77.5 172.1 172.4 141.6 138.2 129.6 477.6 1,599.6 1,123.2 305.2 818.1 412.5 78.4 167.6 166.5 136.6 143.7 125.3 476.3 1,577.4 1,091.4 290.0 801.4 401.7 80.5 163.3 157.9 142.5 134.3 122.9 486.0 1,563.0 1,061.2 273.4 787.8 398.2 79.5 160.6 158.2 136.9 125.1 127.6 501.8 1,562.2 1,055.0 262.7 792.3 404.9 83.1 163.8 158.0 137.9 120.7 128.7 507.2 1,569.5 1,048.1 260.1 788.0 397.2 82.6 159.3 155.3 136.9 123.9 130.1 521.4 1,586.0 1,046.4 253.6 792.8 407.9 85.8 161.0 161.4 139.7 116.1 129.0 539.6 1,626.4 1,072.7 262.3 810.4 419.3 91.5 162.8 165.0 139.3 121.4 130.3 553.8 1,700.2 1,113.3 262.3 851.1 442.8 99.7 169.1 174.0 140.8 128.8 138.7 586.9 1,755.2 1,146.3 268.2 878.1 454.7 104.5 170.5 179.7 139.5 140.0 144.0 609.0 1,783.5 1,158.8 266.0 892.8 458.5 104.4 176.8 187.4 143.1 134.5 146.6 624.6 1,846.6 1,188.1 273.2 914.9 481.2 109.1 179.9 192.2 143.6 138.4 151.7 658.5 -31.8 -.3 -31.5 -78.2 2.3 -80.5 -8.9 3.0 -11.9 14.0 -.9 14.9 19.1 -4.2 23.3 20.4 -4.0 24.4 10.6 1.9 8.7 -15.3 .9 -16.2 -3.7 -.9 -2.8 3.5 -.9 4.5 36.2 1.0 35.2 44.6 -2.4 47.0 Net exports of goods and s e rv ic e s .......................................... -361.9 -351.6 -376.3 -415.4 -431.1 -476.6 -503.3 -497.6 -488.8 -502.8 -546.8 -561.0 Exports ................................................................................ Goods .............................................................................. Services ............................................................................ 1,003.5 704.5 299.0 966.6 681.7 284.8 975.0 676.3 298.7 1,008.1 702.6 305.5 1,023.4 713.5 310.0 1,013.5 695.5 318.0 1,019.8 708.4 311.4 1,018.1 709.8 308.3 1,047.7 725.9 321.7 1,099.2 761.3 337.9 1,134.3 790.3 344.1 1,183.1 828.6 354.5 Imports ................................................................................ Goods .............................................................................. Services ........................................................................... 1,365.3 1,135.6 229.8 1,318.2 1,096.5 221.7 1,351.3 1,117.7 233.6 1,423.5 1,188.5 235.1 1,454.5 1,213.4 241.1 1,490.1 1,238.9 251.1 1,523.0 1,268.7 254.3 1,515.7 1,262.6 253.1 1,536.4 1,270.3 266.1 1,602.0 1,326.4 275.6 1,681.2 1,399.2 282.0 1,744.1 1,454.3 289.8 Motor vehicles and parts ................................................... Furniture and household equipment.................................... O th e r................................................................................ Nondurable goods ........................................................... F o o d ................................................................................ Clothing and shoes ........................................................... Gasoline, fuel oil, and other energy go ods........................... Other .......................................................................... Services .......................................................................... Housing............................................................................ Household operation ......................................................... Electricity and gas ......................................................... Other household operation ............................................. Transportation................................................................... Medical care ..................................................................... Recreation......................................................................... Other ................................................................................ Nonresidential.................................................................... Structures ..................................................................... Equipment and software................................................. Information processing equipment and software .......... Computers and peripheral equipment...................... Software................................................................ O th e r.................................................................... Industrial equipment ................................................... Transportation equipment........................................... Other equipment........................................................ Residential ........................................................................ Change in private inventories............................................ F arm ................................................................................. Nonfarm ............................................................................ Government consumption expenditures and gross investment 1,825.6 1,868.2 1,909.2 1,944.9 1,968.3 2,004.2 2,041.4 2,074.2 2,086.4 2,100.0 2,139.5 2,172.9 Federal ................................................................................ National defense ............................................................... Consumption expenditures ............................................. Gross investment .......................................................... Nondefense....................................................................... Consumption expenditures ............................................. Gross investm ent.......................................................... 614.3 393.0 341.4 51.6 221.3 191.3 30.1 630.1 405.6 354.3 51.2 224.5 194.1 30.4 654.2 418.5 367.1 51.4 235.8 203.7 32.1 676.6 431.7 376.0 55.7 244.9 210.3 34.6 684.4 438.5 380.0 58.4 245.9 213.4 32.5 708.2 461.0 404.8 56.2 247.2 215.5 31.7 723.4 457.4 410.1 57.3 256.0 224.2 31.8 761.1 505.7 446.7 59.9 254.4 219.0 35.4 756.7 498.1 437.1 61.0 258.7 225.9 32.8 767.5 513.6 450.2 63.4 253.9 221.1 32.8 793.3 534.1 465.2 69.0 259.1 225.9 33.2 804.3 541.2 473.5 67.7 263.1 226.3 36.7 State and local ................................................................. 1,211.2 976.6 234.6 1,238.1 987.1 251.0 1,255.0 996.2 258.8 1,268.3 1,011.5 256.9 1,283.9 1,023.8 260.1 1,296.0 1,034.6 261.4 1,318.0 1,054.8 263.2 1,313.1 1,051.8 261.4 1,329.7 1,061.0 268.7 1,332.6 1,066.3 266.2 1,346.3 1,079.8 266.4 1,368.6 1,091.2 277.4 Final sales of domestic prod uct.............................................. Gross domestic purchases..................................................... Final sales to domestic purchasers ......................................... 10,166.9 10,497.0 10,528.8 10,304.5 10,577.9 10,656.1 10,347.2 10,714.6 10,723.5 10,431.7 10,861.2 10,847.1 10,527.4 10,977.6 10,958.5 10,597.1 11,094.1 11,073.7 10,734.0 11,247.8 11,237.3 10,899.3 11,381.6 11,397.0 11,120.4 11,605.5 11,609.2 11,267.4 11,773.7 11,770.1 11,436.4 12,019.4 11,983.2 11,604.8 12,210.3 12,165.7 Gross domestic product................................................... 10,135.1 306.0 289.3 10,151.8 10,226.3 284 2 209 6 10,300.9 10,338.2 288 5 265 0 10,361.7 10,445.7 304 5 288 6 10,461.6 10,546.5 3129 287 8 10,571.7 10,617.5 301.2 257.5 10,661.2 10,744.6 304.8 268.0 10,781.3 10,884.0 309.8 264.7 10,929.0 11,116.7 329.8 278.2 11,168.3 11,270.9 371.8 284.6 11,358.1 11,472.6 373.8 300.3 11,546.1 11,649.3 Plus: Income receipts from the rest of the world ..................... Less: Income payments to the rest of *.he w o rld ...................... Net domestic product ............................................................ 8,802.4 8,944.5 9,051.2 9,147.8 9,237.2 9,296.1 9,410.5 9,537.0 9,756.2 9,896.7 10,117.6 10,279.3 Consumption expenditures ............................................. Gross investment .......................................................... Addenda: S e e " Ex p l a n a t o r y N o l e " a l t h e e n d o f t h e t a p ie s. Table 3B.—Real Gross Domestic Product and Related Measures [B illions o f cha in ed (2000 ) dollars] Seasonally adjusted at annual rates 2000 2001 Gross domestic p ro d u c t............................................................................... 9,817.0 9,890.7 10,074.8 10,381.3 9,695.6 9,847.9 9,836.6 9,887.7 9,875.6 9,905.9 Personal consumption expenditures ........................................................................ 6,739.4 6,910.4 7,123.4 7,355.6 6,661.3 6,703.3 6,768.0 6,825.0 6,853.1 6,870.3 Durable goods ...................................................................................................... Motor vehicles and parts ..................................................................................... Furniture and household equipment ..................................................................... O th e r................................................................................................................. 863.3 386.5 312.9 163.9 900.7 405.8 331.8 163.2 959.6 428.7 360.7 170.9 1,030.6 452.1 393.5 186.5 872.8 403.3 306.7 162.9 851.3 376.1 311.3 163.9 863.8 383.2 315.9 164.7 865.4 383.5 317.8 164.1 879.5 392.6 323.8 163.3 878.9 388.6 328.1 162.6 Nondurable g o o d s ................................................................................................ Food ................................................................................................................. Clothing and sh o e s ............................................................................................. Gasoline, fuel oil, and other energy goods ........................................................... O th e r................................................................................................................. 1,947.2 925.2 297.7 191.5 532.9 1,986.7 940.2 303.7 193.4 549.2 2,037.4 958.4 316.7 196.0 566.3 2,112.4 995.1 330.2 197.3 • 589.6 1,917.2 916.1 291.3 191.6 518.4 1,944.0 925.6 296.4 190.2 531.9 1,955.0 927.8 301.1 189.1 537.1 1,972.7 931.2 302.1 195.2 544.1 1,975.2 937.1 300.5 196.4 540.8 1,974.7 938.3 301.8 188.4 546.0 Services ............................................................................................................... Housing ............................................................................................................. Household operation ........................................................................................... Electncity and gas ........................................................................................... Other household operation............................................................................... Transportation .................................................................................................... Medical c a re ....................................................................................................... Recreation ......................................................................................................... O th er................................................................................................................. 3,928.8 1,006.5 390.1 143.3 246.8 291.3 1,026.8 268.3 945.9 4,023.2 1,033.7 391.0 140.9 250.2 288.0 1,075.2 274.9 960.3 4,128.6 1,062.0 394.1 144.7 249.4 279.9 1,139.3 281.5 971.1 4,220.3 1,076.1 400.2 147.2 253.0 277.7 1,184.3 290.3 990.7 3,871.1 995.7 376.3 133.9 242.4 289.9 1,010.7 264.2 934.1 3,908.2 1,003.3 388.6 142.0 246.8 291.9 1,022.0 267.6 934.9 3,949.3 1,009.9 392.5 143.8 248.9 291.6 1,032.1 270.1 953.2 3,986.8 1,016.9 403.0 153.6 249.2 291.7 1,042.5 271.1 961.7 3,997.9 1,024.4 397.6 148.5 248.8 292.9 1,053.5 274.7 954.5 4,016.0 1,031.2 389.5 138.8 251.0 291.5 1,065.7 274.1 964.2 Gross private domestic in v e s tm e n t.......................................................................... 1,735.5 1,598.4 1,560.7 1,628.8 1,678.0 1,788.6 1,742.6 1,732.7 1,670.3 1,637.4 Fixed in v e s tm e n t.................................................................................................. Nonresidential..................................................................................................... Structures....................................................................................................... Equipment and software.................................................................................. Information processing equipment and software .......................................... 1,679.0 1.232.1 313.2 918.9 467.6 1,629.4 1,180.5 306.1 874.2 459.0 1,548.9 1,075.6 251.6 826.5 439.6 1,627.3 1,110.8 237.4 879.2 492.4 1,651.1 1,195.7 299.9 896.7 442.9 1,689.1 1,238.6 312.5 926.0 465.7 1,686.4 1,245.2 319.7 925.5 473.8 1,689.4 1,247.9 320.6 927.3 488.1 1,678.2 1,234.4 313.8 920.8 485.7 1,640.5 1,190.2 310.6 879.2 461.4 Software ................................................................................................ Other ..................................................................................................... Industrial equipment .................................................................................... Transportation equipment ............................................................................ Other equipment......................................................................................... Residential......................................................................................................... 176.2 190.0 159.2 160.8 131.2 446.9 173.8 181.7 145.7 142.8 126.9 448.5 163.6 164.3 137.4 125.6 124.5 470.0 171.2 179.4 137.6 121.6 131.2 511.2 171.4 179.9 156.3 166.1 131.3 454.5 175.8 187.7 159.7 167.0 133.6 450.4 176.2 192.3 161.9 159.5 130.4 441.2 181.2 200.2 159.0 150.7 129.6 441.6 181.4 193.7 159.3 145.3 130.9 444.0 174.1 182.9 147.3 144.5 126.3 450.1 Change in private inventories ............................................................................... Farm ................................................................................................................. Nonfarm............................................................................................................. 56.5 -1.3 57.8 -31.7 0 -31.8 11.7 -1.6 13.5 -.8 .3 -1.1 26.9 -14.5 41.5 99.3 6.1 93.2 56.2 -2.7 58.8 43.5 5.7 37.8 -7.8 5.5 -13.5 -2.5 -1.3 -1.1 2002 2003 2000 I II 2001 IV III 1 II Net exports of goods and services .......................................................................... -379.5 -399.1 -472.1 -518.5 -350.6 -374.5 -395.6 -397.2 -398.2 -385.2 E x p o rts ................................................................................................................. Goods ................................................................................................................ Services............................................................................................................. 1,096.3 784.3 311.9 1,036.7 736.3 300.4 1,012.3 706.4 305.7 1,031.8 721.7 309.9 1,060.9 751.9 309.0 1,092.0 776.6 315.3 1,120.0 810.0 310.0 1,112.3 798.9 313.4 1,097.2 787.8 309.4 1,060.6 751.7 308.9 Imports ................................................................................................................. Goods ................................................................................................................ Services............................................................................................................. 1,475.8 1,243.5 232.3 1,435.8 1,204.1 231.6 1,484.4 1,248.5 235.9 1,550.3 1,307.3 243.3 1,411.5 . 1,466.5 1,187.1 1,236.3 224.4 230.1 1,515.6 1,277.7 237.9 1,509.5 1,272.7 236.8 1,495.4 1,261.6 233.7 1,445.8 1,204.7 240.9 Government consumption expenditures and gross in ve s tm e n t................................. 1,721.6 1,780.3 1,857.9 1,909.4 1,707.3 1,730.5 1,721.5 1,727.1 1,749.6 1,783.0 Federal ................................................................................................................ National defense ................................................................................................ Consumption expenditures ............................................................................... Gross investment............................................................................................ Nondefense ....................................................................................................... Consumption expenditures............................................................................... Gross investment............................................................................................ 578.8 370.3 321.5 48.8 208.5 177.8 30.7 601.4 384.9 334.1 50.8 216.5 185.8 30.7 646.6 414.6 358.2 56.6 232.0 199.0 32.9 689.6 451.8 390.3 61.6 237.6 204.0 33.5 568.2 362.6 313.8 48.9 205.6 174.8 30.8 591.2 377.1 328.1 49.0 214.0 181.5 32.6 578.6 369.9 320.7 49.3 208.7 178.2 30.4 577.2 371.5 323.4 48.1 205.6 176.8 28.8 588.5 377.9 329.8 48.0 210.6 180.6 30.1 601.4 381.9 331.3 50.6 219.5 187.1 32.5 State and lo c a l...................................................................................................... Consumption expenditures .............................................................................. Gross investment............................................................................................ 1,142.8 917.8 225.0 1,179.0 941.2 237.8 1,211.4 962.2 249.2 1,219.8 969.0 250.9 1,139.2 912.4 226.8 1,139.3 916.3 223.0 1,142.9 918.7 224.2 1,149.9 923.7 226.2 1,161.1 929.6 231.5 1,181.6 935.6 246.2 Residual .................................................................................................................... .1 1.2 -.9 -14.9 -.7 -.2 -.3 .2 .7 -.9 Addenda: Final sales of domestic product................................................................................ Gross domestic purchases....................................................................................... Final sales to domestic purchasers.......................................................................... 9,760.5 10,196.4 10,140.0 9,920.9 10,290.1 10,320.5 10,063.2 10,544.6 10,533.0 10,379.9 10,895.7 10,894.2 9,668.8 10,046.5 10,019.6 9,748.4 10,222.4 10,122.9 9,780.4 10,232.1 10,176.0 9,844.3 10,284.7 10,241.4 9,883.2 10,273.2 10,280.8 9,908.7 10,291.3 10,294.2 Gross domestic p ro d u c t....................................................................................... Plus: Income receipts from the rest of the world ....................................................... Less: Income payments to the rest of the w o rld ........................................................ Equals: Gross national product ............................................................................ 9,817.0 382.7 343.7 9,855.9 9,890.7 316.1 273.2 9,933.6 10,074.8 291.7 264.9 10,101.7 10,381.3 311.9 259.2 10,433.9 9,695.6 366.0 332.7 9,729.0 9,847.9 387.2 349.8 9,885.3 9,836.6 378.7 347.5 9,867.8 9,887.7 398.8 344.9 9,941.6 9,875.6 356.6 318.7 9,913.6 9,905.9 331.1 287.1 9,949.8 Net domestic p ro d u ct.............................................................................................. 8,629.1 8,616.2 8,777.9 9,045.8 8,537.6 8,669.3 8,638.5 8,671.2 8,640.8 8,642.1 N O TE.— U s e r s a r e ca u t i o n e d t h a t p a r t icu la r l y f o r c o m p o n e n t s t h a t e xh ib it r a p id c h a n g e in p r i c e s r e la t iv e t o o t h e r p r i c e s in t h e e c o n o m y , t h e ch a i n e d -d o l l a r e st im a t e s sh o u ld n o t b e u se d t o m e a su r e t h e co m p o n e n t ' s r e la t iv e im p o r t a n c e o r it ? co n t r ib u t io n t o t h e gr o w t h r a t e o f m o r e a g g r e g a t e se r i e s. Fo r a c c u r a t e e st im a t e s o f t h e co n t r ib u t io n s t o p e r c e 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 c t , u se t a b le 2 . Se 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, Table 3 B —Real Gross Domestic Product and Related Measures—Continued [B illion s o f cha in ed (2000 ) dollars] Seasonally adjusted at annual rates 2001 2002 IV III I II 2003 III IV I II 2004 III IV 1 n 10,472.8 10,580.7 10,697.5 10,778.0 Gross domestic p r o d u c t.............................................. 9,871.1 9,910.0 9,993.5 10,052.6 10,117.3 10,135.9 10,184.4 10,287.4 Personal consumption exp en ditu res........................................ 6,900.5 7,017.6 7,049.7 7,099.2 7,149.9 7,194.6 7,242.2 7,311.4 7,401.7 7,466.8 7,543.0 7,562.5 Durable g o o d s ..................................................................... Motor vehicles and p a rts ................................................... Furniture and household equipment.................................... O th e r............................................................................... 885.6 392.7 332.2 161.2 958.7 449.4 343.0 165.6 937.8 415.1 354.4 169.2 947.8 418.6 360.1 170.3 979.3 447.1 361.2 170.9 973.4 433.9 367.2 173.2 973.2 428.0 369.3 177.0 1,020.0 451.3 385.2 184.4 1,059.6 465.6 405.0 190.5 1,069.7 463.5 414.6 194.0 1,075.5 456.7 425.6 196.9 1,068.7 446.7 431.0 196.1 Nondurable goods .............................................................. F o o d ................................................................................ Clothing and shoes ........................................................... Gasoline, tuel oil, and other energy go ods........................... O th e r................................................................................ 1,986.5 940.6 302.9 191.1 551.7 2,010.3 945.0 309.8 197.7 558.4 2,029.3 951.4 316.4 197.8 564.4 2,033.2 958.4 316.2 193.7 564.7 2,030.2 958.0 312.9 193.4 565.5 2,056.8 965.8 321.2 199.3 570.7 2,082.0 981.4 320.6 199.5 579.9 2,090.1 988.0 327.1 192.1 582.8 2,125.3 1,002.2 334.9 194.6 593.6 2,152.0 1,008.6 338.2 203.3 602.1 2,187.3 1,028.4 351.2 202.1 606.6 2,187.0 1,028.6 346.0 199.6 613.4 Services .............................................................................. Housing............................................................................ Household operation ......................................................... Electncity and gas ......................................................... Other household operation ............................................. Transportation................................................................... Med.cal care ..................................................................... Recreation......................................................................... O th e r................................................................................ 4,027.8 1,036.5 390.3 138.9 251.6 285.9 1,082.7 274.5 957.8 4,051.2 1,042.8 386.6 137.3 249.4 281.6 1,099.1 276.2 964.6 4,084.1 1,052.8 388.5 139.6 248.9 282.0 1,117.1 279.5 963.8 4,119.7 1,060.8 394.5 144.2 250.3 280.9 1,132.5 280.7 969.7 4,143.8 1,065.5 394.7 145.1 249.5 278.5 1,147.0 281.6 975.8 4,166.9 1,068.7 398.9 149.9 248.9 278.2 1,160.5 284.4 975.4 4,188.7 1,071.6 399.5 149.0 250.2 279.3 1,170.0 286.4 981.1 4,207.7 1,074.3 396.8 144.5 252.3 277.7 1,179.7 289.6 988.8 4,227.9 1,078.1 398.7 144.7 254.2 277.1 1,189.3 291.2 992.5 4,256.7 1,080.3 406.0 150.6 255.2 276.7 1,198.3 294.1 1,000.3 4,291.7 1,086.0 409.3 151.9 257.1 278.1 1,207.9 298.3 1,011.2 4,316.3 1,091.4 404.4 144.5 260.3 279.6 1,222.3 298.4 1,019.1 Gross private domestic investment ......................................... 1,592.6 1,493.4 1,552.5 1,553.7 1,569.2 1,567.3 1,564.0 1,577.6 1,659.4 1,714.1 1,764.5 1,818.4 Fixed investment ................................................................. Nonresidenlial................................................................... Structures..................................................................... Equipment and softwa re................................................. Information processing equipment and software .......... 1,621.9 1,169.3 315.1 852.9 447.3 1,577.0 1,128.2 284.9 843.8 441.7 1,559.6 1,099.8 270.7 830.1 434.1 1,545.9 1,072.4 253.9 820.6 435.5 1,546.6 1,069.5 243.0 829.8 446.5 1,543.5 1,060.9 238.9 825.5 442.2 1,552.7 1,060.5 230.7 834.6 460.0 1,593.4 1,090.6 238.7 856.7 475.7 1,660.6 1,131.1 237.9 899.7 507.1 1,702.7 1,161.0 242.4 925.6 526.5 1,721.4 1,173.0 237.7 943.7 547.0 1,767.5 1,198.1 240.7 966.4 565.0 Soltw are................................................................ Other .................................................................... Industnal equipment .................................................. Transportation equipment........................................... Other equipment........................................................ Residential ........................................................................ 172.3 177.8 140.6 137.6 127.6 452.1 167.4 172.2 135.4 144.0 122.8 447.8 163.8 163.7 141.5 134.1 120.4 457.8 162.9 164.9 136.0 124.3 125.1 470.3 165.9 165.4 136.6 121.9 125.7 473.6 161.7 163.2 135.4 121.9 126.7 478.5 154.9 169.6 137.9 113.9 125.2 487.3 166.8 173.7 137.3 120.5 126.1 497.9 174.6 183.9 138.4 124.3 134.0 523.8 178.5 190.4 136.8 127.8 139.3 535.9 185.6 200.2 139.0 122.7 142.1 542.5 189.5 206.0 138.6 125.7 1453 552.3 Change in private in ve n to rie s.............................................. F a rm ................................................................................. Nonfarm ........................................................................... -29.9 1.0 -31.1 -86.7 -5.1 -81.7 -7.4 4.4 -11.9 7.9 -7.9 16.1 22.7 -1.7 24.6 23.8 -1.2 25.3 9.6 .1 9.6 -17.6 -1.8 -15.7 -3.5 -.7 -2.7 8.6 3.5 4.6 40.0 5.1 34.5 47.5 3.0 44.9 Net exports of goods and s e rvic e s.......................................... -398.4 -414.5 -444.9 -458.1 -469.8 -515.4 -511.7 -525.2 -508.7 -528.3 -550.1 -552.8 Exports ................................................................................ Goods .............................................................................. Services ............................................................................ 1,008.7 710.9 297.7 980.3 694.7 285.6 991.6 691.4 300.0 1,017.8 714.4 303.3 1,025.5 719.5 305.9 1,014.5 700.5 313.6 1,010.6 707.3 303.1 1,006.5 705.9 300.4 1,033.8 723.1 310.5 1,076.2 750.6 325.4 1,095.4 767.2 323.1 1,129.9 793.7 335.0 Imports ................................................................................ Goods .............................................................................. Services ........................................................................... 1,407.1 1,177.9 229.0 1,394.9 1,172.1 222.8 1,436.5 1,200.7 235.4 1,475.9 1,244.2 232.0 1,495.3 1,262.1 233.6 1,529.8 1,287.2 242.7 1,522.3 1,281.3 241.2 1,531.7 1,297.3 235.3 1,542.5 1,297.3 245.2 1.604.5 1,353.2 251.7 1,645.5 1,394.1 252.4 1,682.6 1,423.4 260.1 1,776.1 1,812.7 1,833.5 1,853.4 1,863.1 1,881.6 1,882.5 1,915.3 1,916.0 1,923.7 1,935.8 1,946.8 Federal ................................................................................ National defense ............................................................... Consumption expenditures ............................................. Gross investm ent........................................................... Nondefense ....................................................................... Consumption expenditures ............................................. Gross investm ent.......................................................... 601.5 384.1 332.1 52.1 217.3 187.3 30.0 614.2 395.6 343.1 52.5 218.6 188.2 30.4 626.4 401.3 348.6 52.6 225.2 193.0 32.2 645.5 412.3 355.7 58.8 233.2 198.5 34.8 650.1 415.8 356.5 59.6 234.3 201.4 32.8 664.5 429.2 371.9 57.2 235.3 203.2 32.0 665.0 426.2 367.8 58.5 238.8 206.6 32.1 699.0 462.3 401.0 61.2 236.5 200.9 35.7 693.1 453.1 391.1 62.1 239.9 206.7 33.1 701.2 465.7 401.4 64,6 235.2 202.0 33.2 713.3 477.6 408.5 69.9 235.4 201.8 33.6 718.1 479.9 412.5 67.9 237.9 201.2 37.0 State and local .................................................................... Consumption expenditures ............................................. Gross investm ent........................................................... 1,174.6 945.2 229.4 1,198.5 954.5 244.0 1,207.2 957.0 250.3 1,208.0 960.9 247.1 1,213.1 963.7 249.5 1,217.3 967.3 250.1 1,217.7 967.7 250.1 1,216.3 968.6 247.7 1,222.9 968.8 254.3 1,222.5 970.9 251.6 1,222.4 971.5 251.0 1,228.7 971.8 257.2 Residual................................................................................... 3.3 1.4 -1.4 .3 -2.4 -.5 -1.6 -8.2 -23.5 -26.7 -31.3 -35.7 Addenda: Final sales of domestic product.............................................. Gross domestic purchases..................................................... Final sales to domestic purchasers......................................... 9,899.9 10,270.1 10,299.1 9,992.3 10,325.6 10,408.4 10,000.4 10,437.7 10,444 7 10,044.9 10,508.9 10 501 1 10,095.2 10,584.8 10 562 7 10,112.5 10,646.7 10 623.3 10,173.3 10,692.0 10,680.8 10,302.5 10,808.1 10,823.3 10,473.9 10,978.3 10,979.4 10,569,6 11,104.3 11,093.2 10,655.8 11,241.9 11,200.1 10,728.8 11,324.7 11,275.4 Gross domestic p ro d u c t...................................................... 9,871.1 299.2 282 6 9,887.7 9,910.0 277.5 204 3 9,983.1 9,993.5 281 0 257 4 10,017.2 10,052.6 294 8 278 7 10 068 9 10,117.3 301 8 276 7 10,142.4 10,135.9 289 1 246 7 10,178.4 10,184.4 290.1 254.4 10,220.3 10,287.4 294.5 251.2 10,330.8 10,472.8 312.1 263.2 10,521.7 10,580.7 350.7 268.0 10,663.3 10,697.5 349.6 280.3 10,766.7 10,778.0 Net domestic product ............................................................ 8,547.2 8,634.8 8,711.2 8,760.3 8,815.3 8,824.7 8,864.9 8,957.6 9,132.0 9,228.4 9,344.1 9,417.3 Government consumption expenditures and gross investment N O TE.— U s e r s a r e ca u t i o n e d t h a t p a r t icu la r ! / f o r c o m p o n e n t s t h a t e xh ib it r a p id c h a n g e in p r i c e s r e la t iv e t o o t h e r p r i c e s in t h e e c o n o m y , t h e ch a i n e d -d o l l a r e st im a t e s sh o u ld n o t b e u se d t o m e a su r e t h e c o m p o n e n t ' s r e la t iv e im p o r t a n c e o r it s co n t r ib u t io n t o t h e gr o w t h r a t e o f m o r e a g g r e g a t e s e r i e s . Fo r a c c u r a t e e st i m a t e s o f t h e co n t r ib u t io n s t o p e r ce n t c h a n g e s in r e a l g r o s s d o m e st ic p r o d u c t , u se t a b le 2 . Se e " Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b le s, Table 4 —Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period Seasonally adjusted at annual rates 2000 2001 2002 2003 2000 IV I Gross domestic product (G D P)................ 2.2 2.4 1.7 1.8 Personal consumption expenditures ....................... Durable goods ...................................................... Nondurable g o o d s ................................................ Services .............................................................. 2.5 -1.6 4.0 2.7 2.1 -1.9 1.5 3.3 1.4 -2.7 .6 2.7 1.9 -3.4 2.0 3.0 1.8 1.8 -1.0 1.4 2.6 1.0 1.0 .2 1.1 .8 2002 2001 II 3.3 3.1 3.3 -1.4 1.4 5.3 2.6 III 1.6 .6 II in IV 1 h hi 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 .6 .9 -3.8 2.0 -2.1 1.3 3.2 1.4 -2.8 1.2 2.4 3.2 -3.7 5.1 3.8 .7 -3.8 -2.2 3.1 1.6 2.7 .6 3.0 -.1 7.1 2.6 1.4 1.9 -.5 3.9 -1.9 6.8 -.3 -1.3 0 -1.7 1.7 .4 .5 .3 .5 .9 4.1 3.5 5.4 11.3 12.0 7.9 IV 1.6 1.2 I it 2.8 3.2 3.3 -.1 6.7 2.3 2.3 2.9 -2.5 5.4 2.8 .1 -1.0 2.1 -2.2 2.8 -1.0 -1.1 -1.3 0 -1.7 -.8 -.1 -1.1 2.1 -2.2 2.1 -.1 -.5 -.4 -1.3 1.6 -2.2 1.6 -2.0 -2.6 -.6 -5.3 -6.5 1.2 -3.5 -3.8 -2.8 -10.0 -11.3 -3.3 -1.2 -1.4 -.6 -1.9 -2.0 -1.2 3.0 2.2 4.8 10.5 10.8 8.8 3.0 3.3 2.4 3.4 2.6 7.7 1.6 1.1 1.8 .8 3.4 .8 4.2 7.4 7.1 8.0 2.5 3.1 1.4 1.6 1.1 4.0 2.7 1.8 2.9 -.2 3.2 3.3 5.1 7.7 .5 2.4 7.4 8.5 8.6 8.2 6.8 -.5 .3 -.3 1.4 -1.0 2.2 1.1 1.1 1.0 2.9 1.0 1.0 1.3 .3 1.0 5.1 6.5 5.7 8.3 4.2 4.0 2.9 3.4 1.8 4.7 1.6 1.0 1.0 1.6 1.7 .6 .6 1.7 1.3 1.2 1.1 1.3 1.5 2.5 2.5 1.5 1.7 1.8 1.8 1.7 2.0 1.9 1.9 2.0 2.8 3.7 3.8 2.7 1.1 .4 .3 1.1 1.4 1.7 1.7 1.5 1.6 1.4 1.4 1.6 2.7 3.4 3.4 2.8 3.2 3.5 3.4 1.7 1.1 1.7 2.0 .9 2.0 1.0 .8 1.0 1.8 2.8 1.8 1.3 1.4 1.3 2.0 1.9 2.0 2.9 3.9 2.9 1.1 .4 1.1 1.3 1.6 1.3 1.4 1.2 1.4 2.7 3.4 2.7 3.2 3.4 -3.1 3.5 3.4 -2.8 -.9 2.0 -1.6 ^1.0 3.3 0 2.1 2.2 .3 6.6 -2.0 6.9 .2 Gross private domestic in ve stm e n t......................... Fixed investment .................................................. Nonres centra'................................................... Structures..................................................... Equipment and software ................................ Residential....................................................... 1.1 -.1 3.9 -1.3 4.4 1.0 -.3 5.4 -2.3 4.6 .2 -.8 2.4 -1.9 2.5 1.2 -.4 2.1 -1.2 4.4 .9 0 5.0 -1.7 3.4 -.3 -2.3 6.0 -5.1 5.5 1.5 1.8 .6 6.5 -1.5 5.0 Exports................................................................ Goods .............................................................. Services........................................................... Im ports................................................................ Goods .............................................................. Services........................................................... 1.7 1.1 3.1 4.2 4.8 1.4 -.4 -.7 .4 -2.5 -3.0 .1 -.4 -.7 .4 -1.2 -1.8 1.7 2.1 2.0 2.4 3.4 2.9 5.9 .4 .4 .6 .7 .8 .3 .1 -.1 .6 -3.0 -3.8 1.5 -1.3 -1.6 -.7 -5.9 -6.6 -2.2 Government consumption expenditures and gross in ve stm e n t.......................................................... Federal................................................................ National defense ............................................... Nondelense ...................................................... Slate and local .............. ...................................... 4.1 3.2 3.2 3.2 4.5 2.5 1.9 2.0 1.7 2.9 2.7 3.3 3.4 3.1 2.4 3.2 3.6 4.2 2.6 3.0 2.7 1.6 .9 2.7 3.2 3.1 1.9 3.5 -1.0 3.8 1.8 1.1 .7 1.8 2.1 2.2 2.5 1.6 1.3 Addenda: Final sales ol domestic product.............................. Gross domestic purchases .................................... Final sales to domestic purchasers......................... Gross national product (GNP) ................................ 2.2 2.5 2.5 2.2 2.4 2.0 2.0 2.4 1.7 1.5 1.5 1.6 1.8 2.0 2.0 1.8 1.8 1.8 1.8 1.8 3.3 2.7 2.7 3.3 3.2 2.3 2.3 3.1 Implicit price deflators: G D P ................................................................ Gross domestic purchases ................................. G N P ................................................................ 2.2 2.5 2.2 2.4 2.0 2.4 1.7 1.5 1.6 1.8 2.0 1.8 1.6 1.6 1.6 3.3 2.7 3.2 3.1 2.2 3.1 Se e " Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b le s. I IV 2004 2003 0 .4 -4.4 3.5 2.0 -4.3 .5 2.7 3.3 0 5.3 3.0 1.2 .3 1.3 0 3.1 1.2 2.7 2.8 1.2 1.4 1.2 5.8 2.0 .3 4.8 -1.1 5.4 2.1 3.6 3.4 1.5 5.8 .2 7.0 1.0 1.6 -.6 -4.3 -6.7 8.4 .8 -.6 4.0 2.5 2.4 3.6 3.2 4.2 .9 .9 .4 3.5 5.7 6.4 4.0 9.6 9.9 8.3 4.5 5.5 2.5 5.9 7.4 -1.0 -.1 Table 4 A — Price Indexes fo r Gross Domestic Product and Related Measures: Percent Change From Preceding Period [Percent] Seasonally adjusted at annual rates 2000 2001 2002 2003 2000 IV 2001 1 II 2002 III IV I II 2004 2003 III IV I II hi IV I Gross domestic product (GDP) .......................... Previously published......................................... 2.2 2.2 2.4 2.4 1.7 1.5 1.8 1.7 1.8 1.8 3.3 3.2 3.1 3.2 1.6 1.6 1.7 1.6 1.4 1.1 1.5 1.5 1.7 1.5 2.0 1.7 2.7 2.3 1.1 1.1 1.4 1.6 1.6 1.5 2.8 2.8 Personal consumption expenditures .................................. Previously published ........................................................ Durable g o o d s................................................................. Previously published.................................................... Nondurable g o o d s........................................................... Previously published.................................................... Services .......................................................................... Previously published.................................................... 2.5 2.5 -1.6 -1.6 4.0 4.0 2.7 2.7 2.1 2.0 -1.9 -1.9 1.5 1.5 3.3 3.2 1.4 1.4 -2.7 -2.9 .6 .5 2.7 2.7 1.9 1.8 -3.4 -3.7 2.0 2.1 3.0 2.9 1.8 1.8 -1.0 -1.0 1.4 1.4 2.6 2.6 3.3 3.2 -1.4 -1.3 1.4 1.3 5.3 5.1 2.6 2.5 -3.1 -3.1 3.5 3.7 3.4 3.2 .6 .5 -2.8 -2.8 -.9 -.9 2.0 1.8 .6 .4 -1.6 -2.2 -4.0 -4.3 3.3 3.3 .9 .7 -3.8 -3.5 0 -.1 2.3 2.0 2.9 2.9 -2.5 -2.9 5.4 5.7 2.8 2.8 2.0 2.0 -2.1 -3.0 1.3 1.4 3.2 3.4 1.4 1.7 -2.8 -3.0 1.2 1.0 2.4 3.1 3.2 2.8 -3.7 -4.4 5.1 5.1 3.8 3.2 .7 .5 -3.8 -3.9 -2.2 -2.1 3.1 2.7 1.6 1.8 -4.4 -4.0 3.5 3.8 2.0 2.0 1.2 1.0 -4.3 -3.9 .5 .5 2.7 2.3 3.3 3.2 0 -.3 5.3 5.3 3.0 2.9 Gross private domestic Inve stm en t................................... Previously published ........................................................ Fixed investment ............................................................. Previously published................................................... Nonresidential ............................................................. Previously published................................................. Structures ................................................................ Previously published ............................................ Equipment and software ........................................... Previously published............................................ Residential.................................................................. Previously published................................................. Change in private mventones ........................................... 1.0 1.0 1.1 1.1 -.1 -.1 3.9 3.9 -1.3 -1.3 4.4 4.4 1.0 1.1 1.0 1.1 -.3 -.2 5.4 5.5 -2.3 -2.2 4.6 4.6 .2 0 .2 .1 -.8 -.9 2.4 1.4 -1.9 -1.7 2.5 2.4 1.1 .9 1.2 1.1 -.4 -.2 2.1 2.1 -1.2 -.9 4.4 3.9 .8 .8 .9 .9 0 0 5.0 5.0 -1.7 -1.7 3.4 3.4 0 .3 -.3 .1 -2.3 -1.8 6.0 6.5 -5.1 -4.7 5.5 5.3 1.5 1.3 1.8 1.6 .6 .2 6.5 6.9 -1.5 -2.1 5.0 5.1 2.1 2.3 2.2 2.4 .3 .6 6.6 6.3 -2.0 -1.6 6.9 7.0 .2 0 .1 0 -1.0 -1.2 2.1 1.2 -2.2 -2.1 2.8 2.9 -1.0 -.7 -1.1 -.8 -1.3 -1.3 0 -.9 -1.7 -1.4 -.8 .3 -.1 -.7 -.1 -.7 -1.1 -1.5 2.1 .5 -2.2 -2.1 2.1 1.1 -.5 -1.0 -.4 -.7 -1.3 -1.5 1.6 .3 -2.2 -2.1 1.6 .9 2.6 1.6 2.7 1.7 .6 .4 3.0 1.1 -.1 .2 7.1 4.5 1.4 1.3 1.9 1.9 -.5 -.3 3.9 3.8 -1.9 -1.6 6.8 6.4 -.1 0 -.3 0 -1.3 -1.2 0 1.1 -1.7 -1.8 1.7 2.2 1.2 2.0 1.2 2.1 .3 1.6 1.3 2.7 0 1.2 3.1 3.1 2.7 3.6 2.8 3.7 1.2 1.8 1.4 4.7 1.2 1.0 5.8 7.5 2.1 2.8 2.0 3.0 .3 1.0 4.8 5.6 -1.1 -.3 5.4 7.1 Net exports of goods and services ................................... Exports............................................................................ Previously published.................................................... Goods ......................................................................... Previously published................................................. Services...................................................................... Previously published................................................. Im p orts........................................................................... Previously published.................................................... Goods ......................................................................... Previously published................................................. Services...................................................................... Previously published................................................. 1.7 1.7 1.1 1.1 3.1 3.1 4.2 4.2 4.8 4.8 1.4 1.4 -.4 -.4 -.7 -.7 .4 .4 -2.5 -2.5 -3.0 -3.0 .1 .2 -.4 -.4 -.7 -.7 .4 .3 -1.2 -1.0 -1.8 -1.7 1.7 2.5 2.1 2.1 2.0 2.0 2.4 2.2 3.4 3.6 2.9 2.9 5.9 7.4 .4 .4 .4 .4 .6 .6 .7 .7 .8 .8 .3 .3 .1 .1 -.1 -.1 .6 .6 -3.0 -2.8 -3.8 -3.7 1.5 2.1 -1.3 -1.2 -1.6 -1.6 -.7 -.3 -5.9 -6.0 -6.6 -6.6 -2.2 -3.0 -2.0 -2.1 -2.6 -2.6 -.6 -1.0 -5.3 -5.3 -6.5 -6.6 1.2 1.4 -3.5 -3.6 -3.8 -3.8 -2.8 -3.0 -10.0 -9.8 -11.3 -11.1 -3.3 -2.9 -1.2 -1.2 -1.4 -1.4 -.6 -.9 -1.9 -1.6 -2.0 -2.1 -1.2 .7 3.0 2.9 2.2 2.1 4.8 4.6 10.5 10.5 10.8 10.7 8.8 9.3 3.0 3.3 3.3 3.3 2.4 3.2 3.4 3.7 2.6 2.7 7.7 8.6 .4 .6 .5 .6 .3 .6 .5 .8 .4 .5 .9 2.0 4.1 3.6 3.5 3.5 5.4 3.8 11.3 11.7 12.0 11.8 7.9 11.3 1.0 .8 1.6 1.7 -.6 -1.3 -4.3 -4.1 -6.7 -6.8 8.4 10.4 .8 1.6 -.6 -.2 4.0 5.7 2.6 2.7 2.4 2.6 3.6 3.3 3.2 2.6 4.2 3.6 .9 .4 .9 .9 .4 .3 3.5 3.8 5.7 5.7 6.4 6.4 4.0 4,3 9.6 9.5 9.9 9.8 8.3 8.0 Government consumption expenditures and gross In ve stm en t..................................................................... Previously published.................................................... Federal............................................................................ Previously published.................................................... National de fense.......................................................... Previously published................................................. Nondefense................................................................. Previously published................................................. State and local ................................................................ Previously published.................................................... 4.1 4.1 3.2 3.2 3.2 3.2 3.2 3.2 4.5 4.5 2.5 2.6 1.9 2.1 2.0 2.2 1.7 1.9 2.9 2.9 2.7 2.6 3.3 2.7 3.4 2.5 3.1 3.2 2.4 2.5 3.2 2.9 3.6 2.5 4.2 2.6 2.6 2.3 3.0 3.1 2.7 2.7 1.6 1.6 .9 .9 2.7 2.7 3.2 3.2 3.1 2.7 1.9 2.0 3.5 3.6 -1.0 -.7 3.8 3.0 1.8 2.2 1.1 1.6 .7 1.6 1.8 1.8 2.1 2.5 1.6 2.0 2.2 2.4 2.5 2.4 1.6 2.3 1.3 1.8 h 1.4 1.8 1.7 .8 .8 3.4 3.6 .8 1.3 4.2 3.6 7.4 5.9 7.1 5.2 8.0 7.3 2.5 2.4 3.1 3.3 1.4 2.3 1.6 2.3 1.1 2.1 4.0 3.8 2.7 2.2 1.8 1.2 2.9 1.8 -.2 .2 3.2 2.7 3.3 1.8 5.1 -.5 7.7 -6 .5 -.4 2.4 3.0 7.4 7.3 8.5 7.7 8.6 8.0 8.2 7.2 6.8 7.1 -.5 .1 .3 1.4 -.3 1.2 1.4 1.6 -1.0 -.7 2.2 1.7 1.1 1.3 1.1 1.3 1.0 1.3 2.9 2.0 1.0 .7 1.0 .3 1.3 ,4 .3 .1 1.0 1.0 5.1 5.2 6.6 7.2 5.7 6.5 8.3 8.5 4.2 4.0 Addenda: Final sales of domestic product ........................................ Previously published .................................................... Gross domestic purchases ............................................... Previously published................................................... Final sales to domestic purchasers................................... Previously published................................................ Gross national product (GNP) .......................................... Previously published.................................................... 2.2 2.2 2.5 2.5 2.5 2.5 2.2 2.2 2.4 2.4 2.0 2.0 2.0 2.0 2.4 2.4 1.7 1.5 1.5 1.4 1.5 1.4 1.6 1.5 1.8 1.7 2.0 1.9 2.0 1.9 1.8 1.7 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 3.3 3.1 2.7 2.6 2.7 2.6 3.3 3.2 3.2 3.2 2.3 2.3 2.3 2.3 3.1 3.1 1.6 1.6 1.0 1.0 1.0 1.0 1.6 1.6 1.7 1.6 .6 .5 .6 .5 1.7 1.6 1.3 1.1 1.2 1.0 1.1 .9 1.3 1.1 1.5 1.4 2.5 2.4 2.5 2.4 1.5 1.5 1.7 1.5 1.8 1.6 1.8 1.6 1.7 1.5 2.0 1.8 1.9 1.7 1.9 1.7 2.0 1.7 2.8 2.4 3.7 3.4 3.8 3.5 2.7 2.3 1.1 1.1 .4 .4 .3 .4 1.1 1.1 1.4 1.6 1.7 1.8 1.7 1.8 1.5 1.7 1.6 1.5 1.4 1.3 1.4 1.4 1.6 1.5 2.7 2.9 3.4 3.5 3.4 3.5 2.8 2.8 Implicit price deflators: G D P ........................................................................... Previously published................................................. Gross domestic purchases........................................... Previously published................................................. G N P .......................................................................... Previously published................................................. 2.2 2.2 2.5 2.5 2.2 2.2 2.4 2.4 2.0 2.0 2.4 2.4 1.7 1.5 1.5 1.4 1.6 1.5 1.8 1.7 2.0 1.9 1.8 1.7 1.6 1.6 1.6 1.6 1.6 1.6 3.3 3.1 2.7 2.6 3.2 3.1 3.1 3.2 2.2 2.3 3.1 3.2 1.7 1.6 1.1 1.0 1.7 1.6 2.0 1.9 .9 .8 2.0 1.9 1.0 .7 .8 .6 1.0 .7 1.8 1.9 2.8 2.9 1.8 2.0 1.3 1.0 1.4 1.2 1.3 1.0 2.0 1.8 1.9 1.8 2.0 1.8 2.9 2.3 3.9 3.4 2.9 2.3 1.1 U .4 .4 1.1 1.1 1.3 1.6 1.6 1.8 1.3 1.6 1.4 1.5 1.2 1.3 1.4 1.5 2.7 2.9 3.4 3.5 2.7 2.9 Se 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. Table 5.— Real Gross Dom estic Product, Q uantity Indexes [In de x num be rs, 200 0= 10 0] Seasonally adjusted 2000 2001 2002 2000 2003 I Gross domestic product ......................................... Personal consumption expenditures ....................................... Durable goods ...................................................................... Nondurable goods ................................................................ Services .............................................................................. 100.000 100.000 100.000 100.000 100.000 2001 II 1 IV hi II 100.751 102.626 105.749 98.764 100.315 100.200 100.721 100.597 100.906 102.537 104.327 102.027 102.403 105.698 111.150 104.630 105.085 109.143 119.378 108.481 107.418 98.841 101.097 98.458 98.530 99.465 98.609 99.835 99.474 100.424 100.056 100.398 100.521 101.270 100.238 101.309 101.475 101.687 101.877 101.438 101.758 101.942 101.802 101.409 102.218 89.928 92.253 87.302 80.346 89.947 105.178 93.852 96.924 90.157 75.810 95.679 114.392 96.691 98.339 97.126 95.744 97.587 101.689 103.060 100.600 100.526 99.785 100.778 100.786 100.411 100.443 101.066 102.088 100.723 98.718 99.838 100.619 101.282 102.383 100.912 98.807 96.245 99.953 100.192 100.191 100.210 99.342 94.350 97.709 96.600 99.168 95.683 100.714 96.748 Gross private domestic investment ........................................ Private fixed investment........................................................ Nonresidential................................................................... Structures..................................................................... Equipment and software................................................ Residential....................................................................... 100.000 92.103 97.047 95.817 97.737 95.136 100.357 Exports of goods and services ............................................... 100.000 100.000 100.000 94.565 92.343 94.116 96.770 99.608 102.163 101.458 100.083 97.291 100.585 105.048 95.643 99.371 102.700 102.286 101.330 97.972 100.000 100.000 103.412 103.908 103.162 107.918 111.725 105.999 110.906 119.140 106.739 99.169 98.169 99.679 100.517 102.139 99.696 99.995 99.970 100.007 100.318 99.722 100.618 101.628 101.679 101.601 103.567 103.910 103.394 100.000 100.000 100.000 100.000 101.644 100.918 101.781 100.788 103.102 103.414 103.876 102.494 106.346 106.858 107.438 105.865 99.061 98.529 98.813 98.712 99.876 100.255 99.832 100.298 100.204 100.350 100.355 100.121 100.859 100.866 101.000 100.870 101.257 100.753 101.389 100.585 101.519 100.930 101.521 100.953 Imports of goods and services ............................................... Government consumption expenditures and gross investment Federal................................................................................ State and local ..................................................................... Addenda: Final sales of domestic product.............................................. Gross domestic purchases..................................................... Final sales to domestic purchasers......................................... Gross national pro du ct.......................................................... 100.000 100.000 100.000 100.000 100.000 Seasonally adjusted 2001 III 2003 2002 IV I II III IV I II 2004 III IV 1 II Gross domestic p ro d u c t.......................................... 100.551 100.948 101.798 102.400 103.059 103.249 103.743 104.792 106.681 107.780 108.969 109.789 Personal consumption exp en ditu res........................................ Durable goods ...................................................................... Nondurable goods ................................................................ Services .............................................................................. 102.391 102.576 102.018 102.519 104.128 111.051 103.242 103.114 104.604 108.624 104.217 103.951 105.339 109.789 104.416 104.859 106.092 113.433 104.261 105.472 106.755 112.755 105.626 106.060 107.461 112.731 106.923 106.615 108.488 118.146 107.338 107.099 109.828 122.733 109.145 107.613 110.794 123.902 110.517 108.346 111.925 124.572 112.331 109.237 112.213 123.791 112.312 109.861 Gross private domestic investment ......................................... Private fixed investment ........................................................ Nonresidential................................................................... Structures ..................................................................... Equipment and softwa re................................................ Residential........................................................................ Change in private inventories ................................................ 91.768 96.603 94.908 100.621 92.820 101.166 86.051 93.924 91.569 90.968 91.831 100.206 89.458 92.891 89.263 86.440 90.340 102.448 89.524 92.072 87.037 81.065 89.301 105.228 90.418 92.117 86.805 77.601 90.304 105.967 90.311 91.932 86.103 76.279 89.842 107.071 90.119 92.479 86.075 73.674 90.829 109.032 90.902 94.902 88.518 76.203 93.235 111.420 95.616 98.904 91.802 75.955 97.917 117.201 98.771 101.412 94.235 77.406 100.735 119.916 101.672 102.529 95.204 75.885 102.699 121.400 104.778 105.271 97.246 76.851 105.171 125.831 Exports of goods and services ............................................... 92.009 89.422 90.449 92.841 93.545 92.536 92.182 91.813 94.300 98.170 99.924 103.066 Imports of goods and s e rv ic e s ................................................ 95.345 94.518 97.340 100.011 101.325 103.665 103.151 103.792 104.522 108.725 111.504 114.019 Government consumption expenditures and gross investment Federal ................................................................................ State and lo c a l...................................................................... 103.164 103.920 102.784 105.289 106.124 104.869 106.502 108.235 105.631 107.658 111.535 105.701 108.221 112.326 106.152 109.292 114.804 106.514 109.346 114.891 106.551 111.251 120.765 106.432 111.290 119.751 107.006 111.738 121.154 106.968 112.443 123.249 106.965 113.083 124.070 107.512 Addenda: Final sales of domestic product ........................................... Gross domestic purchases..................................................... Final sales to domestic purchasers ........................................ Gross national product .......................................................... 101.428 100.722 101.569 100.323 102.375 101.267 102.647 101.291 102.458 102.366 103.005 101 637 102.914 103.064 103.562 102 161 103.429 103.809 104.169 102.907 103.607 104.416 104.767 103.272 104.230 104.860 105.334 103.697 105.553 105.999 106.739 104.818 107.309 107.668 108.279 106.755 108.290 108.904 109.401 108.192 109.173 110.253 110.455 109.241 109.921 111.065 111.198 Se e “ Ex p l a n a t o r y N o t e " a t t h e e n d o f t h e t a b le s. Table 6 — Price Indexes for Gross Dom estic Product [In de x num be rs, 2 0 0 0= 10 0] Seasonally adjusted 2002 2003 2000 2001 2000 2001 I II Gross domestic product ......................................... 100.000 102.402 104.097 106.003 99.292 99.780 100.241 100.687 101.507 102.290 Personal consumption expenditures ....................................... Durable g o o d s ...................................................................... Nondurable g o o d s................................................................. Services ............................................................................... 100.000 100.000 100.000 100.000 102.094 98.114 101.531 103.257 103.548 95.475 102.097 106.083 105.511 92.244 104.154 109.237 99.296 100.471 98.816 99.276 99.777 100.337 99.717 99.685 100.239 99.715 100.562 100.194 100.687 99.477 100.905 100.845 101.502 99.137 101.256 102.149 102.146 98.369 102.121 102.997 Gross private domestic Investment ......................................... Private fixed investment......................................................... Non residential................................................................... Structures ..................................................................... Equipment and software................................................. Residential........................................................................ 100.000 100.000 100.000 100.000 100.000 100.000 101.013 101.023 99.683 105.403 97.708 104.633 101.221 101.232 98.909 107.908 95.868 107.246 102.304 102.435 98.546 110.176 94.754 111.951 99.496 99.481 99.772 98.482 100.212 98.683 99.788 99.788 99.841 99.366 100.005 99.635 100.253 100.252 100.191 100.455 100.102 100.418 100.463 100.479 100.195 101.697 99.681 101.263 100.454 100.410 99.605 103.196 98.376 102.628 100.839 100.856 99.743 104.835 97.996 103.889 100.017 IV hi 1 h Exports of goods and services ............................................... 100.000 99.624 99.275 101.395 99.461 99.989 100.223 100.327 100.345 Imports of goods and services ............................................... 100.000 97.497 96.326 99.615 99.321 99.487 100.506 100.686 99.926 98.416 Government consumption expenditures and gross Investment Federal................................................................................ State and local ..................................................................... 100.000 100.000 100.000 102.544 101.907 102.868 105.313 105.288 105.317 108.702 109.081 108.485 98.970 99.489 98.707 99.395 99.223 99.483 100.486 100.449 100.504 101.149 100.838 101.306 101.929 101.309 102.245 102.384 101.587 102.789 Addenda: Final sales of domestic product.............................................. Gross domestic purchases..................................................... Final sales to domestic purchasers......................................... Gross national product.......................................................... 100.000 100.000 100.000 100.000 102.406 101.994 101.998 102.399 104.100 103.489 103.491 104.087 106.025 105.571 105.592 105.997 99.288 99.275 99.271 99.287 99.779 99.714 99.714 99.775 100.241 100.283 100.283 100.245 100.691 100.727 100.732 100.693 101.503 101.403 101.398 101.510 102.296 101.974 101.978 102.286 Implicit price deflators: Gross domestic product..................................................... Final sales of domestic product .......................................... Gross domestic purchases ................................................. Final sales to domestic purchasers .................................... Gross national product....................................................... 100.000 100.000 100.000 100.000 100.000 102.399 102.407 101.992 101.998 102.396 104.092 104.100 103.484 103.491 104.082 105.998 106.025 105.566 105.592 105.992 99.317 99.284 99.297 99.265 99.311 99.745 99.776 99.680 99.709 99.741 100.259 100.238 100.299 100.280 100.262 100.666 100.689 100.707 100.729 100.672 101.478 101.500 101.375 101.395 101.480 102.252 102.293 101.937 101.977 102.248 Seasonally adjusted 2001 III 1 ii 2004 2003 2002 IV III IV I h III IV I II Gross domestic p r o d u c t.......................................... 102.690 103.122 103.470 103.853 104.280 104.786 105.490 105.780 106.153 106.586 107.314 108.161 Personal consumption exp enditu re s........................................ Durable goods ...................................................................... Nondurable goods ................................................................. Services ............................................................................... 102.291 97.669 101.895 103.512 102.437 97.279 100.852 104.368 102.660 96.343 100.861 104.963 103.386 95.743 102.193 105.693 103.894 95.244 102.520 106.524 104.250 94.570 102.814 107.153 105.080 93.688 104.108 108.158 105.269 92.787 103.520 108.993 105.689 91.757 104.423 109.529 106.005 90.747 104.564 110.266 106.860 90.741 105.914 111.085 107.724 90.724 107.635 111.730 Gross private domestic investment ......................................... Private tixed investment ......................................................... Nonresidential ................................................................... Structures ..................................................................... Equipment and softwa re................................................ Residential ........................................................................ 101.355 101.399 99.818 106.512 97.497 105.639 101.405 101.427 99.564 107.069 96.964 106.377 101.142 101.136 99.240 107.075 96.547 106.165 101.106 101.101 98.957 107.638 96.004 106.711 100.992 101.008 98.642 108.061 95.474 107.125 101.644 101.685 98.798 108.858 95.447 108.981 102.001 102.154 98.668 109.911 94.981 110.780 101.969 102.085 98.354 109.906 94.585 111.253 102.276 102.401 98.431 110.255 94.588 112.097 102.968 103.101 98.729 110.633 94.862 113.675 103.514 103.618 98.793 111.926 94.611 115.179 104.429 104.492 99.164 113.527 94.670 117.145 Exports of goods and services ............................................... 99.512 98.623 98.337 99.057 99.798 99.906 100.920 101.160 101.355 102.146 103.565 104.721 Imports of goods and s e rv ic e s ................................................ 97.089 94.556 94.108 96.482 97.296 97.416 100.059 98.959 99.606 99.837 102.163 103.647 Government consumption expenditures and gross Investment Federal ................................................................................. State and lo c a l...................................................................... 102.792 102.143 103.121 103.072 102.589 103.315 104.134 104.446 103.965 104.943 104.820 105.000 105.651 105.285 105.836 106.523 106.601 106.468 108.445 108.804 108.237 108.299 108.892 107.959 108.898 109.181 108.736 109.167 109.447 109.007 110.522 111.203 110.131 111.611 112.001 111.390 Addenda: Final sales of domestic prod uct.............................................. Gross domestic purchases..................................................... Final sales to domestic purchasers ......................................... Gross national product.......................................................... 102.700 102.223 102.232 102.685 103.127 102.378 102.382 103.114 103.469 102.673 102.672 103.459 103.853 103.298 103.298 103.843 104.284 103.747 103.751 104.269 104.794 104.237 104.244 104.778 105.516 105.190 105.214 105.481 105.799 105.287 105.305 105.772 106.179 105.721 105.741 106.156 106.608 106.086 106.107 106.579 107.332 106.980 106.997 107.308 108.171 107.891 107.901 Implicit price deflators: Gross domestic product ..................................................... Final sales of domestic product ......................................... Gross domestic purchases ......... _...................................... Final sales to domestic purchasers..................................... Gross national product................ ...................................... 102.675 102.698 102.210 102.231 102.671 103.191 103.125 102.443 102.381 103 183 103.450 103.468 102.653 102.670 103 439 103.911 103.851 103.352 103.295 103 901 104.243 104.282 103.711 103.748 104 232 104.752 104.792 104.202 104.240 104.743 105.500 105.511 105.199 105.210 105.490 105.799 105.793 105.306 105.300 105.791 106.148 106.173 105.713 105.735 106.146 106.523 106.601 106.028 106.102 106.516 107.246 107.325 106.916 106.992 107.240 108.085 108.164 107.820 107.896 See "Explanatory Note" al the end ol the tables. Table 7.— Real Gross Dom estic Product: Percent Change From Preceding Year 2001 2002 2003 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Gross domestic product (G D P )........................... 3.5 3.4 4.1 3.5 1.9 -0.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 0.8 1.9 3.0 Personal consumption expenditures .................................. Durable g o o d s................................................................. Nondurable g o o d s ............................................................ Services.......................................................................... 4.1 9.7 3.6 2.9 3.3 1.7 2.4 4.3 4.1 6.0 3.3 4.0 2.8 2.2 2.8 3.0 2.0 -.3 1.6 2.9 .2 -5.6 -.2 1.7 3.3 5.9 2.0 3.5 3.3 7.8 2.7 2.8 3.7 8.4 3.5 2.9 2.7 4.4 2.2 2.6 3.4 7.8 2.6 2.9 3.8 8.6 2.7 3.3 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 2.0 2.4 3.1 6.5 2.6 2.6 3.3 7.4 3.7 2.2 Gross private domestic in v e s tm e n t.................................... fixed investm ent.............................................................. Nonresidential .............................................................. Structures................................................................. Equipment and software ........................................... Residential................................................................... -.7 1.2 -2.9 -11.0 1.9 12.3 3.1 .6 -.1 -2.9 1.4 2.0 2.4 3.3 5.2 .6 7.5 -1.0 4.0 3.0 5.6 2.0 7.3 -3.0 -3.4 -2.1 .5 1.5 0 -8.6 -8.1 -6.5 -5.4 -11.1 -2.6 -9.6 8.1 5.9 3.2 -6.0 7.3 13.8 8.9 8.6 8.7 -.7 12.5 8.2 13.6 9.3 9.2 1.8 11.9 9.6 3.1 6.5 10.5 6.4 12.0 -3.2 8.9 9.0 9.3 5.6 10.6 8.0 12.4 9.2 12.1 7.3 13.8 1.9 9.8 10.2 11.1 5.1 13.3 7.6 7.8 8.3 9.2 -.4 12.7 6.0 5.7 6.5 8.7 6.8 9.4 .8 -7.9 -3.0 -4.2 -2.3 -4.9 .4 -2.4 -4.9 -8.9 -17.8 -5.5 4.8 4.4 5.1 3.3 -5.6 6.4 8.8 Exports............................................................................ G oo ds......................................................................... Services....................................................................... Im ports............................................................................ G oods......................................................................... Services....................................................................... 7.7 5.1 14.6 8.6 10.2 1.2 10.8 ii.i 10.1 5.9 4.6 11.7 16.0 18.8 9.0 3.9 4.0 3.4 11.5 11.9 10.3 4.4 4.3 4.9 9.0 8.4 10.5 3.6 3.0 6.5 6.6 6.9 6.0 -.6 -.1 -2.6 6.9 7.5 5.5 7.0 9.3 -2.6 3.2 3.3 3.2 8.8 10.1 2.9 8.7 9.7 6.3 11.9 13.3 5.7 10.1 11.7 6.3 8.0 9.0 3.3 8.4 8.8 7.2 8.7 9.3 5.5 11.9 14.3 5.9 13.6 14.4 9.4 2.4 2.2 2.9 11.6 11.7 11.4 4.3 3.8 5.6 11.5 12.4 6.9 8.7 11.2 2.9 13.1 13.5 11.1 -5.4 -6.1 -3.7 -2.7 -3.2 -.3 -2.3 -4.1 1.8 3.4 3.7 1.9 1.9 2.2 1.4 4.4 4.7 3.1 Government consumption expenditures and gross In ve stm en t...................................................................... Federal............................................................................ National defense .......................................................... Nondefense.................................................................. State and local ................................................................. 6.1 5.7 6.4 3.5 6.4 2.5 3.6 4.7 .3 1.5 1.3 -1.6 -.5 -5.1 3.7 2.6 1.5 -.5 8.3 3.4 3.2 2.0 0 8.3 4.1 1.1 -.2 -1.1 2.4 2.1 .5 -1.7 -5.0 6.9 2.2 -.9 -4.2 -5.6 -.7 1.4 0 -3.7 -4.9 -1.2 2.6 .5 -2.7 -3.8 -.4 2.6 1.0 -1.2 -1.4 -.7 2.3 1.9 -1.0 -2.8 2.6 3.6 1.9 -1.1 -2.1 .7 3.6 3.9 2.2 1.9 2.8 4.7 2.1 .9 -.5 3.5 2.7 3.4 3.9 3.9 3.9 3.2 4.4 7.5 7.7 7.1 2.8 2.8 6.6 9.0 2.4 .7 Addenda: Final sales ol domestic product ......................................... Gross domestic purchases ................................................ Final sales to domestic purchasers.................................... Gross national product...................................................... Real disposable personal income ...................................... 3.8 3.7 4.0 3.2 3.1 3.0 3.1 2.7 3.3 1.7 4.3 3.2 3.4 4.2 4.3 3.4 3.0 2.8 3.5 2.8 2.1 1.4 1.6 2.0 1.9 .1 -.8 -.6 -.3 .5 3.0 3.3 3.1 3.3 3.4 2.6 3.2 3.2 2.7 1.0 3.4 4.4 3.8 3.9 2.7 3.0 2.4 2.8 2.6 2.8 3.7 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 1.6 .9 1.8 .8 1.9 1.4 2.5 2.1 1.7 3.1 3.1 3.3 3.4 3.3 2.3 Price indexes: Gross domestic purchases............................................ Gross domestic purchases excluding food and en erg y.... G D P .................................................... ....................... GDP excluding food and en ergy.................................... Personal consumption expenditures ............................... 2.3 3.2 2.2 2.6 2.4 3.1 3.1 2.7 2.8 3.5 3.4 3.7 3.4 3.4 4.0 3.8 3.6 3.8 3.6 4.4 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 2.2 2.3 2.3 2.4 2.3 2.1 2.2 2.1 2.2 2.1 2.1 2.2 2.0 2.1 2.1 1.8 1.5 1.9 1.7 2.2 1.4 1.3 1.7 1.7 1.7 .6 1.0 1.1 1.2 .9 1.6 1.4 1.4 1.5 1.7 2.5 1.9 2.2 2.0 2.5 2.0 1.9 2.4 2.1 2.1 1.5 1.8 1.7 2.0 1.4 2.0 1.6 1.8 1.6 1.9 Table 8 — Real Gross Domestic Product: Percent Change From Quarter One Year Ago 2001 2000 1 II III IV I II IV I II 2004 2003 2002 III III IV i II III IV I ii Gross domestic product (G D P )........................... 4.1 4.8 3.5 2.2 1.9 0.6 0.4 0.2 1.2 1.5 2.5 2.3 1.9 2.3 3.5 4.4 5.0 4.8 Personal consumption expenditures .................................. Durable goods .................................................................. Nondurable goods ............................................................ Services.......................................................................... 5.5 13.7 3.7 4.7 4.6 5.9 4.1 4.5 4.5 5.2 4.3 4.4 4.1 4.7 3.0 4.5 2.9 .8 3.0 3.3 2.5 3.2 1.6 2.8 2.0 2.5 1.6 2.0 2.8 10.8 1.9 1.6 2.9 6.6 2.7 2.2 3.3 7.8 3.0 2.6 3.6 10.6 2.2 2.9 2.5 1.5 2.3 2.9 2.7 3.8 2.6 2.6 3.0 7.6 2.8 2.1 3.5 8.2 4.7 2.0 3.8 9.9 4.6 2.2 4.2 10.5 5.1 2.5 3.4 4.8 4.6 2.6 Gross private domestic in v e s tm e n t.................................... Fixed investment .............................................................. Nonresidential .............................................................. Structures ................................................................. Equipment and software ........................................... Residential................................................................... 4.4 7.8 9.4 2.7 11.7 3.7 11.2 7.7 9.9 6.3 11.1 1.9 5.8 5.5 7.9 9.6 7.3 -.7 1.4 5.1 7.8 8.8 7.5 -1.9 -.5 1.6 3.2 4.6 2.7 -2.3 -8.5 -2.9 -3.9 -.6 -5.1 -.1 -8.6 -3.8 -6.1 -1.4 -7.8 2.5 -13.8 -6.7 -9.6 -11.1 -9.0 1.4 -7.1 -7.1 -10.9 -13.7 -9.8 3.1 -5.1 -5.8 -9.9 -18.3 -6.7 4.5 -1.5 -4.6 -8.5 -22.9 -2.7 4.7 5.0 -2.1 -6.0 -16.1 -2.2 6.9 .7 -.4 -3.6 -14.8 .5 6.4 1.5 3.1 1.7 -6.0 4.4 5.9 5.7 7.4 5.8 -2.1 8.4 10.6 9.4 10.3 9.4 1.5 12.1 12.0 12.8 10.9 10.6 3.0 13.1 11.3 15.3 10.9 9.9 .9 12.8 12.9 Exports............................................................................ Goods .......................................................................... Services....................................................................... Imports ............................................................................ G o ods.......................................................................... Services....................................................................... 8.2 10.2 3.6 13.6 14.3 10.1 10.2 12.6 4.5 14.0 14.6 11.1 10.1 13.7 1.6 13.8 14.1 12.4 6.5 8.5 1.8 11.2 11.3 10.6 3.4 4.8 .1 5.9 6.3 4.2 -2.9 -3.2 -2.0 -1.4 -2.6 4.7 -9.9 -12.2 -4.0 -7.2 -7.8 -3.7 -11.9 -13.0 -8.9 -7.6 -7.9 -5.9 -9.6 -12.2 -3.1 -3.9 -4.8 .7 -4.0 -5.0 -1.8 2.1 3.3 -3.7 1.7 1.2 2.7 6.3 7.1 2.0 3.5 .8 9.8 9.7 9.8 8.9 1.9 2.3 1.0 6.0 6.7 2.4 -1.1 -1.2 -.9 3.8 4.3 1.4 .8 .5 1.5 3.2 2.8 5.0 6.1 7.1 3.8 4.9 5.1 3.7 8.4 8.5 8.3 8.1 8.8 4.7 12.3 12.4 11.8 9.9 9.7 10.5 Government consumption expenditures and gross investm ent...................................................................... Federal............................................................................ National defense .......................................................... Nondefense .................................................................. State and lo c a l................................................................. 2.7 .9 -.4 3.4 3.6 3.5 4.6 3.6 6.3 2.9 1.7 .3 -1.6 3.9 2.4 .4 -2.2 -3.5 .3 1.7 2.5 3.6 4.2 2.5 1.9 3.0 1.7 1.3 2.6 3.7 3.2 4.0 3.8 4.2 2.8 5.0 6.4 6.5 6.3 4.2 4.8 6.4 6.2 6.9 4.0 4.0 7.3 8.0 6.2 2.2 4.9 8.1 8.2 7.8 3.3 3.8 8.2 8.5 7.6 1.6 2.7 6.1 6.2 6.1 .9 3.3 8.3 12.1 1.4 .7 2.8 6.6 9.0 2.4 .8 2.2 5.5 8.5 0 .4 2.8 7.3 12.1 -1.5 .4 1.6 2.7 3.8 .6 1.0 4.2 5.5 4.9 48 4.9 3.5 4.2 4.2 35 5.7 2.9 3.0 3.6 2,4 4.4 2.2 2.3 2.6 u 2.4 1.6 .7 1.7 7 1*3 1.2 .4 1.2 2.8 1.5 .4 1.6 4 F2 1.2 1.6 1.6 10 3.5 1.4 2.1 2.0 12 4.6 2.0 3.1 2.6 2.6 1.4 1.2 3.1 2.1 2.0 2.9 1.7 2.4 2.3 2.0 .7 2.6 2.8 3.1 2.6 1.1 3.8 3.7 3.9 3.7 3.5 4.5 4.3 4.4 4.8 3.9 4.7 5.1 4.9 5.3 4.2 4.1 4.8 4.2 Real disposable personal income ...................................... 4.6 4.9 5.4 4.1 4.4 k Price indexes: 1 Gross domestic purchases............................................ ” Gross domestic purchases excluding food and energy .... G D P ............................................................................ GDP excluding food and en ergy.................................... Personal consumption expenditures ............................... 2.6 1.9 2.1 2.1 2.7 2.5 1.8 2.1 2.0 2.5 2.5 1.9 2.3 2.1 2.4 2.4 1.8 2.2 2.0 2.3 2.1 1.7 2.2 1.8 2.2 2.3 1.8 2.5 2.0 2.4 1.9 1.9 2.4 2.1 2.0 1.6 2.1 2.4 2.3 1.7 1.3 1.9 1.9 2.2 1.1 1.3 1.8 1.5 2.0 1.2 1.5 1.8 1.5 1.9 1.6 1.8 1.6 1.6 1.7 1.8 2.5 1.8 2.0 1.9 2.4 1.9 1.6 1.9 1.6 1.8 1.9 1.5 1.8 1.5 1.7 1.8 1.4 1.7 1.4 1.7 1.7 1.5 1.7 1.4 1.7 2.5 1.9 2.3 1.9 2.3 Addenda: Final sales of domestic product ......................................... Gross domestic purchases ................................................ final sales lo domestic purchasers.................................... 2 3.9 Table 9.— Relation o f Gross Domestic Product, Gross National Product, and National Income [Billions ol dollars] Seasonally adjusted at annual rates 2001 2000 2002 2003 2000 I 2001 II in IV I ii Gross domestic p r o d u c t.......................................................... 9,817.0 10,128.0 10,487.0 11,004.0 9,629.4 9,822.8 9,862.1 9,953.6 10,021.5 10,128.9 Plus: Income receipts from the rest of the w o rld .......................... Less: Income payments to the rest of the world .......................... 382.7 343.7 322.4 278.8 301.8 274.7 329.0 273.9 362.9 330.4 386.0 349.2 379.7 348.1 402.1 347.2 361.8 323.0 337.8 293.2 Equals: Gross national product .............................................. 9,855.9 10,171.6 10,514.1 11,059.2 9,661.9 9,859.6 9,893.6 10,008.4 10,060.2 10,173.5 less: Consumption of fixed ca p ital............................................. Less: Statistical discrepancy ...................................................... 1,187.8 -127.2 1,281.5 -89.6 1,303.9 -15.3 1,353.9 25.6 1,153.1 -171.7 1,177.0 -67.8 1,199.9 -164.6 1,221.3 -104.6 1,240.5 -167.8 1,270.8 -98.8 Equals: National in c o m e ......................................................... 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 oayments ............................... Taxes on production and imports less subsidies...................... Business current transfer payments ........................................ Current surplus of government enterprises.............................. 8,795.2 5,782.7 4,829.2 953.4 8,979.8 5,942.1 4,942.8 999.3 9,225.4 6,069.5 4,976.3 1,093.2 9,679.6 6,289.0 5,103.6 1,185.5 8,680.5 5,694.1 4,760.0 934.1 8,750.4 5,727.2 4,783.2 944.0 8,858.3 5,837.4 4,874.9 962.5 8,891.7 5,871.9 4,898.8 973.1 8,987.6 5,946.2 4,961.1 985.1 9,001.5 5,944.6 4,951.4 993.2 728.4 150.3 771.9 167.4 • 769.6 170.9 834.1 153.8 709.3 153.8 726.5 148.5 735.6 148.2 742.1 150.5 769.4 155.3 770.6 161.7 817.9 559.0 664.6 87.1 5.3 767.3 566.3 673.3 92.8 -1.4 874.6 532.9 724.4 80.9 2.8 1,021.1 543.0 751.3 77.7 9.5 832.6 548.3 653.2 81.3 7.9 833.0 560.6 662.6 85.0 7.1 811.8 564.3 667.9 88.9 4.2 794.3 563.0 674.6 93.1 2.2 778.7 565.2 672.8 98.3 1.7 783.1 569.9 667.9 104.8 -1.1 9,944.1 10,217.6 10,502.3 10,978.5 9,801.1 9,890.6 10,026.6 10,058.2 10,189.3 10,227.7 Addendum: Gross domestic incom e.......................................................... Seasonally adjusted at annual rates 2001 Gross domestic product .......................................................... Less: Consumption of fixed ca p ita l............................................. Compensation of employees.................................................. Wage and salary accru als.................................................. 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 Net interest and miscellaneous payments................................ Taxes on production and imports less subsidies...................... Business current transfer payments ........................................ Current surplus of government enterprises .............................. 2002 2004 2003 III IV I II in IV i IV I II 10,135.1 10,226.3 10,338.2 10,445.7 10,546.5 10,617.5 10,744.6 10,884,0 11,116.7 11,270.9 11,472.6 11,649.3 306.0 289.3 284.2 209.6 288.5 265.0 304.5 288.6 312.9 287.8 301.2 257.5 304.8 268.0 309.8 264.7 329.8 278.2 371.8 284.6 373.8 300.3 10,151.8 10,300.9 10,361.7 10,461.6 10,571.7 10,661.2 10,781.3 10,929.0 11,168.3 11,358.1 11,546.1 1,332.7 -71.1 1,281.8 -20.9 1,287.1 -61.8 1,297.9 -58.7 1,309.3 20.8 1,321.5 38.4 1,334.0 39.6 1,347.0 13.2 1,360.6 1,374.2 12.8 1,355.0 39.6 8.890.3 5.939.3 4,935.2 1,004.1 9,039.9 5,938.3 4,923.4 1,014.8 9,136.5 6,010.2 4,956.2 1,054.0 9.222.3 6.068.3 4,980.3 1,088.0 9,241.6 6,086.0 4,981.2 1,104.8 9.301.3 6.113.4 4,987.3 1,126.0 9,407.7 6,179.1 5,024.7 1,154.3 9,568.8 6,245.6 5.072.0 1,173.7 9,771.1 6,324.7 5,128.6 1,196.1 9,971.1 6,406.7 5.188.9 1,217.8 10,151.5 6,512.8 5.262.5 1,250.4 6,600.6 5.329.1 1,271.4 773.4 176.4 774.2 176.2 762.2 179.7 769.0 184.7 770.4 165.4 776.7 153.8 794.0 155.5 825.7 144.1 852.0 148.8 854.7 167.1 872.1 172 8 902.8 173.8 714.5 565.5 658.2 65.7 -2.9 793.0 564.8 694.5 102.5 -3.4 838.2 549.2 708.4 89.6 -.9 868.4 527.3 723.4 81.3 -.1 876.2 526.8 732.8 78.0 6.0 915.4 528.3 733.1 74.6 6.0 912.0 541.3 740.7 74.8 10.3 986.2 542.8 737.7 76.9 9.8 1,057.1 542.8 757.4 78.9 9.3 1,129.1 545.3 769.4 80.1 8.7 1,165.6 554.5 782.9 82.7 8.1 545.9 795.0 83.5 7.6 10,206.3 10,247.2 10,400.1 10,504.4 10,525.7 10,579.1 10,704.9 10,870.8 11,080.1 11,258.1 11,433.0 II III Addendum: 1,370.1 Table 1 0 — Personal Incom e and Ils Disposition [B illion s o f dollars] Seasonally adjusted at annual rates 2001 2000 2002 2000 2003 i 2001 II in IV 1 ii Personal incom e1 ................................................................... 8,429.7 8,724.1 8,878.9 9,161.8 8,266.2 8,372.3 8,514.4 8,565.8 8,688.7 8,719.9 Compensation of employees, received ................................... Wage and salary disbursements........................................ Supplements to wages and sa laries................................... Proprietors' income with inventory valuation and capital consumption adjustments .................................................. Farm ............................................................................... N onla rm ........................................................................... Rental income of persons with capital consumption adjustment Personal income receipts on assets ....................................... Personal interest incom e................................................... Personal dividend income.................................................. Personal current transfer receipts ............................. ............. 5,782.7 4,829.2 953.4 5,942.1 4,942.8 999.3 6,069.5 4,976.3 1,093.2 6,289.0 5,103.6 1,185.5 5,694.1 4,760.0 934.1 5,727.2 4,783.2 944.0 5,837.4 4,874.9 962.5 5,871.9 4,898.8 973.1 5,946.2 4,961.1 985.1 5,944.6 4,951.4 993.2 728.4 22.7 705.7 150.3 1,387.0 1,011.0 376.1 1,084.0 771.9 19.7 752.2 167.4 1,380.0 1,011.0 369.0 1,193.9 769.6 9.7 759.9 170.9 1,334.6 946.7 387.9 1,282.7 834.1 21.8 812.3 153.8 1,322.7 929.9 392.8 1,335.4 709.3 23.2 686.1 153.8 1,349.9 991.5 358.4 1,054.6 726.5 23.8 702.7 148.5 1,385.6 1,010.2 375.4 1,080.8 735.6 23.0 712.6 148.2 1,406.2 1,021.4 384.7 1,094.8 742.1 20.7 721.4 150.5 1,406.5 1,020.8 385.7 1,106.0 769.4 21.9 747.5 155.3 1,397.4 1,020.2 377.2 1,149.6 770.6 19.2 751.5 161.7 1,388.7 1,020.6 368.2 1,185.7 Less: Contributions for government social insurance................ 702.7 731.1 748.3 773.2 695.5 696.3 707.7 711.2 729.2 731.5 Less: Personal current taxes ..................................................... 1,235.7 1,237.3 1,051.2 1,001.9 1,207.0 1,231.1 1,248.0 1,256.6 1,296.6 1,312.3 Equals: Disposable personal income ...................................... 7,194.0 7,486.8 7,827.7 8,159.9 7,059.2 7,141.2 7,266.4 7,309.3 7,392.1 7,407.6 Less: Personal outlays .............................................................. 7,025.6 7,354.5 7,668.5 8,049.3 6,888.0 6,970.0 7,076.3 7,168.1 7,253.5 7,318.8 Equals: Personal saving ......................................................... 168.5 132.3 159.2 110.6 171.2 171.3 190.1 141.2 138.6 88.7 Personal saving as a percentage of disposable personal income 2.3 1.8 2.0 1.4 2.4 2.4 2.6 1.9 1.9 1.2 Addendum: Disposable personal income, billions of chained (2000) dollars2 7,194.0 7,333.3 7,559.5 7,733.8 7,109.7 7,157.5 7,249.3 7,259.6 7,283.0 7,252.1 Seasonally adjusted at annual rates 2001 III Personal Income 1 ................................................................... Compensation of employees, received.................................... Wage and salary disbursements ......................................... Supplements to wages and salaries .................................... Proprietors' income with inventory valuation and capital consumption adjustments................................................... F a rm ................................................................................ Nonfarm ........................................................................... Rental income of persons with capital consumption adjustment Personal income receipts on asse ts........................................ Personal interest income ................................................... Personal dividend incom e.................................................. Personal current transfer receipts........................................... IV 1 8,733.1 8,754.8 5,939.3 4,935.2 1,004.1 5,938.3 4,923.5 1,014.8 773.4 17.7 755.7 176.4 1,373.3 1,009.2 364.1 1,202.6 774.2 20.0 754.1 176.2 1,360.3 994.0 366.4 1,237.8 2004 2003 2002 III II IV II 1 III IV 1 II 8,803.6 8,897.1 8,895.7 8,919.2 9,002.2 9,105.7 9,209.3 9,330.0 9,465.4 9,614.8 6,010.2 4,956.2 1,054.0 6,068.3 4,980.3 1,088.0 6,086.0 4,981.2 1,104.8 6,113.4 4,987.3 1,126.0 6,177.7 5,023.3 1,154.3 6,247.0 5,073.3 1,173.7 6.324.7 5,128.6 1,196.1 6,406.7 5,188.9 1,217.8 6,511.3 5,261.0 1,250.4 6,602.0 5,330.6 1,271.4 762.2 10.8 751.4 179.7 1,337.8 961.2 376.6 1,259.4 769.0 10.4 758.6 184.7 1,340.2 953.1 387.1 1,284.0 770.4 8.7 761.7 165.4 1,333.7 940.5 393.2 1,289.1 776.7 8.8 767.9 153.8 1,326.7 932.1 394.6 1,298.1 794.0 13.8 780.2 155.5 1,325.9 932.4 393.5 1,311.4 825.7 24.1 801.6 144.1 1,324.7 932.4 392.3 1,333.1 852.0 24.8 827.2 148.8 1,314.4 922.8 391.6 1,346.2 864.7 24.7 840.0 167.1 1,325.8 932.0 393.8 1,350.7 872.1 17.9 854.2 172.8 1,337.1 936.2 400.9 1,379.0 902.8 18.6 884.2 173.8 1,351.9 941.2 4106 1,400.8 Less: Contributions for government social insurance ................ 731.9 731.9 745.7 749.1 748.9 749.6 762.4 768.9 776.7 785.0 806.9 816.5 Less: Personal current ta xe s...................................................... 1,110.3 1,230.0 1,065.8 1,052.1 1,046.7 1,040.3 1,025.7 1,030.7 941.7 1,009.4 1,010.4 1,030.3 Equals: Disposable personal in co m e ....................................... 7,622.8 7,524.8 7,737.8 7,845.0 7,849.0 7,878.8 7,976.5 8,075.0 8,267.6 8,320.5 8,455.0 8,584.5 Less: Personal outlays............................................................... 7,361.2 7,484.4 7,528.5 7,635.0 7,722.9 7,787.6 7,897.0 7,982.9 8,107.8 8,209.4 8,351.6 8,442.5 Equals: Personal saving .......................................................... 261.6 40.5 209.3 210.0 126.1 91.2 79.5 92.1 159.8 111.1 103.4 142.0 Personal saving as a percentage of disposable personal income 3.4 .5 2.7 2.7 1.6 1.2 1.0 1.1 1.9 1.3 1.2 1.7 Addendum: Disposable personal income, billions of chained (2000) dollars2 7,452.2 7,346.0 7,537.6 7,588.4 7,555.1 7,558.0 7,591.2 7,671.1 7,822.9 7,849.6 7,912.5 7,969.3 1 . P e r so n a l in c o m e i s a l s o e q u a l t o n a t io n a l in c o m e l e ss co r p o r a t e p r o f it s w it h in v e n t o r y v a lu a t io n a n d ca p it a l co n su m p t io n a d j u st m e n t s, t a x e s o n p r o d u ct io n a n d im p o r t s l e s s s u b si d i e s , co n t r i b u t io n s f o r go v e r n m e n t so c i a l in su r a n c e . n e t in t e r e st a n d m i sc e l l a n e o u s p a y m e n t s, b u si n e s s c u r r e n t t r a n sf e r p a y m e n t s, c u r r e n t su r p l u s o f go v e r n m e n t e n t e r p r i se s, a n d w a g e a c c r u a l s l e ss d isb u r se m e n t s, p lu s p e r so n a l in c o m e r e ce ip t s o n a s s e t s a n d p e r so n a l cu r r en t t r a n sf e r r e ce ip t s. 2 . Eq u a l s d is p o sa b l e p e r so n a l in c o m e d e f l a t e d b y t h e im p licit p r i c e d e f l a t o r f o r p e r so n a l co n su m p t io n e xp e n d i t u r e s. Table 11 A.— C orporate Profits [Billion s o l dollars] Seasonally adjusted at annual rates 2000 2001 2002 2003 2000 I II 2001 III IV I II Corporate profits with inventory valuation and capital consumption ad ju stm en ts ................................................................................. 817.9 767.3 874.6 1,021.1 832.6 833.0 811.8 794.3 778.7 783.1 Less: Taxes on corporate income ....................................................... 265.2 204.1 183.8 234.9 280.8 272.5 260.3 247.1 222.5 217.9 552.7 377.9 563.2 370.9 690.7 390.0 786.2 395.3 551.8 360.3 560.5 377.3 551.5 386.6 547.2 387.6 556.2 379.2 565.2 370.1 174.8 192.3 300.7 390.9 191.6 183.2 164.9 159.6 177.0 195.1 Equals: Profits after tax with inventory valuation and capital consumption ad ju stm en ts ............................................................ Net dividends................................................................................ Undistributed profits with inventory valuation and capital consumption adjustments ............................................................................... Cash flow: Net cash flow with inventory valuation and capital consumption ad ju stm en ts.............................................................................. Undistributed profits with inventory valuation and capital consumption adjustments........................................................ Consumption of fixed capital ....................................................... 864.8 944.8 1,058.5 1,173.4 858.5 866.2 863.0 871.6 901.9 934.2 174.8 690.0 192.3 752.5 300.7 757.8 390.9 782.5 191.6 666.9 183.2 683.0 164.9 698.2 159.5 712.0 177.0 724.9 195.1 739.1 Less: Inventory valuation adjustment ............................................... -14.1 11.3 -1.2 -14.1 -28.6 -11.3 -6.3 -10.1 -4.1 1.1 Equals: Net cash f lo w .................................................................. 878.9 933.5 1,059.8 1,187.5 887.1 877.5 869.3 881.7 906.0 933.2 773.4 707.9 758.0 874.5 795.4 784.8 762.6 750.8 754.6 755.0 508.2 -14.1 58.6 503.8 11.3 48.1 574.2 -1.2 117.8 639.6 -14.1 160.8 514.6 -28.6 65.8 512.2 -11.3 59.6 502.3 -6.3 55.5 503.7 -10.1 53.6 532.1 -4.1 28.2 537.1 1.1 27.1 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) .............................................................................. Profits after tax (without inventory valuation and capital consumption adjustments) .............................................................................. Inventory valuation adjustment ........................................................ Capital consumption adjustment ...................................................... Seasonally adjusted at annual rates IV 1 II III IV Corporate profits with inventory valuation and capital consumption adjustments ................................................................................. 714.5 793.0 838.2 868.4 876.2 Less: Taxes on corporate income........................................................ 197.6 178.6 168.9 183.5 188.3 516.9 366.0 614.4 368.4 669.3 378.7 685.0 389.2 150.9 246.1 290.6 947.8 995.3 150.9 797.0 246.1 749.2 Equals: Profits after tax with inventory valuation and capital consumption adjustments ............................................................ Net dividends................................................................................ Undistributed profits with inventory valuation and capital consumption adjustments ............................................................................... Cash flow: Net cash flow with inventory valuation and capital consumption a d ju stm en ts .............................................................................. Undistributed profits with inventory valuation and capital consumption adjustments ........................................................ Consumption of fixed capital ....................................................... 2004 2003 2002 2001 III III IV 1 II I 915.4 912.0 986.2 1,057.1 1,129.1 1,165.6 194.7 224.0 224.6 238.7 252.3 256.5 687.9 395.3 720.6 396.9 688.0 395.0 761.7 394.7 818.4 394.1 876.8 395.4 909.1 403.4 295.8 292.6 323.7 292.0 367.0 424.2 480.4 505.7 1,040.3 1,050.7 1,053.1 1,090.0 1,064.5 1,146.0 1,210.0 1,273.2 1,279.1 290.6 749.7 295.8 754.9 292.6 760.5 323.7 766.3 292.0 772.5 357.0 779.0 424 2 785.8 430.4 792.9 505.7 773.4 Less: Inventory valuation adjustment ............................................... 18.0 30.4 15.9 1.6 -11.8 -10.6 -27.4 -1.0 -3.8 -24.3 -37.0 Equals: Net cash f lo w .................................................................. 929.9 964.9 1,024.4 1,049.1 1,064.9 1,100.7 1,091.9 1,147.0 1,213.8 1,297.6 1,316.1 671.1 650.9 695.8 745.9 773.0 817.4 826.1 824.5 881.0 956.2 962.4 473.6 18.0 25.4 472.4 30.4 111.7 526.9 15.9 126.6 562.4 1.6 121.0 584.8 -11.8 115.0 622.7 -10.6 108.6 602.1 -27.4 113.3 600.0 -1.0 162.7 642.3 -3.8 179.9 713.9 -24.3 187.2 705.9 -37.0 240.2 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) .............................................................................. Profits after tax (without inventory valuation and capital consumption adjustments) .............................................................................. Inventory valuation adjustment ........................................................ Capital consumption adjustment ...................................................... Table 11B.—Corporate Profits: Percent Change From Preceding Period Seasonally adjusted 2001 2001 2000 2003 2002 II in IV ii i Corporate protits with inventory valuation and capital consumption adjustments..................................................................................... -6.2 14.0 16.8 0 -2.6 -2.2 -2.0 0.6 Less: Taxes on corporate income ................................................................ -23.0 -9.9 27.8 -2.9 -4.5 -5.1 -9.9 -2.1 1.9 -1.9 22.6 5.2 13.8 1.4 1.6 4.7 -1.6 2.5 -.8 .3 1.6 -2.2 1.6 -2.4 10.0 56.4 30.0 -4.3 -10.0 -3.2 10.9 10.2 9.2 12.0 10.9 .9 -.4 1.0 3.5 3.6 -10.0 2.2 -3.2 2.0 10.9 1.8 10.2 2.0 2.8 3.0 Equals: Profits after tax with inventory valuation and capital consumption adjustments..................................................................................... Net dividends......................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments ....................................................................................... Cash flow: Net cash flow with Inventory valuation and capital consumption adjustments.................................................................................. Undistributed profits with inventory valuation and capital consumption adjustments.................................................... ............................... Consumption of fixed capital ............................................... ................ 10.0 9.1 56.4 .7 30.0 3.3 -4.3 2.4 6.2 13.5 12.1 -1.1 -.9 1.4 -8.5 7.1 15.4 -1.3 -2.8 -1.5 .5 -.9 14.0 11.4 -.5 -1.9 .3 5.6 .9 -47.3 -4.1 Less: Inventory valuation adjustment ........................................................ Equals: Net cash flow....................................................................... Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) ...................................................................................... Profits after tax (without inventory valuation and capital consumption adjustments)....................................................................................... Inventory valuation adjustment ................................................................ Capital consumption adjustment ............................................................... -17.9 -9.4 36.5 144.9 -6.9 -3.3 0 Seasonally adjusted 2001 IV III II I 2004 2003 2002 IV in I III ii I IV Corporate profits with inventory valuation and capital consumption adjustments ......................................................................................... -8.8 11.0 5.7 3.6 0.9 4.5 -0.4 8.1 7.2 6.8 3.2 Less: Taxes on corporate income .................................................................... -9.3 -9.6 -5.4 8.6 2.6 3.4 15.0 .2 6.3 5.7 1.6 -8.5 -1.1 1 8.9 8.9 2.8 2.3 2.8 .4 1.6 4.8 .4 -4.5 -.2 10.7 .6 7.4 -.1 7.1 .6 3.7 1.8 -22.7 63.1 18.1 1.8 -1.1 10.6 -9.8 25.7 15.6 13.2 5.3 Equals: Profits after tax with inventory valuation and capital consumption adjustments .......................................................................................... Net dividends.............................................................................................. Undistributed profits with inventory valuation and capital consumption adjustments ............................................................................................ Cash flow: Net cash flow with inventory valuation and capital consumption adjustments...................................................................................... -.3 1.5 5.0 4.5 1.0 .2 3.5 -2.3 7.7 5.6 5.2 .5 Undistributed profits with inventory valuation and capital consumption adjustments........................................................................................ Consumption of fixed capital .................................................................... -22.7 7.8 63.1 -6.0 18.1 .1 1.8 .7 -1.1 .7 10.6 .8 -9.8 .8 25.7 .8 15.6 .9 13.2 .9 573 -2.5 Equals: Net cash flow........................................................................... -.4 3.8 6.2 2.4 1.5 3.4 -.8 5.0 5.8 6.9 1.4 - ii. i -3.0 6.9 7.2 3.6 5.7 1.1 -.2 6.8 9.7 -.4 -11.8 -.2 11.5 6.8 4.0 6.5 -3.3 -.4 7.1 11.2 -1.1 -4.9 -5.6 4.3 43.6 10.6 4.1 28.3 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) ........................................................................................... Profits after tax (without inventory valuation and capital consumption adjustments) ........................................................................................... Capital consumption adjustment................................................................... -6.2 339.8 13.3 -4.4 Table 12A.— C orporate Profits by Industry [Billion s of dollars] Seasonally adjusted at annual rates 2000 2001 2003 2002 2001 II I IV in Corporate profits with inventory valuation and capital consumption adjustments ........................................... 817.9 767.3 874.6 1,021.1 778.7 783.1 714.5 793.0 Domestic in d u s trie s ................................................................. Financial............................................................................... Nonlinancial .......................................................................... 672.2 184.7 487.5 597.6 240.4 357.2 716.8 298.4 418.4 844.2 327.8 516.4 618.6 234.4 384.2 612.1 232.4 379.7 567.9 226.8 341.1 591.8 258.1 323.7 Rest of the world .................................................................... Receipts from the rest of the w o rld ......................................... Less: Payments to the rest of the w o rld .................................. 145.7 202.5 56.8 169.7 182.6 12.9 157.8 206.0 48.2 176.9 250.7 73.8 160.1 191.2 31.1 171.0 186.3 15.3 146.6 176.1 29.5 201.2 176.8 -24.4 Corporate profits with inventory valuation a d ju stm e n t.... 759.3 719.2 756.8 860.4 750.5 756.0 689.1 681.3 Domestic industries ................................................................. Financial............................................................................... Federal Reserve b a n ks........................................ ;............. Other financial .................................................................. 613.6 200.2 30.8 169.4 549.5 227.6 28.3 199.3 599.0 276.2 22.9 253.3 683.4 299.8 19.2 280.6 590.4 230.8 31.1 199.7 585.0 224.0 29.1 194.9 542.5 211.8 27.6 184.2 480.2 243.7 25.5 218.2 Nonlinancial .......................................................................... Utilities ............................................................................. Manufacturing .................................................................... Durable go ods............................................................... Fabncated metal products.......................................... Machinery................................................................. Computer and electronic products............................... Electrical equipment, appliances, and components ....... Motor vehicles, bodies and trailers, and p a rts .............. Other durable goods .................................................. 413.4 24.4 144.3 60.0 15.5 8.2 4.0 5.6 -1.0 27.7 322.0 24.7 52.6 -25.4 9.9 2.7 -48.5 1.9 -9.2 17.8 322.8 11.4 50.7 -8.3 9.3 1.6 -32.9 383.6 18.8 67.3 -3.5 10.1 -6.0 19.8 -15.4 -3.2 -6.2 11.8 359.6 27.2 87.8 17.1 12.1 12.1 -18.7 4.3 -7.7 15.0 361.0 29.3 79.8 -5.1 10.7 4.2 -37.2 2.1 -9.9 25.0 330.8 26.1 49.1 -38.3 9.6 -6.7 -59.3 1.1 -6.1 23.1 236.5 16.2 -6.3 -75.5 7.1 1.1 -78.6 0 -13.2 8.3 Nondurable go ods.......................................................... Food and beverage and tobacco products .................. Petroleum and coal products...................................... Chemical products..................................................... Other nondurable goods ............................................ 84.3 25.4 26.9 14.2 17.8 78.0 28.0 29.6 12.6 7.8 58.9 24.1 4.0 17.1 13.6 70.7 27.7 14.8 21.2 7A 70.7 22.3 34.4 5.6 8.3 84.9 30.4 33.3 14.0 7.2 87.4 28.8 32.3 16.2 10.1 69.2 30.3 18.6 14.6 5.7 Wholesale trade ................................................................ Retail tra d e ....................................................................... Transportation and warehousing ......................................... Information........................................................................ Other nonfinancial ............................................................. 59.7 59.6 14.9 -17.6 128.2 52.1 71.0 1.3 -25.6 145.9 51.0 78.1 -1.3 -11.2 144.2 47.9 77.7 10.5 -.7 162.1 46.7 66.7 2.9 -21.5 149.8 47.8 66.3 4.1 154.9 53.8 72.3 3.3 -25.4 151.5 60.2 78.6 -5.2 -34.4 127.4 Rest of the world .................................................................... 145.7 169.7 157.8 176.9 160.1 171.0 146.6 201.2 -.5 -. 2 - 21 . 1 Seasonally adjusted at annual rates III ii 2004 2003 2002 1 IV 1 III II 1 IV Corporate profits with inventory valuation and capital consumption adjustments ........................................... 838.2 868.4 876.2 915.4 912.0 986.2 1,057.1 1,129.1 1,165.6 Domestic in d u s trie s ................................................................. Financial............................................................................... Nonfinancial .......................................................................... 683.2 297.3 385.8 717.1 302.4 414.8 721.1 299.3 421.8 745.7 294.7 451.1 755.1 315.0 440.1 824.9 323.8 501.1 883.7 336.4 547.3 913.3 335.9 577.3 960.3 355.7 604.6 Rest of the world ..................................... ............................... Receipts from the rest of the w o rld ......................................... Less: Payments to the rest of the w o rld .................................. 155.1 189.5 34.4 151.3 205.1 53.7 155.1 218.2 63.1 169.6 211.2 41.6 157.0 225.9 68.9 161.4 230.5 69.1 173.4 253.1 79.7 215.8 293.4 77.5 205.3 299.0 93.7 Corporate profits with inventory valuation a d ju stm e n t.... 711.7 747.5 761.2 806.8 798.7 823.5 877.2 941.9 925.4 Domestic in d u s trie s ................................................................. Financial............................................................................... Federal Reserve ba nks...................................................... Other financial .................................................................. 556.6 274.7 23.8 250.9 596.2 279.9 23.7 256.2 606.1 277.1 22.6 254.5 637.1 272.9 21.4 251.6 641.8 292.5 20.9 271.6 662.2 295.4 19.9 275.5 703.8 306.1 18.5 287.6 726.1 305.3 17.6 287.8 720.0 313.7 18.2 295.5 Nonfinancial .......................................................................... Utilities ............................................................................. Manufactunng ................................................................... Durable goods .............................................................. Fabricated metal products ......................................... Machinery ................................................................. Computer and electronic products............................... Electrical equipment, app'iances, and com ponents....... Motor vehicles, bodies and trailers, and p a rts .............. Other durable goods ................................................. 281.9 8.2 33.0 -26.1 8.8 2.5 -47.1 1.5 -11.0 19.3 316.2 10.8 46.4 -10.0 9.3 1.7 -37.0 -.4 -2.5 18.8 329.0 12.9 57.5 .5 9.0 1.8 -25.7 -.2 -4.2 19.9 364.2 13.5 65.6 2.6 10.3 .4 -21.6 -1.5 -6.3 21.4 349.2 17.1 54.8 -7.2 6.4 -3.4 -17.5 -1.5 .6 8.1 366.8 15.3 54.1 -8.5 10.6 -.9 -14.8 -2.7 -9.0 8.4 397.6 18.6 66.8 -7.5 10.1 1.1 -15.2 -4.3 -11.4 12.2 420.7 24.3 93.4 9.3 13.2 1.1 -14.0 -4.4 -5.0 18.4 406.4 23.2 81.5 2.8 11.8 2.2 -17.2 -8.1 -.5 14.6 Nondurable goods ......................................................... Food and beverage and tobacco products .................. Petroleum and co’al products...................................... Chemical products..................................................... Other nondurable goods ............................................ 59.1 27.4 3.8 16.2 11.7 56.4 24.7 2.8 15.4 13.5 57.1 24.5 4,0 16.5 12.1 63.0 20.0 5.5 20.5 17.1 62.0 22.5 15.2 20.0 4.3 62.6 25.4 12.5 18.9 5.8 74.2 28.6 12.6 24.5 8.5 84.1 34.2 18.7 21.3 9.8 78.6 31.1 24.5 14.1 8.9 Wholesale trade ................................................................ Retail tra d e ....................................................................... Transportation and warehousing ......................................... Information........................................................................ Other nonfinancial ............................................................. 51.3 76.3 -1.0 -17.5 131.6 57.0 79.8 -4.1 -13.7 140.0 46.5 78.7 -2.7 -11.7 147.8 49.3 77.7 2.4 -1.8 157.4 43.1 74.7 5.2 -6.5 160.8 45.1 82.6 12.4 -1.8 159.1 53.1 78.9 11.9 6.7 161.7 50.1 74.7 12.4 -1.0 166.8 46.0 80.0 11.7 -6.6 170.7 Rest of the w o r ld .................................................................... 155.1 151.3 155.1 169.6 157.0 161.4 173.4 215.8 205.3 N O TE.— Est i m a t e s in t h i s t a b le a r e b a s e d on the 1997 N o rt h A m e rican In d u st r y Cl a ssi f i c a t i o n Sy s t e m (N A 1 CS). T a b l e 1 2 B .— C o r p o r a t e P r o f i t s b y I n d u s t r y : C h a n g e F r o m P r e c e d i n g P e r io d [Billions of dollars] 2001 2002 2002 2001 2003 II III IV 1 ii 2004 2003 Hi IV i II III IV i Corporate profits with inventory valuation and capital consumption adjustments ..................................... -50.6 107.3 146.5 4.4 -68.6 78.5 45.2 30.2 7.8 39.2 -3.4 74.2 70.9 72.0 36.5 119.2 58.0 61.2 127.4 29.4 98.0 -6.5 -2.0 -4.5 -44.2 -5.6 -38.6 23.9 41.3 -17.4 91.4 29.2 62.1 33.9 5.1 29.0 4.0 -3.1 7.0 24.6 -4.6 29.3 9.4 20.3 -11.0 69.8 58.8 61.0 12.6 Nontmancial ................................................................. -74.6 55.7 -130.3 46.2 29.6 -.5 30.0 47.0 19.8 27.3 Receipts trom the rest of the world ................................. Less: Payments to the rest of the world........................... 24.0 -19.9 -43.9 -11.9 23.4 35.3 19.1 44.7 25.6 10.9 -4.9 -15.8 -24.4 -10.2 14.2 54.6 .7 -53.9 -46.1 12.7 58.8 -3.8 15.6 19.3 3.8 13.1 9.4 14.5 -7.0 -21.5 -12.6 14.7 27.3 4.4 4.6 12.0 22.6 10.6 42.4 40.3 -2.2 -10.5 5.6 16.2 -40.1 37.6 103.6 5.5 -66.9 -7.8 30.4 35.8 13.7 45.6 -8.1 24.8 53.7 64.7 -16.5 Domestic industries......................................................... Financial...................................................................... Federal Reserve banks .............................................. Other financial.................................................. ........ -64.1 27.4 -2.5 29.9 49.5 48.6 -5.4 54.0 84.4 23.6 -3.7 27.3 -5.4 -6.8 -2.0 -4.8 -42.5 -12.2 -1.5 -10.7 -62.3 31.9 -2.1 34.0 76.4 31.0 -1.7 32.7 39.6 5.2 9.9 -2.8 -1.1 -1.7 31.0 -4.2 -1.2 -2.9 4.7 19.6 -.5 20.4 2.9 -1.0 3.9 41.6 10.7 -1.4 22.3 -.8 -6.1 8.4 .2 7.7 NonfinanciaJ ................................................................. Utilities..................................................................... Manufacturing........................................................... Durable goods ...................................................... Fabricated metal products ................................... Machinery ......................................................... Computer and electronic products ........................ Electrical equipment, appliances, and components .... Motor vehicles, bodies and trailers, and parts ........ Other durable goods ........................................... -91.4 .3 -91.7 -85.4 -5.6 -5.5 -52.5 -3.7 -8.2 -9.9 .8 60.8 7.4 16.6 4.8 1.4 -30.2 -3.2 -30.7 -33.2 -1.1 -10.9 -22.1 -1.0 3.8 -1.9 -94.3 -9.9 -55.4 -37.2 -2.5 7.8 -19.3 -1.1 -7.1 -14.8 45.4 -8.0 39.3 49.4 1.7 1.4 31.5 1.5 34.3 12.8 2.1 11.1 35.2 -15.0 3.6 -10.8 -9.8 -3.9 -3.8 4.1 30.8 3.3 12.7 23.1 5.7 26.6 16.8 3.1 -14.3 -1.1 -11.9 -6.5 -1.4 2.2 11.0 -1.9 8.5 -.5 6.9 -13.3 17.6 -1.8 -.7 -1.3 4.2 2.5 2.7 -1.2 -9.6 .3 6.4 -3.2 -3.7 4.5 -3.8 Nondurable goods ................................................. Food and beverage and tobacco products............. Petroleum and coal products................................ Chemical products.............................................. Other nondurable goods ...................................... -6.3 2.5 -1.6 -1.0 -18.2 1.5 -13.7 -1.6 -4.4 -10.1 -2.9 -14.8 -2.7 -2.7 -1.0 5.9 -4.5 1.5 4.0 5.0 -1.0 2.5 9.7 -.5 -12.8 2.9 -2.7 -1.1 1.5 .6 11.6 -8.9 -2.3 4.2 16.9 4.2 5.7 3.5 -3.1 3.8 8.4 -10.5 -1.1 1.4 2.8 -6.2 -3.0 2.0 7.8 -1.0 5.1 9.9 9.6 -46.1 -3.8 3.8 14.5 Corporate profits with inventory valuation adjustment -13.3 -1.9 17.1 2.1 2.0 -8.0 -.2 -8.0 -22.2 -1.4 -7.9 -18.5 -2.2 -2.2 11.8 14.2 2.7 -1.6 -10.0 -19.1 -3.9 -25.6 4.5 5.8 10.8 -1.1 8.4 -1.1 Wholesale trade ........................................................ Retail trade............................................................... Transportation and warehousing .................................. Information................................................................ Other nonfinancial...................................................... -7.6 11.4 -13.6 -8.0 17.7 -1.1 7.1 -2.6 14.4 -1.7 -3.1 -.4 -.4 10.5 17.9 .4 5.1 -4.3 -3.4 6.4 6.3 -8.5 -9.0 -24.1 Rest of the world ............................................................ 24.0 -11.9 19.1 10.9 -24.4 54.6 2.6 -.6 -1.1 15.6 -2.1 3.2 .8 -2.1 17.5 -3.0 3.6 4.1 -6.5 11.8 10.0 8.1 1.1 1.2 NOTE.— E s tim a te s in th is ta b le are b a s e d o n th e 199 7 N orth A m e ric a n In d u s try C la s s ific a tio n S y s te m (N A IC S ). 2.2 2.9 6.0 6.0 -.8 1.6 6.0 -.1 5.3 2.6 13.4 16.1 .5 -.8 10.1 -.8 1.8 10.5 -.3 .1 11.3 .2 -1.7 1.1 .7 -.2 1.2 1.1 -1.4 .6 8.1 2.1 1.3 -1.4 4.1 -1.3 -2.1 1.5 20.0 0 8.8 .2 2.0 -4.7 3.4 7.9 7.2 4.7 -1.7 -12.6 4.4 2.8 12.1 1.0 -.5 2.0 -.4 -1.6 -2.4 3.8 -.9 0 1.2 -.1 6.2 1.1 5.6 2.7 -3.2 1.3 6.1 -5.5 -3.1 5.8 -7.2 -.9 8.0 -3.0 -4,2 .5 -7.7 5.1 -4.1 5.3 -.7 -5.6 3.9 42.4 -10.5 3.2 .1 -3.7 -.5 8.5 2.6 12.0 9.9 5.6 .6 T a b l e 1 2 C .— R e v i s i o n s t o C o r p o r a t e P r o f i t s b y I n d u s t r y Billions of dollars Revised estimates 2001 2002 Revisions as percent of previously published Revisions to previously published 2003 2001 2002 2001 2003 2002 2003 Corporate profits with inventory valuation and capital consumption adjustments...................................................................................... 767.3 874.6 1,021.1 -3.1 -29.6 -48.8 -0.4 -3.3 -4.6 Domestic industries........................................................................... Financial ........................................................................................ Noniinancial.................................................................................... 597.6 240.4 357.2 716.8 298.4 418.4 844.2 327.8 516.4 -11.3 27.1 -38.4 -34.0 39.3 -73.3 -60.7 39.9 -100.6 -1.9 12.7 -9.7 -4.5 15.2 -14.9 -6.7 13.9 -16.3 Rest of the world .............................................................................. Receipts from the rest of the world.................................................... Less: Payments to the rest of the world............................................. 169.7 182.6 12.9 157.8 206.0 48.2 176.9 250.7 73.8 4.0 -4.2 8.2 4.4 3.6 -.9 11.9 11.3 5.1 2.9 -.6 -24.6 -1.8 Corporate profits with inventory valuation adjustment ............................. 719.2 756.8 860.4 13.3 14.1 16.6 1.9 1.9 Domestic industries ........................................................................... Financial ........................................................................................ Federal Reserve banks................................................................. Other financial ............................................................................ 549.5 227.6 28.3 199.3 599.0 276.2 22.9 253.3 683.4 299.8 19.2 280.6 5.1 9.6 .9 .9 1.6 Nonflnancial.................................................................................... Utilities ...................................................................................... Manufacturing ............................................................................. Durable goods......................................................................... Nondurable goods.................................................................... 322.0 24.7 52.6 -25.4 78.0 322.8 11.4 50.7 -8.3 58.9 383.6 18.8 67.3 -3.5 70.7 Wholesale trade........................................................................... Retail trade................................................................................. Transportation and warehousing..................................................... information ........................ ......................................................... Other nonfinancial ....................................................................... 52.1 71.0 1.3 -25.6 145.9 51.0 78.1 -1.3 -11.2 144.2 47.9 77.7 10.5 -.7 162.1 2.0 0 2.0 21.1 0 21.1 4.7 31.0 -.4 31.4 3.2 -11.5 -10.6 -22.6 -17.1 -5.7 -26.4 -5.6 -29.3 -23.7 -5.7 1.9 1.4 .6 -1.4 -.5 -.9 .5 -.1 1.4 2.2 0 1.0 1.0 1.8 8.3 0 9.1 7.2 4.7 -.8 2.0 .7 11.5 -2.0 12.6 -3.4 -48.2 -30.8 -194,3 -8.8 -6.4 -23.0 -30.3 -117.3 -7.5 1.0 -.1 3.9 1.8 5.5 -3.0 -5.9 .4 -44.6 6.4 -87.0 3.2 2.5 -2.6 2.0 -1.1 9.0 8.7 1.0 2.5 -2.4 -1 4 4.7 5.1 4.4 11.9 5.1 2.9 7.2 1.6 1.7 2.1 -2.6 -7.0 Rest of the world .............................................................................. 169.7 157.8 176.9 1.6 .6 8.2 Corporate profits before tax without inventory valuation and capital consumption adjustments.................................................................. 707.9 758.0 874.5 11.1 13.0 18.1 Addenda: Corporate profits after tax with Inventory valuation and capital consumption adjustments.................................................................................... 563.2 690.7 786.2 -6.1 -18.4 -58.8 944.8 1,058.5 1,173.4 7.5 .3 9.3 .8 192.3 752.5 300.7 757.8 390.9 782.5 -3.7 -23.2 32.4 -1.9 1.5 -3.2 1.4 -5.6 4.3 Less: Inventory valuation adjustment ...................................................... 11.3 -1.2 -14.1 11.2 2.2 -10.1 10.5 933.5 1,059.8 1,187.5 5.3 10 -.6 -1 5 Equals: Net cash flow ....................................................................... .6 -.1 .9 Net cash flow with inventory valuation and capital consumption adjustments .................................................................................. Undistributed profits with inventory valuation and capital consumption adjustments................................................................................. Consumption of fixed capital............................................................. 10.8 -1.1 0 .8 Table 1 3 — Gross Value Added of Nonfinancial Dom estic Corporate Business Seasonally adjusted at annual rates 2000 2001 2002 2001 2003 1 ii IV in Billions of dollars Gross value added of nonfinancial corporate business.................................................................. 5,272.2 5,293.5 5,377.7 5,606.8 5,315.8 5,321.3 5,279.1 Consumption of fixed capital.................................................................................................................. 567.8 646.8 655.7 676.4 616.6 635.9 683.6 651.1 4,704.3 4,646.7 4,722.0 4,930.5 4,699.1 4,685.4 4,595.5 4,606.6 3,595.9 3,016.5 579.3 439.1 611.8 204.0 50.6 357.2 111.7 245.5 245.4 .1 3,601.3 2,971.0 630.3 465.1 655.5 181.7 55.5 418.4 89.0 329.4 254.9 74.5 3,696.2 3,006.9 689.3 483.4 750.8 170.8 63.5 516.4 130.0 386.4 275.4 3,616.6 3,042.8 573.8 444.4 638.2 Business current transfer payments ................................................................................................. Corporate profits with inventory valuation and capital consumption adjustments ..................................... Taxes on corporate income ........................................................................................................ Profits after tax with inventory valuation and capital consumption adjustments .................................... Net dividends ....................................................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments .......................... 3,544.4 2,989.8 554.5 443.4 716.5 191.7 48.4 476.4 170.2 305.2 251.3 54.8 3,604.8 3,027.7 577.1 437.1 643.6 207.0 56.9 379.7 126.2 253.5 233.3 3,587.6 3,006.4 581.1 423.3 584.7 205.8 37.8 341.1 110.9 230.2 252.2 -22.0 3,574.5 2,989.3 585.2 451.5 580.6 201.3 55.5 323.7 82.0 241.7 247.8 -6.0 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments) .................................. Profits after tax (without inventory valuation and capital consumption adjustments) ..................................... Inventory valuation adjustment............................................................................................................ 423.9 253.7 -14.1 310.6 198.9 11.3 35.2 324.1 235.1 -1.2 95.6 397.7 267.7 -14.1 132.9 363.7 236.1 -4.1 24.6 359.9 233.7 1.1 18.7 312.8 201.9 18.0 10.4 206.1 124.1 30.4 87.3 Compensation of employees .............................................................................................................. Wage and salary accruals..................... ......................................................................................... Supplements to wages and salaries................................................................................................. Taxes on production and imports less subsidies ................................................................................... 66.6 202.0 51.9 384.2 127.6 256.6 248.4 111.0 8.2 20.1 5,257.7 Billions of chain îd (2000) dallars Gross value added of nonfinancial corporate business 1 ................................................................ 5,272.2 5,229.7 5,306.6 5,520.2 5,295.0 5,259.0 5,199.6 5,165.2 Consumption of fixed capital2 ................................................................................................................ Net value added3 ................................................................................................................................. 567.8 4,704.3 615.8 4,613.8 628.0 4,678.6 647.2 4,873.0 595.7 4,699.3 606.5 4,652.5 646.8 4.552.9 614.4 4.550.8 Dollars Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business4 .................................... 1.000 1.016 1.004 1.012 1.015 1.018 .672 1.012 .688 1.013 Compensation of employees (unit labor cost) ........................................................................................ .679 .670 .683 .685 .690 .692 Unit nonlabor cost............................................................................................................................. Consumption of fixed capital........................................................................................................... Taxes on production and imports less subsidies plus business current transfer payments........................ .237 .108 .093 .036 .257 .124 .094 .039 .256 .124 .098 .034 .253 .123 .099 .031 .248 .116 .094 .038 .254 .094 .039 .260 .131 .089 .040 .253 .126 .098 .039 .090 .032 .058 .021 .068 .079 .017 .062 .094 .024 .070 .073 .024 .048 .072 .024 .048 .066 .063 .018 .047 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production) ................................................................................................................................... Taxes on corporate income ............................................................................................................ Profits after tax with inventory valuation and capital consumption adjustments ....................................... 1. E ffe c tiv e w ith th e e s tim a te s s c h e d u le d fo r re le a s e o n N o v e m b e r 3 0 . 2 0 0 4 . c h a in e d -d o lla r g ro s s v a lu e ad de d o f n o n fin a n c ia l c o rp o ra te b u s in e s s fo r 19 2 9 to 2 0 0 4 w ill b e re v is e d . T h e c u rre n t- d o lla r v a lu e a d d e d w ill b e d e fla te d b y a re v is e d c h a in -ty p e p ric e in d e x c a lc u la te d u s in g th e g ro s s v a lu e a d d e d c h a in -ty p e p ric e ind ex fo r n o n fin a n c ia l in d u s trie s fr o m th e c o m p re h e n s iv e re v is io n to th e G D P -b y -in d u s tr y a c c o u n ts . 2 . C h a in e d -d o lla r c o n s u m p tio n o f fix e d c a p ita l o f n o n fin a n c ia l c o rp o ra te b u s in e s s is c a lc u la te d a s th e p ro d u c t of .047 .121 .021 .044 th e c h a in -ty p e q u a n tity in d e x a n d th e 2 0 0 0 c u rre n t- d o lla r v a lu e o f th e c o rre s p o n d in g s e rie s , d iv id e d b y 100. 3. C h a in e d -d o lla r ne t v a lu e a d d e d o f n o n fin a n c ia l c o rp o ra te b u s in e s s is th e d iffe re n c e b e tw e e n th e g ro s s va lu e a d d e d a n d th e c o n s u m p tio n o f fix e d c a p ita l. 4. T h e d e fla to r fo r g ro s s v a lu e a d d e d o f n o n fin a n c ia l c o rp o ra te b u s in e s s d iv id e d b y 100. NOTE.— E s tim a te s in th is ta b le a re b a s e d o n th e 19 97 N o rth A m e ric a n In d u s try C la s s ific a tio n S y s te m (N AIC S). Table 1 3 — Gross Value Added of Nonflnanclal Dom estic Corporate Business— C o n tin u e d Seasonally adjusted at annual rates 2002 1 II 2003 III 1 IV II 2004 III IV 1 Billions of dollars Gross value added of nonfinancial corporate business...................................... 5,309.6 5,375.6 5,392.8 5,432.9 5,443.0 5,547.8 5,669.0 5,767.5 Consumption of fixed capital................................................................ ...................... 648.1 653.2 658.2 663.3 668.5 673.7 679.0 684.3 671.8 Net value added.................................................................................................... 4,661.5 4,722.5 4,734.6 4,769.5 4,774.5 4,874.1 4,990.0 5,083.3 5,184.4 Compensation of employees .................................................................................. Wage and salary accruals.................................................................................. Supplements to wages and salanes..................................................................... Taxes on production and imports less subsidies ....................................................... Net operating surplus............................................................................................ Net Interest and miscellaneous payments............................................................. Business current transfer payments..................... ■„.............................................. Corporate profits with inventory valuation and capital consumption adjustments ......... Taxes on corporate income ............................................................................ Profits after tax with inventory valuation and capital consumption adjustments ........ Net dividends ........................................................................................... Undistributed profits with inventory valuation and capital consumption adjustments 3,571.2 2,965.1 606.1 456.4 633.9 193.3 54.8 385.8 73.2 312.7 250.2 62.5 3,605.1 2,976.1 629.0 464.7 652.7 183.6 54.3 414.8 86.5 328.2 259.5 68.7 3,610.3 2,971.4 638.9 469.7 654.5 177.4 55.3 421.8 93.6 328.2 243.7 84.5 3,618.7 2,971.4 647.3 469.8 681.0 172.5 57.4 451.1 348.5 266.3 82.3 3,627.4 2,956.9 670.6 477.1 669.9 171.4 58.4 440.1 120.5 319.5 255.5 64.0 3,668.5 2,985.5 683.1 472.6 733.0 169.6 62.3 501.1 120.5 380.6 307.0 73.6 3,717.9 3,022.4 695.4 489.0 783.2 170.2 65.7 547.3 132.2 415.1 265.6 149.5 3,771.0 3,062.8 708.3 495.0 817.2 172.1 67.8 577.3 146.8 430.5 273.6 156.9 3.834.8 3,105.5 729.4 501.1 848.5 174.8 69.0 604.6 147.7 456.9 270.6 186.2 Addenda: Profits before tax (without inventory valuation and capital consumption adjustments)....... Profits after tax (without inventory valuation and capital consumption adjustments)......... . Inventory valuation adjustment ................. ................................................................ Capital consumption adjustment............................................................................... 266.0 192.8 15.9 104.0 314.6 228.1 340.8 247.2 -11.8 92.8 374.8 272.2 -10.6 86.9 376.6 256.1 -27.4 90.8 367.8 247.3 -1.0 134.3 401.4 269.2 -3.8 149.7 445.0 298.2 -24.3 156.6 443.4 295.6 -37.0 198.3 1.6 98.5 102.6 5,856.2 Billions of chained (2000) dollars Gross value added of nonfinancial corporate business 1 Consumption of fixed capital - .............................................. Net value added - ' ............................................................... 5,237.8 5,299.7 5,330.5 5,358.4 5,366.5 5,463.8 5,579.6 5,670.7 5,727.9 618.6 4,619.3 625.3 4,674.5 631.4 4,699.1 636.8 4,721.5 639.7 4,726.8 644.5 4,819.3 649.5 4,930.1 655.1 5,015.6 654.1 5,073.8 Dollars Price, costs, and profits per unit of real gross value added of nonfinancial corporate business: Price per unit of real gross value added of nonfinancial corporate business4 ................ 1.014 1.014 1.012 1.014 1.014 1.015 1.016 1.017 1.022 Compensation of employees (unit labor cost).................................................................... .682 .680 .677 .675 .676 .671 .666 .665 .670 Unit nonlabor cost......................................................................................................... Consumption of fixed capital....................................................................................... Taxes on production and imports less subsidies plus business current transfer payments.... Net interest and miscellaneous payments...................................................................... .259 .124 .098 .037 .256 .123 .098 .035 .254 .123 .098 .033 .254 .124 .098 .032 .257 .125 .252 .123 .098 .031 .252 .250 .248 .117 Corporate profits with inventory valuation and capital consumption adjustments (unit profits from current production)..................................................................................................... . Taxes on corporate income......................................................................................... Profits after tax with inventory valuation and capital consumption adjustments.................... .074 .014 .060 .078 .016 .062 .079 .018 .062 .084 .019 .065 1. E ffe c tiv e w ith th e e s tim a te s s c h e d u le d fo r re le a s e o n N o v e m b e r 3 0 . 2 0 0 4 , c h a in e d -d o lla r g ro s s v a lu e a d d e d o f n o n fin a n c ia l c o rp o ra te b u s in e s s fo r 192 9 to 2 0 0 4 w ill b e re v is e d . T h e c u rre n t- d o fla r v a lu e a d d e d w ill b e d e fla te d b y a re v is e d c h a in -ty p e p ric e in d e x c a lc u la te d u s in g th e g ro s s v a lu e a d d e d c h a in -ty p e p ric e in d e x lo r n o n fin a n c ia l in d u s trie s fr o m th e c o m p re h e n s iv e re v is io n lo th e G D P -b y -in d u s tr y a c c o u n ts . 2 . C h a in e d -d o lla r c o n s u m p tio n o f fix e d c a p ita l o f n o n fin a n c ia l c o rp o ra te b u s in e s s is c a lc u la te d a s th e p ro d u c t o f .100 .032 .082 .022 .060 .092 .022 .070 .122 .121 .099 .031 .099 .030 .098 .024 .074 .102 .026 .076 .100 .031 .106 .026 .080 th e c h a in -ty p e q u a n tity in d e x an d th e 2 0 0 0 c u rre n t-d o fla r v a lu e o f th e c o rre s p o n d in g s e rie s , d iv id e d b y 100. 3. C h a in e d -d o lla r n e t v a lu e a d d e d o f n o n fin a n c ia l c o rp o ra te b u s in e s s is th e d iffe re n c e b e tw e e n th e g ro s s v a lu e a d d e d a n d th e c o n s u m p tio n o f fix e d c a p ita l. 4. T h e d e fla to r fo r g ro s s v a lu e a d d e d o f n o n fin a n c ia l c o rp o ra te b u s in e s s d iv id e d b y 100 . No t e .— Es tim a te s in th is ta b le a re b a s e d o n th e 19 9 7 N o rth A m e ric a n In d u s try C la s s ific a tio n S y s te m jN A IC S ) Appendix Table A — Real Gross Dom estic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period Seasonally adjusted at annual rates 2000 2001 2002 2003 2000 IV Gross domestic product (GDP) and related aggregates: GDP ................................................................ 2002 2001 i III II IV 3.7 0.8 1.9 3.0 2.1 -0.5 1.2 -1.4 4.1 3.4 3.2 -1.7 2.4 .4 1.2 .2 3.6 .4 -4.5 1.9 .4 -1.3 3.0 -2.4 4.3 2.3 3.0 -5.5 1.7 -4.3 -1.8 3.9 -4.7 1.0 11.6 1.5 4.2 -12.6 -18.5 3.0 2.7 .2 36.3 GDP excluding motor vehicle output...................... Final sales of computers' ................................... GDP excluding final sales ol computers................. 31.2 3.4 13.8 8.8 1.8 .6 41.0 2.8 1.8 7.0 1.9 4.1 7.4 4.2 4.5 4.3 .9 17.7 5.8 3.1 5.4 8.2 -2.4 4.1 3.6 7.3 10.3 18.4 6.0 -12.4 2.5 3.0 4.1 26.3 .5 30.9 .5 35.1 1.7 37.8 3.8 93.7 -19.5 -13.9 52.3 -1.3 -31.0 -20.4 94.2 -39.2 2.1 12.2 2.2 2.1 2.3 46.0 2.3 0 1.1 13.9 6.8 6.8 29.0 4.0 4.5 26.1 1.7 3.6 1.4 2.4 5.3 9.3 1.7 1.4 1.7 1.5 1.7 1.7 1.5 1.9 2.0 1.7 2.2 2.7 2.3 2.9 1.1 .8 1.2 1.1 1.6 1.5 1.7 .6 1.6 1.2 1.8 2.5 1.8 1.9 3.7 .4 1.7 1.8 2.3 1.5 1.7 1.6 1.6 2.2 1.0 1.2 2.6 2.6 1.3 .9 1.4 2.6 4.0 .5 1.9 .6 .9 2.9 2.0 2.0 2.1 .6 1.4 3.2 .7 1.6 2.1 1.4 2.6 1.2 2.0 2.0 .9 1.5 1.1 .9 1.3 2.2 -1.1 1.2 -2.9 Price indexes: GDP ................................................................ GDP excluding food and energy ........................... 2.2 2.0 1.7 2.7 2.0 1.7 1.9 3.3 2.4 3.8 3.1 2.3 3.3 Gross domestic purchases .................................. Gross domestic purchases excluding food and energy........................................................... Gross domestic purchases excluding final sales of computers to domestic purchasers .................... 2.5 2.0 1.5 1.8 1.6 2.0 2.0 1.8 2.4 2.1 1.8 2.7 2.3 1.6 2.1 1.8 1.0 1.9 1.9 1.8 1.6 1.4 2.3 2.0 2.8 2.3 1.7 2.2 2.5 2.1 1.4 1.9 2.0 1.8 3.3 Personal consumption expenditures....................... Personal consumption expenditures excluding food and energy .................................................... 3.3 1.9 1.8 1.3 1.5 2.8 2.6 1.9 .1 2.5 1.9 11.8 -25.5 4.2 3.8 3.0 .5 -30.6 -31.3 -21.8 69.9 3.8 8.8 4.3 4.0 4.0 -18.2 1.8 3.0 .7 2.9 4.2 1.2 6.5 3.0 0.7 -3.2 3.0 .9 -3.7 3.4 .4 II 2.6 23.7 1.4 -8.3 1 4.7 48.2 -11.2 -19.4 1.4 -1.2 -.9 3.8 S e e "E x p la n a to ry N o te " a t th e en d o f th e ta bles . IV in .9 4.2 -3.3 18.6 1.9 1. F o r s o m e c o m p o n e n ts o f fin a l s a le s o f c o m p u te rs , in c lu d e s c o m p u te r p arts . II i 2.4 7.3 3.3 2 . F arm o u tp u t le s s in te rm e d ia te g o o d s a n d s e rv ic e s p u rc h a s e d . 3 . C o n s is ts o f G D P le s s g ro s s v a lu e a d d e d o f fa rm , o f h o u s e h o ld s a n d in s titu tio n s , a n d o f g e n e ra l g o v e rn m e n t. IV 3.4 .9 13.7 1.7 in 4.1 3.4 .9 22.0 Farm gross value added2 ................................... 1.9 -8.5 II -5.7 -1.2 .2 Nonfarm business gross value addedJ .................. 2.4 1.6 2.6 2.8 I 2004 2003 1.4 4.6 5.7 1.6 2.8 3.8 3.2 2.6 2.3 2.9 3.3 1.4 3.4 3.5 1.5 2.5 2.4 1.5 3.6 3.6 1.2 3.3 3.3 2.1 1.8 E x p la n a to r y N o te : Ñ IP A M e a s u re s o f Q u a n titie s a n d P ric e s C u r r e n t - d o l l a r G D P is a m e a s u r e o f t h e m a r k e t v a l u e o f g o o d s , s e r v i c e s , a n d s t r u c t u r e s p r o d u c e d in t h e e c o n o m y in a p a r t i c u l a r p e r i o d . C h a n g e s in c u r r e n t - d o l l a r G D P c a n b e d e c o m p o s e d i n t o q u a n t i t y a n d p r i c e c o m p o n e n t s . Q u a n t i t i e s , o r “ r e a l ” m e a s u r e s , a n d p r i c e s a r e e x p r e s s e d a s i n d e x n u m b e r s w i t h th e r e f e r e n c e y e a r — a t p r e s e n t , t h e y e a r 2 0 0 0 — e q u a l to 1 0 0 . A n n u a l c h a n g e s in q u a n t i t i e s a n d p r i c e s a r e c a l c u l a t e d u s i n g a F i s h e r f o r m u l a t h a t i n c o r p o r a t e s w e i g h t s f r o m t w o a d j a c e n t y e a r s . ( Q u a r t e r l y c h a n g e s in q u a n t i t i e s a n d p r i c e s a r e c a l c u l a t e d u s i n g a F is h e r fo rm u la th a t in c o r p o r a te s w e ig h ts fro m tw o a d ja c e n t q u a r te rs ; q u a r te r ly in d e x e s a re a d ju s te d fo r c o n s i s t e n c y to t h e a n n u a l i n d e x e s b e f o r e p e r c e n t c h a n g e s a r e c a l c u l a t e d . ) F o r e x a m p l e , t h e 2 0 0 1 - 0 2 a n n u a l p e r c e n t c h a n g e in r e a l G D P u s e s p r i c e s f o r 2 0 0 1 a n d 2 0 0 2 a s w e i g h t s , a n d t h e 2 0 0 1 - 0 2 a n n u a l p e r c e n t c h a n g e in G D P p r i c e s u s e s q u a n t i t i e s f o r 2 0 0 1 a n d 2 0 0 2 a s w e i g h t s . T h e s e a n n u a l c h a n g e s a r e “ c h a i n e d ” ( m u l t i p l i e d ) t o g e t h e r t o f o r m t i m e s e r i e s o f q u a n t i t y a n d p r i c e i n d e x e s . P e r c e n t c h a n g e s in F i s h e r i n d e x e s a r e n o t a f f e c t e d b y t h e c h o i c e o f r e f e r e n c e y e a r . ( B E A a l s o p u b l i s h e s a m e a s u r e o f th e p r i c e le v e l k n o w n a s t h e i m p l i c i t p r i c e d e f l a t o r ( I P D ) , w h i c h is c a l c u l a t e d a s t h e r a t i o o f t h e c u r r e n t- d o lla r v a lu e to th e c o r r e s p o n d in g c h a in e d - d o lla r v a lu e , m u ltip lie d b y 1 0 0 . T h e v a lu e s o f th e IP D a re v e r y c lo s e to th e v a lu e s o f th e c o r r e s p o n d in g " c h a in - ty p e " p r ic e in d e x .) I n d e x n u m b e r s o f q u a n t i t y a n d p r i c e i n d e x e s f o r G D P a n d its m a j o r c o m p o n e n t s a r e p r e s e n t e d in t h is r e l e a s e in t a b l e s 5 a n d 6 . P e r c e n t c h a n g e s f r o m t h e p r e c e d i n g p e r i o d a r e p r e s e n t e d i n t a b l e s 1 , 4 , 7 , a n d 8. C o n t r i b u t i o n s b y m a j o r c o m p o n e n t s to c h a n g e s in r e a l G D P a r e p r e s e n t e d in t a b l e 2 . M e a s u r e s o f r e a l G D P a n d i t s m a j o r c o m p o n e n t s a r e a l s o p r e s e n t e d in d o l l a r - d e n o m i n a t e d f o r m , d e s ig n a te d " c h a in e d (2 0 0 0 ) d o lla r e s tim a te s ." F o r m o s t s e r i e s , t h e s e e s t i m a t e s , w h i c h a r e p r e s e n t e d in t a b l e 3 , a r e c o m p u t e d b y m u l t i p l y i n g t h e c u r r e n t - d o l l a r v a l u e in 2 0 0 0 b y a c o r r e s p o n d i n g q u a n t i t y i n d e x n u m b e r a n d t h e n d i v i d i n g b y 1 0 0 . F o r e x a m p l e , i f a c u r r e n t - d o l l a r G D P c o m p o n e n t e q u a l e d S I 0 0 in 2 0 0 0 a n d i f r e a l o u t p u t f o r t h i s c o m p o n e n t i n c r e a s e d 10 p e r c e n t in 2 0 0 1 , t h e n t h e c h a i n e d ( 2 0 0 0 ) d o l l a r v a l u e o f t h i s c o m p o n e n t in 2 0 0 1 w o u l d b e $ 1 1 0 ( = S 1 0 0 x 1 1 0 / 1 0 0 ). P e r c e n t c h a n g e s c a l c u l a t e d f r o m c h a i n e d - d o l l a r e s t i m a t e s a n d f r o m c h a i n - t y p e q u a n t i t y i n d e x e s a r e t h e s a m e ; a n y d i f f e r e n c e s w i l l b e s m a ll a n d d u e to r o u n d in g . C h a i n e d - d o l l a r v a l u e s f o r t h e d e t a i l e d G D P c o m p o n e n t s w i l l n o t n e c e s s a r i l y s u m to t h e c h a i n e d - d o l l a r e s t i m a t e o f G D P ( o r t o a n y i n t e r m e d i a t e a g g r e g a t e ) . T h i s is b e c a u s e t h e r e l a t i v e p r i c e s u s e d a s w e i g h t s f o r a n y p e r i o d o t h e r t h a n t h e r e f e r e n c e y e a r d i f f e r f r o m t h o s e o f t h e r e f e r e n c e y e a r . A m e a s u r e o f th e e x te n t o f s u c h d if f e r e n c e s is p r o v id e d b y a “ r e s id u a l” lin e , w h ic h in d ic a te s th e d if f e r e n c e b e tw e e n G D P ( o r o t h e r m a j o r a g g r e g a t e ) a n d t h e s u m o f t h e m o s t d e t a i l e d c o m p o n e n t s i n t h e t a b l e . F o r p e r i o d s c l o s e to t h e r e f e r e n c e y e a r , w h e n t h e r e u s u a l l y h a s n o t b e e n m u c h c h a n g e in t h e r e l a t i v e p r i c e s t h a t a r e u s e d a s w e ig h ts , th e r e s id u a ls te n d to b e s m a ll, a n d th e c h a in e d - d o lla r e s tim a te s c a n b e u s e d to a p p r o x im a te th e c o n tr ib u tio n s to g r o w th a n d to a g g r e g a te th e d e ta ile d e s tim a te s . F o r p e r io d s f u r th e r f r o m th e r e f e r e n c e y e a r, th e r e s id u a ls te n d to b e la rg e r, a n d th e c h a in e d - d o lla r e s tim a te s a re le s s u s e f u l fo r a n a ly s e s o f c o n tr ib u tio n s tc g ro w th . T h u s , th e c o n tr ib u tio n s to p e r c e n t c h a n g e s h o w n in ta b le 2 p r o v id e a b e tte r m e a s u r e o f t h e c o m p o s i t i o n o f G D P g r o w t h . In p a r t i c u l a r , f o r c o m p o n e n t s f o r w h i c h r e l a t i v e p r i c e s a r e c h a n g in g ra p id ly , c a lc u la tio n o f c o n tr ib u tio n s u s in g c h a in e d - d o lla r e s tim a te s m a y b e m is le a d in g e v e n ju s t a fe w y e a rs fro m th e r e f e r e n c e y e a r. R e fe r e n c e : 2003 “ C h a in e d -D o lla r In d e x e s : Is s u e s , T ip s o n T h e ir U s e , a n d U p c o m in g C h a n g e s ,” N o v e m b e r S u rv e y , p p . 8 -1 6 .
@FedFRASER