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NEWS RELEASE
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JULY 31, 2008
Virginia H. Mannering:
Recorded message:

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

Brent Moulton:
Carol Moylan:

(202) 606-9606 (Annual Revision)
(202) 606-9715

BEA 08-34

NATIONAL INCOME AND PRODUCT ACCOUNTS
• GROSS DOMESTIC PRODUCT: SECOND QUARTER 2008 (ADVANCE)
• REVISED ESTIMATES: 2005 THROUGH FIRST QUARTER 2008
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.9 percent in the second quarter of 2008
(that is, from the first quarter to the second quarter), according to advance estimates released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.
The Bureau emphasized that the second-quarter “advance” estimates are based on source data that
are incomplete or subject to further revision by the source agency (see the box on page 3). The secondquarter “preliminary” estimates, based on more comprehensive data, will be released on August 28,
2008.
The estimates released today reflect the regular annual revision to the national income and product
accounts (NIPAs), beginning with the estimates for the first quarter of 2005. Annual revisions, which
are usually released in July, incorporate source data that are more complete, more detailed, and
otherwise more reliable than those previously available. This release includes the revised quarterly
estimates of GDP, corporate profits, and personal income and provides an overview of the effects of the
revision.
The August 2008 Survey of Current Business will contain NIPA tables and an article describing
the revisions. The revised estimates will be available on BEA’s Web site at www.bea.gov.

NOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. “Real” estimates are in chained (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA’s Web site along with the Technical Note and Highlights
related to this release.
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-2The increase in real GDP in the second quarter primarily reflected positive contributions from
exports, personal consumption expenditures (PCE), nonresidential structures, federal government
spending, and state and local government spending that were partly offset by negative contributions
from private inventory investment, residential fixed investment, and equipment and software. Imports,
which are a subtraction in the calculation of GDP, decreased.
The acceleration in real GDP growth in the second quarter primarily reflected a larger decrease in
imports, an acceleration in exports, a smaller decrease in residential fixed investment, and an
acceleration in PCE that were partly offset by a larger decrease in inventory investment.
Final sales of computers contributed 0.12 percentage point to the second-quarter growth in real
GDP after contributing 0.05 percentage point to the first-quarter growth. Motor vehicle output
subtracted 1.07 percentage points from the second-quarter growth in real GDP after subtracting 0.41
percentage point from the first-quarter growth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 4.2 percent in the second quarter, compared with an increase of 3.5 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.2 percent in
the second quarter, the same as in the first.
Real personal consumption expenditures increased 1.5 percent in the second quarter, compared
with an increase of 0.9 percent in the first. Durable goods decreased 3.0 percent, compared with a
decrease of 4.3 percent. Nondurable goods increased 4.0 percent, in contrast to a decrease of 0.4
percent. Services increased 1.1 percent, compared with an increase of 2.4 percent.
Real nonresidential fixed investment increased 2.3 percent in the second quarter, compared with
an increase of 2.4 percent in the first. Nonresidential structures increased 14.4 percent, compared with
an increase of 8.6 percent. Equipment and software decreased 3.4 percent, compared with a decrease of
0.6 percent. Real residential fixed investment decreased 15.6 percent, compared with a decrease of 25.1
percent.
Real exports of goods and services increased 9.2 percent in the second quarter, compared with an
increase of 5.1 percent in the first. Real imports of goods and services decreased 6.6 percent, compared
with a decrease of 0.8 percent.
Real federal government consumption expenditures and gross investment increased 6.7 percent in
the second quarter, compared with an increase of 5.8 percent in the first. National defense increased 7.3
percent, the same as in the first. Nondefense increased 5.3 percent, compared with an increase of 2.9
percent. Real state and local government consumption expenditures and gross investment increased 1.6
percent, in contrast to a decrease of 0.3 percent.
The real change in private inventories subtracted 1.92 percentage points from the second-quarter
change in real GDP after subtracting 0.02 percentage point from the first-quarter change. Private
businesses decreased inventories $62.2 billion in the second quarter, following decreases of $10.2 billion
in the first and $8.1 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 3.9
percent in the second quarter, compared with an increase of 0.9 percent in the first.

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-3Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- decreased 0.5 percent in the second quarter, in contrast to an increase of 0.1 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $214.5 billion (7.4 percent) in the second quarter,
compared with an increase of $109.1 billion (3.7 percent) in the first. The acceleration primarily
reflected an acceleration in personal current transfer receipts due to the effects of the rebates to
individuals who pay no income taxes (or for whom the rebate exceeded the amount of taxes they pay)
from the Economic Stimulus Act of 2008.
Personal current taxes decreased $178.9 billion in the second quarter, in contrast to an increase of
$20.7 billion in the first. The sharp downturn reflected the rebates to individuals with tax liabilities,
which are treated as an offset to taxes.
Disposable personal income increased $393.4 billion (15.9 percent) in the second quarter,
compared with an increase of $88.5 billion (3.5 percent) in the first. Real disposable personal income
increased 11.3 percent, in contrast to a decrease of 0.1 percent.
Personal outlays increased $143.6 billion (5.6 percent) in the second quarter, compared with an
increase of $95.7 billion (3.8 percent) in the first. Personal saving -- disposable personal income less
personal outlays -- was $284.9 billion in the second quarter, compared with $35.1 billion in the first.
The personal saving rate -- saving as a percentage of disposable personal income -- was 2.6 percent in
the second quarter, compared with 0.3 percent in the first. Saving from current income may be near zero
or negative when outlays are financed by borrowing (including borrowing financed through credit cards
or home equity loans), by selling investments or other assets, or by using savings from previous periods.
For more information, see the FAQs on “Personal Saving” on BEA’s Web site. For a comparison of
personal saving in BEA’s national income and product accounts with personal saving in the Federal
Reserve Board’s flow of funds accounts and data on changes in net worth (which helps finance negative
saving), go to http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.0 percent, or $105.7 billion, in the second quarter to a level of $14,256.5 billion. In the first quarter,
current-dollar GDP increased 3.5 percent, or $119.6 billion.

Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimates of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy."

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-4Revision of the National Income and Product Accounts

The revised estimates, which begin with 2005, reflect the results of the regular annual revision of
the national income and product accounts (NIPAs). These revisions, usually made each July,
incorporate newly available and more comprehensive source data, as well as improved estimating
methodologies. In this annual revision, the notable revisions primarily reflected the incorporation of
newly available and revised source data. For example, the revised estimates of profits reflect newly
available Internal Revenue Service tabulations of tax returns for corporations for 2006 and revised
tabulations for 2005. A table showing the major current-dollar revisions and their sources for each
component of GDP, national income, and personal income will be published in the August 2008 issue of
the Survey of Current Business.
Because of the additional data shown, tables 3, 11, and 12 are each divided into two separate
tables -- 3A and 3B, 11A and 11B, and 12A and 12B. There are also a number of special tables that
compare the revised and previously published estimates for selected periods: Table 1A shows the
percent change in real GDP and related measures; table 1B shows revisions to current-dollar GDP, to
national income, and to disposition of personal income; table 2A shows contributions to the percent
change in real GDP; table 4A shows the percent change in the chain-type price indexes for GDP and
related measures; and table 12C shows revisions to corporate profits by industry.
This section of the release discusses the highlights of the revisions and describes their sources.
Summary of revisions
•

For 2004-2007, real GDP grew at an average annual rate of 2.6 percent, 0.1 percentage point less
than in the previously published estimates. The average annual rate of growth of real GDP from
the fourth quarter of 2004 to the first quarter of 2008 is 2.4 percent, 0.1 percentage point less
than in the previously published estimates.

•

The relatively small revisions to the annual estimates reflect partly offsetting revisions to the
quarters within a year. For example, for 2007, the annual rate of growth of real GDP for the
second quarter was revised up 1.0 percentage point, from 3.8 percent to 4.8 percent, while the
growth rate for the fourth quarter was revised down 0.8 percentage point, from a small increase
(0.6 percent) to a small decrease (0.2 percent).

•

For the 13 quarters from the first quarter of 2005 to the first quarter of 2008, the average revision
(without regard to sign) was 0.4 percentage point.

•

The average annual rate of growth of real disposable personal income for 2004-2007 was 2.6
percent, the same as in the previously published estimates.

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-5•

The revised estimates of prices show similar rates of increase to the previously published
estimates. From the fourth quarter of 2004 to the first quarter of 2008, the average annual rate of
increase in the price index for gross domestic purchases was revised up 0.1 percentage point to
3.3 percent. The average annual rate of increase in the price index for personal consumption
expenditures (PCE) remained unchanged at 2.9 percent, and the “core” PCE price index (which
excludes food and energy) remained unchanged at 2.2 percent.

•

For the revision period, national income was revised up for all 3 years: 0.8 percent for 2005, 1.2
percent for 2006, and 0.4 percent for 2007.

•

For the revision period, corporate profits was revised up for all 3 years: 5.5 percent for 2005, 7.4
percent for 2006, and 3.0 percent for 2007.

Revisions to 2005-2007 estimates
The percent change from the preceding year in real GDP was revised down for all 3 years: From
3.1 percent to 2.9 percent for 2005, from 2.9 percent to 2.8 percent for 2006, and from 2.2 percent to 2.0
percent for 2007.
For 2005, the largest contributors to the downward revision to real GDP growth were downward
revisions to PCE and to state and local government spending; these revisions were partly offset by an
upward revision to inventory investment. For 2006, the largest contributors to the downward revision
were downward revisions to residential fixed investment and to PCE for services; these revisions were
partly offset by upward revisions to fixed investment in equipment and software, to exports, and to PCE
for durables. For 2007, the largest contributors to the downward revision were downward revisions to
PCE for services and to inventory investment, and an upward revision to imports; these revisions were
partly offset by upward revisions to exports and to fixed investment in equipment and software.
The percent change from fourth quarter to fourth quarter in real GDP was revised down for all 3
years: From 2.9 percent to 2.7 percent for 2005, from 2.6 percent to 2.4 percent for 2006, and from 2.5
percent to 2.3 percent for 2007.
The percent change from the preceding year in the price index for gross domestic purchases was
unrevised at 3.7 percent for 2005, was revised up from 3.3 percent to 3.4 percent for 2006, and was
revised up from 2.7 percent to 2.8 percent for 2007. For the quarters of 2005 to 2007, the percent
change in the price index was revised down for four quarters and was revised up for eight quarters; the
largest upward revision was 0.6 percentage point (the third quarter of 2005).

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-6Current-dollar GDP was revised down for all 3 years: $12.0 billion, or 0.1 percent, for 2005;
$16.3 billion, or 0.1 percent, for 2006; and $33.8 billion, or 0.2 percent, for 2007. The percent change
from the preceding year was revised down from 6.4 percent to 6.3 percent for 2005; remained
unchanged at 6.1 percent for 2006; and was revised down from 4.9 percent to 4.8 percent for 2007.
Current-dollar gross national product (GNP) (GDP plus net receipts of income from the rest of the
world) was revised up $12.5 billion, or 0.1 percent, for 2005; was revised up $3.9 billion, or less than
0.1 percent, for 2006; and was revised down $27.1 billion, or 0.2 percent, for 2007. Net receipts of
income was revised up for all 3 years: $24.5 billion for 2005, $20.3 billion for 2006, and $6.7 billion for
2007. The revisions to net receipts of income -- which affect GNP, national income, corporate profits,
net interest and miscellaneous payments, and personal interest income -- result from the revisions to
BEA's international transactions accounts (ITAs) that were released in June. Although the revisions to
the ITAs extended back to 2002, the revisions prior to 2005 are not incorporated into the NIPAs at this
time. (An article describing the revisions to the ITAs was published in the July 2008 issue of the Survey
of Current Business.)
National income was revised up for all 3 years: $86.4 billion, or 0.8 percent, for 2005; $140.1
billion, or 1.2 percent, for 2006; and $42.9 billion, or 0.4 percent, for 2007. For 2005, a large upward
revision to corporate profits and a smaller upward revision to net interest and miscellaneous payments
were partly offset by a downward revision to nonfarm proprietors’ income. For 2006, large upward
revisions to corporate profits and to net interest and miscellaneous payments were partly offset by
downward revisions to supplements to wages and salaries and to rental income of persons. For 2007,
large upward revisions to net interest and miscellaneous payments and to corporate profits were partly
offset by large downward revisions to compensation of employees and to rental income of persons.
Corporate profits from current production -- profits before tax with inventory valuation and
capital consumption adjustments -- was revised up for all 3 years: $75.1 billion, or 5.5 percent, for
2005; $114.8 billion, or 7.4 percent, for 2006; and $47.2 billion, or 3.0 percent, for 2007. For 2005 and
2006, large upward revisions to corporate profits before tax and to the capital consumption adjustment
accounted for most of the revision. For 2007, a large upward revision to the capital consumption
adjustment accounted for most of the revision, although profits before tax was also revised up.
For 2005, profits of domestic nonfinancial corporations, profits from the rest of the world, and
profits of domestic financial corporations were revised up. For 2006, upward revisions to profits of
domestic nonfinancial corporations and to profits from the rest of the world were partly offset by a
downward revision to profits of domestic financial corporations. For 2007, upward revisions to profits
of domestic nonfinancial corporations and to profits from the rest of the world were partly offset by a
downward revision to profits of domestic financial corporations.

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-7-

Personal income was revised down $31.3 billion, or 0.3 percent, for 2005; was revised up $10.5
billion, or 0.1 percent, for 2006; and was revised down $2.4 billion, or less than 0.1 percent, for 2007.
For 2005, the downward revision was primarily accounted for by downward revisions to personal
dividend income and to nonfarm proprietors’ income. For 2006, upward revisions to personal interest
income and to nonfarm proprietors’ income were partly offset by a downward revision to supplements to
wages and salaries. For 2007, large downward revisions to compensation of employees, to rental
income of persons, and to government social benefits to persons were mostly offset by an upward
revision to personal interest income. Within compensation of employees, supplements to wages and
salaries accounted for most of the downward revision, although wages and salaries was also revised
down. In addition, contributions for government social insurance, which are subtracted in the
calculation of personal income, was revised down.
Disposable personal income (DPI) (personal income less personal current taxes) was revised
down $30.0 billion, or 0.3 percent, for 2005; was revised up $11.6 billion, or 0.1 percent, for 2006; and
was revised down $11.4 billion, or 0.1 percent, for 2007. Personal current taxes was revised down $1.3
billion for 2005, was revised down $1.1 billion for 2006, and was revised up $9.1 billion for 2007. The
percent change from the preceding year in real DPI was revised down from 1.7 percent to 1.4 percent for
2005, was revised up from 3.1 percent to 3.5 percent for 2006, and was revised down from 3.1 percent to
2.8 percent for 2007.
Personal outlays -- PCE, personal interest payments, and personal current transfer payments -was revised down for all 3 years: $17.9 billion for 2005, $20.3 billion for 2006, and $21.0 billion for
2007. For 2005 and 2006, downward revisions to PCE mostly accounted for the revisions; for 2007, a
downward revision to PCE more than accounted for the downward revision. The personal saving rate
(personal saving as a percentage of DPI) was revised down from 0.5 percent to 0.4 percent for 2005, was
revised up from 0.4 percent to 0.7 percent for 2006, and was revised up from 0.5 percent to 0.6 percent
for 2007.
The statistical discrepancy is current-dollar GDP less current-dollar gross domestic income
(GDI). It arises because most components of GDP and of GDI are estimated independently. GDP
measures final expenditures -- the sum of consumer spending, private investment, net exports, and
government spending. GDI measures the incomes earned in the production of GDP. In concept, GDP is
equal to GDI. In practice, they differ because they are estimated using different source data and
different methods.
As a result of the annual revision, the statistical discrepancy as a percentage of GDP (without
regard to sign) was revised from less than 0.1 percent to 0.6 percent for 2005, was revised from 0.1
percent to 1.2 percent for 2006, and was revised from 0.2 percent to 0.6 percent for 2007. For all 3
years, the revisions to the discrepancy reflected downward revisions to GDP and upward revisions to
GDI.

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-8New source data
The annual revision incorporated data from the following major federal statistical sources:
Census Bureau annual surveys of manufactures, of merchant wholesale trade, and of retail trade for
2006 and revised monthly indicators of manufactures, of merchant wholesale trade, and of retail trade
for 2005-2007; Census Bureau annual surveys of services for 2005 (revised), 2006 (revised), and 2007
(preliminary), and of state and local government finances for 2004 (revised), 2005 (revised), and 2006
(preliminary); Census Bureau monthly survey of construction spending (value put in place) for
2006-2007 (revised); Census Bureau quarterly survey of services for 2005-2007 (revised); Census
Bureau current population survey/housing vacancy survey for 2007; federal government budget data for
fiscal years 2007 and 2008; Internal Revenue Service tabulations of tax returns for corporations for 2005
(revised) and 2006 (preliminary) and for sole proprietorships and partnerships for 2006; Bureau of Labor
Statistics quarterly census of employment and wages for 2005-2007 (revised); Department of
Agriculture farm statistics for 2005-2007; and BEA's ITAs for 2005-2007 (revised).
Changes in methodology
The annual revision also incorporated refinements to estimating methodologies, including the
following improvements:
•

Estimates of the consumption of goods purchased at grocery stores are now based on point-ofsale retail scanner data from trade sources. The new method captures the annual variation in the
composition of goods sold by grocery stores (mainly food and beverage items) and alters the
composition of commodities within total PCE goods. The use of these data is part of BEA’s
initiative to acquire and incorporate real-time data into the economic accounts.

•

The valuation of unit sales and inventory change for new domestic and foreign autos now
incorporates price data from JD Power for all 3 model years that are usually sold within a
calendar year. The improved method is now consistent with the methodology used to value new
domestic and foreign light trucks.

•

The price index used for deflating consumer purchases of domestic airline services has been
changed to an improved Bureau of Labor Statistics producer price index (PPI). Similarly, the
price index used for deflating international airline services purchased by U.S. residents from U.S.
carriers has been changed to an improved PPI for international scheduled passenger air
transportation. The improved PPIs capture all Internet pricing and fare codes, include frequent
flier miles tickets, and include pricing from all distribution channels, making them more
consistent with the current-dollar expenditures series that are being deflated.

•

Estimates of international trade in most business services are now based on redesigned surveys in
which data on intrafirm trade and trade with unrelated parties are collected in the same detail and
on the same forms. Previously, the two types of trade had been collected on separate surveys
and in different detail, which sometimes led to inconsistent responses. The more integrated
approach to data collection was initiated in a benchmark survey for 2006 and carried over to
quarterly follow-on surveys, beginning with the first quarter of 2007. These improvements build
upon earlier initiatives, implemented in 2004, to consolidate surveys and convert reporting of
trade in most types of services from annual to quarterly.
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-9BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
*

*

*

Next release -- August 28, 2008, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2008 (Preliminary)
Corporate Profits: Second Quarter 2008

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- 10 Comparisons of Revisions to GDP
Quarterly estimates of GDP are released on the following schedule: “Advance” estimates, based on source
data that are incomplete or subject to further revision by the source agency, are released near the end of the first
month after the end of the quarter; as more detailed and more comprehensive data become available,
“preliminary” and “final” estimates are released near the end of the second and third months, respectively. The
“latest” estimates reflect the results of both annual and comprehensive revisions.
Annual revisions, which cover the quarters of the 3 most recent calendar years, are usually carried out each
summer and incorporate newly available major annual source data. Comprehensive (or benchmark) revisions are
carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in
concepts and methods that update the accounts to portray more accurately the evolving U.S. economy.
The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and real GDP for the different vintages of the estimates. From the advance estimate to the preliminary estimate
(one month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the final estimate (two months later), it is 0.6 percentage point. From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.2 percentage points. The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger than
the average revisions from the advance estimate to the preliminary or to the final estimates. The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the introduction of chain indexes and the capitalization of software. The quarterly estimates correctly indicate the
direction of change of real GDP 98 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 74 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than three-fifths of the time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages
compared

Average

Average without
regard to sign

Standard deviation of
revisions without regard
to sign

Current-dollar GDP
Advance to preliminary.....
Advance to final................
Preliminary to final...........

0.2
.2
.0

0.5
.7
.3

0.4
.4
.2

Advance to latest...............

.4

1.1

.9

Real GDP
Advance to preliminary.....
Advance to final................
Preliminary to final...........

0.1
.1
.0

0.5
.6
.3

0.4
.4
.2

Advance to latest...............

.3

1.2

1.0

NOTE.--These comparisons are based on the period from 1983 through 2004.

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Table 1. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
IV

2005
I

II

2006
III

Gross domestic product (GDP) ................
3.6
2.9
2.8
2.0
2.5
3.0
2.6
3.8
Personal consumption expenditures ..................
3.6
3.0
3.0
2.8
4.2
1.7
3.6
3.7
Durable goods .....................................................
6.3
4.6
4.5
4.8
7.0
0.6 12.1
5.4
Nondurable goods ...............................................
3.5
3.4
3.7
2.5
4.9
2.4
4.2
3.0
Services...............................................................
3.2
2.6
2.5
2.6
3.4
1.7
1.7
3.8
Gross private domestic investment.....................
9.7
5.8
2.1 –5.4
6.4
9.1 –5.1
4.0
Fixed investment..................................................
7.3
6.8
1.9 –3.1
7.3
5.3
7.6
5.3
Nonresidential..................................................
5.8
7.2
7.5
4.9 10.3
3.7
6.3
6.1
Structures.....................................................
1.3
1.3
8.2 12.7 –0.2
7.5 –1.3 –9.2
Equipment and software ..............................
7.4
9.3
7.2
1.7 14.3
2.3
9.2 12.2
Residential .......................................................
10.0
6.3 –7.1 –17.9
2.4
8.1
9.7
4.0
Change in private inventories .............................. .......... ........... .......... ........... ........... ........... ........... ..........
Net exports of goods and services ..................... .......... ........... .......... ........... ........... ........... ........... ..........
Exports ................................................................
9.7
7.0
9.1
8.4 10.0
8.1
8.8
0.4
Goods ..............................................................
9.0
7.7
9.9
7.5
7.2
7.1 14.5 –0.8
Services...........................................................
11.5
5.6
7.2 10.5 16.8 10.2 –2.8
3.2
Imports ................................................................
11.3
5.9
6.0
2.2 13.8
3.2
0.6
0.8
Goods ..............................................................
11.3
6.8
6.0
1.7 14.5
5.0
0.7
1.1
Services...........................................................
11.5
1.4
6.0
4.4 10.5 –5.7
0.0 –1.0
Government consumption expenditures and
gross investment ...............................................
1.4
0.4
1.7
2.1 –1.8 –0.2
0.9
3.4
Federal ................................................................
4.2
1.2
2.3
1.6 –4.6
1.1
1.1
9.7
National defense..............................................
5.8
1.5
1.6
2.5 –9.7
3.1
4.0 12.3
Nondefense .....................................................
1.1
0.6
3.6 –0.2
6.5 –2.7 –4.5
4.4
State and local.....................................................
–0.2 –0.1
1.3
2.3 –0.1 –1.0
0.8 –0.1
Addenda:
Final sales of domestic product...........................
3.3
3.1
2.8
2.4
2.7
2.3
4.8
4.1
Gross domestic purchases..................................
4.1
3.0
2.6
1.4
3.4
2.5
1.7
3.7
Final sales to domestic purchasers .....................
3.8
3.1
2.6
1.8
3.6
1.9
3.7
3.9
Gross national product (GNP) .............................
3.8
3.0
2.6
2.2
1.5
4.7
2.2
4.1
Disposable personal income ...............................
3.6
1.4
3.5
2.8
7.5 –4.7
2.5 –1.3
Current-dollar measures:
GDP .................................................................
6.6
6.3
6.1
4.8
5.9
7.1
4.8
8.1
Final sales of domestic product .......................
6.2
6.5
6.1
5.2
6.0
6.5
7.0
8.4
Gross domestic purchases ..............................
7.3
6.8
6.1
4.2
7.2
6.3
4.8
9.1
Final sales to domestic purchasers .................
7.0
6.9
6.1
4.6
7.3
5.7
6.9
9.4
GNP .................................................................
6.8
6.4
5.9
4.9
4.8
8.8
4.4
8.4
Disposable personal income............................
6.4
4.4
6.4
5.5 10.8 –2.4
5.1
3.4
See “Explanatory Note” at the end of the tables.

IV

I

II

2007
III

IV

I

II

2008
III

IV

I

II

1.3
4.8
2.7
0.8
1.5
0.1
4.8
4.8 –0.2
0.9
1.9
1.4
4.3
2.8
2.2
3.7
3.9
2.0
2.0
1.0
0.9
1.5
–11.7 18.9
1.8
3.5
4.2
9.2
5.0
2.3
0.4 –4.3 –3.0
4.7
4.4
3.1
2.3
3.1
3.5
1.9
1.2
0.3 –0.4
4.0
2.5
1.6
2.8
2.0
3.9
3.1
1.4
2.4
1.4
2.4
1.1
12.2
6.2 –0.4 –5.3 –15.0 –9.6
6.2
3.5 –11.9 –5.8 –14.8
2.3
8.3 –2.5 –4.8 –7.6 –3.4
3.0 –0.9 –6.2 –5.6 –2.4
3.7 15.9
6.4
5.3 –1.0
3.4 10.3
8.7
3.4
2.4
2.3
1.9 15.6 19.7 14.3
2.5 11.2 18.3 20.5
8.5
8.6 14.4
4.4 16.3
1.7
2.0 –2.4
0.0
6.9
3.6
1.0 –0.6 –3.4
0.2 –3.6 –16.6 –21.4 –19.5 –16.2 –11.5 –20.6 –27.0 –25.1 –15.6
........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ...........
........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ...........
10.9 16.7
5.5
3.5 15.6
0.6
8.8 23.0
4.4
5.1
9.2
13.2 18.1
6.7
3.6 10.4
2.1
6.9 21.8
5.1
4.5 11.9
5.7 13.4
2.7
3.2 28.6 –2.7 13.3 25.9
2.7
6.4
3.5
15.3 10.3
0.1
3.1
2.0
7.7 –3.7
3.0 –2.3 –0.8 –6.6
17.0
9.0
0.5
3.8 –0.8
8.4 –4.0
2.4 –2.6 –2.0 –6.3
6.8 17.7 –2.0 –0.3 18.4
4.2 –2.0
6.3 –0.9
5.5 –8.4
–1.7
–7.2
–14.2
8.9
1.6

3.9
10.0
8.8
12.4
0.5

1.2
–1.5
1.9
–8.1
2.9

1.7
1.9
–0.9
7.7
1.6

1.6
1.8
7.0
–8.1
1.5

0.9
–3.6
–5.9
1.2
3.6

3.9
6.7
8.5
3.1
2.4

3.8
7.2
10.2
1.2
1.9

0.8
–0.5
–0.9
0.4
1.6

1.9
5.8
7.3
2.9
–0.3

3.4
6.7
7.3
5.3
1.6

–0.3
2.5
1.0
0.4
7.5

5.1
4.5
4.8
4.9
5.1

2.3
2.0
1.6
2.8
1.3

0.9
0.9
1.0
0.2
2.3

2.9
0.2
1.5
2.0
5.8

1.1
1.2
2.2
–0.3
4.4

4.3
2.9
2.5
4.4
–0.6

4.0
2.6
1.9
6.3
3.1

0.8
–1.0
–0.1
1.3
0.6

0.9
3.9
0.1 –0.5
0.1
1.3
0.1 ...........
–0.1 11.3

5.1
3.5
6.5
5.0
4.2
11.1

8.6
8.8
7.5
7.8
8.7
6.9

5.5
5.1
5.7
5.3
5.6
4.6

3.6
3.7
3.8
3.9
3.0
5.4

3.7
5.2
0.7
2.1
4.1
5.3

4.3
5.3
5.0
5.9
4.0
7.9

6.9
6.4
6.4
5.9
6.4
3.0

6.3
5.6
4.9
4.2
7.9
5.7

2.3
3.6
2.6
3.9
3.9
4.9

3.5
3.0
3.6
5.0
3.5
3.7
3.7
5.7
2.6 ...........
3.5 15.9

Table 1A. Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
IV

2005
I

II

2006
III

IV

I

II

2007
III

IV

I

II

2008
III

IV

I

Gross domestic product (GDP) ................
3.6
2.9
2.8
2.0
2.5
3.0
2.6
3.8
1.3
4.8
2.7
0.8
1.5
0.1
4.8
4.8
–0.2
0.9
Previously published ................................
3.6
3.1
2.9
2.2
2.5
3.1
2.8
4.5
1.2
4.8
2.4
1.1
2.1
0.6
3.8
4.9
0.6
1.0
Personal consumption expenditures ..................
3.6
3.0
3.0
2.8
4.2
1.7
3.6
3.7
1.4
4.3
2.8
2.2
3.7
3.9
2.0
2.0
1.0
0.9
Previously published............................................
3.6
3.2
3.1
2.9
4.2
2.4
3.5
4.1
1.2
4.4
2.4
2.8
3.9
3.7
1.4
2.8
2.3
1.1
Durable goods .....................................................
6.3
4.6
4.5
4.8
7.0
0.6
12.1
5.4 –11.7
18.9
1.8
3.5
4.2
9.2
5.0
2.3
0.4
–4.3
Previously published ........................................
6.3
4.9
3.8
4.7
7.0
2.2
11.3
6.2 –13.0
16.6
0.8
5.6
3.9
8.8
1.7
4.5
2.0
–6.0
Nondurable goods ...............................................
3.5
3.4
3.7
2.5
4.9
2.4
4.2
3.0
4.7
4.4
3.1
2.3
3.1
3.5
1.9
1.2
0.3
–0.4
Previously published ........................................
3.5
3.6
3.6
2.4
4.9
3.5
3.7
2.5
4.7
4.5
2.3
3.2
4.3
3.0
–0.5
2.2
1.2
–0.2
Services...............................................................
3.2
2.6
2.5
2.6
3.4
1.7
1.7
3.8
2.5
1.6
2.8
2.0
3.9
3.1
1.4
2.4
1.4
2.4
Previously published ........................................
3.2
2.7
2.7
2.8
3.4
1.9
1.8
4.4
2.6
2.1
2.7
2.0
3.7
3.1
2.3
2.8
2.8
3.1
Gross private domestic investment.....................
9.7
5.8
2.1
–5.4
6.4
9.1
–5.1
4.0
12.2
6.2
–0.4
–5.3 –15.0
–9.6
6.2
3.5 –11.9
–5.8
Previously published............................................
9.7
5.6
2.7
–4.9
6.4
5.3
–3.9
7.0
13.4
4.3
0.6
–4.1 –14.1
–8.2
4.6
5.0 –14.6
–6.9
Fixed investment..................................................
7.3
6.8
1.9
–3.1
7.3
5.3
7.6
5.3
2.3
8.3
–2.5
–4.8
–7.6
–3.4
3.0
–0.9
–6.2
–5.6
Previously published ........................................
7.3
6.9
2.4
–2.9
7.3
4.0
7.9
8.0
2.3
7.9
–1.9
–4.7
–7.1
–4.4
3.2
–0.7
–4.0
–6.9
Nonresidential..................................................
5.8
7.2
7.5
4.9
10.3
3.7
6.3
6.1
3.7
15.9
6.4
5.3
–1.0
3.4
10.3
8.7
3.4
2.4
Previously published ....................................
5.8
7.1
6.6
4.7
10.3
3.3
5.0
8.6
3.4
13.3
4.2
5.1
–1.4
2.1
11.0
9.3
6.0
0.6
Structures.....................................................
1.3
1.3
8.2
12.7
–0.2
7.5
–1.3
–9.2
1.9
15.6
19.7
14.3
2.5
11.2
18.3
20.5
8.5
8.6
Previously published ................................
1.3
0.5
8.4
12.9
–0.2
2.1
–1.6
–6.3
4.8
15.0
16.4
10.8
7.4
6.4
26.2
16.4
12.4
1.2
Equipment and software ..............................
7.4
9.3
7.2
1.7
14.3
2.3
9.2
12.2
4.4
16.3
1.7
2.0
–2.4
0.0
6.9
3.6
1.0
–0.6
Previously published ................................
7.4
9.6
5.9
1.3
14.3
3.8
7.4
14.5
3.1
13.0
–0.1
2.9
–4.9
0.3
4.7
6.2
3.1
0.2
Residential .......................................................
10.0
6.3
–7.1 –17.9
2.4
8.1
9.7
4.0
0.2
–3.6 –16.6 –21.4 –19.5 –16.2 –11.5 –20.6 –27.0 –25.1
Previously published ....................................
10.0
6.6
–4.6 –17.0
2.4
5.3
13.1
6.9
0.5
–0.7 –11.7 –20.4 –17.2 –16.3 –11.8 –20.5 –25.2 –24.6
Change in private inventories .............................. ........... ........... ........... ............ ............ ........... ........... ........... ............ ........... ........... ........... ............ ............ ........... ........... ............ ............
Net exports of goods and services ..................... ........... ........... ........... ............ ............ ........... ........... ........... ............ ........... ........... ........... ............ ............ ........... ........... ............ ............
Exports ................................................................
9.7
7.0
9.1
8.4
10.0
8.1
8.8
0.4
10.9
16.7
5.5
3.5
15.6
0.6
8.8
23.0
4.4
5.1
Previously published ........................................
9.7
6.9
8.4
8.1
10.0
6.0
9.5
2.1
10.6
11.5
5.7
5.7
14.3
1.1
7.5
19.1
6.5
5.4
Goods ..............................................................
9.0
7.7
9.9
7.5
7.2
7.1
14.5
–0.8
13.2
18.1
6.7
3.6
10.4
2.1
6.9
21.8
5.1
4.5
Previously published ....................................
9.0
7.5
9.9
7.9
7.2
5.8
13.6
1.9
12.6
15.5
6.5
7.4
9.6
0.9
6.6
26.2
3.9
4.4
Services...........................................................
11.5
5.6
7.2
10.5
16.8
10.2
–2.8
3.2
5.7
13.4
2.7
3.2
28.6
–2.7
13.3
25.9
2.7
6.4
Previously published ....................................
11.5
5.4
4.8
8.5
16.8
6.5
0.9
2.6
6.3
2.9
3.9
2.0
26.0
1.6
9.6
4.0
13.2
7.9
Imports ................................................................
11.3
5.9
6.0
2.2
13.8
3.2
0.6
0.8
15.3
10.3
0.1
3.1
2.0
7.7
–3.7
3.0
–2.3
–0.8
Previously published ........................................
11.3
5.9
5.9
1.9
13.8
2.1
0.8
2.1
16.2
6.9
0.9
5.4
1.6
3.9
–2.7
4.4
–1.4
–0.7
Goods ..............................................................
11.3
6.8
6.0
1.7
14.5
5.0
0.7
1.1
17.0
9.0
0.5
3.8
–0.8
8.4
–4.0
2.4
–2.6
–2.0
Previously published ....................................
11.3
6.6
6.0
1.6
14.5
3.2
1.0
2.5
17.3
6.5
1.1
6.2
–0.6
4.2
–2.9
4.8
–2.6
–1.9
Services...........................................................
11.5
1.4
6.0
4.4
10.5
–5.7
0.0
–1.0
6.8
17.7
–2.0
–0.3
18.4
4.2
–2.0
6.3
–0.9
5.5
Previously published ....................................
11.5
2.3
5.2
3.5
10.5
–3.5
–0.5
0.0
10.3
9.5
–0.1
1.3
14.2
2.3
–1.7
1.7
5.5
6.0
Government consumption expenditures and
gross investment ...............................................
1.4
0.4
1.7
2.1
–1.8
–0.2
0.9
3.4
–1.7
3.9
1.2
1.7
1.6
0.9
3.9
3.8
0.8
1.9
Previously published............................................
1.4
0.7
1.8
2.0
–1.8
1.3
1.2
3.2
–1.9
4.9
1.0
0.8
3.5
–0.5
4.1
3.8
2.0
2.1
Federal ................................................................
4.2
1.2
2.3
1.6
–4.6
1.1
1.1
9.7
–7.2
10.0
–1.5
1.9
1.8
–3.6
6.7
7.2
–0.5
5.8
Previously published ........................................
4.2
1.5
2.2
1.7
–4.6
2.8
0.7
8.6
–6.2
8.4
–1.6
0.9
7.3
–6.3
6.0
7.1
0.5
4.3
National defense..............................................
5.8
1.5
1.6
2.5
–9.7
3.1
4.0
12.3 –14.2
8.8
1.9
–0.9
7.0
–5.9
8.5
10.2
–0.9
7.3
Previously published ....................................
5.8
1.5
1.9
2.8
–9.7
4.6
2.6
10.0 –11.7
6.8
2.3
–1.5
16.9 –10.8
8.5
10.1
–0.5
5.6
Nondefense .....................................................
1.1
0.6
3.6
–0.2
6.5
–2.7
–4.5
4.4
8.9
12.4
–8.1
7.7
–8.1
1.2
3.1
1.2
0.4
2.9
Previously published ....................................
1.1
1.3
2.8
–0.4
6.5
–0.8
–3.0
5.8
5.8
11.9
–8.8
6.0 –10.0
3.8
0.9
1.1
2.8
1.7
State and local.....................................................
–0.2
–0.1
1.3
2.3
–0.1
–1.0
0.8
–0.1
1.6
0.5
2.9
1.6
1.5
3.6
2.4
1.9
1.6
–0.3
Previously published ........................................
–0.2
0.3
1.6
2.2
–0.1
0.4
1.5
0.0
0.7
2.9
2.5
0.7
1.3
3.0
3.0
1.9
2.8
0.8
Addenda:
Final sales of domestic product...........................
3.3
3.1
2.8
2.4
2.7
2.3
4.8
4.1
–0.3
5.1
2.3
0.9
2.9
1.1
4.3
4.0
0.8
0.9
Previously published ........................................
3.3
3.3
2.8
2.5
2.7
2.9
4.8
4.6
–0.5
5.4
2.0
1.0
3.5
1.3
3.6
4.0
2.4
0.9
Gross domestic purchases..................................
4.1
3.0
2.6
1.4
3.4
2.5
1.7
3.7
2.5
4.5
2.0
0.9
0.2
1.2
2.9
2.6
–1.0
0.1
Previously published ........................................
4.1
3.1
2.8
1.5
3.4
2.6
1.9
4.3
2.5
4.5
1.9
1.3
0.8
1.1
2.4
3.3
–0.4
0.2
Final sales to domestic purchasers .....................
3.8
3.1
2.6
1.8
3.6
1.9
3.7
3.9
1.0
4.8
1.6
1.0
1.5
2.2
2.5
1.9
–0.1
0.1
Previously published ........................................
3.8
3.3
2.7
1.8
3.6
2.4
3.7
4.5
0.8
5.0
1.5
1.2
2.1
1.7
2.1
2.5
1.3
0.1
Gross national product (GNP) .............................
3.8
3.0
2.6
2.2
1.5
4.7
2.2
4.1
0.4
4.9
2.8
0.2
2.0
–0.3
4.4
6.3
1.3
0.1
Previously published ........................................
3.8
3.0
2.8
2.4
1.5
3.6
2.7
5.1
0.0
5.2
2.4
0.5
2.6
0.7
4.0
5.8
1.9
0.2
Disposable personal income ...............................
3.6
1.4
3.5
2.8
7.5
–4.7
2.5
–1.3
7.5
5.1
1.3
2.3
5.8
4.4
–0.6
3.1
0.6
–0.1
Previously published ........................................
3.6
1.7
3.1
3.1
7.5
–3.3
2.5
–1.2
6.6
4.9
0.2
1.7
6.2
5.4
–0.8
4.0
0.9
1.4
Current-dollar measures:
GDP .................................................................
6.6
6.3
6.1
4.8
5.9
7.1
4.8
8.1
5.1
8.6
5.5
3.6
3.7
4.3
6.9
6.3
2.3
3.5
Previously published ....................................
6.6
6.4
6.1
4.9
5.9
7.1
5.5
8.1
4.8
8.4
6.0
3.4
3.8
4.9
6.6
6.0
3.0
3.7
Final sales of domestic product .......................
6.2
6.5
6.1
5.2
6.0
6.5
7.0
8.4
3.5
8.8
5.1
3.7
5.2
5.3
6.4
5.6
3.6
3.6
Previously published ....................................
6.2
6.6
6.1
5.3
6.0
6.9
7.5
8.3
3.0
9.0
5.5
3.4
5.2
5.5
6.3
5.1
4.9
3.7
Gross domestic purchases ..............................
7.3
6.8
6.1
4.2
7.2
6.3
4.8
9.1
6.5
7.5
5.7
3.8
0.7
5.0
6.4
4.9
2.6
3.5
Previously published ....................................
7.3
6.9
6.1
4.2
7.2
6.3
5.5
9.1
6.3
7.3
6.2
3.8
0.9
4.9
6.2
5.1
3.3
3.7
Final sales to domestic purchasers .................
7.0
6.9
6.1
4.6
7.3
5.7
6.9
9.4
5.0
7.8
5.3
3.9
2.1
5.9
5.9
4.2
3.9
3.7
Previously published ....................................
7.0
7.1
6.1
4.6
7.3
6.1
7.4
9.3
4.6
7.9
5.7
3.7
2.1
5.5
6.0
4.3
5.0
3.8
GNP .................................................................
6.8
6.4
5.9
4.9
4.8
8.8
4.4
8.4
4.2
8.7
5.6
3.0
4.1
4.0
6.4
7.9
3.9
2.6
Previously published ....................................
6.8
6.3
6.0
5.2
4.8
7.6
5.4
8.7
3.5
8.8
6.0
2.8
4.3
4.9
6.8
6.9
4.3
2.8
Disposable personal income............................
6.4
4.4
6.4
5.5
10.8
–2.4
5.1
3.4
11.1
6.9
4.6
5.4
5.3
7.9
3.0
5.7
4.9
3.5
Previously published ....................................
6.4
4.7
5.9
5.7
10.8
–1.2
6.0
3.0
9.6
6.7
4.5
4.4
5.2
9.1
3.4
5.9
4.9
5.1
See “Explanatory Note” at the end of the tables.

Table 1B. Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income
Billions of dollars
Revised estimates

Revisions as a percentage of
previously published

Revisions to previously published

2005

2006

2007

2005

2006

2007

2005

2006

2007

Gross domestic product (GDP) .................................................................

12,421.9

13,178.4

13,807.5

–12.0

–16.3

–33.8

–0.1

–0.1

–0.2

Personal consumption expenditures ....................................................................
Durable goods ..................................................................................................
Nondurable goods ............................................................................................
Services............................................................................................................

8,694.1
1,020.8
2,514.1
5,159.2

9,207.2
1,052.1
2,685.2
5,469.9

9,710.2
1,082.8
2,833.0
5,794.4

–13.7
–3.1
–2.1
–8.6

–17.3
3.2
–2.8
–17.7

–24.0
4.6
–0.2
–28.4

–0.2
–0.3
–0.1
–0.2

–0.2
0.3
–0.1
–0.3

–0.2
0.4
0.0
–0.5

Gross private domestic investment ......................................................................
Fixed investment...............................................................................................
Nonresidential...............................................................................................
Structures..................................................................................................
Equipment and software ...........................................................................
Residential ....................................................................................................
Change in private inventories ...........................................................................

2,086.1
2,042.8
1,273.1
337.6
935.5
769.6
43.3

2,220.4
2,171.1
1,414.1
410.4
1,003.7
757.0
49.3

2,130.4
2,134.0
1,503.8
480.3
1,023.5
630.2
–3.6

8.9
2.5
1.0
3.0
–2.0
1.4
6.4

11.2
8.6
16.4
5.3
11.1
–7.8
2.6

5.0
0.4
0.5
0.2
11.6
0.1
0.4
0.5
22.0
0.1
1.2
1.5
8.2
0.9
1.3
1.7
13.8
–0.2
1.1
1.4
–10.5
0.2
–1.0
–1.6
–6.5 ..................... ..................... .....................

Net exports of goods and services.......................................................................
Exports .............................................................................................................
Goods ...........................................................................................................
Services........................................................................................................
Imports .............................................................................................................
Goods ...........................................................................................................
Services........................................................................................................

–713.6
1,311.5
908.4
403.1
2,025.1
1,705.3
319.8

–757.3
1,480.8
1,032.1
448.7
2,238.1
1,882.7
355.4

–707.8
1,662.4
1,149.2
513.2
2,370.2
1,985.2
385.1

1.0
2.1
1.4
0.7
1.2
3.3
–2.2

4.7
13.2
1.6
11.6
8.5
2.3
6.2

0.2 ..................... ..................... .....................
19.4
0.2
0.9
1.2
–3.7
0.2
0.2
–0.3
23.1
0.2
2.7
4.7
19.2
0.1
0.4
0.8
5.8
0.2
0.1
0.3
13.5
–0.7
1.8
3.6

Government consumption expenditures and gross investment............................
Federal .............................................................................................................
National defense...........................................................................................
Nondefense ..................................................................................................
State and local..................................................................................................

2,355.3
875.5
588.1
287.4
1,479.8

2,508.1
932.2
624.1
308.0
1,575.9

2,674.8
979.3
662.2
317.1
1,695.5

–8.1
–2.9
–0.6
–2.4
–5.2

–14.9
–0.3
–0.2
–0.2
–14.6

–15.0
3.3
2.1
1.2
–18.3

–0.3
–0.3
–0.1
–0.8
–0.4

–0.6
0.0
0.0
–0.1
–0.9

–0.6
0.3
0.3
0.4
–1.1

Gross domestic product....................................................................................
Plus: Income receipts from the rest of the world ..................................................
Less: Income payments to the rest of the world...................................................

12,421.9
573.5
480.5

13,178.4
725.4
647.1

13,807.5
861.7
759.3

–12.0
29.4
4.9

–16.3
34.0
13.7

–33.8
44.2
37.5

–0.1
5.4
1.0

–0.1
4.9
2.2

–0.2
5.4
5.2

Equals: Gross national product........................................................................
Less: Consumption of fixed capital.......................................................................
Less: Statistical discrepancy ................................................................................

12,514.9
1,612.0
–71.2

13,256.6
1,623.9
–163.0

13,910.0
1,720.5
–81.4

12.5
2.5
–76.6

3.9
8.7
–144.9

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

10,974.0
7,030.8
5,676.7
1,354.1

11,795.7
7,433.8
6,028.5
1,405.3

12,270.9
7,812.3
6,355.7
1,456.6

86.4
1.2
3.8
–2.7

140.1
–14.5
2.8
–17.3

42.9
–68.8
–32.9
–35.9

0.8
0.0
0.1
–0.2

1.2
–0.2
0.0
–1.2

0.4
–0.9
–0.5
–2.4

959.8
40.9

1,014.7
44.3

1,056.2
40.0

–10.1
–2.0

8.0
–10.2

13.6
–25.4

–1.0
–4.7

0.8
–18.7

1.3
–38.8

1,447.9
569.1
868.9
70.0
–13.4

1,668.5
631.2
926.4
85.4
–8.6

1,642.4
664.4
963.2
100.2
–7.9

75.1
11.1
5.8
3.5
1.7

114.8
32.7
8.8
–4.8
5.3

Personal income.................................................................................................

10,269.8

10,993.9

11,663.2

–31.3

10.5

–2.4

–0.3

0.1

0.0

Compensation of employees, received.............................................................
Wage and salary disbursements...................................................................
Supplements to wages and salaries .............................................................
Proprietors’ income with inventory valuation and capital consumption
adjustments ..................................................................................................
Farm .............................................................................................................
Nonfarm ........................................................................................................
Rental income of persons with capital consumption adjustment......................
Personal income receipts on assets .................................................................
Personal interest income ..............................................................................
Personal dividend income.............................................................................
Personal current transfer receipts.....................................................................

7,025.8
5,671.7
1,354.1

7,432.6
6,027.2
1,405.3

7,818.6
6,362.0
1,456.6

1.2
3.8
–2.7

–8.2
9.0
–17.3

–40.0
–4.1
–35.9

0.0
0.1
–0.2

–0.1
0.1
–1.2

–0.5
–0.1
–2.4

959.8
34.1
925.7
40.9
1,596.9
1,022.0
574.9
1,520.7

1,014.7
16.2
998.6
44.3
1,824.8
1,125.4
699.4
1,603.0

1,056.2
44.0
1,012.2
40.0
2,000.1
1,214.3
785.8
1,713.3

–10.1
3.3
–13.4
–2.0
–20.9
3.1
–24.0
0.0

8.0
–3.2
11.2
–10.2
28.3
25.2
3.1
–9.5

13.6
7.8
5.8
–25.4
52.9
59.6
–6.7
–18.4

–1.0
10.7
–1.4
–4.7
–1.3
0.3
–4.0
0.0

0.8
–16.5
1.1
–18.7
1.6
2.3
0.4
–0.6

1.3
21.5
0.6
–38.8
2.7
5.2
–0.8
–1.1
–1.5

Relation of GDP and National Income

–27.1
0.1
0.0
–0.2
33.9
0.2
0.5
2.0
–103.8 ..................... ..................... .....................

47.2
5.5
7.4
3.0
61.8
2.0
5.5
10.3
1.8
0.7
1.0
0.2
6.0
5.3
–5.3
6.4
6.6 ..................... ..................... .....................

Disposition of personal income

Less: Contributions for government social insurance .......................................

874.3

925.5

965.1

–0.5

–2.1

–14.8

–0.1

–0.2

Less: Personal current taxes ................................................................................

1,207.8

1,353.2

1,492.8

–1.3

–1.1

9.1

–0.1

–0.1

0.6

Equals: Disposable personal income...............................................................

9,062.0

9,640.7

10,170.5

–30.0

11.6

–11.4

–0.3

0.1

–0.1

Less: Personal outlays .........................................................................................

9,029.5

9,570.0

10,113.1

–17.9

–20.3

–21.0

–0.2

–0.2

–0.2

Equals: Personal saving ....................................................................................

32.5

70.7

57.4

–12.1

31.9

9.6 ..................... ..................... .....................

Personal saving as a percentage of disposable personal income ....................
Addenda:
Statistical discrepancy as a percentage of GDP ..................................................
Gross domestic income........................................................................................

0.4

0.7

0.6

–0.1

0.3

0.1 ..................... ..................... .....................

–0.6
12,493.0

–1.2
13,341.4

–0.6
13,889.0

–0.6
64.4

–1.1
128.6

–0.8 ..................... ..................... .....................
70.1
0.5
1.0
0.5

Table 2. Contributions to Percent Change in Real Gross Domestic Product
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
IV

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

3.6

2.8

2.0

2.56 2.13 2.13
0.53 0.38 0.36
0.08 –0.01 –0.09
0.35 0.30 0.35
0.10 0.08 0.10
0.71 0.69 0.74
0.31 0.36 0.38
0.14 0.17 0.16
0.03 –0.01 –0.05
0.24 0.17 0.25
1.32 1.06 1.02
0.32 0.33 0.34
0.10 0.06 –0.02
0.02 0.04 –0.05
0.08 0.03 0.03
0.04 0.03 0.05
0.36 0.40 0.31
0.14 0.06 0.09
0.36 0.18 0.24
1.48 0.95 0.35
1.10 1.08 0.32
0.56 0.71 0.77
0.03 0.03 0.23
0.53 0.67 0.54

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

0.33
0.08
0.14
0.12
–0.04
0.16
0.07
0.53
0.39
0.06
0.32
–0.68
0.93
0.60
0.33
–1.61
–1.33
–0.27

2.9

0.29

0.27 0.07
0.29 0.09
0.27 0.07
0.21 0.04
0.06 0.03
0.03 0.01
0.02 0.00
0.00 0.01
–0.02 –0.01
0.01 0.01
–0.03 –0.03
1.50
1.62
0.51
0.14
0.04

0.32

0.10 0.15
0.11 0.06
0.08 0.11
0.10 0.07
0.17 0.09
0.11 0.05
0.37 –0.45
–0.13 0.03
–0.06 –0.03
–0.07 0.06
–0.21 –0.02
0.71 0.96
0.54 0.73
0.17 0.23
–0.93 –0.98
–0.89 –0.82
–0.04 –0.16

1.35
1.25
0.34
0.13
0.15

0.34

2.5

2005
I

II

0.32
0.16
0.08
0.04
0.04
0.08
0.05
0.03
0.16
0.16
0.00

0.40
0.11
0.12
0.11
0.01
0.00
0.00
0.00
0.28
0.20
0.09

1.67
1.35
–0.24
–0.03
0.15

0.97
1.61
–0.55
–0.03
0.13

IV

I

II

2008
III

4.8

4.8

2.93 1.25 2.50 2.59 0.94 2.86 1.88
0.57 0.04 0.95 0.44 –1.02 1.37 0.14
0.23 –0.32 0.53 0.15 –1.59 0.53 0.06
0.25 0.26 0.29 0.37 0.41 0.55 0.15
0.09 0.11 0.13 –0.08 0.17 0.29 –0.06
0.97 0.49 0.83 0.59 0.93 0.85 0.62
0.60 0.32 0.29 0.45 0.37 0.50 0.43
0.23 0.15 0.27 0.00 0.35 0.18 0.02
0.00 –0.09 0.09 0.02 –0.04 –0.17 –0.11
0.14 0.12 0.17 0.11 0.25 0.33 0.27
1.39 0.72 0.72 1.55 1.02 0.64 1.12
0.31 0.34 0.36 0.39 0.35 0.37 0.31
0.15 0.01 0.02 0.15 –0.01 –0.42 0.26
0.15 0.03 0.00 0.12 –0.04 –0.42 0.20
0.01 –0.02 0.01 0.04 0.03 0.01 0.06
0.06 0.02 0.02 0.02 0.01 0.08 0.08
0.40 0.31 0.37 0.48 0.39 0.37 0.15
0.03 0.08 0.02 0.04 0.04 0.08 0.04
0.44 –0.03 –0.08 0.46 0.24 0.16 0.27
1.04 1.48 –0.86 0.69 1.98 1.15 –0.02
1.14 0.85 1.21 0.88 0.41 1.39 –0.40
1.00 0.37 0.64 0.64 0.40 1.62 0.71
0.00 0.19 –0.04 –0.26 0.05 0.42 0.54
1.01 0.18 0.68 0.90 0.35 1.20 0.16

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

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

2.71
0.71
0.30
0.34
0.07
0.71
0.12
0.25
0.13
0.22
1.29
0.12
0.08
0.07
0.00
0.03
0.63
0.06
0.37
–1.63
–0.57
0.33
0.35
–0.02

1.42
0.40
0.05
0.17
0.17
0.40
0.27
0.08
–0.07
0.12
0.62
0.09
0.02
–0.04
0.06
0.04
0.13
0.08
0.27
0.94
0.47
1.07
0.57
0.50

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

0.34

0.04

0.57

0.41

0.31

0.13 0.02 0.17
0.07 0.14 0.21
0.14 –0.11 0.19
–0.12 –0.02 –0.10
0.06 –0.15 –0.21
–0.12 –0.05 –0.28
–1.40 –1.18 –0.91
–0.11 –1.41 –1.06
0.00 0.12 –0.07
–0.12 –1.52 –0.99
–0.12 1.33 –1.20
0.39 1.66 0.06
0.28 0.78 0.15
0.11 0.87 –0.09
–0.51 –0.33 –1.25
–0.51 0.13 –1.14
0.01 –0.46 –0.11

0.09
0.22
0.09
0.34
–0.32
0.07
–0.60
0.47
0.14
0.33
1.66
1.01
0.55
0.46
0.65
0.59
0.06

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

0.36

0.33

4.8

2007
III

0.1

0.31

1.3

II

1.5

0.23

3.8

I

0.8

0.11 0.24 –0.06
0.15 0.17 0.07
0.08 0.00 0.22
0.02 0.06 0.12
–0.17 0.40 –0.20
–0.07 0.13 0.04
–1.02 0.14 0.48
–0.40 –0.11 0.63
0.04 –0.14 –0.22
–0.44 0.03 0.85
0.58 –1.07 0.28
0.95 0.97 0.80
0.59 0.49 0.49
0.36 0.49 0.31
–0.37 –2.04 –0.52
–0.25 –1.78 –0.67
–0.12 –0.26 0.15

2.6

IV

2.7

0.41

3.0

2006
III

0.61

0.15

0.12 0.09 0.22 0.16 0.17
0.16 0.04 0.10 0.03 0.02
0.03 0.23 0.02 0.41 –0.04
–0.04 0.19 0.19 –0.07 0.25
0.24 0.31 –0.24 0.52 –0.25
0.17 0.04 0.07 0.15 0.02
0.57 0.25 0.01 –0.23 –1.11
–2.07 –0.19 1.56 –0.24 0.38
0.14 0.19 –0.15 0.02 –0.24
–2.20 –0.39 1.71 –0.26 0.62
0.79 –0.07 –1.26 0.09 0.59
0.89 0.04 1.09 1.70 0.58
0.98 –0.06 0.91 1.27 0.49
–0.09 0.10 0.18 0.42 0.09
–0.10 –0.11 –2.35 –1.61 0.01
–0.10 –0.14 –2.18 –1.18 –0.04
0.00 0.03 –0.17 –0.43 0.05

IV

I

–0.2

0.9

II
1.9

0.67 0.61 1.08
0.03 –0.33 –0.23
–0.03 –0.35 –0.60
0.11 0.05 0.37
–0.06 –0.04 0.00
0.05 –0.08 0.83
0.27 0.13 0.28
–0.09 0.08 0.26
–0.05 –0.18 –0.04
–0.08 –0.10 0.33
0.59 1.02 0.47
0.12 0.05 0.18
0.09 0.07 0.07
0.01 0.11 0.05
0.08 –0.05 0.02
–0.02 0.04 –0.05
0.48 0.59 0.41
–0.01 –0.14 0.03
–0.08 0.40 –0.16
–1.93 –0.89 –2.28
–0.97 –0.86 –0.36
0.36 0.26 0.25
0.29 0.30 0.51
0.07 –0.04 –0.25
0.37

0.27

0.35

0.12 0.10
0.16 0.16
0.10 0.00
–0.20 0.01
–0.18 –0.16
0.08 –0.16
–1.33 –1.12
–0.96 –0.02
0.47 –0.17
–1.43 0.15
0.94 0.77
0.53 0.63
0.43 0.39
0.10 0.24
0.40 0.14
0.38 0.29
0.02 –0.15

0.08
0.08
0.19
0.08
–0.60
–0.07
–0.62
–1.92
–0.18
–1.74
2.42
1.16
1.02
0.14
1.26
1.00
0.26

–0.35 –0.04 0.17
–0.33 0.08 0.08
–0.48 0.14 0.18
–0.45 0.22 0.06
–0.04 –0.08 0.12
0.15 –0.07 –0.11
0.12 –0.03 –0.12
0.03 –0.03 0.01
–0.01 –0.12 0.10
0.11 –0.13 0.02
–0.12 0.01 0.08

0.65
0.66
0.56
0.45
0.11
0.10
0.03
0.07
–0.01
0.06
–0.07

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

0.23
–0.11
0.09
–0.02
0.11
–0.20
–0.14
–0.07
0.34
0.16
0.18

0.32
0.13
–0.04
0.00
–0.05
0.17
0.15
0.03
0.19
0.24
–0.05

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

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

0.77
0.47
0.40
0.28
0.12
0.07
0.02
0.05
0.30
0.17
0.13

0.75 0.16
0.51 –0.04
0.48 –0.04
0.45 –0.06
0.03 0.02
0.03 0.01
0.03 –0.02
–0.01 0.02
0.24 0.19
0.15 0.15
0.09 0.04

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

0.67
0.48
0.36
0.16
0.20
0.12
0.08
0.04
0.20
0.10
0.09

1.18
1.41
–0.03
–0.34
0.29

1.68
2.23
–0.06
0.76
0.07

0.65
0.52
0.15
–1.22
0.21

1.84
1.26
–0.42
–0.34
0.15

0.51
1.29
–1.00
0.40
0.04

0.42
2.19
–1.10
–0.65
0.20

–0.80
1.26
–0.41
0.10
–0.03

3.08
1.61
0.09
0.13
0.21

2.71
2.35
–0.30
0.47
0.28

0.29
1.62
–1.03
–0.41
0.05

0.71
1.21
–0.02
–1.07
0.12

1.12
1.24
0.62
0.15
0.06

1.49
0.59
0.54
0.24
0.22

3.40
1.48
–0.07
0.59
0.16

0.01
0.79
–0.97
–0.86
0.14

Table 2A. Contributions to Percent Change in Real Gross Domestic Product—Continues
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
IV

2005
I

II

2006
III

IV

I

II

2007
III

IV

I

II

2008
III

IV

I

Percent change at annual rate:
Gross domestic product ...............................
Previously published ....................................
Percentage points at annual rates:
Personal consumption expenditures...............
Previously published ........................................
Durable goods................................................
Previously published ....................................

3.6
3.6

2.9
3.1

2.8
2.9

2.0
2.2

2.5
2.5

3.0
3.1

2.6
2.8

3.8
4.5

1.3
1.2

4.8
4.8

2.7
2.4

0.8
1.1

1.5
2.1

0.1
0.6

4.8
3.8

4.8
4.9

–0.2
0.6

0.9
1.0

2.56
2.56
0.53
0.53

2.13
2.24
0.38
0.40

2.13
2.15
0.36
0.31

1.95
2.02
0.38
0.36

2.93
2.93
0.57
0.57

1.25
1.68
0.04
0.18

2.50
2.40
0.95
0.90

2.59
2.82
0.44
0.51

0.94
0.84
–1.02
–1.13

2.86
3.00
1.37
1.23

1.88
1.63
0.14
0.07

1.52
1.88
0.27
0.43

2.55
2.68
0.33
0.30

2.71
2.56
0.71
0.67

1.42
1.00
0.40
0.14

1.44
2.01
0.19
0.35

0.67
1.58
0.03
0.15

0.61
0.81
–0.33
–0.47

Motor vehicles and parts..............................
Previously published ................................
Furniture and household equipment ............
Previously published ................................
Other ............................................................
Previously published ................................
Nondurable goods .........................................
Previously published ....................................

0.08
0.08
0.35
0.35
0.10
0.10
0.71
0.71

–0.01
0.00
0.30
0.31
0.08
0.09
0.69
0.72

–0.09
–0.11
0.35
0.35
0.10
0.07
0.74
0.74

0.07
0.07
0.24
0.23
0.08
0.06
0.50
0.48

0.23
0.23
0.25
0.25
0.09
0.09
0.97
0.97

–0.32
–0.27
0.26
0.31
0.11
0.13
0.49
0.71

0.53
0.48
0.29
0.28
0.13
0.14
0.83
0.74

0.15
0.20
0.37
0.39
–0.08
–0.08
0.59
0.50

–1.59
–1.57
0.41
0.35
0.17
0.09
0.93
0.93

0.53
0.48
0.55
0.54
0.29
0.22
0.85
0.91

0.06
–0.04
0.15
0.17
–0.06
–0.06
0.62
0.47

0.06
0.16
0.20
0.24
0.00
0.04
0.46
0.64

0.01
0.00
0.23
0.25
0.09
0.05
0.62
0.86

0.30
0.35
0.34
0.28
0.07
0.04
0.71
0.61

0.05
–0.10
0.17
0.13
0.17
0.11
0.40
–0.10

–0.22
–0.17
0.26
0.31
0.15
0.20
0.25
0.46

–0.03
0.09
0.11
0.13
–0.06
–0.06
0.05
0.25

–0.35
–0.44
0.05
0.03
–0.04
–0.06
–0.08
–0.03

Food.............................................................
Previously published ................................
Clothing and shoes ......................................
Previously published ................................
Gasoline, fuel oil, and other energy goods...
Previously published ................................
Other ............................................................
Previously published ................................
Services..........................................................
Previously published ....................................

0.31
0.31
0.14
0.14
0.03
0.03
0.24
0.24
1.32
1.32

0.36
0.38
0.17
0.17
–0.01
–0.02
0.17
0.19
1.06
1.12

0.38
0.38
0.16
0.13
–0.05
–0.01
0.25
0.23
1.02
1.11

0.18
0.22
0.13
0.12
0.02
–0.03
0.17
0.17
1.07
1.18

0.60
0.60
0.23
0.23
0.00
0.00
0.14
0.14
1.39
1.39

0.32
0.31
0.15
0.18
–0.09
0.05
0.12
0.17
0.72
0.79

0.29
0.38
0.27
0.27
0.09
–0.11
0.17
0.20
0.72
0.76

0.45
0.49
0.00
0.00
0.02
–0.11
0.11
0.13
1.55
1.81

0.37
0.40
0.35
0.29
–0.04
0.06
0.25
0.18
1.02
1.05

0.50
0.47
0.18
0.11
–0.17
0.02
0.33
0.31
0.64
0.86

0.43
0.13
0.02
0.05
–0.11
0.02
0.27
0.27
1.12
1.10

0.10
0.24
0.14
0.14
0.03
0.05
0.19
0.20
0.79
0.81

0.20
0.68
0.12
0.10
0.03
–0.15
0.26
0.23
1.61
1.52

0.12
0.16
0.25
0.22
0.13
0.06
0.22
0.17
1.29
1.28

0.27
–0.14
0.08
0.06
–0.07
–0.12
0.12
0.10
0.62
0.96

0.03
0.13
0.12
0.17
–0.01
–0.02
0.11
0.18
1.00
1.20

0.27
0.39
–0.09
–0.10
–0.05
–0.04
–0.08
–0.01
0.59
1.18

0.13
0.15
0.08
0.05
–0.18
–0.18
–0.10
–0.05
1.02
1.31

Housing........................................................
Previously published ................................
Household operation....................................
Previously published ................................
Electricity and gas ....................................
Previously published.............................
Other household operation.......................
Previously published.............................

0.32
0.32
0.10
0.10
0.02
0.02
0.08
0.08

0.33
0.33
0.06
0.08
0.04
0.04
0.03
0.03

0.34
0.28
–0.02
–0.03
–0.05
–0.05
0.03
0.02

0.16
0.25
0.07
0.12
0.03
0.09
0.04
0.03

0.31
0.31
0.15
0.15
0.15
0.15
0.01
0.01

0.34
0.36
0.01
0.04
0.03
0.03
–0.02
0.01

0.36
0.36
0.02
–0.02
0.00
–0.04
0.01
0.02

0.39
0.36
0.15
0.33
0.12
0.29
0.04
0.04

0.35
0.30
–0.01
–0.22
–0.04
–0.21
0.03
–0.01

0.37
0.30
–0.42
–0.40
–0.42
–0.42
0.01
0.02

0.31
0.23
0.26
0.17
0.20
0.14
0.06
0.03

0.25
0.18
0.10
0.16
0.05
0.17
0.05
–0.01

0.22
0.20
0.03
0.13
–0.01
0.07
0.04
0.07

0.12
0.26
0.08
0.04
0.07
0.03
0.00
0.01

0.09
0.29
0.02
0.05
–0.04
0.02
0.06
0.03

0.08
0.27
0.06
0.23
0.02
0.21
0.04
0.02

0.12
0.34
0.09
0.22
0.01
0.19
0.08
0.03

0.05
0.23
0.07
0.13
0.11
0.19
–0.05
–0.06

Transportation ..............................................
Previously published ................................
Medical care.................................................
Previously published ................................
Recreation....................................................
Previously published ................................
Other ............................................................
Previously published ................................
Gross private domestic investment.................
Previously published ........................................
Fixed investment............................................
Previously published ....................................

0.04
0.04
0.36
0.36
0.14
0.14
0.36
0.36
1.48
1.48
1.10
1.10

0.03
0.03
0.40
0.41
0.06
0.06
0.18
0.21
0.95
0.91
1.08
1.09

0.05
0.03
0.31
0.40
0.09
0.09
0.24
0.34
0.35
0.45
0.32
0.39

0.05
0.08
0.35
0.33
0.13
0.11
0.31
0.29
–0.90
–0.82
–0.50
–0.48

0.06
0.06
0.40
0.40
0.03
0.03
0.44
0.44
1.04
1.04
1.14
1.14

0.02
0.02
0.31
0.27
0.08
0.09
–0.03
0.00
1.48
0.89
0.85
0.68

0.02
0.01
0.37
0.38
0.02
0.03
–0.08
0.00
–0.86
–0.64
1.21
1.26

0.02
0.01
0.48
0.53
0.04
0.06
0.46
0.53
0.69
1.15
0.88
1.28

0.01
0.03
0.39
0.53
0.04
0.08
0.24
0.32
1.98
2.13
0.41
0.38

0.08
0.06
0.37
0.49
0.08
0.07
0.16
0.34
1.15
0.78
1.39
1.27

0.08
–0.03
0.15
0.26
0.04
0.02
0.27
0.45
–0.02
0.13
–0.40
–0.32

0.03
0.06
0.07
0.12
0.18
0.19
0.15
0.11
–0.92
–0.70
–0.81
–0.80

0.10
0.11
0.35
0.34
0.36
0.30
0.55
0.44
–2.68
–2.50
–1.27
–1.19

0.03
0.07
0.63
0.47
0.06
0.06
0.37
0.39
–1.63
–1.36
–0.57
–0.70

0.04
0.11
0.13
0.28
0.08
0.03
0.27
0.19
0.94
0.71
0.47
0.49

0.06
0.09
0.45
0.27
0.07
0.10
0.28
0.24
0.54
0.77
–0.15
–0.11

–0.02
0.07
0.48
0.51
–0.01
0.00
–0.08
0.03
–1.93
–2.40
–0.97
–0.62

0.04
0.06
0.59
0.62
–0.14
–0.12
0.40
0.39
–0.89
–1.04
–0.86
–1.06

Nonresidential ..............................................
Previously published ................................

0.56
0.56

0.71
0.70

0.77
0.68

0.52
0.49

1.00
1.00

0.37
0.36

0.64
0.51

0.64
0.87

0.40
0.35

1.62
1.31

0.71
0.44

0.59
0.53

–0.09
–0.15

0.33
0.22

1.07
1.12

0.91
0.96

0.36
0.63

0.26
0.06

Structures.................................................
Previously published.............................

0.03
0.03

0.03
0.01

0.23
0.24

0.40
0.40

0.00
0.00

0.19
0.06

–0.04
–0.04

–0.26
–0.17

0.05
0.12

0.42
0.39

0.54
0.45

0.42
0.31

0.08
0.23

0.35
0.20

0.57
0.78

0.65
0.52

0.29
0.41

0.30
0.04

Equipment and software ..........................
Previously published.............................
Information processing equipment and
software ............................................
Previously published.........................
Computers and peripheral
equipment .....................................
Previously published .....................
Software............................................
Previously published .....................
Other.................................................
Previously published .....................
Industrial equipment .............................
Previously published.........................

0.53
0.53

0.67
0.69

0.54
0.44

0.13
0.10

1.01
1.01

0.18
0.30

0.68
0.55

0.90
1.04

0.35
0.23

1.20
0.92

0.16
–0.01

0.17
0.21

–0.18
–0.38

–0.02
0.02

0.50
0.34

0.26
0.44

0.07
0.22

–0.04
0.02

0.33
0.33

0.29
0.34

0.32
0.27

0.34
0.29

0.41
0.41

0.23
0.46

0.31
0.32

0.36
0.32

0.33
0.26

0.61
0.48

0.15
0.05

0.34
0.24

0.04
–0.06

0.57
0.56

0.41
0.36

0.31
0.24

0.37
0.51

0.27
0.30

0.08
0.08
0.14
0.14
0.12
0.12
–0.04
–0.04

0.10
0.17
0.11
0.10
0.08
0.08
0.10
0.09

0.15
0.12
0.06
0.06
0.11
0.10
0.07
0.05

0.11
0.12
0.15
0.10
0.08
0.07
0.02
0.02

0.24
0.24
0.17
0.17
0.00
0.00
0.06
0.06

–0.06
0.13
0.07
0.07
0.22
0.26
0.12
0.15

0.12
0.19
0.16
0.14
0.03
–0.01
–0.04
–0.12

0.09
0.11
0.04
0.02
0.23
0.19
0.19
0.23

0.22
0.23
0.10
0.05
0.02
–0.01
0.19
0.11

0.16
0.06
0.03
0.08
0.41
0.34
–0.07
–0.08

0.17
0.11
0.02
0.03
–0.04
–0.09
0.25
0.17

0.13
0.09
0.07
0.05
0.14
0.10
–0.12
–0.04

0.02
0.03
0.14
0.04
–0.11
–0.12
–0.02
–0.08

0.17
0.25
0.21
0.14
0.19
0.18
–0.10
–0.04

0.09
0.08
0.22
0.16
0.09
0.11
0.34
0.19

0.12
0.08
0.10
0.07
0.09
0.09
–0.04
0.10

0.12
0.20
0.16
0.18
0.10
0.13
–0.20
–0.18

0.10
0.12
0.16
0.17
0.00
0.00
0.01
0.04

Transportation equipment.....................
Previously published.........................
Other equipment...................................
Previously published.........................

0.16
0.16
0.07
0.07

0.17
0.13
0.11
0.12

0.09
0.09
0.05
0.04

–0.17
–0.15
–0.07
–0.06

0.40
0.40
0.13
0.13

–0.20
–0.34
0.04
0.04

0.24
0.14
0.17
0.21

0.31
0.40
0.04
0.09

–0.24
–0.21
0.07
0.07

0.52
0.46
0.15
0.06

–0.25
–0.24
0.02
0.00

0.06
0.10
–0.12
–0.09

–0.15
–0.18
–0.05
–0.05

–0.21
–0.20
–0.28
–0.30

–0.32
–0.32
0.07
0.11

–0.07
0.03
0.06
0.07

–0.18
–0.19
0.08
0.08

–0.16
–0.16
–0.16
–0.16

Residential ...................................................
Previously published ................................
Change in private inventories.......................
Previously published ....................................

0.53
0.53
0.39
0.39

0.37
0.39
–0.13
–0.18

–0.45
–0.29
0.03
0.06

–1.02
–0.98
–0.40
–0.33

0.14
0.14
–0.11
–0.11

0.48
0.32
0.63
0.21

0.57
0.75
–2.07
–1.90

0.25
0.42
–0.19
–0.14

0.01
0.03
1.56
1.74

–0.23
–0.05
–0.24
–0.49

–1.11
–0.76
0.38
0.46

–1.40
–1.33
–0.11
0.10

–1.18
–1.04
–1.41
–1.31

–0.91
–0.93
–1.06
–0.65

–0.60
–0.62
0.47
0.22

–1.06
–1.08
0.69
0.89

–1.33
–1.25
–0.96
–1.79

–1.12
–1.12
–0.02
0.02

Farm.............................................................
Previously published ................................
Nonfarm .......................................................
Previously published ................................

0.06
0.06
0.32
0.32

–0.06
–0.07
–0.07
–0.11

–0.03
0.00
0.06
0.06

0.04
0.04
–0.44
–0.37

–0.14
–0.14
0.03
0.03

–0.22
–0.25
0.85
0.46

0.14
0.13
–2.20
–2.04

0.19
0.12
–0.39
–0.26

–0.15
0.01
1.71
1.73

0.02
–0.04
–0.26
–0.45

–0.24
–0.23
0.62
0.69

0.00
0.10
–0.12
0.01

0.12
0.25
–1.52
–1.56

–0.07
0.04
–0.99
–0.69

0.14
–0.05
0.33
0.27

–0.08
0.01
0.77
0.87

0.47
–0.09
–1.43
–1.69

–0.17
–0.14
0.15
0.16

Table 2A. Contributions to Percent Change in Real Gross Domestic Product—Table Ends
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
IV

2005
I

II

2006
III

IV

I

II

2007
III

IV

I

2008

II

III

IV

I

Net exports of goods and services..................
Previously published ........................................
Exports ...........................................................
Previously published ....................................

–0.68
–0.68
0.93
0.93

–0.21
–0.23
0.71
0.70

–0.02
–0.08
0.96
0.88

0.58
0.59
0.95
0.91

–1.07
–1.07
0.97
0.97

0.28
0.26
0.80
0.60

0.79
0.83
0.89
0.95

–0.07
–0.10
0.04
0.22

–1.26
–1.41
1.09
1.07

0.09
0.13
1.70
1.19

0.59
0.49
0.58
0.61

–0.12
–0.25
0.39
0.62

1.33
1.25
1.66
1.51

–1.20
–0.51
0.06
0.13

1.66
1.32
1.01
0.85

2.03
1.38
2.54
2.10

0.94
1.02
0.53
0.77

0.77
0.79
0.63
0.66

Goods ..........................................................
Previously published ................................
Services .......................................................
Previously published ................................
Imports ...........................................................
Previously published ....................................

0.60
0.60
0.33
0.33
–1.61
–1.61

0.54
0.53
0.17
0.17
–0.93
–0.92

0.73
0.73
0.23
0.16
–0.98
–0.96

0.59
0.62
0.36
0.28
–0.37
–0.32

0.49
0.49
0.49
0.49
–2.04
–2.04

0.49
0.40
0.31
0.20
–0.52
–0.34

0.98
0.92
–0.09
0.03
–0.10
–0.12

–0.06
0.14
0.10
0.08
–0.11
–0.32

0.91
0.87
0.18
0.20
–2.35
–2.47

1.27
1.10
0.42
0.10
–1.61
–1.07

0.49
0.49
0.09
0.13
0.01
–0.12

0.28
0.56
0.11
0.07
–0.51
–0.88

0.78
0.73
0.87
0.78
–0.33
–0.26

0.15
0.07
–0.09
0.05
–1.25
–0.63

0.55
0.53
0.46
0.33
0.65
0.47

1.66
1.96
0.88
0.14
–0.51
–0.72

0.43
0.33
0.10
0.45
0.40
0.24

0.39
0.38
0.24
0.28
0.14
0.12

Goods ..........................................................
Previously published ................................
Services .......................................................
Previously published ................................
Government consumption expenditures and
gross investment ...........................................
Previously published ........................................
Federal............................................................
Previously published ....................................

–1.33
–1.33
–0.27
–0.27

–0.89
–0.86
–0.04
–0.06

–0.82
–0.83
–0.16
–0.13

–0.25
–0.22
–0.12
–0.09

–1.78
–1.78
–0.26
–0.26

–0.67
–0.43
0.15
0.09

–0.10
–0.13
0.00
0.01

–0.14
–0.32
0.03
0.00

–2.18
–2.22
–0.17
–0.26

–1.18
–0.83
–0.43
–0.24

–0.04
–0.12
0.05
0.00

–0.51
–0.84
0.01
–0.03

0.13
0.09
–0.46
–0.35

–1.14
–0.57
–0.11
–0.06

0.59
0.42
0.06
0.05

–0.34
–0.67
–0.17
–0.05

0.38
0.39
0.02
–0.15

0.29
0.28
–0.15
–0.16

0.27
0.27
0.29
0.29

0.07
0.14
0.09
0.11

0.32
0.35
0.16
0.15

0.40
0.39
0.11
0.12

–0.35
–0.35
–0.33
–0.33

–0.04
0.25
0.08
0.19

0.17
0.22
0.08
0.05

0.65
0.60
0.66
0.59

–0.34
–0.37
–0.53
–0.46

0.72
0.92
0.66
0.57

0.23
0.18
–0.11
–0.11

0.32
0.14
0.13
0.06

0.30
0.66
0.12
0.50

0.17
–0.09
–0.26
–0.46

0.77
0.79
0.47
0.41

0.75
0.74
0.51
0.50

0.16
0.38
–0.04
0.04

0.38
0.41
0.41
0.30

National defense ..........................................
Previously published ................................
Consumption expenditures.......................
Previously published.............................
Gross investment .....................................
Previously published.............................

0.27
0.27
0.21
0.21
0.06
0.06

0.07
0.07
0.04
0.04
0.03
0.03

0.08
0.09
0.04
0.05
0.04
0.04

0.12
0.13
0.11
0.13
0.01
0.01

–0.48
–0.48
–0.45
–0.45
–0.04
–0.04

0.14
0.22
0.22
0.26
–0.08
–0.05

0.18
0.12
0.06
0.01
0.12
0.11

0.56
0.46
0.45
0.41
0.11
0.05

–0.73
–0.59
–0.70
–0.57
–0.02
–0.02

0.39
0.31
0.40
0.30
–0.01
0.01

0.09
0.11
–0.02
–0.05
0.11
0.15

–0.04
–0.07
0.00
0.00
–0.05
–0.07

0.32
0.74
0.14
0.60
0.18
0.15

–0.29
–0.54
–0.08
–0.40
–0.21
–0.14

0.40
0.39
0.28
0.35
0.12
0.04

0.48
0.47
0.45
0.39
0.03
0.08

–0.04
–0.03
–0.06
0.05
0.02
–0.08

0.34
0.27
0.31
0.24
0.04
0.03

Nondefense..................................................
Previously published ................................
Consumption expenditures.......................
Previously published.............................
Gross investment .....................................
Previously published.............................
State and local ...............................................
Previously published ....................................

0.03
0.03
0.02
0.02
0.00
0.00
–0.02
–0.02

0.01
0.03
0.00
0.01
0.01
0.02
–0.01
0.04

0.08
0.06
0.05
0.05
0.03
0.02
0.16
0.19

0.00
–0.01
0.00
0.00
0.00
–0.01
0.28
0.27

0.15
0.15
0.12
0.12
0.03
0.03
–0.01
–0.01

–0.07
–0.02
–0.03
–0.02
–0.03
0.00
–0.12
0.05

–0.11
–0.07
–0.12
–0.08
0.01
0.01
0.10
0.17

0.10
0.13
0.03
0.07
0.07
0.06
–0.01
0.01

0.20
0.13
0.10
0.06
0.10
0.07
0.19
0.09

0.27
0.27
0.22
0.23
0.05
0.04
0.06
0.35

–0.20
–0.22
–0.14
–0.15
–0.07
–0.07
0.34
0.29

0.17
0.14
0.15
0.13
0.03
0.01
0.19
0.08

–0.20
–0.24
–0.20
–0.23
0.01
–0.02
0.18
0.16

0.03
0.08
0.06
0.14
–0.04
–0.06
0.43
0.36

0.07
0.02
0.02
–0.02
0.05
0.04
0.30
0.37

0.03
0.03
0.03
0.04
–0.01
–0.01
0.24
0.24

0.01
0.06
–0.02
0.04
0.02
0.02
0.19
0.34

0.06
0.04
0.06
0.03
0.01
0.01
–0.03
0.10

Consumption expenditures.......................
Previously published.............................
Gross investment .....................................
Previously published.............................
Addenda:
Goods ..............................................................
Previously published ....................................
Services...........................................................
Previously published ....................................
Structures ........................................................
Previously published ....................................
Motor vehicle output ........................................
Previously published ....................................
Final sales of computers..................................
Previously published ....................................

0.01
0.01
–0.03
–0.03

0.01
0.07
–0.03
–0.03

0.16
0.13
0.00
0.06

0.20
0.18
0.09
0.09

0.11
0.11
–0.12
–0.12

–0.13
0.02
0.01
0.03

0.02
0.09
0.08
0.08

0.06
0.12
–0.07
–0.11

0.09
0.09
0.10
0.00

0.23
0.15
–0.18
0.20

0.16
0.11
0.18
0.18

0.24
0.18
–0.05
–0.10

0.23
0.19
–0.06
–0.03

0.20
0.20
0.24
0.17

0.17
0.19
0.13
0.18

0.15
0.13
0.09
0.11

0.15
0.22
0.04
0.12

0.14
0.23
–0.18
–0.12

1.50
1.50
1.62
1.62
0.51
0.51
0.14
0.14
0.04
0.04

1.35
1.36
1.25
1.36
0.34
0.35
0.13
0.14
0.15
0.22

1.67
1.53
1.35
1.36
–0.24
–0.01
–0.03
–0.04
0.15
0.13

0.97
1.02
1.61
1.68
–0.55
–0.51
–0.03
–0.07
0.13
0.13

1.18
1.18
1.41
1.41
–0.03
–0.03
–0.34
–0.34
0.29
0.29

1.12
1.32
1.24
1.34
0.62
0.42
0.15
0.18
0.06
0.24

1.49
1.23
0.59
0.82
0.54
0.76
0.24
0.16
0.22
0.31

1.68
1.83
2.23
2.50
–0.06
0.14
0.76
0.92
0.07
0.15

0.65
0.49
0.52
0.56
0.15
0.14
–1.22
–1.21
0.21
0.22

3.40
2.95
1.48
1.39
–0.07
0.48
0.59
0.51
0.16
0.05

1.84
1.45
1.26
1.15
–0.42
–0.16
–0.34
–0.37
0.15
0.13

0.51
1.06
1.29
1.15
–1.00
–1.14
0.40
0.44
0.04
0.03

0.42
0.36
2.19
2.50
–1.10
–0.77
–0.65
–0.74
0.20
0.16

–0.80
0.06
1.26
1.21
–0.41
–0.68
0.10
0.18
–0.03
–0.01

3.08
1.65
1.61
1.85
0.09
0.32
0.13
0.03
0.21
0.21

2.71
3.48
2.35
1.86
–0.30
–0.43
0.47
0.36
0.28
0.28

0.01
–0.49
0.79
1.80
–0.97
–0.73
–0.86
–0.86
0.14
0.16

0.29
0.27
1.62
1.93
–1.03
–1.24
–0.41
–0.48
0.05
0.09

See “Explanatory Note” at the end of the tables.

Table 3A. Gross Domestic Product and Related Measures—Continues
[Billions of dollars]
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
I

II

2005
III

IV

I

II

Gross domestic product ............................................................................
Personal consumption expenditures ...............................................................
Durable goods ................................................................................................
Motor vehicles and parts...............................................................................
Furniture and household equipment.............................................................
Other.............................................................................................................
Nondurable goods..........................................................................................
Food..............................................................................................................
Clothing and shoes .......................................................................................
Gasoline, fuel oil, and other energy goods ...................................................
Other.............................................................................................................
Services...........................................................................................................
Housing.........................................................................................................
Household operation.....................................................................................
Electricity and gas.....................................................................................
Other household operation .......................................................................
Transportation ...............................................................................................
Medical care .................................................................................................
Recreation ....................................................................................................
Other.............................................................................................................
Gross private domestic investment..................................................................
Fixed investment ............................................................................................
Nonresidential...............................................................................................
Structures..................................................................................................
Equipment and software ...........................................................................
Information processing equipment and software...................................
Computers and peripheral equipment ...............................................
Software ............................................................................................
Other .................................................................................................
Industrial equipment..............................................................................
Transportation equipment......................................................................
Other equipment ...................................................................................
Residential ....................................................................................................
Change in private inventories .......................................................................
Farm .............................................................................................................
Nonfarm ........................................................................................................
Net exports of goods and services ..................................................................
Exports ............................................................................................................
Goods ...........................................................................................................
Services........................................................................................................
Imports ............................................................................................................
Goods ...........................................................................................................
Services........................................................................................................
Government consumption expenditures and gross investment ...................
Federal.............................................................................................................
National defense...........................................................................................
Consumption expenditures .......................................................................
Gross investment ......................................................................................
Nondefense ..................................................................................................
Consumption expenditures .......................................................................
Gross investment ......................................................................................
State and local ................................................................................................
Consumption expenditures .......................................................................
Gross investment ......................................................................................
Addenda:
Final sales of domestic product........................................................................
Gross domestic purchases...............................................................................
Final sales to domestic purchasers ..................................................................
Gross domestic product ................................................................................
Plus: Income receipts from the rest of the world ..............................................
Less: Income payments to the rest of the world ...............................................
Equals: Gross national product ....................................................................

11,685.9
8,195.9
983.9
436.8
355.7
191.3
2,343.7
1,113.1
325.0
249.7
655.9
4,868.3
1,226.8
449.0
175.4
273.5
308.2
1,395.5
341.8
1,147.1
1,888.6
1,830.0
1,154.5
298.2
856.3
429.6
80.3
183.0
166.4
139.7
142.9
144.0
675.5
58.6
8.0
50.5
–615.4
1,182.4
818.3
364.1
1,797.8
1,499.5
298.3
2,216.8
825.6
550.7
482.9
67.8
274.9
240.8
34.1
1,391.2
1,120.3
270.9

12,421.9
8,694.1
1,020.8
443.1
377.3
200.3
2,514.1
1,181.2
341.5
304.6
686.8
5,159.2
1,298.7
479.7
198.3
281.3
324.3
1,491.3
357.8
1,207.4
2,086.1
2,042.8
1,273.1
337.6
935.5
451.4
81.7
195.1
174.6
157.1
164.4
162.6
769.6
43.3
0.3
43.0
–713.6
1,311.5
908.4
403.1
2,025.1
1,705.3
319.8
2,355.3
875.5
588.1
515.2
72.9
287.4
251.1
36.3
1,479.8
1,191.2
288.6

13,178.4
9,207.2
1,052.1
434.0
403.5
214.6
2,685.2
1,257.4
360.2
336.2
731.4
5,469.9
1,388.7
502.4
209.6
292.9
341.2
1,575.8
380.1
1,281.6
2,220.4
2,171.1
1,414.1
410.4
1,003.7
482.3
88.8
205.7
187.8
171.2
177.0
173.1
757.0
49.3
–3.9
53.3
–757.3
1,480.8
1,032.1
448.7
2,238.1
1,882.7
355.4
2,508.1
932.2
624.1
544.6
79.5
308.0
267.2
40.8
1,575.9
1,269.6
306.3

13,807.5
9,710.2
1,082.8
440.4
415.3
227.0
2,833.0
1,329.1
374.0
366.9
762.9
5,794.4
1,460.9
525.7
218.8
306.9
357.0
1,681.1
403.4
1,366.3
2,130.4
2,134.0
1,503.8
480.3
1,023.5
517.7
93.7
227.3
196.8
180.6
157.2
168.0
630.2
–3.6
1.6
–5.2
–707.8
1,662.4
1,149.2
513.2
2,370.2
1,985.2
385.1
2,674.8
979.3
662.2
580.1
82.1
317.1
276.0
41.1
1,695.5
1,355.9
339.6

11,405.5
8,010.1
969.6
432.5
347.8
189.3
2,284.2
1,090.5
323.6
228.4
641.7
4,756.3
1,201.8
441.6
173.2
268.4
303.5
1,357.7
334.4
1,117.2
1,769.6
1,732.6
1,100.4
284.0
816.4
424.1
77.7
180.9
165.5
132.8
123.1
136.4
632.2
37.0
6.2
30.7
–543.2
1,140.9
787.6
353.2
1,684.1
1,399.0
285.1
2,169.1
806.2
536.5
472.7
63.8
269.7
236.9
32.9
1,362.9
1,099.2
263.7

11,610.3
8,135.0
974.8
431.6
352.8
190.4
2,327.7
1,104.0
321.1
250.3
652.2
4,832.4
1,219.0
445.5
173.3
272.2
306.4
1,383.4
340.0
1,138.3
1,875.6
1,806.6
1,135.5
293.5
842.0
426.3
77.4
180.3
168.6
136.5
138.3
140.8
671.1
69.0
16.7
52.3
–603.1
1,172.8
811.7
361.1
1,775.8
1,481.3
294.6
2,202.8
821.9
546.5
480.4
66.1
275.3
240.8
34.5
1,381.0
1,110.2
270.8

11,779.4
8,245.1
986.9
436.5
358.6
191.8
2,353.5
1,117.0
324.6
250.9
661.0
4,904.6
1,235.2
450.9
174.4
276.6
309.4
1,409.3
344.7
1,155.0
1,929.7
1,864.7
1,172.7
303.4
869.3
430.3
80.6
183.7
166.0
143.2
148.9
146.9
692.0
65.0
6.8
58.1
–632.6
1,187.3
826.0
361.3
1,820.0
1,519.3
300.7
2,237.3
839.4
564.9
494.1
70.8
274.5
240.6
33.9
1,397.9
1,124.8
273.1

11,948.5
8,393.3
1,004.1
446.7
363.7
193.7
2,409.3
1,140.8
330.6
269.1
668.8
4,979.9
1,251.2
457.8
180.8
277.0
313.5
1,431.5
348.1
1,177.9
1,979.5
1,916.1
1,209.5
312.0
897.4
437.9
85.5
187.0
165.4
146.5
161.3
151.8
706.6
63.4
2.4
61.0
–682.6
1,228.6
848.0
380.7
1,911.2
1,598.4
312.8
2,258.2
835.0
555.0
484.5
70.5
280.0
245.0
35.0
1,423.2
1,147.0
276.2

12,155.4
8,480.9
1,006.6
442.0
367.9
196.7
2,432.4
1,153.2
335.0
269.1
675.2
5,041.9
1,270.3
462.5
184.2
278.3
317.5
1,454.9
352.4
1,184.3
2,046.0
1,963.3
1,233.6
326.9
906.7
442.2
80.6
189.9
171.7
151.8
157.4
155.4
729.7
82.6
–3.8
86.5
–670.7
1,266.8
871.8
394.9
1,937.5
1,626.5
311.0
2,299.2
861.0
576.1
507.5
68.6
284.9
250.7
34.2
1,438.2
1,159.1
279.0

12,297.5
8,610.8
1,033.3
458.5
374.3
200.5
2,469.9
1,171.7
341.4
274.7
682.1
5,107.6
1,288.7
469.8
189.7
280.1
322.5
1,477.5
354.7
1,194.3
2,039.7
2,020.3
1,261.0
333.8
927.2
448.0
81.1
195.0
171.9
152.2
164.2
162.7
759.3
19.4
–0.4
19.8
–680.9
1,305.1
908.6
396.5
1,986.0
1,669.0
317.0
2,328.0
867.1
584.4
512.1
72.3
282.8
248.2
34.5
1,460.9
1,174.1
286.7

11,627.3
12,301.3
12,242.7
11,685.9
437.5
361.3
11,762.1

12,378.6
13,135.5
13,092.1
12,421.9
573.5
480.5
12,514.9

13,129.0
13,935.7
13,886.4
13,178.4
725.4
647.1
13,256.6

13,811.2
14,515.3
14,519.0
13,807.5
861.7
759.3
13,910.0

11,368.6
11,948.7
11,911.8
11,405.5
407.5
311.3
11,501.7

11,541.3
12,213.3
12,144.3
11,610.3
425.4
352.6
11,683.1

11,714.4
12,412.0
12,347.0
11,779.4
446.5
363.5
11,862.3

11,885.0
12,631.1
12,567.6
11,948.5
470.6
417.9
12,001.1

12,072.7
12,826.1
12,743.4
12,155.4
536.0
433.4
12,258.0

12,278.1
12,978.4
12,959.0
12,297.5
551.8
459.6
12,389.7

Net domestic product........................................................................................

10,249.8

10,809.9

11,554.4

12,087.1

10,031.9

10,216.0

10,244.8

10,506.5

10,688.2

10,803.5

See “Explanatory Note” at the end of the tables.

Table 3A. Gross Domestic Product and Related Measures—Table Ends
[Billions of dollars]
Seasonally adjusted at annual rates
2005
III
Gross domestic product ............................................................................
Personal consumption expenditures ...............................................................
Durable goods ................................................................................................
Motor vehicles and parts...............................................................................
Furniture and household equipment.............................................................
Other.............................................................................................................
Nondurable goods..........................................................................................
Food..............................................................................................................
Clothing and shoes .......................................................................................
Gasoline, fuel oil, and other energy goods ...................................................
Other.............................................................................................................
Services...........................................................................................................
Housing.........................................................................................................
Household operation.....................................................................................
Electricity and gas.....................................................................................
Other household operation .......................................................................
Transportation ...............................................................................................
Medical care .................................................................................................
Recreation ....................................................................................................
Other.............................................................................................................
Gross private domestic investment..................................................................
Fixed investment ............................................................................................
Nonresidential...............................................................................................
Structures..................................................................................................
Equipment and software ...........................................................................
Information processing equipment and software...................................
Computers and peripheral equipment ...............................................
Software ............................................................................................
Other .................................................................................................
Industrial equipment..............................................................................
Transportation equipment......................................................................
Other equipment ...................................................................................
Residential ....................................................................................................
Change in private inventories .......................................................................
Farm .............................................................................................................
Nonfarm ........................................................................................................
Net exports of goods and services ..................................................................
Exports ............................................................................................................
Goods ...........................................................................................................
Services........................................................................................................
Imports ............................................................................................................
Goods ...........................................................................................................
Services........................................................................................................
Government consumption expenditures and gross investment ...................
Federal.............................................................................................................
National defense...........................................................................................
Consumption expenditures .......................................................................
Gross investment ......................................................................................
Nondefense ..................................................................................................
Consumption expenditures .......................................................................
Gross investment ......................................................................................
State and local ................................................................................................
Consumption expenditures .......................................................................
Gross investment ......................................................................................
Addenda:
Final sales of domestic product........................................................................
Gross domestic purchases...............................................................................
Final sales to domestic purchasers ..................................................................
Gross domestic product ................................................................................
Plus: Income receipts from the rest of the world ..............................................
Less: Income payments to the rest of the world ...............................................
Equals: Gross national product ....................................................................

2006
IV

I

II

2007
III

IV

I

II

2008
III

IV

I

II

12,538.2 12,696.4 12,959.6 13,134.1 13,249.6 13,370.1 13,510.9 13,737.5 13,950.6 14,031.2 14,150.8 14,256.5
8,791.1 8,893.7 9,026.3 9,161.9 9,283.7 9,357.0 9,524.9 9,657.5 9,765.6 9,892.7 10,002.3 10,144.3
1,038.7 1,004.4 1,046.5 1,049.1 1,054.4 1,058.2 1,076.6 1,085.3 1,086.2 1,083.0 1,071.0 1,058.7
460.0
412.0
431.5
433.9
436.6
434.0
442.0
444.0
437.9
437.8
424.7
402.2
379.1
387.8
401.4
402.0
403.7
406.7
413.7
415.2
417.2
415.3
415.1
422.3
199.6
204.6
213.6
213.2
214.2
217.4
220.9
226.2
231.1
229.9
231.3
234.2
2,554.8 2,599.4 2,629.3 2,681.5 2,726.3 2,703.8 2,761.5 2,817.7 2,846.6 2,906.2 2,950.7 3,027.8
1,190.4 1,209.7 1,233.2 1,252.2 1,265.4 1,278.8 1,297.7 1,321.2 1,337.9 1,359.8 1,380.5 1,412.3
339.8
349.8
354.4
357.9
362.5
366.1
374.6
372.9
375.4
373.2
375.5
381.9
335.8
338.8
325.4
343.3
362.2
314.0
332.5
362.7
367.1
405.3
423.7
448.1
688.8
701.1
716.3
728.2
736.2
744.9
756.7
761.0
766.1
767.9
771.1
785.6
5,197.6 5,289.9 5,350.5 5,431.3 5,502.9 5,595.0 5,686.8 5,754.4 5,832.8 5,903.5 5,980.6 6,057.7
1,307.5 1,328.4 1,351.8 1,377.9 1,401.8 1,423.5 1,440.1 1,453.8 1,466.9 1,482.7 1,495.1 1,508.8
483.0
503.3
495.5
499.7
506.1
508.4
517.5
524.0
526.9
534.3
541.7
563.0
200.9
218.4
208.0
209.0
211.6
209.7
216.8
219.0
218.3
221.1
228.1
244.9
282.1
284.9
287.5
290.7
294.5
298.8
300.7
305.0
308.6
313.2
313.6
318.0
326.7
330.5
334.8
340.2
343.0
347.0
350.6
354.2
360.4
362.9
368.8
374.0
1,503.3 1,529.7 1,548.5 1,566.4 1,583.0 1,605.1 1,649.1 1,663.0 1,690.2 1,721.9 1,746.6 1,771.5
359.5
364.4
369.2
374.2
383.4
393.7
396.0
402.0
405.9
409.7
408.2
411.9
1,217.5 1,233.5 1,250.6 1,272.9 1,285.6 1,317.3 1,333.5 1,357.4 1,382.5 1,392.0 1,420.2 1,428.5
2,084.2 2,174.6 2,236.7 2,253.7 2,231.7 2,159.5 2,117.8 2,147.2 2,164.0 2,092.3 2,056.1 1,979.9
2,073.2 2,114.3 2,183.6 2,187.9 2,169.2 2,143.6 2,133.4 2,148.1 2,141.0 2,113.4 2,081.7 2,074.9
1,286.1 1,311.8 1,375.5 1,408.3 1,433.0 1,439.6 1,456.4 1,493.7 1,522.9 1,542.1 1,553.6 1,571.5
337.3
352.4
377.4
406.0
424.4
433.9
449.6
469.8
492.9
508.7
522.7
545.4
948.8
959.3
998.1 1,002.3 1,008.6 1,005.6 1,006.8 1,023.9 1,030.0 1,033.4 1,030.9 1,026.1
454.6
460.6
476.6
478.7
487.5
486.5
503.1
514.1
521.1
532.5
539.6
552.8
80.7
84.3
86.9
89.1
90.3
88.8
92.5
92.8
93.7
95.7
95.8
97.0
196.1
199.2
201.3
203.6
206.8
211.3
218.2
225.8
229.5
235.6
241.8
246.2
177.8
177.1
188.4
186.0
190.4
186.5
192.5
195.5
197.9
201.2
202.0
209.7
158.6
165.8
164.7
174.2
172.6
173.4
172.1
185.1
185.2
179.9
182.0
187.4
170.6
165.5
183.3
174.8
176.3
173.4
168.1
157.8
154.6
148.4
142.1
120.6
164.9
167.4
173.5
174.6
172.2
172.3
163.4
166.9
169.2
172.6
167.3
165.2
787.1
802.5
808.1
779.6
736.2
704.0
677.0
654.4
618.1
571.3
528.1
503.4
11.0
60.3
53.1
65.9
62.5
15.8
–15.6
–0.9
23.0
–21.1
–25.6
–95.0
5.2
0.3
1.0
–6.9
–6.7
–3.0
–2.1
2.9
–0.2
5.7
0.2
–5.1
5.8
60.0
52.1
72.8
69.3
18.8
–13.5
–3.8
23.2
–26.7
–25.8
–89.9
–725.1 –777.7
–761.7
–777.2 –792.7
–697.7
–728.8 –723.1
–682.6
–696.7
–705.7
–737.3
1,314.5 1,359.6 1,423.2 1,462.8 1,492.5 1,544.5 1,560.5 1,614.4 1,714.9 1,759.7 1,820.8 1,907.5
909.6
943.5
990.9 1,022.3 1,044.5 1,070.7 1,085.0 1,116.8 1,181.2 1,213.7 1,256.9 1,328.9
404.9
416.1
432.4
440.5
448.0
473.8
475.5
497.6
533.8
546.0
563.9
578.6
2,039.6 2,137.4 2,184.9 2,240.0 2,285.2 2,242.2 2,289.4 2,337.5 2,397.5 2,456.5 2,526.5 2,644.8
1,717.5 1,808.2 1,838.7 1,887.2 1,929.8 1,875.1 1,917.4 1,957.1 2,005.4 2,060.9 2,118.0 2,229.8
322.1
329.2
346.3
352.8
355.4
367.2
372.0
380.5
392.1
395.6
408.5
414.9
2,388.0 2,405.9 2,458.4 2,495.7 2,526.9 2,551.4 2,597.0 2,655.9 2,703.5 2,742.9 2,798.1 2,869.6
894.2
879.5
922.8
928.5
935.5
941.7
950.3
974.6
994.0
998.3 1,026.5 1,056.0
606.3
585.4
613.6
623.1
624.0
635.9
636.9
656.8
675.6
679.3
699.9
722.8
530.8
510.3
538.3
543.6
545.3
551.2
559.0
574.8
591.9
594.7
613.8
628.8
75.5
75.2
75.2
79.6
78.7
84.7
77.9
82.1
83.7
84.6
86.1
94.0
288.0
294.1
309.3
305.4
311.5
305.9
313.4
317.8
318.3
319.0
326.6
333.2
251.3
254.3
267.6
265.6
270.8
264.9
273.6
276.4
277.2
276.9
284.2
289.3
36.6
39.8
41.7
39.8
40.7
41.0
39.8
41.4
41.2
42.1
42.4
43.9
1,493.8 1,526.4 1,535.5 1,567.2 1,591.4 1,609.7 1,646.8 1,681.3 1,709.5 1,744.6 1,771.6 1,813.6
1,203.1 1,228.4 1,240.8 1,260.2 1,281.8 1,295.8 1,318.7 1,344.4 1,365.3 1,395.2 1,426.3 1,461.9
290.8
297.9
294.8
307.0
309.6
313.9
328.0
336.9
344.2
349.4
345.3
351.6
12,527.2
13,263.3
13,252.3
12,538.2
582.9
479.9
12,641.2

12,636.1
13,474.1
13,413.8
12,696.4
623.3
549.1
12,770.6

12,906.5
13,721.4
13,668.3
12,959.6
661.9
582.4
13,039.2

13,068.3
13,911.3
13,845.5
13,134.1
720.0
634.8
13,219.4

13,187.1
14,042.3
13,979.7
13,249.6
745.9
679.4
13,316.1

13,354.3
14,067.9
14,052.0
13,370.1
773.7
691.8
13,452.0

13,526.5
14,239.7
14,255.3
13,510.9
788.2
715.8
13,583.3

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

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

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

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

14,351.5
14,993.7
15,088.7
14,256.5
...............
...............
...............

Net domestic product........................................................................................ 10,631.3 11,116.6 11,377.0 11,521.6 11,611.3 11,708.0 11,826.6 12,030.5 12,218.6 12,272.6 12,372.9 12,452.3
See “Explanatory Note” at the end of the tables.

Table 3B. Real Gross Domestic Product and Related Measures—Continues
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
I

II

2005
III

IV

I

II

Gross domestic product ............................................................................
10,675.8
10,989.5
11,294.8
11,523.9
10,543.6
10,634.2
10,728.7
10,796.4
10,875.8
10,946.1
Personal consumption expenditures ...............................................................
7,561.4
7,791.7
8,029.0
8,252.8
7,475.1
7,520.5
7,585.5
7,664.3
7,697.5
7,766.4
Durable goods ................................................................................................
1,084.8
1,134.4
1,185.1
1,242.4
1,066.2
1,071.3
1,091.5
1,110.1
1,111.6
1,143.7
Motor vehicles and parts...............................................................................
450.8
449.9
437.9
446.7
448.9
445.7
450.9
457.8
447.9
464.3
Furniture and household equipment.............................................................
445.1
490.9
550.2
594.0
429.1
438.8
451.7
460.8
470.7
482.0
Other.............................................................................................................
195.1
205.1
218.0
228.3
193.0
192.9
195.9
198.7
202.0
206.1
Nondurable goods..........................................................................................
2,177.6
2,252.7
2,335.3
2,392.6
2,156.7
2,164.9
2,181.4
2,207.5
2,220.7
2,243.7
Food..............................................................................................................
1,009.4
1,047.7
1,090.1
1,110.5
1,000.8
1,003.4
1,008.9
1,024.7
1,033.0
1,040.9
Clothing and shoes .......................................................................................
350.7
372.3
394.4
412.9
349.5
345.6
350.2
357.5
362.4
371.5
Gasoline, fuel oil, and other energy goods ...................................................
201.2
200.5
196.5
198.1
200.9
201.8
201.1
200.9
198.8
200.9
Other.............................................................................................................
618.0
637.3
666.1
687.3
607.1
615.0
623.0
626.9
630.2
635.1
Services...........................................................................................................
4,311.0
4,420.9
4,529.9
4,646.2
4,262.9
4,294.6
4,325.2
4,361.1
4,379.3
4,398.2
Housing.........................................................................................................
1,083.8
1,118.4
1,154.6
1,171.7
1,073.3
1,079.7
1,087.1
1,095.1
1,103.6
1,113.2
Household operation.....................................................................................
408.5
415.2
413.5
421.2
405.5
407.1
408.8
412.8
412.9
413.3
Electricity and gas.....................................................................................
149.1
152.8
148.3
151.1
149.8
148.6
147.2
150.9
151.6
151.6
Other household operation .......................................................................
259.5
262.3
266.1
270.9
255.5
258.6
261.8
262.0
261.3
261.7
Transportation ...............................................................................................
284.6
287.9
293.7
299.2
282.3
284.3
285.0
286.6
287.0
287.7
Medical care .................................................................................................
1,216.5
1,257.3
1,290.2
1,327.8
1,199.0
1,210.3
1,223.3
1,233.5
1,241.2
1,250.9
Recreation ....................................................................................................
305.0
310.8
320.7
335.0
301.5
304.4
306.7
307.4
309.5
310.1
Other.............................................................................................................
1,011.7
1,030.0
1,055.9
1,089.9
1,000.5
1,007.9
1,013.5
1,024.8
1,024.0
1,021.9
Gross private domestic investment..................................................................
1,770.2
1,873.5
1,912.5
1,809.7
1,685.3
1,766.3
1,800.5
1,828.8
1,869.1
1,844.8
Fixed investment ............................................................................................
1,712.8
1,829.8
1,865.5
1,808.5
1,647.9
1,698.7
1,736.7
1,767.7
1,790.5
1,823.5
Nonresidential...............................................................................................
1,144.3
1,226.2
1,318.2
1,382.9
1,099.1
1,127.5
1,160.7
1,189.7
1,200.4
1,219.0
Structures..................................................................................................
246.7
249.8
270.3
304.6
242.9
246.5
248.7
248.6
253.1
252.3
Equipment and software ...........................................................................
905.1
989.6
1,061.0
1,078.9
861.9
887.4
920.0
951.2
956.6
977.9
Information processing equipment and software...................................
505.7
546.7
596.6
653.9
494.2
499.3
507.5
521.7
529.5
540.3
Computers and peripheral equipment ............................................... .................. .................. .................. .................. ................... ................... .................. .................. .................. ..................
Software ............................................................................................
193.6
207.0
215.5
237.0
190.5
190.5
193.9
199.3
201.5
206.8
Other .................................................................................................
181.1
191.6
206.7
218.0
179.2
183.0
181.2
181.0
187.9
188.4
Industrial equipment..............................................................................
134.0
145.3
153.5
155.7
129.1
131.5
136.9
138.7
142.0
140.9
Transportation equipment......................................................................
130.6
149.5
159.5
139.4
112.0
125.5
137.0
147.9
142.1
148.5
Other equipment ...................................................................................
138.3
150.4
156.5
148.4
132.7
135.3
140.8
144.5
145.6
150.5
Residential ....................................................................................................
560.2
595.4
552.9
453.8
540.5
561.7
567.5
570.9
582.1
595.8
Change in private inventories .......................................................................
54.3
38.9
42.3
–2.5
35.0
64.9
60.1
57.2
74.6
16.7
Farm .............................................................................................................
5.9
0.2
–3.2
1.0
4.4
12.9
4.8
1.3
–3.8
–0.5
Nonfarm ........................................................................................................
48.2
39.1
46.3
–3.7
30.4
50.5
55.4
56.4
79.5
17.4
Net exports of goods and services ..................................................................
–593.8
–616.6
–615.7
–546.5
–549.1
–591.1
–602.7
–632.3
–623.7
–601.3
Exports ............................................................................................................
1,126.1
1,205.3
1,314.8
1,425.9
1,101.8
1,119.4
1,128.0
1,155.3
1,177.9
1,203.1
Goods ...........................................................................................................
784.4
844.7
928.7
998.7
765.1
778.5
790.2
804.0
817.9
846.0
Services........................................................................................................
341.4
360.4
386.3
426.9
336.4
340.6
337.7
351.0
359.6
357.1
Imports ............................................................................................................
1,719.9
1,821.9
1,930.5
1,972.4
1,650.9
1,710.5
1,730.8
1,787.7
1,801.7
1,804.4
Goods ...........................................................................................................
1,457.0
1,556.4
1,649.0
1,677.7
1,393.9
1,448.3
1,467.7
1,518.1
1,536.7
1,539.5
Services........................................................................................................
263.9
267.6
283.7
296.4
257.5
263.0
264.1
270.8
266.9
266.9
Government consumption expenditures and gross investment ...................
1,931.8
1,939.0
1,971.2
2,012.1
1,925.4
1,931.8
1,939.4
1,930.6
1,929.6
1,934.0
Federal.............................................................................................................
715.9
724.5
741.0
752.9
709.5
713.7
724.5
716.0
718.0
720.1
National defense...........................................................................................
475.0
482.2
490.0
502.1
470.2
472.5
484.8
472.7
476.3
481.0
Consumption expenditures .......................................................................
407.6
411.6
415.0
425.8
405.6
406.4
414.7
403.7
409.2
410.7
Gross investment ......................................................................................
68.0
71.7
76.7
78.0
64.7
66.5
70.9
69.9
67.6
71.2
Nondefense ..................................................................................................
240.7
242.0
250.8
250.4
239.1
241.0
239.4
243.2
241.5
238.8
Consumption expenditures .......................................................................
206.7
206.7
212.2
211.7
205.9
206.5
205.6
208.6
207.8
205.0
Gross investment ......................................................................................
34.0
35.5
39.3
39.3
33.0
34.5
33.7
34.5
33.5
33.8
State and local ................................................................................................
1,215.8
1,214.3
1,230.2
1,259.0
1,215.9
1,218.1
1,214.7
1,214.4
1,211.4
1,213.8
Consumption expenditures .......................................................................
970.8
971.9
988.2
1,008.0
969.2
969.6
970.7
973.5
970.2
970.7
Gross investment ......................................................................................
245.0
242.3
241.8
250.9
246.7
248.6
243.9
240.8
241.1
243.1
Residual ...............................................................................................................
–17.3
–41.7
–99.7
–152.7
–12.7
–9.9
–18.2
–28.1
–28.6
–37.7
Addenda:
Final sales of domestic product........................................................................
10,619.8
10,947.3
11,249.3
11,523.4
10,507.1
10,568.5
10,666.6
10,737.0
10,799.3
10,925.9
Gross domestic purchases...............................................................................
11,261.4
11,597.8
11,904.1
12,066.8
11,086.3
11,216.9
11,322.8
11,419.2
11,490.6
11,539.4
Final sales to domestic purchasers ..................................................................
11,205.2
11,555.4
11,858.5
12,066.0
11,049.6
11,150.9
11,260.5
11,359.7
11,413.8
11,518.9
Gross domestic product ................................................................................
10,675.8
10,989.5
11,294.8
11,523.9
10,543.6
10,634.2
10,728.7
10,796.4
10,875.8
10,946.1
Plus: Income receipts from the rest of the world ..............................................
401.3
507.8
622.2
719.9
378.8
391.5
408.4
426.6
481.8
491.6
Less: Income payments to the rest of the world ...............................................
330.9
424.6
554.1
633.3
289.1
324.1
331.9
378.4
388.7
409.0
Equals: Gross national product ....................................................................
10,746.0
11,072.1
11,362.3
11,609.8
10,633.0
10,701.4
10,804.9
10,844.4
10,968.4
11,028.4
Net domestic product........................................................................................

9,292.5

9,501.5

9,849.6

10,025.9

9,200.5

9,281.3

9,260.9

9,427.6

9,494.4

9,554.6

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

Table 3B. Real Gross Domestic Product and Related Measures—Table Ends
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
2005
III
Gross domestic product ............................................................................
Personal consumption expenditures ...............................................................
Durable goods ................................................................................................
Motor vehicles and parts...............................................................................
Furniture and household equipment.............................................................
Other.............................................................................................................
Nondurable goods..........................................................................................
Food..............................................................................................................
Clothing and shoes .......................................................................................
Gasoline, fuel oil, and other energy goods ...................................................
Other.............................................................................................................
Services...........................................................................................................
Housing.........................................................................................................
Household operation.....................................................................................
Electricity and gas.....................................................................................
Other household operation .......................................................................
Transportation ...............................................................................................
Medical care .................................................................................................
Recreation ....................................................................................................
Other.............................................................................................................
Gross private domestic investment..................................................................
Fixed investment ............................................................................................
Nonresidential...............................................................................................
Structures..................................................................................................
Equipment and software ...........................................................................
Information processing equipment and software...................................
Computers and peripheral equipment ...............................................
Software ............................................................................................
Other .................................................................................................
Industrial equipment..............................................................................
Transportation equipment......................................................................
Other equipment ...................................................................................
Residential ....................................................................................................
Change in private inventories .......................................................................
Farm .............................................................................................................
Nonfarm ........................................................................................................
Net exports of goods and services ..................................................................
Exports ............................................................................................................
Goods ...........................................................................................................
Services........................................................................................................
Imports ............................................................................................................
Goods ...........................................................................................................
Services........................................................................................................
Government consumption expenditures and gross investment ...................
Federal.............................................................................................................
National defense...........................................................................................
Consumption expenditures .......................................................................
Gross investment ......................................................................................
Nondefense ..................................................................................................
Consumption expenditures .......................................................................
Gross investment ......................................................................................
State and local ................................................................................................
Consumption expenditures .......................................................................
Gross investment ......................................................................................
Residual ...............................................................................................................
Addenda:
Final sales of domestic product........................................................................
Gross domestic purchases...............................................................................
Final sales to domestic purchasers ..................................................................
Gross domestic product ................................................................................
Plus: Income receipts from the rest of the world ..............................................
Less: Income payments to the rest of the world ...............................................
Equals: Gross national product ....................................................................
Net domestic product........................................................................................

2006
IV

I

II

2007
III

IV

I

II

2008
III

IV

I

II

11,050.0 11,086.1 11,217.3 11,291.7 11,314.1 11,356.4 11,357.8 11,491.4 11,625.7 11,620.7 11,646.0 11,700.6
7,838.1 7,864.9 7,947.4 8,002.1 8,046.3 8,119.9 8,197.2 8,237.3 8,278.5 8,298.2 8,316.1 8,347.5
1,158.9 1,123.3 1,173.1 1,178.3 1,188.4 1,200.7 1,227.3 1,242.3 1,249.4 1,250.6 1,237.0 1,227.7
469.0
418.1
435.4
437.3
439.4
439.6
449.5
451.3
443.5
442.6
430.2
408.7
497.0
514.0
537.9
544.6
553.8
564.5
580.3
588.3
600.8
606.6
609.3
628.7
203.5
209.0
218.7
216.6
216.7
219.8
222.0
227.7
232.9
230.8
229.4
229.4
2,260.1 2,286.3 2,310.8 2,328.7 2,342.0 2,359.8 2,380.1 2,391.5 2,398.6 2,400.2 2,397.9 2,421.7
1,053.3 1,063.7 1,077.8 1,090.3 1,093.3 1,099.1 1,102.5 1,110.1 1,110.9 1,118.7 1,122.4 1,130.4
371.6
383.7
390.2
391.0
396.1
400.4
409.4
412.2
416.6
413.2
416.3
426.6
201.4
200.8
197.6
195.6
196.1
196.7
199.3
198.0
197.9
197.0
194.0
193.4
638.2
645.4
655.3
663.3
669.0
677.0
683.5
687.1
690.5
687.9
684.8
695.2
4,439.4 4,466.9 4,484.7 4,515.7 4,537.6 4,581.5 4,616.1 4,632.7 4,659.8 4,676.1 4,704.3 4,717.4
1,123.7 1,133.1 1,143.2 1,151.7 1,158.8 1,164.7 1,168.0 1,170.4 1,172.5 1,175.9 1,177.3 1,182.3
417.5
417.2
406.6
413.6
416.5
417.3
419.3
419.8
421.5
424.0
425.9
427.7
154.5
153.5
144.2
148.8
150.1
149.8
151.5
150.6
151.0
151.2
154.0
155.1
262.7
263.5
263.8
265.5
267.0
268.3
268.3
270.0
271.3
273.9
272.5
273.1
288.3
288.6
290.8
293.2
294.0
296.9
297.7
298.8
300.5
299.9
301.2
299.8
1,263.4 1,273.8 1,283.7 1,287.9 1,289.8 1,299.2 1,316.0 1,319.4 1,331.4 1,344.5 1,360.8 1,372.0
311.3
312.4
314.7
316.0
321.1
331.0
332.5
334.6
336.6
336.3
332.3
333.0
1,033.9 1,040.3 1,044.5 1,051.9 1,056.1 1,071.1 1,081.3 1,088.4 1,096.0 1,093.9 1,105.0 1,100.6
1,862.8 1,917.3 1,946.3 1,944.3 1,917.8 1,841.6 1,795.9 1,822.9 1,838.7 1,781.3 1,754.7 1,686.0
1,847.2 1,858.0 1,895.2 1,883.1 1,860.0 1,823.7 1,807.8 1,821.3 1,817.0 1,788.2 1,762.4 1,751.6
1,237.1 1,248.2 1,295.2 1,315.4 1,332.7 1,329.3 1,340.4 1,373.8 1,402.9 1,414.7 1,423.1 1,431.3
246.2
247.4
256.5
268.3
277.4
279.1
286.6
298.9
313.2
319.7
326.4
337.5
1,006.5 1,017.4 1,056.6 1,061.2 1,066.4 1,059.9 1,060.0 1,077.9 1,087.5 1,090.1 1,088.6 1,079.2
552.7
564.3
586.2
590.9
603.9
605.3
629.9
647.3
660.9
677.6
689.6
705.2
............... ............... ............... ............... ............... ............... .............. ............... ............... .............. ............... ...............
208.2
211.4
212.5
213.2
215.8
220.5
227.9
235.7
239.4
245.1
251.0
253.7
195.3
194.9
207.6
205.1
209.4
204.8
212.5
216.2
219.6
223.5
223.6
231.0
146.3
152.0
149.9
157.2
153.8
153.2
150.3
160.3
159.1
153.1
153.4
155.7
157.2
150.3
165.3
157.9
159.7
155.2
149.0
139.4
137.4
131.9
127.0
107.9
151.7
153.7
158.2
158.7
155.2
153.8
145.3
147.5
149.2
151.5
146.5
144.3
601.7
602.0
596.5
570.1
536.7
508.4
486.4
471.7
445.3
411.6
383.0
367.1
11.0
53.5
45.9
56.9
53.3
13.1
–15.0
–2.8
16.0
–8.1
–10.2
–62.2
4.5
0.7
1.0
–5.6
–5.6
–2.7
–3.9
–0.1
–2.5
10.5
6.0
2.0
6.2
53.2
45.4
63.3
59.9
16.4
–10.7
–2.6
19.2
–20.6
–17.9
–66.6
–603.6
–637.8
–636.0
–619.4
–623.0
–584.3
–618.6
–571.2
–511.8
–484.5
–462.0
–395.2
1,204.3 1,235.7 1,284.3 1,301.4 1,312.6 1,361.1 1,363.2 1,392.2 1,466.2 1,482.1 1,500.6 1,534.1
844.2
870.8
907.8
922.5
930.7
953.9
958.9
974.9 1,024.1 1,037.0 1,048.6 1,078.4
359.9
365.0
376.7
379.2
382.2
407.0
404.2
417.0
441.8
444.7
451.7
455.6
1,807.9 1,873.6 1,920.2 1,920.9 1,935.7 1,945.3 1,981.8 1,963.4 1,978.0 1,966.5 1,962.6 1,929.2
1,543.8 1,605.5 1,640.6 1,642.8 1,658.0 1,654.5 1,688.3 1,671.2 1,681.1 1,670.2 1,662.0 1,635.2
266.2
270.6
281.9
280.5
280.3
292.4
295.4
293.9
298.4
297.8
301.8
295.2
1,950.4 1,941.9 1,960.5 1,966.6 1,974.9 1,982.7 1,987.1 2,006.4 2,025.3 2,029.4 2,039.1 2,056.3
736.8
723.2
740.6
737.7
741.1
744.4
737.5
749.6
762.7
761.7
772.6
785.2
495.1
476.5
486.7
489.0
487.9
496.3
488.8
498.8
511.0
509.9
518.9
528.2
421.9
404.4
414.5
414.0
414.1
417.6
415.6
422.4
433.5
431.9
439.7
443.7
74.4
73.7
73.3
76.9
75.4
81.3
74.5
78.3
79.3
79.9
81.0
87.6
241.4
246.5
253.8
248.5
253.1
247.8
248.6
250.5
251.2
251.5
253.2
256.6
205.8
208.4
214.2
210.7
214.5
209.2
210.9
211.5
212.4
212.0
213.5
215.6
35.8
38.7
40.4
38.3
39.1
39.3
38.1
39.6
39.4
40.2
40.5
41.8
1,213.6 1,218.5 1,219.9 1,228.8 1,233.7 1,238.2 1,249.3 1,256.6 1,262.6 1,267.5 1,266.7 1,271.7
972.2
974.6
980.4
984.6
990.8
996.8 1,001.9 1,006.1 1,010.0 1,013.9 1,017.6 1,020.1
241.2
243.8
239.3
244.0
242.7
241.2
247.2
250.3
252.5
253.4
249.0
251.4
–44.3
–56.2
–81.9
–93.1
–106.2
–116.9
–135.4
–145.3
–158.2
–171.9
–178.7
–190.4
11,035.5
11,645.4
11,630.5
11,050.0
513.5
422.3
11,140.7

11,028.4
11,716.2
11,658.4
11,086.1
544.2
478.6
11,151.2

11,167.6
11,846.2
11,796.5
11,217.3
574.1
504.2
11,286.5

11,232.1
11,904.4
11,844.6
11,291.7
618.2
544.1
11,365.1

11,257.8
11,930.6
11,874.1
11,314.1
636.5
578.9
11,370.8

11,339.7
11,935.6
11,918.6
11,356.4
660.1
589.1
11,426.5

9,311.1

9,646.0

9,789.8

9,851.8

9,862.8

9,893.9

11,370.5
11,970.9
11,983.2
11,357.8
666.3
604.1
11,419.1

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

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

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

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

11,764.4
12,090.3
12,153.0
11,700.6
...............
...............
...............

9,884.2 10,003.2 10,120.3 10,096.1 10,093.2 10,125.3

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

Table 4. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
IV

2005
I

II

2006
III

IV

I

II

2007
III

IV

I

II

2008
III

IV

I

II

Gross domestic product (GDP) ................
2.9
3.3
3.2
2.7
3.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8
2.6
1.1
Personal consumption expenditures ..................
2.6
2.9
2.8
2.6
3.0
2.5
2.5
4.7
3.3
1.8
3.3
3.1 –0.5
3.4
3.6
2.5
4.3
3.6
4.2
Durable goods .....................................................
–1.8 –0.8 –1.3 –1.8
0.2
0.4 –0.9 –3.1 –0.9 –0.9 –0.8 –1.3 –2.7 –1.8 –1.6 –1.9 –1.6 –0.1 –1.6
Nondurable goods ...............................................
3.3
3.7
3.0
3.0
4.7
1.5
2.0 11.2
2.3
0.3
4.9
4.4 –6.2
5.1
6.4
2.9
8.4
6.7
6.6
Services...............................................................
3.2
3.3
3.5
3.3
2.8
3.3
3.5
3.3
4.7
3.0
3.3
3.3
2.8
3.6
3.3
3.1
3.5
2.8
4.1
Gross private domestic investment.....................
3.4
4.4
4.2
1.4
3.9
4.7
4.0
5.0
5.4
5.2
3.5
1.6
3.3
1.6 –0.3 –0.3
1.3 –0.5
0.6
Fixed investment..................................................
3.4
4.5
4.2
1.4
3.9
4.7
4.2
5.3
5.7
5.0
3.4
1.5
3.2
1.6 –0.2 –0.4
1.2 –0.2
1.2
Nonresidential..................................................
1.3
2.9
3.3
1.4
2.5
4.4
2.7
2.0
4.4
4.3
3.3
1.7
2.9
1.3
0.3 –0.6
1.7
0.6
2.3
Structures.....................................................
6.2 11.8 12.3
3.8 12.0 11.9 10.1 14.8 17.0 14.1 12.0
4.6
6.7
3.4
0.7
0.5
4.5
2.7
3.6
Equipment and software ..............................
–0.3 –0.1
0.1
0.3 –0.6
1.8
0.1 –2.3
0.2
0.7 –0.1
0.5
1.2
0.4
0.1 –1.2
0.4 –0.4
1.6
Residential .......................................................
7.3
7.2
5.9
1.5
6.2
5.2
6.8 11.0
7.8
6.4
3.7
1.2
3.9
2.2 –1.3
0.3
0.0 –2.6 –2.2
Change in private inventories .............................. .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... ..........
Net exports of goods and services ..................... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... .......... ........... ..........
Exports ................................................................
3.5
3.6
3.5
3.5
4.2
4.6
3.5
2.5
3.2
2.9
5.8
4.7 –0.8
3.6
5.3
3.5
6.2
9.1 10.3
Goods ..............................................................
3.7
3.1
3.3
3.5
3.6
4.3
3.0
1.3
2.2
3.0
6.2
5.2
0.0
3.3
5.1
2.8
6.0 10.0 11.7
Services...........................................................
3.2
4.9
3.8
3.5
5.5
5.2
4.6
5.3
5.5
2.7
4.9
3.7 –2.6
4.3
5.9
5.2
6.6
6.9
7.1
Imports ................................................................
4.9
6.3
4.3
3.7
6.9
2.3
9.7 10.3
4.5 –1.1 10.3
5.0 –9.1
0.9 12.8
7.4 12.8 12.8 28.6
Goods ..............................................................
4.9
6.5
4.2
3.6
7.0
2.1 10.0 10.8
5.0 –2.0 10.4
5.4 –10.1
0.8 13.0
7.7 14.5 13.8 31.1
Services...........................................................
4.4
5.7
4.8
3.7
6.0
3.5
7.9
7.8
2.0
4.1
9.9
3.2 –3.8
1.1 11.7
6.1
4.5
7.8 16.2
Government consumption expenditures and
gross investment ...............................................
4.5
5.9
4.7
4.5
5.7
7.7
4.1
7.0
4.8
4.9
4.9
3.3
2.3
6.4
5.2
3.4
5.1
6.2
7.0
Federal ................................................................
4.7
4.8
4.1
3.4
2.6 11.8
1.7
3.1
0.8 10.2
4.1
1.2
0.9
7.6
3.7
0.9
2.3
5.6
5.0
National defense..............................................
4.7
5.2
4.5
3.5
3.1 12.6
1.8
3.2
1.3 10.9
4.4
1.5
0.7
7.0
4.3
1.6
3.1
5.1
6.0
Nondefense .....................................................
4.9
4.0
3.4
3.1
1.7 10.2
1.6
3.0 –0.1
8.9
3.5
0.5
1.2
8.8
2.6 –0.5
0.5
6.8
2.8
State and local.....................................................
4.3
6.5
5.1
5.1
7.6
5.3
5.6
9.4
7.3
2.0
5.4
4.6
3.2
5.7
6.1
4.9
6.8
6.6
8.1
Addenda:
Final sales of domestic product...........................
2.9
3.3
3.2
2.7
3.2
4.0
2.1
4.1
3.8
3.5
2.7
2.7
2.2
4.1
2.0
1.5
2.8
2.7
1.1
Gross domestic purchases..................................
3.1
3.7
3.4
2.8
3.6
3.7
3.1
5.2
3.9
2.9
3.6
2.9
0.6
3.6
3.3
2.2
4.0
3.5
4.2
Final sales to domestic purchasers .....................
3.1
3.7
3.4
2.8
3.6
3.7
3.1
5.2
4.0
2.8
3.6
2.9
0.6
3.7
3.3
2.2
4.0
3.5
4.3
Gross national product (GNP) .............................
2.9
3.3
3.2
2.7
3.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8
2.6 ..........
Implicit price deflators:
GDP .................................................................
2.9
3.3
3.2
2.7
3.2
4.0
2.1
4.1
3.8
3.6
2.7
2.7
2.2
4.2
2.0
1.5
2.5
2.6
1.1
Gross domestic purchases ..............................
3.1
3.7
3.4
2.8
3.7
3.7
3.1
5.2
4.0
2.9
3.6
2.9
0.6
3.7
3.3
2.2
3.7
3.4
4.3
GNP .................................................................
2.9
3.3
3.2
2.7
3.2
4.0
2.1
4.1
3.8
3.6
2.7
2.8
2.1
4.2
2.0
1.5
2.5
2.5 ..........
See “Explanatory Note” at the end of the tables.

Table 4A. Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
IV

2005
I

II

2006
III

IV

I

II

2007
III

IV

I

II

2008
III

IV

I

Gross domestic product (GDP) ................
2.9
3.3
3.2
2.7
3.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8
2.6
Previously published ................................
2.9
3.2
3.2
2.7
3.2
3.9
2.6
3.5
3.5
3.4
3.5
2.4
1.7
4.2
2.6
1.0
2.4
2.7
Personal consumption expenditures ..................
2.6
2.9
2.8
2.6
3.0
2.5
2.5
4.7
3.3
1.8
3.3
3.1
–0.5
3.4
3.6
2.5
4.3
3.6
Previously published............................................
2.6
2.9
2.8
2.5
3.0
2.2
3.4
4.3
2.8
1.7
4.3
2.6
–0.9
3.5
4.3
1.8
3.9
3.6
Durable goods .....................................................
–1.8
–0.8
–1.3
–1.8
0.2
0.4
–0.9
–3.1
–0.9
–0.9
–0.8
–1.3
–2.7
–1.8
–1.6
–1.9
–1.6
–0.1
Previously published ........................................
–1.8
–0.7
–1.3
–1.8
0.2
0.1
–0.4
–2.8
–1.1
–1.0
–0.7
–1.3
–2.7
–1.9
–1.4
–1.8
–1.7
–0.2
Nondurable goods ...............................................
3.3
3.7
3.0
3.0
4.7
1.5
2.0
11.2
2.3
0.3
4.9
4.4
–6.2
5.1
6.4
2.9
8.4
6.7
Previously published ........................................
3.3
3.7
3.1
3.0
4.7
0.3
5.0
9.5
0.8
0.3
8.6
2.8
–7.9
5.0
10.0
1.1
7.1
6.6
Services...............................................................
3.2
3.3
3.5
3.3
2.8
3.3
3.5
3.3
4.7
3.0
3.3
3.3
2.8
3.6
3.3
3.1
3.5
2.8
Previously published ........................................
3.2
3.4
3.4
3.2
2.8
3.6
3.4
3.3
4.6
3.0
3.2
3.2
3.0
3.8
2.6
2.8
3.5
2.9
Gross private domestic investment.....................
3.4
4.4
4.2
1.4
3.9
4.7
4.0
5.0
5.4
5.2
3.5
1.6
3.3
1.6
–0.3
–0.3
1.3
–0.5
Previously published............................................
3.4
4.2
3.5
1.2
3.9
5.2
2.8
4.0
5.8
4.0
2.5
1.6
2.2
2.0
–0.4
–0.3
0.8
–1.1
Fixed investment..................................................
3.4
4.5
4.2
1.4
3.9
4.7
4.2
5.3
5.7
5.0
3.4
1.5
3.2
1.6
–0.2
–0.4
1.2
–0.2
Previously published ........................................
3.4
4.3
3.5
1.1
3.9
5.3
2.9
4.2
6.0
3.9
2.4
1.5
2.0
1.9
–0.3
–0.5
0.7
–0.5
Nonresidential..................................................
1.3
2.9
3.3
1.4
2.5
4.4
2.7
2.0
4.4
4.3
3.3
1.7
2.9
1.3
0.3
–0.6
1.7
0.6
Previously published ....................................
1.3
2.9
3.1
1.2
2.5
4.5
2.4
1.6
4.6
3.9
2.8
1.9
2.0
1.9
0.0
–0.6
1.1
0.1
Structures.....................................................
6.2
11.8
12.3
3.8
12.0
11.9
10.1
14.8
17.0
14.1
12.0
4.6
6.7
3.4
0.7
0.5
4.5
2.7
Previously published ................................
6.2
11.7
11.7
3.3
12.0
12.8
8.7
13.8
17.6
13.0
10.7
5.6
4.6
4.1
–1.1
0.5
3.2
1.8
Equipment and software ..............................
–0.3
–0.1
0.1
0.3
–0.6
1.8
0.1
–2.3
0.2
0.7
–0.1
0.5
1.2
0.4
0.1
–1.2
0.4
–0.4
Previously published ................................
–0.3
–0.1
0.0
0.4
–0.6
1.8
0.3
–2.5
0.2
0.6
–0.2
0.4
0.8
1.0
0.5
–1.1
0.1
–0.7
Residential .......................................................
7.3
7.2
5.9
1.5
6.2
5.2
6.8
11.0
7.8
6.4
3.7
1.2
3.9
2.2
–1.3
0.3
0.0
–2.6
Previously published ....................................
7.3
6.7
4.4
0.9
6.2
6.6
3.6
8.7
8.5
3.9
1.8
0.8
2.1
2.0
–0.8
–0.3
–0.4
–2.3
Change in private inventories .............................. ........... ........... ........... ............ ........... ........... ............ ............ ........... ........... ............ ............ ........... ........... ............ ........... ........... ...........
Net exports of goods and services ..................... ........... ........... ........... ............ ........... ........... ............ ............ ........... ........... ............ ............ ........... ........... ............ ........... ........... ...........
Exports ................................................................
3.5
3.6
3.5
3.5
4.2
4.6
3.5
2.5
3.2
2.9
5.8
4.7
–0.8
3.6
5.3
3.5
6.2
9.1
Previously published ........................................
3.5
3.6
3.4
3.5
4.2
4.6
3.6
2.5
3.0
2.7
6.0
4.6
–0.8
3.6
5.3
3.8
6.0
8.9
Goods ..............................................................
3.7
3.1
3.3
3.5
3.6
4.3
3.0
1.3
2.2
3.0
6.2
5.2
0.0
3.3
5.1
2.8
6.0
10.0
Previously published ....................................
3.7
3.1
3.3
3.6
3.6
4.3
3.0
1.3
2.3
3.0
6.3
5.2
0.1
3.5
5.1
3.2
6.3
10.2
Services...........................................................
3.2
4.9
3.8
3.5
5.5
5.2
4.6
5.3
5.5
2.7
4.9
3.7
–2.6
4.3
5.9
5.2
6.6
6.9
Previously published ....................................
3.2
4.9
3.7
3.3
5.5
5.0
4.9
5.2
4.8
2.2
5.5
3.3
–2.7
3.9
5.8
5.1
5.3
6.0
Imports ................................................................
4.9
6.3
4.3
3.7
6.9
2.3
9.7
10.3
4.5
–1.1
10.3
5.0
–9.1
0.9
12.8
7.4
12.8
12.8
Previously published ........................................
4.9
6.3
4.0
3.5
6.9
2.2
9.7
10.3
4.3
–1.5
10.1
4.7
–9.4
1.0
11.9
7.5
13.2
12.6
Goods ..............................................................
4.9
6.5
4.2
3.6
7.0
2.1
10.0
10.8
5.0
–2.0
10.4
5.4 –10.1
0.8
13.0
7.7
14.5
13.8
Previously published ....................................
4.9
6.5
4.2
3.6
7.0
2.0
10.1
10.9
4.9
–1.9
10.4
5.3 –10.1
0.7
13.0
7.7
14.1
13.6
Services...........................................................
4.4
5.7
4.8
3.7
6.0
3.5
7.9
7.8
2.0
4.1
9.9
3.2
–3.8
1.1
11.7
6.1
4.5
7.8
Previously published ....................................
4.4
5.6
3.1
2.8
6.0
3.5
7.7
7.5
1.3
0.5
8.4
1.4
–5.3
2.3
6.7
6.5
8.6
7.6
Government consumption expenditures and
gross investment ...............................................
4.5
5.9
4.7
4.5
5.7
7.7
4.1
7.0
4.8
4.9
4.9
3.3
2.3
6.4
5.2
3.4
5.1
6.2
Previously published............................................
4.5
5.8
4.9
4.5
5.7
7.5
4.6
6.4
5.0
5.1
5.7
3.0
2.1
6.4
5.5
3.2
5.2
6.9
Federal ................................................................
4.7
4.8
4.1
3.4
2.6
11.8
1.7
3.1
0.8
10.2
4.1
1.2
0.9
7.6
3.7
0.9
2.3
5.6
Previously published ........................................
4.7
4.8
3.9
2.9
2.6
11.5
2.3
3.4
0.8
9.1
4.0
1.3
0.5
5.3
3.8
1.6
2.5
6.1
National defense..............................................
4.7
5.2
4.5
3.5
3.1
12.6
1.8
3.2
1.3
10.9
4.4
1.5
0.7
7.0
4.3
1.6
3.1
5.1
Previously published ....................................
4.7
5.3
4.1
2.9
3.1
12.2
2.5
3.5
1.3
9.3
4.2
1.6
–0.1
5.0
4.1
1.9
3.0
5.8
Nondefense .....................................................
4.9
4.0
3.4
3.1
1.7
10.2
1.6
3.0
–0.1
8.9
3.5
0.5
1.2
8.8
2.6
–0.5
0.5
6.8
Previously published ....................................
4.9
4.0
3.5
2.9
1.7
10.1
1.8
3.2
–0.2
8.9
3.5
0.7
1.7
5.9
3.3
1.1
1.3
6.6
State and local.....................................................
4.3
6.5
5.1
5.1
7.6
5.3
5.6
9.4
7.3
2.0
5.4
4.6
3.2
5.7
6.1
4.9
6.8
6.6
Previously published ........................................
4.3
6.4
5.4
5.4
7.6
5.2
6.1
8.1
7.6
2.7
6.7
4.0
3.1
7.0
6.5
4.2
6.8
7.4
Addenda:
Final sales of domestic product...........................
2.9
3.3
3.2
2.7
3.2
4.0
2.1
4.1
3.8
3.5
2.7
2.7
2.2
4.1
2.0
1.5
2.8
2.7
Previously published ........................................
2.9
3.2
3.2
2.6
3.2
3.9
2.6
3.5
3.5
3.4
3.5
2.3
1.7
4.2
2.7
1.0
2.4
2.8
Gross domestic purchases..................................
3.1
3.7
3.4
2.8
3.6
3.7
3.1
5.2
3.9
2.9
3.6
2.9
0.6
3.6
3.3
2.2
4.0
3.5
Previously published ........................................
3.1
3.7
3.3
2.7
3.6
3.6
3.5
4.6
3.7
2.7
4.2
2.5
0.1
3.8
3.8
1.8
3.7
3.6
Final sales to domestic purchasers .....................
3.1
3.7
3.4
2.8
3.6
3.7
3.1
5.2
4.0
2.8
3.6
2.9
0.6
3.7
3.3
2.2
4.0
3.5
Previously published ........................................
3.1
3.7
3.3
2.7
3.6
3.6
3.5
4.6
3.7
2.7
4.2
2.5
0.1
3.8
3.8
1.7
3.7
3.6
Gross national product (GNP) .............................
2.9
3.3
3.2
2.7
3.2
4.0
2.1
4.1
3.7
3.5
2.7
2.8
2.2
4.1
2.0
1.5
2.8
2.6
Previously published ........................................
2.9
3.2
3.1
2.7
3.2
3.9
2.6
3.5
3.5
3.4
3.5
2.4
1.7
4.2
2.6
1.0
2.5
2.7
Implicit price deflators:
GDP .................................................................
2.9
3.3
3.2
2.7
3.2
4.0
2.1
4.1
3.8
3.6
2.7
2.7
2.2
4.2
2.0
1.5
2.5
2.6
Previously published ....................................
2.9
3.2
3.2
2.7
3.2
3.9
2.6
3.5
3.5
3.4
3.5
2.4
1.7
4.2
2.6
1.0
2.4
2.7
Gross domestic purchases ..............................
3.1
3.7
3.4
2.8
3.7
3.7
3.1
5.2
4.0
2.9
3.6
2.9
0.6
3.7
3.3
2.2
3.7
3.4
Previously published ....................................
3.1
3.6
3.3
2.7
3.7
3.6
3.6
4.6
3.7
2.7
4.2
2.5
0.1
3.8
3.8
1.7
3.7
3.5
GNP .................................................................
2.9
3.3
3.2
2.7
3.2
4.0
2.1
4.1
3.8
3.6
2.7
2.8
2.1
4.2
2.0
1.5
2.5
2.5
Previously published ....................................
2.9
3.2
3.2
2.7
3.2
3.9
2.6
3.5
3.5
3.4
3.5
2.4
1.7
4.2
2.6
1.0
2.4
2.7
See “Explanatory Note” at the end of the tables.

Table 5. Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
2004

2005

2006

2007

2004
I

2005

II

III

IV

I

II

Gross domestic product......................................................
108.748
111.944
115.054
117.388
107.402
108.325
109.287
109.977
110.786
111.502
Personal consumption expenditures ................................................
112.197
115.615
119.135
122.456
110.917
111.590
112.555
113.724
114.217
115.239
Durable goods ...................................................................................
125.652
131.397
137.274
143.908
123.502
124.094
126.432
128.580
128.761
132.478
Nondurable goods .............................................................................
111.833
115.687
119.930
122.872
110.759
111.178
112.026
113.369
114.043
115.225
Services.............................................................................................
109.726
112.525
115.298
118.259
108.502
109.309
110.088
111.003
111.465
111.946
Gross private domestic investment...................................................
102.003
107.953
110.200
104.278
97.109
101.776
103.748
105.377
107.702
106.298
Fixed investment................................................................................
102.012
108.984
111.109
107.717
98.148
101.175
103.439
105.287
106.643
108.608
Nonresidential................................................................................
92.873
99.520
106.987
112.244
89.210
91.512
94.211
96.558
97.429
98.935
Structures...................................................................................
78.760
79.747
86.318
97.264
77.550
78.708
79.410
79.371
80.813
80.545
Equipment and software ............................................................
98.505
107.695
115.467
117.412
93.800
96.575
100.124
103.519
104.100
106.425
Residential .....................................................................................
125.343
133.226
123.728
101.534
120.936
125.696
126.994
127.747
130.259
133.311
Change in private inventories ............................................................ ................... .................... .................... ................... .................... .................... ................... .................... .................... ...................
Exports of goods and services..........................................................
102.723
109.942
119.937
130.068
100.502
102.108
102.897
105.385
107.447
109.747
Imports of goods and services ..........................................................
116.546
123.455
130.815
133.654
111.867
115.903
117.279
121.135
122.083
122.271
Government consumption expenditures and gross investment ....
112.210
112.626
114.497
116.871
111.839
112.212
112.649
112.138
112.079
112.337
Federal ..............................................................................................
123.693
125.181
128.019
130.078
122.580
123.306
125.175
123.710
124.058
124.408
State and local...................................................................................
106.384
106.256
107.642
110.167
106.393
106.586
106.291
106.265
106.001
106.214
Addenda:
Final sales of domestic product.........................................................
108.804
112.159
115.254
118.062
107.649
108.278
109.284
110.005
110.643
111.940
Gross domestic purchases................................................................
110.444
113.744
116.748
118.343
108.727
110.008
111.047
111.992
112.692
113.171
Final sales to domestic purchasers ...................................................
110.505
113.959
116.948
118.995
108.971
109.970
111.051
112.029
112.563
113.599
Gross national product ......................................................................
109.031
112.340
115.284
117.795
107.885
108.579
109.629
110.030
111.288
111.896

Seasonally adjusted
2005
III

2006
IV

I

II

2007
III

IV

I

II

2008
III

IV

I

II

Gross domestic product...................................................... 112.560 112.928 114.264 115.022 115.250 115.681 115.696 117.056 118.425 118.374 118.631 119.188
Personal consumption expenditures ................................................ 116.303 116.701 117.925 118.737 119.393 120.485 121.631 122.226 122.838 123.130 123.395 123.862
Durable goods ................................................................................... 134.236 130.112 135.877 136.485 137.652 139.081 142.162 143.894 144.720 144.856 143.284 142.204
Nondurable goods ............................................................................. 116.068 117.412 118.670 119.590 120.275 121.187 122.232 122.815 123.182 123.261 123.147 124.369
Services............................................................................................. 112.995 113.696 114.149 114.938 115.495 116.612 117.494 117.916 118.605 119.020 119.739 120.071
Gross private domestic investment................................................... 107.337 110.477 112.150 112.032 110.504 106.115 103.483 105.040 105.950 102.639 101.110
97.148
Fixed investment................................................................................ 110.022 110.661 112.880 112.156 110.779 108.621 107.674 108.475 108.218 106.503 104.969 104.323
Nonresidential................................................................................ 100.407 101.311 105.125 106.766 108.164 107.893 108.794 111.502 113.863 114.819 115.504 116.172
Structures...................................................................................
78.627
79.001
81.910
85.668
88.574
89.121
91.526
95.447 100.005 102.076 104.206 107.773
Equipment and software ............................................................ 109.536 110.717 114.985 115.484 116.049 115.349 115.360 117.302 118.348 118.636 118.470 117.442
Residential ..................................................................................... 134.634 134.700 133.477 127.572 120.102 113.763 108.831 105.552
99.644
92.110
85.698
82.144
Change in private inventories ............................................................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................ ................
Exports of goods and services.......................................................... 109.853 112.721 117.147 118.712 119.734 124.153 124.343 126.992 133.747 135.189 136.880 139.934
Imports of goods and services .......................................................... 122.509 126.955 130.118 130.161 131.164 131.818 134.289 133.041 134.033 133.254 132.991 130.728
Government consumption expenditures and gross investment .... 113.291 112.797 113.877 114.228 114.714 115.167 115.421 116.541 117.642 117.879 118.443 119.443
Federal .............................................................................................. 127.310 124.950 127.952 127.459 128.048 128.616 127.426 129.507 131.772 131.610 133.488 135.671
State and local................................................................................... 106.189 106.621 106.746 107.520 107.954 108.348 109.314 109.957 110.484 110.914 110.844 111.273
Addenda:
Final sales of domestic product......................................................... 113.063 112.990 114.417 115.077 115.341 116.180 116.495 117.725 118.898 119.133 119.397 120.531
Gross domestic purchases................................................................ 114.210 114.905 116.180 116.750 117.007 117.056 117.403 118.259 119.013 118.700 118.726 118.574
Final sales to domestic purchasers ................................................... 114.700 114.975 116.337 116.811 117.102 117.541 118.178 118.906 119.469 119.427 119.461 119.853
Gross national product ...................................................................... 113.036 113.142 114.515 115.313 115.371 115.936 115.861 117.104 118.913 119.302 119.329 ................
See “Explanatory Note” at the end of the tables.

Table 6. Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
Seasonally adjusted
2004

2005

2006

2007

2004
I

2005

II

III

IV

I

II

Gross domestic product......................................................
109.462
113.039
116.676
119.819
108.180
109.185
109.807
110.677
111.778
112.357
Personal consumption expenditures (PCE)......................................
108.392
111.581
114.675
117.659
107.163
108.179
108.703
109.521
110.187
110.881
Durable goods ...................................................................................
90.696
89.984
88.772
87.154
90.927
90.986
90.415
90.454
90.547
90.343
Nondurable goods .............................................................................
107.626
111.606
114.984
118.407
105.918
107.530
107.903
109.153
109.554
110.100
Services.............................................................................................
112.929
116.700
120.752
124.712
111.582
112.532
113.406
114.198
115.140
116.139
Gross private domestic investment...................................................
106.686
111.381
116.102
117.735
105.010
106.217
107.246
108.271
109.513
110.603
Fixed investment................................................................................
106.845
111.638
116.380
117.995
105.165
106.382
107.404
108.429
109.683
110.816
Nonresidential................................................................................
100.896
103.829
107.277
108.739
100.123
100.729
101.048
101.686
102.778
103.459
Structures...................................................................................
120.912
135.177
151.822
157.662
116.960
119.118
122.026
125.544
129.122
132.274
Equipment and software ............................................................
94.600
94.534
94.594
94.870
94.708
94.872
94.477
94.344
94.777
94.800
Residential .....................................................................................
120.587
129.268
136.897
138.884
117.027
119.511
121.984
123.826
125.407
127.492
Change in private inventories ............................................................ ................... .................... .................... ................... .................... .................... .................... .................... .................... ....................
Exports of goods and services..........................................................
104.997
108.814
112.618
116.586
103.567
104.785
105.273
106.362
107.557
108.489
Imports of goods and services ..........................................................
104.526
111.154
115.932
120.168
102.047
103.872
105.212
106.973
107.582
110.096
Government consumption expenditures and gross investment ....
114.754
121.470
127.239
132.941
112.657
114.028
115.361
116.971
119.162
120.378
Federal ..............................................................................................
115.322
120.834
125.806
130.076
113.641
115.164
115.863
116.621
119.921
120.433
State and local...................................................................................
114.431
121.862
128.109
134.671
112.088
113.369
115.077
117.191
118.722
120.355
Addenda:
PCE excluding food and energy ........................................................
107.338
109.644
112.129
114.548
106.442
107.142
107.601
108.169
108.838
109.405
Market-based PCE 1..........................................................................
107.386
110.316
113.167
115.893
106.311
107.213
107.622
108.397
108.988
109.585
Market-based PCE excluding food and energy 1 ...............................
105.857
107.657
109.715
111.700
105.222
105.715
106.014
106.478
107.054
107.472
Final sales of domestic product.........................................................
Gross domestic purchases................................................................
Final sales to domestic purchasers ...................................................
Gross national product ......................................................................
Implicit price deflators:
Gross domestic product.................................................................
Final sales of domestic product .....................................................
Gross domestic purchases ............................................................
Final sales to domestic purchasers ...............................................
Gross national product...................................................................

109.487
109.235
109.259
109.456

113.074
113.263
113.299
113.036

116.710
117.066
117.101
116.673

119.853
120.294
120.329
119.815

108.206
107.787
107.812
108.175

109.212
108.893
108.919
109.178

109.830
109.637
109.660
109.799

110.699
110.622
110.646
110.671

111.801
111.638
111.662
111.769

112.385
112.484
112.513
112.355

109.462
109.487
109.234
109.259
109.455

113.034
113.074
113.258
113.299
113.031

116.676
116.709
117.066
117.101
116.672

119.816
119.853
120.292
120.329
119.813

108.175
108.199
107.779
107.803
108.170

109.178
109.205
108.883
108.909
109.173

109.793
109.823
109.619
109.649
109.786

110.671
110.692
110.612
110.634
110.666

111.765
111.792
111.622
111.649
111.757

112.346
112.377
112.470
112.502
112.344

Seasonally adjusted
2005
III

2006
IV

I

II

2007
III

IV

I

II

2008
III

IV

I

II

Gross domestic product...................................................... 113.487 114.536 115.536 116.317 117.109 117.742 118.935 119.531 119.984 120.826 121.613 121.933
Personal consumption expenditures (PCE)...................................... 112.168 113.089 113.581 114.499 115.381 115.239 116.202 117.246 117.969 119.221 120.283 121.530
Durable goods ...................................................................................
89.629
89.417
89.208
89.027
88.726
88.126
87.717
87.365
86.938
86.598
86.581
86.237
Nondurable goods ............................................................................. 113.057 113.712 113.794 115.155 116.412 114.578 116.025 117.830 118.682 121.092 123.059 125.034
Services............................................................................................. 117.088 118.433 119.313 120.285 121.279 122.130 123.200 124.218 125.179 126.253 127.133 128.418
Gross private domestic investment................................................... 111.961 113.446 114.891 115.877 116.348 117.293 117.756 117.659 117.566 117.960 117.815 117.989
Fixed investment................................................................................ 112.249 113.803 115.208 116.172 116.610 117.528 118.008 117.945 117.836 118.189 118.117 118.459
Nonresidential................................................................................ 103.972 105.107 106.217 107.070 107.530 108.291 108.654 108.730 108.558 109.015 109.177 109.799
Structures................................................................................... 136.911 142.400 147.181 151.404 153.108 155.595 156.912 157.195 157.402 159.138 160.182 161.601
Equipment and software ............................................................
94.260
94.299
94.471
94.457
94.578
94.870
94.976
94.992
94.712
94.798
94.700
95.084
Residential ..................................................................................... 130.852 133.320 135.418 136.670 137.089 138.412 139.181 138.733 138.820 138.803 137.900 137.140
Change in private inventories ............................................................ ................ ................ ................. ................ ................ ................ ................ ................ ................ ................ ................ ................
Exports of goods and services.......................................................... 109.169 110.042 110.834 112.418 113.722 113.499 114.520 116.011 117.018 118.794 121.397 124.406
Imports of goods and services .......................................................... 112.840 114.098 113.796 116.619 118.055 115.258 115.514 119.050 121.200 124.907 128.722 137.080
Government consumption expenditures and gross investment .... 122.443 123.897 125.399 126.911 127.955 128.690 130.705 132.386 133.497 135.174 137.237 139.562
Federal .............................................................................................. 121.364 121.618 124.614 125.866 126.233 126.513 128.856 130.037 130.342 131.070 132.879 134.494
State and local................................................................................... 123.099 125.273 125.880 127.548 128.999 130.008 131.828 133.806 135.400 137.649 139.866 142.626
Addenda:
PCE excluding food and energy ........................................................ 109.838 110.495 111.076 111.887 112.531 113.022 113.682 114.201 114.797 115.512 116.158 116.756
Market-based PCE 1.......................................................................... 110.911 111.780 112.178 113.031 113.888 113.569 114.551 115.533 116.118 117.371 118.452 119.731
Market-based PCE excluding food and energy 1 ............................... 107.782 108.320 108.801 109.510 110.075 110.474 111.096 111.434 111.831 112.439 113.021 113.528
Final sales of domestic product.........................................................
Gross domestic purchases................................................................
Final sales to domestic purchasers ...................................................
Gross national product ......................................................................
Implicit price deflators:
Gross domestic product.................................................................
Final sales of domestic product .....................................................
Gross domestic purchases ............................................................
Final sales to domestic purchasers ...............................................
Gross national product...................................................................

113.526
113.913
113.954
113.487

114.585
115.016
115.066
114.533

115.576
115.832
115.872
115.531

116.353
116.859
116.896
116.315

117.141
117.700
117.735
117.109

117.769
117.873
117.902
117.736

118.967
118.931
118.964
118.932

119.569
119.908
119.946
119.529

120.020
120.571
120.609
119.978

120.856
121.766
121.798
120.822

121.653 121.996
122.821 124.098
122.863 124.161
121.601 ................

113.468
113.518
113.893
113.944
113.469

114.525
114.578
115.004
115.057
114.523

115.533
115.571
115.829
115.867
115.529

116.317
116.348
116.859
116.893
116.315

117.107
117.137
117.700
117.733
117.107

117.732
117.765
117.865
117.900
117.726

118.956
118.962
118.952
118.961
118.952

119.547
119.563
119.923
119.943
119.542

119.997
120.013
120.585
120.604
119.990

120.743
120.849
121.687
121.794
120.737

121.508 121.843
121.647 121.991
122.722 124.014
122.858 124.156
121.495 ................

1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial
intermediaries) and the expenses of nonprofit institutions. Percentage changes for these series are included in the addenda to table 8 and appendix table A.
See “Explanatory Note” at the end of the tables.

Table 7. Real Gross Domestic Product: Percent Change From Preceding Year
1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

Gross domestic product (GDP) ..............................................
1.9 –0.2
3.3
2.7
4.0
2.5
3.7
4.5
4.2
4.5
3.7
0.8
1.6
2.5
3.6
2.9
2.8
2.0
Personal consumption expenditures ................................................
2.0
0.2
3.3
3.3
3.7
2.7
3.4
3.8
5.0
5.1
4.7
2.5
2.7
2.8
3.6
3.0
3.0
2.8
Durable goods ................................................................................... –0.3 –5.6
5.9
7.8
8.4
4.4
7.8
8.6 11.3 11.7
7.3
4.3
7.1
5.8
6.3
4.6
4.5
4.8
Nondurable goods .............................................................................
1.6 –0.2
2.0
2.7
3.5
2.2
2.6
2.7
4.0
4.6
3.8
2.0
2.5
3.2
3.5
3.4
3.7
2.5
Services.............................................................................................
2.9
1.7
3.5
2.8
2.9
2.6
2.9
3.3
4.2
4.0
4.5
2.4
1.9
1.9
3.2
2.6
2.5
2.6
Gross private domestic investment................................................... –3.4 –8.1
8.1
8.9 13.6
3.1
8.9 12.4
9.8
7.8
5.7 –7.9 –2.6
3.6
9.7
5.8
2.1 –5.4
Fixed investment................................................................................ –2.1 –6.5
5.9
8.6
9.3
6.5
9.0
9.2 10.2
8.3
6.5 –3.0 –5.2
3.4
7.3
6.8
1.9 –3.1
Nonresidential................................................................................
0.5 –5.4
3.2
8.7
9.2 10.5
9.3 12.1 11.1
9.2
8.7 –4.2 –9.2
1.0
5.8
7.2
7.5
4.9
Structures...................................................................................
1.5 –11.1 –6.0 –0.7
1.8
6.4
5.6
7.3
5.1 –0.4
6.8 –2.3 –17.1 –4.1
1.3
1.3
8.2 12.7
Equipment and software ............................................................
0.0 –2.6
7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7
9.4 –4.9 –6.2
2.8
7.4
9.3
7.2
1.7
Residential ..................................................................................... –8.6 –9.6 13.8
8.2
9.6 –3.2
8.0
1.9
7.6
6.0
0.8
0.4
4.8
8.4 10.0
6.3 –7.1 –17.9
Change in private inventories ............................................................ ......... .......... .......... ......... .......... ......... .......... .......... ......... .......... ......... .......... .......... ......... .......... .......... .......... ..........
Net exports of goods and services ................................................... ......... .......... .......... ......... .......... ......... .......... .......... ......... .......... ......... .......... .......... ......... .......... .......... .......... ..........
Exports ..............................................................................................
9.0
6.6
6.9
3.2
8.7 10.1
8.4 11.9
2.4
4.3
8.7 –5.4 –2.3
1.3
9.7
7.0
9.1
8.4
Goods ............................................................................................
8.4
6.9
7.5
3.3
9.7 11.7
8.8 14.3
2.2
3.8 11.2 –6.1 –4.0
1.8
9.0
7.7
9.9
7.5
Services......................................................................................... 10.5
6.0
5.5
3.2
6.3
6.3
7.2
5.9
2.9
5.6
2.9 –3.7
1.9
0.0 11.5
5.6
7.2 10.5
Imports ..............................................................................................
3.6 –0.6
7.0
8.8 11.9
8.0
8.7 13.6 11.6 11.5 13.1 –2.7
3.4
4.1 11.3
5.9
6.0
2.2
Goods ............................................................................................
3.0 –0.1
9.3 10.1 13.3
9.0
9.3 14.4 11.7 12.4 13.5 –3.2
3.7
4.9 11.3
6.8
6.0
1.7
Services.........................................................................................
6.5 –2.6 –2.6
2.9
5.7
3.3
5.5
9.4 11.4
6.9 11.1 –0.3
2.1
0.0 11.5
1.4
6.0
4.4
Government consumption expenditures and gross investment ....
3.2
1.1
0.5 –0.9
0.0
0.5
1.0
1.9
1.9
3.9
2.1
3.4
4.4
2.5
1.4
0.4
1.7
2.1
Federal ..............................................................................................
2.0 –0.2 –1.7 –4.2 –3.7 –2.7 –1.2 –1.0 –1.1
2.2
0.9
3.9
7.0
6.8
4.2
1.2
2.3
1.6
National defense............................................................................
0.0 –1.1 –5.0 –5.6 –4.9 –3.8 –1.4 –2.8 –2.1
1.9 –0.5
3.9
7.4
8.7
5.8
1.5
1.6
2.5
Nondefense ...................................................................................
8.3
2.4
6.9 –0.7 –1.2 –0.4 –0.7
2.6
0.7
2.8
3.5
3.9
6.3
3.4
1.1
0.6
3.6 –0.2
State and local...................................................................................
4.1
2.1
2.2
1.4
2.6
2.6
2.3
3.6
3.6
4.7
2.7
3.2
3.1
0.2 –0.2 –0.1
1.3
2.3
Addenda:
Final sales of domestic product.........................................................
2.1
0.1
3.0
2.6
3.4
3.0
3.7
4.0
4.2
4.5
3.8
1.6
1.2
2.5
3.3
3.1
2.8
2.4
Gross domestic purchases................................................................
1.4 –0.8
3.3
3.2
4.4
2.4
3.8
4.8
5.3
5.3
4.4
0.9
2.2
2.8
4.1
3.0
2.6
1.4
Final sales to domestic purchasers ...................................................
1.6 –0.6
3.1
3.2
3.8
2.8
3.8
4.3
5.3
5.4
4.5
1.8
1.8
2.8
3.8
3.1
2.6
1.8
Gross national product ......................................................................
2.0 –0.3
3.3
2.7
3.9
2.6
3.7
4.4
4.0
4.6
3.7
0.8
1.5
2.7
3.8
3.0
2.6
2.2
Real disposable personal income......................................................
1.9
0.5
3.4
1.0
2.7
2.8
3.0
3.5
5.8
3.0
4.8
1.9
3.1
2.2
3.6
1.4
3.5
2.8
Price indexes:
Gross domestic purchases ............................................................
4.1
3.3
2.3
2.2
2.1
2.1
1.8
1.4
0.6
1.6
2.5
2.0
1.6
2.3
3.1
3.7
3.4
2.8
Gross domestic purchases excluding food and energy .................
3.7
3.5
2.6
2.3
2.2
2.2
1.5
1.3
1.0
1.4
1.9
1.9
1.9
1.9
2.7
3.1
3.1
2.4
GDP ...............................................................................................
3.9
3.5
2.3
2.3
2.1
2.0
1.9
1.7
1.1
1.4
2.2
2.4
1.7
2.1
2.9
3.3
3.2
2.7
GDP excluding food and energy ....................................................
3.7
3.6
2.5
2.4
2.2
2.1
1.7
1.7
1.2
1.5
2.0
2.1
2.1
1.9
2.7
3.2
3.2
2.5
Personal consumption expenditures..............................................
4.6
3.6
2.9
2.3
2.1
2.1
2.2
1.7
0.9
1.7
2.5
2.1
1.4
2.0
2.6
2.9
2.8
2.6

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

II

2005
III

IV

I

II

2006
III

IV

I

II

2007
III

IV

I

II

2008
III

IV

I

II

Gross domestic product (GDP) ..............................................
4.1
4.1
3.2
3.1
3.2
2.9
3.0
2.7
3.1
3.2
2.4
2.4
1.3
1.8
2.8
2.3
2.5
1.8
Personal consumption expenditures (PCE)......................................
4.0
3.7
3.2
3.7
3.0
3.3
3.3
2.6
3.2
3.0
2.7
3.2
3.1
2.9
2.9
2.2
1.5
1.3
Durable goods ...................................................................................
9.8
6.1
4.0
5.6
4.3
6.8
6.2
1.2
5.5
3.0
2.5
6.9
4.6
5.4
5.1
4.2
0.8 –1.2
Nondurable goods .............................................................................
4.1
3.9
2.8
3.5
3.0
3.6
3.6
3.6
4.1
3.8
3.6
3.2
3.0
2.7
2.4
1.7
0.7
1.3
Services.............................................................................................
2.9
3.2
3.2
3.3
2.7
2.4
2.6
2.4
2.4
2.7
2.2
2.6
2.9
2.6
2.7
2.1
1.9
1.8
Gross private domestic investment...................................................
7.9 12.2
9.8
9.1 10.9
4.4
3.5
4.8
4.1
5.4
3.0 –3.9 –7.7 –6.2 –4.1 –3.3 –2.3 –7.5
Fixed investment................................................................................
7.3
7.8
6.8
7.2
8.7
7.3
6.4
5.1
5.8
3.3
0.7 –1.8 –4.6 –3.3 –2.3 –1.9 –2.5 –3.8
Nonresidential................................................................................
4.9
4.9
5.6
7.5
9.2
8.1
6.6
4.9
7.9
7.9
7.7
6.5
3.5
4.4
5.3
6.4
6.2
4.2
Structures...................................................................................
2.0
0.0
1.1
2.3
4.2
2.3 –1.0 –0.5
1.4
6.4 12.7 12.8 11.7 11.4 12.9 14.5 13.9 12.9
Equipment and software ............................................................
6.0
6.7
7.3
9.4 11.0 10.2
9.4
7.0 10.5
8.5
5.9
4.2
0.3
1.6
2.0
2.8
2.7
0.1
Residential ..................................................................................... 11.6 13.2
8.8
6.7
7.7
6.1
6.0
5.4
2.5 –4.3 –10.8 –15.5 –18.5 –17.3 –17.0 –19.0 –21.3 –22.2
Change in private inventories ............................................................ ......... .......... .......... .......... .......... ......... .......... ......... .......... .......... ......... .......... ......... .......... .......... .......... .......... .........
Net exports of goods and services ................................................... ......... .......... .......... .......... .......... ......... .......... ......... .......... .......... ......... .......... ......... .......... .......... .......... .......... .........
Exports ..............................................................................................
9.8 12.0
9.9
7.4
6.9
7.5
6.8
7.0
9.0
8.2
9.0 10.1
6.1
7.0 11.7
8.9 10.1 10.2
Goods ............................................................................................
8.4 10.7 10.0
7.0
6.9
8.7
6.8
8.3 11.0
9.0 10.2
9.5
5.6
5.7 10.0
8.7
9.4 10.6
Services......................................................................................... 13.0 15.3
9.8
8.3
6.9
4.8
6.6
4.0
4.7
6.2
6.2 11.5
7.3 10.0 15.6
9.3 11.7
9.2
Imports ..............................................................................................
9.3 12.1 12.4 11.5
9.1
5.5
4.5
4.8
6.6
6.5
7.1
3.8
3.2
2.2
2.2
1.1 –1.0 –1.7
Goods ............................................................................................
9.3 11.3 12.6 11.9 10.2
6.3
5.2
5.8
6.8
6.7
7.4
3.1
2.9
1.7
1.4
0.9 –1.6 –2.2
Services.........................................................................................
9.2 16.4 11.5
9.3
3.7
1.5
0.8 –0.1
5.6
5.1
5.3
8.0
4.8
4.8
6.5
1.8
2.2
0.5
Government consumption expenditures and gross investment ....
2.5
1.3
1.3
0.7
0.2
0.1
0.6
0.6
1.6
1.7
1.3
2.1
1.4
2.0
2.6
2.4
2.6
2.5
Federal ..............................................................................................
7.1
3.0
4.4
2.4
1.2
0.9
1.7
1.0
3.1
2.5
0.6
2.9 –0.4
1.6
2.9
2.3
4.8
4.8
National defense............................................................................ 10.8
3.1
7.2
2.5
1.3
1.8
2.1
0.8
2.2
1.7 –1.5
4.1
0.4
2.0
4.7
2.7
6.2
5.9
Nondefense ...................................................................................
0.3
2.8 –0.9
2.3
1.0 –0.9
0.8
1.4
5.1
4.1
4.9
0.5 –2.1
0.8 –0.8
1.5
1.9
2.4
State and local................................................................................... –0.1
0.3 –0.5 –0.4 –0.4 –0.3 –0.1
0.3
0.7
1.2
1.7
1.6
2.4
2.3
2.3
2.4
1.4
1.2
Addenda:
Final sales of domestic product.........................................................
4.0
3.5
2.7
2.8
2.8
3.4
3.5
2.7
3.4
2.8
2.0
2.8
1.8
2.3
3.1
2.5
2.5
2.4
Gross domestic purchases................................................................
4.3
4.5
3.8
3.9
3.6
2.9
2.8
2.6
3.1
3.2
2.4
1.9
1.1
1.3
1.7
1.4
1.1
0.3
Final sales to domestic purchasers ...................................................
4.2
3.9
3.3
3.6
3.3
3.3
3.3
2.6
3.4
2.8
2.1
2.2
1.6
1.8
2.0
1.6
1.1
0.8
Gross national product ......................................................................
4.6
4.2
3.4
2.9
3.2
3.1
3.1
2.8
2.9
3.1
2.1
2.5
1.2
1.6
3.1
2.9
3.0 .........
Real disposable personal income......................................................
4.2
3.5
2.7
4.1
1.9
1.9
0.9
0.9
3.4
3.1
4.0
3.6
3.4
2.9
3.1
1.8
0.7
3.6
Price indexes:
Gross domestic purchases ............................................................
2.2
3.1
3.3
3.7
3.6
3.3
3.9
4.0
3.8
3.9
3.3
2.5
2.7
2.6
2.4
3.3
3.3
3.5
Gross domestic purchases excluding food and energy .................
2.1
2.7
2.9
3.1
3.2
3.0
3.1
3.2
3.0
3.2
3.1
2.9
2.8
2.4
2.3
2.3
2.1
2.2
GDP ...............................................................................................
2.3
2.9
3.0
3.2
3.3
2.9
3.4
3.5
3.4
3.5
3.2
2.8
2.9
2.8
2.5
2.6
2.3
2.0
GDP excluding food and energy ....................................................
2.1
2.7
2.9
3.2
3.3
3.1
3.2
3.3
3.2
3.4
3.2
3.0
2.9
2.5
2.3
2.3
2.0
1.9
PCE ...............................................................................................
2.0
2.8
2.7
3.1
2.8
2.5
3.2
3.3
3.1
3.3
2.9
1.9
2.3
2.4
2.2
3.5
3.5
3.7
PCE excluding food and energy.....................................................
1.8
2.1
2.1
2.2
2.3
2.1
2.1
2.2
2.1
2.3
2.5
2.3
2.3
2.1
2.0
2.2
2.2
2.2
Market-based PCE 1 ......................................................................
1.6
2.4
2.3
2.8
2.5
2.2
3.1
3.1
2.9
3.1
2.7
1.6
2.1
2.2
2.0
3.3
3.4
3.6
Market-based PCE excluding food and energy 1 ...........................
1.3
1.5
1.4
1.6
1.7
1.7
1.7
1.7
1.6
1.9
2.1
2.0
2.1
1.8
1.6
1.8
1.7
1.9
1. This index is a supplemental measure that is based on household expenditures for which there are observable price measures. It excludes most implicit prices (for example, the services furnished without payment by financial
intermediaries) and the expenses of nonprofit institutions.

Table 9. Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004

11,685.9
437.5
361.3
11,762.1
1,436.1
19.1
10,306.8
6,656.4
5,379.5
1,276.9

12,421.9
573.5
480.5
12,514.9
1,612.0
–71.2
10,974.0
7,030.8
5,676.7
1,354.1

13,178.4
725.4
647.1
13,256.6
1,623.9
–163.0
11,795.7
7,433.8
6,028.5
1,405.3

13,807.5
861.7
759.3
13,910.0
1,720.5
–81.4
12,270.9
7,812.3
6,355.7
1,456.6

11,405.5
407.5
311.3
11,501.7
1,373.7
38.0
10,090.0
6,505.6
5,257.4
1,248.2

11,610.3
425.4
352.6
11,683.1
1,394.3
40.8
10,248.0
6,596.7
5,329.7
1,266.9

11,779.4
446.5
363.5
11,862.3
1,534.5
10.0
10,317.8
6,709.7
5,422.8
1,286.9

11,948.5
470.6
417.9
12,001.1
1,442.0
–12.2
10,571.3
6,813.6
5,508.1
1,305.5

12,155.4
536.0
433.4
12,258.0
1,467.2
–35.6
10,826.3
6,884.4
5,553.1
1,331.4

12,297.5
551.8
459.6
12,389.7
1,494.1
–63.3
10,958.9
6,957.4
5,611.5
1,346.0

911.6
118.4

959.8
40.9

1,014.7
44.3

1,056.2
40.0

879.3
140.4

908.7
126.0

914.1
105.5

944.4
101.7

936.3
90.1

948.1
72.2

1,231.2
491.2
819.2
83.0
–4.2

1,447.9
569.1
868.9
70.0
–13.4

1,668.5
631.2
926.4
85.4
–8.6

1,642.4
664.4
963.2
100.2
–7.9

1,184.0
497.3
801.1
84.8
–2.5

1,227.4
491.8
814.2
86.6
–3.3

1,218.7
483.9
823.6
67.0
–4.7

1,294.8
491.8
837.9
93.6
–6.5

1,438.2
537.0
850.0
97.4
–7.1

1,472.4
554.8
865.5
97.9
–9.3

11,666.8

12,493.0

13,341.4

13,889.0

11,367.5

11,569.5

11,769.4

11,960.6

12,190.9

12,360.9

I
Gross domestic product.....................................................................
Plus: Income receipts from the rest of the world ...................................
Less: Income payments to the rest of the world....................................
Equals: Gross national product.........................................................
Less: Consumption of fixed capital........................................................
Less: Statistical discrepancy .................................................................
Equals: National income.....................................................................
Compensation of employees .............................................................
Wage and salary accruals .............................................................
Supplements to wages and salaries ..............................................
Proprietors’ income with inventory valuation and capital
consumption adjustments ..............................................................
Rental income of persons with capital consumption adjustment.......
Corporate profits with inventory valuation and capital consumption
adjustments ...................................................................................
Net interest and miscellaneous payments.........................................
Taxes on production and imports less subsidies ...............................
Business current transfer payments ..................................................
Current surplus of government enterprises.......................................
Addendum:
Gross domestic income .....................................................................

2005

II

III

IV

I

II

Seasonally adjusted at annual rates
2005

Gross domestic product.....................................................................
Plus: Income receipts from the rest of the world ...................................
Less: Income payments to the rest of the world....................................
Equals: Gross national product.........................................................
Less: Consumption of fixed capital........................................................
Less: Statistical discrepancy .................................................................
Equals: National income.....................................................................
Compensation of employees .............................................................
Wage and salary accruals .............................................................
Supplements to wages and salaries ..............................................
Proprietors’ income with inventory valuation and capital
consumption adjustments ..............................................................
Rental income of persons with capital consumption adjustment.......
Corporate profits with inventory valuation and capital consumption
adjustments ...................................................................................
Net interest and miscellaneous payments.........................................
Taxes on production and imports less subsidies ...............................
Business current transfer payments ..................................................
Current surplus of government enterprises.......................................
Addendum:
Gross domestic income .....................................................................

2006

2007

2008

III

IV

I

II

III

IV

I

II

III

IV

I

II

12,538.2
582.9
479.9
12,641.2
1,907.0
–45.3
10,779.5
7,090.2
5,725.6
1,364.7

12,696.4
623.3
549.1
12,770.6
1,579.8
–140.5
11,331.3
7,191.0
5,816.5
1,374.5

12,959.6
661.9
582.4
13,039.2
1,582.7
–154.6
11,611.1
7,318.0
5,926.4
1,391.6

13,134.1
720.0
634.8
13,219.4
1,612.5
–131.7
11,738.5
7,364.2
5,966.2
1,398.0

13,249.6
745.9
679.4
13,316.1
1,638.3
–170.8
11,848.6
7,441.9
6,034.2
1,407.8

13,370.1
773.7
691.8
13,452.0
1,662.2
–194.9
11,984.7
7,611.1
6,187.2
1,423.9

13,510.9
788.2
715.8
13,583.3
1,684.3
–188.4
12,087.4
7,709.0
6,269.0
1,440.0

13,737.5
852.8
793.2
13,797.2
1,707.0
–143.4
12,233.6
7,760.1
6,310.7
1,449.4

13,950.6
898.5
786.3
14,062.8
1,731.9
–7.8
12,338.6
7,839.3
6,377.7
1,461.6

14,031.2
907.4
742.0
14,196.6
1,758.6
13.9
12,424.1
7,941.0
6,465.5
1,475.5

14,150.8
843.2
705.1
14,289.0
1,778.0
43.6
12,467.5
8,029.6
6,538.2
1,491.4

14,256.5
................
................
................
1,804.2
................
................
8,094.4
6,592.2
1,502.1

960.4
–56.9

994.5
58.0

1,004.7
52.8

1,018.3
45.6

1,013.4
40.4

1,022.4
38.2

1,037.2
35.1

1,050.2
44.6

1,063.8
41.8

1,073.8
38.6

1,071.7
39.1

1,077.3
54.3

1,342.6
583.9
876.6
8.5
–25.8

1,538.6
600.8
883.5
76.1
–11.4

1,634.2
615.5
908.5
85.1
–7.8

1,681.6
629.7
923.8
83.5
–8.3

1,713.8
630.1
932.0
86.0
–9.1

1,644.5
649.3
941.5
86.8
–9.2

1,617.8
645.8
955.2
98.3
–10.8

1,672.5
660.8
956.4
97.4
–8.5

1,668.3
663.0
965.7
102.2
–5.5

1,611.1
688.1
975.3
103.1
–6.7

1,593.5 ................
662.3
665.2
975.1
983.3
103.2
103.0
–7.1
–7.6

12,583.5

12,836.9

13,114.3

13,265.8

13,420.4

13,565.0

13,699.3

13,881.0

13,958.4

14,017.4

14,107.3 ................

Table 10. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
I

2005

II

III

Personal income 1 ...............................................................................

9,727.2

10,269.8

10,993.9

11,663.2

9,482.8

9,629.6

9,770.9

10,025.5

IV

10,044.5

I

10,184.4

II

Compensation of employees, received..............................................
Wage and salary disbursements....................................................
Supplements to wages and salaries ..............................................
Proprietors’ income with inventory valuation and capital
consumption adjustments ..............................................................
Farm ..............................................................................................
Nonfarm .........................................................................................
Rental income of persons with capital consumption adjustment.......
Personal income receipts on assets ..................................................
Personal interest income ...............................................................
Personal dividend income..............................................................
Personal current transfer receipts......................................................
Less: Contributions for government social insurance ........................
Less: Personal current taxes .................................................................

6,671.4
5,394.5
1,276.9

7,025.8
5,671.7
1,354.1

7,432.6
6,027.2
1,405.3

7,818.6
6,362.0
1,456.6

6,509.1
5,260.9
1,248.2

6,618.2
5,351.2
1,266.9

6,734.7
5,447.8
1,286.9

6,823.6
5,518.1
1,305.5

6,884.4
5,553.1
1,331.4

6,957.4
5,611.5
1,346.0

911.6
37.3
874.3
118.4
1,432.1
895.1
537.0
1,422.5
828.8
1,046.3

959.8
34.1
925.7
40.9
1,596.9
1,022.0
574.9
1,520.7
874.3
1,207.8

1,014.7
16.2
998.6
44.3
1,824.8
1,125.4
699.4
1,603.0
925.5
1,353.2

1,056.2
44.0
1,012.2
40.0
2,000.1
1,214.3
785.8
1,713.3
965.1
1,492.8

879.3
40.3
839.1
140.4
1,359.8
888.1
471.8
1,404.9
810.8
1,008.1

908.7
39.6
869.1
126.0
1,384.4
885.9
498.5
1,415.3
822.9
1,024.5

914.1
33.0
881.1
105.5
1,420.1
894.0
526.1
1,432.7
836.1
1,062.1

944.4
36.5
908.0
101.7
1,564.1
912.3
651.8
1,437.1
845.5
1,090.7

936.3
33.2
903.0
90.1
1,513.6
963.0
550.6
1,479.7
859.6
1,163.8

948.1
38.3
909.8
72.2
1,564.7
1,005.6
559.1
1,508.8
866.9
1,192.7

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

8,680.9
8,499.2
181.7
2.1

9,062.0
9,029.5
32.5
0.4

9,640.7
9,570.0
70.7
0.7

10,170.5
10,113.1
57.4
0.6

8,474.7
8,299.5
175.1
2.1

8,605.1
8,432.9
172.2
2.0

8,708.9
8,553.7
155.2
1.8

8,934.8
8,710.6
224.2
2.5

8,880.7
8,808.1
72.5
0.8

8,991.7
8,945.9
45.8
0.5

8,008.9

8,121.4

8,407.0

8,644.0

7,908.7

7,955.1

8,012.2

8,158.8

8,060.4

8,110.0

Seasonally adjusted at annual rates
2005

2006

2007

2008

III

IV

I

II

III

IV

I

II

III

IV

I

II

Personal income ...............................................................................

10,289.1

10,561.0

10,781.6

10,913.2

11,056.1

11,224.7

11,473.0

11,577.5

11,730.4

11,872.1

11,981.2

12,195.7

Compensation of employees, received..............................................
Wage and salary disbursements....................................................
Supplements to wages and salaries ..............................................
Proprietors’ income with inventory valuation and capital
consumption adjustments ..............................................................
Farm ..............................................................................................
Nonfarm .........................................................................................
Rental income of persons with capital consumption adjustment.......
Personal income receipts on assets ..................................................
Personal interest income ...............................................................
Personal dividend income..............................................................
Personal current transfer receipts......................................................
Less: Contributions for government social insurance ........................
Less: Personal current taxes .................................................................

7,090.2
5,725.6
1,364.7

7,171.0
5,796.5
1,374.5

7,338.0
5,946.4
1,391.6

7,364.2
5,966.2
1,398.0

7,441.9
6,034.2
1,407.8

7,586.1
6,162.2
1,423.9

7,734.0
6,294.0
1,440.0

7,760.1
6,310.7
1,449.4

7,839.3
6,377.7
1,461.6

7,941.0
6,465.5
1,475.5

8,029.6
6,538.2
1,491.4

8,094.4
6,592.2
1,502.1

960.4
37.1
923.3
–56.9
1,616.9
1,038.0
578.9
1,559.6
881.1
1,222.3

994.5
27.7
966.7
58.0
1,692.3
1,081.4
610.9
1,534.7
889.5
1,252.5

1,004.7
17.3
987.5
52.8
1,735.4
1,085.3
650.2
1,567.6
917.1
1,316.0

1,018.3
9.8
1,008.4
45.6
1,809.5
1,123.4
686.1
1,594.5
918.9
1,341.1

1,013.4
13.8
999.6
40.4
1,865.8
1,147.6
718.2
1,620.1
925.5
1,356.2

1,022.4
23.7
998.7
38.2
1,888.6
1,145.6
743.0
1,629.8
940.4
1,399.6

1,037.2
39.3
997.9
35.1
1,930.9
1,172.2
758.7
1,695.7
959.8
1,459.5

1,050.2
42.3
1,007.9
44.6
1,982.5
1,206.1
776.5
1,699.2
959.1
1,489.4

1,063.8
47.4
1,016.4
41.8
2,030.9
1,236.2
794.7
1,720.6
966.0
1,501.6

1,073.8
47.1
1,026.7
38.6
2,056.2
1,242.7
813.5
1,737.8
975.3
1,520.5

1,071.7
41.6
1,030.1
39.1
2,054.1
1,224.6
829.5
1,778.1
991.3
1,541.2

1,077.3
41.0
1,036.2
54.3
2,043.0
1,199.4
843.6
1,923.4
996.6
1,362.3

Equals: Disposable personal income................................................
Less: Personal outlays ..........................................................................
Equals: Personal saving .....................................................................

9,066.9
9,129.8
–62.9

9,308.6
9,234.2
74.4

9,465.6
9,371.2
94.4

9,572.1
9,518.0
54.2

9,699.9
9,651.8
48.1

9,825.1
9,739.0
86.1

10,013.5
9,904.2
109.3

10,088.0
10,056.9
31.1

10,228.8
10,182.0
46.8

10,351.5
10,309.2
42.4

10,440.0
10,404.9
35.1

10,833.4
10,548.5
284.9

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

–0.7

0.8

1.0

0.6

0.5

0.9

1.1

0.3

0.5

0.4

0.3

2.6

8,084.0

8,231.8

8,334.2

8,360.4

8,407.1

8,526.2

8,617.7

8,604.5

8,671.1

8,683.1

8,680.0

8,914.6

1

1. Personal income is also equal to national income less corporate profits with inventory valuation and capital consumption adjustments, taxes on production and imports less subsidies, contributions for government social insurance, net interest and miscellaneous payments, business current transfer payments, current surplus of government enterprises, and wage accruals less disbursements, plus personal income receipts on assets, and personal current
transfer receipts.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.

Table 11A. Corporate Profits
[Billions of dollars]
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
I

Corporate profits with inventory valuation and capital
consumption adjustments..............................................................
Less: Taxes on corporate income..........................................................
Equals: Profits after tax with inventory valuation and capital
consumption adjustments..............................................................
Net dividends.....................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ..............................................................
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments ..........................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ..........................................................
Consumption of fixed capital..........................................................
Less: Inventory valuation adjustment ................................................
Equals: Net cash flow .....................................................................
Addenda:
Profits before tax (without inventory valuation and capital
consumption adjustments).............................................................
Profits after tax (without inventory valuation and capital
consumption adjustments).............................................................
Inventory valuation adjustment..........................................................
Capital consumption adjustment .......................................................

2005

II

III

IV

I

II

1,231.2
307.4

1,447.9
413.7

1,668.5
468.9

1,642.4
450.4

1,184.0
282.5

1,227.4
307.1

1,218.7
302.5

1,294.8
337.3

1,438.2
407.2

1,472.4
412.0

923.9
539.5

1,034.2
577.4

1,199.6
702.1

1,192.0
788.7

901.5
473.9

920.3
500.7

916.2
528.5

957.4
654.8

1,031.0
553.0

1,060.4
561.6

384.4

456.9

497.5

403.4

427.7

419.6

387.7

302.6

478.0

498.8

1,181.5

1,315.8

1,390.3

1,348.7

1,201.5

1,200.8

1,220.7

1,103.1

1,291.5

1,325.9

384.4
797.1
–43.1
1,224.6

456.9
858.9
–37.8
1,353.6

497.5
892.8
–39.5
1,429.8

403.4
945.3
–51.2
1,399.9

427.7
773.8
–33.7
1,235.1

419.6
781.2
–51.9
1,252.7

387.7
833.0
–39.6
1,260.3

302.6
800.4
–47.2
1,150.2

478.0
813.5
–45.4
1,336.8

498.8
827.1
–18.0
1,343.9

1,204.7

1,620.6

1,873.7

1,886.3

1,128.3

1,199.6

1,199.3

1,291.5

1,600.7

1,612.0

897.3
–43.1
69.7

1,206.9
–37.8
–134.8

1,404.8
–39.5
–165.7

1,435.9
–51.2
–192.7

845.8
–33.7
89.4

892.5
–51.9
79.7

896.7
–39.6
59.0

954.2
–47.2
50.5

1,193.5
–45.4
–117.2

1,200.1
–18.0
–121.7

Seasonally adjusted at annual rates
2005
III
Corporate profits with inventory valuation and capital
consumption adjustments..............................................................
Less: Taxes on corporate income..........................................................
Equals: Profits after tax with inventory valuation and capital
consumption adjustments..............................................................
Net dividends.....................................................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ..............................................................
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments ..........................................................
Undistributed profits with inventory valuation and capital
consumption adjustments ..........................................................
Consumption of fixed capital..........................................................
Less: Inventory valuation adjustment ................................................
Equals: Net cash flow .....................................................................
Addenda:
Profits before tax (without inventory valuation and capital
consumption adjustments).............................................................
Profits after tax (without inventory valuation and capital
consumption adjustments).............................................................
Inventory valuation adjustment..........................................................
Capital consumption adjustment .......................................................

2006
IV

I

II

2007
III

IV

I

II

2008
III

IV

I

1,342.6
386.4

1,538.6
449.2

1,634.2
453.8

1,681.6
474.8

1,713.8
487.2

1,644.5
459.8

1,617.8
448.5

1,672.5
468.5

1,668.3
451.1

1,611.1
433.5

1,593.5
402.9

956.2
581.4

1,089.4
613.4

1,180.3
652.8

1,206.8
688.8

1,226.6
720.9

1,184.8
745.8

1,169.3
761.5

1,204.0
779.2

1,217.3
797.6

1,177.6
816.4

1,190.6
832.5

374.8

476.0

527.5

518.0

505.6

439.0

407.8

424.8

419.7

361.2

358.1

1,305.0

1,340.7

1,399.1

1,404.2

1,405.7

1,352.2

1,333.3

1,363.2

1,371.4

1,326.9

1,337.0

374.8
930.2
–39.1
1,344.1

476.0
864.7
–48.7
1,389.4

527.5
871.6
–35.0
1,434.2

518.0
886.2
–58.5
1,462.7

505.6
900.1
–42.7
1,448.4

439.0
913.2
–21.8
1,374.0

407.8
925.5
–44.2
1,377.6

424.8
938.4
–55.3
1,418.5

419.7
951.8
–31.0
1,402.5

361.2
965.7
–74.1
1,401.0

358.1
978.8
–109.4
1,446.3

1,536.3

1,733.3

1,813.8

1,900.1

1,929.9

1,851.1

1,838.9

1,914.8

1,897.1

1,894.3

1,750.9

1,149.9
–39.1
–154.5

1,284.1
–48.7
–146.0

1,359.9
–35.0
–144.5

1,425.2
–58.5
–160.0

1,442.6
–42.7
–173.4

1,391.4
–21.8
–184.8

1,390.4
–44.2
–176.9

1,446.3
–55.3
–187.0

1,446.1
–31.0
–197.8

1,460.9
–74.1
–209.2

1,348.0
–109.4
–48.0

Table 11B. Corporate Profits: Percent Change From Preceding Period
[Percent change from preceding period]
Quarterly rates
2004

2005

2006

2007

2004
I

II

2005
III

IV

I

II

Corporate profits with inventory valuation and capital
consumption adjustments..............................................................
24.0
17.6
15.2
–1.6
10.0
3.7
–0.7
6.2
11.1
2.4
Less: Taxes on corporate income..........................................................
26.3
34.6
13.3
–4.0
6.7
8.7
–1.5
11.5
20.7
1.2
Equals: Profits after tax with inventory valuation and capital
consumption adjustments..............................................................
23.2
11.9
16.0
–0.6
11.1
2.1
–0.4
4.5
7.7
2.9
Net dividends.....................................................................................
27.0
7.0
21.6
12.3
7.0
5.7
5.5
23.9
–15.6
1.6
Undistributed profits with inventory valuation and capital
consumption adjustments ..............................................................
18.2
18.9
8.9
–18.9
15.9
–1.9
–7.6
–21.9
57.9
4.4
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments ..........................................................
8.9
11.4
5.7
–3.0
5.7
–0.1
1.7
–9.6
17.1
2.7
Undistributed profits with inventory valuation and capital
consumption adjustments ..........................................................
18.2
18.9
8.9
–18.9
15.9
–1.9
–7.6
–21.9
57.9
4.4
Consumption of fixed capital..........................................................
4.9
7.7
4.0
5.9
0.8
1.0
6.6
–3.9
1.6
1.7
Less: Inventory valuation adjustment ................................................ ................... .................... .................... ................... .................... .................... .................... .................... .................... ....................
Equals: Net cash flow .....................................................................
11.5
10.5
5.6
–2.1
6.8
1.4
0.6
–8.7
16.2
0.5
Addenda:
Profits before tax (without inventory valuation and capital
consumption adjustments).............................................................
32.7
34.5
15.6
0.7
12.4
6.3
0.0
7.7
23.9
0.7
Profits after tax (without inventory valuation and capital
consumption adjustments).............................................................
35.0
34.5
16.4
2.2
14.5
5.5
0.5
6.4
25.1
0.5
Inventory valuation adjustment.......................................................... ................... .................... .................... ................... .................... .................... .................... .................... .................... ....................
Capital consumption adjustment ....................................................... ................... .................... .................... ................... .................... .................... .................... .................... .................... ....................

Quarterly rates
2005
III

2006
IV

I

II

2007
III

IV

I

II

2008
III

IV

I

Corporate profits with inventory valuation and capital
consumption adjustments..............................................................
–8.8
14.6
6.2
2.9
1.9
–4.0
–1.6
3.4
–0.3
–3.4
–1.1
Less: Taxes on corporate income..........................................................
–6.2
16.3
1.0
4.6
2.6
–5.6
–2.5
4.5
–3.7
–3.9
–7.0
Equals: Profits after tax with inventory valuation and capital
consumption adjustments..............................................................
–9.8
13.9
8.3
2.2
1.6
–3.4
–1.3
3.0
1.1
–3.3
1.1
Net dividends.....................................................................................
3.5
5.5
6.4
5.5
4.7
3.4
2.1
2.3
2.4
2.4
2.0
Undistributed profits with inventory valuation and capital
consumption adjustments ..............................................................
–24.9
27.0
10.8
–1.8
–2.4
–13.2
–7.1
4.2
–1.2
–13.9
–0.9
Cash flow:
Net cash flow with inventory valuation and capital
consumption adjustments ..........................................................
–1.6
2.7
4.4
0.4
0.1
–3.8
–1.4
2.2
0.6
–3.2
0.8
Undistributed profits with inventory valuation and capital
consumption adjustments ..........................................................
–24.9
27.0
10.8
–1.8
–2.4
–13.2
–7.1
4.2
–1.2
–13.9
–0.9
Consumption of fixed capital..........................................................
12.5
–7.0
0.8
1.7
1.6
1.5
1.3
1.4
1.4
1.5
1.4
Less: Inventory valuation adjustment ................................................ ................. .................. .................. .................. .................. ................. .................. ................. .................. .................. ..................
Equals: Net cash flow .....................................................................
0.0
3.4
3.2
2.0
–1.0
–5.1
0.3
3.0
–1.1
–0.1
3.2
Addenda:
Profits before tax (without inventory valuation and capital
consumption adjustments).............................................................
–4.7
12.8
4.6
4.8
1.6
–4.1
–0.7
4.1
–0.9
–0.1
–7.6
Profits after tax (without inventory valuation and capital
consumption adjustments).............................................................
–4.2
11.7
5.9
4.8
1.2
–3.6
–0.1
4.0
0.0
1.0
–7.7
Inventory valuation adjustment.......................................................... ................. .................. .................. .................. .................. ................. .................. ................. .................. .................. ..................
Capital consumption adjustment ....................................................... ................. .................. .................. .................. .................. ................. .................. ................. .................. .................. ..................

Table 12A. Corporate Profits by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
I

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

1,231.2
1,037.8
356.2
681.6
193.4
316.4
123.0
1,161.6
968.2
348.9
20.0
328.9
619.3
18.6
152.7
38.3
11.9
7.2
–4.9
0.3
–7.6
31.3
114.5
24.2
48.9
25.4
16.0
79.2
91.1
14.1
43.9
219.7

1,447.9
1,208.5
407.1
801.4
239.4
384.1
144.6
1,582.8
1,343.3
425.3
26.6
398.7
918.1
28.9
243.8
93.3
17.8
14.9
7.9
–1.6
0.1
54.2
150.5
26.2
78.9
25.8
19.6
97.3
120.4
29.1
79.7
318.9

1,668.5
1,401.0
462.1
939.0
267.5
438.9
171.4
1,834.2
1,566.7
478.8
33.8
445.0
1,087.9
55.6
304.3
115.9
19.2
20.0
14.1
8.4
–8.4
62.6
188.4
33.8
77.5
53.8
23.4
107.5
132.3
42.5
91.1
354.7

1,642.4
1,297.8
429.7
868.1
344.7
509.2
164.5
1,835.1
1,490.5
449.9
37.7
412.2
1,040.6
58.5
316.6
127.4
21.7
22.3
13.5
10.9
–5.9
64.9
189.3
38.5
66.9
66.4
17.5
102.6
132.3
42.7
103.0
284.9

Rest of the world .................................................................................

193.4

239.4

267.5

344.7

2005

II

III

IV

I

II

1,184.0
982.1
358.8
623.3
201.9
303.3
101.3
1,094.6
892.7
347.3
19.0
328.3
545.4
15.2
134.2
27.5
9.5
5.0
–6.3
2.0
–1.0
18.3
106.7
26.6
41.4
20.6
18.1
69.0
96.2
13.9
13.1
203.8

1,227.4
1,039.6
358.7
681.0
187.7
313.4
125.7
1,147.7
959.9
350.2
19.1
331.1
609.7
17.8
148.3
37.2
11.6
6.5
–5.7
1.9
–9.0
31.8
111.1
22.9
46.6
26.5
15.1
79.6
91.1
20.0
45.7
207.1

1,218.7
1,013.8
297.5
716.3
205.0
322.3
117.3
1,159.7
954.7
292.4
20.1
272.3
662.4
18.6
158.4
42.8
12.2
9.5
–4.6
–0.3
–10.6
36.6
115.6
24.4
40.7
32.6
17.8
91.4
87.7
13.0
64.3
229.0

1,294.8
1,115.8
409.8
706.0
179.0
326.6
147.6
1,244.3
1,065.4
405.7
21.9
383.8
659.6
22.8
170.0
45.6
14.4
7.9
–2.9
–2.3
–9.9
38.4
124.4
22.6
66.9
21.8
13.1
76.8
89.2
9.6
52.3
239.0

1,438.2
1,204.0
453.8
750.2
234.2
373.3
139.1
1,555.3
1,321.2
470.0
22.9
447.1
851.1
27.1
242.7
87.0
16.9
11.5
4.8
–3.3
3.7
53.5
155.7
26.7
71.9
38.5
18.7
90.4
102.3
26.2
74.9
287.4

1,472.4
1,239.1
419.4
819.7
233.3
374.6
141.3
1,594.0
1,360.8
437.3
25.5
411.8
923.4
28.4
239.3
96.6
18.1
13.9
8.0
–3.2
4.0
55.8
142.7
24.7
75.1
21.9
21.0
109.5
126.7
29.1
84.4
306.0

201.9

187.7

205.0

179.0

234.2

233.3

Seasonally adjusted at annual rates
2005
III

2006
IV

I

II

2007
III

IV

I

II

2008
III

IV

I

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

1,342.6
1,089.7
342.7
747.0
252.9
384.3
131.3
1,497.1
1,244.2
362.3
26.8
335.5
881.9
21.7
241.6
94.4
19.5
15.8
8.2
–0.5
–1.0
52.5
147.1
26.1
80.6
20.1
20.3
85.5
114.8
28.0
76.9
313.5

1,538.6
1,301.3
412.6
888.7
237.4
404.1
166.8
1,684.6
1,447.2
431.4
31.0
400.4
1,015.8
38.2
251.6
95.3
16.8
18.5
10.5
0.7
–6.1
54.9
156.3
27.3
88.0
22.7
18.3
103.8
137.8
33.1
82.5
368.8

1,634.2
1,383.7
453.8
930.0
250.5
413.3
162.9
1,778.7
1,528.3
470.0
31.0
439.0
1,058.3
44.9
279.2
110.8
20.8
19.6
10.5
4.1
–5.9
61.7
168.4
28.1
75.4
46.3
18.6
102.3
133.5
39.3
87.2
371.8

1,681.6
1,412.0
477.0
935.0
269.7
439.6
169.9
1,841.6
1,571.9
493.1
33.6
459.5
1,078.8
53.5
305.8
99.8
17.8
19.8
15.1
7.6
–9.1
48.5
206.0
31.5
91.5
59.0
24.1
94.5
126.0
44.2
91.3
363.7

1,713.8
1,453.3
456.6
996.7
260.5
445.7
185.2
1,887.2
1,626.7
473.3
35.8
437.5
1,153.4
62.5
333.5
127.0
17.6
19.7
17.6
10.2
–9.8
71.7
206.4
36.9
88.1
61.4
20.0
128.3
132.1
42.2
95.8
359.1

1,644.5
1,355.1
460.9
894.2
289.4
457.0
167.6
1,829.3
1,540.0
478.8
34.9
443.8
1,061.2
61.4
298.9
126.1
20.7
20.8
13.3
11.8
–9.0
68.5
172.9
38.7
54.8
48.4
30.9
104.9
137.5
44.4
89.9
324.2

1,617.8
1,319.7
436.1
883.6
298.1
460.5
162.5
1,794.7
1,496.6
454.1
38.2
415.9
1,042.5
57.2
317.0
127.2
21.5
22.7
16.4
11.6
–8.7
63.7
189.8
33.5
71.7
62.1
22.5
108.2
132.8
40.7
100.8
285.8

1,672.5
1,369.7
473.1
896.6
302.9
494.7
191.8
1,859.5
1,556.7
492.7
38.5
454.2
1,064.0
54.7
350.8
123.1
20.0
22.4
9.0
9.6
–2.7
64.8
227.8
42.7
106.7
64.6
13.8
112.7
145.9
45.4
85.0
269.4

1,668.3
1,311.9
439.3
872.6
356.4
528.4
172.0
1,866.1
1,509.7
460.3
37.5
422.8
1,049.3
58.7
306.6
130.9
22.5
22.2
13.2
10.7
–4.4
66.8
175.7
39.2
55.6
65.1
15.9
109.1
126.0
47.0
108.4
293.5

1,611.1
1,189.7
370.3
819.5
421.3
553.1
131.8
1,820.2
1,398.9
392.4
36.5
355.9
1,006.5
63.2
292.1
128.3
22.8
22.0
15.4
11.5
–7.7
64.3
163.8
38.7
33.6
73.8
17.8
80.2
124.5
37.7
117.9
290.9

1,593.5
1,195.1
407.6
787.4
398.5
556.8
158.3
1,641.5
1,243.1
412.8
35.8
377.1
830.2
46.2
240.5
85.5
18.9
19.2
14.4
6.9
–19.9
46.1
155.0
34.8
48.8
60.2
11.1
49.2
112.0
24.4
106.0
252.0

Rest of the world .................................................................................

252.9

237.4

250.5

269.7

260.5

289.4

298.1

302.9

356.4

421.3

398.5

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

Table 12B. Corporate Profits by Industry: Change From Preceding Period
[Billions of dollars]
2004
2004

2005

2006

2005

2007
I

II

III

IV

I

II

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

238.1
210.1
20.6
189.5
27.9
67.3
39.4
267.1
239.2
31.6
–0.1
31.7
207.5
7.0
76.7
44.2
4.0
5.7
10.7
–1.8
4.7
20.8
32.6
0.6
25.6
5.9
0.5
24.0
4.3
6.8
40.7
48.0

216.7
170.7
50.9
119.8
46.0
67.7
21.6
421.2
375.1
76.4
6.6
69.8
298.8
10.3
91.1
55.0
5.9
7.7
12.8
–1.9
7.7
22.9
36.0
2.0
30.0
0.4
3.6
18.1
29.3
15.0
35.8
99.2

220.6
192.5
55.0
137.6
28.1
54.8
26.8
251.4
223.4
53.5
7.2
46.3
169.8
26.7
60.5
22.6
1.4
5.1
6.2
10.0
–8.5
8.4
37.9
7.6
–1.4
28.0
3.8
10.2
11.9
13.4
11.4
35.8

–26.1
–103.2
–32.4
–70.9
77.2
70.3
–6.9
0.9
–76.2
–28.9
3.9
–32.8
–47.3
2.9
12.3
11.5
2.5
2.3
–0.6
2.5
2.5
2.3
0.9
4.7
–10.6
12.6
–5.9
–4.9
0.0
0.2
11.9
–69.8

107.5
96.2
9.6
86.7
11.3
23.1
11.8
111.0
99.7
13.5
0.8
12.8
86.2
2.0
26.0
19.4
0.4
1.6
0.2
–0.6
13.1
4.6
6.6
–0.4
8.1
–0.4
–0.7
3.6
8.9
4.9
8.3
32.6

43.4
57.5
–0.1
57.7
–14.2
10.1
24.4
53.1
67.2
2.9
0.1
2.8
64.3
2.6
14.1
9.7
2.1
1.5
0.6
–0.1
–8.0
13.5
4.4
–3.7
5.2
5.9
–3.0
10.6
–5.1
6.1
32.6
3.3

–8.7
–25.8
–61.2
35.3
17.3
8.9
–8.4
12.0
–5.2
–57.8
1.0
–58.8
52.7
0.8
10.1
5.6
0.6
3.0
1.1
–2.2
–1.6
4.8
4.5
1.5
–5.9
6.1
2.7
11.8
–3.4
–7.0
18.6
21.9

76.1
102.0
112.3
–10.3
–26.0
4.3
30.3
84.6
110.7
113.3
1.8
111.5
–2.8
4.2
11.6
2.8
2.2
–1.6
1.7
–2.0
0.7
1.8
8.8
–1.8
26.2
–10.8
–4.7
–14.6
1.5
–3.4
–12.0
10.0

143.4
88.2
44.0
44.2
55.2
46.7
–8.5
311.0
255.8
64.3
1.0
63.3
191.5
4.3
72.7
41.4
2.5
3.6
7.7
–1.0
13.6
15.1
31.3
4.1
5.0
16.7
5.6
13.6
13.1
16.6
22.6
48.4

34.2
35.1
–34.4
69.5
–0.9
1.3
2.2
38.7
39.6
–32.7
2.6
–35.3
72.3
1.3
–3.4
9.6
1.2
2.4
3.2
0.1
0.3
2.3
–13.0
–2.0
3.2
–16.6
2.3
19.1
24.4
2.9
9.5
18.6

Rest of the world .................................................................................

27.9

46.0

28.1

77.2

11.3

–14.2

17.3

–26.0

55.2

–0.9

2005
III

2006
IV

I

II

2007
III

IV

I

II

2008
III

IV

I

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

–129.8
–149.4
–76.7
–72.7
19.6
9.7
–10.0
–96.9
–116.6
–75.0
1.3
–76.3
–41.5
–6.7
2.3
–2.2
1.4
1.9
0.2
2.7
–5.0
–3.3
4.4
1.4
5.5
–1.8
–0.7
–24.0
–11.9
–1.1
–7.5
7.5

196.0
211.6
69.9
141.7
–15.5
19.8
35.5
187.5
203.0
69.1
4.2
64.9
133.9
16.5
10.0
0.9
–2.7
2.7
2.3
1.2
–5.1
2.4
9.2
1.2
7.4
2.6
–2.0
18.3
23.0
5.1
5.6
55.3

95.6
82.4
41.2
41.3
13.1
9.2
–3.9
94.1
81.1
38.6
0.0
38.6
42.5
6.7
27.6
15.5
4.0
1.1
0.0
3.4
0.2
6.8
12.1
0.8
–12.6
23.6
0.3
–1.5
–4.3
6.2
4.7
3.0

47.4
28.3
23.2
5.0
19.2
26.3
7.0
62.9
43.6
23.1
2.6
20.5
20.5
8.6
26.6
–11.0
–3.0
0.2
4.6
3.5
–3.2
–13.2
37.6
3.4
16.1
12.7
5.5
–7.8
–7.5
4.9
4.1
–8.1

32.2
41.3
–20.4
61.7
–9.2
6.1
15.3
45.6
54.8
–19.8
2.2
–22.0
74.6
9.0
27.7
27.2
–0.2
–0.1
2.5
2.6
–0.7
23.2
0.4
5.4
–3.4
2.4
–4.1
33.8
6.1
–2.0
4.5
–4.6

–69.3
–98.2
4.3
–102.5
28.9
11.3
–17.6
–57.9
–86.7
5.5
–0.9
6.3
–92.2
–1.1
–34.6
–0.9
3.1
1.1
–4.3
1.6
0.8
–3.2
–33.5
1.8
–33.3
–13.0
10.9
–23.4
5.4
2.2
–5.9
–34.9

–26.7
–35.4
–24.8
–10.6
8.7
3.5
–5.1
–34.6
–43.4
–24.7
3.3
–27.9
–18.7
–4.2
18.1
1.1
0.8
1.9
3.1
–0.2
0.3
–4.8
16.9
–5.2
16.9
13.7
–8.4
3.3
–4.7
–3.7
10.9
–38.4

54.7
50.0
37.0
13.0
4.8
34.2
29.3
64.8
60.1
38.6
0.3
38.3
21.5
–2.5
33.8
–4.1
–1.5
–0.3
–7.4
–2.0
6.0
1.1
38.0
9.2
35.0
2.5
–8.7
4.5
13.1
4.7
–15.8
–16.4

–4.2
–57.8
–33.8
–24.0
53.5
33.7
–19.8
6.6
–47.0
–32.4
–1.0
–31.4
–14.7
4.0
–44.2
7.8
2.5
–0.2
4.2
1.1
–1.7
2.0
–52.1
–3.5
–51.1
0.5
2.1
–3.6
–19.9
1.6
23.4
24.1

–57.2
–122.2
–69.0
–53.1
64.9
24.7
–40.2
–45.9
–110.8
–67.9
–1.0
–66.9
–42.8
4.5
–14.5
–2.6
0.3
–0.2
2.2
0.8
–3.3
–2.5
–11.9
–0.5
–22.0
8.7
1.9
–28.9
–1.5
–9.3
9.5
–2.6

–17.6
5.4
37.3
–32.1
–22.8
3.7
26.5
–178.7
–155.8
20.4
–0.7
21.2
–176.3
–17.0
–51.6
–42.8
–3.9
–2.8
–1.0
–4.6
–12.2
–18.2
–8.8
–3.9
15.2
–13.6
–6.7
–31.0
–12.5
–13.3
–11.9
–38.9

Rest of the world .................................................................................

19.6

–15.5

13.1

19.2

–9.2

28.9

8.7

4.8

53.5

64.9

–22.8

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

Table 12C. Revisions to Corporate Profits by Industry
[Billions of dollars]
Billions of dollars
Revised estimates
2005
Corporate profits with inventory valuation and capital consumption
adjustments ....................................................................................................
Domestic industries .......................................................................................
Financial .......................................................................................................
Nonfinancial ..................................................................................................
Rest of the world ............................................................................................
Receipts from the rest of the world ...............................................................
Less: Payments to the rest of the world........................................................
Corporate profits with inventory valuation adjustment..................................
Domestic industries .......................................................................................
Financial .......................................................................................................
Federal Reserve banks .............................................................................
Other financial...........................................................................................
Nonfinancial ..................................................................................................
Utilities ......................................................................................................
Manufacturing ...........................................................................................
Durable goods .......................................................................................
Nondurable goods .................................................................................
Wholesale trade ........................................................................................
Retail trade................................................................................................
Transportation and warehousing...............................................................
Information ................................................................................................
Other nonfinancial.....................................................................................
Rest of the world ............................................................................................
Corporate profits before tax without inventory valuation and capital
comsumption adjustments............................................................................
Addenda:
Corporate profits after tax with inventory valuation and capital consumption
adjustments ..................................................................................................
Net cash flow with inventory valuation and capital consumption
adjustments.................................................................................................
Undistributed profits with inventory valuation and capital consumption
adjustments...............................................................................................
Consumption of fixed capital.........................................................................
Less: Inventory valuation adjustment ...............................................................
Equals: Net cash flow ....................................................................................

2006

Revisions as a percentage of
previously published

Revisions to previously published
2007

2005

2006

2007

2005

2006

2007

1,447.9
1,208.5
407.1
801.4
239.4
384.1
144.6
1,582.8
1,343.3
425.3
26.6
398.7
918.1
28.9
243.8
93.3
150.5
97.3
120.4
29.1
79.7
318.9
239.4

1,668.5
1,401.0
462.1
939.0
267.5
438.9
171.4
1,834.2
1,566.7
478.8
33.8
445.0
1,087.9
55.6
304.3
115.9
188.4
107.5
132.3
42.5
91.1
354.7
267.5

1,642.4
1,297.8
429.7
868.1
344.7
509.2
164.5
1,835.1
1,490.5
449.9
37.7
412.2
1,040.6
58.5
316.6
127.4
189.3
102.6
132.3
42.7
103.0
284.9
344.7

75.1
53.9
1.6
52.3
21.2
25.4
4.0
39.4
18.1
1.7
0.0
1.6
16.5
0.5
–7.4
8.2
–15.5
2.1
6.0
0.9
4.9
9.4
21.2

114.8
104.6
–20.1
124.7
10.2
19.1
8.9
64.7
54.5
–26.5
0.0
–26.4
81.0
19.9
10.9
20.0
–9.1
10.5
7.8
0.6
5.7
25.7
10.2

47.2
40.1
–43.7
83.8
7.1
18.2
11.1
4.6
–2.5
–48.6
–0.7
–47.9
46.1
14.1
10.9
5.5
5.5
3.9
–5.2
–4.4
–0.4
27.4
7.1

5.5
4.7
0.4
7.0
9.7
7.1
2.8
2.6
1.4
0.4
0.0
0.4
1.8
1.8
–2.9
9.6
–9.3
2.2
5.2
3.2
6.6
3.0
9.7

7.4
8.1
–4.2
15.3
4.0
4.5
5.5
3.7
3.6
–5.2
0.0
–5.6
8.0
55.7
3.7
20.9
–4.6
10.8
6.3
1.4
6.7
7.8
4.0

3.0
3.2
–9.2
10.7
2.1
3.7
7.2
0.3
–0.2
–9.7
–1.8
–10.4
4.6
31.8
3.6
4.5
3.0
4.0
–3.8
–9.3
–0.4
10.6
2.1

1,620.6

1,873.7

1,886.3

41.0

67.9

9.6

2.6

3.8

0.5

1,034.2

1,199.6

1,192.0

54.3

99.8

63.4

5.5

9.1

5.6

1,315.8

1,390.3

1,348.7

80.4

99.4

93.6

6.5

7.7

7.5

456.9
858.9
–37.8

497.5
892.8
–39.5

403.4
945.3
–51.2

78.3
2.1
–1.6

96.6
2.8
–3.2

69.9
20.7
24.1
21.0
23.7
0.2
0.3
2.6
–5.0 ..................... ..................... .....................

1,353.6

1,429.8

1,399.9

82.0

102.6

98.7

6.4

7.7

7.6

Table 13. Gross Value Added of Nonfinancial Domestic Corporate Business—Continues
Seasonally adjusted at annual rates
2004

2005

2006

2007

2004
I

2005

II

III

IV

I

II

Billions of dollars
Gross value added of nonfinancial corporate business .........................
Consumption of fixed capital ................................................................................
Net value added..................................................................................................
Compensation of employees ............................................................................
Wage and salary accruals ............................................................................
Supplements to wages and salaries .............................................................
Taxes of production and imports less subsidies ...............................................
Net operating surplus .......................................................................................
Net interest and miscellaneous payments ....................................................
Business current transfer payments .............................................................
Corporate profits with inventory valuation and capital consumption
adjustments...............................................................................................
Taxes on corporate income .......................................................................
Profits after tax with inventory valuation and capital consumption
adjustments...........................................................................................
Net dividends ........................................................................................
Undistributed profits with inventory valuation and capital consumption
adjustments .......................................................................................
Addenda:
Profits before tax (without inventory valuation and capital consumption
adjustments) .................................................................................................
Profits after tax (without inventory valuation and capital consumption
adjustments) .................................................................................................
Inventory valuation adjustment.........................................................................
Capital consumption adjustment ......................................................................

5,956.4
687.4
5,269.0
3,865.2
3,159.7
705.5
523.9
879.9
138.9
59.3

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

6,863.4
775.2
6,088.3
4,316.8
3,548.2
768.6
591.1
1,180.3
169.6
71.8

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

5,778.1
667.8
5,110.3
3,770.5
3,079.8
690.7
512.5
827.4
140.1
64.0

5,907.6
673.7
5,234.0
3,826.4
3,126.0
700.4
519.9
887.7
141.7
65.0

6,038.5
717.8
5,320.7
3,899.1
3,188.1
711.0
526.3
895.3
138.8
40.2

6,101.4
690.3
5,411.1
3,965.1
3,244.9
720.2
537.0
909.1
135.0
68.1

6,210.3
702.0
5,508.4
3,991.9
3,266.5
725.4
548.9
967.5
145.2
72.1

6,358.1
714.4
5,643.7
4,038.9
3,305.2
733.6
560.6
1,044.3
150.7
73.9

681.6
191.0

801.4
274.5

939.0
309.3

868.1
321.1

623.3
173.1

681.0
190.0

716.3
201.1

706.0
199.6

750.2
256.9

819.7
268.0

490.7
367.0

526.9
184.2

629.7
474.4

547.0
503.4

450.2
324.2

490.9
312.8

515.2
334.8

506.4
496.1

493.3
326.7

551.7
267.7

123.7

342.7

155.3

43.5

126.0

178.1

180.4

10.3

166.7

284.0

662.4

955.9

1,127.4

1,091.7

579.0

661.7

701.9

706.8

896.5

941.5

471.4
–43.1
62.4

681.3
–37.8
–116.7

818.1
–39.5
–149.0

770.7
–51.2
–172.5

406.0
–33.7
77.9

471.6
–51.9
71.2

500.8
–39.6
53.9

507.2
–47.2
46.4

639.6
–45.4
–100.9

673.5
–18.0
–103.8

5,733.3
679.1
5,054.2

5,744.4
648.4
5,096.0

5,789.5
653.7
5,135.8

5,911.1
658.9
5,252.2

Billions of chained (2000) dollars
1

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

5,662.1
651.4
5,010.7

5,907.8
682.6
5,225.2

6,167.8
686.7
5,481.1

6,264.5
716.9
5,547.6

5,547.4
637.3
4,910.1

5,623.3
640.7
4,982.5

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

1.052
0.683
0.249
0.121

1.083
0.690
0.257
0.126

1.113
0.700
0.260
0.126

1.129
0.722
0.269
0.131

1.042
0.680
0.249
0.120

1.051
0.680
0.249
0.120

1.053
0.680
0.248
0.125

1.062
0.690
0.248
0.120

1.073
0.690
0.253
0.121

1.076
0.683
0.254
0.121

0.103
0.025

0.105
0.026

0.107
0.027

0.109
0.029

0.104
0.025

0.104
0.025

0.099
0.024

0.105
0.023

0.107
0.025

0.107
0.026

0.120
0.034

0.136
0.046

0.152
0.050

0.139
0.051

0.112
0.031

0.121
0.034

0.125
0.035

0.123
0.035

0.130
0.044

0.139
0.045

0.087

0.089

0.102

0.087

0.081

0.087

0.090

0.088

0.085

0.093

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

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

2006
IV

I

II

2007
III

IV

I

II

2008
III

IV

I

Billions of dollars
Gross value added of nonfinancial corporate business .........................
Consumption of fixed capital ................................................................................
Net value added..................................................................................................
Compensation of employees ............................................................................
Wage and salary accruals ............................................................................
Supplements to wages and salaries .............................................................
Taxes of production and imports less subsidies ...............................................
Net operating surplus .......................................................................................
Net interest and miscellaneous payments ....................................................
Business current transfer payments .............................................................
Corporate profits with inventory valuation and capital consumption
adjustments...............................................................................................
Taxes on corporate income .......................................................................
Profits after tax with inventory valuation and capital consumption
adjustments...........................................................................................
Net dividends ........................................................................................
Undistributed profits with inventory valuation and capital consumption
adjustments .......................................................................................
Addenda:
Profits before tax (without inventory valuation and capital consumption
adjustments) .................................................................................................
Profits after tax (without inventory valuation and capital consumption
adjustments) .................................................................................................
Inventory valuation adjustment.........................................................................
Capital consumption adjustment ......................................................................

6,418.9
810.4
5,608.5
4,115.4
3,372.5
743.0
568.6
924.4
156.9
20.5

6,597.3
749.0
5,848.3
4,156.1
3,407.6
748.5
574.5
1,117.7
161.6
67.4

6,771.2
755.7
6,015.5
4,264.7
3,501.9
762.8
582.7
1,168.1
165.1
73.0

6,817.5
769.3
6,048.3
4,282.3
3,517.5
764.8
589.5
1,176.4
169.4
72.0

6,931.7
781.9
6,149.7
4,318.3
3,549.2
769.2
593.6
1,237.8
169.8
71.3

6,933.3
793.7
6,139.6
4,401.9
3,624.4
777.5
598.7
1,139.0
174.1
70.7

6,999.6
804.6
6,195.0
4,464.1
3,679.8
784.3
604.1
1,126.9
174.6
68.8

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

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

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

7,141.7
852.6
6,289.1
4,645.4
3,837.5
807.9
617.9
1,025.8
180.5
57.9

747.0
267.6

888.7
305.6

930.0
302.6

935.0
312.3

996.7
323.3

894.2
299.1

883.6
319.8

896.6
330.9

872.6
318.9

819.5
314.7

787.4
279.8

479.4
121.3

583.1
21.0

627.4
404.7

622.7
431.7

673.4
484.3

595.1
576.9

563.8
491.9

565.7
496.1

553.7
492.7

504.7
533.0

507.6
494.0

358.1

562.1

222.7

191.0

189.1

18.2

71.9

69.5

61.0

–28.3

13.6

921.1

1,064.5

1,093.3

1,137.3

1,196.1

1,083.0

1,086.8

1,119.2

1,080.4

1,080.6

939.6

653.4
–39.1
–134.9

758.9
–48.7
–127.1

790.7
–35.0
–128.3

825.0
–58.5
–143.9

872.8
–42.7
–156.7

783.8
–21.8
–166.9

767.0
–44.2
–159.0

788.3
–55.3
–167.4

761.5
–31.0
–176.8

765.8
–74.1
–187.0

659.8
–109.4
–42.8

6,253.1
711.6
5,541.5

6,293.3
721.0
5,572.3

6,323.5
731.6
5,591.9

6,321.8
744.8
5,577.0

Billions of chained (2000) dollars
1

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

5,903.2
740.3
5,162.9

6,027.3
677.6
5,349.7

6,129.6
676.7
5,452.9

6,141.6
683.3
5,458.3

6,212.5
689.9
5,522.5

6,187.3
696.8
5,490.5

6,188.0
703.3
5,484.7

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

1.087
0.697
0.264
0.137

1.095
0.690
0.258
0.124

1.105
0.696
0.257
0.123

1.110
0.697
0.261
0.125

1.116
0.695
0.260
0.126

1.121
0.711
0.264
0.128

1.131
0.721
0.267
0.130

1.130
0.719
0.267
0.130

1.128
0.721
0.268
0.132

1.128
0.728
0.271
0.133

1.130
0.735
0.271
0.135

0.100
0.027

0.107
0.027

0.107
0.027

0.108
0.028

0.107
0.027

0.108
0.028

0.109
0.028

0.108
0.029

0.108
0.028

0.109
0.029

0.107
0.029

0.127
0.045

0.147
0.051

0.152
0.049

0.152
0.051

0.160
0.052

0.145
0.048

0.143
0.052

0.143
0.053

0.139
0.051

0.130
0.050

0.125
0.044

0.081

0.097

0.102

0.101

0.108

0.096

0.091

0.090

0.088

0.080

0.080

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

Appendix Table A. Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
Seasonally adjusted at annual rates
2004

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

2005

2006

2007

2004

2005

2006

IV

I

II

III

IV

I

3.6
4.7
2.8
5.2
4.0
3.6
5.4
3.6
8.1
4.1

2.9
4.3
2.2
3.2
3.8
2.9
23.4
2.8
9.1
3.4

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

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

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

3.0
3.6
2.1
6.0
4.6
2.9
8.5
2.9
–1.9
3.7

2.6
4.7
1.0
5.1
7.1
2.5
38.5
2.4
27.7
2.9

3.8
5.3
3.9
–0.6
24.6
3.2
11.5
3.8
3.1
4.8

1.3
2.0
0.9
1.3
–31.0
2.6
37.2
1.1
–26.8
1.3

2.9
2.7
3.0
3.1

3.3
3.2
3.4
3.7

3.2
3.2
3.4
3.4

2.7
2.5
2.8
2.8

3.2
3.1
3.4
3.6

4.0
3.9
4.2
3.7

2.1
2.7
2.3
3.1

4.1
3.2
4.2
5.2

3.7
3.5
3.9
3.9

3.5
3.6
3.7
2.9

2.7

3.1

3.1

2.4

2.8

3.9

2.7

2.9

3.2

3.2
2.6
2.1
2.3
1.5

3.9
2.9
2.1
2.7
1.7

3.6
2.8
2.3
2.6
1.9

2.9
2.6
2.2
2.4
1.8

3.9
3.0
2.1
2.9
1.8

3.9
2.5
2.5
2.2
2.2

3.3
2.5
2.1
2.2
1.6

5.4
4.7
1.6
4.9
1.2

4.1
3.3
2.4
3.2
2.0

II

4.8
2.7
11.1
5.9
2.6
2.3
–0.8 –3.8
20.2 –10.1
4.3
3.1
27.8 25.2
4.7
2.5
–22.3
3.1
6.0
2.9

2007
III

IV

2008

I

II

III

IV

I

II

0.8
1.5
2.3
–8.8
13.7
0.4
7.0
0.8
6.9
0.3

1.5
1.3
3.8
–9.8
–19.0
2.2
34.2
1.3
30.4
1.4

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

4.8
10.3
2.7
0.8
4.6
4.8
37.2
4.6
–6.1
5.8

4.8
9.0
4.0
–2.9
17.3
4.4
52.6
4.5
8.6
5.5

–0.2
0.0
1.3
–9.3
–25.7
0.7
23.7
–0.3
8.2
–0.7

0.9
0.9
2.7
–10.1
–14.2
1.3
8.2
0.8
–15.5
0.9

1.9
2.3
2.0
–0.3
–35.2
3.1
19.3
1.8
–9.2
1.7

2.7
3.2
2.9
3.6

2.8
2.6
2.9
2.9

2.2
2.6
2.3
0.6

4.1
3.2
4.2
3.6

2.0
1.7
2.1
3.3

1.5
1.8
1.7
2.2

2.8
2.4
3.0
4.0

2.6
2.0
2.7
3.5

1.1
1.4
1.2
4.2

3.4

3.2

2.5

2.5

2.9

1.8

1.9

2.4

2.2

2.2

3.0
1.8
2.1
1.4
1.8

3.8
3.3
3.0
3.1
2.6

3.1
3.1
2.3
3.1
2.1

0.7
–0.5
1.8
–1.1
1.5

3.8
3.4
2.4
3.5
2.3

3.5
3.6
1.8
3.5
1.2

2.4
2.5
2.1
2.0
1.4

4.2
4.3
2.5
4.4
2.2

3.7
3.6
2.3
3.7
2.1

4.4
4.2
2.1
4.4
1.8

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

Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in the
economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or “real” measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates weights
from two adjacent years. (Quarterly changes in quantities and prices are calculated using a Fisher
formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2006-07
annual percent change in real GDP uses prices for 2006 and 2007 as weights, and the 2006-07 annual
percent change in GDP prices uses quantities for 2006 and 2007 as weights. These annual changes are
“chained” (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the current-dollar
value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD are very close
to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, 8, and
Appendix Table A. Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in 2000
and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar value of
this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a “residual” line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: “Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” November
2003 Survey, pp. 8-16.