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DECEMBER 2004
S urvey of C urrent B usiness
In This Issue . . .
The NIPAs and the System o f National Accounts
B U R E A U O F E C O N O M IC A N A L Y SIS
E C O N O M IC S A N D S T A T IS T IC S A D M IN IS T R A T IO N
U.S. DEPARTMENT OF COMMERCE
U.S. Department of Commerce
D o n a ld
L . E v a n s, S e c re ta ry
Economics and Statistics Administration
K a th le e n
B . C o o p e r,
U n d e r S e c re ta ry f o r E c o n o m ic A ffa ir s
Bureau of Economic Analysis
J. S t e v e n
L a n d e fe ld , D ir e c to r
R o se m a ry
D . M a rc u ss, D e p u ty
D ir e c to r
D e n n is J. F ix le r , C h ie f S ta t is t ic ia n
B a r b a r a M . F r a u m e n i, C h ie f E c o n o m is t
R a lp h
A la n
K o z lo w , A s s o c ia te D ir e c t o r f o r In t e r n a t io n a l E c o n o m ic s
C . L o r i s h , J r ., C h i e f In f o r m a t io n
O ffic e r
B r e n t R . M o u l t o n , A s s o c ia te D ir e c t o r f o r N a t i o n a l
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Dale W. Jorgenson, Chair, Harvard University
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This issue went to the printer on December 17, 2004.
It incorporates data from the following monthly BEA
news releases:
U.S. International Trade in Goods and
Services (December 14),
Personal Income and Outlays (December 1), and
Gross Domestic Product (November 30).
S urvey
of
C u rren t B u sin ess
December 2004
1
Volume 84 • Number 12
B usiness S ituation: P relim in ary E stim ates fo r the T h ird Q u arter
of 2004
Economic growth picked up in the third quarter. Real GDP increased 3.9 percent
after increasing 3.3 percent in the second quarter; the pickup mainly reflected a
step-up in consumer spending. Inflation slowed; the price index for gross
domestic purchases increased 1.8 percent after increasing 3.5 percent. Real
disposable personal income slowed, increasing 2.0 percent after increasing 2.8
percent.
Corporate profits decreased $27.6 billion (2.4 percent at a quarterly rate) after
increasing $8.3 billion. Net Federal Government saving was -$376.2 billion,
increasing $3.8 billion from -$380.0 billion. Net state and local government saving
was $8.5 billion, decreasing $9.8 billion from $18.3 billion.
17 T h e N IPA s and th e S ystem of N ational A cco u n ts
In recent years, BEA has been improving the consistency of the NIPAs with the
internationally accepted set of guidelines for the compilation of national accounts
in the System of National Accounts 1993 (SNA) as part of BEA’s mission to produce
accurate, relevant, and timely statistics, to respond to customers’ needs, and to
meet the challenges of measuring a changing economy. The organization and
major features of the NIPAs are compared with those of the SNA.
33
Federal P ersonal Inco m e T ax Liab ilities and P aym ents for
1 9 5 9 -2 0 0 2
BEA’s estimates of liabilities and payments have been updated to incorporate the
results of the 2004 annual NIPA revision and the revised and newly available tax
return data for 2002 from the Internal Revenue Service. For 2002, personal taxes
on a liabilities basis were $31.0 billion less than taxes on a payments basis. This
large difference partly reflected the retroactive provisions of the Job Creation and
Worker Assistance Act of 2002 that resulted in a reduction in liabilities and in an
overpayment of taxes.
www.bea.gov
/■/'
35
December 2004
S u b ject G uide fo r 2004
This guide lists the major articles that were published in 2004 in the S u rv ey . It
includes the articles on the comprehensive revisions of the NIPAs, of the
industry accounts, and of the regional accounts.
37 S ch ed u le of B EA N ew s R eleases in 2005
D-1 BEA Current and Historical Data
Inside back cover: BEA Web Site and BEA Contacts
Back cover: Schedule of Upcoming News Releases
L o o k in g A
head
Annual Industry Accounts. The revised estimates from the annual industry
accounts for 2001-2003 are scheduled to be published in the January S u r
vey . These estimates incorporate the results of the 2004 annual NIPA revi
sion.
Gross State Product (GSP) by Industry. Accelerated estimates of total GSP
for 2003, new NAICS-based estimates for 1998-2002, and revised SICbased estimates for 1977-97 are scheduled to be published in the January
S urvey .
1
December 2004
Business Situation
Preliminary Estimates for the Third Quarter of 2004
HE growth of gross domestic product (GDP)
picked up in the third quarter of 2004 and infla
tion slowed, according to the “preliminary” estimates
of the national income and product accounts (NIPAs)
(table 1 and chart l).1Real disposable personal income
decelerated. A similar picture of GDP growth and
prices was shown in the “advance” estimates released
in October; however, income growth decelerated more
in the advance estimate.
T
• Real GDP increased 3.9 percent in the third quarter
after increasing 3.3 percent in the second. The
advance estimate for the third quarter had shown a
3.7-percent increase. Net exports, consumer spend
ing, and nonresidential fixed investment were
revised up in the preliminary estimates, and inven
tory investment was revised down.2
2. In this article, “consumer spending” is shorthand for the NIPA series
“personal consumption expenditures,” “inventory investment” is shorthand
for “change in private inventories,” and “government spending” is short
1.
Quarterly estimates in the NIPAs are expressed at seasonally adjusted hand for “government consumption expenditures and gross investment.”
annual rates, unless otherwise specified. Quarter-to-quarter changes are
differences between these published estimates. Percent changes are calcu
lated from unrounded data and annualized. “Real” estimates are in chained
(2000) dollars, and price indexes are chain-type measures.
Chart 1. Real Gross Domestic Product
Percent
10
PERCENT CHANGE FROM PRECEDING QUARTER
This article was prepared by Brian C. Moyer, Shelly
Smith, David F. Sullivan, and Christopher Falcone.
Table 1. Real Gross Domestic Product and Components
[Seasonally adjusted at annual rates]
Change from preceding
period (percent)
2004
2003
Contribution to percent
change in real GDP
(percentage points)
2004
2003
IV
I
II
III
IV
Share of
currentdollar
GDP
(percent)
2004
I
II
4.5
3.3
3.9
100.0
2.90 1.10
0.19 -0.02
1.33 0.03
1.39 1.10
3.53
1.3/
0.96
1.21
70.1
8.5
20.2
41.4
2.85 0.46
2.07 1.37
1.21 1.27
0.16 -0.01
1.05 1.28
0.86 0.10
0.78 -0.91
16.5
16.2
10.5
2.4
8.1
5.7
0.3
Gross domestic product (GDP)
4.2
4.5
3.3
3.9
4.2
Personal consumption expenditures
Durable goods.................................
Nondurable goods...........................
Services.........................................
3.6
3.9
5.1
2.8
4.1
2.2
6.7
3.3
1.6
-0.3
0.1
2.7
5.1
1/.2
4.8
2.9
2.50
0.33
1.01
1.15
Gross private domestic investment..
Fixed investment.............................
Nonresidential.............................
Structures................................
Equipment and software..........
Residential..................................
Change in private inventories..........
13.9
10.5
11.0
7.9
12.0
9.6
12.3
4.5
4.2
-7.6
8.0
5.0
19.0
13.9
12.5
6.9
14.2
16.5
2.8
8.8
12.9
-0.3
17.2
1.7
2.04 1.86
1.57 0.69
1.07 0.42
0.18 -0.19
0.89 0.61
0.50 0.27
0.47 1.17
Net exports of goods and services...
Exports...........................................
Goods.........................................
Services.....................................
Imports...........................................
Goods.........................................
Services.....................................
17.5
16.1
20.6
17.1
18.4
11.1
7.3
9.1
3.4
10.6
12.7
1.2
7.3
6.0
10.2
12.6
13.0
10.6
Government consumption
expenditures and gross
investment.....................................
Federal...........................................
National defense.........................
Nondefense................................
State and local................................
1.6
4.8
11.6
-7.5
-0.1
2.5
7.1
10.6
0.2
0.0
2.2
2.7
1.9
4.4
1.9
-0.66 -0.76 -1.06
6.3 1.55 0.70 0.70
9.1 1.00 0.60 0.41
0.2 0.56 0.10 0.30
6.0 -2.22 -1.46 -1.77
5.6 -1.96 -1.43 -1.52
8.3 -0.26 -0.03 -0.25
III
-0.27
0.62
0.62
0.01
-0.89
-0.69
-0.20
-5.2
10.1
7.0
3.0
15.3
12.8
2.5
0.41 0.23
0.18 0.32
0.09 0.44
0.10 -0.12
0.23 -0.09
18.6
6.9
4.7
2.2
11.7
2002
2003
2004
Based on seasonally adjusted annual rates
CONTRIBUTIONS TO 3.9-PERCENT INCREASE IN REAL GDP IN 2004:1
Personal Consumption Expenditures
Nonresidential Fixed Investment
Residential Fixed Investment
Change in Private Inventories
Exports
Imports
1.2 0.31
4.7 0.33
9.8 0.50
-5.2 -0.18
—0.8 -0.02
0.48
0.48
0.47
0.00
0.00
N o t e . Percent changes are from NIPA table 1.1.1, and contributions to percent change are from NIPA table 1.1.2.
Shares are from NIPA table 1.1.10.
2001
III
Government Consumption and Investment
-2
0
2
Percentage points at an annual rate
U.S. Bureau of Economic Analysis
2
Business Situation
• Prices of goods and services purchased by U.S. resi
dents increased 1.8 percent, the same as in the
advance estimate, after increasing 3.5 percent.
• Real disposable personal income increased 2.0 per
cent after increasing 2.8 percent. The advance esti
mate for the second quarter had shown a 1.4percent increase.
The insurance transactions associated with the hur
ricanes that struck portions of the southern and east
ern United States in August and September did not
directly affect third-quarter GDP, because of the treat
ment of insurance services that was introduced as part
of the 2003 comprehensive revision of the NIPAs.3 Es
timates of other, indirect, effects of the hurricanes are
not available, because these effects may occur with a
lag, and they generally cannot be disentangled from
the regular source data that BEA uses to prepare the
GDP estimates. However, as described in the section
on corporate profits, some income-side measures were
affected by the hurricanes, and estimates of those ef
fects have been incorporated.
3. This treatment incorporates expected, rather than actual, losses and
eliminates the large swings in measured insurance services that had previ
ously been associated with catastrophes. For more information, see Brent R.
Moulton and Eugene R Seskin, “Preview of the 2003 Comprehensive Revi
sion of the National Income and Product Accounts: Changes in Definitions
and Classifications,” Survey o f Current Business 83 (June 2003): 17-34; and
Baoline Chen and Dennis J. Fixler, “Measuring the Services of PropertyCasualty Insurance in the NIPAs: Changes in Concepts and Methods,” Sur
vey 83 (October 2003): 10-26.
December 2004
The acceleration in GDP growth in the third quarter
mainly reflected a step-up in consumer spending and a
smaller decrease in net exports than in the second
quarter; these developments were partly offset by a
downturn in inventory investment and by a slowdown
in residential fixed investment.
• Consumer spending increased 5.1 percent and con
tributed 3.53 percentage points to GDP growth,
2.43 percentage points more than it contributed in
the second quarter. Purchases of durable goods
turned up, purchases of nondurable goods acceler
ated, and purchases of services stepped up slightly.
• Imports, which are subtracted in the calculation of
GDP, increased 6.0 percent and subtracted 0.89 per
centage point from third-quarter GDP growth,
about half as much as they had subtracted in the
second quarter. (Exports slowed somewhat, con
tributing 0.08 percentage point less to GDP growth
than in the second quarter.)
• Inventory investment subtracted 0.91 percentage
point from GDP growth after adding 0.78 percent
age point in the second quarter. Real inventory
stocks increased $35.9 billion in the third quarter
after increasing $61.1 billion in the second quarter
and $40.0 billion in the first quarter.
• Residential fixed investment increased 1.7 percent
and contributed 0.10 percentage point to thirdquarter GDP growth, 0.76 percentage point less
than in the second quarter.
December 2004
Government spending slowed and nonresidential
fixed investment increased at about the same rate as in
the second quarter.
• Government spending increased 1.2 percent and
contributed 0.23 percentage point to third-quarter
GDP growth, 0.18 percentage point less than in the
second quarter.
•Nonresidential fixed investment increased 12.9 per
cent and contributed 1.27 percentage points, 0.06
percentage point more than in the second quarter.
Investment in equipment and software accelerated
somewhat, and investment in structures decreased
slightly after increasing in the second quarter.
The preliminary estimates for the third quarter also
show the following:
• Real final sales of domestic product (GDP less the
change in private inventories) increased 4.9 percent
after increasing 2.5 percent (table 2).
• The production of goods stepped up and the pro
duction of services accelerated slightly, but the pro
duction of structures turned down.
• Motor vehicle output turned up. Excluding motor
vehicles, real GDP increased 3.7 percent after
increasing 4.0 percent.
• Final sales of computers stepped up, increasing 20.9
percent after little change in the previous two quar
ters.
• Gross domestic purchases increased 4.0 percent
after increasing 4.2 percent.
3
Survey of Current Business
• The gross saving rate— saving from all sources as a
percentage of gross national income—held steady at
13.9 percent. The net saving rate decreased to 1.2
percent from 2.1 percent in the second quarter. Net
saving is a measure of the saving that is available for
augmenting the stock of fixed assets; it equals gross
saving less consumption of fixed capital (CFC). The
decrease in the net saving rate reflected a large
increase in the CFC that resulted from the estimated
damage to the stock of private fixed assets caused by
the third-quarter hurricanes.
Table 2. Real Gross Domestic Product by Type of Product
[Seasonally adjusted at annual rates]
Change from preceding
period (percent)
2004
2003
Gross domestic product (GDP)
Final sales of domestic
product..............................
Change in private inventories
Goods...............................................
Services............................................
Structures.........................................
Addenda:
Motor vehicle output......................
GDP excluding motor vehicle
output........................................
Final sales of computers................
GDP excluding final sales of
computers..................................
Contribution to percent
change in real GDP
(percentage points)
2004
2003
IV
I
II
III
IV
I
II
4.2
4.5
3.3
3.9
4.2
4.5
3.3
3.7
3.3
2.5
4.9
5.8
3.1
5.4
8.2
3.0
0.7
2.5 8.1
2.3
2.6
12.7 -1.3
3.71 3.32
0.47 1.17
1.90 2.65
1.77 1.76
0.52 0.07
8.8 -15.2
10.1
4.2
29.0
4.3
0.1
4.0
0.1
3.7 4.08 4.18
20.9 0.26 0.00
4.0
4.5
3.3
2.9
3.8
0.11
3.93
2004
III
III
3.9
100.0
2.52 4.86
0.78 -0.91
0.82 2.60
1.30 1.48
1.19 -0.13
99.7
0.3
32.7
57.2
10.1
0.30 -0.58
4.48
Share of
currentdollar
GDP
(percent)
0.33
3.4
3.88
0.00
3.62
0.18
96.6
1.0
3.30
3.77
99.0
Percent changes are from NIPA table 1.2.1, and contributions to percent change are from NIPA table 1.2.2.
Shares are calculated from NIPA table 1.2.5.
No te .
Personal Consumption Expenditures, next page.
4
December 2004
Business Situation
Personal Consumption Expenditures
In the third quarter of 2004, real personal consump
tion expenditures stepped up to a 5.1-percent increase
from a 1.6-percent increase in the second quarter (ta
ble 3 and chart 2). (Over the past 10 years, consump
tion spending has increased at an average annual rate
of 3.7 percent.) Purchases of durable goods and non
durable goods made the largest contributions to the
step-up, but purchases of services also contributed.
In durable goods, purchases of motor vehicles and
parts increased 28.6 percent after a 6.0-percent de-
crease in the second quarter. Net purchases of used au
tos and used light trucks turned up, and purchases of
new light trucks increased sharply after a moderate in
crease. In contrast, purchases of new autos decreased
after a small increase. Purchases of furniture and
household equipment increased more than in the sec
ond quarter; in the third quarter, step-ups were posted
by video and audio goods, by computers, and by furni
ture. “Other” durable goods (which includes jewelry
and watches) turned up.
Chart 2. Real Personal Consumption Expenditures
Percent
Table 3. Real Personal Consumption Expenditures
8
PERCENT CHANGE FROM PRECEDING QUARTER
[Seasonally adjusted at annual rates]
Change from preceding
period (percent)
2004
2003
Personal consumption
expenditures (PCE).......
Durable g o od s...........................
Motor vehicles and parts.........
Furniture and household
equipment...........................
Other1....................................
Contribution to percent
change in real PCE
(percentage points)
2004
2003
IV
I
II
3.6
3.9
-1.8
4.1
2.2
-5.8
1.6
-0.3
-6.0
4.1
5.1
3.6
1.6
17.2 0.48 0.27 -0.03
28.6 -0.10 -0.33 -0.34
9.8
7.4
11.1
6.2
7.4
-0.2
11.6
3.8
0.41
0.17
5.1
2.6
3.9
6.7
8.1
16.3
0.1
2.3
-5.3
4.8
4.2
6.1
1.45
0.36
0.16
-2.3 -13.2
3.1
4.5
3.5
5.6
Nondurable goods.....................
Food.......................................
Clothing and sh oes.................
Gasoline, fuel oil, and other
energy goods.......................
Other2....................................
19.1
5.8
Services....................................
Housing...................................
Household operation...............
Electricity and g a s...............
Other household operation...
Transportation.........................
Medical care
Recreation...
Other3
2.8
0.8
7.5
17.5
1.6
-0.5
3.1
4.0
3.2
3.3
2.1
3.2
3.5
3.1
2.0
3.2
5.9
4.4
2.7
2.0
-0.9
-8.0
4.0
2.9
4.4
0.3
3.3
III
IV
I
II
Share of
currentdollar
PCE
(percent)
2004
III
III
5.1
1.96
1.40
100.0
12.2
5.5
0.45 0.31
0.15 -0.01
0.48
0.09
4.3
2.4
1.90 0.04
1.10 0.32
0.62 -0.22
1.38
0.59
0.24
28.8
14.0
3.9
0.47 -0.06 -0.42
0.46 0.25 0.35
0.10
0.44
3.0
8.0
1.98 1.56 1.74
0.33 0.30 0.37
0.18 -0.05 0.00
0.08 -0.18 -0.06
0.10 0.13 0.07
0.07 0.11 0.05
0.55 0.74 0.84
0.24 0.01 0.12
0.61 0.45 0.36
59.0
15.1
5.5
2.1
3.3
3.7
17.0
4.1
13.8
2.9 1.64
2.4 0.13
0.0 0.41
-3.0 0.35
2.0 0.05
1.5 -0.02
5.0 0.52
2.8 0.16
2.5 0.44
1. Includes jewelry and watches, ophthalmic products and orthopedic equipment, books and maps, bicycles
and motorcycles, guns and sporting equipment, photographic equipment, boats, and pleasure aircraft.
2. Includes tobacco, toilet articles, drug preparations and sundries, stationery and writing supplies, toys, film,
flowers, cleaning preparations and paper products, semidurable house furnishings, and magazines and news
papers.
3. Includes personal care, personal business, education and research, religious and welfare activities, and
net foreign travel.
Note. Percent changes are from NIPA table 2.3.1, and contributions to percent change are from NIPA table
2.3.2. Shares are calculated from NIPA table 2.3.5.
2001
2002
2003
2004
Based on seasonally adjusted annual rates
CONTRIBUTIONS TO 5.1 -PERCENT INCREASE IN
REAL PERSONAL CONSUMPTION EXPENDITURES IN2004:III
Services
-
1
0
1
Percentage points at an annual rate
U.S.BureauofEconomicAnalysis
2
December 2004
Survey of Current Business
In nondurable goods, purchases of gasoline, fuel oil,
and other energy goods and of clothing and shoes
turned up, and purchases of food and of “other” non
durable goods accelerated.
In services, spending on electricity and gas de
creased less than in the second quarter, and spending
on recreation (which includes casino gambling), on
medical care, and on housing accelerated. In contrast,
spending on “other” services and on transportation
slowed.
Factors frequently considered in the analysis of
consumer spending were mixed in the third quarter
(chart 3). The Index of Consumer Sentiment (pre
pared by the University of Michigan’s Survey Research
Center) increased after decreasing in the second quar
ter, and the unemployment rate dropped from 5.6 per
cent to 5.4 percent, but real disposable personal
income registered a fourth consecutive below-average
increase.4
4. Real disposable personal income increased 2.0 percent in the third
quarter. Over the preceding 10 years, it has increased at an average annual
rate of 3.3 percent.
Chart 3. Selected Factors Affecting Consumer
Spending
Percent change
15
REAL DISPOSABLE PERSONAL INCOME’
10
5
0
-5
-1 0
Percent
10
5
0
ln<
120
UNEMPLOYMENT RATE 2
iilllllllllllll
110
100
90
80
70
1. Based on seasonally adjusted annual rates.
2. All civilian workers, seasonally adjusted. Data: U.S. Bureau of Labor Statistics
3. Data: University of Michigan's Survey Research Center
U.S. Bureau of Economic Analysis
Private Fixed Investment, next page.
Business Situation
6
December 2004
Private Fixed Investment
Real private fixed investment increased 8.8 percent in
the third quarter after increasing 13.9 percent in the
second (table 4 and chart 4).5
Nonresidential. Real private nonresidential fixed
investment increased 12.9 percent in the third quarter
after increasing 12.5 percent in the second. Investment
in equipment and software increased more than in the
second quarter, and investment in structures decreased
slightly after an increase.
The step-up in equipment and software reflected
step-ups in industrial equipment, in transportation
equipment, and in “other” equipment. In contrast, in
vestment in information processing equipment and
software increased less than in the second quarter. The
step-up in industrial equipment primarily reflected
5. From the third quarter of 1994 to the third quarter of 2004, real private
fixed investment increased at an average annual rate of 5.7 percent.
an acceleration in special industry machinery and
an upturn in metalworking machinery. In transpor
tation equipment, light trucks accelerated, and autos
and “other” trucks turned up; in contrast, air
craft turned down after a second-quarter rebound.
In “other” equipment, the upturn was led by
an acceleration in construction machinery. Within
information processing equipment and software,
“other” information processing equipment, computers
and peripheral equipment, and software slowed.
The decrease in structures reflected a decrease in
power and communication. The third-quarter de
crease more than offset increases in the other compo
nents of structures; however, for all the components
except manufacturing, the increases were less than in
the second quarter. In manufacturing, the third-quar
ter increase followed four quarterly decreases.
Conditions that are frequently considered in the
Table 4. Real Private Fixed Investment
[Seasonally adjusted at annual rates]
Change from preceding
period (percent)
2003
Private fixed investment
(PFI)................................
2004
IV
I
10.5
4.5
II
13.9
Contribution to percent
change in real PFI
(percentage points)
2003
2004
III
IV
I
8.8
10.5
4.5
II
13.9
Share of
currentdollar PFI
(percent)
III
8.8
100.0
64.6
14.7
6.3
0.8
2.0
13.7
2.3
12.0
6.7
-7.0
8.0
0.21
0.06
8.24
2.3
3.4
49.9
16.3
16.4
14.1
31.5
6.5
9.3 16.8
15.0 22.1
-4.5
6.6
11.9 -15.0
16.5
8.3
26.5
8.7
12.7
2.1
26.1
16.1
16.5
16.7
9.0
8.9
9.8
30.5
3.7
1.7 3.34
1.6 3.28
3.0 4.25
2.6 4.34
6.1 -0.09
-0.5 -0.97
8.8 0.06
Residential.................................
Structures..............................
Permanent site....................
Single family....................
Multifamily.......................
Other structures5................
Equipment..............................
9.6
9.5
21.6
24.8
-4.4
-7.2
12.7
5.0
4.9
6.7
7.1
2.8
2.1
11.9
20.0
16.8
14.2
9.6
1.8
17.2
0.29 0.14
0.08 -0.25
5.97 3.92
0.42
0.55
7.05
4.11
4.01
3.67
1.96
25.4
21.0 1.70 0.37
7.3 0.91
1.54
0.9 1.50 2.10
27.2 -0.36 0.52
35.4 0.92 -1.26
23.0 1.31 0.66
1.47
0.87
1.33
0.17
1.88
1.32
1.16
0.71
0.10
1.99
2.48
1.81
5.8
9.5
10.0
8.1
8.0
8.5
5.76 0.64
5.74 0.60
1.99 0.66
1.78 0.53
0.21 0.13
3.75 -0.06
0.02 0.04
35.4
34.9
21.7
19.6
2.1
13.2
0.5
7.6
1.75
1.70
1.43
1.37
0.06
0.27
0.05
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recre
ational structures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy
and related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield
machinery, service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and
brokers’ commissions on the sale of residential structures.
Note. Percent changes are from NIPA table 5.3.1, and contributions to percent change are from NIPA table 5.3.2.
Shares are calculated from NIPAtable 5.3.5.
Percent
20
PERCENT CHANGE FROM PRECEDING QUARTER
2004
III
4.2 12.5 12.9 7.20 2.73 8.11 8.19
11.0
7.9 -7.6
6.9 -0.3 1.22 -1.19 1.07 -0.05
-6.3 -9.1 21.3
0.6 -0.42 -0.60 1.24 0.04
-4.1 -16.8 -14.2 18.3 -0.03 -0.15 -0.12 0.13
71.4 -13.4 -37.0 -21.1 1.30 -0.35 -1.03 -0.48
Nonresidential...........................
Structures..............................
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
and wells.........................
Other structures1................
Equipment and software......
Information processing
equipment and software...
Computers and peripheral
equipment...................
Software2........................
Other3.............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
Chart 4. Real Private Fixed Investment
i
-1 5
i
i
I
i
2001
2002
2003
2004
Based on seasonally adjusted annual rates
CONTRIBUTIONS TO 8.8-PERCENT INCREASE IN
REAL PRIVATE FIXED INVESTMENT IN 2004:111
! Nonresidential Equipment and Software
■
Residential Investment
-2
0
2
4
6
Percentage points at an annual rate
U.S. Bureau of Economic Analysis
10
December 2004
analysis of investment spending have generally been fa
vorable in recent quarters (chart 5). The capacity utili
zation rate for manufacturing, mining, and utilities
increased slightly; this increase was the fifth consecu
tive quarterly increase. At 77.3 percent, the rate was 3.2
percentage points above its low in the second quarter
of 2003, and it was at its highest level since the second
quarter of 2001. Long-term interest rates decreased in
the third quarter; the yield on AAA bonds has re
mained below 6 percent since the first quarter of 2003.
Real final sales of domestic product stepped up some
what, increasing 4.9 percent in the third quarter after
an average increase of 3.2 percent in the preceding
three quarters. Domestic corporations’ profits from
current production decreased after increasing for 11
consecutive quarters; third-quarter profits were re
duced about $80 billion because of hurricanes (see the
section “Corporate Profits”).
Residential. Real private residential investment
slowed sharply in the third quarter, increasing 1.7 per
cent after increasing 16.5 percent in the second quar
ter. The slowdown mainly reflected a downturn in
“other” structures, which includes brokers’ commis
sions on the sale of residences. Both single-family and
multifamily construction increased less than in the
second quarter.
7
Survey of Current Business
Chart 5. Selected Factors Affecting Nonresidential
Investment
Percent
12 0
CORPORATE PROFITS, CHANGE FROM PRECEDING QUARTER2
60
|
—.
I|..I.. I —
1
-
■ I H111 HI
-6 0
Percent
10
REAL FINAL SALES OF DOMESTIC PRODUCT,
PERCENT CHANGE FROM PRECEDING
QUARTER
I,, ■ ■ - l l l l l 11
Percent
1. All industries. Data: Federal Reserve Board
2. Domestic industries.
3. Data: Federal Reserve Board
U.S. Bureau of Economic Analysis
Inventory Investment, next page.
December 2004
Business Situation
8
Inventory Investment
Real inventory investment decreased $25.2 billion, to
$35.9 billion in the third quarter from $61.1 billion in
the second (table 5 and chart 6). This decrease con
trasted with a step-up of $21.1 billion in the second
quarter.
Retail trade inventories turned down in the third
quarter. The downturn largely reflected a swing from
accumulation to liquidation in inventories of motor
vehicle dealers. Inventory investment of most other
types of retail outlets also fell, but by much less than
that of motor vehicle dealers.
Manufacturing inventories increased somewhat less
than in the second quarter. A downturn in inventories
of chemical manufacturing was partly offset by an ac
celeration in inventories of plastic and rubber prod
ucts.
Wholesale trade inventories increased more in the
third quarter than in the second quarter. The accelera
tion was more than accounted for by merchant whole
salers; the biggest contributions were made by an
upturn in inventories of apparel wholesalers and an
acceleration in inventories of miscellaneous durable
goods.
Farm inventories increased more than in the second
quarter. Crop inventories mainly accounted for the ac
celeration.
The ratio of real private nonfarm inventories to final
sales of goods and structures decreased to 3.50 from
3.55. A ratio that includes all final sales of domestic
businesses in the denominator decreased to 2.21 from
2.22.6 Both ratios have been trending down for de
cades.
6. Using the ratio that includes all final sales of domestic businesses in the
denominator implies that the production of services results in a demand for
inventories that is similar to that generated in the production of goods and
structures. In contrast, using the “goods and structures” ratio implies that
the production of services does not generate demand for inventories. Both
implications are extreme. Production of some services may require sub
stantial inventories, while production of other services may not.
Table 5. Real Change in Private Inventories, by Industry
[Billions of chained (2000) dollars; seasonally adjusted at annual rates]
Change from preceding
quarter
Level
2004
2003
III
Change in private
inventories (CIPI)...........
Farm............................................
Mining, utilities, and construction
Manufacturing..............................
Durable-goods industries.........
Nondurable-goods industries....
Wholesale trade...........................
Durable-goods industries.........
Nondurable-goods industries....
Retail trade..................................
Motor vehicle and parts dealers
Food and beverage stores.......
General merchandise stores....
Other retail stores....................
Other industries...........................
Residual1....................................
Addenda: Ratios of private
inventories to final sales of
domestic business:
Private inventories to final sales
Nonfarm inventories to final
sales...................................
Nonfarm inventories to final
sales of goods and structures
IV
-3.5
8.6
-0.7
3.5
3.5
1.2
-20.4 -13.1
-17.7 -1.8
-2.9 -10.9
2.3
4.0
-6.9
9.7
8.6 -5.2
9.4
13.7
4.3 -0.9
0.8 -2.1
0.6
3.3
8.2
9.2
0.5
0.8
0.5 -0.5
1
II
2004
2003
III
IV
40.0
5.1
-4.5
3.0
-2.2
5.0
8.5
11.1
-2.0
25.6
18.7
0.3
3.0
4.3
2.8
-1.6
61.1
35.9 12.1
4.2
3.0
3.9
-1.7
5.1
2.3
7.3
9.1
7.5
5.9
6.2 15.9
3.3
1.4 -8.0
20.0 32.5
1.7
16.4 25.5
16.6
4.0
7.5 -13.8
29.9 -19.2 -4.3
17.1 -22.7 -5.2
1.6 -0.2 -2.9
2.7
2.7
0.7
8.9
1.9
1.0
2.3
4.2
0.3
-2.4
2.4 -1.0
2.45
2.42
2.42
2.43
2.41
2.24
2.22
2.22
2.22
2.21
3.59
3.55
3.54
3.55
3.50
1
31.4
1.6
-8.0
16.1
-0.4
15.9
4.5
1.4
3.2
16.2
19.6
2.4
-0.3
-4.9
2.0
-1.1
II
III
21.1 -25.2
-2.1
0.9
2.8
6.8
6.1 -1.6
8.1
0.3
-1.7
-1.9
11.5 12.5
5.3
9.1
3.5
6.0
4.3 -49.1
-1.6 -39.8
1.3 -1.8
-0.3 -2.0
4.6 -7.0
-0.5
1.9
4.8
-0.8
1. The residual is the difference between the first line and the sum of the most detailed lines. It reflects the fact that
chained-dollar estimates are usually not additive, because the quantity indexes on which they are based embody
weights of more than one period.
N o t e . Real change in private inventories is from NIPA table 5.6.6B, and ratios of private inventories to final sales of
domestic business are from NIPA table 5.7.6B.
Chart 6. Real Private Inventory Investment:
Change from Preceding Quarter
Billion chained (2000) $
80
2001
2002
2003
2004
B ased on seasonally adjusted annual rates
U.S. Bureau of Economic Analysis
9
Survey of Current Business
December 2004
E xports and Im ports
The growth of real exports of goods and services
slowed somewhat in the third quarter, and the growth
of real imports of goods and services slowed more
sharply (table 6).
Real exports of goods and services increased 6.3
percent after increasing 7.3 percent (chart 7). Exports
of goods increased 9.1 percent after increasing 6.0 per
cent. The acceleration reflected an upturn in exports of
foods, feeds, and beverages and step-ups in exports of
automotives and in “other” exports that were partly
offset by a downturn in exports of nonautomotive
consumer goods and by a slowdown in exports of in
dustrial supplies and materials.
Exports of services increased 0.2 percent after in
creasing 10.2 percent. The deceleration primarily re
flected downturns in transfers under U.S. military sales
contracts, in passenger fares, and in “other” transpor
tation and decelerations in travel and in “other”
Chart 7. Real Exports
Table 6. Real Exports and Imports of Goods and Services
Percent
25
[Seasonally adjusted at annual rates]
PERCENT CHANGE FROM PRECEDING QUARTER
Share of
currentContribution to percent change dollar
Change from preceding period
in real exports and imports
exports
(percent)
and
(percentage points)
imports
(percent)
2004
2003
Exports of goods and
services........................
Exports of g o o d s1..................
Foods, feeds, and beverages
Industrial supplies and
materials...........................
Capital goods, except
automotive.........................
Automotive vehicles, engines,
and parts...........................
Consumer goods, except
automotive.........................
Other....................................
Exports of services1...............
Imports of goods and
services........................
Imports of go o d s1...................
Foods, feeds, and beverages
Industrial supplies and
materials, except
petroleum and products....
Petroleum and products........
Capital goods, except
automotive.........................
Automotive vehicles, engines,
and parts...........................
Consumer goods, except
automotive.........................
Other....................................
Imports of services1...............
IV
I
II
17.5
7.3
7.3
9.1
6.0
16.1
-6.0 -30.0 -24.3
2004
2003
III
2004
I
II
17.5
7.3
7.3
6.3
100.0
9.1 11.21
6.30 4.19
28.3 -0.32 -1.83 -1.35
6.28
1.21
70.0
4.6
6.3
III
III
IV
5.2
14.4
6.9
0.3
0.87
2.23
1.14
0.04
17.0
31.0
13.1
6.2
6.2
8.25
3.61
1.75
1.75
28.1
14.8
5.1
8.2
35.0
1.13
0.38
0.60
2.33
7.8
11.3
7.3
20.6
18.6
11.4
3.4
18.2
16.1
10.2
-0.3
27.7
0.2
0.99
0.28
6.24
1.50
0.41
1.04
1.49 -0.03
0.57 0.98
3.06 0.05
8.6
4.0
30.0
17.1
10.6
12.6
6.0
17.1
10.6
18.4
18.9
12.7
2.3
13.0
5.6 15.11 10.41
7.4 -10.1
0.68 0.08
0.7
16.5
16.9 38.2
39.1 -33.1
25.2
5.3
0.16
1.33
1.8/ 3.97
3.13 -3.88
2.95
0.51
13.2
10.0
26.0
13.4
30.6
13.9
4.83
2.bb
b.43
Zb/
19.4
21.7
6.0
10.1
3.2
2.88
0.82
1.33
0.42
12.8
9.6 20.5
-2.2 -10.7
1.2 10.6
-9./
16.4
8.3
4.64 2.08 4.21 -2.12
0.60 -0.11 -0.51
0.70
1.97 0.21
1.78 1.36
20.2
4.5
16.5
21.9
11.8
11.1
Addenda:
Exports of agricultural goods2 -19.1 -23.2 -19.1
Exports of nonagricultural
12.7
8.5
20.1
Imports of nonpetroleum
18.6
9.8 20.9
6.0
100.0
10.82 4.67
0.27 -0.37
12.6
83.5
3.4
24.6
5.1
7.9
64.9
5.6
73.5
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Govern
ment, are included in services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondu
rable nonautomotive consumer goods.
N o t e . Percent changes are from NIPA table 4.2.1, and contributions to percent change are from NIPA table 4.2.2.
Shares are calculated from NIPA table 4.2.5.
2001
2002
2003
2004
Based on seasonally adjusted annual rates
CONTRIBUTIONS TO 6.3-PERCENT INCREASE
IN REAL EXPORTS IN 2004:1
Foods, Feeds, and Beverages
I
Industrial Supplies and Materials
Capital Goods, except Automotive
Other Goods
Services
0
-2
2
Percentage points at an annual rate
Bureau of Economic Analysis
10
private services.
Real imports of goods and services increased 6.0
percent after increasing 12.6 percent (chart 8). Im
ports of goods increased 5.6 percent after increasing
13.0 percent. A downturn in imports of nonautomo
tive consumer goods and a deceleration in nonauto
motive capital goods were partly offset by an upturn in
imports of petroleum.
Imports of services also slowed, increasing 8.3 per
cent after increasing 10.6 percent. A deceleration in
travel was partly offset by an acceleration in royalties
and license fees.
December 2004
Business Situation
Chart 8. Real Imports
Percent
PERCENT CHANGE FROM PRECEDING QUARTER
2001
2002
2003
2004
Based on seasonally adjusted annual rates
CONTRIBUTIONS TO 6.0-PERCENT INCREASE
IN REAL IMPORTS IN 2004:111
Foods, Feeds, and Beverages
Industrial Supplies and Materials, except Petroleum
■
:Petroleum and Products
Capital Goods, except Automotive
■
Automotive Vehicles, Engines, and Parts
Consumer Goods, except Automotive
-4
-2
Percentage points at an annual rate
U.S. Bureau of Economic Analysis
December 2004
Survey of Current Business
11
G o vern m en t S p ending
Government spending increased 1.2 percent in the
third quarter after increasing 2.2 percent in the second
quarter (table 7 and chart 9). Spending by the Federal
Government increased more than in the second quar
ter, and spending by state and local governments
turned down.
National defense spending increased 9.8 percent af
ter increasing 1.9 percent. The step-up reflected an ac
celeration in consumption expenditures and an upturn
in gross investment. The acceleration in consumption
expenditures primarily reflected an acceleration in ser
vices. The upturn in gross investment was both in
structures and in equipment and software; within
equipment and software, investment in ships and mis
siles turned up.
Federal nondefense spending decreased 5.2 percent
after increasing 4.4 percent. The downturn was prima
rily accounted for by a downturn in gross investment
that mainly reflected a downturn in equipment and
software. Consumption expenditures decreased more
than in the second quarter, largely reflecting a down
turn in consumption expenditures of nondurable
goods.
At the state and local level, gross investment de
creased 8.9 percent after increasing 10.0 percent; the
downturn was mainly accounted for by structures.
Consumption expenditures accelerated in the third
quarter, primarily reflecting an acceleration in em
ployee compensation.
Chart 9. Real Government Consumption
and Investment
Percent
10
8
6
4
Table 7. Real Government Consumption Expenditures
and Gross Investment
2
[Seasonally adjusted at annual rates]
0
Change from preceding
period (percent)
2003
IV
2004
I
II
Contribution to percent
change in real CEGI
(percentage points)
2004
2003
III
IV
I
II
III
Share of
currentdollar
CEGI
(percent)
-2
2004
-6
-4
2001
III
2002
2003
2004
Based on seasonally adjusted annual rates
Government consumption
expenditures and gross
investment (CEGI)..........
Consumption expenditures
Gross investment.............
1.6
2.0
-0.3
2.5
1.9
5.5
2.2
1.0
8.3
7.1
1.2
1.6
3.1 1.67
-7.0 -0.05
2.5
1.61
0.94
2.2
1.2
0.81 2.50
1.41 -1.27
2.7
4.7
1.71
2.56
0.99
1.71
37.1
National defense....................
Consumption expenditures...
Gross investment.................
11.6
10.9
16.8
10.6
1.9
7.2
4.1
37.2 -12.0
9.8
9.7
10.6
2.66
2.20
0.46
2.53 0.47
1.53 0.87
1.00 -0.40
2.36
2.04
0.32
25.3
22.2
3.2
Nondefense............................
Consumption expenditures...
Gross investment.................
-7.5
-8.7
1.7
0.2
-0.3
3.9
4.4 -5.2 -0.95 0.03 0.52 -0.64
-0.7 -2.2 -0.98 -0.03 -0.07 -0.23
44.0 -22.4 0.03 0.06 0.59 -0.41
11.8
10.3
1.6
State and local............................
Consumption expenditures......
Gross investment.....................
-0.1
0.9
-4.1
0.0
0.2
-1.0
1.9
0.0
10.0
Federal.......................................
4.8
-0.8 -0.09 -0.01
1.4 0.45 0.12
-8.9 -0.54 -0.12
1.23 -0.49
0.01 0.69
1.22 -1.18
CONTRIBUTIONS TO 1,2-PERCENT INCREASE IN REAL GOVERNMENT
100.0
82.7
17.3
62.9
50.2
12.6
State and Local
-
1
0
1
U.S. Bureau of Economic Analysis
N o t e . Percent changes are from NIPA table 3.9.1, and contributions to percent change are from NIPA table 3.9.2.
Shares are calculated from NIPA table 3.9.5.
2
Percentage points at an annual rate
Prices, next page.
3
12
December 2004
Business Situation
Prices
Inflation as measured by the price index for gross do
mestic purchases was 1.8 percent in the third quarter;
in the second quarter, inflation was 3.5 percent (table
8). The deceleration partly reflected a sharp decelera
tion in energy prices and a moderate deceleration in
food prices. Excluding energy and food prices, the
price index increased 1.6 percent in the third quarter
after a 2.5-percent increase in the second (chart 10).
Prices of goods and services purchased by consum
ers increased 1.1 percent after increasing 3.1 percent;
food and energy prices increased less than in the sec
ond quarter. Excluding food and energy, prices paid by
Table 8. Price Indexes
[Percent change at annual rates; based on seasonally adjusted index numbers (2000=100)]
Change from preceding period
(percent)
2004
2003
IV
G ro s s d o m e s tic p u rc h a s e s ....
I
II
Contribution to percent change in
gross domestic purchases prices
(percentage points)
2004
2003
III
IV
I
1.4
3.4
1.2
3.3
3.1
Durable goods.........................
Nondurable goods...................
Services..................................
-4.3
0.5
2.7
0.0
5.3
3.0
-0.1
6.6
2.1
G ro s s p riva te d o m e s tic
in v e s tm e n t...................................
2.7
2.1
4.4
3.1
0.40
0.32
0.68
0.48
2.8
1.2
1.4
1.2
5.8
2.0
0.3
4.8
-1.1
5.4
4.3
1.7
7.6
0.1
9.1
3.1
1.0
9.8
-1.5
7.0
0.40
0.12
0.03
0.09
0.29
-0.01
0.30
0.03
0.10
-0.08
0.28
0.02
0.64
0.17
0.17
0.01
0.47
0.04
0.47
0.10
0.21
-0.11
0.37
0.01
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Residential...........................
Change in private inventories...
3.4
1.1
0.82
-3.1
0.9
2.1
-0.37
0.11
1.08
2.19
0.00
III
Perso nal c o n s u m p tio n
e x p e n d itu re s ...............................
3.5
1.4
II
1.8
1.00
1.20
3.5
1.8
2.08
0.74
-0.01
1.25
0.84
-0.25
0.18
0.81
G o ve rn m e n t c o n s u m p tio n
e x p e n d itu re s a nd g ro s s
in v e s tm e n t....................................
1.0
5.1
4.3
3.4
0.18
0.89
0.77
0.59
Federal....................................
National defense..................
Nondefense.........................
State and local.........................
1.0
1.3
0.3
1.0
6.6
5.7
8.3
4.2
3.0
3.5
1.9
5.2
1.6
1.8
1.1
4.4
0.06
0.06
0.01
0.11
0.42
0.25
0.18
0.47
0.20
0.15
0.04
0.57
0.10
0.08
0.02
0.49
4.1
-7.1
1.5
2.8
27.0
2.5
4.2
24.9
2.5
2.1
6.3
1.6
0.38
-0.29
1.31
0.27
0.98
2.16
0.40
0.94
2.19
0.20
0.26
1.35
3.9
-8.5
1.3
1.6
2.6
26.7
2.1
2.8
3.9
26.5
1.7
3.2
2.6
4.0
0.7
1.3
consumers increased 0.7 percent after increasing 1.7
percent.
Prices of private nonresidential fixed investment in
creased 1.0 percent after increasing 1.7 percent. Prices
of equipment and software decreased after increasing
slightly; in contrast, prices of structures increased
more than in the second quarter.
Prices paid by government increased 3.4 percent
after increasing 4.3 percent. Prices paid by the Federal
Government slowed; both national defense and non
defense prices contributed to the deceleration. Prices
paid by state and local governments increased 4.4 per
cent in the third quarter, 0.8 percentage point less than
in the second.
The GDP price index, which measures the prices
paid for goods and services produced in the United
States, increased 1.3 percent, 0.5 percentage point less
than the price index for gross domestic purchases. The
smaller increase in the GDP price index reflected a
smaller increase in export prices (which are included
in the GDP price index) than in import prices (which
are included in the price index for gross domestic pur
chases).
Chart 10. Gross Domestic Purchases Prices
Change From Preceding Quarter
Percent
A dde nda:
Gross domestic purchases:
Food........................................
Energy goods and services.....
Excluding food and energy......
Personal consumptions
expenditures:
Excluding food and energy......
Gross domestic product...............
- 2 1_______________ |_______________ |_______________ |__________
2001
2002
Note. Most percent changes are from NIPA table 1.6.7; percent changes for personal consumption expenditures
on energy goods and services and for personal consumption expenditures excluding food and energy are calculated
from index numbers in NIPA table 2.3.4. Contributions to percent change are from NIPAtable 1.6.8.
2003
Percent change at annual rate from preceding quarter;
based on seasonally adjusted index numbers (2000=100).
Note.
U.S.BureauofEconomicAnalysis
2004
13
Survey of Current Business
December 2004
R evisions
The preliminary estimate of a 3.9-percent increase in
real GDP in the third quarter is 0.2 percentage point
more than the advance estimate released in October
(table 9). In the past 20 years, the average revision,
without regard to sign, from the advance estimate to
the preliminary estimate has been 0.5 percentage
point.
The upward revision to third-quarter real GDP re
flected upward revisions to net exports and to con
sumer spending that were partly offset by a downward
revision to inventory investment.
In the preliminary estimate, net exports added 0.35
percentage point more to the GDP growth rate than in
the advance estimate. Exports increased more than
previously reported, and imports (which are sub
tracted in the calculation of GDP) increased less. The
revisions to both exports and imports mainly reflected
the incorporation of newly available Census Bureau
data on trade in goods for September.
Consumer spending contributed 0.30 percentage
point more to GDP growth in the preliminary estimate
than in the advance estimate. The upward revision to
consumer spending mainly reflected the incorporation
of revised Census Bureau data on retail sales for August
and September.
Inventory investment contributed 0.43 percentage
point less to GDP growth in the preliminary estimate
than in the advance estimate. Within inventory invest
ment, nonfarm inventories were revised down, and
farm inventories were revised up. The downward revi
sion to nonfarm inventory investment reflected the in
corporation of newly available Census Bureau data on
inventories for September and revised data for August.
The upward revision to farm inventories reflected the
incorporation of newly available data from the Depart
ment of Agriculture.
In addition to these revised estimates for the third
quarter, estimates of wages and salaries and of related
series for the second quarter have been revised. These
revisions reflect the incorporation of newly available
tabulations of wages and salaries of employees covered
by state unemployment insurance from the Bureau of
Labor Statistics. Wage and salary accruals are now esti
mated to have increased $70.7 billion in the second
quarter, an upward revision of $10.0 billion, and real
disposable personal income (DPI) is now estimated to
have increased 2.8 percent in the second quarter, an
upward revision of 0.4 percentage point. Real DPI in
the third quarter is now estimated to have increased
2.0 percent, an upward revision of 0.6 percentage
point.
Table 9. Preliminary and Advance Estimates for the Third Quarter of 2004
[Seasonally adjusted at annual rates]
Contribution to percent change
in real GDP
Percent change from
preceding quarter
Preliminary
3reliminary
Preliminary Advance
minus
minus
estimate estimate
advance
advance
Preliminary Advance
estimate estimate
Gross domestic product
(GDP)...............................
3.9
3.7
0.2
3.9
3.7
0.2
Personal consumption
expenditures...........................
Durable goods...........................
Nondurable goods.....................
Services...................................
5.1
17.2
4.8
2.9
4.6
16.8
3.9
2.7
0.5
0.4
0.9
0.2
3.53
1.37
0.96
1.21
3.23
1.33
0.79
1.10
0.30
0.04
0.17
0.11
2.8
8.8
12.9
-0.3
17.2
1.7
5.2
8.5
11.7
1.4
14.9
3.1
-2.4
0.3
1.2
-1.7
2.3
-1.4
0.46
1.37
1.27
-0.01
1.28
0.10
-0.91
0.85
1.33
1.15
0.03
1.12
0.18
-0.48
-0.39
0.04
0.12
-0.04
0.16
-0.08
-0.43
Exports.....................................
Goods...................................
Services................................
Imports.....................................
Goods...................................
Services...............................
6.3
9.1
0.2
6.0
5.6
8.3
5.1
7.8
-0.8
7.7
7.5
8.8
1.2
1.3
1.0
-1.7
-1.9
-0.5
-0.27
0.62
0.62
0.01
-0.89
-0.69
-0.20
-0.62
0.51
0.53
-0.02
-1.13
-0.92
-0.21
0.35
0.11
0.09
0.03
0.24
0.23
0.01
Government consumption
expenditures and gross
investment..............................
Federal.....................................
National defense...................
Nondefense...........................
State and local...........................
1.2
4.7
9.8
-5.2
-0.8
1.4
4.6
9.3
-4.7
-0.5
-0.2
0.1
0.5
-0.5
-0.3
0.23
0.32
0.44
-0.12
-0.09
0.26
0.31
0.42
-0.11
-0.05
-0.03
0.01
0.02
-0.01
-0.04
4.9
4.2
0.7
4.86
4.19
0.67
1.8
1.3
1.8
1.3
0.0
0.0
Gross private domestic
investment..............................
Fixed investment.......................
Nonresidential.......................
Structures..........................
Equipment and software....
Residential............................
Change in private inventories....
Net exports of goods and
Addenda:
Final sales of domestic product
Gross domestic purchases price
N o t e . The preliminary estimates for the third quarter
of 2004 incorporate the following revised or additional
major source data that were not available when the
advance estimates were prepared.
Personal consumption expenditures: Revised retail
sales for August and September, and revised estimates
of electricity usage for July.
Nonresidential fixed investment: Construction putin-place data for July and August (revised) and
September, manufacturers’ shipments of machinery
and equipment for September (revised), and manufac
turers' shipments of complete civilian aircraft for
September.
Residential fixed investment: Construction put-inplace data for July and August (revised) and Sep
tember.
Change in private inventories: Manufacturers’ and
trade inventories for August (revised) and September
(newly available and revised), and crop and livestock
estimates from the U.S. Department of Agriculture for
Corporate Profits, next page.
2003 (revised) and 2004 (projected).
Exports and imports o f goods and services: Exports
and imports of goods for August (revised) and Sep
tember.
Government consumption expenditures and gross
investment: Revised state and local construction put-inplace data for July and August (revised) and Sep
tember.
Wages and salaries: Revised employment, average
hourly earnings, and average weekly hours for August
and September, and tabulations of wages and salaries
for the second quarter of employees covered by state
unemployment insurance.
G D P prices: Revised export and import prices for
July through September, revised unit-value index for
petroleum imports for September, seasonally adjusted
consumer price indexes for July through September
(revised), and revised prices of single-family houses
under construction for the quarter.
14
Business Situation
December 2004
C o rp o rate P rofits
Profits from current production decreased $27.6 bil
lion (2.4 percent at a quarterly rate) in the third quar
ter after increasing $8.3 billion (0.7 percent) in the
second quarter (table 10).7 In the third quarter, profits
of domestic industries decreased, and profits from the
rest of the world increased; in contrast, in the second
quarter, profits of domestic industries increased, and
profits from the rest of the world decreased.8
Third-quarter profits from current production
were reduced $79.7 billion (annual rate) because of
Hurricanes Charley, Frances, Ivan, and leanne. Bene
fits paid by insurance companies reduced their profits
by $69.3 billion. In addition, profits of other compa
nies were reduced $10.4 billion by uninsured losses.9
Taxes on corporate income decreased $9.8 billion
(3.6 percent) in the third quarter, and after-tax profits
from current production decreased $17.8 billion (2.0
percent).
The decrease in profits of domestic industries was
more than accounted for by financial corporations.
Profits of financial corporations decreased $46.7 bil
lion (13.4 percent) in the third quarter, reflecting the
effect of the hurricanes on the profits of insurance
companies; in the second quarter, profits of financial
corporations decreased $7.9 billion (2.2 percent). In
contrast, profits of nonfinancial corporations in
creased $10.2 billion (1.6 percent) in the third quarter
after increasing $36.2 billion (6.0 percent) in the sec
ond. The third-quarter increase reflected an increase in
gross value added, as both unit prices and profits per
unit changed little.
Profits from the rest of the world increased $8.8 bil
lion (4.7 percent) after decreasing $20.0 billion (9.7
7. Profits from current production is estimated as the sum of profits
before tax, the inventory valuation adjustment, and the capital consump
tion adjustment; it is shown as “corporate profits with inventory valuation
and capital consumption adjustments” in NIPA tables 1.7.5, 1.10-1.12,
1.14-1.16, and 6.16D.
Percent changes in profits are shown at quarterly, not annual, rates.
8. Profits from the rest of the world is the difference between (1) receipts
by U.S. residents of earnings from foreign affiliates plus dividends received
by U.S. residents from unaffiliated foreign corporations and (2) payments
by U.S. affiliates of earnings to foreign parents plus dividends paid by U.S.
corporations to unaffiliated foreign residents. These estimates include capi
tal consumption adjustments (but not inventory valuation adjustments)
and are derived from BEA’s international transactions accounts.
9. For additional information on the effects of the third-quarter hurri
canes on corporate profits and other NIPA income measures, see BEA’s Web
site, < www.bea.gov/bea/dn/hurricane.htm>. More detail is available at
< www.bea.gov/bea/dn/hurrican.pdf>.
percent). The turnaround reflected a downturn in pay
ments by domestic affiliates to foreign parents, which
are deducted in the calculation of profits from the rest
of the world. These payments decreased $2.5 billion
(2.1 percent) after increasing $26.6 billion (28.4 per
cent). Receipts from foreign affiliates of domestic par
ents increased at about the same rate in the third
quarter as in the second.
Net cash flow from current production, a profits-related measure of internally generated funds available
for investment, increased $20.4 billion.10 The ratio of
cash flow to nonresidential fixed investment, an indi
cator of the extent to which the current level of invest
ment could be financed by internally generated
corporate funds decreased to 104.4 in the third quarter
from 106.2 in the second. However, the ratio remained
above 100 for the eighth consecutive quarter.
10. Cash flow from current production is undistributed profits with
inventory valuation and capital consumption adjustments plus the con
sumption of fixed capital.
Table 10. Corporate Profits
[Seasonally adjusted]
Billions of dollars (annual rate)
Percent change from
preceding quarter
(quarterly rate)
Change from
preceding quarter
Level
2004
2003
III
IV
2004
I
II
Current production measures:
Corporate profits.................... 1,146.3 72.0 36.5
8.3
952.1 29.6 47.0 28.3
Domestic industries...........
Financial........................
301.1 -0.5
19.8 -7.9
Nonfinancial...................
651 .C 30.0 27.3 36.2
194.1 42.4 -10.5 -20.0
Rest of the world................
Receipts from the rest of
the world....................
311.9 40.3
5.6
6.6
Less: Payments to the
rest of the world.........
117.8 -2.2
16.2 26.6
Less: Taxes on corporate
income..............................
261.4 13.6
14.7
4.2
Equals: Profits after tax..........
884.9 58.4 32.3 -6.4
Net dividends.....................
424.0
2.3
7.0
9.8
Undistributed profits from
current production..........
460.9 56.2 25.3 -16.2
Net cash flow......................... 1,293.8 63.2
5.9 -5.7
2004
2003
III
IV
I
-27.6
-36.5
-46.7
10.2
fi.8
6.8
3.3
-0.1
5.5
24.4
3.2
5.1
5.9
4.7
-4.9
II
III
0.7 -2.4
2.9 -3.7
-2.2 -13.4
60
1.6
-9 7
4.7
6.3
15.9
1.9
2.2
2.1
-2.5
-2.7
20.8
28.4
-2.1
-9.8
-17.8
10.8
5.7
7.1
0.6
1.6
3.7
1.8
5.7
-0.7
?4
-3.6
-2.0
2.6
-28.6
20.4
13.2
5.2
5.3
0.5
-3.2
-0.4
-5.8
1.6
7.4
3.2
-0.3
5.8
24.4
-1.8
-0.8
2.7
-3.4
-4.9
-0.4
Industry profits:
Profits with IVA.......................
Domestic industries...........
Financial........................
Nonfinancial...................
Rest of the world................
925.0
730.9
259.9
471.0
194.1
64.7 -16.5
15.2 -15.6
22.3 -6.1
35.2 -24.3
-0.8
8.4 -7.3 -46.5
23.1 -14.3
42.4 22.2
42.4 -10.5 -20.0
8.8
Addenda:
Profits before tax (without IVA
and CCAdj)........................
Profits after tax (without IVA
and CCAdj)........................
IVA........................................
CCAdj....................................
964.3
85.2
25.9 -24.0
9.7
703.0 71.6 -8.0
11.2 -14.1
-39.3 -20.5 -12.7 -10.8
8.5
221.2
7.3 53.0 -6.9 -12.1
11.2
-1.1
1.6
-2.0
4.1
28.3
-2.9
-5.2
-3.8
Levels of these and other profits series are shown in NIPA tables 1.12,1.14,1.15, and 6.16D.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
N o te.
1 fi -1.7
4.9 -3.2
-2.3 -15.2
10.4
5.0
-9.7
4.7
2.7
-2.4
December 2004
Survey of Current Business
15
G overn m en t S ector
“Net government saving,” the difference between cur
rent receipts and expenditures, was -$367.7 billion in
the third quarter of 2004, decreasing $6.0 billion from
-$361.7 billion in the second quarter (table l l ) .11 Net
Federal Government saving decelerated in the third
quarter, and net state and local government saving
turned down.
Federal
Net Federal Government saving was -$376.2 billion in
the third quarter of 2004, increasing $3.8 billion from
-$380.0 billion in the second quarter. Both current re
ceipts and current expenditures decelerated.
Current receipts. Federal Government current re
ceipts increased $14.8 billion in the third quarter after
increasing $33.8 billion in the second quarter. The de
celeration was more than accounted for by decelera
tions in current tax receipts and in contributions for
government social insurance. These decelerations were
partly offset by an upturn in income receipts on assets.
Current tax receipts increased $5.4 billion after in
creasing $24.6 billion. The deceleration was more than
accounted for by a downturn in taxes on corporate in
come, which decreased $7.8 billion after increasing
$11.6 billion. The deceleration was also partly attribut
able to personal current taxes, which increased $12.9
billion after increasing $13.2 billion.
Contributions for government social insurance in
creased $8.7 billion after increasing $9.7 billion. The
deceleration was mostly accounted for by contribu
tions for social security (old-age, survivors, disability,
and health insurance trust funds), which increased
$7.6 billion after increasing $8.6 billion, reflecting a
deceleration in wage and salary disbursements.
Income receipts on assets increased $0.6 billion after
decreasing $0.7 billion. The upturn was mostly attrib
utable to an upturn in interest receipts. Interest re
ceipts from the rest of the world turned up, increasing
$0.5 billion after decreasing $0.6 billion.
Current expenditures. Federal Government current
expenditures increased $11.0 billion after increasing
$22.8 billion. The deceleration was mostly accounted
for by a downturn in interest payments and a slow
down in current transfer payments. The deceleration
was partly offset by an acceleration in consumption ex
penditures.
Interest payments decreased $0.7 billion after in
creasing $9.6 billion. The downturn was mostly ac
counted for by a downturn in interest paid to persons
and business, which decreased $5.3 billion after in
creasing $3.8 billion, reflecting lower interest expense
11. Net government saving is shown in NIPA tables 3.1-3.3.
payments on the public debt.
Current transfer payments increased $0.1 billion af
ter increasing $2.0 billion. The slowdown was more
than accounted for by “other current transfer pay
ments,” which decreased $11.0 billion after decreasing
$4.8 billion; the third-quarter decrease was partly off
set by an acceleration in government social benefits.
Grants-in-aid to state and local governments de
creased $9.8 billion after increasing $5.9 billion. The
Table 11. Government Sector Current Receipts and Expenditures
[Billions of dollars, seasonally adjusted at annual rates]
Level
Change from preceding quarter
2004
2003
III
IV
I
2004
II
30.8
66.2
61.1
43.6
17.7
23.7
III
Current receipts............................................
Current expenditures....................................
3,198.8
3,566.5
104.4
21.7
Net government saving..............................
Social insurance funds..................................
Other.............................................................
Federal
Current receipts..................................
Current tax receipts......................................
Personal current taxes...............................
Taxes on production and imports...............
Taxes on corporate income........................
Taxes from the rest of the world.................
Contributions for government social insurance
Income receipts on assets.............................
Current transfer receipts...............................
Current surplus of government enterprises....
Current expenditures..........................
Consumption expenditures............................
National defense....................................
Nondefense...........................................
Current transfer payments.............................
Government social benefits.......................
To persons.............................................
To the rest of the world..........................
Other current transfer payments................
Grants-in-aid to state and local
governments.....................................
To the rest of the world.........................
Interest payments.........................................
Subsidies......................................................
Less: Wage accruals less disbursements......
Net Federal Government saving.................
Social insurance funds..................................
Other.............................................................
State and local
Current receipts...................................
Current tax receipts......................................
Personal current taxes..............................
Taxes on production and imports...............
Taxes on corporate income........................
Contributions for government social insurance
Income receipts on assets............................
Current transfer receipts...............................
Federal grants-in-aid
Other.......................
Current surplus of government enterprises ....
Current expenditures.........................
Consumption expenditures............................
Government social benefits...........................
Interest payments.......
Subsidies......................................................
Less: Wage accruals less disbursements......
Net state and local government saving.....
Social insurance funds..................................
Other.............................................................
Addendum:
Net lending or net borrowing ( - ) 1..................
Federal......................................................
State and local..........................................
-367.7
69.7
-437.4
82.6
2.8
79.8
-35.3
12.1
-47.4
17.5
6.7
10.7
-€.0
2.5
-8.4
1,963.9
1,103.9
794.4
89.5
211.7
8.3
806.3
22.8
26.6
4.4
2,340.1
713.0
487.1
226.0
1,368.0
1,004.2
1,001.2
2.9
363.9
84.2
75.6
63.3
1.6
10.6
0.1
7.9
1.2
-0.2
-0.5
30.4
8.3
13.1
-4.8
19.5
8.0
7.9
0.1
11.4
14.7
-1.0
-4.2
-0.6
3.0
0.7
18.4
-2.6
0.5
-0.4
26.5
19.8
15.0
4.8
15.3
13.7
13.7
0.0
1.7
33.8
24.6
13.2
0.3
11.6
-0.3
9.7
-0.7
0.1
-0.1
22.8
9.2
8.4
0.7
2.0
6.8
6.8
0.0
-4.8
14.8
5.4
12.9
0.2
-7.8
0.0
8.7
0.6
0.4
-0.1
11.0
12.7
13.5
-0.6
0.1
11.2
11.1
0.0
-11.0
342.1
21.8
220.0
39.0
0.0
-376.2
68.2
-444.4
14.2
-2.8
4.6
-2.1
0.0
53.8
2.8
51.0
-11.2
12.9
-3.6
-3.5
1.5
-11.8
12.0
-23.8
5.9
-10.7
9.6
-1.0
-3.0
11.0
6.7
4.3
-9.8
-1.2
-0.7
0.3
1.5
3.8
2.3
1.5
1,576.9
1,043.4
249.9
754.6
39.0
16.8
83.3
431.3
342.1
89.2
2.1
1,568.5
1,104.8
369.9
93.1
0.7
0.0
8.5
1.5
7.0
34.4
16.9
-0.1
5.6
5.3
-3.4
1.8
1.9
0.0
28.8
0.1
28.7
4.8
12.3
1.4
9.9
0.9
0.5
0.5
-8.2
-11.2
3.0
-0.2
28.3
13.5
14.0
1.3
-0.5
0.0
-23.5
0.1
-23.5
33.3
24.9
10.8
12.2
2.0
0.4
0.4
8.1
5.9
2.2
-0.6
26.9
12.0
14.7
0.1
0.0
0.0
6.5
0.1
6.3
-7.0
7.4
0.8
8.2
-1.5
0.4
0.7
-14.7
-9.8
-4.9
-0.8
2.8
13.0
-11.1
1.0
0.0
0.0
-9.8
0.1
-9.9
-514.0
-429.2
-84.8
88.4
61.3
27.1
-38.4
-14.8
-23.6
7.7
12.3
-4.6
-0.3
^ .1
3.8
10.3
16.2
14.2
1. “Net lending or borrowing” is similar to “net financial investment” in the flow-of-funds accounts prepared by
the Federal Reserve Board. The two measures differ primarily because government net lending or borrowing is
estimated from data for transactions, whereas net financial investment is estimated from data for financial
assets. There are also small conceptual differences, such as the classification of the Federal Government's rail
road retirement and veterans life insurance programs.
16
Business Situation
downturn was more than accounted for by a downturn
in grants for Medicaid, which decreased $17.8 billion
after increasing $8.9 billion.
“Other current transfer payments to the rest of
the world” decreased $1.2 billion after decreasing
$10.7 billion. The second-quarter decrease followed a
first-quarter increase that included a payment of $2.8
billion ($11.2 billion at an annual rate) to Israel and
Egypt for economic support.
Government social benefits increased $11.2 billion
after increasing $6.8 billion. The acceleration was
mainly accounted for by government social benefits to
persons, which increased $11.1 billion after increasing
$6.8 billion. Payments for unemployment programs
decreased $1.1 billion after decreasing $8.0 billion.
Consumption expenditures increased $12.7 billion
after increasing $9.2 billion. The acceleration was more
than accounted for by an acceleration in defense con
sumption expenditures. Nondefense consumption ex
penditures turned down.
Defense consumption expenditures increased $13.5
billion after increasing $8.4 billion. Expenditures for
services accelerated, increasing $11.3 billion after
increasing $6.1 billion. These expenditures include
expenditures for research and development, for trans
portation of materials, for travel, and for other ser
vices.
Nondefense consumption expenditures decreased
$0.6 billion after increasing $0.7 billion. The downturn
was more than accounted for by spending for nondu
rable goods, which decreased $1.3 billion after increas
ing $0.4 billion. Commodity Credit Corporation sales,
which are treated as deductions from consumption
expenditures, increased $3.2 billion after decreasing
$1.4 billion.
State and local
Net state and local government saving was $8.5 billion
in the third quarter of 2004, decreasing $9.8 billion
from $18.3 billion in the second quarter. Current re
ceipts turned down, and current expenditures deceler
ated.
Current receipts. State and local government cur
rent receipts decreased $7.0 billion after increasing
$33.3 billion. The downturn was more than accounted
for by a downturn in current transfer receipts and by a
deceleration in current tax receipts.
Current transfer receipts decreased $14.7 billion
after increasing $8.1 billion. The downturn was
mostly accounted for by the downturn in Federal
grants-in-aid, which decreased $9.8 billion after in
creasing $5.9 billion mainly because of a downturn in
Medicaid grants. The downturn was also attributable
December 2004
to a downturn in “other” transfer receipts, specifically
transfer receipts from business, which decreased $6.4
billion after increasing $0.7 billion, reflecting the effect
of the hurricanes on the transactions of state-owned
insurance enterprises in Florida and Louisiana.
Current tax receipts increased $7.4 billion after in
creasing $24.9 billion. The deceleration was mostly ac
counted for by a deceleration in personal current taxes,
which increased $0.8 billion after increasing $10.8 bil
lion, mainly as a result of a deceleration in personal in
come taxes.
Current expenditures. State and local government
current expenditures increased $2.8 billion after in
creasing $26.9 billion. The deceleration was more than
accounted for by a downturn in government social
benefits.
Government social benefits decreased $11.1 billion
after increasing $14.7 billion. The downturn was
mostly accounted for by a downturn in Medicaid pay
ments that had been boosted by an increase in the Fed
eral matching rate for Medicaid as a result of the Job
and Growth Tax Relief Reconciliation Act of 2003; this
increase expired at the end of the second quarter of
2004.
Net lending or net borrowing
“Net lending or net borrowing (-)” is an alternative
measure of the government fiscal position. Net lending
is the financing requirement of the government sector,
and it is derived as net government saving plus the
consumption of fixed capital and “capital transfers re
ceived (net)” less gross investment and net purchases
of nonproduced assets.12
Net borrowing increased $0.3 billion in the third
quarter after decreasing $7.7 billion in the second
quarter. Federal Government net borrowing increased
$4.1 billion after decreasing $12.3 billion. The upturn
was mainly accounted for by “capital transfers received
(net),” which decreased $6.2 billion after increasing
$1.2 billion. State and local government net borrowing
turned down, decreasing $3.8 billion after increasing
$4.6 billion.
Gross government investment turned down, de
creasing $1.1 billion after increasing $13.6 billion.13
Federal Government gross investment decreased $0.2
billion after increasing $1.9 billion. State and local gov
ernment gross investment decreased $0.8 billion after
increasing $11.6 billion; the deceleration was mostly
accounted for by a downturn in gross investment for
structures, which decreased $1.2 billion after increas
ing $11.1 billion.
12. These estimates are also shown in NIPA tables 3.1-3.3.
13. See the addenda to NIPA tables 3.1-3.3.
17
December 2004
The NIPAs and the System of National Accounts
B y
C h a r le s
Ia n
M e a d ,
K a r in
E .
M o s e s , a n d
B re n t R .
M o u lto n
• In the 2003 comprehensive revision, the implicit
HE increased integration of the world’s monetary,
services provided by commercial banks to borrow
fiscal, and trade policies has led to a growing need
ers were recognized, the services produced by gen
for the international harmonization of economic sta
eral government were explicitly recognized, the
tistics. Accordingly, the System of National Accounts
definition of national income was broadened to
1993 (SNA) was developed by the international com
include all net income (net of consumption of fixed
munity in order to facilitate international comparisons
capital) earned in production, and the summary
of national economic statistics and to serve as a guide
accounts, tables, and terminology were revised to
for countries as they develop their economic account
more closely conform with the SNA.
ing systems.1 The Bureau of Economic Analysis (BEA)
BEA supports the goal of the international harmo
actively participated in preparing the 1993 revision of
the SNA, and after the revision was approved by the nization of its national accounts, and the NIPAs will
United Nations Statistical Commission, BEA has mov continue to adopt the SNA guidelines to the extent that
ed its accounts toward improved consistency with the is feasible. However, some differences will persist be
SNA, which now serves as the internationally accepted cause BEA has decided to retain several important
set of guidelines for the compilation of national ac NIPA aggregates, such as personal income and corpo
rate profits, that do not appear in the SNA, and BEA
counts.2
The SNA provides a comprehensive framework for must also consider the needs of the U.S. user commu
recording all of the stocks and flows that are defined as nity. Improving the consistency of the NIPAs with the
part of a nation’s economy. Its accounts are organized SNA remains an important element of BEA’s mission
to measure production, income, saving, investment, to produce accurate, relevant, and timely statistics, to
and financial and nonfinancial wealth; it also encom respond to customers’ needs, and to meet the chal
passes input-output tables, international transactions, lenges of measuring a changing economy.
BEA is also participating with other members of the
financial accounts, and balance sheets. The SNA is
designed to be an integrated system; that is, the ac international statistical community in the current re
counts use consistent definitions, classifications, and view and update of the SNA that was recently autho
accounting conventions. Furthermore, the SNA is al rized by the United Nations Statistical Commission.
most completely harmonized with other international This review is considering revisions to the SNA that
guidelines, such as the International Monetary Fund’s will address new issues that are emerging in the new
economic environment, as well as some old issues that
Balance of Payments Manual (fifth edition).
Since 1993, BEA has continued to improve its na are increasing in economic significance or that may
tional income and product accounts (NIPAs) and its qualify for a different treatment as a result of advances
other economic accounts to incorporate most of the in methodological research. A few of the changes that
major SNA guidelines that affect gross domestic prod are being considered include treating research and de
velopment as part of fixed capital formation, recogniz
uct (GDP), investment, and saving.
• In the 1996 comprehensive NIPA revision, chain- ing a net return to government fixed assets, and using
type indexes were adopted for measuring changes in actuarial valuations to determine the liability and to al
real GDP and prices, and government fixed invest locate the net worth of employer-provided defined
benefit plans between the employer and the employees.
ment was recognized.
For many years, BEA has prepared estimates on an
• In the 1999 comprehensive revision, investment in
software was recognized, the treatment of govern SNA basis in response to a questionnaire used by the
ment employee retirement plans was changed, and Organisation for Economic Co-operation and Devel
certain transactions were reclassified as capital opment (OECD).3 These estimates are published by
the OECD and by other international organizations.
transfers.
The estimates are derived from the published NIPA es
1. See Commission of the European Communities, International Mone
timates and are converted to the SNA basis in a series
T
tary Fund, Organisation for Economic Co-operation and Development,
United Nations, and the World Bank, System of National Accounts 1993
(Brussels/Luxembourg, New York, Paris, and Washington, DC, 1993).
2. See “New International Guidelines in Economic Accounting,” Su rvey o f
C u r r e n t B usin ess 73 (February 1993): 43.
3. For a discussion of the 1968 version of the SNA and the NIPAs, see
Carol S. Carson and Jeanette Honsa, “The United Nations System of
National Accounts: An Introduction,” Su rv ey 70 (June 1990): 20-30.
18
December 2004
The NIPAs and the System of National Accounts
of reconciling adjustments that are based on underly
ing detail and related estimates. However, the adjust
ments do not deal with all the differences between the
NIPAs and the SNA; for example, information is not
available to cover illegal production, which according
to SNA, should be included as part of the production
measured by GDP.
In the first part of this article, the organization and
major features of the SNA are compared with those of
the NIPAs. In the second part, the set of estimates on
an SNA basis that are provided to the O ECD are pre
sented, and these estimates are compared with the re
lated NIPA estimates. In the third part, the current
revision of the SNA is described.
T h e S N A and the NIPAs
The SNA aims to provide a comprehensive record of
the stocks and flows that are defined as part of a na
tion’s economy. Like the NIPAs, the SNA organizes the
major economic institutions (households, businesses,
governments, and nonprofit institutions) and their
transactions so that the resulting estimates are mean
ingful for economic analysis, forecasting, and policy.
The SNA is organized as a series of accounts that
summarize the transactions of groups of institutions
(or sectors), of groups of establishments engaged in
production (or industries), and of the total economy.
It includes a sequence of accounts that flow from one
to another; for example, production generates income,
which then is used to finance consumption and other
current spending and saving. Saving is then used for
capital formation or for acquiring financial assets and
liabilities (net lending). Finally, the accumulation of
nonfinancial assets and of financial assets and liabili
ties and the revaluation of assets and liabilities explain
the differences between the opening balance sheet and
the closing balance sheet, which summarize the wealth
of a nation or a sector.
The SNA encompasses accounts that are organized
as separate sets of accounts in the United States. The
NIPAs are organized as 7 summary accounts with
nearly 300 underlying tables, and they cover the trans
actions that are grouped in the SNA as the production
account, the distribution and use of income accounts,
and the capital accounts. In particular, in the NIPAs,
the domestic income and product account (chart 1,
summary account 1) provides estimates of GDP and
corresponds to the SNA production account for the to
tal economy. The domestic income and product ac
count also provides information about the income
from production that accrues to labor (compensation
of employees), to capital (net operating surplus and
consumption of fixed capital), and to government
(taxes on production and imports); in the SNA, these
flows are included in the generation of income ac
count. In the SNA, the remaining accounts in the dis
tribution and use of income accounts for each of the
domestic sectors roughly correspond to the NIPA per
sonal income and outlay account (account 3), to the
government current receipts and expenditures account
(account 4), and partly to the private enterprise in
come account (account 2, which corresponds most
closely to the SNA’s “entrepreneurial income” ac
count). The NIPA domestic capital account (account
6) corresponds to the SNA capital account for the total
economy. Both the SNA and the NIPAs include a cur-
Chart 1. NIPA Summary Tables
D om estic A cco u n ts
Rest o f the W orld
E co n o m ic S ecto rs
T ra n s ac tio n s
B u sin e s s
G o v ern m en t
P erso n al
D o m e s t i c in c o m e a n d p r o d u c t
P r o d u c t io n
(A c c o u n t 1)
F o r e ig n t r a n s a c t i o n s
cu rren t a c c o u n t
In co m e a n d
o u t la y
P r iv a t e e n t e r p r i s e
in c o m e 1
(A c c o u n t 2)
G o v e rn m e n t cu rren t
r e c e ip ts a n d
e x p e n d itu r e s
(A c c o u n t 4 )
S a v in g a n d
D o m e s tic c a p ita l a c c o u n t
in v e s t m e n t
(A c c o u n t 6 )
P e r s o n a l in c o m e
(A c c o u n t 3 )
1. The private enterprise account covers all private businesses, both corporate and noncorporate, and it is most closely related to the SNA's entrepreneurial income accounts.
U.S. Bureau of Economic Analysis
(A c c o u n t 5 )
a n d o u tla y
F o r e ig n t r a n s a c t i o n s
c a p ita l a c c o u n t
(A c c o u n t 7 )
December 2004
Survey of Current Business
19
rent account and a capital account for the rest-of-theworld sector (accounts 5 and 7), which summarize the
transactions of foreign residents with U.S. residents.
Several other sets of U.S. economic accounts fall
within the purview of the SNA. BEA’s input-output ac
counts and the GDP-by-industry accounts provide a
detailed analysis of the production process and the use
of goods and services by domestic industries. BEA also
prepares estimates of the net stock of fixed assets and
consumer durable goods. The Federal Reserve Board’s
flow-of-funds accounts cover financial transactions
and provide balance sheet information.4 In addition,
two other sets of accounts are linked to the SNA but
are not directly a part of it—the balance-of-payments
accounts that are prepared by BEA and the productiv
ity statistics that are prepared by the Bureau of Labor
Statistics.
households and institutions, and general government.5
The business sector includes private entities that are
organized for profit and other units (such as govern
ment enterprises) that are primarily engaged in pro
ducing goods and services for sale at a price that is
intended to at least approximate the costs of produc
tion. The households and institutions sector consists of
households and nonprofit institutions serving house
holds. The sectors in the NIPAs differ from those in the
SNA primarily in the treatment of noncorporate busi
ness enterprises. In the NIPAs, these businesses are in
the business sector. In the SNA, unincorporated busi
nesses that function and that keep complete accounts
as if they were corporations, such as some private part
nerships and government agencies, are classified as
“quasi-corporations” in the nonfinancial or the finan
cial corporations sectors, and other unincorporated
enterprises are classified in the household sector.
Differences in sectors
For measuring income, outlays, and saving in the
According to the SNA, the accounts of the related esti NIPAs, the institutions are grouped into three other
mates for each of the domestic institutional sectors can sectors—personal, government, and corporate. The
personal sector includes the income that is earned by,
be added to obtain an account of the total economy.
In the SNA, a nation’s economic institutions are or transferred to, households and nonprofit institu
grouped into five major sectors—nonfinancial corpo tions serving households and the net income of enter
rations, financial corporations, general government, prises that are owned by households (proprietors’
nonprofit institutions serving households, and house income and rental income of persons). The govern
holds. Each institution is classified in one of these sec ment sector includes general government and govern
tors, and all of the accounts for the institutions ment business enterprises. The corporate sector
(production, distribution and use of income, capital, consists of business entities that are legally organized
financial, and balance sheets) are included in the ac as corporations and that are required to file corporate
counts for that sector. Each sector can be divided into tax returns.
The NIPA personal sector is more broadly defined
subsectors; for example, in the general government
sector, accounts can be compiled for central govern than the combined SNA sectors of households and of
ment, state government, local government, and social nonprofit institutions serving households, because the
personal sector includes the net income of all private
security funds.
In the NIPAs, economic institutions are also unincorporated businesses. The NIPA government
grouped into sectors, but the sector classification sector is more broadly defined than the SNA general
scheme is more complicated than in the SNA. Institu government sector because it includes the surplus of all
tions are grouped in one way for measuring their con government enterprises. The NIPA corporate sector is
tribution to production, and they are grouped in more narrowly defined than the combined SNA sectors
another way for measuring income, outlays, and sav of nonfinancial and financial corporations; the NIPA
ing. In contrast, the SNA sector definitions are the corporate sector does not include quasi-corporations.
same for all of the accounts.
For measuring the contribution, or value added, of Other differences between the NIPAs and the
various institutions to production, GDP, the Nation’s SNA
producers are grouped into three sectors—business, In the NIPAs, the major aggregates, such as GDP, are
now mainly consistent with the SNA guidelines, but
4. A related effort is a joint research project by BEA and the Federal several minor differences remain. Some of these differ
Reserve Board to develop integrated NIPAs and flow-of-funds accounts that
are based on the SNA. See Albert M. Teplin, Rochelle Antoniewicz, Susan
Hume McIntosh, Michael Palumbo, Genevieve Solomon, Charles Ian
Mead, Brent R. Moulton, and Karin Moses, “Integrated Macroeconomic
Accounts for the United States: Draft SNA-USA” (paper prepared for Con
ference on Research in Income and Wealth, Washington, DC, April 16-17,
2004).
5. For more information about NIPA sectors, see “A Guide to the NIPAs,”
M-20 at <www.bea.gov/bea/an/nipaguid.htm>. For changes to the sector
classifications that occurred as part of the 2003 comprehensive NIPA revi
sion, see Brent R. Moulton and Eugene P. Seskin, “Preview of the 2003
Comprehensive Revision of the National Income and Product Accounts:
Changes in Definitions and Classifications,” Su rv ey 83 (June 2003): 17-34.
20
T h e NIPAs and the System of National Accounts
ences are eliminated by the reconciling adjustments
that BEA uses when it prepares SNA-based estimates
for the OECD questionnaire, but BEA lacks the
source data to produce some of the estimates that
are conceptually included in the SNA.
In the NIPAs, all plant, equipment, and software
that are used continuously in production for at least 1
year are treated as fixed investment. However, in the
SNA, investment in defense weapons systems— such as
aircraft, battleships, and tanks— are treated as con
sumption expenditures even if their service lives are
longer than a year. As a result, the GDP estimates on an
SNA basis are about 0.5 percent less than the NIPA
estimates of GDP, because general government con
sumption expenditures include the consumption of
fixed capital as a partial measure of the services pro
vided by fixed assets in production. In preparing the
estimates on an SNA basis, BEA removes the consump
tion of fixed capital for defense weapons systems and
reclassifies the investment as consumption expendi
tures rather than as fixed investment.
Another minor difference affects the estimates of in
vestment and consumption, but not the difference be
tween GDP and SNA-based GDP. In the NIPAs, the
inventory estimates cover only private inventories, be
cause the available source data on inventories held by
government is incomplete; consequently, the NIPAs
treat government purchases of goods as consumption
regardless of whether they are immediately used or are
entered into inventories. However, information is
available for some types of government inventories
(for example, agricultural goods owned by the Com
modity Credit Corporation and inventories in the
Strategic Petroleum Reserve). For the SNA-based esti
mates, BEA treats the change in these inventories as
part o f government investment rather than as govern
ment consumption expenditures.
The NIPAs also differ from the SNA because some
activities or assets are not covered by the NIPAs be
cause of the lack of source data; as a result, the SNAbased NIPA estimates are not adjusted.6 In the SNA, il
legal activities (such as prostitution or the cultivation
or manufacture of illegal drugs) are treated the same as
legal activities; the NIPAs do not include estimates of
illegal production. In the SNA, trees and livestock,
such as dairy cattle, that are used continuously in pro
duction for more than a year are treated as cultivated
fixed assets, and their production is treated as part of
December 2004
investment; the NIPAs do not currently include esti
mates of investment for these types of assets. In addi
tion, in the SNA, entertainment, literary, or artistic
originals (such as original films, sound recordings, and
manuscripts) are treated as investment, but the NIPAs
do not currently include investment in these types of
assets. BEA’s Strategic Plan calls for research to help fill
some of these gaps in the NIPAs.
In preparing the SNA-based estimates for the
OECD, it is not possible to completely adjust the NIPA
estimates to the SNA standards for sectors, but some
adjustments are made. Where data exist to separately
identify all the transactions of government enterprises,
these enterprises are classified to the SNA corporate
sector; all Federal Government business enterprises
and all state and local government utility enterprises
except transit are classified to the corporate sector and
state and local government transit and other nonutility
business enterprises are classified as market producers
in the general government sector. In addition, private
unincorporated businesses are included in the house
holds sector. These definitions reflect the source data
that are presently available to partly implement the
SNA guidelines on sectors.
Another definitional difference relates to the con
cept of disposable income in the accounts. In the SNA,
disposable income is total income that is net o f all cur
rent outlays except consumption expenditures. In the
NIPAs, however, disposable personal income is per
sonal income that is net of only taxes and social contri
butions; personal interest payments and personal
current transfer payments are treated as outlays that
are paid from disposable personal income.7
Other differences between the NIPAs and the SNAbased estimates also reflect differences in presentation.
In the SNA, outflows are seldom netted against in
flows; the presentational changes introduced in the
2003 comprehensive NIPA revision greatly reduced the
extent of netting in the NIPAs, but some differences in
the degree of netting still remain. In addition, some ag
gregates exist in one system but not in the other. For
example, NIPA corporate profits and personal income
do not have precise counterparts in the SNA, and the
SNA concept of “mixed income”— that is, the residual
business income of unincorporated corporations that
is attributable to labor and to capital— has not been
7. An additional difference between the NIPAs and the SNA is the treat
ment o f employee pension plans. In the NIPAs, the income and saving asso
ciated with these plans are recorded as personal income and saving from the
time employer contributes, whereas the SNA uses a system o f dual record
6. For more information on the measurement o f GDP in the United States ing; the measure o f disposable income includes defined benefit plan pen
and Canada and the SNA guidelines, see Kishori Lai, “Measurement o f Out
sions when they are paid as benefits, and the measure o f saving treats the
put, Value Added, GDP in Canada and the United States: Similarities and
employee as the owner o f the plan’s assets as soon as the employer contrib
Differences” (research paper, Statistics Canada, June 2003).
utes to the plan.
December 2004
Surv ey
of
C u r r e n t B u sin e ss
implemented in the NIPAs, pending a review of the
sectoring of unincorporated businesses.8
B E A ’s E stim ates of S N A A gg reg ates
BEA prepares several tables that present SNA-based es
timates for the OECD.9 One of these tables presents
summary estimates by sector for a generation of in
come account, a distribution of income account, a use
of disposable income account, and a capital ac
count— that generally correspond to the series of ac
counts recommended by the SNA and that follow a
complete production account. For each of these ac
counts, estimates for three SNA-derived institutional
sectors are prepared— for corporations (combined fi
nancial and nonfinancial corporations), for general
government, and for households and nonprofit insti
tutions serving households along with estimates for
the total economy. In addition, the major SNA ac
counts are discussed, the summary estimates are pre
sented, and the reconciling adjustments that BEA
makes in preparing the SNA-based estimates are sum
marized.
Production account
The production account in the SNA describes the rela
tionship between gross output (which is the total
goods and services that are produced) and value added
(which is measured as the value of output less the value
of intermediate consumption). Value added is a mea
sure of the contribution to GDP by a producer, an in
dustry, or a sector. BEA prepares estimates of gross
output and of value added by industry and for the total
economy in its integrated input-output accounts and
GDP-by-industry accounts. BEA does not prepare esti
mates of gross output by sector, but it does prepare es
timates of value added on both a NIPA basis and an
SNA basis.
Total economy. The NIPA estimate of GDP differs
from the SNA-based estimate of GDP because of the
differing treatment of the investment in defense weap
ons systems; specifically, gross value added equals GDP
less the estimate of the consumption of fixed capital as
sociated with investment in defense weapons systems
that underlies the NIPA measure. In addition, the sum
of gross value added across the sectors of the economy
in the SNA-based estimates does not equal GDP, be
cause the statistical discrepancy is added to the sum of
value added across sectors to arrive at GDP. The NIPAs
8. In the NIPAs, residual business income is the income after paying for
intermediate inputs, for compensation of employees, and for taxes on pro
duction and imports and is treated as gross operating surplus regardless of
whether the business is a corporation or an unincorporated enterprise.
9. These estimates will soon be available on BEA’s Web site at
< www.bea.gov>; under “National” and “ Supplemental Estimates,” and
click on “ SNA-based estimates.”
21
have two measures for the value of final goods and ser
vices produced in the economy— an income-side mea
sure and an expenditure-side measure— and the
difference between these two measures is reported as
the statistical discrepancy, a concept that does not arise
in the SNA. Although the expenditure-side measure of
GDP is believed to be more accurate, the gross valueadded estimates in the SNA account are primarily de
rived from the income-related estimates in the NIPAs.
Corporations. The NIPAs include estimates of
value added for the business sector and for corpora
tions. However, neither of these values match the value
added of the corporations sector on an SNA basis. Spe
cifically, the value added of the NIPA business sector
includes the value added of unincorporated enterprises
that are classified in the household sector and the value
added of state and local government enterprises (other
than nontransit utilities) that are classified in the gen
eral government sector for the SNA-based estimates.
The value added of the NIPA corporations sector does
not include the transactions of Federal Government
enterprises and of state and local nontransit utility en
terprises.
General government. The NIPA measure of value
added for the general government sector, like the SNA
estimate, is based on the cost of producing government
services. However, the NIPA measure of value added
for general government does not include state and lo
cal nontransit utility business enterprises, which are
included in the NIPA business sector. In addition, gen
eral government value added is affected by the reclassi
fication of investment in defense weapons systems.
Households and nonprofit institutions serving
households (NPISHs). The NIPA value-added esti
mates for households are based on the difference be
tween gross output (the imputed rental value) of
owner-occupied housing less intermediate consump
tion plus the compensation paid to domestic house
hold staff, and the value-added estimates for NPISHs
are based on the cost of production. The NIPA esti
mates exclude the value added of unincorporated
“other private businesses” that are included in the
households and NPISHs sector in the SNA-based esti
mates.
Generation of income account
In the SNA, the generation o f income account is the
first in a series of distribution and use of income ac
counts. This account presents the distribution of the
income that is earned in production (gross value
added as derived in the production account) and that
is distributed to labor (as compensation of employees),
to government (as taxes on production and imports
less subsidies received), to capital (as gross operating
T h e NIPAs and the System of National Accounts
22
surplus) or to labor and capital combined (as gross
mixed income) for unincorporated enterprises. Gross
operating surplus and mixed income are profits-like
measures that show business income after subtracting
the costs o f the compensation of employees and taxes
on production and imports (less subsidies received)
from gross value added, but before subtracting financ
ing costs and business transfer payments.
SNA-based estimates for the measures in the gener
ation o f income accounts are prepared for the total
economy, corporations, general government, and
households and NPISHs. The relationships of these
measures to the broad set o f measures in the NIPAs are
described, and some of the differences between the two
sets of accounts are also explained.
Total economy. The measures in the generation of
income account for the total economy are similar to
the related measures in the NIPAs because the differ
ences in the economic sectors are not an issue at the
aggregated level of the total economy. However, a few
of the concepts that are used for the two sets of ac
counts differ (chart 2).
The concept in the NIPAs of gross operating surplus
differs from the concept in the SNA account. In the
SNA, the operating surplus of business enterprises
owned by households is identified and labeled as gross
mixed income. To derive the estimate of gross mixed
income on an SNA basis, BEA includes the NIPA oper
ating surplus o f private noncorporate business except
owner-occupied housing. Thus, “gross operating sur
plus and mixed income” in the SNA account (net oper
ating surplus and mixed income plus the consumption
of fixed capital) equals net operating surplus plus the
consumption of fixed capital in the NIPAs less the esti
mate of the consumption of fixed capital associated
December 2004
with the investment in defense weapons systems that
underlies the NIPAs (black arrows).
In addition, in the SNA, taxes associated with the
ownership or the use of resources in production are
separated from all the other types of taxes on produc
tion and imports. As a result, the SNA account in
cludes a separate line item for “other taxes on
production and imports, paid,” which is the sum of
property taxes, motor vehicle license taxes, severance
taxes, special assessments, business licenses, documen
tary taxes, and stamp taxes paid to state and local gov
ernments. Although a measure of “other taxes on
production” does not exist in the NIPAs, its value can
be derived from the sum of some of the more detailed
NIPA measures of taxes on production and imports. In
addition to the sum of excise taxes, sales taxes, and cus
toms duties, “other taxes on production” are included
in the broader category of taxes on production and im
ports.10
Corporations. In the NIPAs, a relatively complete
set of measures are closely related to the measures for
corporations in the SNA generation of income ac
count. However, the values of the related measures
generally differ because of the differences in the group
ing o f government enterprises in two sets of accounts.
Specifically, the related NIPA measures do not include
the transactions of Federal Government enterprises
and o f state and local nontransit utility enterprises.
The transactions o f these enterprises are included with
those of “other noncorporate businesses” in the do
mestic income and product accounts of the NIPAs.
For details about the relationship between the mea
sures in the generation of income account for corpora10. See NIPA table 3.5.
Chart 2. Relationship Between NIPA Domestic Income and Product and the SNA Generation
of Income Account for the Total Economy, 2003
NIPA Domestic Income and Product
Gross domestic product........
11,004.0
Less: Statistical
discrepancy.........................
25.6
Equals: Gross domestic
10,978.5
income..................................
Compensation of employees,
paid...............................................
6,294.5
Taxes on production and
im ports.........................................
798.1
Less: Subsidies..............................
46.7
Net operating surplus.....................
2 ,5 7 8 .7 ^
Consumption of fixed capital
1,353.9
SNA Generation of Income Account
Value added, gross................................
Statistical discrepancy..........................
Compensation of employees, paid.....
Taxes on production and imports,
paid........................................................
Other taxes on production and
imports, paid...................................
Subsidies, received...............................
Operating surplus and mixed
income, gross......................................
Mixed income, gross.........................
Note. All estimates are derived from the 2004 annual NIPA revision. See also NIPA tables 1.1.5 and 1.10.
U.S. Bureau of Economic Analysis
10,951.3
25.6
6,294.5
NIPA Underlying Consumption of Fixed
Capital Estimates
798.1
364.8
46.7
3,879.9
1,311.3
/
^L e ss: Consumption of fixed capital
associated with defense
weapons system s..............................
52.8
December 2004
Su r v e y
of
23
C u r r e n t B u sin e ss
tions and the NIPA measures, see table 1. Only the
estimates of taxes paid and subsidies received by cor-
porations are unaffected by the differences in the sector definitions.
Table 1. SNA Generation of Income Account for Corporations Derived From the NIPAs
[Billions of dollars]
SN A se rie s
V alue added, gross.
2003
NIPA s e r i e s
6 ,6 2 6 .4 G ross value added of dom estic corporate business (table 1.14,
line 1), plus estim ates of the gross value added of Federal
G overnm ent enterprises and state and local governm ent
enterprises reclassified into the S N A corporate sector (sum of
elem ents listed below for com pensation of em ployees paid and
operating surplus of Federal G o vernm ent enterprises and
state and local governm ent enterprises reclassified into the
S N A corporate sector).
C om pensation of em ployees, paid.
Taxes on production and imports, p a id ,
O ther taxes on production and im ports, paid
Subsidies, received
4 ,2 2 1 .4 C om pensation of em ployees paid by dom estic corporate
business (table 1.14, line 4), plus com pensation paid by
Federal G o vernm ent enterprises (table 6 .2D , line 9 1 ), plus
com pensation paid by state and local governm ent enterprises
(table 6.2D , part of line 9 6) reclassified into the S N A corporate
sector.
5 2 8 .3 Taxes on production and imports paid by dom estic corporate
business (table 1.14, part of line 7).
125.7 S um of state and local property taxes, m otor vehicle licenses,
severance taxes, special assessm ents, and other taxes paid by
dom estic corporate business (table 3 .5 , parts of lines 2 7, 28,
29, 30, and 31, respectively).
5.1 Subsidies received by dom estic corporate business (table 1.14,
part of line 7).
1 ,8 8 1 .8 N et operating surplus of dom estic corporate business (table
1.14, line 8), plus consum ption of fixed capital of dom estic
corporate business (table 7 .5 , line 4), plus current surplus of
Federal G o vernm ent enterprises (table 3 .2 , line 18), plus
consum ption of fixed capital by Federal G overnm ent
enterprises (table 7.5, line 2 6), plus current surplus of state
and local governm ent enterprises (table 3 .3 , part of line 2 0)
reclassified into the S N A corporate sector, plus consum ption of
fixed capital of state and local governm ent enterprises (table
7 .5 , part of line 2 7) reclassified into the S N A corporate sector.
O perating surplus, gross
T a b le 2 . S N A G e n e r a t io n o f I n c o m e A c c o u n t f o r G e n e r a l G o v e r n m e n t
[Billions of dollars]
S N A series
Value added, gross.
C om pensation of em ployees, paid.
O perating surplus, g ro s s .
2003
NIPA series
1 ,2 5 2 .7 Gross value added of governm ent (table 3 .1 0 .5 , line 3), plus
gross value added of state and local governm ent enterprises
not reclassified into the S N A corporate sector (sum of
elem ents listed below for com pensation of em ployees paid and
operating surplus of state and local governm ent enterprises
not reclassified into the S N A corporate sector), less
consum ption of fixed capital associated with investm ent in
defense w eapons system s (table 7 .5 , part of line 2 3)
reclassified as consum ption expenditures.
1 ,1 1 2 .4 C om pensation of em ployees paid by general governm ent (table
3 .1 0 .5 , line 4 ), plus com pensation of em ployees by state and
local governm ent enterprises (table 6 .2D , part of line 9 6) not
reclassified into the S N A corporate sector.
14 0 .3 Consum ption of fixed capital for general governm ent (table 7.5,
line 2 1), plus current surplus of state and local governm ent
enterprises (table 3 .3 , part of line 2 0 ) not reclassified into the
S N A corporate sector, plus consum ption of fixed capital for
state and local governm ent enterprises (table 7 .5 , part of line
27) not reclassified into the S N A corporate sector,
consum ption of fixed capital associated with investm ent in
defense w eapons system s (table 7.5, part of line 2 3)
reclassified as consum ption expenditures.
24
T h e NIPAs and the System of National Accounts
General government. The NIPA measures for the
government sector that are closely related to the SNA
measures in the generation of income account for gen
eral government differ because of differences in the
sector definitions. Specifically, the related NIPA mea
sures for the government sector do not include state
and local nontransit utility business enterprises,
which are included in the business sector. In the
SNA account, compensation of employees paid and
gross operating surplus are affected by the different
definition of the government sector (table 2). In addi
tion, operating surplus is affected by the reclassifica
tion of investment in defense weapons systems.
Households and NPISHs. The estimates in the gen
eration of income account for households and NPISHs
are related to the NIPA estimates for the personal
December 2004
sector, but the related estimates are affected by the dif
ferences in the sector definitions. Specifically, the NIPA
estimates exclude many of the transactions associated
with “other private businesses” that are included in the
households and NPISHs sector in the SNA-based esti
mates (table 3). In addition, many o f the estimates in
the generation of income account for households and
NPISHs— such as compensation of employees, operat
ing surplus, and mixed income— can be derived from
an array of estimates in the NIPAs.
Distribution and use of income accounts
The distribution and use of income accounts in the
summary table cover the transactions in the SNA dis
tribution and use of income accounts that follow the
generation of income account. These remaining SNA
T a b le 3 . S N A G e n e r a t i o n o f I n c o m e A c c o u n t f o r H o u s e h o ld s a n d
N o n p r o f it I n s t it u t io n s S e r v in g H o u s e h o ld s D e r iv e d F r o m t h e N IP A s
[Billions of dollars]
S N A series
2003
NIPA series
Value added, g ro s s .................................................... 3 ,0 4 6 .6 Gross dom estic product of households and institutions (table 1.3.5,
line 5), plus com pensation of em ployees paid, taxes on
production and im ports paid, and operating surplus of
noncorporate dom estic business, less subsidies received of
noncorporate dom estic business (sum of elem ents listed below
for com pensation of em ployees paid, taxes on production and
im ports paid, and operating surplus, less subsidies paid for
noncorporate dom estic business).
C om pensation of em ployees, p a id ...................
9 6 0 .7 Sum of com pensation of em ployees paid by sole proprietorships
and partnerships, by other private business, by households, and
by nonprofit institutions serving households (table 1.13, lines 20,
29, 4 3, and 50, respectively).
Taxes on production and im ports, paid
2 6 9 .8 Taxes on production and im ports paid by noncorporate dom estic
business (table 3.5, part of line 1).
O ther taxes on production and imports, paid
239.1 Estim ate of state and local property taxes, m otor vehicle licenses,
severance taxes, special assessm ents, and other taxes paid by
noncorporate dom estic business (table 3 .5 , parts of lines 27, 28,
29, 30, and 31, respectively).
Subsidies, re c e iv e d ...................................................
4 1 .6 Estim ate of subsidies received by noncorporate dom estic business
(table 3 .1 3 , part of line 1).
O perating surplus and m ixed incom e, gross..
1 ,8 5 7 .8 Proprietors’ incom e with IVA and C C A dj (table 2 .1 , line 9), plus
rental incom e of persons with C C A dj (table 2 .1 , line 12), plus net
interest paid by sole proprietorships and partnerships, other
private business, ow ner-occupied housing, and nonprofit
institutions (table 7 .1 1 , lines 95, 96, 97, and 9 8 ), plus
consum ption of fixed capital for sole proprietorships and
partnerships and other private business (table 7 .5 , lines 8 and
11), plus noncorporate current transfer paym ents (table 1.10,
part of line 14).
M ixed incom e, g ro s s ..............................................
1 ,3 1 1 .3 O perating surplus (as listed above), less net interest paid by
ow ner-occupied housing and by nonprofit institutions (table 7 .1 1 ,
lines 9 7 and 9 8), less consum ption of fixed capital for households
and institutions (table 7.5, line 18).
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
December 2004
Su r v e y
of
25
C u r r e n t B u sin e ss
distribution and use of income accounts provide infor
mation on how the income that is generated in pro
duction is distributed across the sectors o f the national
economy. For each sector, the first few remaining ac
counts record the income that is received from produc
tion (such as employee compensation received by
households) and other property, subsidies, taxes, and
transfer payments received and paid in order to derive
a general measure of disposable income. The last
remaining account, the use of disposable income,
shows how this disposable income is allocated be
tween final consumption and net saving for sectors
that have final consumption.
The distribution o f income account for the total
economy in the summary table is derived from a vari
ety of estimates in the NIPAs, and these estimates can
be viewed as the sum of the associated transactions of
the sectors of the economy. Flowever, the estimates for
the measures in the distribution of income account
and in the use of disposable income account for each
SNA-based sector and their relationship to measures in
the NIPAs are described.
Corporations. The differences between the esti
mates in the distribution of income account for corpo
rations and the NIPAs are mainly accounted for by the
differences in the sector definitions o f government en
terprises in the two sets of accounts, but the distribu
tion of income account also includes a few estimates
that do not exist in the NIPAs.
The distribution of income account includes the
transactions associated with all the sources and the
uses of income, not just the income that is directly re
lated to production (table 4). Specifically, the distribu
tion of income account includes the SNA measure of
“property income, paid,” which is similar to the NIPA
measure of corporate income payments on assets. It
also includes the SNA measure of “property income,
received,” which is analogous to the NIPA measure of
corporate income receipts on assets. Net disposable in
come consists o f income received (operating surplus
T a b le 4 . S N A D i s t r i b u t i o n o f I n c o m e A c c o u n t f o r C o r p o r a t io n s D e r iv e d F r o m t h e N IP A s
[Billions of dollars]
S N A series
NIPA series
2003
O perating surplus, n e t 1......................................... 1 ,0 8 4 .3 S e e table 1 of this article.
P roperty income, p a id ............................................ 1 ,9 8 6 .7 Interest paid by dom estic corporations (table 7 .1 1 , sum of lines 3,
4 4, and 7 2 ), dividends paid by dom estic corporate business (table
7 .1 0, line 2), plus reinvested earnings on foreign direct investm ent
in the United S tates by the rest of the world (table 4 .1 , line 2 4),
plus interest paid by Federal G overnm ent enterprises and state
and local governm ent utility enterprises (table 7 .1 1 , sum of lines
19 and 8 5), plus rents and royalties paid by dom estic corporations
(table 3 .2 , line 14 and table 3.3, line 15).
P roperty incom e, received.................................... 1 ,6 0 0 .4 Interest received by dom estic corporations (table 7 .1 1 , sum of lines
27, 51, and 9 0 ), plus dividends received by dom estic corporate
business (table 7 .1 0 , line 7), plus reinvested earnings on U.S.
direct investm ent abroad (table 4 .1 , line 12), plus interest received
by Federal G o vernm ent enterprises and state and local
governm ent enterprises (table 7 .1 1 , sum of parts of lines 35 and
66).
C urrent taxes on incom e, w ealth, etc., paid
2 3 4 .9 Taxes on dom estic corporate incom e (table 6 .1 8D , line 1).
O ther current transfers, p a id ............................
6 5 .0 Transfer paym ents by dom estic corporate business (table 1.14, line
10).
N et disposable incom e........................................
398.1 Undistributed corporate profits (table 1.16, line 24), plus current
surplus of Federal G overnm ent enterprises (table 3.2, line 18),
plus current surplus of state and local governm ent utility
enterprises (table 3.3, part of line 20), less interest paid by Federal
G overnm ent enterprises and state and local governm ent utility
enterprises (table 7 .1 1 , sum of parts of lines 19 and 85).
1. Net operating surplus is used in the calculation of net national disposable income,
but it is not included in the summary institutional sector accounts provided to the OECD.
Net operating surplus is equal to gross operating surplus from the generation of income
account less the consumption of fixed capital.
26
T h e NIPAs and the System of National Accounts
and property income) less property income paid, “cur
rent taxes on wealth, income, etc.,” and other current
transfers paid by corporations and by government en
terprises that are treated as corporations in the SNA.
The SNA concept of net disposable income is not
used in the NIPA corporate sector accounts, but its
value for corporations is closely related to the NIPA
measures of undistributed corporate profits. Because
corporations and government enterprises do not have
final consumption expenditures, net saving equals net
disposable income in the use of disposable income ac
count. Net disposable income and net saving measures
for corporations in the distribution and use of dispos
able income accounts equal the measure of undistrib
uted corporate profits in NIPAs plus estimates of the
current surplus and net interest paid o f government
enterprises that are treated as corporations in the
SNA.11
General government. The relationships between
the measures in the distribution of income account
and the use o f disposable income account and the
NIPAs for government are complex, primarily due to
11. For estimates o f undistributed corporate profits, see line 24 in NIPA
table 1.16.
December 2004
the differences in the classification of government
business enterprises.
The grouping and the ordering of transactions
among the three sets of measures also differs slightly
(chart 3). For example, in the distribution of income
account, “current taxes on income, wealth, etc., re
ceived” consists of the NIPA measures of personal cur
rent taxes, taxes on corporate income, and taxes from
the rest of the world (black arrows).
The differences between the two sets of accounts
also reflect the differing treatment o f governmental
transactions, such as investment in defense weapons
systems and changes in the inventories of the Com
modity Credit Corporation. As a result of these differ
ences, final consumption expenditures in the use of
disposable income account equal NIPA consumption
expenditures, plus underlying NIPA measures o f de
fense investment, less underlying NIPA measures of
the consumption of fixed capital associated with in
vestment in defense weapons systems, less underlying
NIPA measures of the reclassified consumption associ
ated with the Commodity Credit Corporation and the
Strategic Petroleum Reserve (dark blue arrows).
In addition, as a result o f differences in the classifi
cation of government enterprises, in the distribution
Chart 3. Relationship Between NIPA Government Current Receipts and Expenditures and the SNA
Distribution and Use of Disposable Income Accounts, 2003
NIPA Government Current Receipts
and Expenditures
Current receipts......................
3,032.0
Current tax receipts.............................
Personal current taxes....................
Taxes on production and imports.
Taxes on corporate income............
Taxes from the rest of the world....
Contributions for government
social insurance................................
Income receipts on assets..................
Current transfer receipts.....................
Current surplus of government
enterprises.........................................
Current expenditures.............
Consumption expenditures.................
Current transfer paym ents..................
Government social benefits............
Other current transfer payments
to the rest of the world (net)........
Interest paym ents.................................
Subsidies................................................
Net government saving...........
SNA Distribution of Income Account
2,033.8
1,001.9,.
798.1 ^
225.8___
8.1 —
773.2
104.0
111.5
9.5
3,399.7
1,717.1.
1,332.9
1,309.3
23.7 /
303.0 /
46.7
-367.8
,
X
Operating surplus, n e t1...................
Taxes on production and imports,
received.........................................
Subsidies, paid..................................
I Property income, paid......................
Property income, received..............
^Current taxes on income, wealth
etc., received.................................
Social contributions and social
benefits, other than social
transfers in kind, paid...................
Social contributions and social
benefits, other than social
transfers in kind, received...........
Other current transfers, paid...........
Other current transfers, received...
Net disposable incom e....................
-10.1
NIPA Underlying Interest Estimates
798.1
46.7
290.9
104.31,235.7
-0.3
NIPA Underlying Investment and
Inventory Estimates
773
23
111.
1,342
SNA Use of Disposable Income Account
1,712.
-370.
1. Net operating surplus is used in the calculation of net savings, but it is not included in the summary institutional sector accounts provided to
the OECD. Net operating surplus is equal to gross operating surplus from the generation of income account less the consumption of fixed capital.
Note. All estimates are derived from the 2004 annual NIPA revision. See also NIPA table 3.1
U.S. Bureau of Econom ic A nalysis
12.1
1,309.3
/
Final consumption expenditure.
Saving, net....................................
Less: Interest paid by government
enterprises reclassified as
corporations.......................................
----- Less: Interest received by
government enterprises
reclassified as corporations............
Plus: Investment in defense
weapons systems reclassified
/
as consumption................................
. Less: Consumption of fixed capital
/
associated with investment in
defense weapons system s.............
,— Less: Consumption reclassified as
inventory change...............................
/
49.3
52.7
1.1
December 2004
Su r v e y
of
27
C u r r e n t B u sin e ss
of income account, “property income, paid” equals
NIPA interest payments less the estimate of interest
paid by reclassified government enterprises that un
derlies the NIPA measure (gray arrows). Similarly,
“property income, received” equals NIPA income re
ceipts on assets less an estimate of interest received by
reclassified government enterprises that underlies the
NIPA measures (light blue arrows).
These differences also result in a difference between
net government saving in the NIPAs and in the SNA.
T a b le 5 . R e c o n c i l ia t i o n o f N IP A N e t G o v e r n m e n t S a v in g W it h S N A G e n e r a l G o v e r n m e n t S a v in g
[Billions of dollars]
2003
-367.8
N e t g o v e r n m e n t s a v i n g , N I P A s ..........................................................................................................................................................................................................
Less: Shift of net savings of governm ent enterprises from governm ent to corporate s ector....................................
C urrent surplus...........................................................................................................................................................................................
Less: N et in te re s t......................................................................................................................................................................................
Less: Shift of investm ent in defense w eapons system s to final consum ption e x p e n d itu res .....................................
Gross in v e s tm e n t......................................................................................................................................................................................
Less: Consum ption of fixed capital...................................................................................................................................................
Plus: Shift of C om m odity C redit Corporation and strategic oil reserves consumption to inventory investm ent
- 3 .4
E q u a l s : N e t g e n e r a l g o v e r n m e n t s a v i n g , S N A ...............................................................................................................................................................
-370.5
7 .2
1 9 .6
1 2 .4
4 9 .3
5 2 .7
1 .1
Chart 4. Relationship Between NIPA Personal Income and Its Disposition and the SNA Distribution
and Use of Disposable Income Accounts for Households and Nonprofit Institutions
Serving Households, 2003
NIPA Personal Income and its Disposition
Personal income............................
9,161.8
Compensation of
of employees, received.........
Proprietors' income with IVA
and CCAdj.................................
Rental income with IVA and
CCAdj........................................
Personal income receipts on
assets.........................................
Personal current transfer
receipts......................................
Government social benefits
to persons............................
Other current transfer
receipts, from business
(net).......................................
Less: Contributions for
government social insurance....
Less: Personal current taxes.......
Equals: Disposable personal
income.........................................
Less: Personal outlays.................
Personal consumption
expenditures................................
Personal interest paym ents..........
Personal current transfer
paym ents......................................
Equals: Personal saving..............
6,289.0
834.1
153.8
1,322.7
1,335.4
1,306.4
28.9
773.2
1,001.9
8,159.9
8,049.3
7,760.9
185.3
SNA Distribution of Income Account
Operating surplus and mixed
income, n e t1.................................
Compensation of employees,
received.........................................
.Property income, paid....................
^Property income, received............
Current taxes on income, wealth
etc., paid........................................
Social contributions and social
benefits, other than social
1,504.3
6,289 0
766
1,399
1,001.9
transfers in kind, paid..................
Social contributions and social
benefits, other than social
transfers in kind, received.........
Other current transfers, paid........
I Other current transfers, received..
Net disposable income...................
1,306.
115.
28.
7,871.
NIPA Interest Estimates
/
Plus: Monetary and imputed interest
paid by sole proprietorships,
partnerships, other private
business, and owner-occupied
housing.................................................
""''P lu s: Monetary and imputed interest
received by sole proprietorships,
partnerships, nonprofit
institutions, other private
business, and owner-occupied
housing.................................................
77.1
NIPA Underlying Business Transfers
______________ Estimates_____________
Plus: Other current transfers paid
I
by noncorporate business................|
SNA Use of Disposable Income Account
Final consumption expenditures.... I 7,760.9
S avings.net.......................................
110.6
103.1
110.6
1. Net operating surplus and mixed income is used in the calculation of net savings, but it is not included in the summary institutional sector accounts provided to the OECD.
Net operating surplus and mixed income is equal to gross operating surplus and mixed income from the generation of income account less the consumption of fixed capital.
Notes. All estimates are derived from the 2004 annual NIPA revision. See also NIPA tables 2.1 and 7.11.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
U.S. Bureau of Econom ic A nalysis
580.8
1
28
T he NIPAs and the System of National Accounts
The total effect of these differences is not large, but net
government saving in the NIPAs is usually slightly
smaller than net general government saving in the use
of disposable income account because of the treatment
of investment in defense weapons systems as final con
sumption (chart 3 and table 5).
Households and NPISHs. The differences between
the NIPA estimates for the personal sector and the esti
mates in the SNA distribution of income account and
the use of disposable income account for households
and NPISHs are mainly due to the definitions of sec
tors and the grouping of transactions in the sets of ac
counts (chart 4).
In the NIPAs, personal current taxes are subtracted
from personal income to obtain the NIPA measure of
disposable personal income. The broad concept of
personal outlays, which consists of the sum of personal
consumption expenditures, interest payments, and
current transfer payments are then subtracted to ob
tain the NIPA estimate of personal saving. In the
distribution of income account, income payments (ex
cluding final consumption expenditures) and receipts
are alternatively added or subtracted from net oper
ating surplus to obtain a measure of net disposable
income.
Disposable personal income includes personal in
terest payments and personal current transfer pay
ments that are removed from net operating surplus in
the derivation of net disposable income in the distri
bution of income account.
In addition, in the NIPAs, the measures for the per
sonal sector only include the nonbusiness transactions
of households and NPISHs. The measures in the SNA
distribution of income account and the use of dispos
able income account also include the transactions of
NIPA noncorporate businesses, such as proprietor
ships and partnerships, that are classified in the NIPAs
as “other private business.”
Finally, the SNA concept of net operating surplus
and mixed income is broad and includes not only pro
prietors’ income and rental income, but also includes
net interest, rent and royalties, and current transfer
payments. As a result, these last three types of transac
tions are also included in the measures of “property in
come, paid,” “property income, received,” and “other
current transfers, paid” in the distribution of income
account.
The effects of these differences on the sets of ac
counts can be seen in three places (chart 4). First, in
the distribution of income account, “property income,
paid” equals the personal interest payments in the
NIPAs plus the monetary and imputed interest paid by
sole proprietorships, partnerships, other private busi
D ecem ber 2004
ness, and owner-occupied housing (black arrows). Sec
ond, “property income, received” equals personal
income receipts on assets in the NIPAs plus the mone
tary and imputed interest received (blue arrows).
Third, “other current transfers, paid” equals NIPA per
sonal current transfer payments plus “other current
transfers paid by noncorporate business” (gray ar
rows).
These differences do not result in differences be
tween the net saving measures among the sets of ac
counts, because the transactions in the SNA-based
measures of “property income, received,” “property in
come, paid,” and “other transfers, paid” that are not
included in the NIPA personal sector measures are
included in “net operating surplus and mixed in
come” and net against one another in the derivation
of net saving.12
Capital account
The capital account shows the relationship of net sav
ing in the distribution of income account for each sec
tor to the acquisition of nonfinancial assets. In the
capital account, net lending or net borrowing equals
net saving plus capital transfers less net capital forma
tion and acquisition less disposal of nonfinancial, non
produced assets.
The relationships between the SNA capital account
and the NIPAs are generally not as strong as the rela
tionships with the other accounts, because the invest
ment section in the NIPA account is not classified by
sector. However, capital account measures are esti
mated for each of the SNA sectors in order to prepare
the SNA-based estimates. Thus, the relationship be
tween the SNA capital account estimates for the total
economy and the related NIPA estimates are discussed,
and the relationship of the estimates for each sector is
summarized.
Total economy. The measures in the SNA capital ac
count for the total economy are similar to the measures
in the NIPAs. However, the concepts used in the two
sets of accounts differ.
Two minor differences relate to the netting of trans
actions against one another. “Capital transfers, paid”
and “capital transfers, received” in the SNA account
are netted against each other in the NIPA “capital ac
count transactions (net)” (chart 5, black arrows). In
addition, “changes in inventories” are shown in the
capital account but not in the NIPA saving and invest
12. Exceptions occur in years when
(WALD) are not equal to zero. In these
income accounts equals personal saving
included in the compensation estimates
account, but not in NIPA table 2.1.
wage accruals less disbursement
cases, net saving in the use of
plus WALD because WALD is
in the distribution o f income
Su r v e y
D ecem ber 2004
of
C u r r e n t B u sin e ss
ment account; NIPA “change in inventories” is in
cluded in gross domestic investment.
In addition, the sets of estimates differ because of
the treatment of investment in defense weapons system
and the treatment of the changes in the inventories of
the Commodity Credit Corporation and the Strategic
Petroleum Reserve. As a result of these differences,
gross capital formation in the capital account equals
gross domestic investment in the NIPAs less invest
ment in defense weapons systems plus consumption
that is reclassified as inventory change (gray arrows).
In addition, the consumption of fixed capital in the
capital account equals the consumption of fixed capital
in the NIPAs less the consumption of fixed capital as
sociated with investment in defense weapons system
that is classified as final consumption in the SNA (dark
blue arrows).
Net saving and net investment (gross capital forma
tion less the consumption of fixed capital) differ from
their related NIPA-based measures by the same
amount. As a result, the net lending or net borrowing
measures only differ by the statistical discrepancy
(light blue arrows).
Sectors. The measures in the capital account for
each economic sector have no corresponding measures
in the NIPAs, but BEA’s accounts for fixed assets and
consumer durable goods provide estimates of invest
ment by legal form of organization that are used as the
basis for the estimates by institutional sector. The mea
sures in the SNA-based capital account for each sector
are consistent with the definition of sectors that are
used in the other SNA-based accounts (tables 6, 7, and
8). In addition, the estimates for the government sec
tor are consistent with the SNA treatment of invest
ment in defense weapons systems and the SNA-based
definition of changes in inventories (table 7). The mea
sures of the “acquisitions less nonfinancial, nonpro
29
duced assets” for corporations (table 6) and for
households and NPISHs (table 8) offset these estimates
for general government (table 7).
T h e R evision of th e S N A
In 2002, BEA and the Australian Bureau of Statistics
presented papers at the London meeting of the Inter
national Organization for Official Statistics that rec
ommended a consolidated review of the SNA.13 At
about the same time, there was increased international
interest in challenges in applying the SNA in a chang
ing economic environment. As a result, in March 2003,
the United Nations Statistical Commission endorsed a
review of the SNA, which would be associated with re
views of related guidelines, such as those in the Balance
of Payments Manual from the International Monetary
Fund, in order to maintain their consistency. The
Commission supported several criteria to be consid
ered in updating the SNA:
•New issues that are emerging in the new economic
environment,
• Old issues that may need further review because of
an increase in economic significance or that may
qualify for a different treatment as a result of
advances in methodological research,
• Changes in users’ needs, and
• The feasibility of implementation.
The Inter-Secretariat Working Group on National
Accounts is the group directly responsible for updating
and maintaining the SNA; it consists of members from
the Statistical Office of the European Communities,
the International Monetary Fund, the OECD, the
13. See Brent R. Moulton, “ The System o f National Accounts for the New
Economy: What Should Change?” Review of Income and Wealth 50 (June
2004): 261-278, and Rob Edwards, Peter Comisari, and Tony Johnson,
“Beyond 1993: The System o f National Accounts and the New Economy”
(paper presented at the International Association for Official Statistics,
London, August 27-29, 2002).
Chart 5. Relationship Between NIPA Savings and Investment and the SNA Capital Accounts
for the Total Economy, 2003
______
NIPA Saving and Investment
Gross saving............................
1,487.7
Net saving........................................
133.8
Consumption of fixed capital.........
SNA Capital Account
1,353.9.
Gross domestic
\
investment, capital
account transactions,
and net lending, NIPAs......
Gross domestic investment................
Capital account transactions (net)....
Net lending or net borrowing (-),
NIPAs..................................................
Statistical discrepancy...........
1,513.3
2 , 0 2 4 .2 ''/
3.1 f
Savings, net........................................
Capital transfers, paid.......................
^Capital transfers, received...............
■'Gross capital form ation....................
Gross fixed capital form ation.......
. Changes in inventories................
'C onsum ption of fixed capital...........
r Net lending/net borrowing................
-514.0
25.6
Note. Al! estimates are derived from the 2004 annual NIPA revision. See also NIPA table 5.1.
U.S. Bureau of Economic Analysis
NIPA Underlying Investment and
138.3
47.5
44.4
1,976.0 tJ
1,976.2
-0.1
1,301.2 >
-539.7
Inventory Estimates
.✓'L e s s : Investment in defense
weapons system s.............................
^ /L e s s : Consumption of fixed capital
associated with defense
K
weapons system s.............................
T lu s : Consumption reclassified as
inventory change...............................
49.3
52.7
1.1
The NIPAs and the System of National Accounts
30
United Nations, and the World Bank. The Working
Group has also organized an Advisory Expert Group
that consists of national accounting experts from 20
countries. The Working Group and the Advisory Ex
pert Group are responsible for preparing the final rec
ommendations for revisions to the SNA; the target
date for approval by the Statistical Commission and
for publication is 2008.
The work of researching and developing proposals
has been assigned to several expert groups, to elec
tronic discussion groups, and to workshops. BEA is
participating in the three major expert groups, which
are the Canberra II Group on Non-financial Assets,
D ecem ber 2004
the Balance of Payments Committee, and the Task
Force on Harmonization of Public Sector Accounting.
Among the proposed changes are the following:
• Investment in defense weapons systems would be
treated as investment in fixed assets if the systems
are used to provide defense services, such as protec
tion and deterrence, for more than 1 year. BEA
already treats investment in defense weapons sys
tems as investment in fixed assets.
• The measure of the output of property and casualty
insurance would be based on normal claims rather
than on actual claims so that the large swings in
measured insurance output as a result of major
T a b le 6 . S N A C a p it a l A c c o u n t f o r C o r p o r a t io n s D e r iv e d F r o m t h e N I P A s
[B illio n s o f d o lla r s ]
S N A series
Savings, n e t.........................................................
C apital transfers, re c e iv e d ............................
Gross capital fo rm atio n ..................................
2003
NIPA series
398.1 Undistributed corporate profits (table 1.16, line 2 4 ), plus current surplus
of Federal G o vernm ent enterprises (table 3.2, line 18), plus current
surplus of state and local governm ent enterprises (table 3 .3 , part of
line 20) reclassified into the S N A corporate sector, plus net interest of
Federal G o vernm ent enterprises and state and local governm ent
enterprises (table 7 .1 1 , part of line 100) reclassified into the S N A
corporate sector.
0.1 Investm ent grants to business (table 5 .1 0 , line 7).
897.1 Sum of gross fixed capital form ation and changes in inventories (as
defined below).
G ross fixed capital form ation.................
8 9 9 .0 Gross private dom estic fixed investm ent of dom estic corporate
business (table 5 .1 , part of line 2 2 ), Federal G o vernm ent enterprises
(table 5 .8.5B , line 5 8 ), and state and local enterprises (table 5 .7 .5B ,
part of line 6 1) reclassified into the S N A corporate sector.
C h an g es in inventories................................
- 1 . 9 C h an g e in inventories of dom estic corporate business (table 5 .2 .5 , part
of line 22).
C onsum ption of fixed c a p ita l....................
7 9 7 .5 Consum ption of fixed capital of dom estic corporate business (table 7.5,
line 4), plus consum ption of fixed capital of Federal G overnm ent
enterprises (table 7 .5 , line 2 6 ), plus consum ption of fixed capital of
state and local governm ent enterprises (table 7.5, part of line 2 7)
reclassified into the S N A corporate sector.
Acquisitions less disposals of non
financial nonproduced a s s e ts ...............
N et lending/net borrow ing.............................
- 7 . 0 Land and spectrum rights sold to or purchased from general
governm ent by dom estic corporate business, plus outer continental
shelf, land, and oil bonuses received by dom estic corporate business
from general governm ent (table 3 .1 , part of line 3 7 with the sign
reversed to indicate receipt rather than paym ent).
3 0 5 .7 N et lending or borrowing of dom estic corporate business, Federal
G o vernm ent enterprises, and state and local enterprises (table 5.1,
part of line 2 5 ) reclassified into the S N A corporate sector.
Su r v e y
D ecem ber 2004
of
C u r r e n t B u sin ess
disasters, such as hurricanes and earthquakes,
would be eliminated. BEA has already implemented
this new measure as part of the 2003 comprehensive
NIPA revision.
• Employee stock options would be included in com
pensation, would be recorded at vesting date or
spread across the period from grant date to vesting
31
date, and would be valued at market price or at fair
value using a suitable pricing model. In the NIPAs,
employee stock options are currently included in
compensation at exercise date, reflecting the value
at exercise.
• Research and development would be capitalized and
treated as part of fixed capital formation.
T a b le 7 . S N A C a p it a l A c c o u n t f o r G e n e r a l G o v e r n m e n t D e r iv e d F r o m t h e N I P A s
[B illio n s o f d o lla rs ]
S N A series
Savings, n e t..........................................................
2003
N IPA series
-3 7 0 .5 N et savings of governm ent (table 3 .1 , line 2 7 ), less investm ent in
defense w eapons system s (table 3 .1 1 .5 , part of line 3 0) reclassified
as consum ption expenditures, plus consum ption of fixed capital
associated with investm ent in defense w eapons system s (table 7.5,
part of line 2 3) reclassified as consum ption expenditures, plus
consum ption expenditures (table 3 .1 0 .5 , part of line 4 1 ) reclassified
as inventory change.
Capital transfers, p a id .....................................
16.8 Investm ent grants to business from general governm ent (table 5.1 0,
line 7), plus capital transfers to the rest of the world from general
governm ent related to debt forgiveness and the P an am a C anal (table
5.1 0, part of line 12).
C apital transfers, received .............................
2 8 .4 Estate and gift taxes paid by persons to Federal G overnm ent (table
5.1 0, line 3), plus estate and gift taxes paid by persons to state and
local governm ent (table 5 .1 0 , line 9).
Gross capital fo rm a tio n ..................................
2 8 7 .0 Gross investm ent of governm ent (table 3 .9 .5 , line 3), less investm ent in
defense w eapons system s (table 3 .1 1 .5 , part of line 3 0 ) reclassified
as consum ption expenditures, less gross fixed investm ent of Federal
G o vernm ent enterprises (table 5 .8 .5B , part of line 5 8 ), less gross
fixed investm ent of state and local nontransit utility enterprises (table
5 .8 .5 , part of line 6 1 ), plus change in inventories of C om m odity C redit
Corporation (table 3 .1 0 .5 , line 4 2) and strategic petroleum reserves
(part of line 4 3).
Gross fixed capital fo rm atio n .................
2 8 6 .0 G ross investm ent of governm ent (table 3 .9 .5 , line 3), less investm ent in
defense w eapons system s (table 3 .1 1 .5 , part of line 3 0) reclassified
as consum ption expenditures, less gross fixed investm ent of Federal
G o vernm ent enterprises (table 5 .8 .5B , part of line 5 8), less gross
fixed investm ent of state and local nontransit utility enterprises (table
5 .8 .5 , part of line 61).
C hang es in in ve n to ries ................................
1.1 C hang e in inventories of C om m odity C redit C orporation (table 3 .1 0 .5 ,
line 4 2 ) and strategic petroleum reserves (part of line 4 3 ).
Consum ption of fixed c a p ita l.....................
1 5 0 .4 Consum ption of fixed capital for general governm ent (table 7 .5 , line
2 1 ), plus consum ption of fixed capital for state and local governm ent
enterprises (table 7 .5 , part of line 2 7) not reclassified into the S N A
corporate sector, consum ption of fixed capital associated with
investm ent in defense w eapons system s (table 7 .5 , part of line 2 3 )
reclassified as consum ption expenditures.
Acquisitions less disposals of non
financial nonproduced a s s e ts ................
N et lending/net b o rro w in g .............................
9 .7 N et purchases of nonproduced assets for general governm ent (table
3 .1, line 37).
-5 0 5 .3 N et lending or borrowing of general governm ent, and state and local
enterprises (table 5 .1 , part of line 2 5) not reclassified into the S N A
corporate sector.
T h e NIPAs and the System of National Accounts
32
• Capital services would be included in the produc
tion account for countries that can develop a mea
sure of capital services inputs.
•A net return to government-owned fixed assets
would be recognized.
•Actuarial valuations would be used to determine the
liability and to allocate the net worth of employerprovided defined benefit pension plans between the
employer and the employees.
• Recommendations are being developed regarding
loan guarantees, contingent assets and liabilities,
and certain intangible assets such as licenses and
D ecem ber 2004
leases.
The various expert groups are preparing these pro
posals, which will be reviewed and accepted or rejected
by the Advisory Expert Group.
The SNA revision process is transparent; the expert
groups welcome input and feedback from data users.
Detailed information on the revision is available at
the United Nations’ Web site <unstats.un.org/unsd/
nationalaccount/snarev 1.htm >.
BEA also welcomes feedback from data users in the
United States; e-mail Brent R. Moulton (brent.moulton@bea.gov).
T a b le 8 . S N A C a p it a l A c c o u n t f o r H o u s e h o ld s a n d N o n p r o f i t I n s t i t u t i o n s
S e r v in g H o u s e h o ld s D e r iv e d F r o m t h e N IP A s
[B illio n s o f d o lla r s ]
S N A series
Savings, n e t.........................................................
2003
NIPA series
1 10 .6 Personal savings (table 2.1, line 3 3).
C apital transfers, p a id .....................................
3 0 .7 Estate and gift taxes paid by persons to the Federal G o vernm ent (table
5 .1 0 , line 3), plus estate and gift taxes paid by persons to state and
local governm ents (table 5 .1 0 , line 9), plus im m igrant transfers paid
by persons to the rest of the world (table 5 .1 0 , part of line 13).
C apital transfers, re c e iv e d ............................
15.9 C apital transfers paid to persons (table 5 .1 0 , line 4 ), plus im m igrant
transfers received by persons from th e rest of the world (table 5 .1 0,
part of line 13).
Gross capital fo rm atio n ..................................
7 9 1 .9 N oncorporate business gross private dom estic fixed capital form ation
(table 5 .3 .5 , part of line 1), plus noncorporate business chang e in
inventories (table 5 .6 .5B , part of line 1).
G ross fixed capital form ation.................
7 9 1 .2 N oncorporate business gross private dom estic fixed capital form ation
(table 5 .3 .5 , part of line 1).
C hang es in inventories................................
0 .7 N oncorporate business chang e in inventories (table 5 .6 .5B, part of
line 1).
C onsum ption of fixed c a p ita l....................
3 5 3 .3 Consum ption of fixed capital of households and institutions (table 7.5,
line 18), plus consum ption of fixed capital for noncorporate business
(line 7).
Acquisitions less disposals of non
financial nonproduced a s s e ts ...............
N et lending/net borrow ing.............................
- 2 . 6 Land sold to or purchased from general governm ent by households,
institutions, and noncorporate business (table 3 .1 , part of line 3 7 with
the sign reversed).
-3 4 0 .1 N et lending or borrowing of households, institutions, and noncorporate
business (table 5.1, part of line 2 5).
D ecem ber 2004
33
Federal Personal Income Tax Liabilities and Payments for
1 9 5 9 -2 0 0 2
By Mark A. Ledbetter
The estimates of Federal personal income tax pay
ments for 2001 are revised, and the estimates of Fed
eral personal income tax liabilities and payments for
2002 are new.1 These estimates incorporate the results
of the 2004 annual revision of the national income and
product accounts and the newly available tax return
data for 2002 from the Internal Revenue Service.
For 2001, personal income tax payments exceeded
personal income tax liabilities by $136.9 billion. This
substantial difference was partly accounted for by a
slowdown in economic activity and by the enactment
of the Economic Growth and Tax Relief Act of 2001
that reduced tax liabilities.2
For 2002, personal income tax payments exceeded
personal income tax liabilities by $31.0 billion. The dif
ference can be partly accounted for by the Job Creation
and Worker Assistance Act of 2002, which was signed
into law on March 9, 2002.3 This act contained retroac
tive provisions that resulted in a reduction in tax liabil
ities for 2002 and an overpayment of taxes for the
beginning of 2002. Specifically, these provisions af
fected the tax liabilities of sole proprietorships, part
nerships, and S corporations by the addition of a firstyear depreciation deduction on qualified property, by
the extension of the “general net operating loss carry
back deduction” from 2 years to 5 years, and by retro
active tax benefits for the area of New York City that
was damaged by the terrorist attacks of September 11th,
2001.
1. For a discussion o f the payments series, the derivation and the use of
the estimates o f tax liabilities, and the sources o f the differences between lia
bilities and payments, see Mark A. Ledbetter, “ Federal Personal Income Tax
Liabilities and Payments,” Survey of C ur r en t B usiness 84 (June 2 0 0 4 ): 1 7 -2 0 .
2. For more on information, see Ledbetter; 18-19.
3. For more information, see the box “Retroactive Provisions o f the Job
Creation and Worker Assistance Act o f 2002,” Su r vey 82 (April 2002): 6.
F e d e r a l P e r s o n a l I n c o m e T a x L i a b il i t i e s a n d P a y m e n t s f o r 1 9 5 9 - 2 0 0 2
[Billions of dollars]
Federal personal income taxes
Liabilities
basis
1959.......................................................................
1960.......................................................................
1961.......................................................................
1962.......................................................................
1963.......................................................................
1964.......................................................................
1965.......................................................................
1966.......................................................................
1967.......................................................................
1968.......................................................................
1969.......................................................................
1970.......................................................................
1971.......................................................................
1972.......................................................................
1973.......................................................................
1974.......................................................................
1975.......................................................................
1976.......................................................................
1977.......................................................................
1978.......................................................................
1979.......................................................................
1980.......................................................................
1981.......................................................................
1982.......................................................................
1983.......................................................................
1984.......................................................................
1985.......................................................................
1986.......................................................................
1987.......................................................................
1988.......................................................................
1989.......................................................................
1990.......................................................................
1991
1992
1993
1994
1995
1996
1997.......................................................................
1998.......................................................................
1999.......................................................................
2000.......................................................................
2001 .......................................................................
2002.......................................................................
1. This series is presented in NIPA table 3.2.
39.0
39.9
42.7
45.4
48.8
47.8
50.2
56.8
63.7
77.5
87.4
84.5
86.1
94.3
108.9
124.4
117.3
142.8
161.0
189.6
216.1
252.3
286.7
280.2
277.8
306.7
331.5
374.9
378.7
422.0
440.1
453.4
455.4
483.1
508.5
540.3
592.9
664.5
742.5
800.5
892.4
994.2
857.6
800.2
Payments
basis1
38.5
41.8
42.7
46.5
49.1
46.0
51.1
58.6
64.4
76.4
91.7
88.9
85.8
102.8
109.6
126.5
120.7
141.2
162.2
188.9
224.6
250.0
290.6
295.0
286.2
301.4
336.0
350.1
392.5
402.9
451.5
470.2
461.3
475.3
505.5
542.7
586.0
663.4
744.3
825.8
893.0
999.1
994.5
831.2
Difference
0.5
-1.9
0.0
-1.1
-0.3
1.8
-0.9
-1.8
-0.7
1.1
-4.3
-4.4
0.3
-8.5
-0.7
-2.1
-3.4
1.6
-1.2
0.7
-8.5
2.3
-3.9
-14.8
-8.4
5.3
-4.5
24.8
-13.8
19.1
-11.4
-16.8
-5.9
7.8
3.0
-2.4
6.9
1.1
-1.8
-25.3
-0.6
-4.9
-136.9
-31.0
1. DEPARTMENT OF COMMERCE
inom ics and Statistics A d m in istra te
eau o i Economic Analysis
jio n a l Economic M easurem ent Divis
The latest state estimates are now available from the Regional Economic Information System
of the Bureau of Economic Analysis.
—
J
|
,
1 9 6 9 -2 0 0 3
This CD-RO M contains the following detailed annual estimates for all states:
• Personal income by major source— / \
• Per capita personal income
]__ S
^
• Earnings by industry
f
A
J
• Compensation by industry \ \
I j
^
S
• Wage and salary disbursements b ^ n o u sw y------- ------------- I___
•
V
hP
/ —
F u ll- a n d p a r t - t i m e e m p l o y m e n t b y i n d u s t r y f o r 1 9 6 9 ^ 2 0 0 3
• Wage and salary employment by industry for 1969-2003
• State economic profiles
• Transfer receipts by major program
• Farm income and expenses
• Personal current tax receipts
S . D E P A R T M E N T O F C O M IV
o n o m ic s a n d S t a t is tic s M m
ir e a u o f E c o n o m ic A n a ly s is
jg io n a l E c o n o m ic M e a s u re m e
To receive your free copy, call the Order Desk at 1—800—704—0415 and specify product
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rr—
35
D ecem ber 2004
Subject Guide
V o lum e
84 (2004)
J anuary - D
ecem ber
This guide lists the major items that were published in the Survey of Cur
rent Business in the January-December 2004 issues. It gives the month of
the issue and the beginning page number, and it includes selected boxes
that are cited by title and page number.
G eneral
Schedule of BEA News Releases in 2005 {December, 37}
National A cco u n ts
Federal budget estimates
For Fiscal Year 2005 {March, 14}
Federal personal income tax liabilities and payments
Preliminary Estimates for 2001 and Revised Esti
mates for 1959-2000 {June, 17}
Preliminary Estimates for 2002 and Revised Esti
mates for 2001 {December, 33}
Fixed assets and consumer durable goods
For 1993-2003 {September, 29}
Preliminary Estimates for 2002 and Revised Esti
mates for 1925-2001 {May, 7}
Inventories, sales, and inventory-sales ratios for
manufacturing and trade
First Quarter 1997 to Third Quarter 2003 {February,
178}
First Quarter 1997 to Fourth Quarter 2003 {April,
23}
First Quarter 2004 {luly, 5}
Fourth Quarter 2000 to Second Quarter 2004 {Octo
ber, 21}
National income and product accounts (NIPAs)
Alternative Measures of Personal Saving {September,
17}
Annual Revision
Annual Estimates for 2001-2003 and Quarterly
Estimates for First Quarter 2001 to First Quarter
2004 {August, 7}
Newly Available NIPA Tables {September, 28; Octo
ber, 11; November, 7}
NIPA Tables {August, 30}
BEA Personal Income and IRS Adjusted Gross
Income
New Estimates for 2001 and Revised Estimates for
1959-2000 {April, 8}
New Estimates for 2002 and Revised Estimates for
2001 {November, 9}
Business Situation
Advance Estimates
Fourth Quarter 2003 and for the Year 2003 {Feb
ruary, 1}
First Quarter 2004 {May, 1}
Second Quarter 2004 {August, 1}
Third Quarter 2004 {November, 1}
Preliminary Estimates
Fourth Quarter 2003 {March, 1}
First Quarter 2004 {June, 1}
Second Quarter 2004 {September, 1}
Third Quarter 2004 {December, 1}
Final Estimates
Third Quarter 2003 {lanuary, 1}
Fourth Quarter 2003 {April, 1}
First Quarter 2004 {luly, 1}
Second Quarter 2004 {October, 1}
Comprehensive Revision
Errata: Sources of the Revisions to Selected Income
Components {March, 36}
Improved Estimates for 1929-2002 {February, 7}
Newly Available NIPA Tables {March, 26; April, 38;
May, 23; lune, 58; July, 8; October, 11}
NIPA Tables {February, 31}
Preview of the Selected NIPA Tables {lanuary, 6}
GDP and Other Major NIPA Series
For 1929-2003 {February, 152}
For 1929 to Second Quarter 2004 {August, 167}
Real Government Spending by Function for
1959-2003 {October, 5}
A New Framework for Government Consumption
Expenditures [box, 5]
The NIPAs and the System of National Accounts
{December, 17}
Updated Summary NIPA Methodologies {November,
15}
Industry A cco u n ts
Gross Domestic Product by Industry for 1987-2000
on a NAICS basis {November, 33}
Improved Annual Industry Accounts for 1998-2003
{June, 21}
Preview of the Comprehensive Revision of the
Annual Industry Accounts: Integrating the Annual
Input-Output Accounts and the Gross-DomesticProduct-by-Industry Accounts {March, 38}
U.S. Travel and Tourism Satellite Accounts for
1998-2003 {September, 43}
Subject G uide
36
In tern atio nal A cco u n ts
Direct investment positions: Country and industry
detail
For 2003 {July, 40}
H oldin g C om p an ies in the D ata on U.S. Direct
Investm ent A broad [box, 43]
Foreign direct investment in the United States
D etail for H istorical-C ost Position and Related C a p i
tal and Incom e Flows, 2003 {Septem ber, 61}
N ew Investm ent in 2003 {June, 59}
O peration s o f U .S. Affiliates o f Foreign C om pan ies
Prelim inary R esults From the 2002 Benchm ark
Survey {A ugust, 192}
The 2002 Ben ch m ark Survey [box, 195]
U.S. direct investment abroad
D etail for H istorical-C ost Position and Related C a p i
tal and Incom e Flows, 2003 {Septem ber, 101}
Errata: Selected D ata for M ajority-O w ned N on ban k
Foreign Affiliates by C o u n try o f Affiliate {January,
100}
A N ote on Patterns o f Production and Em ploym ent
by U.S. M ultinational C om p an ies {M arch, 52}
O peration s o f U.S. M ultinational C o m p an ies in 2002
{July, 10}
U.S. international accounts
A nnual revision for 1989-2003 {July, 52}
U.S. international investment position
Yearend 2003 {July, 30}
U.S. international services
C ross-B order Trade in 2003 and Sales T hrough A ffili
ates in 2002 {O ctober, 25}
Types o f C ross-B ord er Services [box, 32-33]
U.S. international transactions
A nnual Estim ates
For 2003 {April, 59}
A nnual Revision o f the A ccounts [box, 64]
H ow BEA A ligns an d A ugm ents Source D ata
From the U.S. Treasury D epartm en t for In
clusion in the International T ransactions
D ecem ber 2004
A ccounts {July, 65}
An O w nership-Based Fram ew ork o f the U .S. C u r
rent A ccount, 1992-2002 {January, 66}
Q uarterly Estim ates
T hird Q uarter 2003 {January, 69}
R elief and R econstruction Activities in Iraq
and the International T ransactions A ccounts
[box, 73]
Fourth Q uarter 2003 {A pril, 50}
First Q uarter 2004 {July, 68}
Second Q uarter 2004 {O ctober, 77}
Reconciliation o f the U .S.-C an adian Current
A ccount, 2002 and 2003 {N ovem ber, 54}
R egional A cco u n ts
BEA economic areas
2004 Redefinition o f the BEA Econ om ic Areas
{N ovem ber, 68}
Local area personal income
C om prehensive Revision
Prelim inary Estim ates for 2002 and Revised E sti
m ates for 1969-2001 {June, 67}
Alternative M easures o f C oun ty E m ploym ent
and W ages [box, 70]
State personal income
A nnual Revision
R evised Estim ates for 2001 to First Q uarter 2004
{O ctober, 109}
C om prehensive Revision
Prelim inary Estim ates for 2003 an d Revised E sti
m ates for 1969-2002 {May, 27}
Personal Incom e in the NIPAs and State Personal
Incom e [box, 34]
Alternative M easures o f H o u seh old Incom e [box,
37]
Q uarterly Estim ates
T hird Q uarter 2003 {February, 192}
First Q uarter 2004 {July, 116}
Second Q uarter 2004 {O ctober, 109}
December 2004
37
S urvey of C urrent B usiness
S c h e d u l e o f B E A N e w s R e l e a s e s in 2 0 0 5
January U.S. International Trade in Goods and Services, November 2004*
Jan. 12
Gross Domestic Product, 4th quarter 2004 (advance)
Jan. 28
Personal Income and Outlays, December 2004
Jan. 31
February U.S. International Trade in Goods and Services, December 2004*
Gross Domestic Product, 4th quarter 2004 (preliminary)
Feb. 25
Personal Income and Outlays, January 2005
Feb. 28
March U.S. International Trade in Goods and Services, January 2005*
Mar. 14
U.S. International Transactions, 4th quarter 2004
Mar. 16
State Personal Income, 4th quarter 2004 and
State Per Capita Income, 2004
Mar. 28
Gross Domestic Product, 4th quarter 2004 (final) and
Corporate Profits, 4th quarter 2004
Mar. 30
Personal Income and Outlays, February 2005
Mar. 31
April 12
Gross Domestic Product by Industry, 2004
April 20
Local Area Personal Income, 2001-2003
April 27
Gross Domestic Product, 1st quarter 2005 (advance)
April 28
Personal Income and Outlays, March 2005
April 29
May U.S. International Trade in Goods and Services, March 2005*
Gross Domestic Product, 1st quarter 2005 (preliminary) and
Corporate Profits, 1st quarter 2005 (preliminary)
Mar. 11
Tourism Satellite Accounts, 4th quarter 2004
April U.S. International Trade in Goods and Services, February 2005*
June
Feb. 10
May 11
May 26
Personal Income and Outlays, April 2005
May 27
Foreign Investors Spending, 2004
June 1
Tourism Satellite Accounts, 1st quarter 2005
June 9
U.S. International Trade in Goods and Services, April 2005*
June 10
U.S. International Transactions, 1st quarter 2005
June 17
State Personal Income, 1st quarter 2005
June 22
Gross State Product by Industry, 2001-2003, and
Gross State Product (advance) 2004
June 23
Gross Domestic Product, 1st quarter 2005 (final) and
Corporate Profits, 1st quarter 2005 (revised)
June 29
S chedule of New s R eleases in 2 0 0 5
38
June
December 2004
International Investment Position in the United States, 2004
June 30
Personal Income and Outlays, May 2005
June 30
Ju ly U.S. International Trade in Goods and Services, May 2005*
July 13
Gross Domestic Product, 2nd quarter 2005 (advance)
July 29
August Personal Income and Outlays, lune 2005
U.S. International Trade in Goods and Services, lune 2005*
Aug. 12
Gross Domestic Product, 2nd quarter 2005 (preliminary) and
Corporate Profits, 2nd quarter 2005 (preliminary)
Aug. 31
September Personal Income and Outlays, July 2005
Sept. 1
Tourism Satellite Accounts, 2nd quarter 2005
Sept. 8
U.S. International Trade in Goods and Services, July 2005*
Sept. 13
U.S. International Transactions, 2nd quarter 2005
Sept. 16
State Personal Income, 2nd quarter 2005, and
Revised State Personal Income, 2002-2004
Sept. 28
Gross Domestic Product, 2nd quarter 2005 (final) and
Corporate Profits, 2nd quarter 2005 (revised)
Sept. 29
Personal Income and Outlays, August 2005
Sept. 30
October U.S. International Trade in Goods and Services, August 2005*
Oct. 13
Gross Domestic Product, 3rd quarter 2005 (advance)
Oct. 28
Personal Income and Outlays, September 2005
Oct. 31
November U.S. International Trade in Goods and Services, September 2005*
Gross Domestic Product, 3rd quarter 2005 (preliminary) and
Corporate Profits, 3rd quarter 2005 (preliminary)
December Personal Income and Outlays, October 2005
Aug. 2
Nov. 10
Nov. 30
Dec. 1
U.S. International Trade in Goods and Services, October 2005*
Dec. 14
U.S. International Transactions, 3rd quarter 2005
Dec. 16
Tourism Satellite Accounts, 3rd quarter 2005
Dec. 19
State Personal Income, 3rd quarter 2005
Dec. 20
Gross Domestic Product, 3rd quarter 2005 (final) and
Corporate Profits, 3rd quarter 2005 (revised)
Dec. 21
Personal Income and Outlays, November 2005
Dec. 22
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Publications
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urveyof Current
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National
Pxesenjatianj
B Interactive Pata
In tern atio n al
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b
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Methodologies
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b
s ta t e ..anti meal. Personal
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In d u stry
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; b Current releases
h Release
- i - i *1
Capital Flow
Travel and Tourism
Real GDP:
+1.4% in Q1 2003 (final)
[Released; 6/26/03]
Perso.na.IIn cgme;
+0.3% in May 2003
[Released: 6/27/2003]
l a H a ulf iia G.qods .gnd
Seryicg^:
Increase in the deficit of
$0.2 billion to $41.8 billion in
May 2003 (p.)
[Released: 7/11/03]
U,S, jo t!! Transactions:
Increase in the current
account deficit of $7.5 billion
to $136.1 billion in Q1 2003
Internet
D -1
D ecem ber 2004
BEA Current and Historical Data
N a tio n a l, In te rn a tio n a l, a n d R e g io n a l D a ta
This section presents an extensive selection of economic statistics prepared by the Bureau of Economic Analysis (BEA) and
a brief selection of collateral statistics prepared by other Government agencies and private organizations. Series that origi
nate in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided
through the courtesy of the compilers and are subject to their copyrights.
BEA’s economic statistics are available on BEA’s Web site at <www.bea.gov>. The site contains data, articles, news releases,
and other information from BEA’s national, industry, international, and regional programs.
The tables present annual [A], quarterly [Q], and monthly [M] data
National D ata
A. Selected NIPA tables [A, Q]
1. Domestic product and income..............................D-2
2. Personal income and outlays...............................D-18
3. Government current receipts and expenditures... D-21
4. Foreign transactions........................................... D-33
5. Saving and investment........................................ D-37
6. Income and employment by industry................. D-42
7. Supplemental tables............................................ D-43
B. Other NIPA and NIPA-related tables
B.l Personal income and its disposition [A, M] .....D-46
B.2 Value added by industry [A, M ]....................... D-47
C. Historical measures [A, Q]
C.l GDP and other major NIPA aggregates........... D-48
D. Domestic perspectives [A, Q, M]............................D-52
E. Charts
Selected NIPA series................................................ D-54
Other indicators of the domestic economy............ D-60
International Data
F. Transactions tables
F.1 U.S. international transactions in goods
and services [A, M ]........................................ D-62
F.2 U.S. international transactions [A, Q ].............. D-63
F.3 U.S. international transactions by area [Q].......D-64
F.4 Private services transactions [A]....................... D-67
G. Investment tables [A]
G..1 U.S. international investment position........... D-68
G.2 USDIA: Selected items....................................... D-69
G.3 Selected financial and operating data of foreign
affiliates of U.S. companies............................D-70
G.4 FDIUS: Selected items........................................ D-71
G.5 Selected financial and operating data of U.S.
affiliates of foreign companies.......................D-72
H. International perspectives [A, Q, M] ..................... D-73
I. Charts
The United States in the international economy..... D-74
Regional D ata
J. State and regional tables
J.l Personal income [Q] ............................................. D-75
J.2 Personal income and per capita
personal income [A]..........................................D-76
J.3 Disposable personal income and per capita
disposable personal income [A].......................D-77
J.4 Gross state product [A].........................................D-78
K. Local area table
K.l Personal income and per capita personal income
by metropolitan area [A]..................................D-79
L. Charts
Selected regional estimates.........................................D-81
Appendixes
A: Additional information about the NIPA estimates
Statistical conventions................................................ D-83
Reconciliation table [A, Q ] ........................................D-84
B: Suggested reading....................................................... D-8 5
D ecem ber 2004
D -2
N a tio n a l D a ta
A . S e le c te d N IP A T a b le s
The tables in this section include the m ost recent estim ates o f gross dom estic prod u ct and its com ponents.
T hese estim ates were released on N ovem ber 30, 2004, and they include the “prelim in ary” estim ates for the
third quarter o f 2004 an d revised estim ates o f w ages and salaries and affected incom e-side series for the
secon d quarter o f 2004.
The selected set o f NIPA tables show n in this section presents quarterly estim ates, which are updated
m onthly. In m ost o f these tables, annual estim ates are also shown.
The news release on gross dom estic p rodu ct is available within m inutes o f the tim e o f release, and the
“ Selected NIPA Tables” are available later that day on BEA’s Web site < w w w .bea.gov>.
1. Domestic Product and Income
T a b le 1 .1 .1 . P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d in R e a l
T a b le 1 .1 .2 . C o n t r ib u t io n s t o P e r c e n t C h a n g e in R e a l
G r o s s D o m e s t ic P r o d u c t
G r o s s D o m e s t ic P r o d u c t
[Percent]
Seasonally adjusted at annual rates
Line
2002
IV
III
Gross domestic product....
Personal consumption
expenditures.......................
Durable goods.........................
Nondurable goods...................
Services...................................
Gross private domestic
investment...........................
Fixed investment.......................
Nonresidential.....................
Structures........................
Equipment and software
Residential............................
Change in private inventories...
Net exports of goods and
Exports.....................................
Goods...................................
Services...............................
Imports.....................................
Goods...................................
Services...............................
Government consumption
expenditures and gross
investment...........................
Federal.....................................
National defense..................
Nondefense.........................
State and local.........................
Seasonally adjusted at annual rates
2004
2003
2003
I
Line
2002
2003
III
II
2003
III
1
1.9
3.0
7.4
4.2
4.5
3.3
3.9
2
3
4
5
3.1
6.5
2.6
2.6
3.3
7.4
3.7
2.2
5.0
16.5
6.9
1.9
3.6
3.9
5.1
2.8
4.1
2.2
6.7
3.3
1.6
-0.3
0.1
2.7
5.1
17.2
4.8
2.9
6
7
8
9
10
11
1?
-2.4
-4.9
-8.9
-17.8
-5.5
4.8
4.4
5.1
3.3
-5.6
6.4
8.8
22.4
18.0
15.7
-1.3
21.7
22.4
13.9
10.5
11.0
7.9
12.0
9.6
12.3
4.5
4.2
-7.6
8.0
5.0
19.0
13.9
12.5
6.9
14.2
16.5
2.8
8.8
12.9
-0.3
17.2
1.7
1H
14
15
16
17
18
19
-2.3
-4.1
1.8
3.4
3.7
1.9
1.9
2.2
1.4
4.4
4.7
3.1
11.3
10.1
14.1
2.8
0.0
17.9
17.5
16.1
20.6
17.1
18.4
11.1
7.3
9.1
3.4
10.6
12.7
1.2
7.3
6.0
10.2
12.6
13.0
10.6
6.3
9.1
0.2
6.0
5.6
8.3
20
21
22
23
24
4.4
7.5
7.7
7.1
2.8
2.8
6.6
9.0
2.4
0.7
0.1
-3.3
-7.7
5.8
2.2
1.6
4.8
11.6
-7.5
-0.1
2.5
7.1
10.6
0.2
0.0
2.2
2.7
1.9
4.4
1.9
1.2
4.7
9.8
-5.2
-0.8
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Personal consumption
expenditures.......................
Durable goods.........................
Nondurable goods...................
Services....................................
Gross private domestic
investment...........................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Residential...........................
Change in private inventories...
Net exports of goods and
services..............................
Exports.....................................
Goods...................................
Services................................
Imports......................................
Goods...................................
Services................................
Government consumption
expenditures and gross
investment...........................
Federal......................................
National defense..................
Nondefense.........................
State and local.........................
2004
IV
I
II
III
1
1.9
3.0
7.4
4.2
4.5
3.3
3.9
2
3
4
5
2.14
0.56
0.51
1.08
2.29
0.63
0.73
0.93
3.58
1.38
1.38
0.83
2.50
0.33
1.01
1.15
2.90
0.19
1.33
1.39
1.10
-0.02
0.03
1.10
3.53
1.37
0.96
1.21
6
7
8
9
10
11
12
-0.37
-0.80
-1.02
-0.57
-0.45
0.22
0.42
0.66
0.76
0.33
-0.15
0.48
0.43
-0.10
3.16
2.59
1.50
-0.03
1.53
1.09
0.57
2.04
1.57
1.07
0.18
0.89
0.50
0.47
1.86
0.69
0.42
-0.19
0.61
0.27
1.17
2.85
2.07
1.21
0.16
1.05
0.86
0.78
0.46
1.37
1.27
-0.01
1.28
0.10
-0.91
13
14
15
16
17
18
19
-0.70
-0.24
-0.29
0.05
-0.46
-0.42
-0.04
-0.43
0.18
0.14
0.04
-0.61
-0.54
-0.07
0.64
1.02
0.64
0.39
-0.39
-0.39
-0.66
1.55
1.00
0.56
-2.22
-1.96
-0.26
-0.76
0.70
0.60
0.10
-1.46
-1.43
-0.03
-1.06
0.70
0.41
0.30
-1.77
-1.52
-0.25
-0.27
0.62
0.62
0.01
-0.89
-0.69
-0.20
20
21
22
23
24
0.79
0.46
0.30
0.16
0.33
0.52
0.43
0.38
0.06
0.09
0.03
-0.23
-0.36
0.13
0.26
0.31
0.33
0.50
-0.18
-0.02
0.48
0.48
0.47
0.41
0.18
0.09
0.10
0.23
0.23
0.32
0.44
-0.12
-0.09
0.00
0.00
0.00
December 2004
Su rv ey
D -3
C u r r e n t B u sin e ss
of
Table 1.1.3. Real Gross Domestic Product, Quantity Indexes
Table 1.1.4. Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2003
Seasonally adjusted
2004
III
IV
I
Line
II
2
3
4
5
Durable goods.........................
Nondurable goods...................
Services...................................
Gross private domestic
investment...........................
105.698 109.143 109.828 110.794 111.925 112.360 113.761
111.150 119.378 122.733 123.902 124.572 124.482 129.526
104.630 108.481 109.145 110.517 112.331 112.367 113.684
105.085 107.418 107.613 108.346 109.237 109.955 110.746
Durable goods.........................
Nondurable goods...................
Services....................................
106.917
108.177
101.070
77.108
110.455
126.666
1?
Net exports of goods and
services..............................
2004
2003
III
Gross domestic product....
Personal consumption
expenditures.......................
6 89.928 93.852 95.616 98.771 101.672 106.191
7 92.253 96.924 98.904 101.412 102.529 105.913
8 87.302 90.157 91.802 94.235 95.204 98.041
9 80.346 75.810 75.955 77.406 75.886 77.171
10 89.947 95.679 97.917 100.735 102.699 106.157
11 105.178 114.392 117.201 119.916 121.400 126.122
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software
Residential...........................
Change in private inventories...
2003
III
1 102.626 105.749 106.681 107.780 108.969 109.858 110.927
Gross domestic product ...
Personal consumption
expenditures.......................
2002
Gross private domestic
investment...........................
Fixed investment.......................
Nonresidential......................
Structures........................
Equipment and software...
Residential...........................
Change in private inventories...
IV
I
II
III
1 104.097 106.003 106.158 106.586 107.314 108.169 108.519
2 103.548 105.511 105.689 106.005 106.860 107.683 107.980
3 95.475 92.244 91.757 90.747 90.741 90.725 90.008
4 102.097 104.154 104.423 104.564 105.914 107.616 107.868
5 106.083 109.237 109.529 110.266 111.085 111.667 112.243
6
7
8
9
10
11
12
101.221
102.304 102.276 102.968 103.514 104.644 105.435
101.232 102.435 102.401 103.101 103.618 104.709 105.513
98.909 98.546 98.431 98.729 98.793 99.220 99.473
107.908 110.176 110.255 110.633 111.926 113.984 116.688
95.868 94.754 94.588 94.862 94.611 94.626 94.281
107.246 111.951 112.097 113.675 115.179 117.710 119.722
Net exports of goods and
1U
14 92.343 94.116 94.300
15 90.068 92.018 92.190
16 97.989 99.330 99.543
17 100.585 105.048 104.522
18 100.408 105.131 104.331
19 101.571 104.753 105.543
Exports.....................................
Goods...................................
Services...............................
Imports.....................................
Goods...................................
Services...............................
Government consumption
expenditures and gross
investment...........................
20
21
22
23
24
Federal.....................................
National defense..................
Nondefense.........................
State and local.........................
103.264
101.433
107.813
116.554
117.172
113.709
Exports.....................................
Goods...................................
Services................................
Imports......................................
Goods...................................
Services................................
107.918 110.906 111-290 111.738 112.443 113.062 113.407
Government consumption
expenditures and gross
investment...........................
111.725
111.972
111.284
105.999
119.140
122.014
113.972
106.739
119.751
122.368
115.050
107.006
98.170
95.694
104.310
108.725
108.824
108.360
121.154
125.765
112.840
106.968
99.924
97.810
105.173
111.504
112.116
108.675
123.249
128.984
112.900
106.965
101.690
99.242
107.765
114.862
115.593
111.458
124.068
129.582
114.117
107.482
125.505
132.653
112.594
107.273
Federal......................................
National defense..................
Nondefense.........................
State and local.........................
n
14 99.275 101.395
15 98.661 100.640
16 100.769 103.219
17 96.326 99.615
18 95.281 98.068
19 101.819 107.784
101.355
100.407
103.628
99.606
97.911
108.570
20
21
22
23
24
109.181
109.917
107.838
108.736
102.146
101.438
103.865
99.837
98.011
109.502
103.565
103.023
104.897
102.163
100.355
111.718
104.746
104.356
105.726
103.760
102.267
111.566
105.313 108.702 108.898 109.167 110.522 111.703 112.628
105.288
105.488
104.932
105.317
109.081
109.875
107.631
108.485
109.447
110.278
107.917
109.007
111.203
111.825
110.095
110.131
112.020
112.790
110.613
111.524
T a b le 1 .1 .5 . G r o s s D o m e s t ic P r o d u c t
T a b le 1 .1 .6 . R e a l G r o s s D o m e s t ic P r o d u c t, C h a in e d D o lla r s
[Billions of dollars]
[Billions of chained (2000) dollars]
2002
2003
2003
III
Gross domestic product . ..
Personal consumption
expenditures.......................
Durable goods.........................
Nondurable goods...................
Services...................................
Gross private domestic
investment...........................
Fixed investment......................
Nonresidential.....................
Structures.........................
Equipment and software
Residential............................
Change in private inventories...
Net exports of goods and
services..............................
Exports..
Goods
Services...............................
Imports..
Goods
Services..............................
Government consumption
expenditures and gross
investment...........................
Federal.....................................
National defense..................
Nondefense.........................
State and local.........................
Line
2004
IV
I
II
2002
2003
2
3
4
5
7,376.1
7,760.9
7,822.5
7,914.9
8,060.2
8,153.8
8,278.3
Gross domestic product....
Personal consumption
expenditures.......................
916.2
2,080.1
4,379.8
950.7
2,200.1
4,610.1
972.7
2,219.2
4,630.6
971.1
2,250.1
4,693.6
976.3
2,316.6
4,767.3
975.5
2,354.6
4,823.8
1,007.0
2,387.7
4,883.6
Durable goods.........................
Nondurable goods...................
Services....................................
6
7
8
9
10
11
12
1,579.2
1,665.8
1,696.6
1,758.8
1,819.7
1,920.7
1,949.5
Gross private domestic
investment...........................
1,568.0
1,063.9
271.6
792.4
504.1
11.2
1,667.0
1,094.7
261.6
833.1
572.3
-1.2
1,700.2
1,113.3
262.3
851.1
586.9
-3.7
1,755.2
1,146.3
268.2
878.1
609.0
3.5
1,783.5
1,158.8
266.0
892.8
624.6
36.2
1,861.7
1,198.5
275.5
923.1
663.2
59.0
1,916.1
1,238.7
281.8
956.9
677.4
33.3
13
14
15
16
17
18
19
-424.9
-498.1
-488.8
-502.8
-546.8
-591.3
-616.7
1,005.0
697.0
308.0
1,429.9
1,189.6
240.2
1,046.2
726.4
319.8
1,544.3
1,282.0
262.3
1,047.7
725.9
321.7
1,536.4
1,270.3
266.1
1,099.2
761.3
337.9
1,602.0
1,326.4
275.6
1,134.3
790.3
344.1
1,681.2
1,399.2
282.0
1,167.6
812.2
355.4
1,758.9
1,470.1
288.8
1,190.1
832.6
357.6
1,806.8
1,508.6
298.2
Exports.....................................
Goods...................................
Services................................
Imports......................................
Goods...................................
Services................................
Government consumption
expenditures and gross
investment...........................
1,956.6
2,075.5
2,086.4
2,100.0
2,139.5
2,174.3
2,199.0
680.8
437.4
243.4
1,275.8
752.2
496.4
255.7
1,323.3
756.7
498.1
258.7
1,329.7
767.5
513.6
253.9
1,332.6
793.3
534.1
259.1
1,346.3
804.4
541.2
263.2
1,369.9
816.9
556.6
260.4
1,382.1
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Residential...........................
Change in private inventories...
Net exports of goods and
services
Federal......................................
National defense..................
Nondefense.........................
State and local.........................
Residual........................................
2004
2003
III
III
1 10,487.0 11,004.0 11,116.7 11,270.9 11,472.6 11,657.5 11,810.0
20
21
22
23
24
112.459
113.295
110.917
112.735
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
105.144
104.662
106.340
105.041
103.533
112.921
IV
I
II
III
1 10,074.8 10,381.3 10,472.8 10,580.7 10,697.5 10,784.7 10,889.7
2
3
4
5
7,123.4
7,355.6
7,401.7
7,466.8
7,543.0
7,572.4
7,666.8
959.6
2,037.4
4,128.6
1,030.6
2,112.4
4,220.3
1,059.6
2,125.3
4,227.9
1,069.7
2,152.0
4,256.7
1,075.5
2,187.3
4,291.7
1,074.7
2,188.0
4,320.0
1,118.2
2,213.7
4,351.0
6
7
8
9
10
11
12
1,560.7
1,628.8
1,659.4
1,714.1
1,764.5
1,842.9
1,855.5
1,548.9
1,075.6
251.6
826.5
470.0
11.7
1,627.3
1,110.8
237.4
879.2
511.2
-0.8
1,660.6
1,131.1
237.9
899.7
523.8
-3.5
1,702.7
1,161.0
242.4
925.6
535.9
8.6
1,721.4
1,173.0
237.7
943.7
542.5
40.0
1,778.3
1,207.9
241.7
975.5
563.6
61.1
1,816.3
1,245.3
241.5
1,015.0
566.1
35.9
13
14
15
16
17
18
19
20
21
22
23
24
25
-472.1
-518.5
-508.7
-528.3
-550.1
-580.3
-588.0
1,012.3
706.4
305.7
1,484.4
1,248.5
235.9
1,031.8
721.7
309.9
1,550.3
1,307.3
243.3
1,033.8
723.1
310.5
1,542.5
1,297.3
245.2
1,076.2
750.6
325.4
1,604.5
1,353.2
251.7
1,095.4
767.2
328.1
1,645.5
1,394.1
252.4
1,114.8
778.4
336.2
1,695.1
1,437.4
258.9
1,132.1
795.6
336.3
1,720.1
1,457.0
264.1
1,857.9
1,909.4
1,916.0
1,923.7
1,935.8
1,946.5
1,952.4
646.6
414.6
232.0
1,211.4
3.7
689.6
451.8
237.6
1,219.8
0.8
693.1
453.1
239.9
1,222.9
-4.9
701.2
465.7
235.2
1,222.5
-4.7
713.3
477.6
235.4
1,222.4
-5.1
718.1
479.9
237.9
1,228.3
-4.3
726.4
491.2
234.7
1,225.9
-14.3
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
National D ata
D -4
Table 1.1.7. Percent Change From Preceding Period in Prices for
Gross Domestic Product
D ecem ber 2004
Table 1.1.8. Contributions to Percent Change in the Gross Domestic Product
Price Index
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2003
IV
III
Gross domestic product ...
Personal consumption
expenditures.......................
Durable goods.........................
Nondurable goods...................
Services...................................
Gross private domestic
investment...........................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software
Residential............................
Change in private inventories...
I
II
1
1.7
2
3
4
5
1.4
1.9
-2.7
0.6
2.7
-3.4
2.0
3.0
6
7
8
9
10
11
12
0.2
1.1
0.2
-0.8
2.4
-1.9
2.5
1.2
-0.4
2.1
-1.2
4.4
1U
14
15
16
17
18
19
-0.4
-0.7
0.4
-1.2
-1.8
1.7
2.1
2.0
2.4
3.4
2.9
5.9
0.8
-0.6
4.0
2.6
2.4
3.6
20
21
22
23
24
2.7
3.2
2.2
1.0
3.3
3.4
3.1
2.4
3.6
4.2
2.6
3.0
1.1
1.1
1.0
2.9
1.0
1.3
0.3
1.0
25
1.6
1.8
1.5
1.6
2.8
1.4
1.8
Line
Government consumption
expenditures and gross
investment...........................
Federal.....................................
National defense..................
Nondefense.........................
State and local.........................
III
3.2
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Personal consumption
expenditures.......................
1.6
2.8
1.6
1.2
3.3
3.1
1.1
-4.4
3.5
2.0
-4.3
0.5
2.7
0.0
5.3
3.0
-0.1
6.6
2.1
-3.1
0.9
2.1
1.2
2.7
2.1
4.4
3.1
1.2
0.3
1.3
0.0
3.1
2.8
1.2
1.4
1.2
5.8
2.0
0.3
4.8
-1.1
5.4
4.3
1.7
7.6
0.1
9.1
3.1
1.0
9.8
-1.5
7.0
Gross private domestic
investment...........................
3.2
4.2
0.9
0.9
0.4
3.5
5.7
6.4
4.0
9.6
9.9
8.3
4.6
5.3
3.2
6.4
7.8
-0.5
1.5
1.2
2.3
5.0
5.0
4.9
Net exports of goods and
services..............................
5.1
4.3
3.4
6.6
5.7
8.3
4.2
3.0
3.5
1.9
5.2
1.6
1.8
1.1
4.4
Government consumption
expenditures and gross
investment...........................
3.2
1.3
1.3
Addendum:
Gross national product............
2003
2003
III
Net exports of goods and
Exports......
Goods....
Services
Imports.....
Goods....
Services
2002
2004
Durable goods.........................
Nondurable goods...................
Services....................................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Residential............................
Change in private inventories...
Exports..
Goods
Services................................
Imports...
Goods
Services...............................
Federal......................................
National defense..................
Nondefense.........................
State and local.........................
2004
IV
I
II
III
1
1.7
2
3
4
5
1.00
1.33
1.14
0.85
2.28
2.18
0.78
-0.24
0.11
1.13
-0.30
0.40
1.24
-0.39
0.70
0.83
-0.38
0.11
1.13
0.00
1.04
1.24
-0.01
1.30
0.88
-0.27
0.19
0.85
6
7
8
9
10
11
12
0.03
0.16
0.17
0.42
0.34
0.71
0.50
0.03
-0.08
0.07
-0.15
0.12
0.00
0.18
-0.04
0.05
-0.09
0.22
-0.02
0.19
0.03
0.03
0.00
0.16
-0.02
0.42
0.12
0.03
0.09
0.30
-0.01
0.31
0.03
0.11
-0.08
0.29
0.02
0.67
0.18
0.17
0.01
0.49
0.05
0.49
0.11
0.22
-0.12
0.39
0.01
13
14
15
16
17
18
19
0.13
-0.27
-0.29
0.17
-0.78
-0.47
-0.04
-0.05
0.01
0.17
0.21
-0.04
0.07
-0.04
0.11
-0.37
-0.28
-0.09
-0.59
0.20
0.13
0.07
-0.47
-0.33
-0.13
0.30
0.27
0.03
-0.13
-0.05
-0.08
0.54
0.43
0.12
-1.33
-1.13
-0.20
0.45
0.36
0.10
-0.92
-0.94
0.01
0.15
0.08
0.07
-0.74
-0.62
-0.12
20
21
22
23
24
0.49
0.60
0.42
0.18
0.93
0.80
0.62
0.21
0.14
0.07
0.29
0.24
0.18
0.06
0.36
0.07
0.05
0.02
0.35
0.06
0.06
0.01
0.12
0.44
0.26
0.18
0.49
0.20
0.16
0.04
0.60
0.11
0.08
0.02
0.51
1.8
1.4
1.6
2.8
3.2
T a b le 1 .1 .9 . I m p li c i t P r ic e D e f la t o r s f o r G r o s s D o m e s t ic P r o d u c t
T a b le 1 .1 .1 0 . P e r c e n ta g e S h a r e s o f G r o s s D o m e s t ic P r o d u c t
[Index numbers, 2000=100]
[Percent]
Seasonally adjusted
2003
Line
Line
2002
2003
2003
III
Gross domestic product . ..
Personal consumption
expenditures.......................
Durable goods.........................
Nondurable goods...................
Services...................................
Gross private domestic
investment...........................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software
Residential...........................
Change in private inventories...
Net exports of goods and
services..............................
Exports.....................................
Goods...................................
Services...............................
Imports.....................................
Goods...................................
Services...............................
Government consumption
expenditures and gross
investment...........................
Federal.....................................
National defense..................
Nondefense.........................
State and local.........................
IV
I
II
III
2 103.547 105.510 105.685 106.000 106.856 107.679 107.976
3 95.475 92.244 91.799 90.788 90.783 90.767 90.049
4 102.097 104.153 104.418 104.560 105.909 107.611 107.863
5 106.084 109.237 109.525 110.263 111.080 111.663 112.239
101.186 102.271
101.235 102.436 102.388 103.086 103.603 104.693 105.498
98.913 98.547 98.431 98.728 98.792 99.220 99.472
107.923 110.180 110.249 110.624 111.916 113.974 116.677
95.868 94.754 94.589 94.863 94.611 94.627 94.282
107.246 111.952 112.054 113.630 115.133 117.664 119.674
13
14 99.275 101.396
15 98.661 100.640
16 100.769 103.219
17 96.326 99.615
18 95.281 98.068
19 101.820 107.784
20
21
22
23
24
102.240 102.603 103.130 104.221 105.063
101.343
100.395
103.612
99.607
97.918
108.546
102.133
101.425
103.849
99.840
98.019
109.478
103.550
103.009
104.881
102.165
100.363
111.692
104.732
104.343
105.711
103.763
102.276
111.542
105.130
104.648
106.323
105.043
103.542
112.895
105.313 108.702 108.897 109.167 110.523 111.703 112.628
105.288
105.489
104.932
105.318
109.082
109.876
107.632
108.485
109.180
109.917
107.839
108.736
109.449
110.283
107.919
109.007
111.205
111.830
110.097
110.130
112.022
112.795
110.616
111.523
112.461
113.299
110.919
112.734
Addendum:
Gross national product............
25 104.082 105.992 106.146 106.516 107.240 108.087 108.451
2004
2003
2004
1 104.092 105.998 106.148 106.523 107.246 108.093 108.452
6
7
8
9
10
11
1?
2002
1.3
III
IV
I
II
III
100.0
100.0
100.0
100.0
100.0
1
100.0
2
3
4
5
70.3
70.5
70.4
70.2
70.3
Durable goods.........................
Nondurable goods...................
Services....................................
8.7
19.8
41.8
8.7
20.0
41.7
69.9
70.1
8.6
20.0
41.9
8.6
20.0
41.6
8.5
20.2
41.6
8.4
20.2
41.4
8.5
20.2
41.4
Gross private domestic
investment...........................
6
15.1
15.1
15.3
15.6
15.0
10.1
2.6
7.6
4.8
0.1
15.1
9.9
2.4
7.6
5.2
0.0
15.9
16.5
16.5
7
15.3
10.0
2.4
7.7
5.3
0.0
15.6
10.2
2.4
7.8
5.4
0.0
15.5
10.1
2.3
7.8
5.4
0.3
16.0
10.3
2.4
7.9
5.7
0.5
16.2
10.5
2.4
8.1
5.7
0.3
13
14
15
16
17
18
19
-4.1
-4.5
-4.4
-4.5
-4.8
9.6
6.6
2.9
13.6
11.3
2.3
-5.1
-5.2
9.5
6.6
2.9
14.0
11.7
2.4
9.4
6.5
2.9
13.8
11.4
2.4
9.8
6.8
3.0
14.2
11.8
2.4
9.9
6.9
3.0
14.7
12.2
2.5
10.0
7.0
3.0
15.1
12.6
2.5
10.1
7.0
3.0
15.3
12.8
2.5
20
21
22
23
24
18.7
18.9
18.8
18.6
18.6
18.7
6.5
4.2
2.3
12.2
6.8
4.5
2.3
12.0
18.6
6.8
4.5
2.3
12.0
6.8
4.6
2.3
11.8
6.9
4.7
2.3
11.7
6.9
4.6
2.3
11.8
6.9
4.7
2.2
11.7
Gross domestic product....
Personal consumption
expenditures.......................
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Residential...........................
Change in private inventories...
Net exports of goods and
services..............................
Exports..
Goods
Services................................
Imports...
Goods
Services................................
Government consumption
expenditures and gross
investment...........................
Federal......................................
National defense..................
Nondefense.........................
State and local.........................
8
9
10
11
12
100.0
S urvey
D ecem ber 2004
C
of
urrent
D -5
B u s in e s s
Table 1.2.2. Contributions to Percent Change in Real Gross Domestic Product
by Major Type of Product
Table 1.2.1. Percent Change From Preceding Period in Real
Gross Domestic Product by Major Type of Product
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2004
2003
Line
2002
2003
4.9
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
8.1
11.3
Final sales of domestic
product.........................
Change in private
inventories...................
3.9
Gross domestic product . ..
Final sales of domestic
product........................
Change in private
inventories...................
Goods.....................................
17.7
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales............................
Change in private
inventories1.....................
Nondurable goods...................
Final sales...........................
Change in private
inventories1.....................
15.7
25.2
24.4
11.9
4.6
9.5
18.9
11.7
8.9
7.0
5.5
1.1
2.6
Services2................................
Structures..............................
Addenda:
3.0
-2.4
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output...................................
Final sales of computers3........
Gross domestic product
excluding final sales of
computers.............................
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers...........................
11.6
4.2
26.3
2.9
1.5
3.0
41.0
6.8
93.7
4.2
29.0
2.8
6.8
4.0
4.5
3.3
3.8
3.0
5.9
4.3
5.0
4.0
3.8
19
2.3
2.3
12.7
-1.3
-15.2
10.1
13.9
3.7
20.9
Goods.....................................
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales...........................
Change in private
inventories1......................
Nondurable goods...................
Final sales...........................
Change in private
inventories1......................
Services2................................
Structures...............................
Addenda:
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output....................................
Final sales of computers3........
Gross domestic product
excluding final sales of
computers............................
1
1.9
2004
2003
IV
III
3.0
7.4
I
III
II
4.2
4.5
3.3
3.9
2
1.44
3.14
6.84
3.71
3.32
2.52
4.86
3
4
5
6
7
8
0.42
-0.10
0.57
0.47
1.17
0.78
-0.91
0.41
1.41
5.45
1.90
2.65
0.82
2.60
-0.01
0.42
0.12
-0.41
1.51
-0.10
0.85
0.96
4.88
0.57
3.41
3.34
1.42
0.47
1.71
0.70
1.49
1.17
1.28
0.70
0.03
0.78
0.39
-0.15
3.52
-0.91
1.38
2.56
9
10
11
0.54
0.29
0.40
-0.11
0.56
0.55
0.08
2.04
1.55
1.02
0.18
0.73
0.58
1.37
0.79
0.54
0.42
0.18
-1.18
1.22
0.96
12
13
14
-0.11
0.01
0.49
-0.54
0.58
0.25
0.27
1.69
-0.24
1.35
0.29
0.67
1.29
1.77
0.52
1.76
0.07
1.30
1.19
1.48
-0.13
15
0.39
0.19
0.84
0.11
0.30
-0.58
0.33
16
17
1.47
0.08
2.85
0.31
6.57
0.64
4.08
0.26
4.18
0.00
3.88
0.00
3.62
0.18
18
1.78
2.73
6.77
3.93
4.48
3.30
3.77
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
T a b le 1 .2 .3 . R e a l G r o s s D o m e s t ic P r o d u c t b y M a jo r T y p e o f P r o d u c t,
T a b le 1 .2 .4 . P r ic e I n d e x e s f o r G r o s s D o m e s t ic P r o d u c t
Q u a n t it y In d e x e s
b y M a jo r T y p e o f P r o d u c t
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2002
2003
2004
2003
III
IV
I
II
Line
2002
2004
2003
2003
III
III
IV
I
II
III
Gross domestic product . ..
1 102.626 105.749 106.681 107.780 108.969 109.858 110.927
Gross domestic product....
1 104.097 106.003 106.158 106.586 107.314 108.169 108.519
Final sales of domestic
product........................
Change in private
2 103.102 106.346 107.309 108.290 109.173 109.854 111.183
Final sales of domestic
product.........................
Change in private
2 104.100 106.025 106.179 106.608 107.332 108.178 108.529
u
4 99.520 103.840 105.824 107.331 109.477 110.142 112.313
5 100.824 105.526 107.623 108.771 109.988 110.003 112.997
Goods.....................................
Goods.....................................
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales...........................
Change in private
Nondurable goods...................
Final sales...........................
Change in private
fi
/
8
96.238 101.797 104.372 107.357 109.632 110.325 112.866
97.510 103.950 107.457 108.676 109.931 109.632 114.485
q
10 102.591 105.827 107.295 107.543 109.586 110.228 112.098
11 103.825 107.017 107.900 108.988 110.174 110.448 111.925
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales...........................
Change in private
Nondurable goods...................
Final sales...........................
Change in private
v>
Services2................................
Structures..............................
Addenda:
13 105.389 107.839 108.018 108.836 109.656 110.269 110.972
14 97.955 100.891 102.624 103.985 104.164 107.319 106.963
Services2................................
Structures...............................
Addenda:
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output...................................
Final sales of computers3........
Gross domestic product
excluding final sales of
computers............................
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers...........................
15 106.338 110.849 114.069 114.894 117.344 112.620 115.369
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output....................................
Final sales of computers3
Gross domestic product
excluding final sales of
computers............................
16 102.497 105.570 106.422 107.531 108.676 109.758 110.770
17 123.817 174.608 188.982 201.418 201.489 201.553 211.327
18 102.428 105.248 106.101
107.136 108.329 109.221
110.244
19 103.118 106.238 106.979 108.120 109.444 110.524 111.551
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
3
4 100.214
5 100.222
6
7 96.618
8 96.625
99.533
99.519
99.533
99.733 100.325
99.592
99.577
99.593
99.778 100.344
99.766
94.128
94.159
93.660
93.696
93.086
93.139
92.741
92.791
92.096
92.058
92.630
92.635
99.760
9
10 103.529 104.499 104.897 105.469 106.191 107.457 106.863
11 103.576 104.616 105.009 105.570 106.259 107.507 106.930
12
13 105.925 109.124 109.383 109.971 110.943 111.699 112.293
14 107.355 110.979 111.126 112.146 113.408 115.849 118.222
15
97.710
96.462
96.245
96.048
96.266
96.347
95.248
16 104.338 106.372 106.541 106.995 107.744 108.630 109.038
17 63.542 53.457 52.134 51.321 50.327 49.946 48.586
18 104.610 106.710 106.891
107.344 108.106 108.983 109.369
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
National D ata
D -6
D ecem ber 2004
Table 1.2.5. Gross Domestic Product
by Major Type of Product
Table 1.2.6. Real Gross Domestic Product
by Major Type of Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
Gross domestic product . ..
Final sales of domestic
product........................
Change in private
inventories...................
Goods.....................................
Final sales............................
Change in private inventories
Durable goods.........................
Final sales...........................
Change in private
inventories1.....................
Nondurable goods...................
Final sales...........................
Change in private
inventories1.....................
Services2................................
Structures..............................
Addenda:
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output...................................
Final sales of computers3........
Gross domestic product
excluding final sales of
computers.............................
2004
IV
III
Seasonally adjusted at annual rates
I
Line
II
2 10,475.9 11,005.3 11,120.4 11,267.4 11,436.4 11,598.5 11,776.7
-1.2
-3.7
2003
3
4
5
6
7
8
3.5
36.2
3,439.5
3,564.5
3,632.3
3,679.0
3,759.7
3,804.0
3,858.2
3,428.4
11.2
1,570.9
1,557.7
3,565.7
-1.2
1,618.8
1,618.2
3,636.0
-3.7
1,652.1
1,665.3
3,675.4
3.5
1,689.1
1,674.2
3,723.4
36.2
1,718.4
1,687.2
3,745.0
59.0
1,727.2
1,679.8
59.0
3,824.8
33.3
1,756.7
1,743.2
33.3
9
10
11
13.2
1,868.6
1,870.7
0.6
1,945.7
1,947.5
-13.2
1,980.3
1,970.8
14.9
1,989.9
2,001.3
31.2
2,041.3
2,036.2
47.4
2,076.9
2,065.3
13.5
2,101.5
2,081.6
12
13
14
-2.0
-1.8
9.5
-11.4
5.0
11.6
19.8
6,056.8
990.7
6,384.7
1,054.8
6,410.3
1,074.1
6,493.6
1,098.4
6,600.3
1,112.6
6,682.5
1,171.0
6,760.9
1,191.0
15
379.2
390.2
400.6
402.9
412.3
396.1
401.1
Gross domestic product....
Final sales of domestic
product.........................
Change in private
inventories...................
Residual...........................
Goods.....................................
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales...........................
Change in private
inventories1......................
Nondurable goods...................
Final sales...........................
Change in private
inventories1......................
Services2................................
Structures...............................
Residual........................................
16 10,107.8 10,613.8 10,716.1 10,868.0 11,060.3 11,261.4 11,408.9
17
86.5
102.6
108.8
114.1
111.9
111.1
113.3
18 10,400.5 10,901.4 11,008.0 11,156.8 11,360.7 11,546.4 11,696.7
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output....................................
Final sales of computers3........
Gross domestic product
excluding final sales of
computers............................
3
4
5
6
7
8
9
11.7
-0.1
-0.8
2.2
-3.5
2.4
8.6
2.5
40.0
1.7
61.1
1.3
35.9
1.8
3,432.8
3,581.8
3,650.2
3,702.2
3,776.2
3,799.2
3,874.1
3,420.8
11.7
1,625.8
1,612.1
3,580.3
-0.8
1,719.7
1,718.6
3,651.5
-3.5
1,763.2
1,776.6
3,690.4
8.6
1,813.7
1,796.8
3,731.7
40.0
1,852.1
1,817.5
3,732.2
61.1
1,863.8
1,812.6
3,833.8
35.9
1,906.7
1,892.8
10
11
12
13.4
1,805.6
1,806.1
0.4
1,862.5
1,861.6
-13.5
1,888.4
1,877.0
14.9
1,892.7
1,895.9
31.3
1,928.7
1,916.5
46.8
1,940.0
1,921.3
13.0
1,972.9
1,947.0
13
14
15
16
-1.5
-1.1
9.2
-5.5
9.8
16.1
22.6
5,718.0
922.8
5,850.9
950.4
5,860.6
966.8
5,905.0
979.6
5,949.5
981.3
5,982.7
1,011.0
6,020.9
1,007.6
3.9
0.5
-3.9
-6.0
-8.4
-5.8
-14.2
17
388.1
404.6
416.3
419.3
428.3
411.0
421.1
18
19
9,688.0
136.1
20
9,942.7 10,216.5 10,299.3 10,399.7 10,515.5 10,602.1 10,701.4
9,978.5 10,059.0 10,163,8 10,272.1 10,374.3 10,470.0
192.0
207.8
221.4
221.5
221.6
232.3
T a b le 1 .3 .3 . R e a l G r o s s V a lu e A d d e d b y S e c to r ,
Q u a n t it y I n d e x e s
[Percent]
[Index numbers, 2000=100]
Seasonally adjusted at annual rates
2002
2003
2003
III
Households..............................
Nonprofit institutions serving
households3.........................
General government4..............
Federal.....................................
State and local..........................
1
2
3
4
5
6
1.9
1.8
3.0
3.8
Seasonally adjusted
2004
I
IV
II
Line
2003
2003
III
7.4
9.3
4.2
4.2
4.5
5.3
3.3
3.9
3.9
4.5
2004
IV
I
II
III
Gross domestic product....
Business1...............................
1 102.626 105.749 106.681 107.780 108.969 109.858 110.927
2 102.144 106.071 107.327 108.428 109.826 110.870 112.084
3 102.188 106.115 107.330 108.550 110.077 111.205 112.346
4 97.716 101.633 106.684 97.378 88.652 83.502 90.267
5 105.095 104.793 104.429 106.378 107.156 107.887 108.668
6 105.539 104.599 104.060 106.911 108.056 109.027 110.033
1.8
6.5
3.8
4.0
9.3
0.5
4.6
-30.6
5.7
-31.3
4.2
-21.3
4.2
36.6
Nonfarm2..................................
Farm.........................................
2.3
-0.3
2.4
7.7
3.0
2.8
2.9
Households and institutions...
2.3
-0.9
3.8
11.4
4.4
3.6
3.7
7
8
9
10
2.3
0.5
0.7
3.0
1.2
1.6
1.9
Households..............................
Nonprofit institutions serving
households3 ........................
1.7
1.1
0.4
0.8
0.9
0.1
1.6
General government4..............
1.9
1.6
2.6
0.5
0.3
0.4
-0.3
1.3
1.8
0.5
-0.7
0.5
0.4
2.1
Federal......................................
State and local.........................
11
2.6
-1.8
1.1
9.4
3.5
2.8
3.0
7
8
9
10
104.511
105.039 104.900 105.688 105.992 106.415 106.907
103.539 104.718 104.797 105.017 105.247 105.281
105.693
102.470 105.174 105.461 105.385 105.856 105.681 105.790
103.983 104.514 104.504 104.851 104.976 105.102 105.643
Addendum:
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
2002
III
Addendum:
Gross housing value added
III
2 10,063.2 10,379.9 10,473.9 10,569.6 10,655.8 10,722.3 10,852.0
V a lu e A d d e d b y S e c t o r
Line
Households and institutions....
il
1 10,074.8 10,381.3 10,472.8 10,580.7 10,697.5 10,784.7 10,889.7
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line following
change in private inventories is the difference between gross domestic product and the sum of final sales of domestic product
and of change in private inventories; the residual line following structures is the difference between gross domestic product
and the sum of the detailed lines of goods, of services, and of structures.
T a b le 1 .3 .1 . P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d in R e a l G r o s s
Nonfarm2..................................
Farm.........................................
I
IV
Addenda:
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
Gross domestic product....
Business1...............................
2004
2003
III
1 10,487.0 11,004.0 11,116.7 11,270.9 11,472.6 11,657.5 11,810.0
11.2
2002
III
Gross housing value added
11 105.307 103.364 102.522 104.862 105.769 106.500 107.283
1. Equals gross domestic product excluding gross value added of households and institutions and of general government
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
S urvey
D ecem ber 2004
C
of
urrent
D -7
B u s in e s s
Table 1.3.4. Price Indexes for Gross Value Added by Sector
Table 1.3.5. Gross Value Added by Sector
[Index numbers, 2000=100]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted
Line
Gross domestic product . ..
Business1...............................
Nonfarm2..................................
Farm.........................................
Households and institutions...
Households..............................
Nonprofit institutions serving
households3........................
General government4..............
Federal.....................................
State and local.........................
2002
2003
2003
2004
Line
III
IV
I
II
III
1
2
3
4
5
6
104.097
102.929
102.941
101.314
108.488
108.414
106.003
104.226
104.112
116.649
112.440
111.344
106.158
104.309
104.206
115.341
112.798
111.448
106.586
104.594
104.281
139.298
114.189
113.096
107.314
105.144
104.795
144.434
115.341
114.211
108.169
106.020
105.557
160.638
116.146
115.165
108.519
106.251
105.980
134.643
117.152
116.041
7
8
9
10
108.587
107.884
108.440
107.658
113.887
112.072
114.086
111.239
114.580
112.534
114.240
111.831
115.632
113.035
114.406
112.472
116.835
114.640
117.357
113.511
117.437
115.391
117.617
114.469
118.621
115.953
117.749
115.212
11 108.287 111.081
111.271
112.938 113.981
2002
III
Gross domestic product....
Business1...............................
Nonfarm2..................................
Farm.........................................
Households and institutions...
Households..............................
Nonprofit institutions serving
households3 ........................
General government4..............
Federal......................................
State and local.........................
2004
2003
2003
IV
I
II
III
1 10,487.0 11,004.0 11,116.7 11,270.9 11,472.6 11,657.5 11,810.0
2 8,057.1 8,472.3 8,579.3 8,685.4 8,843.3 9,000.7 9,120.2
3 7,986.3 8,387.5 8,491.1 8,593.7 8,757.8 8,911.8 9,038.8
81.4
91.7
4
70.8
84.8
88.2
85.5
88.9
5 1,235.2 1,276.5 1,276.0 1,315.8 1,338.8 1,357.4 1,379.0
772.9
704.4
759.7
786.0
717.0
713.9
744.3
6
7
8
9
10
530.7
1,194.8
350.4
844.3
559.5
1,255.3
378.4
876.9
562.1
1,261.4
379.9
881.4
571.5
1,269.7
380.2
889.4
579.1
1,290.5
391.8
898.7
584.4
1,299.4
392.0
907.4
593.1
1,310.8
392.8
918.0
11
905.7
912.0
906.0
940.6
957.5
972.0
986.4
Addendum:
Addendum:
Gross housing value added.....
114.909 115.769
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
Gross housing value added.....
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
T a b le 1 .3 .6 . R e a l G r o s s V a lu e A d d e d b y S e c to r , C h a in e d D o lla r s
T a b le 1 .4 .1 . P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d in G r o s s D o m e s t ic
[Billions of chained (2000) dollars]
P r o d u c t, G r o s s D o m e s t ic P u r c h a s e s , a n d F in a l S a le s t o D o m e s tic P u r c h a s e r s
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Gross domestic product....
Business1...............................
Nonfarm2..................................
Farm.........................................
Households and institutions...
Households.............................
Nonprofit institutions serving
households3........................
General government4..............
Federal.....................................
State and local.........................
Residual.......................................
Seasonally adjusted at annual rates
2004
IV
I
II
1 10,074.8 10,381.3 10,472.8 10,580.7 10,697.5 10,784.7 10,889.7
2 7,831.0 8,132.1 8,228.4 8,312.8 8,420.0 8,500.0 8,593.1
3 7,761.3 8,059.6 8,151.9 8,244.5 8,360.5 8,446.2 8,532.8
59.7
4
72.7
76.3
69.7
63.4
64.6
69.9
5 1,135.8 1,132.5 1,128.6 1,149.6 1,158.0 1,165.9 1,174.4
671.2
677.4
6
649.7
640.6
658.2
665.2
644.0
7
8
9
10
11
486.0
1,107.4
323.2
784.3
0.4
488.5
1,120.1
331.7
788.3
-3.5
487.9
1,120.9
332.6
788.2
-4.7
491.5
1,123.2
332.3
790.8
-6.3
492.9
1,125.7
333.8
791.8
-10.1
494.9
1,126.1
333.3
792.7
-13.3
497.2
1,130.5
333.6
796.8
-12.7
12
836.4
821.0
814.3
832.9
840.1
845.9
852.1
Addendum:
Gross housing value added
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained- dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
Line
III
2002
2003
III
Gross domestic product..........
Less: Exports of goods and
services....................................
Plus: Imports of goods and
services....................................
Equals: Gross domestic
purchases............................
Less: Change in private
2004
2003
IV
II
I
III
1
1.9
3.0
7.4
4.2
4.5
3.3
3.9
2
-2.3
1.9
11.3
17.5
7.3
7.3
6.3
3
3.4
4.4
2.8
17.1
10.6
12.6
6.0
4
2.5
3.3
6.4
4.7
5.0
4.2
4.0
5
Equals: Final sales to domestic
purchasers...........................
Addendum:
6
2.1
3.4
5.9
4.2
3.9
3.5
4.9
Final sales of domestic product
7
1.4
3.1
6.8
3.7
3.3
2.5
4.9
National D ata
D -8
D ecem ber 2004
Table 1.4.3. Real Gross Domestic Product, Real Gross Domestic Purchases,
and Real Final Sales to Domestic Purchasers, Quantity Indexes
Table 1.4.4. Price Indexes for Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2003
III
Gross domestic product...........
Less: Exports of goods and
services....................................
Plus: Imports of goods and
services....................................
Equals: Gross domestic
purchases................................
Less: Change in private
Equals: Final sales to domestic
purchasers..............................
Addendum:
Final sales of domestic product
Seasonally adjusted
2004
I
IV
II
Line
1 102.626 105.749 106.681 107.780 108.969 109.858 110.927
2
92.343
94.116
94.300
98.170
2002
99.924 101.690 103.264
3 100.585 105.048 104.522 108.725 111.504 114.862 116.554
4 103.414 106.858 107.668 108.904 110.253 111.393 112.496
5
6 103.876 107.438 108.279 109.401 110.455 111.396 112.749
7 103.102 106.346 107.309 108.290 109.173 109.854 111.183
2003
2003
III
III
Gross domestic product...........
Less: Exports of goods and
services....................................
Plus: Imports of goods and
services....................................
Equals: Gross domestic
purchases................................
Less: Change in private
Equals: Final sales to domestic
purchasers..............................
Addendum:
Final sales of domestic product
2004
I
IV
II
III
1 104.097 106.003 106.158 106.586 107.314 108.169 108.519
2
99.275 101.395 101.355 102.146 103.565 104.746 105.144
3
96.326
99.615
99.837 102.163 103.760 105.041
99.606
4 103.489 105.571 105.721 106.086 106.980 107.913 108.398
h
6 103.491 105.592 105.741 106.107 106.997 107.923 108.408
7 104.100 106.025 106.179 106.608 107.332 108.178 108.529
T a b le 1 .4 .5 . R e la t io n o f G r o s s D o m e s t ic P r o d u c t , G r o s s D o m e s t ic P u r c h a s e s ,
T a b le 1 .4 .6 . R e la t io n o f R e a l G r o s s D o m e s t ic P r o d u c t, R e a l G r o s s D o m e s tic
a n d F in a l S a le s t o D o m e s t ic P u r c h a s e r s
P u r c h a s e s , a n d R e a l F in a l S a le s t o D o m e s t ic P u r c h a s e r s , C h a in e d D o lla r s
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Gross domestic product...........
Less: Exports of goods and
services....................................
Plus: Imports of goods and
services....................................
Equals: Gross domestic
purchases................................
Less: Change in private
inventories................................
Equals: Final sales to domestic
purchasers..............................
Addendum:
Final sales of domestic product
Line
2004
IV
I
II
2
1,005.0
1,046.2
1,047.7
1,099.2
1,134.3
1,167.6
1,190.1
3
1,429.9
1,544.3
1,536.4
1,602.0
1,681.2
1,758.9
1,806.8
4 10,911.9 11,502.2 11,605.5 11,773.7 12,019.4 12,248.8 12,426.7
11.2
-1.2
-3.7
3.5
36.2
59.0
2003
33.3
6 10,900.7 11,503.4 11,609.2 11,770.1 11,983.2 12,189.8 12,393.4
7 10,475.9 11,005.3 11,120.4 11,267.4 11,436.4 11,598.5 11,776.7
2003
III
III
1 10,487.0 11,004.0 11,116.7 11,270.9 11,472.6 11,657.5 11,810.0
5
2002
Gross domestic product...........
Less: Exports of goods and
services....................................
Plus: Imports of goods and
services....................................
Equals: Gross domestic
purchases................................
Less: Change in private
inventories................................
Equals: Final sales to domestic
purchasers..............................
Addendum:
Final sales of domestic product
2004
IV
I
II
III
1 10,074.8 10,381.3 10,472.8 10,580.7 10,697.5 10,784.7 10,889.7
2
1,012.3
1,031.8
1,033.8
1,076.2
1,095.4
1,114.8
1,132.1
3
1,484.4
1,550.3
1,542.5
1,604.5
1,645.5
1,695.1
1,720.1
4 10,544.6 10,895.7 10,978.3 11,104.3 11,241.9 11,358.1 11,470.6
5
11.7
-0.8
-3.5
8.6
40.0
61.1
35.9
6 10,533.0 10,894.2 10,979.4 11,093.2 11,200.1 11,295.5 11,432.7
7 10,063.2 10,379.9 10,473.9 10,569.6 10,655.8 10,722.3 10,852.0
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive.
D ecem ber 2004
S urvey
of
C
urrent
B u s in e s s
D -9
T a b le 1 .5 .1 . P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d in R e a l
T a b le 1 .5 .2 . C o n t r ib u t io n s t o P e r c e n t C h a n g e in R e a l G r o s s D o m e s t ic P r o d u c t,
G r o s s D o m e s t ic P r o d u c t, E x p a n d e d D e ta il
E x p a n d e d D e ta il
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Gross domestic product
Personal consumption
expenditures.......................
Durable goods.....................
Motor vehicles and parts..
Furniture and household
equipment....................
Other................................
Nondurable
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...........
Software1................
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.................
1.9
3.0
3.1
6.5
5.6
8.7
4.7
2.6
1.9
4.3
IV
II
I
2002
III
4.2
4.5
3.3
5.0
3.6
4.1
1.6
5.1
7.4
5.5
16.5
13.3
3.9
-1.8
2.2
-5.8
-0.3
-6.0
17.2
28.6
9.1
9.1
3.7
3.8
4.3
22.3
14.1
6.9
5.9
9.9
9.8
7.4
5.1
2.6
3.9
11.1
6.2
6.7
8.1
16.3
7.4
-0.2
0.1
2.3
-5.3
11.6
3.8
4.8
4.2
6.1
3.3
3.9
1.4
3.1
2.6
2.7
0.8
2.7
-0.3
-2.8
6.0
2.4
1.1
0.7
4.1
2.2
1.3
1.5
1.7
1.4
-0.8
4.0
3.1
2.0
5.3
7.6
1.9
1.4
2.0
0.4
3.0
-0.8
3.3
2.3
1.5
19.1
5.8
2.8
0.8
7.5
17.5
1.6
-0.5
3.1
4.0
3.2
-2.3
3.1
3.3
2.1
3.2
3.5
3.1
2.0
3.2
5.9
4.4
-13.2
4.5
2.7
2.0
-0.9
-8.0
4.0
2.9
4.4
0.3
3.3
-2.4
4.4
22.4
13.9
12.3
19.0
2.8
-4.9
-8.9
-17.8
-5.5
5.1
3.3
-5.6
6.4
18.0
15.7
-1.3
21.7
10.5
11.0
7.9
12.0
4.5
4.2
-7.6
8.0
13.9
12.5
6.9
14.2
8.8
12.9
-0.3
17.2
-4.2
12.0
29.2
16.3
16.4
14.1
7.6
11.1
-5.9
-9.6
-5.7
33.0
4.7
9.2
0.1
54.1
20.0
25.6
3.2
31.5
9.3
15.0
-4.5
6.5
16.8
22.1
6.6
26.5
8.7
12.7
2.1
21.0
7.3
0.9
27.2
-12.1
-1.9
4.8
-3.1
5.4
8.8
12.9
27.6
22.4
11.9
16.5
9.6
-15.0
8.3
5.0
26.1
16.1
16.5
35.4
23.0
1.7
3.5
5.6
2.9
2.4
0.0
-3.0
2.0
1.5
5.0
2.8
2.5
........... ............ ............ ........... ............
............ ............. ............. ............ .............
11.3 ....... 17.5 ........ 7.3 ........ 7.3 ........ 6.3
10.1
16.1
6.0
9.1
9.1
14.1
0.2
20.6
3.4
10.2
2.8
17.1
12.6
6.0
10.6
18.4
0.0
12.7
13.0
5.6
17.9
11.1
1.2
10.6
8.3
4.4
0.1
1.6
2.5
2.2
1.2
7.5
7.7
7.2
11.3
7.1
7.1
7.2
2.8
2.2
4.8
-3.3
-7.7
-9.5
6.5
5.8
11.9
-26.4
2.2
0.1
11.0
4.8
11.6
10.9
16.8
-7.5
-8.7
1.7
-0.1
0.9
-4.1
7.1
10.6
7.2
37.2
0.2
-0.3
3.9
0.0
0.2
-1.0
2.7
1.9
4.1
-12.0
4.4
-0.7
44.0
1.9
0.0
10.0
4.7
9.8
9.7
10.6
-5.2
-2.2
-22.4
-0.8
1.4
-8.9
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.................
2004
2003
2003
III
7.4
1. Excludes softw are “embedded," o r bundled, in com puters and othe r equipment.
ne
2004
I
IV
II
1
1.9
3.0
7.4
4.2
4.5
2
3
4
2.14
2.29
3.58
2.50
0.56
0.22
0.63
0.22
1.38
0.53
0.33
-0.07
5
6
7
8
9
0.26
0.08
0.51
0.18
0.12
0.27
0.15
0.73
0.37
0.12
0.62
0.23
1.38
0.57
0.27
10
11
12
13
14
15
16
17
18
19
20
0.02
0.17
1.08
0.29
0.03
0.04
-0.01
-0.08
0.66
0.07
0.11
0.01
0.23
0.93
0.15
0.06
0.03
0.04
-0.02
0.46
0.09
0.20
21
22
23
24
25
-0.37
-0.80
-1.02
-0.57
-0.45
26
-0.18
27
28
29
30
III
3.3
3.9
2.90
1.10
3.53
0.19
-0.23
-0.02
-0.24
1.37
0.97
0.28
0.12
1.01
0.25
0.11
0.32
0.10
1.33
0.77
0.43
0.22
0.03
0.22
-0.15
0.33
0.06
0.96
0.41
0.17
0.10
0.43
0.83
0.16
0.08
0.01
0.07
-0.02
0.40
0.07
0.15
0.33
0.32
1.15
0.09
0.29
0.25
0.04
-0.01
0.36
0.11
0.31
-0.04
0.17
1.39
0.23
0.13
0.05
0.07
0.05
0.38
0.17
0.43
-0.29
0.25
1.10
0.21
-0.03
-0.13
0.09
0.08
0.52
0.01
0.32
-0.05
0.05
0.04
0.59
0.08
0.25
0.66
3.16
2.04
1.86
2.85
0.46
0.76
0.33
-0.15
0.48
2.59
1.50
-0.03
1.53
1.57
1.07
0.18
0.89
0.69
0.42
-0.19
0.61
2.07
1.21
0.16
1.05
1.37
1.27
-0.01
1.28
0.45
1.04
0.61
0.62
0.55
0.31
0.09
-0.10
-0.16
-0.08
0.24
0.07
0.14
0.00
0.39
0.28
0.36
0.04
0.25
0.14
0.22
-0.06
0.06
0.24
0.33
0.08
0.22
0.13
0.20
0.03
0.18
0.11
0.01
0.31
31
32
33
34
35
36
-0.17
-0.02
0.22
0.42
-0.01
0.44
-0.04
0.06
0.43
-0.10
0.02
-0.12
0.14
0.31
1.09
0.57
0.06
0.52
0.14
0.20
0.50
0.47
0.19
0.29
-0.20
0.10
0.27
1.17
0.06
1.10
0.28
0.20
0.86
0.78
-0.10
0.88
0.38
0.28
0.10
-0.91
0.07
-0.99
37
38
39
40
41
42
43
-0.70
-0.43
0.64
-0.66
-0.76
-1.06
-0.27
-0.24
-0.29
0.05
-0.46
-0.42
-0.04
0.18
0.14
0.04
-0.61
-0.54
-0.07
1.02
0.64
0.39
-0.39
1.55
1.00
0.56
-2.22
-1.96
-0.26
0.70
0.60
0.10
-1.46
-1.43
-0.03
0.70
0.41
0.30
-1.77
-1.52
-0.25
0.62
0.62
0.01
-0.89
-0.69
-0.20
44
45
46
47
48
49
50
51
52
53
54
0.00
-0.39
0.00
0.07
0.31
1.21
0.25
0.00
0.79
0.52
0.03
0.31
0.48
0.41
0.23
0.46
0.30
0.25
0.06
0.16
0.14
0.02
0.33
0.21
0.12
0.43
0.38
0.33
0.05
0.06
0.05
0.01
0.09
0.07
0.02
-0.23
-0.36
-0.40
0.03
0.13
0.23
-0.10
0.26
0.01
0.25
0.33
0.50
0.42
0.09
-0.18
-0.18
0.01
-0.02
0.08
-0.10
0.48
0.47
0.29
0.19
0.18
0.09
0.16
-0.08
0.10
-0.01
0.11
0.23
0.00
0.23
0.32
0.44
0.38
0.06
-0.12
-0.04
-0.08
-0.09
0.13
-0.22
1. Excludes softw are “embedded,” o r bundled, in com puters and other equipm ent.
0.00
-0.01
0.01
0.00
0.02
-0.02
National D ata
D -1 0
D ecem ber 2004
Table 1.5.3. Real Gross Domestic Product, Expanded Detail, Quantity Indexes
Table 1.5.4. Price Indexes for Gross Domestic Product, Expanded Detail
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2003
2004
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..................
IV
1
II
Line
2 105.698 109.143 109.828 110.794 111.925 112.360 113.761
3 111.150 119.378 122.733 123.902 124.572 124.482 129.526
4 110.907 116.971 120.467 119.929 118.149 116.320 123.859
Gross domestic product....
Personal consumption
expenditures.......................
5
6
7
8
9
115.286
104.271
104.630
103.592
106.377
125.771
113.772
108.481
107.556
110.914
129.441
116.251
109.145
108.330
112.505
132.505
118.345
110.517
109.018
113.595
136.028
120.152
112.331
111.160
117.960
138.480
120.082
112.367
111.793
116.374
142.317
121.204
113.684
112.952
118.119
10
11
12
13
14
15
16
17
18
19
20
102.384
106.279
105.085
105.517
101.034
100.988
101.043
96.092
110.952
104.945
102.665
103.062
110.646
107.418
106.915
102.597
102.729
102.496
95.346
115.340
108.225
104.731
101.607
111.407
107.613
107.115
102.205
100.949
102.978
95.133
115.826
108.563
104.920
106.147
112.986
108.346
107.334
104.080
105.112
103.394
95.009
116.703
109.631
105.751
105.544
113.848
109.237
107.906
104.914
106.021
104.181
95.470
117.632
111.211
106.899
101.862
115.111
109.955
108.445
104.677
103.820
105.205
96.160
118.915
111.286
107.768
102.733
116.683
110.746
109.088
104.685
103.039
105.728
96.510
120.367
112.054
108.447
21
22
23
24
25
89.928
93.852
95.616
98.771 101.672 106.191
106.917
Gross private domestic
investment...........................
92.253
87.302
80.346
89.947
96.924
90.157
75.810
95.679
98.904 101.412 102.529 105.913 108.177
91.802 94.235 95.204 98.041 101.070
75.955 77.406 75.886 77.171 77.108
97.917 100.735 102.699 106.157 110.455
26
94.006 105.291
116.982 120.907 123.150
21 113.768 151.298 159.785 171.109 173.806 184.318 193.320
28 92.855 97.197 99.124 101.347 105.355 107.579 109.503
29 86.456 94.409 96.762 100.200 105.333 108.535 108.780
30 86.294 86.411 86.913 85.923 87.305 87.752 93.187
31 78.058 75.618 77.257 79.468 76.298 80.847 87.209
32 94.881 99.963 102.160 106.143 108.274 112.402 118.369
33 105.178 114.392 117.201 119.916 121.400 126.122 126.666
34
35
3fi
44
45
46
47
48
49
50
51
52
53
54
Fixed investment......................
Nonresidential......................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment............
Software1.................
Other.......................
Industrial equipment....
Transportation
equipment................
Other equipment..........
Residential...........................
Chanqe in private inventories...
Net exports of goods and
services..............................
:v
38 92.343 94.116 94.300 98.170 99.924
39 90.068 92.018 92.190 95.694 97.810
40 97.989 99.330 99.543 104.310 105.173
41 100.585 105.048 104.522 108.725 111.504
42 100.408 105.131 104.331 108.824 112.116
43 101.571 104.753 105.543 108.360 108.675
103.264
101.433
107.813
116.554
117.172
113.709
Exports.....................................
Goods...................................
Services................................
Imports......................................
Goods...................................
Services................................
107.918 110.906 111.290 111.738 112.443 113.062 113.407
Government consumption
expenditures and gross
investment...........................
111.725
111.972
111.415
115.863
111.284
111.934
107.484
105.999
104.844
110.747
119.140
122.014
121.413
126.207
113.972
114.745
109.408
106.739
105.581
111.498
119.751
122.368
121.665
127.318
115.050
116.214
107.956
107.006
105.558
112.989
121.154
125.765
124.845
132.347
112.840
113.585
108.421
106.968
105.790
111.806
123.249
128.984
127.048
143.249
112.900
113.492
109.472
106.965
105.851
111.532
101.690
99.242
107.765
114.862
115.593
111.458
124.068
129.582
128.318
138.750
114.117
113.304
119.922
107.482
105.854
114.232
2003
125.505
132.653
131.327
142.276
112.594
112.670
112.557
107.273
106.217
111.615
2004
2003
III
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.....................................
108.447 112.621
2002
III
1 102.626 105.749 106.681 107.780 108.969 109.858 110.927
1. Excludes softw are “embedded,” o r bundled, in com puters and othe r equipm ent.
Seasonally adjusted
Federal......................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local..........................
Consumption expenditures...
Gross investment.................
IV
I
II
III
1 104.097 106.003 106.158 106.586 107.314 108.169 108.519
2 103.548 105.511 105.689 106.005 106.860 107.683 107.980
3 95.475 92.244 91.757 90.747 90.741 90.725 90.008
4 99.409 97.340 97.159 95.768 95.966 96.166 95.697
5 88.684 83.345 82.201 81.451 80.963 80.367 79.367
6 99.536 97.924 98.086 97.447 97.999 98.760 98.099
7 102.097 104.154 104.423 104.564 105.914 107.616 107.868
8 104.949 106.979 107.227 108.265 108.950 109.989 110.687
9 95.396 93.045 92.851 92.976 92.533 93.191 92.502
10
11
12
13
14
15
16
17
18
19
20
90.523
105.011
106.083
107.797
103.761
105.438
102.805
102.900
106.232
106.403
105.876
105.517
105.175
109.237
110.437
107.766
113.651
104.367
105.880
109.858
109.248
108.826
106.709
105.459
109.529
110.704
108.285
115.240
104.267
106.514
110.336
109.549
108.736
103.679
105.166
110.266
111.344
107.886
113.642
104.566
107.140
111.335
109.958
109.852
113.693
105.752
111.085
111.912
108.879
115.595
104.993
107.109
112.340
110.875
110.851
124.711
106.136
111.667
112.941
109.598
117.118
105.243
107.281
112.955
111.559
110.944
125.025
106.151
112.243
113.608
110.701
119.483
105.627
107.578
113.668
112.264
111.089
21 101.221 102.304 102.276 102.968 103.514 104.644 105.435
22 101.232 102.435 102.401 103.101 103.618 104.709 105.513
23 98.909 98.546 98.431 98.729 98.793 99.220 99.473
24 107.908 110.176 110.255 110.633 111.926 113.984 116.688
25 95.868 94.754 94.588 94.862 94.611 94.626 94.281
26
91.108
87.570
87.262
86.283
85.604
85.016
84.399
2 / 70.541 62.100 61.341 60.053 59.030 58.015 56.532
28 98.881 96.862 96.820 95.459 95.229 94.929 94.809
29 95.778 94.763 94.605 94.348 93.613 93.189 92.972
30 100.849 101.641 101.754 101.950 102.970 103.750 104.480
31 100.340 104.064 103.743 109.654 109.754 110.286 109.096
32 102.272 103.305 103.488 103.386 103.221 104.371 104.797
33 107.246 111.951 112.097 113.675 115.179 117.710 119.722
34
35
3fi
'M
38 99.275 101.395
39 98.661 100.640
40 100.769 103.219
41 96.326 99.615
42 95.281 98.068
43 101.819 107.784
101.355
100.407
103.628
99.606
97.911
108.570
44
45
46
47
48
49
50
51
52
53
54
109.181
109.917
111.750
98.092
107.838
109.302
99.035
108.736
109.521
105.671
102.146
101.438
103.865
99.837
98.011
109.502
103.565
103.023
104.897
102.163
100.355
111.718
104.746
104.356
105.726
103.760
102.267
111.566
105.144
104.662
106.340
105.041
103.533
112.921
105.313 108.702 108.898 109.167 110.522 111.703 112.628
105.288
105.488
106.641
97.989
104.932
105.862
99.344
105.317
105.641
104.033
109.081
109.875
111.711
98.039
107.631
109.065
98.993
108.485
109.233
105.558
109.447
110.278
112.169
98.093
107.917
109.455
98.670
109.007
109.825
105.814
1. Excludes softw are “embedded,” o r bundled, in com puters and other equipm ent.
111.203
111.825
113.879
98.642
110.095
111.953
98.903
110.131
111.152
106.154
112.020
112.790
114.805
99.832
110.613
112.481
99.370
111.524
112.386
108.151
112.459
113.295
115.361
100.019
110.917
112.777
99.717
112.735
113.337
110.362
Su r v e y
D ecem ber 2004
C u r r e n t B u sin e ss
of
D -1 1
Table 1.5.5. Gross Domestic Product, Expanded Detail
Table 1.5.6. Real Gross Domestic Product, Expanded Detail, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Gross domestic product . ..
Personal consumption
expenditures.......................
Motor vehicles and p a rts....
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...........
Software1................
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.................
2004
IV
II
Line
2003
Gross domestic product....
Personal consumption
expenditures.......................
7,376.1
7,760.9
7,822.5
7,914.9
8,060.2
8,153.8
8,278.3
4
916.2
426.1
950.7
440.1
972.7
452.5
971.1
444.1
976 3
438.4
975.5
432.5
1,007.0
458.3
5
6
7
8
9
319.9
170.1
2,080.1
1,005.8
302.1
328.0
182.6
2,200.1
1,064.5
307.2
333.3
186.9
2,219.2
1,074.6
311.0
338.0
189.0
2,250.1
1,091.8
314.4
345.0
193.0
2,316.6
1,120.3
325.0
348.6
194.4
2,354.6
1,137.5
322.9
353.8
194.9
2,387.7
1,156.6
325.3
10
11
12
13
14
15
1b
17
18
19
20
177.5
594.7
4,379.8
1,144.8
409.0
152.6
256.4
288.0
1,210.3
299.6
1,028.2
208.2
620.1
4,610.1
1,188.4
431.3
167.3
264.0
294.0
1,301.1
317.2
1,078.1
207.6
626.0
4,630.6
1,193.4
431.8
166.7
265.0
295.1
1,312.1
319.0
1,079.1
210.7
633.1
4,693.6
1,202.8
438.1
171.2
266.8
296.5
1,334.0
323.4
1,098.8
229.7
641.5
4,767.3
1,215.4
445.6
175.7
270.0
297.8
1,356.8
330.8
1,120.9
243.2
651.0
4,823.8
1,232.7
447.6
174.3
273.3
300.5
1,379.1
333.0
1,130.9
245.9
660.0
4,883.6
1,247.3
452.1
176.5
275.6
302.4
1,404.8
337.5
1,139.5
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.....................................
21
22
23
24
25
1,579.2
1,665.8
1,696.6
1,758.8
1,819.7
1,920.7
1,949.5
Gross private domestic
investment...........................
1,568.0
1,063.9
271.6
792.4
1,667.0
1,094.7
261.6
833.1
1,700.2
1,113.3
262.3
851.1
1,755.2
1,146.3
268.2
878.1
1,783.5
1,158.8
266.0
892.8
1,861.7
1,198.5
275.5
923.1
1,916.1
1,238.7
281.8
956.9
26
400.5
431.2
442.8
454.7
468.5
480.9
486.3
2/
28
29
30
81.4
161.7
157.3
138.6
95.3
165.8
170.0
139.8
99.7
169.1
174.0
140.8
104.5
170.5
179.7
139.5
104.4
176.8
187.4
143.1
108.8
180.0
192.2
145.0
111.2
182.9
192.2
155.0
31
32
33
34
35
36
126.0
127.3
504.1
11.2
-1.5
12.7
126.6
135.5
572.3
-1.2
0.3
-1.5
128.8
138.7
586.9
-3.7
-0.9
-2.8
140.0
144.0
609.0
3.5
-0.9
4.5
134.5
146.6
624.6
36.2
1.0
35.2
143.2
153.9
663.2
59.0
-2.4
61.4
152.8
162.8
677.4
33.3
0.0
33.3
3/
38
39
40
41
42
43
-424.9
-498.1
-488.8
-502.8
-546.8
-591.3
-616.7
1,005.0
697.0
308.0
1,429.9
1,189.6
240.2
1,046.2
726.4
319.8
1,544.3
1,282.0
262.3
1,047.7
725.9
321.7
1,536.4
1,270.3
266.1
1,099.2
761.3
337.9
1,602.0
1,326.4
275.6
1,134.3
790.3
344.1
1,681.2
1,399.2
282.0
1,167.6
812.2
355.4
1,758.9
1,470.1
288.8
1,190.1
832.6
357.6
1,806.8
1,508.6
298.2
Exports.....................................
Goods...................................
Services................................
Imports......................................
Goods...................................
Services................................
1,956.6
2,075.5
2,086.4
2,100.0
2,139.5
2,174.3
2,199.0
Government consumption
expenditures and gross
investment...........................
680.8
437.4
382.0
55.4
243.4
210.7
32.7
1,275.8
1,016.5
259.3
752.2
496.4
436.1
60.4
255.7
222.5
33.2
1,323.3
1,058.5
264.9
756.7
498.1
437.1
61.0
258.7
225.9
32.8
1,329.7
1,061.0
268.7
767.5
513.6
450.2
63.4
253.9
221.1
32.8
1,332.6
1,066.3
266.2
793.3
534.1
465.2
69.0
259.1
225.9
33.2
1,346.3
1,079.8
266.4
804.4
541.2
473.6
67.6
263.2
226.6
36.5
1,369.9
1,091.8
278.0
816.9
556.6
487.1
69.5
260.4
226.0
34.4
1,382.1
1,104.8
277.2
Federal......................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense..........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures...
Gross investment.................
Fixed investment......................
Nonresidential.......................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment1..........
Software2.................
Other.......................
Industrial equipment
Transportation
equipment................
Other equipment..........
Residential...........................
Change in private inventories...
Farm.....................................
Nonfarm................................
Net exports of goods and
services
2004
2003
III
2
44
45
46
47
48
49
50
51
52
53
54
2002
III
1 10,487.0 11,004.0 11,116.7 11,270.9 11,472.6 11,657.5 11,810.0
1. Excludes softw are “embedded,” o r bundled, in com puters and other equipm ent.
I
IV
I
II
III
1 10,074.8 10,381.3 10,472.8 10,580.7 10,697.5 10,784.7 10,889.7
2
3
4
7,123.4
7,355.6
7,401.7
7,466.8
7,543.0
7,572.4
7,666.8
959.6
428.7
1,030.6
452.1
1,059.6
465.6
1,069.7
463.5
1,075.5
456.7
1,074.7
449.6
1,118.2
478.7
5
6
7
8
9
360.7
170.9
2,037.4
958.4
316.7
393.5
186.5
2,112.4
995.1
330.2
405.0
190.5
2,125.3
1,002.2
334.9
414.6
194.0
2,152.0
1,008.6
338.2
425.6
196.9
2,187.3
1,028.4
351.2
433.3
196.8
2,188.0
1,034.3
346.5
445.3
198.7
2,213.7
1,045.0
351.7
10
11
12
13
14
15
16
17
18
19
20
196.0
566.3
4,128.6
1,062.0
394.1
144.7
249.4
279.9
1,139.3
281.5
971.1
197.3
589.6
4,220.3
1,076.1
400.2
147.2
253.0
277.7
1,184.3
290.3
990.7
194.6
593.6
4,227.9
1,078.1
398.7
144.7
254.2
277.1
1,189.3
291.2
992.5
203.3
602.1
4,256.7
1,080.3
406.0
150.6
255.2
276.7
1,198.3
294.1
1,000.3
202.1
606.6
4,291.7
1,086.0
409.3
151.9
257.1
278.1
1,207.9
298.3
1,011.2
195.0
613.4
4,320.0
1,091.5
408.4
148.8
259.7
280.1
1,221.0
298.5
1,019.4
196.7
621.8
4,351.0
1,097.9
408.4
147.7
260.9
281.1
1,235.9
300.6
1,025.8
21
22
23
24
25
1,560.7
1,628.8
1,659.4
1,714.1
1,764.5
1,842.9
1,855.5
1,548.9
1,075.6
251.6
826.5
1,627.3
1,110.8
237.4
879.2
1,660.6
1,131.1
237.9
899.7
1,702.7
1,161.0
242.4
925.6
1,721.4
1,173.0
237.7
943.7
1,778.3
1,207.9
241.7
975.5
1,816.3
1,245.3
241.5
1,015.0
26
439.6
492.4
507.1
526.6
547.0
565.4
575.9
27
28
29
30
163.6
164.3
137.4
171.2
179.4
137.6
174.6
183.9
138.4
178.5
190.4
136.8
185.6
200.2
139.0
189.5
206.2
139.7
192.9
206.7
148.4
31
32
33
34
35
36
125.6
124.5
470.0
11.7
-1.6
13.5
121.6
131.2
511.2
-0.8
0.3
-1.1
124.3
134.0
523.8
-3.5
-0.7
-2.7
127.8
139.3
535.9
8.6
3.5
4.6
122.7
142.1
542.5
40.0
5.1
34.5
130.0
147.5
563.6
61.1
3.0
58.8
140.3
155.3
566.1
35.9
3.9
31.8
37
38
39
40
41
42
43
-472.1
-518.5
-508.7
-528.3
-550.1
-580.3
-588.0
1,012.3
706.4
305.7
1,484.4
1,248.5
235.9
1,031.8
721.7
309.9
1,550.3
1,307.3
243.3
1,033.8
723.1
310.5
1,542.5
1,297.3
245.2
1,076.2
750.6
325.4
1,604.5
1,353.2
251.7
1,095.4
767.2
328.1
1,645.5
1,394.1
252.4
1,114.8
778.4
336.2
1,695.1
1,437.4
258.9
1,132.1
795.6
336.3
1,720.1
1,457.0
264.1
1,857.9
1,909.4
1,916.0
1,923.7
1,935.8
1,946.5
1,952.4
646.6
414.6
358.2
56.6
232.0
199.0
32.9
1,211.4
962.2
249.2
-0.9
689.6
451.8
390.3
61.6
237.6
204.0
33.5
1,219.8
969.0
250.9
-14.9
693.1
453.1
391.1
62.1
239.9
206.7
33.1
1,222.9
968.8
254.3
-23.5
701.2
465.7
401.4
64.6
235.2
202.0
33.2
1,222.5
970.9
251.6
-26.7
713.3
477.6
408.5
69.9
235.4
201.8
33.6
1,222.4
971.5
251.0
-31.3
718.1
479.9
412.5
67.7
237.9
201.5
36.8
1,228.3
971.5
257.1
-35.6
726.4
491.2
422.2
69.4
234.7
200.4
34.5
1,225.9
974.8
251.2
-44.4
44
45
46
47
48
49
50
51
52
53
54
55
1. The quantity index for computers can be used to accurately measure the real growth of this component. However,
because computers exhibit rapid changes 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;
series; accurate estimates of these contributions are shown in table 1.5.2 and real growth rates are shown in table 1.5.1.
2. Excludes software “embedded," or bundled, in computers and other equipment.
Note. The residual line is the difference between the first line and the sum of the most detailed lines.
National D ata
D -1 2
D ecem ber 2004
Table 1.6.4. Price Indexes for
Gross Domestic Purchases
Table 1.6.7. Percent Change From Preceding Period in Prices for
Gross Domestic Purchases
[Index numbers, 2000=100]
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted
Line
2002
2003
2003
III
Gross domestic purchases...
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...........
Software1................
Other........................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential............................
Change in private inventories...
Line
2004
IV
I
II
2 103.548 105.511 105.689 106.005 106.860 107.683 107.980
3 95.475 92.244 91.757 90.747 90.741 90.725 90.008
4 99.409 97.340 97.159 95.768 95.966 96.166 95.697
5 88.684 83.345 82.201 81.451 80.963 80.367 79.367
6 99.536 97.924 98.086 97.447 97.999 98.760 98.099
7 102.097 104.154 104.423 104.564 105.914 107.616 107.868
8 104.949 106.979 107.227 108.265 108.950 109.989 110.687
9 95.396 93.045 92.851 92.976 92.533 93.191 92.502
90.523
105.011
106.083
107.797
103.761
105.438
102.805
102.900
106.232
106.403
105.876
105.517
105.175
109.237
110.437
107.766
113.651
104.367
105.880
109.858
109.248
108.826
106.709
105.459
109.529
110.704
108.285
115.240
104.267
106.514
110.336
109.549
108.736
103.679
105.166
110.266
111.344
107.886
113.642
104.566
107.140
111.335
109.958
109.852
113.693
105.752
111.085
111.912
108.879
115.595
104.993
107.109
112.340
110.875
110.851
124.711
106.136
111.667
112.941
109.598
117.118
105.243
107.281
112.955
111.559
110.944
125.025
106.151
112.243
113.608
110.701
119.483
105.627
107.578
113.668
112.264
111.089
21 101.221 102.304 102.276 102.968 103.514 104.644 105.435
22 101.232 102.435 102.401 103.101 103.618 104.709 105.513
23 98.909 98.546 98.431 98.729 98.793 99.220 99.473
24 107.908 110.176 110.255 110.633 111.926 113.984 116.688
25 95.868 94.754 94.588 94.862 94.611 94.626 94.281
26
91.108
87.570
87.262
86.283
85.604
85.016
84.399
2 / 70.541 62.100 61.341 60.053 59.030 58.015 56.532
28 98.881 96.862 96.820 95.459 95.229 94.929 94.809
29 95.778 94.763 94.605 94.348 93.613 93.189 92.972
30 100.849 101.641 101.754 101.950 102.970 103.750 104.480
31 100.340 104.064 103.743 109.654 109.754 110.286 109.096
32 102.272 103.305 103.488 103.386 103.221 104.371 104.797
33 107.246 111.951 112.097 113.675 115.179 117.710 119.722
34
36
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.............
3/
38
39
40
41
42
43
44
45
46
47
105.313 108.702 108.898 109.167 110.522 111.703 112.628
109.081
109.875
111.711
98.039
107.631
109.065
98.993
108.485
109.233
105.558
109.181
109.917
111.750
98.092
107.838
109.302
99.035
108.736
109.521
105.671
56.063
54.864
109.447
110.278
112.169
98.093
107.917
109.455
98.670
109.007
109.825
105.814
111.203
111.825
113.879
98.642
110.095
111.953
98.903
110.131
111.152
106.154
112.020
112.790
114.805
99.832
110.613
112.481
99.370
111.524
112.386
108.151
112.459
113.295
115.361
100.019
110.917
112.777
99.717
112.735
113.337
110.362
Addenda:
Final sales of computers to
domestic purchasers2 .........
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers............................
Food.........................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
Gross domestic product..........
Gross domestic product
excluding final sales of
computers...................
Food.................................
Energy goods and
services.......................
Gross domestic product
excluding food and
energy.........................
Final sales of domestic product
Final sales to domestic
purchasers............................
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...
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.............
IV
I
III
II
1
1.5
2
3
4
1.4
1.9
1.6
1.2
3.3
3.1
1.1
-2.7
-1.1
-3.4
-2.1
-4.4
-3.4
-4.3
-5.6
0.0
0.8
-0.1
0.8
-3.1
-1.9
5
6
7
8
9
-5.7
-0.8
0.6
1.9
-2.7
-6.0
-1.6
2.0
1.9
-2.5
-8.4
0.8
3.5
2.8
0.2
-3.6
-2.6
0.5
3.9
0.5
-2.4
2.3
5.3
2.6
-1.9
-2.9
3.1
6.6
3.9
2.9
-4.9
-2.7
0.9
2.6
-2.9
10
11
12
13
14
15
16
17
18
19
20
-6.4
2.2
2.7
3.8
-0.8
-5.2
1.9
1.2
2.6
2.9
3.7
16.6
0.2
3.0
2.4
3.9
7.8
1.5
2.9
3.4
2.7
2.8
20.5
1.5
2.0
2.2
0.6
0.6
0.7
3.8
3.4
2.1
0.0
-10.9
-1.1
2.7
2.3
-1.5
-5.4
1.2
2.4
3.7
1.5
4.2
44.6
2.2
3.0
2.1
3.7
7.1
1.6
-0.1
3.7
3.4
3.7
44.8
1.5
2.1
3.7
2.7
5.4
1.0
0.6
2.2
2.5
0.3
1.0
0.1
2.1
2.4
4.1
8.3
1.5
1.1
2.5
2.6
0.5
21
22
23
24
25
0.2
1.1
1.2
2.7
2.1
4.4
3.1
0.2
-0.8
2.4
-1.9
1.2
-0.4
2.1
-1.2
1.2
0.3
1.3
0.0
2.8
1.2
1.4
1.2
2.0
0.3
4.8
-1.1
4.3
1.7
7.6
0.1
3.1
1.0
9.8
-1.5
26
-4.3
-3.9
-3.8
-4.4
-3.1
-2.7
-2.9
2/
28
29
30
-14.2
-1.6
-1.7
0.2
-12.0
-2.0
-1.1
0.8
-8.5
-3.1
-1.6
1.0
-8.1
-5.5
-1.1
0.8
-6.6
-1.0
-3.1
4.1
-6.7
-1.3
-1.8
3.1
-9.8
-0.5
-0.9
2.8
31
32
33
34
3S
36
1.1
0.8
2.5
3.7
1.0
4.4
12.2
0.6
3.1
24.8
-0.4
5.8
0.4
-0.6
5.4
2.0
4.5
9.1
-4.2
1.6
7.0
3/
38
39
40
41
42
43
44
45
46
47
2.7
3.2
2.2
1.0
5.1
4.3
3.4
3.3
3.4
4.0
-0.8
3.1
3.8
-0.9
2.4
2.5
1.8
3.6
4.2
4.8
0.1
2.6
3.0
-0.4
3.0
3.4
1.5
1.1
1.1
1.2
0.4
1.0
1.2
-0.5
2.9
3.5
0.7
1.0
1.3
1.5
0.0
0.3
0.6
-1.5
1.0
1.1
0.5
6.6
5.7
6.2
2.3
8.3
9.4
0.9
4.2
4.9
1.3
3.0
3.5
3.3
4.9
1.9
1.9
1.9
5.2
4.5
7.7
1.6
1.8
2.0
0.8
1.1
1.1
1.4
4.4
3.4
8.4
48
-17.2
-14.5
-13.5
-8.6
-6.9
-6.9
-10.8
49
50
51
1.7
1.9
-6.0
2.2
1.9
13.1
1.9
2.7
10.6
1.5
4.1
-7.1
3.6
2.8
27.0
3.7
4.2
24.9
2.0
2.1
6.3
52
53
1.8
1.7
1.6
1.8
1.2
1.4
1.5
1.6
2.5
2.8
2.5
3.2
1.6
1.3
54
55
1.9
1.9
2.0
2.2
1.6
2.9
1.7
5.6
2.9
3.4
3.3
4.9
1.4
0.3
56
-7.8
8.2
8.3
-7.6
14.0
14.8
-5.7
57
58
2.0
1.7
1.6
1.8
1.1
1.4
1.5
1.6
2.3
2.7
2.7
3.2
1.7
1.3
59
1.5
2.0
1.7
1.4
3.4
3.5
1.8
2.0
1.7
1.4
3.4
3.5
1.8
Addenda:
48
65.606
53.639
52.687
51.756
50.296
49 104.086 106.406 106.586 106.991 107.929 108.908 109.444
50 104.858 106.878 107.111 108.188 108.948 110.072 110.642
51 96.171 108.727 109.477 107.470 114.088 120.618 122.478
52 103.680 105.299 105.414 105.809 106.461 107.128 107.544
53 104.097 106.003 106.158 106.586 107.314 108.169 108.519
54 104.610 106.710 106.891 107.344 108.106 108.983 109.369
55 105.088 107.350 107.549 109.021 109.932 111.260 111.357
56 101.374 109.709 111.604 109.412 113.063 117.036 115.331
5/ 104.080 105.739 105.833 106.228 106.843 107.548 107.990
58 104.100 106.025 106.179 106.608 107.332 108.178 108.529
59 103.491
105.592 105.741 106.107 106.997 107.923 108.408
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. For some components of final sales of computers, includes computer parts.
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.....................................
2004
2003
III
Gross domestic purchases. ..
Personal consumption
expenditures.......................
Nonfarm................................
105.288
105.488
106.641
97.989
104.932
105.862
99.344
105.317
105.641
104.033
2003
III
1 103.489 105.571 105.721 106.086 106.980 107.913 108.398
10
11
12
13
14
15
16
17
18
19
20
2002
Final sales of computers to
domestic purchasers2..........
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers............................
Food..........................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
Gross domestic product...........
Gross domestic product
excluding final sales of
computers....................
Food..................................
Energy goods and
services.......................
Gross domestic product
excluding food and
energy..........................
Final sales of domestic product
Final sales to domestic
purchasers...........................
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. For some components of final sales of computers, includes computer parts.
Su rv ey
D ecem ber 2004
of
C u r r e n t B u sin e ss
Table 1.6.8. Contributions to Percent Change in the Gross Domestic
Purchases Price Index
D -1 3
Table 1.7.1. Percent Change from Preceding Period in Real Gross Domestic
Product, Real Gross National Product, and Real Net National Product
[Percent]
Seasonally adjusted at annual rates
ine
2002
2003
IV
III
Percent change at annual rate:
Gross domestic purchases...
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...........
Software1................
Other........................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential...........................
Change in private inventories
Farm.....................................
Nonfarm................................
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 computers to
domestic purchasers2 .........
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers...........................
Food.........................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
I
II
Line
III
2002
2003
2003
III
1
1.5
2.0
1.7
1.4
2
3
4
0.96
1.28
1.10
0.82
-0.23
-0.04
-0.29
-0.08
-0.37
-0.13
-0.37
-0.22
5
6
7
8
9
-0.18
-0.01
0.11
0.18
-0.08
-0.18
-0.03
0.38
0.18
-0.07
-0.25
0.01
0.67
0.25
10
11
12
13
14
15
16
17
18
19
20
-0.11
0.12
1.08
0.39
-0.03
-0.08
0.05
0.03
0.28
0.08
0.34
0.27
0.01
1.19
0.25
0.14
0.11
0.04
0.07
0.38
0.07
0.26
0.33
0.08
0.80
0.23
0.03
0.01
0.02
0.10
0.39
0.06
21
22
23
24
25
0.03
0.16
0.03
-0.08
0.07
-0.15
0.17
-0.04
0.05
-0.09
26
-0.17
-0.15
3.4
1.8
Gross domestic product..........
Plus: Income receipts from the
rest of the world.......................
Less: Income payments to the rest
of the world...............................
I
IV
II
III
1
1.9
3.0
7.4
4.2
4.5
3.3
3.9
2
-7.7
6.9
26.0
59.5
-1.2
12.2
16.3
3
4
5
6
7
8
-3.0
-2.1
20.5
7.5
19.6
82.5
9.5
1.7
3.3
7.6
5.5
3.9
1.9
4.2
1.8
1.8
1.7
2.4
3.0
3.1
2.5
2.5
3.2
3.3
2.6
2.5
3.4
3.6
2.6
2.6
0.0
-0.5
2.5
2.4
2.1
2.0
2.5
2.4
36.8
44.5
2.4
2.3
9
10
-2.1
2.8
2.7
2.7
2.7
2.7
2.5
1.7
3.3
8.2
5.8
4.5
1.9
0.3
11
12
13
14
1.1
1.0
1.9
1.0
2.7
2.9
3.1
2.6
6.5
6.7
8.0
7.0
5.1
6.4
4.3
5.3
2.7
2.1
5.1
3.1
3.6
2.2
3.5
3.8
3.9
4.1
0.0
-0.1
2.08
0.74
0.03
-0.25
-0.07
-0.10
-0.04
0.11
0.36
0.01
-0.07
0.04
1.00
0.24
-0.05
-0.08
0.05
1.25
0.36
0.08
-0.14
-0.04
0.18
0.24
-0.08
0.69
0.12
1.20
0.21
0.14
0.10
0.04
0.41
0.09
0.34
0.73
0.08
0.84
0.38
0.10
0.08
0.02
0.02
0.25
0.07
0.03
0.02
0.00
-0.21
-0.06
1.08
0.24
-0.05
-0.08
0.03
0.06
0.41
0.04
0.38
0.81
0.24
0.15
0.11
0.03
0.03
0.29
0.07
0.05
0.17
0.40
0.32
0.68
0.48
T a b le 1 .7 .3 . R e a l G r o s s D o m e s t ic P r o d u c t , R e a l G r o s s N a t io n a l P r o d u c t , a n d
0.18
0.03
0.03
0.00
0.40
0.12
0.03
0.09
0.30
0.03
0.10
-0.08
0.64
0.17
0.17
0.01
0.47
0.10
0.21
-0.11
R e a l N e t N a t io n a l P r o d u c t , Q u a n t it y I n d e x e s
-0.14
-0.17
-0.12
-0.11
-0.11
0.00
2.19
0.00
3.5
2004
-0.01
0.03
0.00
0.00
Equals: Gross national product
Less: Consumption of fixed capital
Private.........................
Government.................
General government
Government
enterprises..........
Equals: Net national product...
Addenda:
Gross domestic income1.........
Gross national income2...........
Net domestic product...............
Net domestic income3.............
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Gross national income deflated by the implicit price deflator for gross national product.
3. Net domestic income deflated by the implicit price deflator for net domestic product.
[Index numbers, 2000=100]
Seasonally adjusted
0.00
-0.10
-0.03
-0.02
0.01
-0.07
-0.04
-0.02
0.01
-0.07
-0.08
-0.02
0.01
-0.06
-0.01
-0.05
0.05
-0.06
-0.02
-0.03
0.04
-0.09
-0.01
-0.01
0.03
0.01
0.01
0.11
0.04
0.01
0.21
0.12
0.01
0.15
0.25
0.00
0.29
0.00
0.02
0.06
0.47
-0.05
0.02
0.37
0.00
0.00
0.00
-0.02
0.00
-0.01
-0.01
0.02
0.04
0.01
-0.01
-0.01
-0.01
0.01
-0.02
0.03
-0.01
0.01
0.03
-0.04
0.04
27
28
29
30
-0.12
-0.03
-0.03
31
32
33
34
35
36
-0.01
0.28
37
38
39
40
41
42
43
44
45
46
47
0.47
0.58
0.40
0.18
0.89
0.77
0.59
0.20
0.13
0.13
0.07
0.05
0.04
0.06
0.06
0.06
0.10
0.08
0.08
0.00
0.00
0.28
0.23
0.04
0.23
0.17
0.17
0.00
0.06
0.06
0.00
0.35
0.31
0.03
48
-0.22
-0.19
-0.15
0.00
0.07
0.07
0.00
0.02
0.02
0.01
0.01
0.42
0.25
0.24
0.01
0.18
0.17
0.00
0.00
0.00
0.33
0.32
0.02
0.11
0.10
0.01
0.47
0.44
0.03
0.20
0.15
0.13
0.03
0.04
0.04
0.01
0.57
0.40
0.17
-0.17
-0.11
-0.09
-0.09
Line
2002
2003
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
Private.........................
Government.................
General government
Government
enterprises..........
Equals: Net national product...
Addendum:
Net domestic product...............
2004
2003
III
IV
1
II
III
1 102.626 105.749 106.681 107.780 108.969 109.858 110.927
2
3
4
5
6
7
8
76.231
77.063
81.493
81.545
91.642
75.413
76.574
77.974
91.359
94.028
97.641
81.545
94.785
96.954
102.494 105.865 106.755 108.192 109.241
109.245
110.067
105.124
105.206
112.502
113.440
107.804
107.847
112.917
113.872
108.138
108.176
113.870
114.876
108.835
108.869
113.874
114.745
109.501
109.522
109.769 110.898
114.468
115.324
110.166
110.177
123.788
126.440
110.808
110.810
9 104.714 107.603 107.966 108.687 109.416 110.139 110.827
10 101.578 104.963 105.914 107.414 108.596 109.115 109.201
11 101.724 104.828 105.827 106.945 108.286 109.212 109.225
0.00
0.02
0.02
0.00
T a b le 1 .7 .4 . P r ic e I n d e x e s f o r G r o s s D o m e s t ic P r o d u c t , G r o s s N a t io n a l
0.49
0.30
0.18
P r o d u c t, a n d N e t N a t io n a l P r o d u c t
[Index numbers, 2000=100]
Seasonally adjusted
Line
49
50
51
1.69
0.18
-0.24
2.20
0.18
0.47
1.83
0.25
0.39
1.50
0.38
-0.29
3.50
0.27
0.98
3.63
0.40
0.94
1.96
0.20
0.26
52
1.53
1.36
1.01
1.31
2.16
2.19
1.35
1. Excludes software “embedded," or bundled, in computers and other equipment.
2. For some components of final sales of computers, includes computer parts.
Seasonally adjusted at annual rates
2004
2003
2002
2003
III
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
Private.........................
Government.................
General government
Government
enterprises..........
Equals: Net national product...
Addendum:
Net domestic product...............
2004
2003
IV
I
II
III
1 104.097 106.003 106.158 106.586 107.314 108.169 108.519
2 103.446 105.515 105.720 106.056 106.959 107.880 108.379
3
4
5
6
7
8
103.710 105.666 105.720 106.207 107.143 108.024 108.391
104.087 105.997 106.156 106.579 107.308 108.164 108.519
100.485
100.200
101.974
101.681
101.318
101.052
102.705
102.307
101.438
101.168
102.849
102.458
101.591 100.170 101.133 102.045
101.361 99.595 100.470 101.312
102.785 103.190 104.619 105.909
102.337 102.741 104.096 105.243
9 103.537 104.841 104.946 105.191 105.599 107.432 109.505
10 104.609 106.677 106.841 107.304 108.343 109.183 109.455
11 104.622 106.687 106.847 107.314 108.355 109.195 109.460
National D ata
D -1 4
D ecem ber 2004
Table 1.7.5. Relation of Gross Domestic Product, Gross National Product, Net
National Product, National Income, and Personal Income
Table 1.7.6. Relation of Real Gross Domestic Product, Real Gross National
Product, and Real Net National Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
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
Private.........................
Domestic business...
Capital
consumption
allowances......
Less: Capital
consumption
adjustment......
Households and
institutions...........
Government.................
General government.
Government
enterprises..........
Equals: Net national product...
Less: Statistical discrepancy . ..
Equals: 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 on assets....
Business current transfer
payments (net)............
Current surplus of
government enterprises
Wage accruals less
disbursements.............
Plus: Personal income receipts on
assets.......................................
Personal current transfer
receipts........................
Equals: Personal income.........
Addenda:
Gross domestic income...........
Gross national income.............
Gross national factor income'
Net domestic product..............
Net domestic income...............
Net national factor income2 ,
2004
2003
III
I
IV
Line
301.8
329.0
329.8
371.8
373.8
388.0
404.8
274.7
278.2
351.9
361.2
3
273.9
284.6
300.3
4 10,514.1 11,059.2 11,168.3 11,358.1 11,546.1 11,693.6 11,853.7
1,303.9
1,360.6
1,375.2
5
1,353.9
1,374.2 1,355.0
1,500.5
6 1,092.8 1,135.9 1,141.5 1,153.8 1,132.4 1,148.1 1,269.4
936.4
948.8 1,023.9
7
912.6
942.6
946.5
955.0
8
1,126.3
1,225.6
1,255.5
1,278.4
1,319.8
1,327.7
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
1,378.0
Less: Consumption of fixed capital
Private.........................
Government.................
General government.
Government
enterprises..........
Equals: Net national product...
Addenda:
9
213.6
283.0
309.0
323.3
383.4
378.9
354.1
10
11
12
180.2
211.2
178.0
193.3
218.1
183.6
195.0
219.1
184.4
198.8
220.4
185.4
196.0
222.6
187.2
199.4
227.0
190.8
245.5
231.2
194.0
13
14
15
16
33.2
34.5
34.7
35.0
35.4
36.2
37.1
9,210.1
-15.3
9,225.4
9,705.2
25.6
9,679.6
9,807.7
36.6
9,771.1
9,983.9 10,191.1 10,318.4 10,353.1
56.4
12.8
63.0
59.6
9,971.1 10,128.1 10,262.0 10,293.5
17
874.6
1,021.1
1,057.1
1,129.1
1,165.6
1,173.9
1,146.3
18
724.4
751.3
757.4
769.4
782.9
796.3
804.4
Gross domestic income1.........
Gross national income2...........
Net domestic product...............
Net domestic income3.............
2004
IV
I
II
III
1 10,074.8 10,381.3 10,472.8 10,580.7 10,697.5 10,784.7 10,889.7
2
291.7
311.9
312.1
350.7
349.6
373.7
359.8
3
259.2
263.2
268.0
280.3
264.9
325.8
333.3
4 10,101.7 10,433.9 10,521.7 10,663.3 10,766.7 10,818.7 10,930.0
5 1,297.6 1,336.3 1,341.3 1,352.6 1,352.6 1,359.7 1,470.4
6 1,090.6 1,124.0 1,128.3 1,138.2 1,137.0 1,142.7 1,252.8
215.7
7
207.1
212.4
214.4
213.0
217.0
218.3
179.4
182.2
184.4
8
175.0
180.0
181.1
183.3
9
10
32.0
32.9
33.0
33.3
33.5
33.7
33.9
8,804.8
9,098.3
9,180.7
9,310.7
9,413.2
9,458.2
9,465.6
11 10,089.5 10,357.2 10,438.4 10,568.7 10,638.7 10,732.5 10,834.6
12 10,116.4 10,409.8 10,487.1 10,651.2 10,707.9 10,766.5 10,875.0
13 8,777.9 9,045.8 9,132.0 9,228.4 9,344.1 9,424.1 9,425.2
14 8,792.5 9,021.8 9,097.7 9,216.4 9,285.9 9,372.3 9,370.6
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Gross national income deflated by the implicit price deflator for gross national product.
3. Net domestic income deflated by the implicit price deflator for net domestic product.
Note. Except as noted in footnotes 1, 2 and 3, chained (2000) dollar series are calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding series, divided by 100. Because the formula for the
chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not
additive.
T a b le 1 .8 .3 . C o m m a n d - B a s is R e a l G r o s s N a t io n a l P r o d u c t , Q u a n t it y In d e x e s
19
748.3
773.2
776.7
785.0
803.9
814.0
823.1
20
532.9
543.0
542.8
545.3
554.5
548.5
545.6
[Index numbers, 2000=100]
Seasonally adjusted
21
22
80.9
2.8
77.7
9.5
78.9
9.3
80.1
8.7
82.7
8.1
83.5
7.4
Line
76.4
2002
2003
Gross national product............
23
0.0
0.0
0.0
0.0
1.5
-1.5
0.0
24
1,334.6
1,322.7
1,314.4
1,325.8
1,337.1
1,352.3
1,366.4
25
26
1,282.7
1,335.4
1,346.2
1,350.7
1,379.0
1,400.4
1,414.0
8,878.9
9,161.8
9,209.3
9,330.0
9,445.0
9,592.7
9,671.7
27 10,502.3 10,978.5 11,080.1 11,258.1 11,409.6 11,601.1 11,750.4
28 10,529.4 11,033.6 11,131.7 11,345.2 11,483.1 11,637.2 11,794.0
29 9,721.3 10,195.1 10,285.9 10,487.0 10,609.5 10,750.0 10,906.8
30 9,183.1 9,650.1 9,756.2 9,896.7 10,117.6 10,282.3 10,309.5
31 9,198.4 9,624.5 9,719.5 9,883.9 10,054.6 10,225.9 10,249.9
32 8,417.4 8,841.1 8,925.4 9,112.8 9,254.5 9,374.9 9,406.2
2003
III
6.5
1. Consists of compensation of employees, proprietors’ income with inventory valuation adjustment (IVA) and capital
consumption adjustment (CCAdj), rental income of persons with CCAdj, corporate profits with IVA and CCAdj, net interest and
miscellaneous payments, and consumption of fixed capital.
2. Consists of gross national factor income less consumption of fixed capital.
2003
2003
III
1 10,487.0 11,004.0 11,116.7 11,270.9 11,472.6 11,657.5 11,810.0
2
2002
III
II
Less: Exports of goods and
services and income receipts
from the rest of the world.........
Plus: Command-basis exports of
goods and services and income
receipts from the rest of the
world1.......................................
Equals: Command-basis gross
national product.....................
2004
I
IV
II
III
1 102.494 105.865 106.755 108.192 109.241 109.769 110.898
2
88.119
90.825
90.974
96.507
97.721
99.727 101.842
3
90.568
92.380
92.530
98.550
98.953 100.611
102.050
4 102.861 106.098 106.988 108.498 109.426 109.901 110.929
Addendum:
Percent change from preceding
period in command-basis
real gross national product...
5
1.8
7.4
3.1
5.8
3.5
1.8
3.8
1. Exports of goods and services and income receipts deflated by the implicit price deflator for imports of goods and
services and income payments.
T a b le 1 .8 .6 . C o m m a n d - B a s is R e a l G r o s s N a t io n a l P r o d u c t , C h a in e d D o lla r s
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Gross national product............
Less: Exports of goods and
services and income receipts
from the rest of the world.........
Plus: Command-basis exports of
goods and services and income
receipts from the rest of the
world1.......................................
2004
IV
I
II
III
1 10,101.7 10,433.9 10,521.7 10,663.3 10,766.7 10,818.7 10,930.0
2
1,303.2
1,343.2
1,345.5
1,427.3
1,445.2
1,474.9
1,506.2
3
1,339.4
1,366.2
1,368.5
1,457.5
1,463.5
1,488.0
1,509.3
Equals: Command-basis gross
national product...................
Addendum:
4 10,137.9 10,456.9 10,544.7 10,693.6 10,784.9 10,831.9 10,933.1
Terms of trade2........................
5 102.779 101.712 101.714 102.120 101.263 100.891 100.207
1. Exports of goods and services and income receipts deflated by the implicit price deflator for imports of goods and
services and income payments.
2. Ratio of the implicit price deflator for exports of goods and services and income receipts to the corresponding implicit
price deflator for imports divided by 100.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive.
D ecem ber 2004
S urvey
of
C
urrent
B
D -1 5
u s in e s s
T a b le 1 .1 0 . G r o s s D o m e s t ic I n c o m e b y T y p e o f I n c o m e
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2004
2003
III
IV
I
II
III
Gross domestic income..................................................................................................
Compensation of employees, paid.........................................................................................
1
2
10,502.3
6,074.9
10,978.5
6,294.5
11,080.1
6,330.1
11,258.1
6,412.2
11,409.6
6,495.0
11,601.1
6,584.7
11,750.4
6,663.8
Wage and salary accruals...................................................................................................................
Disbursements.........
To persons..................................................................................................................................
To the rest of the world................................................................................................................
Wage accruals less disbursements.................................................................................................
Supplements to wages and salaries...................................................................................................
3
4
5
6
7
8
4,981.7
4,981.7
4,973.3
8.4
0.0
1,093.2
5,109.1
5,109.1
5,100.5
8.5
0.0
1,185.5
5,134.0
5,134.0
5,125.5
8.5
0.0
1,196.1
5,194.4
5,194.4
5,185.8
8.7
0.0
1,217.8
5,246.3
5,244.8
5,236.1
8.6
1.5
1,248.8
5,317.5
5,319.0
5,309.9
9.1
-1.5
1,267.2
5,381.7
5,381.7
5,372.5
9.2
0.0
1,282.1
Taxes on production and imports...........................................................................................
Less: Subsidies.....................................................................................................................
Net operating surplus............................................................................................................
9
10
11
762.6
38.2
2,399.1
798.1
46.7
2,578.7
802.0
44.5
2,632.0
813.9
44.4
2,702.3
823.3
40.4
2,776.7
835.7
39.4
2,844.9
844.1
39.7
2,781.7
Private enterprises..............................................................................................................................
Net interest and miscellaneous payments, domestic industries.....................................................
Business current transfer payments (net).......................................................................................
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, domestic
industries.....................................................................................................................................
Taxes on corporate income.........................................................................................................
Profits after tax with inventory valuation and capital consumption adjustments.......................
Net dividends..........................................................................................................................
Undistributed corporate profits with inventory valuation and capital consumption
adjustments........................................................................................................................
Current surplus of government enterprises........................................................................................
12
13
14
15
1b
2,396.3
658.2
80.9
769.6
170.9
2,569.2
659.3
77.7
834.1
153.8
2,622.7
659.3
78.9
852.0
148.8
2,693.6
668.5
80.1
864.7
167.1
2,768.6
680.7
82.7
872.1
172.8
2,837.5
691.6
83.5
901.4
172.6
2,775.2
689.9
76.4
903.2
153.6
17
18
19
20
716.8
183.8
532.9
347.5
844.2
234.9
609.3
374.8
883.7
238.7
644.9
361.0
913.3
252.3
660.9
371.5
960.3
256.5
703.8
367.5
988.6
271.2
717.4
360.5
952.1
261.4
690.8
376.9
21
22
185.5
2.8
234.5
9.5
284.0
9.3
289.5
8.7
336.3
8.1
356.9
7.4
313.9
6.5
Consumption of fixed capital..................................................................................................
23
1,303.9
1,353.9
1,360.6
1,374.2
1,355.0
1,375.2
1,500.5
Private..................................................................................................................................................
Government.........................................................................................................................................
24
25
1,092.8
211.2
1,135.9
218.1
1,141.5
219.1
1,153.8
220.4
1,132.4
222.6
1,148.1
227.0
1,269.4
231.2
26
-15.3
25.6
36.6
12.8
63.0
56.4
59.6
Addendum:
Statistical discrepancy........................................................................................................................
National D ata
D -1 6
D ecem ber 2004
Table 1.12. National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
2002
2003
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
9,225.4
6,069.5
9,679.6
6,289.0
9,771.1
6,324.7
9,971.1
6,406.7
10,128.1
6,489.4
10,262.0
6,578.5
10,293.5
6,657.6
4,976.3
862.6
4,113.7
1,093.2
729.6
363.6
5,103.6
897.9
4,205.6
1,185.5
808.9
376.6
5,128.6
901.1
4,227.5
1,196.1
817.9
378.2
5,188.9
905.0
4,283.9
1,217.8
835.9
381.9
5,240.7
918.8
4,321.8
1,248.8
856.5
392.3
5,311.4
922.0
4,389.3
1,267.2
870.4
396.8
5,375.4
928.5
4,447.0
1,282.1
881.3
400.8
769.6
834.1
852.0
864.7
872.1
901.4
903.2
9.7
759.9
21.8
812.3
24.8
827.2
24.7
840.0
17.9
854.2
18.9
882.5
14.1
889.1
170.9
874.6
153.8
1,021.1
148.8
1,057.1
167.1
1,129.1
172.8
1,165.6
172.6
1,173.9
153.6
1,146.3
183.8
690.7
390.0
300.7
234.9
786.2
395.3
390.9
238.7
818.4
394.1
424.2
252.3
876.8
396.4
480.4
256.5
909.1
403.4
505.7
271.2
902.7
413.2
489.5
261.4
884.9
424.0
460.9
532.9
762.6
38.2
80.9
543.0
798.1
46.7
77.7
542.8
802.0
44.5
78.9
545.3
813.9
44.4
80.1
554.5
823.3
40.4
82.7
548.5
835.7
39.4
83.5
545.6
844.1
39.7
76.4
33.7
46.7
0.4
28.9
46.6
2.2
28.9
47.2
2.9
28.8
47.5
3.8
29.3
49.4
4.0
29.3
50.1
4.0
42.9
44.0
-10.5
2.8
9.5
9.3
8.7
8.1
7.4
6.5
26
27
28
29
30
1,058.5
300.7
757.8
-1.2
1,059.8
1,173.4
390.9
782.5
-14.1
1,187.5
1,210.0
424.2
785.8
-3.8
1,213.8
1,273.2
480.4
792.9
-24.3
1,297.6
1,279.1
505.7
773.4
-37.0
1,316.1
1,273.4
489.5
783.9
-47.8
1,321.2
1,293.8
460.9
832.9
-39.3
1,333.1
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
769.6
9.7
15.4
-5.8
759.9
647.5
-0.6
113.0
170.9
182.3
-11.4
874.6
756.8
758.0
183.8
574.2
390.0
184.1
-1.2
117.8
834.1
21.8
27.8
-5.9
812.3
673.9
-1.9
140.2
153.8
165.9
-12.1
1,021.1
860.4
874.5
234.9
639.6
395.3
244.2
-14.1
160.8
852.0
24.8
30.8
-6.0
827.2
681.0
-1.1
147.3
148.8
160.9
-12.1
1,057.1
877.2
881.0
238.7
642.3
394.1
248.1
-3.8
179.9
864.7
24.7
30.7
-6.1
840.0
688.1
-2.6
154.5
167.1
179.4
-12.3
1,129.1
941.9
966.2
252.3
713.9
396.4
317.5
-24.3
187.2
872.1
17.9
23.6
-5.6
854.2
697.9
-4.5
160.8
172.8
184.7
-11.9
1,165.6
925.4
962.4
256.5
705.9
403.4
302.5
-37.0
240.2
901.4
18.9
24.7
-5.8
882.5
725.0
-5.8
163.3
172.6
184.6
-12.0
1,173.9
940.6
988.3
271.2
717.1
413.2
303.9
-47.8
233.3
903.2
14.1
20.0
-5.9
889.1
734.9
-4.7
158.9
153.6
173.7
-20.1
1,146.3
925.0
964.3
261.4
703.0
424.0
279.0
-39.3
221.2
Line
2003
III
National income.............................................................................................................
Compensation of employees
Wage and salary accruals
Government................
Other................................................................................................................................................
Supplements to wages and salaries...................................................................................................
Employer contributions for employee pension and insurance funds..............................................
Employer contributions for government social insurance......
Proprietors’ income with IVA and CCAdj..............................
Farm.....................................................................................................................................................
Nonfarm...............................................................................................................................................
Rental income of persons with CCAdj....................................................................................
Corporate profits with IVA and CCAdj
Taxes on corporate income........
Profits after tax with IVA and CCAdj....................................................................................................
Net dividends...................................................................................................................................
Undistributed profits with IVA and CCAdj........................................................................................
Net interest and miscellaneous payments
Taxes on production and imports..........
Less: Subsidies....................................
Business current transfer payments(net)
To persons (net)...................................................................................................................................
To government (net)................................
To the rest of the world (net)...............................................................................................................
Current surplus of government enterprises............................................................................
Cash flow:
Net cash flow with IVA and CCAdj......................................................................................................
Undistributed profits with IVA and CCAdj........................................................................................
Consumption of fixed capital...........................................................................................................
Less: Inventory valuation adjustment..................................................................................................
Equals: Net cash flow...........................................................................................................................
2004
IV
I
II
III
Addenda:
Proprietors’ income with IVA and CCAdj.............................................................................................
Farm.................................................................................................................................................
Proprietors’ income with IVA
Capital consumption adjustment.................................................................................................
Nonfarm...........................................................................................................................................
Proprietors’ income (without IVA and CCAdj)............................................................................
Inventory valuation adjustment...................................................................................................
Capital consumption adjustment.................................................................................................
Rental income of persons with CCAdj.................................................................................................
Rental income of persons (without CCAdj).....................................................................................
Capital consumption adjustment.....................................................................................................
Corporate profits with IVA and CCAdj................
Corporate profits with IVA..............................
Profits before tax (without IVA and CCAdj)
Taxes on corporate income....................
Profits after tax (without IVA and CCAdj)
Net dividends.....................................
Undistributed profits (without IVA and CCAaj)...................................................................
Inventory valuation adjustment...................................................................................................
Capital consumption adjustment.....................................................................................................
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
Survey
D ecem ber 2004
of
C u r r e n t B u sin e ss
D -1 7
T a b le 1 .1 4 . G r o s s V a lu e A d d e d o f D o m e s t ic C o r p o r a t e B u s in e s s in C u r r e n t D o lla r s a n d G r o s s V a lu e A d d e d o f N o n f in a n c ia l
D o m e s t ic C o r p o r a t e B u s in e s s in C u r r e n t a n d C h a in e d D o lla r s
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
2004
IV
III
I
II
III
Gross value added of corporate business1......................................................................
1
6,224.0
6,594.1
6,702.1
6,793.6
6,911.3
7,028.0
Consumption of fixed capital...................................................................................................................
Net value added.............
Compensation of employees...............................................................................................................
Wage and salary accruals...............................................................................................................
Supplements to wages and salaries...............................................................................................
Taxes on production and imports less subsidies.................................................................................
Net operating surplus........................
Net interest and miscellaneous payments......................................................................................
Business current transfer payments................................................................................................
Corporate profits with IVA and CCAdj.............................................................................................
Taxes on corporate income
.................................................................................................
Profits after tax with IVA and CCAdj............................................................................................
Net dividends............................ .............................................................................................
Undistributed profits with IVA and CCAdj...............................................................................
6,518.0
2
757.8
5,466.2
4,031.3
3,327.3
704.1
502.4
932.5
150.0
65.7
716.8
183.8
532.9
347.5
185.5
782.5
5,735.5
4,147.6
3,380.8
766.8
523.2
1,064.7
155.5
65.0
844.2
234.9
609.3
374.8
234.5
785.8
5,808.3
4,171.9
3,398.3
773.6
529.0
1,107.5
156.8
67.0
883.7
238.7
644.9
361.0
284.0
792.9
5,909.3
4,231.5
3,443.7
787.8
535.7
1,142.1
159.7
69.1
913.3
252.3
660.9
371.5
289.5
773.4
6,020.3
4,284.2
3,474.2
810.0
542.2
1,193.9
162.2
71.4
960.3
256.5
703.8
367.5
336.3
783.9
6,127.4
4,352.1
3,528.8
823.3
550.1
1,225.2
164.4
72.2
988.6
271.2
717.4
360.5
356.9
832.9
6,195.1
4,409.0
3,575.2
833.9
555.5
1,230.6
164.1
114.4
952.1
261.4
690.8
376.9
313.9
846.3
5,377.7
911.2
5,606.8
925.1
5,669.0
934.6
5,767.5
954.2
5,839.4
955.8
5,955.5
986.6
6,041.4
655.7
4,722.0
3,601.3
2,971.0
630.3
465.1
655.5
181.7
55.5
418.4
89.0
329.4
254.9
74.5
676.4
4,930.5
3,696.2
3,006.9
689.3
483.4
750.8
170.8
63.5
516.4
130.0
386.4
275.4
111.0
679.0
4,990.0
3,717.9
3,022.4
695.4
489.0
783.2
170.2
65.7
547.3
132.2
415.1
265.6
149.5
684.3
5,083.3
3,771.0
3,062.8
708.3
495.0
817.2
172.1
67.8
577.3
146.8
430.5
273.6
156.9
671.8
5,167.6
3,818.1
3,089.9
728.1
501.1
848.5
174.8
69.0
604.6
147.7
456.9
270.6
186.2
680.9
5,274.7
3,878.6
3,138.5
740.1
508.4
887.6
177.2
69.6
640.8
164.9
475.9
265.5
210.5
728.3
5,313.1
3,929.3
3,179.7
749.6
513.3
870.4
176.9
42.5
651.0
168.7
482.3
277.6
204.7
32
33
34
35
600.2
416.4
-1.2
117.8
697.6
462.6
-14.1
160.8
707.6
468.8
-3.8
179.9
750.4
498.1
-24.3
187.2
757.0
500.6
-37.0
240.2
803.0
531.8
-47.8
233.3
770.2
508.9
-39.3
221.2
Profits before tax (without IVA and CCAdj).....................................................................................
Profits after tax (without IVA and CCAdj)........................................................................................
Inventory valuation adjustment.......................................................................................................
Capital consumption adjustment.....................................................................................................
36
37
38
39
324.1
235.1
-1.2
95.6
397.7
267.7
-14.1
132.9
401.4
269.2
-3.8
149.7
445.0
298.2
-24.3
156.6
443.4
295.6
-37.0
198.3
496.5
331.7
-47.8
192.0
510.4
341.6
-39.3
180.0
Gross value added of nonfinancial corporate business2..................................................
40
41
42
5,306.6
5,520.2
5,579.6
5,670.7
5,711.5
5,770.9
5,850.1
628.0
4,678.6
647.2
4,873.0
649.5
4,930.1
655.1
5,015.6
654.1
5,057.4
657.2
5,113.6
697.2
5,152.9
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Gross value added of financial corporate business1.......................................................
Gross value added of nonfinancial corporate business1
Consumption of fixed capital.....................................................
Net value added.......................................................................................................................................
Compensation of employees.............
Wage and salary accruals.............
Supplements to wages and salaries...............................................................................................
Taxes on production and imports less subsidies.................................................................................
Net operating surplus..........................................................................................................................
Net interest and miscellaneous payments......................................................................................
Business current transfer payments................................................................................................
Corporate profits with IVA and CCAdj.............................................................................................
Taxes on corporate income
.................................................................................................
Profits after tax with IVA and CCAdj............................................................................................
Net dividends........................
Undistributed profits with IVA and CCAdj...............................................................................
Addenda:
Corporate business:
Profits before tax (without IVA and CCAdj).....................................................................................
Profits after tax (without IVA and CCAdj)........................................................................................
Inventory valuation adjustment
.................................................................................................
Capital consumption adjustment....
Nonfinancial corporate business:
Value added, in billions of chained (2000) dollars
Consumption of fixed capital3.......................................
Net value added4..........................................................
1. Estimates for financial corporate business and nonfinancial corporate business for 2000 and earlier periods are based on the 1987 Standard Industrial Classification (SIC); later estimates for these industries are
based on the North American Industry Classification System (NAICS).
2. Effective with the estimates scheduled for release on December 22,2004, chained-dollar gross value added of nonfinancial corporate business for 1929 to 2004 will be revised. The current-dollar value added will
be deflated by a revised chain-type price index calculated using the gross value added chain-type price index for nonfinancial industries from the comprehensive revision of the GDP-by-industry accounts.
3. 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.
4. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross product and the consumption of fixed capital.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
T a b le 1 .1 5 . P r ic e , C o s ts , a n d P r o f it P e r U n it o f R e a l G r o s s V a lu e A d d e d o f N o n fin a n c ia l D o m e s tic C o r p o r a t e B u s in e s s
[Dollars]
Seasonally adjusted
Line
2002
III
Price per unit of real gross value added of nonfinancial corporate business1..........................
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 IVA and CCAdj (unit profits from current production)............................
Taxes on corporate income.................................................................................................................
Profits after tax with IVA and CCAdj....................................................................................................
1
2
3
4
5
6
7
8
9
2004
2003
2003
IV
I
II
III
1.013
0.679
0.256
1.016
0.670
0.253
1.016
0.666
0.252
1.017
0.665
0.250
1.022
0.668
0.249
1.032
0.672
0.249
1.033
0.672
0.250
0.124
0.098
0.034
0.123
0.099
0.031
0.122
0.099
0.031
0.121
0.099
0.030
0.118
0.100
0.031
0.118
0.100
0.031
0.125
0.095
0.030
0.079
0.094
0.098
0.102
0.106
0.111
0.111
0.017
0.062
0.024
0.070
0.024
0.074
0.026
0.076
0.026
0.080
0.029
0.082
0.029
0.082
1. The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS).
Note. Effective with the estimates scheduled for release on December 22, 2004, chained-dollar gross value added of nonfinancial corporate business for 1929 to 2004 will be revised. The current-dollar value added
will be deflated by a revised chain-type price index calculated using the gross value added chain-type price index for nonfinancial industries from the comprehensive revision of the GDP-by-industry accounts.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
18
National D ata
D ecem ber 2004
P e r s o n a l In c o m e a n d O u tla y s
T a b le 2 .1 . P e r s o n a l I n c o m e a n d I ts D is p o s it io n
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
8,878.9
9,161.8
9,209.3
9,330.0
9,445.0
9,592.7
9,671.7
6,069.5
4,976.3
4,113.7
862.6
1,093.2
729.6
363.6
769.6
9.7
759.9
170.9
1,334.6
946.7
387.9
1,282.7
1,248.9
708.3
53.2
29.9
17.7
440.0
33.7
748.3
6,289.0
5,103.6
4,205.6
897.9
1,185.5
808.9
376.6
834.1
21.8
812.3
153.8
1,322.7
929.9
392.8
1,335.4
1,306.4
733.8
52.8
32.3
18.3
469.2
28.9
773.2
6,324.7
5,128.6
4,227.5
901.1
1,196.1
817.9
378.2
852.0
24.8
827.2
148.8
1,314.4
922.8
391.6
1,346.2
1,317.4
736.6
54.3
32.5
18.4
475.5
28.9
776.7
6,406.7
5,188.9
4,283.9
905.0
1,217.8
835.9
381.9
864.7
24.7
840.0
167.1
1,325.8
932.0
393.8
1,350.7
1,322.0
744.9
51.6
32.4
18.5
474.6
28.8
785.0
6,487.9
5,239.2
4,321.8
917.3
1,248.8
856.5
392.3
872.1
17.9
854.2
172.8
1,337.1
936.2
400.9
1,379.0
1,349.6
762.1
41.4
33.6
18.6
494.0
29.3
803.9
6,580.0
5,312.8
4,389.3
923.5
1,267.2
870.4
396.8
901.4
18.9
882.5
172.6
1,352.3
941.7
410.6
1,400.4
1,371.1
774.0
33.5
33.6
18.6
511.4
29.3
814.0
6,657.6
5,375.5
4,447.0
928.5
1,282.1
881.3
400.8
903.2
14.1
889.1
153.6
1,366.4
945.0
421.3
1,414.0
1,371.1
782.4
32.4
33.8
18.7
503.8
42.9
823.1
1,051.2
7,827.7
7,668.5
1,001.9
8,159.9
8,049.3
941.7
8,267.6
8,107.8
1,009.4
8,320.5
8,209.4
1,006.6
8,438.4
8,351.6
1,030.6
8,562.1
8,448.7
1,044.3
8,627.4
8,582.4
7,376.1
197.2
95.3
59.5
35.7
7,760.9
185.3
103.1
64.9
38.2
7,822.5
183.3
102.1
65.6
36.5
7,914.9
185.9
108.6
67.0
41.6
8,060.2
181.1
110.3
68.6
41.7
8,153.8
182.6
112.2
70.2
42.1
8,278.3
189.8
114.3
71.8
42.5
159.2
2.0
110.6
1.4
159.8
1.9
111.1
1.3
86.8
1.0
113.4
1.3
45.0
0.5
35
7,559.5
7,733.8
7,822.9
7,849.6
7,897.0
7,951.5
7,990.1
36
37
38
27,157
26,227
288,240
28,033
26,569
291,085
28,368
26,842
291,445
28,476
26,865
292,190
28,816
26,967
292,838
29,172
27,092
293,504
29,319
27,153
294,262
39
40
4.6
3.1
4.2
2.3
9.9
8.2
2.6
1.4
5.8
2.4
6.0
2.8
3.1
2.0
III
Personal income....................................................................................................................
Compensation of employees, received...............................................................................................
Wage and salary disbursements.....................................................................................................
Private industries................
Government.........................
Supplements to wages and salaries...............................................................................................
Employer contributions for employee pension and insurance funds..........................................
Employer contributions for government social insurance...........................................................
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
Government social benefits to persons...........................................................................................
Old-age, survivors, disability, and health insurance benefits......................................................
Government unemployment insurance benefits.........................................................................
Veterans benefits........................................................................................................................
Family assistance1......................................................................................................................
Other............................................................................................................................................
Other current transfer receipts, from business(net)........................................................................
Less: Contributions for government social insurance.........................................................................
Less: Personal current taxes..................................................................................................
Equals: Disposable personal income.....................................................................................
Less: Personal outlays...........................................................................................................
Personal consumption expenditures...................................................................................................
Personal interest payments2
Personal current transfer payments....................................................................................................
To government........................
To the rest of the world (net)....
Equals: Personal saving.............
Personal saving as a percentage of disposable personal income........................................
Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars3.........................................................................................
Per capita:
Current dollars.............................................................................................................................
Chained (2000) dollars................................................................................................................
Population (midperiod, thousands).....................................................................................................
Percent change from preceding period:
Disposable personal income, current dollars..................................................................
Disposable personal income, chained (2000) dollars.......................................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
2004
IV
I
II
III
1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operating under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996.
2. Consists of nonmortgage interest paid by households.
3. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
T a b le 2 .2 B . W a g e a n d S a la r y D is b u r s e m e n t s b y I n d u s t r y
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Wage and salary disbursements......................................................................................
Private industries...
Goods-producing industries.................................................................................................................
Manufacturing....
Services-producing industries.............................................................................................................
Trade, transportation, and utilities....................................................................................................
Other services-producing industries1..............................................................................................
Government............................................................................................................................
1
2
3
4
5
6
7
8
2004
IV
I
II
III
4,976.3
4,113.7
5,103.6
4,205.6
5,128.6
4,227.5
5,188.9
4,283.9
5,312.8
4,389.3
5,375.5
4,447.0
1,010.2
675.2
3,103.5
843.6
2,259.9
1,007.7
668.8
3,198.0
858.6
2,339.4
5,239.2
4,321.8
1,005.8
665.9
3,221.6
860.7
2,360.9
1,025.6
680.1
3,258.3
872.0
2,386.4
1,019.0
669.9
3,302.9
872.4
2,430.5
1,034.9
680.5
3,354.4
886.2
2,468.3
1,046.2
687.9
3,400.8
898.9
2,501.8
862.6
897.9
901.1
905.0
917.3
923.5
928.5
1. Other services-producing industries consists of information; finance and insurance; real estate and rental and leasing; professional, scientific, and technical services; management of companies and enterprises,
administrative and support and waste management and remediation services; educational services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other
services.
N o te . Estim a tes in this table are based on the 1997 N orth A m erican Industry C lassification S ystem (N AIC S).
S u r v e y o f C u r r e n t B usiness
D ecem ber 2004
D -1 9
T a b le 2 .3 .1 . P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d in R e a l P e r s o n a l
T a b le 2 .3 .2 . C o n t r ib u t io n s t o P e r c e n t C h a n g e in R e a l P e r s o n a l
C o n s u m p t io n E x p e n d it u r e s b y M a jo r T y p e o f P r o d u c t
C o n s u m p t io n E x p e n d it u r e s b y M a jo r T y p e o f P r o d u c t
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Personal consumption
expenditures................
Durable goods........................
1
2
3
Motor vehicles and parts.........
Furniture and household
equipment............................
Other........................................
4
5
6
7
8
Nondurable goods...................
Food.........................................
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods........................
Gasoline and oil...................
Fuel oil and coal..................
Other........................................
Services..................................
Housing....................................
Household operation...............
Electricity and gas...............
Other household operation
Transportation...........................
Medical care.............................
Recreation................................
Other........................................
2004
IV
I
II
Line
2003
2003
III
III
3.1
6.5
3.3
7.4
5.0
16.5
3.6
3.9
4.1
2.2
1.6
-0.3
5.1
17.2
5.6
5.5
13.3
-1.8
-5.8
-6.0
28.6
8.7
4.7
9.1
9.1
22.3
14.1
9.8
7.4
11.1
6.2
7.4
-0.2
11.6
3.8
2.6
3.7
6.9
5.1
6.7
0.1
4.8
1.9
4.3
3.8
4.3
5.9
9.9
2.6
3.9
8.1
16.3
2.3
-5.3
4.2
6.1
1.4
1.4
1.4
3.1
0.7
0.7
0.3
4.1
5.3
3.0
36.4
7.6
19.1
17.3
41.4
5.8
-2.3
-0.8
-16.5
3.1
-13.2
-14.2
-1.5
4.5
3.5
2.7
12.0
5.6
9
10
11
12
13
14
15
16
17
18
19
20
21
2.6
2.2
1.9
2.8
3.3
2.7
2.9
2.7
0.8
2.7
-0.3
-2.8
6.0
2.4
1.1
1.3
1.5
1.7
1.4
-0.8
4.0
3.1
2.0
1.4
2.0
0.4
3.0
-0.8
3.3
2.3
1.5
0.8
7.5
17.5
1.6
-0.5
3.1
4.0
3.2
2.1
3.2
3.5
3.1
2.0
3.2
5.9
4.4
2.0
-0,9
-8.0
4.0
2.9
4.4
0.3
3.3
2.4
0.0
-3.0
2.0
1.5
5.0
2.8
2.5
22
2.0
1.1
3.0
18.4
0.2
-11.1
0.7
23
3.3
3.3
5.0
2.9
3.7
2.3
5.5
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy...........................
2002
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Percent change at annual rate:
Personal consumption
expenditures................
Percentage points at annual
rates:
Durable goods.........................
Motor vehicles and parts.........
Furniture and household
equipment.............................
Other.........................................
Nondurable goods...................
Food..........................................
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods.......................
Gasoline and oil...................
Fuel oil and coal..................
Other.........................................
Services..................................
Housing.....................................
Household operation................
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care.............................
Recreation................................
Other.........................................
2004
I
IV
II
1
3.1
3.3
2
3
0.80
0.90
1.94
0.48
0.32
0.31
0.74
-0.10
4
5
6
7
8
0.37
0.11
0.38
0.21
0.88
0.32
0.41
0.17
0.45
0.15
5.0
4.1
3.6
III
1.6
5.1
0.27
-0.03
1.96
-0.33
-0.34
1.40
0.31
-0.01
0.48
0.09
0.73
1.04
1.93
1.45
1.90
0.04
1.38
0.27
0.18
0.52
0.17
0.80
0.39
0.36
0.16
1.10
0.62
0.32
-0.22
0.59
0.24
0.04
0.03
0.02
0.02
0.00
0.25
0.47
0.40
0.08
0.46
-0.06
-0.02
-0.04
0.25
-0.42
-0.41
0.00
0.10
0.08
0.03
0.44
9
10
11
12
13
14
15
16
17
18
19
20
21
0.33
0.14
0.07
0.07
0.61
1.55
1.32
1.16
1.64
1.98
1.56
0.42
0.05
0.06
-0.01
-0.12
0.95
0.10
0.16
0.21
0.09
0.04
0.05
-0.03
0.65
0.13
0.28
0.22
0.11
0.01
0.10
-0.03
0.56
0.10
0.21
0.13
0.41
0.35
0.05
-0.02
0.52
0.16
0.44
0.33
0.18
0.08
0.10
0.07
0.55
0.24
0.61
0.30
-0.05
-0.18
0.13
0.11
0.74
0.01
0.45
-0.06
0.07
0.05
0.84
0.12
0.36
22
0.09
0.05
0.15
0.83
0.01
-0.60
0.04
23
2.72
2.68
4.09
2.38
3.03
1.84
4.45
0.00
0.35
1.74
0.37
0.00
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy...........................
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
T a b le 2 .3 .4 . P r ic e I n d e x e s f o r P e r s o n a l C o n s u m p t io n E x p e n d it u r e s b y M a jo r
T a b le 2 .3 .3 . R e a l P e r s o n a l C o n s u m p t io n E x p e n d it u r e s b y M a jo r
T y p e o f P r o d u c t , Q u a n t it y In d e x e s
T yp e o f P ro d u c t
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2002
2003
2003
III
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.......................
Gasoline and oil...................
Fuel oil and coal..................
Other........................................
Services..................................
Housing....................................
Household operation...............
Electricity and gas...............
Other household operation
Transportation..........................
Medical care.............................
Recreation................................
Other........................................
2004
IV
I
II
Line
1 105.698 109.143 109.828 110.794 111.925 112.360 113.761
2 111.150 119.378 122.733 123.902 124.572 124.482 129.526
3 110.907 116.971 120.467 119.929 118.149 116.320 123.859
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
115.286 125.771 129.441 132.505 136.028 138.480 142.317
104.271 113.772 116.251 118.345 120.152 120.082 121.204
109.145 110.517 112.331
102.733
102.606
104.355
116.683
Food..........................................
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods.......................
Gasoline and oil...................
Fuel oil and coal..................
Other.........................................
105.085 107.418 107.613 108.346 109.237 109.955 110.746
Services..................................
105.517
101.034
100.988
101.043
96.092
110.952
104.945
102.665
106.915
102.597
102.729
102.496
95.346
115.340
108.225
104.731
107.115
102.205
100.949
102.978
95.133
115.826
108.563
104.920
107.334
104.080
105.112
103.394
95.009
116.703
109.631
105.751
107.906
104.914
106.021
104.181
95.470
117.632
111.211
106.899
101.862
101.915
101.439
115.111
108.445
104.677
103.820
105.205
96.160
118.915
111.286
107.768
109.088
104.685
103.039
105.728
96.510
120.367
112.054
108.447
Housing.....................................
Household operation................
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care.............................
Recreation................................
Other.........................................
2004
2003
IV
I
II
III
1 103.548 105.511 105.689 106.005 106.860 107.683 107.980
95.475 92.244 91.757 90.747 90.741 90.725 90.008
2
3
99.409
97.340
97.159
95.768
95.966
96.166
95.697
4 88.684 83.345 82.201 81.451 80.963 80.367 79.367
5 99.536 97.924 98.086 97.447 97.999 98.760 98.099
6 102.097 104.154 104.423 104.564 105.914 107.616 107.868
7 104.949 106.979 107.227 108.265 108.950 109.989 110.687
8 95.396 93.045 92.851 92.976 92.533 93.191 92.502
9
10
11
12
13
14
15
16
17
18
19
20
21
90.523
90.405
91.771
105.011
105.517
105.154
109.634
105.175
106.709
106.587
107.982
105.459
103.679
103.317
107.675
105.166
113.693
113.541
115.313
105.752
124.711
125.424
116.528
106.136
125.025
124.724
128.006
106.151
106.083 109.237 109.529 110.266 111.085 111.667 112.243
107.797
103.761
105.438
102.805
102.900
106.232
106.403
105.876
110.437
107.766
113.651
104.367
105.880
109.858
109.248
108.826
110.704
108.285
115.240
104.267
106.514
110.336
109.549
108.736
111.344
107.886
113.642
104.566
107.140
111.335
109.958
109.852
111.912
108.879
115.595
104.993
107.109
112.340
110.875
110.851
112.941
109.598
117.118
105.243
107.281
112.955
111.559
110.944
113.608
110.701
119.483
105.627
107.578
113.668
112.264
111.089
Addenda:
22 101.788 102.952 101.343 105.714 105.779 102.722 102.907
23 106.294 109.787 110.601
111.398 112.422 113.060 114.587
1. C onsists of gasoline, fuel oil, and othe r energy goods and of electricity and gas.
Motor vehicles and parts.........
Furniture and household
equipment.............................
Other.........................................
Nondurable goods...................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy..........................
Personal consumption
expenditures................
Durable goods.........................
112.367 113.684
102.384 103.062 101.607 106.147 105.544
102.871 103.587 101.968 106.110 105.886
97.123 97.397 97.679 106.512 101.828
106.279 110.646 111.407 112.986 113.848
2003
III
103.592 107.556 108.330 109.018 111.160 111.793 112.952
106.377 110.914 112.505 113.595 117.960 116.374 118.119
104.630 108.481
2002
III
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy...........................
22
96.855 108.958 110.320 107.898 114.463 121.386 122.583
23 103.707 105.072 105.174 105.527 106.081
1. C onsists of gasoline, fuel oil, and othe r energy goods and of electricity and gas.
106.523 106.704
National D ata
D -2 0
D ecem ber 2004
Table 2.3.5. Personal Consumption Expenditures by Major
Type of Product
Table 2.3.6. Real Personal Consumption Expenditures by Major
Type of Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
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.......................
Gasoline and oil...................
Fuel oil and coal..................
Other........................................
Services..................................
Housing....................................
Household operation...............
Electricity and gas...............
Other household operation
Transportation...........................
Medical care.............................
Recreation................................
Other........................................
1 7,376.1
916.2
2
3
426.1
7,760.9
950.7
Seasonally adjusted at annual rates
2004
IV
I
II
Line
7,822.5
972.7
7,914.9
971.1
8,060.2
976.3
8,153.8
975.5
8,276.3
1,007.0
440.1
452.5
438.4
432.5
458.3
319.9
170.1
328.0
182.6
333.3
186.9
338.0
189.0
345.0
193.0
348.6
194.4
353.8
194.9
Motor vehicles and parts.........
Furniture and household
equipment............................
Other.........................................
2,080.1
2,200.1
2,219.2
2,250.1
2,316.6
2,354.6
2,387.7
Nondurable goods...................
1,005.8
302.1
1,064.5
307.2
1,074.6
311.0
1,091.8
314.4
1,120.3
325.0
1,137.5
322.9
1,156.6
325.3
177.5
163.4
14.1
594.7
208.2
191.3
16.9
620.1
207.6
190.9
16.7
626.0
210.7
192.5
18.2
633.1
229.7
211.1
18.6
641.5
243.2
224.5
18.7
651.0
245.9
224.7
21.2
660.0
Food..........................................
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods.......................
Gasoline and oil...................
Fuel oil and coal..................
Other.........................................
4,379.8
4,610.1
4,630.6
4,693.6
4,767.3
4,823.8
4,883.6
Services..................................
1,144.8
409.0
152.6
256.4
288.0
1,210.3
299.6
1,028.2
1,188.4
431.3
167.3
264.0
294.0
1,301.1
317.2
1,078.1
1,193.4
431.8
166.7
265.0
295.1
1,312.1
319.0
1,079.1
1,202.8
438.1
171.2
266.8
296.5
1,334.0
323.4
1,098.8
1,215.4
445.6
175.7
270.0
297.8
1,356.8
330.8
1,120.9
1,232.7
447.6
174.3
273.3
300.5
1,379.1
333.0
1,130.9
1,247.3
452.1
176.5
275.6
302.4
1,404.8
337.5
1,139.5
Housing.....................................
Household operation................
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care.............................
Recreation................................
Other.........................................
Residual........................................
22
330.1
375.5
374.3
381.9
405.4
417.5
422.4
23
6,040.2
6,373.6
6,441.1
9
10
11
12
13
14
15
16
17
18
19
20
21
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy ...........................
Personal consumption
expenditures................
Durable goods.........................
444.1
4
5
6
7
8
6,320.8
6,534.5
6,598.9
2002
2003
ill
6,699.4
2003
2004
III
IV
I
II
III
7,401.7
1,059.6
7,466.8
1,069.7
7,543.0
1,075.5
7,572.4
1,074.7
7,666.8
1,118.2
1
2
3
7,123.4
959.6
7,355.6
1,030.6
428.7
452.1
465.6
463.5
456.7
449.6
478.7
4
5
6
7
8
360.7
170.9
393.5
186.5
405.0
190.5
414.6
194.0
425.6
196.9
433.3
196.8
445.3
198.7
2,037.4
2,112.4
2,125.3
2,152.0
2,187.3
2,188.0
2,213.7
958.4
316.7
995.1
330.2
1,002.2
334.9
1,008.6
338.2
1,028.4
351.2
1,034.3
346.5
1,045.0
351.7
196.0
180.7
15.4
566.3
197.3
182.0
15.4
589.6
194.6
179.1
15.5
593.6
203.3
186.4
16.9
602.1
202.1
186.0
16.1
606.6
195.0
179.0
16.1
613.4
196.7
180.2
16.5
621.8
4,128.6
4,220.3
4,227.9
4,256.7
4,291.7
4,320.0
4,351.0
1,062.0
394.1
144.7
249.4
279.9
1,139.3
281.5
971.1
-2.3
1,076.1
400.2
147.2
253.0
277.7
1,184.3
290.3
990.7
-8.1
1,078.1
398.7
144.7
254.2
277.1
1,189.3
291.2
992.5
-11.8
1,080.3
406.0
150.6
255.2
276.7
1,198.3
294.1
1,000.3
-13.0
1,086.0
409.3
151.9
257.1
278.1
1,207.9
298.3
1,011.2
-15.0
1,091.5
408.4
148.8
259.7
280.1
1.221.0
298.5
1,019.4
-15.6
1,097.9
408.4
147.7
260.9
281.1
1,235.9
300.6
1,025.8
-21.0
23
340.8
344.7
339.3
353.9
354.1
343.9
344.5
24
5,824.3
6,015.7
6,060.3
6,104.0
6,160.1
6,195.0
6,278.7
9
10
11
12
13
14
15
16
17
18
19
20
21
22
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy...........................
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
D ecem ber 2004
S urvey
of
C
urrent
B u s in e s s
D -2 1
3 . G o v e r n m e n t C u r r e n t R e c e ip ts a n d E x p e n d itu r e s
T a b le 3 .1 . G o v e r n m e n t C u r r e n t R e c e ip ts a n d E x p e n d it u r e s
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
IV
I
II
2,954.7
3,032.0
2,984.8
3,089.2
3,120.0
3,181.1
3,198.8
1,995.5
1,051.2
762.6
174.6
7.1
748.3
101.9
99.8
2.1
106.3
46.7
59.5
2.8
2,033.8
1,001.9
798.1
225.8
8.1
773.2
104.0
101.4
2.5
111.5
46.6
64.9
9.5
1,981.2
941.7
802.0
229.7
7.8
776.7
104.9
102.3
2.5
112.7
47.2
65.6
9.3
2,073.7
1,009.4
813.9
242.5
7.9
785.0
107.2
104.5
2.7
114.6
47.5
67.0
8.7
2,084.9
1,006.6
823.3
246.4
8.6
803.9
105.1
102.5
2.6
118.0
49.4
68.6
8.1
2,134.6
1,030.6
835.7
260.0
8.3
814.0
104.8
102.2
2.6
120.3
50.1
70.2
7.4
2,147.3
1,044.3
844.1
250.6
8.3
823.1
106.1
103.4
2.7
115.8
44.0
71.8
6.5
3,234.3
3,399.7
3,411.3
3,433.0
3,499.2
3,542.8
3,566.5
1,609.2
1,270.5
1,251.6
1,248.9
2.7
18.8
316.4
240.3
76.1
38.2
0.0
1,717.1
1,332.9
1,309.3
1,306.4
2.8
23.7
303.0
231.0
72.0
46.7
0.0
1,724.0
1,343.8
1,320.2
1,317.4
2.8
23.6
299.0
227.1
71.9
44.5
0.0
1,737.6
1,345.7
1,324.9
1,322.0
2.9
20.8
305.3
232.0
73.3
44.4
0.0
1,770.9
1,386.3
1,352.5
1,349.6
2.9
33.7
303.1
226.4
76.6
40.4
1.5
1,792.1
1,397.0
1,374.1
1,371.1
2.9
23.0
312.8
230.4
82.4
39.4
-1.5
1,817.9
1,395.8
1,374.0
1,371.1
2.9
21.8
313.1
226.0
87.0
39.7
0.0
III
Current receipts..................................................................
Current tax receipts......................................................................
Personal current taxes..............................................................
Taxes on production and imports.............................................
Taxes on corporate income.....
Taxes from the rest of the world
Contributions for government social insurance............................
Income receipts on assets...........
Interest and miscellaneous receipts.........................................
Dividends...................................................................................
Current transfer receipts...............................................................
From business (net).............................
From persons......................................
Current surplus of government enterprises..................................
Current expenditures....................
Consumption expenditures...........................................................
Current transfer payments
Government social benefits......................................................
To persons...............
To the rest of the world.........................................................
Other current transfer payments to the rest of the world (net)..
Interest payments.........................................................................
To persons and business..........................................................
To the rest of the world.............................................................
Subsidies.................................................
Less: Wage accruals less disbursements
Net government saving................
Social insurance funds...........................
Other............................................................................................
Addenda:
Total receipts..........................................................................
Current receipts....................................................................
Capital transfer receipts........................................................
Total expenditures.....
Current expenditures
Gross government investment..............................................
Capital transfer payments.....................................................
Net purchases of nonproduced assets................................
Less: Consumption of fixed capital......................................
Net lending or net borrowing ( - ) ..........................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
2004
2003
III
-279.5
-367.8
-426.5
-343.9
-379.2
-361.7
-367.7
49.2
-328.8
46.6
-414.4
45.6
-472.1
48.4
-392.3
60.5
-439.7
67.2
-429.0
69.7
-437.4
3,230.5
2,987.4
3,060.4
3,013.1
3,118.2
3,150.1
3,209.8
2,954.7
32.7
3,032.0
28.4
2,984.8
28.3
3,089.2
29.0
3,120.0
30.1
3,181.1
28.7
3,198.8
31.7
3,384.4
3,566.7
3,584.5
3,601.1
3,671.5
3,723.5
3,744.6
3,234.3
347.4
3.9
10.0
211.2
3,399.7
358.5
16.8
9.7
218.1
3,411.3
362.4
16.4
13.4
219.1
3,433.0
362.4
16.7
9.3
220.4
3,499.2
368.6
16.3
10.0
222.6
3,542.8
382.2
16.3
9.3
227.0
3,566.5
381.1
16.3
11.9
231.2
-397.0
-506.3
-571.4
-483.0
-521.4
-513.7
-514.0
National D ata
D -2 2
D ecem ber 2004
Table 3.2. Federal Government Current Receipts and Expenditures
Table 3.3. State and Local Government Current Receipts and Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
Current receipts....................
Current tax receipts..........................
Personal current taxes..................
Taxes on production and imports
Excise taxes..............................
Customs duties.........................
Taxes on corporate income..........
Federal Reserve banks............
Other.........................................
Taxes from the rest of the world....
Contributions for government social
insurance.......................................
Income receipts on assets................
Interest receipts.............................
Rents and royalties.......................
Current transfer receipts...................
From business...............................
From persons................................
Current surplus of government
enterprises....................................
Current expenditures............
Consumption expenditures...............
Current transfer payments................
Government social benefits..........
To persons.................................
To the rest of the world.............
Other current transfer payments....
Grants-in-aid to state and local
governments.........................
To the rest of the world (net).....
Interest payments..............................
To persons and business..............
To the rest of the world.................
Subsidies...........................................
Less: Wage accruals less
disbursements...............................
saving..............................
Social insurance funds.....................
Other.................................................
Total receipts...........................
Current receipts........................
Capital transfer receipts............
Total expenditures....................
Current expenditures................
Gross government investment
Capital transfer payments.........
Net purchases of nonproduced
assets....................................
Less: Consumption of fixed
capital....................................
Net lending or net borrowing (-)
2004
2003
IV
III
Seasonally adjusted at annual rates
I
II
Line
733.8
20.3
15.5
4.9
24.8
14.0
10.8
758.2
23.0
16.5
6.5
25.5
14.4
11.1
761.6
24.3
17.0
7.3
25.8
14.7
11.1
769.5
25.5
17.9
7.6
25.6
14.4
11.2
787.9
22.9
16.0
6.9
26.1
14.7
11.3
797.6
22.2
15.8
6.5
26.2
14.8
11.4
806.3
22.8
16.5
6.3
26.6
15.1
11.5
5.5
4.5
4.4
18
-0.6
5.8
5.0
4.6
19 2,101.8 2,241.6 2,249.4 2,279.8 2,306.3 2,329.1 2,340.1
592.7
663.0
671.3
700.3
20
658.6
691.1
713.0
21 1,243.0 1,322.5 1,331.1 1,350.6 1,365.9 1,367.9 1,368.0
919.7
964.5
993.0 1,004.2
22
958.9
972.5
986.2
961.7
917.0
969.6
990.1 1,001.2
23
956.1
983.3
2.7
2.8
2.9
2.9
24
2.8
2.9
2.9
323.2
366.6
378.0
379.7
374.9
363.9
25
363.6
Current receipts....................
Current tax receipts...........................
Personal current taxes...................
Income taxes..............................
Other...........................................
Taxes on production and imports....
Sales taxes.................................
Property taxes...........................
Other...........................................
Taxes on corporate income............
Contributions for government social
insurance........................................
Income receipts on assets.................
Interest receipts
Dividends........
Rents and royalties........................
Current transfer receipts....................
Federal grants-in-aid......................
From business (net).......................
From persons..................................
Current surplus of government
enterprises......................................
Current expenditures............
Consumption expenditures................
Government social benefit payments
to persons.......................................
Interest payments..............................
Subsidies............................................
Less: Wage accruals less
disbursements................................
26
27
28
29
3U
31
304.4
18.8
229.0
152.9
76.1
37.2
339.9
23.7
214.1
142.1
72.0
46.4
343.0
23.6
210.1
138.2
71.9
45.3
357.2
20.8
214.7
141.4
73.3
43.2
346.0
33.7
211.1
134.5
76.6
39.7
351.9
23.0
220.7
138.3
82.4
38.7
342.1
21.8
220.0
133.0
87.0
39.0
32
0.0
0.0
0.0
0.0
1.5
-1.5
0.0
Addenda:
Total receipts.............................
33
34
35
-254.5
-364.5
-433.0
-379.2
-391.0
-380.0
-376.2
47.7
-302.1
45.5
-410.0
44.4
-477.4
47.2
-426.4
59.2
-450.2
65.9
-445.9
68.2
-444.4
Current receipts.........................
Capital transfer receipts.............
3b 1,872.6 1,899.0
3/ 1,847.3 1,877.0
38
25.3
22.0
39 2,149.4 2,306.6
40 2,101.8 2,241.6
41
88.1
93.6
42
48.3
61.9
2003
2003
III
1 1,847.3 1,877.0 1,816.4 1,900.6 1,915.3 1,949.1 1,963.9
999.3 1,074.9 1,073.9 1,098.5 1,103.9
2 1,069.0 1,064.5
831.2
709.2
772.5
781.5
794.4
3
775.8
768.3
4
87.3
89.4
88.0
89.6
89.0
89.3
89.5
67.4
66.7
66.2
66.4
67.9
68.1
66.5
5
21.2
19.9
21.4
21.5
23.1
23.1
6
22.6
143.4
204.9
211.7
7
191.4
194.3
207.9
219.5
24.5
21.2
20.1
20.8
21.8
8
22.0
20.9
198.7
118.9
169.3
173.1
184.8
187.0
189.9
9
7.1
7.8
7.9
8.3
10
8.1
8.6
8.3
11
12
13
14
15
16
17
2002
III
1,838.4
1,923.5
1,939.5
1,972.0
1,990.0
1,816.4
22.0
1,900.6
22.9
1,915.3
24.2
1,949.1
23.0
1,963.9
26.1
2,322.3
2,346.0
2,376.9
2,397.2
2,419.2
2,249.4 2,279.8 2,306.3 2,329.1
93.7
104.1
96.2
102.2
66.3
57.5
61.5
60.0
2,340.1
103.9
66.9
43
0.2
-0.2
3.4
-0.7
0.0
-0.8
1.8
44
45
89.0
90.2
90.5
90.7
91.6
92.8
93.4
-276.8
-407.6
-483.9
-422.6
-437.4
-425.1
-429.2
government saving............
Social insurance funds.......................
Other...................................................
Total expenditures.....................
Current expenditures.................
Gross government investment....
assets.....................................
Less: Consumption of fixed
capital.....................................
Net lending or net borrowing (-)
2004
IV
I
II
III
1 1,411.9 1,494.9 1,511.4 1,545.8 1,550.6 1,583.9 1,576.9
2
969.2
981.9
998.8 1,011.1 1,036.0 1,043.4
926.5
3
226.1
236.9
238.3
249.9
220.1
232.5
249.1
4
226.7
199.6
204.6
210.6
214.6
215.9
226.4
21.6
21.9
22.3
5
20.5
22.5
22.7
23.1
708.7
6
714.0
724.3
734.2
746.4
754.6
675.3
7
329.1
343.9
346.8
352.3
358.2
362.4
365.8
8
305.0
309.6
313.7
322.4
291.5
306.6
319.0
59.7
60.7
62.4
62.4
66.4
9
54.7
65.0
34.4
31.2
35.4
37.6
10
38.5
40.5
39.0
11
12
13
14
15
16
17
18
19
14.5
81.6
73.2
2.1
6.2
385.9
304.4
32.8
48.7
15.0
81.0
71.3
2.5
7.1
425.9
339.9
32.2
53.8
15.1
80.6
70.8
2.5
7.3
429.9
343.0
32.5
54.4
15.5
81.7
71.5
2.7
7.6
446.1
357.2
33.1
55.8
16.0
82.2
71.8
2.6
7.8
437.9
346.0
34.6
57.3
16.4
82.6
72.0
2.6
8.0
446.0
351.9
35.3
58.8
16.8
83.3
72.4
2.7
8.3
431.3
342.1
28.9
60.3
2U
3.7
3.3
21 1,436.9 1,498.1
22 1,016.5 1,058.5
3.8
3.7
3.5
2.9
2.1
1,504.9
1,510.5
1,538.8
1,565.7
1,568.5
1,061.0
1,066.3
1,079.8
1,091.8
1,104.8
23
24
25
331.9
87.4
1.0
350.3
88.9
0.3
355.7
88.9
-0.7
352.3
90.7
1.2
366.3
92.0
0.7
381.0
92.1
0.7
369.9
93.1
0.7
26
0.0
0.0
0.0
0.0
0.0
0.0
0.0
?7
?8
?9
-25.0
-3.2
6.5
35.3
11.8
18.3
8.5
1.6
-26.6
1.1
-4.3
1.1
5.4
1.2
34.1
1.3
10.6
1.4
16.9
1.5
7.0
1,463.7
1,546.4
1,567.6
1,596.7
1,600.2
1,630.9
1,633.2
1,411.9
51.8
1,494.9
51.5
1,511.4
56.2
1,545.8
50.9
1,550.6
49.6
1,583.9
47.0
1,576.9
56.2
1,583.9
1,645.0
1,655.0
1,657.0
1,684.2
1,719.5
1,718.0
1,436.9
259.3
1,498.1
264.9
1,504.9
268.7
1,510.5
266.2
1,538.8
266.4
1,565.7
278.0
1,568.5
277.2
30
31
32
33
34
35
36
37
9.8
10.0
10.0
10.0
10.0
10.1
10.1
38
39
122.1
127.9
128.5
129.7
131.0
134.3
137.7
-120.2
-98.7
-87.5
-60.4
-84.0
-88.6
-84.8
Su r v e y
D ecem ber 2004
C u r r e n t B u sin e ss
of
Table 3.9.1. Percent Change From Preceding Period in Real Government
Consumption Expenditures and Gross Investment
D -2 3
Table 3.9.2. Contributions to Percent Change in Real Government
Consumption Expenditures and Gross Investment
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Government consumption
expenditures and gross
investment...................
Consumption
expenditures1..............
Gross investment2...........
Structures....................
Equipment and software
Federal....................................
Consumption expenditures
Gross investment.................
Structures........................
Equipment and software
National defense..................
Consumption expenditures
Gross investment.................
Structures........................
Equipment and software
Nondefense.........................
Consumption expenditures
Gross investment.................
Structures........................
Equipment and software
State and local........................
Consumption expenditures......
Gross investment.....................
Structures............................
Equipment and software....
Line
2002
2003
2004
IV
I
II
2003
III
III
1
4.4
2.8
0.1
1.6
2.5
2.2
1.2
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
4.0
6.0
5.4
7.2
2.9
2.1
0.6
4.9
-1.0
6.0
12.3
-4.2
2.0
-0.3
-6.9
12.6
1.9
5.5
-0.3
16.1
1.0
8.3
8.9
7.4
3.1
-7.0
-10.1
-1.6
7.5
6.6
-3.3
4.8
7.1
2.7
4.7
7.2
9.7
8.5
10.0
6.7
6.3
5.5
6.4
-2.8
-6.8
15.4
-10.7
3.9
11.3
-21.2
19.3
4.7
25.1
2.1
29.9
2.5
3.9
-22.4
9.3
5.7
-2.0
10,2
-4.0
7.7
9.0
-7.7
11.6
10.6
1.9
9.8
7.2
11.3
-5.8
13.1
9.0
8.9
15.8
8.3
-9.5
6.5
71.8
1.7
10.9
16.8
-3.5
19.0
7.2
37.2
14.2
39.7
4.1
-12.0
-58.1
-6.2
9.7
10.6
43.0
8.3
7.1
2.4
5.8
-7.5
0.2
4.4
-5.2
7.1
7.2
16.3
3.7
2.5
1.8
0.9
2.2
11.9
-26.4
-5.4
-34.3
-8.7
1.7
-29.7
20.0
-0.3
3.9
-4.4
7.6
-0.7
44.0
8.4
61.2
-2.2
-22.4
-3.5
-28.9
2.8
0.7
2.2
-0.1
0.0
1.9
-0.8
2.2
4.8
5.2
3.4
0.7
0.7
0.2
2.6
0.1
11.0
12.0
6.8
0.9
-4.1
-5.8
3.0
0.2
-1.0
-0.4
-3.2
0.0
10.0
11.5
4.1
1.4
-8.9
-11.3
2.5
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
Percent change at annual rate:
Government consumption
expenditures and gross
investment....................
Percentage points at annual
rates:
Consumption
expenditures1..............
Gross investment2...........
Structures....................
Equipment and software
Federal....................................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
National defense..................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
Nondefense.........................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
State and local........................
Consumption expenditures......
Gross investment.....................
Structures............................
Equipment and software......
2004
IV
I
II
III
1
4.4
2.8
0.1
1.6
2.5
2.2
1.2
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
3.29
1.06
0.61
0.46
2.40
0.37
0.06
0.30
-0.85
0.99
1.26
-0.27
1.67
-0.05
-0.79
0.74
1.61
0.94
-0.03
0.96
0.81
1.41
0.94
0.47
2.50
-1.27
-1.17
-0.10
2.53
2.31
-1.21
1.71
2.56
0.99
1.71
2.11
0.42
0.06
0.37
2.04
0.28
0.04
0.24
-0.89
-0.32
0.11
-0.43
1.23
0.49
-0.18
0.67
1.50
1.06
0.02
1.04
0.80
0.19
-0.18
0.37
1.81
-0.10
0.07
-0.16
1.67
2.01
-1.92
2.66
2.53
0.47
2.36
1.36
0.31
-0.01
0.32
1.77
0.25
0.04
0.21
-2.10
0.18
0.14
0.05
2.20
0.46
-0.01
0.47
1.53
1.00
0.04
0.96
0.87
-0.40
-0.22
-0.19
2.04
0.32
0.08
0.23
0.86
0.30
0.70
-0.95
0.03
0.52
-0.64
0.75
0.12
0.07
0.05
0.27
0.03
1.21
-0.50
-0.03
-0.48
-0.98
0.03
-0.17
0.20
-0.03
0.06
-0.02
0.08
-0.07
0.59
0.04
0.56
-0.23
-0.41
-0.02
-0.39
1.82
0.45
1.35
-0.09
-0.01
1.23
-0.49
1.19
0.64
0.55
0.09
0.37
0.09
0.02
0.07
0.04
1.31
1.15
0.16
0.45
-0.54
-0.61
0.07
0.12
-0.12
-0.04
-0.08
0.01
1.22
1.12
0.10
0.69
-1.18
-1.24
0.06
0.00
0.03
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
T a b le 3 .9 .3 . R e a l G o v e r n m e n t C o n s u m p t io n E x p e n d it u r e s a n d
T a b le 3 .9 .4 . P r ic e I n d e x e s f o r G o v e r n m e n t C o n s u m p t io n E x p e n d it u r e s a n d
G r o s s I n v e s t m e n t , Q u a n t it y In d e x e s
[Index numbers, 2000=100]
G ro s s In v e s tm e n t
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2002
2003
III
Government consumption
expenditures and gross
investment...................
Consumption
expenditures’ ..............
Gross investment2...........
Structures....................
Equipment and software
Federal....................................
Consumption expenditures
Gross investment.................
Structures........................
Equipment and software
National defense..................
Consumption expenditures
Gross investment.................
Structures........................
Equipment and software
Nondefense.........................
Consumption expenditures
Gross investment.................
Structures........................
Equipment and software
State and local........................
Consumption expenditures......
Gross investment.....................
Structures............................
Equipment and software
2004
2003
IV
I
II
Line
Consumption
expenditures1..............
Gross investment2...........
Structures....................
Equipment and software
111.725 119.140 119.751
121.154 123.249 124.068 125.505
Federal....................................
111.599
112.611
101.438
114.923
120.884
123.058
105.127
126.886
110.346
113.527
111.107
117.928
110.573
114.680
112.939
117.789
111.130
114.595
110.934
121.326
111.665
116.141
110.862
125.933
111.937
118.487
113.249
128.193
122.281 123.038 124.768
130.146 131.408 130.743
105.684 99.193 101.624
135.463 138.523 137.127
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software.-
111.972 122.014 122.368 125.765 128.984 129.582 132.653
National defense..................
127.048 128.318 131.327
143.249 138.750 142.276
106.774 85.912 93.944
147.586 145.229 148.144
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
111.284 113.972 115.050 112.840 112.900 114.117 112.594
Nondefense.........................
119.064
119.683
107.013
122.318
119.743
119.799
111.591
121.416
111.415 121.413 121.665 124.845
115.863 126.207 127.318 132.347
83.850 97.119 104.214 103.291
119.674 129.629 129.975 135.754
111.934
107.484
111.964
105.624
112.670
112.557
106.206
115.316
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
105.999 106.739 107.006 106.968 106.965 107.482 107.273
State and local........................
104.844
110.747
111.178
109.073
114.745
109.408
112.923
107.950
105.581
111.498
111.418
111.903
116.214
107.956
115.991
104.553
105.558
112.989
113.043
112.829
113.585
108.421
106.211
109.419
105.790
111.806
111.375
113.676
113.492
109.472
105.017
111.450
105.851
111.532
111.255
112.751
113.304
119.922
107.145
125.584
105.854
114.232
114.320
113.890
106.217
111.615
110.941
114.607
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
Consumption expenditures......
Gross investment.....................
Structures.............................
Equipment and software......
2004
2003
III
Government consumption
expenditures and gross
investment....................
112.785
116.344
110.281
127.674
107.223
111.203
110.493
112.452
2003
III
1 107.918 110.906 111.290 111.738 112.443 113.062 113.407
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
2002
IV
I
II
III
1 105.313 108.702 108.898 109.167 110.522 111.703 112.628
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
105.907 109.807 110.025 110.339 111.913 112.977 113.741
102.602 103.691 103.786 103.855 104.226 105.922 107.564
106.389 108.812 109.040 109.316 109.841 112.361 115.182
96.409 95.389 95.279 95.031 95.170 95.658 95.590
105.288 109.081 109.181
109.447 111.203 112.020 112.459
106.363 110.779 110.888 111.217 113.189 113.983 114.454
98.506 98.411 98.460 98.335 98.780 99.728 99.970
106.191 108.869 109.160 109.946 111.047 113.369 115.869
97.085 96.501 96.506 96.222 96.560 97.298 97.209
105.488 109.875 109.917 110.278 111.825 112.790 113.295
106.641 111.711 111.750 112.169 113.879 114.805 115.361
97.989 98.039 98.092 98.093 98.642 99.832 100.019
106.538 109.206 109.443 110.188 111.347 113.915 116.607
97.161 96.995 97.034 96.968 97.466 98.551 98.564
104.932 107.631
107.838 107.917 110.095 110.613 110.917
105.862 109.065 109.302 109.455 111.953 112.481 112.777
99.344 98.993 99.035 98.670 98.903 99.370 99.717
106.008 108.692 109.008 109.817 110.883 113.074 115.476
96.888 95.345 95.280 94.462 94.396 94.285 93.950
105.317 108.485 108.736 109.007 110.131 111.524 112.735
105.641 109.233 109.521 109.825 111.152 112.386 113.337
104.033 105.558 105.671 105.814 106.154 108.151 110.362
106.402 108.806 109.030 109.268 109.752 112.285 115.128
95.485 93.832 93.552 93.356 93.183 93.265 93.234
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
National D ata
D -2 4
D ecem ber 2004
Table 3.9.5. Government Consumption Expenditures and
Gross Investment
Table 3.9.6. Real Government Consumption Expenditures and Gross
Investment, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Government consumption
expenditures and gross
investment...................
Consumption
expenditures1..............
Gross investment2...........
Structures....................
Equipment and software
Federal....................................
Consumption expenditures
Gross investment.................
Structures........................
Equipment and software
National defense..................
Consumption expenditures
Gross investment.................
Structures........................
Equipment and software
Nondefense.........................
Consumption expenditures
Gross investment.................
Structures.........................
Equipment and software
State and local........................
Consumption expenditures......
Gross investment.....................
Structures.............................
Equipment and software,,,
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
1,956.6
2,075.5
2,086.4
Seasonally adjusted at annual rates
2004
IV
2,100.0
I
2,139.5
II
2,174.3
Line
2003
2,199.0
1,609.2
347.4
222.6
124.9
1,717.1
358.5
228.9
129.6
1,724.0
362.4
233.1
129.3
1,737.6
362.4
229.6
132.8
1,770.9
368.6
230.5
138.1
1,792.1
382.2
240.9
141.3
1,817.9
381.1
240.5
140.6
Consumption
expenditures1..............
Gross investment2...........
Structures....................
Equipment and software
680.8
752.2
756.7
767.5
793.3
804.4
816.9
Federal....................................
592.7
88.1
14.3
73.8
658.6
93.6
15.5
78.1
663.0
93.7
16.2
77.5
671.3
96.2
15.4
80.8
691.1
102.2
15.6
86.6
700.3
104.1
14.9
89.2
713.0
103.9
15.7
88.2
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
437.4
496.4
498.1
513.6
534.1
541.2
556.6
National defense..................
382.0
55.4
4.4
51.0
436.1
60.4
5.3
55.1
437.1
61.0
5.7
55.3
450.2
63.4
5.7
57.7
465.2
69.0
5.9
63.1
473.6
67.6
4.9
62.8
487.1
69.5
5.4
64.0
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
243.4
255.7
258.7
253.9
259.1
263.2
260.4
Nondefense.........................
210.7
32.7
9.9
22.9
222.5
33.2
10.2
23.0
225.9
32.8
10.5
22.2
221.1
32.8
9.7
23.1
225.9
33.2
9.7
23.5
226.6
36.5
10.1
26.4
226.0
34.4
10.2
24.2
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
1,275.8
1,323.3
1,329.7
1,332.6
1,346.3
1,369.9
1,382.1
State and local........................
1,016.5
259.3
208.2
51.0
1,058.5
264.9
213.4
51.5
1,061.0
268.7
217.0
51.7
1,066.3
266.2
214.2
52.0
1,079.8
266.4
214.9
51.5
1,091.8
278.0
226.0
52.1
1,104.8
277.2
224.8
52.4
Consumption expenditures......
Gross investment.....................
Structures............................
Equipment and software......
Residual........................................
2004
2003
III
Government consumption
expenditures and gross
investment....................
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2002
III
IV
I
II
III
1
1,857.9
1,909.4
1,916.0
1,923.7
1,935.8
1,946.5
1,952.4
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
1,519.4
338.6
209.2
129.5
1,563.7
345.7
210.4
135.8
1,566.9
349.2
213.8
135.7
1,574.8
349.0
210.0
139.8
1,582.4
353.7
209.9
145.1
1,586.2
360.8
214.4
147.7
1,598.3
354.3
208.8
147.1
646.6
689.6
693.1
701.2
713.3
718.1
726.4
557.2
89.5
13.5
76.0
594.5
95.1
14.2
80.9
597.9
95.2
14.8
80.3
603.6
97.8
14.0
84.0
610.6
103.4
14.0
89.6
614.3
104.4
13.2
91.7
623.0
103.9
13.5
90.7
414.6
451.8
453.1
465.7
477.6
479.9
491.2
358.2
56.6
4.2
52.5
390.3
61.6
4.8
56.8
391.1
62.1
5.2
57.0
401.4
64.6
5.1
59.5
408.5
69.9
5.3
64.7
412.5
67.7
4.3
63.7
422.2
69.4
4.7
65.0
232.0
237.6
239.9
235.2
235.4
237.9
234.7
199.0
32.9
9.3
23.6
204.0
33.5
9.4
24.1
206.7
33.1
9.7
23.3
202.0
33.2
8.8
24.4
201.8
33.6
8.7
24.9
201.5
36.8
8.9
28.0
200.4
34.5
8.8
25.7
1,211.4
1,219.8
1,222.9
1,222.5
1,222.4
1,228.3
1,225.9
962.2
249.2
195.7
53.5
-0.3
969.0
250.9
196.1
54.8
0.1
968.8
254.3
199.0
55.3
-0.1
970.9
251.6
196.1
55.7
-0.2
971.5
251.0
195.8
55.3
-0.7
971.5
257.1
201.2
55.8
-0.9
974.8
251.2
195.3
56.2
-0.7
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
D ecem ber 2004
S urvey
of
C
urrent
D -2 5
B u s in e s s
Table 3.10.1. Percent Change From Preceding Period in Real Government Consumption Expenditures and
G e n e ra l G o v e rn m e n t G ro s s O u tp u t
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
Government consumption expenditures1....................................................................
Gross output of general government......................................................................................
Value added........................................................................................................................
Compensation of general government employees........................................................
Consumption of general government fixed capital2.......................................................
Intermediate goods and services purchased3...................................................................
Durable goods................................................................................................................
Nondurable goods..........................................................................................................
Services..........................................................................................................................
Less: Own-account investment4.............................................................................................
Sales to other sectors.................................................................................................
Federal consumption expenditures1.......................................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services...............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Defense consumption expenditures1..............................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Nondefense consumption expenditures1........................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Other nondurable goods.................................................................................................
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
State and local consumption expenditures1...........................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Tuition and related educational charges....................................................................
Health and hospital charges.......................................................................................
Other sales.................................................................................................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1/
18
19
20
21
22
23
24
25
26
2/
28
29
30
31
32
33
34
35
36
37
38
39
40
41
4?
43
44
45
46
47
48
49
50
61
52
53
54
55
56
57
58
59
60
2004
2003
III
I
IV
II
III
4.0
2.9
-1.0
2.0
1.9
1.0
3.1
4.3
1.7
1.5
2.4
9.0
3.9
7.7
9.9
3.3
6.2
3.1
1.1
0.9
2.5
6.4
4.8
2.8
7.7
-1.3
4.5
-0.3
0.4
0.0
2.5
-1.5
-2.7
-2.7
-1.0
2.0
3.7
2.0
0.8
0.6
2.6
4.0
5.1
3.1
4.1
3.4
2.0
2.3
0.9
0.6
2.4
4.5
3.9
4.7
4.5
-1.4
4.3
1.7
0.1
-0.3
2.4
4.2
16.7
0.4
4.4
14.9
4.9
3.7
1.6
1.4
2.3
6.9
10.7
-0.8
9.2
-0.8
7.3
7.2
6.7
-2.8
3.9
4.7
2.5
5.7
7.0
1.9
2.3
0.7
14.8
5.2
17.3
15.9
4.1
-10.6
6.5
2.6
3.1
1.0
12.0
7.5
1.6
13.7
-4.3
-7.0
-3.2
0.3
0.1
1.1
-7.7
-6.5
-30.6
-5.1
-23.7
-32.9
3.1
-0.3
-0.7
1.3
7.5
7.9
10.4
7.2
36.8
-77.3
4.6
1.8
2.1
0.9
8.3
5.4
23.3
7.3
5.7
-11.3
2.7
-0.7
-1.1
1.0
7.1
28.3
-12.4
7.0
9.9
44.4
7.1
0.4
0.3
0.8
15.7
17.8
-18.5
19.3
10.8
527.2
7.2
9.0
-9.5
10.9
7.2
4.1
9.7
7.2
1.9
2.7
-0.2
15.4
4.2
20.0
17.2
34.6
-8.2
8.7
2.8
3.6
0.7
16.9
8.2
8.0
19.2
-2.5
-27.2
-9.4
0.9
0.9
1.0
-20.4
-8.8
-55.6
-18.4
-17.8
20.5
9.7
0.1
-0.3
1.2
22.5
7.5
8.7
26.3
19.3
-96.7
7.4
3.7
4.6
0.8
11.9
5.1
101.4
8.3
8.4
88.2
4.3
-1.1
-1.8
1.0
10.8
31.4
-24.8
11.1
3.1
171.7
10.6
1.2
1.4
0.6
21.9
16.8
4.5
24.2
2.4
992.9
7.1
2.5
11.9
-8.7
-0.3
-0.7
-2.2
6.6
2.0
1.8
3.0
13.9
17.8
2.5
2.3
2.4
1.8
2.7
0.2
10.0
-0.7
-1.1
1.4
28.0
28.4
-8.8
-1.0
-1.5
1.4
-19.3
13.2
-0.7
-1.5
-2.0
1.2
0.4
9.0
-0.4
0.1
-0.1
1.0
-1.2
^1.1
0.0
-1.0
-1.5
1.4
1.5
31.6
23.1
13.6
-13.4
-12.3
-3.0
4.0
-5.8
7.7
35.9
30.4
-28.8
-52.0
4.0
-24.0
55.1
-45.4
2.8
5.2
3.3
-32.5
-13.1
-1.9
16.3
7.5
-9.7
8.6
18.6
353.2
2.2
0.7
0.1
0.9
0.2
0.0
1.4
3.1
1.6
1.2
4.0
6.0
2.4
6.2
6.2
3.1
6.5
6.1
8.2
4.2
1.5
0.5
0.1
3.8
3.4
1.7
3.0
3.6
-0.5
4.7
4.5
5.5
3.5
1.1
0.4
0.0
3.8
2.4
2.4
2.7
2.3
9.4
4.5
0.8
6.7
3.6
1.5
1.3
1.0
3.7
1.9
1.6
2.0
1.9
-3.3
4.2
3.6
6.0
1.5
1.1
0.5
0.1
3.7
2.2
2.0
2.0
2.3
-3.1
4.5
4.5
4.5
4.3
1.2
0.5
0.1
3.6
2.5
3.1
2.5
2.4
16.1
4.5
4.5
4.5
4.5
2.0
2.1
1.9
3.6
1.9
1.7
2.0
1.8
-3.6
4.5
4.5
4.5
4.4
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
National D ata
D -2 6
D ecem ber 2004
Table 3.10.3. Real Government Consumption Expenditures and
General Government Gross Output, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2003
III
Government consumption expenditures1....................................................................
Gross output of general government......................................................................................
Value added.........................................................................................................................
Compensation of general government employees........................................................
Consumption of general government fixed capital2.......................................................
Intermediate goods and services purchased3...................................................................
Durable goods................................................................................................................
Nondurable goods..........................................................................................................
Services...........................................................................................................................
Less: Own-account investment4.............................................................................................
Sales to other sectors.................................................................................................
Federal consumption expenditures1.......................................................................................
Gross output of general government..........................................................................................
Value added.............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Defense consumption expenditures1..............................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services...............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Nondefense consumption expenditures1........................................................................
Gross output of general government..........................................................................................
Value added.............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Other nondurable goods.................................................................................................
Services...............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
State and local consumption expenditures1...........................................................................
Gross output of general government..........................................................................................
Value added.............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods......................................................................................................................
Nondurable goods...............................................................................................................
Services...............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Tuition and related educational charges....................................................................
Health and hospital charges.......................................................................................
Other sales.................................................................................................................
1
2
3
4
b
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
2/
28
29
30
31
32
33
34
35
36
37
38
39
40
41
A?
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
2004
IV
1
II
III
107.223
110.346
110.573
111.130
111.665
111.937
112.785
108.019
103.539
103.240
105.206
116.287
107.606
115.204
117.573
115.169
112.402
111.362
104.718
104.173
107.847
123.720
112.816
118.486
126.649
113.695
117.478
111.685
104.797
104.209
108.176
124.502
114.163
118.446
127.661
113.674
118.415
112.250
105.017
104.352
108.869
125.719
115.586
119.354
128.964
114.628
119.002
112.877
105.247
104.512
109.522
127.098
116.688
120.719
130.377
114.222
120.253
113.353
105.281
104.446
110.177
128.411
121.293
120.835
131.785
118.245
121.695
114.374
105.693
104.822
110.810
130.575
124.423
120.578
134.728
118.020
123.849
111.599
119.064
119.743
120.884
122.281
123.038
124.768
111.117
102.470
102.749
101.597
125.460
107.034
129.504
127.841
127.598
66.471
118.343
105.174
105.968
102.632
140.457
115.081
131.608
145.347
122.134
61.811
119.079
105.461
106.302
102.759
141.969
117.243
128.025
147.335
115.984
70.407
119.981
105.385
106.107
103.082
144.563
119.506
131.226
149.929
125.437
48.619
121.344
105.856
106.648
103.315
147.481
121.076
138.270
152.593
127.189
47.186
122.164
105.681
106.345
103.575
150.049
128.856
133.778
155.193
130.238
51.728
124.264
105.790
106.423
103.790
155.617
134.254
127.103
162.198
133.633
81.862
111.415
121.413
121.665
124.845
127.048
128.318
131.327
111.506
102.319
103.405
99.662
126.415
105.076
125.674
131.519
171.620
91.665
121.241
105.213
107.114
100.394
147.732
113.683
135.682
156.815
167.268
66.691
121.613
105.608
107.616
100.497
148.048
115.821
122.903
157.996
161.458
90.300
124.474
105.638
107.548
100.798
155.761
117.936
125.506
167.486
168.728
38.529
126.708
106.591
108.771
100.999
160.198
119.400
149.517
170.845
172.179
45.129
128.048
106.301
108.288
101.250
164.371
127.831
139.245
175.414
173.507
57.942
131.320
106.623
108.672
101.403
172.724
132.894
140.790
185.170
174.531
105.352
111.934
114.745
116.214
113.585
113.492
113.304
112.670
110.429
102.730
101.774
107.043
123.708
132.511
113.173
105.099
104.237
108.939
127.107
132.825
114.563
105.195
104.312
109.135
130.801
135.320
111.940
104.933
103.920
109.521
123.987
139.582
111.738
104.544
103.393
109.846
124.119
142.627
111.625
104.573
103.372
110.128
123.754
141.131
111.622
104.302
102.972
110.525
124.226
151.173
145.986
121.927
103.886
55.700
141.593
126.808
97.830
60.014
150.790
130.139
91.506
62.039
152.270
121.498
102.119
53.335
153.333
123.034
102.960
48.346
148.046
122.440
106.922
49.233
144.316
124.986
111.588
71.834
104.844
105.581
105.558
105.790
105.851
105.854
106.217
106.653
103.983
103.407
108.650
111.820
108.300
113.121
111.457
112.453
113.771
113.090
117.810
108.100
108.270
104.514
103.510
112.811
115.580
110.161
116.567
115.510
111.873
119.133
118.219
124.268
111.922
108.408
104.504
103.437
113.332
116.009
110.544
117.000
115.940
113.234
119.848
118.384
125.238
112.630
108.822
104.851
103.704
114.374
116.556
110.979
117.593
116.473
112.276
121.080
119.439
127.066
113.050
109.121
104.976
103.723
115.427
117.196
111.530
118.191
117.140
111.382
122.409
120.765
128.477
114.254
109.445
105.102
103.745
116.458
117.908
112.398
118.912
117.836
115.629
123.763
122.106
129.903
115.505
109.988
105.643
104.230
117.485
118.454
112.861
119.515
118.359
114.585
125.124
123.462
131.345
116.746
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
D ecem ber 2004
Su r v e y
of
C u r r e n t B u sin e ss
D -2 7
Table 3.10.4. Price Indexes for Government Consumption Expenditures and
General Government Gross Output
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
Government consumption expenditures1....................................................................
Gross output of general government......................................................................................
Value added........................................................................................................................
Compensation of general government employees........................................................
Consumption of general government fixed capital2.......................................................
Intermediate goods and services purchased3...................................................................
Durable goods................................................................................................................
Nondurable goods..........................................................................................................
Services..........................................................................................................................
Less: Own-account investment4.............................................................................................
Sales to other sectors.................................................................................................
Federal consumption expenditures1.......................................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services....................... .......................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Defense consumption expenditures1..............................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services...............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Nondefense consumption expenditures1.........................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Other nondurable goods.................................................................................................
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales toother sectors.....................................................................................................
State and local consumption expenditures1...........................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Tuition and related educational charges....................................................................
Health and hospital charges.......................................................................................
Other sales.................................................................................................................
1
2
3
4
b
6
7
8
9
10
11
12
13
14
15
16
1/
18
19
20
21
22
23
24
25
26
It
28
29
30
31
32
33
34
35
36
37
38
39
40
41
4?
43
44
45
46
47
48
49
50
61
52
53
54
55
56
57
58
59
60
2004
2003
III
IV
I
II
III
105.907
106.008
107.884
109.040
101.681
102.824
100.546
97.029
105.143
105.650
106.646
106.363
106.362
108.440
111.070
100.896
103.370
99.875
93.515
105.125
108.115
104.975
106.641
106.660
109.070
112.476
101.083
103.294
100.384
87.924
105.585
107.801
109.093
105.862
105.837
107.361
108.992
100.414
103.514
94.214
109.807
110.122
112.072
113.901
102.307
106.814
100.919
104.402
108.326
108.996
112.086
110.779
110.768
114.086
118.490
101.360
106.182
100.265
98.010
108.047
112.015
108.393
111.711
111.718
115.800
121.750
101.656
106.317
100.997
92.286
108.911
111.450
112.690
109.065
109.051
111.154
113.640
100.590
105.907
92.283
110.025
110.398
112.534
114.423
102.458
106.802
100.901
103.119
108.751
109.316
112.706
110.888
110.880
114.240
118.612
101.608
106.242
100.204
95.789
108.393
112.430
108.698
111.750
111.758
115.923
121.788
101.986
106.264
100.936
87.608
109.338
111.849
112.758
109.302
109.292
111.358
113.884
100.624
106.196
92.207
110.339
110.899
113.035
115.042
102.337
107.300
101.065
104.112
109.119
109.745
114.303
111.217
111.210
114.406
118.886
101.455
106.766
100.328
95.707
109.031
112.636
109.335
112.169
112.176
116.198
122.248
101.807
106.835
101.107
88.725
109.924
112.045
112.916
109.455
109.454
111.334
113.874
100.542
106.619
91.831
111.913
112.484
114.640
116.878
102.741
108.849
101.484
107.656
110.115
111.243
115.958
113.189
113.185
117.357
122.572
102.247
107.580
100.636
93.654
110.239
115.365
110.990
113.879
113.892
118.994
125.775
102.808
107.385
101.463
83.809
111.033
114.511
115.501
111.953
111.944
114.557
117.805
100.790
108.055
91.620
112.977
113.592
115.391
117.512
104.096
110.483
101.999
111.217
111.221
112.183
117.332
113.983
113.975
117.617
122.536
103.377
108.979
101.213
100.111
111.179
115.989
111.287
114.805
114.816
119.390
125.783
104.167
108.850
102.108
93.055
111.901
115.261
116.169
112.481
112.467
114.579
117.703
101.331
109.295
91.466
113.741
114.408
115.953
117.960
105.243
111.670
102.414
113.384
112.167
112.998
118.448
114.454
114.445
117.749
122.536
103.899
109.826
101.546
103.443
111.838
116.560
111.496
115.361
115.373
119.563
125.806
104.710
109.787
102.517
97.958
112.587
116.403
116.290
112.777
112.760
114.642
117.669
101.797
109.915
90.943
100.302
104.379
108.321
102.656
105.641
105.843
107.658
108.340
102.415
102.536
101.332
97.582
105.139
105.054
106.684
112.318
106.660
103.102
105.519
106.559
112.445
105.975
109.233
109.820
111.239
112.301
103.186
107.196
101.685
105.442
108.506
108.266
112.159
121.709
112.228
105.848
106.021
106.741
112.873
106.396
109.521
110.177
111.831
112.965
103.253
107.146
101.720
104.322
108.991
108.563
112.784
123.350
112.726
105.996
106.465
107.486
113.085
107.222
109.825
110.761
112.472
113.708
103.158
107.630
101.934
105.486
109.153
109.043
114.396
126.314
114.024
107.240
108.274
108.916
116.049
108.547
111.152
112.155
113.511
114.882
103.229
109.626
102.497
110.001
109.984
110.238
116.051
129.270
115.575
108.209
110.100
110.023
116.560
108.679
112.386
113.420
114.469
115.756
104.776
111.405
102.928
113.055
111.221
111.257
117.440
131.915
116.462
109.606
111.214
110.621
116.640
108.926
113.337
114.408
115.212
116.364
106.457
112.805
103.457
115.032
112.396
112.133
118.571
134.527
117.556
109.819
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
National D ata
D -2 8
D ecem ber 2004
Table 3.10.5. Government Consumption Expenditures and General
Government Gross Output
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Government consumption expenditures1....................................................................
Gross output of general government......................................................................................
Value added........................................................................................................................
Compensation of general government employees........................................................
Consumption of general government fixed capital2.......................................................
Intermediate goods and services purchased3...................................................................
Durable goods................................................................................................................
Nondurable goods..........................................................................................................
Services...........................................................................................................................
Less: Own-account investment4.............................................................................................
Sales toother sectors.................................................................................................
Federal consumption expenditures1.......................................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services...............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Defense consumption expenditures1..............................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services...............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Nondefense consumption expenditures1.........................................................................
Gross output of general government..........................................................................................
Value added.............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Commodity Credit Corporation inventory change..........................................................
Other nondurable goods.................................................................................................
Services...............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
State and local consumption expenditures1...........................................................................
Gross output of general government..........................................................................................
Value added.............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services...............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales toother sectors.....................................................................................................
Tuition and related educational charges....................................................................
Health and hospital charges.......................................................................................
Other sales.................................................................................................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
2004
IV
I
II
III
1,609.2
1,717.1
1,724.0
1,737.6
1,770.9
1,792.1
1,817.9
1,903.6
1,194.8
1,016.8
178.0
708.8
47.7
162.4
498.7
22.0
272.3
2,038.6
1,255.3
1,071.7
183.6
783.4
50.2
179.7
553.4
22.4
299.1
2,049.6
1,261.4
1,077.0
184.4
788.3
50.8
177.5
560.0
22.5
303.1
2,069.4
1,269.7
1,084.3
185.4
799.7
51.5
180.6
567.6
22.8
309.0
2,110.7
1,290.5
1,103.3
187.2
820.2
52.2
188.9
579.1
23.0
316.7
2,140.4
1,299.4
1,108.5
190.8
841.1
54.5
195.3
591.2
24.0
324.3
2,175.2
1,310.8
1,116.8
194.0
864.4
56.2
198.7
609.5
24.1
333.2
592.7
658.6
663.0
671.3
691.1
700.3
713.0
601.8
350.4
266.8
83.6
251.3
25.7
22.9
202.8
4.5
4.6
667.4
378.4
293.5
84.9
289.0
27.7
24.4
236.9
4.4
4.4
672.3
379.9
294.7
85.2
292.3
28.2
23.2
240.9
4.2
5.1
679.4
380.2
294.9
85.3
299.2
28.8
23.8
246.6
4.6
3.5
699.3
391.8
305.6
86.2
307.6
29.3
24.5
253.7
4.7
3.5
709.0
392.0
304.6
87.4
317.0
31.3
25.4
260.3
4.9
3.8
724.1
392.8
304.8
88.0
331.3
32.8
24.9
273.6
5.0
6.0
382.0
436.1
437.1
450.2
465.2
473.6
487.1
386.0
222.3
161.6
60.7
163.8
23.5
11.5
128.8
2.1
1.9
439.6
242.7
181.2
61.5
197.0
25.6
13.1
158.4
2.1
1.5
441.1
243.8
182.1
61.7
197.3
26.0
11.2
160.1
2.0
2.0
453.2
244.5
182.7
61.8
208.7
26.5
11.6
170.6
2.1
0.8
468.4
252.6
190.1
62.5
215.8
27.0
13.0
175.8
2.2
1.0
477.2
252.8
189.3
63.5
224.4
29.1
13.5
181.9
2.3
1.3
491.8
253.9
190.0
63.9
237.9
30.3
14.4
193.2
2.3
2.4
210.7
222.5
225.9
221.1
225.9
226.6
226.0
215.7
128.1
105.2
23.0
87.6
2.2
11.4
0.1
11.3
74.0
2.4
2.7
227.8
135.7
112.3
23.4
92.1
2.2
11.3
-0.1
11.5
78.6
2.3
3.0
231.1
136.1
112.6
23.5
95.0
2.2
12.0
-0.2
12.3
80.8
2.2
3.1
226.2
135.7
112.2
23.5
90.4
2.3
12.2
-0.2
12.5
76.0
2.4
2.7
230.9
139.2
115.5
23.7
91.8
2.3
11.5
-1.2
12.8
77.9
2.5
2.5
231.7
139.2
115.4
23.9
92.5
2.3
11.9
-0.6
12.5
78.4
2.6
2.5
232.3
138.9
114.9
24.0
93.4
2.4
10.6
-1.8
12.3
80.4
2.7
3.7
1,016.5
1,058.5
1,061.0
1,066.3
1,079.8
1,091.8
1,104.8
1,301.8
844.3
750.0
94.3
457.5
22.0
139.5
295.9
17.6
267.7
56.3
132.6
78.8
1,371.2
876.9
778.2
98.7
494.3
22.5
155.3
316.5
18.0
294.7
63.8
147.2
83.8
1,377.4
881.4
782.2
99.2
495.9
22.6
154.3
319.1
18.3
298.1
64.7
148.9
84.4
1,390.0
889.4
789.4
100.0
500.5
22.7
156.8
321.0
18.2
305.4
66.9
152.8
85.7
1,411.3
898.7
797.7
101.0
512.6
22.9
164.3
325.3
18.3
313.3
69.2
156.6
87.4
1,431.5
907.4
803.9
103.5
524.1
23.2
169.9
330.9
19.1
320.5
71.4
159.6
89.5
1,451.1
918.0
811.9
106.0
533.1
23.4
173.8
335.9
19.1
327.2
73.6
162.9
90.7
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
D ecem ber 2004
Su r v e y
of
C u r r e n t B u sin e ss
D -2 9
Table 3.10.6. Real Government Consumption Expenditures and General Government
Gross Output, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
III
Government consumption expenditures1....................................................................
Gross output of general government......................................................................................
Value added........................................................................................................................
Compensation of general government employees........................................................
Consumption of general government fixed capital2.......................................................
Intermediate goods and services purchased3...................................................................
Durable goods................................................................................................................
Nondurable goods..........................................................................................................
Services..........................................................................................................................
Less; Own-account investment4.............................................................................................
Sales to other sectors.................................................................................................
Federal consumption expenditures1.......................................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales toother sectors.....................................................................................................
Defense consumption expenditures1..............................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Nondefense consumption expenditures1........................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Commodity Credit Corporation inventory change..........................................................
Other nondurable goods.................................................................................................
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
State and local consumption expenditures1...........................................................................
Gross output of general government..........................................................................................
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Tuition and related educational charges....................................................................
Health and hospital charges.......................................................................................
Other sales........................ *.......................................................................................
Residual...................................................................................................................................................
1
2
3
4
b
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
b1
52
53
54
55
56
57
58
59
60
61
2004
2003
IV
I
II
III
1,519.4
1,563.7
1,566.9
1,574.8
1,582.4
1,586.2
1,598.3
1,795.7
1,107.4
932.5
175.0
689.3
47.4
167.4
474.3
20.8
255.4
1,851.3
1,120.1
940.9
179.4
733.4
49.7
172.2
510.9
20.6
266.9
1,856.6
1,120.9
941.2
180.0
738.0
50.3
172.1
515.0
20.6
269.0
1,866.0
1,123.2
942.5
181.1
745.2
51.0
173.4
520.2
20.7
270.4
1,876.4
1,125.7
944.0
182.2
753.4
51.4
175.4
525.9
20.7
273.2
1,884.3
1,126.1
943.4
183.3
761.2
53.5
175.6
531.6
21.4
276.5
1,901.3
1,130.5
946.8
184.4
774.0
54.9
175.2
543.5
21.4
281.4
557.2
594.5
597.9
603.6
610.6
614.3
623.0
565.8
323.2
240.2
82.9
243.2
25.7
24.5
192.9
4.1
4.4
602.6
331.7
247.7
83.7
272.2
27.7
24.9
219.3
3.9
4.1
606.3
332.6
248.5
83.9
275.1
28.2
24.2
222.3
3.8
4.7
610.9
332.3
248.0
84.1
280.2
28.7
24.8
226.2
4.1
3.2
617.8
333.8
249.3
84.3
285.8
29.1
26.2
230.2
4.1
3.1
622.0
333.3
248.6
84.5
290.8
31.0
25.3
234.1
4.2
3.4
632.7
333.6
248.8
84.7
301.6
32.3
24.0
244.7
4.3
5.4
358.2
390.3
391.1
401.4
408.5
412.5
422.2
361.9
203.8
143.7
60.0
158.5
23.4
13.1
121.9
1.9
1.8
393.5
209.6
148.8
60.5
185.3
25.3
14.1
145.4
1.9
1.3
394.7
210.3
149.5
60.5
185.7
25.8
12.8
146.5
1.8
1.8
404.0
210.4
149.4
60.7
195.3
26.3
13.1
155.3
1.9
0.8
411.3
212.3
151.1
60.8
200.9
26.6
15.6
158.4
2.0
0.9
415.6
211.7
150.5
61.0
206.1
28.5
14.5
162.6
2.0
1.1
426.2
212.4
151.0
61.1
216.6
29.6
14.7
171.7
2.0
2.1
199.0
204.0
206.7
202.0
201.8
201.5
200.4
203.8
119.4
96.5
22.9
84.6
2.3
11.3
0.0
11.2
70.9
2.2
2.6
208.9
122.1
98.8
23.3
86.9
2.3
10.7
-0.2
10.9
73.7
2.1
2.8
211.5
122.2
98.9
23.3
89.5
2.4
11.3
-0.3
11.6
75.7
1.9
2.9
206.6
121.9
98.5
23.4
84.8
2.5
11.6
-0.1
11.7
70.7
2.1
2.5
206.3
121.5
98.0
23.5
84.9
2.5
10.7
-1.0
11.8
71.5
2.2
2.3
206.1
121.5
98.0
23.5
84.7
2.5
10.8
-0.6
11.4
71.2
2.2
2.3
206.0
121.2
97.6
23.6
85.0
2.7
9.5
-1.6
11.1
72.7
2.3
3.4
962.2
969.0
968.8
970.9
971.5
971.5
974.8
1,229.9
784.3
692.2
92.1
446.1
21.7
143.0
281.5
16.7
250.9
50.1
124.3
76.5
-0.9
1,248.6
788.3
692.9
95.6
461.1
22.1
147.3
291.7
16.6
262.8
52.4
131.1
79.2
-1.4
1,250.2
788.2
692.5
96.1
462.8
22.2
147.9
292.8
16.8
264.3
52.5
132.1
79.7
-1.8
1,254.9
790.8
694.2
97.0
465.0
22.3
148.6
294.1
16.7
267.1
52.9
134.1
80.0
-1.9
1,258.4
791.8
694.4
97.9
467.6
22.4
149.4
295.8
16.6
270.0
53.5
135.6
80.8
-2.4
1,262.1
792.7
694.5
98.7
470.4
22.6
150.3
297.6
17.2
273.0
54.1
137.1
81.7
-2.9
1,268.4
796.8
697.8
99.6
472.6
22.6
151.1
298.9
17.0
276.0
54.7
138.6
82.6
-3.2
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in
software in table 3.9.5.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type
quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed
lines.
National D ata
D -3 0
D ecem ber 2004
Table 3.11.1. Percent Change From Preceding Period in Real National Defense Consumption
Expenditures and Gross Investment by Type
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
National defense consumption expenditures and gross investment................................
Consumption expenditures1..................................................................................................
Gross output of general government...................................................................................
Value added.....................................................................................................................................
Compensation of general government employees.....................................................................
Military.....................................................................................................................................
Civilian.....................................................................................................................................
Consumption of general government fixed capital2...................................................................
Intermediate goods and services purchased3................................................................................
Durable goods..............................................................................................................................
Aircraft.....................................................................................................................................
Missiles....................................................................................................................................
Ships........................................................................................................................................
Vehicles....................................................................................................................................
Electronics..............................................................................................................................
Other durable goods...............................................................................................................
Nondurable goods.......................................................................................................................
Petroleum products.................................................................................................................
Ammunition..............................................................................................................................
Other nondurable goods.........................................................................................................
Services.......................................................................................................................................
Research and development....................................................................................................
Installation support.................................................................................................................
Weapons support....................................................................................................................
Personnel support...................................................................................................................
Transportation of material.......................................................................................................
Travel of persons.....................................................................................................................
Less: Own-account investment4.........................................................................................................
Sales to other sectors.............................................................................................................
Gross investment5.................................................................................................................
Structures.............................................................................................................................................
Equipment and software.....................................................................................................................
Aircraft..............................................................................................................................................
Missiles............................................................................................................................................
Ships................................................................................................................................................
Vehicles............................................................................................................................................
Electronics and software.................................................................................................................
Other equipment.............................................................................................................................
1
2
3
4
5
B
7
8
y
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
2004
2003
IV
III
I
III
II
7.7
7.2
7.2
9.0
9.0
8.7
-7.7
-9.5
-9.4
11.6
10.9
9.7
10.6
7.2
7.4
1.9
4.1
4.3
9.8
9.7
10.6
1.9
2.7
3.7
0.7
-0.2
15.4
4.2
0.8
-5.2
5.9
-1.6
8.6
13.7
20.0
29.3
23.3
9.3
17.2
25.4
9.3
14.9
21.7
8.8
-0.1
34.6
-8.2
2.8
3.6
5.4
-0.2
0.7
16.9
8.2
5.2
5.0
-1.9
7.8
19.7
10.8
8.0
-4.4
2.0
25.2
19.2
19.4
10.2
17.3
19.6
72.7
17.6
-2.5
-27.2
0.9
0.9
-1.4
6.3
1.0
-20.4
-8.8
-32.4
-2.5
10.1
-0.9
53.6
0.9
-55.6
-89.2
10.4
-17.3
-18.4
-54.6
4.1
-6.7
2.9
2.6
92.0
-17.8
20.5
0.1
-0.3
-2.6
5.1
1.2
22.5
7.5
32.2
74.3
-29.3
3.6
-34.4
-9.3
8.7
-17.6
3.9
30.7
26.3
94.1
2.4
18.1
20.7
-33.4
-28.1
19.3
-96.7
3.7
4.6
6.8
0.0
0.8
11.9
5.1
-25.5
-37.8
-10.7
-16.1
71.1
78.9
101.4
609.8
72.1
4.4
8.3
7.4
-0.6
30.9
9.5
3.9
4.3
8.4
88.2
-1.1
-1.8
-3.8
2.9
1.0
10.8
31.4
33.3
144.4
112.0
-23.0
19.0
3.0
-24.8
-76.5
12.3
22.2
11.1
13.2
2.6
22.7
11.9
2.6
16.4
3.1
171.7
1.2
1.4
-2.8
11.3
0.6
21.9
16.8
31.1
18.8
34.7
3.1
37.2
-13.4
4.5
-9.9
20.3
5.6
24.2
5.7
21.0
63.8
27.7
45.7
41.6
2.4
992.9
11.3
8.9
6.5
16.8
37.2
-12.0
10.6
-5.8
13.1
14.3
-3.8
19.6
34.5
3.2
16.6
15.8
8.3
-0.5
3.9
8.4
20.8
8.7
11.8
71.8
1.7
-31.0
81.9
-1.0
-28.6
46.4
-2.2
-3.5
19.0
118.8
211.6
-25.2
-46.0
24.5
1.1
14.2
39.7
130.4
-47.1
12.9
32.8
38.1
43.9
-58.1
-6.2
-10.3
-28.2
-41.9
72.2
-2.5
11.4
43.0
8.3
-29.5
74.4
137.9
-58.6
47.6
-17.4
1. National defense consumption expenditures are defense services produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account
investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in
software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures.
S u r v e y o f C u r r e n t B usiness
D ecem ber 2004
D -3 1
T a b le 3 .1 1 .3 . R e a l N a t io n a l D e fe n s e C o n s u m p t io n E x p e n d it u r e s
T a b le 3 .1 1 .4 . P r ic e I n d e x e s f o r N a t io n a l D e fe n s e C o n s u m p t io n
a n d G r o s s I n v e s t m e n t b y T y p e , Q u a n t it y I n d e x e s
E x p e n d it u r e s a n d G r o s s I n v e s t m e n t b y T y p e
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2002
2003
2003
III
National defense
consumption
expenditures and gross
investment...................
Consumption expenditures1
Gross output of general
government.........................
Value added........................
Compensation of general
government employees
Military.........................
Civilian.........................
Consumption of general
government fixed
capital2........................
Intermediate goods and
services purchased3
Durable goods.................
Aircraft.........................
Missiles.......................
Ships............................
Vehicles.......................
Electronics...................
Other durable goods
Nondurable goods...........
Petroleum products
Ammunition.................
Other nondurable goods
Services..........................
Research and
development............
Installation support
Weapons support
Personnel support
Transportation of
material...................
Travel of persons
Less: Own-account investment4
Sales to other sectors
Gross investment5...................
Structures.................................
Equipment and software..........
Aircraft.
Missiles
Ships...
Vehicles................................
Electronics and software.....
Other equipment..................
2004
IV
I
II
Line
3 111.506 121.241 121.613 124.474 126.708 128.048 131.320
4 102.319 105.213 105.608 105.638 106.591 106.301 106.623
5 103.405 107.114 107.616 107.548 108.771 108.288 108.672
6 105.789 111.549 112.318 111.592 113.440 112.340 111.534
7 99.037 98.811 98.803 100.043 100.040 100.766 103.489
99.662 100.394 100.497 100.798 100.999 101.250 101.403
9
10
11
12
13
14
15
16
17
18
19
20
21
126.415
105.076
99.391
102.539
97.835
103.664
112.980
115.249
125.674
157.717
140.870
94.890
131.519
147.732
113.683
104.592
107.630
95.963
111.719
135.274
127.652
135.682
150.793
143.752
118.810
156.815
148.048
115.821
102.036
108.008
100.751
111.756
150.098
132.775
122.903
108.016
153.619
117.538
157.996
155.761
117.936
109.414
124.097
92.376
112.755
135.105
129.588
125.506
102.911
155.105
125.679
167.486
160.198
119.400
101.661
110.217
89.795
107.907
154.512
149.875
149.517
167.973
177.661
127.036
170.845
164.371
127.831
109.231
137.806
108.355
101.092
161.392
150.994
139.245
116.957
182.885
133.556
175.414
172.724
132.894
116.878
143.876
116.729
101.857
174.659
145.645
140.790
113.947
191.542
135.392
185.170
22
23
24
25
143.532
116.323
140.473
140.261
171.371
128.167
164.753
167.716
161.913
131.782
172.132
172.015
191.116
132.563
179.428
180.312
194.564
132.357
191.934
184.456
200.693
133.215
202.007
189.727
203.492
139.719
228.546
201.687
26
27
28
29
30
31
32
33
34
35
36
37
38
115.279 199.089 204.489 184.764 186.555 187.749 206.256
100.141 117.803 130.999 120.612 121.877 126.593 138.083
171.620 167.268 161.458 168.728 172.179 173.507 174.531
91.665 66.691 90.300 38.529 45.129 57.942 105.352
115.863 126.207 127.318 132.347 143.249 138.750 142.276
83.850
119.674
133.452
122.091
131.025
137.608
102.235
116.547
97.119
129.629
132.780
126.818
142.087
166.266
111.127
130.311
104.214
129.975
119.763
125.542
148.899
160.177
114.790
132.975
103.291
135.754
145.663
166.794
138.478
137.332
121.253
133.352
106.774
147.586
179.462
142.215
142.752
147.426
131.451
146.064
85.912
145.229
174.633
130.917
124.614
168.890
130.637
150.068
93.944
148.144
160.005
150.448
154.757
135.487
143.994
143.065
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2003
National defense
consumption
expenditures and gross
investment....................
Consumption expenditures1...
Gross output of general
government..........................
Value added.........................
Compensation of general
government employees
Military..........................
Civilian..........................
Consumption of general
government fixed
capital2 ........................
Intermediate goods and
services purchased3........
Durable goods.................
Aircraft.........................
Missiles........................
Ships............................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products......
Ammunition..................
Other nondurable goods
Services...........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material....................
Travel of persons..........
Less: Own-account investment4
Sales toother sectors...
Gross investment5...................
Structures.................................
Equipment and software..........
Aircraft..................................
Missiles.................................
Ships
Vehicles................................
Electronics and software......
Other equipment..................
2004
2003
III
III
1 111.972 122.014 122.368 125.765 128.984 129.582 132.653
2 111.415 121.413 121.665 124.845 127.048 128.318 131.327
8
2002
IV
I
II
III
1 105.488 109.875 109.917 110.278 111.825 112.790 113.295
2 106.641 111.711 111.750 112.169 113.879 114.805 115.361
3 106.660 111.718 111.758 112.176 113.892 114.816 115.373
4 109.070 115.800 115.923 116.198 118.994 119.390 119.563
5 112.476 121.750 121.788 122.248 125.775 125.783 125.806
6 113.851 125.391 125.389 126.004 129.299 129.354 129.366
7 109.895 114.687 114.788 114.924 118.932 118.845 118.887
8 101.083 101.656 101.986 101.807 102.808 104.167 104.710
9
10
11
12
13
14
15
16
17
18
19
20
21
103.294
100.384
100.818
101.857
100.507
105.552
96.359
100.398
87.924
71.667
99.531
101.615
105.585
106.317
100.997
102.498
102.721
101.044
107.874
94.449
100.427
92.286
80.162
100.644
102.121
108.911
106.264
100.936
102.825
101.902
100.906
106.221
94.316
100.336
87.608
69.662
100.894
102.136
109.338
106.835
101.107
102.850
102.875
101.513
109.399
93.837
100.321
88.725
72.589
101.782
101.936
109.924
107.385
101.463
103.364
103.552
102.404
111.923
93.482
100.376
83.809
56.668
105.265
103.126
111.033
108.850
102.108
103.842
104.118
103.908
113.341
93.823
101.230
93.055
80.237
107.690
103.283
111.901
109.787
102.517
104.363
104.485
104.774
114.010
93.830
101.634
97.958
95.522
108.587
103.308
112.587
22
23
24
25
103.485
105.087
104.769
107.579
105.616
109.028
107.093
110.995
105.795
109.224
107.408
111.361
106.309
110.277
107.953
112.114
107.110
112.196
108.774
113.528
107.945
113.184
109.449
114.161
108.750
114.247
110.061
114.593
26
27
28
29
30
31
32
33
34
35
36
37
38
108.443
109.736
107.801
109.093
117.812
113.280
111.450
112.690
121.388
112.909
111.849
112.758
118.469
115.354
112.045
112.916
117.581
115.906
114.511
115.501
119.417
117.383
115.261
116.169
120.549
116.450
116.403
116.290
97.989
98.039
98.092
98.093
98.642
99.832 100.019
106.538 109.206 109.443 110.188 111.347 113.915 116.607
97.161 96.995 97.034 96.968 97.466 98.551 98.564
90.679 90.459 91.060 90.130 90.440 90.846 89.748
96.399 98.230 98.330 99.270 98.209 99.861 99.565
100.494 101.715 101.524 102.536 106.021 110.921 112.440
97.727 97.973 97.719 100.173 99.387 98.910 97.992
94.912 92.043 91.929 90.781 90.355 90.161 89.679
100.882 101.242 101.227 101.203 101.510 102.368 102.904
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
National D ata
D -3 2
D ecem ber 2004
Table 3.11.5. National Defense Consumption Expenditures and
Gross Investment by Type
Table 3.11.6. Real National Defense Consumption Expenditures and
Gross Investment by Type, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
III
National defense
consumption
expenditures and gross
investment...................
Consumption expenditures1...
Gross output of general
government.........................
Value added........................
Compensation of general
government employees
Military.........................
Civilian.........................
Consumption of general
government fixed
capital2........................
Intermediate goods and
services purchased3 .......
Durable goods.................
Aircraft.........................
Missiles.......................
Ships............................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products.....
Ammunition.................
Other nondurable goods
Services...........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material...................
Travel of persons.........
Less: Own-account investment4
Sales to other sectors
Gross investment5...................
Structures.................................
Equipment and software..........
Aircraft.
Missiles
Ships...
Vehicles
Electronics and software.....
Other equipment..................
1
2
437.4
382.0
496.4
436.1
2004
2003
498.1
437.1
IV
I
513.6
450.2
II
534.1
465.2
Line
2003
III
541.2
473.6
556.6
487.1
3
4
386.0
222.3
439.6
242.7
441.1
243.8
453.2
244.5
468.4
252.6
477.2
252.8
491.8
253.9
5
6
7
161.6
107.7
53.9
181.2
125.1
56.1
182.1
125.9
56.2
182.7
125.7
56.9
190.1
131.2
58.9
189.3
129.9
59.3
190.0
129.0
60.9
National defense
consumption
expenditures and gross
investment....................
Consumption expenditures1...
Gross output of general
government..........................
Value added.........................
Compensation of general
government employees
Military..........................
Civilian.........................
Consumption of general
government fixed
capital2 ........................
Intermediate goods and
services purchased3........
Durable goods.................
Aircraft.........................
Missiles........................
Ships.............................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products......
Ammunition..................
Other nondurable goods
Services...........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material....................
Travel of persons..........
Less: Own-account investment4
Sales toother sectors...
8
60.7
61.5
61.7
61.8
62.5
63.5
63.9
9
10
11
12
13
14
15
16
17
18
19
20
21
163.8
23.5
9.8
2.6
1.3
0.8
3.2
5.8
11.5
4.6
2.5
4.4
128.8
197.0
25.6
10.5
2.7
1.3
0.9
3.7
6.4
13.1
4.9
2.6
5.5
158.4
197.3
26.0
10.3
2.7
1.3
0.9
4.1
6.6
11.2
2.9
2.8
5.5
160.1
208.7
26.5
11.1
3.1
1.2
1.0
3.7
6.5
11.6
2.9
2.9
5.8
170.6
215.8
27.0
10.3
2.8
1.2
0.9
4.2
7.5
13.0
3.7
3.4
6.0
175.8
224.4
29.1
11.1
3.5
1.5
0.9
4.4
7.6
13.5
3.6
3.6
6.3
181.9
237.9
30.3
12.0
3.7
1.6
0.9
4.8
7.4
14.4
4.2
3.8
6.4
193.2
22
23
24
25
39.0
30.5
14.1
34.6
47.6
34.8
16.9
42.7
45.0
35.9
17.7
43.9
53.4
36.4
18.6
46.4
54.7
37.0
20.0
48.0
56.9
37.6
21.2
49.7
58.1
39.8
24.1
53.0
26
27
28
29
30
31
32
33
34
35
36
37
38
5.4
5.2
2.1
1.9
10.1
6.3
2.1
1.5
10.7
6.9
2.0
2.0
9.4
6.5
2.1
0.8
9.4
6.6
2.2
1.0
9.6
7.0
2.3
1.3
10.7
7.5
2.3
2.4
55.4
60.4
61.0
63.4
69.0
67.6
69.5
Gross investment5...................
4.4
51.0
9.4
3.2
8.7
2.5
9.8
17.5
5.3
55.1
9.3
3.4
9.5
3.0
10.3
19.6
5.7
55.3
8.5
3.3
10.0
2.9
10.7
20.0
5.7
57.7
10.2
4.4
9.3
2.5
11.1
20.1
5.9
63.1
12.6
3.8
10.0
2.7
12.0
22.1
4.9
62.8
12.3
3.5
9.1
3.1
11.9
22.8
5.4
64.0
11.1
4.0
11.5
2.4
13.1
21.9
Structures.................................
Equipment and software..........
Aircraft..................................
Missiles.................................
Ships.....................................
Vehicles................................
Electronics and software......
Other equipment..................
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2002
2004
2003
III
IV
I
II
III
1
2
414.6
358.2
451.8
390.3
453.1
391.1
465.7
401.4
477.6
408.5
479.9
412.5
491.2
422.2
3
4
361.9
203.8
393.5
209.6
394.7
210.3
404.0
210.4
411.3
212.3
415.6
211.7
426.2
212.4
5
6
7
143.7
94.6
49.0
148.8
99.8
48.9
149.5
100.4
48.9
149.4
99.8
49.5
151.1
101.4
49.5
150.5
100.5
49.9
151.0
99.7
51.2
8
60.0
60.5
60.5
60.7
60.8
61.0
61.1
9
10
11
12
13
14
15
16
17
18
19
20
21
158.5
23.4
9.8
2.5
1.3
0.8
3.3
5.7
13.1
6.4
2.6
4.3
121.9
185.3
25.3
10.3
2.6
1.3
0.9
4.0
6.3
14.1
6.1
2.6
5.4
145.4
185.7
25.8
10.0
2.6
1.3
0.9
4.4
6.6
12.8
4.4
2.8
5.4
146.5
195.3
26.3
10.8
3.0
1.2
0.9
3.9
6.4
13.1
4.2
2.8
5.7
155.3
200.9
26.6
10.0
2.7
1.2
0.8
4.5
7.5
15.6
6.8
3.2
5.8
158.4
206.1
28.5
10.7
3.4
1.4
0.8
4.7
7.5
14.5
4.7
3.3
6.1
162.6
216.6
29.6
11.5
3.5
1.5
0.8
5.1
7.2
14.7
4.6
3.5
6.2
171.7
22
23
24
25
37.7
29.0
13.5
32.2
45.0
31.9
15.8
38.5
42.5
32.8
16.5
39.5
50.2
33.0
17.2
41.4
51.1
33.0
18.4
42.3
52.7
33.2
19.4
43.5
53.5
34.8
21.9
46.3
26
27
28
29
30
31
32
33
34
35
36
37
38
39
5.0
4.7
1.9
1.8
8.6
5.5
1.9
1.3
8.8
6.1
1.8
1.8
7.9
5.7
1.9
0.8
8.0
5.7
2.0
0.9
8.1
5.9
2.0
1.1
8.9
6.5
2.0
2.1
56.6
61.6
62.1
64.6
69.9
67.7
69.4
4.2
52.5
10.4
3.3
8.6
2.5
10.3
17.3
-0.7
4.8
56.8
10.3
3.4
9.4
3.0
11.2
19.4
-0.5
5.2
57.0
9.3
3.4
9.8
2.9
11.6
19.8
0.3
5.1
59.5
11.3
4.5
9.1
2.5
12.3
19.8
-0.5
5.3
64.7
13.9
3.8
9.4
2.7
13.3
21.7
-2.3
4.3
63.7
13.5
3.5
8.2
3.1
13.2
22.3
-1.9
4.7
65.0
12.4
4.0
10.2
2.5
14.6
21.3
-2.2
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
D ecem ber 2004
S urvey
of
C
u rrent
D -3 3
B u s in e s s
4. Foreign Transactions
T a b le 4 .1 . F o r e ig n T r a n s a c t io n s in t h e N a t io n a l I n c o m e a n d P r o d u c t A c c o u n t s
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
Current receipts from the rest of the world......................................................................
Exports of goods and services...............................................................................................
Goods1.................................................................................................................................................
Durable....
Nondurable
Services1.....
Income receipts
Wage and salary receipts...................................................................................................................
Income receipts on assets..................................................................................................................
Interest.................
Dividends.........................................................................................................................................
Reinvested earnings on U.S. direct investment abroad.................................................................
Current payments to the rest of the world........................................................................
Imports of goods and services
Goods1.................................
Durable...........................
Nondurable.....................
Services1.............................................................................................................................................
Income payments................
Wage and salary payments..
Income payments on assets
Interest............................
Dividends.........................................................................................................................................
Reinvested earnings on foreign direct investment in the United States.........................................
Current taxes and transfer payments to the rest of the world (net)
From persons (net).........................................................................
From government (net)..................................................................
From business (net)............................................................................................................................
Balance on current account, NIPAs................................................................................
Addenda:
Net lending or net borrowing (-), NIPAs..............................................................................................
Balance on current account, NIPAs.................................................................................................
Less:Capital account transactions (net)2........................................................................................
2004
2003
IV
III
II
I
III
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
1,306.8
1,005.0
1,375.2
1,046.2
1,377.5
1,047.7
1,471.0
1,099.2
1,508.2
1,134.3
1,555.6
1,167.6
1,595.0
1,190.1
697.0
486.9
210.1
308.0
726.4
497.1
229.3
319.8
725.9
496.4
229.6
321.7
761.3
523.7
237.6
337.9
790.3
541.7
248.6
344.1
812.2
556.2
256.0
355.4
832.6
572.8
259.8
357.6
301.8
329.0
329.8
371.8
373.8
388.0
404.8
2.9
298.8
92.8
85.4
120.6
3.0
326.0
75.3
82.1
168.6
3.1
326.7
73.6
83.4
169.7
3.2
368.6
75.3
81.9
211.5
3.0
370.8
71.8
101.0
198.0
3.0
385.1
79.5
106.0
199.6
3.0
401.8
89.9
99.1
212.8
1,764.4
1,429.9
1,886.1
1,544.3
1,881.7
1,536.4
1,957.6
1,602.0
2,065.2
1,681.2
2,185.7
1,758.9
2,227.1
1,806.8
1,189.6
770.1
419.5
240.2
1,282.0
800.2
481.8
262.3
1,270.3
792.3
478.0
266.1
1,326.4
840.0
486.4
275.6
1,399.2
870.3
528.9
282.0
1,470.1
924.8
545.3
288.8
1,508.6
942.7
565.9
298.2
274.7
273.9
278.2
284.6
300.3
351.9
361.2
8.4
266.3
218.1
42.8
5.4
8.5
265.4
191.5
61.6
12.2
8.5
269.7
190.1
50.3
29.4
8.7
276.0
198.4
57.0
20.6
8.6
291.6
198.0
65.0
28.6
9.1
342.8
222.6
53.3
67.0
9.2
352.0
234.2
52.0
65.8
30
31
32
59.8
67.9
67.1
71.0
83.8
74.9
59.1
35.7
14.4
9.7
38.2
18.4
11.3
36.5
18.7
11.9
41.6
15.8
13.6
41.7
28.0
14.1
42.1
17.6
15.2
42.5
16.4
0.2
-457.7
-510.9
-504.3
-486.6
-557.0
-630.1
-632.1
-458.9
-457.7
1.3
-514.0
-510.9
3.1
-507.5
-504.3
3.3
-487.8
-486.6
1.2
-558.4
-557.0
1.4
-631.2
-630.1
1.1
-632.1
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclas
sified from goods to services.
2. Consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets.
National D ata
D -3 4
Table 4.2.1. Percent Change From Preceding Period in Real Exports and in
Real Imports of Goods and Services by Type of Product
D ecem ber 2004
Table 4.2.2. Contributions to Percent Change in Real Exports and in Real
Imports of Goods and Services by Type of Product
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Exports of goods and
services..........................
Exports of goods1.....................
Foods, feeds, and beverages...,
Industrial supplies and
materials...............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other........................................
Exports of services1.................
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares........................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
Imports of goods and
services..........................
Imports of goods1.....................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products..........
Capital goods, except
automotive............................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive............................
Durable goods.....................
Nondurable goods...............
Other........................................
Imports of services1..................
Direct defense expenditures....
Travel........................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
Addenda:
Exports of durable goods........
Exports of nondurable goods...
Exports of agricultural goods2
Exports of nonagricultural
goods....................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
Line
2003
2004
IV
I
II
2003
III
III
1
2
3
-2.3
-4.1
-2.0
1.9
2.2
1.7
11.3
10.1
10.5
17.5
16.1
-6.0
7.3
9.1
-30.0
7.3
6.0
-24.3
6.3
9.1
28.3
4
5
6
0.3
-6.5
4.3
2.6
2.6
2.5
5.2
-7.5
12.5
5.2
6.1
4.8
14.4
14.0
14.7
6.9
3.6
8.7
0.3
-5.4
3.3
7
-8.7
2.2
17.2
31.0
13.1
6.2
6.2
8
-6.7
-10.8
23.2
42.1
-14.0
-17.5
31.2
9
10
-13.6
-8.1
6.1
4.9
38.2
12.3
19.8
30.8
-8.3
25.2
-1.8
13.5
23.1
-1.0
11
4.1
1.5
-7.7
14.8
5.1
8.2
35.0
12
13
14
15
16
-4.0
-5.0
-2.9
-2.0
1.8
6.0
4.4
7.7
-5.8
1.4
11.0
16.1
5.9
17.7
14.1
11.3
21.6
1.2
7.3
20.6
18.6
6.8
32.7
11.4
3.4
18.2
27.7
8.8
16.1
10.2
-0.3
10.8
-11.2
27.7
0.2
17
18
19
20
21
22
23
-3.2
-6.4
-7.5
2.5
7.2
7.3
-3.4
4.9
-5.2
-17.7
3.1
7.0
6.1
-8.9
40.6
55.8
48.4
-1.5
6.1
2.4
-8.0
9.1
49.7
20.4
41.3
9.0
11.3
-2.2
-6.3
-4.1
-5.0
19.0
4.4
5.1
6.3
61.4
17.3
21.0
12.9
-2.3
6.3
1.6
-9.6
7.3
-19.9
-6.7
2.7
1.9
-5.7
24
25
26
3.4
3.7
5.3
4.4
4.7
7.7
2.8
0.0
3.4
17.1
18.4
18.9
10.6
12.7
2.3
12.6
13.0
7.4
6.0
5.6
-10.1
27
28
29
30
2.9
5.2
0.6
-2.5
1.6
1.1
2.1
6.4
12.1
0.2
24.0
0.6
0.7
21.7
-15.8
16.5
16.9
21.4
12.4
39.1
38.2
47.2
29.0
-33.1
25.2
25.4
25.0
5.3
31
-1.6
6.0
2.8
26.0
13.4
30.6
13.9
32
-19.8
-5.9
-18.9
67.0
-55.7
59.0
-11.6
33
34
10.3
-3.0
9.0
6.4
12.0
2.2
34.2
18.7
12.8
26.4
38.6
25.1
29.8
11.2
35
7.0
2.6
-8.6
21.7
6.0
10.1
3.2
36
37
38
39
40
41
42
43
44
45
46
47
9.4
11.4
7.3
3.9
1.9
24.0
-6.4
-15.8
2.5
14.7
6.8
0.2
8.7
7.3
10.1
-7.0
3.1
12.1
-9.1
2.8
3.2
2.2
11.1
-2.1
1.7
8.6
-5.1
-19.8
17.9
8.8
61.2
66.9
-9.9
23.8
5.4
-0.6
21.9
33.2
10.8
11.8
11.1
11.5
7.7
12.4
5.7
6.5
18.5
-1.2
9.6
11.6
7.5
-2.2
1.2
-20.2
-12.6
-11.9
38.4
-3.5
6.6
-5.6
20.5
25.0
15.8
-10.7
10.6
11.9
29.7
18.7
-7.6
18.2
6.4
6.3
-9.7
-11.4
-7.8
16.4
8.3
-7.4
4.0
8.4
7.3
71.8
5.5
-4.1
48
49
50
-6.0
0.7
-2.5
2.0
2.5
1.3
9.6
11.1
23.7
23.4
1.6
-19.1
11.3
4.6
-23.2
8.4
0.9
-19.1
10.0
7.2
24.6
51
52
53
54
-4.2
4.1
2.9
4.3
2.2
4.1
5.7
4.5
8.9
-0.7
1.1
-0.1
20.1
25.2
7.6
18.6
12.7
11.1
15.3
9.8
8.5
23.6
-2.8
20.9
7.9
6.9
3.3
5.6
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to sen/ices.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
2002
Percent change at annual rate:
Exports of goods and
services..........................
Percentage points at annual
rates:
Exports of goods1.....................
Foods, feeds, and beverages....
Industrial supplies and
materials...............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other.....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.........................................
Exports of services1..................
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.........................................
Percent change at annual rate:
Imports of goods and
services..........................
Percentage points at annual
rates:
Imports of goods1......................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products...........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other.....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.........................................
Imports of services1..................
Direct defense expenditures....
Travel........................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.........................................
2004
IV
I
II
III
1
-2.3
1.9
11.3
17.5
7.3
7.3
6.3
2
3
-2.86
-0.10
1.50
0.09
7.02
0.55
11.21
-0.32
6.30
-1.83
4.19
-1.35
6.28
1.21
4
5
6
0.04
-0.36
0.40
0.40
0.14
0.26
0.84
-0.43
1.28
0.87
0.34
0.53
2.23
0.74
1.49
1.14
0.21
0.93
0.04
-0.32
0.37
7
-2.69
0.63
4.66
8.25
3.61
1.75
1.75
8
-0.35
-0.55
0.96
1.73
-0.68
-0.82
1.18
9
10
-0.61
-1.74
0.23
0.96
1.29
2.40
0.76
5.76
-0.33
4.62
-0.06
2.63
0.77
-0.20
11
0.30
0.12
-0.61
1.13
0.38
0.60
2.33
12
13
14
15
16
-0.34
-0.23
-0.12
-0.08
0.51
0.50
0.19
0.31
-0.23
0.42
0.95
0.70
0.25
0.63
4.26
0.99
0.94
0.05
0.28
6.24
1.50
0.30
1.20
0.41
1.04
1.49
1.12
0.37
0.57
3.06
-0.03
0.47
-0.50
0.98
0.05
17
18
19
20
21
22
23
-0.04
-0.45
-0.13
0.07
0.29
0.82
-0.05
0.05
-0.34
-0.31
0.09
0.31
0.75
-0.13
0.42
2.77
0.61
-0.05
0.29
0.33
-0.11
0.11
2.79
0.31
1.15
0.43
1.48
-0.03
-0.07
-0.27
-0.08
0.56
0.20
0.63
0.08
0.58
1.06
0.31
0.40
-0.10
0.79
0.02
-0.12
0.46
-0.34
-0.22
0.11
0.23
-0.07
24
3.4
4.4
2.8
17.1
10.6
12.6
6.0
25
26
3.07
0.18
3.90
0.27
-0.01
0.12
15.11
0.68
10.41
0.08
10.82
0.27
4.67
-0.37
27
28
29
30
0.33
0.29
0.03
-0.19
0.18
0.06
0.12
0.50
1.30
0.01
1.30
0.05
0.16
1.17
-1.01
1.33
1.87
1.17
0.69
3.13
3.97
2.48
1.49
-3.88
2.95
1.59
1.36
0.51
31
-0.34
1.15
0.53
4.83
2.55
5.43
2.57
32
-0.45
-0.10
-0.32
0.87
-1.17
0.65
-0.17
33
34
0.53
-0.42
0.45
0.81
0.57
0.28
1.59
2.37
0.62
3.10
1.71
3.06
1.33
1.41
35
0.96
0.37
-1.23
2.88
0.82
1.33
0.42
36
37
38
39
40
41
42
43
44
45
46
47
1.91
1.19
0.72
0.22
0.31
0.26
-0.28
-0.26
0.07
0.18
0.35
0.00
1.84
0.81
1.03
-0.40
0.53
0.17
-0.38
0.04
0.09
0.03
0.59
-0.01
0.35
0.91
-0.56
-1.14
2.85
0.15
1.73
0.71
-0.31
0.29
0.30
0.00
4.64
3.48
1.15
0.60
1.97
0.20
0.30
0.18
0.17
0.09
1.03
-0.01
2.08
1.30
0.78
-0.11
0.21
-0.38
-0.50
-0.17
0.98
-0.05
0.36
-0.03
4.21
2.64
1.56
-0.51
1.78
0.19
0.99
0.23
-0.23
0.22
0.35
0.03
-2.12
-1.33
-0.79
0.70
1.36
-0.12
0.14
0.10
0.21
0.75
0.29
-0.02
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
Su r v e y
D ecem ber 2004
of
C u r r e n t B u sin e ss
D -3 5
Table 4.2.3. Real Exports and Imports of Goods and Services by
Type of Product, Quantity Indexes
Table 4.2.4. Price Indexes for Exports and Imports of Goods and Services
by Type of Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2003
III
Exports of goods and
services.......................
Exports of goods1...................
Foods, feeds, and beverages....
Industrial supplies and
materials...............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other........................................
Exports of services1...............
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
Imports of goods and
services.......................
Imports of goods1...................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products..........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other........................................
Imports of services1................
Direct defense expenditures....
Travel........................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
Addenda:
Exports of durable goods........
Exports of nondurable goods...
Exports of agricultural goods2
Exports of nonagricultural
goods....................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
Seasonally adjusted
2004
IV
1 92.343 94.116 94.300 98.170
2 90.068 92.018 92.190 95.694
3 100.805 102.509 103.835 102.254
I
II
Line
87.242
92.853
4 96.390 98.856 98.744 100.012 103.437 105.185 105.253
5 85.439 87.637 86.750 88.045 90.972 91.786 90.513
6 103.320 105.953 106.330 107.581 111.322 113.665 114.594
7
82.355
84.189
84.440
90.331
93.162
94.573
96.008
8
96.752
86.257
85.451
93.302
89.857
85.636
91.651
9
10
76.552
80.737
81.186
84.666
83.293
84.778
87.139
90.664
85.262
95.900
84.885
98.976
89.419
98.728
11
97.411
98.862
97.386 100.810 102.073 104.114 112.225
12
13
14
15
16
95.210 100.902 101.932 104.699 109.267 113.923 113.838
94.197 98.368 99.658 104.645 106.391 113.106 116.032
96.333 103.711 104.452 104.762 112.437 114.837 111.467
93.590 88.135 88.532 90.109 92.583 96.095 102.150
97.989
99.330
99.543 104.310 105.173 107.765 107.813
17 90.545 94.991 99.890 102.082 100.440 113.207
18 81.351 77.128 77.385 85.602 84.704 88.158
19 79.538 65.481 65.875 68.999 68.111 71.436
20 98.899 102.011 100.554 109.630 114.506 118.040
21 98.850 105.788 106.664 108.976 110.144 109.511
22 114.064 121.009 121.002 124.284 125.831 127.782
23 100.001 91.111 89.888 89.384 90.769 91.128
110.376
89.726
67.574
116.021
110.231
128.387
89.799
24 100.585 105.048 104.522 108.725 111.504 114.862 116.554
25 100.408 105.131 104.331 108.824 112.116 115.593 117.172
26 110.148 118.666 118.328 123.573 124.264 126.516 123.186
27 99.130 100.739 102.279 102.465
28 98.693 99.819 98.242 103.196
29 99.571 101.657 106.163 101.689
30 101.147 107.572 106.440 110.589
106.538
108.328
104.706
120.103
115.505
119.317
111.580
108.606
122.191
126.267
117.992
110.026
31
87.160
92.361
91.966
97.433 100.546 107.481
111.041
32
91.867
86.412
81.777
92.966
75.857
82.604
85.182
33 100.648 109.730 110.142 118.543 122.170 132.566 141.508
34 81.980 87.240 87.121 90.939 96.429 101.972 104.719
35 103.782 106.478 104.524 109.791
36
37
38
39
40
41
42
43
44
45
46
47
111.395 114.112 115.028
111.246 120.896 119.650 125.724 128.645 134.796 131.392
110.511 118.602 117.910 126.665 130.189 137.646 133.530
112.094 123.461 121.604 124.757 127.027 131.774 129.134
105.718 98.316 95.451 98.151 97.601 94.876 98.551
101.571
104.753 105.543 108.360 108.675 111.458 113.709
135.435
89.196
71.846
97.228
112.943
118.373
103.723
151.794
81.066
73.884
100.325
115.483
131.485
101.550
154.700
82.443
77.310
97.955
119.729
131.311
101.257
158.961
83.993
79.608
99.321
121.618
136.989
100.942
150.249
81.215
77.125
107.729
120.530
139.189
99.510
154.544
86.670
80.510
105.614
125.674
141.354
101.030
151.582
87.514
82.158
107.496
143.879
143.267
99.973
Foods, feeds, and beverages....
Industrial supplies and
materials..............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other.....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.........................................
Exports of services1................
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.........................................
Imports of goods and
services.......................
Imports of goods1....................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products...........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other.....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.........................................
Imports of services1................
Direct defense expenditures....
Travel........................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.........................................
100.321
115.179
117.012
116.579
102.256
117.126
117.974
118.180
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
Exports of durable goods.........
Exports of nondurable goods....
Exports of agricultural goods2
Exports of nonagricultural
goods....................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
2004
2003
III
Exports of goods and
services.......................
Exports of goods1...................
Addenda:
48 86.242 87.974 87.940 92.688 95.198 97.144 99.493
49 100.322 102.844 103.521 103.929 105.103 105.332 107.173
50 100.624 101.977 106.098 100.607 94.183 89.335 94.392
51 89.297 91.295 91.139 95.413 98.303
52 97.622 101.657 100.570 106.382 109.226
53 105.890 111.931 111.650 113.720 117.836
54 100.295 104.839 104.079 108.610 111.179
2003
III
99.924 101.690 103.264
97.810 99.242 101.433
93.521
2002
IV
I
II
III
1 99.275 101.395 101.355 102.146 103.565 104.746 105.144
2 98.661 100.640 100.407 101.438 103.023 104.356 104.662
3 102.818 112.133 111.322 120.104 126.145 133.508 121.881
4
5
6
95.551 102.151 101.774 103.779 108.493 111.629 115.166
98.432 102.787 103.066 104.862 110.503 114.143 118.341
93.927 101.663 100.949 103.055 107.293 110.170 113.374
7
98.785
97.693
97.449
97.134
97.201
97.395
97.466
8 108.376 112.636 113.416 114.399 115.443 115.862 117.819
9
10
90.674
98.483
88.541
96.483
88.111
96.087
88.302
95.414
88.659
95.240
88.691
95.426
86.963
95.523
11 100.852 101.566 101.648 101.754 101.883 102.226 102.489
100.258
100.330
100.162
105.178
17
18
19
20
21
22
23
97.158
99.544
103.598
99.051
103.473
100.029
108.367
98.034
101.504
115.849
104.706
105.450
101.274
109.564
98.360
101.723
118.466
105.328
105.611
101.851
106.876
98.405
103.261
126.073
106.226
106.885
102.162
112.014
24
25
26
96.326
95.281
99.615
98.068
99.606
97.911
99.837 102.163 103.760 105.041
98.011 100.355 102.267 103.533
98.110 102.328 102.261
102.908 105.282 107.410 107.423
27
28
29
30
92.471 100.105 99.635 100.692 106.217
92.688 94.838 95.720 97.955 103.903
92.260 105.572 103.737 103.590 108.659
85.134 102.940 102.067 101.114 112.501
31
93.671
92.300
92.370
98.341
102.479
120.781
104.622
105.968
101.507
110.400
91.906
100.380
100.410
100.329
106.644
100.944
100.624
101.281
107.105
12 99.133 99.695 99.712 100.099
13 99.828 100.234 100.253 100.609
14 98.375 99.101 99.116 99.537
15 99.527 102.245 102.092 103.343
16 100.769 103.219 103.628 103.865
104.897 105.726 106.340
91.990
99.421
105.019
124.621
106.617
107.806
102.904
111.775
99.690
105.105
127.907
108.979
108.286
103.459
109.017
110.836
111.983
109.462
125.787
112.726
114.395
110.765
136.908
91.331
91.029
32 105.065 105.680 106.575 107.220 107.960 108.677 110.164
33
34
83.183
96.531
77.680
96.928
77.063
97.233
35 100.225 100.771 100.651
36
37
38
39
40
41
42
43
44
45
46
47
75.610
97.144
75.292
97.361
73.631
97.085
71.769
97.429
101.282 101.795 102.199 102.623
98.167 97.967 97.968 98.023 98.725 98.581 98.468
97.188 96.439 96.429 96.324 96.456 96.387 96.219
99.240 99.642 99.654 99.888 101.246 101.016 100.967
98.649 100.731 100.786 101.278 102.773 103.741 104.317
101.819 107.784 108.570 109.502 111.718 111.566 112.921
104.682
100.572
114.502
95.361
103.417
101.934
100.098
122.818
107.929
116.853
107.717
105.423
102.511
105.360
121.751
108.044
117.432
111.392
105.574
102.894
106.059
127.412
111.151
115.094
112.155
105.931
102.192
107.377
134.661
115.897
113.952
114.250
106.848
102.719
109.986
132.960
113.324
114.008
115.749
107.768
103.285
109.866
136.931
115.205
113.645
117.863
108.249
103.960
110.869
48 99.177 99.263 99.161 99.260 99.963 100.583 101.140
49 97.358 103.634 103.096 106.270 109.944 112.994 112.683
50 102.601 113.072 111.745 122.770 127.914 133.058 121.418
51
52
53
54
98.350 99.642 99.493 99.723 101.046 102.120 103.210
96.121 95.914 96.005 96.216 97.097 97.843 98.085
93.712 101.816 101.237 101.143 106.127 110.189 113.413
96.408 97.562 97.490 97.707 99.037 99.725 100.007
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
National D ata
D -3 6
D ecem ber 2004
Table 4.2.5. Exports and Imports of Goods and Services by
Type of Product
Table 4.2.6. Real Exports and Imports of Goods and Services by
Type of Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
1
2
3
1,005.0
697.0
49.6
4
5
6
153.5
53.5
100.0
7
290.4
293.6
1,046.2
726.4
2004
IV
I
II
Line
1,047.7
725.9
1,099.2
761.3
1,134.3
790.3
1,167.6
812.2
1,190.1
832.6
55.0
55.3
58.8
56.5
55.8
54.2
168.3
57.3
111.0
167.4
56.9
110.6
172.9
58.7
114.2
187.0
64.0
123.0
195.6
66.6
129.0
202.0
68.1
133.8
293.8
313.3
323.3
328.9
334.1
51.9
43.2
239.0
8
50.4
46.7
46.6
51.3
49.9
47.7
9
10
38.6
201.5
39.9
207.0
40.8
206.5
42.7
219.3
42.0
231.5
41.8
239.4
11
78.9
80.7
79.5
82.4
83.6
85.5
92.4
12
13
14
15
16
84.4
43.9
40.4
40.2
89.9
46.1
43.9
38.9
90.8
46.7
44.2
39.0
93.7
49.2
44.5
40.1
97.9
49.8
48.1
42.0
102.2
53.0
49.2
44.2
102.7
54.5
48.2
47.2
308.0
319.8
321.7
337.9
344.1
355.4
357.6
17
18
19
20
21
22
23
11.3
66.7
17.0
29.2
44.2
124.7
14.8
11.9
64.5
15.7
31.8
48.2
134.0
13.6
12.6
64.9
16.1
31.6
48.7
134.7
13.1
12.9
72.3
17.2
34.2
49.9
137.9
13.5
12.7
72.1
17.8
36.3
50.9
140.5
13.9
14.4
76.3
18.4
37.5
51.0
143.7
13.9
14.1
77.7
17.9
37.7
51.6
145.2
13.4
24
25
26
1,429.9
1,189.6
1,544.3
1,282.0
1,536.4
1,270.3
1,602.0
1,326.4
1,681.2
1,399.2
1,758.9
1,470.1
1,806.8
1,508.6
49.7
55.8
55.6
58.5
60.2
62.5
60.8
27
28
29
30
158.4
80.9
77.5
103.5
174.3
83.7
90.5
133.1
176.1
83.1
93.0
130.6
178.3
89.4
88.9
134.4
195.6
99.5
96.0
162.4
221.2
118.1
103.1
164.2
238.0
127.7
110.3
181.0
31
283.3
295.8
294.8
310.8
321.0
340.7
350.8
32
25.5
24.1
23.0
26.3
21.6
24.4
24.0
33
34
75.2
182.7
76.5
195.2
76.3
195.6
80.5
203.9
82.7
216.7
87.7
228.6
91.3
235.5
35
203.7
210.2
206.1
217.8
222.1
228.4
231.2
36
37
38
39
40
41
42
43
44
45
46
47
308.0
160.6
147.4
83.0
334.0
171.0
163.0
78.8
330.6
170.0
160.5
76.6
347.5
182.5
165.1
79.1
358.2
187.8
170.4
79.8
374.7
198.4
176.3
78.4
364.9
192.1
172.7
81.8
240.2
262.3
266.1
275.6
282.0
288.8
298.2
19.1
58.0
20.0
38.4
19.2
77.2
8.2
25.1
56.6
21.0
44.8
20.0
86.3
8.5
25.4
57.6
22.0
45.3
20.8
86.5
8.5
27.3
60.4
22.3
46.2
21.2
89.6
8.6
27.2
60.9
21.3
51.1
21.2
91.5
8.7
27.7
63.6
22.3
50.7
22.3
93.5
8.8
27.9
65.2
22.7
52.6
25.6
95.4
48
49
50
486.9
210.1
54.5
497.1
229.3
60.9
496.4
229.6
62.6
523.7
237.6
65.2
541.7
248.6
63.6
556.2
256.0
62.8
572.8
259.8
60.5
51
52
53
54
642.5
770.1
419.5
1,086.1
665.5
800.2
481.8
1,148.9
663.3
792.3
478.0
1,139.7
696.0
840.0
486.4
1,192.0
726.6
870.3
528.9
1,236.8
749.4
924.8
545.3
1,305.9
772.0
942.7
565.9
1,327.6
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
2002
2003
III
OO
od
Exports of goods and
services..........................
Exports of goods1.....................
Foods, feeds, and beverages....
Industrial supplies and
materials...............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other........................................
Exports of services1.................
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
Imports of goods and
services..........................
Imports of goods1.....................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products..........
Capital goods, except
automotive............................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive............................
Durable goods
Nondurable
Other.............
Imports of services1..................
Direct defense expenditures....
Travel........................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
Addenda:
Exports of durable goods........
Exports of nondurable goods...
Exports of agricultural goods2
Exports of nonagricultural
goods....................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
Seasonally adjusted at annual rates
2003
III
Exports of goods and
services...................
Exports of goods1.....................
Foods, feeds, and beverages....
Industrial supplies and
materials..............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts................................
Computers, peripherals, and
parts2................................
Other.....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.........................................
Exports of services1..................
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.........................................
Residual........................................
Imports of goods and
services..........................
Imports of goods1......................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products...........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts2................................
Other.....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.........................................
Imports of services1..................
Direct defense expenditures....
Travel........................................
Passenger fares
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.........................................
Residual........................................
Addenda:
Exports of durable goods.........
Exports of nondurable goods....
Exports of agricultural goods3
Exports of nonagricultural
goods....................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
2004
IV
I
1,095.4
767.2
II
III
1
2
3
1,012.3
706.4
1,031.8
721.7
1,033.8
723.1
1,076.2
750.6
48.3
49.1
49.7
49.0
44.8
41.8
44.5
4
5
6
160.6
54.4
106.4
164.7
55.8
109.1
164.5
55.2
109.5
166.6
56.0
110.8
172.3
57.9
114.7
175.3
58.4
117.1
175.4
57.6
118.0
7
294.0
300.6
301.5
322.5
332.6
337.6
342.7
8
46.5
41.5
41.1
44.9
43.2
41.2
44.1
9
10
204.6
214.5
214.8
229.7
243.0
250.8
250.1
1,114.8
778.4
1,132.1
795.6
11
78.3
79.4
78.3
81.0
82.0
83.7
90.2
12
13
14
15
16
85.1
44.0
41.1
40.4
90.2
45.9
44.3
38.0
91.1
46.5
44.6
38.2
93.6
48.9
44.7
38.9
97.7
49.7
48.0
39.9
101.8
52.8
49.0
41.4
101.7
54.2
47.6
44.0
305.7
309.9
310.5
325.4
328.1
336.2
336.3
17
18
19
20
21
22
23
24
11.6
67.0
16.5
29.5
42.7
124.7
13.7
0.1
12.2
63.6
13.5
30.4
45.7
132.3
12.5
-1.1
12.8
63.8
13.6
30.0
46.1
132.3
12.3
-1.3
13.1
70.5
14.3
32.7
47.1
135.9
12.2
-1.9
12.9
69.8
14.1
34.1
47.6
137.6
12.4
-3.7
14.5
72.6
14.8
35.2
47.3
139.7
12.5
-5.1
14.2
73.9
14.0
34.6
47.7
140.4
12.3
-5.0
25
26
27
1,484.4
1,248.5
1,550.3
1,307.3
1,542.5
1,297.3
1,604.5
1,353.2
1,645.5
1,394.1
1,695.1
1,437.4
1,720.1
1,457.0
50.6
54.6
54.4
56.8
57.1
58.2
56.6
28
29
30
31
171.3
87.3
84.0
121.6
174.1
88.3
85.8
129.3
176.7
86.9
89.6
127.9
177.1
91.3
85.8
132.9
184.1
95.8
88.3
144.3
199.6
105.5
94.1
130.5
211.1
111.7
99.5
132.2
32
302.5
320.5
319.1
338.1
348.9
373.0
385.3
33
24.2
22.8
21.6
24.5
20.0
22.5
21.8
34
35
189.3
201.4
201.2
210.0
222.6
235.4
241.8
36
203.3
208.6
204.7
215.1
218.2
223.5
225.3
37
38
39
40
41
42
43
44
45
46
47
48
49
313.7
165.3
148.5
84.2
340.9
177.4
163.5
78.3
337.4
176.3
161.1
76.0
354.6
189.4
165.3
78.1
362.8
194.7
168.3
77.7
380.1
205.8
174.6
75.5
370.5
199.7
171.1
78.4
235.9
243.3
245.2
251.7
252.4
264.1
20.5
52.5
17.9
41.6
19.0
84.2
8.0
-1.9
20.8
53.3
18.8
40.6
19.7
84.1
8.0
-1.4
21.4
54.3
19.3
41.1
20.0
87.7
8.0
-2.9
258.9
18.2
57.7
17.4
40.3
18.6
75.8
8.2
-0.4
20.2
52.6
18.7
44.6
19.8
89.1
7.9
-4.1
20.8
56.1
19.5
43.8
20.7
90.5
8.0
-8.9
20.4
56.6
19.9
44.5
23.7
91.7
7.9
-9.7
50
51
52
490.9
215.8
53.1
500.8
221.2
53.8
500.6
222.7
56.0
527.6
223.6
53.1
541.9
226.1
49.7
553.0
226.6
47.2
566.3
230.5
49.8
53
54
55
56
653.2
801.2
447.7
1,126.6
667.9
834.3
473.2
1,177.6
666.7
825.4
472.0
1,169.1
698.0
873.1
480.8
1,220.0
719.1
896.4
498.2
1,248.9
733.9
945.3
494.7
1,309.5
748.0
961.2
498.8
1,327.5
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. The quantity index for computers can be used to accurately measure the real growth of this component. However,
because computers exhibit rapid changes 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; accurate estimates of these contributions are shown in table 4.2.2. and real growth rates are shown in table 4.2.1.
3. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. For exports and for imports, the
residual line is the difference between the aggregate line and the sum of the most detailed lines.
Su r v e y
D ecem ber 2004
D -3 7
S a v in g a n d I n v e s t m e n t
T a b le 5 .1 . S a v in g a n d I n v e s t m e n t
[Billions of dollars]
T a b le 5 .3 .1 . P e r c e n t C h a n g e F r o m P r e c e d in g P e r io d in R e a l P r iv a t e F ix e d
In v e s tm e n t b y T y p e
[Percent]
Seasonally adjusted at annual rates
2002
2003
III
Gross saving....................
Net saving..............................
Net private saving....................
Personal saving...................
Undistributed corporate
profits with inventory
valuation and capital
consumption adjustments.
Undistributed profits........
Inventory valuation
adjustment...................
Capital consumption
adjustment...................
Wage accruals less
disbursements.................
Net government saving............
Federal.................................
State and local.....................
Consumption of fixed capital....
Private......................................
Domestic business..............
Households and institutions
Government.............................
Federal.................................
State and local.....................
Gross domestic
investment, capital
account transactions,
and net lending, NIPAs
Gross domestic investment.........
Gross private domestic
investment...........................
Gross government investment
Capital account transactions
Seasonally adjusted at annual rates
2004
2003
IV
I
II
Line
III
1,484.3
180.3
1,487.7
133.8
1,518.1
157.5
1,621.7
247.6
1,568.3
213.3
1,616.3
241.2
1,638.7
138.2
459.8
159.2
501.5
110.6
584.0
159.8
591.5
111.1
592.4
86.8
602.9
113.4
505.9
45.0
Private fixed investment...
Nonresidential.........................
Structures............................
5
6
300.7
184.1
390.9
244.2
424.2
248.1
480.4
317.5
505.7
302.5
489.5
303.9
460.9
279.0
7
-1.2
-14.1
-3.8
-24.3
-37.0
-47.8
-39.3
Commercial and health care.
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures1.................
117.8
160.8
179.9
187.2
240.2
233.3
221.2
9
10
11
12
13
14
15
16
17
18
19
0.0
-279.5
-254.5
-25.0
0.0
-367.8
-364.5
-3.2
0.0
-426.5
-433.0
6.5
0.0
-343.9
-379.2
35.3
0.0
-379.2
-391.0
11.8
0.0
-361.7
-380.0
18.3
0.0
-367.7
-376.2
8.5
1,303.9
1,353.9
1,360.6
1,374.2
1,355.0
1,375.2
1,500.5
1,092.8
912.6
180.2
211.2
89.0
122.1
1,135.9
942.6
193.3
218.1
90.2
127.9
1,141.5
946.5
195.0
219.1
90.5
128.5
1,153.8
955.0
198.8
220.4
90.7
129.7
1,132.4
936.4
196.0
222.6
91.6
131.0
1,148.1
948.8
199.4
227.0
92.8
134.3
1,269.4
1,023.9
245.5
231.2
93.4
137.7
20
21
1,468.9
1,513.3
1,554.7
1,634.6
1,631.3
1,672.8
1,698.4
1,926.6
2,024.2
2,059.0
2,121.2
2,188.3
2,302.9
2,330.5
22
23
1,579.2
347.4
1,665.8
358.5
1,696.6
362.4
1,758.8
362.4
1,819.7
368.6
1,920.7
382.2
1,949.5
381.1
?4
Net lending or net borrowing (-),
NIPAs........................................
1.3
3.1
3.3
1.2
1.4
1.1
-458.9
-514.0
-507.5
-487.8
-558.4
-631.2
Statistical discrepancy....
Addenda:
26
-15.3
25.6
36.6
12.8
63.0
56.4
59.6
Gross private saving................
Gross government saving........
Federal.................................
State and local.....................
Net domestic investment.........
27
28
29
30
31
1,552.6
-68.4
-165.5
97.1
622.7
1,637.4
-149.7
-274.3
124.7
670.3
1,725.5
-207.4
-342.5
135.0
698.4
1,745.3
-123.5
-288.5
165.0
747.0
1,724.9
-156.6
-299.5
142.9
833.3
1,751.1
-134.7
-287.2
152.5
927.7
1,775.3
-136.6
-282.8
146.2
830.0
32
14.1
13.5
13.6
14.3
13.7
13.9
13.9
33
1.7
1.2
1.4
2.2
1.9
2.1
1.2
Gross saving as a percentage
of gross national income
Net saving as a percentage of
gross national income.....
1. Consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets.
Equipment and software......
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software2.........................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4................
Residential..............................
Structures............................
Permanent site.....................
Single family....................
Multifamily........................
Other structures5.................
Equipment...........................
Addenda:
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6...........................
Nonresidential structures.....
Residential structures..........
2004
2003
2003
III
1
2
3
4
8
2002
IV
I
II
III
1
2
3
4
5
6
-4.9
-8.9
-17.8
5.1
3.3
-5.6
18.0
15.7
-1.3
10.5
11.0
7.9
4.5
4.2
-7.6
13.9
12.5
6.9
8.8
12.9
-0.3
-15.8
-46.1
-3.2
-7.0
-14.7
-19.9
-0.3
-5.7
-16.0
-6.3
-4.1
71.4
-9.1
-16.8
-13.4
21.3
-14.2
-37.0
0.6
18.3
-21.1
7
8
9
-26.3
-15.3
23.1
-2.7
31.9
-9.0
13.7
2.3
6.7
-7.0
20.0
16.8
9.6
1.8
-5.5
6.4
21.7
12.0
8.0
14.2
17.2
10
-4.2
12.0
29.2
16.3
16.4
14.1
7.6
11
12
13
14
15
16
17
18
19
20
21
22
23
11.1
-5.9
-9.6
-5.7
-12.1
-1.9
33.0
4.7
9.2
0.1
-3.1
5.4
54.1
20.0
25.6
3.2
12.9
27.6
31.5
9.3
15.0
-4.5
11.9
16.5
6.5
16.8
22.1
6.6
-15.0
8.3
26.5
8.7
12.7
2.1
26.1
16.1
21.0
7.3
0.9
27.2
35.4
23.0
4.8
4.8
8.8
8.8
22.4
22.5
9.6
9.5
5.0
4.9
16.5
16.7
1.7
1.6
4.0
3.9
5.3
6.1
10.5
11.3
3.5
6.2
22.1
23.4
11.5
23.1
21.6
24.8
-4.4
-7.2
6.7
7.1
2.8
2.1
9.0
8.9
9.8
30.5
3.0
2.6
6.1
-0.5
2.4
9.2
18.8
12.7
11.9
3.7
24
-4.5
3.7
14.4
9.0
0.9
13.7
1.1
25
-5.4
6.4
21.6
12.0
8.1
14.1
17.1
26
27
28
-5.2
-16.9
4.1
2.9
-5.6
8.1
10.2
-1.3
17.0
12.8
7.8
15.6
0.9
-7.6
5.5
6.7
6.8
6.7
2.1
-0.4
3.3
bo
Line
00
5.
C u r r e n t B u sin e ss
of
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commisions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
National D ata
D -3 8
D ecem ber 2004
Table 5.3.3. Real Private Fixed Investment by Type, Quantity Indexes
Table 5.3.2. Contributions to Percent Change in Real Private Fixed
Investment by Type
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted at annual rates
Line
2002
2003
III
Percent change at annual rate:
Private fixed investment....
Percentage points at annual
rates:
Nonresidential........................
Structures...........................
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
and wells.........................
Other structures1.................
Equipment and software......
Information processing
equipment and software...
Computers and peripheral
equipment...................
Software2 ........................
Other3...............................
Industrial equipment............
Transportation equipment....
Other equipment4................
Residential..............................
Structures...........................
Permanent site....................
Single family....................
Multifamily.......................
Other structures5.................
Equipment...........................
Addenda:
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6...........................
Nonresidential structures.....
Residential structures..........
Line
2004
2003
IV
II
I
2003
2003
III
1
-4.9
5.1
18.0
10.5
4.5
13.9
8.8
Private fixed investment...
Nonresidential.........................
Structures............................
2
3
4
5
6
-6.33
-3.52
2.21
-0.98
10.42
-0.20
7.20
1.22
2.73
-1.19
8.11
1.07
8.19
-0.05
-1.31
-0.84
-0.10
-0.52
-0.15
-0.63
-0.02
-0.05
-0.40
-0.42
-0.03
1.30
-0.60
-0.15
-0.35
1.24
-0.12
-1.03
0.04
0.13
-0.48
Commercial and health care.
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures1.................
/
8
9
-0.63
-0.65
0.43
-0.10
0.63
-0.35
0.29
0.08
0.14
-0.25
0.42
0.55
0.21
0.06
-2.80
3.19
10.61
5.97
3.92
7.05
8.24
10
-1.10
3.00
7.19
4.11
4.01
3.67
1.96
11
12
13
14
15
16
17
18
19
20
21
22
23
0.54
-0.62
-1.02
-0.51
-1.05
-0.15
1.61
0.47
0.91
0.01
-0.25
0.43
2.69
1.97
2.52
0.29
0.99
2.14
1.70
0.91
1.50
-0.36
0.92
1.31
0.37
1.54
2.10
0.52
-1.26
0.66
1.47
0.87
1.33
0.17
1.88
1.32
1.16
0.71
0.10
1.99
2.48
1.81
1.38
1.37
2.86
2.82
7.55
7.46
3.34
3.28
1.75
1.70
5.76
5.74
0.64
0.60
0.69
0.59
0.10
0.68
2.03
1.95
0.07
0.79
4.45
4.20
0.25
3.01
4.25
4.34
-0.09
-0.97
1.43
1.37
0.06
0.27
1.99
1.78
0.21
3.75
0.66
0.53
0.13
-0.06
0.01
0.04
0.09
0.06
0.05
0.02
0.04
24
-2.15
1.83
7.26
4.50
0.50
6.81
0.55
25
-2.79
3.23
10.70
6.03
3.97
7.06
8.28
26
27
28
-2.28
-3.31
1.02
1.29
-0.98
2.27
4.75
-0.19
4.95
5.61
1.21
4.40
0.45
-1.19
1.64
3.13
1.05
2.09
0.94
-0.06
0.99
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers'
commisions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
2002
III
Equipment and software......
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software2.........................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4................
Residential..............................
Structures............................
Permanent site.....................
Single family....................
Multifamily........................
Other structures5.................
Equipment...........................
Addenda:
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6...........................
Nonresidential structures.....
Residential structures..........
1
2
3
4
5
6
7
8
9
10
2004
IV
I
II
III
92.253
87.302
80.346
96.924
90.157
75.810
98.904 101.412 102.529 105.913 108.177
91.802 94.235 95.204 98.041 101.070
75.955 77.406 75.886 77.171 77.108
79.789
48.370
99.705
74.227
41.256
79.852
74.739
41.593
73.928
73.538
41.163
84.585
71.796
39.318
81.600
75.348
37.839
72.699
75.463
39.466
68.523
86.839 106.863 113.976 117.689 119.605 125.188 128.080
80.711 78.553 78.840 79.285 77.869 80.959 81.329
89.947
95.679
94.006 105.291
97.917 100.735 102.699 106.157 110.455
108.447 112.621
116.982 120.907 123.150
11 113.768 151.298 159.785 171.109
193.320
109.503
108.780
93.187
87.209
118.369
12
13
14
15
16
17
18
19
20
21
22
23
92.855
86.456
86.294
78.058
94.881
173.806 184.318
97.197 99.124 101.347 105.355 107.579
94.409 96.762 100.200 105.333 108.535
86.411 86.913 85.923 87.305 87.752
75.618 77.257 79.468 76.298 80.847
99.963 102.160 106.143 108.274 112.402
105.178 114.392 117.201 119.916 121.400 126.122 126.666
105.216 114.426 117.235 119.939 121.396 126.168 126.684
104.637
104.025
109.838
106.100
115.579
115.795
113.665
112.649
117.292
117.524
115.246
117.146
123.160
124.222
113.946
114.981
125.180
126.382
114.747
115.571
127.898
129.101
117.456
123.534
128.835
129.944
119.212
123.393
102.813 112.240 115.040 118.530 121.900 123.005 125.619
24
94.835
98.345 100.055 102.240 102.480 105.817 106.096
25
90.051
95.814
98.056 100.880 102.855 106.294 110.579
26 93.630 96.308 97.166 100.145 100.373 102.019 102.539
27 80.484 75.950 76.102 77.537 76.014 77.278 77.201
28 104.365 112.870 114.292 118.507 120.115 122.073 123.063
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers' commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers'
commisions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers' commissions on the sale of structures.
D ecem ber 2004
D -3 9
S u r v e y o f C u r r e n t B u s in e s s
Table 5.3.4. Price Indexes for Private Fixed Investment by Type
Table 5.3.5. Private Fixed Investment by Type
[Index numbers, 2000=100]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted
Line
2002
2003
2003
III
Private fixed investment....
Nonresidential........................
Structures...........................
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
and wells.........................
Other structures1.................
Equipment and software......
Information processing
equipment and software...
Computers and peripheral
equipment...................
Software2 ........................
Other3...............................
Industrial equipment............
Transportation equipment....
Other equipment4................
Residential..............................
Structures...........................
Permanent site....................
Single family....................
Multifamily........................
Other structures5.................
Equipment...........................
Addenda:
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6............................
Nonresidential structures.....
Residential structures..........
1
2
3
4
5
6
Line
2004
IV
I
II
101.232 102.435 102.401 103.101 103.618 104.709 105.513
98.909 98.546 98.431 98.729 98.793 99.220 99.473
107.908 110.176 110.255 110.633 111.926 113.984 116.688
Private fixed investment...
Nonresidential.........................
Structures............................
106.346 109.279 109.251 110.250 111.436 113.585 115.955
106.635 108.466 108.293 109.194 110.371 112.497 114.843
105.205 107.935 108.284 108.932 110.582 114.409 117.471
Commercial and health care.
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures1.................
7 124.183 122.504 122.713 119.664 121.300 121.461 125.890
8 106.447 109.106 109.120 109.998 111.088 112.995 115.192
9 95.868 94.754 94.588 94.862 94.611 94.626 94.281
10
11
12
13
14
15
16
17
18
19
20
21
22
23
70.541 62.100 61.341 60.053 59.030 58.015 56.532
98.881 96.862 96.820 95.459 95.229 94.929 94.809
95.778 94.763 94.605 94.348 93.613 93.189 92.972
100.849 101.641 101.754 101.950 102.970 103.750 104.480
100.340 104.064 103.743 109.654 109.754 110.286 109.096
102.272 103.305 103.488 103.386 103.221 104.371 104.797
107.246 111.951 112.097 113.675 115.179 117.710 119.722
107.374 112.202 112.354 113.972 115.511 118.093 120.153
Residential..............................
Structures....
87.570
87.262
86.283
107.753 112.911 112.857
107.945 113.270 113.182
106.163 109.951 109.718
106.799 111.123 111.592
114.633
114.972
111.346
112.962
96.547
95.757
99.562
96.804
85.604
85.016
84.399
116.381
116.725
113.044
114.160
119.304
119.657
115.883
116.194
121.825
122.186
118.332
117.528
Permanent site.....................
Single family....................
Multifamily........................
Other structures5.................
95.148
94.629
93.658
Equipment...........................
Addenda:
24 107.599 111.569 111.693 112.920 114.382 116.803 119.057
25
95.899
94.770
94.603
94.867
94.612
94.623
94.272
26 107.515 111.407 111.448 112.704 114.275 116.881 119.395
27 107.926 110.212 110.290 110.676 111.979 114.055 116.769
28 107.178 112.003 112.031 113.753 115.463 118.343 120.754
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commisions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
Equipment and software......
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software2.........................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4................
91.108
2002
2003
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6...........................
Nonresidential structures.....
Residential structures..........
2003
2004
II
III
1
2
3
4
5
6
1,568.0
1,063.9
271.6
1,667.0
1,094.7
261.6
1,700.2
1,113.3
262.3
1,755.2
1,146.3
268.2
1,783.5
1,158.8
266.0
1,861.7
1,198.5
275.5
1,916.1
1,238.7
281.8
116.7
16.4
49.1
111.6
14.2
40.3
112.3
14.3
37.5
111.5
14.3
43.1
110.0
13.8
42.2
117.7
13.5
38.9
120.4
14.4
37.7
7
8
9
29.3
60.0
35.6
59.9
38.1
60.1
38.3
60.9
39.5
60.4
41.4
63.9
43.9
65.5
792.4
833.1
851.1
878.1
892.8
923.1
956.9
10
400.5
431.2
442.8
454.7
468.5
480.9
486.3
11
12
13
14
15
16
17
18
19
20
21
22
23
81.4
161.7
157.3
138.6
126.0
127.3
95.3
165.8
170.0
139.8
126.6
135.5
99.7
169.1
174.0
140.8
128.8
138.7
104.5
170.5
179.7
139.5
140.0
144.0
104.4
176.8
187.4
143.1
134.5
146.6
108.8
180.0
192.2
145.0
143.2
153.9
111.2
182.9
192.2
155.0
152.8
162.8
504.1
496.6
572.3
564.3
586.9
578.7
609.0
600.6
624.6
616.1
663.2
654.6
677.4
668.8
298.8
265.9
33.0
197.7
345.9
310.6
35.3
218.4
350.7
315.0
35.7
228.0
374.0
338.2
35.9
226.6
386.0
349.3
36.7
230.1
404.3
365.8
38.5
250.4
415.8
376.0
39.9
253.0
7.5
8.0
8.2
8.4
8.5
8.6
8.7
III
III
IV
I
24
768.1
825.9
841.0
868.8
882.1
930.1
950.5
25
799.9
841.1
859.2
886.5
901.4
931.6
965.6
26
27
28
701.8
271.2
430.7
748.0
261.3
486.7
754.8
262.0
492.8
786.7
267.8
518.8
799.4
265.7
533.8
831.1
275.1
556.0
853.3
281.4
571.9
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers' commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commisions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
National D ata
D -4 0
D ecem ber 2004
Table 5.3.6. Real Private Fixed Investment by Type, Chained Dollars
Table 5.6.5B. Change in Private Inventories by Industry
[Billions of chained (2000) dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Line
Private fixed investment....
Nonresidential............................
Structures................................
Commercial and health care
Manufacturing.......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures1..................
Equipment and software........
Information processing
equipment and software....
Computers and peripheral
equipment2...................
Software3 .........................
Other4...............................
Industrial equipment.............
Transportation equipment.....
Other equipment5.................
Residential...................................
Structures...............................
Permanent site.....................
Single family.....................
Muitifamily........................
Other structures6..................
Equipment...............................
Residual.......................................
Addenda:
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software.......
Private fixed investment in new
structures7............................
Nonresidential structures......
Residential structures...........
2002
2003
2003
Seasonally adjusted at annual rates
2004
III
IV
I
II
Line
2003
III
1
2
3
4
5
6
1,548.9
1,075.6
251.6
1,627.3
1,110.8
237.4
1,660.6
1,131.1
237.9
1,702.7
1,161.0
242.4
1,721.4
1,173.0
237.7
1,778.3
1,207,9
241.7
1,816.3
1,245.3
241.5
109.8
15.4
46.7
102.1
13.1
37.4
102.8
13.2
34.6
101.2
13.1
39.6
98.8
12.5
38.2
103.6
12.0
34.0
103.8
12.6
32.1
7
8
9
23.6
56.4
29.0
54.9
31.0
55.1
32.0
55.4
32.5
54.4
34.0
56.6
34.8
56.8
826.5
879.2
899.7
925.6
943.7
975.5
1,015.0
10
439.6
492.4
507.1
526.6
547.0
565.4
575.9
11
12
13
14
15
16
17
18
19
20
21
22
23
24
163.6
164.3
137.4
125.6
124.5
171.2
179.4
137.6
121.6
131.2
174.6
183.9
138.4
124.3
134.0
178.5
190.4
136.8
127.8
139.3
185.6
200.2
139.0
122.7
142.1
189.5
206.2
139.7
130.0
147.5
192.9
206.7
148.4
140.3
155.3
470.0
462.5
511.2
503.0
523.8
515.3
535.9
527.2
542.5
533.6
563.6
554.6
566.1
556.8
277.3
246.3
31.0
185.1
306.3
274.2
32.1
196.6
310.9
278.3
32.6
204.4
326.4
294.1
32.2
200.6
331.8
299.3
32.4
201.7
339.0
305.7
33.2
215.6
341.5
307.7
33.7
215.3
7.6
8.3
8.5
8.7
9.0
9.1
9.2
-3.8
-14.9
-17.2
-20.6
-23.3
-25.4
-29.4
25
713.8
740.3
753.1
769.6
771.4
796.5
798.6
26
834.1
887.5
908.2
934.4
952.7
984.5
1,024.2
27
28
29
652.7
251.2
401.8
671.4
237.1
434.6
677.4
237.5
440.0
698.2
242.0
456.3
699.7
237.3
462.4
711.2
241.2
470.0
714.8
241.0
473.8
Change in private
Inventories....................
Farm.............................................
Mining, utilities, and construction..
Manufacturing..............................
Durable goods industries
Nondurable goods industries....
Wholesale trade...........................
Durable goods industries
Nondurable goods industries....
Retail trade...................................
Motor vehicle and parts dealers
Food and beverage stores
General merchandise stores....
Other retail stores....................
Other industries...........................
2004
2003
III
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. The quantity index for computers can be used to accurately measure the real growth rate of this component. However,
because computers exhibit rapid changes 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;
accurate estimates of these contributions are shown in table 5.3.2 and real growth rates are shown in table 5.3.1.
3. Excludes software “embedded,” or bundled, in computers and other equipment.
4. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
5. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
6. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commisions on the sale of residential structures.
7. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 current-dollar
value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of
more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference
between the first line and the sum of the most detailed lines.
2002
I
IV
II
III
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
11.2
-1.2
-3.7
3.5
36.2
59.0
33.3
-1.5
-4.2
-7.4
-9.3
1.9
-0.3
-1.0
0.6
26.2
18.7
0.7
1.6
5.3
-1.6
0.3
0.2
-15.4
-11.3
-4.1
-0.3
-0.3
0.0
13.0
6.1
-0.5
0.7
6.7
1.0
-0.9
1.4
-20.6
-17.6
-3.1
2.2
-6.8
9.0
13.7
4.1
0.8
0.6
8.2
0.5
-0.9
3.8
-13.5
-1.9
-11.6
3.8
9.6
-5.8
9.5
-0.8
-2.3
3.3
9.3
0.8
1.0
-5.2
3.2
-2.2
5.4
8.8
11.1
-2.3
25.6
17.9
0.3
3.0
4.4
2.8
-2.4
-2.0
9.6
6.0
3.6
21.2
16.7
4.5
30.2
16.4
1,8
2.8
9.2
2.3
0.0
6.2
7.8
6.5
1.4
34.6
26.4
8.2
-19.5
-21.9
-0.2
0.7
2.0
4.2
16
17
18
19
11.2
13.2
-2.0
12.7
-1.2
0.6
-1.8
-1.5
-3.7
-13.2
9.5
-2.8
3.5
14.9
-11.4
4.5
36.2
31.2
5.0
35.2
59.0
47.4
11.6
61.4
33.3
13.5
19.8
33.3
20
17.0
16.9
0.3
31.7
82.0
119.2
76.8
21
22
23
24
-4.3
-0.3
-1.2
-1.5
-18.3
-0.3
1.5
1.1
-3.1
2.2
4.4
-4.7
-27.2
3.8
4.2
9.5
-46.8
8.8
7.6
10.4
-57.8
21.2
16.5
15.3
-43.5
34.6
30.9
23.0
Addenda:
Change in private inventories...
Durable goods industries ....
Nondurable goods industries
Nonfarm industries..................
Nonfarm change in book
value1..............................
Nonfarm inventory valuation
adjustment2.....................
Wholesale trade.......................
Merchant wholesale trade ...
Durable goods industries
Nondurable goods
industries.....................
Nonmerchant wholesale
trade.................................
25
0.3
0.4
9.1
-5.3
-2.8
1.3
7.9
26
0.9
-1.8
-2.2
-0.4
1.2
4.6
3.7
1. This series is derived from the Census Bureau series “current cost inventories.”
2. The inventory valuation adjustment (IVA) shown in this table differs from the IVA that adjusts business incomes. The IVA
in this table reflects the mix of methods (such as first-in, first-out and last-in, first-out) underlying inventories derived primarily
from Census Bureau statistics (see footnote 1). This mix differs from that underlying business income derived primarily from
Internal Revenue Service statistics.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
T a b le 5 .6 .6 B . R e a l C h a n g e in P r iv a t e I n v e n t o r ie s b y I n d u s t r y , C h a in e d D o lla r s
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
III
Change in private
inventories....................
Farm.............................................
Mining, utilities, and construction..
Manufacturing...............................
Durable goods industries.........
Nondurable goods industries....
Wholesale trade...........................
Durable goods industries.........
Nondurable goods industries....
Retail trade...................................
Motor vehicle and parts dealers
Food and beverage stores.......
General merchandise stores....
Other retail stores....................
Other industries...........................
Residual........................................
2004
2003
IV
I
II
III
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
11.7
-0.8
-3.5
8.6
40.0
61.1
-1.6
-4.2
-7.5
-9.5
2.0
0.1
-1.0
1.1
26.3
18.9
0.7
1.6
5.3
-1.6
0.0
-0.7
1.2
-20.4
-17.7
-2.9
2.3
-6.9
8.6
13.7
4.3
0.8
0.6
8.2
0.5
0.5
35.9
0.3
0.3
-15.2
-11.4
-3.9
0.0
-0.3
0.3
13.1
6.2
-0.4
0.7
6.7
1.0
-0.3
3.5
3.5
-13.1
-1.8
-10.9
4.0
9.7
-5.2
9.4
-0.9
-2.1
3.3
9.2
0.8
-0.5
5.1
-4.5
3.0
-2.2
5.0
8.5
11.1
-2.0
25.6
18.7
0.3
3.0
4.3
2.8
-1.6
3.0
-1.7
9.1
5.9
3.3
20.0
16.4
4.0
29.9
17.1
1.6
2.7
8.9
2.3
-2.4
3.9
5.1
7.5
6.2
1.4
32.5
25.5
7.5
-19.2
-22.7
-0.2
0.7
1.9
4.2
2.4
17
18
19
20
21
22
23
11.7
13.4
-1.5
13.5
0.1
-0.8
-1.6
-0.8
0.4
-1.1
-1.1
0.0
1.8
1.1
-3.5
-13.5
9.2
-2.7
2.3
4.4
-4.8
8.6
14.9
-5.5
4.6
4.0
4.3
9.6
40.0
31.3
9.8
34.5
8.5
7.4
10.3
61.1
46.8
16.1
58.8
20.0
15.7
15.0
35.9
13.0
22.6
31.8
32.5
29.1
22.2
24
0.8
0.7
8.6
-4.7
-2.5
1.2
7.2
25
0.9
-1.8
-2.2
-0.3
1.2
4.4
3.4
Addenda:
Change in private inventories ...
Durable goods industries.....
Nondurable goods industries
Nonfarm industries..................
Wholesale trade.......................
Merchant wholesale trade....
Durable goods industries
Nondurable goods
industries.....................
Nonmerchant wholesale
trade.................................
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (2000) dollar series for real change in private inventories are calculated as the period-to-period change in
chained-dollar end-of-period inventories. Quarterly changes in end-of-period inventories are stated at annual rates. Because
the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar esti
mates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines.
D-41
Survey of Current Business
December 2004
Table5.7.5B. Private Inventories and Domestic Final Sales by Industry
Table5.7.6B. Real Private Inventories and Real Domestic Final Sales
[Billions of dollars]
b y In d u s tr y , C h a in e d D o lla r s
[Billions of chained (2000) dollars]
Seasonally adjusted quarterly totals
Line
III
1
Private inventories .......................................
Farm...............................................................................
Mining, utilities, and construction...................................
Manufacturing....................
Durable goods industries
Nondurable goods industries....................................
Wholesale trade.................
Durable goods industries
Nondurable goods industries.....................................
Retail trade....................................................................
Motor vehicle and parts dealers................................
Food and beverage stores.........................................
General merchandise stores.....................................
Other retail stores.........
Other industries.............................................................
Seasonally adjusted quarterly totals
2004
2003
IV
I
II
III
1 1,534.8
2
149.5
3
51.9
4
437.6
5
254.7
6
182.9
7
350.2
198.4
8
151.7
9
10
432.8
11
145.4
12
35.7
13
66.0
14
185.7
15
113.0
1,552.5
1,606.0
1,645.8
1,658.4
152.0
52.3
442.0
257.6
184.4
357.7
203.0
154.7
435.2
143.5
35.6
67.1
189.0
113.3
175.4
53.9
452.1
263.5
188.6
366.6
209.5
157.1
443.8
148.3
35.8
68.1
191.6
114.3
178.6
55.4
463.7
268.6
195.0
376.4
216.4
160.0
456.3
153.8
37.0
69.3
196.3
115.4
162.1
58.0
478.2
276.7
201.5
388.8
226.8
161.9
454.1
149.2
36.8
69.5
198.6
117.1
16
17
18
19
20
21
22
23
24
25
1,534.8
684.5
850.3
1,385.4
350.2
302.1
172.3
129.8
48.0
1,552.5
692.5
859.9
1,400.4
357.7
308.6
176.7
131.9
49.1
1,606.0
711.8
894.2
1,430.6
366.6
316.2
182.6
133.6
50.4
1,645.8
733.7
912.0
1,467.2
376.4
323.9
188.9
135.0
52.5
1,658.4
749.5
908.9
1,496.3
388.8
333.7
198.1
135.6
55.0
715.3
723.5
733.9
745.1
757.2
26
392.5
397.8
403.0
409.7
418.0
27
28
2.15
1.94
2.15
1.94
2.19
1.95
2.21
1.97
2.19
1.98
29
3.53
3.52
3.55
3.58
3.58
Addenda:
Private inventories
............................................
Durable goods industries.......................................
Nondurable goods industries................................
Nonfarm industries.......
Wholesale trade...........
Merchant wholesale trade.....................................
Durable goods industries...................................
Nondurable goods industries............................
Nonmerchant wholesale trade..............................
2
Final sales of domestic business ..................
Final sales of goods and structures of
domestic business ...................................
Ratios of private inventories to final sales of
domestic business:
2
Private inventories to final sales...............................
Nonfarm inventories to final sales............................
Nonfarm inventories to final sales of goods and
structures...............................................................
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from current-dollar
inventories in this table is not the current-dollar change in private inventories component of GDR The former is the difference
between two inventory stocks, each valued at its respective end-of-quarter prices. The latter is the change in the physical
volume of inventories valued at average prices of the quarter. In addition, changes calculated from this table are at quarterly
rates, whereas, the change in private inventories is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less gross
value added of households and institutions and of general government, and it includes a small amount of final sales by farm
and by government enterprises.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
T a b le 5 .7 .9 B . Im p lic it P r ic e D e f la to r s fo r P r iv a te In v e n t o r ie s b y In d u s t r y
[Index numbers, 2000=100]
Seasonally adjusted
Line
III
1
Private inventories ......................................
Farm..............................................................................
Mining, utilities, and construction...................................
Manufacturing................................................................
Durable goods industries
Nondurable goods industries.....................................
Wholesale trade................
Durable goods industries
Nondurable goods industries.....................................
Retail trade.......................
Motor vehicle and parts dealers...............................
Food and beverage stores.........................................
General merchandise stores.....................................
Other retail stores......................................................
Other industries.............................................................
2004
2003
IV
II
102.474 103.505 106.362 107.905 108.095
120.284
110.615
100.951
99.075
103.808
101.041
97.966
105.654
99.880
96.414
107.276
101.626
100.590
99.906
121.492
109.532
102.741
100.390
106.295
102.907
99.034
108.666
99.902
95.331
108.693
101.992
101.134
100.004
138.741
115.478
104.904
102.914
107.928
104.828
100.851
110.741
100.400
95.515
108.989
102.371
101.965
100.275
140.419
119.907
107.030
104.314
111.119
106.120
102.176
111.984
101.517
96.427
111.247
103.034
103.208
100.736
126.487
122.223
109.914
106.820
114.562
107.158
103.957
111.910
102.121
97.012
110.950
103.144
104.158
101.312
16
17
18
19
20
21
22
23
24
102.474
98.218
106.226
100.849
101.041
101.170
98.095
105.913
100.242
103.505
98.839
107.615
101.862
102.907
102.961
99.210
108.691
102.584
106.362
100.468
111.554
103.407
104.828
104.861
101.084
110.636
104.631
107.905
101.878
113.215
104.938
106.120
106.035
102.433
111.545
106.662
108.095
103.591
112.045
106.414
107.158
106.716
104.293
110.416
109.919
1. Implicit price deflators are as of the end of the quarter and are consistent with inventory stocks.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
III
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Addenda:
Private inventories.....................................................
Durable goods industries.......................................
Nondurable goods industries.................................
Nonfarm industries......
Wholesale trade........................................................
Merchant wholesale trade.....................................
Durable goods industries...................................
Nondurable goods industries............................
Nonmerchant wholesale trade..............................
I
Line
1
Private inventories ......................................
Farm.............................................................................
Mining, utilities, and construction..................................
Manufacturing................
Durable goods industries
Nondurable goods industries....................................
Wholesale trade.............
Durable goods industries..........................................
Nondurable goods industries....................................
Retail trade...................................................................
Motor vehicle and parts dealers...............................
Food and beverage stores........................................
General merchandise stores.....................................
Other retail stores.....
Other industries............
Residual........................................................................
2004
2003
III
IV
I
II
III
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1,497.8
1,499.9
1,509.9
1,525.2
1,534.2
124.3
46.9
433.5
257.1
176.2
346.5
202.5
143.6
433.3
150.8
33.3
65.0
184.6
113.1
0.4
125.1
47.8
430.2
256.6
173.5
347.5
205.0
142.3
435.6
150.6
32.7
65.8
186.9
113.3
0.3
126.4
46.6
430.9
256.1
174.7
349.7
207.7
141.8
442.0
155.2
32.8
66.5
187.9
114.0
0.2
127.2
46.2
433.2
257.5
175.5
354.7
211.8
142.8
449.5
159.5
33.2
67.2
190.2
114.6
-0.5
128.1
47.5
435.1
259.1
175.9
362.8
218.2
144.7
444.7
153.8
33.2
67.4
190.6
115.6
0.1
17
18
19
20
21
22
23
24
25
26
1,497.8
697.0
800.5
1,373.7
346.5
298.6
175.7
122.5
47.9
1,499.9
700.7
799.1
1,374.8
347.5
299.7
178.1
121.4
47.8
1,509.9
708.5
801.5
1,383.5
349.7
301.5
180.7
120.8
48.1
1,525.2
720.2
805.6
1,398.2
354.7
305.5
184.4
121.0
49.2
1,534.2
723.5
811.2
1,406.1
362.8
312.7
189.9
122.8
50.1
612.1
618.7
624.5
628.7
637.5
27
382.9
387.3
390.8
393.5
401.4
28
29
2.45
2.24
2.42
2.22
2.42
2.22
2.43
2.22
2.41
2.21
30
3.59
3.55
3.54
3.55
3.50
Addenda:
Private inventories....................................................
Durable goods industries......................................
Nondurable goods industries................................
Nonfarm industries...............
Wholesale trade....................
Merchant wholesale trade..
Durable goods industries
Nondurable goods industries...........................
Nonmerchant wholesale trade..............................
2
Final sales of domestic business .................
Final sales of goods and structures of
domestic business ...................................
Ratios of private inventories to final sales of
domestic business:
2
Private inventories to final sales..................................
Nonfarm inventories to final sales.................................
Nonfarm inventories to final sales of goods and
structures..................................................................
1. Inventories are as of the end of the quarter. The quarter-to-quarter changes calculated from this table are at quarterly
rates, whereas the change in private inventories component of GDP is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less gross
value added of households and institutions and of general government, and it includes a small amount of final sales by farm
and by government enterprises.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (2000) dollar inventory series are calculated to ensure that the chained (2000) dollar change in inventories for
2000 equals the current-dollar change in inventories for 2000 and that the average of the 1999 and 2000 end-of-year chainweighted and fixed-weighted inventories are equal.
-42
National Data
December 2004
Income and Employment by Industry
T a b le 6.1 D . N a t io n a l In c o m e W it h o u t C a p ita l C o n s u m p t io n A d ju s t m e n t b y In d u s t r y
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
National income without capital consumption adjustment...........................................
Domestic industries...............................................................................................................
Private industries...............................................................................................................
Agriculture, forestry, fishing, and hunting........................................................................................
Mining..............................................................................................................................................
Utilities............
Construction....
Manufacturing.
Durable goods..............................................................................................................................
Nondurable goods.......................................................................................................................
Wholesale trade...............................................................................................................................
Retail trade......
Transportation and warehousing.....................................................................................................
Information..............................
Finance, insurance, real estate, rental, and leasing.......................................................................
Professional and business services1..............................................................................................
Educational services, health care, and social assistance..............................................................
Arts, entertainment, recreation, accommodation, and food services.............................................
Other services, except government.......................................
Government.....................................................................
Rest of the world....................................................................................................................
1
2
3
4
S
fi
7
8
9
10
11
1?
13
14
15
1fi
17
18
19
20
21
9,011.8
8,984.7
7,861.6
9,396.6
9,341.5
8,158.7
66.9
79.1
146.0
460.8
1,074.8
615.0
459.8
554.2
708.2
248.5
306.6
1,672.3
1,205.2
774.9
328.7
235.4
75.8
94.9
156.0
476.5
1,113.1
639.2
473.9
569.6
725.8
259.9
310.7
1,740.8
1,226.4
824.8
339.5
244.9
1,123.2
27.0
1,182.8
55.1
2004
IV
I
II
III
9,462.1
9,410.5
,
8222.2
9,647.7
9,560.6
8,363.9
9,744.7
9,671.2
8,455.9
9,883.2
9,847.0
8,626.4
78.1
95.7
156.8
479.0
1,111.2
634.8
476.4
576.9
730.2
263.6
320.7
1,765.5
1,227.7
830.5
340.7
245.6
80.5
99.7
162.9
488.5
1,158.2
666.0
492.2
580.9
735.0
267.3
313 0
1,790.2
1,248.9
843.4
346.2
249 2
76.5
100.3
164.4
492.0
1,145.9
656.8
489.2
583.0
740.2
269.2
311.9
1,846.8
1,271.2
853.2
350.3
251 0
79.4
105.6
165.1
504.5
1,177.3
679.5
497.7
597.4
743.4
277.4
340 1
1,874.2
1,281 7
869.2
356.2
254 7
1,188.3
51.6
1,196.7
87.2
1,215.2
73.5
1,220.6
36.1
9,939.4
9,895.7
8,667.1
1,228.7
43.6
1. Consists of professional, scientific, and technical services; management of companies and enterprises; and administrative and waste management services.
Note. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
T a b le 6 .1 6 D . C o r p o r a te P r o fits b y In d u s t r y
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Corporate profits with inventory valuation and capital consumption adjustments...........
Domestic industries...............................................................................................................
Financial1....................................................................................
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 financial2...............................................................................................................................
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 goods3 .............................................................................................................
Nondurable goods..............
Food and beverage and tobacco products.............................................................................
Petroleum and coal products..................................................................................................
Chemical products.........
Other nondurable goods4
Wholesale trade.....................
Retail trade.......................................................................................................................................
Transportation and warehousing.....................................................................................................
Information.......................................................................................................................................
Other nonfinancial5.........................................................................................................................
Rest of the world . ..
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
2fi
27
28
30
31
32
33
874.6
716.8
298.4
418.4
1,021.1
2004
IV
I
II
III
844.2
1,057.1
883.7
1,129.1
913.3
1,165.6
960.3
1,173.9
988.6
1,146.3
952.1
327.8
516.4
336.4
547.3
335.9
577.3
355.7
604.6
347.8
640.8
301.1
651.0
157.8
176.9
173.4
215.8
205.3
185.3
194.1
206.0
48.2
250.7
73.8
253.1
79.7
293.4
77.5
299.0
93.7
305.6
120.3
311.9
117.8
756.8
599.0
860.4
683.4
877.2
703.8
941.9
726.1
925.4
720.0
940.6
755.2
925.0
730.9
276.2
22.9
253.3
322.8
11.4
50.7
-8.3
9.3
306.1
18.5
287.6
397.6
18.6
66.8
-7.5
10.1
1.1
-15.2
-4.3
-11.4
12.2
74.2
28.6
12.6
24.5
8.5
53.1
78 9
11.9
6.7
161.7
305.3
17.6
287.8
420.7
24.3
93.4
9.3
13.2
1.1
-14.0
-4.4
-5.0
18.4
84.1
34.2
18.7
21.3
9.8
50.1
74 7
12.4
-1.0
166.8
313.7
18.2
295.5
406.4
23.2
81.5
2.8
11.8
2.2
-17.2
-8.1
-0.5
14.6
78.6
31.1
24.5
14.1
8.9
46.0
80 0
11.7
-6.6
170.7
306.4
18.1
288.3
448.8
21.5
94.8
14.9
12.1
3.6
-15.9
-1.6
-1.2
18.0
79 9
27.9
27.3
13 7
11.0
52.2
73 1
15.5
16.5
175.1
259.9
19.0
240.9
471.0
-32.9
-0.2
-6.0
19.8
58.9
24.1
4.0
17.1
13.6
51.0
78.1
-1.3
-11.2
144.2
299.8
19.2
280.6
383.6
18.8
67.3
-3.5
10.1
-0.5
-15.4
-3.2
-6.2
11.8
70.7
27.7
14.8
21.2
7.1
47.9
77 7
10.5
-0.7
162.1
157.8
176.9
173.4
215.8
205.3
185.3
194.1
1.6
1. Consists of finance and insurance and bank and other holding companies.
2. Consists of credit intermediation and related activities; securities, commodity contracts, and other financial investments and related activities; insurance carriers and related activities; funds, trusts, and other finan
cial vehicles; and bank and other holding companies.
3. Consists of wood products; nonmetallic mineral products; primary metals; other transportation equipment; furniture and related products; and miscellaneous manufacturing.
4. Consists of textile mills and textile product mills; apparel; leather and allied products; paper products; printing and related support activities; and plastics and rubber products.
5. Consists of agriculture, forestry, fishing, and hunting; mining; construction; real estate and rental and leasing; professional, scientific, and technical services; administrative and waste management services;
educational services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other services, except government.
Note. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
December 2004
D-43
Survey of Current Business
7. Supplemental Tables
T a b le 7 .1 . S e le c te d P e r C a p ita P r o d u c t a n d In c o m e S e r ie s in C u r r e n t a n d
T a b le 7 .2 .1 B . P e r c e n t C h a n g e fr o m P r e c e d in g P e r io d in R e a l
C h a in e d D o lla r s
[Dollars]
M o to r V e h ic le O u t p u t
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2003
III
Line
2004
IV
I
II
37,804
37,993
31,475
28,033
38,143
38,320
31,599
28,368
38,574
38,872
31,931
28,476
39,177
39,428
32,253
28,816
39,718
39,841
32,683
29,172
40,134
40,283
32,868
29,319
b
6
7
8
25,590
3,178
7,217
15,195
26,662
3,266
7,558
15,838
26,840
3,337
7,614
15,889
27,088
3,324
7,701
16,064
27,524
3,334
7,911
16,280
27,781
3,324
8,022
16,435
28,132
3,422
8,114
16,596
9
10
11
34,953
35,046
26,227
35,664
35,845
26,569
35,934
36,102
26,842
36,212
36,494
26,865
36,530
36,767
26,967
36,745
36,861
27,092
37,007
37,144
27,153
12 24,713 25,269 25,397 25,555 25,758 25,800 26,054
3,329
13
3,541
3,636
3,661
3,673
3,662
3,800
7,257
14
7,068
7,292
7,365
7,469
7,455
7,523
15 14,324 14,498 14,507 14,568 14,656 14,719 14,786
16 288,240 291,085 291,445 292,190 292,838 293,504 294,262
Auto output...................
Truck output..................
Final sales of domestic product.
Personal consumption
expenditures.....................
Newmotor vehicles..............
Autos..................................
Light trucks (including
utility vehicles)..............
Netpurchases of used autos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Private fixed investment........
New motor vehicles..............
Autos..................................
Trucks................................
Light trucks (including
utility vehicles)..........
Other..............................
Net purchases ofusedautos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Gross government
investment........................
Autos......................................
Trucks....................................
Net exports...........................
Exports..................................
Autos..................................
Trucks................................
Imports..................................
Autos..................................
Trucks................................
Change in private inventories...
Foreign...............................
Foreign...............................
1
2
3
4
11.6
IV
I
4.2
26.3
2.9
4.3
16.7
-7.7
11.6
27.5
25.6
-22.1
17.8
3.1
7.1
30.3
-5.1
6.2
b
6
7
8.0
-0.4
8
14.6
9
10
2.4
-1.9
7.3
II
8.8
-15.2
11.2
-6.7
8.0
9.2
-
III
-9.0
-17.9
10.1
19.7
5.8
63.4
5.4
13.8
-3.0
-8.4
-6.5
33.4
8.2
-2.2
24.5
4.2
-21.4
-10.8
-2.3
9.9
3.3
1.5
13.6
-19.5
15.4
37.5
-26.6
00
CO
I
36,383
36,477
30,804
27,157
2004
2003
III
Motor vehicle output.....
1
2
3
4
Chained (2000) dollars:
Gross domestic product..........
Gross national product............
Disposable personal income....
Personal consumption
expenditures.........................
Durable goods.....................
Nondurable goods...............
Services...............................
Population (midperiod, thousands)
2003
III
Current dollars:
Gross domestic product..........
Gross national product............
Personal income......................
Disposable personal income....
Personal consumption
expenditures........................
Durable goods.....................
Nondurable goods...............
Services...............................
2002
4.4
37.4
-0.9
-1.1
-10.4
-11.0
67.3
52.7
-21.8
-27.0
-28.3
-26.3
101.3
107.1
-0.6
-9.8
82.7
-16.6
-30.1
96.0
2.9
33.0
9.0
-3.2
5.0
69.0
11
12
13
14
15
-1.9
-2.4
-1.5
-0.5
-6.1
3.3
32.5
37.8
29.3
23.2
13.6
29.5
-8.2
-13.4
-5.1
-1.6
-10.6
3.9
53.3
31.7
66.4
16
17
-1.5
-1.5
3.0
4.1
25.5
42.4
22.3
54.5
-15.2
30.9
8.8
-8.4
64.0
73.2
18
19
4.2
0.6
-5.2
-3.1
31.7
41.5
51.2
32.1
-16.5
-20.7
-12.8
-5.8
27.1
18.4
20
7.9
-7.2
22.5
72.9
-12.5
-19.0
36.0
21
22
23
-4.7
1.9
25.0
16.5
9.8
35.6
-4.6
-6.7
-3.9
-4.6
4.4
-38.7
58.6
14.3
17.2
-10.2
16.2
30.5
37.0
-37.1
5.7
25
26
27
28
29
30
31
3?
33
34
35
%
37
38
39
40
41
12.3
12.0
12.7
5.2
6.2
4.1
10.0
4.6
15.8
-0.2
-3.5
3.7
-14.0
-21.1
-6.4
-18.8
-9.9
-27.6
32.1
22.5
41.6
24.7
28.0
21.0
-22.6
-28.2
-17.3
2.3
-17.5
29.1
25.4
24.2
26.4
14.3
-6.0
38.3
113.6
46.9
188.2
1.3
36.5
-24.7
42
3.2
4.8
17.7
-0.1
-6.8
-3.0
39.7
43
44
45
-1.9
8.4
2.5
-1.3
-7.6
-3.8
30.9
23.0
12.2
18.4
-16.0
-7.5
-14.4
-3.3
4.0
-0.2
-18.8
10.4
49.4
28.1
-5.4
?4
-
6.2
Addenda:
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos2
Sales of imported new autos3 ...
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
D-44
National Data
December 2004
Table7.2.3B. Real Motor Vehicle Output, Quantity Indexes
Table7.2.4B. Price Indexes for Motor Vehicle Output
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
III
Seasonally adjusted
2004
2003
2003
IV
I
II
Line
Motor vehicle output.....
Auto output...................
Truck output..................
2 98.167 90.589 94.745 89.002 90.723 88.609 92.688
3 112.195 125.264 127.839 133.197 136.160 129.616 131.455
4 105.122 112.554 118.293 116.751 113.326 111.392 125.949
Auto output...................
Truck output..................
Private fixed investment.......
New motor vehicles..............
Autos.................................
Trucks................................
Light trucks (including
utility vehicles)..........
Other.............................
Net purchases of used autos
and used light trucks........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Gross government investment
Autos.....................................
Trucks....................................
Net exports
Exports...
Autos..
Trucks.
Imports...
Autos..
Trucks.
Change in private inventories
Autos.........................................
5 113.153 119.262 123.143 122.213 119.571 117.586 126.365
6 119.006 128.769 137.374 129.367 128.602 129.653 133.867
7 99.748 97.523 99.098 96.309 98.610 98.984 93.748
8 137.083 158.129 173.332 160.432 156.795 158.481
9 102.059 101.191
10 94.940 93.876
95.871 109.027 102.525
88.662 98.566 91.094
94.351
84.411
171.587
112.390
101.259
11 110.642 110.008 104.568 121.569 116.185 106.236 125.699
12 80.639 82.945 86.450 88.326 87.619 88.702 101.139
13 88.054 87.570 89.559 94.361 92.356 91.979 102.346
14 90.846 85.332 87.146 89.976 86.801 84.395 90.411
15 86.228 89.047 91.152 97.229 95.969 96.892 110.044
Gross government investment
95.871 100.822
78.013 86.979
96.758
93.037
98.819 111.823
91.029 104.429
18
19
99.498
91.365
94.332
88.558
93.633 103.837
88.676 95.073
99.248
89.731
95.899 101.827
88.397 92.209
99.221
95.275
97.081
96.884
94.674
92.466 81.709 84.479 82.226 87.880 78.264
98.842 103.901 108.095 112.234 121.428 123.117
108.506
120.201
98.229
103.025
103.625
102.317
119.396
125.759
113.713
102.801
100.009
106.091
116.467
122.309
111.238
99.777
97.968
101.912
124.853
128.662
121.354
105.439
104.208
106.895
117.092
118.448
115.711
106.040
99.320
113.936
123.902
125.049
122.688
109.646
97.786
123.559
149.787
137.680
159.860
110.001
105.690
115.095
Exports..................................
Autos..................................
Trucks
Imports..................................
Autos..................................
Trucks................................
Change In private inventories
Autos..........................................
New........................................
Used......................................
Trucks........................................
New........................................
Foreign...............................
Used1....................................
2004
IV
I
II
III
1
2
3
4
97.710
96.462
96.245
96.048
96.266
96.347
95.248
98.973
96.855
95.464
96.892
95.215
96.707
94.125
96.951
94.500
97.095
95.149
96.905
93.851
95.904
97.811
96.100
95.751
95.797
95.914
96.094
94.876
5
6
7
98.695
96.200
96.009
94.430
94.578
94.760
94.202
97.840
98.381
96.429
96.527
96.316
96.372
95.956
96.000
96.061
96.003
96.027
96.191
95.149
95.597
8
97.435
96.303
96.233
95.881
96.044
95.880
94.847
9 100.443
10 101.408
95.415
94.743
94.994
94.044
90.384
89.235
90.634
89.825
91.362
91.174
91.586
91.708
11
12
13
14
15
96.061
95.925
91.514
91.439
91.581
91.509
99.405
98.204 101.697 100.980 107.996 107.908 108.319 106.255
97.463
98.364
96.847
96.806
96.511
96.975
96.264
96.350
96.198
97.482
95.986
98.390
97.165
95.988
97.882
97.477
96.188
98.258
97.103
95.593
98.007
16 95.626 95.503 94.579 97.256 96.003 96.363 95.728
17 100.988 101.987 101.714 102.300 104.061 104.488 105.388
18
19
96.745
97.159
90.570
91.133
90.186
90.700
83.385
84.162
82.755
83.423
82.928
83.541
85.085
85.428
20
21
22
23
?4
25
26
27
28
29
30
31
3?
33
34
35
'W
37
38
39
40
41
96.335
90.016
89.678
82.621
82.092
82.317
84.727
99.539 100.398 100.037 102.386 102.693 102.739 102.770
100.159 99.649 99.770 102.260 100.347 98.962 98.459
99.288 100.655 100.106 102.407 103.353 103.796 103.966
102.004
101.293
102.744
101.279
101.008
101.599
103.701
102.543
104.901
102.154
101.661
102.733
103.823
102.498
105.174
102.061
101.443
102.766
104.205
102.898
105.545
102.928
102.343
103.596
104.745
103.335
106.179
103.095
102.477
103.799
105.318
104.063
106.613
103.530
102.674
104.469
105.903
104.028
107.711
104.097
103.277
104.998
42
98.526
97.305
96.998
97.232
97.337
97.562
96.700
43
44
45
96.915
98.825
98.409
95.999
97.366
96.581
95.414
96.360
96.984
96.738
96.586
96.830
96.041
97.287
96.031
96.331
97.554
96.222
95.712
96.939
95.627
Addenda:
42 104.335 109.332 113.023 113.002 111.035 110.205 119.817
43 90.988
44 99.208
45 101.218
89.811
91.620
97.326
91.725
95.513
98.706
95.677
91.429
96.797
92.032 91.994 101.708
90.668 86.076 91.568
97.757 100.210 98.835
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
Autos......................................
Trucks....................................
Net exports
Addenda:
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos2
Sales of imported new autos3...
Private fixed investment........
113.780 110.059 104.405 112.744
93.868
75.681
108.716 100.858
New motor vehicles..............
Autos..................................
Light trucks (including
utility vehicles)..............
Net purchases of used autos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
97.812 101.611 104.007 112.237 110.927
91.120
72.700
20
21
22
23
?4
25
26
27
28
29
30
11
3?
33
34
35
SB
37
38
39
40
41
Final sales of domestic product.
Personal consumption
expenditures....................
New motor vehicles..............
Autos..................................
Trucks................................
Light trucks (including
utility vehicles)..........
Other..............................
Net purchases of used autos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
16
17
2003
III
1 106.338 110.849 114.069 114.894 117.344 112.620 115.369
New motor vehicles..............
Autos................................
Light trucks (including
utility vehicles)..............
Net purchases of used autos
and used light trucks........
Used autos.......................
Used light trucks (including
utility vehicles)..............
2003
III
Motor vehicle output.....
Final sales of domestic product.
Personal consumption
expenditures....................
2002
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos2
Sales of imported new autos3 ...
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
December 2004
Survey of Current Business
D-45
Table7.2.5B. Motor Vehicle Output
Table7.2.6B. Real Motor Vehicle Output, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
Motor vehicle output
Auto output...................
Truck output..................
Final sales of domestic product.
Personal consumption
expenditures....................
New motor vehicles..............
Autos.................................
Light trucks (including
utility vehicles)..............
Net purchases of used autos
and used light trucks
Used autos.......................
Used light trucks (including
utility vehicles)..............
Private fixed investment
New motor vehicles..............
Autos.................................
Trucks................................
Light trucks (including
utility vehicles)..........
Other............................
Net purchases of used autos
and used light trucks
Used autos.......................
Used light trucks (including
utility vehicles)..............
Gross government
investment........................
Autos.....................................
Trucks....................................
Net exports...........................
Exports..................................
Autos.................................
Trucks................................
Imports..................................
Autos.................................
Trucks................................
Change in private inventories
Autos.........................................
New.......................................
Domestic..........................
Foreign..............................
Used......................................
Trucks...
New..
Domestic..........................
Foreign..............................
Used1..'.................................
1
2
3
4
5
6
7
2002
2003
2003
379.2
390.2
2004
III
IV
400.6
402.9
I
II
412.3
396.1
Line
136.9
267.9
143.1
273.4
372.6
398.9
419.3
5
6
7
368.3
388.2
400.8
255.0
103.3
275.9
101.0
294.3
102.6
8
151.7
175.0
191.8
177.5
173.5
175.4
189.9
9
10
113.5
57.6
112.6
56.9
106.7
53.8
121.3
59.8
114.1
55.2
105.0
51.2
125.0
61.4
11
12
13
14
15
95.4
98.1
170.3
69.4
100.9
169.3
65.2
104.2
16
17
78.4
22.5
18
19
Residual...................................
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
Addenda:
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos2
Sales of imported new autos3...
43
475.9
44
45
46
147.8
109.6
84.9
126.6
276.3
129.5
282.8
127.4
268.7
131.4
269.7
Auto output...................
Truck output..................
396.5
385.3
379.5
423.6
363.5
373.4
385.0
375.8
368.2
362.8
387.6
Final sales of domestic product.
Personal consumption
expenditures....................
249.5
101.6
266.0
97.5
283.5
98.9
266.0
95.8
264.7
98.1
266.8
98.6
272.9
92.8
56.4
53.9
49.3
58.3
New motor vehicles..............
Autos..................................
Light trucks (including
utility vehicles)..............
Net purchases of used autos
and used light trucks .....
Used autos.......................
Used light trucks (including
utility vehicles)..............
113.4
126.9
Private fixed investment.......
177.8
66.0
111.9
173.5
63.7
109.8
173.3
62.0
111.3
192.1
66.0
126.1
78.0
24.5
84.4
27.5
79.9
29.9
81.9
29.4
92.1
34.0
-64.2
-32.2
-63.6
-32.1
-65.2
-32.0
-61.9
-29.9
-59.9
-29.5
-65.3
-31.5
-32.0
-31.5
-33.3
-32.0
-30.4
-33.8
New motor vehicles..............
Autos..................................
Trucks................................
Light trucks (including
utility vehicles)..........
Other..............................
Net purchases of used autos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
147.8
168.5
184.6
170.2
166.7
168.2
180.1
114.0
58.4
107.4
53.9
101.4
50.6
109.8
53.4
103.5
49.7
96.0
46.7
114.7
56.4
11
12
13
14
15
53.5
50.8
93.7
99.8
103.1
166.0
68.3
97.7
163.9
62.9
101.0
166.7
64.1
102.5
16
17
75.0
22.7
77.2
23.9
18
19
-72.3
-35.4
20
-36.9
Gross government investment
12.1
12.1
12.9
13.2
14.3
14.1
2.8
9.3
2.9
9.9
2.8
10.4
3.0
11.3
2.6
11.5
-104.5
-101.9
-98.6
-104.7
-107.7
28.9
14.9
14.0
133.4
72.7
60.7
32.3
15.8
16.6
134.3
70.6
63.7
31.6
15.3
16.3
130.2
69.0
61.2
34.0
16.2
17.8
138.7
74.0
64.7
32.0
15.0
17.1
139.7
70.6
69.1
14.8
6.9
-0.9
6.4
8.4
7.9
6.7
1.2
0.5
6.5
6.1
4.4
1.7
0.4
0.1
0.1
0.2
-0.1
0.0
6.8
6.7
6.7
0.0
0.0
5.5
2.3
3.6
-1.3
3.2
-6.4
-9.4
-2.2
-7.2
3.0
-1.6
-1.7
-2.6
0.9
0.0
8.0
8.1
4.4
3.7
0.0
11.7
3.3
8.4
3.1
8.9
111.0
-104.9
34.1
15.9
18.2
145.1
69.7
75.4
41.4
17.5
23.9
146.4
75.8
70.6
27.0
16.6
-22.5
0.9
0.4
-1.0
1.5
0.5
26.1
25.6
24.1
1.6
0.5
0.3
-6.3
^t.O
-2.4
6.7
16.3
10.1
7.8
2.3
6.2
3.3
4.5
2.2
2.3
-1.3
-25.8
-26.1
-21.6
-4.5
0.3
-
42
468.9
485.3
500.1
501.2
493.0
490.5
528.6
43
44
45
143.3
108.4
83.5
140.1
98.6
78.8
142.2
101.7
80.3
150.3
97.6
78.6
143.6
97.5
78.7
143.9
92.8
80.9
158.1
98.1
79.3
1. Consists ot used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
148.3
240.0
136.2
264.4
401.5
Addenda:
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks
Domestic output of new autos2
Sales of imported new autos3...
IV
419.3
383.4
8
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
III
416.3
130.6
259.6
9
10
2004
2003
404.6
Motor vehicle output
146.8
232.4
112.6 111.6
2003
III
401.1
364.4
55.7
2002
Autos......................................
Trucks....................................
Net exports
Exports..................................
Autos..................................
Trucks................................
Imports..................................
Autos..................................
Trucks................................
Change in private inventories
Autos..........................................
New........................................
Domestic............................
Foreign...............................
Used......................................
Trucks
New........................................
Domestic...........................
Foreign...............................
Used1....................................
1
2
3
4
388.1
I
II
III
428.3
411.0
421.1
134.5
284.9
137.1
291.2
133.9
277.2
140.0
281.2
413.8
401.7
394.8
446.4
397.8
389.2
382.7
411.3
277.2
99.8
275.5
102.1
277.8
102.5
286.8
97.1
102.2
61.5
58.8
53.8
63.6
104.5
103.6
104.9
119.6
173.2
66.6
106.6
182.5
68.7
113.7
178.6
66.3
112.3
177.9
64.5
113.3
197.9
69.1
128.7
80.8
23.4
82.5
24.1
86.8
26.9
83.3
28.8
85.1
28.1
96.2
32.3
-74.7
-36.4
-70.9
-35.3
-70.3
-35.3
-78.0
-37.9
-74.5
-35.8
-72.0
-35.2
-76.5
-36.8
-38.3
-35.5
-35.0
^10.1
-38.8
-36.8
-39.7
12.9
13.9
13.7
2.8
10.1
3.0
10.9
2.7
11.1
56.0
55.7
11.8
12.0
3.3
8.5
-103.4
28.3
14.7
13.6
131.7
71.9
59.8
3.2
8.9
-
100.2
52.9
12.6
12.1
2.8
9.3
2.9
9.7
-
102.2
-105.0
-107.8
-101.5
32.6
15.7
16.9
134.8
72.3
62.5
30.6
14.5
16.1
135.6
68.9
66.6
32.4
15.3
17.0
140.2
67.9
72.2
39.1
16.8
22.2
140.6
73.4
67.2
2.4
9.6
27.6
17.2
-23.3
9.6
2.3
3.7
-1.2
3.5
-5.6
-7.9
-1.9
-6.0
3.2
1.5
-1.7
-2.6
0.9
-0.1
7.3
6.8
3.7
3.0
-0.1
1.1
0.4
-1.1
1.4
0.6
23.6
21.2
19.9
1.3
0.5
0.4
-6.3
-4.0
-2.3
7.9
15.0
8.5
6.6
1.9
7.3
3.8
4.5
2.2
2.2
-1.5
-23.8
-22.1
-18.3
-3.8
0.3
-97.1
31.2
15.4
15.8
131.4
69.4
62.0
30.4
15.0
15.5
127.6
68.0
59.5
15.4
10.3
9.6
7.9
6.8
1.2
1.7
6.0
5.4
3.9
1.5
0.4
3.5
0.1
0.2
-0.1
3.6
6.5
6.0
6.0
0.0
0.1
-4.3
-4.1
1.1
498.7
515.5
515.5
506.5
502.7
546.5
145.9
101.2
81.6
149.0
105.5
82.8
155.4
101.0
81.2
149.5
100.2
82.0
149.5
95.1
84.0
165.2
101.2
82.9
0.0
4.3
-
1.1
-5.3
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines, excluding the lines in the addenda.
December 2004
D-46
B. O th e r N IP A an d N IP A -R e la te d T a b le s
Monthly Estimates
Table B. 1 presents the most recent estimates of personal income and its components and the disposition of personal
income. These estimates were released on December 1, 2004.
T a b le B .1 . P e r s o n a l In c o m e a n d Its D is p o s it io n
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
2004
2003
2002
2003
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
March
Aprilr
Mayr
Juner
July'
Aug.'
Sept.'
Oct.p
Personal income........................................
8,878.9
9,161.8
9,243.7
9,276.6
9,337.9
9,375.3
9,404.1
9,445.9
9,484.9
9,550.0
9,603.8
9,624.2
9,641.3
9,677.3
9,696.4
9,758.1
Compensation of employees, received...........
Wage and salary disbursements.................
Private industries.....................................
Goods-producing industries.....................
Manufacturing......................................
Service-producing industries..................
Trade, transportation, and utilities.......
Other services-producing industries....
Government.............................................
6,069.5
4,976.3
4,113.7
1,010.2
675.2
3,103.5
843.6
2,259.9
862.6
6,289.0
5,103.6
4,205.6
1,007.7
668.8
3,198.0
858.6
2,339.4
897.9
6,349.4
5,145.3
4,244.0
1,012.1
669.9
3,231.9
863.7
2,368.1
901.3
6,377.9
5,167.1
4,264.8
1,018.1
673.8
3,246.8
871.1
2,375.6
902.2
6,421.0
5,202.4
4,298.1
1,029.9
683.8
3,268.3
874.7
2,393.6
904.3
6,421.2
5,197.3
4,288.7
1,028.7
682.7
3,260.0
870.0
2,389.9
908.6
6,461.1
5,221.4
4,306.7
1,019.8
671.9
3,286.9
871.2
2,415.6
914.7
6,490.3
5,241.3
4,324.0
1,018.2
669.9
3,305.8
872.5
2,433.2
917.3
6,512.4
5,254.8
4,334.8
1,018.9
668.0
3,316.0
873.4
2,442.6
920.0
6,553.0
5,290.8
4,365.6
1,028.2
675.3
3,337.4
883.1
2,454.3
925.2
6,593.0
5,325.0
4,403.0
1,038.7
683.5
3,364.3
888.3
2,475.9
922.0
6,594.1
5,322.7
4,399.5
1,037.9
682.6
3,361.6
887.1
2,474.5
923.2
6,629.8
5,353.0
4,427.2
1,040.0
683.7
3,387.3
895.7
2,491.6
925.8
6,656.7
5,374.5
4,445.8
1,047.6
689.1
3,398.2
897.3
2,501.0
928.7
6,686.3
5,398.8
4,467.9
1,051.1
690.8
3,416.8
903.8
2,513.0
930.9
6,720.4
5,428.5
4,495.6
1,054.3
689.7
3,441.3
906.1
2,535.2
932.9
Supplements to wages and salaries...........
Employer contributions for employee
pension and insurance funds..............
Employer contributions for government
social insurance...................................
1,093.2
1,185.5
1,204.2
1,210.8
1,218.6
1,223.9
1,239.8
1,249.0
1,257.6
1,262.2
1,268.0
1,271.4
1,276.8
1,282.1
1,287.4
1,292.0
729.6
808.9
824.9
830.4
835.7
841.6
848.7
856.5
864.4
867.0
870.2
873.9
877.4
881.3
885.1
887.8
363.6
376.6
379.3
380.4
382.9
382.3
391.0
392.5
393.3
395.2
397.8
397.4
399.3
400.8
402.3
404.1
Proprietors’ income with IVA and CCAdj.........
Farm.............................................................
Nonfarm.......................................................
769.6
9.7
759.9
834.1
21.8
812.3
858.0
24.9
833.1
860.4
24.8
835.6
863.5
24.7
838.8
870.1
24.5
845.7
862.9
18.5
844.3
870.0
17.8
852.2
883.5
17.5
866.0
893.5
18.3
875.3
901.2
19.0
882.2
909.4
19.5
889.9
905.8
15.2
890.6
905.2
14.1
891.1
898.7
13.0
885.7
916.1
15.0
901.1
Rental income of persons with CCAdj.............
170.9
153.8
152.8
158.9
166.5
175.7
174.1
172.6
171.8
172.0
172.8
172.9
170.4
156.6
133.8
160.6
Personal income receipts on assets................
Personal interest income..............................
Personal dividend income............................
1,334.6
946.7
387.9
1,322.7
929.9
392.8
1,310.4
918.6
391.8
1,317.4
925.0
392.4
1,325.7
932.1
393.5
1,334.4
939.0
395.3
1,335.5
937.6
397.9
1,337.0
936.2
400.8
1,338.8
934.8
404.0
1,345.4
938.2
407.1
1,352.2
941.7
410.6
1,359.4
945.1
414.3
1,362.9
945.1
417.8
1,366.3
945.0
421.3
1,369.9
945.0
424.9
1,376.2
947.6
428.5
Personal current transfer receipts...................
Government social benefits to persons.......
Old-age, survivors, disability, and health
insurance benefits................................
Government unemployment insurance
benefits................................................
Other........................................................
Other current transfer receipts, from business
(net)..........................................................
Less: Contributions for government social
insurance......................................................
1,282.7
1,248.9
1,335.4
1,306.4
1,352.1
1,323.3
1,343.9
1,315.2
1,348.1
1,319.3
1,360.2
1,331.5
1,371.7
1,342.4
1,380.5
1,351.2
1,384.7
1,355.3
1,396.6
1,367.3
1,400.6
1,371.3
1,404.1
1,374.8
1,392.4
1,363.1
1,415.6
1,372.8
1,434.1
1,377.3
1,415.3
1,386.1
708.3
733.8
738.8
740.6
742.9
751.2
754.2
764.6
767.3
772.7
774.7
774.6
778.0
782.3
786.9
791.6
53.2
487.5
52.8
519.8
55.4
529.1
51.6
522.9
52.2
524.3
50.9
529.4
46.1
542.0
40.7
545.9
37.5
550.5
34.5
560.1
33.3
563.2
32.6
567.5
32.0
553.2
32.6
557.8
32.5
558.0
31.0
563.5
33.7
28.9
28.9
28.8
28.8
28.8
29.3
29.3
29.4
29.3
29.3
29.3
29.2
42.8
56.8
29.2
748.3
773.2
779.2
781.9
786.9
786.3
801.1
804.4
806.3
810.5
815.9
815.7
819.9
823.1
826.4
830.5
Less: Personal current taxes......................
1,051.2
1,001.9
1,000.4
1,005.9
1,011.5
1,010.8
1,003.3
1,006.9
1,009.6
1,024.5
1,032.6
1,034.6
1,039.6
1,044.1
1,049.1
1,057.3
Equals: Disposable personal income..........
Less: Personal outlays...............................
7,827.7
8,159.9
8,243.3
8,270.7
8,326.4
8,364.5
8,400.8
8,439.0
8,475.3
8,525.4
8,571.2
8,589.6
8,601.7
8,633.3
8,647.3
8,700.9
7,668.5
8,049.3
8,124.2
8,147.3
8,214.9
8,266.1
8,309.4
8,358.9
8,386.6
8,400.4
8,484.6
8,461.0
8,562.0
8,565.4
8,619.8
8,683.2
Personal consumption expenditures...............
Durable goods..............................................
Nondurable goods........................................
Services.......................................................
Personal interest payments1............................
Personal current transfer payments................
To government.............................................
To the rest of the world (net).......................
7,376.1
916.2
2,080.1
4,379.8
197.2
95.3
59.5
35.7
7,760.9
950.7
2,200.1
4,610.1
185.3
103.1
64.9
38.2
7,837.2
969.5
2,229.3
4,638.4
184.5
102.5
66.0
36.5
7,854.4
949.1
2,237.4
4,667.9
184.8
108.1
66.5
41.6
7,920.5
969.9
2,256.5
4,694.1
185.8
108.6
67.0
41.6
7,969.7
994.4
2,256.6
4,718.7
187.3
109.1
67.5
41.6
8,015.5
964.7
2,299.9
4,750.8
184.2
109.7
68.1
41.7
8,067.5
979.0
2,312.1
4,776.4
181.1
110.3
68.6
41.7
8,097.7
985.3
2,337.7
4,774.7
178.1
110.8
69.1
41.7
8,108.3
967.9
2,333.2
4,807.2
180.3
111.7
69.6
42.1
8,189.8
999.8
2,364.6
4,825.4
182.6
112.2
70.2
42.1
8,163.3
958.7
2,365.8
4,838.8
184.9
112.8
70.7
42.1
8,260.9
1,015.9
2,375.9
4,869.1
187.4
113.8
71.2
42.5
8,261.3
996.7
2,384.4
4,880.3
189.8
114.3
71.8
42.5
8,312.7
1,008.3
2,403.0
4,901.3
192.3
114.9
72.4
42.5
8,373.9
1,010.2
2,439.5
4,924.3
193.8
115.4
72.9
42.5
Equals: Personal saving.............................
159.2
110.6
86.6
119.1
123.4
111.5
98.4
91.4
80.1
88.7
125.1
128.6
39.7
67.9
27.5
17.7
2.0
1.4
1.4
1.5
1.3
1.2
1.1
0.9
1.0
1.5
1.0
1.5
0.5
0.8
0.3
0.2
7,559.5
Personal saving as percentage of disposable
personal income............................................
Addenda:
Disposable personal income:
Billions of chained (2000) dollars2..............
Per capita:
Current dollars.............................................
Chained (2000 dollars).................................
Population (midperiod, thousands)3...............
7,733.8
7,784.0
7,807.6
7,860.9
7,880.1
7,883.6
7,899.0
7,908.4
7,943.8
7,956.4
7,954.5
7,969.0
7,997.3
8,004.0
8,021.4
27,157 28,033
26,227 26,569
288,240 291,085
28,259
26,684
291,709
28,328
26,742
291,958
28,496
26,903
292,195
28,605
26,948
292,418
28,708
26,940
292,630
28,818
26,974
292,836
28,921
26,986
293,049
29,070
27,087
293,270
29,203
27,108
293,501
29,242
27,080
293,742
29,258
27,106
293,992
29,339
27,178
294,260
29,360
27,176
294,526
29,517
27,212
294,777
Personal consumption expenditures:
Billions of chained (2000) dollars................
Durable goods..............................................
Nondurable goods........................................
Services.......................................................
Implicit price deflator, 2000= 100..................
7,123.4
959.6
2,037.4
4,128.6
103.550
7,355.5
1,030.6
2,112.4
4,220.3
105.510
7,400.6
1,060.8
2,120.9
4,229.9
105.900
7,414.6
1,042.4
2,136.4
4,243.8
105.931
7,477.7
1,068.3
2,162.1
4,258.7
105.922
7,508.1
1,098.3
2,157.5
4,267.8
106.148
7,522.0
1,063.0
2,183.7
4,285.1
106.561
7,551.2
1,078.7
2,185.5
4,298.7
106.837
7,556.0
1,084.8
2,192.7
4,291.4
107.169
7,555.2
1,065.8
2,186.9
4,311.7
107.322
7,602.4
1,101.2
2,192.3
4,323.3
107.727
7,559.7
1,057.1
2,184.9
4,324.9
107.985
7,653.3
1,124.6
2,203.1
4,343.1
107.939
7,652.8
1,109.0
2,211.6
4,346.9
107.952
7,694.3
1,121.0
2,226.3
4,363.1
108.037
7,720.0
1,121.7
2,233.0
4,380.9
108.470
1.8
3.2
0.4
0.4
0.7
0.4
0.3
0.4
0.4
0.7
0.6
0.2
0.2
0.4
0.2
0.6
Disposable personal income:
Current dollars.............................
Chained (2000) dollars................
4.6
3.1
4.2
2.3
-0.9
-1.1
0.3
0.3
0.7
0.7
0.5
0.2
0.4
0.0
0.5
0.2
0.4
0.1
0.6
0.4
0.5
0.2
0.2
0.0
0.1
0.2
0.4
0.4
0.2
0.1
0.6
0.2
Personal consumption expenditures:
Current dollars.............................
Chained (2000) dollars................
4.6
3.1
5.2
3.3
-0.2
-0.4
0.2
0.2
0.8
0.9
0.6
0.4
0.6
0.2
0.6
0.4
0.4
0.1
0.1
0.0
1.0
0.6
-0.3
-0.6
1.2
1.2
0.0
0.0
0.6
0.5
0.7
0.3
Personal income, current dollars................
p Preliminary.
r Revised.
CCAdj Capital consumption adjustment.
IVA Inventory valuation adjustment.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures,
3. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized
population. The monthly estimate is the average of estimatesfor the first of the month and the first of the following month;
the annual estimate is the average of the monthly estimates.
Source: U.S. Bureau of Economic Analysis.
D-47
Survey of Current Business
December 2004
Annual Estimates
Table B.2 replaces table B.3 “Gross Domestic Product by Industry.” The estimates in this table were published in
tables 1 and 6 in “Improved Annual Industry Accounts for 1998-2003” in the June 2004 S u r v e y . Revised estimates for
2001-2003 will be released on December 20, 2004.
T a b le B .2 . C u r r e n t -D o lla r a n d R e a l V a lu e A d d e d b y In d u s t r y fo r 2 0 0 1 - 2 0 0 3
Billions of dollars
2001
Gross domestic product.
Private industries..................
2002
10,100.8 10,480.8 10,987.9
8,841.1
9,154.1
Agriculture, forestry, fishing, and
hunting..........................................
103.0
98.6
Farms...................................................
Forestry, fishing, and related activities.
75.5
27.4
70.7
27.9
118.7
105.6
73.9
27.0
17.8
64.1
26.1
15.3
195.1
201.6
Mining.................................
Oil and gas extraction..........
Mining, except oil and gas....
Support activities for mining.
Utilities...............................
Construction..............................................
Manufacturing............................................
Durable goods.........................................
Wood products....................................
Nonmetallic mineral products.............
Primary metals....................................
Fabricated metal products..................
Machinery............................................
Computer and electronic products.....
Electrical equipment, appliances, and
components.....................................
Motor vehicles, bodies and trailers,
and parts.........................................
Other transportation equipment.........
Furniture and related products...........
Miscellaneous manufacturing.............
Nondurable goods..................................
Food and beverage and tobacco
products.........................................
Textile mills and textile product mills....
Apparel and leather and allied
products..........................................
Paper products...................................
Printing and related support activities
Petroleum and coal products.............
Chemical products..............................
Plastics and rubber products.............
9,597.9
112.0
124.9
212.7
2001
2002
8,664.2
8,859.1
9,129.3
100
69.8
30.5
101.8
68.5
29.6
114.9
114.6
112.1
79.1
25.6
10.6
80.3
24.1
10.8
173.3
182.3
97.8
187.4
459.5
464.9
481.8
426.6
413.3
413.9
1,346.0
1,351.6
1,392.8
1,349.1
1,380.9
1,404.9
788.0
31.1
44.7
42.0
113.5
103.5
141.6
786.1
32.1
44.5
40.8
112.2
98.1
139.9
810.1
820.7
30.6
44.9
44.2
110.8
100.4
186.4
836.9
31.9
43.9
42.6
108.8
94.5
207.8
865.7
46.1
47.9
46.2
108.0
67.2
30.8
56.9
558.0
119.3
64.2
30.6
58.5
565.5
108.2
63.2
29.6
54.8
528.5
125
59
28.7
54.9
543.9
161.6
23.1
168.8
22.7
151
21.9
150.4
22.0
22.9
50.0
47.4
32.3
157.2
63.5
23.3
48.9
47.1
24.2
167.9
22.8
49.7
45.8
22.9
152.9
61.3
23.5
49.2
45.2
30.1
163.8
60.1
Wholesale trade.
603.0
622.9
642.9
564.7
594.1
591.7
Retail trade........
687.7
765.8
792.2
598.8
633.9
662.4
582.7
540.6
295.1
294.9
275.8
287.4
301.6
50.6
25.3
7.3
92.5
47.9
24.3
6.9
94.1
48.7
24.4
7.0
91.0
52.9
24.8
6.4
91.9
57.7
25.5
7.2
92.8
15.7
9.1
16.3
9.2
14.3
6.9
14.7
7.7
14.5
8.7
62.6
22.0
66.2
23.4
70.2
25.0
377.0
437.5
458.3
120.1
100.8
121.2
116.7
34.6
283.9
29.4
217.3
32.3
248.3
32.5
271.3
45.4
29.8
36.2
70.7
25.3
Information...........................................
474.8
484.0
Publishing industries (includes software)
Motion picture and sound recording
industries.............................................
Broadcasting and telecommunications....
Information and data processing
services...............................................
118.6
33.7
281.3
Finance, insurance, real estate, rental,
and leasing.......................................
Finance and insurance.....................
2,028.0
770.1
2,125.7
804.0
536.1
2,228.4
863.6
1,741.7
634.6
1,834.3
678.1
2002
2003
2002
2003
337.1
352.3
374.8
337.8
164.6
162.6
180.8
187.6
235.3
248.7
228.3
234.1
15.3
15.7
1,214.7
1.235.7
1,106.0
1.119.8
17.9
17.9
1.257.8
13.21.7
Real estate.....................................
Rental and leasing services and
lessors of intangible assets........
1,150.0
1,210.3
107.8
111.5
108.6
115.9
Professional and business services ..
1.187.9
1,220.2
1,273.5
1,146.9
1.174.4
1,197.0
710.9
723.5
753.3
682.5
685.9
699.3
143.3
149.7
135.5
136.2
137.1
129.4
134.3
127.4
412.8
422.1
Professional, scientific, and technical
services.......................................
Legal services.....................................
Computer systems design and related
services..........................................
Miscellaneous professional, scientific,
and technical services...................
1,364.9
1,257.5
430.6
444.3
Management of companies and
enterprises...........................
187.7
202.0
216.2
191.1
206.3
215.5
Administrative and waste
management services...................
289.2
294.7
303.9
273.6
283.2
283.7
262.6
267.0
247.2
256.8
26.6
27.7
26.4
26.4
732.7
793.1
842.7
693.2
720.5
85.8
91.5
96.8
80.2
80.6
80.9
Health care and social assistance....
646.9
701.6
745.9
613.0
640.0
661.9
Ambulatory health care services.......
Hospitals and nursing and residential
care facilities...................................
Social assistance................................
333.4
364.0
320.8
344.7
256.0
57.5
276.0
61.7
237.9
54.4
240.8
55.1
Arts, entertainment, recreation,
accommodation, and food services..
358.9
371.5
385.2
352.7
359.5
366.5
Arts, entertainment, and recreation..
94.8
99.6
104.9
90.7
92.1
94.2
40.4
41.1
Educational services, health care, and
social assistance.............................
Performing arts, spectator sports,
museums, and related activities...
Amusements, gambling, and
recreation industries....................
42.6
45.0
52.2
54.6
Accommodation and food services.
264.2
272.0
Accommodation...............................
Food services and drinking places...
88.3
175.9
89.8
182.1
280.3
50.3
51.0
262.0
267.4
86.6
175.5
88.4
179.1
742.6
272.3
Other services, except government.
250.8
253.7
262.0
234.3
224.9
231.3
Government......................................
1,259.6
1.326.7
1,390.0
1,213.6
1.228.5
1,245.0
Federal...........................
386.9
408.9
373.3
377.5
General government......
Government enterprises.
325.2
61.7
345.3
63.6
316.1
57.4
321.4
56.3
State and local...............
872.7
917.8
840.3
851.0
799.9
72.8
843.5
74.3
771.9
68.5
783.9
67.2
-14.6
-19.5
1,989.0
6,675.3
2.007.8
6.850.8
General government.......
Government enterprises..
37.7 Not allocated by industry1...
1,931.0
740.5
2001
Real estate and rental and leasing.
Educational services.
Air transportation.........................
Rail transportation.......................
Water transportation.....................
Truck transportation......................
Transit and ground passenger
transportation..........................
Pipeline transportation................
Other transportation and support
activities....................................
Warehousing and storage...........
69.3
25.2
Federal Reserve banks, credit
intermediation, and related
activities..........................................
Securities, commodity contracts, and
investments.....................................
Insurance carriers and related
activities..........................................
Funds, trusts, and other financial
vehicles...........................................
Administrative and support services...
Waste management and remediation
services..........................................
Transportation and warehousing..
310.6
2001
2003
9,866.6 10,083.0 10,398.0
Billions of chained (2000) dollars
Billions of dollars
Billions of chained (2000) dollars
2003
Addenda:
Private goods-producing industries2....
Private services-producing industries3
2,027.1
6,814.0
2,020.7
7,133.4
2,111.5
7,486.4
2,030.8
7,097.2
2. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.
1. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 current3. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance and insur
dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses
ance; real estate and rental and leasing; professional and business educational services, health care, and social assis
weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The value of not
tance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.
allocated by industry reflects the difference between the first line and the sum of the most detailed lines, as well as the
Note. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
differences in source data used to estimate GDP by industry and the expenditures measure of real GDP.
D-48
December 2004
C. Historical Measures
This table is derived from the “GDP and Other Major NIPA Series” that was published in the August 2004 issue of the
S u r v e y o f C u r r e n t B u s in e s s and from the “Selected NIPA Tables” that are published in this issue. (The changes in prices
are calculated from indexes expressed to three decimal places.)
T a b le C .1 . G D P a n d O th e r M a jo r N IP A A g g r e g a t e s
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (2000) dollars
Year and quarter
Percent change from
preceding period
Chain-type price indexes
[2000=100]
Implicit price deflators
[2000=100]
Percent change from preceding period
Chain-type price indexes
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Gross
domestic
product
Final sales of
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
Gross
domestic
product
Gross
domestic
purchases
Implicit price deflators
Gross
domestic
product
Gross
national
product
1959
..................
2,441.3
2,442.7
2,457.4
7.1
6.2
20.754
20.365
20.751
20.727
1.2
1.2
1.2
1.2
1960
1961
1962
1963
1964
..................
..................
..................
..................
..................
2,501.8
2,560.0
2,715.2
2,834.0
2,998.6
2,506.8
2,566.8
2,708.5
2,830.3
2,999.9
2,519.4
2,579.3
2,736.9
2,857.2
3,023.6
2.5
2.3
6.1
4.4
5.8
2.6
2.4
5.5
4.5
6.0
21.044
21.281
21.572
21.801
22.134
20.646
20.865
21.139
21.385
21.725
21.041
21.278
21.569
21.798
22.131
21.018
21.255
21.547
21.777
22.111
1.4
1.1
1.4
1.1
1.5
1.4
1.1
1.3
1.2
1.6
1.4
1.1
1.4
1.1
1.5
1.4
1.1
1.4
1.1
1.5
1965
1966
1967
1968
1969
..................
..................
..................
..................
..................
3,191.1
3,399.1
3,484.6
3,652.7
3,765.4
3,173.8
3,364.8
3,467.6
3,640.3
3,753.7
3,217.3
3,423.7
3,510.1
3,680,0
3,792.0
6.4
6.5
2.5
4.8
3.1
5.8
6.0
3.1
5.0
3.1
22.538
23.180
23.897
24.916
26.153
22.102
22.724
23.389
24.380
25.580
22.535
23.176
23.893
24.913
26.149
22.516
23.158
23.874
24.893
26.127
1.8
2.8
3.1
4.3
5.0
1.7
2.8
2.9
4.2
4.9
1.8
2.8
3.1
4.3
5.0
1.8
2.9
3.1
4.3
5.0
1970
1971
1972
1973
1974
..................
..................
..................
..................
..................
3,771.9
3,898.6
4,105.0
4,341.5
4,319.6
3,787.7
3,893.4
4,098.6
4,315.9
4,305.5
3,798.2
3,927.8
4,136.2
4,383.6
4,367.5
0.2
3.4
5.3
5.8
-0.5
0.9
2.8
5.3
5.3
-0.2
27.538
28.916
30.171
31.854
34.721
26.964
28.351
29.619
31.343
34.546
27.534
28.911
30.166
31.849
34.725
27.512
28.889
30.145
31.830
34.699
5.3
5.0
4.3
5.6
9.0
5.4
5.1
4.5
5.8
10.2
5.3
5.0
4.3
5.6
9.0
5.3
5.0
4.3
5.6
9.0
1975
1976
1977
1978
1979
..................
..................
..................
..................
..................
4,311.2
4,540.9
4,750.5
5,015.0
5,173.4
4,352.5
4,522.3
4,721.6
4,981.6
5,161.2
4,348.4
4,585.3
4,800.3
5,064.4
5,240.1
-0.2
5.3
4.6
5.6
3.2
1.1
3.9
4.4
5.5
3.6
38.007
40.202
42.758
45.762
49.553
37.761
39.938
42.634
45.663
49.669
38.002
40.196
42.752
45.757
49.548
37.976
40.175
42.731
45.737
49.527
9.5
5.8
6.4
7.0
8.3
9.3
5.8
6.8
7.1
8.8
9.4
5.8
6.4
7.0
8.3
9.4
5.8
6.4
7.0
8.3
1980
1981
1982
1983
1984
..................
..................
..................
..................
..................
5,161.7
5,291.7
5,189.3
5,423.8
5,813.6
5,196.7
5,265.1
5,233.4
5,454.0
5,739.2
5,227.6
5,349.7
5,249.7
5,482.5
5,869.3
-0.2
2.5
-1.9
4.5
7.2
0.7
1.3
-0.6
4.2
5.2
54.062
59.128
62.738
65.214
67.664
54.876
59.896
63.296
65.515
67.822
54.043
59.119
62.726
65.207
67.655
54.015
59.095
62.699
65.184
67.631
9.1
9.4
6.1
3.9
3.8
10.5
9.1
5.7
3.5
3.5
9.1
9.4
6.1
4.0
3.8
9.1
9.4
6.1
4.0
3.8
1985
1986
1987
1988
1989
..................
..................
..................
..................
..................
6,053.7
6,263.6
6,475.1
6,742.7
6,981.4
6,042.1
6,271.8
6,457.2
6,734.5
6,962.2
6,093.4
6,290.6
6,500.9
6,775.2
7,015.4
4.1
3.5
3.4
4.1
3.5
5.3
3.8
3.0
4.3
3.4
69.724
71.269
73.204
75.706
78.569
69.760
71.338
73.527
76.043
78.934
69.713
71.250
73.196
75.694
78.556
69.695
71.227
73.181
75.679
78.549
3.0
2.2
2.7
3.4
3.8
2.9
2.3
3.1
3.4
3.8
3.0
2.2
2.7
3.4
3.8
3.1
2.2
2.7
3.4
3.8
1990
1991
1992
1993
1994
..................
..................
..................
..................
..................
7,112.5
7,100.5
7,336.6
7,532.7
7,835.5
7,108.5
7,115.0
7,331.1
7,522.3
7,777.8
7,155.2
7,136.8
7,371.8
7,568.6
7,864.2
1.9
-0.2
3.3
2.7
4.0
2.1
0.1
3.0
2.6
3.4
81.614
84.457
86.402
88.390
90.265
82.144
84.836
86.828
88.730
90.583
81.590
84.444
86.385
88.381
90.259
81.589
84.440
86.375
88.382
90.262
3.9
3.5
2.3
2.3
2.1
4.1
3.3
2.3
2.2
2.1
3.9
3.5
2.3
2.3
2.1
3.9
3.5
2.3
2.3
2.1
1995
1996
1997
1998
1999
..................
..................
..................
..................
..................
8,031.7
8,328.9
8,703.5
9,066.9
9,470.3
8,010.2
8,306.5
8,636.6
8,997.6
9,404.0
8,069.8
8,365.3
8,737.5
9,088.7
9,504.7
2.5
3.7
4.5
4.2
4.5
3.0
3.7
4.0
4.2
4.5
92.115
93.859
95.415
96.475
97.868
92.483
94.145
95.440
96.060
97.556
92.106
93.852
95.414
96.472
97.868
92.114
93.863
95.420
96.475
97.869
2.0
1.9
1.7
1.1
1.4
2.1
1.8
1.4
0.6
1.6
2.0
1.9
1.7
1.1
1.4
2.1
1.9
1.7
1.1
1.4
2000
2001
2002
2003
..................
..................
..................
..................
9,817.0
9,890.7
10,074.8
10,381.3
9,760.5
9,920.9
10,063.2
10,379.9
9,855.9
9,933.6
10,101.7
10,433.9
3.7
0.8
1.9
3.0
3.8
1.6
1.4
3.1
100.000
102.402
104.097
106.003
100.000
101.994
103.489
105.571
100.000
102.399
104.092
105.998
100.000
102.396
104.082
105.992
2.2
2.4
1.7
1.8
2.5
2.0
1.5
2.0
2.2
2.4
1.7
1.8
2.2
2.4
1.6
1.8
D-49
Survey of Current Business
December 2004
T a b le C .1 . G D P a n d O th e r M a jo r N IP A A g g r e g a t e s — C o n tin u e d
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (2000) dollars
Year and quarter
Percent change from
preceding period
Chain-type price indexes
[2000=100]
Implicit price deflators
[2000=100]
Percent change from preceding period
Chain-type price indexes
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Gross
domestic
product
Final sales of
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
Gross
domestic
product
Gross
domestic
purchases
Implicit price deflators
Gross
domestic
product
Gross
national
product
1959: I..................
II.................
II I
I V
2,392.9
2.455.8
2.453.9
2,462.6
2,396.9
2,440.3
2,471.1
2,462.3
2.408.1
2.471.1
2,470.3
2,479.8
7.9
10.9
-0.3
1.4
8.1
7.4
5.1
-1.4
20.680
20.711
20.770
20.853
20.296
20.326
20.379
20.460
20.704
20.704
20.753
20.840
20.680
20.681
20.730
20.817
1.8
0.6
1.1
1.6
2.1
0.6
1.0
1.6
0.9
0.0
1.0
1.7
0.9
0.0
1.0
1.7
1960: I...................
II.................
Ill................
IV ...............
2,517.4
2,504.8
2,508.7
2,476.2
2,488.1
2,511.5
2,507.9
2,519.8
2,534.1
2,521.8
2,526.5
2,494.9
9.2
-2.0
0.6
-5.1
4.3
3.8
-0.6
1.9
20.903
20.995
21.093
21.186
20.505
20.598
20.694
20.787
20.931
21.004
21.084
21.146
20.909
20.982
21.061
21.122
1.0
1.8
1.9
1.8
0.9
1.8
1.9
1.8
1.8
1.4
1.5
1.2
1.8
1.4
1.5
1.2
1961: I..................
II.................
Ill................
IV ...............
2,491.2
2.538.0
2.579.1
2,631.8
2,522.0
2,549.1
2,568.9
2,627.3
2,510.8
2,556.7
2.598.3
2.651.4
2.4
7.7
6.6
8.4
0.4
4.4
3.1
9.4
21.210
21.249
21.305
21.360
20.807
20.831
20.887
20.933
21.192
21.237
21.303
21.375
21.169
21.214
21.280
21.352
0.5
0.7
1.1
1.0
0.4
0.5
1.1
0.9
0.9
0.9
1.2
1.4
0.9
0.9
1.3
1.4
1962: I..................
II
II I
IV...............
2,679.1
2,708.4
2,733.3
2,740.0
2.659.5
2.704.5
2.725.6
2,744.5
2.698.6
2.729.7
2.754.8
2,764.5
7.4
4.4
3.7
1.0
5.0
6.9
3.2
2.8
21.482
21.538
21.596
21.671
21.041
21.109
21.163
21.241
21.501
21.533
21.585
21.653
21.479
21.511
21.564
21.632
2.3
1.0
1.1
1.4
2.1
1.3
1.0
1.5
2.4
0.6
1.0
1.3
2.4
0.6
1.0
1.3
1963: I..................
II.................
Ill................
IV ...............
2,775.9
2,810.6
2,863.5
2,885.8
2,762.8
2,809.7
2,859.4
2,889.5
2,799.4
2,833.3
2,886.6
2,909.6
5.3
5.1
7.7
3.1
2.7
7.0
7.3
4.3
21.732
21.754
21.794
21.923
21.308
21.335
21.382
21.514
21.702
21.745
21.788
21.951
21.681
21.724
21.768
21.930
1.1
0.4
0.7
2.4
1.3
0.5
0.9
2.5
0.9
0.8
0.8
3.0
0.9
0.8
0.8
3.0
1964: I..................
II.................
Ill................
IV ...............
2.950.5
2,984.8
3.025.5
3,033.6
2,952.7
2,988.1
3,025.4
3,033.2
2,976.3
3,009.6
3,051.1
3,057.5
9.3
4.7
5.6
1.1
9.0
4.9
5.1
1.0
22.001
22.073
22.180
22.282
21.596
21.674
21.769
21.860
22.016
22.073
22.160
22.270
21.995
22.053
22.140
22.250
1.4
1.3
2.0
1.9
1.5
1.5
1.8
1.7
1.2
1.0
1.6
2.0
1.2
1.1
1.6
2.0
1965: I..................
II.................
Ill................
IV ...............
3.108.2
3.150.2
3,214.1
3,291.8
3,081.0
3,136.6
3,195.5
3,282.4
3,135.2
3,178.0
3,240.0
3,315.7
10.2
5.5
8.4
10.0
6.5
7.4
7.7
11.3
22.380
22.479
22.578
22.717
21.940
22.037
22.140
22.292
22.383
22.480
22.563
22.707
22.363
22.460
22.544
22.688
1.8
1.8
1.8
2.5
1.5
1.8
1.9
2.8
2.0
1.7
1.5
2.6
2.0
1.7
1.5
2.6
1966: I..................
II.................
Ill................
IV ...............
3,372.3
3,384.0
3,406.3
3,433.7
3,337.0
3,352.4
3,380.2
3,389.6
3,396.9
3,408.7
3,430.4
3,458.9
10.1
1.4
2.7
3.3
6.8
1.9
3.4
1.1
22.857
23.071
23.293
23.498
22.416
22.629
22.831
23.018
22.855
23.048
23.291
23.505
22.837
23.029
23.272
23.486
2.5
3.8
3.9
3.6
2.2
3.9
3.6
3.3
2.6
3.4
4.3
3.7
2.7
3.4
4.3
3.7
1967: I..................
II.................
Ill................
IV ...............
3,464.1
3,464.3
3,491.8
3,518.2
3.424.2
3.460.2
3,477.8
3,508.2
3,489.0
3.488.5
3.518.5
3,544.1
3.6
0.0
3.2
3.1
4.1
4.3
2.0
3.5
23.611
23.759
23.977
24.242
23.109
23.254
23.469
23.723
23.612
23.741
23.975
24.241
23.593
23.722
23.955
24.221
1.9
2.5
3.7
4.5
1.6
2.5
3.7
4.4
1.8
2.2
4.0
4.5
1.8
2.2
4.0
4.5
1968: I..................
II.................
II I
I V
3,590.7
3,651.6
3,676.5
3,692.0
3.581.7
3.617.7
3,669.4
3,692.2
3,617.2
3,678.7
3,704.4
3,719.6
8.5
7.0
2.7
1.7
8.6
4.1
5.8
2.5
24.503
24.777
25.017
25.367
23.979
24.230
24.483
24.826
24.506
24.763
25.008
25.362
24.487
24.743
24.988
25.342
4.4
4.5
3.9
5.7
4.4
4.3
4.2
5.7
4.4
4.3
4.0
5.8
4.5
4.2
4.0
5.8
1969: I..................
II
II I
IV...............
3.750.2
3,760.9
3.784.2
3,766.3
3,730.5
3.748.6
3.767.6
3,768.1
3,778.0
3,787.7
3.810.0
3.792.1
6.5
1.1
2.5
-1.9
4.2
2.0
2.0
0.1
25.622
25.966
26.345
26.678
25.062
25.402
25.764
26.093
25.626
25.958
26.332
26.675
25.605
25.937
26.310
26.652
4.1
5.5
6.0
5.2
3.9
5.5
5.8
5.2
4.2
5.3
5.9
5.3
4.2
5.3
5.9
5.3
1970: I..................
II.................
Ill................
IV...............
3.760.0
3.767.1
3,800.5
3,759.8
3,778.0
3,771.0
3,804.6
3,797.2
3,786.3
3.794.3
3.827.4
3.784.5
-0.7
0.8
3.6
-4.2
1.1
-0.7
3.6
-0.8
27.051
27.437
27.655
28.009
26.474
26.841
27.093
27.449
27.056
27.428
27.647
28.004
27.034
27.406
27.624
27.982
5.7
5.8
3.2
5.2
6.0
5.7
3.8
5.4
5.8
5.6
3.2
5.3
5.9
5.6
3.2
5.3
1971: 1..................
II.................
Ill................
IV ...............
3,864.1
3.885.9
3,916.7
3.927.9
3,844.7
3,871.3
3,905.2
3,952.5
3,893.1
3.916.4
3.944.4
3,957.1
11.6
2.3
3.2
1.1
5.1
2.8
3.5
4.9
28.429
28.809
29.097
29.329
27.854
28.230
28.539
28.779
28.425
28.798
29.089
29.322
28.403
28.777
29.069
29.300
6.1
5.5
4.1
3.2
6.0
5.5
4.5
3.4
6.2
5.4
4.1
3.2
6.2
5.4
4.1
3.2
1972: I..................
II.................
Ill................
IV ...............
3.997.7
4.092.1
4.131.1
4.198.7
4,006.9
4,073.0
4,109.6
4,204.8
4.028.1
4.122.1
4,163.5
4,231.0
7.3
9.8
3.9
6.7
5.6
6.8
3.6
9.6
29.814
29.989
30.264
30.620
29.234
29.437
29.728
30.078
29.781
29.959
30.250
30.652
29.759
29.937
30.229
30.631
6.8
2.4
3.7
4.8
6.5
2.8
4.0
4.8
6.4
2.4
3.9
5.4
6.4
2.4
4.0
5.4
1973: I..................
II.................
II I
I V
4.305.3
4,355.1
4,331.9
4.373.3
4.296.4
4.317.4
4,322.6
4,327.3
4,342.5
4,394.6
4,377.8
4,419.5
10.6
4.7
-2.1
3.9
9.0
2.0
0.5
0.4
31.025
31.542
32.147
32.703
30.478
31.052
31.625
32.218
31.020
31.500
32.114
32.750
31.000
31.481
32.095
32.731
5.4
6.8
7.9
7.1
5.4
7.7
7.6
7.7
4.9
6.3
8.0
8.2
4.9
6.4
8.0
8.2
1974: I..................
II.................
Ill................
IV ...............
4,335.4
4,347.9
4.305.8
4.288.9
4.322.7
4.328.7
4,316.3
4,254.5
4,389.4
4,399.1
4,352.4
4,329.3
-3.4
1.2
-3.8
-1.6
-0.4
0.6
-1.1
-5.6
33.371
34.110
35.164
36.240
33.068
34.007
35.045
36.062
33.376
34.162
35.166
36.218
33.354
34.137
35.141
36.188
8.4
9.2
12.9
12.8
11.0
11.9
12.8
12.1
7.9
9.8
12.3
12.5
7.8
9.7
12.3
12.5
D-50
National Data
December 2004
TableC.1. GDPand Other Major NIPAAggregates— Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (2000) dollars
Year and quarter
1975: I...
11..
III.
IV.
1976: I...
11..
III.
IV.
1977: I...
11..
III.
IV.
1978: I...
11..
III.
IV.
1979: I...
11..
III.
IV.
1980: I...
11..
III.
IV.
1981: I...
11..
III.
IV.
1982: I...
11..
III.
IV.
1983: I...
11..
III.
IV.
1984: I...
11..
III.
IV.
1985: I...
11..
III.
IV.
1986: I...
11..
III.
IV.
1987: I...
11..
III.
IV.
1988: I...
11..
III.
IV.
1989: I...
11..
III.
IV.
1990: I...
11..
III.
IV.
Percent change from
preceding period
Chain-type price indexes
[
= ]
2000 100
Implicit price deflators
[
= ]
2000 100
Percent change from preceding period
Chain-type rice indexes
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Gross
domestic
product
Final sales of
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
Gross
domestic
product
Gross
domestic
purchases
4,237.6
4,268.6
4,340.9
4,397.8
4,287.8
4,331.0
4,370.1
4,421.1
4,271.5
4,302.8
4,377.7
4,441.7
-4.7
3.0
6.9
5.4
3.2
4.1
3.7
4.8
37.077
37.622
38.324
39.005
36.849
37.412
38.060
38.724
37.050
37.614
38.313
38.987
37.022
37.586
38.288
38.961
4,496.8
4,530.3
4,552.0
4,584.6
4,482.1
4,496.3
4,523.7
4,587.1
4,539.3
4,574.6
4,596.7
4,630.4
9.3
3.0
1.9
2.9
5.6
1.3
2.5
5.7
39.443
39.866
40.405
41.096
39.163
39.595
40.168
40.828
39.418
39.840
40.385
41.122
39.396
39.818
40.365
41.101
4,640.0
4,731.1
4,815.8
4,815.3
4,631.5
4,705.5
4,755.2
4,794.1
4,692.2
4,782.3
4,866.4
4,860.4
4.9
3.9
6.5
4.3
3.3
41.781
42.452
43.036
43.762
41.591
42.306
42.950
43.688
41.796
42.401
42.917
43.852
41.773
42.381
42.899
43.831
5.6
6.9
7.1
4,830.8
5,021.2
5,070.7
5,137.4
4,799.5
4,989.9
5,036.0
5,100.6
4,882.9
5,064.7
5,118.2
5,191.9
0.5
16.8
3.7
5.2
44.493
45.350
46.133
47.074
44.410
45.266
46.048
46.928
44.505
45.321
46.072
47.047
44.483
45.301
46.052
47.027
6.9
7.9
7.1
8.4
7.9
7.1
7.9
5,147.4
5,152.3
5,189.4
5,204.7
5,117.8
5,117.9
5,192.3
5,216.9
5,203.1
5,214.9
5,263.8
5,278.6
1.4
47.828
49.044
50.289
51.515
47.876
49.058
50.115
51.117
47.857
49.034
50.093
51.093
7.5
10.1
8.5
8.1
7.9
0.4
2.9
47.929
49.092
50.102
51.088
5,221.3
5,115.9
5,107.4
5,202.1
5,227.3
5,126.2
5,193.5
5,239.7
5,296.5
5,185.5
5,173.0
5,255.6
1.3
-7.8
-0.7
7.6
52.209
53.362
54.572
56.105
52.930
54.220
55.446
56.907
52.195
53.349
54.560
56.071
52.172
53.324
54.534
56.043
9.1
9.1
9.4
11.7
5,307.5
5,266.1
5,329.8
5,263.4
5,261.7
5,272.8
5,278.5
5,247.4
5,364.5
5,319.8
5,386.8
5,327.3
8.4
-3.1
4.9
-4.9
57.566
58.582
59.661
60.704
58.397
59.434
60.355
61.400
57.517
58.598
59.641
60.729
57.492
58.571
59.616
60.706
10.8
5,177.1
5,204.9
5,185.2
5,189.8
5,232.9
5,230.5
5,196.6
5,273.3
5,237.7
5,272.8
5,242.9
5,245.3
-6.4
61.563
62.330
63.193
63.866
62.213
62.883
63.717
64.372
61.555
62.302
63.182
63.863
5,253.8
5,372.3
5,478.4
5,590.5
5,329.2
5,404.6
5,505.1
5,577.0
5,308.8
5,430.9
5,538.0
5,652.4
5.0
9.3
4.3
5.8
7.7
5.3
64.413
64.881
65.542
66.020
64.768
65.213
65.849
66.231
5,699.8
5,797.9
5,854.3
5,902.4
5,614.4
5,717.5
5,770.2
5,854.6
5,757.1
5,855.5
5,911.3
5,953.2
7.1
3.9
3.3
2.7
7.5
3.7
66.838
67.439
67.989
68.392
5,956.9
6,007.8
6,101.7
6,148.6
5,953.0
5,998.5
6,095.8
,
3.8
3.5
6.4
3.1
6.9
3.1
6121.2
5,997.4
6,050.8
6,137.4
6,188.2
6,207.4
6,232.0
6,291.7
6,323.4
6,184.1
6,230.5
6,317.8
6,355.0
6,242.5
6,257.3
6,320.1
6,342.8
3.9
6,365.0
6,435.0
6,493.4
6,606.8
6,344.4
6,431.4
6,510.8
6,542.5
6,386.8
6,461.8
6,519.5
6,635.4
2.7
4.5
3.7
7.2
6,639.1
6,723.5
6,759.4
6,848.6
6,637.2
6,716.4
6,749.5
6,835.1
6,675.0
6,756.2
6,788.9
6,880.9
2.0
5.2
2.1
6,918.1
6,963.5
7,013.1
7,030.9
6,873.3
6,933.6
7,015.3
7,026.8
6,950.1
6,993.9
7,046.2
7,071.4
7,112.1
7,130.3
7,130.8
7,076.9
7,110.6
7,103.8
7,118.3
7,101.3
7,150.0
7,169.9
7,163.9
7,137.1
8.1
7.4
0.0
1.3
16.7
4.0
5.4
0.8
0.0
9.6
Implicit price deflators
Gross
domestic
product
Gross
national
product
9.0
6.3
7.1
7.2
9.5
7.7
7.3
6.2
6.2
4.6
4.4
5.5
7.0
4.6
4.5
5.9
6.7
4.5
4.4
5.6
7.5
4.5
4.4
5.6
7.5
6.8
6.6
7.7
7.1
6.7
5.9
5.0
9.0
6.7
6.1
7.5
6.8
6.1
7.6
6.8
7.2
7.2
6.0
6.2
6.8
7.6
7.2
8.7
9.5
7.7
7.2
6.0
5.0
9.0
8.7
10.6
10.1
10.2
8.9
8.2
10.2
8.9
8.2
11.4
10.1
9.4
11.0
8.7
9.1
9.4
11.5
8.7
9.1
9.4
11.5
7.2
7.6
7.2
10.9
7.3
6.3
7.1
10.7
7.7
7.3
7.5
10.8
61.530
62.276
63.155
63.837
5.8
5.1
5.7
4.3
5.4
4.4
5.4
4.2
5.6
4.9
5.8
4.4
5.5
4.9
5.8
4.4
64.388
64.853
65.517
3.5
2.9
4.1
2.9
2.5
66.012
64.363
64.831
65.495
65.991
3.3
2.9
4.2
3.1
3.3
2.9
4.2
3.1
67.052
67.647
68.114
68.476
66.837
67.414
67.953
68.385
66.815
67.392
67.930
68.359
5.0
3.6
3.3
2.4
5.1
3.5
3.2
5.1
3.5
3.2
69.155
69.550
69.838
70.289
69.127
69.529
69.827
70.276
4.6
2.3
1.7
4.6
2.3
1.7
1.7
69.137
69.537
69.907
70.459
4.7
6.6
69.180
69.542
69.876
70.299
4.2
3.0
5.7
2.4
70.660
71.001
71.455
71.960
70.851
70.985
71.493
72.025
70.652
71.015
71.426
71.893
70.635
70.993
71.401
71.866
-0.7
5.6
5.0
72.514
72.904
73.450
73.948
72.728
73.229
73.819
74.332
72.487
72.882
73.425
73.958
5.9
4.9
2.0
5.2
74.564
75.296
76.178
76.786
74.975
75.706
76.406
77.086
4.1
2.3
3.6
4.8
0.7
77.588
78.342
78.913
79.433
4.7
4.9
-0.4
80.389
81.326
82.053
82.689
5.9
1.9
1.2
2.2
-1.5
0.4
0.8
-7.5
5.4
3.6
1.7
0.8
0.4
-2.3
-
8.1
8.4
8.1
6.0
1.6
2.0
3.9
2.0
5.4
2.6
2.9
1.0
1.0
0.0
-3.0
1.1
0.2
2.6
6.0
-
0.8
1.0
2.1
1.9
2.4
2.1
1.9
2.6
10.5
2.8
4.0
2.3
5.1
3.6
2.8
2.1
3.9
2.3
2.1
3.2
2.2
0.8
2.6
7.7
7.3
7.5
2.6
2.6
2.1
2.1
2.3
2.6
2.6
2.1
2.0
2.3
2.6
3.3
2.9
2.9
3.0
72.465
72.870
73.412
73.944
3.1
4.0
3.0
2.7
2.8
3.3
2.8
3.0
2.9
3.4
2.3
3.0
2.9
74.587
75.300
76.141
76.712
74.571
75.285
76.124
76.700
3.4
4.0
4.8
3.2
3.5
4.0
3.8
3.6
3.4
3.9
4.5
3.0
3.4
3.9
4.5
3.1
77.937
78.764
79.227
79.807
77.580
78.324
78.879
79.425
77.566
78.316
78.875
79.422
4.2
3.9
2.9
2.7
4.5
4.3
2.4
3.0
4.6
3.9
2.9
4.6
3.9
2.9
80.878
81.629
82.531
83.536
80.375
81.311
82.031
82.646
80.376
81.301
82.028
82.652
4.9
4.7
3.6
3.1
5.5
3.8
4.5
5.0
4.9
4.7
3.6
3.0
4.9
4.7
3.6
3.1
2.2
2.2
2.8
2.8
December 2004
D-51
S u r v e y o f C u r r e n t B u s in e s s
Table C.1. GDPand Other Major NIPAAggregates— Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (2000) dollars
Year and quarter
Percent change from
preceding period
Chain-type price indexes
[2000=100]
Implicit price deflators
[2000=100]
Percent change from preceding period
Chain-type price indexes
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Gross
domestic
product
Final sales of
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
Gross
domestic
product
Gross
domestic
purchases
Implicit price deflators
Gross
domestic
product
Gross
national
product
1991: I....
11...
111..
IV.
7,040.8
7,086.5
7,120.7
7,154.1
7,071.5
7,120.2
7,134.6
7,133.8
7,087.0
7,119.1
7,149.3
7,191.8
-2.0
2.6
1.9
1.9
-1.7
2.8
0.8
0.0
83.662
84.194
84.772
85.200
84.197
84.533
85.058
85.556
83.626
84.165
84.762
85.206
83.623
84.164
84.758
85.202
4.8
2.6
2.8
2.0
3.2
1.6
2.5
2.4
4.8
2.6
2.9
2.1
4.8
2.6
2.9
2.1
1992: I....
11...
111..
IV.
7,228.2
7,297.9
7,369.5
7,450.7
7,239.3
7,284.3
7,360.5
7,440.3
7,265.5
7,334.5
7,402.6
7,485.0
4.2
3.9
4.0
4.5
6.0
2.5
4.2
4.4
85.766
86.212
86.587
87.042
86.093
86.588
87.098
87.531
85.721
86.190
86.580
87.029
85.710
86.181
86.567
87.019
2.7
2.1
1.8
2.1
2.5
2.3
2.4
2.0
2.4
2.2
1.8
2.1
2.4
2.2
1.8
2.1
1993: I....
11...
111..
IV.
7,459.7
7,497.5
7,536.0
7,637.4
7,431.2
7,483.7
7,540.6
7,633.7
7,502.4
7,532.8
7,577.7
7,661.5
0.5
2.0
2.1
5.5
-0.5
2.9
3.1
5.0
87.729
88.204
88.599
89.030
88.076
88.595
88.916
89.331
87.707
88.190
88.570
89.038
87.705
88.189
88.574
89.048
3.2
2.2
1.8
2.0
2.5
2.4
1.5
1.9
3.2
2.2
1.7
2.1
3.2
2.2
1.8
2.2
1994: I....
11...
111..
IV.
7,715.1
7,815.7
7,859.5
7,951.6
7,677.5
7,737.2
7,814.3
7,882.3
7,747.2
7,843.7
7,886.8
7,979.2
4.1
5.3
2.3
4.8
2.3
3.1
4.0
3.5
89.598
89.980
90.525
90.958
89.800
90.271
90.921
91.340
89.578
89.954
90.530
90.952
89.583
89.963
90.527
90.953
2.6
1.7
2.4
1.9
2.1
2.1
2.9
1.9
2.4
1.7
2.6
1.9
2.4
1.7
2.5
1.9
1995: I....
11...
111..
IV.
7,973.7
7,988.0
8,053.1
8,112.0
7,918.7
7,962.3
8,055.0
8,104.8
8,014.3
8,032.0
8,081.0
8,152.0
1.1
0.7
3.3
3.0
1.9
2.2
4.7
2.5
91.554
91.891
92.281
92.734
91.877
92.329
92.662
93.065
91.530
91.859
92.289
92.733
91.534
91.868
92.299
92.743
2.6
1.5
1.7
2.0
2.4
2.0
1.5
1.8
2.6
1.4
1.9
1.9
2.6
1.5
1.9
1.9
1996: I....
11...
111..
IV.
8,169.2
8,303.1
8,372.7
8,470.6
8,175.4
8,285.8
8,319.9
8,444.7
8,213.3
8,337.6
8,402.7
8,507.6
2.9
6.7
3.4
4.8
3.5
5.5
1.7
6.1
93.302
93.615
94.064
94.455
93.602
93.897
94.286
94.796
93.328
93.659
93.951
94.450
93.338
93.671
93.962
94.458
2.5
1.3
1.9
1.7
2.3
1.3
1.7
2.2
2.6
1.4
1.3
2.1
2.6
1.4
1.2
2.1
1997: I....
11...
III.
IV.
8,536.1
8,665.8
8,773.7
8,838.4
8,507.3
8,574.6
8,705.7
8,758.6
8,566.0
8,707.0
8,808.7
8,868.1
3.1
6.2
5.1
3.0
3.0
3.2
6.3
2.5
94.963
95.291
95.541
95.864
95.189
95.296
95.494
95.781
95.054
95.206
95.534
95.846
95.058
95.212
95.542
95.851
2.2
1.4
1.1
1.4
1.7
0.5
0.8
1.2
2.6
0.6
1.4
1.3
2.6
0.6
1.4
1.3
1998: I....
11...
111..
IV
8,936.2
8,995.3
9,098.9
9,237.1
8,821.1
8,948.7
9,038.4
9,182.2
8,965.5
9,022.2
9,112.2
9,255.2
4.5
2.7
4.7
6.2
2.9
5.9
4.1
6.5
96.096
96.284
96.620
96.901
95.773
95.881
96.141
96.444
96.089
96.249
96.600
96.934
96.091
96.254
96.604
96.932
1.0
0.8
1.4
1.2
0.0
0.5
1.1
1.3
1.0
0.7
1.5
1.4
1.0
0.7
1.5
1.4
1999: I...
11...
111..
IV
9,315.5
9,392.6
9,502.2
9,671.1
9,239.7
9,353.7
9,453.5
9,569.3
9,346.7
9,429.1
9,532.7
9,710.4
3.4
3.4
4.8
7.3
2.5
5.0
4.3
5.0
97.274
97.701
98.022
98.475
96.761
97.317
97.790
98.356
97.328
97.674
98.013
98.432
97.330
97.675
98.014
98.433
1.5
1.8
1.3
1.9
1.3
2.3
2.0
2.3
1.6
1.4
1.4
1.7
1.7
1.4
1.4
1.7
2000: I...
11..
111..
IV
9,695.6
9,847.9
9,836.6
9,887.7
9,668.8
9,748.4
9,780.4
9,844.3
9,729.0
9,885.3
9,867.8
9,941.6
1.0
6.4
-0.5
2.1
4.2
3.3
1.3
2.6
99.292
99.780
100.241
100.687
99.275
99.714
100.283
100.727
99.317
99.745
100.259
100.666
99.311
99.741
100.262
100.672
3.4
2.0
1.9
1.8
3.8
1.8
2.3
1.8
3.6
1.7
2.1
1.6
3.6
1.7
2.1
1.6
2001: I...
11..
III.
IV
9,875.6
9,905.9
9,871.1
9,910.0
9,883.2
9,908.7
9,899.9
9,992.3
9,913.6
9,949.8
9,887.7
9,983.1
-0.5
1.2
-1.4
1.6
1.6
1.0
-0.4
3.8
101.507
102.290
102.690
103.122
101.403
101.974
102.223
102.378
101.478
102.252
102.675
103.191
101.480
102.248
102.671
103.183
3.3
3.1
1.6
1.7
2.7
2.3
1.0
0.6
3.3
3.1
1.7
2.0
3.2
3.1
1.7
2.0
2002: I...
11..
III.
IV
9,993.5
10,052.6
10,117.3
10,135.9
10,000.4
10,044.9
10,095.2
10,112.5
10,017.2
10,068.9
10,142.4
10,178.4
3.4
2.4
2.6
0.7
0.3
1.8
2.0
0.7
103.470
103.853
104.280
104.786
102.673
103.298
103.747
104.237
103.450
103.911
104.243
104.752
103.439
103.901
104.232
104.743
1.4
1.5
1.7
2.0
1.2
2.5
1.8
1.9
1.0
1.8
1.3
2.0
1.0
1.8
1.3
2.0
2003: I
11..
III.
IV
10,184.4
10,287.4
10,472.8
10,580.7
10,173.3
10,302.5
10,473.9
10,569.6
10,220.3
10,330.8
10,521.7
10,663.3
1.9
4.1
7.4
4.2
2.4
5.2
6.8
3.7
105.490
105.780
106.158
106.586
105.190
105.287
105.721
106.086
105.500
105.799
106.148
106.523
105.490
105.791
106.146
106.516
2.7
1.1
1.4
1.6
3.7
0.4
1.7
1.4
2.9
1.1
1.3
1.4
2.9
1.1
1.3
1.4
2004: I...
11..
10,697.5
10,784.7
10,889.7
10,655.8
10,722.3
10,852.0
10,766.7
10,818.7
10,930.0
4.5
3.3
3.9
3.3
2.5
4.9
107.314
108.169
108.519
106.980
107.913
108.398
107.246
108.093
108.452
107.240
108.087
108.451
2.8
3.2
1.3
3.4
3.5
1.8
2.7
3.2
1.3
2.7
3.2
1.4
December 2004
D-52
D. Domestic Perspectives
This table presents data collected from other government agencies and private organizations, as noted.
Quarterly data are shown in the m iddle m onth o f the quarter.
Table D.1. Domestic Perspectives
2004
2003
2002
2003
Oct.
Nov.
Dec.
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Consumer and producer prices (monthly data seasonally adjusted)1
Consumer price index for all urban consumers,
1982-84=100:
All items.........................................................
Commodities.............................................
Services....................................................
All items less food and energy......................
Food..........................................................
Energy.......................................................
179.9
149.7
209.8
190.5
176.2
121.7
184.0
151.2
216.5
193.2
180.0
136.5
184.9
151.2
218.4
194.0
181.8
137.8
184.6
150.5
218.4
194.0
182.6
133.7
184.9
150.7
218.9
194.1
183.5
134.1
185.8
151.7
219.5
194.4
183.5
140.4
186.3
152.4
220.0
194.8
183.8
142.8
187.2
153.4
220.8
195.5
184.1
145.5
187.6
153.4
221.6
196.0
184.4
145.7
188.8
155.2
222.1
196.4
186.1
152.4
189.4
155.8
222.8
196.6
186.4
156.4
189.3
155.0
223.4
196.8
186.9
153.4
189.4
154.8
223.7
196.9
187.0
153.0
189.7
155.0
224.3
197.5
187.0
152.4
190.9
157.0
224.5
197.9
188.1
158.8
Producer price index, 1982=100:
Finished goods.......................
Consumer goods................
Capital equipment..............
Less food and energy.........
Intermediate materials............
Less food and energy.........
Crude materials......................
Less energy.....
138.9
139.4
139.1
150.2
127.8
135.8
108.1
135.7
143.3
145.3
139.5
150.5
133.7
138.5
135.3
152.5
144.7
147.1
140.0
151.2
134.4
139.1
137.9
160.3
144.5
146.7
140.1
151.2
134.4
139.3
137.9
167.2
144.8
147.2
139.9
151.0
134.9
139.6
142.6
172.2
145.7
148.4
140.2
151.5
136.1
140.4
148.4
178.5
145.8
148.6
139.9
151.4
137.4
141.7
150.7
189.3
146.7
149.6
140.4
151.8
138.5
142.9
153.1
194.6
147.7
150.9
140.5
152.0
140.4
144.5
155.9
186.3
148.6
152.1
140.9
152.3
141.8
145.7
160.9
176.7
148.3
151.5
141.4
152.7
142.5
146.1
162.1
175.9
148.5
151.6
141.7
153.0
143.5
147.1
161.0
191.4
148.4
151.4
141.6
152.8
144.9
148.5
159.8
200.1
148.5
151.4
142.1
153.3
145.1
149.5
153.1
195.1
151.0
154.6
142.7
153.8
146.4
149.9
159.7
205.7
Money, interest rates, and stock prices
Money stock (monthly and quarterly data
seasonally adjusted):2
Percent change:
M 1.................................................................
M 2.................................................................
Ratio:
Gross domestic product to M 1.....................
Personal income to M2..................................
8.798
1.581
Interest rates (percent, not seasonally adjusted):2
Prime rate charged by banks............................
3-month Treasury bills, secondary market........
3-year U.S. Treasury bonds...............................
10-year U.S. Treasury bonds.............................
Federal funds rate.............................................
New home mortgages.......................................
Index of stock prices (not seasonally adjusted):3
500 common stocks, 1941-43=10...................
0.21
-0.24
-0.05
-0.05
0.78
-0.05
-0.46
0.13
1.51
0.83
1.48
0.78
-0.21
0.80
-0.07
1.17
1.00
0.15
-0.88
-0.11
1.29
0.14
0.25
0.47
-0.07
0.20
8.706
1.527
1.528
8.758
1.539
1.546
1.549
8.778
1.543
1.538
1.536
8.783
1.527
1.528
1.532
8.836
1.536
1.532
1.538
4.68
1.60
3.10
4.61
1.67
6.54
4.12
1.01
2.11
4.02
1.13
5.82
4.00
0.92
2.26
4.29
1.01
5.95
4.00
0.93
2.45
4.30
1.00
5.93
4.00
0.90
2.44
4.27
0.98
5.88
4.00
0.88
2.27
4.15
1.00
5.71
4.00
0.93
2.25
4.08
1.01
5.64
4.00
0.94
2.00
3.83
1.00
5.45
4.00
0.94
2.57
4.35
1.00
5.83
4.00
1.02
3.10
4.72
1.00
6.27
4.01
1.27
3.26
4.73
1.03
6.29
4.25
1.33
3.05
4.50
1.26
6.06
4.43
1.48
2.88
4.28
1.43
5.87
4.58
1.65
2.83
4.13
1.61
5.75
4.75
1.76
2.85
4.10
1.76
5.72
993.94
965.23
1,038.73
1,049.90
1,080.64
1,132.52
1,143.36
1,123.98
1,133.08
1,102.78
1,132.76
1,105.85
1,088.94
1,117.66
1,118.07
Labor markets (thousands, monthly and quarterly data seasonally adjusted, unless otherwise noted)1
Civilian labor force.................................................
Labor force participation rates (percent):
Total....................................................................
Males, age 20 and over.................................
Females, age 20 and over.............................
Both sexes, age 16-19..................................
Civilian employment..............................................
Ratio, civilian employment to working-age
population (percent)..........................................
Employees on nonagricultural payrolls.................
Goods-producing industries..............................
Services-producing industries..........................
Hours of production workers:
Average weekly hours, total private sector.......
Average weekly hours, manufacturing..............
Average weekly overtime hours, manufacturing
Number of persons unemployed............................
Unemployment rates (percent):
Total....................................................................
Males, age 20 and over.................................
Females, age 20 and over.............................
Both sexes, age 16-19..................................
15 weeks and over............................................
Average weeks unemployed..................................
Median weeks unemployed...................................
Productivity and costs, nonfarm business sector,
1992=100:
Indexes:
Output per hour of all persons.......................
Unit labor costs..............................................
Hourly compensation.....................................
Percent change from preceding period, annual
rate:
Output per hour.............................................
Unit labor costs..............................................
Real hourly compensation.............................
Seefootnotesatendoftable.
144,863
146,510
146,892
147,187
146,878
146,863
146,471
146,650
146,741
146,974
147,279
147,856
147,704
147,483
147,850
66.6
76.3
60.5
47.4
136,485
66.2
75.9
60.6
44.5
137,736
66.2
75.9
60.5
43.7
138,095
66.2
76.1
60.5
43.8
138,533
66.0
75.9
60.4
43.2
138,479
66.1
76.0
60.2
44.4
138,566
65.9
75.6
60.3
43.6
138,301
65.9
75.7
60.3
42.9
138,298
65.9
75.5
60.3
43.7
138,576
65.9
75.6
60.3
43.9
138,772
66.0
75.8
60.3
43.3
139,031
66.2
75.9
60.5
44.1
139,660
66.0
75.9
60.2
44.1
139,681
65.9
75.6
60.2
43.4
139,480
65.9
75.7
60.3
43.8
139,778
62.7
62.3
62.2
62.3
62.2
62.4
62.2
62.1
62.2
62.2
62.3
62.5
62.4
62.3
62.3
129,944
21,674
108,270
130,027
21,686
108,341
130,035
21,668
108,367
130,194
21,696
108,498
130,277
21,684
108,593
130,630
21,778
108,852
130,954
21,822
109,132
131,162
21,894
109,268
131,258
21,891
109,367
131,343
21,906
109,437
131,541
21,939
109 602
131,660
21 958
109 702
131,963
22 020
109 943
33.9
40.5
4.2
33.7
40.4
4.2
33.7
40.5
4.3
33.8
40.8
4.5
33.6
40.6
4.5
33.8
41.0
4.5
33.8
41.0
4.6
33.8
40.9
4.6
33.7
40.7
4.5
33.8
41.1
4.6
33.6
40.8
4.6
33.8
40.8
4.6
33.7
40.9
4.6
33.8
40.8
4.6
33.8
40.6
4.5
8,378
8,774
8,797
8,653
8,398
8,297
8,170
8,352
8,164
8,203
8,248
8,196
8,022
8,003
8,072
5.8
5.3
5.1
16.5
2.0
16.6
9.1
6.0
5.6
5.1
17.5
2.3
19.2
10.1
6.0
5.6
5.2
17.1
2.4
19.4
10.3
5.9
5.6
5.1
15.7
2.4
20.0
10.4
5.7
5.3
5.1
16.1
2.3
19.6
10.4
5.6
5.1
5.0
16.7
2.3
19.8
10.7
5.6
5.1
4.9
16.6
2.2
20.3
10.3
5.7
5.2
5.1
16.5
2.3
20.1
10.3
5.6
5.0
5.0
16.9
2.0
19.7
9.5
5.6
5.2
4.8
17.2
2.1
20.0
10.0
5.6
5.0
5.0
16.8
2.1
19.9
10.8
5.5
4.9
4.9
17.6
1.9
18.6
8.9
5.4
5.0
4.7
17.0
2.0
19.0
9.4
5.4
5.0
4.7
16.6
2.0
19.6
9.5
5.5
4.9
4.8
17.2
2.1
19.6
9.5
123.5
116.5
143.8
129.0
116.1
149.7
131.7
115.9
152.5
132.8
115.4
153.3
134.1
115.7
155.2
1347
1162
156.5
4.4
-1.1
1.6
4.4
-0.4
1.7
3.1
1.2
3.6
3.7
-1.6
-1.6
3.9
1.0
0.2
19
16
17
December 2004
Survey of Current Business
D-53
Table D.1. Domestic Perspectives
2002
2003
2004
2003
Oct.
Nov.
Dec.
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Construction (monthly data seasonally adjusted at annual rates)'
New construction put in place (billions of dollars)...
Private construction............................................
Residential buildings......................................
Other..............................................................
Public construction.............................................
871.3
651.7
421.9
229.8
219.6
915.7
690.0
476.1
213.9
225.7
942.2
714.1
495.6
218.6
228.0
947.7
721.1
504.2
216.9
226.6
948.9
727.0
511.3
215.7
222.0
946.5
724.0
513.9
210.1
222.6
952.2
732.1
516.4
215.7
220.1
973.9
738.7
522.2
216.5
235.2
986.4
747.5
525.9
221.6
238.9
992.8
756.4
535.5
220.9
236.3
996.4
758.9
538.5
220.4
237.4
1,005.1
767.1
543.3
223.8
238.0
1,007.9
777.0
552.7
224.3
231.0
1,009.0
776.0
551.1
224.8
233.1
1,009.4
773.4
549.4
224.0
236.0
Housing starts (thousands of units):
Total....................................................................
1-unit structures..................................................
1,705
1,359
1,848
1,499
1,983
1,644
2,054
1,670
2,067
1,657
1,934
1,565
1,895
1,521
2,000
1,624
1,963
1,615
1,979
1,654
1,817
1,520
1,985
1,661
2,018
1,685
1,905
1,556
2,027
1,645
973
1,086
1,141
1,086
1,120
1,155
1,165
1,270
1,176
1,244
1,198
1,095
1,144
1,224
1,226
New 1-family houses sold (thousands of units)
Manufacturing and trade inventories and sales (millions of dollars, monthly data seasonally adjusted) ‘
Inventories:
Total manufacturing and trade
Manufacturing....................
Retail trade........................
Merchant wholesalers.......
Sales:
Total manufacturing and trade
Manufacturing....................
Retail trade........................
Merchant wholesalers.......
1,177,496 1,181,735 1,185,477 1,187,402 1,197,124 1,205,977 1,214,579 1,222,744 1,236,066 1,248,260 1,257,121 1,258,330
438,680 438,126 438,584 440,029 442,798 444,579 446,699 449,946 454,310 458,681 461,975 463,262
446,267 450,075 451,458 451,357 454,614 460,087 465,891 466,569 472,012 475,225 477,465 475,767
292,549 293,534 295,435 296,016 299,712 301,311 301,989 306,229 309,744 314,354 317,681 319,301
9,864,160 10,283,973
3,891,753 3,999,124
3,230,122 3,399,544
2,742,285 2,885,305
Inventory-sales ratio:
Total manufacturing and trade
Manufacturing....................
Retail trade........................
Merchant wholesalers.......
873,336
339,825
287,081
246,430
879,925
341,454
290,734
247,737
891,329
348,485
291,318
251,526
894,394
348,477
292,253
253,664
902,285
348,157
295,019
259,109
931,224
362,925
301,790
266,509
930,732
362,569
299,146
269,017
938,211
364,705
303,683
269,823
940,345
368,804
301,306
270,235
948,939
372,105
304,355
272,479
954,299
375,537
303,549
275,213
956,759
371,302
308,606
276,851
1.35
1.29
1.55
1.19
1.34
1.28
1.55
1.18
1.33
1.26
1.55
1.17
1.33
1.26
1.54
1.17
1.33
1.27
1.54
1.16
1.30
1.22
1.52
1.13
1.30
1.23
1.56
1.12
1.30
1.23
1.54
1.13
1.31
1.23
1.57
1.15
1.32
1.23
1.56
1.15
1.32
1.23
1.57
1.15
1.32
1.25
1.54
1.15
Industrial production indexes and capacity utilization rates (monthly data seasonally adjusted):
Industrial production indexes, 1997=100:
Total....................................................
Final products.................................
Consumer goods.......................
Business equipment..................
Nonindustrial supplies...................
Materials.........................................
110.9
107.6
106.8
109.5
108.6
115.1
111.1
107.5
106.1
110.4
109.0
115.7
111.8
107.7
106.0
110.8
109.6
116.9
112.9
108.9
107.1
112.7
110.4
117.9
113.1
109.1
107.3
113.2
110.8
118.2
113.8
109.8
108.1
114.4
111.3
118.9
114.8
110.8
108.8
116.2
112.1
119.8
114.7
110.7
108.5
116.2
112.2
119.7
115.3
111.0
108.6
117.3
113.8
120.2
116.2
111.9
109.2
119.1
114.9
121.2
115.9
111.4
108.3
119.8
114.9
120.9
116.7
112.5
108.6
123.5
115.6
121.5
116.7
112.6
109.2
122.0
115.1
121.4
116.8
112.8
109.3
122.6
115.4
121.3
117.6
113.5
109.9
123.3
116.2
122.3
Capacity utilization rates (percent):
Total industry......................................
Manufacturing.....................................
75.6
73.9
74.8
73.4
75.0
73.6
75.7
74.4
75.8
74.4
76.2
74.5
76.7
75.3
76.6
75.5
76.8
75.9
77.4
76.3
77.0
76.1
77.5
76.6
77.3
76.7
77.3
76.4
77.7
76.8
Credit market borrowing (billions of dollars, quarterly data seasonally adjusted at annual rates):
All sectors, by instrument:
Total......................................................
Open market paper.........................
Treasury securities...........................
Agency- and GSE-backed securities
Municipal securities..........................
Corporate and foreign bonds...........
Bank loans, n.e.c..............................
Other loans and advances..............
Mortgages........................................
Consumer credit...............................
Sources:
1. Bureau of Labor Statistics
2. Federal Reserve Board
3. Standard and Poor’s, Inc.
2,158.9
-91.5
257.1
547.2
159.4
431.8
-80.6
24.7
833.4
77.4
2,640.3
-81.6
398.4
571.7
135.1
572.9
-94.5
39.1
1,016.2
83.0
2,474.3
-168.5
368.6
566.0
107.7
648.4
-98.0
110.6
894.4
45.1
2,757.5
284.2
482.9
84.8
167.4
394.2
-28.0
95.3
1,152.2
124.4
4. Bureau of the Census
GSE Government-sponsored enterprises
n.e.c. Not elsewhere classified
2,578.7
14.2
448.6
304.6
98.8
386.9
64.3
140.1
1,076.3
45.0
D-54
December 2004
E. C h a rts
T h e p e r c e n t c h a n g e s s h o w n i n t h i s s e c t io n a r e b a s e d o n q u a r t e r - t o - q u a r t e r c h a n g e s a n d a re e x p r e s s e d a t s e a s o n a lly a d ju s t e d
a n n u a l ra te s . T h e l e v e ls o f s e rie s a r e a ls o e x p r e s s e d a t s e a s o n a lly a d ju s t e d a n n u a l ra t e s as a p p r o p r i a t e .
SELECTED NIPA SERIES
C h ain ed (2 0 0 0 ) dollars
Apr Feb
Dec Nov
4 0 ,0 0 0 ---------------REAL GROSS DOMESTIC PRODUCT PER CAPITA
Nov
Mar
Jan JlyJly
Nov
Jly Mar
Mar Nov
4 0 ,0 0 0
3 5 ,0 0 0 -
-3 5 ,0 0 0
3 0 ,0 0 0 -
-3 0 ,0 0 0
2 5 ,0 0 0 -
-2 5 ,0 0 0
2 0 ,0 0 0 -
2 0 ,0 0 0
1 5 ,0 0 0 -
- 1 5 ,0 0 0
1 0 ,0 0 0
1 0 ,0 0 0
P e^ ent Apr Feb
20
K
-5 -
1 i i i i i i i i i i i i i i i i i i i i i i i i i i i r
59
61
63
U.S.BureauofEconomicAnalysis
65
67
69
71
73
75
77
79
81
83
85
87
December 2004
D-55
Survey of Current Business
SELECTED NIPA SERIES
Percent
60
Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Nov
Mar Nov
Jly Mar
SHARES OF FEDERAL GOVERNMENT RECEIPTS
Personal current taxes
L v —
I
K
:
V
V
- ' V
' - V
50
. , __________
40 _
40
A
^
,S '
A
'
Contributions for government social insurance
-
30
20y
Taxes on corporate income
v \
...................
Taxes on production and imports
Percent Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Mar Nov
Jly Mar
Nov
SHARES OF FEDERAL GOVERNMENT CURRENT EXPENDITURES
60
-6 0
♦**
Current transfer payments
-5 0
50 -
-4 0
Consumption expenditures
30
20
Interest payments
-1 0
I
I
I
59
I
61
I
I
63
I
I
65
I
I
67
I
I
69
Percen t Apr Feb
I
I
I
71
I
73
Dec Nov
I
I
75
Nov
I
I
77
I
I
I
79
Mar
I
I
81
83
Jan JlyJly
Nov
I
I
I
85
I
I
87
I
I
89
I
I
91
I
I
93
I
I
95
I
I
97
I
I
99
I
I
01
Jly Mar
I
03
Mar Nov
-2
-
-2
— —6
l
59
I
I
61
I
I
63
U.S. Bureau of Economic Analysis
I
i
65
i
i
67
I
I
69
I
i
71
I
I
73
I
I
75
I
i
77
I
I
79
i
I
81
i
i
83
i
i
85
i
i
87
I
I
89
i
i
91
i
i
93
i
i
95
i
i
97
i
i
99
i
i
01
i
r
03
D-5 6
SELECTED NIPA SERIES
National Data
December 2004
December 2004
D-57
Survey of Current Business
SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
2003
1959
Supplements to wages
salaries, 4.6%
Wage and salary
accruals, 57.0%
Supplements to wages
salaries, 12.2%
Wage and salary
accruals, 52.7°/
Proprietors' income, 11.1%
Proprietors’ income,
8.6%
Rental income
of persons, 3.6%
Rental income
of persons, 1.6%
Corporate profits, 10.5%
Corporate profits, 12.2%
t interest and misc. payments, 2.1%
Other 0 4%
Other 0 4%
"^axes on Production and imports, 9.0%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
1959
2003
Business, 77.0'
Business, 80.6'
Households, 6.5%
Households, 5.9%
Nonprofit institutions serving
households, 2.0%
General government,
Federal 6.3%
Personal consumption
expenditures, 62.7 °/
General government,
state and local, 8.0%
2003
1959
Private nonresidential
investment, 10.0%
Nonprofit institutions
serving households,
5.1%
General government,
Federal, 3.4%
General government,
state and local 5.2%
SHARES OF GROSS DOMESTIC PURCHASES
Net interest and misc. payments,
5.6%
Taxes on production and imports, 8.2%
Personal consumption
expenditures, 67.5'
Private residential
investment, 5.6%
Private nonresidential
investment, 9.5%
Private residential
investment, 5.0%
Federal Government*
6.5%
Federal Government*, 12.9%
State and local government*, 8.8%
‘ Consumption expenditures and gross investment
U.S.BureauofEconomicAnalysis
State and local government*, 11.5%
D-5 8
December 2004
National Data
SELECTED NIPA SERIES
Percen t .
Apr Feb
60
Nov
Dec Nov
Mar
Jan JlyJly
Mar Nov
Jly Mar
Nov
50-
- 50
40-
- 40
- 30
- 20
Percen t Apr Feb
Dec Nov
Nov Mar
16
EXPORTS AS SHARE OF GROSS DOMESTIC PRODUCT
IMPORTS AS SHARE OF GROSS DOMESTIC PURCHASES
14 -
Jan JlyJly
Nov
Mar Nov
Jly Mar
14
12 -
- 12
10 -
- 10
Exports
P ercent Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Nov
Mar Nov
Jly Mar
SHARES OF PERSONAL CONSUMPTION EXPENDITURES BYTYPE OF PRODUCT
60
Services
««•**
50 -
40 Nondurable goods
30 -
20
20 Durable goods
10 -
i
59
i
i
i
61
i
i
63
U.S. Bureau of Economic Analysis
i
65
i
i
67
i
i
69
i
i
71
i
i
73
i
i
75
i
i
77
i
r
79
i
i
81
i
i
83
i
i
85
i
i
87
i
i
89
i
i
91
i
i
93
i
i
95
i
i
97
i
i
99
P" i
01
i
i
03
December 2004
Survey of Current Business
D-59
SELECTED NIPA SERIES
Percen t.
Apr Feb
Dec Nov
Nov Mar
20
PROFIT MARGIN, DOMESTIC NONFINANCIAL CORPORATIONS*
JanJIyJly
Nov
Mar Nov
Before tax
\
After tax
•Ratio of corporate profits per unit to cost and profit per unit
R atio
Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Mar Nov
Jly Mar
Nov
INVENTORY/SALES RATIOS, CURRENT-DOLLAR*
Ratio of private nonfarm inventories to
final sales of goods and str|§§ires
Ratio of private inventories to
final sales of domestic business
Ratio of private nonfarm inventories to
final sales of domestic business
•Based on current-dollar estimates of inventories and sales
R atio
5
Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Mar Nov
Jly Mar
Nov
^TORY/SALES RATIOS, REAL*
Ratio of private nonfarm inventories to
final sales of goods and structures
Ratio of private inventories to
final sales of domestic business
Ratio of private nonfarm inventories to
final sales of domestic business
'Based on chained (2000) dollar estimates of inventories and sales'
I
59
61
I
I
I
63
U.S.BureauofEconomicAnalysis
65
I
I
67
I
I ""
I
69
71
I
I
73
I
I
75
!
I
77
I
I
79
I
I .I
I
81
83
I
I
85
I
I
87
I
I
89
I ...I
91
I
I
93
I
I
95
I
I
97
I
I
99
I
I....I
01
I
03
I
December 2004
National Data
D-60
OTHER INDICATORS OF THE DOMESTIC ECONOM Y
Percent
Index
H ours
U.S.BureauofEconomicAnalysis
Percent
Jan Jly Jly Nov
Percent
Hours
July Mar
Mar Nov
Survey of Current Business
December 2004
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
^ 2 Jan Jly Jly Nov
Percent
July Mar
0
80 82 84
Percent
Jan Jly Jly Nov
^
88
90
92
94
96
98
2000 02
04
Ratio
July Mar______________ ______ Mar Nov
MONEY SUPPLY
(PERCENT CHANGE)
-5 -
M illions
U.S.BureauofEconomicAnalysis
Thou sands
D-61
D-62
December 2004
In te r n a tio n a l D a ta
F. Transactions Tables
Table F.1 presents estimates o f U.S. international trade in goods and services that were released on December 14, 2004.
It includes prelim inary estimates for October 2004 and revised estimates for April through September 2004. The
sources for the other tables in this section are as noted.
T a b le F.1. U .S . In te r n a t io n a l T r a n s a c tio n s in G o o d s a n d S e r v ic e s
[Millions of dollars; monthly estimates seasonally adjusted]
2003
2002
2004
2003
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
March
April '
May 1
June'
July '
975,940 1,020,503
86,009
88,107
90,133
90,067
88,605
92,249
95,220
94,281
96,823
92,940
95,892
96,234
97,493
98,061
Goods.............................................................................
681,833
713,122
59,926
61,170
63,075
62,613
61,684
64,934
67,302
65,947
Foods, feeds, and beverages................................................
Industrial supplies and materials...........................................
Capital goods, except automotive.........................................
Automotive vehicles, parts, and engines...............................
Consumer goods (nonfood), except automotive...................
Other goods...........................................................................
Adjustments1.........................................................................
68,693
64,675
67,462
68,009
69,139
69,352
49,616
156,812
290,437
78,942
84,359
32,937
-11,270
55,026
173,043
293,621
80,686
89,908
32,488
-11,649
4,690
14,175
24,849
6,784
7,696
2,823
-1,091
4,794
14,632
25,482
6,937
7,588
2,509
-771
5,022
14,642
26,841
6,764
7,979
2,930
-1,103
4,880
15,122
26,003
6,906
7,849
2,648
-796
4,563
15,127
25,880
6,679
7,674
2,736
-976
4,671
16,011
27,242
6,972
8,153
2,849
-964
4,883
16,706
27,713
7,241
8,649
3,283
-1,173
4,667
16,330
27,087
7,153
8,580
3,081
-951
4,775
17,346
28,749
7,246
8,532
2,982
-938
4,497
16,096
26,390
6,982
8,437
3,313
-1,040
4,437
17,293
27,769
7,565
8,248
2,920
-770
4,229
16,974
27,743
7,810
8,587
3,503
-837
4,879
17,416
28,029
7,717
8,813
3,327
-1,042
4,749
17,966
28,112
7,652
8,808
3,013
-949
Services..........................................................................
294,107
307,381
26,083
26,937
27,058
27,454
26,921
27,315
27,918
28,334
28,130
28,265
28,430
28,225
28,354
28,709
Travel......................................................................................
Passenger fares............
Other transportation.,
Royalties and license fees.....................................................
Other private services...........................................................
Transfers under U.S. military agency sales contracts2
U.S. Government miscellaneous services............................
66,728
17,046
29,195
44,219
124,181
11,943
795
64,509
15,693
31,833
48,227
133,818
12,491
810
5,546
1,359
2,651
4,089
11,255
1,115
68
5,899
1,389
2,863
4,141
11,432
1,146
67
6,041
1,445
2,805
4,164
11,431
1,104
68
6,131
1,476
2,880
4,176
11,615
1,108
68
5,799
1,442
2,903
4,158
11,494
1,063
62
6,011
1,527
2,992
4,156
11,494
1,074
61
6,068
1,558
3,165
4,158
11,755
1,153
61
6,247
1,617
3,133
4,170
11,891
1,214
62
6,120
1,544
3,088
4,191
11,909
1,216
62
6,250
1,556
2,985
4,220
11,953
1,238
63
6,415
1,584
3,088
4,278
11,877
1,125
63
6,139
1,556
3,160
4,312
11,864
1,131
63
6,215
1,547
3,119
4,338
11,981
1,092
62
6,424
1,575
3,226
4,353
11,968
1,101
62
Exports of goods and services...............................................
Imports of goods and services...............................................
Goods.............................................................................
Foods, feeds, and beverages................................................
Industrial supplies and materials...........................................
Capital goods, except automotive.........................................
Automotive vehicles, parts, and engines...............................
Consumer goods (nonfood), except automotive...................
Other goods...........................................................................
Adjustments1.........................................................................
1,397,675 1,517,011
127,259 129,596 130,128 134,077 134,373 138,034 142,272 142,714 144,133 148,281
Aug. r
Sept. r
Oct. i>
146,448 150,095 148,418 153,526
1,164,728 1,260,674 105,490 107,345 107,818 111,135 111,276 114,705 118,707 118,935 120,167 123,793 122,224 124,993 124,124 129,034
49,687
267,693
283,323
203,743
307,842
49,078
3,362
55,831
313,818
295,833
210,173
333,878
47,587
3,553
4,788
26,138
25,058
17,510
27,775
3,910
310
4,785
25,994
25,365
18,009
28,926
3,990
277
4,883
25,831
25,642
18,103
29,075
4,020
264
4,949
28,056
26,686
18,337
28,853
4,028
226
4,800
28,254
26,717
17,823
29,403
4,036
243
5,090
31,228
26,292
18,770
28,891
4,182
251
5,148
31,832
27,239
18,934
31,217
4,035
302
5,113
30,869
27,785
18,982
31,651
4,314
220
5,260
31,925
28,027
19,418
31,046
4,214
277
5,247
35,061
29,357
18,705
30,960
4,217
247
5,143
33,882
29,178
19,127
30,486
4,136
271
5,100
36,599
29,049
19,227
30,373
4,363
281
4,970
35,495
29,500
19,468
30,325
4,111
255
5,234
38,521
29,590
19,255
31,961
4,179
296
......................................................................
232,947
256,337
21,769
22,251
22,310
22,942
23,097
23,329
Travel
Passenger fares....................................................................
Other transportation..............................................................
Royalties and license fees.....................................................
Other private services...........................................................
Direct defense expenditures2................................................
U.S. Government miscellaneous services.............................
23,565
23,779
23,966
24,488
24,224
58,044
19,969
38,407
19,235
75,271
19,101
2,920
25,102
24,294
24,492
56,613
20,957
44,768
20,049
85,829
25,117
3,004
4,769
1,791
3,790
1,757
7,263
2,148
251
4,938
1,853
3,783
1,753
7,429
2,243
252
4,953
1,894
3,697
1,766
7,470
2,278
252
5,211
1,816
4,072
1,785
7,509
2,296
253
5,216
1,842
4,163
1,732
7,616
2,269
259
5,211
1,850
4,327
1,737
7,670
2,273
261
5,081
1,882
4,561
1,754
7,741
2,282
264
5,352
1,887
4,265
1,855
7,788
2,360
272
5,454
1,884
4,230
1,878
7,862
2,384
274
5,479
1,974
4,558
1,881
7,923
2,399
274
5,585
2,010
4,338
1,830
7,840
2,351
270
5,452
1,965
4,520
2,614
7,848
2,434
269
5,481
1,896
4,498
1,821
7,933
2,395
270
5,584
1,946
4,458
1,840
7,991
2,399
274
Services
Memoranda:
Balance on goods....................................................................
Balance on services................................................................
Balance on goods and services................................................
-482,895
61,160
-421,735
-547,552 -45,565 -46,176 -44,742 -48,523 -49,592 -49,771 -51,405 -52,988 -51,474 -59,118 -54,761 -56,984 -54,985 -59,681
51,044
4,314
4,748
4,512
3,824
4,686
3,986
4,353
4,164
4,555
3,777
4,206
3,123
4,060
4,217
-496,508 -41,251 -41,490 -39,994 -44,011 -45,768 -45,785 -47,052 -48,433 -47,310 -55,341 -50,555 -53,861 -50,925 -55,464
p Preliminary.
tions used to prepare BEA’s international and national accounts,
r Revised.
2. Contains goods that cannot be separately identified.
1. Reflects adjustments necessary to bring the Census Bureau’s component data in line with the concepts and definiSource: U.S. Bureau of Economic Analysis and U.S. Bureau of the Census.
D-63
Survey of Current Business
December 2004
T a b le F .2. U .S . In te r n a t io n a l T r a n s a c tio n s
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
(Credits +; debits - ) 1
I
Current account
1 Exports of goods and services and income receipts.....................................
2 Exports of goods and services..............................................................................
Goods, balance of payments basis 2.................................................................
3
4
Services 3...........................................................................................................
5
Transfers under U.S. military agency sales contracts 4................................
6
Travel.................................................................
7
Passenger fares................................................
8
Other transportation......................................................................................
9
Royalties and license fees 5.................
10
Other private services 5.......................
11
U.S. Government miscellaneous services.....................................................
12 Income receipts.............................................
Income receipts on U.S.-owned assets abroad.................................................
13
Direct investment receipts.............................................................................
14
Other private receipts....
15
U.S. Government receipts.............................................................................
16
17
Compensation of employees.............................................................................
18 imports of goods and services and income payments..................................
19 Imports of goods and services..............................................................................
Goods, balance of payments basis 2.................................................................
20
?1
Services 3...........................................................................................................
Direct defense expenditures..........................................................................
22
?3
Travel.................
Passenger fares,
24
Other transportation.......................................................................................
25
Royalties and license fees 5..........................................................................
26
27
Other private services 5 ................................................................................
U.S. Government miscellaneous services.....................................................
28
29 Income payments...................................................................................................
Income payments on foreign-owned assets in the United States.....................
30
Direct investment payments..........................................................................
31
Other private payments.................................................................................
32
U.S. Government payments..........................................................................
33
34
Compensation of employees.............................................................................
35 Unilateral current transfers, net.................
36 U.S. Government grants4...........................
37 U.S. Government pensions and other transfers.....................................................
38 Private remittances and other transfers 6....
2004
2003
2003
1,314,888
II
III
312,717 319,352
327,829
IV
354,990
lf
IIP
358,940
2004
2003
374,040
I
II
315,676 317,367
III
329,508
IV
352,336
lr
IP
359,604
371,177
1,020,503 244,400 249,271 253,788 273,044 274,808 285,479 247,999 248,474 255,723 268,306 276,076 284,294
713,122 171,660 177,552 172,740 191,170 193,902 202,808 173,459 174,554 178,251 186,858 193,920 199,315
307,381
72,740 71,719 81,048 81,874 80,906 82,671
74,540 73,920 77,472 81,448 82,156 84,979
3,358
3,290
3,739
12,491
2,827
3,014
3,292
3,358
3,290
3,739
2,827
3,014
3,292
18,071
18,932
17,878
13,602
19,220 17,169
16,103 19,199
15,862 14,360
16,216
64,509
14,518
4,527
4,690
4,310
15,693
3,454
3,440
4,561
4,238
4,183
4,518
3,825
3,522
4,036
9,374
7,352
7,777
8,215
8,653
9,428
7,709
7,893
8,548
9,060
31,833
8,489
7,683
12,472
12,508
48,227
11,286
11,779
11,914 13,248
12,136
12,344 11,628
11,943
12,175
12,481
133,818 34,017 30,989 33,643 35,169 36,357 33,256 32,513 33,170 33,657 34,477 34,745 35,549
203
184
187
184
187
202
810
202
202
203
203
202
203
74,041
81,946 84,132 88,561
67,677 68,893 73,785 84,030 83,528 86,883
294,385 68,317 70,081
291,354 67,576 69,351
73,272 81,155 83,373 87,818 66,936 68,163 73,016 83,239 82,769 86,140
187,522 41,288 43,984 47,452 54,798 56,066 58,402 40,748 42,704 47,229 56,843 55,553 56,642
99,135 25,345 24,218 24,498 25,074 26,433 28,878 25,345 24,218 24,498 25,074 26,433 28,878
1,322
783
620
874
1,241
4,697
943
1,149
1,322
1,283
538
843
1,289
759
743
741
791
741
730
769
791
759
743
730
769
3,031
-1,778,117 -418,713 -438,545 -455,104 -465,755 -469,523 -523,904 -437,067 -434,873 -444,497 -461,679 -486,042 -518,820
-414,678
-344,688
-69,990
-6,824
-15,508
-5,574
-13,051
-5,223
-23,026
-784
-71,364
-69,205
-20,787
-29,361
-19,057
-2,159
-434,580
-362,895
-71,685
-6,930
-16,170
-5,811
-12,965
-5,497
-23,510
-802
-84,240
-81,964
-27,582
-33,877
-20,505
-2,276
-17,617 -20,726
-18,534
-393,800
-326,299
-67,501
-6,817
-15,102
-5,563
-11,551
-5,304
-22,407
-757
-67,879
-65,713
-18,289
-29,099
-18,325
-2,166
-1,517,011
-1,260,674
-256,337
-25,117
-56,613
-20,957
-44,768
-20,049
-85,829
-3,004
-261,106
-252,573
-68,657
-111,874
-72,042
-8,533
-355,417
-297,186
-58,231
-5,732
-12,229
-4,498
-10,248
-4,480
-20,299
-745
-63,296
-61,221
-15,079
-28,146
-17,996
-2,075
-374,464
-310,988
-63,476
-6,229
-14,286
-5,347
-11,242
-4,726
-20,897
-749
-64,081
-62,078
-17,541
-26,785
-17,752
-2,003
-387,701
-319,254
-68,447
-6,339
-16,868
-6,163
-11,668
-5,180
-21,476
-753
-67,403
-65,265
-19,452
-27,844
-17,969
-2,138
-399,429
-333,246
-66,183
-6,817
-13,230
-4,949
-11,610
-5,663
-23,157
-757
-66,326
-64,009
-16,585
-29,099
-18,325
-2,317
-398,564
-332,718
-65,846
-6,824
-13,206
-5,033
-12,378
-5,072
-22,549
-784
-70,959
-68,841
-20,423
-29,361
-19,057
-2,118
-438,616
-364,846
-73,770
-6,930
-17,989
-6,310
-13,154
-5,282
-23,303
-802
-85,288
-83,151
-28,769
-33,877
-20,505
-2,137
-373,385
-311,402
-61,983
-5,732
-14,312
-5,007
-10,796
-4,629
-20,762
-745
-63,682
-61,557
-15,415
-28,146
-17,996
-2,125
-371,854
-310,087
-61,767
-6,229
-12,790
-4,875
-11,109
-4,912
-21,103
-749
-63,019
-60,899
-16,362
-26,785
-17,752
-2,120
-377,973
-312,886
-65,087
-6,339
-14,409
-5,512
-11,312
-5,204
-21,558
-753
-66,524
-64,402
-18,589
-27,844
-17,969
-2,122
-67,439
-16,979
-16,001
-16,674
-17,785
-20,920
-17,696
-16,815
-16,369
-16,639
-21,865
-5,341
-40,233
-5,833
-1,037
-10,109
-5,832
-1,208
-8,961
-5,447
-1,155
-10,072
-4,753 -7,744 -5,051
-1,941
-1,392 -1,167
-11,091 -11,784 -11,478
-5,833
-1,320
-9,662
-5,832
-1,335
-9,202
-5,447
-1,334
-9,858
-4,753
-1,352
-11,512
-3,079
-406
-1,552
-821
-321
-406
-1,552
-821
-300
-283,414 -106,395 -114,630
-10,447
-51,942 -310,328 -124,162 -102,665 -110,962
-8,138
-7,744 -5,051
-1,554 -1,564
-11,428 -11,919
Capital and financial account
Capital account
39 Capital account transactions, net.................................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))......................
U.S. official reserve assets, net.............................................................................
41
Gold7
...
..............................................................................
42
Special drawing rights.......................................................................................
43
44
Reserve position in the International Monetary Fund........................................
Foreign currencies................................................
45
46 U.S. Government assets, other than official reserve assets, net..........................
U.S. credits and other long-term assets............................................................
47
Repayments on U.S. credits and other long-term assets 8 ..............................
48
U.S. foreign currency holdings and U.S. short-term assets, net.......................
49
50 U.S. private assets, net.............................................
Direct
investment................................................................................................
51
Foreign securities...............................................................................................
52
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
53
54
U.S. claims reported by U.S. banks, not included elsewhere...........................
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
56 Foreign official assets in the United States, net....................................................
57
U.S. Government securities...............................................................................
U.S. Treasury securities 9..............................................................................
58
Other10..........................................................................................................
59
60
Other U.S. Government liabilities 11..................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere........................
61
Other foreign official assets 12.....
62
63 Other foreign assets in the United States, net.......................................................
Direct investment.........................
64
65
U.S. Treasury securities...............
66
U.S. securities other than U.S. Treasury securities...........................................
67
U.S. currency......................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
68
U.S. liabilities reported by U.S. banks, not included elsewhere........................
69
70 Statistical discrepancy (sum of above items with sign reversed)...................
fwhich:Seasonal adjustment discrepancy.........................................................
70a O
Balance on goods (lines 3 and 20)............................................................................
Balance on services (lines 4 and 21 )........................................................................
Balance on goods and services (lines 2 and 19).......................................................
Balance on income (lines 12 and 29)..............
Unilateral current transfers, net (line 35 )...................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 7 5 )13............
p Preliminary,
r Revised.
See footnotes on page D-67.
1,122
-100
-102
-97
-97
815
2,435
86
-383
-158
-154
-131
-117
727
-309
310
483
-561
-1,532 -1,728
-1,591
1,374
1,975
2,035
1,526
-86
-74
-107
-20
-111,102 -8,010 -63,559 -308,013
-34,049 -45,206 -53,705 -47,608
8,429 -28,312 -25,835 -16,524
-22,480 35,845 -31,090 -56,761
-63,002 29,663 47,071 -187,120
-90
1,345
-133
-41
-598
572
-15
-119,536
-60,743
-30,316
2,403
-30,880
230,311
445,348
265,246
83,679
81,472
72,787
8,685
-70
524
1,753
146,632
10,719
4,714
83,761
7,487
4,140
35,811
127,864
114,708
101,692
13,016
-140
11,854
1,442
317,484
10,225
65,438
62,064
-1,800
40,723
140,834
73,877
65,794
63,027
2,767
-158
6,237
2,004
191,369
32,702
35,560
88,617
8,754
-5,191
30,927
135,414
227,645
445,125
267,035
246,105
218,553
134,202
50,663
27,293
23,953
3,340
-41
22,019
1,392
84,751
-1,598
46,49C
18,090
2,76S
12,721
6,280
83,679
81,472
72,787
8,685
-70
524
1,753
143,966
8,052
4,714
83,761
7,487
4,140
35,811
127,864
114,708
101,692
13,016
-140
11,854
1,442
317,261
10,002
65,436
62,064
-1,800
40,723
140,834
73,877
65,794
63,027
2,767
-158
6,237
2,004
193,158
34,491
35,560
88,617
8,754
-5,191
30,927
48,986
39,845
30,277
9,568
-437
8,325
1,253
197,119
32,523
8,974
56,723
4,927
69,410
24,562
65,245
45,958
42,668
3,290
-16
18,552
751
153,308
-544
53,254
92,407
1,458
-2,257
8,990
50,663
27,293
23,953
3,340
-41
22,019
1,392
83,539
-2,810
46,490
18,090
2,768
12,721
6,280
19,803 -46,853
-2,898
25,008
-4,828
27,836
8,941
19,707
11,091
-3,121
-13,418
5,449
11,839
-5,301
-137,943
12,557
-125,386
3,995
-16,815
-138,206
-135,533
12,153
-123,380
5,874
-16,369
-133,875
-134,635
12,385
-122,250
7,261
-16,639
-131,628
-139,441
13,947
-125,494
16,151
-17,617
-126,960
-150,768
12,166
-138,602
12,164
-20,726
-147,164
-163,580
13,294
-150,286
2,643
-18,534
-166,177
829,173
245,695
220,419
248,573
194,568
169,685
24,883
-564
49,42C
5,149
580,600
39,890
113,432
250,981
16,640
84,014
75,643
48,986
39,845
30,277
9,568
-437
8,325
1,253
196,709
32,113
8,974
56,725
4,927
69,410
24,562
65,245
45,958
42,668
3,290
-16
18,552
751
155,174
1,322
53,254
92,407
1,456
-2,257
8,990
-15,919
30,957
-125,526
14,509
-111,017
5,021
-16,979
-122,975
557
-100
815
-158
727
-561
1,374
-86
-311,612
-51,207
-16,524
-56,761
-187,120
-133,436
8,243
-125,193
6,000
-16,001
-135,194
-146,514
12,601
-133,913
6,638
-16,674
-143,949
-142,076
15,691
-126,385
15,620
-17,785
-128,550
-138,816
15,060
-123,756
13,173
-20,920
-131,503
83
897
-90
-644
1,345
-133
-170
-41
53
—59E -2,428
572
2,445
-15
36
-125,243 -102,801
—66,45C -40,837
-30,316 -26,619
2,403 -11,207
-30,880 -24,138
-162,038
8,901
-153,137
3,273
-17,696
-167,560
-170
-611
2,221
-97
2,435
-117
-309
-1,728
1,526
-107
-53,854
-44,000
-25,835
-31,090
47,071
897
-644
-170
53
-2,428
2,445
36
-106,531
-44,567
-26,619
-11,207
-24,138
-547,552
51,044
-496,50?
33,279
-67,439
-530,668
-61,647 -306,729 -118,455
-102
-97
-383
86
-154
-131
310
483
-1,532
-1,591
1,975
2,035
-74
-20
-114,770 -10,319
-37,717 -47,515
8,429 -28,312
-22,480 35,845
-63,002
29,663
601
1,494
-572
537
-7,279
7,981
-165
-285,474
-173,799
-72,337
-28,932
-10,406
Memoranda:
71
7?
73
74
75
76
-321
557
-170
1,122
-396
2,221
83
12,012
-396
-611
1,523
-
-300
6,385 -41,404
Source:Table1in“U.S.InternationalTransactions, SecondQuarter2004”intheOctober2004issueoftheSurveyof
CurrentBusiness.
D-64
December 2004
International Data
Table F.3. U.S. International Transactions, by Area
[Millions of dollars]
Europe
Line
(Credits +; debits - ) 1
IV
Current account
1 Exports of goods and services and income receipts....................................
113,324
European Union14
2004
2003
2003
IIP
r
2003
IIP
lr
IV
Canada
2004
2003
IIP
lr
IV
2004
lr
IIP
120,613
98,095
98,826
105,432
26,725
27,393
29,732
57,789
59,564
64,166
77,334
2
Exports of goods and services.............................................................................
77,251
80,898
47,807
3
Goods, balance of payments basis2................................................................
44,626
46,358
4
Services 3..........................................................................................................
32,708
30,893
33,091
984
5
Transfers under U.S. military agency sales contracts4.................................
1,027
1,066
6
6,787
Travel.............................................................................................................
6,077
5,158
7
Passenger fares.............................................................................................
1,374
1,720
1,549
8
Other transportation.....................................................................................
2,772
2,882
3,258
9
6,411
5,850
5,942
Royalties and license fees5..............
10
Other private services 5.....................
14,828
14,526
14,361
11
44
U.S. Government miscellaneous services....................................................
37
39
12
Income receipts..........................................
37,734
39,715
35,990
13
Income receipts on U.S.-owned assets abroad................................................
35,893
37,638
39,617
14
Direct investment receipts............................................................................
23,429
24,299
25,166
15
Other private receipts...................................................................................
12,226
12,953
14,249
16
U.S. Government receipts............................................................................
202
238
386
17
Compensation of employees............................................................................
97
96
98
18 Imports of goods and services and income payments.................................. -137,624 -137,722 -159,790
19
Imports of goods and services............................................................................. -104,436 -102,423 -115,567
20
Goods, balance of payments basis2................................................................ -75,697 -74,766 -81,344
21
Services 3.......................................................................................................... -28,739 -27,657 -34,223
22
Direct defense expenditures.........................................................................
-3,009
-2,963
-2,972
23
Travel..............
-4,155
-3,868
-7,809
24
Passenger fares.............................................................................................
-2,350
-2.303
-3,773
Other transportation......................................................................................
25
-4,354
-5,079
-4,573
26
Royalties and license fees 5.........................................................................
-3,202
-2,676
-2,886
27
Other private services 5................................................................................
-11,360 -10,957 -11,388
28
U.S. Government miscellaneous services....................................................
-317
-309
-316
29
Income payments.................................................................................................. -33,188 -35,299 -44,223
30
Income payments on foreign-owned assets in the United States..................... -33,063 -35,173 -44,117
31
Direct investment payments.........................................................................
-10,518 -12,744 -18,715
32
Other private payments................................................................................
-17,446 -17,407 -20,154
33
U.S. Government payments....
-5,022
-5,099
-5,248
34
Compensation of employees.....
-125
-126
-106
35 Unilateral current transfers, net....
-935
-733
-815
36
U.S. Government grants 4.............
-612
-549
-650
37
U.S. Government pensions and other transfers....................................................
-435
-469
-422
38
Private remittances and other transfers6.............................................................
83
314
257
67,250
38,916
28,334
814
5,336
1,470
2,393
5,468
12,821
32
30,845
30,774
19,541
11,027
206
71
67,198
40,830
26,368
790
4,510
1,307
2,489
4,949
12,299
24
31,628
31,559
19,671
11,679
209
69
71,167
42,229
28,938
717
6,131
1,638
2,850
5,078
12,496
28
34,265
34,187
21,109
12,933
145
78
17,810
8,170
9,640
94
2,418
752
630
1,138
4,604
4
8,915
8,892
3,876
4,936
80
23
17,823
8,898
8,925
92
1,989
653
626
983
4,578
4
9,570
9,547
4,161
5,386
18,781
8,811
9,970
113
2,782
830
708
994
4,536
7
10,951
10,928
4,872
6,056
50,916
44,071
6,845
48
1,547
512
669
936
3,112
21
6,873
6,847
5,085
1,762
52,775
45,016
7,759
60
2,288
713
679
868
3,131
20
6,789
6,761
5,040
1,721
56,469
48,787
7,682
30
2,300
687
756
863
3,024
22
7,697
7,671
5,735
1,936
23
23
26
28
26
-119,954
-118,021
-139,524
-35,646
-34,637
-40,539
-65,368
-68,073
-75,269
-90,317
-65,880
-24,437
-2,609
-3,668
-2,152
-3,573
-2,510
-9,675
-250
-29,637
-29,550
-9,494
-15,956
-4,100
-87
-87,962
-64,341
-23,621
-2,611
-3,461
-2,126
-3,775
-2,009
-9,381
-258
-30,059
-29,971
-10,183
-15,800
-3,988
-88
-100,251
-70,658
-29,593
-2,632
-6,759
-3,526
-4,447
-2,213
-9,758
-258
-39,273
-39,188
-16,494
-18,404
-4,290
-85
-19,521
-11,397
-8,124
-222
-1,274
-899
-853
-464
-4,394
-18
-16,125
-16,104
-5,289
-9,949
-866
-21
-18,866
-10,889
-7,977
-282
-1,213
-859
-855
-407
-4,343
-18
-15,771
-15,750
-4,976
-9,764
-1,010
-21
-21,359
-11,963
-9,396
-280
-1,845
-1,474
-932
-459
-4,387
-19
-19,180
-19,161
-6,493
-11,424
-1,244
-19
-62,376
-57,829
-4,547
-33
-1,168
-112
-909
-239
-2,041
-45
-2,992
-2,898
-1,333
-1,233
-332
-94
-65,093
-60,998
-4,095
-26
-1,040
-75
-993
-192
-1,722
-47
-2,980
-2,884
-1,264
-1,255
-365
-96
-71,654
-66,377
-5,277
-25
-1,770
-127
-1,053
-217
-2,013
-72
-3,615
-3,526
-1,754
-1,368
-404
-89
-179
236
447
363
-52
-128
-95
-352
-29
-50
-357
341
-55
-363
239
-61
297
-62
509
-59
422
-139
87
-141
13
-160
65
25
19
26
-1,049
-7,194
-18,328
-1,049
1,608
-1,168
-971
-518
-7,194
-5,747
1,385
-1,801
-1,031
-18,328
-4,750
-12,582
653
-1,649
14,265
11,182
15,258
-365
(17)
(17)
n
-113
H
n
t17)
24
(,7)
C7)
15,371
17,083
(,7)
-1,911
Capital and financial account
Capital account
39 Capital account transactions, net................................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-)).....................
41
U.S. official reserve assets, net.............................................................................
4?
43
44
45
Foreign currencies.............................................................................................
4fi
U.S. Government assets, other than official reserve assets, net.........................
47
U.S. credits and other long-term assets...........................................................
48
Repayments on U.S. credits and other long-term assets 8 .............................
49
U.S. foreign currency holdings and U.S. short-term assets, net......................
50
U.S. private assets, net..........................................................................................
51
Direct investment...............................................................................................
52
Foreign securities..............................................................................................
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
54
U.S. claims reported by U.S. banks, not included elsewhere...........................
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
56
Foreign official assets in the United States, net....................................................
57
U.S. Government securities...................
58
U.S. Treasury securities 9..................
59
Other10..............................................
60
Other U.S. Government liabilities 11.................................................................
61
U.S. liabilities reported by U.S. banks, not included elsewhere.......................
62
Other foreign official assets 12...............
63
Other foreign assets in the United States, net......................................................
64
Direct investment................................................
65
U.S. Treasury securities.....................................
66
U.S. securities other than U.S. Treasury securities...........................................
67
U.S. currency......................................................
68
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
69
U.S. liabilities reported by U.S. banks, not included elsewhere.......................
70 Statistical discrepancy (sum of above items with sign reversed)..................
114,985
IV
United Kingdom
2004
-381
-66
-144
-140
-50
-60
-71
7,665 -208,240
-125
-79,185
-215
-172,034
-81,597
-158
-132
-77
-118
-91
-117
-158
648
148
-45
-25
685
250
-57
-12
7,634 -208,730
-31,451 -22,086
9,338 -17,101
-7,647 -45,181
37,394 -124,362
-132
78
-23
116
-15
-79,131
-38,300
-29,244
7,844
-19,431
-77
89
-118
328
109
-20
-227
-25,224
7,084
-8,072
25,985
-117
-8
-9
3,431
-101,487
-46,031
-91
18
58
-4
-7
335
-7
-172,244
-19,638
-17,502
-45,296
-89,808
33
-15
-81,524
-36,032
-28,756
10,502
-27,238
68
-10
3,373
-7,110
1,384
-8,807
17,906
^4
-101,483
-260
-14,089
-31,853
-55,281
-7
-46,024
-17,836
-27,047
11,066
-12,207
37,336
189,622
67,463
26,907
155,563
33,164
6,398
141,464
-7,144
(,7)
n
4,549
(17)
n
(18)
(18)
n
(18)
-80
n
D
185,073
153
45,944
13,310
n
n
n
H
-429
(18)
n
(,8)
6,443
n
33,709
n(18)
-348
C7)
(17)
44,480
-5,602
-6,121
40,080
23,489
C7)
(17)
(17)
104
(17)
(17)
43,974
8,150
-557
35,989
n(18)
-331
(18)
H
(18)
-3,768
(18)
8,867
n
(18)
-291
(18)
(18)
(18)
6,627
(18)
32,361
n
n
-12
n
(18)
(18)
-4,898
(18)
25,260
(18)
(18)
(18)
(18)
-91
(18)
(18)
4,256
11,867
35,489
90,177
-16,375
2,605
37,221
16,767 18 -15,421 18113,574
-23,521
1817,988
-19,641
42,232
51,854
-4,402
35,792
-31,071
3,969
-27,102
2,802
-935
-25,235
-28,408
3,236
-25,172
2,435
-733
-23,470
-33,537
-1,132
-34,669
-4,508
-815
-39,992
-26,964
3,897
-23,067
1,208
-381
-22,240
-23,511
2,747
-20,764
1,569
-66
-19,261
n
-8
8,211
n
48
n
9,281
(18)
(18)
n
(18)
-109
(18)
(18)
(18)
-1,707
(18)
23,849
14,630
6,495
n
9,061
892
(17)
(,7)
C7)
-31
(17)
(,7)
10,290
-726
(17)
6,220
-8,097
18-5,855
35,995
18 96,231
-19,302
18 5,480
(,7)
-96
(,7)
-4,148
(,7)
2,257
82,775
-1,136
-33,171
48,272
-5,610
4,630
14,242
-28,429
-655
-29,084
-5,008
-179
-34,271
-3,227
1,516
-1,711
-7,210
236
-8,685
-1,991
948
-1,043
-6,201
447
-6,797
-3,152
574
-2,578
-8,229
363
-10,444
-13,758
2,298
-11,460
3,881
-52
-7,631
-15,982
3,664
-12,318
3,809
-128
-8,637
-17,590
2,405
-15,185
4,082
-95
-11,198
4
n
n
Memoranda:
71
72
73
74
75
76
Balance on goods (lines 3 and 20)...........................................................................
Balance on services (lines 4 and 21)........................................................................
Balance on goods and services (lines 2 and 19)......................................................
Balance on income (lines 12 and 29).......................................................................
Unilateral current transfers, net (line 35)...................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 7 5 )13...........
p Preliminary,
r Revised.
See footnotes on page D-67.
Source:Table11in“U.S.InternationalTransactions,SecondQuarter2004"intheOctober2004issueoftheSurveyof
CurrentBusiness.
December 2004
D-65
S u r v e y o f C u r r e n t B u s in e s s
Table F.3. U.S. International Transactions, by Area— Continued
[Millions of dollars]
Mexico15
Latin America and Other Western Hemisphere
Line
(Credits +; debits - ) 1
2004
2003
Japan
2004
2003
IIP
I'
Current account
Exports of goods and services and income receipts......
Exports of goods and services............................................
Goods, balance of payments basis 2 .............................
Services 3........................................................................
Transfers under U.S. military agency sales contracts ‘
Travel...........................................................................
Passenger fares..........................................................
Other transportation....................................................
Royalties and license fees 5..........................................................................
Other private services 5................................................................................
U.S. Government miscellaneous services.....................................................
Income receipts.............................................
Income receipts on U.S.-owned assets abroad.................................................
Direct investment receipts....................
Other private receipts.....................................................................................
U.S. Government receipts................................
Compensation of employees.....................................
Imports of goods and services and income payments
Imports of goods and services......................................
Goods, balance of payments basis 2 ................................................................
Services 3...........................................................................................................
Direct defense expenditures..........................................................................
Travel..............................................................................................................
Passenger fares............................................................................................
Other transportation.........
Royalties and license fees 5..........................................................................
Other private services 5... .
U.S. Government miscellaneous services.....................................................
Income payments...................................................................................................
Income payments on foreign-owned assets in the United States.....................
Direct investment payments..........................................................................
Other private payments.................................................................................
U.S. Government payments..........................................................................
Compensation of employees.............................................................................
Unilateral current transfers, net............
U.S. Government grants 4.....................................................................................
U.S. Government pensions and other transfers....................................................
Private remittances and other transfers 6..............................................................
Capital and financial account
Capital account
Capital account transactions, net..........................................................................
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-)).........................
U.S. official reserve assets, net.............................................................................
Gold 7.......................
Special drawing rights
Reserve position in the International Monetary Fund.......................................
Foreign currencies..........................................!..................................................
U.S. Government assets, other than official reserve assets, net..........................
U.S. credits and other long-term assets............................................................
Repayments on U.S. credits and other long-term assets 8..............................
U.S. foreign currency holdings and U.S. short-term assets, net.......................
U.S. private assets, net.........................................................................................
Direct investment................................................................................................
Foreign securities...............................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere............................
Foreign-owned assets in the United States, net (increase/financial inflow (+))
Foreign official assets in the United States, net....................................................
U.S. Government securities.........................
U.S. Treasury securities9........................
Other10....................................................
Other U.S. Government liabilities 11..................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere........................
Other foreign official assets 12...........................................................................
Other foreign assets in the United States, net.......................................................
Direct investment................................................................................................
U.S. Treasury securities.....................................................................................
U.S. securities other than U.S. Treasury securities...........................................
U.S. currency......................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere........................
2004
2003
IV
lr
IIP
69,910
68,161
72,207
32,630
34,866
25,538
25,641
25,600
55,126
40,258
14,868
99
4,729
1,134
958
53,793
40,531
13,262
114
3,820
1,046
959
57,145
42,606
14,539
118
4,962
1,261
1,045
30,071
25,849
4,222
1
1,470
324
233
32,031
27,539
4,492
4
1,569
324
253
21,209
12,925
8,284
99
2,220
701
848
21,036
12,708
8,328
111
2,171
706
884
20,945
13,329
7,616
118
1,664
558
992
1,122
6,782
44
14,784
14,733
8,873
5,748
112
51
860
6,418
45
14,368
14,316
8,412
5,860
44
52
913
6,197
43
15,062
15,010
8,486
6,447
77
52
273
1,916
5
2,559
2,552
2,072
476
4
7
297
2,040
5
2,835
2,828
2,309
515
4
7
1,804
2,586
26
4,329
4,311
2,778
1,532
1
18
1,714
2,726
16
4,605
4,587
2,824
1,763
1,738
2,530
16
4,655
4,637
2,790
1,847
18
18
-78,882
-81,576
-89,702
-42,047
-45,168
-46,011
-46,663
-49,817
-69,757
-57,106
-12,651
-72
-4,468
-685
-903
-303
-6,084
-136
-9,125
-7,297
569
-6,055
-1,811
-1,828
-71,353
-58,128
-13,225
-56
-4,754
-649
-1,069
-287
-6,268
-142
-10,223
-8,597
-601
-6,196
-1,800
-1,626
-77,703
-63,513
-14,190
-93
-5,626
-788
-1,102
-366
-6,077
-138
-11,999
-10,240
-909
-7,203
-2,128
-1,759
-39,960
-36,636
-3,324
-4
-2,263
-212
-242
-23
-525
-55
-2,087
-504
-29
-188
-287
-1,583
-42,896
-39,742
-3,154
-5
-2,040
-205
-243
-32
-577
-52
-2,272
-549
14
-229
-334
-1,723
-36,404
-31,215
-5,189
-430
-604
-262
-1,271
-1,532
-1,041
-49
-9,607
-9,579
-2,660
-1,516
-5,403
-28
-36,385
-31,141
-5,244
-453
-542
-275
-1,320
-1,580
-1,024
-50
-10,278
-10,250
-2,634
-1,555
-6,061
-28
-37,449
-32,029
-5,420
-450
-670
-254
-1,437
-1,473
-1,086
-50
-12,368
-12,349
-3,849
-1,869
-6,631
-19
-6,960
-7,337
-7,531
-1,825
-1,929
-4
-105
-526
-258
-6,176
-521
-221
-6,595
-532
-197
-6,802
-8
-7
-10
-1,817
-1,922
-37
33
-37
-68
-27
17
-4
-15
-11
-4
-4
-2,533
-62,127
-25,401
991
1,003
6
-25,465
6
-5,234
6
-15,404
-1
-1
-29
77
8
-2
10
9
-2
11
449
902
801
393
.955
983
-2,669
2,790
148
714
994
-2,256
2,210
-6
1,046
-10
-25,455
-1,272
-20,154
-679
-3,350
-5,234
560
-13,441
792
6,855
-15,403
-4,273
2,723
-642
-13,211
96,987
90,755
4,180
8,453
54,479
105,026
61,760
4,448
(17)
n
(,7)
44
n
(17)
92,539
3,144
H
23,495
8,026
(17)
(,7)
(17)
301
(,7)
(,7)
82,729
1,969
(,7)
11,544
n
(16)
n(18)
(18)
(18)
-1
(18)
(18)
(18)
418
n
750
n
-4
(18)
n
(18)
231
n
615
(18)
n
(18)
n
-161
(18)
n
(18)
3,187
(18)
4,636
(18)
(18)
(18)
(18)
-103
(18)
n
(18)
2,739
n
4,643
4,553
(18)
21,494
26,102
54,180
24,845
111
18 2,902
19
18 7,592
-44
18 46,861
1,257
18 96,490
-547
18 36,346
Statistical discrepancy (sum of above items with sign reversed).....................
-34,061
-14,093
-40,317
6,075
2,779
-8,543
-78,671
-22,135
Memoranda:
Balance on goods (lines 3 and 20)............................................................................
Balance on services (lines 4 and 21)........................................................................
Balance on goods and services (lines 2 and 19)......................................................
Balance on income (lines 12 and 29)......
Unilateral current transfers, net (line 35)...................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 7 5 )13............
-16,848
2,217
-14,631
5,659
-6,960
-15,932
-17,597
37
-17,560
4,145
-7,337
-20,752
-20,907
349
-20,558
3,063
-7,531
-25,026
-10,787
898
-9,889
472
-1,825
-11,242
-12,203
1,338
-10,865
563
-1,929
-12,231
-18,290
3,095
-15,195
-5,278
-4
-20,477
-18,433
3,084
-15,349
-5,673
-105
-21,127
-18,700
2,196
-16,504
-7,713
-10
-24,227
SeefootnotesonpageD-67.
84
-61
177
-32
-2,617
-1,520
2,021
-19,382
16,264
99
-36
147
-12
-62,226
-9,623
6,968
-7,634
-51,937
52,530
437
(17)
n
(17)
20
n
n
52,093
-1,198
(17)
21,756
n
-10
n
(18)
n
(18)
-86
(18)
(18)
n
D-66
International Data
December 2004
T a b le F.3. U .S . In te r n a t io n a l T r a n s a c tio n s , b y A r e a — C o n tin u e d
[Millions of dollars]
Other countries in Asia and Africa
Australia
Line
(Credits +; debits - ) 1
2004
2003
IV
lr
IV
IIP
International organizations and unallocated16
2004
2003
lr
2004
2003
IV
IIP
lr
IIP
Current account
1 Exports of goods and services and income receipts.....................................
6,507
6,485
6,893
72,028
74,056
74,137
9,894
10,048
10,424
2
3
4
5
6
7
8
4,775
3,208
1,567
35
400
89
86
4,728
3,134
1,594
53
435
97
82
4,968
3,327
1,641
35
483
91
93
62,143
46,082
16,061
2,050
2,196
253
2,978
63,704
46,155
17,549
1,886
2,231
247
2,975
63,338
46,952
16,386
2,454
3,003
201
2,982
1,541
1,521
1,716
1,541
1,521
1,716
178
192
302
271
684
2
1,732
1,725
1,277
448
835
7
234
691
2
1,757
1,750
1,265
485
258
678
3
1,925
1,918
1,397
521
2,012
6,506
66
9,885
9,782
7,737
1,210
637
692
649
765
7
103
1,981
5,701
64
10,799
10,695
9,127
1,399
169
104
692
671
7
1,973
8,173
64
10,352
10,247
8,554
1,349
344
105
8,353
7,864
5,619
2,148
97
489
8,527
8,074
5,672
2,302
100
453
8,708
8,270
5,701
2,479
90
438
-2,915
-3,392
-3,513
-130,622
-127,459
-140,849
-4,333
-4,638
-4,964
-2,587
-1,684
-903
-47
-256
-166
-51
-37
-340
-9
-328
-324
81
-279
-126
-4
-2,616
-1,669
-947
-45
-295
-199
-62
-32
-295
-17
-776
-772
-359
-286
-127
-2,702
-1,751
-951
-122,970
-109,715
-13,255
-3,229
-2,579
-1,374
-3,520
-83
-2,262
-208
-7,652
-7,414
-144
-1,747
-5,523
-238
-119,565
-106,016
-13,549
-3,279
-2,707
-1,532
-3,502
-64
-2,255
-210
-7,894
-7,656
-210
-1,793
-5,653
-238
-132,163
-119,832
-12,331
-3,345
-1,791
-1,198
-3,326
-68
-2,395
-208
-8,686
-8,525
-528
-2,038
-5,959
-161
-899
-1,129
-1,378
-899
-1,129
-1,378
-602
-267
-29
-1
-3,434
-3,434
-2,580
-823
-31
-859
-241
-28
-1
-3,509
-3,509
-2,611
-869
-29
-1,095
-253
-29
-1
-3,586
-3,586
-2,642
-914
-30
Exports of goods and services...............................................................................
Services 3...........................................................................................................
Passenger fares
Other transportation.......................................................................................
9
Royalties and license fees 5...........................................................................
10
Other private services5 .................................................................................
11
12 Income receipts......................................................................................................
13
Income receipts on U.S.-owned assets abroad.................................................
14
Direct investment receipts.................
15
Other private receipts........................
16
17
Compensation of employees.................
18 Imports of goods and services and income payments..................................
19 Imports of goods and services..................
?n
21
Services 3...........................................................................................................
22
23
?4
25
Other transportation....
26
Royalties and license fees 5..........................................................................
27
Other private services 5.................................................................................
28
U.S. Government miscellaneous services.....................................................
29 Income payments...................................................................................................
30
Income payments on foreign-owned assets in the United States.....................
31
Direct investment payments...........................................................................
32
Other private payments..................................................................................
33
U.S. Government payments...........................................................................
34
Compensation of employees..............................................................................
35 Unilateral current transfers, net...............
36 U.S. Government grants 4.........................
37 U.S. Government pensions and other transfers....................................................
38 Private remittances and other transfers 6...
Capital and financial account
Capital account
3P Capital account transactions, net.................................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))......................
41
U.S. official reserve assets, net..............................................................................
42
Gold 7..............................
43
Special drawing rights....
44
45
46
47
48
Repayments on U.S. credits and other long-term assets 8...............................
49
U.S. foreign currency holdings and U.S. short-term assets, net.......................
50 U.S. private assets, net..........................................................................................
51
Direct investment................................................................................................
52
Foreign securities...............................................................................................
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
54
U.S. claims reported by U.S. banks, not included elsewhere............................
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
56 Foreign official assets in the United States, net....................................................
57
U.S. Government securities................................................................................
58
U.S. Treasury securities 9.......
59
Other10..................................
60
Other U.S. Government liabilities 11..................................................................
61
U.S. liabilities reported by U.S. banks, not included elsewhere........................
fi?
Other foreign official assets 12....
63 Other foreign assets in the United States, net.......................................................
64
Direct investment........................
65
U.S. Treasury securities.............
6b
U.S. securities other than U.S. Treasury securities...........................................
fi /
U.S. currency......................................................................................................
68
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
69
U.S. liabilities reported by U.S. banks, not included elsewhere........................
70 Statistical discrepancy (sum of above items with sign reversed).....................
-4
-323
-170
-62
-19
-315
-17
-811
-808
-372
-331
-105
-3
-21
-52
-57
-7,350
-10,706
-7,331
-2,463
-1,859
-1,857
-15
-6
-15
-37
-16
-41
-3,369
-139
-3,842
-6,526
-140
-4,040
-3,649
-142
-3,540
-309
-884
-1,270
-85
-403
-1,371
-220
-203
-1,434
-7
-7
-7
-195
-255
-195
-7,304
-4,858
4,225
-20,735
-16,109
11,602
-2,521
-6,566
-1,671
2,338
715
1,255
-97
2,435
-100
815
-90
1,345
79
-300
379
-245
-245
-247
-247
-246
-246
11,523
-7,230
8,356
-36
10,433
-4,614
-5,619
-472
2
1,475
-7,034
-5,672
-94
-2,680
-5,701
-111
-1,267
3,132
5,212
998
9,349
15
2
2
15
2
2
5,197
2,580
128
7,487
n
996
2,611
(IB)
286
-1,800
9,347
2,642
(18)
540
8,754
-1
-1
-7,303
-1,115
-2,948
-3,079
-161
-4,858
-828
-206
-2,266
-1,558
4,225
-294
-1,259
3,977
1,801
-20,450
-4,631
-12,452
666
-4,033
227
-253
542
-62
-16,336
-7,811
5,965
-670
-13,820
9,632
-3,465
1,230
54,191
44,775
H
2,716
(18)
1,036
(18)
(18)
(18)
(18)
-16
(18)
(18)
(18)
197
(18)
1,101
n
(18)
(18)
(18)
42
(18)
(’8)
(.8)
816
(18)
600
(18)
(18)
(18)
O8)
398
(18)
H
(18)
-125
(18)
7,064
(18)
(’8)
(18)
(18)
44
(18)
(10)
(18)
1,884
(18)
13,009
846
18 5,032
-478
18-4,269
-362
18134
-404
18 47,258
2,156
,8 27,682
-265
18 2,391
18 —4,998
18 -101
18 -2,589
-5,892
5,289
-8,771
32,683
35,698
41,416
-5,789
2,017
-11,281
1,524
664
2,188
1,404
-21
3,571
1,465
647
2,112
981
-52
3,041
1,576
690
2,266
1,114
-57
3,323
-63,633
2,806
-60,827
2,233
-7,350
-65,944
-59,861
4,000
-55,861
2,458
-10,706
-64,109
-72,880
4,055
-68,825
2,113
-7,331
-74,043
642
642
4,919
-2,463
3,098
392
392
5,018
-1,859
3,551
338
338
5,122
-1,857
3,603
n
(18)
(18)
(18)
2
H
(18)
-285
-1,377
1,099
-7
21,220
(18)
(18)
(18)
(18)
-545
(18)
(!6)
(18)
-722
n
20,361
-1
Memoranda:
71
72
73
/4
75
76
Balance on goods (lines 3 and 20)............................................................................
Balance on services (lines 4 and 21)........................................................................
Balance on goods and services (lines 2 and 19)......................................................
Balance on income (lines 12 and 29)........................................................................
Unilateral current transfers, net (line 35).......
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75) 13............
SeefootnotesonpageD-67.
December 2004
Survey of Current Business
D-67
F.4. P r iv a te S e r v ic e s T r a n s a c tio n s
[Millions of dollars]
Not seasonally adjusted
Line
2003
I
1 Exports of private services.......................................................................
2 Travel (table F.2, line 6)........................................................................................
3 Passenger fares (table F2, line 7)......................................................................
4 Other transportation (table F.2, line 8)................................................................
5
Freight.............................................................................................................
Port services..........................
6
7 Royalties and license fees (table F.2, line 9 )......................................................
Affiliated..........................................................................................................
8
9
U.S. parents’ receipts
10
U.S. affiliates’ receipts................................................................................
11
Unaffiliated......................................................................................................
12
Industrial processes 1................................................................................
13
Other2...................
14 Other private services (table F.2, line 10)...........................................................
...................................................................................
Affiliated services
15
16
U.S. parents’ receipts.................................................................................
17
U.S. affiliates’ receipts................................................................................
18
Unaffiliated services....
Education...............
19
20
Financial services...
21
Insurance services..
22
Telecommunications
Business, professional, and technical services..........................................
23
24
Other unaffiliated services 3.......................................................................
25 Imports of private services
...............................................................
26 Travel (table F.2, line 23).............
27 Passenger fares (table F.2, line 24)....................................................................
28 Other transportation (table F.2, line 25)..............................................................
29
Freight.............................................................................................................
Port services...................................................................................................
30
31
Royalties and license fees (table F2, line 2 6 )....................................................
Affiliated..........................................................................................................
32
33
U.S. parents’ payments.................
34
U.S. affiliates’ payments................
Unaffiliated.........................................
35
36
Industrial processes 1...................
37
Other2........................................................................................................
38 Other private services (table F.2, line 27)...........................................................
Affiliated services...........................................................................................
39
U.S. parents’ payments..............................................................................
40
41
U.S. affiliates' payments.............................................................................
42
Unaffiliated services....
Education...............
43
44
Financial services...
Insurance services......................................................................................
45
46
Telecommunications...................................................................................
47
Business, professional, and technical services..........................................
48
Other unaffiliated services3.......................................................................
Seasonally adjusted
2004
2003
II
III
294,080
64,509
15,693
31,833
14,099
17,734
48,227
35,924
32,500
3,424
12,303
4,775
7,528
133,818
48,450
27,674
20,776
85,368
13,399
17,637
4,877
5,477
29,084
14,894
228,216
56,613
20,957
44,768
31,775
12,995
20,049
16,407
2,658
13,749
3,642
2,188
1,453
85,829
35,497
18,606
16,891
50,332
2,696
4,236
26,702
4,799
10,960
938
69,711
13,602
3,454
7,352
3,261
4,091
11,286
8,278
7,540
738
3,008
1,120
1,887
34,017
11,084
6,368
4,716
22,933
5,464
4,282
1,194
1,328
7,059
3,606
51,754
12,229
4,498
10,248
6,971
3,277
4,480
3,592
637
2,955
888
535
354
20,299
8,460
4,086
4,374
11,839
516
1,029
6,307
1,183
2,585
220
68,503
14,518
3,440
7,777
3,611
4,166
11,779
8,721
8,007
714
3,058
1,179
1,879
30,989
11,547
6,743
4,804
19,442
1,669
4,289
1,210
1,354
7,269
3,651
56,498
14,286
5,347
11,242
8,112
3,130
4,726
3,825
651
3,174
901
543
358
20,897
8,538
4,517
4,021
12,359
676
997
6,569
1,196
2,691
231
77,553
19,220
4,561
8,215
3,454
4,761
11,914
8,813
7,923
890
3,101
1,225
1,877
13,139
8,548
57,561
34,787
3,247
2,083
13,511
8,538
3,259
2,120
14,149
8,655
IV
lr
2004
2003
IIP
I
II
III
IV
lr
IIP
33,643
11,797
6,634
5,163
21,846
3,672
4,450
1,224
1,382
7,316
3,803
61,355
16,868
6,163
11,668
8,384
3,284
5,180
4,263
669
3,594
917
551
366
21,476
8,423
4,649
3,774
13,053
887
1,103
6,807
1,207
2,810
240
78,313
17,169
4,238
8,489
3,773
4,716
13,248
10,112
9,030
1,082
3,136
1,251
1,885
35,169
14,022
7,929
6,093
21,147
2,595
4,616
1,249
1,414
7,440
3,834
58,609
13,230
4,949
11,610
8,307
3,303
5,663
4,727
701
4,026
936
560
376
23,157
10,076
5,354
4,722
13,081
618
1,107
7,021
1,214
2,875
247
77,432
16,103
4,183
8,653
3,940
4,713
12,136
8,979
8,378
601
3,157
1,255
1,901
36,357
11,644
6,806
4,838
24,713
5,798
4,828
1,267
1,433
7,638
3,748
58,238
13,206
5,033
12,378
8,925
3,453
5,072
4,126
666
3,460
946
570
376
22,549
9,092
4,897
4,195
13,457
550
1,261
7,229
1,221
2,951
246
78,745
19,199
4,518
9,428
4,055
5,373
12,344
9,165
8,448
717
3,179
1,254
1,925
33,256
12,098
6,919
5,179
21,158
1,752
4,877
1,302
1,455
7,849
3,923
66,038
17,989
6,310
13,154
9,502
3,652
5,282
4,326
692
3,634
956
580
376
23,303
9,431
5,279
4,152
13,872
721
1,243
7,412
1,236
3,014
246
71,511
15,862
3,825
7,683
3,324
4,359
11,628
8,620
7,777
843
3,008
1,120
1,887
32,513
11,691
6,644
5,047
20,822
3,286
4,282
1,194
1,328
7,059
3,672
55,506
14,312
5,007
10,796
7,369
3,427
4,629
3,741
637
3,104
888
535
354
20,762
8,782
4,439
4,343
11,980
657
1,029
6,307
1,183
2,585
220
70,704
14,360
3,522
7,709
3,587
4,122
11,943
8,885
8,041
844
3,058
1,179
1,879
33,170
12,031
6,847
5,184
21,139
3,331
4,289
1,210
1,354
7,269
3,686
54,789
12,790
4,875
11,109
8,023
3,086
4,912
4,011
651
3,360
901
543
358
21,103
8,748
4,615
4,133
12,355
671
997
6,569
1,196
2,691
231
73,977
16,216
4,036
7,893
3,465
4,428
12,175
9,074
8,167
907
3,101
1,225
1,877
33,657
12,154
6,890
5,264
21,503
3,390
4,450
1,224
1,382
7,316
3,742
57,995
14,409
5,512
11,312
8,155
3,158
5,204
4,287
669
3,618
917
551
366
21,558
8,709
4,674
4,035
12,849
682
1,103
6,807
1,207
2,810
240
77,887
18,071
4,310
8,548
3,723
4,825
12,481
9,345
8,516
829
3,136
1,251
1,885
34,477
12,574
7,293
5,281
21,903
3,392
4,616
1,249
1,414
7,440
3,793
59,927
15,102
5,563
11,551
8,228
3,324
5,304
4,368
701
3,667
936
560
376
22,407
9,258
4,878
4,380
13,149
686
1,107
7,021
1,214
2,875
247
78,682
17,878
4,527
9,060
4,011
5,049
12,472
9,315
8,627
688
3,157
1,255
1,901
34,745
12,280
7,098
5,182
22,465
3,488
4,828
1,267
1,433
7,638
3,809
62,382
15,508
5,574
13,051
9,434
3,617
5,223
4,277
666
3,611
946
570
376
23,026
9,419
5,279
4,140
13,607
700
1,261
7,229
1,221
2,951
246
81,053
18,932
4,690
9,374
4,028
5,346
12,508
9,329
8,482
847
3,179
1,254
1,925
35,549
12,572
7,012
5,560
22,977
3,526
4,877
1,302
1,455
7,849
3,969
63,953
16,170
5,811
12,965
9,366
3,599
5,497
4,541
692
3,849
956
580
376
23,510
9,644
5,365
4,279
13,866
714
1,243
7,412
1,236
3,014
246
3,286
2,157
14,714
8,751
3,347
2,188
15,187
8,843
3,447
2,213
15,571
8,959
3,568
2,235
15,904
9,070
3,247
2,083
13,511
8,538
3,259
2,120
14,149
8,655
3,286
2,157
14,714
8,751
3,347
2,188
15,187
8,843
3,447
2,213
15,571
8,959
3,568
2,235
15,904
9,070
Supplemental detail on insurance transactions:
49
50
51
52
Premiums received 4...............................................................................................
Actual losses paid...................................................................................................
Premiums paid 4 .....................................................................................................
Actual losses recovered..........................................................................................
Memoranda:
53 Balance on goods (table F.2, line 71)..................................................................... -547,552 -125,526 -133,436 -146,514 -142,076 -138,816 -162,038 -137,943 -135,533 -134,635 -139,441 -150,768 -163,580
54 Balance on private services (line 1 minus line 25).................................................
65,864
17,957 12,005
12,707
16,300
16,198
19,704 19,194
16,005
15,915
15,982
17,960
17,100
55 Balance on goods and private services (lines 53 and 54)...................................... -481,688 -107,569 -121,431 -130,316 -122,372 -119,622 -149,331 -121,938 -119,618 -118,653 -121,481 -134,468 -146,480
p Preliminary,
r Revised.
1. Includes royalties, license fees, and other fees associated with the use of intangible assets, including patents, trade secrets, and
other proprietary rights, that are used in connection with the production of goods.
2. Includes royalties, license fees, and other fees associated with the use of copyrights, trademarks, franchises, rights to broadcast
live events, software licensing fees, and other intangible property rights.
Footnotes to Tables F.2 and F.3:
F o o tn o te s to T a b le s F.2. a n d F.3.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions
arranged with or through foreign official agencies; see table 4 in “U.S. International Transactions, Second Quarter 2004" in the
October 2004 issue of the Survey.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local govern
ments.
13. Conceptually, the sum of line 76 and line 39 is equal to “net lending or net borrowing" in the national income and product
accounts (NIFAs). However, the foreign transactions account in the NIPAs (a) includes adjustments to the international transac
tions accounts for the treatment of gold, (b) includes adjustments for the different geographical treatment of transactions with U.S.
territories and Puerto Rico, and (c) includes services furnished without payment by financial pension plans except life insur
ance carriers and private noninsured pension plans. A reconciliation of the balance on goods and services from the international
accounts and the NIPA net exports appears in reconciliation table 2 in appendix A in the August 2004 issue of the Survey. A
reconciliation of the other foreign transactions in the two sets of accounts appears in table 4.3B of the full set of NIPA tables.
1. Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the United States; capital
account transactions receipts; financial inflows—increase in foreign-owned assets (U.S. liabilities) or decrease in U.S.-owned
assets (U.S. claims).
Debits, Imports of goods and services and income payments; unilateral current transfers to foreigners; capital accounts
transactions payments; financial outflows—decrease in foreign-owned assets (U.S. liabilities) or increase in U.S.-owned assets
(U.S. claims).
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents, excludes
imports of goods under direct defense expenditures identified in Census import documents, and reflects various other adjust
ments (for valuation, coverage, and timing) of Census statistics to balance of payments basis; see table 2 in “U.S. International
Transactions, Second Quarter 2004’ in the October 2004 issue of the Survey of Current Business.
3. Includes some goods: Mainly military equipment in line 5; major equipment, other materials, supplies, and petroleum prod
ucts purchased abroad by U.S. military agencies in line 22; and fuels purchased by airline and steamship operators in lines 8 and
25.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude U.S. parents'
payments to foreign affiliates and to include U.S. affiliates’ receipts from foreign parents. The definition of imports is revised to
include U.S. parents’ payments to foreign affiliates and to exclude U.S. affiliates’ receipts from foreign parents.
6. Beginning in 1982, the “other transfers” component includes taxes paid by U.S. private residents to foreign governments and
taxes paid by private nonresidents to the U.S. Government.
7. At the present time, all U.S. Treasury-owned gold is held in the United States.
8. Includes sales of foreign obligations to foreigners.
9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds and
notes.
10. Consists of U.S. Treasury and Export-lmport Bank obligations, not included elsewhere, and of debt securities of U.S,
Government corporations and agencies.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international organiza
tions in the United States and film and television tape rentals. Payments (imports) include mainly expenditures of U.S. residents
temporarily working abroad and film and television tape rentals.
4. These reflect the amount of premiums explicitly charged by, or paid to, insurers and reinsurers.
Source: Table 3 in “U.S. International Transactions, Second Quarter 2004" in the October 2004 issue of the Survey of Current Busi
ness.
Additional footnotes to Table F.3:
14. The “European Union” includes Belgium, Denmark, France, Germany (includes the former German Democratic Republic
(East Germany) beginning in the fourth quarter of 1990), Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, United
Kingdom; beginning with the first quarter of 1995, also includes Austria, Finland, and Sweden; and beginning with the second
quarter of 2004, also includes Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slov
enia. The “European Union” also includes the European Atomic Energy Community, the European Coal and Steel Community
(through the third quarter of 2002), and the European Investment Bank.
15. Quarterly estimates for Mexico are available, beginning with 2004.
16. Includes, as part of international and unallocated, taxes withheld; current-cost adjustments associated with U.S. and
foreign direct investment; and net U.S. currency flows. Before 1999, also includes the estimated direct investment in foreign affili
ates engaged in international shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Before
1996, also includes small transactions in business services that are not reported by country.
17. Details are not shown separately; see totals in lines 56 and 63.
18. Details not shown separately are included in line 69.
December 2004
-68
G. Investment Tables
Table G.1. International Investment Position of the United States at Yearend, 2002and 2003
[Millions of dollars]
Changes in position in 2003
Attributable to
Line
Type of investment
Position,
2002r
Financial
flows
Valuation adjustments
Price
changes
Exchange-rate
changes1
(a)
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24) ...
With direct investment positions at market value (line 4 less line 25) ..
Total
Position,
2003 p
Other
changes:
(d)
(a+b+c+d)
-2,233,018
-2,553,407
-545,759
-545,759
37,112
-13,696
255,457
397,918
6,413,535
6,613,320
283.414
283.414
355,668
676,650
327,520
468,722
-177,445
789,157
-178,138 1,250,648
7,202,692
7,863,968
U.S. official reserve assets..........................................................
Gold.........................................................................................
Special drawing rights..............................................
Reserve position in the International Monetary Fund............
Foreign currencies...................................................
158,602
90,806
12,166
21,979
33,651
-1,523
18,059
3) 18,059
8,438
24,975
18,060
472
556
5,887
183,577
108,866
12,638
22,535
39,538
U.S. Government assets, other than official reserve assets......
U.S. credits and other long-term assets5...............................
Repayable in dollars.....................
Other6.................................................................................
U.S. foreign currency holdings and U.S. short-term assets....
85,309
82,682
82,406
276
2,627
-537
-702
-700
-2
165
-537
-702
-700
-2
165
84,772
81,980
81,706
274
2,792
U.S. private assets:
With direct investment at current cost (lines 17+19+22+23)...
With direct investment at market value (lines 18+19+22+23).
6,169,624
6,369,409
285.474
285.474
337,609
658,591
319,082
460,284
-177,446
764,719
-178,139 1,226,210
6,934,343
7,595,619
1,839,995
2,039,780
1,846,879
501,762
1,345,117
908,024
1,574,726
173.799
173.799
72,337
-28,094
100,431
28,932
10,406
9,472
330,454
328,137
3,209
324,928
58,756
199,958
227,021
25,253
201,768
18,093
15,212
-340,377
175,940
229,018
690,509
627,495
368
627,127
-293,352
201,558
8,646,553
9,166,727
829.173
829.173
318,556
690,346
72,063
70,804
-232,971
-242,092
986,821 9,633,374
1,348,231 10,514,958
Foreign official assets in the United States....................................
U.S. Government securities.......................................................
U.S. Treasury securities.........................................................
Other.......................................................................................
Other U.S. Government liabilities7.............................................
U.S. liabilities reported by U.S. banks, not included elsewhere.
Other foreign official assets........................................................
1,212,723
954,896
796,449
158,447
17,144
144,646
96,037
248,573
194,568
169,685
24,883
-564
49,420
5,149
3,920
-16,845
-13,947
-2,898
Other foreign assets:
With direct investment at current cost (lines 35+37+38+41+42+43)...
With direct investment at market value (lines 36+37+38+41+42+43).
7,433,830
7,954,004
580.600
580.600
314,636
686,426
72,063
70,804
,505,171
,025,345
457,670
,786,647
,600,414
,186,233
301,268
864,632
,518,442
39.890
39.890
113,432
250,981
213,718
37,263
16,640
84,014
75,643
6,460
378,250
-11,612
319,788
5,205
314,583
1,259
U.S.-owned assets abroad:
With direct investment at current cost (lines 5+10+15)...
With direct investment at market value (lines 5+10+16)..
Direct investment abroad:
At current cost................................................................................................
At market value..............................................................................................
Foreign securities...............................................................................................
Bonds.......
Corporate stocks............................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns.
U.S. claims reported by U.S. banks, not included elsewhere............................
Foreign-owned assets in the United States:
With direct investment at current cost (lines 26+33)...
With direct investment at market value (lines 26+34)..
Direct investment in the United States:
At current cost...................................................................................................
At market value................................................................................................
U.S. Treasury securities...............................
U.S. securities other than U.S. Treasury securities.............................................
Corporate and other bonds.....................
Corporate stocks......................................
U.S. currency.......................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns..
U.S. liabilities reported by U.S. banks, not included elsewhere..........................
p Preliminary.
r Revised.
1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation at current
exchange rates.
2. Includes changes in coverage, capital gains and losses of direct investment affiliates, and other statistical
adjustments to the value of assets.
3. Reflects changes in the value of the official gold stock due to fluctuations in the market price of gold.
4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and
bullion coins; also reflects replenishment through open market purchases. These demonetizations/monetiza
tions are not included in international transactions financial flows.
-601
-1,494
572
55,526
63,954
1,073
2,050
5,315
-13,009
-13,702
8,945
12,410
4,476
7,934
-197,664 -2,430,682
-97,583 -2,650,990
2,069,013
2,730,289
2,474,374
502,130
1,972,244
614,672
1,776,284
261,438
190,133
160,214
29,919
-564
45,955
25,914
1,474,161
1,145,029
956,663
188,366
16,580
190,601
121,951
-241,916
725,383
-251,037 1,086,793
8,159,213
9,040,797
-3,465
20,765
48.437
48.437
1,175
-7,946
-16,948
-14,803
-14,803
11,269
11,098
-493,372
282,032
48,784
410,194
84,872
604,403
252,557
351,846
16,640
-398,089
368,773
1,553,955
2,435,539
542.542
3,391,050
1,852,971
1,538,079
317,908
466.543
1,887,215
5. Also includes paid-in capital subscriptions to international financial institutions and resources provided to
foreigners under foreign assistance programs requiring repayment over several years. Excludes World War I
debts that are not being serviced.
6. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a
third country’s currency, or by delivery of materials or transfer of services.
7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions
arranged with or through foreign official agencies.
Source: Table 1 in ‘The International Investment Position of the United States at Yearend 2003” in the July
2004 Survey of Current Business.
December 2004
Survey of Current Business
D-69
TableG.2. U.S. Direct Investment Abroad: Selected Items by Country of Foreign Affiliate
and by Industry of Foreign Affiliate, 2000-2003
[Millions of dollars]
Direct investment position
on a historical-cost basis
2000
All countries, all industries....................................
2001
2002
Capital outflows (inflows (-))
2003
1,316,247 1,460,352 1,601,414 1,788,911
Income
2000
2001
2002
2003
2000
2001
2002
2003
142,627
124,873
115,340
151,884
133,692
110,029
126,694
164,712
By country of foreign affiliate
Canada........................................................................................
132,472
152,601
170,169
192,409
16,899
16,841
11,534
13,826
16,181
11,836
12,697
17,354
Europe.........................................................................................
687,320
771,936
848,599
963,087
77,976
65,580
69,665
99,191
65,574
53,524
62,467
81,751
France .................................................................................
Germany.............................................................................
Ireland.................................................................................
Netherlands........................................................................
Switzerland.........................................................................
United Kingdom..................................................................
42,628
55,508
35,903
115,429
55,377
230,762
40,125
63,396
39,541
147,687
63,768
228,230
42,999
67,404
46,617
164,217
71,454
239,219
47,914
80,163
55,463
178,933
86,435
272,640
1,967
3,811
9,823
961
8,687
28,317
476
11,823
2,437
12,025
4,170
7,890
3,324
-216
5,663
14,633
6,683
16,852
1,504
8,676
9,093
14,968
14,444
30,455
2,370
4,736
5,773
13,402
5,027
19,099
1,697
3,407
5,161
10,922
6,636
9,612
2,428
2,519
6,245
12,352
9,130
10,570
4,339
4,062
8,281
15,791
10,738
13,756
Latin America and Other Western Hemisphere........................
266,576
279,611
284,561
304,023
23,212
25,691
6,428
13,171
19,796
18,006
17,146
24,552
Bermuda..............................................................................
Brazil...................................................................................
Mexico.................................................................................
United Kingdom Islands, Caribbean...................................
60,114
36,717
39,352
33,451
84,969
32,027
52,544
36,443
80,048
27,615
55,724
49,806
84,609
29,915
61,526
54,507
9,363
3,350
4,203
989
7,007
113
14,226
-1,129
-1,991
339
5,171
2,157
1,832
-266
5,667
3,057
6,446
1,621
4,431
1,606
5,250
567
4,034
3,719
4,035
538
4,349
4,542
6,320
1,370
5,750
4,955
Africa...........................................................................................
11,891
15,574
16,290
18,960
716
2,438
1,443
2,211
2,010
1,554
1,873
2,864
Middle East..................................................................................
10,863
13,212
14,671
16,942
1,375
1,397
1,703
2,093
2,272
1,545
1,876
2,645
Asia and Pacific..........................................................................
207,125
227,418
267,125
293,490
22,449
12,927
24,568
21,392
27,861
23,564
30,636
35,546
Australia..............................................................................
Hong Kong .........................................................................
Japan ..................................................................................
Singapore...........................................................................
34,838
27,447
57,091
24,133
27,778
32,494
55,651
40,764
34,409
41,571
65,939
52,449
40,985
44,323
73,435
57,589
890
4,922
4,295
3,688
-751
4,787
-4,731
5,593
5,139
1,687
7,877
4,377
3,881
1,725
5,800
5,699
3,415
5,163
5,988
4,045
1,503
4,897
4,892
3,334
2,207
4,839
6,342
8,558
3,707
5,071
9,167
6,974
12,786
Ofwhich:
Ofwhich:
Ofwhich:
By industry of foreign affiliate
Mining..........................................................................................
72,111
79,392
86,564
98,669
2,174
15,590
7,949
9,816
13,164
9,262
9,503
Utilities.........................................................................................
21,964
25,528
24,330
26,907
2,466
2,887
-835
-213
1,610
2,068
1,902
1,991
Manufacturing.............................................................................
343,899
328,030
339,391
378,033
43,002
25,871
28,002
28,370
42,230
27,603
26,733
36,531
Food....................................................................................
Chemicals.............................
Primary and fabricated metals...........................................
Machinery.............................
Computers and electronic products...................................
Electrical equipment, appliances, and components..........
Transportation equipment...................................................
23,497
75,807
21,644
22,229
59,909
10,005
49,887
21,334
79,186
21,814
17,655
58,651
9,552
40,487
18,340
81,449
21,926
18,612
53,601
9,030
44,820
22,717
90,341
22,970
21,380
57,596
9,657
45,372
2,014
3,812
1,233
2,659
17,303
2,100
7,814
1,813
10,210
311
-812
4,107
1,129
1,861
2,210
6,332
1,244
220
1,179
269
2,471
2,793
6,178
-169
2,405
3,061
772
1,517
2,681
11,552
1,536
2,257
8,860
1,079
4,107
2,597
7,161
1,422
1,313
4,335
669
2,148
2,674
9,093
898
1,974
2,504
522
612
3,172
10,620
1,607
2,043
5,394
739
1,802
Wholesale trade.........................................................................
93,936
112,946
124,686
140,579
11,938
15,712
3,841
12,802
14,198
13,706
12,905
19,583
Information.................................................................................
52,345
42,996
39,812
47,525
16,531
-2,838
-1,886
5,578
-964
-3,084
535
5,474
Depository institutions (banking)................................................
40,152
55,620
56,595
63,655
-1,274
10,326
-1,976
693
2,191
2,343
1,288
2,356
Finance (except depository institutions) and insurance............
217,086
240,272
264,680
299,805
21,659
2,854
14,643
30,149
15,210
9,224
13,946
19,165
Professional, scientific, and technical services.........................
32,868
34,306
34,907
40,599
5,441
3,739
1,167
4,497
3,548
1,741
2,481
4,623
Other industries..........................................................................
441,886
541,263
630,450
693,138
40,690
50,731
64,434
60,191
42,504
47,166
57,401
62,203
Ofwhich:
Note. In this table, unlike in the international transactions accounts, income and capital outflows are shown
without a current-cost adjustment, and income is shown net of withholding taxes. In addition, unlike in the international investment position, the direct investment position is valued at historical cost.
The data in this table are from tables 16 and 17 in “U.S. Direct Investment Abroad: Detail for Historical-Cost
Position and Related Capital and Income Flows, 2003" in the September 2004 Survey of Current Business.
D-70
International Data
December 2004
T a b le G .3 . S e le c te d F in a n c ia l a n d O p e r a t in g D a ta o f N o n b a n k F o r e ig n A ff ilia t e s o f U .S . C o m p a n ie s b y C o u n t r y a n d b y In d u s t r y o f A ff ilia t e , 2 0 0 2
Majority-owned nonbank foreign affiliates
All nonbank foreign affiliates
Millions of dollars
Millions of dollars
Total
assets
All countries, all Industries...............................
Sales
6,865,705 2,973,212
Thousands
U.S. exports U.S. imports
of
of goods employees
Net
of goods
income shipped to shipped by
affiliates
affiliates
217,660
184,499
217,673
Total
assets
Sales
9,695.9 6,209,829 2,548,625
Net
income
Value
added
204,802
611,456
Thousands
U.S. exports U.S. imports
of
of goods
of goods employees
shipped to shipped by
affiliates
affiliates
177,213
199,349
8,183.9
By country of foreign affiliate
Canada...................................................................................
Europe....................................................................................
Ofwhich:
359,620
13,624
58,373
80,860
1,124.1
484,796
336,830
14,430
71,139
56,528
74,646
1,062.4
4,103,349 1,479,547
124,084
43,491
41,796
4,118.4 3,838,231
1,322,029
119,306
342,291
42,326
41,047
3,685.7
583.2
187,698
653.0 311,825
230.6 507,950
1,219.4 1,526,337
125,929
205,713
113,151
371,645
3,467
3,913
18,884
13,590
35,864
60,738
21,406
105,056
3,585
7,111
7,477
9,796
3,201
4,979
2,166
6,441
543.6
615.6
179.9
1,121.5
514,250
France...........................................................................
Germany.
Netherlands...................................................................
United Kingdom.............................................................
212,778
351,566
534,795
1,581,483
139,456
242,206
141,606
389,292
3,166
6,206
19,994
8,098
4,131
7,207
7,771
9,829
3,296
4,983
(D)
6,464
Latin America and Other Western Hemisphere....................
994,055
365,977
34,947
42,283
49,931
1,990.0
860,328
308,180
32,264
61,400
41,023
47,194
1,594.3
Brazil..............................................................................
Mexico...........................................................................
101,114
142,566
68,155
137,055
-5,015
6,026
3,118
32,970
1,807
41,902
391.1
1,041.5
79,611
113,128
58,787
112,443
-3,531
4,834
10,865
22,233
2,991
32,011
1,673
40,255
336.7
841.2
Africa......................................................................................
77,632
42,294
3,120
931
(D)
218.7
61,954
33,827
2,505
13,409
767
4,960
139.0
Middle East.............................................................................
59,623
32,763
4,139
663
(D)
87.9
28,915
15,399
1,889
6,577
603
633
59.5
Asia and Pacific.....................................................................
1,116,796
693,011
37,747
38,759
39,369
2,156.7
935,605
532,360
34,408
116,641
35,967
30,870
1,643.0
Australia.........................................................................
Japan..............................................................................
154,272
431,911
74,142
251,924
3,819
8,535
3,882
10,657
1,353
9,785
320.6
503.7
142,725
328,460
61,028
150,181
3,414
7,052
19,511
34,606
3,783
9,501
1,352
1,973
255.3
246.1
298,637
104,463
17,166
1,124
12,516
167.5
275,111
142,367
60,632
1,343,683 1,415,463
-301
61,180
8
127,658
3
186,483
Ofwhich:
Ofwhich:
By industry of foreign affiliate
Mining.....................................................................................
Utilities....................................................................................
Manufacturing........................................................................
Ofwhich:
94,171
14,193
58,175
1,050
11,622
149.2
101.4
100,498
40,570
5,062.8 1,143,805 1,208,610
-1,614
54,798
7,582
316,621
8
122,573
3
169,379
70.7
4,317.8
Food...............................................................................
Chemicals.....................................................................
Primary and fabricated metals......................................
Machinery......................................................................
Computers and electronic products..............................
Electrical equipment, appliances, and components.....
Transportation equipment..............................................
76,557
345,030
64,165
70,477
177,022
32,183
245,032
99,819
249,099
45,828
72,461
210,937
29,132
357,234
3,846
24,872
1,309
3,037
7,514
374
2,216
4,378
17,074
2,982
7,070
24,602
2,216
55,587
4,498
19,132
4,048
7,588
37,118
4,591
89,841
418.4
656.3
255.9
385.0
713.1
250.5
1,075.3
67,856
310,491
58,040
58,745
170,922
29,173
174,618
90,281
224,473
40,063
59,925
206,909
26,041
272,093
3,409
23,355
996
2,764
7,989
372
1,142
19,626
67,808
10,991
16,753
37,534
7,250
45,316
4,036
16,354
2,909
6,723
24,385
2,149
52,910
4,405
18,261
3,936
6,813
36,894
3,695
76,462
372.9
599.9
240.7
327.3
681.3
219.8
888.8
Wholesale trade....................................................................
463,176
680,498
19,634
47,045
17,076
823.4
442,458
647,333
18,938
94,447
45,556
16,827
775.9
Information.............................................................................
280,209
166,416
-6,582
908
(D)
646.0
120,348
78,686
-2,759
23,102
797
96
345.2
Finance (except depository institutions) and insurance.......
2,438,387
212,260
20,105
10
(D)
332.5 2,353,513
Professional, scientific, and technical services....................
123,553
84,141
2,758
1,534
(D)
443.9
Other industries.....................................................................
1,775,694
249,340
103,700
6,212
(D)
D Suppressed to avoid disclosure of data of individual companies.
Note. The data in this table are from “U.S. Multinational Companies: Operations in 2002” in the July 2004 Survey of Current Business.
198,704
18,706
23,875
10
(D)
310.7
120,226
79,284
2,556
30,962
1,517
(D)
413.9
2,118.3 1,653,870
201,267
99,985
56,693
5,703
901
1,800.6
December 2004
S urvey
of
C
urrent
D-71
B u s in e s s
Table G.4. Foreign Direct Investment in the United States: Selected Items by Country of Foreign Parent
and by Industry of U.S. Affiliate, 2000-2003
[Millions of dollars]
Direct investment position
on a historical-cost basis
2000
All countries, all industries.............................................
2001
2002
Capital inflows (outflows i-))
2003
1,256,867 1,343,987 1,340,011 1,378,001
2000
314,007
2001
159,461
Income
2002
2003
2000
62,870
29,772
47,921
3,919
2001
2002
2003
35,984
56,727
By country of foreign parent
Canada...................................................................................................
114,309
92,420
105,255
27,258
9,173
2,976
9,116
849
-5,223
-909
3,462
Europe....................................................................................................
887,014
999,069
982,062 1,000,532
251,041
140,661
45,012
6,572
38,766
13,964
28,989
43,946
France............................................................................................
Germany........................................................................................
Luxembourg...................................................................................
Netherlands..
Switzerland...
United Kingdom.............................................................................
125,740
122,412
58,930
138,894
64,719
277,613
154,984
162,314
95,299
145,554
129,478
197,651
141,400
139,620
97,822
153,679
119,338
218,175
143,341
148,774
104,452
146,117
112,856
230,374
51,001
14,054
30,864
33,517
12,124
82,652
14,546
40,206
-21,498
24,036
61,789
2,819
6,678
-842
1,288
5,650
6,566
23,941
5,130
407
8,823
-614
-6,993
-1,661
3,633
2,140
4,711
8,776
2,782
13,347
4,024
-7,787
2,414
3,189
1,299
9,046
4,171
-3,508
840
4,042
5,867
11,492
4,808
1,726
6
7,934
4,723
17,604
Latin America and Other Western Hemisphere....................................
53,691
64,842
68,366
69,557
12,741
8,232
1,577
3,525
2,382
-3,748
-592
1,253
Bermuda.........................................................................................
Mexico............................................................................................
Panama..........................................................................................
United Kingdom Islands, Caribbean..............................................
18,336
7,462
3,819
15,191
7,316
6,645
4,385
25,620
8,088
7,483
5,394
28,260
5,914
6,680
8,383
28,949
2,965
5,062
-1,087
3,800
-6,467
-716
297
12,961
-177
2,099
1,572
230
-3,366
1,944
2,592
1,841
-204
-142
647
1,627
-4,868
-823
499
1,166
-2,362
35
642
701
-1,049
193
1,014
175
Africa......................................................................................................
2,700
2,346
2,298
2,187
666
-308
34
-50
31
-221
41
3
Middle East.............................................................................................
6,506
6,082
7,456
7,931
2,389
-401
1,290
522
241
200
-214
163
Asia and Pacific......................................................................................
192,647
179,228
183,392
192,539
19,912
2,104
11,980
10,086
5,651
-1,053
8,670
7,901
Australia.........................................................................................
Japan
Singapore.......................................................................................
18,775
159,690
5,087
19,465
149,859
1,221
23,136
150,499
650
24,652
159,258
-162
4,935
7,820
5,911
6,490
-3,132
-1,451
6,081
6,061
-514
4,382
6,495
-809
356
5,182
-123
-416
-244
-164
555
7,747
-73
489
7,530
-28
Manufacturing.........................................................................................
480,561
476,474
468,471
475,475
105,119
51,069
18,876
344
24,744
4,261
21,680
20,216
Food...............................................................................................
Chemicals..........................
Primary and fabricated metals......................................................
Machinery..........................
Computers and electronic products..............................................
Electrical equipment, appliances, and components.....................
Transportation equipment..............................................................
18,073
120,413
24,184
32,283
92,782
43,109
55,750
18,577
128,630
19,998
43,317
54,729
53,559
62,349
19,785
121,641
19,245
41,424
43,111
46,080
62,607
19,074
123,242
19,434
37,701
45,854
42,311
63,653
2,281
25,466
8,199
2,175
33,073
13,333
1,653
312
16,823
-3,109
3,560
-1,403
20,545
9,694
1,300
-7,410
1,308
-1,426
-6,682
3,200
6,449
-1,423
2,800
711
-2,917
-548
-6,550
1,637
1,076
4,572
1,121
1,003
2,395
2,033
4,284
597
2,005
-265
-982
-5,609
2,413
1,891
933
6,211
147
225
-2,043
4,781
4,238
-370
6,792
465
-447
-527
2,292
4,777
Wholesale trade.....................................................................................
173,991
184,743
195,876
182,176
52,501
5,998
10,332
-6,510
13,569
9,566
12,499
16,647
Retail trade.............................................................................................
26,703
22,647
21,974
24,171
4,111
5,881
763
1,389
1,519
1,335
2,161
1,368
Information.............................................................................................
146,856
146,913
117,646
120,122
25,207
51,472
6,235
-1,441
-3,996
-13,392
-4,232
2,084
Ofwhich:
Ofwhich:
Ofwhich:
96,437
By industry of U.S. affiliate
Ofwhich:
Depository institutions (banking)...........................................................
64,236
67,207
76,800
87,537
5,775
6,429
3,647
4,482
3,590
1,991
2,190
2,071
Finance (except depository institutions) and insurance.......................
167,007
173,801
168,957
185,655
50,990
18,156
3,556
16,684
3,782
-1,443
-2,322
8,785
Real estate and rental and leasing........................................................
49,985
44,280
43,515
46,999
3,473
-2,178
1,367
-1,269
2,382
1,570
1,756
1,407
Professional, scientific, and technical services.....................................
30,492
31,477
27,619
28,358
34,136
9,309
1,668
860
-166
-239
239
-17
Other industries......................................................................................
117,037
196,446
219,154
227,509
32,695
13,326
16,426
15,233
2,496
270
2,012
4,168
Note. In this table, unlike in the international transactions accounts, income and capital inflows are shown
without a current-cost adjustment, and income is shown net of withholding taxes. In addition, unlike in the international investment position, the direct investment position is valued at historical cost.
The data in this table are from tables 16 and 17 in “Foreign Direct Investment in the United States: Detail for
Historical-Cost Position and Related Capital and Income Flows, 2003” in the September 2004 Survey of
Current Business.
-72
December 2004
International Data
T a b le G .5 . S e le c te d F in a n c ia l a n d O p e r a t in g D a ta o f N o n b a n k U .S . A ff ilia t e s o f F o r e ig n C o m p a n ie s b y C o u n t r y
o f U ltim a te B e n e fic ia l O w n e r a n d b y In d u s t r y o f A ff ilia t e , 2 0 0 2
Majority-owned nonbank affiliates
All nonbank affiliates
Total
assets
All countries, all industries...................................
Sales
5,213,336 2,225,352
Millions of dollars
Millions of dollars
Millions of dollars
Net
income
-46,188
Thousands
U.S.
U.S.
of
exports
imports
employees of goods of goods
shipped by shipped to
affiliates
affiliates
5,932.2
146,186
Total
assets
Sales
337,406 4,556,582 2,043,500
Millions of dollars
Net
income
Value
added
-51,250
453,637
Thousands
U.S.
U.S.
of
exports
imports
employees of goods of goods
shipped by shipped to
affiliates
affiliates
5,420.3
137,037
324,578
By country
135,626
-4,425
500.4
6,018
Europe........................................................................... 3,574,466 1,321,197
-32,476
4,017.2
79,224
Canada ..........................................................................
Ofwhich:
346,204
128,411
-4,732
36,589
470.5
5,678
16,406
137,288 3,418,922 1,246,557
16,750
-30,801
290,887
3,751.9
73,806
132,322
325,469
France...................................................................
Germany...............................................................
Netherlands..........................................................
Sweden.
Switzerland...........................................................
United Kingdom....................................................
466,024
549,123
540,928
58,427
898,393
905,691
163,391
302,732
233,696
43,426
119,340
346,008
-6,317
-24,776
-1,036
-814
-5,589
7,634
514.8
711.2
556.5
232.3
498.9
1,071.6
13,901
28,726
5,648
3,979
6,203
15,421
(D)
54,720
14,405
3,908
8,250
22,445
447,432
534,078
529,883
58,142
878,483
819,758
150,885
290,353
226,982
43,049
111,395
314,944
-1,461
-24,598
-2,213
-830
-4,439
4,518
40,926
56,951
38,487
11,891
27,596
89,658
468.0
676.4
547.3
225.7
429.9
995.8
10,065
28,241
5,328
3,976
6,105
14,978
14,895
54,439
14,290
3,904
8,111
22,254
Latin America and Other Western Hemisphere ..........
233,064
136,837
-11,808
417.7
9,515
18,270
222,161
122,170
-11,817
37,045
352.3
9,104
15,509
Bermuda................................................................
Mexico...................................................................
Panama.................................................................
United Kingdom Islands, Caribbean....................
Venezuela..............................................................
122,016
23,872
1,896
56,176
12,027
63,534
23,602
1,369
9,957
25,184
-10,540
-880
-136
-162
251
224.8
105.7
6.8
38.3
7.5
(D)
121,159
18,132
62,552
15,769
1,312
9,714
-10,495
-828
-134
-174
22,154
3,496
513
2,147
2,842
2,571
161
895
(D)
(D)
(D)
(D)
223.4
47.1
6.5
36.5
H
(D)
(D)
2,846
3,069
164
895
7,966
6,454
806
143
66
Africa..............................................................................
7,606
(D)
(D)
10.7
(D)
(D)
6,073
5,387
-28
1,150
10.3
513
362
Ofwhich:
(D)
55,661
142
66
466
(D)
Middle East....................................................................
25,010
31,772
-567
K
(D)
7,566
22,888
30,331
-617
7,275
40.7
748
7,510
Asia and Pacific.............................................................
570,339
532,579
-1,502
848.2
45,488
153,384
540,946
492,116
-2,342
75,627
754.3
43,164
149,093
Australia................................................................
Japan ....................................................................
71,831
452,603
25,864
446,801
-5,587
4,429
66.4
697.0
344
38,781
399
128,373
67,658
430,565
22,642
414,472
-5,824
3,833
6,656
61,976
55.0
628.2
303
36,778
360
125,242
United States................................................................
456,647
(D)
(D)
L
(D)
(D)
20,122
18,529
-913
5,064
40.1
4,024
3,377
Manufacturing...............................................................
1,063,821
912,574
-12,011
2,374.0
93,106
143,080 1,009,551
855,354
-13,107
217,552
2,227.6
86,839
132,928
Food......................................................................
Chemicals..............................................................
Primary and fabricated metals..............................
Machinery.............................................................
Computers and electronic products.....................
Electrical equipment, appliances, and
components.......................................................
Transportation equipment......................................
47,049
256,248
49,268
91,970
104,159
47,558
166,633
50,764
73,572
99,200
54
2,751
446
-285
-8,199
130.0
357.5
149.8
286.5
271.7
3,554
16,280
4,388
8,894
15,201
1,962
18,672
7,969
8,073
(D)
45,779
238,898
42,704
91,345
94,273
44,815
153,073
43,703
72,660
90,738
-58
2,192
168
-140
-8,399
10,644
43,376
12,003
22,323
22,105
121.1
329.4
137.9
284.7
246.2
3,425
15,470
3,383
8,773
12,265
1,897
18,315
7,216
7,792
24,426
26,021
215,770
19,382
200,847
-756
2,057
80.4
389.0
3,036
28,335
1,791
51,439
25,967
209,892
19,310
192,516
-747
2,077
4,419
34,619
80.1
367.4
3,004
27,957
1,780
50,326
Wholesale trade............................................................
417,987
605,917
10,474
544.9
48,115
185,884
409,360
583,646
9,743
76,122
516.3
45,412
183,396
Retail trade....................................................................
68,075
122,892
-1,055
672.0
728
4,202
60,095
111,580
-561
25,654
583.3
711
4,037
Information....................................................................
(D)
98,953
-36,789
318.4
1,070
853
248,147
75,109
-38,095
24,689
245.8
1,046
853
-1,973
(D)
140.2
M
(D)
656
163
163
88,925
72,877
31,672
15,116
-709
-26,372
14,026
1,937
127.4
37.4
762
1
163
(D)
4 2,293,786
185,248
-10,118
19,487
233.3
0
17,709
414
9,072
33.8
215
Ofwhich:
By industry
Ofwhich:
Ofwhich:
Publishing industries.............................................
Telecommunications..............................................
(D)
(D)
33,985
(D)
Finance (except depository institutions) and insurance 2,732,422
(D)
(D)
285.0
(*)
Real estate and rental and leasing...............................
102,749
20,525
599
35.8
215
Professional, scientific, and technical services............
60,295
43,392
184
174.7
406
244
54,932
41,620
677
16,182
162.5
384
234
Other industries.............................................................
(D)
(D)
(D)
1,527.3
2,546
2,672
392,039
173,234
-201
64,880
1,417.6
2,430
2,658
D Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
Notes. The data in this table are from the 2002 benchmark survey of foreign direct investment in the United
States; see “Operations of U.S. Affiliates of Foreign Companies: Preliminary Results From the 2002 Benchmark
467
88,670
4
467
Survey” in the August 2004 Survey of Current Business.
The following ranges are given in employment cells that are suppressed: A—1 to 499; F—500 to 999;
G—1,000 to 2,499; H-2,500 to 4,999; 1-5,000 to 9,999; J—10,000 to 24,999; K-25,000 to 49,999;
L—50,000 to 99,999; M—100,000 or more.
December 2004
D-73
H. In te rn a tio n a l P e rs p e c tiv e s
The quarterly data in this table are shown at the end m onth o f the quarter.
2003
Aug.
Sep.
Oct.
2004
Nov.
Jan.
Dec.
Mar.
Feb.
Apr.
May
July
June
Aug.
Sep.
Oct.
Unemployment rate (percent)1
Euro area...................................................
France...................................................
Germany...............................................
8.80
9.60
10.60
Netherlands...........................................
United Kingdom.........................................
5.40
5.10
Japan.........................................................
Singapore..................................................
South Korea...............................................
Taiwan.......................................................
3.30
5.21
5.10
5.50
3.20
5.05
Canada......................................................
Mexico.......................................................
United States.............................................
8.00
3.96
6.10
8.00
3.87
6.10
Euro area...................................................
France...................................................
Germany...............................................
Italy.......................................................
Netherlands...........................................
United Kingdom.........................................
2.14
2.09
2.12
2.07
2.14
3.49
Singapore..................................................
South Korea...............................................
Taiwan.......................................................
8.80
9.70
10.50
8.80
9.60
10.50
5.50
5.00
5.80
5.00
5.20
5.20
5.00
3.40
4.71
4.90
4.50
3.60
4.58
5.00
3.30
4.92
3.70
4.53
7.60
3.63
6.00
7.50
3.80
5.90
7.40
2.96
5.70
7.40
3.81
5.60
2.15
2.08
2.13
2.08
2.15
3.56
2.14
2.08
2.13
2.08
2.14
3.78
2.16
2.08
2.15
2.14
2.16
3.82
2.15
2.08
2.13
2.10
2.15
3.86
2.09
2.05
2.07
2.02
2.09
3.96
2.07
2.03
2.05
1.99
2.07
4.07
2.03
1.97
2.01
1.93
2.03
4.19
0.78
3.90
0.85
0.72
3.83
0.89
0.76
3.93
0.88
0.63
4.23
0.93
0.71
4.34
1.01
0.77
4.26
0.96
0.68
4.08
0.91
Canada......................................................
Mexico.......................................................
United States.............................................
2.70
5.11
0.95
2.60
5.20
0.94
2.65
5.38
0.92
2.71
5.23
0.93
2.59
6.18
0.90
2.26
5.11
0.88
2.13
5.63
0.93
Euro area...................................................
France...................................................
Germany...............................................
Italy.......................................................
Netherlands...........................................
United Kingdom.........................................
4.20
4.24
4.10
4.29
4.18
4.68
4.23
4.24
4.20
4.31
4.21
4.76
4.31
4.34
4.20
4.38
4.27
4.88
4.44
4.48
4.40
4.51
4.41
4.95
4.36
4.36
4.30
4.46
4.33
4.83
4.26
4.22
4.20
4.32
4.18
4.75
4.18
4.24
4.10
4.34
4.12
4.78
4.02
4.01
3.90
4.17
3.93
4.67
Japan.........................................................
Singapore..................................................
South Korea...............................................
Taiwan.......................................................
1.41
3.72
5.26
2.24
1.42
3.54
4.77
2.77
1.44
3.95
4.87
2.78
1.33
4.03
5.35
2.87
1.33
3.75
5.43
2.80
1.33
3.39
5.42
2.62
1.21
3.36
5.43
2.70
Canada......................................................
United States.............................................
4.96
4.45
4.64
4.27
4.85
4.29
4.79
4.30
4.66
4.27
4.61
4.15
4.41
4.06
5.10
8.80
9.70
10.50
8.60
5.50
5.10
8.80
9.70
10.40
8 50
5.70
4.90
8.80
9.60
10.30
8.80
9.80
10.30
8.90
9.80
10.40
8 50
6.40
4.80
9.00
9.80
10.50
9.00
9.80
10.50
6.10
4.90
6.10
4.80
6.40
4.70
6.50
4.70
4.70
4.50
3.80
4.45
4.70
4.60
3.90
4.61
3.40
4.36
7.40
3.92
5.60
7.50
3.86
5.70
7.30
3.58
5.64
9.00
9.90
10.70
8.50
6.10
4.70
9.00
9.90
10.50
8 50
6.40
4.70
9.00
9.80
10.60
9.00
9.80
10.60
8.90
9.90
10.70
6.30
4.80
6.20
4.80
4.60
4.50
3.20
4.54
4.90
4.80
3.30
4.41
3.50
4.62
3.50
4.67
4.60
3.40
3.30
4.50
3.20
4.56
7.40
3.48
5.60
7.30
3.78
5.60
7.20
3.75
5.50
7.20
4.35
5.40
7.10
4.01
5.40
7.10
3.60
5.50
2.05
2.00
2.03
1.99
2.05
4.26
2.09
2.04
2.07
2.08
2.09
4.49
2.11
2.05
2.09
2.13
2.11
4.60
2.12
2.06
2.10
2.10
2.12
4.71
2.11
2.06
2.09
2.07
2.11
4.81
2.12
2.07
2.10
2.12
2.12
4.76
2.15
2.08
2.10
2.11
2.15
4.71
0.65
3.93
0.94
0.65
3.91
0.92
0.75
3.90
0.92
0.75
3.91
0.96
0.91
3.91
0.95
1.26
3.70
0.98
1.35
3.52
1.03
1.29
3.52
1.11
1.99
6.28
0.94
1.94
5.96
0.94
2.02
7.08
1.02
2.04
7.26
1.27
2.08
7.30
1.33
2.14
7.50
1.48
2.41
7.75
1.65
2.58
8.11
1.76
4.24
4.23
4.10
4.35
4.13
4.87
4.35
4.41
4.30
4.49
4.37
4.98
4.41
4.41
4.30
4.54
4.42
5.00
4.31
4.35
4.20
4.44
4.31
4.92
4.15
4.20
4.10
4.28
4.15
4.73
4.11
4.13
4.00
4.25
4.09
4.70
4.08
4.03
3.90
4.13
3.96
4.67
1.42
3.07
5.25
2.33
1.52
3.26
5.25
2.39
1.51
3.31
5.16
2.68
1.81
3.68
5.01
2.97
1.81
3.53
4.88
2.78
1.59
3.34
4.33
2.89
1.39
3.29
4.14
2.64
1.48
3.09
4.05
2.70
4.33
3.83
4.71
4.35
4.77
4.72
4.83
4.73
4.82
4.50
4.68
4.28
4.58
4.13
4.52
4.10
6.30
4.60
4.70
Short-term interest rate (percent per year)
Long-term interest rate (percent per year)
Real GDP (percent change from the same quarter a year earlier)1
Euro area..........
France....
Germany.
Italy.......
Netherlands....
United Kingdom..
0.2
-0.2
-0.2
0.4
-1.4
2.2
0.7
1.0
0.2
0.1
-0.5
2.9
2.3
2.8
1.9
1.3
1.3
3.6
Japan.........
Singapore.........
South Korea......
Taiwan..............
1.9
1.7
2.3
3.7
3.1
4.9
4.1
5.6
4.2
12.5
5.5
7.2
Canada.............
Mexico..............
United States....
1.3
0.6
3.5
1.7
2.0
4.4
2.8
3.9
4.8
Stock market prices (index number)
France......................................................
Germany....................................................
Italy...........................................................
Netherlands...............................................
United Kingdom.........................................
52.89
49.46
59.59
49.94
65.60
50.08
46.22
58.42
46.51
64.50
53.88
51.89
61.28
50.06
67.59
54.71
53.16
63.69
50.36
68.46
56.83
56.28
63.08
51.19
70.58
58.12
57.60
65.10
53.56
69.22
59.67
57.14
66.05
54.24
70.82
59.88
57.54
66.28
54.37
71.53
58.62
55.70
64.98
51.92
69.53
58.69
56.56
66.52
51.76
70.78
58.62
55.66
65.08
51.12
69.85
59.63
57.52
66.85
52.32
70.38
58.26
55.29
65.68
50.02
69.57
57.41
53.72
64.52
48.99
70.30
58.40
55.28
66.77
49.21
72.06
Japan........................................................
Singapore..................................................
South Korea...............................................
Taiwan.......................................................
61.19
78.17
107.50
73.15
60.45
79.71
98.73
72.64
62.46
84.26
110.74
78.25
61.54
83.78
114.28
74.71
63.16
86.25
114.75
76.25
63.79
90.05
120.10
82.53
66.67
92.78
125.04
88.24
66.67
92.47
125.04
89.17
69.11
91.44
124.94
84.45
69.57
90.04
122.13
79.19
66.47
87.43
113.78
77.38
70.15
89.84
111.22
75.59
67.00
92.47
104.08
70.17
65.55
93.77
113.74
74.63
64.44
97.12
118.26
75.98
Canada.....................................................
Mexico......................................................
United States.............................................
78.24
116.64
71.00
77.24
120.19
70.15
80.90
123.92
74.08
81.80
131.44
74.54
85.57
135.14
78.32
88.69
144.88
79.67
92.02
153.54
80.93
92.37
156.07
81.42
90.05
163.05
79.75
85.81
152.86
77.99
87.61
154.21
78.94
88.94
157.98
80.35
87.88
155.44
77.60
87.19
157.71
77.78
90.19
168.44
78.91
Euro area (€ )........
United Kingdom (£).
1.1155
1.5939
1.1267
1.6155
1.1714
1.6792
1.1710
1.6897
1.2298
1.7516
1.2638
1.8255
1.2640
1.8673
1.2261
1.8261
1.1989
1.8031
1.2000
1.7860
1.2146
1.8279
1.2266
1.8438
1.2191
1.8203
1.2224
1.7937
1.2507
1.8077
Japan (¥)...............
Singapore (S$)......
South Korea (W).....
Taiwan (NT$).........
118.66
1.7533
1,178.60
34.318
114.80
1.7466
1,165.40
33.995
109.50
1.7345
1,169.34
33.875
109.18
1.7282
1,186.39
34.036
107.74
1.7107
1,192.34
34.056
106.27
1.6965
1,183.35
33.669
106.71
1.6869
1,167.53
33.214
108.52
1.6996
1,166.29
33.252
107.66
1.6849
1,152.86
32.970
112.20
1.7124
1,177.88
33.444
109.43
1.7136
1,159.02
33.568
109.49
1.7121
1,158.70
33.806
110.23
1.7145
1,158.03
34.023
110.09
1.6948
1,148.72
33.893
108.78
1.6767
1,141.57
33.775
Canada (Can$)......
Mexico (Ps)............
United States ($)....
1.3963
10.783
119.93
1.3634
10.923
118.57
1.3221
11.180
116.21
1.3130
11.149
116.07
1.3138
11.251
114.51
1.2958
10.920
112.54
1.3299
11.032
113.10
1.3286
11.019
114.26
1.3420
11.270
115.12
1.3789
11.520
117.08
1.3578
11.393
115.91
1.3225
11.468
115.08
1.3127
11.395
115.26
1.2881
11.487
114.81
1.2469
11.404
113.15
Exchange rate2
1. Unemployment and GDP figures are revised regularly.
2. Figures for the euro area and for the United Kingdom are in U.S. dollars per euro and per pound sterling, respec
tively. The rate for the United States is a weighted average of the nominal foreign exchange value of the U.S. dollar
against the currencies of a Broad Index group of major U.S. trading partners from a base of January 1997=100. For other
countries, figures are in currency units per U.S. dollar.
Sources: Exchange rates are from the Board of Governors of the Federal Reserve System. Indexes of stock market
prices are calculated from data taken from finance oriented web sites and are rebased to 2000=100 to facilitate compari
sons. Other series are drawn from the web sites of the statistical agencies of the countries shown. The last two months
are preliminary due to timing of country releases.
Note. In 2003, the countries in this table accounted for 62 percent of the value of U.S. imports of goods and 70 percent
of the value of U.S. exports of goods. The euro area consists of Austria, Belgium, Finland, France, Germany, Greece,
Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain.
December 2004
D-74
I. C h a rts
THE U.S. IN THE INTERNATIONAL ECONOM Y
Billion $
Billion $
30 - | —
BALANCE ON CURRENT ACCOUNT
40 r
COMPONENTS OF CURRENT ACCOUNT BALANCE
.—
Services
Income
Unilateral transfers
Goods
82
84
86
Billion $
Billion $
160
CAPITAL FLOWS ON U.S. DIRECT INVESTMENT ABROAD
AND FOREIGN DIRCET INVESTMENT
IN THE UNITED STATES
SECURITIES TRANSACTIONS
Net foreign purchases of U.S. securities
USDIA
Net U.S. purchases of foreign securities
82
84
86
88
90
92
94
96
98
Billion $
Billion $
450
1 0 ,0 0 0
EXPORTS AND IMPORTS OF GOODS AND SERVICES
NET INTERNATIONAL INVESTMENT POSITION
VALUED AT CURRENT COST
U.S. assets abroad
Foreign assets in the United States
Net investment position N.
50
l
82
I
I
84
I
r
86
U.S.BureauofEconomicAnalysis
i i i i i i i I I I I I I I I r
18
90
92
94
96
98
00
02
04
i i i i r
-4 ,0 0 0
82
84
86
i
1 I I I I I I I I I I I I I [
90
92
94
96
98
00
02
04
D-75
December 2004
R e g io n a l D a ta
J. State and Regional Tables
The tables in this section include the m ost recent estimates o f state personal income and gross state product. The
sources o f these estimates are noted.
The quarterly and annual estimates o f state personal income and the estimates o f gross state product are
available on C D -R O M . For inform ation on state personal income, e-mail reis.remd@bea.gov; write to the
Regional Econom ic Inform ation System, BE-55, Bureau o f Econom ic Analysis, U.S. Departm ent o f Commerce,
Washington, DC 20230; or call 202-606-5360. For inform ation on gross state product, e-mail gspread@ bea.gov;
write to the Regional Econom ic Analysis Division, BE-61, Bureau o f Econom ic Analysis, U.S. Departm ent o f
Commerce, Washington, D C 20230; or call 202-606-5340.
T a b le J .1 . P e r s o n a l In c o m e b y S t a te a n d R e g io n
[Millions of dollars, seasonally adjusted at annual rates]
2000
2002
2001
Percent
change1
2004
2003
Area name
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
United States................ 8,506,474 8,554,392 8,681,379 8,712,868 8,725,409 8,753,004 8,793,524 8,895,952 8,884,308 8,899,260 8,987,629 9,093,138 9,196,611 9,317,342 9,425,245 9,565,281
541,900 548,971 558,088 562,996
509,495 513,216 526,881 524,837 522,244 523,594 526,458 531,609
529,378 528,207 533,194 536,212
New England..................................
Connecticut......................................
Maine
Massachusetts.................................
New Hampshire................................
Rhode Island....................................
Vermont...
Mideast
Delaware.........................................
District of Columbia..........................
Maryland.
New Jersey......................................
New York.."........................................
Pennsylvania....................................
142,900
33,404
243,618
41,639
30,978
16,955
144,245
33,646
244,714
42,191
31,217
17,204
148,434
34,812
251,126
42,796
32,065
17,647
147,553
35,062
249,490
42,717
32,195
17,821
146,526
35,096
248,027
42,569
32,264
17,761
146,779
35,439
248,308
42,745
32,394
17,929
147,705
35,979
248,810
43,062
32,853
18,048
148,113
36,330
252,013
43,731
33,181
18,241
148,169
36,413
249,715
43,525
33,259
18,296
147,438
36,460
249,020
43,554
33,331
18,403
149,122
37,191
250,452
43,937
33,982
18,510
149,867
37,428
251,842
44,306
34,026
18,742
151,350
37,853
254,383
44,889
34,456
18,970
152,864
38,654
257,435
45,613
35,013
19,392
156,890
38,970
261,415
46,173
35,239
19,401
158,184
39,486
263,279
46,749
35,612
19,687
1,592,510 1,614,961 1,620,606 1,617,262 1,637,381 1,627,826 1,643,347 1,652,543 1,650,386 1,649,919 1,664,276 1,684,882 1,702,422 1,725,231 1,744,848 1,771,353
24,470
23,106
183,663
326,381
667,461
367,430
24,806
23,493
186,217
330,775
678,801
370,869
24,945
25,332
188,955
330,564
681,147
369,663
25,365
25,599
191,059
331,747
671,847
371,644
25,547
25,713
191,861
332,394
689,347
372,519
25,834
25,829
193,151
336,096
673,155
373,762
26,138
25,962
196,944
337,926
678,630
377,746
26,259
26,196
198,827
337,898
682,928
380,436
26,193
26,071
198,710
337,749
680,486
381,177
26,140
26,272
199,696
337,837
678,684
381,289
26,713
26,194
202,327
340,044
683,026
385,972
27,131
26,544
205,124
343,586
692,960
389,538
27,359
26,756
207,185
347,811
699,983
393,329
27,757
27,111
210,029
350,788
710,154
399,391
28,069
27,722
213,701
353,997
720,666
400,692
28,510
28,086
217,175
359,900
730,795
406,886
Great Lakes.................................... 1,342,677 1,343,314 1,357,135 1,359,188 1,359,982 1,363,909 1,362,348 1,386,415 1,386,835 1,389,237 1,401,040 1,415,112 1,427,911 1,450,706 1,453,281 1,471,118
Illinois ........................................
Indiana....
Michigan..
Ohio
Wisconsin
Plains
Iowa
Kansas....
Minnesota
Missouri...
Nebraska.
North Dakota....................................
South Dakota...................................
Southeast..
Alabama..
Arkansas.
Florida
Georgia...
Kentucky..........................................
Louisiana..........................................
Mississippi........................................
North Carolina..................................
South Carolina.................................
Tennessee........................................
Virginia...,
West Virginia....................................
1.2
407,131
168,490
299,305
325,733
158,530
407,961
168,236
299,372
325,836
158,576
408,242
168,746
300,401
327,010
159,510
409,657
168,945
295,172
327,434
161,139
414,576
172,177
303,572
332,522
163,568
412,392
172,785
304,257
333,856
163,545
412,423
173,458
305,073
334,061
164,221
415,225
174,918
307,560
337,840
165,496
418,348
177,063
311,916
340,717
167,067
421,533
179,073
315,787
342,744
168,775
425,520
182,607
322,576
348,829
171,174
431,651
183,137
317,505
349,238
171,750
436,736
185,298
321,735
353,305
174,045
551,766
552,155
559,824
562,695
562,506
567,781
569,338
576,645
576,042
577,209
584,893
591,792
598,422
603,755
611,264
620,540
1.5
79,650
77,453
162,113
157,236
49,278
16,404
20,372
80,083
78,256
163,838
158,741
49,709
16,724
20,429
81,990
78,348
167,360
161,143
50,062
16,797
20,342
81,960
78,268
167,794
161,717
50,266
16,836
20,367
86,756
82,386
177,698
169,821
53,581
18,709
22,313
87,837
83,396
180,630
172,633
54,412
18,969
22,664
1.2
1.2
1.7
1.7
1.5
1.4
1.6
1,856,565 1,868,445 1,905,352 1,924,878 1,924,925 1,943,802 1,955,462 1,982,036 1,978,935 1,986,231 2,013,352 2,033,577 2,056,893 2,087,930 2,116,178 2,148,598
1.5
78,507
75,681
159,675
154,257
47,723
16,269
19,654
78,260
75,178
161,023
154,219
47,710
16,181
19,584
79,321
76,756
162,327
155,956
48,910
16,327
20,227
79,716
77,132
162,726
157,006
49,302
16,424
20,389
81,204
77,638
164,698
159,780
49,385
16,603
20,031
82,546
78,905
167,022
161,208
49,777
16,883
20,305
82,324
79,526
169,217
163,820
51,375
17,584
21,048
83,008
79,811
171,509
165,201
52,661
18,004
21,599
83,916
80,782
173,910
166,635
53,149
18,275
21,756
85,170
81,744
174,232
168,213
53,835
18,448
22,113
106,168
59,190
462,063
232,442
99,664
103,717
60,214
221,044
99,053
150,001
223,259
39,750
107,129
59,383
465,868
233,905
99,707
104,215
60,379
221,685
99,527
150,745
225,800
40,102
109,274
61,721
472,770
238,391
100,653
108,867
62,310
224,838
100,998
153,161
231,078
41,291
110,563
62,203
478,365
240,828
101,195
110,193
62,961
225,826
101,369
154,330
235,230
41,815
110,776
62,201
479,395
241,563
101,648
110,705
62,734
224,602
101,712
154,595
233,084
41,910
111,835
62,809
484,093
243,731
102,179
111,862
63,562
227,701
102,643
155,669
235,162
42,557
112,170
62,821
486,097
244,859
102,652
112,313
63,676
229,084
103,404
158,046
237,292
43,049
114,069
63,653
493,216
248,052
104,077
113,420
64,539
231,791
104,852
160,506
240,483
43,377
113,969
63,605
492,812
246,704
104,390
113,294
64,502
231,151
104,767
160,163
240,228
43,349
114,380
63,940
496,745
247,509
105,101
114,082
64,595
230,756
105,139
160,617
239,918
43,447
116,233
64,824
501,513
250,065
106,488
114,953
66,188
233,991
106,906
163,859
244,210
44,122
117,442
65,755
507,044
252,511
107,818
116,469
66,738
235,357
107,559
165,512
246,895
44,477
118,631
66,538
512,841
255,056
109,061
117,699
67,568
238,951
108,646
167,637
249,495
44,770
120,733
67,777
518,962
258,782
110,691
119,177
68,540
243,424
110,479
170,461
253,615
45,289
121,784
68,778
527,143
263,227
111,499
121,017
69,491
245,435
111,290
172,470
258,102
45,942
123,273
70,018
536,837
267,346
112,697
122,062
70,561
249,087
113,072
174,752
262,235
46,657
896,398
897,023
906,295
904,154
915,662
142,233
45,266
89,731
619,793
144,161
46,182
90,245
625,707
143,829
45,838
90,197
624,291
905,547
140,036
45,086
90,829
620,447
280,687
281,242
284,533
283,363
866,645
888,630
891,962
893,032
134,836
41,016
86,406
604,386
136,744
43,108
89,416
619,362
138,521
43,812
90,190
619,440
139,663
44,328
90,357
618,684
Rocky Mountain..............................
267,563
269,840
277,824
279,745
279,646
965,952
981,565
149,164
47,444
92,918
639,743
939,449
953,704
146,619
46,656
91,336
631,051
929,268
144,499
45,915
90,135
624,998
283,760
285,913
289,453
293,717
295,447
300,242
305,546
151,187
47,982
93,867
646,413
154,208
49,146
95,041
655,308
156,545
49,590
95,549
664,269
1.2
1.2
1.3
1.2
1.3
1.2
1.8
1.8
1.6
1.1
0.9
1.5
1.5
1.6
1.3
1.6
1.6
1.6
1.4
1.8
1.7
1.6
1.8
164,960
36,649
24,849
62,060
17,028
1.8
1.8
1.9
1.6
1.7
1,526,144 1,525,817 1,545,127 1,552,301 1,545,693 1,549,007 1,558,307 1,575,876 1,575,215 1,579,150 1,589,299 1,612,841 1,635,897 1,651,597 1,675,392 1,703,565
1.7
147,307
31,412
20,753
53,956
14,134
148,213
31,811
21,037
54,294
14,486
152,794
32,707
21,909
55,634
14,781
153,162
33,122
22,182
56,268
15,011
152,598
33,068
22,385
56,463
15,131
152,297
33,465
22,648
56,962
15,316
152,760
33,556
22,206
57,464
15,255
154,156
34,327
22,832
57,794
15,424
153,534
34,043
22,666
57,675
15,445
153,923
33,927
22,401
57,995
15,515
154,549
34,286
23,051
58,256
15,771
156,017
34,748
23,637
59,074
15,978
158,862
35,198
23,836
59,540
16,281
158,742
35,586
24,082
60,437
16,600
162,032
35,992
24,378
61,098
16,742
158,774
50,505
97,215
675,071
21,984
22,290
22,512
21,498
21,728
20,787
20,985
21,230
21,095
18,859
18,981
19,713
20,185
20,295
20,456
20,596
Alaska .............................................
California......................................... 1,126,524 1,123,310 1,136,944 1,135,837 1,131,282 1,135,473 1,139,648 1,152,177 1,150,758 1,153,992 1,161,193 1,178,114 1,194,113 1,207,788 1,226,003 1,245,376
40,496
36,294
37,182
37,822
38,277
38,594
39,185
39,910
35,283
35,315
36,703
36,856
34,593
34,998
34,683
34,876
Hawaii.............................................
75,687
69,574
71,082
72,921
74,300
65,757
66,392
66,644
67,343
68,692
61,904
62,411
63,848
64,988
65,324
64,746
Nevada............................................
98,747
98,870
99,478 100,896 100,515 100,847 100,869 101,706 103,122 104,456 105,376 107,098
97,273
98,614
98,970
Oregon............................................
97,416
207,259 205,263 207,514 212,396
194,148 196,533 198,922 199,458 198,556 199,629 203,671
186,848 188,845 191,325 197,444 194,761
Washington......................................
1. Percent change was calculated from unrounded data.
Note. The personal income level shown for the United States is derived as the sum of the state estimates. It differs
from the estimate of personal income in the national income and product accounts because of differences in coverage, in
1.5
1.6
1.3
1.6
1.7
1.4
1.5
408,525
168,254
298,059
324,297
158,000
133,437
40,591
85,274
600,452
Far West
0.8
1.3
0.7
1.2
1.1
1.5
406,087
165,331
294,418
322,038
155,441
859,754
Colorado..........................................
Idaho...............................................
Montana..........................................
Utah
Wyoming.........................................
1.5
0.9
403,785
166,899
295,026
322,294
154,673
Arizona...,
New Mexico......................................
Oklahoma
Texas...............................................
Southwest.
2004:12004:11
1.0
1.6
1.5
1.9
1.6
2.4
the methodologies used to prepare the estimates, and in the timing of the availability of source data.
Source: Table 1 in “State Personal Income: Second Quarter of 2004 and Revised Estimates for 2001-2004:1” in the
October 2004 Survey of Current Business.
D-76
December 2004
Regional Data
TableJ.2. Annual Personal Income and Per Capita Personal Income by State and Region
Per capita personal income1
Personal income
Percent
change2
[Millions of dollars]
Area name
1998
1999
2000
2001
2002
2003
20022003
Rank in
United
States
[Dollars]
1998
1999
2000
2001
2002
2003
3.2
26,883
31,677
27,939
33,126
29,847
36,121
30,580
37,328
30,795
37,420
31,459
38,018
2.0
4.1
1.5
2.8
3.7
3.6
36,822
23,596
32,524
29,147
26,670
24,629
38,332
24,484
34,227
30,380
27,459
25,881
41,495
25,972
37,756
33,398
29,216
27,680
42,919
27,324
38,944
33,922
30,434
29,024
42,751
28,030
38,913
34,109
31,035
29,603
43,292
28,935
39,408
34,703
31,937
30,534
7,415,709
435,052
7,796,137
458,387
8,422,074
503,961
8,718,165
524,389
8,868,261
528,913
9,148,680
540,069
Connecticut...........
Maine.....................
Massachusetts ...
New Hampshire ...
Rhode Island
Vermont.................
123,918
29,710
203,987
35,149
27,501
14,788
129,807
31,016
216,221
37,125
28,568
15,650
141,570
33,173
240,209
41,429
30,697
16,883
147,323
35,102
249,238
42,707
32,229
17,790
147,856
36,295
249,889
43,468
33,156
18,247
150,801
37,781
253,528
44,686
34,369
18,904
Mideast...................
1,404,640
1,467,261
1,580,733
1,625,769
1,649,049
1,694,203
2.7
30,654
31,824
34,079
34,866
35,188
35,983
21,565
20,562
157,784
282,721
591,847
330,161
22,416
21,115
167,075
294,385
619,659
342,611
24,277
23,102
181,957
323,554
663,005
364,838
25,423
25,618
191,257
332,700
678,874
371,897
26,183
26,125
198,544
337,853
680,182
380,162
27,240
26,651
206,166
345,557
696,531
392,058
4.0
2.0
3.8
2.3
2.4
3.1
28,252
36,379
30,317
34,115
31,555
26,961
28,925
37,030
31,796
35,215
32,816
27,937
30,871
40,428
34,257
38,372
34,900
29,697
31,955
44,731
35,527
39,122
35,590
30,240
32,487
45,902
36,427
39,399
35,548
30,835
33,321
47,305
37,424
40,002
36,296
31,706
United States................................
New England...............................................
Delaware...............
District of Columbia
Maryland.........................................................
New Jersey......................................................
New York.........................................................
Pennsylvania...................................................
Great Lakes
2.1
1,207,487
1,255,454
1,333,971
1,360,054
1,381,209
1,423,692
3.1
26,996
27,918
29,497
29,931
30,266
31,060
Illinois..............................................................
Indiana.............................................................
Michigan..........................................................
Ohio.................................................................
Wisconsin........................................................
360,095
149,336
265,098
294,292
138,667
373,385
154,842
278,062
304,464
144,702
400,373
165,285
294,227
320,538
153,548
407,965
168,431
299,284
325,719
158,654
412,262
171,841
302,019
331,968
163,118
420,156
178,415
314,460
342,533
168,128
1.9
3.8
4.1
3.2
3.1
29,343
24,894
26,919
26,017
26,175
30,212
25,615
28,095
26,859
27,135
32,187
27,134
29,553
28,208
28,573
32,592
27,492
29,913
28,607
29,352
32,754
27,910
30,072
29,098
29,987
33,205
28,797
31,196
29,953
30,723
Plains..........................................................
492,324
511,507
545,882
563,202
574,808
594,716
3.5
25,928
26,737
28,327
29,080
29,532
30,391
Iowa.................................................................
Kansas............................................................
Minnesota........................................................
Missouri...........................................................
Nebraska.........................................................
North Dakota...................................................
South Dakota...................................................
71,704
67,800
139,553
137,619
43,314
14,810
17,523
73,285
70,158
146,722
142,925
45,116
14,934
18,367
77,763
74,570
157,964
152,722
47,329
16,097
19,438
79,692
77,399
162,751
157,235
49,300
16,470
20,355
81,925
78,290
166,718
160,962
49,872
16,780
20,261
83,604
80,466
172,217
165,967
52,755
18,078
21,629
2.1
2.8
3.3
3.1
5.8
7.7
6.7
24,701
25,483
28,993
24,923
25,542
22,872
23,488
25,118
26,195
30,106
25,697
26,465
23,180
24,475
26,554
27,694
32,018
27,243
27,627
25,109
25,722
27,178
28,662
32,647
27,897
28,679
25,884
26,847
27,905
28,870
33,179
28,391
28,869
26,471
26,644
28,398
29,545
34,039
29,094
30,331
28,521
28,299
Southeast....................................................
1,633,535
1,716,450
1,840,460
1,924,739
1,975,666
2,047,938
3.7
24,155
25,032
26,485
27,381
Alabama..........................................................
Arkansas .........................................................
Florida.............................................................
Georgia............................................................
Kentucky..........................................................
Louisiana.........................................................
Mississippi..
North Carolina.................................................
South Carolina.................................................
Tennessee..
Virginia
.....................................................
West Virginia
97,012
53,810
402,454
198,782
87,851
96,677
54,820
193,223
86,854
133,620
191,711
36,722
100,662
56,052
423,834
212,081
91,462
98,200
56,719
203,187
91,716
140,395
204,586
37,557
105,807
58,726
457,539
230,356
98,845
103,151
59,837
218,668
98,270
148,833
220,845
39,582
110,612
62,233
478,656
241,128
101,419
110,407
62,892
225,742
101,681
154,439
233,639
41,893
113,647
63,505
492,218
246,781
104,055
113,277
64,328
230,696
104,540
159,833
239,480
43,305
27,769
28,436
118,260
66,224
510,090
254,104
108,515
117,074
67,258
237,931
108,398
166,867
248,554
44,665
4.1
4.3
3.6
3.0
4.3
3.4
4.6
3.1
3.7
4.4
3.8
3.1
22,025
20,489
25,987
25,279
22,043
21,772
19,545
24,743
22,161
23,989
27,780
20,226
22,722
21,137
26,894
26,359
22,763
22,014
20,053
25,560
23,075
24,898
29,226
20,729
23,768
21,926
28,511
27,989
24,414
23,080
21,007
27,071
24,426
26,099
31,084
21,901
24,765
23,118
29,266
28,724
24,935
24,722
22,008
27,545
25,046
26,879
32,483
23,253
25,374
23,466
29,489
28,884
25,442
25,307
22,440
27,775
25,474
27,606
32,860
23,993
26,276
24,296
29,972
29,259
26,352
26,038
23,343
28,301
26,138
28,565
33,651
24,672
Southwest
732,215
776,129
850,326
892,506
903,255
934,521
3.5
24,214
25,177
27,089
Arizona
New Mexico
Oklahoma........................................................
Texas...............................................................
120,857
38,046
77,565
539,661
27,776
132,558
40,318
84,310
593,139
138,741
44,083
90,198
619,483
27,948
113,370
37,046
74,118
507,681
150,295
47,807
93,290
643,129
28,246
143,680
45,801
90,077
623,697
4.6
4.4
3.6
3.1
23,216
20,656
21,766
25,186
24,057
21,042
22,567
26,250
25,661
22,134
24,410
28,313
26,189
24,101
26,015
29,028
26,406
24,730
25,812
28,693
26,931
25,502
26,567
29,076
Rocky Mountain...........................................
223,844
239,693
264,024
279,475
283,224
291,133
25,100
118,493
27,287
18,857
47,019
12,189
128,860
29,068
19,373
49,343
13,050
144,394
31,290
20,716
53,561
14,063
152,713
33,090
22,281
56,332
15,060
29,588
2.2
2.9
5.0
2.8
4.9
28,784
21,789
21,130
21,708
24,836
29,639
153,593
33,963
22,526
57,732
15,410
157,043
34,954
23,651
59,327
16,157
26,356
28,491
Colorado..........................................................
Idaho...............................................................
Montana..........................................................
Utah
Wyoming..........................................................
34,124
25,287
24,744
24,898
30,892
30,053
34,482
25,044
24,594
24,711
30,502
1,286,611
1,371,257
1,502,717
1,548,032
1,572,137
1,622,409
3.2
28,093
31,837
17,557
999,228
32,646
56,462
89,873
175,491
29,486
32,284
32,323
32,894
17,085
936,009
31,757
52,371
85,629
163,762
18,741
1,103,842
34,451
61,428
96,402
187,853
20,162
1,134,884
35,039
64,727
98,800
194,420
20,899
1,149,144
36,759
66,534
100,434
198,367
21,576
1,185,302
38,470
70,567
102,538
203,956
3.2
3.1
4.7
6.1
2.1
2.8
27,560
28,374
26,132
28,260
25,542
28,384
28,100
29,828
26,973
29,184
26,480
30,037
29,863
32,466
28,417
30,438
28,100
31,780
31,868
32,864
28,603
30,901
28,451
32,442
32,580
32,831
29,628
30,697
28,530
32,696
33,254
33,403
30,589
31,487
28,806
33,264
Far West
Alaska..............................................................
California.........................................................
Hawaii..............................................................
Nevada............................................................
Oregon............................................................
Washington......................................................
1. Per capita personal income was computed using midyear population estimates from the Census Bureau.
2. Percent change was calculated from unrounded data.
Note. The personal income level shown for the United States is derived as the sum of the state estimates. It differs
from the estimate of personal income in the national income and product accounts because of differences in coverage, in
2.8
30,492
22,786
21,585
22,393
26,536
33,371
24,076
22,932
23,878
28,463
34,510
25,583
25,775
25,230
32,235
2003
1
30
3
6
16
22
11
4
2
5
17
14
32
19
25
20
35
26
8
28
23
34
37
41
49
24
27
40
43
50
36
42
33
9
48
38
46
39
29
7
45
44
47
15
13
10
21
18
31
12
the methodologies used to prepare the estimates, and in the timing of the availability of source data.
Source: Table 3 in “State Personal Income: Second Quarter of 2004 and Revised Estimates for 2001-2004:1” in the
October 2004 Survey of Current Business.
December 2004
Survey of Current Business
D-77
TableJ.3. Disposable Personal Income and Per Capita Disposable Personal Income by Stateand Region
Disposablepersonalincome
Percent
change2
[Millions of dollars]
Area name
1998
United States...........................
New England..........................................
6,389,738
363,291
Connecticut...............................................
Maine.........................................................
Massachusetts..........................................
New Hampshire.........................................
Rhode Island.............................................
Vermont.....................................................
101,189
25,908
168,810
30,635
23,831
12,918
Mideast....
Percapitadisposablepersonalincome1
1999
6,689,767
380,679
2000
2001
2002
2003
20022003
Rank in
United
States
[Dollars]
1998
1999
2000
2001
2002
2003
7,187,588
411.889
7,482,144
432.891
7,818,343
453.964
8,148,213
468,972
4.2
3.3
23,163
26.452
23,974
27.510
25,472
29,522
26,244
30,815
27,149
32,118
28,019
33 013
105,480
27,038
177,680
32,113
24,716
13,652
113 910
28 728
192 839
35 438
26 330
14 645
118 792
30 503
203 533
36 857
27 700
15 506
123 975
32 284
213 638
38 671
29 160
16 236
128,096
33,901
219,303
40,172
30,483
17,017
3.3
5.0
2.7
3.9
4.5
4.8
30 068
20 576
26 916
25 403
23 111
21 515
31 148
21 343
28 126
26 278
23 757
22 577
33,388
22,491
30,311
28,568
25,060
24,010
34,608
23,744
31,803
29,275
26,157
25,298
35,846
24,932
33,268
30,344
27,295
26,340
36 774
25 963
34 088
31 197
28 325
27 486
1,190,117
1,235,841
1,325 573
1,359 963
1,422 154
1,477,234
3.9
25 973
26 804
Delaware...................................................
District of Columbia...................................
Maryland...................................................
New Jersey................................................
New York...................................................
Pennsylvania.............................................
28,578
29,166
30,346
31 375
18,269
17,300
133,288
239,619
496,302
285,339
19,001
17,514
140,891
247,445
515,421
295,568
20 666
19 078
152 970
269 958
548 702
314 199
21 574
21 540
161 323
278 898
555 710
320 917
22 874
22 542
171 489
291 887
577 687
335 675
24,051
23,179
179,915
302,060
598,509
349,520
5.1
2.8
4.9
3.5
3.6
4.1
23 933
30 608
25 610
28 914
26 461
23 301
24 518
30 716
26 813
29 600
27 296
24 101
26,279
33,385
28,800
32,015
28,883
25,575
27,118
37,610
29,967
32,796
29,133
26,094
28,382
39,607
31,463
34,038
30,191
27,227
29 420
41 143
32 659
34 967
31 188
28 266
Great Lakes............................................
1,036,741
1,077,642
1,145 681
1,174 196
1,219 137
1,270,248
4.2
23 179
23 964
25,334
25,841
26,715
27 712
Illinois...
Indiana..
Michigan....................................................
Ohio.....
Wisconsin..................................................
308,065
129,406
227,260
253,439
118,570
318,411
134,237
238,508
262,576
123,910
340 996
144 059
253 237
275 725
131 663
349 550
147 127
259 810
281 084
136 626
362 708
152 950
267 928
291 814
143 737
373,690
160,358
282,084
304,748
149,368
3.0
4.8
5.3
4.4
3.9
25 103
21 572
23 077
22 405
22 382
25 763
22 206
24 099
23 164
23 236
27,414
23,649
25,436
24,264
24,500
27,926
24,015
25,967
24,687
25,277
28,817
24,842
26,678
25,578
26,424
29 532
25 882
27 985
26 649
27 295
427,609
444,820
473 377
489 853
510 191
533,115
4.5
63,065
58,989
118,648
119,728
37,973
13,352
15,854
64,411
61,000
125,656
124,279
39,508
13,441
16,524
68 496
64 751
134 132
132 734
41 271
14 487
17 505
70 376
67 519
138 903
136 739
43 180
14 767
18 368
73 729
69 775
145 182
143 102
44 554
15 293
18 557
75,737
72,451
151,604
149,007
47,663
16,637
20,016
2.7
3.8
4.4
4.1
7.0
8.8
7.9
Plains
Iowa...........................................................
Kansas......................................................
Minnesota..................................................
Missouri.....................................................
Nebraska...................................................
North Dakota.............................................
South Dakota.............................................
Southeast
22520
23 251
24,565
25,292
26,212
27 243
21 725
22 171
24 649
21 683
22 392
20 620
21 251
22 076
22 775
25 784
22 345
23 175
20 863
22 019
23,389
24,048
27,187
23,677
24,091
22,598
23,164
24,001
25,003
27,863
24,261
25,119
23,209
24,228
25,113
25,731
28,893
25,240
25,790
24,124
24,403
25 725
26 602
29 965
26 121
27 404
26 248
26 188
23,091
23,968
24,822
25 647
19 500
18 146
22 728
21 792
19 218
19 385
17 593
21 400
19 440
21 452
23 662
18 068
20 095
18 749
23 509
22 695
19 834
19 650
18 038
22 136
20 238
22 293
24 664
18 509
21,050
19,377
24,812
24,054
21,346
20,576
18,937
23,398
21,503
23,410
26,212
19,536
22,042
20,539
25,611
24,817
21,786
22,068
19,892
23,888
22,123
24,164
27,528
20,768
22,925
21,167
26,397
25,559
22,609
22,946
20,543
24,601
22,910
25,271
28,690
21,724
23 937
22 103
27 089
26 146
23 603
23 796
21 545
25 306
23,720
26 389
29 604
22 521
23,839
24,709
25,070
25 742
20 250
18 382
19 161
22 282
20 966
18 681
19 887
23 251
22,327
19,577
21,519
24,964
22,922
21,504
23,007
25,705
23,654
22,358
23,168
25,961
24 324
23 234
24 042
26 582
24,437
25,686
26,254
26 944
25 948
19 988
19 087
19 488
23 044
28,236
20,960
20,236
20,802
24,500
29,577
21,934
21,808
21,655
26,546
29,982
22,813
22,261
22,320
27,466
30 694
23 239
23 356
22 802
28 991
26,519
27,302
28,379
29 173
28,314
27,493
24,991
26,962
24,453
28,335
29,413
28,651
26,364
27,380
25,105
29,368
30 272
29 458
27 466
28 342
25 509
30 188
21 113
1,427,795
1,498,498
1,604,611
1,684 803
1,765 988
1,847,073
4.6
Alabama....................................................
Arkansas...................................................
Florida..
Georgia.
Kentucky....................................................
Louisiana...................................................
Mississippi.................................................
North Carolina...........................................
South Carolina...........................................
Tennessee .................................................
Virginia .
West Virginia.............................................
85,890
47,657
351,980
171,364
76,590
86,076
49,346
167,117
76,188
119,491
163,292
32,804
89,022
49,720
370,488
182,606
79,693
87,655
51,020
175,967
80,438
125,704
172,650
33,535
93 705
51 897
398 172
197 964
86 423
91 957
53 940
189 004
86 509
133 501
186 232
35 308
98 448
55 292
418 874
208 336
88 609
98 557
56 844
195 771
89 815
138 840
198 002
37 416
102 678
57 285
440 616
218 374
92 468
102 713
58 891
204 332
94 019
146 313
209 090
39 210
107,736
60,246
461,037
227,074
97,194
106,993
62,078
212,752
98,370
154,155
218,667
40,772
4.9
5.2
4.6
4.0
5.1
4.2
5.4
4.1
4.6
5.4
4.6
4.0
Southwest..............................................
646,262
685,463
748 309
789 086
815 266
851,673
4.5
Arizona......................................................
New Mexico...............................................
Oklahoma..................................................
Texas....
98,888
32,967
65,247
449,160
105,330
33,777
68,353
478,003
115 336
35 661
74 327
522 986
121 434
39 333
79 769
548 550
128 702
41 407
80 849
564 307
135,750
43,555
84,424
587,944
5.5
5.2
4.4
4.2
Rocky Mountain.....................................
193,508
206,559
226 461
242
251 312
261,013
3.9
Colorado....................................................
Idaho...
Montana....................................................
Utah.....
Wyoming....................................................
101,125
24,035
16,722
41,018
10,607
109,656
25,498
17,131
42,941
11,333
122 175
27 240
18 281
46 661
12 105
130 990
28 981
19 757
49 365
13 107
134 949
30 641
20 265
51 756
13 701
139,679
31,752
21,432
53,618
14,531
3.5
3.6
5.8
3.6
6.1
24 565
19 192
18 738
18 937
21 613
Far West.................................................
1,104,416
1,160,267
1,309 152
24 115
15,577
840,397
28,625
49,043
76,895
149,729
1,438,886
4.2
15,127
800,228
27,910
45,545
73,590
142,017
1,380 330
Alaska..
California...................................................
Hawaii..
Nevada
Oregon
Washington................................................
18 868
1,002 855
32 709
59 345
88 377
178 175
19,641
1,045,286
34,542
63,519
90,803
185,095
4.1
4.2
5.6
7.0
2.7
3.9
24 401
24 258
22 967
24 576
21 951
24 615
1,251
686
16 582
908 421
30 111
53 123
82 019
161 429
200
17 914
949 424
30 614
56 476
84 917
169 807
1. Per capita disposable personal income was computed using midyear population estimates from the Census Bureau.
2. Percent change was calculated from unrounded data.
Note. The personal income level shown for the United States is derived as the sum of the state estimates. It differs
from the estimate of personal income in the national income and product accounts because of differences in coverage, in
21 371
21 698
21 854
22236
22713
24 949
24 932
25 087
23 651
25 349
22 657
25 627
26,422
26,718
24,837
26,323
23,907
27,310
2003
1
33
3
5
17
20
14
4
2
6
18
12
34
19
25
23
35
26
10
32
22
29
30
40
49
24
31
43
41
50
37
42
28
11
48
38
46
39
27
7
45
44
47
15
8
13
21
16
36
9
the methodologies used to prepare the estimates, and in the timing of the availability of source data.
Source: Table 4 in “State Personal Income: Second Quarter of 2004 and Revised Estimates for 2001-2004:1” in the
October 2004 Survey of Current Business.
D-78
Regional Data
December 2004
TableJ.4. Gross State Product (GSP) by Industry for States and Regions, 2001
[Millionsofdollars]
State and region
Rank of
total GSP
Total GSP
United States...........
New England...................
Connecticut....................
Maine..............................
Massachusetts...............
New Hampshire..............
Rhode Island..................
Vermont..........................
22
42
11
38
43
49
Mideast...........................
Delaware........................
District of Columbia
Maryland........................
New Jersey.....................
New York........................
Pennsylvania..................
41
15
8
2
6
Great Lakes....................
Illinois..............................
Indiana.............................
Michigan.........................
Ohio.................................
Wisconsin.......................
5
16
9
7
20
Plains.............................
Iowa.................................
Kansas...........................
Minnesota.......................
Missouri...........................
Nebraska........................
North Dakota..................
South Dakota..................
30
31
17
19
36
50
46
Southeast.......................
Alabama.........................
Arkansas........................
Florida.............................
Georgia
Kentucky.........................
Louisiana........................
Mississippi......................
North Carolina................
South Carolina................
Tennessee......................
Virginia ...........................
West Virginia..................
25
34
4
10
26
24
35
12
28
18
13
40
Southwest
Arizona
New Mexico....................
Oklahoma.......................
Texas ...............................
23
37
29
3
Rocky Mountain..............
Colorado..........................
Idaho...............................
Montana.........................
Utah.................................
Wyoming.........................
21
44
47
33
48
Far West.........................
Alaska.............................
California........................
Hawaii.............................
Nevada...........................
Oregon...........................
Washington.....................
45
1
39
32
27
14
Agriculture,
forestry, and
fishing
Mining
Construction
Manufacturing
Transportation
and public
utilities
Retail trade
Finance,
insurance, and
real estate
Services
Government
10,137,190
594,686
140,650
4,563
139,040
320
480,013
26,205
1,422,990
78,655
819,464
34,833
680,683
37,940
931,756
50,290
2,076,987
158,783
2,226,585
146,039
1,219,022
57,057
166,165
37,449
287,802
47,183
36,939
19,149
1,152
725
1,683
365
234
403
129
5
99
37
14
36
5,898
1,723
13,512
2,282
1,922
868
24,277
5,239
34,427
7,610
4,105
2,998
9,754
2,518
16,093
2,818
2,285
1,365
10,004
2,198
19,443
3,359
1,830
1,107
12,887
4,481
22,767
4,923
3,312
1,920
51,458
7,194
73,880
11,792
10,934
3,526
35,654
7,970
79,902
10,179
7,951
4,382
14,951
5,396
25,995
3,818
4,352
2,544
1,900,223
12,092
3,922
75,070
208,027
146,418
120,175
143,945
522,373
449,316
218,886
40,509
64,459
195,007
365,388
826,488
408,373
387
25
1,798
2,060
3,729
4,093
2
22
157
299
657
2,785
1,598
578
11,319
15,749
27,372
18,453
5,235
762
13,963
42,068
77,701
68,297
1,902
3,095
14,192
32,957
59,282
34,989
1,576
705
11,766
33,782
46,992
25,354
2,674
1,759
16,972
28,999
56,468
37,072
17,476
10,569
42,025
90,097
282,888
79,318
6,229
24,269
48,534
83,497
190,202
96,584
3,429
22,675
34,280
35,878
81,197
41,427
1,536,991
16,840
4,494
74,687
315,515
114,262
109,332
141,787
475,541
189,919
320,470
373,708
177,354
278,109
315,053
166,913
4,303
2,458
2,993
3,506
3,579
1,050
668
915
1,573
288
23,556
9,971
16,012
16,537
8,611
68,339
51,647
73,937
79,603
41,988
40,445
14,376
20,774
26,198
12,468
37,136
11,636
22,659
26,507
11,394
39,031
17,544
31,350
37,261
16,601
105,089
27,224
50,256
66,439
29,102
108,099
34,306
66,417
73,297
32,935
48,493
20,089
35,157
42,786
20,387
647,904
16,965
3,598
32,174
104,786
60,046
49,068
61,956
109,367
130,377
90,942
87,196
188,050
181,493
56,967
19,005
24,251
3,454
2,392
3,166
2,506
2,772
1,004
1,671
203
1,266
753
459
129
658
129
79,567
3,951
4,051
9,982
9,619
2,712
896
963
19,112
14,053
29,801
30,442
6,994
1,641
2,744
7,631
11,145
13,468
17,777
6,340
1,932
1,755
6,256
6,535
15,353
13,287
4,340
1,607
1,690
8,218
8,545
18,358
17,536
4,962
1,870
2,467
14,594
11,669
36,348
29,653
8,981
2,771
5,353
16,210
15,533
40,589
38,646
11,536
3,662
4,201
11,313
12,007
20,234
21,568
8,201
2,965
3,280
2,205,625
33,751
40,281
111,379
320,110
191,168
149,546
221,091
379,132
457,688
121,490
67,913
491,488
299,874
120,266
148,697
67,125
275,615
115,204
182,515
273,070
42,368
2,427
2,263
7,753
4,188
2,498
1,308
1,879
5,218
1,506
1,926
2,444
343
1,483
496
730
1,126
2,235
28,114
740
511
162
516
1,154
3,013
5,929
3,368
26,974
15,307
5,635
6,482
3,098
14,101
6,825
8,173
13,338
2,149
301,478
21,626
13,136
29,038
43,489
30,297
17,416
12,041
58,923
23,124
34,166
31,607
5,249
10,338
7,216
39,353
33,414
9,905
12,909
6,360
18,829
10,256
15,420
22,577
4,589
7,883
4,581
37,353
26,675
7,461
7,877
3,875
16,766
7,035
13,177
14,576
2,289
12,507
8,109
56,063
28,405
11,369
12,547
7,327
25,113
12,236
20,314
22,758
4,343
18,015
8,354
108,534
48,978
14,152
19,613
8,244
52,309
16,571
27,533
51,815
5,016
21,991
11,514
125,903
61,114
20,081
25,014
12,046
47,977
19,583
39,657
64,526
8,281
19,292
8,876
59,787
37,179
16,633
17,418
11,514
35,868
17,906
21,634
48,275
7,096
1,073,842
15,417
59,682
53,897
136,041
107,138
75,997
106,552
160,687
55,426
93,855
763,874
168,990
218,620
2,605
1,270
1,967
9,575
1,183
5,224
5,386
47,890
9,701
2,418
3,933
37,846
21,707
7,545
13,034
93,754
131,507
11,172
4,137
8,820
83,010
10,570
2,225
5,596
57,606
17,582
5,023
9,831
74,117
31,387
7,434
11,934
118,235
34,490
10,145
17,576
156,410
20,291
10,006
15,779
85,431
324,139
7,126
10,174
21,175
32,718
32,922
19,500
31,582
56,021
173,772
36,905
22,635
70,409
20,418
3,068
156
838
1,323
4,789
11,827
2,585
1,313
4,357
1,094
70,205
42,716
2,738
2,143
860
874
511
14,991
6,570
1,535
8,079
1,542
19,317
2,919
2,503
5,595
2,588
10,714
2,312
1,405
4,243
826
16,909
3,877
2,303
6,989
1,503
31,816
4,515
3,200
14,135
2,355
41,860
6,635
4,804
14,498
2,410
20,532
5,195
3,874
10,315
2,800
1,853,781
33,896
16,568
85,426
227,140
132,676
119,123
174,553
404,211
439,287
28,581
1,359,265
43,710
79,220
120,055
222,950
497
24,435
504
629
3,075
4,757
5,590
8,623
33
1,761
156
405
1,384
57,712
1,891
7,523
5,893
11,024
1,056
163,841
1,173
3,070
30,613
27,387
4,560
92,421
4,085
5,750
7,750
18,111
842
89,384
1,632
3,635
8,428
15,202
220,899
1,920
127,073
4,915
8,502
10,059
22,086
3,197
317,481
10,057
14,860
17,583
41,034
3,962
326,119
10,019
25,210
21,848
52,128
5,572
152,176
9,400
8,282
14,652
30,817
Note. Totals shown for the United States differ from the national income and product account estimates of gross
domestic product (GDP) because GSP is derived from gross domestic income, which differs from GDP by the statistical
discrepancy. In addition, GSP excludes and GDP includes the compensation of Federal civilian and military personnel
stationed abroad and government consumption of fixed capital for military structures located abroad and for military equip-
Wholesale
trade
ment, except office equipment. GSP and GDP also have different revision schedules,
Source: This table reflects the GSP estimates for 2001 that were released on May 22, 2003. Detailed estimates are
available on BEA’s Web site at <www.bea.gov> under “Gross State Product.”
K. Local Area Table
Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 2000-2002
Personalincome
Percapitapersonalincome1
Millionsofdolars
Percent
change2
2001
20012002
2002
8,703,023 8,900,007
7,585,056 7,751,013
1,117,967 1,148,994
3,674
20,602
3,517
26,179
20,525
3,612
22,762
3,061
5,627
2,103
11,335
3,366
4,199
11,458
2,493
6,062
9,857
3,961
147,307
7,887
2,437
12,506
43,152
14,727
89,050
3,667
8,714
17,841
3,477
2,829
9,375
4,341
3,367
3,846
6,371
31,494
2,571
3,145
4,048
4,619
13,976
188,380
12,084
2,463
7,159
54,393
5,340
2,497
32,169
3,524
6,328
10,791
14,295
1,721
2,220
7,254
5,684
8,409
14,433
44,965
5,576
12,991
2,425
325,965
4,783
62,996
5,520
2,587
68,364
2,639
3,842
16,534
3,989
17,844
7,159
2,126
51,420
9,771
2,334
2,167
182,207
2,972
1,842
2,391
10,411
24,689
3,635
3,169
3,837
21,147
3,662
26,967
21,421
3,762
23,542
3,165
5,828
2,173
11,874
3,430
4,252
11,801
2,618
6,232
10,103
4,109
149,974
8,210
2,530
13,016
42,671
15,674
92,410
3,817
9,021
18,494
3,621
2,861
9,689
4,509
3,540
3,986
6,503
32,651
2,658
3,262
4,182
4,798
14,397
188,418
11,281
2,574
7,570
53,433
5,697
2,616
33,076
3,587
6,474
11,061
15,009
1,774
2,294
7,329
5,862
8,654
15,176
46,512
5,755
13,333
2,570
329,814
4,999
64,769
5,802
2,655
69,060
2,761
3,976
16,895
4,131
18,385
7,410
2,172
53,061
10,163
2,399
2,264
185,167
3,083
1,870
2,470
10,644
25,190
3,642
3,157
10,865
85,894
15,782
11,380
86,526
16,434
Rank
in
U.S.
Dolars
2000
2001
2.2
2.8
24,232
29,591
21,372
30,445
25,848
22,863
29,952
23,692
24,508
25,775
32,235
24,795
24,274
35,575
21,397
28,999
26,145
22,694
33,120
31,517
20,248
23,911
32,546
20,931
33,294
23,621
35,745
24,325
25,138
25,951
23,832
24,245
26,929
26,246
25,054
28,386
25,675
20,078
22,501
29,229
28,622
41,435
40,364
23,502
29,472
58,998
14,915
25,851
27,209
26,102
30,206
26,412
29,011
32,049
33,911
29,910
25,870
25,934
25,316
32,187
30,513
26,958
28,057
34,921
22,430
30,477
22,799
22,372
31,626
23,014
19,814
29,603
26,339
26,855
23,887
30,450
30,740
23,183
28,907
20,619
33,973
23,735
21,563
21,488
27,066
28,549
23,702
27,336
23,191
29,493
21,892
31,553
27,785
24,904
30,382
23,832
24,616
26,177
34,754
25,417
24,874
34,784
22,427
29,497
26,380
23,513
33,439
30,886
20,882
24,852
32,678
21,799
34,519
25,207
38,649
25,112
25,127
25,774
24,499
25,450
27,883
27,433
25,319
29,707
27,006
20,615
22,948
30,296
28,811
42,501
40,405
23,423
30,461
61,130
15,516
26,440
27,618
26,376
31,471
26,543
31,138
32,194
33,199
30,260
26,770
27,358
26,018
32,716
31,461
27,066
29,527
35,430
23,230
31,080
23,613
24,622
31,885
23,615
20,617
29,699
27,042
27,215
25,273
29,540
31,359
24,309
29,789
21,368
34,063
24,083
22,052
21,822
27,748
29,184
24,821
27,922
24,252
30,205
22,862
32,297
28,471
25,887
31,073
24,815
25,255
26,479
35,623
26,005
24,983
35,282
23,504
29,891
26,757
24,171
33,257
31,702
21,445
25,666
31,677
22,635
35,556
26,123
39,589
25,841
26,097
26,067
25,352
25,902
28,193
28,156
25,809
30,661
27,649
21,399
23,633
30,892
28,878
42,436
40,474
24,242
31,740
59,727
16,126
27,409
28,489
26,459
31,981
27,185
31,562
32,522
34,018
30,341
27,294
28,230
26,965
33,083
32,053
27,603
30,949
35,583
23,944
31,804
24,716
25,149
32,244
24,164
21,028
29,892
27,658
27,730
25,899
30,261
32,043
25,119
30,421
22,377
33,816
24,609
22,484
22,660
28,384
29,796
24,884
28,094
294
96
328
56
138
218
79
275
247
197
22
211
268
27
315
106
187
297
43
70
342
227
72
334
24
205
11
222
207
208
238
215
147
148
224
86
159
343
313
82
127
5
9
295
68
1
360
167
136
199
63
174
74
51
37
93
171
145
179
47
60
161
81
23
302
67
280
254
57
298
345
105
158
156
217
95
61
255
92
337
39
283
336
332
142
107
271
150
4.7 23,329 24,059 24,747
0.7 37,852 38,651 38,008
4.1 31,508 32,253 33,129
279
15
46
Detroit-Warren-Livonia, Ml....................
Dothan, AL.............................................
Dover, DE.............................................
Dubuque, IA...........................................
Duluth, MN-WI......................................
Durham, NC...........................................
Eau Claire, W l......................................
El Centro, CA........................................
Elizabethtown, KY................................
Elkhart-Goshen, IN...............................
Elmira, N Y .............................................
El Paso, TX
Erie, PA..................................................
Eugene-Springfield, O R .......................
Evansville, IN-KY...................................
Fairbanks, AK........................................
Fargo, ND-MN........................................
Farmington, NM....................................
Fayetteville, NC......................................
Fayetteville-Springdale-Rogers, AR-MO
Flagstaff, A Z..........................................
Flint, Ml..................................................
Florence, SC.........................................
Florence-Muscle Shoals, AL.................
Fond du Lac, W l...................................
Fort Collins-Loveland, C O ....................
Fort Smith, AR-OK................................
Fort Walton Beach-Crestview-Destin,
FL
...............................................
Fort Wayne, IN......................................
Fresno, CA.............................................
Gadsden, AL..........................................
Gainesville, FL......................................
Gainesville, GA.....................................
Glens Falls, NY.....................................
Goldsboro, NC......................................
Grand Forks, ND-MN............................
Grand Junction, CO..............................
Grand Rapids-Wyoming, M l.................
Great Falls, MT......................................
Greeley, CO...........................................
Green Bay, Wl ..................................
Greensboro-High Point, NC..................
Greenville, NC....
Greenville, SC
Gulfport-Biloxi, MS................................
Hagerstown-Martinsburg, MD-WV........
Hanford-Corcoran, CA..........................
Harrisburg-Carlisle, PA.........................
Harrisonburg, VA
Hartford-West Harttord-East Hartford,
C T.....................................................
Hattiesburg, MS....................................
Hickory-Lenoir-Morganton, NC.............
Hinesville-Fort Stewart, GA..................
Holland-Grand Haven, M i.....................
Honolulu, HI...........................................
Hot Springs, AR....................................
Houma-Bayou Cane-Thibodaux, LA.....
Houston-Baytown-Sugar Land, TX
Huntington-Ashland, WV-KY-OH
Huntsville, AL........................................
Idaho Falls, ID........................................
Indianapolis, IN.....................................
Iowa City, IA..........................................
Ithaca, NY..............................................
Jackson, Ml............................................
Jackson, MS..........................................
Jackson, TN...........................................
Jacksonville, FL....................................
Jacksonville, NC...................................
Janesville, Wl........................................
Jefferson City, M O................................
Johnson City, T N ..................................
Johnstown, PA......................................
Jonesboro, AR......................................
Joplin, M O .............................................
Kalamazoo-Portage, Ml........................
Kankakee-Bradley, IL............................
Kansas City, MO-KS.............................
Kennewick-Richland-Pasco, WA...........
Killeen-Temple-Fort Hood, TX ..............
Kingsport-Bristol-Bristol, TN-VA...........
Kingston, NY.........................................
Knoxville, TN..........................................
Kokomo, IN
La Crosse, WI-MN................................
Lafayette, IN...........................................
Lafayette, LA..........................................
Lake Charles, LA..................................
Lakeland, FL
Lancaster, PA.........................................
Lansing-East Lansing, M l.....................
Laredo, TX.............................................
Las Cruces, NM....................................
Las Vegas-Paradise, NV.......................
e1
Milionsofdolars
ank
in
.S.
2000
2001
)02
151,793
3,018
3,021
2,293
7,000
12,997
3,804
2,530
2,621
4,871
2,217
12,650
6,888
8,248
9,294
2,303
4,821
2,167
7,823
7,979
2,662
11,550
4,486
3,113
2,700
7,657
5,889
151,682
3,240
3,088
2,362
7,154
13,548
3,873
2,734
2,702
4,921
2,203
13,314
6,949
8,435
9,717
2,426
4,896
2,365
8,088
8,636
2,792
11,270
4,741
3,213
2,799
8,099
6,253
35
233
267
171
181
75
190
351
240
157
286
352
244
4,611
11,211
17,628
2,212
5,521
3,485
3,009
2,504
2,309
2,928
20,818
1,968
4,586
8,137
18,138
3,667
15,073
5,827
5,454
2,118
15,143
2,385
4,871
11,277
18,401
2,292
5,720
3,670
3,040
2,567
2,363
3,010
21,257
2,033
4,886
8,327
18,383
3,702
15,342
5,965
5,778
2,339
15,718
2,534
103
125
316
325
261
260
259
318
223
214
131
194
288
104
135
296
175
269
209
357
42,568
2,555
8,636
1,192
6,678
26,605
2,118
4,198
161,398
6,204
9,477
2,321
48,862
3,815
2,321
3,966
12,668
2,664
33,151
3,437
3,993
3,445
3,893
3,413
2,248
3,533
8,325
2,571
58,247
4,756
7,459
6,834
4,546
16,569
2,929
3,303
4,393
6,048
4,313
11,517
13,570
12,067
2,934
3,120
41,239
43,659
2,754
8,816
1,230
6,673
26,915
2,216
4,597
170,558
6,412
9,850
2,494
50,763
3,950
2,422
3,929
13,144
2,682
33,974
3,596
4,010
3,637
4,066
3,498
2,336
3,654
8,446
2,651
59,737
5,139
7,823
7,122
4,710
17,156
2,825
3,480
4,491
6,478
4,582
12,316
13,603
12,268
3,216
3,424
42,457
16
330
231
358
165
69
232
291
29
322
126
274
49
97
248
264
184
243
AreaName
2002 2002
2.3 29,847 30,527 30,906
31,488 32,126 32,459
22,014 22,820 23,362
4.4
2.6
4.1
3.0
4.4
4.1
3.4
3.4
3.6
3.3
4.8
1.9
1.3
3.0
5.0
2.8
2.5
3.8
1.8
4.1
3.8
4.1
-1.1
6.4
3.8
4.1
3.5
3.7
4.2
1.1
3.4
3.9
5.1
3.6
2.1
3.7
3.4
3.7
3.3
3.9
3.0
0.0
-6.6
4.5
5.7
-1.8
6.7
4.8
2.8
1.8
2.3
2.5
5.0
3.1
3.4
1.0
3.1
2.9
5.1
3.4
3.2
2.6
6.0
1.2
4.5
2.8
5.1
2.6
1.0
4.6
3.5
2.2
3.6
3.0
3.5
2.2
3.2
4.0
2.8
4.5
1.6
3.7
1.5
3.3
2.2
2.0
0.2
-0.4
Personalincome
200
120
100
128
349
235
276
287
213
270
331
112
77
324
66
320
101
241
183
206
327
304
339
317
173
216
52
182
293
289
178
139
134
146
265
168
290
225
118
154
359
347
114
D-80
Regional Data
December 2004
T a b le K .1 . P e r s o n a l In c o m e a n d P e r C a p ita P e r s o n a l In c o m e b y M e t r o p o lita n A r e a , 2 0 0 0 - 2 0 0 2 —
Personal income
2000
Lawrence, KS......................................
Lawton, OK.........................................
Lebanon, PA........................................
Lewiston, ID-WA..................................
Lewiston-Auburn, ME..........................
Lexington-Fayette, KY.........................
Lima, OH............................................
Lincoln, NE..
Little Rock-North Little Rock, AR.........
Logan, UT-ID
Longview, TX
Longview, WA......................................
Los Angeles-Long Beach-Santa Ana,
CA..................................................
Louisville, KY-IN..................................
Lubbock, TX
Lynchburg, VA.....................................
Macon, GA..
Madera, CA.
Madison, Wl
Manchester-Nashua, NH.....................
Mansfield, OH.....................................
McAllen-Edinburg-Pharr, TX................
Medford, OR........................................
Memphis, TN-MS-AR..........................
Merced, CA.........................................
Miami-Fort Lauderdale-Miami Beach,
FL..................................................
Michigan City-La Porte, IN...................
Midland, TX........................................
Minneapolis-St. Paul-Bloomington, MNW l..................................................
Missoula, MT.......................................
Mobile, AL..........................................
Modesto, CA
Monroe, LA..
Monroe, Ml..
Montgomery, AL..................................
Morgantown, WV.................................
Morristown, TN....................................
Mount Vernon-Anacortes, WA..............
Muncie, IN...
Muskegon-Norton Shores, Ml..............
Myrtle Beach-Conway-North Myrtle
Beach, SC......................................
Napa, CA...........................................
Naples-Marco Island, FL......................
Nashville-Davidson-Murfreesboro, TN...
New Haven-Milford, CT........................
New Orleans-Metairie-Kenner, LA.......
New York-Northern New Jersey-Long
Island, NY-NJ-PA.............................
Niles-Benton Harbor, Ml.......................
Norwich-New London, CT....................
Ocean City, NJ....................................
Odessa, TX.........................................
Ogden-Clearfield, UT..........................
Oklahoma City, OK..............................
Olympia, WA.......................................
Omaha-Council Bluffs, NE-IA...............
Orlando, FL.........................................
Oshkosh-Neenah, Wl...........................
Owensboro, KY...................................
Oxnard-Thousand Oaks-Ventura, CA....
Palm Bay-Melbourne-Titusville, FL......
Panama City-Lynn Haven, FL..............
Parkersburg-Marietta, WV-OH.............
Pascagoula, MS..................................
Pensacola-Ferry Pass-Brent, FL..........
Peoria, IL............................................
Philadelphia-Camden-Wilmington, PANJ-DE-MD......................................
Phoenix-Mesa-Scottsdale, AZ..............
Pine Bluff, AR......................................
Pittsburgh, PA......................................
Pittsfield, MA.......................................
Pocatello, ID........................................
Portland-South Portland-Biddeford, ME.
Portland-Vancouver-Beaverton, OR-WA
Port St. Lucie-Fort Pierce, FL...............
Poughkeepsie-Newburgh-Middletown,
NY..................................................
Prescott, AZ........................................
Providence-New Bedford-Fall River, RlMA.................................................
Provo-Orem, UT..................................
Pueblo, CO.........................................
Punta Gorda, FL.................................
Racine, Wl..........................................
Raleigh-Cary, NC................................
Rapid City, SD.....................................
Reading, PA........................................
Percent
change2
Millions of dollars
Area Name
2001
2002
20012002
Dollars
2000
2001
2002
2,423
2,453
3,175
1,419
2,532
12,388
2,633
7,775
16,498
1,932
4,775
2,202
2,587
2,584
3,295
1,471
2,662
12,576
2,674
7,905
17,293
2,028
4,932
2,339
2,658
2,686
3,380
1,515
2,809
12,967
2,728
8.222
17,831
2,099
5,062
2,373
2.8
3.9
2.6
3.0
5.5
3.1
2.0
4.0
3.1
3.5
2.6
1.5
24,190
21,408
26,369
24,484
24,378
30,251
24,258
29,041
26,960
18,744
24,611
23,668
25,595
22,876
27,248
25,592
25,541
30,431
24,717
29,257
28,029
19,564
25,346
24,936
26,010
23,725
27,836
26,246
26,721
31,136
25,237
30,022
28,659
19,772
25,727
25,104
210
307
153
203
189
78
249
102
131
354
226
256
385,053
34,250
6,055
5,626
5,662
2,265
16,469
13,770
3,024
7,793
4,531
34,459
4,134
402,424
35,463
6,109
5,773
5,949
2,379
17,199
13,837
3,120
8,443
4,738
36,299
4,429
413,165
36,195
6,365
5,850
6,214
2,527
18,001
13,914
3,222
9,056
4,942
37,496
4,640
2.7
2.1
4.2
1.3
4.4
6.2
4.7
0.6
3.3
7.3
4.3
3.3
4.8
31,049
29,398
24,227
24,579
25,458
18,321
32,688
36,016
23,482
13,578
24,917
28,520
19,533
32,066
30,251
24,182
25,177
26,660
18,901
33,633
35,606
24,379
14,278
25,772
29,839
20,302
32,547
30,666
25,027
25,422
27,635
19,617
34,650
35,496
25,098
14,769
26,477
30,557
20,623
50
85
262
234
160
355
32
25
257
361
198
90
346
157,015
2,683
4,092
49,151
163,369
2,698
3,925
50,691
168,639
2,729
3,956
51,798
3.2
1.2
0.8
2.2
31,226
24,350
35,422
32,722
31,923
24,459
33,844
33,673
32,373
24,773
33,728
34,308
55
278
40
34
109,818
2,343
8,638
10,573
3,839
4,281
8,865
2,449
2,621
2,823
2,898
3,943
113,143
2,497
8,863
10,908
4,027
4,235
9,261
2,663
2,769
3,020
2,945
4,013
115,502
2,626
9,033
11,372
4,224
4,328
9,665
2,778
2,873
3,135
2,992
4,082
2.1
5.2
1.9
4.3
4.9
2.2
4.4
4.3
3.8
3.8
1.6
1.7
36,840
24,383
21,592
23,506
22,581
29,228
25,549
22,018
21,218
27,288
24,421
23,126
37,407
25,815
22,135
23,434
23,785
28,632
26,571
23,772
22,179
28,732
24,758
23,418
37,787
26,823
22,620
23,642
24,857
29,015
27,533
24,576
22,909
29,377
25,313
23,707
17
186
335
311
273
123
164
285
326
115
242
309
4,740
4,714
10,012
40,309
28,379
34,606
4,890
4,846
11,143
42,030
28,950
36,767
5,059
4,983
11,601
43,317
29,532
38,085
3.5
2.8
4.1
3.1
2.0
3.6
23,936
37,834
39,406
30,605
34,400
26,304
24,258
37,965
42,129
31,447
34,891
28,023
24,584
38,361
42,050
32,026
35,339
28,995
284
12
6
62
26
124
732,799
4,239
8,514
5,894
3,239
2,546
10,772
29,092
6,093
24,230
44,751
4,431
2,698
25,364
12,865
3,522
3,785
3,303
9,703
10,257
751,488
4,226
8,874
6,168
3,363
2,658
11,144
30,441
6,461
25,249
46,354
4,542
2,736
26,173
13,281
3,657
3,897
3,447
10,229
10,498
755,390
4,305
9,203
6,437
3,549
2,732
11,587
31,219
6,719
26,012
48,431
4,681
2,759
27,006
13,770
3,889
4,054
3,497
10,544
10,685
0.5
1.9
3.7
4.4
5.5
2.8
4.0
2.6
4.0
3.0
4.5
3.1
0.8
3.2
3.7
6.4
4.0
1.4
3.1
1.8
39,920
26,071
32,813
22,643
31,666
21,097
24,212
26,503
29,242
31,509
27,018
28,217
24,530
33,523
26,925
23,757
23,013
21,860
23,507
27,974
40,664
26,063
34,060
23,274
32,965
22,000
24,655
27,492
30,341
32,541
27,146
28,776
24,866
34,028
27,297
24,400
23,761
22,605
24,480
28,723
40,680
26,482
35,106
23,637
34,879
22,342
25,168
27,877
30,828
33,200
27,587
29,537
25,014
34,572
27,762
25,536
24,774
22,833
24,884
29,170
8
196
28
312
30
338
252
152
83
45
163
110
263
33
155
230
277
329
271
119
193,919
92,975
2,046
74,361
4,082
1,732
14,576
62,190
9,650
199,176
96,477
2,138
76,386
4,260
1,830
15,296
63,892
10,181
205,346
99,387
2,180
78,241
4,437
1,886
15,849
64,755
10,663
3.1
3.0
2.0
2.4
4.2
3.0
3.6
1.4
4.7
34,062
28,365
19,073
30,610
30,278
20,840
29,791
32,127
30,103
34,856
28,516
20,024
31,539
31,808
21,940
30,929
32,326
31,103
35,753
28,481
20,501
32,381
33,263
22,643
31,678
32,167
31,638
21
137
350
54
42
333
71
58
73
18,378
3,574
19,256
3,713
19,702
3,927
2.3 29,459 30,390 30,618
5.8 21,153 21,379 21,936
88
340
45,976
7,433
3,262
3,650
5,439
27,062
2,918
10,778
48,076
7,704
3,372
3,797
5,658
28,271
3,045
10,960
49,645
7,850
3,489
4,036
5,785
28,613
3,171
11,262
3.3
1.9
3.5
6.3
2.2
1.2
4.1
2.8
84
356
310
180
94
41
166
111
28,976
19,606
22,995
25,653
28,779
33,658
25,819
28,783
30,089
19,697
23,355
25,975
29,844
33,926
26,630
29,027
30,796
19,594
23,689
26,932
30,331
33,293
27,429
29,531
2000
Redding, CA.......................................
Reno-Sparks, NV................................
Richmond, VA.....................................
Riverside-San Bernardino-Ontario, CA
Roanoke, VA.......................................
Rochester, MN....................................
Rochester, NY....................................
Rockford, IL........................................
Rocky Mount, NC...............................
Rome, GA..........................................
Sacramento-Arden-Arcade-Roseville,
CA.................................................
Saginaw-Saginaw Township North, Ml
St. Cloud, MN.....................................
St. George, UT...................................
St. Joseph, MO-KS.............................
St. Louis, MO-IL..................................
Salem, OR.
Salinas, CA.........................................
Salisbury, MD......................................
Salt Lake City, UT...............................
San Angelo, TX...................................
San Antonio, TX..................................
San Diego-Carlsbad-San Marcos, CA...
Sandusky, OH.....................................
San Francisco-Oakland-Fremont, CA....
San Jose-Sunnyvale-Santa Clara, CA...
San Luis Obispo-Paso Robles, CA.......
Santa Barbara-Santa Maria-Goleta, CA
Santa Cruz-Watsonville, CA................
Santa Rosa-Petaluma, CA...................
Sarasota-Bradenton-Venice, FL..........
Savannah, GA....................................
Scranton-Wilkes-Barre, PA..................
Seattle-Tacoma-Bellevue, WA.............
Sheboygan, Wl...................................
Sherman-Denison, TX........................
Shreveport-Bossier City, LA.................
Sioux City, IA-NE-SD..........................
Sioux Falls, SD...................................
South Bend-Mishawaka, IN-MI............
Spartanburg, SC.................................
Spokane, WA......................................
Springfield, IL.....................................
Springfield, MA...................................
Springfield, MO...................................
Springfield, OH...................................
State College, PA................................
Stockton, CA.......................................
Sumter, SC
Syracuse, NY......................................
Tallahassee, FL...................................
Tampa-St. Petersburg-Clearwater, FL...
Texarkana, TX-Texarkana, AR.............
Toledo, OH.........................................
Topeka, KS.........................................
Trenton-Ewing, NJ..............................
Tucson, AZ.........................................
Tulsa, OK...........................................
Tuscaloosa, AL...................................
Tyler, TX....
Utica-Rome, NY..................................
Valdosta, GA.......................................
Vallejo-Fairfield, CA............................
Vero Beach, FL...................................
Victoria, TX.........................................
Vineland-Millville-Bridgeton, NJ...........
Virginia Beach-Norfolk-Newport News,
VA-NC...........................................
Visalia-Porterville, CA.........................
Waco, TX...........................................
Warner Robins, GA............................
Washington-Arlington-Alexandria, DCVA-MD-WV.....................................
Waterloo-Cedar Falls, IA.....................
Wausau, Wl........................................
Weirton-Steubenville, WV-OH.............
Wenatchee, WA..................................
Wheeling, WV-OH...............................
Wichita, KS
Wichita Falls, TX.................................
Williamsport, PA..................................
Wilmington, NC...................................
Winchester, VA-WV............................
Winston-Salem, NC............................
Worcester, MA....................................
Yakima, WA
York-Hanover, PA................................
Youngstown-Warren-Boardman, OH-PA
Yuba City, CA......................................
Yuma, AZ...........................................
2001
Per capita personal income1
Percent
change2
Millions of dollars
Area Name
2002
1. Per capita personal income was computed using Census Bureau midyear population estimates.
2. Percent change calculated from unrounded data.
3. The personal income level shown for the United States is derived as the sum of the county estimates. It differs from the
estimate of personal income in the national income and product accounts (NIPAs) because of differences in coverage, in the
methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it differs from
the NIPA estimate because, by definition, it omits the earnings of Federal civilian and military personnel stationed abroad and
Personal income
Per capita personal income1
Rank
in
U.S.
Continued
2002
20012002
Rank
in
U.S.
Dollars
2000
2001
2002
2002
4,005
12,418
33,603
74,787
7,808
5,103
30,455
8,722
3,422
2,110
4,312
13,136
35,208
80,077
8,183
5,501
31,203
8,669
3,532
2,245
4,558
13,425
36,061
84,301
8,467
5,741
31,716
8,861
3,548
2,346
5.7
2.2
2.4
5.3
3.5
4.4
1.6
2.2
0.5
4.5
24,445
36,026
30,548
22,810
27,073
31,044
29,329
27,169
23,919
23,240
25,788
36,990
31,677
23,668
28,338
32,980
30,039
26,790
24,614
24,589
26,532
36,763
32,067
24,073
29,283
33,829
30,499
27,138
24,650
25,337
195
20
59
300
117
38
91
176
282
239
54,236
5,374
4,219
1,752
2,816
84,222
8,515
12,097
2,503
27,081
2,523
45,997
92,654
2,280
199,989
92,947
6,801
12,911
10,015
3,846
16,778
21,027
7,879
14,643
115,203
3,249
2,559
9,064
3,712
5,648
8,315
6,190
10,890
5,996
18,766
8,792
3,735
3,266
13,757
2,150
17,566
57,497
5,255
4,379
1,877
2,861
86,138
8,733
12,699
2,640
27,937
2,624
47,317
97,141
2,340
200,185
85,586
7,300
13,272
9,841
4,147
17,209
22,345
8,127
14,901
117,090
3,361
2,609
9,490
3,816
5,977
8,704
6,327
11,072
6,266
19,420
9,333
3,763
3,394
14,274
2,176
17,726
59,829
5,306
4,593
1,994
2,940
88,410
9,032
13,091
2,712
28,540
2,684
48,884
101,293
2,378
195,396
79,596
7,599
13,701
9,707
4,417
17,391
23,264
8,449
15,279
118,739
3,465
2,644
9,789
3,869
6,223
8,947
6,523
11,382
6,416
20,066
9,705
3,762
3,560
14,788
2,270
18,423
4.1
1.0
4.9
6.2
2.8
2.6
3.4
3.1
2.8
2.2
2.3
3.3
4.3
1.6
-2.4
-7.0
4.1
3.2
-1.4
65
1.1
4.1
4.0
2.5
1.4
3.1
1.3
3.2
1.4
4.1
2.8
3.1
2.8
2.4
3.3
4.0
0.0
4.9
3.6
4.3
3.9
29,993
25,596
25,104
19,206
22,718
31,174
24,453
30,015
22,832
27,852
23,864
26,752
32,797
28,652
48,347
53,408
27,459
32,298
39,153
29,627
36,447
35,476
26,863
26,171
37,746
28,819
23,052
24,103
25,953
30,005
26,228
24,331
26,012
29,745
27,578
23,789
25,825
24,020
24,213
20,528
27,007
30.793
25,060
25,728
19,856
23,162
31,748
24,781
31,132
23,865
28,372
25,007
27,057
33,926
29,483
47,906
48,981
29,112
33,102
38,551
31 608
36,960
36,894
27,389
26,791
37,832
29,747
23,188
25,219
26,731
31,162
27,419
24,641
26,179
30,902
28,543
24,960
26,122
24,764
24,056
20,856
27,233
31,069
25,297
26,626
20,059
23,885
32,462
25,214
31,842
24,312
28,674
25,556
27,368
34,872
30,155
46,920
45,925
30,145
34,103
38,323
32 932
37,331
37,509
28,054
27,602
38,037
30,612
23,274
25,984
27,112
31,947
28,153
25,182
26,637
31,430
29,302
25,622
26,159
25,394
24,119
21,577
28,257
80
245
192
353
304
53
250
65
292
130
229
169
31
98
2
3
99
36
13
48
19
18
151
162
14
89
319
212
177
64
149
251
191
76
116
228
204
236
299
341
144
7,958
68,891
3 771
2,885
18,305
6,023
13,872
20,514
24,984
4,517
4,922
7,047
2,485
10,953
4,208
2,809
3,421
8,288
71,522
3 838
3,009
18,452
6,233
14,263
21,246
26,336
4,705
4,946
7,148
2,595
11,601
4,548
2,873
3,609
8,547
73,986
3 934
3,128
18,891
6,401
14,582
22,213
26,827
4,871
5,144
7,348
2,790
11,912
4,699
2,908
3,823
3.1
3.4
25
4.0
2.4
2.7
2.2
4.6
1.9
3.5
4.0
2.8
7.5
2.7
3.3
1.2
5.9
24,791
28,655
22 081
22,237
27,767
26,787
39,455
24,172
29,008
23,362
28,061
23,520
20,765
27,579
37,114
25,162
23,371
25,680
29,263
22 582
23,122
27,944
27,679
40,193
24,645
30,336
24,284
27,861
23,955
21,716
28,683
39,437
25,557
24,584
26,302
29,728
23 196
23,931
28,612
28,398
40,711
25,278
30,627
25,152
28,466
24,668
23,059
29,089
39,830
25,844
25,856
202
108
321
303
133
141
7
246
87
253
139
281
323
122
10
221
220
41,659
7,219
4,862
2,714
43,856
7,739
5,007
2,828
45,773
8,076
5,212
3,027
4.4
4.3
4.1
7.0
26,355
19,571
22,719
24,378
27,557
20,703
23,230
24,910
28,365
21,193
24,003
25,876
143
344
301
219
196,093
4,056
3,431
2,937
2,378
3,540
15,918
3,712
2,762
7,118
2,649
12,412
24,539
4,916
11,019
14,806
3,094
2,654
208,098
4,204
3,555
2,982
2,523
3,680
16,830
3,822
2,932
7,477
2,837
12,500
25,377
5,120
10,891
14,749
3,252
2,968
214,441
4,354
3,692
3,072
2,644
3,776
17,158
3,982
2,980
7,689
2,955
12,775
25,580
5,324
11,222
15,107
3,416
3,431
3.0
3.6
3.8
3.0
4.8
2.6
2.0
4.2
1.6
2.8
4.1
2.2
0.8
4.0
3.0
2.4
5.1
15.6
40,665
24,795
27,248
22,307
23,923
23,159
27,828
24,513
23,029
25,820
25,577
29,323
32,604
22,074
28,790
24,588
22,177
16,513
42,241
25,748
28,120
22,859
25,297
24,282
29,268
25,441
24,602
26,579
26,781
29,173
33,305
22,934
28,243
24,610
22,987
18,149
42,773
26,846
29,103
23,750
26,321
24,993
29,587
26,583
25,096
26,753
27,308
29,485
33,229
23,714
28,810
25,358
23,617
20,561
4
185
121
306
201
266
109
193
258
188
170
113
44
308
129
237
314
348
of U.S. residents employed abroad temporarily by private U.S. firms.
4. The metropolitan area definitions used by BEA for its personal income estimates are the new county-based definitions
issued by the Office of Management and Budget in June 2003 (with revisions released February 2004) for federal statistical
purposes.
Source: Table 1 in “Comprehensive Revision of Local Area Personal Income: Preliminary Estimates for 2002 and Revised
Estimates for 1969-2001" in the June 2004 Survey of Current Business.
December 2004
D-81
L. C h a rts
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
1969
2003
New England
6.4%
New England
5.9%
Plains
7.5%
Southeas
17.3%
S outhw est
7.0%
R ocky M ountain
2.2%
R ocky M ountain
3.2%
SHARES OF U.S. GROSS STATE PRODUCT BY REGION
1977
2001
New England
5.2%
New England
5.9%
Southeast
19.6%
R ocky M ountain
R ocky M ountain
3.2%
2 .8 %
AVER AG E AN N U AL GROW TH RATE OF PER SO N AL INCOM E, 1 9 9 3 -2 00 3
STATES W ITH FASTEST GROW TH
U.S. average
5.1 %
Percent
U.S. Bureau of Economic Analysis
STATES W ITH S LO W EST GROW TH
U.S. average
5.1 %
D-82
December 2004
Regional Data
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME, 2003
MA
$39,408
Rl
$31,937
S40 002
$43,292
$33,321
DC
$47,305
o
U.S. = $31,459
HI
$30,589
□
Highest quintile
□
Fourth quintile
□
Third quintile
;
| Second quintile
; ^
Lowest quintile
PERSONAL INCOME: PERCENT CHANGE, 2004:1-2004:11
MA 0.7
Rl 1.1
CT 0.8
NJ 1.7
DE 1.6
MD 1.6
DC 1.3
O
U.S. growth rate = 1.5 percent
Q H ighest quintile
Fourth quintile
Third quintile
□
S econd quintile
|J Low est quintile
U.S. Bureau of Economic Analysis
December 2004
D-83
Appendix A
Additional Information About the NIPA Estimates
S ta tis tic a l C o n v e n tio n s
Current-dollar GDP is a measure o f the market value
o f goods, services, and structures that are produced in
the economy in a particular period. The changes in cur
rent-dollar GDP can be decom posed into quantity and
price components. Quantities, or “real” m easures, and
prices are expressed as index num bers with the reference
year— at present, the year 2000— equal to 100.1
The annual changes in quantities and prices are calcu
lated using a Fisher form ula that incorporates weights
from 2 adjacent years. For example, the annual percent
change in real GDP for 2001-2002 uses prices for 2001
and 2002 as weights, and the 2001-2002 annual percent
change in the GDP price index uses quantities for 2001
and 2002 as weights. Because the Fisher form ula allows
for the effects o f changes in relative prices and in the
com position o f output over time, the resulting quantity
or price changes are not affected by the substitution bias
that is associated with changes in quantities and prices
calculated using a fixed-weighted formula. These annual
changes are “chained” (m ultiplied) together to form time
series o f quantity and price indexes. The percent changes
in the Fisher indexes are not affected by the choice o f the
reference year.
BEA also publishes implicit price deflators (IPDs),
which are calculated as the ratio o f the current-dollar
value o f a com ponent to the chained-dollar value o f the
component, multiplied by 100. The values o f an IPD are
very close to the values o f the corresponding “chain-type”
price index.
The m easures o f real GDP and its m ajor components
are also presented in dollar-denom inated form, desig
nated “chained (2000) dollar estimates.” For m ost series,
these estimates are com puted by multiplying the cur
rent-dollar value in 2000 by a corresponding quantity in
dex num ber and then dividing by 100. For example, if a
current-dollar GDP component equaled $100 in 2000
and if real output for this com ponent increased by 10
percent in 2001, then the chained (2000) dollar value o f
this com ponent in 2001 would be $110 ($100 x 1.10).
The percent changes calculated from the chained (2000)
dollar estimates and from the quantity indexes are the
same; any differences will be small and due to rounding.
The chained-dollar values for the detailed GDP com
ponents will not necessarily sum to the chained-dollar es
timate o f GDP (or to any intermediate aggregate) in a
table, because the relative prices that are used as weights
for any period other than the reference year differ from
those o f the reference year. A m easure o f the effect o f such
1. See J. Steven Landefeld, Brent R. M oulton, and Cindy M . Vojtech, “ChainedDollar Indexes: Issues, Tips on Their Use, and Upcom ing Changes,” Survey of C urrent
Business (Novem ber 2003): 8-16.
differences is provided by a “residual” line— the differ
ence between the chained-dollar value o f the m ain aggre
gate in the table and the sum o f the m ost detailed
components in the table. For periods close to the refer
ence year, when the relative prices that are used as weights
have usually not changed much, the residuals tend to be
small, and the chained-dollar estimates can be used to
approximate the contributions to growth and to aggre
gate 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 o f
contributions to growth. In particular, for com ponents
for which relative prices are changing rapidly, the calcula
tion o f contributions based on chained-dollar estimates
may be m isleading even just a few years from the refer
ence year. Thus, contributions derived from quantity in
dexes provide a better measure than contributions
derived from chained-dollar estimates; contributions
based on quantity indexes are shown in selected NIPA ta
bles 1.1.2, 1.2.2, 1.5.2, 2.3.2, 3.9.2, 4.2.2, and 5.3.2.
For quarters and months, NIPA estimates are pre
sented at annual rates, which show the value that would
be registered if the rate o f activity that is m easured for a
quarter or for a m onth were m aintained for a full year.
Annual rates are used so that periods o f different
lengths— for example, quarters and years— may be more
easily compared. These annual rates are determined sim
ply by multiplying the estimated rate o f activity by 4 (for
quarterly data) or by 12 (for monthly data).
For m ost quarterly NIPA estimates, percent changes in
the estimates are also expressed at annual rates. Calculat
ing these changes requires a variant o f the com pound in
terest formula:
m /n
r
=
- 1
x 100
where r is the percent change at an annual rate; xt is
the level o f activity in the later period; x0 is the level o f ac
tivity in the earlier period; m is the periodicity o f the data
(for example, 1 for annual data, 4 for quarterly data, or 12
for monthly data); and n is the num ber o f periods b e
tween the earlier periods and the later periods (that is,
t-0 ).
Quarterly and monthly NIPA estimates are seasonally
adjusted if necessary. Seasonal adjustm ent removes from
the time series the average effects o f variations that nor
mally occur at about the same time and in about the same
m agnitude each year— for example, weather, holidays,
and tax payment dates. After seasonal adjustm ent, cycli
cal and other short-term changes in the economy stand
out m ore clearly.
D-84
Appendix A
December 2004
Reconciliation Tables
“Table 1. Reconciliation of Changes in BEA-Derived Compensation Per
Hour With BLS Average Hourly Earnings” is being revised to reflect the
results of the comprehensive revision of the national income and product
accounts. It will be published in an upcoming issue of the S u r v e y .
T a b le 2. R e la tio n o f N e t E x p o r t s o f G o o d s a n d S e r v ic e s a n d N e t R e c e ip ts o f In c o m e in th e N IP A s
to B a la n c e o n G o o d s a n d S e r v ic e s a n d In c o m e in th e IT A s
[Billions of dollars]
Seasonally adjusted at annual rates
Line
Exports of goods and services and income receipts, ITAs....................................................................
Less: Gold, ITAs........................................................................................................................................
Statistical differences ...........................................................................................................................
Other items............................................................................................................................................
2002
1 1,242.7
2 3.4
2003
2003
2004
I
II
III
IV
I
II
1,314.9
1,262.7
1,269.5
1,318.0
1,409.3
1,438.4
1,484.7
4.8
5.4
5.3
-0.4
4.7
4.4
-7.0
3.5
-7.0
07
0.5
3.8
-1.3
0.5
Plus: Adjustment for grossing of parent/affiliate interest payments..............................................................
Adjustment for U.S. territories and Puerto Rico.......................................................................................
Services furnished without payment by financial intermediaries except life insurance carriers.................
4.8
53.5
6.7
4.4
53.0
7.5
4.5
52.3
4.8
54.0
7
5.1
52.1
8.3
6.1
5.5
54.9
6.5
4.7
56.0
7.1
4.9
56.1
7.0
Equals: Exports of goods and services and income receipts, NIPAs...................................................
8 1,306.8
1,375.2
1,324.6
1,327.9
1,377.5
1,471.0
1,508.2
1,555.6
Imports of goods and services and income payments, ITAs.................................................................
9 1,657.3 1,778.1
1,748.3
1,739.5
1,778.0
1,846.7
1,944.2
2,075.3
4.1
4.1
-0.4
3.8
4.1
1.7
3.3
1.7
-3.1
5.5
34.7
6.5
-3.2
4.7
34.5
7.1
1
3
4
-2.5
0.7
-
5
6
0.6
-
0.8
0.6
0.5
6.8
0.0
0.6
0.6
Less: Gold, ITAs........................................................................................................................................
Statistical differences ...........................................................................................................................
Other items............................................................................................................................................
10
11
12
2.9
-2.5
-
Plus: Gold, NIPAs......................................................................................................................................
Adjustment for grossing of parent/affiliate interest payments...................................................................
Adjustment for U.S. territories and Puerto Rico.......................................................................................
Imputed interest paid to rest of world.....................................................................................................
13
14
15
16
-3.3
5.1
37.5
8.3
-3.5
4.8
35.1
6.7
-3.5
4.4
35.5
7.5
-3.6
4.5
36.6
Equals: Imports of goods and services and income payments, NIPAs................................................
17 1,704.6 1,818.2
1,791.1
1,780.5
1,814.7
1,886.6
1,981.4
2,110.8
Balance on goods and services and income, ITAs (1-9).......................................................................
18
-414.6
-485.6
-470.0
-460.0
-437.4
-505.8
-590.6
Less: Gold (2-10+13)...............................................................................................................................
Statistical differences (3-11 ................................................................................................................
Other items (4-12)..................................................................................................................................
19
-
-2.9
-8.7
-8.7
0.7
1
)1
Plus: Adjustment for U.S. territories and Puerto Rico (6-15).......................................................................
20
21
22
Equals: Net exports of goods and services and net receipts of income, NIPAs (8-17).......................
23
1. Consists of statistical revisions to the ITAs that have not yet been incorporated into the NIPAs.
ITAs International transactions accounts
NIPAs National income and product accounts
0.0
2.8
0.0
0.7
3.6
0.6
0.0
-463.2
-2.3
0.0
0.5
2.4
-1.3
0.0
-
2.1
0.0
0.5
-
0.8
0.0
6.8
-2.3
0.0
0.5
^
0.0
1.0
4.8
33.5
6.1
-
2.8
0.0
0.6
14.6
18.4
17.5
15.7
20.5
-397.8
-443.0
-466.5
-452.6
-437.2
0.0
0.0
2.2
0.0
0.6
20.2
-
-415.6
0.0
0.6
-
0.0
2.8
4.9
31.3
7.0
2.6
21.5
24.8
-473.2
-555.2
December 2004
D-85
Appendix B
S u g g e s t e d R e a d in g
The Bureau of Economic Analysis (BEA) has published
a wealth of information about the methodologies that
are used to prepare its national, industry, interna
tional, and regional accounts. In addition, most of this
information is available on BEA’s Web site at
< www.bea.gov>. Look under “Methodologies”; for ar
ticles from the S u r v e y o f C u r r e n t B u s in e s s , look under
“Publications.”
National accounts
The national accounts encompass the detailed esti
mates in the national income and product accounts
(including gross domestic product) and the estimates
of wealth and related estimates.
N atio n al in co m e a n d p ro d u c t acco u n ts (N IPA s).
This series of papers documents the conceptual frame
work of the NIPAs and the methodologies that have
been used to prepare the estimates.
An Introduction to N ational Economic Accounting
(1 9 8 5 )
[also
in
the March
1 9 8 5 S u rv e y ]
Corporate Profits: Profits Before Tax, Profits Tax L ia
bility, an d Dividends (2002)
Government Transactions ( 1 9 8 8 )
Personal Consumption Expenditures (1990)
The methodologies described in these papers have
been updated and improved, typically as part of the
comprehensive and annual revisions of the NIPAs.
The following S u r v e y articles describe the most re
cent comprehensive revision of the NIPAs.
“Improved Estimates of the National Income and
Product Accounts for 1929-2002: Results of the Com
prehensive Revision” (February 2004)
“Preview of the Revised NIPA Estimates for 1997 Ef
fects of Incorporating the 1997 Benchmark 1-0 Ac
counts and Proposed Definitional and Statistical
Changes” (January 2003)
“Preview of the 2003 Comprehensive Revision of
the National Income and Product Accounts”
Changes in Definitions and Classifications
(June 2003)
New and Redesigned Tables (August 2003)
Statistical Changes (September 2003)
In addition, see the following articles.
“Updated Summary NIPA Methodologies” (No
vember 2004) describes the source data and the meth
ods that are used to prepare the current-dollar and real
estimates of GDP.
“Annual Revision of the National Income and Prod
uct Accounts” (August 2004).
“Chained-Dollar Indexes: Issues, Tips on Their Use,
and Upcoming Changes” (November 2003) discusses
the advantages of using chain-weighted indexes and
the challenges of using chained dollars.
“Measuring the Services of Commercial Banks in
the NIPAs: Changes in Concepts and Methods” (Sep
tember 2003)
“Measuring the Services of Property-Casualty In
surance in the NIPAs: Changes in Concepts and Meth
ods” (October 2003)
“Reliability of GDP and Related NIPA Estimates”
(January 2002) evaluates the principal NIPA estimates
by examining the record of revisions to them.
Fixed a sse ts a n d co n su m e r d u ra b le g o o d s. Fixed
Assets and Consumer Durable Goods in the United
States, 1925-97 (2003) discusses the concepts and sta
tistical considerations that underlie the estimates and
their derivation.
“Fixed Assets and Consumer Durable Goods for
1925-2002” (May 2004) describes the improvements
that were incorporated into these estimates as part of
the comprehensive NIPA revision.
Industry accounts
The industry accounts consist of the input-output ac
counts, the gross-domestic-product-by-industry ac
counts, and one satellite account
“Improved Annual Industry Accounts for 1998-2003”
(June 2004) describes the comprehensive revision of the
annual input-output accounts and the GDP-by-industry
accounts; this revision features the integration of the two
sets of accounts.
“Preview of the Comprehensive Revision of the
Mission Statement and Strategic Plan
The mission statement of the Bureau of Economic
Analysis and the latest update to its strategic plan for
improving the accuracy, reliability, and relevance of
the national, industry, regional, and international
accounts are available on BEA’s Web site at
< www.bea.gov>; look under “About BEA.”
Appendix B
-8 6
December 2004
In addition , the updated m eth odology for foreign
direct investm ent in the U nited States is available in
A nnual Indu stry A ccounts: Integrating the A nnual Inp u t-O u tp u t A ccounts and the G ross-D om estic-P roduct-by-In dustry A ccounts” (M arch 2004) provides the
details about the u pcom in g com prehensive revision.
“B ench m ark In p u t-O u tp u t A ccounts for the U.S.
Econom y, 1997” (D ecem ber 2002) presents the 1997
accounts and describes the im provem ents that were in
corporated.
Satellite accounts. These accounts extend the an a
lytical capacity o f the in p u t-o u tp u t accounts by fo cu s
ing on a particular aspect o f econom ic activity.
“U .S. Travel and T ourism Satellite A ccounts”
For 1992 (July 1998)
For 1996 an d 1997 (July 2000)
For 1998-2003 (Septem ber 2004)
describes 11 surveys. It includes classifications, defini
tions, release schedules, the m eth ods used to prepare
the estim ates, and sam ples o f the survey form s.
“ Selected Issues in the M easurem ent o f U.S. Inter
n ational Services” (June 2002) describes key issues in
defining and m easurin g insurance, w holesale an d retail
trade, finance, construction, and utilities services and
explores possible actions to address these issues.
International accounts
Regional accounts
The international accounts encom pass the in tern a
tion al tran sactions accounts, direct investm ent, and
international tran sactions in services.
T he region al acco u n ts in clu d e e stim ates o f p e rso n a l
in co m e an d g ro ss state p ro d u ct.
Personal income. E stim a te s o f p e rso n a l in co m e
are p rep are d for States an d for local areas.
“ C o m p reh en siv e R ev ision o f State P erso n al In
co m e fo r 1 9 6 9 -2 0 0 3 ” (M ay 2004) d escrib es the im
p ro v em en ts in the m e th o d o lo g y th at are u se d to
p rep are the e stim ates an d th at are p a rt o f a c o m p re
h ensive revisio n .
“ T he R eliability o f the State P erson al In com e E s
tim a te s” (D e ce m b e r 2003) evalu ates the estim ates o f
state p e rso n a l in co m e an d o f selected c o m p o n en ts
by e x am in in g the re v isio n s o f th ese estim ates.
“ C o m p reh en siv e R ev ision o f L o cal A rea Person al
In com e for 1 9 6 9 -2 0 0 2 ” (Ju n e 2004) su m m a riz e s the
im p ro v em en ts in the m e th o d o lo g y th at is u se d to
p rep are the e stim ates for co u n ties an d m e tro p o litan
areas. The d etailed m e th o d o lo g y is available on the
C D - D O M R egional E conom ic In fo rm a tio n System,
International transactions accounts (ITAs). The
Balance o f Payments o f the U nited States: Concepts,
D a ta Sources, and E stim a tin g Procedures (1990) de
scribes the m eth odologies used to prepare the esti
m ates in the ITAs and the international investm ent
p osition o f the U nited States. These m eth odologies are
usually up dated an d im proved as p art o f the annual
revisions o f the ITAs.
The annual revisions o f the ITAs are described in a
series o f articles, the latest o f w hich w as publish ed in
the July 2004 S u r v e y .
Direct investment. In te rn a tio n a l D ire ct Investm ent:
Studies by the Bureau o f Econom ic Analysis (1999) is a
collection o f p reviously publish ed articles on U.S. d i
rect investm ent abro ad and foreign direct investm ent
in the U nited States. It also includes the follow ing in
form ation.
The “ M ethodology for U .S. D irect Investm ent
A broad,” w hich is also available in US. D ire ct
Investm ent A broad: 1994 Benchm ark Survey,
F in a l Results (1998)
“A G uide to BEA Statistics on U.S. M ultinational
C om pan ies,” which is also available in the
M arch 1995 S u r v e y
“A G uide to BEA Statistics on Foreign D irect
Investm ent in the U nited States,” which is also
available in the February 1990 S u r v e y
Foreign D ire ct Investm ent in the U nited States: F in a l Re
sults From the 1997 Benchm ark Survey (2001).
International services. U.S. In te rn a tio n a l Transac
tions in Private Services: A G uide to the Surveys Con
ducted by the Bureau o f Econom ic Analysis (1998)
1969-2002.
Gross state product. “ C o m p reh en siv e R ev ision o f
G ro ss State P ro d u ct by In du stry, 1 9 7 7 -9 4 ” (Ju n e
1997) su m m a riz e s the so u rces an d the m eth o d s th at
are u sed to p rep are the e stim ates. “ G ro ss State P ro d
uct by Indu stry, 1 9 7 7 -9 8 ” (O cto b e r 2000) d escrib es
the m o st recent co m preh en sive revisio n o f th ese e s
tim ates.
“ G ro ss State P ro d u ct by In du stry, 1 9 9 9 -2 0 0 1 ”
(Ju n e 2003) p resen ts the m o st recent an n u al re v i
sion o f th ese estim ates.
@FedFRASER